TCRAP_Public/070319.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Monday, March 19, 2007, Vol. 10, No. 55

                            Headlines

A U S T R A L I A

ARMOR HOLDINGS: Bags US$40.7M CAV Contract from Force Protection
BALDWIN TRANSFORMERS: Members & Creditors to Meet on April 10
BEST TECHNICAL: Liquidator to Present Wind-Up Report
CLARITY NUMBER 11: Placed Under Voluntary Wind-Up
CLARITY NUMBER 13: Creditors' Proofs of Debt Due on March 22

CLARITY NUMBER 14: Enters Members' Voluntary Wind-Up
COMMERCIAL ASSETS: Members & Creditors to Receive Wind-Up Report
COOPER COMPANIES: Reports US$219.4MM Net Income in First Quarter
GETTY IMAGES: Acquires Scoopt to Enhance Site Features
GLENCOM CONSULTANCY: Members Opt to Shut Down Firm

HUDSON HIGHLAND: Will Restate 2006 & 2005 Financial Results
ITRON: Bags 25,000 Meter Order from Mexico's Comision Federal
MICROMUSE (AUSTRALIA): Commences Wind-Up Proceedings
NORSKE SKOGINDUSTRIER: Nominates Kim Wahl as New Chairman
NORTONS CARTAGE: Final Meeting Set for April 10

PEOPLE TELECOM: Sells Data Business to Amcom for AU$6.25 Million
YELROM CORP: Members & Creditors' Meeting Set for April 11


C H I N A   &   H O N G  K O N G

ADPON DEVELOPMENT: Members & Creditors Set to Meet on April 12
BANK OF BEIJING: Expects to Gain US$1BB in Planned Dual-Listing
CHARTER ELECTRONICS: Members' Annual Meeting Set for March 17
CHINA EVERBRIGHT: Targets 20 Million Credit Cards in 3-5 Years
FORTUNE TOP: Members Set to Meet on April 10

IWORLDTEL.COM: Members & Creditors Set to Meet on April 16
HUA XIA: 2006 Net Profit Up 5.7% to CNY1.48 Billion
JIANGXI COPPER: Plans to Buy Assets from Controlling Shareholder
KONG FUNG: Members to Receive Wind-Up Report
PERFECT RIVER: Liquidator Quits Post

PURELY LIMITED: Placed Under Members' Voluntary Liquidation
SHANGHAI PUDONG: Citigroup Head Confirms Share Acquisition Plan
SUN RAISE: Final General Meeting Set for April 11
TOP HUMAN: Members' Final Meeting Set for April 10
WIN PROFIT: Liquidator to Present Wind-Up Report on April 11

WINTEK TECHNOLOGY: Members to Hold Final Meeting on April 17
XINHUA FINANCE: Moody's Reviews B2 Ratings for Possible Upgrade


I N D I A

ALLAHABAD BANK: Fitch Upgrades Support Rating to '3'
BANK OF BARODA: Fitch Upgrades Support Rating to '2'
BANK OF INDIA: Continued Gov't. Support Cues Fitch's Upgrade
CANARA BANK: Fitch Upgrades Support Rating to '2' from '3'
HDFC BANK: Fitch Upgrades Support Ratings to '3' from '4'

ICICI BANK: Fitch Upgrades Support Rating to '2' from '3'
ICICI BANK: Eager to Enter Into Pension Funds Business
IDBI LTD: Fitch Upgrades Individual Rating to 'C/D' from 'D/E'
INDIAN OVERSEAS BANK: Fitch Upgrades Support Rating to '3'
ORIENTAL BANK OF COMMERCE: Fitch Upgrades Support Rating '3'

PUNJAB NATIONAL BANK: Fitch Raises Support Rating to '2'
UCO BANK: Fitch Upgrades Support Rating to '3' from '4'
UNION BANK OF INDIA: Fitch Upgrades Support Rating to '2'


I N D O N E S I A

BAKRIE SUMATERA: Gets US$50.5-Million Loan from Subsidiary
BAKRIE SUMATERA: Unit Issues US$50-Mil. Secured Notes Due 2011
DIRECTED ELECTRONICS: Reports 4Q and Year-End 2006 Results
GOODYEAR: Richard Kramer Succeeds Jonathan Rich as President
GOODYEAR TIRES: Names Darren Wells SVP of Finance and Strategy

PERTAMINA: To Buy 10% of Mahakam Block for Business Expansion
TELKOM INDONESIA: Names New VP for Public & Marketing Comm.


J A P A N

ALL NIPPON: Los Angeles Office Searched by FBI for 9 Hours
ALL NIPPON: Bombardier Fleet Resumes Operations After Check-Up
DELPHI CORP: Plans to Offer Rights to Purchase Over 56MM Shares
FORD MOTOR: Mulally Says Company Has Realistic Business Plan
FORD MOTOR: DBRS Says Aston Sale May Not Warrant Rating Actions

ITOCHU CORP: Signs MOU w/ Vietnam's PETROSETCO for Biofuel Plant
LIVEDOOR CO: Former Chief Sentenced to 2-1/2 Years in Jail
MITSUBISHI MOTORS: To Sell Jatco Shares to Suzuki Motor Corp.
NIKKO CORDIAL: Citigroup Launches US$13.35 Billion Tender Offer
NIKKO CORDIAL: Mizuho To Sell Nikko Cordial Shares to Citigroup

SAPPORO HOLDINGS: "Warning System" Bad for Shareholder, ISS Says
SENSATA TECHNOLOGIES: Completes SmaL Camera Acquisition
US AIRWAYS: ALPA Says Inability to Merger Affecting Passengers


K O R E A

EG SEMICON: Lee Jong Moo is New CEO & Largest Shareholder
EG SEMICON: Completes Private Placement of Common Stock
EG SEMICON: Infitron Inc. Sells 3.48 Million Shares
EVEREX INC: Acquires Patents from Mureemi International
EVEREX INC: Completes Private Placement of Common Stock

EVEREX INC: Nanoexa Corp. Is Now Largest Stockholder
ILSUNG CONSTRUCTION: Declares KRW1.26 Bil. Annual Cash Dividend
KAFCO C&I: Issues Common Stock on Preferential Basis
KAFCO C&I: Announces Issuance of Third Convertible Bonds
KDB 5TH: Korea Ratings Deems 2 Securities Non-Investment Grade

KOOKMIN BANK: Signs Business Accord with Japan's Sumitomo Mitsui
KOOKMIN BANK: To Lower Stake in ING Life for Rule Compliance
KOOKMIN BANK: Wins US$18 Million Lawsuit Against LIG Insurance
ORION DISPLAY: Issues Third Unregistered Convertible Bonds
TAEYANG METAL: Declares KRW405.42-Million Annual Cash Dividend

TOWER AUTOMOTIVE: Amended General Motors Pact Filed Under Seal
TOWER AUTOMOTIVE: Stutman OK'd as Panel Conflicts Counsel
WORLDSPAN: Credit Refinancing Cues S&P to Withdraw Debt Ratings
YOUNGCHANG SILUP: Individual Investor Acquires 103,898 Shares


M A L A Y S I A

PSC INDUSTRIES: Posts MYR18.68-Mil. Net Loss in 4th Quarter 2006
SETEGAP BHD: Balance Sheet Upside Down by MYR122.14MM in Dec. 31
SILVERSTONE: Incurs MYR5-Mil. Net Loss in 2nd Qtr Ended-Dec. '06
SOUTH MALAYSIA: Fourth Quarter Net Loss Totals MYR3.61 Million


N E W   Z E A L A N D

HERITAGE GOLD: Finalizes Joint Uranium Exploration in Australia
NZ WINDFARMS: Posts NZ$750,000 Net Income for HY-Ended Dec. '06
WINDFLOW TECHNOLOGY: Posts NZ$906,000 Loss in HY-Ending Dec. '06


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Allots PHP1.5BB for 2007 Expenditures
CHIQUITA BRANDS: Posts US$95.9MM Net Loss in Year Ended Dec. 31
* President Invites Players to Consider Investing in Philippines


S I N G A P O R E

CHUAN JOO: To Pay Dividends to Creditors on March 23
HOMEMART ELECTRICAL: Creditors Must Prove Debts by March 30
PETROLEO BRASILEIRO: Sergio Gabrielli Expects High Oil Prices
REFCO: Court Disallows 59 Claims in Refco LLC Totaling US$1.5MM
READER'S DIGEST: Names S. Grimes as Food & Entertaining Pres.

SPECTRUM BRANDS: Fitch Affirms 'CCC' Issuer Default Rating
SPECTRUM BRANDS: Launches Exchange Offer for 8-1/2% Senior Notes


T H A I L A N D

BANK OF AYUDHYA: Net Income Drops to THB1.66 Bil. For FY2006
DAIMLERCHRYSLER AG: UAW President Prefers Chrysler With Carmaker
DAIMLERCHRYSLER: CAW Local 1285 Members Vote for New Agreement
DAIMLERCHRYSLER AG: CEO Confirms Proposed SUV Deal with GM
PHELPS DODGE: Shareholders Okay Freeport's Acquisition Proposal

TOTAL ACCESS: To Expand Airtime Refill Service To Boost Sales
TUNTEX PCL: Ernst & Young Raises Substantial Going Concern Doubt

     - - - - - - - -

=================
A U S T R A L I A
=================

ARMOR HOLDINGS: Bags US$40.7M CAV Contract from Force Protection
----------------------------------------------------------------
Armor Holdings Inc. has received a contract from Force
Protection Industries Inc. to produce Cougar armored vehicles
for delivery to the U.S. Marine Corps.  The contract value is
US$40.7 million and includes production of vehicles and
technical support.  The company advised that the award is made
under an existing agreement with Force Protection that engages
Armor Holdings to manufacture and assemble Cougar vehicles in
support of the U.S. Marine Corps' Mine Resistant Ambush
Protected vehicle program.  Armor Holdings and Force Protection
are continuing discussions for follow-on Cougar production
should Force Protection receive additional U.S. Marine Corps
MRAP orders.  Work will be performed in 2007 by the Armor
Holdings Aerospace & Defense Group at its facilities located in
Sealy, Texas.

Robert Schiller, President of Armor Holdings, stated, "We are
pleased to have this opportunity to work with Force Protection
on such an important program for the U.S. Marine Corps.  It is
gratifying that our capabilities will contribute to early
delivery in higher volumes of this proven vehicle, which is
saving lives in the field today.  We look forward to additional
opportunities to work with Force Protection in support of the
MRAP program."

Headquartered in Jacksonville, Florida, Armor Holdings, Inc. --
http://www.armorholdings.com/-- manufactures and distributes  
security products and vehicle armor systems for the law
enforcement, military, homeland security, and commercial
markets.  The company has operations in Australia, England and
Brazil.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.

Additionally, Moody's affirmed its B1 ratings on the company's
2% Convertible Senior Subordinated Notes Due 2024 and 8.25%
Senior Subordinated Notes Due 2013.  Moody's assigned those
debentures an LGD5 rating suggesting noteholders will experience
a 77% loss in the event of default.


BALDWIN TRANSFORMERS: Members & Creditors to Meet on April 10
-------------------------------------------------------------
The members and creditors of Baldwin Transformers Australia Pty
Ltd will hold their final meeting on April 10, 2007, at 9:15
a.m., to receive the liquidator's report about the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         East Hawthorn, Victoria 3123
         Australia
         Telephone: 9882 6666

                   About Baldwin Transformers

Baldwin Transformers Australia Pty Ltd is a distributor of
electrical apparatus, equipment wiring supplies, and
construction materials.  The company is located in Victoria,
Australia.


BEST TECHNICAL: Liquidator to Present Wind-Up Report
----------------------------------------------------
The members and creditors of Best Technical Services Pty Ltd
will have their meeting on April 11, 2007, at 9:00 a.m.

During the meeting, Liquidator R. A. Sutcliffe will present a
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277

                      About Best Technical

Best Technical Services Pty Ltd operates electrical and
electronic repair shops.  The company is located in Victoria,
Australia.


CLARITY NUMBER 11: Placed Under Voluntary Wind-Up
-------------------------------------------------
On Feb. 26, 2007, the members of Clarity Number 11 Limited met
at a general meeting and agreed to voluntarily wind up the
company's operations.

Accordingly, creditors are required to file their proofs of debt
by March 22, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Ronald George Davies
         c/o Level 20, Darling Park Tower 2
         201 Sussex Street
         GPO Box 5085, DX 77
         Sydney, New South Wales 2001
         Australia

                     About Clarity Number 11

Located in New South Wales, Australia, Clarity Number 11
Limited, is an investor relation company.


CLARITY NUMBER 13: Creditors' Proofs of Debt Due on March 22
------------------------------------------------------------
The creditors of Clarity Number 13 Pty Limited are required to
prove their debts by March 22, 2007, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 26, 2007.

The company's liquidator is:

         Ronald George Davies
         c/o Level 20, Darling Park Tower 2
         201 Sussex Street
         GPO Box 5085, DX 77
         Sydney, New South Wales 2001
         Australia

                     About Clarity Number 13

Clarity Number 13 Pty Limited is involved with real estate
investment trusts.  The company is located in New South Wales,
Australia.


CLARITY NUMBER 14: Enters Members' Voluntary Wind-Up
----------------------------------------------------
At a general meeting held on Feb. 26, 2007, the members of
Clarity Number 14 Pty Limited resolved to voluntarily wind up
the company's operations.

In this regard, creditors are required to submit their proofs of
debt by March 22, 2007.

The company's liquidator is:

         Ronald George Davies
         c/o Level 20, Darling Park Tower 2
         201 Sussex Street
         GPO Box 5085, DX 77
         Sydney, New South Wales 2001
         Australia

                    About Clarity Number 14

Clarity Number 14 Pty Limited operates offices of holding
companies.  The company is located in New South Wales,
Australia.


COMMERCIAL ASSETS: Members & Creditors to Receive Wind-Up Report
----------------------------------------------------------------
The members and creditors of Commercial Assets Pty Ltd will meet
on April 13, 2007, at 10:15 a.m., to receive Liquidator Bruce N.
Mulvaney's report about the company's wind-up proceedings and
property disposal.

The liquidator can be reached at:

         Bruce N. Mulvaney
         Bruce Mulvaney & Co
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia
         Telephone:(03) 9896 9000
         Facsimile:(03) 9896 9001

                    About Commercial Assets

Located in Victoria, Australia, Commercial Assets Pty Ltd is an
investor relation company.


COOPER COMPANIES: Reports US$219.4MM Net Income in First Quarter
----------------------------------------------------------------
The Cooper Companies Inc. reported results for the fiscal first
quarter of 2007.

                 First Quarter Highlights

  *  Revenue US$219.4 million, 7% above first quarter 2006, 4%
     above in constant currency.  CooperVision (CVI) revenue
     US$183.6 million, up 1% in constant currency;
     CooperSurgical (CSI) revenue US$35.8 million, up 19% with
     10% organic growth.

  *  Reported EPS 12 cents.  These earnings include share-based
     compensation expenses of 12 cents, acquisition and
     restructuring expenses, intellectual property and
     securities litigation costs, write-off of net deferred
     financing costs and acquired in-process research and
     development totaling US$22.8 million net of tax, or 48
     cents per diluted share.

Commenting on the quarter's performance, Robert S. Weiss,
Cooper's chief operating officer said, "Cooper's revenue and
related earnings in the first quarter were in line with our
expectations and globally we gained market share during the
quarter"

"CooperVision continued to expand its specialty contact lens
offerings in the United States this quarter as we introduced
Biomedics EP(tm), a multifocal lens for emerging presbyopes,
Proclear 1 Day and Proclear(r) r toric multifocal."

"We continue to increase our silicone hydrogel production
capacity. Four lines are now producing lenses as we support our
existing customers and prepare to expand our distribution in the
United States during the summer.  A fifth line is dedicated to
research and development activities and is designed to improve
the manufacturing process. Our target remains to have ten lines
operating by the end of fiscal 2007."

"Our ability to increase capacity and reduce production costs
for our silicone hydrogel products depends on continuing to
improve the manufacturing processes used on the new
manufacturing platform for these products.  Silicone hydrogel
products, while essential to CVI's long-term success, are not
expected to begin to contribute significantly to our revenue
growth until the second half of 2007."

"Our single-use marketing program was introduced to
practitioners in the United States beginning in January, and we
believe that the conversion of the single-use production lines
to the more convenient strip-blister format provides us with
adequate capacity to support this effort."

"The logistics problems that we experienced in the fourth
quarter of 2006 are largely behind us, and we are on track to
complete the consolidation of our worldwide distribution
activities into three regional centers during 2007."

"We continue to expect that by the end of 2007, the integration
of Ocular Sciences and CooperVision will be generating in excess
of US$50 million in annualized cost savings, and more than US$10
million in annualized tax savings from a lower effective tax
rate."

Commenting on CooperSurgical's performance, Mr. Weiss noted,
"Our women's healthcare business continued its strong
performance with sales up 19% in the first fiscal quarter, 10%
on an organic basis."

Lone Star Medical Products, Inc., the line of women's healthcare
surgical products that the company acquired in November 2006,
contributed US$2.5 million of revenue during the first fiscal
quarter of 2007.  In February, Cooper acquired Wallach Surgical
Devices, Inc., a manufacturer of gynecological devices used
primarily in practitioners' offices with annual revenue of about
US$10 million.  The Wallach acquisition is expected to be
accretive to earnings per share within its first year of
operation.

                   Non-GAAP Financial Measures

In addition to results in accordance with GAAP, Cooper
management also considers non-GAAP results as important
supplemental financial measures in evaluating its ongoing core
operating results and in making operating decisions.

Non-GAAP earnings and guidance exclude from GAAP results share-
based compensation expense and other items that management does
not consider part of core operating performance. Management uses
these non-GAAP results to compare actual operating results to
its business plans, assess expectations after the integration
period, calculate debt compliance covenants, allocate resources
and evaluate potential acquisitions.  Management believes that
presenting these non-GAAP results also allows investors, as well
as management, to evaluate results from one period to another on
a comparable basis.

                 Fiscal First Quarter 2007 Revenue
                        And Expense Summary

Cooper's reported first quarter revenue of US$219.4 million was
7% above last year's first quarter, 4% in constant currency.

Reported gross margin was 59% compared with 63% in the prior
year's first quarter and in 2007 includes costs for items
considered unrelated to core operating performance.

Selling, general and administrative expense grew 15% and was 44%
of sales compared with 41% in last year's first quarter.  The
first quarter 2007 results include US$6.7 million for share-
based compensation expense (3% of sales) and US$5.9 million (3%
of sales) for costs associated with other items considered
unrelated to core operating performance as listed in the table
below "Reconciliation of Non-GAAP Earnings to GAAP Net Income."

Research and development expense in the quarter was US$11.1
million including the write-off of US$4.2 million of acquired
assets and US$175 thousand for share-based compensation expense.  
R&D expenses were 3% of sales, the same as in last year's first
quarter, excluding the write-off of acquired assets in 2007.  
CVI's R&D activities include programs to develop silicone
hydrogel products and single-use new product development.

Operating margin was 7% for the quarter compared with 16% in
last year's first quarter.  After excluding the share-based
compensation expense and other items considered unrelated to
core operating performance as described above - US$25.2 million
in the quarter or 12% of sales - operating margin was 19%
compared with 20% in last year's first quarter on a comparable
basis.

Interest expense was 4% of sales, the same as in last year's
first quarter after excluding US$882 thousand and
US$4.1 million, respectively, for the write-off of deferred
financing costs.

The effective tax rate for the quarter (provision for taxes
divided by income before taxes) was 21.2%, 14.5% excluding items
considered unrelated to core operating performance as listed in
the table below "Reconciliation of Non-GAAP Earnings to GAAP Net
Income." For the foreseeable future, Cooper anticipates an ETR
in the 13% - 15% range for its core operating business.

           Balance Sheet and Cash Flow Highlights

  *  As announced earlier, Cooper completed a financing on
     Jan. 31, 2007, which included a private placement of
     US$350 million aggregate principal amount of senior notes
     due 2015 and a US$650 million multicurrency revolving
     credit facility maturing in five years, which is not
     subject to amortization.

  *  Adjusted EBITDA, as defined in our credit agreement, was
     US$57.9 million in the first quarter compared with US$54.4
     million in the first quarter last year.

  *  At the end of the fiscal first quarter, Cooper's days
     sales outstanding were 64 days, compared with 68
     days at last year's first quarter.  Cooper expects future
     DSOs in the mid 60's.

  *  Inventory months on hand was 8.3 months at the end of the
     fiscal quarter, versus 7.8 months at last year's first
     quarter, and 8.0 months at last year's fourth fiscal
     quarter, in line with expectations, as inventory is built
     to support new product launches and distribution center
     consolidations.

  *  Capital expenditures were US$50 million in the quarter
     primarily to expand manufacturing capacity, consolidate
     distribution centers and to continue the rollout of new
     information systems in selected locations.  Cooper expects
     capital expenditures in fiscal 2007 of about US$160 million
     (which included US$10 million previously reported in fiscal
     2006) primarily for expanded manufacturing capacity.

  *  Depreciation and amortization expense was US$16.1 million
     for the quarter.

                        2007 Guidance

To adjust for the Wallach acquisition, Cooper is revising
revenue guidance for 2007 from the previous range of US$920
million to US$960 million to US$927 million to US$967 - CVI
revenue remains unchanged at US$780 million to US$810 million
and CSI revenue increases to US$147 million to US$157 million.

The Cooper Companies, Inc. (NYSE:COO) --
http://www.coopercos.com/-- manufactures and markets specialty  
healthcare products through its CooperVision and CooperSurgical
units. Corporate offices are in Lake Forest and Pleasanton,
Calif.

CooperVision -- http://www.coopervision.com/-- manufactures and  
markets contact lenses and ophthalmic surgery products.  
Headquartered in Lake Forest, Calif., it manufactures in
Albuquerque, N.M., Juana Diaz, Puerto Rico, Norfolk, Va.,
Rochester, N.Y., Adelaide, Australia, Hamble and Hampshire
England, Ligny-en-Barrios, France, Madrid, Spain and Toronto.

CooperSurgical -- http://www.coopersurgical.com/-- manufactures  
and markets diagnostic products, surgical instruments and
accessories to the women's healthcare market. With headquarters
and manufacturing facilities in Trumbull, Conn., it also
manufactures in Pasadena, Calif., North Normandy, Ill., Fort
Atkinson, Wis., Montreal and Berlin.

Proclear(R) and Biomedics(R) are registered trademarks and
Biomedics XC(TM) and Biofinity(TM) are trademarks of The Cooper
Companies, Inc., and its subsidiaries or affiliates.


GETTY IMAGES: Acquires Scoopt to Enhance Site Features
------------------------------------------------------
Getty Images Inc. disclosed its acquisition of Scoopt, an
emerging source for user-generated editorial content.  Scoopt is
an aggregator and distributor of photographs and videos captured
by eyewitnesses who have an accidental front row seat to
headline-making moments.

In the coming months, news, sport and entertainment imagery from
Scoopt that meets Getty Images' stringent editorial quality
standards will be released exclusively at
http://www.gettyimages.com/editorial,where it will benefit from  
worldwide visibility and promotional support.  Additionally,
Getty Images will invest in technology upgrades and other
enhancements to Scoopt in order to make the site more accessible
to customers, and to better position it for future growth.

"New technology has made it easier to capture and distribute
imagery, leading to citizen photojournalism that is increasingly
relevant to the news cycle," said Jonathan Klein, co-founder and
CEO of Getty Images.  "While this genre will never replace the
award-winning photojournalism for which we're known, it's a
highly complementary offering that enables us to meet the
evolving imagery needs of a broad customer base."

Since the founding of Scoopt in 2005, the site has supplied the
media with arresting imagery from major world events, including:

  * The tragic Manhattan plane crash that killed New York
    Yankees pitcher Cory Lidle and his flight instructor in
    October 2006; digital images captured by a bystander were
    emailed to Scoopt and appeared on the front page of The
    Times of London

  * Fierce January 2006 storms in the U.K., which brought
    devastation and disruption to large parts of the country

"User-generated content is serving a valuable role in today's
communication landscape; safeguards to validate its authenticity
are critical," said Hugh Pinney, director of Editorial
Photography at Getty Images.  "By implementing rigorous quality
standards, we can deliver powerful imagery captured from a
unique perspective while ensuring journalistic integrity."

Citizen photographers who submit imagery to Scoopt retain
copyright while granting the agency a 12-month exclusive license
that authorizes re-license to one or more publishers.  
Contributors will benefit from increased visibility and an
extensive network of media contacts, earning a significant
percentage of the value for each license issued.  Both Getty
Images and Scoopt encourage contributors to be respectful and
follow a code of ethics for image capture.  Submission
guidelines and additional details about Scoopt's growing
photographer community can be found at http://www.scoopt.com/

Getty Images plans to fully integrate Scoopt into its
organization, harnessing the team's knowledge of user-generated
editorial content.  "We're very much looking forward to taking
our business to the next level by collaborating with the world's
leading imagery provider," said Kyle MacRae, founder of Scoopt.  
"This acquisition will exponentially expand our customer base
and establish a strong foundation for long-term growth."

The Scoopt team will continue to operate out of the site's base
in Glasgow, Scotland, servicing customers under the leadership
of Getty Images' Hugh Pinney.  Existing relationships with
Scoopt partners and affiliates will remain in place until
further notice.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes  
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.

                          *     *     *

Moody's Investors Service upgraded the credit ratings of Getty
Images, Inc. and changed the ratings outlook to stable from
positive.  The upgrade in the corporate family rating to Ba1
from Ba2 reflected Getty's leading market position, improving
credit metrics, impressive operating margins and good secular
growth trends in the stock imagery market.  Moody's also
upgraded its rating on the company's US$265 million series B
convertible subordinated notes due 2023, to Ba2 from Ba3.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its ratings on
Seattle, Wash.-based visual imagery company Getty Images Inc.,
including lowering the corporate credit rating to 'B+' from
'BB', and placed the ratings on CreditWatch with developing
implications.


GLENCOM CONSULTANCY: Members Opt to Shut Down Firm
--------------------------------------------------
At an extraordinary general meeting held on Feb. 26, 2007, the
members of Glencom Consultancy Pty Limited resolved to close the
company's business.

Brent Trevor Alex Kijurina was appointed as the company's
liquidator at the creditors' meeting held later that day.

The company's Liquidator can be reached at:

         Brent Trevor Alex Kijurina
         Smith Hancock Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                    About Glencom Consultancy

Glencom Consultancy Pty Limited provides business services.  The
company is located in New South Wales, Australia.


HUDSON HIGHLAND: Will Restate 2006 & 2005 Financial Results
-----------------------------------------------------------
As a result of a review by the United States Securities and
Exchange Commission, Hudson Highland Group Inc. will restate its
2006 and 2005 results, reflecting the shift of:

    (1) a charge of US$643,000 previously included in 2006
        results to the applicable periods in 2005, and

    (2) a charge of US$923,000 previously included in 2006
        results related to indeterminate periods to the opening
        retained earnings balance of 2006 in accordance with the
        SEC's Staff Accounting Bulletin No. 108.

These adjustments were previously reported in the company's
second quarter 2006 financial results and reduced reported
income for 2006.  As a result of these changes in second quarter
results, the company's previously reported income for 2006 will
increase by approximately US$1.6 million.  The company will
include these restatements in its 2006 Form 10-K, which it
expects to file on or before March 16.

                      About Hudson Highland

Headquartered in New York, New York, Hudson Highland Group, Inc.
(Nasdaq: HHGP)-- http://www.hhgroup.com/-- is a provider of  
permanent recruitment, contract professionals and talent
management services worldwide.  From single placements to total
outsourced solutions, Hudson helps clients achieve greater
organizational performance by assessing, recruiting, developing
and engaging the best and brightest people for their businesses.  
The company employs more than 3,600 professionals serving
clients and candidates in more than 20 countries including
Argentina, Australia, Belgium, Brazil, and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Moody's Investors Service assigned a Ba2 rating to the company's
US$7,500,000 Income Notes Due 2042.


ITRON: Bags 25,000 Meter Order from Mexico's Comision Federal
-------------------------------------------------------------
Itron Inc. has received an order from Mexico's Comision Federal
de Electricidad or CFE, for 25,000 SENTINEL solid-state
electricity meters.  CFE is Mexico's largest electric utility
-- covering the whole of Mexico -- with more than 20 million
customers and 163 power-generating plants.

The agreement represents Itron's largest-ever international sale
of the highly successful SENTINEL meter.  Beyond the initial
25,000 meters, CFE also has the option to purchase an additional
37,000 units over the next year.

SENTINEL meters are used for commercial and industrial or C&I
metering applications by electric utilities throughout the
world.  C&I metering represents approximately 60 percent of
CFE's annual billing, making meter accuracy, reliability and
advanced functionality essential for the utility to meet its
business and customer service objectives.

"This is a very important step forward for Itron in this
market," said Doug Staker, Itron's vice-president and general
manager of international markets.  "On top of other meter sales
in the region, this agreement makes Itron one of the top meter
suppliers in Mexico.  We're optimistic about continuing to grow
our presence in Mexico and throughout Latin America."

Over the past year, Itron's SENTINEL meter has been recertified
and approved to comply with CFE's stringent technical metering
requirements.  These trials were administered by LAPEM, a
testing division of CFE.

The SENTINEL meters sold to CFE are designed to allow the
utility to easily migrate to automatic meter reading or AMR.  
For example, it is possible to add on GPRS (general packet radio
service) modems, and integration with Itron software solutions
like MV-90xi or Enterprise Edition meter data management.

Itron's industry leading AMR technology enables utilities to
automatically collect data via radio signal.  As a result,
utilities can read meters efficiently and accurately, while
eliminating the need for meter readers to access customers'
properties and facilities.  The systems also generate more
frequent and reliable meter data that gives utilities better
insight into operations, conservation initiatives, efficiency
and more.  Itron has shipped more than 55 million automated
meters and AMR modules to utilities worldwide.

Itron Inc., -- http://www.itron.com/-- is a technology provider  
and critical source of knowledge to the global energy and water
industries.  Nearly 3,000 utilities worldwide rely on Itron
technology to provide the knowledge they require to optimize the
delivery and use of energy and water.  Itron creates value for
its clients by providing industry-leading solutions for
electricity metering; meter data collection; energy information
management; demand response; load forecasting, analysis and
consulting services; distribution system design and
optimization; web-based workforce automation; and enterprise and
residential energy management.  

Itron has operations in Taiwan, Australia and New Zealand.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed its Ba3 Corporate Family Rating for Itron Inc.  The
rating on the company's US$55 million Senior Secured Revolver
due 2009 was revised to Baa3 from Ba3.  Those debentures were
assigned an LGD1 rating suggesting creditors will experience a
3% loss in the event of default.

Additionally, Moody's revised its ratings on the company's
US$125 million 7.875% Subordinate Notes due 2012 to Ba1 from B2.  
Moody's assigned those debentures an LGD2 rating suggesting a
projected loss-given default of 25%.

Standard & Poor's Ratings Services assigned its 'B' rating to
Itron Inc.'s US$345 million convertible senior subordinated
notes due Aug. 1, 2026.  At the same time, Standard & Poor's
affirmed all of its other ratings, including its 'BB-' corporate
credit rating, on the meter data technology provider.  The notes
are rated two notches below the corporate credit rating and are
pari passu in terms of payment with the company's existing
subordinated notes, which are also rated 'B'. Itron intends to
use the proceeds for future acquisitions and/or general
corporate purposes.


MICROMUSE (AUSTRALIA): Commences Wind-Up Proceedings
----------------------------------------------------
On Feb. 28, 2007, the members of Micromuse (Australia) Pty
Limited passed a special resolution to wind up the company's
operations.

Murray C. Smith was appointed as liquidator.

The Liquidator can be reached at:

         Murray C. Smith
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au

                  About Micromuse (Australia)

Micromuse (Australia) Pty Limited operates computer software
stores.  The company is located in New South Wales, Australia.


NORSKE SKOGINDUSTRIER: Nominates Kim Wahl as New Chairman
---------------------------------------------------------
Kim Wahl has been nominated as the new chair of Norske
Skogindustrier ASA after Lars W. Groholt informed the nomination
committee that he would not be seeking re-election.  

The nomination committee has also recommended that Oivind Lund
be re-elected as deputy chair, while Kari Broberg is recommended
for election as a new director of the group.

Mr. Groholt has been Norske Skog's chair for five years.

"The international paper industry has been through several
difficult years, and Norske Skog has therefore undergone an
extensive restructuring process during Groholt's time as chair.  
We thank him for his commitment in this demanding period," Idar
Kreutzer, chair of the nomination committee, said.

Mr. Wahl is currently a partner in and deputy chair of Industri
Kapital, a European private equity company, which owns 24
companies throughout the continent with a combined turnover of
more than EUR8 billion.  With an MBA from Harvard, his previous
appointments include jobs with US investment bank Goldman, Sachs
& Co. in London and New York.

"Wahl has very strong strategic experience and expertise," Mr.
Kreutzer continued.  "He also has international industrial
experience, knowledge about and familiarity with the
international finance business, and experience from large and
demanding restructuring processes.

"Combined with his strong person qualities, this means that he
meets the requirements for a new chair specified by the
nomination committee.  Wahl will contribute an expertise and
experience which will be important for Norske Skog in the
future," Mr. Kreutzer added.

Ms. Broberg has been nominated by the committee to replace
Annette Brodin Rampe, who is retiring from the board.  With an
MSc in business economics from the Norwegian School of
Management, she currently works as a company adviser and farmer.  
Her earlier career includes jobs with Hartmark Consulting,
Jordan, Alcatel Telecom and Aker Engineering.

The nomination committee has also recommended changes to Norske
Skog's corporate assembly.

Helge Evju has been nominated as the new chair of the assembly,
and thereby also of the nomination committee.  Mr. Kreutzer is
recommended as deputy chair of both assembly and committee.  In
addition, executive vice president Oyvind Birkeland at DnB NOR
Kapitalforvaltning has been nominated as a new member of the
assembly in succession to Svein Aaser, who has resigned.

The nomination committee's recommendations for shareholder-
elected directors and members of the corporate assembly are
accordingly as:

Board of directors:

   -- Kim Wahl (chair),
   -- Oivind Lund (deputy chair),
   -- Halvor Bjorken,
   -- Gisele Marchand,
   -- Ingrid Wiik, and
   -- Kari Broberg.

Corporate assembly:

   -- Helge Evju (chair),
   -- Idar Kreutzer (deputy chair),
   -- Emil Aubert,
   -- Ole H. Bakke,
   -- Ann Kristin Brautaset,
   -- Kirsten C. Ideboen,
   -- Birgitta Rodstol Naess,
   -- Christian Ramberg,
   -- Tom Ruud,
   -- Turid Fluge Svenneby,
   -- Halvard Saether, and
   -- Oyvind Birkeland.

The nomination committee in Norske Skog currently comprises:

   -- Idar Kreutzer (chair),
   -- Helge Evju, Gunn Waersted, and
   -- Ole H. Bakke.

These elections will be held at Norske Skog's annual general
meeting on April 12.

All recommendations by the nomination committee are unanimous.

                       About Norske Skog

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It  
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.  It has paper mills in Chile and Brazil.

                        *     *     *

As of Feb. 14, Norske Skog carries these ratings:

Moody's:

   -- Long-Term Corporate Family: Ba1
   -- Senior Unsecured Debt: Ba1
   -- Outlook: Stable

Standard & Poor's:

   -- Long-Term Foreign Issuer Credit: BB+
   -- Long-Term Local Issuer Credit: BB+
   -- Short-Term Foreign Issuer Credit: B
   -- Short-Term Local Issuer Credit: B
   -- Outlook: Stable


NORTONS CARTAGE: Final Meeting Set for April 10
-----------------------------------------------
A final meeting will be held for the members and creditors of
Nortons Cartage Contractors Pty Ltd on April 10, 2007, at
10:30 a.m.

During the meeting, the members and creditors will receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Jan. 10, 2006.

The company's liquidator is:

         Adrian Brown
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                      About Nortons Cartage

Nortons Cartage Contractors Pty Ltd is involved with local
trucking without storage.  The company is located in Victoria,
Australia.


PEOPLE TELECOM: Sells Data Business to Amcom for AU$6.25 Million
----------------------------------------------------------------
People Telecom has sold its Perth corporate data business to
Amcom Telecommunications for AU$6.25 million (NZ$7.16 million),
Computerworld reports.

In its sale announcement, People Telecom said, the transaction
enables the company to deliver on its core small-to-medium-
enterprise, ADSL, and mobiles businesses strategy.

The transaction comprises People Telecom's high-speed optical-
fibre data ring around the Perth CBD and a data co-location and
interconnect center as well as customer revenues of AU$6 million
per annum, the report says.

The expected completion date of the transaction is March 31,
Computerworld notes.

"This transaction aligns to our strategic aims and will allow
People Telecom to focus on profitable growth in our core
businesses," Computerworld cites People Telecom CEO John Stanton
Stanton, as saying.

Mr. Stanton however, noted that the sale does not represent any
reduction in People Telecom's ongoing commitment to its SME and
consumer customers in Perth and Western Australia, Computerworld
relates.

"The transaction with Amcom includes supply agreements to ensure
that People Telecom has full capability to continue serving SME
data requirements," Mr. Stanton added.

Mr. Stanton further said that the two companies will work for a
smooth transition of corporate customers onto the Amcom network,
and to manage the relocation of national network operating
center from Perth to Sydney.

                      About People Telecom

Headquartered in North Sydney Australia, and listed with the
Australian Stock Exchanges and the New Zealand Exchange Ltd.,
People Telecom Ltd.-- http://www.peopletelecom.com.au/--
formerly Swiftel Ltd, is engaged in the provision of
telecommunication services to the Australian corporate and
public markets.  The Company offers a range of products to homes
and businesses, including broadband Internet access, fixed wire
phone services, mobile phone services and corporate data
products.  The Company's wholly owned subsidiaries include
Swiftel Communications Pty Ltd, Swift Broadband Pty Ltd, People
Telecommunications Pty Limited, People Mobile Pty Ltd and PTS
Australia Pty Ltd.

                      Going Concern Doubt

The directors said in the company's annual report that the
company and the consolidated entity have made a loss from
ordinary activities of AU$22,103,061 and AU$21,609,667,
respectively, for the year ended June 30, 2006 (2005:
AU$2,746,931 and AU$596,412 respectively).  Excluding the asset
impairment loss of AU$21,241,233, the company and the
consolidated entity made a loss of AU$861,828 and AU$368,434
respectively for the year ended June 30, 2006.  These factors
cast fundamental uncertainty on the company's ability to
continue as a going concern.


YELROM CORP: Members & Creditors' Meeting Set for April 11
----------------------------------------------------------
The members and creditors of Yelrom Corp Pty Ltd will meet on
April 11, 2007, at 9:30 a.m., for their final meeting.

At the meeting, Liquidator R. A. Sutcliffe will present a report
about the company's wind-up proceedings and property disposal.

The company's Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277

                       About Yelrom Corp

Yelrom Corp Pty Ltd -- also trading as Price Attack Ringwood --
operates miscellaneous retail stores.  The company is located in
Victoria, Australia.


================================
C H I N A   &   H O N G  K O N G
================================

ADPON DEVELOPMENT: Members & Creditors Set to Meet on April 12
--------------------------------------------------------------
The members and creditors of Adpon Development Limited will meet
on April 12, 2007, at 10:00 a.m. to hear a report about the
company's wind-up proceedings and property disposal.

The meeting will be held at Room 1701 of Olympia Plaza, 255
King's Road in North Point, Hong Kong.

Lui Wan Ho is the company's liquidator.


BANK OF BEIJING: Expects to Gain US$1BB in Planned Dual-Listing
---------------------------------------------------------------
The Bank of Beijing is preparing to launch A-shares and H-shares
this year, targeting to raise US$1 billion from the dual-
listing, China Knowledge reports.

According to a Xinhua News report, an unidentified source with
the bank said internal preparations have been completed and that
the bank will soon be applying for approval from regulators.

Bank of Beijing will use its expected gains from the listing for
expansion into private banking services and community banking
services for both the general public and private banking service
clients, China Knowledge relates.

                          *     *     *

The Bank of Beijing is a bank based in Beijing, People's
Republic of China.  Founded on January 8, 1996 as Beijing City
Commercial Bank, it adopted its present name in January 2005.

On March 12, 2007, Fitch Ratings upgraded the Support ratings of
Bank of Beijing to 3 from 4, reflecting the improved ability of
the government to support domestic financial institutions and
the close relationship between the bank and the central and
local governments.

At the same time, the agency affirmed the bank's individual
rating at D/E.


CHARTER ELECTRONICS: Members' Annual Meeting Set for March 17
-------------------------------------------------------------
The members of Charter Electronics Limited will hold their
annual meeting on March 17, 2007, at 9:30 a.m., and hear a
report about the company's wind-up proceedings and property
disposal.

The meeting will be held at Room 701 of Hong Kong House, 17-19
Wellington Street in Hong Kong.

The company's liquidator is:

         Kenny King Ching Tam
         17th Floor, Chun Wo Commercial Center
         23 Wing Wo Street
         Central, Hong Kong


CHINA EVERBRIGHT: Targets 20 Million Credit Cards in 3-5 Years
--------------------------------------------------------------
China Everbright Bank's Vice President Li Ziqing told Shanghai
Daily that the bank plans to boost its credit card customers to
20 million in three to five years, Xinhuanet News relates.

According to Mr. Li, the bank has issued more than one million
credit cards so far and plans to authorize up to 1.5 million new
cards this year.

Xinhuanet notes that joint-stock banks like Everbright and China
Merchants Bank are trying to promote innovative credit card
products to compete against bigger rivals, including the
country's big four state-owned lenders.  

Evidently, Everbright recently began offering China's first
credit card for baby products, catering to the needs of new
mothers with promotional tie-ins.

In addition, the bank signed a strategic cooperation agreement
with China UnionPay Co. to help boost its cooperating merchants,
enhance branding, develop products and share client-service
hotlines, the report relates.

                          *     *     *

Headquartered in Beijing, China, China Everbright Bank Company -
- http://www.cebbank.com/-- is the first state-owned commercial  
bank with shares held by international financial institutions.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed on August 14, 2006, China Everbright Bank's 'E'
individual rating '3' support rating.


FORTUNE TOP: Members Set to Meet on April 10
--------------------------------------------
The members of Fortune Top Properties Limited will hold a final
general meeting on April 10, 2007, at 9:00 a.m., to receive the
liquidator's report regarding the company's wind-up proceedings
and property disposal.

The meeting will be held at the 15th Floor of Manulife Tower,
169 Electric Road in North Point, Hong Kong.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on Jan. 8, 2007.

The liquidator is:

         Chok-man Yik
         15th Floor, Manulife Tower
         169 Electric Road, North Point
         Hong Kong


IWORLDTEL.COM: Members & Creditors Set to Meet on April 16
----------------------------------------------------------
The members and creditors of Iworldtel.Com Limited will hold
their final meeting on April 16, 2007, at 3:30 p.m. to consider
the liquidator's accounts regarding the company's wind-up
proceedings and property disposal.

The meeting will be held at Room A of 19th Floor, Tung Hip
Commercial Building in 248 Des Voeux Road Central, Hong Kong.


HUA XIA: 2006 Net Profit Up 5.7% to CNY1.48 Billion
---------------------------------------------------
Hua Xia Bank's 2006 net profit was CNY1.48 billion, up 5.7% from
CNY1.4 billion in 2005, on strong loan growth, Wall Street
Journal reports, citing Dow Jones Newswires.  The results are
based on international accounting standards.

Meanwhile, according to Chinese accounting standards, Hua Xia's
net profit rose to CNY1.46 billion from CNY1.28 billion in 2005.  
Core revenue totaled CNY18.08 billion, up 31% from CNY13.78
billion.  The results are audited, Wall Street notes.

The bank aims to lower its nonperforming-loan ratio to below
2.5% in 2007, the paper says, noting that at the end of 2006,
the ratio fell to 2.73% from 3.05% at the end of 2005.

Wall Street adds that the bank's capital-adequacy ratio rose to
8.28% from 8.27% a year earlier.  Hua Xia Bank plans to issue
additional A-shares and hybrid bonds in 2007 to boost its
capital-adequacy ratio, the paper relates.

                          *     *     *

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers  
financial services to both corporate and individual clients.  At
the end of 2005, it has 27 branches and 257 offices nationwide.

On September 21, 2005, Deutsche Bank entered into a preliminary
agreement to purchase a holding of about 10% in Huaxia Bank, a
medium-sized Beijing-based lender, for about US$200 million.  
People close to the situation said Deutsche had teamed up with
another European financial institution to buy a total of about
15 per cent in Shanghai-listed Huaxia for more than US$300
million -- a slight premium to its market value.

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.

Hua Xia Bank's Individual D/E rating reflects its weak capital
position, inadequate profitability, and potential asset quality
risks stemming from very rapid loan growth.  Total loans
expanded 29% in 2005, the second fastest growth among local
peers.


JIANGXI COPPER: Plans to Buy Assets from Controlling Shareholder
----------------------------------------------------------------
Jiangxi Copper Co. Ltd is planning to buy certain assets from
its controlling shareholder, Jiangxi Copper Corp. and would
issue new shares to it, Reuters reports.

The controlling shareholder holds 42.31% of the company, the
report notes.

In a statement, the company disclosed that it has filed an
application with authorities for the acquisition of assets from
the controlling shareholder, Reuters relates, adding the company
did not disclose further details.

                          *     *     *

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.  
Jiangxi Copper is a constituent of the Xinhua/ FTSE China 200
Index.  As of market close on April 28, 2006, its total market
capitalization and investable capitalization were CNY17.5
billion and CNY3.5 billion respectively.

On July 18, 2006, Xinhua Far East China Ratings has commented
that the likelihood of downward surprises on the issuer rating
for Jiangxi Copper Co., Ltd. was increasing and changed the
Company's rating outlook to negative from stable.  Its issuer
credit rating remains BB+.


KONG FUNG: Members to Receive Wind-Up Report
--------------------------------------------
A final meeting will be held for the members of Kong Fung Food &
Beverage Holdings Limited on April 10, 2007, at 3:30 p.m.

During the meeting, the members will hear the liquidator's
report about the company's wind-up proceedings and property
disposal.

The meeting will be held at Portion of Ground Floor, 831L Canton
Road, Yaumatei in Kowloon, Hong Kong.

The liquidator is:

         Tsang Chiu Wai
         Flat 6C, Glen Haven Court
         117-121 Argyle Street
         Mongkok, Kowloon
         Hong Kong


PERFECT RIVER: Liquidator Quits Post
------------------------------------
Lo Wa Wei, Roy ceased to act as liquidator of Perfect River
International Limited on March 1, 2007.

The company commenced wind-up proceedings on Dec. 11, 2006, as
reported by the Troubled Company Reporter - Asia Pacific.

The company's former Liquidator can be reached at:

         Lo Wa Kei, Roy
         Suite 1304, Shanghai Industrial Investment Building
         60 Hennessy Road, Wanchai
         Hong Kong


PURELY LIMITED: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------------
At an extraordinary general meeting held on Feb. 27, 2007, the
members of Purely Limited agreed to voluntarily wind up the
company's operations.

In this regard, Wong Hing Sun and Mok Wai Kwong were appointed
as liquidators.

The company's Liquidators can be reached at:

         Wong Hing Sun
         Mok Wai Kwong
         Room 905-6, 9th Floor
         Axa Centre, 151 Gloucester Road
         Wanchai, Hong Kong


SHANGHAI PUDONG: Citigroup Head Confirms Share Acquisition Plan
---------------------------------------------------------------
Citigroup's chief executive, Richard Stanley, confirmed the
bank's plan to increase its stake in Shanghai Pudong Development
Bank this year, various reports say, citing China Securities
News.

Xinhua News recounts that Citigroup was in discussions with the
bank on increasing its share-holding later this year.

However, Shen Si, secretary of the board of Pudong Development
Bank, told Xinhua News that Citigroup China has not yet
contacted the bank about the issue, People Daily relates.  

Citigroup currently holds a 19.9%-stake in Pudong Development
Bank, Xinhua News notes.

                          *     *    *

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial  
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.

At the same time, the agency affirmed the bank's individual
rating at D.

The bank also carries Moody's Ba1 rating for its long-term bank
deposits, NP short-term rating and a D bank financial strength
rating.


SUN RAISE: Final General Meeting Set for April 11
-------------------------------------------------
Sun Raise Industries Limited will hold its final general meeting
on April 11, 2007, at 11:45 a.m., at the 21st Floor of Fee Tat
Commercial Centre, No. 613 Nathan Road in Kowloon, Hong Kong.

During the meeting, Liquidator Chung Wah Shing will present a
report about the company's wind-up proceedings and property
disposal.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on Jan. 26, 2007.

The Liquidator can be reached at:

         Chung Wah Shing
         21/F, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong

                         About Sun Raise

Sun Raise Industries Ltd is a distributor of durable goods.  The
company is located in Tsuen Wan in NT, Hong Kong.


TOP HUMAN: Members' Final Meeting Set for April 10
--------------------------------------------------
Top Human Investments Limited will hold a final meeting for its
members on April 10, 2007, at 3:00 p.m.

The meeting will be held at 26th Floor, 88 Lockhart Road in
Wanchai, Hong Kong.

During the meeting, the members will receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The TCR-AP reported that the company entered wind-up proceedings
on Feb. 3, 2007.


WIN PROFIT: Liquidator to Present Wind-Up Report on April 11
------------------------------------------------------------
Win Profit Investment Development Co. Limited will hold a final
general meeting on April 11, 2007, at 10:00 a.m., to receive
Liquidator Lee Chi Keung's report about the company's wind-up
proceedings and property disposal.

The meeting will be held at the 21st Floor of Fee Tat Commercial
Centre, No. 613 Nathan Road in Kowloon, Hong Kong.

As reported by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Jan. 12, 2007.

The Liquidator can be reached at:

         Lee Chi Keung
         21st Floor, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


WINTEK TECHNOLOGY: Members to Hold Final Meeting on April 17
------------------------------------------------------------
The members of Wintek Technology H.K. Limited will hold a final
meeting on April 17, 2007, at 10:30 a.m., to hear the
liquidators' report about the company's wind-up proceedings and
property disposal.

The meeting will be held at the 35th Floor of One Pacific Place
in 88 Queensway, Hong Kong.

The company's liquidators are:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35th Floor, One Pacific Place
         88 Queensway
         Hong Kong


XINHUA FINANCE: Moody's Reviews B2 Ratings for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service on March 15, 2007, placed the B2
corporate family rating and senior unsecured bond rating of
Xinhua Finance Limited on review for possible upgrade.

This rating action follows the announcement of an initial public
offering for Xinhua Finance Media, a 51.3%-owned subsidiary of
XFL, to raise approximately US$203 million in net proceeds
through the issuance of American Depositary Shares.

"The IPO is expected to improve -- on a consolidated basis --
the financial and liquidity profile of XFL," says Angela Choi,
Moody's lead analyst for the company.

"Furthermore, following the IPO's completion, the automatic
conversion of all of XFM's outstanding preferred convertible
shares and its convertible loan into Class A common shares will
lower the group's consolidated leverage," adds Choi.

While XFL's stake in XFM will also fall to 36.9% from 51.3%, XFM
will remain fully consolidated under XFL, given the latter's
significant management control.

Of the total net proceeds, XFM will use US$50 million to repay
certain outstanding indebtedness to XFL and its wholly owned
subsidiary Xinhua Financial Network Limited.  The rest will be
used for strategic acquisitions of complementary businesses as
well as to fund working capital and other general corporate
purposes.

"In its review, Moody's will evaluate the impact on XFL -- in
terms of its financials and cash flow -- of the IPO and the
resultant further dilution of its ownership in XFM," says Choi.

"Moody's will also evaluate usage of the IPO proceeds, including
the US$50 million to be upstreamed from XFM to XFL," says Choi.

Xinhua Finance Limited (XFL) listed on the Mother Board of the
Tokyo Stock Exchange in October 2004 after its incorporation as
the holding company of Xinhua Finance Network (XFN).  The latter
incorporated and registered in Hong Kong in 1999. XFL is an
integrated provider of indices, ratings, financial news and
investor relations, especially in regard to China.  It has 19
offices and 20 news bureaus across Asia, Australia, North
America and Europe.  It covers key Chinese and international
markets.


=========
I N D I A
=========

ALLAHABAD BANK: Fitch Upgrades Support Rating to '3'
----------------------------------------------------
Fitch Ratings on March 15, 2007, upgraded the support rating to
'3' from '4' of Allahabad Bank and four other Indian banks --
HDFC Bank, UCO Bank, Indian Overseas Bank and Oriental Bank of
Commerce.

"The rating actions reflect the Indian government's improved
ability to provide timely support to systemically important
banks as reflected in the government's Long-term foreign
currency Issuer Default Rating of 'BBB-'," Fitch explains.

In August 2006, the rating agency upgraded India's sovereign
rating to 'BBB-' from 'BB+'.

Together with the improving financial condition of most banks
over the past three to four years, which has decreased the risk
of bank failures and in turn the contingent liability on the
government, Fitch believes that it can now permit a slightly
larger number of Indian banks with support ratings of '3'.

Fitch also notes that the Indian authorities have historically
had a high propensity of supporting troubled banks either
through direct recapitalisation or by way of merging them with
healthy ones, although the government's ability to do so was
previously constrained by its non-investment grade rating.

According to Fitch, the banks that have been upgraded to '3'
typically have a market share of between 2% and 3% of system
assets.

                          *     *     *

On Sept. 13, 2006, Fitch gave the bank an Individual Rating of
'C/D'.


BANK OF BARODA: Fitch Upgrades Support Rating to '2'
----------------------------------------------------
Fitch Ratings, on March 15, 2007, upgraded the support rating of
Bank of Baroda and six other Indian banks to '2' from '3'.

The other banks are:

   -- ICICI Bank,
   -- Punjab National Bank,
   -- Canara Bank,
   -- Bank of India,
   -- Union Bank of India, and
   -- IDBI Ltd.

"The rating actions reflect the Indian government's improved
ability to provide timely support to systemically important
banks as reflected in the government's Long-term foreign
currency IDR of 'BBB-'," Fitch explains.

In September 2006, Fitch upgraded the support ratings of State
Bank of India and EXIM Bank of India to '2' from '3' after the
agency upgraded India's sovereign rating to 'BBB-' from 'BB+'.

Fitch also notes that the Indian authorities have historically
had a high propensity of supporting troubled banks either
through direct recapitalisation or by way of merging them with
healthy ones, although the government's ability to do so was
previously constrained by its non-investment grade rating.

Together with the improving financial condition of most banks
over the past three to four years, which has decreased the risk
of bank failures and in turn the contingent liability on the
government, Fitch believes that it can now permit a slightly
larger number of Indian banks with Support ratings of '2'.

The banks which have been upgraded to a support rating of '2'
are mostly ones with a pan-India presence as well as a market
share of over 3% of system assets, Fitch points out.

                          *     *     *

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF INDIA: Continued Gov't. Support Cues Fitch's Upgrade
------------------------------------------------------------
Along with six other Indian banks, the Bank of India's support
rating was upgraded by Fitch Ratings to '2' from '3'.

The upgrade reflects the expected support from the Indian
government as shown in its Long-term foreign currency Issuer
Default Rating of 'BBB-', Fitch says.

Fitch also notes that the Indian authorities have historically
had a high propensity of supporting troubled banks either
through direct recapitalisation or by way of merging them with
healthy ones, although the government's ability to do so was
previously constrained by its non-investment grade rating.

In September 2006, Fitch upgraded the support ratings of two
Indian banks -- State Bank of India and EXIM Bank of India -- to
'2' from '3' after the agency upgraded India's sovereign rating
to 'BBB-' from 'BB+'.

Fitch says it can now permit a slightly larger number of Indian
banks with support ratings of '2' with the improving financial
condition of most banks over the past three to four years, which
has decreased the risk of bank failures and in turn the
contingent liability on the government.

                          *     *     *

Fitch Ratings gave the bank a 'D' Individual Rating on June 1,
2005.


CANARA BANK: Fitch Upgrades Support Rating to '2' from '3'
----------------------------------------------------------
Fitch Ratings has upgraded Canara Bank's support rating from '3'
to '2' to reflect the Indian government's improved ability to
provide timely support to systematically important banks.

In August 2006, Fitch upgraded India's sovereign rating to
'BBB-' from 'BB+'.

With the improving financial condition of most banks over the
past three to four years, which has decreased the risk of bank
failures and in turn the contingent liability on the government,
Fitch believes that it can now permit a slightly larger number
of Indian banks with support ratings of '2' and/or '3'.

Fitch also notes that India has had a high propensity of
supporting troubled banks either through direct recapitalisation
or by way of merging them with healthy ones, although the
government's ability to do so was previously constrained by its
non-investment grade rating.

                          *     *     *

Fitch Ratings gave Canara Bank an individual rating of 'C/D' on
Nov. 9, 2006.


HDFC BANK: Fitch Upgrades Support Ratings to '3' from '4'
---------------------------------------------------------
On March 15, 2007, Fitch Ratings upgraded the support ratings of
five Indian banks, including Punjab National Bank, to '3' from
'4'.

The government's improved ability to provide timely support to
systemically important banks as reflected in the government's
Long-term foreign currency IDR of 'BBB-' cued Fitch to raise the
support rating.

Fitch relates that in September 2006, it upgraded the support
ratings of State Bank of India and EXIM Bank of India to '2'
from '3' after the agency upgraded India's sovereign rating to
'BBB-' from 'BB+' in August 2006.

Together with the improving financial condition of most banks
over the past three to four years, which has decreased the risk
of bank failures and in turn the contingent liability on the
government, Fitch believes that it can now permit a slightly
larger number of Indian banks with Support ratings of '3'.

The Indian authorities, the rating agency points out, have
historically had a high propensity of supporting troubled banks
either:

   -- through direct recapitalization; or

   -- by way of merging them with healthy ones.

The banks that have been upgraded to '3' typically have a market
share of between 2% and 3% of system assets, Fitch notes.

                          *     *     *

Fitch, on June 1, 2005, gave the bank an Individual Rating of
'C'.


ICICI BANK: Fitch Upgrades Support Rating to '2' from '3'
---------------------------------------------------------
Fitch Ratings, on March 15, upgraded the support rating of ICICI
Bank Ltd to '2' from '3'.

The upgrade reflect the Indian government's improved ability to
provide timely support to systemically important banks as
reflected in the government's Long-term foreign currency IDR of
'BBB-', Fitch explains.

Fitch notes that the Indian authorities have historically had a
high propensity of supporting troubled banks either through
direct recapitalisation or by way of merging them with healthy
ones, although the government's ability to do so was previously
constrained by its non-investment grade rating.

Together with the improving financial condition of most banks
over the past three to four years, which has decreased the risk
of bank failures and in turn the contingent liability on the
government, Fitch believes that it can now permit a slightly
larger number of Indian banks with Support ratings of '2' and/or
'3'.

                          *     *     *

ICICI Bank carries Fitch's 'C' Individual Rating.


ICICI BANK: Eager to Enter Into Pension Funds Business
------------------------------------------------------
ICICI Bank Ltd. is keen on foraying into pension funds, reports
say, citing a statement made by the bank.

The bank, however, is still waiting for the passage of the
Pension Fund Regulatory and Development Authority bill that has
long been pending.

"Though the central government and 16 other states' employees
joining the service during the last two-three years have opted
for the new pension scheme, pension funds have not come into
being due to the non-passage of the PFRDA bill," the Press Trust
of India reports.

The left parties, key ally in Indian political group United
Progressive Alliance, reportedly opposes the bill.

ICICI Bank has already come up with a road map for the pension
fund business but is just waiting for the clarity on the
regulatory environment, Kalpana Morparia, the bank's joint
managing director, told PTI.

Depending on regulatory requirements, the bank may set up a
separate company for the business or run it as an independent
division of its existing insurance company, Ms. Morparia added.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group   
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.


IDBI LTD: Fitch Upgrades Individual Rating to 'C/D' from 'D/E'
--------------------------------------------------------------
Fitch Ratings, on March 15, 2007, upgraded IDBI Ltd.'s Short-
term foreign currency rating to 'F3' from 'B', US$300 million
bonds due 3 March 2009 to 'BBB-' from 'BB+' and US$300 million
bonds due 9 December 2009 to 'BBB-' from 'BB+'.  This follows
the upgrades of the bank's Long-term foreign currency Issuer
Default rating, Individual and Support ratings earlier.

At the same time, Fitch affirmed the National Long-term rating
at 'AA+(ind)' and the National Short-term rating at 'F1+(ind)'.
The Outlook on the ratings is Stable.

The upgrade of IDBI's Long-term foreign currency IDR to 'BBB-'
from 'BB+' reflects the expected support from the Indian
government, which IDBI has enjoyed in the past and which is
likely to continue into the future, following its conversion
into a commercial bank.  The upgrade of the Support rating to
'2' from '3' is based on this continued governmental support, as
well as the government's own improved ability to provide such
support, as reflected in the upgrade of the sovereign IDR to
'BBB-'.  IDBI's Individual rating has been upgraded to 'C/D'
from D/E' to reflect the gradual improvement in its financial
condition over the years, though its profitability remains
weaker compared to other Indian banks that are also rated 'C/D'.  
The National ratings recognise government support but also
reflect the bank's weak profitability compared with the best
Indian banks.

The transfer of INR90 billion of stressed assets to a
government-sponsored special purpose vehicle in September 2004
dramatically improved IDBI's asset quality.  The reported gross
non-performing loans ratio reduced to 2.1% at FY06 from 33.8% at
FY03, while its restructured asset position has also improved
substantially, helped by a large extent by the benign economic
environment.  The bank's asset quality is unlikely to
deteriorate to historical levels; however, its concentrated
exposures to average credit risks (corporates and projects) make
it vulnerable in a downturn.

With the improvement in its solvency (net NPLs to equity 9% at
FY06, compared with 105% at FY03), Fitch views IDBI's capital
position in a more positive light, compared to when its capital
was encumbered by a large proportion of unprovided stressed
assets.  The bank's equity to assets (7.2% at FY06) is higher
than the system median; however, given its high growth targets,
as well as the continued prominence of credit risk in its
operations, an equity injection would be credit positive.

Fitch notes that IDBI's core operating profitability is still
weak -- with negative net interest margins in FY06 and H107
after adjusting for recoveries from written-off assets which are
reported as part of interest income.  Profitability (return on
assets 0.7% in FY06) is shored up by recoveries from the bank's
large portfolio of written-off loans and gains on sale of equity
investments, which together accounted for 103% of operating
income in FY06.  The full effect of its conversion into a
commercial bank through a merger with its subsidiary and the
doubling of its branch network through the acquisition of United
Western Bank will take a few years to be reflected in IDBI's
financials.


INDIAN OVERSEAS BANK: Fitch Upgrades Support Rating to '3'
----------------------------------------------------------
Fitch Ratings has upgraded Indian Overseas Bank's support
ratings to '3' from '4'.

The rating action reflects the Indian Government's improved
ability to provide timely support to systemically important
banks as reflected in the government's Long-term foreign
currency IDR of 'BBB-', Fitch says.

The rating agency further mentions that the Indian authorities
have historically had a high propensity of supporting troubled
banks either through direct recapitalisation or by way of
merging them with healthy ones, although the government's
ability to do so was previously constrained by its non-
investment grade rating.

In August 2006, Fitch upgraded India's sovereign rating to 'BBB-
from 'BB+'.

                          *     *     *

Fitch gave the bank a 'D/E' Individual Rating on June 1, 2005.


ORIENTAL BANK OF COMMERCE: Fitch Upgrades Support Rating '3'
------------------------------------------------------------
Fitch Ratings has upgraded the support rating of Oriental Bank
of Commerce and four other Indian banks to '3' from '4'.

"The rating actions reflect the Indian government's improved
ability to provide timely support to systemically important
banks as reflected in the government's Long-term foreign
currency IDR of 'BBB-', Fitch explains.

In September 2006, Fitch had upgraded the Support ratings of tow
Indian banks -- State Bank of India and EXIM Bank of India to
'2' from '3' after the agency upgraded India's sovereign rating
to 'BBB-' from 'BB+'.

Fitch also notes that the Indian authorities have historically
had a high propensity of supporting troubled banks either
through direct recapitalisation or by way of merging them with
healthy ones, although the government's ability to do so was
previously constrained by its non-investment grade rating.

Together with the improving financial condition of most banks
over the past three to four years, which has decreased the risk
of bank failures and in turn the contingent liability on the
government, Fitch believes that it can now permit a slightly
larger number of Indian banks with Support ratings of '3'.

                          *     *     *

On June 1, 2005, Fitch gave the bank a 'C/D' Individual Rating.


PUNJAB NATIONAL BANK: Fitch Raises Support Rating to '2'
-------------------------------------------------------
On March 15, 2007, Fitch Ratings upgraded the support ratings of
six Indian banks, including Punjab National Bank, to '2' from
'3'.

The government's improved ability to provide timely support to
systemically important banks as reflected in the government's
Long-term foreign currency IDR of 'BBB-' cued Fitch to raise the
support rating.

Fitch relates that in September 2006 it upgraded the support
ratings of State Bank of India and EXIM Bank of India to '2'
from '3' after the agency upgraded India's sovereign rating to
'BBB-' from 'BB+' in August 2006.

Fitch also notes that

The Indian authorities, the rating agency notes, have
historically had a high propensity of supporting troubled banks
either:

   -- through direct recapitalization; or

   -- by way of merging them with healthy ones.

Together with the improving financial condition of most banks
over the past three to four years, which has decreased the risk
of bank failures and in turn the contingent liability on the
government, Fitch believes that it can now permit a slightly
larger number of Indian banks with Support ratings of '2'.

The banks which have been upgraded to a Support rating of '2'
are mostly ones with a pan-India presence as well as a market
share of over 3% of system assets, Fitch says.

                          *     *     *

Fitch Ratings gave Punjab National Bank a 'C/D' individual
rating on June 1, 2005.


UCO BANK: Fitch Upgrades Support Rating to '3' from '4'
-------------------------------------------------------
Fitch Ratings has upgraded UCO Bank's support ratings to '3'
from '4'.

According to Fitch, the rating action reflects the Indian
government's improved ability to provide timely support to
systemically important banks as reflected in the government's
Long-term foreign currency IDR of 'BBB-'.

The rating agency also mentions that the Indian authorities have
historically had a high propensity of supporting troubled banks
either through direct recapitalisation or by way of merging them
with healthy ones, although the government's ability to do so
was previously constrained by its non-investment grade rating.

In August 2006, Fitch upgraded India's sovereign rating to 'BBB-
from 'BB+'.

                          *     *     *

Fitch gave the bank a 'D' Individual Rating on June 19, 2006.


UNION BANK OF INDIA: Fitch Upgrades Support Rating to '2'
---------------------------------------------------------
Along with six other Indian banks, the Union Bank of India's
support rating was upgraded by Fitch Ratings to '2' from '3'.

The upgrade reflects the expected support from the Indian
government as shown in its Long-term foreign currency Issuer
Default Rating of 'BBB-', Fitch says.

Fitch also notes that the Indian authorities have historically
had a high propensity of supporting troubled banks either
through direct recapitalisation or by way of merging them with
healthy ones, although the government's ability to do so was
previously constrained by its non-investment grade rating.

In September 2006, Fitch upgraded the support ratings of two
Indian banks -- State Bank of India and EXIM Bank of India -- to
'2' from '3' after the agency upgraded India's sovereign rating
to 'BBB-' from 'BB+'.

Fitch says it can now permit a slightly larger number of Indian
banks with support ratings of '2' with the improving financial
condition of most banks over the past three to four years, which
has decreased the risk of bank failures and in turn the
contingent liability on the government.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgraded the bank's individual
rating to 'C/D' from 'D.'


=================
I N D O N E S I A
=================

BAKRIE SUMATERA: Gets US$50.5-Million Loan from Subsidiary
----------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk has obtained a
US$50.5-million loan from its subsidiary BSP Finance BV,
StockWatch News reports, citing a report to the Capital Market
Supervisoty Board.

The company's Corporate Secretary Fitri Barnas disclosed in the
report that the loan agreement, which was signed on March 7,
2007, contains a conflict of interest in its transaction
considering that Bakrie Sumatera has more than 99% stake in BSP
Finance, StockWatch relates.  However, Ms. Barnas contends that
the transaction is not materially significant and has been
approved by the company's commissioners, the report points out.

                      About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

Moody's Investors Service has affirmed the B2 senior secured
debt rating for Bakrie Sumatera Plantations Tbk following its
decision to increase the existing bond size of US$110 million by
another US$45 million.  At the same time, Moody's has also
affirmed the B2 corporate family rating for BSP.  The outlook
for all the ratings is stable.


BAKRIE SUMATERA: Unit Issues US$50-Mil. Secured Notes Due 2011
--------------------------------------------------------------
Bakrie Sumatera Plantations Tbk's subsidiary, BSP Finance BV,
has issued senior secured notes amounting to US$50 million on
March 7.  Due 2011, the notes carries a 10.75% interest per
year.

According to the report, the notes have been issued in addition
to the senior secured notes that were issued by BSP Finance on
Oct. 17, 2006, with value of US$110 million and due date of
2011.

                      About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

Moody's Investors Service has affirmed the B2 senior secured
debt rating for Bakrie Sumatera Plantations Tbk following its
decision to increase the existing bond size of US$110 million by
another US$45 million.  At the same time, Moody's has also
affirmed the B2 corporate family rating for BSP.  The outlook
for all the ratings is stable.


DIRECTED ELECTRONICS: Reports 4Q and Year-End 2006 Results
----------------------------------------------------------
Directed Electronics, Inc.,  disclosed record sales and net
income results for the fourth quarter and year ended Dec. 31,
2006.  The Company also provided guidance for the first quarter
and full year of 2007.

"As we enter 2007, Directed holds the #1 position in the
security & convenience market, and through our strategic
partnership with SIRIUS, we also hold the leading position in
the satellite radio receiver aftermarket.  With the addition of
Polk Audio to the Directed family of brands, which includes
Definitive Technology, we now also hold the #1 position in the
U.S. home speaker market.  This means we are the leader in three
key areas of our business -- vehicle security & convenience,
satellite radio and home audio speakers," stated James E.
Minarik, Directed's President and Chief Executive Officer.
"Directed achieved record sales and earnings in 2006 and we
enter 2007 with expanded distribution channels and the most
diversified portfolio of leading brands in our Company's
history.  In 2007, we are well positioned for continued strong
top line growth as we receive the full benefit of the four
acquisitions we completed in 2006, including Polk Audio, and we
continue to expand our market leadership in security,
entertainment and satellite radio."

"In our core security and entertainment business, we achieved a
66% sales increase in the fourth quarter of 2006, compared to
the same period in the prior year, driven by our recent
acquisitions and organic growth of mobile audio, home audio and
security.  Excluding the Polk acquisition, we continued to
achieve growth in our core security and entertainment business
in 2006.  In 2007, we expect our higher margin security and
entertainment business to increase to approximately 65% of total
sales, improving our overall gross margin in excess of 300 basis
points."  Mr. Minarik added, "We continue to expand our market
leadership position in a number of areas including home audio.
With the completion of the Polk Audio acquisition in September
2006, Directed is now the leading provider of home audio
loudspeakers in the United States.  Going forward, we expect
home theater will continue to be a growing and profitable
category in the consumer electronics business, and we now offer
two of the best brands to capitalize on this trend -- Definitive
Technology and Polk Audio."

"Our fourth quarter of 2006 satellite radio gross sales
increased 50%, compared to the same period in 2005, to US$114
million. These results reflect a 59% share of the satellite
radio industry market compared to 46% in the fourth quarter of
2005 and we represented over 90% of SIRIUS's aftermarket
hardware in the fourth quarter of 2006," continued Mr. Minarik.
"As the leading provider of satellite radio hardware in the
industry, we look forward to working with SIRIUS as one of their
key partners in 2007 and beyond."

In addition to announcing record results in 2006, the Company
also achieved Sarbanes-Oxley section 404 compliance.

"In 2007, our company is well positioned to benefit from our
diversified portfolio of leading brands and the additional
channels we expanded into during 2006.  We plan to use our cash
flow to retire debt, invest in our infrastructure, expand
Directed's market share with innovative products, and make
strategic acquisitions in order to generate long-term value for
our shareholders," stated Mr. Minarik.

                     Fourth Quarter Results

Net sales in the fourth quarter of 2006 were US$210 million, an
increase of 55% over the prior year fourth quarter net sales of
US$136 million.

Gross sales of security and entertainment products in the fourth
quarter of 2006 were US$104 million, an increase of 66% over the
prior year fourth quarter.  Polk Audio represented US$28 million
of gross security and entertainments sales in the fourth quarter
of 2006.  Gross sales of satellite radio products were US$114
million, an increase of 50% over the prior year fourth quarter.

Pro forma net income for the fourth quarter of 2006 increased
46% to US$16 million, or US$0.61 per diluted share, compared
with pro forma net income of US$11 million, or US$0.55 per
diluted share, in the prior year period. GAAP net income for the
fourth quarter of 2006 was US$10.8 million, or US$0.41 per
diluted share, compared with a GAAP net loss of US$(9.6)
million, or US$(0.48) per diluted share, in the prior year
period.  The fourth quarter 2006 GAAP net income includes US$1.4
million of expenses, or US$0.05 per diluted share, for the
previously revealed patent litigation.  GAAP net loss for the
fourth quarter of 2005 includes US$20.7 million of after tax
expenses related to the Company's initial public offering.

                      Full Year 2006 Results

Net sales for the year ended December 31, 2006 were US$438
million, an increase of 44% over the prior year's net sales of
US$305 million.  Gross sales of security and entertainment
products, including US$30 million attributable to Polk Audio,
were US$229 million, an increase of 20% over the prior year.
Gross sales of satellite radio products were US$220 million, an
increase of 82% over the prior year.

Pro forma net income for the year ended December 31, 2006 was
US$27.3 million, or US$1.06 per diluted share, a 63% increase
over the US$16.8 million, or US$0.89 per diluted share, in the
prior year.  GAAP net income for the year ended December 31,
2006 increased to US$21 million, or US$0.81 per diluted share,
compared with a net loss of US$(5.1) million, or US$(0.27) per
diluted share, in the prior year.  GAAP net income for 2006
includes pretax expenses consisting of US$3.0 million related to
previously disclosed patent litigation and US$6.6 million of
inventory write-up related to the Polk Acquisition.  GAAP 2005
net loss includes US$22 million of after tax expenses related to
the Company's initial public offering.

                Gross Profit and Operating Margins

Pro forma gross profit for the fourth quarter of 2006 increased
46% to US$60.7 million, or 28.9% of net sales, compared with
US$41.5 million, or 30.6% of net sales, in the prior year
period.  The gross margin decrease in the fourth quarter of 2006
was primarily due to increased sales of satellite radio
receivers to SIRIUS.COM, a lower margin customer.  The Company
expects SIRIUS.COM to represent a similar proportion of
satellite radio sales in 2007.

For the full year 2006, pro forma gross profit increased 27.8%
to US$129 million, or 29.5% of net sales, compared with US$101
million in 2005, or 33% of net sales.  The decrease in gross
margin for the year was due to product mix shifting toward
satellite radio products, partially offset by the favorable
effect of the higher margin Polk Audio sales.

For the fourth quarter of 2006, pro forma EBITDA increased 36%
to US$35.5 million, or 16.9% of net sales, from US$26.2 million,
or 19.3% of net sales, in the prior year fourth quarter.  For
the full year of 2006, pro forma EBITDA increased to US$69
million, or 15.7% of net sales, from US$56 million, or 18.3% of
net sales, in the prior year.

"While both our security and entertainment, and satellite radio
products experienced sales growth in 2006, the 82% growth rate
of our lower margin satellite radio products significantly
outpaced the 20% growth rate of our higher margin security and
entertainment products," stated Mr. Minarik.  "The resulting
product mix shift significantly increased our gross profit
dollars, while reducing our blended gross margin percentage.  In
2007, we expect our security and entertainment sales to be
approximately 65% of sales compared to 50% in 2006 which will
enable us to achieve higher gross profit margins."

                   Balance Sheet and Cash Flows

Directed had US$9.9 million in cash as of December 31, 2006.
Excluding working capital primarily used to support the growth
of satellite radio, the Company generated US$26.3 million of
free cash flow for the full year of 2006, compared to US$15.1
million for the full year of 2005, which includes cash expenses
of less than US$5 million related to the Company's initial
public offering costs.  The Company's working capital as of
December 31, 2006 was US$154 million compared to US$74 million
as of December 31, 2005.

In connection with the acquisition of Polk Audio, Directed
borrowed an additional US$141 million in term debt during the
latter half of 2006 resulting in US$305 million of term debt.
The Company also had US$37 million of revolver debt as of
December 31, 2006.

"Based on certain inventory management agreements we have with
SIRIUS and the recent improvements in satellite radio sales we
have seen at retail during the latter half of the first quarter
of 2007, we believe our inventory will be down approximately
US$30 to US$40 million by March 31, 2007, from US$123 million at
the end of 2006.  We expect our net debt to EBITDA ratio to
continue to decline in the first half of this year, as we
collect account receivables generated from significant fourth
quarter sales," stated Ron Dutt, Directed's Chief Financial
Officer.

                          Outlook for 2007

For the full year of 2007, the Company currently expects net
sales to increase 8% to 16% over 2006 to between US$475 and
US$510 million. Further, the Company believes that it will
achieve gross sales growth in security and entertainment
products in the range of 40% to 46%.  Excluding the Polk
acquisition, the Company expects to achieve growth in the mid-
single digits in security and entertainment for 2007.  For
satellite radio products, SIRIUS has revealed it projects growth
of over 2 million new net subscribers in 2007, down from 2.7
million in 2006.  This reduced projection of new net subscribers
combined with the previously announced lower-than-expected
retail sales of satellite radio receivers in the fourth quarter
of 2006 which resulted in higher inventory levels at retail,
will have a negative impact on Directed's sales of satellite
radio products in 2007, particularly in the first half of the
year.  Specifically, Directed expects sales of satellite radio
products to decline by approximately 11% to 22% for the full
year of 2007 compared to 2006 and anticipates that the majority
of this year over year decline will be experienced in the first
half of 2007.

Due to the expansion of the Company's higher margin security and
entertainment business as a percentage of total sales, gross
margins are expected to improve in excess of 300 basis points
for the full year of 2007.

The Company expects overall EBITDA for 2007 to increase to
between US$74 and US$78 million compared to the same period in
2006.

The Company expects the combined organic growth of its core
security and entertainment business and the earnings of its 2006
acquisitions to be accretive to net income in 2007.  This
accretion is expected to be offset by slowing satellite radio
sales, the interest associated with satellite radio working
capital, US$0.04 of incremental investments in infrastructure,
and a US$0.04 provision for legal expenses related to a lawsuit
filed against Directed by an industry competitor in relation to
its satellite radio business, which Directed believes is without
merit.  As a result, the Company currently expects 2007 net
earnings per diluted share to be in the range of US$0.95 to
US$1.05.  This guidance also includes $0.01 of non-cash stock
based compensation expense.

"Our incremental investments in infrastructure in 2007 will be
focused on optimizing our ability to bring more innovative
products to market faster and more profitably, reduce warranty
costs, enhance customer satisfaction, and strengthen our
infrastructure platform as we build towards achieving US$1
billion in sales," stated Mr. Minarik.

The Company expects its first half net income to be less than
half of its 2006 results, with the first quarter being the most
challenging. The Company expects its third quarter net income to
be similar to its third quarter of 2006 results, and the Company
expects to increase its net income in the fourth quarter of 2007
compared to 2006.

Due to the timing of the fourth quarter 2006 earnings release
being near the end of the first quarter of 2007, the Company is
providing specific first quarter 2007 sales guidance.  Going
forward, the Company plans to comment on progress towards its
annual sales and earnings guidance.

For the first quarter of 2007, the Company currently expects
total net sales of $83 million to US$87 million, an increase of
approximately 12% to 17% over the first quarter of 2006.  The
Company expects security and entertainment gross sales of $64
million to US$68 million, an increase of approximately 63% to
73%.  Satellite gross sales are expected to decrease in the
first quarter of 2007 by 39% to 48% to a range of US$19 million
to US$22 million.

                About Directed Electronics, Inc.

Directed Electronics, Inc. (Nasdaq: DEIX)
-- http://www.directed.com/-- is the largest designer and  
marketer of consumer branded vehicle security and convenience
systems in the United States based on sales and a major supplier
of home audio, mobile audio and video, and satellite radio
products.  As the sales leader in the vehicle security and
convenience category, Directed offers a broad range of products,
including security, remote start, hybrid systems, GPS tracking
and navigation, and accessories, which are sold under its
Viper(R), Clifford(R), Python(R), and other brand names. In the
home audio market, Directed designs and markets Definitive
Technology(R) and a/d/s/(R) premium loudspeakers.  Directed's
mobile audio products include speakers, subwoofers, and
amplifiers.  Directed also markets a variety of mobile video
systems under the Directed Video(R), Directed Mobile Media(R)
and Automate(R) brand names.  Directed also markets and sells
certain SIRIUS- branded satellite radio products, with exclusive
distribution rights for such products to Directed's existing
U.S. retailer customer base.  The company has Asian Sales
offices, including in Indonesia, Japan, Malaysia, Singapore,
Korea and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 13, 2006, that Standard & Poor's Ratings Services lowered
its ratings on consumer electronics maker Directed
Electronics Inc. following its acquisition of Polk Audio Inc., a
provider of loudspeakers and audio equipment for homes and cars,
for US$136 million in cash.  The corporate credit rating was
lowered to 'B+' from 'BB-', and was removed from CreditWatch
negative where it was placed on Aug. 25.


GOODYEAR: Richard Kramer Succeeds Jonathan Rich as President
------------------------------------------------------------
The Goodyear Tire & Rubber Company appointed Richard J. Kramer
as president of the company's North American Tire unit,
effective immediately.  Kramer succeeds Jonathan D. Rich, 51,
who is leaving the company to pursue other leadership options.
Currently executive vice president and chief financial officer
for Goodyear, Kramer, 43, also will continue as CFO until the
company names a replacement.

Kramer joined Goodyear in March of 2000 and was elected an
officer of the company as vice president, corporate finance.  He
became vice president of finance for the North American Tire
business in July of 2002 and was promoted to senior vice
president, strategic planning and restructuring in August of
2003.  In May of 2004 Kramer became chief financial officer.

"Rich Kramer has demonstrated outstanding business leadership at
every level in his career and has earned the respect of his
peers, his associates and Wall Street," said Robert J. Keegan,
Goodyear chairman and chief executive officer.  "Rich became our
chief financial officer under very challenging circumstances,
made courageous value-creating decisions, recruited top talent,
and built a strong finance team."

Keegan said that in Kramer's time in North American Tire as that
businesses' chief financial officer, he helped build the
business platforms for our improvement.  "He knows the business,
knows the customers and understands the challenges," Keegan
said.  "I believe Rich is the ideal leader to take the North
American Tire business to the next level of performance.

"At the same time, I want to thank Jon Rich for his outstanding
service to the company and the significant contributions that he
made in helping to create the foundation for the future success
of the North American business," Keegan added.  "Jon assembled a
strong, capable team that has earned the respect of our
customers in a challenging environment."

Rich was elected president of Goodyear Chemical in August of
2001 after joining the company in September of 2000.  He was
named president of North American Tire in December of 2002.
Prior to joining Goodyear, Rich served in various senior
management roles at General Electric where he worked for 18
years.

A native of Cleveland, Kramer received a bachelor of science in
business administration degree from John Carroll University in
Cleveland in 1986.  Prior to joining Goodyear he spent 13 years
with PricewaterhouseCoopers.

                           About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and
Thailand.  Goodyear employs more than 80,000 people worldwide.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on March
15, 2007, that Fitch Ratings has affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   --Issuer Default Rating 'B';

   --US$1.5 billion first lien credit facility 'BB/RR1';

   --US$1.2 billion second lien term loan 'BB/RR1';

   --US$300 million third lien term loan 'B/RR4';

   --US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   --EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of SGL-
2.  The outlook has reverted to stable from negative.

The TCR-AP also reported on Jan. 5, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' corporate credit and other
ratings on Goodyear Tire & Rubber Co. and removed them from
CreditWatch where they were placed with negative implications on
Oct. 16, 2006, as a result of the labor dispute at several of
the company's North American plants.


GOODYEAR TIRES: Names Darren Wells SVP of Finance and Strategy
--------------------------------------------------------------
The Goodyear Tire & Rubber Company has been appointed Darren
Wells as senior vice president of finance and strategy for the
company effective immediately.  Wells, 41, previously served as
senior vice president, business development & treasurer.

With the announced appointment of Chief Financial Officer
Richard J. Kramer to run the North American Tire Business as its
president, Wells assumes Kramer's former responsibility for the
company's overall strategy development.  In addition, Wells
retains his finance responsibilities, which include treasury,
investor relations, business development and tax.

Goodyear Chairman and CEO Robert J. Keegan said that until the
company names a new chief financial officer Kramer would retain
responsibility for that position along with his new assignment
in North American Tire.

Simultaneously, Damon Audia has been named the company's vice
president and treasurer, replacing Wells, with the
responsibility for the company's capital markets, banking, risk
management and benefits financing activities.

"Darren has been pivotal in the finance team's design and
execution of Goodyear's complex refinancing and capital
structure improvement over the past four years," said Keegan.
"That allowed the company time to successfully implement
critical elements of its strategy."

Keegan added that Wells' accomplishments under such a
challenging set of circumstances established his considerable
strategic skills and makes him well suited to work directly with
him to help Goodyear develop its future strategy.

"Damon was instrumental in the execution of the plans to
refinance the company and his experiences with Goodyear and
previously at Delphi provide him an ideal base for our company's
requirements," Keegan said.  "He's had extensive experience in
executing complex transactions for multi-national companies."

Wells joined Goodyear in August of 2002 as vice president and
treasurer.  In May of 2005 he was named senior vice president of
business development and treasurer.  Prior to Goodyear he served
two years as assistant treasurer of Visteon Corporation,
assisting with the spin-off from Ford Motor Company.  He worked
for Ford Motor Company from 1989 until joining Visteon in a
variety of assignments including finance director for Ford
Credit, Australia.  A native of Indianapolis, Wells earned a
Bachelor of Arts degree from DePauw University and an MBA in
finance from Indiana University.

Audia, 36, joined Goodyear as assistant treasurer, capital
markets in December 2004 from Delphi Corporation, where he
served in a variety of treasury and financial roles.  He joined
Delphi as manager, Capital Planning & Pensions Analysis in 1998,
and held positions including manager, Capital Markets; director,
Capital Planning & Structured Finance; director, Corporate
Finance & Capital Markets, and product line director for the
company's Automotive Holdings Group.  Prior to Delphi, Audia
spent time with General Motors, Merck and Ford Motor Company in
a variety of finance positions.

A native of Detroit, Audia holds a bachelor's degree from the
University of Michigan, and earned a Master of Science in
Industrial Administration from Carnegie Mellon University.

                          About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,and
Thailand.  Goodyear employs more than 80,000 people worldwide.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on March
15, 2007, that Fitch Ratings has affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   --Issuer Default Rating 'B';

   --US$1.5 billion first lien credit facility 'BB/RR1';

   --US$1.2 billion second lien term loan 'BB/RR1';

   --US$300 million third lien term loan 'B/RR4';

   --US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   --EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of SGL-
2.  The outlook has reverted to stable from negative.

The TCR-AP also reported on Jan. 5, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' corporate credit and other
ratings on Goodyear Tire & Rubber Co. and removed them from
CreditWatch where they were placed with negative implications on
Oct. 16, 2006, as a result of the labor dispute at several of
the company's North American plants.


PERTAMINA: To Buy 10% of Mahakam Block for Business Expansion
-------------------------------------------------------------
PT Pertamina (Persero) wants to buy a 10% share in the Mahakam
oil and gas block to expand its business, Reuters reports.

Operated and 50% owned by French oil company Total SA, the
Mahakam block in East Kalimantan province produces around 20,000
barrels/day of oil and 2.5 billion cubic feet/day of gas,
Reuters relates.  It also supplies natural gas to a huge LNG
plant in Bontang.  The remaining 50% interest in the block is
owned by Japan's Inpex Holdings.

Pertamina Upstream Director Sukusen Sumarinda said that the
company has the funds to participate in the block and should
have privilege to get stakes there, the report notes.

Total is seeking an extension of contract on the Mahakam block
that will expire on 2017 and is negotiating with the government
on the terms and conditions of the extension, Total Spokesman
Ananda Idris told Reuters.

                         About Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being me by
imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


TELKOM INDONESIA: Names New VP for Public & Marketing Comm.
-----------------------------------------------------------
Eddy Kurnia now holds the position of Vice President of Public
and Marketing Communication of TELKOM, which formerly was held
by Muhammad Awaluddin at present.  The official handing over
ceremony of Vice President of Public and Marketing Communication
of TELKOM was held in TELKOM's main office in Bandung.

Having before being positioned in his new position, Eddy Kurnia
was the President Director of PT Ariawest International and also
the Director of PT Dayamitra Telekomunikasi.  Although he was
ever positioned for some strategic positions in several sectors
for quite long time, Eddy Kurnia actually was not a "new guy" in
the scope of corporate communication for he had ever been one of
the senior officials in Public Relations of TELKOM.

Meanwhile, Muhammad Awaluddin himself will be occupying his new
position as the Executive General Manager of TELKOM in North
Sumatra Regional Division, which was formerly occupied by I
Nyoman G. Wiryanata.  In his new environment, Muhammad Awaluddin
will plunge into telecommunication operational handling for all
over Sumatra.

The new positions both for Eddy and Awaluddin are the promotion
for both former positions and also considered as a normal thing
which might happen to well-performed people in TELKOM.  Eddy
said that he would try his best in carrying out his position.  
He admitted that Public and Marketing Communication's role in
the competition era today was very strategic while the
challenges to be faced were also tougher.  Nevertheless, Eddy
was optimistic that through a good teamwork and good
relationship with all of the company's stakeholders -- including
the pres of course -- even the hardest challenge may be overcame
well.

                      About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com-- provides local and long  
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings has revised the outlook on
Telekomunikasi Indonesia Long-term foreign and local currency
Issuer Default ratings to Positive from Stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company foreign and
local currency corporate credit ratings of BB+.


=========
J A P A N
=========

ALL NIPPON: Los Angeles Office Searched by FBI for 9 Hours
----------------------------------------------------------
All Nippon Airways Co.'s office in Los Angeles was searched
7:30 a.m. until 4:22 p.m., local time, by the United States
Federal Bureau of Investigation, Bloomberg News reports, citing
a statement by ANA.

The Associated Press, citing FBI spokeswoman Laura Eimiller,
says that the FBI agents executed a federal search warrant at
ANA's customer relations and service office in suburban Torrance
early Mar. 15, 2007.

According to MarketWatch, the FBI search warrant provided no
details on the investigation.  The report says that U.S. media
quoted Ms. Eimiller as refusing to comment over the reasons for
the investigation because the search warrant was under seal.

"We don't know why they raided the office, but we confirmed with
our staff there that it wasn't anything to do with the operation
of the aircraft or terrorism," Bloomberg quotes All Nippon
spokesman Rob Henderson.

ANA said that flights were operating as scheduled.   

Bloomberg explains that the LA customer service center is the
headquarters of ANA's North American operations and is
responsible for passenger and cargo sales for the western and
southern U.S.

                   About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

The Troubled Company Reporter - Asia Pacific reported on
Jun. 13, 2006, that Fitch said the credit quality gap between
Japan's top two airlines continues to widen with All Nippon
Airways Co. Limited -- rated 'BB+'/Stable -- benefiting from
market improvements, while its rival, Japan Airlines Corporation
-- rated 'BB-'/Stable -- continues to be grounded by internal
woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


ALL NIPPON: Bombardier Fleet Resumes Operations After Check-Up
--------------------------------------------------------------
All Nippon Airways Co.'s fleet of Bombardier Inc. planes resumed
service after maintenance checks triggered by an All Nippon
emergency landing in Kochi, Japan, Bloomberg News reports.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 15, 2007, that ANA grounded its entire fleet of Bombardier
planes, and the government ordered emergency inspections after
the front landing gear on one failed to descend, forcing the
aircraft to make an emergency landing with 60 people on board.  
The report said that no passengers were injured when the
Bombardier DHC-8 turboprop landed on its rear wheels and then
gently eased its nose to the runway.

The TCR-AP stated that the accident was the latest in a series
of problems with ANA's fleet of Canadian-made Bombardier
aircraft.  ANA said that it would ground its 13 Bombardiers for
inspection and service will not resume until the aircrafts are
proven safe

Bloomberg, citing ANA spokeswoman Nana Kon, says that the
airline replaced pins and securing bolts on its 17 remaining
Bombardier planes' front landing wheel doors.

According to a government investigation, a missing bolt --
causing a wheel door to fail to open -- may have caused the
incident in Kochi on March 13, forcing the ANA plane to land on
its nose, the report says.

Bloomberg states that the union of Air Nippon Co. asked ANA to
enforce preventive measures to avoid future mishaps.    

"We want the airline to conduct tests on the planes between
flights, rather than just once before its first flight and again
at the end of the day," Bloomberg quotes union representative
and ANA pilot Shinsuke Nakajima.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

The Troubled Company Reporter - Asia Pacific reported on
Jun. 13, 2006, that Fitch said the credit quality gap between
Japan's top two airlines continues to widen with All Nippon
Airways Co. Limited -- rated 'BB+'/Stable -- benefiting from
market improvements, while its rival, Japan Airlines Corporation
-- rated 'BB-'/Stable -- continues to be grounded by internal
woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on Mar. 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


DELPHI CORP: Plans to Offer Rights to Purchase Over 56MM Shares
---------------------------------------------------------------
Delphi Corporation submitted a registration statement on Form
S-1 with the United States Securities and Exchange Commission on
Mar. 7, 2007, relating to a proposed offering of rights to
purchase up to 56,700,000 shares of Delphi common stock.

The Rights Offering is being made in connection with the
Debtors' Equity Purchase and Commitment Agreement with
affiliates of Appaloosa Management L.P. and Cerberus, according
to Delphi Corp. President and Chief Executive Officer
Rodney O'Neal.

Under the Rights Offering, each holder of Delphi common stock
will receive one right for each share held.  Each right entitles
the holder to purchase a share of reorganized Delphi common
stock at US$35 per full share.

Delphi is distributing the rights at no charge, Mr. O'Neal
relates.  The rights may be transferred to another holder before
the expiration of the Rights Offering, which is due to occur
prior to the hearing date for the confirmation of a plan of
reorganization.

Shares of Reorganized Delphi common stock will only be issued
after a Chapter 11 plan becomes effective.  There will be
101,000,000 shares of common stock and 34,285,716 shares of
Senior Convertible Preferred Stock of Reorganized Delphi on the
Effective Date, Mr. O'Neal reports.

Delphi discloses that it will realize gross proceeds of
US$1,984,500,000 from the sale of shares of Reorganized Delphi
common stock under the Rights Offering, regardless of the number
of rights exercised, as a result of the Backstop Commitment of
the Plan Investors.

The Debtors will use the net proceeds from the Rights Offering
and the US$1,400,000,000 from the additional equity investments
in Reorganized Delphi by the Plan Investors, together with exit
financing borrowings and cash-on-hand, to make payments
contemplated by the Plan and for general corporate purposes,
Mr. O'Neal says.

When available, Delphi relates that a final written prospectus
may be obtained from Delphi Investor Relations either by
submitting a request through the Web site at
http://investor.delphi.comor by mailing:  

         Delphi Corporation
         ATTN: Investor Relations
         5725 Delphi Drive
         Troy, Michigan 48098
         MC: 483-400-621,

A full-text copy of Delphi's registration statement filed
with the Securities and Exchange Commission is available at:

             http://ResearchArchives.com/t/s?1aed

            Plan Investors Offer Part of Delphi Stake
                     to Other Investors

In a regulatory filing with the Securities and Exchange
Commission, Appaloosa Management L.P. discloses that A-D
Acquisition Holdings, LLC; Harbinger Del-Auto Investment
Company, Ltd.; Dolce Investments LLC; UBS Securities LLC; and
certain third-party additional investors entered into an
additional investor agreement dated March 5, 2007.

Pursuant to the Additional Investor Agreement, the Initial
Investors committed to sell to the Additional Investors a
portion of any Direct Subscription Shares and Unsubscribed
Shares that may be purchased by the Initial Investors under the
Equity Purchase and Commitment Agreement.

The aggregate maximum amount of Direct Subscription Shares and
Unsubscribed Shares that may be sold pursuant to the Additional
Investor Agreement would be approximately 44,857,166, assuming
that the Plan Investors are required to purchase all the shares
of Delphi Corporation's common stock under the Rights Offering,
Appaloosa says.

The Additional Investor Agreement further provides that the
Initial Investors will share with the Additional Investors a
portion of any Standby Commitment Fee and Alternate Transaction
Fee that they may receive under the EPCA.

A full-text copy of the Additional Investor Agreement filed with
the Securities and Exchange Commission is available for free at:

               http://ResearchArchives.com/t/s?1b54

                    About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/   
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The Company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.


FORD MOTOR: Mulally Says Company Has Realistic Business Plan
------------------------------------------------------------
Ford Motor Co. Chief Executive Alan Mulally told Congress on
Wednesday that the company has a strong and realistic plan to
turn around its troubled business, Reuters reports.

According to the report, Mr. Mulally said in written testimony
for a U.S. House of Representatives Energy and Commerce
subcommittee that Ford's business strategies must be flexible.

Reuters also cited Mr. Mulally as saying that the plan is
beginning to show results in strong sales of vehicles like the
new Edge crossover.

More than two weeks ago, Ford estimated US$11,182 million in
total life-time costs for restructuring actions.  

Of the total US$11,182 million of estimated costs, Ford said
that US$9,982 million has been accrued in 2006 and the balance,
which is primarily related to salaried personnel-reduction
programs, is expected to be accrued in the first quarter of
2007.

The company expects a curtailment gain for other postretirement
employee benefit obligations related to hourly personnel
separations that occur in 2007, which gain the company expects
to record in 2007.  Of the estimated costs, those relating to
job bank benefits and personnel-reduction programs also
constitute cash expenditure estimates.

The restructuring cost estimates relate to the automaker's
previously announced commitment to accelerate its restructuring
plan, referred to as Way Forward plan.

The "Way Forward" plan includes closing plants and laying off up
to 45,000 employees.

Ford, which incurred a US$12,613 million net loss on
US$160,123 million of total sales and revenues for the year
ended Dec. 31, 2006, said in a regulatory filing with the
Securities and Exchange Commission that its overall market share
in the United States has declined in each of the past five
years, from 21.1% in 2002 to 17.1% in 2006.  The decline in
overall market share primarily reflects a decline in the
company's retail market share, which excludes fleet sales,
during the past five years from 16.3% in 2002 to 11.8% in 2006,
the automaker said.

Ford also reported a US$16.9 billion decrease in its
stockholders' equity at Dec. 31, 2006, which, according to the
company, primarily reflected 2006 net losses and recognition of
previously unamortized changes in the funded status of the
company's defined benefit postretirement plans as required by
the implementation of Statement of Financial Accounting
Standards No. 158, offset partially by foreign currency
translation adjustments.


                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles    
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company also has operations in Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

The TCR reported on Dec. 7, 2006, Fitch Ratings downgraded Ford
Motor Company's senior unsecured ratings to 'B-/RR5' from
'B/RR4' due to the increase in size of both the secured
facilities and the senior unsecured convertible notes being
offered.

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


FORD MOTOR: DBRS Says Aston Sale May Not Warrant Rating Actions
---------------------------------------------------------------
Dominion Bond Rating Service said that Ford Motor Company has
announced that it has entered into a definitive agreement to
sell Aston Martin to a consortium of investors in a transaction
valued at US$925 million.  Ford will also retain a US$77 million
investment in Aston Martin.

DBRS believes that the sale is beneficial to Ford but is not
material enough to warrant any rating actions.  The transaction
is expected to close during the second quarter of 2007 and is
subject to customary closing conditions, including applicable
regulatory approvals.

Ford had announced on August 2006 that it intended to explore
strategic options for the Aston Martin business as part of the
company's plan to restructure its automotive operations.  DBRS
believes the transaction is a positive development.  The
proceeds from the sale will add to the company's liquidity to
fund the execution of the "Way Forward" plan, Ford's
restructuring program to restore its North American automotive
operations.  Aston Martin competes in the luxury segment, which
is not a critical component to the success of Ford's automotive
operations.  The divestiture of Aston Martin will have minimal
negative impact on the company's profitability.  The conclusion
of the sale will also remove a distraction from senior
management.

Nevertheless, DBRS notes that Ford continues to face significant
challenges to turn around its deteriorating performance.  The
company has indicated that its North American operations are not
expected to be profitable before 2009.  These concerns are
reflected in the Negative trend on the ratings of Ford and its
finance subsidiaries.  To change the trend to Stable, the
Company needs to demonstrate consistent progress in executing
its Way Forward plan in its North American operations.

More importantly, the company's UAW contract expires in
September 2007.  The company needs to secure a new labour
agreement with the UAW, addressing issues such as "jobs bank"
and inflexible work rules, to enable it to become competitive
with the Asian producers without any extended labour
disruptions.  Conversely, any signs of stalling in executing the
Way Forward plan and disruptive labour actions during contract
negotiations may lead to negative rating actions.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles    
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company also has operations in Japan.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

The TCR reported on Dec. 7, 2006, Fitch Ratings downgraded Ford
Motor Company's senior unsecured ratings to 'B-/RR5' from
'B/RR4' due to the increase in size of both the secured
facilities and the senior unsecured convertible notes being
offered.

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


ITOCHU CORP: Signs MOU w/ Vietnam's PETROSETCO for Biofuel Plant
----------------------------------------------------------------
Itochu Corp. and PetroVietnam subsidiary PETROSETCO have signed
a memorandum of understanding to build a US$100-million biofuel
facility at Hiep Phuoc industrial park in Ho Chi Minh City,
Thanh Nien News reports, citing local media.

According to Thanh Nien, the new facility will produce 99.8%
ethanol to be mixed with gasoline.  The report adds that the
facility, which uses tapioca chips to make the ethanol, will
begin operations in 2009.  It is expected to produce 100 million
litters of ethanol annually.

The report, citing a Vietnam Investment Review report, says that
PETROSETCO Chairman Tran Cong Tao believes that the annual
production of 1.2 million tons of tapioca chips can make Vietnam
produce a minimum of 400 million liters of ethanol.

The new factory, Thanh Nien relates, is expected to meet 10% of
the existing demand for E10 -- a mixing proportion of 10%
ethanol into gasoline -- in Vietnam.  Six other facilities are
planned to make fuel using cassava, maize, sugar sediment and
rice.

                        About PETROSECTO

PetroVietnam Tourism and Services Joint Stock Company
(PETROSETCO) -- http://english.petrosetco.com.vn/-- is a wholly  
owned subsidiary of PETROVIETNAM.  The company was established
on Jun. 20, 1996 by merging some divisions of PETROVIETNAM,
which specialized in providing services for the oil & gas
industry in Vietnam.  Since the establishment, we have been
actively upgrading modern equipments and facilities, developing
the approach to customer services to meet the ever-increasing
needs of our customers in the oil and gas industry, resulting in
a great number of successes over the years together with the
development of oil and gas industry of Vietnam.

                       About Itochu Corp

Itochu Corporation -- http://www.itochu.co.jp/-- is a Japan-
based trading company.  It operates in eight business segments.  
The Textile segment offers clothing and interior products, such
as wool, synthetic fabrics, silk and others.  The Machinery
segment is engaged in the automobile, industrial machinery,
plants and related businesses.  The Space, Information and
Multimedia segment is involved in the media network, high
technology and related businesses.  The Metal and Energy segment
is involved in the mining, metal, energy and related businesses.  
The Living Materials and Chemicals segment is involved in the
precision chemistry, rubber, timber, glass, cement and other
related businesses.  The Food segment is involved in the
production, distribution and sale of wheat, rice, corn, frozen
food and others.  The Financial, Real Estate, Insurance and
Logistics segment provides financial consultation, real estate,
transportation and other services.  The Overseas Corporation
segment is involved in various trading activities.

The company has operations in Bulgaria, France, Colombia, and
Argentina, among others.

Fitch Ratings gave Itochu Corp's long-term local credit issuer a
BB+ rating on October 2, 2005.  Fitch had earlier given the
company a BB+ rating for its senior unsecured debt and long-term
foreign credit default on March 10, 2004.

Moody's Investors Service gave the company a Ba1 rating on its
issuer rating and local currency long-term debt and an NP on its
short term rating on February 7, 2005.  Moody's had earlier
given the company's senior unsecured debt a Ba1 rating.


LIVEDOOR CO: Former Chief Sentenced to 2-1/2 Years in Jail
----------------------------------------------------------
Livedoor Co.'s founder and former president, Takafumi Horie, was
sentenced to two-and-a-half years in prison on March 16 for
violating securities laws, the Wall Street Journal reports.

According to Takahiko Hyuga of Bloomberg News, the Tokyo
District Court found Mr. Horie guilty of faking the profit
figures at Livedoor in 2004.

WSJ says that Mr. Horie manipulated Livedoor's earnings through
a series of stock splits and by buying shares via "dummy"
companies.

                        Harsher Sentence

The Mainichi Daily News recounts that the Tokyo District Public
Prosecutors Office had sought a four-year jail sentence for
Mr. Horie.

Though the sentence is lighter than what the prosecutors
demanded, it is harsher than many sentences handed down in
Japan's business trials, WSJ's Andrew Morse relates.  
Executives, Mr. Morse writes, are often found guilty but are
given suspended sentences that allow them to avoid jail time.

"The prosecution proved its case," Bloomberg quotes Tokyo
District Court Justice Toshiyuki Kosaka in passing the sentence.
"Horie's liability is severe as he never apologized, but he's
been punished to an extent by society and served three months in
detention [when first arrested]."

                    Mr. Horie Appeals Verdict

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that Mr. Horie's trial kicked off on Sept. 4,
2006.  Bloomberg recounts that Mr. Horie pleaded not guilty of
the charges hurled against him.

This after four other former Livedoor executives pleaded guilty
in May to conspiring to pad the firm's profit statements.  
Mainichi Daily relates that these four former Livedoor
executives, as well as two certified public accountants who
audited Livedoor's accounts, are under indictment over the case.

The Associated Press, citing attorney Yasuyuki Takai as stating
in a press conference after the court session, says that
Mr. Horie appealed the ruling to a higher court.

                      The Livedoor Scandal

Bloomberg further recalls that prosecutors began investigating
Livedoor after the firm sought to acquire a radio network --
Nippon Broadcasting -- that owned a 32% stake in parent Fuji
Television Network Inc.  As reported in the TCR-AP on March 30,
2006, Fuji TV bought a 12.74% stake in Livedoor for
JPY44 billion at a time when it assumed that the financial
information provided by the company was accurate.  

A TCR-AP report on Jan. 18, 2006, stated that prosecutors raided
the Tokyo offices of Livedoor on suspicions of securities
violations.  Mr. Horie was also arrested and detained, and later
charged with earnings fraud.

After the scandal erupted, Livedoor's share price had fallen by
80% and it sparked a two-day sell-off that erased US$327 billion
in Japanese equity value.

WSJ says that Mr. Horie's conviction comes as Japanese
regulators move to a more transparent system of governing
business transactions in general and the capital markets in
particular.  The change comes after decades of so-called
"administrative guidance" in which regulators enforced rules on
a case-by-case basis with little public disclosure.

Livedoor and subsidiary Livedoor Marketing Co. have also been
prosecuted as entities.

                          *     *     *

Headquartered in Tokyo, Japan, Livedoor Company, Limited
-- http://corp.livedoor.com/en/-- is involved in out portal   
site "livedoor," financial business, corporate web solutions,
data center and IP telephony business.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2006, that former Livedoor President Takafumi Horie and
other Livedoor directors were found to have conspired to cover
up the company's JPY310-million pre-tax loss for the business
year ended September 2004, by tampering financial accounts to
instead show an inflated pre-tax profit of JPY5.03 billion.  
Moreover, Mr. Horie and the company executives allegedly relayed
false information on a merger, with the intent to boost the
stock price of Livedoor Marketing Co.

Following the accounting scandal surrounding the company in
January 2006, Livedoor's stock price plunged to JPY94 per share
from over JPY300 per share before the company was delisted from
the Tokyo Stock Exchange on April 14, 2006.


MITSUBISHI MOTORS: To Sell Jatco Shares to Suzuki Motor Corp.
-------------------------------------------------------------
Mitsubishi Motors Corp. will sell a part of its stake in
Jatco Ltd., an automobile parts supplier, to Suzuki Motor Corp.,
The Auto Insider reports.

The report states that Mitsubishi Motors expects the sale to add
JPY20 billion (US$172 million) to its net income for the year
ending Mar.31, 2007.

                    About Suzuki Motor Corp.

Suzuki Motor Corporation -- http://www.suzuki.co.jp/-- together  
with its subsidiaries and associates, is engaged in the
development, production and sale of automobiles and
transportation equipment. Its products include two-wheel
vehicles, four-wheel vehicles, outboard motors, motorized
wheelchairs, electronic scooters and others. Suzuki Motor is
comprised of 136 subsidiaries, 25 associated companies and one
affiliated company. The Company has a global network.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few   
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Standard & Poor's Ratings Services raised its
long-term  corporate credit and senior unsecured debt ratings on
Mitsubishi Motors Corp. to B- from CCC+, reflecting progress in
the company's revitalization efforts and reduced downside risks
in its earnings and financial profile.  S&P said the outlook on
the long-term rating is stable.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 4, 2006, Rating & Investment Information Inc. has
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.

As reported by the Troubled Company Reporter - Asia Pacific on
July 19, 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors Corp.'s senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


NIKKO CORDIAL: Citigroup Launches US$13.35 Billion Tender Offer
---------------------------------------------------------------
Citigroup Inc., which owns a 4.9% stake in Nikko Cordial Corp.,
has launched a tender offer worth US$13.35 billion for the
remaining shares of Nikko Cordial through April 26, the
Associated Press reports.

According to AP, Citigroup's tender offer is 26% higher than its
initial bid.

The report states that the takeover bid, if it pushes through,
would be the biggest foreign acquisition of a Japanese
securities company and is expected to strengthen Citigroup's
foothold for selling mutual funds and other services in the
world's second-largest economy.

The Japan Times says that the boards of both Citigroup and Nikko
Cordial agreed to raise the offer price for Nikko Cordial after
the brokerage firm's largest shareholders criticized and
rejected Citigroup's initial price of JPY1,350 per share.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 13, that Nikko Cordial's four largest shareholders --
Harris Associates LP, with a 7.5.% stake, Orbis Investment
Management Ltd., with a 6.9% stake; Southeastern Asset
Management Inc., with 6.6%; and Mackenzie Financial Corp., with
5.7% -- have publicly said that Citigroup's JPY1,350-per-share
offer price is too low.

Citigroup also raised its offer price after the Tokyo Stock
Exchange decided to keep Nikko Cordial's shares listed despite
an accounting scandal in 2006.

As reported in the TCR-AP on Mar. 14, the TSE decided not to
delist Nikko Cordial's securities because, according TSE
President Taizo Nishimuro, it cannot confirm whether the
brokerage falsified its financial statements in a systematic
manner.

The Times adds that Citigroup's Japanese operations head,
Douglas Peterson, believes that Citigroup's new offer is fair
and firm.

                        About Citigroup

Headquartered in New York, Citigroup --
http://www.citigroup.com/-- is today's pre-eminent financial     
services company, with some 200 million customer accounts in
more than 100 countries.  Other major brand names under
Citigroup's trademark red umbrella include Citi Cards,
CitiFinancial, CitiMortgage, CitiInsurance, Primerica, Diners
Club, The Citigroup Private Bank, and CitiCapital.

                      About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of    
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.
The Asset Management segment provides asset management services
for individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.
The Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.
The company has a global network.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Mar. 8,
2007, that Fitch Ratings revised the Rating Watch on the foreign
and local currency Issuer Default and Individual ratings of
Nikko Cordial Corporation and Nikko Cordial Securities Inc. to
Evolving from Negative.  These ratings were placed on Watch
Negative on Dec. 21, 2006:

  * NCC: Individual rating C/D and Support rating 5.

  * Nikko Cordial Securities: Individual C and Support rating 4.

As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission began investigating Nikko
Cordial for falsifying its annual financial statements for the
business year ended March 30, 2005, declaring JPY14 billion in
false profits, and using them to procure money from the market.


NIKKO CORDIAL: Mizuho To Sell Nikko Cordial Shares to Citigroup
---------------------------------------------------------------
Mizuho Financial Group plans to sell its shares in Nikko Cordial
Corp. to Citigroup Inc., Reuter reports, citing Kyodo News.  

Japan Today says that the sale of Mizuho's 4.8% shares in Nikko
Cordial will raise the possibility of a successful takeover by
Citigroup, which aims to acquire at least 50% of the brokerage
firm.

According to Reuters, Mizuho did not disclose a specific price.  
The company also did not give details on the amount of
Nikko Cordial shares it plans to sell to Citigroup.  

The report adds that spokespersons from both Mizuho and
Citigroup refuse to comment on the matter.

Reuters recounts that earlier last week, Citigroup increased its
bid for Nikko Cordial to JPY1,700 (US$14.62) a share, which
could be worth as much as US$13.5 billion.  The higher bid came
after Nikko escaped delisting by the Tokyo Stock Exchange.

As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 14, 2007, the TSE decided not to delist Nikko Cordial's
securities because, according to TSE President Taizo Nishimuro,
it cannot confirm whether the brokerage falsified its financial  
statements in a systematic manner.

                About Mizuho Financial Group Inc.

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial    
institution.  The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The company
has 130 consolidated subsidiaries and 19 associated companies.

                       About Citigroup

Headquartered in New York, Citigroup --
http://www.citigroup.com/-- is today's pre-eminent financial    
services company, with some 200 million customer accounts in
more than 100 countries.  Other major brand names under
Citigroup's trademark red umbrella include Citi Cards,
CitiFinancial, CitiMortgage, CitiInsurance, Primerica, Diners
Club, The Citigroup Private Bank, and CitiCapital.

                      About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of    
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.
The Asset Management segment provides asset management services
for individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.
The Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.
The company has a global network.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Mar. 8,
2007, that Fitch Ratings revised the Rating Watch on the foreign
and local currency Issuer Default and Individual ratings of
Nikko Cordial Corporation and Nikko Cordial Securities Inc. to
Evolving from Negative.  These ratings were placed on Watch
Negative on Dec. 21, 2006:

  * NCC: Individual rating C/D and Support rating 5.

  * Nikko Cordial Securities: Individual C and Support rating 4.

As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission began investigating Nikko
Cordial for falsifying its annual financial statements for the
business year ended March 30, 2005, declaring JPY14 billion in
false profits, and using them to procure money from the market.


SAPPORO HOLDINGS: "Warning System" Bad for Shareholder, ISS Says
----------------------------------------------------------------
Steel Partners Japan Strategic Fund, L.P., announced that
Institutional Shareholder Services Inc., the world's leading
independent proxy advisory firm, has recommended that
shareholders vote against the proposal by Sapporo Holdings Ltd.
to adopt a new version of its "advance warning system" at its
annual general meeting of shareholders on Mar. 29, 2007.
    
The ISS recommendation comes one day after Glass Lewis, another
leading independent proxy advisory firm, also issued a report
recommending that shareholders vote against the AWS proposal.
On March 12, the Fund commenced a campaign urging shareholders
to vote against the AWS proposal

Warren Lichtenstein, a partner at Steel Partners, stated: "We
are gratified that both ISS and Glass Lewis have recommended
that shareholders reject the AWS.   The fund strongly believes
that the AWS is not in the best interests of the stakeholders of
Sapporo Holdings and urges all shareholders to submit their vote
against the proposal as soon as possible."

In its report, ISS cited a lack of accountability among members
of the committee charged with administering the AWS as a reason
for rejecting the proposal.  ISS stated: "We do note that the
committee members, who hold no other posts at Sapporo, are not
elected by shareholders, and are not subject to a shareholder
lawsuit should they act in an inappropriate manner."

ISS also noted that Sapporo Holdings' board of directors, all
but one of whom are insiders under ISS's standard classification
system, can override decisions made by the AWS committee even
though the company's board lacks enough "independent" members to
do so in the best interests of all shareholders.  "We are
concerned that the committee's decision could still be overruled
by a board of directors which will include only one independent
outsider," ISS wrote in explaining its recommendation.

ISS provides voting advisory and research services on more than
35,000 public companies in 115 markets to over 1,700
institutional investors and money managers globally.

For details of the Fund's campaign materials, including the
Steel Partner's reasons for voting against Sapporo Holdings' new
"advance warning system", see http://www.spjkk.jp/

                    About Steel Partners Japan

Steel Partners Japan Strategic Fund(Offshore), L.P. is a limited
partnership type investment fund domiciled in the Cayman Islands
with SPJS Holdings LLC as its General Partner.  The principal
business of the Fund is to invest in companies in Japan.

                    About Sapporo Holdings

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--    
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.
The Company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 26, 2007, Fitch Ratings affirmed the ratings of Sapporo
Holdings Limited as follows:

   -- Long-term foreign and local currency Issuer Default rating
      'BB'/ Outlook Stable;

   -- Senior unsecured debt 'BB';

   -- Short-term foreign and local currency IDR 'B'.

Standard & Poor's Rating Service gave Sapporo Holdings 'BB'
Long-Term Foreign Issuer Credit and Long-Term Local Issuer
Credit Ratings.


SENSATA TECHNOLOGIES: Completes SmaL Camera Acquisition
-------------------------------------------------------
Sensata Technologies has completed its acquisition of
SMaL Camera Technologies, Inc., the automotive imaging business
unit of Cypress Semiconductor Corp.

Located in Cambridge, Mass., the SMaL Camera business unit
provides cameras and camera subsystems to automotive Advanced
Driver Assistance Systems to Tier 1 automotive suppliers and
employs about 25 people.  All SMaL Camera business unit
employees will be offered employment with Sensata at SMaL
Camera's present location.

Sensata Technologies' Chief Executive Officer Tom Wroe said the
acquisition of SMaL Camera aligns well with Sensata's market
focus on automotive safety and driver assistance systems.  He
said, "This acquisition will provide strong, complementary
intellectual property to development efforts in automotive
vision systems already under way and will enable Sensata to
accelerate its time-to-market in this rapidly growing market
segment."

SMaL Camera was founded in 1999 out of research conducted at the
Massachusetts Institute of Technology in the field of CMOS
(complimentary metal-oxide semiconductor) imaging.  At SMaL
Camera, the focus was on techniques to control and expand the
dynamic range of imagers that leveraged SMaL Camera's strengths
in mixed-signal and digital design.  SMaL Camera was acquired by
Cypress in 2005.

                About Cypress Semiconductor

Cypress Semiconductor delivers high-performance, mixed-signal,
programmable solutions that provide customers with rapid time-
to-market and exceptional system value.  Cypress offerings
include the PSoC(R) Programmable System-on-Chip(TM), USB
controllers, general-purpose programmable clocks and memories.  
Cypress also offers wired and wireless connectivity solutions
ranging from its WirelessUSB(TM) radio system-on-chip, to West
Bridge(TM) and EZ-USB(R) FX2LP controllers that enhance
connectivity and performance in multimedia handsets.  Cypress
serves numerous markets including consumer, computation, data
communications, automotive, industrial, and solar power.  

                   About Sensata Technologies

Headquartered in Attleboro, Massachusetts, Sensata Technologies
B.V. -- http://www.sensata.com/-- designs and manufactures  
sensors and controls across a range of markets and applications.
Sensata has business and technology development centers in
Attleboro, Massachusetts, Holland and Japan and manufacturing
operations in Brazil, China, Korea, Malaysia, and Mexico, as
well as sales offices around the world.  Sensata Technologies
employs approximately 5,400 people world-wide.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 11, 2006,
Moody's Investors Service affirmed Sensata Technologies B.V.'s
B2 corporate family and probability of default ratings.

Moody's rating affirmation pertains to Sensata's pending
acquisition of First Technology Automotive and Special Products
from Honeywell and its subsequent financing via a US$95 million
add-on to Sensata's existing senior secured Term Loan B.

Moody's said the rating outlook remains stable.


US AIRWAYS: ALPA Says Inability to Merger Affecting Passengers
--------------------------------------------------------------
The Air Line Pilots Association, International, said in its
website that operational debacles are nothing new at US Airways,
only now; the passengers are suffering alongside labor as a
result of management's inability to merge America West and US
Airways.


The pilots of America West and US Airways, both of whom are
represented by the Air Line Pilots Association, International,
have been working for nearly a year-and-a-half to achieve a
fair, single agreement, which would be a significant step in
merging the two operations.  However, management continues to
thwart the process by passing bankruptcy-era proposals and
seeking ways to circumvent the pilots' agreements to illegally
merge the two airlines on the cheap.

Noting the disturbing trend of long lines and delayed, rerouted
or cancelled flights, the America West and US Airways pilots
have urged senior management to focus on merging the two
airlines.  Instead, management has disregarded the pilots'
concerns to chase their dream of building a bigger airline.  
Following the failed merger attempt with Delta Air Lines Inc.,
US Airways management bunkered down and recently emerged to
demonstrate their ineptitude when they bypassed the pilots'
agreements and illegally eliminated America West's HP designator
code from reservation systems, listing all flights as a US
Airways flight.  While the pilots are now fighting this action -
- and similar contract violations -- under the Railway Labor
Act, the passengers have no such recourse and were left
literally holding their bags for hours.

"No amount of whitewashing by management can cover the fact that
the daily operations of US Airways are appalling," America West
Master Executive Council Chairman Captain John McIlvenna said.  
"Last week's disastrous attempt to merge the reservation systems
after violating our agreements was just the tip of the iceberg.  
Until management gets serious about negotiations and meets us at
the bargaining table with proposals that recognize our
contributions, America West and US Airways will continue to
operate separately to the detriment of our passengers, investors
and employees."

"The US Airways pilots share the frustrations of our passengers,
who are realizing that US Airways is long on promises and short
on delivery, as they learned last week during the disastrous
reservation systems switchover.  Just as management promised our
customers 'military precision' during the reservation systems
merger, they promised the pilots a single contract.  We're still
waiting.  We sincerely hope that our passengers don't have to
wait as long as we do," US Airways Master Executive Council
Chairman Captain Jack Stephan said.

Reaching a fair, single collective bargaining agreement with the
pilots would go a long way toward merging the two operations and
eliminating many of the problems encountered by running two
separate airlines, which has prohibited passengers, investors
and employees from capitalizing on the synergies the merger
would create.

Founded in 1931, Air Line Pilots Association, International --
http://www.alpa.org/-- represents 60,000 pilots at 40 airlines  
in the U.S. and Canada.

                       About US Airways

Headquartered in Arlington, Virginia, US Airways' primary
business activity is the ownership of the common stock of US
Airways, Inc., Allegheny Airlines, Inc., Piedmont Airlines,
Inc., PSA Airlines, Inc., MidAtlantic Airways, Inc., US Airways
Leasing and Sales, Inc., Material Services Company, Inc., and
Airways Assurance Limited, LLC.

Under a chapter 11 plan declared effective on Mar. 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 11, 2007,
Standard & Poor's Ratings Services stated that its ratings on US
Airways Group, including the 'B-' corporate credit ratings on US
Airways Group and its major operating subsidiaries America West
Holdings Corp., America West Airlines Inc., and US Airways Inc.,
remain on CreditWatch with developing implications, where they
were initially placed on Nov. 15, 2006.


=========
K O R E A
=========

EG SEMICON: Lee Jong Moo is New CEO & Largest Shareholder
---------------------------------------------------------
EG Semicon Co., Ltd., appointed Lee Jong Moo as its new chief
executive officer, effective on Jan. 16, 2007, Reuters Key
Developments discloses.

According to the report, Mr. Lee replaces Park Gil Hyeong.

Mr. Lee is also the company's largest shareholder with a 7.35%
stake.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures  
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and a factory in China.

On March 9, 2007, the Troubled Company Reporter - Asia Pacific
reported that EG Semicon Co., Ltd., has a shareholders' equity
deficit of US$12.34 million on total assets of
US$166.70 million.


EG SEMICON: Completes Private Placement of Common Stock
-------------------------------------------------------
EG Semicon Co., Ltd., has completed its issuance of 1,093,406
common shares, through a private placement, Reuters Key
Developments says.

Reuters adds that the par value and offer price are KRW500 and
KRW585, respectively.  This brings the company's total number of
outstanding common shares to 26,924,058.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures  
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and a factory in China.

On March 9, 2007, the Troubled Company Reporter - Asia Pacific
reported that EG Semicon Co., Ltd., has a shareholders' equity
deficit of US$12.34 million on total assets of
US$166.70 million.
     

EG SEMICON: Infitron Inc. Sells 3.48 Million Shares
---------------------------------------------------
Infitron Inc. has sold 3,482,909 shares of EG Semicon Co., Ltd.,
from Nov. 6, 2006, to Jan. 18, 2007, Reuters Key Developments
states.

EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures  
liquid crystal displays.  The company is headquartered in
Gyeongsangbuk Province, Korea.  It operates two factories in
Korea and a factory in China.

On March 9, 2007, the Troubled Company Reporter - Asia Pacific
reported that EG Semicon Co., Ltd. has a shareholders' equity
deficit of US$12.34 million on total assets of
US$166.70 million.


EVEREX INC: Acquires Patents from Mureemi International
-------------------------------------------------------
Everex Inc., has acquired patents from Mureemi International
Ltd. for KRW9 billion, Reuters Key Developments reports.

Reuters adds that the patents pertain to thin film, flexible PV
module, multiple-nozzle thermal evaporation source, method for
producing this films, chemical surface deposition of ultra this
semiconductors, fabrication of thin film/flexible PV module and
formation of selenide, sulfide or mixed selenide-sulfide films
on metal or metal coated substrates.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that Everex Inc. has a shareholders' deficit of
US$5.10 million on assets of US$23.15 million.


EVEREX INC: Completes Private Placement of Common Stock  
-------------------------------------------------------
Everex Inc. has completed its issuance of 5,037,784 common
shares, through a private placement, Reuters Key Developments
says.

Its par value and offer price are KRW500 and KRW1,985,
respectively.  This brings the company's total number of
outstanding common shares to 14,791,104.  

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that Everex Inc. has a shareholders' deficit of
US$5.10 million on assets of US$23.15 million.


EVEREX INC: Nanoexa Corp. Is Now Largest Stockholder  
----------------------------------------------------
Everex Inc.'s largest shareholder is now Nanoexa Corp., which
owns 34.05% of the company, Reuters Key Developments reports.

Moreover, Everex revealed that Pacific Alliance Asset Management
Ltd. has acquired 1,318,738 shares in Everex, which represents a
14.09% equity stake in the company.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that Everex Inc. has a shareholders' deficit of
US$5.10 million on assets of US$23.15 million.


ILSUNG CONSTRUCTION: Declares KRW1.26 Bil. Annual Cash Dividend
---------------------------------------------------------------
Ilsung Construction Co., Ltd., has declared a yearly cash
dividend of KR250 per share of common stock and KRW300 per share
of preferred stock, payable to shareholders of record as of
December 31, 2006, Reuters Key Developments says.

The aggregate cash dividend amount is KRW1.26 billion.

The company, according to data obtained from Bloomberg, posted a
KRW7.48 billion net income for the full-year 2006.

Seoul, Korea-based Ilsung Construction Co., Ltd. --
http://www.ilsungconst.co.kr/-- specializes in the provision of  
construction and engineering services. The Company has five
major divisions: Construction division, which constructs
buildings, high-speed railways and condominiums; Engineering
Works division, which builds highways, subways, tunnels, bridges
and housing developments; Social Overhead Capital (SOC)
division, which collects toll fees to recoup its investment in
the construction of tunnels, environment and energy plants;
Housing division, which constructs apartment, mansions and
villas, and Gardening division, which constructs golf clubs,
parks and landscape architecture.

Korea Ratings gave the company's commercial papers a B+ rating
on January 31, 2007.


KAFCO C&I: Issues Common Stock on Preferential Basis
----------------------------------------------------
Kafco C&I Co., Ltd.'s board of directors has decided to issue
938,930 shares of common stock on preferential basis, raising
approximately KRW2 billion, Reuters Key Developments reports.

Reuters says that the shares were listed on March 7, 2007, at an
offering price per share of KRW2,130.

The new issue comes after the company cancelled its plan to
issue 985,200 common shares on preferential basis to raise
approximately KRW2 billion, at the offering price per share of
KRW2,030.

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20 billion bond a CCC
rating with negative outlook, as of April 18, 2006.


KAFCO C&I: Announces Issuance of Third Convertible Bonds
--------------------------------------------------------
Kafco C&I Co., Ltd., has announced the issuance of its third
offering of unregistered/unsecured convertible bonds of
KRW31,990,000,000 in aggregate, through a public offering,
Reuters Key Developments says.

The details regarding the bond issuance are:

   * maturity on February 2, 2010,

   * yield to maturity 5%,

   * lump-sum redemption of principal on maturity date,

   * 100% conversion rate of bonds to common shares at KRW2,940,
     and;

   * subscription period for conversion from March 2, 2007, to
     January 2, 2010.

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20 billion bond a CCC
rating with negative outlook, as of April 18, 2006.


KDB 5TH: Korea Ratings Deems 2 Securities Non-Investment Grade
--------------------------------------------------------------
Korea Ratings, on Feb. 27, 2007, has given KDB 5th
Securitization Specialty Co., Ltd.'s KRW3,400,000,000 asset-
backed securities with a Dec. 13, 2012 maturity date a 'C'
rating.

Another series worth KRW45,000,000,000, with a maturity date of
Dec. 13, 2012, was rated CCC.

The ratings release includes the following information (amounts
in KRW, millions):

    Issue Number   Amount  Maturity Date  Rating Type  Rating
   --------------  ------  -------------  -----------  ------  
   KDB 5TH SEC1-9    3400  Dec. 13, 2012     Update       C  
   KDB 5TH SEC1-8   45000  Dec. 13, 2012     Update      CCC  
   KDB 5TH SEC1-7   50000  Dec. 13, 2011     Update      BBB  
   KDB 5TH SEC1-6   60000  Dec. 13, 2010     Update      BBB  
   KDB 5TH SEC1-5   80000  Dec. 13, 2009     Update      BBB  

All asset-backed securities were issued on December 13, 2001.


KOOKMIN BANK: Signs Business Accord with Japan's Sumitomo Mitsui
----------------------------------------------------------------
On March 12, 2007, Kookmin Bank and Japan's Sumitomo Mitsui
Banking Corp. signed a business cooperation agreement focusing
on corporate banking services, the Associated Press cites a
report by The Japan Times.

The agreement does not involve any capital tie-up, the report
notes.

A statement from Kookmin Bank explained that through the tie-up,
both banks plan to strengthen their sales of financial products
to Japanese companies operating in South Korea and South Korean
companies in Japan, The Times relates.

Through its team-up with Kookmin Bank, Sumitomo also aims to
improve its real-estate project-financing and investment-
financing segments in South Korea, The Times adds.

"We hope to expand the depth and the scope of the cooperation in
the future and strengthen our partnership that is mutually
beneficial," the AP cites Kookmin Chief Executive Kang Chung
Won, as saying.

Kookmin already has an alliance with the Industrial and
Commercial Bank of China, Mr. Kang said, noting that it would be
good if the three banks could form an alliance in the future.

Kookmin Bank and Sumitomo Mitsui revealed that since 1987, they
have jointly provided syndicated loans and maintained
cooperative relationship through staff exchange programs, The
Times says.

               About Sumitomo Mitsui Banking Corp.

Headquartered at Chiyoda-ku, in Tokyo, Japan, Sumitomo Mitsui
Banking Corporation -- http://www.smbc.co.jp/-- provides  
commercial banking services including deposits, loans, foreign
exchange transactions, and correspondents banking services
around the world.  The bank also provides leasing, securities
brokerages, credit cards, consumer loans, venture capital, and
mortgage securitization services.

The Troubled Company Reporter - Asia Pacific reported on July
17, 2006, that Moody's Investors Service has upgraded the bank
financial strength rating of Sumitomo Mitsui Banking Corporation
to D+ from D.

A TCR-AP report on Oct. 24, 2006, stated that Fitch Ratings has
upgraded Sumitomo Mitsui's Individual Rating to 'C' from 'C/D'.

                       About Kookmin Bank

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides  
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on Jan.
24, 2007, that the bank carries Moody's bank financial strength
rating of D+.


KOOKMIN BANK: To Lower Stake in ING Life for Rule Compliance
------------------------------------------------------------
Kookmin Bank said it will soon start talks to sell a stake in a
life insurance joint venture with Netherlands' ING Groep NV
(ING), Dow Jones Newswires reports.

The deal could end their strategic tie-ups, Reuters says.

"Nothing concrete has been decided, including the timeframe and
size of the stake up for sale," a Kookmin Bank spokesman noted,
adding that Kookmin may sell the stake back to ING Groep or to
other financial companies.

Kookmin owns a 20% stake in unlisted ING Life Insurance Korea
Ltd., or 1.4 million shares, with a book value of
KRW117.84 billion (US$124.5 million), Reuters reveals.

According to Dow Jones, Kookmin has to reduce its holding in the
joint venture to below 15% by the end of 2007 to comply with
regulations after it purchased another local life insurance
company in 2004.

ING holds a 4% stake in Kookmin after it bought shares in the
former H&CB in 1999, which Kookmin absorbed in 2001, Kim Yeon-
hee writes for Reuters.

ING also owns 49% of KB Life Insurance Co. and 20% of KB Asset
Management, in which Kookmin holds the remainder of shares,
respectively, Ms. Kim adds.

Business relations between the two financial services firms
loosened after ING opened its wholly owned asset management unit
in South Korea in late 2006, Reuters notes.

                       About Kookmin Bank

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides  
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on Jan.
24, 2007, that the bank carries Moody's bank financial strength
rating of D+.


KOOKMIN BANK: Wins US$18 Million Lawsuit Against LIG Insurance
--------------------------------------------------------------
On March 9, 2007, the Seoul High Court ordered LIG Insurance Co.
to pay KRW17.1 billion (US$18 million) to Kookmin Bank, Yonhap
News reports.

According to Yonhap, the Court's decision recognized Kookmin's
right to receive the money instead of JM Global -- a corporate
borrower that went bankrupt in 2003.

Kookmin filed the lawsuit after it failed to collect part of the
KRW28 billion, which JM Global borrowed, Yonhap relates, noting
that JM Global used its insurance contract with LIG as
collateral.

Under the LIG contract, JM Global was to receive up to
KRW31.4 billion if any cancellation of its rental contracts
occurred, Yonhap reveals.  However, LIG refused to pay the
money.

LIG claimed that JM Global's financial information was
fraudulent when it signed the insurance contract, Yonhap says.  
But Judge Kim Pyung-un dismissed the claim, citing a lack of
evidence.

"LIG has the duty to pay the insurance money as promised because
tens of thousands of contracts for the rental of water purifiers
were cancelled at the same time after the rental company went
bankrupt," Yonhap cites the judge, as saying.

JM Global was a water-purifier rental company.

                       About Kookmin Bank

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides  
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 24, 2007, that the bank carries Moody's bank financial
strength rating of D+.


ORION DISPLAY: Issues Third Unregistered Convertible Bonds
----------------------------------------------------------
Orion Display Technology Co., Ltd., has issued its third
offering of unregistered convertible bonds, raising funds up to
KRW1 billion, Reuters Key Developments says.

The details regarding the bond insurance are:

   * maturity on December 29, 2008,

   * yield to maturity 8.19%,

   * coupon rate 5.19%,

   * lump-sum redemption of principal on maturity date,

   * 100% conversion rate of bonds to common shares at KRW4,000,
     and

   * subscription period for conversion from December 29, 2007
     to December 28, 2008.

Daejon, Korea-based Orion Display Technology is primarily
engaged in the design, manufacture, sale and marketing of liquid
crystal display (LCD) products. It also manufactures LCD
connectors, cables, pin headers, input/output devices, keypads,
as well as custom printed circuit board assemblies.  The company
supplies Mytech, Hawktronics, Omni Display, T-Tronic and Genex,
among others.  The company has a sales network in the United
States, Europe and Asia.

On June 7, 2006, Korea Ratings placed a B+ rating with a stable
outlook on the company's US$4,000,000 overseas bonds with
warrants issue.


TAEYANG METAL: Declares KRW405.42-Million Annual Cash Dividend
--------------------------------------------------------------
Taeyang Metal Industrial Co., Ltd.'s board of directors has
declared an annual cash dividend of KRW100 per common share and
KRW150 per preferred share, payable on April 12, 2007, to
shareholders of record as of December 31, 2006, Reuters Key
Development reports.

Reuters adds that the total cash dividend amount is
KRW405,416,600.

According to Bloomberg Data, the company made a KRW1.94 billion
net profit on net sales of KRW184.60 billion for the whole year
of 2006.

With headquarters and factory in Gyeonggi Province, Korea,
Taeyang Metal Industrial Co., Ltd. --
http://www.taeyangmetal.com/-- is engaged in the provision of  
cold-forged automobile products.  The company produces two main
products: cold forging products and fasteners, including
cylinder head bolts, con rod bolts, bearing cap bolts, crank
pulley bolts, tie rod pins, ball studs, plug bolts, fly wheel
bolts, hub bolts and nuts, hex-stud bolts, hexagon socket head
bolts, special bolts and nuts, hose bend screws, self-clinching
screws, pins, stator bolts and refrigerator compressor bolts,
and cold forging products for automobiles, cylinder head bolts,
bearing cap bolts, con rod bolts, pulley lock bolts, hub bolts,
tie bolts, washer assemblies hex bolts, flange bolts and stud
bolts.

Korea Ratings gave the company's commercial papers a B+ rating
on Sept. 22, 2006.


TOWER AUTOMOTIVE: Amended General Motors Pact Filed Under Seal
--------------------------------------------------------------
At the behest of Tower Automotive Inc. and its debtor-
affiliates, the United States Bankruptcy Court for the Southern
District of New York authorizes the Debtors to file their
amended agreement with General Motors Corp. and related exhibits
under seal.

All contents of the request and exhibit remain confidential, and
will not be available to the general public or any parties-in-
interest in the Debtors' Chapter 11 cases except upon the
express written consent of the parties.

The Debtors and General Motors previously settled, on a global
basis, all prepetition claims between them relating to the
Debtors' North American operations.  To effectuate that
settlement, the parties entered into a First Amended and
Restated Accommodation and Settlement Agreement, and four new
component supply agreements.

Howard P. Magaliff, Esq., at Togut, Segal & Segal LLP, in New
York, relates that the Accommodation and Supply Agreements were
filed under seal because they contain detailed information about
the relationship between GM and Tower Automotive, Inc., and
specific references to confidential information, including
pricing and related terms negotiated by the Debtors and GM.

Mr. Magaliff notes that the Debtors and GM have now reached an
agreement to resolve one last dispute arising under the
Accommodation Agreement, in connection with a vendor whose goods
were used by the Debtors to produce modules for GM at Tower's
former Lansing, Michigan, facility.

The present Agreement, as with the prior ones, requires the
parties to keep its terms confidential since the documents
contain classified information about the relationship between GM
and the Debtors, and specific references to confidential
information from the Accommodation Agreement, Mr. Magaliff says.  
He adds that the Agreement will become effective after a final
Court ruling has been entered.

Mr. Magaliff submits that filing the request under seal is
warranted because, among other things, access to information
contained in the request would give the Debtors' competitors an
unfair advantage, and undermine the parties' ability to
successfully negotiate with other customers and suppliers about
similar issues.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and    
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


TOWER AUTOMOTIVE: Stutman OK'd as Panel Conflicts Counsel
---------------------------------------------------------
The Honorable Allen L. Gropper of the United States Bankruptcy
Court for the Southern District of New York authorizes the
Official Committee of Unsecured Creditors appointed in Tower
Automotive Inc. and its debtor-affiliates' chapter 11 cases to
retain Stutman, Treister & Glatt, P.C., as its special conflicts
counsel, nunc pro tunc to Oct. 26, 2006.

As reported in the Troubled Company Reporter on Feb. 8, 2007,
due to the conflict that Akin, Gump, Strauss, Hauer & Feld, LLP,
the Creditors Committee's bankruptcy counsel, had in the
adversary proceeding between Tower Automotive Mexico and Grupo
Proeza, S.A. DE C.V., Stutman Treister provided services to the
Committee in connection with the Proeza Litigation, immediately
upon the Committee's request in October 2006.

Although the Proeza Litigation will soon be dismissed, the
Creditors Committee had requested that Stutman Treister continue
to serve as conflicts counsel.

Specifically, Stutman Treister's services will include assisting
the Creditors Committee in potential plan confirmation disputes
where Akin Gump possesses an actual or potential conflict of
interest.

Stutman Treister's employment does not include appearances
before any court or agency other than the Bankruptcy Court or
the provision of advice on international taxation issues,
securities,
torts, environmental, labor, or criminal law.  Stutman Treister
represents only the Creditors Committee, not its individual
members.

Stutman Treister will be paid for its services in accordance
with its hourly rates for professionals and paraprofessionals:

   Billing Category           Hourly Rate                       
   ----------------           -----------
   Shareholders             US$450 - US$775
   Of Counsel               US$395 - US$750
   Associates               US$250 - US$385

   Paralegals                   US$190    
   Law Clerks               US$160 - US$215

The professionals currently expected to have primary
responsibility for providing services to the Committee are:

   Professional               Hourly Rate
   ------------               -----------
   Jeffrey C. Krause, Esq.  US$640 - US$675
   Eric D. Goldberg, Esq.   US$550 - US$575
   Gregory K. Jones, Esq.   US$395 - US$425

Jeffrey C. Krause, Esq., a member at Stutman Treister, assured
the Court that his firm and all of its attorneys are
disinterested persons who do not hold or represent an interest
adverse to the Debtors' estates and do not have any connection
with the Debtors, their creditors, the Committee, or any other
parties-in-interest in the Debtors' Chapter 11 cases.

Mr. Krause disclosed that his firm represented certain members
of the Creditors Committee and some creditors in discrete
matters entirely unrelated to the Debtors or the Debtors'
Chapter 11
cases.  In addition, Mr. Krause said he was previously a partner
of Akin Gump for a little more than two years -- he resigned
from Akin Gump effective Dec. 31, 2001.  Gregory K. Jones was
previously employed by Akin Gump between January 2000 and March
2002.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and    
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


WORLDSPAN: Credit Refinancing Cues S&P to Withdraw Debt Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew these ratings of
Worldspan L.P:

   -- 'B' rating (and '2' recovery rating) on US$490 million
       credit facility;

   -- 'B' rating on the company's US$300 million secured
       second-lien notes; and

   -- 'CCC+' rating on its US$84 million of subordinated notes.

The ratings were removed from CreditWatch with developing
implications, where they were placed on Dec. 7, 2006.

At the same time, Standard & Poor's is keeping other Worldspan
ratings on CreditWatch with developing implications:

   -- 'B' corporate credit rating,

   -- 'B' rating ('2' recovery rating) on the company's US$750
      million revolver and first-lien term loan, and

   -- 'CCC+' rating ('5' recovery rating) on its US$250 million
      second-lien term loan.

The corporate credit rating was placed on CreditWatch on
Dec. 7, 2006, after Worldspan announced its merger agreement
with Travelport Inc. (B+/Watch Neg/--).  The bank loan ratings
were placed on CreditWatch on Dec. 11, 2006; the recovery
ratings are not on CreditWatch.

The ratings withdrawal of certain securities follows their
refinancing with proceeds of Worldspan's new credit facility,
which it entered into in December 2006.
     
Worldspan is the leading processor of GDS or global distribution
system transactions for on-line travel agencies.  Travelport
processes both on-line and off-line (traditional travel agency)
transactions.
      
"A combination with Travelport is expected to result in new
revenue opportunities as well as US$50 million of operating
synergies for the combined entity, which could prompt us to
raise our corporate credit rating on Worldspan to 'B+', the same
as Travelport's," said Standard & Poor's credit analyst Betsy
Snyder.  "If the company's recent recapitalization results in a
weaker financial profile without the benefits of the merger,
ratings could be lowered.  "Affirmation of ratings at the
current level is also a possible outcome.  Completion of the
merger will depend on approval by government regulatory
authorities.  Standard & Poor's will assess synergies from the
proposed merger as well as the effect of the recapitalization on
Worldspan's financial profile in resolving the CreditWatch.

Headquartered in Atlanta, Georgia, Worldspan, L.P. --
http://www.worldspan.com/-- is a leader in travel technology  
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares
and Pricing technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan Go!(R)
and Worldspan Trip Manager(R) XE. The company's operations
include those in Argentina, Korea, and Belgium.


YOUNGCHANG SILUP: Individual Investor Acquires 103,898 Shares
-------------------------------------------------------------
Youngchang Silup Co., Ltd., has announced that an individual
investor, Ha In Sook, has acquired 103,898 shares of the
company, which represents a 5.70% equity stake, Reuters Key
Development reports.

Seoul, Korea-based Youngchang Silup Co., Ltd. --
http://www.youngchang.co.kr/main.asp-- is engaged in the  
manufacturing of leather for shoes, bags, belts, garments, car
seats and wheel covers.  The company's main clients are
Timberland, Rockport, Coach, Brighton, Polo, DKNY, Aigner, Mova,
Superior Sungchang, Simmone, Mikwang, Ssamzie, St. John, Nautica
Jean, I Blues, Marina Rinaldi and Geiger. It has an affiliated
company each in Korea and China.  

On May 18, 2005, Korea Ratings gave the company's KRW10.00-
billion convertible bond and KRW5.00-billion straight bond BB+
ratings, with stable outlook.


===============
M A L A Y S I A
===============

PSC INDUSTRIES: Posts MYR18.68-Mil. Net Loss in 4th Quarter 2006
----------------------------------------------------------------
PSC Industries Bhd incurred a net loss of MYR18.68 million on
MYR24.46 million of revenues in the quarter ended Dec. 31, 2006,
as compared with a net loss of MYR78.84 million on
MYR31.37 million of revenues in the same quarter in 2005.

The company's unaudited balance sheet as of Dec. 31, 2006,
showed strained liquidity with current assets of
MYR90.80 million available to pay current liabilities of
MYR741.03 million.

In addition, PSC Industries' balance sheet showed solvency
problems with total assets of MYR204.43 million and total
liabilities of MYR741.71 million, resulting to a shareholders'
equity deficit of MYR537.28 million.

A full-text copy of the company's financial statement for the
quarter ended Dec. 31, 2006, can be viewed for free at:

           http://bankrupt.com/misc/psc-4q-results.xls

                          *     *     *

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan
pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad's Listing Requirements.

PSC Industries' unaudited balance sheet as of Dec. 31, 2006,
showed solvency problems with total assets of MYR204.43 million
and total liabilities of MYR741.71 million, resulting to a
shareholders' deficit of MYR537.28 million.


SETEGAP BHD: Balance Sheet Upside Down by MYR122.14MM in Dec. 31
----------------------------------------------------------------
Setegap Bhd's unaudited balance sheet as of Dec. 31, 2006, went
upside down with total assets of MYR65.71 million and total
liabilities of MYR187.85 million, resulting to a shareholders'
equity deficit of MYR122.14 million.

Moreover, the company's balance sheet as of end-December 2006
also reflected strained liquidity with current assets of
MYR46.10 million available to pay current liabilities of
MYR184.57 million.

Setegap incurred a net loss of MYR2.55 million on
MYR18.13 million of revenues in the fourth quarter ended
Dec. 31, 2006, as compared with a net loss of MYR26.49 million
on MYR9.21 million of revenues in the same quarter in 2005.

A full-text copy of the company's financial statement can be
viewed for free at:

            http://bankrupt.com/misc/setegap-4q-results.xls

                          *     *     *

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.

Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997/98.

Setegap Bhd's unaudited balance sheet as of Dec. 31, 2006, went
upside down with total assets of MYR65.71 million and total
liabilities of MYR187.85 million, resulting to a shareholders'
deficit of MYR122.14 million.


SILVERSTONE: Incurs MYR5-Mil. Net Loss in 2nd Qtr Ended-Dec. '06
----------------------------------------------------------------
Silverstone Corp. Bhd posted a net loss of MYR5 million on
MYR121.36 million of revenues in the second quarter ended
Dec. 31, 2006, as compared with a net loss of MYR12.36 million
on MYR127.15 million of revenues in the same quarter in 2005.

As of Dec. 31, 2006, the company's unaudited balance sheet
showed strained liquidity with current assets of
MYR305.52 million available to pay current liabilities of
MYR571 million.

Silverstone's total assets as of Dec. 31, 2006, amounted to
MYR975.70 million and total liabilities aggregated to
MYR752.34 million, resulting to a shareholders' equity of
MYR223.36 million.

A full-text copy of the company's financial statement can be
viewed for free at:

         http://bankrupt.com/misc/silver-2q-results.xls

                          *     *     *

Headquartered in Kuala Lumpur, Silverstone Corporation Berhad is
an investment holding company.  The Company operates through
business segments.  SCB's business segments consist of tyre and
motor segments.  The tyre segment is engaged in the manufacture
sale and distribution of tyres, retreading tyres, rubber
compounds and other related rubber products.  SCB's tyres, the
Kruizer 1 and Evol 8 series are developed by using MicroBeta
Silica Technology.  The motor segment is engaged in the
manufacturing of motorcycle parts and accessories,
electroplating of motorcycle absorbers, sales, and distribution
of motor vehicles.  The company's other business segments
include investment holding, treasury business and provision of
training services.  SCB has its operations in Malaysia and
China.  Some of the company's subsidiaries include AMB Aerovest
Limited, AMB Harta (L) Limited, AMB Harta (M) Sdn Bhd and AMB
Venture Sdn Bhd.

The company is an affected listed issuer under Bursa Malaysia
Securities Berhad's amended Practice Note No. 17 as its auditors
have expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statement for
the financial year ended June 30, 2005.  Moreover, Silverstone's
shareholders' equity on a consolidated basis as at June 30,
2005, represented 47.2% of the issued and paid-up capital of the
company.


SOUTH MALAYSIA: Fourth Quarter Net Loss Totals MYR3.61 Million
--------------------------------------------------------------
South Malaysia Industries Bhd incurred a net loss of
MYR3.61 million on MYR42.29 million of revenue4s in the fourth
quarter ended Dec. 31, 2006, as compared with a net loss of
MYR5.79 million on MYR38 million of revenues in the same quarter
in 2005.

As of Dec. 31, 2006, the company's balance sheet showed strained
liquidity with current assets of MYR204.72 million available to
pay current liabilities of MYR243.71 million.

South Malaysia Industries' total assets as of end-December 2006
amounted to MYR433.69 million and its total liabilities
aggregated to MYR274.90 million, resulting to a shareholders'
equity of MYR158.80 million.

A full-text copy of the company's financial statement can be
viewed for free at:

            http://bankrupt.com/misc/SMIB-q4-2006.xls

                          *     *     *
Johor, Malaysia-based South Malaysia Industries Berhad --
http://www.smib.com.my-- is a property and investment holding  
company.  It is also engaged in the trading of assorted wires
and property development.  The Company operates in four business
segments: Property development, which is engaged in the
development and sale of residential and commercial properties;
Property investment, which comprises investment in properties;
Manufacturing and trading, which involves manufacturing and
trading of assorted wires, and Leisure and entertainment
segment, which operates cinema business. South Malaysia
Industries Berhad's directly owned subsidiaries are Anastoria
Sdn Bhd, Kam Kok Development Sdn Bhd, SMI Wire Sdn Bhd, Erico
Estates Sdn Bhd and SMI Project Management Sdn Bhd. Its
indirectly owned subsidiaries include Kinta Setia Holdings Sdn
Bhd, Golden Fame Enterprises Ltd, Pacific Asia Development Inc.,
Shanghai Ping An Entertainment Ltd and Chongqing SMILE
Entertainment Company Limited.

The company's long-term debt has been given a B2 rating by
Rating Agency Malaysia.


=====================
N E W   Z E A L A N D
=====================

HERITAGE GOLD: Finalizes Joint Uranium Exploration in Australia
---------------------------------------------------------------
Heritage Gold is exploring for uranium in Australia, Christine
Nikiel writes for the New Zealand Herald, noting that the
company is carrying out due diligence on a joint uranium
exploration venture in the Northern Territory.

According to the report, the company's disclosure came after an
announcement that three of its directors are resigning:

   1) Managing Director Peter Atkinson,
   2) Founding Independent Director David Williams, and
   3) Director Ralph Stagg.

The uranium venture was finalized on March 9, 2007, the day on
which Mr. Atkinson resigned.  However, Mr. Atkinson will
continue to stay until the company finds his replacement.

In its agreement with an Australian syndicate, Heritage Gold
will issue 2.5 million fully paid ordinary shares to the vendors
immediately after due diligence, and 2.5 million more fully paid
ordinary shares when exploration licenses are granted, the NZ
Herald reveals.  The Australian syndicate had applied for the
exploration licenses.

A further 20 million shares will be offered at a price of
AU3.5 cents to "sophisticated and professional" investors to
fund the investigation of the uranium proposal, the NZ Herald
adds.

The company will continue its gold exploration in New Zealand,
the NZ Herald notes.

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The  
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$2,639,467 and
NZ$331,563 for the years ended March 31, 2006, and 2005,
respectively (Parent: NZ$2,621,401 and NZ$365,189).


NZ WINDFARMS: Posts NZ$750,000 Net Income for HY-Ended Dec. '06
---------------------------------------------------------------
In its unaudited financial results for the six months ending
Dec. 31, 2006, filed with the New Zealand Stock Exchange, NZ
Windfarms Ltd disclosed that its total assets doubled to
NZ$11.5 million.

NZ Windfarms's net income for the half-year to Dec. 31 2006, was
NZ$750,000, with the positive result caused by the one-off gain
from the transfer of Te Rere Hau assets into a joint venture
with National Power and Babcock & Brown WindPower, one of the
world's largest developers and owners of wind farms.

The company also noted that it received a capital gain on the
transfer of assets to the joint venture of NZ$1,081,161 which is
included in the net profit figure.

With the first stage of the Te Rere Hau generating power and the
second stage of construction under way, NZ Windfarms is also
pursuing a number of other wind farm opportunities, the first of
which is the site held by Windpower Maungatua Ltd in Otago.

"As we move forward with Te Rere Hau, Maungatua and our other
developments, we are planning our next capital raising and will
make further announcements on that in due course," NZ Windfarms
Chairman Derek Walker said.

Christchurch, New Zeland-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development  
and operation of wind power generation assets for the purpose of
generating and selling electricity.  The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North.  The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity).  NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm.  The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.

The company reported consecutive net losses of NZ$397,999 and
NZ$118,594 for the years ending June 30, 2006, and 2005,
respectively.


WINDFLOW TECHNOLOGY: Posts NZ$906,000 Loss in HY-Ending Dec. '06
----------------------------------------------------------------
Windflow Technology Limited reported a NZ$906,000 loss for the
six months ending Dec. 31, 2006, even as revenues rose almost
300% to NZ$2.25 million, ShareChat News reports, citing the New
Zealand Press Association.

The company explained that the loss reflects on the first batch
of five turbines for New Zealand Windfarms' Te Rere Hau windfarm
in Manawatu as a loss leader, NZPA relates.

The company added that the certification process for its two-
bladed turbines was also incurring significant expenditures.

In January, Windflow announced an order for a second batch of 14
wind turbines for Te Rere Hau, ShareChat recounts, noting that
Windflow has a 29% share in NZ Windfarms.

Under its agreement with NZ Windfarms, Windflow will build a
further 78 turbines for the windfarm by the end of 2008, NZPA
relates.

Windflow chief executive Geoff Henderson told NZ Herald that the
net loss would make it difficult for the company to break even
in the June 2007 year, but it should be in the black by June
2008.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in wind power  
development.  As of June 30, 2006, the company held a 20%
shareholding in Windpower Otago Limited.  The principal activity
of Windpower Otago Limited is the development of wind farms.
During the fiscal year ended June 30, 2006 (fiscal 2006),
Windflow Technology Limited, held a 42.99% shareholding in NZ
Windfarms Limited. The principal activity of NZ Windfarms
Limited is the development of wind farms.  Its other
subsidiaries and associates include Pacific Windfarms Limited,
Wind Blades Limited and Windpower Maungatua Limited.

The group incurred net deficits of NZ$2,215,478 and NZ$2,027,330
for the years ended June 30, 2006, and 2005, respectively
(parent: NZ$2,081,278 and NZ$1,772,690, respectively.)


=====================
P H I L I P P I N E S
=====================

BAYAN TELECOMMUNICATIONS: Allots PHP1.5BB for 2007 Expenditures
---------------------------------------------------------------
Bayan Telecommunications Holdings Corp. is budgeting
PHP1.5 billion in expenditures for 2007, the company discloses
in a filing with the Philippine Stock Exchange.  Most of this
amount will go to its Span wireless local loop service.

BayanTel says that it is allocating PHP50 million for its
customer satisfaction program.  Under this program, BayanTel
automatically gives rebates to customers if service restoration
is beyond a fixed time frame adopted as a company standard.

The company estimates that its subscriber base, both landline
and Span, will reach 400,000 by next year.

                         About BayanTel

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC  
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

The Troubled Company Reporter - Asia Pacific reported on May 25,
2006, that in a disclosure statement to the Philippine Stock
Exchange, Bayan Telecommunications reported a net loss of
PHP540 million for the fiscal year 2005, against a
PHP14.9 billion loss in 2004, on revenues of PHP5.22 billion.
The Company's EBITDA for 2005 stood at PHP2.17 billion, 1%
higher than in 2004.

For the fiscal year 2005, BayanTel's net capital deficiency
stood at PHP17.33 billion.


CHIQUITA BRANDS: Posts US$95.9MM Net Loss in Year Ended Dec. 31
---------------------------------------------------------------
Chiquita Brands International Inc. reported a net loss of
US$95.9 million on net sales of US$4.499 billion for the year
ended Dec. 31, 2006, compared with net income of
US$131.4 million on net sales of US$3.904 billion for the year
ended Dec. 31, 2005.

The increase in net sales resulted from the acquisition of      
Fresh Express in June 2005.

The operating loss for 2006 was US$28 million, compared to
operating income of US$188 million for 2005.  The 2006 results
included a US$43 million goodwill impairment charge related to
Atlanta AG and a US$25 million charge related to a potential
settlement of a previously disclosed U.S. Department of Justice
investigation.  Operating income for 2005 included flood costs
of US$17 million related to Tropical Storm Gamma and a US$6
million charge related to the consolidation of fresh-cut fruit
facilities in the Midwestern United States.  

Operating results in 2006 were significantly affected by
regulatory changes in the European banana market, which resulted
in lower local pricing and increased tariff costs, and by higher
fuel and other industry costs.  Comparisons to 2005 are also
affected by the fact that 2005 was an unusually good year for
banana pricing in Europe.  

The Fresh Cut segment was significantly affected by consumer
concerns regarding the safety of packaged salad products, after
discovery of E. coli in certain industry spinach products in
September 2006 and the resulting investigation by the U.S. Food
and Drug Administration.  

Interest income in 2006 was US$9 million, compared to US$10.2
million in 2005.  Interest expense in 2006 was US$85.7 million,
compared to US$60.3 million in 2005.  The increase in interest
expense was due to the full-year impact of the Fresh Express
acquisition financing.  Fresh Express was acquired in June 2005.  

Other income was US$6.3 million in 2006 compared to other
expense of US$3 million in 2005.  Other income in 2006 included
a US$6 million gain from the sale of the company's 10% ownership
in Chiquita Brands South Pacific, an Australian fresh produce
distributor.  In 2005, other expense included US$3 million of
financing fees, primarily related to the write-off of
unamortized debt issue costs for a prior credit facility and
US$2 million of charges for settlement of an indemnification
claim relating to prior periods, partially offset by a US$1
million gain on the sale of Seneca Foods Corp. preferred stock
and a US$1 million gain from an insurance settlement.  

Income taxes were a US$2 million benefit for 2006, compared to
expense of US$3 million in 2005.  Income taxes for 2006 include
benefits of US$10 million primarily from the resolution of tax
contingencies in various jurisdictions and a reduction in
valuation allowance.  In addition, the company recorded a tax
benefit of US$5 million as a result of a change in German tax
law. Income taxes for 2005 included benefits of US$8 million
primarily from the resolution of tax contingencies and reduction
in the valuation allowance of a foreign subsidiary due to the
execution of tax planning initiatives.

                   Goodwill Impairment Charge

During the 2006 third quarter, due to a decline in Atlanta AG's
business performance in the period following the implementation
of the new EU banana import regime as of Jan. 1, 2006, the
company accelerated its testing of the Atlanta AG goodwill and
fixed assets for impairment.  As a result of this analysis, the
company recorded a goodwill impairment charge in the 2006 third
quarter for the entire goodwill balance of US$43 million.

            U.S. Department of Justice Investigation

In April 2003 the company voluntarily disclosed to the U.S.
Department of Justice that its banana-producing subsidiary in
Colombia, which was sold in June 2004, had made payments to
certain groups in that country which had been designated under
United States law as foreign terrorist organizations.  Following
this disclosure, the Justice Department undertook an
investigation, including consideration by a grand jury.  

During the fourth quarter of 2006, the company commenced
discussions with the Justice Department about the possibility of
reaching a plea agreement.  As a result of these discussions,
and in accordance with the guidelines set forth in SFAS No. 5,
"Accounting for Contingencies," the company recorded a charge of
US$25 million in its financial statements for the quarter and
year ended Dec. 31, 2006.  This amount reflects liability for
payment of a proposed financial sanction contained in an offer
of settlement made by the company to the Justice Department.

At Dec. 31, 2006, the company's balance sheet showed
US$2.738 billion in total assets, US$1.867 billion in total
liabilities, and US$870.8 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1b67

                Liquidity and Capital Resources

The company's cash balance was US$65 million at Dec. 31, 2006,
compared to US$89 million at Dec. 31, 2005.

Operating cash flow was US$15 million in 2006, compared to
US$223 million in 2005.  The decrease in operating cash flow for
2006 was primarily due to a significant decline in operating
results.  

Capital expenditures were US$61 million for 2006 and US$43
million for 2005.  The increase in 2006 was partially due to the
full year impact of the acquisition of Fresh Express, which
occurred in June 2005.  The 2005 capital expenditures included
US$12 million related to Fresh Express subsequent to the
acquisition.

Total debt at both Dec. 31, 2006 and 2005, was US$1 billion.

The company and Chiquita Brands L.L.C., the main operating
subsidiary of the company, are parties to an amended and
restated credit agreement with a syndicate of bank lenders for a
senior secured credit facility, which consists of a
US$200 million revolving credit facility, a US$125 million term
loan (Term Loan B), and a US$375 million term loan (Term Loan
C).

At Dec. 31, 2006, US$44 million of borrowings were outstanding
under the Revolving Credit Facility and US$31 million of credit
availability was used to support issued letters of credit,
leaving US$125 million of credit available.

                      About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and     
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
the Philippines.

                          *     *     *

On Nov. 6, Moody's Investors Service downgraded its ratings for
Chiquita Brands LLC. as well as for its parent Chiquita Brands
International Inc.  Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.
S&P said the ratings remain on CreditWatch with negative
implications where they were placed on Sept. 26.


* President Invites Players to Consider Investing in Philippines
----------------------------------------------------------------
President Gloria Macapagal-Arroyo has called on financial market
players to put the Philippines on their list of good investment
plan.

President Arroyo said that she is bullish on the prospects of
the Philippines and cited various achievements in carrying out
economic and other reforms to push economic developments.

"I have invested a lot of my time and effort to engage the
Philippines in global affairs and help modernize the nation.
From bilateral to multilateral relations with nations to direct
promotion on behalf of our nation and business.  I am and will
continue to be a proud and ardent saleswoman for our country,"
she said.

"I am a realist.  I know that we still suffer from huge gaps in
our social inequities.  We cannot attain the rank of a first
world nation when many Filipinos live in hunger and progress is
held back by corruption and lack of investments in world class
infrastructure," the President said.

President Arroyo outlined her agenda, which included raising
revenue, running a tighter fiscal ship and investing in key
social infrastructure like good education, English skills and
proper health care as well as better roads, bridges and
airports.

She cited the five million jobs that had been created in the
last five years of her administration, the easing of inflation,
the 26-percent rise in exports and the budget surplus in April
last year which was the highest in nine years.

"My administration has exerted vigorous efforts to balance the
budget, keep overall security situation safe from terrorists,
push growth and pursue political reforms", she said citing the
gains in the fight against money laundering, the growing call
center and business process outsourcing industry and a boom in
tourism.

"For the first time in a generation, we are collecting the
revenue we need to make vital investments in infrastructure,
health care, education and job creation," the President said.

Our fiscal discipline is paying off with better credit outlooks,
which save us billions of pesos a year that can be better spent
investing in our people and our economy, she added.

                          *     *     *

Fitch Ratings, on March 5, 2007, affirmed the Republic of the
Philippines' Long-term foreign and local currency Issuer Default
ratings at 'BB' and 'BB+', respectively.  The agency also
affirmed the Short-term IDR at 'B' and the Country Ceiling at
'BB+'.

On Jan. 10, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Stable/B, local currency
BB+/Stable/B) proposed US$1.0 billion global bond issue maturing
in 2032.

On Nov. 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


=================
S I N G A P O R E
=================

CHUAN JOO: To Pay Dividends to Creditors on March 23
----------------------------------------------------
Chuan Joo (Pte) Ltd., which is in liquidation proceedings, will
pay its first and final dividends to creditors on March 23,
2007.

The company will pay 4.92% of their creditors' claims.

The company's liquidator is:

         Goh Boon Kok
         1 Claymore Drive #08-11
         Orchard Tower Rear Block
         Singapore 229594


HOMEMART ELECTRICAL: Creditors Must Prove Debts by March 30
-----------------------------------------------------------
Homemart Electrical & Furniture Pte Ltd., which is in
liquidation proceedings, requires its creditors to file their
proofs of claim by March 30, 2007.

Creditors who fail to file their proofs of claim by the deadline
will be excluded on the company's dividend distribution.

The company's liquidator is:

         Goh Ngiap Suan
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


PETROLEO BRASILEIRO: Sergio Gabrielli Expects High Oil Prices
-------------------------------------------------------------
Brazilian state oil firm Petroleo Brasileiro SA Chief Executive
Officer Sergio Gabrielli told Dow Jones Newswires that he
expects high oil prices and very high price volatility for the
next couple of year.

Global markets are currently balanced in terms of supply and
demand, Dow Jones says, citing Mr. Gabrielli.  However,
inventories are low and production capacity isn't increasing
fast enough.

The oil services market for both equipment and labor is very
"heated and tight," Mr. Gabrielli told Dow Jones.

                    About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, and distributes oil and natural
gas and power to various wholesale customers and retail
distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%           BB+
  July   2, 2013      US$750,000,000    9.125%       BB+
  Sept. 15, 2014      US$650,000,000    7.75%        BB+
  Dec.  10, 2018      US$750,000,000    8.375%       BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


REFCO: Court Disallows 59 Claims in Refco LLC Totaling US$1.5MM
---------------------------------------------------------------
In consideration of separate pleadings filed by Albert Togut,
the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's
estate, the Honorable Robert D. Drain of the United States
Bankruptcy Court for the Southern District of New York
disallowed and expunged in their entirety 59 proofs of claim,
totaling more than US$1,500,000, on various grounds.

Specifically, at the Chapter 7 Trustee's request, Judge Drain
disallowed and expunged 56 claims because they:

   (a) failed to provide sufficient information to ascertain the
       basis of the claim;

   (b) were based on customer accounts which were closed before
       the Debtor's bankruptcy filing, or which carried a zero
       balance when the Debtor filed for bankruptcy; or

   (c) were for account balances that were transferred to Man
       Financial, Inc., pursuant to the Chapter 7 Sale Order.

The Unsubstantiated Customer Claims, totaling more than
US$900,000, include:

      Claimant                   Claim No.   Claim Amount
      --------                   ---------   ------------
      Michael C. James              146        US$312,688
      Matach 24 Ltd.                206          100,014
      Cynthia C. Terwilliger        305           90,000
      Michael Stamer                538           83,891
      G. David Richardson           262           60,000
      Khashayar & Laaden Vosough    390           60,000

In a separate order, Judge Drain disallowed Karl Ulmer's Claim
Nos. 430 and 549 on the basis that (i) Claim NO. 430 is barred
by principles of res judicata and seeks no affirmative relief
against the Debtor and (ii) Claim No. 549 is duplicative of
Claim No. 430.

Judge Drain also disallowed and expunged in its entirety Claim
No. 36 filed by L&A Investments because the National Futures
Association has determined that the Chapter 7 Debtor is not
liable for the losses incurred in L&A's commodity trading
account.

Moreover, Judge Drain is yet to rule with respect to the
Chapter 7 Trustee's proposed disallowance of:

   -- Claim No. 155 filed by the Department of Treasury -
      Internal Revenue Service for US$66,000, arising from
      federal tax liabilities owed by the Chapter 7 Debtor on
      information reporting failures; and

   -- Claim Nos. 152, 203, and 286 filed by Paul Bueltmann,
      Stefan Lew, and Hartmut Fenkl on the grounds that:

         * they are contractually barred due to their failure to
           meet the requirement of the claimants' agreement with
           Refco LLC to commence an action within one year after
           the alleged cause of action arose;

         * the Claimants have released Refco LLC from liability
           for accepting trading instructions from, and for the
           remittance of fees to, the trading advisor;

         * the Claimants agreed to indemnify and hold harmless
           the Chapter 7 Debtor for its commission-sharing
           arrangement with, and the trading practices of, the
           Claimants' trading advisor; and

         * no agency relationship existed between Refco LLC and
           an identified broker regarding the Claimants'
           commodity trading accounts with the  Debtor.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


READER'S DIGEST: Names S. Grimes as Food & Entertaining Pres.
-------------------------------------------------------------
Suzanne Grimes has been named President, Food and Entertaining,
for The Reader's Digest Association, Inc., it was revealed by
Mary Berner, RDA's President and CEO.  Grimes will be
responsible for the company's food and entertaining businesses,
which include Taste of Home magazine and the other food
magazines and books of Reiman Publications, Allrecipes.com,
Taste of Home Entertaining and Every Day with Rachael Ray.
Grimes will report directly to Berner.

Grimes comes to RDA from the Conde Nast Media Group, where she
was responsible for corporate advertising sales across a
portfolio of 30 consumer magazines and related digital
businesses.  The assets include Vogue, Vanity Fair, Gourmet, Bon
Appetit, and Conde Net, which includes Epicurious, and the other
interactive assets of the company.

"Suzanne Grimes will be a terrific addition to Reader's Digest,"
Berner said.  "She has run some of the largest and most
respected magazines in the country.  And she has developed
unique skills and contacts in integrated marketing, having been
responsible for leveraging the assets of a tapestry of food,
home, fashion and other businesses through her corporate
experience at Conde Nast Media Group."

In her new capacity, Grimes will be responsible for RDA's
considerable food and entertaining assets.  RDA publishes six
food magazines, including three with circulations over 1
million, and sells millions of cookbooks.  It runs cooking
schools, the nation's largest online community for home cooks,
and a party plan business that markets products for home
entertaining.  Historically, most of these businesses have not
offered integrated services to consumers or advertisers, but RDA
is planning to develop that capability as part of a new growth
strategy based around consumer affinity interests.

"I am very excited to join Reader's Digest Association and to
lead the effort to leverage the reach of its powerful food
publishing and entertaining properties," Grimes said.  "The
company is positioned to establish a unique marketing
proposition to both advertisers and consumers based around its
food content and marketing channels."

Prior to her most recent Conde Nast assignment, Grimes was Vice
President and Publisher of Glamour magazine, the company's
largest title with more than 12 million readers.  Earlier, she
was Publisher of Allure magazine, and Publisher of TV Guide
magazine when it was the largest-selling weekly in the country.
She also was the founding Publisher of Women's Sports and
Fitness, which built an audience of 3 million readers and was
nominated for a National Magazine Award.

                      About Reader's Digest

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc. (NYSE:RDA) -- http://www.rda.com/-- is a  
global publisher and direct marketer of products including
magazines, books, recorded music collections and home videos.
Products include Readers Digest magazine, which is published in
50 editions and 21 languages.  Annual revenues approximate
US$2.4 billion.

Reader's Digest has offices in Australia, Hong Kong, Malaysia,
Singapore, Taiwan, Philippines, Poland, Portugal, Hungary,
Korea, Malaysia, Thailand, India, and the United Kingdom.


SPECTRUM BRANDS: Fitch Affirms 'CCC' Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed the ratings of Spectrum Brands, Inc.
as follows:

         --Issuer default rating 'CCC';

         --Senior secured bank facility 'B/RR1';

         --Senior subordinated debentures 'CCC-/RR5'.

The Rating Outlook has been revised to Negative from Stable.
Approximately US$2.38 Billion of debt is covered by these
actions.

On March 12, 2007, SPC announced that Goldman Sachs and Bank of
America will refinance the current bank facility.  The current
bank facility consists of term loans of US$1.158 billion and up
to US$300 million of revolving credit for a total of US$1.458
billion at Dec. 31, 2006.  This facility is expected to be
refinanced by a new facility totaling US$1.65 billion, which
provides potentially US$192 million more in credit availability.
The new bank facility is expected to be rated 'B/RR1' subject to
final terms and conditions.  SPC also disclosed an exchange
offer where the current holders of the US$350 8.5% million
senior subordinated notes due 2013 will receive a Variable Rate
Toggle Interest Pay-In-Kind senior subordinated note with an
interest rate that begins at 11% and matures in 2013.  The new
bank facility is expected to close on March 30, 2007.  The
initial settlement on the exchange offer is expected on the same
day.  When these facilities are closed, Fitch expects to rate
them the same as the existing facilities being replaced if, as
seen in the March 9 SEC filing, the new bonds have similar
indenture terms as the US$700 million 7 3/8% notes and the terms
and conditions of the new bank facility are relatively the same
except for pricing - which is most likely to be higher.

The rating reflects SPC's high leverage with FFO adjusted
leverage of 9 times as well as debt/EBITDA of 8.3x for the last
12 months (LTM) ending Dec. 31, 2006.  The company made three
major acquisitions since 2003 to lessen its dependence on
batteries.  The acquisitions were funded with debt and SPC
became highly leveraged.  In August 2006, management stated that
they were uncomfortable with leverage and had engaged Goldman
Sachs to assist in selling assets to delever.  The company's
credit metrics, diverse portfolio and minimal debt amortizations
are encapsulated in the 'CCC' IDR.

However, the Rating Outlook has been revised to Negative.  The
company's financial performance and credit protection measures
have shown a negative trend since 2004 and liquidity has
tightened at a time when the company is trying to restructure
operations.  The company's lessened liquidity limits its
competitiveness on a number of fronts one of which was shown by
its need to obtain waivers to spend in front of the new
Remington shaver launch.  Importantly, the timing and proceeds
related to potential asset sales which should increase financial
flexibility are uncertain as is the company's potential scale
and business lines.  It is noted that the Home & Garden segment,
which represented more than 30% of SPC's EBITDA, is slated for
sale but that other asset sales would be needed as well to
reduce leverage.

SPC last had positive organic volume growth during FY04.  In
FY05 and FY06 top line growth was derived from acquisitions with
F/X buttressing the top line in 1Q07.  For the most part,
battery operations have been mired in zero or negative growth on
a quarter over quarter basis since 2Q05 - though there was a
strong retailer uptake with the 'more performance better price'
re-launch in 3Q06 of 16%.  Much of the remaining issues within
batteries appear to be the result of the structural change in
the European market but it will take several quarters to address
it.  Remington has uneven performance.  The EBITDA margin has
declined from 15% in FYE04 to 11.5% at LTM Dec. 31, 2006 due to
mix and commodity pricing.  With leverage from acquisitions and
declining margins, FFO Adjusted Leverage rose from 5x to 9x in
the similar period.

Of concern, is the marked decline in cash flow from operations,
which has declined by US$183 million to US$44.5 million at
FYE06.  After being free cash flow positive since FYE03, a
negative US$15.8 million was recorded at FYE06.  With the
seasonal build-up in working capital and despite very small
capital expenditures for 1Q07, free cash flow was negative
US$78.4 million with LTM Dec. 31, 2006 a negative US$86.4
million.  Debt balances increased by US$103 million from the
fiscal year-end and revolving credit availability declined to
US$138 million at Dec. 31, 2006.  Given increased working
capital requirements for the Home & Garden in Q207, it is
expected that revolver availability will have declined even
further.  At present, except for the steady performance of
Global Pet, which itself just took a US$271 million impairment
charge, there is very little in the near term that would
indicate a solid up-tick is forthcoming in the rest of the
businesses.  While the company continues to restructure its
operations, there is a cash component in the short to medium
term that will need funding.  Additionally, the new facilities
will add more debt service to an already pressured cash flow.  
If there are large unexpected shocks to the business model, the
company may not have the financial flexibility to respond.

Fitch views the expected financing as positive in that it takes
away a legal uncertainty with the bondholders, the imminent
requirement for covenant waivers on the existing bank facility,
adds some limited liquidity and also buys time to complete the
transition.  With Goldman leading both the bank facility and the
asset sale process, it is expected that future covenants will
provide the appropriate flexibility to work through the
transition.  Additionally, the Home & Garden segment should also
provide cash throughout the Spring and Summer as it typically
does in its seasonal cycle.  However, the uneven business trends
and the need for some measure of brand support and investment in
working capital for the next seasonal build up in working
capital towards the holiday season will continue to pressure
liquidity and credit metrics in the medium term.

The Recovery Ratings and notching in the debt structure reflect
Fitch's recovery expectations under a scenario in which
distressed enterprise value is allocated to the various debt
classes.  The recovery ratings for the bank facility benefit
from an enterprise value which more than covers maximum
outstanding.  The senior subordinated debentures of 'RR5'  
reflect the expectation of below average recovery prospects in a
distressed case.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.


SPECTRUM BRANDS: Launches Exchange Offer for 8-1/2% Senior Notes
----------------------------------------------------------------
Spectrum Brands, Inc. intends to commence an exchange offer to
refinance the $350 million in aggregate principal amount
outstanding of its 8-1/2% Senior Subordinated Notes due Oct. 1,
2013 (CUSIP No. 755081AD8) with new senior subordinated notes
due October 2, 2013 of equal principal amount.  The company
intends to commence the exchange offer by Friday, March 16,
2007, and to consummate the initial settlement of the exchange
offer and the bank credit facility refinancing referred to below
by March 30, 2007, subject to the terms, and the satisfaction of
the conditions, described below.

The New Notes will bear interest at an initial rate of 11.00%,
increasing to 11.25% on April 1, 2007 and thereafter increasing
semi annually based on a specified schedule and other
provisions.  The New Notes will be redeemable by the company at
scheduled redemption prices, reflecting a specified premium to
par beginning immediately and declining to par on Oct. 1, 2010.

In conjunction with the exchange offer, the company plans to
solicit consents from the holders of Existing Notes to effect
proposed amendments to the indenture for the Existing Notes that
would eliminate substantially all of the restrictive covenants
and events of default contained therein.  The company expects
that the indenture for the New Notes will contain restrictive
covenants and events of default substantially similar to those
pertaining to the Company's outstanding 7-3/8% Senior
Subordinated Notes due 2015, including specified provisions for
senior secured credit facilities of up to $1.6 billion.

In connection with the exchange offer, the company has entered
into an agreement with certain holders of the Existing Notes who
previously delivered a notice of default to the company under
which such holders have agreed not to exercise any rights or
remedies which may be available to them under the indenture for
the Existing Notes in respect of and to waive alleged defaults,
to tender their notes in the exchange offer and to consent to
the proposed amendments to the indenture for the Existing Notes.  
The company has been advised that these holders own or otherwise
control a majority in aggregate principal amount of the
outstanding Existing Notes.  The agreement will terminate in the
event that Existing Notes are not exchanged in the offer prior
to April 10, 2007.

The closing of the exchange offer will be subject to various
conditions, including the refinancing of the company's existing
bank credit facility and holders of a majority in principal
amount of the Existing Notes having tendered their Existing
Notes in the exchange offer, consented to the amendments to the
indenture for the Existing Notes and waived alleged defaults,
and other customary terms and conditions.

                    Annual Shareholders' Meeting

Spectrum Brands, Inc., will hold its annual shareholders'
meeting on April 25, 2007, at 8:00 a.m. CT at the company's
North American headquarters, at 601 Rayovac Drive in Madison,
Wisconsin.

Shareholders of record as of March 27, 2007, will be entitled to
vote at the meeting.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb.
13, 2007 that Standard & Poor's Ratings Services lowered all of
its ratings on Atlanta, Georgia-based Spectrum Brands Inc.,
including the company's corporate credit rating, which was
lowered to 'CCC+' from 'B-'.

The outlook is developing.

Moody's Investors Service confirmed Spectrum Brands Inc.'s B3
Corporate Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


===============
T H A I L A N D
===============

BANK OF AYUDHYA: Net Income Drops to THB1.66 Bil. For FY2006
------------------------------------------------------------
Bank of Ayudhya PCL's consolidated net income for the year ended
Dec. 31, 2006, dropped to THB1.67 billion as compared with a net
income of THB6.02 billion for the year ended Dec. 31, 2005.

Bank of Ayudhya's consolidated balance sheets as of Dec. 31,
2006, showed total assets of THB666.23 billion compared with
total assets of THB647.82 billion as of Dec. 31, 2005.  The bank
reported total liabilities worth THB619.08 billion as of
Dec. 31, 2006, as compared with total liabilities of
THB607.44 billion as of Dec. 31, 2005.

Bank of Ayudhya reported THB47.15 billion in shareholders'
equity for the year ended Dec. 31, 2006, while shareholders'
equity for the year ended Dec. 31, 2005, reached
THB40.37 billion.

A full-text copy of Bank of Ayudhya's consolidated financial
statements for the year ended Dec. 31, 2006 and 2005 can be
viewed for free at: http://bankrupt.com/misc/BAYE2.xls

               About The Bank of Ayudhya PCL

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of   
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007, that Fitch Ratings upgraded Bank of Ayudhya's:

    * Long-term foreign currency Issuer Default rating to BBB-
      from BB+;

    * Short-term foreign currency to F3 from B;

    * Foreign currency subordinated debt rating to BB+ from BB;
      and

    * Individual rating to C/D from D.

Fitch also affirmed the bank's Support ratings at 3.

At the same time, the TCR-AP said that Moody's Investors Service
upgraded the Bank of Ayudhya's bank financial strength rating to
"D-" from "E+".


DAIMLERCHRYSLER AG: UAW President Prefers Chrysler With Carmaker
----------------------------------------------------------------
United Auto Workers President Ron Gettelfinger said
DaimlerChrysler AG' Chrysler Group should remain in the family,
various news agencies report.

"I've been around the process long enough to know that I'm not
ready to concede that the Chrysler Group is going to come out of
DaimlerChrysler," Mr. Gettelfinger told radio station WJR-AM in
Detroit in an interview.

According to reports, Mr. Gettelfinger added that he hopes that
if ever Chrysler will be sold, it will be to a car company.

Mr. Gettelfinger is a member of DaimlerChrysler's supervisory
board.  He will represent the UAW in negotiating labor contracts
with Chrysler Group, General Motors Corp, and Ford Motor Co.

                  About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,    
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER: CAW Local 1285 Members Vote for New Agreement
--------------------------------------------------------------
Canadian Auto Workers Local 1285 members who work at
DaimlerChrysler's Brampton, Ont., car assembly plant voted
overwhelmingly to an agreement that helps secure new work at the
facility.

More than 2,800 members attended a packed meeting.  CAW
production members voted 78% in favor and skilled trades members
voted 95% in favor of the agreement that will come into force
when new products come into the plant, which currently produces
the Chrysler 300, the Dodge Magnum and Dodge Charger.

Bob Chernecki, assistant to the CAW President, spoke to the
members about the tough environment facing domestic automakers
and the challenging times that have created so much insecurity
in auto producing communities.

"Our members work hard to produce high quality vehicles and they
made a difficult decision [this] day that will help provide a
more secure future for themselves, their families and their
community," Mr. Chernecki said.

Ardis Snow, Local 1285 unit chairperson at DaimlerChrysler,
said, "It was a very hard decision for the members to make, but
they looked at the long term future for themselves and their
families.  As the new plant chairperson I have a lot of work
ahead of me to unite the membership and the leadership," Mr.
Snow said.

Ken Lewenza, chairperson of the CAW's DaimlerChrysler master
bargaining committee, said, "There is obviously a lot of
uncertainty in the auto industry and our members continue to
express frustration and concern about the future."

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,    
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER AG: CEO Confirms Proposed SUV Deal with GM
----------------------------------------------------------
DaimlerChrysler AG Chief Executive Officer Dieter Zetsche
confirmed his company is talking to General Motors Corp. about
sharing the costs of future sport-utility vehicles, but he and
GM's CEO stayed mum about whether GM could try to buy its
Chrysler arm outright, Stephen Power and Neal E. Boudette of the
Wall Street Journal report.

According to the source, Mr. Zetsche reiterated that the
automaker is considering "all options" for Chrysler, including a
possible sale, which move came amid rising investor frustration
over the division's losses.

Possible buyers that have expressed interest in Chrysler include
auto-parts maker Magna International Inc. and private-equity
groups Blackstone Group LP and Cerberus Partners LP, the Journal
said citing people familiar with the matter.

Sources said early this week that Blackstone Group topped in its
bid to buy DaimlerChrysler's Chrysler Group.  The private equity
firm, the reports said, is moving forward with a detailed
analysis of Chrysler's finances and operations with an eye
toward making a formal bid.

                    Lower February Sales

As reported in the Troubled Company Reporter on Mar. 2, 2007,
DaimlerChrysler AG's Chrysler Group reported sales for February
2007 of 174,506 units; down 8% compared with February 2006 with
190,367 units.  All sales figures are reported unadjusted.

"In a generally soft market environment in February, the
Chrysler Group had good traffic and solid customer interest
especially for our newly launched, fuel efficient models like
the Dodge Avenger, Dodge Caliber, and Jeep(R) Compass.  Also,
the Jeep Wrangler had its best February ever," Chrysler Group
Vice President for Sales and Field Operations Steven Landry
said.

                     About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,    
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


PHELPS DODGE: Shareholders Okay Freeport's Acquisition Proposal
---------------------------------------------------------------
Phelps Dodge Corporation and Freeport-McMoRan Copper & Gold Inc.
announced that both companies' shareholders approved Freeport-
McMoRan's acquisition of Phelps Dodge at special meetings.  At
each meeting, approximately 98 percent of the votes cast
supported the transaction.

Richard C. Adkerson, Freeport-McMoRan's President and Chief
Executive Officer, said, "We are pleased with the approval from
shareholders, which will allow us to complete the acquisition of
Phelps Dodge.  This is an exciting time for our company as we
transform Freeport-McMoRan into the world's largest publicly
traded copper producer."

Under the terms of the merger agreement, Phelps Dodge
shareholders will receive US$88 in cash and 0.67 of a share of
Freeport-McMoRan's common stock for each Phelps Dodge common
share, which is equivalent to a value of US$125.53 based on the
closing price of Freeport-McMoRan's common stock on
March 13, 2007.  The cash portion of US$18 billion represents
approximately 70 percent of the total consideration.  Following
completion of the transaction, there will be approximately 334
million shares outstanding.

The transaction is expected to close on Mar. 19, 2007.

Freeport-McMoRan stockholders also approved an increase in the
number of authorized shares of Freeport-McMoRan common stock
from 423.6 million to 700.0 million.

Upon the closing of the merger, Freeport-McMoRan will operate a
geographically diverse portfolio of long-lived reserves of
copper, gold and molybdenum.  The Grasberg mine, the world's
largest copper and gold mine in terms of reserves, will be the
key asset of the combined company.  Freeport-McMoRan will
operate significant mining operations in North and South America
and will proceed with the initial development of the world-class
Tenke Fungurume project in the Democratic Republic of Congo.

          About Freeport-McMoran Copper & Gold Inc.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.

                     About Phelps Dodge Corp

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the    
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, China, the Philippines
and Japan, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
March 6, 2007, Moody's Investors Service affirmed the B1 (LGD4,
63%) rating on Phelps Dodge's Cyprus Amax notes and on Phelps
Dodge's other existing senior unsecured notes.


TOTAL ACCESS: To Expand Airtime Refill Service To Boost Sales
-------------------------------------------------------------
Total Access Communications (DTAC) is concentrating its efforts
to increase the sales of its mobile-to-mobile airtime refills
through its Happy Online vendors, with the aim of quadrupling
revenue to THB5billion this year, The Bangkok Post reports.

The report explains that through the service, DTAC prepaid users
can refill his airtime through a Happy Online vendor without
presenting any refill card.  The vendor will immediately
transfer call credits from his mobile phone to the customer's
upon payment.  

The report says that most Happy Online vendors are non-telecom
retailers such as grocery shops, factories, schools and
universities, banks, and convenience stores like 7-eleven.

The report, citing senior vice-president for commercial
development Chaiyod Chirabowornkul, states that DTAC
restructured its distribution channels and marketing techniques
for the airtime purchase service.  

"Strengthening our retailer relationship management, classifying
our retail network, and diversifying into other wireless value-
added services like ringtone downloads and promotional-campaign
switching will be key strategies for our online top-up business
this year," The Bangkok Post quotes Mr. Chaiyod.

The report recounts that DTAC earned THB1.25 billion -- 10% of
total refill revenues -- from the Happy Online refill service in
its first year of operation ending in February 2007.  Nearly
200,000 transactions were made daily through 80,400 Happy Online
vendors -- 64,000 of which are shops in the provinces.

Mr. Chaiyod said that DTAC earns THB300 million from Happy
Online transactions each month, the report states.  
Market leader Advanced Info Service (AIS) earns about
THB200 million, and True Move earns THB300 million from similar
services.

The Bangkok Post states that DTAC aims to increase its Happy
Online vendors to 100,000 by the end of 2007 as the company
expands to reach communities in the province.

The report explains that mobile-to-mobile refill services
eliminates the cost of producing refill cards at THB1 each.

The report says that DTAC customers can buy minimum call credits
worth THB20 good for a day from Happy Online vendors.  
DTAC's refill cards offer minimum call credits worth THB50 good
for 5 days.

Mr. Chaiyod believes that the proportion of mobile-to-mobile
refill transactions in Thailand would reach 50% of total refill
purchases because most mobile users are in the provinces, where
there are few outlets, The Bangkok Post says.

The report adds that DTAC plans to set up a telesales team to
add another dimension to its refill service.

            About Total Access Communications, DTAC

Total Access Communications, DTAC -- http://www.dtac.co.th/--     
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

On Jan. 12, 2007, Fitch Ratings affirmed the ratings of Total
Access Communication following the proposed amendments to
Thailand's Foreign Business Act.

    -- Long-term foreign currency Issuer Default rating at BB+;

    -- National Long-term rating at A(tha);

    -- National Short-term rating at F2(tha); and

    -- National senior unsecured rating at A(tha).

The Outlook on DTAC's ratings is Stable.


TUNTEX PCL: Ernst & Young Raises Substantial Going Concern Doubt
----------------------------------------------------------------
Due to material uncertainties regarding the successful
implementation of Tuntex PCL's business rehabilitation plan,
Thipawan Nananuwat of Ernst & Young Office has raised
substantial doubt on the company's ability to continue as a
going concern after auditing its financial statements for fiscal
year ended Dec. 31, 2006.   

Tuntex reported net losses of THB1.10 billion over total
revenues of THB3.90 billion for the year ended Dec. 31, 2006.  
For the year ended Dec. 31, 2005, the company reported a net
profit of THB5.20 billion on total revenues reached
THB8.13 billion.

The company's consolidated balance sheets as of Dec. 31, 2006,  
showed illiquidity with current assets of THB621.53 million
available to pay current liabilities of THB2.99 billion coming
due within the next 12 months.  

Tuntex's consolidated balance sheets as of end-December 2006
also showed total assets of THB8.83 billion and total
liabilities of THB8.36 billion, resulting to total shareholders'
equity of THB466.90 million.

A full-text copy of Tuntex's consolidated financial statements
for the year ended Dec. 31, 2006, can be viewed for free at:
http://bankrupt.com/misc/TUNTEXE06.xls

                     About Tuntex PCL

Tuntex Public Company Limited -- http://www.tuntexthailand.com/  
-- was incorporated as a public company limited under the Thai
laws.  The Company operates in Thailand and its principal
activity is the manufacture of polyester yarn.

On Nov. 17, 2003, the Company filed a petition with the
Central Bankruptcy Court requesting it to order the
rehabilitation of the business of the Company.  
On Dec. 15, 2003, the Central Bankruptcy Court issued a
rehabilitation order.

The Company's plan was approved by creditors on Aug. 6, 2004,
and by the Central Bankruptcy Court on Sep. 10, 2004.  
The Court also appointed the Company to be the business
rehabilitation plan administrator.




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland, USA.  Andrei Sanchez, Rousel Elaine Tumanda, Valerie
Udtuhan, Francis James Chicano, Catherine Gutib, Tara Eliza
Tecarro, Freya Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***