TCRAP_Public/070321.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  

            Wednesday, March 21, 2007, Vol. 10, No. 57

                            Headlines

A U S T R A L I A

AGENIX LIMITED: To Hold General Meeting on April 17
CABOT LAING: Will Declare First & Final Dividend on April 5
CONSULTING ENGINEERS: Creditors to Prove Debts Until April 3
DCR FINER: Inability to Pay Debts Prompts Wind-Up
EURELL PLUMBING: Federal Court Issues Wind-Up Order

GAINSBOROUGH STUD: Undergoes Members' Voluntary Wind-Up
HAKUHODO AUSTRALIA: Placed Under Members' Voluntary Liquidation
LONE STAR (NSW): Members' Final Meeting Set for April 16
LONE STAR (QLD): Members to Hold Final Meeting on April 16
SPIRAX MARFORD: Members Set to Meet on April 13

SUN FAVORITE: Will Declare Dividend for Unsecured Creditors
ZINIFEX LTD: To Offer CDN$3.81 Per Share for Wolfden Resources


C H I N A   &   H O N G  K O N G

BENQ: Posts NT$7.89 Billion Loss in October to December Quarter
CHINA SOUTHERN: Gets CNY10 Billion Credit Line From CCB
DANA CORP: Unit Amends Joint Venture Agreement with Dongfeng
FOREVER PROFIT: Court Sets Wind-Up Hearing on April 11
GUANGDONG DEVELOPMENT: Inks Cooperation Deal with China Life

J&K (H.K.): Wind-Up Hearing Set for April 18
JUN XIANG: Faces Wind-Up Petition
KID CASTLE: Brock Schechter Expresses Going Concern Doubt
LUM CHANG: Taps Arboit & Blade as Liquidators
PROXIMA ALPHA: Commences Wind-Up Proceedings

TEAM BRIGHT: Court to Hear Wind-Up Petition on April 11
TERRETON LIMITED: Creditors' Proofs of Debt Due on April 16
WELL CHIEF: Members Pass Resolution to Wind Up Firm
XCAN ASIA: Members' Final Meeting Set for April 16


I N D I A

CANARA BANK: To Sell 49% Stake in Unit to Robeco N.V.
CANARA BANK: To Raise INR500 Crore by Subordinated Bond Issue
GENERAL MOTORS: Fitch Says B Rating Unaffected by Earnings News
GENERAL MOTORS: DBRS Holds Rating on Long-Term Debt at B Neg
GENERAL MOTORS: Moves 20% of Pension Assets from Stocks to Bonds

GMAC LLC: Weak Fourth Quarter Earnings Cue S&P to Hold Ratings
HMT LTD: To Launch Range of Co-Branded Oils with IndianOil
INDIAN OVERSEAS BANK: To Consider Bharat Scheme on March 24
INDIAN OVERSEAS BANK: Shareholder Directors Down to Three
VINYL CHEMICALS: Mulls Selling Maharashtra Unit to Pidilite

VINYL CHEMICALS: Posts INR18.8-Mil. Net Loss in 4th Qtr. 2006


I N D O N E S I A

BEARINGPOINT INC: Lenders Extend Waiver Until March 30
FREEPORT-MCMORAN: Commences IPO of 35-Mil Shares of Common Stock
FREEPORT-MCMORAN: Completes Acquisition of Phelps Dodge Corp.
FREEPORT-MCMORAN: Names 3 Former Phelps Dodge Directors to Board
HILTON HOTEL: Re-launches Two Web Sites

MEDCO ENERGI: Gets US$125 Mil. in Loans from Bank Mandiri
PHILLIPS-VAN HEUSEN: Inks Licensing Pact With Gemini Cosmetics
TELKOM INDONESIA: New President Will Focus on Network Expansion
TELKOMSEL: Partners With DigitalGlobe to Build 3G Infrastructure


J A P A N

HYAKUJUSHI BANK: Fitch Upgrades Individual Rating to 'C'
JAPAN AIRLINES: To Reduce Fuel Surcharges on Passenger Tickets
JAPAN AIRLINES: To Share Sydney-Kansai Flights with Jetstar
KEIYO CO: Buys Back 130,000 Of Its Own Shares
MAMIYA-OP CO: Posts JPY9.05 Bil. Net for Nine Months to Dec. 31

MIYAZAKI BANK: Fitch Upgrades Individual Rating to 'C'
MONTECARLO CO: Lowers Forecasts for Full-Year to March 31
MONTECARLO CO: Completes Qualifying Transaction with Datex
NIHON SEIMITSU: Appoints Osamu Miyata as President
NIHON SEIMITSU: Turns Around w/ JPY0.07-Bil. Income for 9MO2006

NOMURA HOLDINGS: To Release 2006 and 4Q Results on April 26
ORSO FUND: S&P Assigns BB- Rating to Class F Floating-Rate Notes
SANYO ELECTRIC: Tomoyo Nonaka Quits Post As Company Chairperson
SHIMIZU BANK: Fitch Affirms 'C/D' Individual Rating
SHINWA BANK: Fitch Affirms Individual Rating at 'E'

SUMIYA CO: Loss Narrows By 67.12% For Nine Months to Dec. 31
TOCHIGI BANK: Fitch Affirms 'C' Individual Rating
YAKINIKUYA SAKAI: Posts JPY0.34BB Loss for 9 Months to Jan. 31


K O R E A

ARROW ELECTRONICS: Agilysys Owners OK KeyLink Systems Takeover
DURA AUTOMOTIVE: Files Operating Report for Month Ended Jan. 28
TOWER AUTOMOTIVE: Sells Greenville Facility for US$1.375 Million
TOWER AUTO: Wants to Make Initial Payment in ERISA Settlement
TOWER AUTOMOTIVE: Wants Avoidance Actions Protocol Established


M A L A Y S I A

ANTAH HOLDINGS: Changes Moratorium Period Under Approved Plan
ASIAN PAC: Unit Seeks to Acquire Land Assets for MYR37 Million
AVANGARDE RESOURCES: Court Extends Restraining Order to April 5
COMSA FARMS: Gets Restraining Order Extension Until July 9
EKRAN BERHAD: Bursa Extends Plan Filing Deadline to April 30

MALAYSIA AIRLINES: Still in Talk With Airbus Over A380 Order
PROTON HOLDINGS: Japan Responds Well to Gen2 and Satria Models
SHAW GROUP: Obtains Second Waiver from Lenders
SHAW GROUP: Hires KPMG LLP as Accountants


N E W   Z E A L A N D

AIR NEW ZEALAND: Delayed Passengers to Seek Compensation
AIR NEW ZEALAND: Increases Flights To and From Adelaide
WOOL EQUITIES: Posts NZ$0.31 Million Profit for HY-End Dec. 2006


P H I L I P P I N E S

CHIQUITA BRANDS: Pleads Guilty to Terrorist Payment Allegation
UNIVERSAL RIGHTFIELD: Atty. R. L. Justo Resigns From Board
* Phil. Banks' NPL Ratio Increases to 5.72% in January


S I N G A P O R E

BERPHENS PTE: Creditors Must File Proofs of Debt by April 30
NT VISION: Pays Final Dividend to Unsecured Creditors
REFCO: Plan Administrators Want US$15MM Admin Claims Disallowed
REFCO INC: Plan Administrators Want Cross-Border Protocol Fixed
REFCO INC: RCM Trustee Objects to 18 Claims Totaling US$240 Mil.


T H A I L A N D

BANK OF AYUDHYA: 15% Loan Growth Sets High Forecasts for 2007-11
DAIMLERCHRYSLER: Union Heads Fight Chrysler Sale to Equity Buyer
ITV PCL: Public Relations Dept. To Review Operating Proposal
TOTAL ACCESS: To Increase Value-Added Service Sales to THB8MM


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AGENIX LIMITED: To Hold General Meeting on April 17
---------------------------------------------------
Agenix Limited will hold a general meeting on April 17, 2007, at
10:00 a.m., at the Surveyors Room of Conrad Treasury Hotel, in
George Street, Brisbane.

The primary purpose of the meeting is to consider resolutions
concerning the company's proposed acquisition of all the issued
share capital in Shanghai Rui Guang Bio-Pharma Development Co.,
Ltd and Shanghai Yi Sheng Yuan Pharmaceutical Co., Ltd, each a
private company registered in the People's Republic of China.

                         About Agenix

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs
110 staff and sells its products to more than 50 countries.  
ThromboView is a registered trademark of AGEN Biomedical.

The Troubled Company Reporter - Asia Pacific reported on Nov. 3,
2006, that Agenix's consolidated net loss for FY 2005-06 fell to
AU$3.721 million from the previous year's AU$13.616 million
loss.  Agenix ended 2003 with a AU$811,000 net loss, owing to
huge R&D expense on Thromboview.  The Company had announced a
AU$14.3-million loss for the six months ending June 30, 2004,
largely due to increased investments and one-off items including
legal fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.


CABOT LAING: Will Declare First & Final Dividend on April 5
-----------------------------------------------------------
Cabot Laing & Co Pty Ltd will declare a first and final dividend
on April 5, 2007.

Creditors who will be unable to prove their debts by June 2,
2007, will be excluded from sharing in the dividend
distribution.

The company's liquidator is:

         R. L. Cardwell
         14 Barry Place
         Cherrybrook, New South Wales 2126
         Australia
         Telephone:(02) 9894 7326

                        About Cabot Laing

Cabot Laing & Co Pty Ltd is involved with real estate agents and
managers.  The company is located in New South Wales, Australia.


CONSULTING ENGINEERS: Creditors to Prove Debts Until April 3
------------------------------------------------------------
Consulting Engineers Advancement Society of Australia Limited
will be receiving creditors' proofs of debt until April 3, 2007.

Failure to prove debts by the due date will exclude a creditor
from sharing in the company's declaration of dividend on
April 10, 2007.

The company's liquidator is:

         P. A. Billingham
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia

                   About Consulting Engineers

Located in Lower Hutt, New Zealand, Consulting Engineers
Advancement Society Inc manages insurance agents and brokers.


DCR FINER: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on Feb. 28, 2007, the
creditors of DCR Finer Cars Pty Limited passed a resolution to
wind up the company's operations, due to its inability to pay
debts.

In this regard, Stephen Jay was appointed as liquidator.

The company's Liquidator can be reached at:

         Stephen Jay
         Suite 2, Level 1
         43 Macquarie Street
         Dubbo, New South Wales 2830
         Australia

                        About DCR Finer

DCR Finer Cars Pty Limited is a dealer of new and used cars.  
The company is located in New South Wales, Australia.


EURELL PLUMBING: Federal Court Issues Wind-Up Order
---------------------------------------------------
On Feb. 23, 2007, the Federal Court of Australia made an order
to wind up the operations of Eurell Plumbing Partners Pty Ltd.

Accordingly, Antony de Vries was appointed as liquidator.

The Liquidator can be reached at:

         Antony de Vries
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia

                      About Eurell Plumbing

Located in New South Wales, Australia, Eurell Plumbing Partners
Pty Ltd is into plumbing, heating, and air-conditioning
business.


GAINSBOROUGH STUD: Undergoes Members' Voluntary Wind-Up
-------------------------------------------------------
The members of Gainsborough Stud (Australia) Pty Ltd held a
general meeting on Feb. 28, 2007, and resolved to voluntarily
wind up the company's operations.

Robert Whitton was appointed as liquidator.

The Liquidator can be reached at:

         R. W. Whitton
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000

                     About Gainsborough Stud

Gainsborough Stud (Australia) Pty Limited is into mining metal
ores.  The company is located in New South Wales, Australia.


HAKUHODO AUSTRALIA: Placed Under Members' Voluntary Liquidation
---------------------------------------------------------------
At a general meeting held on Feb. 19, 2007, the members of
Hakuhodo Australia Pty Limited resolved to voluntarily wind up
the company's operations.

Yukio Hayashi was appointed as liquidator.

The Liquidator can be reached at:

         Yukio Hayashi
         c/o Yukio Hayashi & Associates
         Suite 2, Level 10, 82 Elizabeth Street
         Sydney, New South Wales 2000
         Australia

                    About Hakuhodo Australia

Hakuhodo Australia Pty Limited -- http://www.hakuhodo-12.com;
http://www.hakuhodo.jp-- operates advertising agencies.  The  
company is located in New South Wales, Australia.


LONE STAR (NSW): Members' Final Meeting Set for April 16
--------------------------------------------------------
Lone Star Steakhouse & Saloon (New South Wales) Pty Limited will
hold a final meeting for its members on April 16, 2007, at
2:45 p.m.

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

According to the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Oct. 18, 2006.

The company's liquidator is:

         Geoffrey W. Foster
         Blake Dawson Waldron
         Level 36, Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia

                     About Lone Star (NSW)

Lone Star Steakhouse & Saloon (New South Wales) Pty Limited is a
distributor of durable goods.  The company is located in New
South Wales, Australia.


LONE STAR (QLD): Members to Hold Final Meeting on April 16
----------------------------------------------------------
The members of Lone Star Steakhouse & Saloon (Queensland) Pty
Limited will meet on April 16, 2007, at 2:50 p.m. for their
final meeting, to receive Liquidator Geoffrey W. Foster's report
about the company's wind-up proceedings and property disposal.

The company started to wind up its operations on Oct. 18, 2006,
according to the TCR-AP.

Mr. Foster can be reached at:

         Geoffrey W. Foster
         Blake Dawson Waldron
         Level 36, Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia

                     About Lone Star (QLD)

Lone Star Steakhouse & Saloon (Queensland) Pty Limited operates
eating-places.  The company is located in New South Wales,
Australia.


SPIRAX MARFORD: Members Set to Meet on April 13
-----------------------------------------------
The members of Spirax Marford Pty Limited will meet on April 13,
2007, at 10:00 a.m., to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced wind-up proceedings on April 4, 2006.

The company's liquidator is:

         R. J. Porter
         c/o Moore Stephens
         Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia

                      About Spirax Marford

Located in Queensland, Australia, Spirax Marford Pty Limited  --
also trading as Feedwater Engineering Company; Marford Techincal
Supply Company; and Tandex Chemical Co -- provides engineering
services.


SUN FAVORITE: Will Declare Dividend for Unsecured Creditors
-----------------------------------------------------------
Sun Favorite (Australia) Pty Ltd will declare a first dividend
for its unsecured creditors on May 4, 2007.

Accordingly, unsecured creditors are required to prove their
debts by April 3, 2007 to be included in the dividend
distribution.

The company's liquidator is:

         Murray Smith
         McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         e-mail: http://www.mcgrathnicol.com

                       About Sun Favorite

Sun Favorite (Australia) Pty Ltd is a distributor of industrial
and personal service paper.  The company is located in New South
Wales, Australia.


ZINIFEX LTD: To Offer CDN$3.81 Per Share for Wolfden Resources
--------------------------------------------------------------
In a media release posted at its Web site, Zinifex Limited
reveals that it intends to make an offer, subject to certain
conditions, for all of the outstanding common shares of Wolfden
Resources Inc. at a cash price of CDN$3.81 per share.  The Offer
includes shares that may be issued upon the exercise of Wolfden
warrants and stock options.  It values Wolfden at approximately
CDN$360 million.

"Due diligence has confirmed our views that Wolfden would
represent an excellent fit with Zinifex's strategy to grow its
mining business," Zinifex's Chief Executive Officer Greig Gailey
said.  "We are therefore pleased to progress to the next stage
by formalizing our offer for Wolfden with the support of
Wolfden's board and management."

Zinifex and Wolden have entered into a support agreement in
respect of Zinifex's intention to make the Offer.  Under the
Support Agreement, a wholly owned subsidiary of Zinifex --
Zinifex Canadian Enterprises Inc. -- will make the Offer
pursuant to a take-over bid circular to be mailed to Wolfden's
shareholders on April 2, 2007.

The Offer will be open for acceptance for a period of not less
than 36 days and will be conditional upon, among other things,
more than 66% of the outstanding common shares of Wolfden
(calculated on a fully-diluted basis) being validly deposited
under the Offer and not withdrawn.

The Offer will also be subject to, among others:

   * the condition that certain senior officers of Wolfden enter
     into employment agreements with Zinifex; and

   * certain other customary conditions, including the absence
     of any material adverse change, the obtaining of any
     relevant regulatory approvals, and the absence of any
     adverse litigation, proceeding or legal prohibition in
     respect of the Offer.

Wolfden has advised that its Board of Directors have unanimously
determined that the Offer is fair to, and in the best interests
of Wolfden and its shareholders.

Accordingly, Wolfden's Board has approved the Support Agreement
with Zinifex and recommends that Wolfden's shareholders accept
the Offer.  Wolfden's Board noted that it has received the
opinion of BMO Capital Markets that the consideration to be
provided under the Offer is fair from a financial point of view
to the shareholders.  Each member of Wolfden's Board and each of
Wolfden's senior officers has entered into a lock-up agreement
in respect of the Offer.

The Support Agreement provides for, among other things:

   (a) a break fee provision of CDN$11 million; and

   (b) the requirement that Wolfden not solicit competing offers
       and notify Zinifex of the receipt of any alternative
       proposals from third parties, together with a right of
       Zinifex to match any such proposal.

Inmet Mining Corporation and Goldcorp Inc. have also entered
into lock-up agreements to tender, subject to the terms of the
agreements, 13,500,000 and 6,000,000 common shares to the Offer,
respectively.  Together with the shares held by or issuable to
the directors and senior officers of Wolfden, Zinifex has lock-
up agreements in respect of approximately 27% of the shares of
Wolfden (on a fully diluted basis).

Zinifex notes that its media release does not constitute an
offer to purchase or a solicitation of an offer to sell
securities.  The take-over bid circular, when available, will
contain important information, including full details of the
Offer and its terms and conditions, the company says.

                         About Wolfden

Wolfden is a Canadian-based mineral exploration and development
company with a diversified portfolio of advanced stage resource
projects in the Nunavut Territory of Canada.  In particular, it
holds 100% of the high grade undeveloped poly-metallic deposits
Izok and High Lake deposits which contain copper, zinc, gold and
silver.

                         About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in  
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of the company's products are distributed outside
Australia, particularly in Asia, which is experiencing
significant growth in construction activity and vehicle
production.  Zinc is used for steel galvanizing and die-casting
and lead for lead acid batteries used mainly in cars and other
vehicles.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Aug. 9,
2006, that Fitch Ratings assigned Zinifex a Long-term foreign
currency Issuer Default Rating of 'BB+' with a Stable Outlook.

According to Fitch, the rating is unaffected by Zinifex's
announcement of a proposed transaction with Belgium-based
specialty metals group Umicore to merge their respective zinc
smelting and alloying businesses, a Dec. 14, 2006, TCR-AP report
noted.


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

BENQ: Posts NT$7.89 Billion Loss in October to December Quarter
---------------------------------------------------------------
BenQ Corp posted its fifth straight quarterly loss as its
handset business continues to drag after it declared its German
unit insolvent late last year, Reuters reports.

According to the report, BenQ posted a net loss of NT$7.89
billion or US$238 million for the October-December quarter,
widening from a year-ago loss of NTT$6.02 billion.

Reuters notes that the result was compared with an average
forecast for an NT$843 million loss from five analysts the news
agency surveyed.  The firm posted a loss of NT$12.22 billion in
the third quarter, Reuters relates.

The report says BenQ faces more challenges as it tries to
strengthen its struggling core businesses, while its outlook is
also clouded by the detention last week of its chief financial
officer in a probe over suspected insider trading.

However, BenQ said it will continue to sell phones in Asia, even
though it failed to turn around the loss-making handset unit it
bought from Germany's Siemens in late 2005, Reuters notes.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


CHINA SOUTHERN: Gets CNY10 Billion Credit Line From CCB
-------------------------------------------------------
China Southern Airlines has obtained a CNY10 billion credit line
from China Construction Bank, Forbes reports, citing a statement
by the airline.

According to the statement, the funds would be used for
operating capital, aircraft financing, exchange settlements, and
other requirements.

China Southern Chairman Liu Shao Yong also told Business Wire
that the two parties have created significant advances in
airline e-ticketing, capital polls and settlement via the
Internet Banking Service.

                          *     *     *

Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings has downgraded China Southern
Airlines Company Limited's Foreign Currency and Local Currency
Issuer Default Ratings to B+ from BB-.

The Troubled Company Reporter - Asia Pacific reported in April
2006, that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


DANA CORP: Unit Amends Joint Venture Agreement with Dongfeng
------------------------------------------------------------
Dana Mauritius Ltd and Dongfeng Motor Co Ltd have amended their
agreement to develop a 50-50 joint venture, the Dongfeng Dana
Axle Co Ltd, Forbes reports, citing a statement from Dana Corp.

According to Dana's statement, part of the amendments calls for
Dana Mauritius to make an initial payment of CNY38.8 million to
Dongfeng for a 4% equity interest in the joint venture.  

The transaction is expected to be completed by the end of March,
Forbes says.  

Meanwhile, Dana Mauritius will purchase the remaining 46%
interest after April 1, 2008, and within three years of
receiving government approvals.

The agreement also provides that, Dana license certain
commercial vehicle axle technology to Dongfeng Dana Axle for the
term of the joint venture, Forbes says citing Dana Corp's
statement.

Forbes, however, notes that all these amendments are still
subject to government approval.

                     About Dongfeng Motor Co. Ltd.

Dongfeng Motor Co. Ltd. is a joint venture between the state-
owned Dongfeng Motor Group Company Ltd. and a Chinese subsidiary
of Nissan Motors.  Dongfeng Motor Group was founded in 1969 and
with its affiliates ranks as one of the three largest vehicle
makers in China. Dongfeng Motor Co. Limited produces a broad
range of light, medium, and heavy-duty trucks, as well as buses
and passenger cars.

                          *     *     *

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and $6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.  (Dana Corporation Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).


FOREVER PROFIT: Court Sets Wind-Up Hearing on April 11
------------------------------------------------------
A petition to wind up the operations of Forever Profit Limited
will be heard before the High Court of Hong Kong on April 11,
2007, at 9:30 a.m.

Hui Pui Kum Alice and Lam Ping Wong filed the petition against
the company on Feb. 7, 2007.

Messrs. Hui and Lams' solicitor is:

         Johnson Stokes & Master
         18th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


GUANGDONG DEVELOPMENT: Inks Cooperation Deal with China Life
------------------------------------------------------------
China Life Corp has signed a strategic cooperation agreement
with Guangdong Development Bank, Forbes relates, citing a Xinhua
News report.

According to the report, the two parties will cooperate on bank
cards, assets management, e-commerce, and cross-share customers.

                          *     *     *

Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a  
bank based in Guangzhou, Guangdong, People's Republic of China.  
The bank was founded in 1988.

Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual E
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.

The GDB, established in 1988, was developed into a national bank
with assets worth of CNY370 billion (US46.25 billion) and more
than 12,000 employees.

By the end of 2003, the bank's bad loans totaled CNY35.7
billion, accounting for 18.53% of its total loans.


J&K (H.K.): Wind-Up Hearing Set for April 18
--------------------------------------------
On Feb. 12, 2007, Public Bank (Hong Kong) Limited -- formerly
known as Asia Commercial Bank Limited -- presented to the High
Court of Hong Kong a petition to wind up the operations of J&K
(H.K.) Enterprises Limited.

The petition will be heard before the High Court of Hong Kong on
April 18, 2007, at 9:30 a.m.

Public Bank's solicitors are:

         Philip K.H. Wong
         Kennedy Y.H. Wong & Co.
         23rd Floor, Admiralty Centre Tower II
         18 Harcourt Road
         Hong Kong


JUN XIANG: Faces Wind-Up Petition
---------------------------------
A petition to wind up the operations of Jun Xiang International
Trading Co. Limited will be heard before the High Court of Hong
Kong on May 9, 2007.

The petition was filed by Jun Xiang International Trading Co.
Limited on March 2, 2007.

Jun Xiang's solicitor can be reached at:

         Tsang, Chan & Woo
         12th Floor, Grand Building
         15-18 Connaught Road Central
         Hong Kong


KID CASTLE: Brock Schechter Expresses Going Concern Doubt
---------------------------------------------------------
Brock Schechter & Polakoff LLP expressed substantial doubt on
Kid Castle Educational Corp.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended Dec. 31, 2005.  The auditing firm pointed to the
company's recurring losses from operations and capital
deficiency.

For the year ended Dec. 31, 2005, the company reported a net
loss of US$1,698,282 on net operating revenues of US$10,232,334
for the year ended Dec. 31, 2005, versus a net loss of
US$1,254,592 on net operating revenues of US$9,729,113 for the
year ended
Dec. 31, 2004.  

The company's balance sheet showed total assets of
US$10,982,937, total liabilities of US$12,280,881, and minority
interests of US$28,627, resulting to total stockholders' deficit
of US$1,326,571 as of Dec. 31, 2005.

The company's balance sheet also showed strained liquidity with
total current assets of US$6,954,257 available to pay total
current liabilities of US$8,436,284 as of Dec. 31, 2005.

Accumulated deficit in 2005 was US$9,010,356, as compared with
accumulated deficit in 2006 of US$7,312,074.

A full-text copy of the company's annual report for 2005 is
available for free at http://ResearchArchives.com/t/s?1b8d

                         About Kid Castle

Kid Castle Educational Corp. (PNK: KDCE) provides English
language instruction and educational services in China and
Taiwan to children between two and 12 years old for whom Chinese
is the primary language.   Its principal subsidiaries are its
wholly owned subsidiary, Higoal Developments Ltd., and its
wholly owned subsidiaries, Kid Castle Internet Technologies Ltd.
and Kid Castle Educational Software Development Company, Ltd.  
The company has worked with numerous universities to introduce
foreign teachers into Taiwan from countries such as the U.S.,
Canada and England.

Kid Castle also provides management and consulting services to
its franchised kindergarten and language schools and sells
educational tools and equipment that are complementary to its
business.


LUM CHANG: Taps Arboit & Blade as Liquidators
---------------------------------------------
On March 16, 2007, Lum Chang (China) Investments Limited
appointed Bruno Arboit and Simon Richard Blade as the company's
liquidators.

The Liquidators can be reached at:

         Bruno Arboit
         Simon Richard Blade
         Baker Tilly Hong Kong Business Recovery Limited
         12th Floor, China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Hong Kong


PROXIMA ALPHA: Commences Wind-Up Proceedings
--------------------------------------------
The members of Proxima Alpha Limited held a general meeting on
March 5, 2007, and decided to voluntarily wind up the company's
operations.

Accordingly, Ha Man Kit, Marcus was appointed as the company's
sole liquidator.

The Liquidator can be reached at:

         Ha Man Kit, Marcus
         Room 2302, 23rd Floor
         99 Hennessy Road, Wan Chai
         Hong Kong


TEAM BRIGHT: Court to Hear Wind-Up Petition on April 11
-------------------------------------------------------
Macro Corporate Consultants Limited filed a petition on Feb. 5,
2007, to wind up the operations of Team Bright Garment (HK) Co.
Limited -- formerly known as Zenix Outdoor Wear Manufactory
Company Limited.

The petition will be heard before the High Court of Hong Kong on
April 11, 2007, at 9:30 a.m.

Macro Corporate's solicitor is:

         Wong & Company
         16th Floor, No. 579 Nathan Road
         Kowloon, Hong Kong


TERRETON LIMITED: Creditors' Proofs of Debt Due on April 16
-----------------------------------------------------------
Terreton Limited requires its creditors to file their proofs of
debt by April 16, 2007.

The company began to wind up its operations on March 8, 2007.

The company's liquidators are:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark
         15 Queen's Road Central
         Hong Kong


WELL CHIEF: Members Pass Resolution to Wind Up Firm
---------------------------------------------------
At an extraordinary general meeting held on March 5, 2007, the
members of Well Chief Investments Limited passed a resolution to
wind up the company's operations.

Accordingly, creditors are asked to prove their debts by
April 16, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Tse Wing Sing, Victor
         Flat B, 16th Floor, Kwong On Bank
         (Mongkok Branch) Building
         728 Nathan Road
         Mongkok, H.K.S.A.R.


XCAN ASIA: Members' Final Meeting Set for April 16
--------------------------------------------------
The members of XCAN Asia Limited will have their final meeting
on April 16, 2007, at 10:00 a.m., to receive the liquidator's
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.

In a report by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on July 7, 2006.

The company's liquidators are:

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


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

CANARA BANK: To Sell 49% Stake in Unit to Robeco N.V.
-----------------------------------------------------
Canara Bank plans to divest 49% of its stake in asset-management
unit Canbank Investment Management Services Ltd to Robeco Groep
N.V., a filing with the Bombay Stock Exchange reveals.

In that regard, Canara Bank and Robeco Groep signed a memorandum
of understanding on March 19 to form a joint venture.

The total deal is valued at INR2.30 billion and the bank will
sell the 49% stake to Robeco at about INR1.15 billion, Reuters
quotes bank Chairman M.B.N. Rao as saying.

According to the news agency, the parties hope to start joint
operations after getting regulatory approvals this year.

The Hindu says that the Reserve Bank of India has already given
its approval regarding the Canara stake sale.  The proposal,
however, will still be placed before the Securities and Exchange
Board of India and the Foreign Investment Promotion Board for
necessary clearances.

The bank's asset-management arm will be renamed Canara Robeco
AMC after the deal is completed, Reuters adds.

"In the coming months, the new entity would float five new
products, most of them being equity based," The Hindu cites
Robeco CEO George Moller as saying.

Robeco Groep is a Netherlands-based asset management company
that offers an assortment of over 160 mutual funds, including
equity, bond, money market, guaranteed and mixed funds, for both
private and institutional investors.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse   
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.

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


CANARA BANK: To Raise INR500 Crore by Subordinated Bond Issue
-------------------------------------------------------------
Canara Bank plans to raise INR500 crore by issuing subordinated
upper tier II bonds.

Carrying a 10% interest, the bonds will mature in 15 years.  The
interest is payable annually.

The bonds are callable at the end of 10 years.  If the call
option is not exercised, the bonds will be eligible for 0.50%
interest from 11th year until redemption.

Canara has appointed Vijaya Bank, Bangalore, as trustee for the
bond issue.

The bonds are listed at the National Stock Exchange.

March 23, 2007, is the deemed date of allotment for the bonds.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse   
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.

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


GENERAL MOTORS: Fitch Says B Rating Unaffected by Earnings News
---------------------------------------------------------------
Fitch Ratings reports that General Motors' issuer default rating
remains at B and on Rating Watch Negative.  General Motors'
ratings are unaffected by the company's earnings announcement
and the US$1 billion payment related to its sale of a 51%
ownership stake in GMAC.  During 2007, Fitch remains focused on
the status of the turnaround of North American automotive
operations, the upcoming United Auto Workers Union or UAW
contract talks, resolution of the Delphi situation, and the
impact of prevailing economic conditions.  Liquidity remains
substantial, although negative cash flows will persist.

Fourth quarter revenues in North America continued to fall, and
revenues and share will remain under pressure despite new
product introductions.  As in fourth quarter-2006, first half-
2007 results will benefit from the rollout of new GMT-900
products, particularly General Motors' well-received pickup
lineup.  Second half results are much more uncertain due to
continued weakness in the housing market, the ramp-up of
Toyota's new pickup plant, and the importance of General Motors'
pickups to consolidated volume and profitability.  Combined with
weaker economic conditions, revenues are likely to experience
increased pressure in second half-2007, although a stronger
product lineup, including important crossover and Saturn
products, should provide some support.  Europe, Latin American
and Asian operations showed healthy improvement.

General Motors has made substantial progress through its
employee buyout program and changes to health-care programs
(some of which will be offset by absorption of Delphi
liabilities).  However, a significant portion of the cost
savings are on a non-cash basis, and cash flow will remain
negative in 2007 (albeit at a lesser level than in 2006).  In
particular, reduced non-cash OPEB expenses and non-cash earnings
associated with General Motors' growth in pension assets have
benefited reported results.  Cash outlays related to
restructuring efforts could continue to decline, although
expenditures will be incurred as the company continues to
consolidate its North American manufacturing operations and
reduce its reliance on rental fleets.  General Motors's non-debt
liabilities are expected to shrink accordingly, which will
result in associated cash outflows.

Revenue pressures, from continued transplant expansion and
General Motors's share losses, will continue to highlight the
need for step changes in cash costs in order to reverse negative
cash flows.  Despite profitability on a reported basis, General
Motors's margin levels remain insufficient for long-term
viability given the economic and product cycles inherent in the
industry.  The upcoming UAW negotiations will be a critical
milestone in General Motors's ability to achieve long-term cost-
competitiveness.  Progress continues to be made in a number of
areas including work rules, job classifications, employee
reductions, among others, but cost-competitiveness will not be
achieved without significant changes to General Motors's health
care burden.  Although progress is expected to continue in this
area, within and outside of the upcoming contract negotiations,
the significant competitive disadvantage is unlikely to be
resolved in the intermediate term.  UAW workforce issues,
centering on ultimate wage and benefit issues, continue to pose
risks of a work stoppage, at General Motors and at Delphi.

Liquidity, including automotive cash and s/t VEBA of
US$26.4 billion at year-end 2006, remains very healthy but
continues to erode through operating and non-operating cash
drains.  Restructuring costs, the US$1 billion purchase price
adjustment to the GMAC transaction, costs associated with the
resolution of Delphi and contributions to the recently
established special-purpose VEBA have all exacerbated cash
outflows from operations.  Liquidity has been sustained through
asset sales, which are expected to be limited going forward.  
Large liquidity holdings will remain critical to finance large
working capital requirements and for General Motors to extract
savings out of its fixed-cost structure.  Despite improvement in
OPEB liabilities, automotive debt rose US$4.3 billion in 2006,
largely resulting from the deconsolidation of debt owed to GMAC.
The shifting of 20% of assets from equities to fixed-income
securities, combined with recent asset and expected payout
levels, has significantly reduced the potential for any required
contributions over the near term.  Continued accounting and
financial reporting issues also remain concerns.

                 About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the  
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.


GENERAL MOTORS: DBRS Holds Rating on Long-Term Debt at B Neg
------------------------------------------------------------
Dominion Bond Rating Service confirmed the ratings of General
Motors Corporation and General Motors of Canada Limited at B and
R-5 and the trends remain Negative.

General Motors Corp.'s confirmed ratings:

   * Commercial Paper Confirmed R-5 Neg

   * Convertible Debentures Confirmed B Neg

   * Ind. Dev. Empower. Zone Rev. Bds., S2004 (Issued by NYC
     Ind. Dev. Agency, Guar. by GMC) Confirmed B Neg

   * Long-Term Debt Confirmed B Neg

General Motors of Canada Limited confirmed ratings:

   * Commercial Paper Confirmed R-5 Neg
   * Long-Term Debt Confirmed B Neg

The rating actions reflect the fact that GM's financial profile
remains weak despite improved results at its North American
automotive operations.  The Negative trends indicate that the
company continues to face considerable headwinds in its
recovery.

GM has reported stronger results for the fourth quarter of 2006,
reflecting the progress made by the company in restructuring its
Automotive business, particularly in North America where the
company's Automotive operations were profitable again.  Net
income, excluding special items, at GMNA, its problematic
segment, was almost breakeven compared with a US$1.4 billion
loss in the prior-year period.  The progress in structural cost
reductions was the key driver, and an improved product mix was
also a contributing factor.

However, unit volume sales continued to decline and the
resultant low capacity utilization remains a concern.  GM was
also affected by a loss at GMAC LLC, its former wholly owned
finance subsidiary.  Weaknesses in the "sub-prime" mortgage
market in the United States have depressed the performance of
the mortgage operations of GMAC, which reported a large loss for
the quarter.  GM achieved positive operating cash flow, on an
adjusted basis, for the quarter, another favourable development.  
Liquidity at the company remains above average, with US$26.4
billion in cash and short-term marketable securities at the end
of 2006.  DBRS believes that GM should have no problem funding
its normal operations and restructuring initiatives.

GM sold a 51% interest of GMAC LLC to a consortium led by
Cerberus Capital Management on Nov. 30, 2006. As a result of the
weak performance at GMAC, GM will refund approximately
US$1 billion to GMAC, in the form of a capital contribution, to
restore GMAC's adjusted tangible equity balance as of Nov. 30,
2006 to the US$14.4 billion level that was agreed upon in the
sale agreement.  DBRS believes that this unexpected payment,
although a negative, would not have a material impact on the
company's ability to meet its funding needs.

GM has also announced that it has restated its stockholders'
equity as of Dec. 31, 2001 by US$245 million related to deferred
tax liabilities and taxation of foreign currency transactions.
In addition, the company had also restated its financial
statements for 2002 through to the third quarter of 2006,
largely due to hedge accounting.  The adjustments had no impact
on cash flow for any of the restated periods.  However, similar
to last year, these restatements may lead to issues with various
existing financing agreements such as sale/leasebacks and
leases.  Nevertheless, DBRS believes that, based on the
experience in 2006, the current restatements are not likely to
cause problems for GM.

Despite the recent improvement, DBRS notes that the company's
financial profile remains weak.  GM still faces significant
headwinds to turn around its North American Automotive
operations. Challenges affecting GM include:

   1. Labour negotiations at Delphi Corporation, GM's largest
      parts supplier and a former subsidiary, are still ongoing,
      although labour tension at Delphi has eased significantly
      recently, reducing the odds of an extended strike but the
      risk still exists.

  2. GMNA has been ineffective in stopping its market share
     decline.  Stabilizing market share is critical to GMNA's
     turnaround.

  3. Capacity utilization at GMNA remains unsatisfactory despite
     its ongoing downsizing efforts.

  4. The large legacy cost burden, high wage rates and employee
     benefit costs and the costly "jobs bank" for temporarily
     laid off workers make GMNA one of the highest cost
     automobile manufacturers. The restrictive labour contract
     and a large number of inflexible production lines also
     limit GMNA's ability to improve operating efficiency.

  5. GMNA used to benefit from price concessions from suppliers.  
     With weakening financial health at most parts suppliers, as
     evidenced by a number of bankruptcy filings recently,
     further price concessions would be difficult to achieve.

Moreover, prices from some weak suppliers are more likely to
rise to protect the supply base.  In addition, the continuing
high commodity prices further add to GMNA's cost base.

DBRS notes that there are a number of positive developments
supporting the current ratings.  GM is on track to achieve its
structural cost reduction target of US$9 billion in 2007.  
The reception of the new models has been encouraging, and a
strengthening product cadence should help GM to stabilize its
market share.  The company continues to have an above-average
liquidity position.

DBRS notes that, going forward, GM's ratings are largely
dependent on the continuing progress at GMNA, which has become
more difficult due to the high risk of a slowdown in vehicle
demand in North America due to a sharp decline in the housing
market, still-high gasoline prices and high interest rates.  The
upcoming contract negotiations with the UAW in September 2007
will be another key event affecting GMNA.  A lack of meaningful
progress in GMNA would likely lead to downgrades of the current
ratings.

                          *     *     *

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the   
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.


GENERAL MOTORS: Moves 20% of Pension Assets from Stocks to Bonds
----------------------------------------------------------------
General Motors Corp. said Wednesday it was shifting 20% of its
pension assets to bonds from stocks in a bid to protect the
assets of plans overfunded by US$17.1 billion, Reuters reports.

According to the report, the automaker's pension plans will now
be invested about 52% in global bonds, 29% in global equity, 8%
in real estate and 11% in alternative investments.

GM, the source says, had a 15% return on pension assets in 2006,
well ahead of general market performance and an improvement on
the strong 13% return on assets in 2005.

With the shift of asset allocation, Reuters relates that GM
lowered its expected return on assets for 2007 to 8.5%, down
from the previous assumption of a 9% return.

The automaker had undertaken the asset shift at the end of 2006
and early 2007, Reuters says, citing company's Chief Financial
Officer Fritz Henderson.

The shift is intended to reduce the expected volatility of asset
returns in the plan's funded status, and lower the probability
of any future funding requirements," Mr. Henderson said in the
report.

GM, which reported lower net loss for 2006, to US$2.0 billion
from a net loss of US$10.4 billion in 2005, earlier said that it
agreed to pay approximately US$1 billion in settlement charges
to GMAC Financial Services by the end of the first quarter in
relation to a change in the lending arm's balance sheet.

The cash settlement is related to the impact that problems in
the subprime mortgage segment, which focuses on borrowers with
low credit scores, have had on GMAC's book value, The Wall
Street Journal said, citing people familiar with the settlement.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the  
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                          *     *     *

Fitch Ratings maintains General Motors' issuer default rating at
'B' and kept it on Rating Watch Negative.  

In December 2006, Standard & Poor's Ratings Services affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

In November 2006, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the US$1.5 billion secured term loan of
General Motors Corp.


GMAC LLC: Weak Fourth Quarter Earnings Cue S&P to Hold Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B-1'
ratings on GMAC LLC.  The outlook remains developing.

At the same time, S&P affirmed its ratings on GMAC's 100%-owned
subsidiary, Residential Capital LLC (ResCap; BBB/A-3).  ResCap's
outlook remains negative.

"The affirmation of our ratings follows the announcement of
extremely weak fourth-quarter earnings, excluding the effects of
nonrecurring items," said Standard & Poor's credit analyst Scott
Sprinzen.  GMAC's disappointing results reflect a precipitous
decline in ResCap's financial performance, owing to its exposure
to the deteriorating subprime mortgage sector.  However, while
S&P expects ResCap's earnings to remain depressed during the
next several quarters, S&P believes ResCap will be well-
positioned to resume solid earnings growth thereafter, as
industry conditions improve, and given management's initiatives
to address current challenges.

Also, under the terms of the agreement by which General Motors
Corp. (GM; B/Negative/B-3) sold a 51% ownership stake in GMAC to
a consortium headed by Cerberus Capital Management L.P. in a
transaction that closed Nov. 30, 2006, GM will make a $1 billion
cash payment to GMAC, helping to shore up GMAC's capital and
liquidity.

S&P's ratings reflect the significant risks facing the company
because of its close business ties to GM.  The ratings also
reflect the benefits afforded by the diversity of GMAC's
mortgage and insurance businesses, its generally high asset
quality, and its significant long-range profit potential.

The developing outlook reflects the potential that the ratings
could be either raised or lowered during the next two years.  If
GMAC's earnings were to rebound dramatically during this period,
the outlook could be revised to positive -- and the rating
raised.

Improvement in GM's prospects would also enhance GMAC's upgrade
potential.  However, we would still need to consider uncertainty
regarding GMAC's ownership structure beyond the next five years.

On the other hand, the ratings on GMAC could still be
jeopardized, given deterioration at GM that threatens to impinge
on GMAC's financial performance and funding flexibility.  While
S&P believes GMAC could survive a bankruptcy filing by GM, the
ratings on GMAC would likely be lowered -- possibly by several
notches if this were to occur -- given the uncertainties such a
development would entail for GMAC.

                          *     *     *

GMAC LLC -- http://www.gmacfs.com/--formerly General Motors   
Acceptance Corporation, is a financial services company
providing a range of services to a global customer base.  It is
wholly owned subsidiary of General Motors Corp.  The company
operates in three primary lines of business -- financing,
mortgage and insurance.

GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.


HMT LTD: To Launch Range of Co-Branded Oils with IndianOil
----------------------------------------------------------
HMT Ltd has tied up with Indian Oil Corporation Ltd to launch a
range of co-branded Servo HMT Genuine Oils, Daily News &
Analysis reports.

In that regard, the parties signed an agreement on March 16.

The co-branded oils, which will be used in HMT tractors, would
be available across India through both parties' sales and
service network, DNA says, citing HMT Executive Driector
(Tractors) Prakash Sharan.

"Servo HMT Genuine Oils have been customised to technical
specifications of HMT tractors for enhanced performance," the
report quotes IndianOil Executive Director Amitava Chatterjee as
saying.

The parties expect to sell about 2,50,000 liters of oil to
owners of HMT tractors in the first year, the report adds.

IndianOil is engaged in the sale of petroleum products.  Its
other businesses comprise the sale of imported crude oil, sale
of gas, petrochemicals and oil and gas exploration activities
jointly undertaken in the form of unincorporated joint ventures.  

HMT Limited -- http://www.hmtindia.com/-- is a public sector   
engineering conglomerate.  The company retains the Tractor's
Business, which develops tractors ranging from 25 horsepower to
75 horsepower.  It has an installed capacity of 18,000 tractors
for manufacturing and assembly operations.  The company has
three tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

Credit Analysis and Research Limited downgraded HMT's long-term
bond issue of INR310 crore to CARE BB(SO) on Feb. 18, 2005.
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


INDIAN OVERSEAS BANK: To Consider Bharat Scheme on March 24
-----------------------------------------------------------
Indian Overseas Bank's board of directors will hold a meeting on
March 24 to, among others, take on record "The Bharat Overseas
Bank Ltd (Transfer of Undertaking to the Indian Overseas Bank)
Scheme, 2007," a filing with the Bombay Stock Exchange reveals.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 19, 2006, that IOB acquired Bharat Overseas Bank by buying
out other shareholders.  IOB bought out four other banks, which
altogether held 49.33%: Bank of Rajasthan (16%), ING Vysya Bank
(14.66%), South Indian Bank (10%), and Karnataka Bank (8.67%).

Bharat Overseas is a small bank with a branch network of 100
including one in Bangkok and like IOB, its head office is in
Chennai.  Its profitability was put under pressure since 2004
forcing it to merge with a bigger bank.

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

The bank carries Standard & Poor's Ratings Services' 'C' Bank
Fundamental Strength Rating.

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


INDIAN OVERSEAS BANK: Shareholder Directors Down to Three
---------------------------------------------------------
Indian Overseas Bank informs the Bombay Stock Exchange that
S. K. Sehgal, one of the bank's shareholder directors, has
ceased to be a director effective Feb. 19, 2007.

Mr. Sehgal ceased to be the bank's director pursuant to the
Banking Companies (Acquisition and Transfer of Undertakings) and
Financial Institution Laws (Amendment) Act, 2006.

Under the amendment, which came into force on Feb. 19, the total
number of shareholder directors eligible to be on the bank's
board, based on the paid up capital held by the public, has
become three instead of four.

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

The bank carries Standard & Poor's Ratings Services' 'C' Bank
Fundamental Strength Rating.

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


VINYL CHEMICALS: Mulls Selling Maharashtra Unit to Pidilite
-----------------------------------------------------------
Vinyl Chemicals (India) Ltd. is planning to sell its Maharashtra
manufacturing unit to the company's principal promoter, Pidilite
Industries Ltd., Reuters reports, citing a company statement.

To decide on the sale, Vinyl Chemicals' board of directors will
hold a meeting today, March 21.

A committee appointed by Vinyl's board of directors reportedly
recommended the sale.

According to Vinyl, its board appointed the review committee
after incurring losses for five consecutive quarters.  The board
tasked the committee to conduct a long-term review of the
company's operations.

Specifically, the committee recommended that the manufacturing
unit be demerged into Pidilite from April 1, 2007.  PIL is the
principal buyer of vinyl acetate monomer, the company's product.

PIL's board will also consider the recommendation at a separate
meeting today.  In the event that both boards agree to the
proposed demerger, they will seek the approval of their
respective shareholders and the High Court at Mumbai, among
others.

Vinyl Chemicals (India) Ltd. manufactures vinyl acetate monomer
and trades in chemicals.  The company's customers include
manufacturers of polyvinyl acetate, polyvinyl alcohol, ethylene
vinyl acetate co-polymers, etc.

                          *     *     *

Vinyl Chemicals reported net losses for at least two consecutive
fiscal years -- INR15.4 million in the year ended March 31,
2006, and INR23.2 million in the year ended March 31, 2005.


VINYL CHEMICALS: Posts INR18.8-Mil. Net Loss in 4th Qtr. 2006
-------------------------------------------------------------
Despite increased revenues, Vinyl Chemicals (India) Ltd. posted
a net loss of INR18.8 million in the three months ended Dec. 31,
2006, more than twice the INR7.4-million net loss incurred in
the corresponding period in 2005.

Vinyl Chemicals' sales (net of excise duty), however, increased
by 28% from INR319.3 million in the quarter ended Dec. 31, 2005,
to INR410.2 million in the December 2006 quarter.  The company
also reported a jump in other income -- INR5.2 million in the
December 2006 quarter compared to INR2.9 million in 2005.

The widening in net losses could be attributed to the company's
soaring expenditures.  For the quarter ended Dec. 31, 2006, the
company recorded operating expenditures totaling
INR426.1 million, up 33% from the INR321.4 million incurred in
the December 2005 quarter.  In the latest quarter under review,
the company also reported increased interest charges of
INR6.4 million, and depreciation expense of INR10.3 million.

A copy of the company's financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange at http://ResearchArchives.com/t/s?1bc5

Vinyl Chemicals (India) Ltd. manufactures vinyl acetate monomer
and trades in chemicals.  The company's customers include
manufacturers of polyvinyl acetate, polyvinyl alcohol, ethylene
vinyl acetate co-polymers, etc.

                          *     *     *

Vinyl Chemicals reported net losses for latest two consecutive
fiscal years -- INR15.4 million in the year ended March 31,
2006, and INR23.2 million in the year ended March 31, 2005.


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

BEARINGPOINT INC: Lenders Extend Waiver Until March 30
------------------------------------------------------
BearingPoint Inc. obtained on March 15 a limited waiver to the
Fifth Amended Credit Agreement, dated as of Oct. 31, 2006 among
the company, BearingPoint, LLC, the guarantors party, the
lenders party, General Electric Capital Corporation, as
syndication agent and collateral agent, Wells Fargo Foothill,
LLC, as documentation agent, UBS Securities, LLC, as lead
arranger, UBS AG Stamford Branch, as issuing bank and
administrative agent, and UBS Loan Finance LLC, as swingline
lender.

Among other things, the Waiver waives the delivery requirement
of the company's Form 10-K for the year ended Dec. 31, 2006, and
of its Forms 10-Q for the fiscal quarters ended March 31, 2006,
and June 30, 2006, until March 30.

The Company said in a regulatory filing with the U.S. Securities
and Exchange Commission that it currently expects to file its
Forms 10-Q for fiscal 2006 as soon as reasonably practicable
after the 2006 Form 10-K filing.  

The Company has sought and obtained the additional Waiver to
permit the lenders under the Credit Facility time to review and
consider the Company's request to obtain certain additional
amendments to the terms of the Credit Facility and to work
toward execution of a single amendment that would, among other
things, extend the deadline for filing the 2006 Form 10-K and
its other SEC periodic reports, consistent with the Company's
previous announcements.

On July 19, 2005, the company entered into a US$150 million
Senior Secured Credit Facility, which was amended on Dec. 21,
2005, March 30, 2006, July 19, 2006, Sept. 29, 2006, and
Oct. 31, 2006.

The 2005 Credit Facility provides for revolving credit and
advances, including issuance of letters of credit.  Advances
under the revolving credit line are limited by the available
borrowing base, which is based upon a percentage of eligible
accounts receivable.  As of Dec. 31, 2005, the company did not
have availability under the borrowing base.  As of Sept. 30,
2006, the company had approximately US$22 million available
under the borrowing base.

                        About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

On Oct. 10, 2006, Moody's Investor Service downgraded and placed
these ratings on review for further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2


FREEPORT-MCMORAN: Commences IPO of 35-Mil Shares of Common Stock
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has commenced a public
offering of approximately 35 million shares of common stock.  
The underwriters have an option to purchase from the company up
to an additional 5.25 million common shares to cover
overallotments, if any.  FCX also has concurrently commenced a
public offering of 10 million shares of mandatory convertible
preferred stock for US$100.00 per share.  The underwriters have
an option to purchase from the company up to an additional 1.5
million mandatory convertible preferred shares to cover over
allotments, if any.

FCX intends to use the net proceeds from these offerings to
repay indebtedness incurred in connection with the acquisition
of Phelps Dodge Corporation.  The joint book-running managers
for these offerings are Merrill Lynch & Co. and JPMorgan.  The
offerings will be made under the company's existing shelf
registration statement filed with the Securities and Exchange
Commission.

                     About Freeport-Mcmoran

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,  
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
March 14, 2007, that Fitch Ratings assigned the following
ratings to FCX and downgraded the ratings of Phelps Dodge in
connection with the pending acquisition.

Freeport-McMoRan Copper & Gold

   -- Issuer Default Rating 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver 'BBB-';

   -- US$1 billion Secured Bank Revolver 'BB';

   -- US$2.5 billion Secured Bank Term Loan A 'BB';

   -- US$7.5 billion Secured Bank Term Loan B 'BB';

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014.

   -- 7% convertible notes due 2011 'BB-'.

   -- FCX New Unsecured Notes due 2015 and 2017 at 'BB-'

   -- FCX Convertible Preferred Stock at B+.


FREEPORT-MCMORAN: Completes Acquisition of Phelps Dodge Corp.
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has completed its
acquisition of Phelps Dodge Corporation, creating the world's
largest publicly traded copper company.

In this US$26 billion transaction, Phelps Dodge shareholders
received US$88 in cash (US$18 billion in total) and 0.67 of a
share of FCX's common stock (137 million shares in total),
equivalent to a value of US$128.68 per Phelps Dodge share based
on the closing price of FCX's common stock on March 16, 2007.
FCX currently has approximately 334 million shares outstanding.

James R. Moffett, Chairman of the Board of FCX, said: "The new
FCX will benefit from a diverse portfolio of proven assets, an
attractive growth profile and an exciting portfolio of
exploration targets.  We are highly enthusiastic about the asset
base created by this leading copper producer."

Richard C. Adkerson, FCX's Chief Executive Officer, said: "We
are pleased to combine the assets of two great companies in the
largest transaction in the history of the metals and mining
industry.  These assets will deliver significant copper volumes
to an attractive market place, providing substantial cash flows
that will enable us to invest in growth projects and reduce debt
rapidly. We look forward to the opportunities that this highly
attractive transaction provides our shareholders.

The new FCX will be an international mining industry leader
based in North America with large, long-lived, geographically
diverse assets and significant proven and probable reserves of
copper, gold and molybdenum.  FCX has one of the most dynamic
portfolios of operating, expansion and growth projects in the
copper mining industry.

              Management Team and Board of Directors

James R. Moffett will continue as Chairman of FCX and Richard C.
Adkerson will continue as FCX's Chief Executive Officer.  
Timothy R. Snider, previously President and Chief Operating
Officer at Phelps Dodge, has been named President and Chief
Operating Officer of FCX.  Kathleen L. Quirk has been named
Executive Vice President and will continue as Chief Financial
Officer and Treasurer of FCX.  Michael J. Arnold has been named
Executive Vice President and will continue to serve as FCX's
Chief Administrative Officer.  Mark J. Johnson will continue as
Senior Vice President and Chief Operating Officer of FCX's
Indonesian operations.

              Exchange of Phelps Dodge Common Shares

Effective as of the close of trading, Phelps Dodge's common
stock will no longer trade.  Phelps Dodge's registered
shareholders will receive information from Mellon Investor
Services regarding the exchange of their Phelps Dodge common
shares.  Phelps Dodge's shareholders holding through a broker or
bank should receive information regarding the exchange of their
Phelps Dodge common shares from the broker or bank.

                     About Phelps Dodge Corp

Phelps Dodge is one of the world's leading producers of copper
and molybdenum and is the largest producer of molybdenum-based
chemicals and continuous-cast copper rod.  The company employs
15,000 people worldwide.

                      About Freeport-Mcmoran

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,  
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
March 14, 2007, that Fitch Ratings assigned the following
ratings to FCX and downgraded the ratings of Phelps Dodge in
connection with the pending acquisition.

Freeport-McMoRan Copper & Gold

   -- Issuer Default Rating 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver 'BBB-';

   -- US$1 billion Secured Bank Revolver 'BB';

   -- US$2.5 billion Secured Bank Term Loan A 'BB';

   -- US$7.5 billion Secured Bank Term Loan B 'BB';

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014.

   -- 7% convertible notes due 2011 'BB-'.

   -- FCX New Unsecured Notes due 2015 and 2017 at 'BB-'

   -- FCX Convertible Preferred Stock at B+.


FREEPORT-MCMORAN: Names 3 Former Phelps Dodge Directors to Board
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. elects three former
directors of Phelps Dodge Corporation to its Board of Directors:
General Charles C. Krulak, Jon C. Madonna and Dustan E. McCoy.

General Charles C. Krulak, 64, is a retired U.S. Marine.  
The 35-year military career of Mr. Krulak culminated with his
serving as Commandant, the Marine Corps' highest-ranking
officer, from 1995 to 1999.  After retiring from the military in
1999, Mr. Krulak joined MBNA Corporation, a leading
international financial services company.  Until retiring from
MBNA in 2005, he served the company as Executive Vice Chairman
and previously held the position of Chief Executive Officer of
MBNA Europe Bank Limited.  He holds a Bachelor of Science degree
in engineering from the U.S. Naval Academy and a Master of
Science degree in labor relations from George Washington
University.  Mr. Krulak is a member of the Boards of Directors
of ConocoPhillips and Union Pacific Corporation.

Jon C. Madonna, 63, is the retired Chairman and Chief Executive
Officer of KPMG.  He holds a Bachelor of Science degree in
Accounting from the University of San Francisco.  Mr. Madonna is
a director of AT&T, Tidewater Inc. and Visa U.S.A. Inc.

Dustan E. McCoy, 57, is Chairman and Chief Executive Officer of
Brunswick Corporation, a leading manufacturer of recreational
products.  Mr. McCoy joined Brunswick in 1999 and became
Chairman and Chief Executive Officer in December 2005.  Before
joining Brunswick, he held senior positions with Witco
Corporation, a chemical manufacturer.  Mr. McCoy holds a
Bachelor of Arts degree in political science from Eastern
Kentucky University and a Juris Doctor degree from the Salmon P.
Chase College of Law at Northern Kentucky University.  He also
serves on the Board of Directors of Louisiana - Pacific
Corporation.

"We are pleased to welcome Charles Krulak, Jon Madonna and Dusty
McCoy to the FCX Board of Directors," said James R. Moffett,
Chairman of the Board, and Richard C. Adkerson, Chief Executive
Officer of FCX.  "We look forward to their guidance and counsel
as we combine the businesses of Phelps Dodge and FCX."

                      About Freeport-Mcmoran

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold, Inc. -- http://www.fcx.com/-- through its subsidiaries,  
engages in the exploration, mining, and production of copper,
gold, and silver.  The company has operations in Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
March 14, 2007, that Fitch Ratings assigned the following
ratings to FCX and downgraded the ratings of Phelps Dodge in
connection with the pending acquisition.

Freeport-McMoRan Copper & Gold

   -- Issuer Default Rating 'BB';

   -- US$500 million PT Freeport Indonesia/FCX Secured Bank
      Revolver 'BBB-';

   -- US$1 billion Secured Bank Revolver 'BB';

   -- US$2.5 billion Secured Bank Term Loan A 'BB';

   -- US$7.5 billion Secured Bank Term Loan B 'BB';

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014.

   -- 7% convertible notes due 2011 'BB-'.

   -- FCX New Unsecured Notes due 2015 and 2017 at 'BB-'

   -- FCX Convertible Preferred Stock at B+.


HILTON HOTEL: Re-launches Two Web Sites
---------------------------------------
Hilton Hotels has re-launched two of the brand's online channels
-- http://HiltonJourneys.com/and http://HiltonToHome.com/

In addition to the two refreshed sites, the brand recently
completed the translation of its http://Hilton.com/booking  
portal into Spanish, and is in the process of completing a
French version of the site.

"The explosive and global growth of the Hilton brand has led us
to rethink the way we use the Internet to connect with our
guests," said Jeff Diskin, senior vice president, brand
marketing and management - Hilton Hotels.  "With these refreshed
sites we have three unique touch points that allow our guests to
connect with Hilton in ways that are most relevant to them."

                        HiltonJourneys.com

As demonstrated by its sponsorship of the GRAMMY(R) Awards and
the launch of its award-winning "Travel Should Take You Places"
advertising campaign featuring emerging musicians, Hilton's
marketing initiatives use music to connect with consumers at an
emotional level.  At the new http://HiltonJourneys.com/visitors  
will be able to follow the personal journeys of the six emerging
artists featured in the ads.  In addition to videos of the six
ads, interviews with the artists and an acoustic performance
from each, the web site also features "Behind the Scenes"
interviews with each musician discussing their favorite things
to do while traveling.

Also featured on HiltonJourneys.com are many of Hilton's new
products and services, including Hilton On Time, a system
allowing guests to pre-order items -- such as extra towels or
pillows, snacks and drinks -- for delivery in room upon check
in.

                        HiltonToHome.com

This e-commerce site offers consumers the opportunity to buy
"for home versions" of the same products they enjoy in Hilton
hotel rooms.  Crabtree and Evelyn(R) La Source bath products,
the Hilton Family Exclusive Clock Radio, and Cuisinart Two to Go
Coffeemakers are just a few of the items found on this site.

In its upgraded version, Hilton leverages its relationships with
strategic partners.  The Hilton Serenity Bed Collection,
including mattress/box spring and linens, are now branded with
"As Seen on Extreme Makeover: Home Edition," promoting Hilton's
relationship with ABC's hit program.  To further enhance
Hilton's sponsorship of the GRAMMY Awards, visitors to
HiltonToHome.com can purchase the 2007 GRAMMY Nominees CD.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,   
engages in the ownership, management, and development of hotel
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Indonesia, Australia, Austria, India, Philippines and
Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
March 9, 2007, Standard & Poor's Ratings Services raised its
ratings on the US$25 million class A and B trust certificates
issued by Public STEERS Series 1998 HLT-1 Trust to 'BB+' from
'BB' and removed them from CreditWatch, where they were placed
with positive implications Feb. 5, 2007.

The rating action reflects the March 2, 2007, raising of the
rating on the underlying securities, the US$25 million 7.95%
senior notes due April 15, 2007, issued by Hilton Hotels Corp.
(BB+/Stable/NR) and its removal from CreditWatch positive.

Moody's Investors Service upgraded Hilton Hotels
Corporation's corporate family rating to Ba1 from Ba2 reflecting
a reduction in leverage from a faster than expected pace of
asset sales and strong earnings during 2006.  Adjusted debt to
EBITDAR has improved to around 5.0x from 6.0x in January 2006.  
Moody's capitalizes total rent at 8x and adds a debt equivalent
of approximately 20% of Hilton's guaranty exposure to debt.

The rating outlook is stable.

As reported in the TCR-AP on Feb. 2, 2007, Fitch Ratings
upgraded the debt ratings for Hilton Hotels as follows:

   --Issuer Default Rating to 'BB+' from 'BB';

   --Senior credit facility to 'BB+' from 'BB'; and

   --Senior notes to 'BB+' from 'BB'.

The ratings apply to its US$5.75 billion credit facility and
roughly US$2.6 billion of its senior notes.  Fitch has also
revised Hilton's Rating Outlook to Positive from Stable.


MEDCO ENERGI: Gets US$125 Mil. in Loans from Bank Mandiri
---------------------------------------------------------
PT Medco Energi Internasional got US$125 million in loans from
PT Bank Mandiri to strengthen the company's working capital,
Bloomberg News says, citing a Bisnis Indonesia report.

According to the report, the loans will mature in one year and
may be extended.

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged  
in the exploration, production of and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter - Asia Pacific stated on Dec. 21,
2006, that Standard & Poor's Ratings Services affirmed its 'B+'
corporate credit rating on Medco Energi.  The outlook remains
negative.

According to S&P, the negative outlook on Medco reflects the
company's weaker financial profile due to its increased debt
burden to fund its aggressive capital expenditure.

In a TCR-AP report on Aug. 16, 2006, Moody's Investors Service
has changed the outlook on Medco Energi's ratings to negative
from stable.  The ratings affected by the outlook change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


PHILLIPS-VAN HEUSEN: Inks Licensing Pact With Gemini Cosmetics
--------------------------------------------------------------
Phillips-Van Heusen Corporation and Gemini Cosmetics, Inc. have
entered into a license agreement under which Gemini Cosmetics
will market and distribute fragrances for men and for women
under PVH's IZOD brand.

The IZOD brand's recognizable active lifestyle inspired design
approach will be interpreted for the first time for the beauty
industry by Gemini Cosmetics.  Fragrances are the latest
addition in the continued expansion of IZOD brand lifestyle
product offerings, which currently cover over twenty categories,
including men's, women's and children's dress and casual
apparel, accessories, intimates, soft home goods and ophthalmic
eyewear.

The new IZOD fragrances will capture the energy and vitality of
the active lifestyle that has made the IZOD brand a household
name for years.  A men's fragrance will launch in Spring 2008. A
women's fragrance will follow.  The fragrances will be targeted
for distribution at major department stores and specialty stores
nationwide.

"We, at Gemini Cosmetics, are excited by the opportunity of
working closely with such a visionary company as PVH on
developing IZOD Fragrances," remarks Frank Fazzinga, Chairman,
Gemini Cosmetics.  "The vital, active lifestyle image of the
IZOD brand will be an excellent complement to our existing brand
portfolio."

According to Robert Rumsby, Chief Operating Officer, Gemini
Cosmetics, "In store, the look of IZOD fragrances category will
be bold and dynamic.  The brand's energy, color and sport
inspiration will translate well to fragrances we know will
appeal to men and to women."

"We are excited at the prospect of developing fragrances with
Gemini that capture the IZOD brand lifestyle," Allen Sirkin,
President, COO, PVH. "Gemini has a proven track record in the
fragrance industry.  We believe their team has the strength and
vision to create a fragrance that appeals to consumers who live
this casual, contemporary lifestyle."

                        Gemini Cosmetics

Gemini Cosmetics is dedicated to developing fragrance brands
that are relevant and compelling to today's consumers.  IZOD
Fragrances will be the newest addition to Gemini Cosmetic's
stable of brands which currently include Tommy Bahama Set Sail:
St. Barts, Tommy Bahama Very Cool For Men and For Women, Tommy
Bahama Fragrance For Men and For Women, KISS Him and KISS Her.

                   About Phillips-Van Heusen

Phillips-Van Heusen Corporation -- http://www.pvh.com/-- own  
and markets the Calvin Klein brand worldwide.  It is a shirt
company that markets a variety of goods under its own brands:
Van Heusen, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass & Co.,
Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth Cole,
BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by Michael
Kors, Chaps and Donald J. Trump Signature.

It has operations in the Asia-Pacific region, including
Indonesia, China, Philippines, Malaysia, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 14, 2006, that Moody's Investors Service upgraded Phillips
Van Heusen Corporation's corporate family rating to Ba2 from
Ba3.

The company's senior secured notes were upgraded to Baa3 from
Ba1 and the company's senior unsecured notes were upgraded to
Ba3 from B1.

The rating outlook is stable, reflecting Moody's expectations
the company will sustain financial metrics appropriate for the
rating category.


TELKOM INDONESIA: New President Will Focus on Network Expansion
---------------------------------------------------------------
PT Telekomunikasi Indonesia President Rinaldi Firmansyah will
focus on expanding the company's networks, Bloomberg News
reports.

Mr. Firmansyah said the company plans to accelerate building
infrastructure and information technology, and solidify human
resources.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that Indonesia's state enterprises ministry
nominated the chief financial officer of Telkom Indonesia Tbk,
Rinaldi Firmansyah, as the company's new chief executive.

According to the TCR-AP, former Telkom CEO Arwin Rasyid,
together with some other company directors, tendered their
resignation at a shareholders' meeting on Feb. 28.

Mr. Firmansyah is a chartered financial analyst with a degree in
electrical engineering from the Bandung Institute of Technology,
Bloomberg notes.

The report relates that an analyst with Macquarie Securities
Ltd. Richard Moe said that Mr. Firmansyah's engineering degree
will give him a better feel of how the engineering-dominated
ranks at Telkom think and it will easier for Mr. Firmansyah to
manage the systems put in place by the former CEO.

                     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 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+.


TELKOMSEL: Partners With DigitalGlobe to Build 3G Infrastructure
----------------------------------------------------------------
DigitalGlobe has entered into a customer agreement with PT
Telekomunikasi Selular Indonesia, pursuant to which Telkomsel
will be using satellite imagery from DigitalGlobe's QuickBird to
plan, build and manage its next-generation 3G infrastructure,
including a new base station.  QuickBird is currently the
world's highest resolution commercial imaging system.

"When Telkomsel set out to build a new 3G infrastructure to
improve cellular services in our domestic Indonesian markets, we
faced a number of challenges," said Nyoman Sumadiyasa, at
Telkomsel.  "We're working in several very remote geographies
spread out across seven different regions, which makes planning
and monitoring our physical assets very difficult.  
DigitalGlobe's QuickBird imagery has enabled Telkomsel to plan
and more efficiently build and monitor our 3G infrastructure."  

Telkomsel has the largest network coverage of any of the
cellular operators in Indonesia, providing network coverage to
more than 90% of the population and is the only operator in
Indonesia that covers all of the country's provinces and
counties, and all sub-counties in Sumatra, Java, and Bali/Nusra.  
The company offers GSM Dual Band, GPRS, Wi-Fi, EDGE, and 3G
Technology.

"Telkomsel's work with QuickBird imagery is an excellent
demonstration of how businesses around the world can leverage
satellite content to more efficiently and effectively manage
their physical assets in remote locations," said Marc Tremblay,
General Manager of DigitalGlobe's Commercial Business Unit.

"Through this partnership, DigitalGlobe will be helping
Telkomsel to improve the country's cell service and improve the
communications infrastructure as a whole."

                        About DigitalGlobe

Longmont, Colo.-based DigitalGlobe --
http://www.digitalglobe.com/-- is the clear leader in the  
global commercial Earth imagery and geospatial information
market.  The company's technical superiority and innovation,
unparalleled commitment to customer service, extensive business
partner network and open systems philosophy make DigitalGlobe
the preferred supplier of imagery products to government and
commercial markets.  DigitalGlobe is the only geospatial content
provider to take an end-to-end approach to geospatial imagery,
from acquiring proprietary high-resolution images through a
leading- edge satellite and aerial network, to integrating and
distributing that data through GlobeXplorer, a proprietary web-
based search and retrieval system that makes it easy to find,
purchase and download global imagery.  DigitalGlobe's QuickBird
satellite is the world's highest resolution commercial imaging
system.  The company's next-generation WorldView 1 satellite is
scheduled to launch in mid-2007, and its WorldView 2 satellite
is anticipated to launch in late 2008.  The company's updated
and growing ImageLibrary contains over three hundred million
square kilometers of satellite and aerial imagery suited to
countless applications for people who map, view, navigate and
study the earth.  DigitalGlobe is a registered trademark of
DigitalGlobe.

                         About Telkomsel

PT Telekomunikasi Selular Indonesia
-- http://www.telkomsel.com/-- is the leading operator of  
cellular telecommunications services in Indonesia by market
share.  By the end of June 2006, Telkomsel had close to 29.3
million customers, which, based on industry statistics,
represented a market share of more than 50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

HYAKUJUSHI BANK: Fitch Upgrades Individual Rating to 'C'
--------------------------------------------------------  
Fitch Ratings has upgraded the majority of the ratings of
Hyakujushi Bank, Ltd., as follows:

   * Long-term foreign and local currency issue default ratings
     to 'BBB' from 'BBB-'; Rating Outlook is Positive;

   * Short-term foreign and local currency IDRs to 'F2' from
     'F3'; and

   * Individual rating to 'C' from 'C/D'.

The bank's support rating was affirmed at '2', with Support
rating floor 'BBB-'.

Hyakujushi's upgrades reflect a substantial improvement in its
asset quality as the risk-monitored loans decreased by nearly 40
% between March 2005 and September 2006.  The decrease in credit
costs in accordance with such a reduction in RMLs has led to the
decent bottom-line performance and thus improved capital
position.


JAPAN AIRLINES: To Reduce Fuel Surcharges on Passenger Tickets
--------------------------------------------------------------
The Japan Airlines Group requested approval from the Japanese
Ministry of Land, Infrastructure and Transport to reduce the
fuel surcharge placed on nearly all international passenger
tickets issued on or after May 1, 2007.

After an assessment, JAL has decided to lower the fuel surcharge
from May 1.  Based on ticket sales in Japan, the new surcharges
range from JPY1,400 on a Japan-Korea ticket (down from JPY1,700
yen) to JPY14,500 on a Japan- Brazil ticket (down from
JPY15,500).  The surcharge on a Japan-Europe ticket or a Japan-
North America ticket will be JPY11,000 down from JPY12,000.

This is the third fuel surcharge reduction this year.  The first
was when JAL reduced the fuel surcharge placed on all
international passenger tickets issued on or after January 1st,
2007.  The second surcharge reduction was filed on February 13,
to become effective from April 1.  This third reduction has been
made possible by the fact that the price of Singapore kerosene
stayed below the benchmark of US$75.00 per barrel for 30
consecutive working days.

JAL originally introduced the fuel surcharge on international
tickets in February 2005 in response to unprecedented rises in
the cost of fuel.  The surcharge will be reduced again once the
price of Singapore kerosene stays below the benchmark of
US$70.00 per barrel for 30 consecutive working days.  The
surcharge will be progressively reduced as the price of fuel
decreases, and will be cancelled completely when the price of
Singapore kerosene stays below the benchmark of US$45.00 per
barrel for 30 consecutive working days.

The surcharge applies to flights operated by Japan Airlines and
its international subsidiaries JALways & Japan Asia Airways
including JAL code-share flights operated by other airlines.

1.  The same amounts apply to adult/child/infant fares. The
     surcharges also apply to frequent flyer program
     international award tickets issued to members of the JAL
     Mileage Bank.

2.  In the case of refunds, the fuel surcharge will be refunded
     in full and no cancellation or refund charge will be
     applied.

3.  The planned increase and extension of the fuel surcharge is
     subject to government approval.

A full-text copy of the JAL Group's proposed fuel surcharge
adjustments chart can be viewed for free at:

              http://bankrupt.com/misc/JALFSC.pdf

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on October 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that
the company's debt obligations and expenses for new aircraft
have placed it in an unfavorable financial position.  Fitch
assigned a BB- rating on the Company, which is three notches
lower than investment grade.


JAPAN AIRLINES: To Share Sydney-Kansai Flights with Jetstar  
-----------------------------------------------------------
Australian authorities have approved a two-year code-sharing
agreement between Japan Airlines and Jetstar International,
The Japan Times reports.

Red Orbit, citing the Ministry of Land, Infrastructure and
Transport, says that Jetstar will operate daily flights linking
Sydney and Kansai airport via Brisbane.  

The report says that Jetstar, a subsidiary of Qantas Airways,
will be the second Australian airline to fly to Japan after
Qantas.

The Japan Times states that the code-share agreement is in its
final stages in obtaining regulatory approval in Japan.  

According to report, a Jetstar spokesman said that the cost for
a one-way Sydney-Osaka ticket is expected to average JPY38,000.

                          About Jetstar

Headquartered in Melbourne, Jetstar -- http://www.jetstar.com/
-- is Australia's and Singapore's new low fares airline for
Australia and the asia pacific.  Jetstar's Australian operation
is wholly owned by Qantas but is managed separately and operates
independently. Our Australian headquarters are in Melbourne.
Jetstar's intra Asian operation is a Singapore-based partnership
between Qantas (49%), local businessmen Tony Chew (22%) and FF
Wong (10%) and Temasek Holdings (19%) with the hub based in
Singapore.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on October 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that
the company's debt obligations and expenses for new aircraft
have placed it in an unfavorable financial position.  Fitch
assigned a BB- rating on the Company, which is three notches
lower than investment grade.


KEIYO CO: Buys Back 130,000 Of Its Own Shares
---------------------------------------------
Keiyo Co., Ltd., has repurchased 130,000 shares of its common
stock through ToSTNeT-2 of the Tokyo Stock Exchange on Feb. 13,
2007, at JPY774 per share, Reuters Key Developments discloses.

Headquartered in Chiba, Japan, Keiyo Co., Ltd. --
http://www.keiyo.co.jp/-- is a home improvement store chain  
operator.  The company's products include do-it-yourself goods,
hardware and tools, health and beauty care goods, clothing and
footwear, home electrical appliances, gardening goods, household
products, interior goods, car and leisure products, pet
products, stationery and toys, home improvement-related
merchandise and miscellaneous goods.  Through its subsidiaries,
the company is also engaged in the petroleum business, provision
of automobile services, home refurbishment business and the
operation of shopping centers.  

Japan Credit Rating Agency, Ltd., on Jul. 24, 2006, affirmed the
BB+/Positive rating on Keiyo Co.'s senior debts.


MAMIYA-OP CO: Posts JPY9.05 Bil. Net for Nine Months to Dec. 31
---------------------------------------------------------------
Mamiya-Op Co., Ltd., recorded a JPY9.05-billion net profit for
the nine months ending December 31, 2006 -- a turn around from
the JPY1.29 billion net loss the company reported for the nine
months ending Dec. 31, 2005 -- according to data obtained from
Bloomberg News.

For the period in review, the company had net sales of
JPY13.33 billion, and operating profit of JPY0.93 billion.  The
company recorded a net non-operating income of JPY8.35 billion
in the current period, against a JPY1.78 billion for the
previous corresponding period.

The company's financials include these data (in JPY, billions):

                                Nine Months Ending
                             12/31/2005    12/31/2006   Change
                             ----------    ----------   ------
   Net Sales                    13.04         13.33      2.24%
   Cost of Goods Sold            9.48         10.05      5.96%
   SGA Expenses                  2.81          1.66    -41.16%
   Operating profit              0.75          0.93     24.90%
   Net Non-operating Loss        1.78         (8.35)      n/a
   Net Income                   (1.29)         9.05       n/a

                     About Mamiya-Op Co.

Headquartered in Saitama Prefecture, Mamiya-Op Co., Ltd. is a
mainly engaged in the manufacture and sale of electronic
equipment, cameras and camera-related products, as well as
sports products.  Along with its subsidiaries and an associate,
the company has three business segments. The Electronic
Equipment segment offers pachinko-related (Japanese-style
pinball game) equipment and original equipment manufacturer
(OEM) equipment.  The Optical Equipment segment provides cameras
and camera-related products.  The Sports segment mainly offers
golf products and golf shafts.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Mamiya-Op Co., Ltd., has a shareholders'
equity deficit of US$67.11 million on total assets of
US$152.37 million.


MIYAZAKI BANK: Fitch Upgrades Individual Rating to 'C'
------------------------------------------------------
Fitch Ratings has upgraded the ratings of Miyazaki Bank, Ltd. as
follows:

   * Long-term foreign and local currency Issuer Default Ratings
     to 'BBB+' from 'BBB', with a Stable Outlook;

   * Individual rating to 'C' from 'C/D'; and

   * Dated subordinated debt was upgraded to 'BBB' from 'BBB-'.

The bank's short-term foreign and local currency IDRs and
Support rating were affirmed at 'F2' and '2', respectively.
Support rating floor is 'BBB-'.

Miyazaki's upgrades follow a remarkable improvement in loan
quality, and the resultant improvement in bottom-line
profitability.  While harsh competition on loan pricing is
almost offsetting the positive effect from loan growth, Miyazaki
is expected to report a record high net profit for the fiscal
year ending March 2007, thanks to a drop in credit cost.


MONTECARLO CO: Lowers Forecasts for Full-Year to March 31
---------------------------------------------------------
Montecarlo Co., Ltd., has lowered its consolidated revenue
guidance from JPY12.9 billion to JPY12.13 billion, ordinary
profit forecast from JPY234 million to JPY185 million and net
profit outlook from JPY160 million to JPY64 million, for the
fiscal year ending Mar. 31, 2007, Reuters Key Development says.

The lowering of its forecast was due to the lower-than-expected
sales and sluggish demand for winter commodities, Reuters adds.

The company reported a net income of JPY0.05 billion for the
nine months ending December 31, 2006, a 201.88% increase from
the JPY0.02 billion it reported for the nine months ending
December 31, 2005.  The company also reported a 4.49% reduction
in net sales to JPY9.26 billion for the period in review.   

The company's financials for the 2006 nine-month period obtained
from Bloomberg News reflect these data (in JPY, billions):

                                Nine Months Ending
                             12/31/2005    12/31/2006   Change
                             ----------    ----------   ------
   Net Sales                     9.69          9.26     -4.49%
   Cost of Goods Sold            6.73          6.31     -6.17%
   SGA Expenses                  2.79          2.76     -1.10%
   Operating profit              0.17          0.18      6.75%
   Net Non-operating Loss        0.18          0.12    -32.72%
   Income before
   Net Income                    0.02          0.05    201.88%

                      About Montecarlo Co.

Hiroshima-based Montecarlo Co., Ltd. --
http://www.monte-carlo.co.jp/-- is engaged in the wholesale and  
sale of automobile accessories.  The company's principal
business segments include automobile accessory wholesale,
automobile accessory sales and franchising.  The automobile
equipment wholesale segment offers audios and visuals (AVs),
tires and wheels, as well as parts and accessories. The
automobile equipment sales segment offers audios and visuals
(AVs), tires and wheels, as well as car accessories.  The
company is also involved in the sale of second hand automobile
equipment, the operation of insurance agencies, the leasing of
automobiles, the sale of automobiles, the inspection and
maintenance of automobiles, as well as the mail order, sheet
metal and coating businesses.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Montecarlo Co. Ltd. has a shareholders'
equity deficit of US$1.10 million on total assets of
US$66.29 million.


MONTECARLO CO: Completes Qualifying Transaction with Datex
----------------------------------------------------------
Montecarlo Co., Ltd., has completed its qualifying transaction
with Datex Billing Services Inc. of Mississauga, Ontario,
Reuters Key Developments reports.

Montecarlo acquired 51% of the issued and outstanding shares of
Datex by subscribing for 5,100 common shares from treasury for a
subscription price of US$1,020, and by purchasing 2,250,000
preferred shares, Reuters says.

The report adds that the company also issued 115 units under a
private placement to investors in Quebec and Ontario at a price
of US$5,100 per unit, for total proceeds of US$586,500.  Each
unit consists of 30,000 common shares and 30,000 common share
purchase warrants, for a total of 3,450,000 common shares and
warrants.  Each warrant entitles the holder to acquire one
additional common share of Montec at a price of US$0.25 for a
period of two years.

                      About Montecarlo Co.

Hiroshima-based Montecarlo Co., Ltd. --
http://www.monte-carlo.co.jp/-- is engaged in the wholesale and  
sale of automobile accessories.  The company's principal
business segments include automobile accessory wholesale,
automobile accessory sales and franchising.  The automobile
equipment wholesale segment offers audios and visuals (AVs),
tires and wheels, as well as parts and accessories. The
automobile equipment sales segment offers audios and visuals
(AVs), tires and wheels, as well as car accessories.  The
company is also involved in the sale of second hand automobile
equipment, the operation of insurance agencies, the leasing of
automobiles, the sale of automobiles, the inspection and
maintenance of automobiles, as well as the mail order, sheet
metal and coating businesses.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Montecarlo Co. Ltd. has a shareholders'
equity deficit of US$1.10 million on total assets of
US$66.29 million.


NIHON SEIMITSU: Appoints Osamu Miyata as President
--------------------------------------------------
Nihon Seimitsu Co., Ltd., has appointed Osamu Miyata as its new
president, replacing Hiroshi Okabayashi, Reuters Key
Developments reports.

Mr. Miyata's term took effect on Feb. 26, 2007.

Headquartered in Saitama, Nihon Seimitsu Co., Ltd. --
http://www.nihon-s.co.jp/-- is a manufacturing company.  The  
watchband segment is involved in the manufacture and sale of
watchbands together with its subsidiaries.  This segment is also
engaged in the original equipment manufacturing (OEM) business
for watchbands.  Its glasses frame segment, along with its
Vietnam-based subsidiary, manufactures and sells glasses frames,
especially glasses frames made of titanium.  The others segment
is involved in the sale of static elimination equipment, parts
for fishing equipment, electronic locks and automobile parts, as
well as the iron plating business.  This segment is also engaged
in the manufacture of parts for fishing equipment and the ion
plating business through a Vietnam-based subsidiary.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Nihon Seimitsu has a shareholders' equity
deficit of US$1.10 million on total assets of US$23.82 million.


NIHON SEIMITSU: Turns Around w/ JPY0.07-Bil. Income for 9MO2006
---------------------------------------------------------------
Nihon Seimitsu Co., Ltd., reported a net income of
JPY0.07 billion for the nine months ending December 31, 2006, a
turn around from the JPY0.35-billion net loss for the nine
months ending Dec. 31, 2005, the company's financials show.

The company reported a 17.56% increase in net sales to
JPY2.50 billion for the period in review.  Operating profit
amounted to JPY0.08 billion.

Bloomberg News shows that the company's financial data reflect
these figures (in JPY, billions):

                                Nine Months Ending
                             12/31/2005    12/31/2006
                             ----------    ----------
          Net Sales              2.12          2.50  
          Operating profit      (0.09)         0.08  
          Net Income            (0.35)         0.07  

                    About Nihon Seimitsu

Headquartered in Saitama, Nihon Seimitsu Co., Ltd. --
http://www.nihon-s.co.jp/-- is a manufacturing company.  The  
watchband segment is involved in the manufacture and sale of
watchbands together with its subsidiaries.  This segment is also
engaged in the original equipment manufacturing (OEM) business
for watchbands.  Its glasses frame segment, along with its
Vietnam-based subsidiary, manufactures and sells glasses frames,
especially glasses frames made of titanium.  The others segment
is involved in the sale of static elimination equipment, parts
for fishing equipment, electronic locks and automobile parts, as
well as the iron plating business.  This segment is also engaged
in the manufacture of parts for fishing equipment and the ion
plating business through a Vietnam-based subsidiary.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Nihon Seimitsu has a shareholders' equity
deficit of US$1.10 million on total assets of US$23.82 million.


NOMURA HOLDINGS: To Release 2006 and 4Q Results on April 26
-----------------------------------------------------------
Nomura Holdings, Inc., plans to announce its operating results
for the fourth quarter and full fiscal year ending March 31,
2007, on April 26, 2007.

Financial statements and presentation materials will be
available on the Nomura Holdings Web site at
http://www.nomura.com/shortly after the announcement.

A live audio Web cast of the company's conference call is
scheduled to be delivered via the company's Web site.

                     About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a  
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which
includes investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading
and asset finance businesses in and outside Japan; Global
Investment Banking, which includes mergers and acquisitions
advisory and corporate financing businesses in and outside
Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which
includes development and management of investment trusts, and
investment advisory services.

On Apr. 13, 2006, Fitch Ratings gave Nomura Holdings a 'C'
individual rating.


ORSO FUND: S&P Assigns BB- Rating to Class F Floating-Rate Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
JPY29.9 billion floating-rate notes issued by Godo Kaisha Orso
Funding CMBS 6, classes A to F and class X TK Distribution, due
November 2013.  The notes are ultimately secured by TMK bonds
and non-recourse loans, backed by 32 real estate properties.  
The transaction has been arranged by Bear Stearns (Japan) Ltd.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the legal final maturity
date of November 2013 for the class A note, the full payment of
interest and repayment of principal by the legal final maturity
date for the class B to F notes, and the timely payment of
available distribution until the earlier of the legal final
maturity date or the termination of the TK agreement for the
interest-only class X TK Distribution.

The ratings are based on:

  -- The quality of the TMK bonds and non-recourse loans that
     secure the notes;

  -- The quality of the real estate properties that secure the
     TMK bonds and non-recourse loans;

  -- Ample credit support provided by the senior/subordinated
     structure of the notes; and

  -- The sound nature of the transaction's legal structure.

An aggregate of JPY9.9 billion rated notes are issued by
Godo Kaisha Orso  Funding CMBS 6.  The net proceeds from the
notes are applied to purchase the non-recourse loans and a
partnership interest in a Japanese toshi jigyo yugen sekinin
kumiai (the "ILPS"), of which the Issuer acts as a limited
partner, and which has purchased the TMK bonds.  These non-
recourse loans and TMK bonds were originally extended by/
purchased by Bear Stearns (Japan) Ltd. Tokyo Branch.  The non-
recourse loans and TMK bonds are ultimately backed by 32 real
estate properties.  Premier Asset Management Co. acts as the
servicer for this transaction.

Ratings Assigned:

Godo Kaisha Orso Funding CMBS 6

JPY29.9 billion floating-rate notes due November 2013

   Class   Amount       Rating    Interest   Subordination Rate
   -----   ------       ------    --------   ------------------
    A      JPY16.0 bil.   AAA     Floating          46.5%
    B      JPY3.5 bil.    AA      Floating          34.8%
    C      JPY3.6 bil.    A       Floating          22.7%
    D      JPY3.6 bil.    BBB     Floating          10.7%
    E      JPY3.0 bil.    BB      Floating           0.7%
    F      JPY0.2 bil.    BB-     Floating           0.0%
    X (TK Distribution)   AAA

The calculation method for the subordination ratio is as
follows: Subordination ratio: 1 - (A+B)/C

A: Rated obligations and obligations with equivalent payment
   priorities

B: Senior obligations than the rated obligations

C: Total outstanding amount of monetary receivables as of the
   cut-off date.


SANYO ELECTRIC: Tomoyo Nonaka Quits Post As Company Chairperson
---------------------------------------------------------------
Sanyo Electric revealed the resignation of its chairwoman and
one of Japan's top female executives, Tomoyo Nonaka, as the
company faces big losses and allegations of window dressing,
Agence France Presse reports.  

The Japan Times, citing company sources, says that Ms. Nonaka
wanted an in-house panel to be set up to investigate accounting
irregularities.  The former chairwoman wanted to lead the
investigating panel but was instead met with opposition.  

In a statement, Sanyo Electric said that Ms. Nonaka resigned due
to personal reasons, but, The Times relates, the resignation was
seen as an indication that she was in conflict with other board
members about how to handle the company's accounting troubles.

The AFP report, however, says that Sanyo spokesman Akihiko Oiwa
denied that Ms. Nonaka had quit because of disagreements over
how to respond to the window dressing allegations.

"I don't think it was the direct cause of her resignation.  
She and the board members must have agreed on the policy to
launch an in-house investigation panel," the report quotes
Mr. Oiwa.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that The Securities and Exchange Surveillance
Commission commenced an investigation on whether Sanyo Electric
failed to fully disclose its losses.  The report said that Sanyo
Electric had written off losses of JPY190 billion
(US$1.6 billion) at its subsidiaries, but reported the losses as
JPY50 billion (US$412 million).  

A subsequent TCR-AP report on Mar. 5 said that the SESC had
decided not to file a criminal complaint against Sanyo Electric
amid allegations that the company dressed up its financial
statements.

The Times explains that Ms. Nonaka and Sanyo President Toshimasa
Iue were among the board members who approved the financial
statements for the four financial years up to March 2004.

The report says that the move to correct its statements was
meant to protect Sanyo's corporate image and creditworthiness
from serious damage.  However, the clean-up would call for top
leadership including Ms. Nonaka and Mr. Iue to take
responsibility for the scandal.      

AFP notes that analysts believe that Ms. Nonaka's resignation
reflected the three-way power struggle between her, President
Iue -- who is a member of Sanyo's founding family -- and the
company's large investment bank stakeholders.

The Times further says that analysts believe it had been banks
who are holding power at Sanyo Electric, not the former
chairwoman.

According to The Times, many analysts questioned whether
Ms. Nonaka was qualified to be a corporate manager in the first
place.  They noted that although she had covered business news
when she was a journalist, she had no previous experience in
management.

"I think that there was conflict among the management, between
those who climbed up Sanyo's ladder, those who came from outside
and those from financial organizations," AFP quotes Fitch
Ratings electronics analyst Tatsuya Mizuno.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading   
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 2, 2007, Fitch Ratings has placed Sanyo Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

The TCR-AP reported on May 25, 2006, that Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on Sanyo Electric
Co. Limited.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


SHIMIZU BANK: Fitch Affirms 'C/D' Individual Rating
---------------------------------------------------
Fitch Ratings, on March 19, 2007, assigned these ratings to
Shimizu Bank, Ltd.:

   * Long-term foreign and local currency Issuer Default Ratings
     of 'BBB-', with a Stable Outlook; and

   * Short-term foreign and local currency IDRs of 'F3'.

Fitch affirmed the bank's Individual rating and Support rating
at 'C/D' and '4', respectively.  Support rating floor was
assigned at 'B'.

Shimizu's ratings reflect its relatively weak bottom-line
profitability resulting from high credit costs and overheads.
However, its net credit costs have decreased considerably due to
the reversal of general reserves at end-September 2006, and this
trend was maintained for the period between September and
December, leading to the upward revision for the full financial
year performance.  Risk-Monitored Loans to total loan ratio
remains marginally higher than the regional banks' average
level, but bad loans are consistently decreasing, which is
leading to the mitigation of credit costs.


SHINWA BANK: Fitch Affirms Individual Rating at 'E'
---------------------------------------------------
Fitch Ratings affirmed Shinwa Bank, Ltd.'s Individual rating and
Support rating at 'E' and Support rating at '3'.

Shinwa's ratings reflect its continuing poor performance due to
increasing credit costs, and negative impact on capital
position.  Total equity ratio dropped to 4.78% at end-September
2006 from 8.17% at end March 2006 although the ratio is expected
to improve at end-March 2007, thanks to capital injection by its
parent company, Kyushu-Shinwa Holdings.  The bank will have to
tackle with bad-loan write-offs for the foreseeable future as
RML to total loan ratio was still over 10% at end-March 2006.


SUMIYA CO: Loss Narrows By 67.12% For Nine Months to Dec. 31
------------------------------------------------------------
Sumiya Co., Ltd., posted a net loss at JPY0.85 billion for the
nine months ending December 31, 2006, a 67.12% decrease from the
JPY2.59-billion net loss the company posted for the nine months
ending Dec. 31, 2005, the company's financials found at
Bloomberg News show.

Net sales decreased by 19.65% for the period in review to
JPY14.62 billion, giving the company an operating loss of
JPY0.42 billion.

The company's financials include these data (in JPY, billions):

                                Nine Months Ending
                             12/31/2005    12/31/2006   Change
                             ----------    ----------   ------
    Net Sales                   18.20         14.62    -19.65%
    Cost of Goods Sold          13.37         10.70    -19.95%
    SGA Expenses                 4.71          4.34     -7.90%
    Operating profit             0.12         (0.42)     n/a
    Net Non-operating Loss       2.69          0.41    -84.73%
    Net Income                  (2.59)        (0.85)   -67.12%

                        About Sumiya Co.

Headquartered in Shizuoka, Japan, Sumiya Co., Ltd. is a
retailing company chiefly engaged in the retail and wholesale of
music video software, audiovisual (AV) equipment, electrical
home appliances, information and communications equipment,
various musical instruments, books and furniture, as well as
related products. In addition, Sumiya operates specialty stores
for video software and musical instrument rental, and also
operates music and other schools.  

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Sumiya Co. has a shareholders' equity deficit
of US$11.57 million on total assets of US$89.32 million.


TOCHIGI BANK: Fitch Affirms 'C' Individual Rating
-------------------------------------------------
Fitch Ratings has today upgraded Tochigi Bank, Ltd.'s long-term
foreign and local currency issuer default ratings to 'BBB+' from
'BBB' with a Stable Outlook.

The bank's short-term foreign and local currency IDRs,
Individual rating and Support rating were affirmed at 'F2', 'C'
and '2', respectively.  Support rating floor is 'BBB-'.

Tochigi's upgrades reflect a substantial improvement in its
asset quality as the Risk-Monitored Loans have been reduced by
half for the period between March 2003 and September 2006.  A
steady decline of credit costs associated with bad loan decrease
has also been supporting the bottom line.


YAKINIKUYA SAKAI: Posts JPY0.34BB Loss for 9 Months to Jan. 31
--------------------------------------------------------------
Yakinikuya Sakai Co., Ltd., recorded a net loss of
JPY0.34 billion for the nine months ending Jan. 31, 2007.

Net sales for the period amounted to JPY10.01 billion, but cost
of goods sold and selling, general and administrative expenses
amounted to JPY3.83 billion and JPY6.21 billion, respectively.

Tokyo-based Yakinikuya Sakai Co., Ltd. --
http://www.yakiniku.jp/-- is a food and beverage company, which  
has three business segments.  The restaurant segment operates
restaurants under the names Yakinukuya Sakai, Sumibi Yakinukuya
Sakai, Tori Pakkusu and Motomachi Coffee, as well as other
franchise chain restaurants.  The real estate segment is
involved in the leasing of its own buildings and dormant
properties to its subsidiaries and franchisees.  The others
segment is engaged in the manufacture of kimchi and various
seasonings and dressings, as well as the sale of supermarket
food products.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Yakinikuya Sakai has a shareholders' equity
deficit of US$11.20 million on total assets of US$79.34 million.


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

ARROW ELECTRONICS: Agilysys Owners OK KeyLink Systems Takeover
--------------------------------------------------------------
Agilysys Inc. shareholders have approved the proposed sale of
KeyLink Systems Group to Arrow Electronics Inc. for
US$485 million in cash.  The company also received clearance
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

"With the approval by the Agilysys shareholders and Hart-Scott-
Rodino clearance, we remain on schedule to close this
transaction at the end of the current quarter," said William E.
Mitchell, chairman, president, and chief executive officer of
Arrow Electronics.

"We are excited about the significant cross-selling
opportunities this partnership will bring to further accelerate
our growth in the global enterprise computing solutions
distribution market.  We will become the leading distributor of
enterprise products for both International Business Machines
Corporation and Hewlett-Packard Company, as well as a leading
value-added distributor of storage and software."

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and  
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.  
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  The rating
outlook is positive.


DURA AUTOMOTIVE: Files Operating Report for Month Ended Jan. 28
---------------------------------------------------------------

         Dura Automotive Systems, Inc., and Subsidiaries
         Condensed Unaudited Consolidated Balance Sheet
                     As of January 28, 2007
                      (Dollars in thousands)

                              ASSETS

Current assets:
   Cash and cash equivalents                          US$24,238
   Accounts receivable, net
      Trade                                             131,287
      Other                                              17,969
      Non-Debtor subsidiaries                            19,351
   Inventories                                           82,513
   Other current assets                                  40,349
                                                     ----------
      Total current assets                              315,707
                                                     ----------

Property, plant and equipment, net                      177,214
Goodwill, net                                           249,927
Notes receivable from Non-Debtors subsidiaries          180,462
Investment in Non-Debtors subsidiaries                  790,647
Other noncurrent assets                                  26,996
                                                     ----------
Total Assets                                       US$1,740,953
                                                     ==========

        LIABILITIES AND NET LIABILITIES IN LIQUIDATION

Current liabilities:
   Debtors-in-possession financing                   US$165,000
   Accounts payable                                      33,904
   Accounts payable to Non-Debtors subsidiaries             811
   Accrued Liabilities                                   89,547
                                                     ----------
      Total current liabilities                         289,262
                                                     ----------
Long-term Liabilities:
   Notes Payable to Non-Debtors subsidiaries              8,429
   Other noncurrent liabilities                          80,862
Liabilities Subject to Compromise                     1,304,545
                                                     ----------
Total Liabilities                                     1,683,098

Stockholders' Investment                                 57,855
                                                     ----------
Total Liabilities and Stockholders' Investment     US$1,740,953
                                                     ==========

        Dura Automotive Systems, Inc., and Subsidiaries
   Condensed Unaudited Consolidated Statement of Operations
          For the Four Weeks Ended January 28, 2007
                      (Dollars in thousands)

Total sales                                           US$72,138
Cost of sales                                            72,563
                                                     ----------
Gross (loss) profit                                        (425)

Selling, general and administrative expenses              6,190
Facility consolidation, asset impairment
   and other charges                                        144
Amortization expense                                         34
                                                     ----------
Operating (loss) income                                  (6,793)

Interest expense, net                                     3,078
                                                     ----------
Loss before reorganization items and income taxes        (9,871)

Reorganization items                                      4,819
                                                     ----------
Loss before income taxes                                (14,690)

Provision for income taxes                                   17
                                                     ----------
Net Loss                                             (US$14,707)
                                                     ==========

        Dura Automotive Systems, Inc., and Subsidiaries
   Condensed Unaudited Consolidated Statements of Cash Flows
          For the Four Weeks Ended January 28, 2007
                      (Dollars in thousands)

Operating Activities:
Net loss                                             (US$14,707)
Adjustments to reconcile net loss to net cash used
   in operations activities:
      Depreciation, amortization & asset impairments      2,770
      Amortization of deferred financing fees               644
      Bad debts                                             (50)
      Unrealized foreign currency exchange rate lo         (771)
      Reorganization items                                4,819
Changes in other operating items:
   Accounts receivable                                   12,737
   Inventories                                           (2,737)
   Other current assets                                   2,331
   Noncurrent assets                                         49
   Accounts payable                                       1,814
   Accrued liabilities                                    8,608
   Noncurrent liabilities                                   (20)
   Current intercompany transactions                     (2,185)
                                                     ----------
Net cash (used in) provided by operating activities      13,302

Investing Activities:
Purchases of property, plant & equipment                   (823)
                                                     ----------
Net cash (used in) provided by investing activities        (823)

Financing Activities:
Payments on insurance premium installment financing      (1,029)
Debt issuance costs                                         (90)
                                                     ----------
Net cash used in financing activities                    (1,119)

Net increase (Decrease) in Cash & Equivalents            11,360

Cash & Cash Equivalent, Beginning Balance                12,878
                                                     ----------
Cash & Cash Equivalent, Ending Balance                US$24,238
                                                     ==========

Headquarted in Rochester Hills, Michigan, DURA Automotive
Systems, Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  The company has three locations in Asia: China,
Japan and Korea.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Fitch Ratings placed one tranche from one public
collateralized debt obligation and one tranche from private CDO
on Rating Watch Negative following Dura Automotive Corp.'s
filing for protection under Chapter 11.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 15;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


TOWER AUTOMOTIVE: Sells Greenville Facility for US$1.375 Million
----------------------------------------------------------------
The Honorable Allen L. Gropper of the United States Bankruptcy
Court for the Southern District of New York authorizes Tower
Automotive, Inc., and Tower Services, Inc., to sell real
property located in Greenville, Montcalm County, Michigan, to
Greenville Tower, LLC, for US$1,375,000, free and clear of
liens, claims and encumbrances.

Judge Gropper also approves their asset purchase agreement with
Greenville Tower.

The Greenville Facility includes all related buildings, fixtures
and improvements, de minimis equipment, and personal property.

Judge Gropper says the property to be sold will not include any
personal property that was manufactured by Fuji Technica, Inc.,
or any of its affiliates.

Fuji is a secured creditor of Tower Automotive, Inc., and Tower
Automotive Technology, Inc.  Fuji objected to proposed sale to
protect its lien on certain dies in the equipment to be sold.
Fuji also requested that any Court ruling authorizing the sale
provide that Fuji's liens attach to the proceeds.

Judge Gropper notes that as agreed by Tower Automotive and
Greenville Tower, the Purchase Agreement is revised to correct a
typographical error and to read that:

   * Greenville Tower will be given access to the Premises
     during normal business hours to perform an ASTM E1528
     Transaction Screen or an ASTM E1527 Phase I Site
     Assessment; and

   * Greenville Tower will pay the cost of the Environmental
     Assessment.

Judge Gropper further rules that each of the Debtors' creditors
is authorized and directed on or before the Closing to execute
the documents, and take all other actions as may be necessary to
release its Interests in or Claims against the Greenville
Facility, if any, as those Interests or Claims may have been
recorded or otherwise exist.

Because the expected proceeds from the proposed asset sale
exceed US$1,000,000, the sale is not subject to the Court's
ruling for the sale or abandonment of de minimis assets, Anup
Sathy, Esq., at Kirkland & Ellis LLP, in Chicago tells the
Court.

Mr. Sathy relates that the Greenville Facility is a 155,000-
square foot manufacturing facility located on 10 acres of land
in Greenville, Michigan.  R.J. Tower Corporation constructed the
original building in 1874 and there have been four subsequent
additions.  

The Greenville Facility was used for casting iron products until
1955 when R.J. Tower entered the automobile market and began
using the building for metal stampings and welded assemblies.  
The Debtors effectively acquired the Greenville Facility in
April 1993, and continued producing stampings and assemblies,
which were sold to its primary customer, Ford, and other Tier 1
suppliers.

In early 2006, in connection with their overall restructuring
strategy to reduce fixed costs by reducing and consolidating the
number of operating locations, the Debtors determined that the
work being performed at the Greenville Facility could be better
accommodated in existing floor space at its other manufacturing
plants.

In anticipation of shutting down the Greenville Facility, Tower
Automotive enlisted the assistance of the commercial real estate
firm CB Richard Ellis to assist it in locating potential
purchasers for the Facility.  The property was placed on the
market with an initial asking price of US$1,650,000.

CB Richard initiated an extensive marketing campaign for the
sale of the property on all levels: nationally, regionally,
statewide and at the local level, Mr. Sathy notes.

Despite the breadth of the Marketing Campaign, however, there
was little interest generated for the Facility.  The highest and
only bid received for the Greenville Facility was that of
Greenville Tower for US$1,375,000 -- equivalent to approximately
US$8.87 per square foot.

After arm's-length negotiations, Tower Automotive agreed to sell
the Greenville Facility to Greenville Tower for US$1,375,000,
pursuant to the terms and conditions of the Purchase Agreement.  
The sale of the Greenville Facility is further contingent on the
Greenville Tower's ability to secure an acceptable lease on the
site within the Inspection Period, as defined by the Purchase
Agreement.

Pending the Court's approval of the Purchase Agreement, CB
Richard has continued to market the property.  As of Feb. 15,
2007, no additional interest has been generated.

Furthermore, pursuant to the Purchase Agreement and the Listing
Agreement, upon closing, Tower Automotive is responsible for
paying a one-time fee to CB Richard equal to 6% of the Purchase
Price in consideration for CB Richard's postpetition services
rendered to Tower Automotive in connection with marketing the
Greenville Facility.

The Debtors submit that the transaction, as embodied in the
Purchase Agreement, is highly favorable and is in the best
interests of their estates and creditors.

A full-text copy of the Agreement is available for free at:

         http://ResearchArchives.com/t/s?1b37

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 AUTO: Wants to Make Initial Payment in ERISA Settlement
-------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates seek permission
from the Honorable Allen L. Gropper of the United States
Bankruptcy Court for the Southern District of New York to make a
US$2 million provisional settlement payment as part of a
settlement of an Employee Retirement Income Security Act Class
Action.

The Debtors previously obtained approval from Judge Gropper to
advance up to an aggregate of US$1,500,000 in legal defense
fees, costs and related expenses incurred by the Debtors'
current and former officers, directors and employees to defend
alleged violations of the Employee Retirement Income Security
Act Class Action.

The Debtors maintain that resolution of the ERISA Litigation is
an important aspect of their efforts to reorganize.

The Debtors and the individual defendants have been negotiating
a settlement of the Class Action Lawsuits that resolves all
potential liability of the Debtors or the Individual Defendants,
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
relates.

While the Settlement will be subject to review and approval by
U.S. District Court for the Southern District of New York, the
Debtors come before Judge Gropper seeking authority to make a
provisional payment pursuant to the Settlement, Mr. Cieri notes.  
If the request is granted, the Debtors would execute a fully
documented settlement agreement and make the Provisional
Settlement Payment.

The salient terms of the Settlement term sheet provides that:

    (a) Upon approval of the Settlement by the District Court,
        the Debtors will deposit US$2,000,000 in a segregated
        account;

    (b) The stipulated liability under the ERISA Litigation will
        be capped at US$14,000,000, which is within the policy
        limits under the ERISA Policy;

    (c) The Debtors and the Individual Defendants would agree to
        assign to the plaintiffs in the Class Action Lawsuits
        the right to pursue the Debtors' and the Individual
        Defendants' claims against Federal Insurance Company --
        the Debtors' insurance carrier -- up to US$14,000,000,
        at the Plaintiffs' sole expense; and

    (d) If the Plaintiffs prevail against Federal in the
        Coverage Litigation, the first US$4,000,000 of any
        recovery would go to the Plaintiffs, the next
        US$2,000,000 would go to the Debtors to reimburse them
        for the Provisional Settlement Payment, and the balance
        of any recovery would go to the Plaintiffs.  Thus, so
        long as there is more than US$6,000,000 in coverage for
        the ERISA Litigation, the Debtors will be entitled to a
        full refund of the Provisional Settlement Payment upon
        the Plaintiffs' receipt of funds from Federal.

The Debtors submit that the Settlement is beneficial to their
estates and creditors, fair and equitable, and falls well within
the range of reasonableness.

Mr. Cieri also notes that in exchange for the Provisional
Settlement Payment, the Debtors will receive several important
benefits from the Settlement, including that:

    (1) The Debtors will realize significant savings by not
        continuing to fund the litigation costs associated with
        the Coverage Litigation and the ERISA Litigation.  The
        Coverage Litigation and the ERISA Litigation are both in
        relatively early stages, and given the tenor to date,
        would be very costly to conclude, and would likely
        involve significant appellate litigation;

    (2) The Settlement will provide much needed certainty to the
        Debtors and the Individual Defendants at a crucial time
        in the Debtors' Chapter 11 cases.  The ERISA Litigation
        and the Coverage Litigation have been a distraction for
        the Debtors and for the Individual Defendants, and the
        Debtors believe that their reorganization efforts would
        benefit from putting an end to this distraction and
        allowing the Debtors and the Individual Defendants to
        more fully focus on the considerable challenges at hand
        related to the Debtors' planned emergence from Chapter
        11;

    (3) The Settlement will remove a significant obstacle to the
        Debtors' ability to retain the services of the
        Individual Defendants going forward.  The Debtors expect
        that the future owners of, or investors in, their
        businesses, whomever they may be, may want to retain
        some or all of the Individual Defendants, and that the
        ERISA Litigation could be a barrier to that goal; and

    (4) The Debtors and the Individual Defendants will receive a
        full release of all claims arising out of, or in any way
        related to, directly or indirectly, any or all of the
        acts, omissions, facts, matters, transactions or
        occurrences during the Class Period that are, were, or
        could have been alleged, asserted or set forth in the
        ERISA Litigation related to alleged violations of ERISA.
        The release is significant because there's a risk that
        if the Individual Defendants were held liable in the
        ERISA Litigation, their liability would be as agents of
        the Debtors, exposing the Debtors to both vicarious
        liability under the theory of "respondeat superior" and
        the risk of being collaterally estopped from denying
        liability for the actions of the Individual Defendants.

                            Responses

(a) Silver Point

Silver Point Capital Fund, L.P., asserts that it neither takes
issue with the economic structure of the Settlement nor
maintains that the Settlement falls outside the "range of
reasonableness."

However, Silver Point believes that consideration of the request
should be deferred until a better understanding of the Debtors'
ability to fully satisfy the claims of their senior creditors --
specifically, the Second Lien Lenders -- in cash can be
ascertained.

James C. Tecce, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in
New York, argues that the Debtors' bankruptcy cases have reached
a critical point, and paying junior creditors' prepetition
claims outside of a Chapter 11 plan before the satisfaction of
the Second Lien Lenders' claims simply is inappropriate.

"This is especially true when the $2 million provisional payment
will not be used to satisfy claims asserted against the
Debtors," Mr. Tecce argues.

Mr. Tecce adds that at best, the Debtors may be obligated with
respect to indemnification claims asserted by the Individual
Defendants relating to the ERISA Litigation.  These claims would
arise under the Debtors' by-laws and employment agreements, and
relate to alleged prepetition misconduct.

Accordingly, Silver Point asks Judge Gropper to sustain its
objection and defer consideration of the Debtors' request.

(b) Creditors Committee

The Official Committee of Unsecured Creditors asks the
Bankruptcy Court to deny the Debtors' request because:

    * The Plaintiffs' claims arose from the sale of securities,
      and the Bankruptcy Code mandates that the claims be
      subordinated to the claims of general unsecured creditors.
      Thus, payment of the Settlement, without a guarantee of
      insurance coverage, will in essence elevate the
      plaintiffs' claims above all other claims; and

    * The Settlement Payment will constitute the payment of a
      prepetition claim outside of a confirmed Reorganization
      Plan.  Courts have consistently held that payment of those
      claims should only be approved where it is essential to
      the debtors' reorganization efforts.

The Bankruptcy Court must not allow the Debtors to end run
around the bankruptcy priority scheme, and favor the Plaintiffs'
subordinate claims to the detriment of all other claimants, Ira
S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, emphasizes.

Under Section 510(b) of the Bankruptcy Code, courts must
subordinate bankruptcy claims "for damages arising from
purchases and sales of securities of a debtor," including claims
for "reimbursement or contribution" based on those claims, Mr.
Dizengoff notes.

According to Mr. Dizengoff, even if the Plaintiffs' claims are
not subordinated pursuant to Section 510(b), they are still
merely general unsecured claims that should be paid pursuant to
a confirmed Plan.  Multiple provisions in the Bankruptcy Code
envision and demand that similarly situated creditors receive
equal treatment.

Moreover, as required by the Bankruptcy Court's prior orders,
the Debtors must be directed to seek reimbursement from Federal
of all amounts advanced, including amounts already paid, to the
Individual Defendants if the Debtors prevail in the ERISA
Coverage Litigation, Mr. Dizengoff argues.  It is premature to
allow the Debtors to pay any more amounts, including the
Settlement Payment, if there is no basis to recover those
amounts from Federal, he says.

Mr. Dizengoff maintains that the Debtors should know first if
they can recover the Settlement Payment -- plus the amounts
previously paid -- from Federal.  If the Debtors or their
assigns are successful in the ERISA Coverage Litigation, then
the proposed Settlement would have no impact on the estate.

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: Wants Avoidance Actions Protocol Established
--------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates previously asked
the U.S. Bankruptcy Court for the Southern District of New York
to enter a ruling establishing streamlined procedures for claims
and actions that are commenced by the Debtors pursuant to
Sections 502, 547, 548 and 550 of the Bankruptcy Code.

The Court requested that the motion be noticed to all defendants
in the Avoidance Actions.

On Feb. 23, 2007, the Debtors filed a similar request asking the
Court to enter an order establishing certain procedures
governing all Avoidance Actions.

Specifically, Frank A. Oswald, Esq., at Togut, Segal & Segal,
LLP, in New York, says, the Debtors ask the Court to enter a
ruling:

    (a) eliminating the requirement of a scheduling conference
        required by Rule 7026(f) of the Federal Rules of
        Bankruptcy Procedure, and an initial pretrial conference
        under Rule 7016, and instead, set procedures and
        timetables for service of Rule 7026 disclosures;

    (b) requiring a pre-motion conference before any motion is
        filed; and

    (c) authorizing and approving omnibus procedures for the
        settlement and compromise of the Avoidance Actions,
        pursuant to which the Debtors would be permitted to
        settle a majority of the Avoidance Actions without the
        requirement of noticing all creditors or bringing all of
        the proposed settlements before the Court for approval
        pursuant to Rule 9019 of the Federal Rules of Bankruptcy
        Procedure.

Mr. Oswald notes that the Debtors have served a copy of the
present request with the summons and complaint on the defendant
in each adversary proceeding.

The Debtors, the Official Committee of Unsecured Creditors and
their retained professionals have been working together to
determine whether any transfers made by the Debtors to third
parties within the one-year period immediately before their
bankruptcy filing, may be avoided and recovered by the Debtors
pursuant to Chapter 5 of the Bankruptcy Code, Mr. Oswald tells
Judge Kishel.

According to Mr. Oswald, the Debtors have commenced more than
400 adversary proceedings seeking to avoid and recover in excess
of US$260,000,000, and have entered into 29 tolling agreements.

Mr. Oswald asserts that absent the establishment of streamlined
procedures to govern the prosecution and settlement of the
Avoidance Actions, it will be extremely difficult and costly for
the Debtors to prosecute the Avoidance Actions in an efficient
and timely manner and equally as difficult for the Court to
administer the matters.

Mr. Oswald says by instituting certain procedures, the Debtors
will be able to minimize the administrative costs to the estates
including, among other things:

    * the cost and expense of having counsel travel to and from
      the Court for countless pretrial and scheduling
      conferences;

    * drafting Rule 9019 motions; and

    * serving every creditor with every proposed settlement,
      which could amount to hundreds of motions for approval of
      settlements.

Mr. Oswald explains that given the volume of the Avoidance
Actions that were commenced, the Debtors believe that their
request with respect scheduling conferences, pretrial
conferences, initial disclosures and motion practice are
imperative.  Absent the limitations, Mr. Oswald says, the
Court's docket will be clogged with those matters and additional
time will be consumed with reviewing and signing individual
scheduling orders in potentially hundreds of adversary
proceedings.

In addition, the Debtors seek the Court's authority to settle
and compromise Avoidance Actions in accordance with these
procedures:

    (1) For the settlement of any Avoidance Action where the
        amount demanded is US$1,000,000 and greater, the Debtors
        will, after obtaining the prior agreement of the
        Creditors Committee or its successor that the proposed
        settlement is fair and reasonable, seek for Court
        approval of the proposed settlement pursuant to Rule
        9019 on notice by regular, first-class mail upon:

         (a) counsel for the Creditors Committee;

         (b) the Office of the U.S. Trustee for the Southern
             District of New York;

         (c) the parties listed on the "Notice List" established
             by the Court's ruling establishing notice
             procedures; and

         (d) the defendant in that particular Avoidance Action;

    (2) For the settlement of any Avoidance Action where the
        amount demanded is greater than US$150,000 but less than
        US$1,000,000, after consultation with the Creditors
        Committee or its successor regarding the settlement, the
        Debtors will serve notice of any proposed settlement by
        regular, first-class mail on the Notice Parties,
        provided that if any of the Notice Parties object to a
        settlement proposed by the Debtors, and the Debtors
        still desire to enter into the proposed settlement with
        the defendant, the execution of the settlement will not
        proceed except upon:

           -- resolution of the objection by the Debtors and the
              Objecting Party; or

           -- further Court ruling after a hearing.

        The Debtors will also file notice on the Court's
        electronic docket.  If no written objection is received
        within 10 business days after the date of service of the
        Notice, the Debtors will be authorized to consummate the
        proposed settlement without further Court ruling or
        consent of any other party;

    (3) For the settlement of any Avoidance Action where the
        amount demanded is US$150,000 or less, the Debtors will
        be authorized to consummate the proposed settlement
        without further Court ruling, and without giving notice
        to, or receiving consent from any other party; and

    (4) The Debtors will provide a confidential bi-weekly
        settlement report to the Creditors Committee or its
        successor listing all settled actions, settlement
        amounts and claim waivers, unless the Committee or its
        successor waives the requirement.

The Debtors hope that the proposed procedures will promote
settlements because they believe proceeding in this manner may
obviate the need for defendants to retain outside counsel during
the settlement process.  Often, not having to expend substantial
resources for outside counsel is a major consideration in a
defendant's willingness to settle quickly, Mr. Oswald explains.

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.


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

ANTAH HOLDINGS: Changes Moratorium Period Under Approved Plan
-------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, part of Antah Holdings Bhd's restructuring
scheme, which was approved for implementation by the Securities
Commission on Dec. 7, 2006, is subject to:

       Moratorium on disposal to be imposed on 50% of the
       consideration shares to be received by the vendors of
       PIPO Overseas Limited, namely, Liu Guodong, Rock Point
       Alliance Pte Ltd, Rise Business Inc and CIM VI Limited
       respectively, for a period of three years from the date
       the securities issued are listed on the Main Board of
       Bursa Malaysia Securities Berhad.  In addition, each
       shareholder (if an individual) or ultimate individual
       shareholder (if the shareholder is another unlisted
       company of RPA Subsidiary, RBI and CIMVI, must give an
       undertaking that he will not sell, transfer or assign
       his shareholding in the related unlisted company for
       a period of three years.  The relevant undertaking
       letters must be submitted to the SC prior to the
       implementation of the Proposed Restructuring Scheme;

In an update, Antah informed the Bursa Malaysia Securities Bhd
that the Securities Commission approved the company's
application to change the moratorium period from three years to
one year from the date the securities issued are listed on the
main board of the Bursa Securities.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Antah Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah is currently in the process of implementing a
restructuring scheme, which was approved by the Securities
Commission on Dec. 7, 2006.

Antah Holdings' total assets as of Dec. 31, 2006, reached
MYR691.69 million and total liabilities reached MYR1.06 billion.  
Shareholders' equity deficit in the company reached MYR376.51
million.


ASIAN PAC: Unit Seeks to Acquire Land Assets for MYR37 Million
--------------------------------------------------------------
Asian Pac Holdings Bhd's wholly owned subsidiary, BH Builders
Sdn Bhd, plans to acquire two freehold lands from Data Kinetics
Sdn Bhd for MYR37 million.

In a disclosure with the Bursa Malaysia Securities Bhd, Asian
Pac detailed the lands being:

    (a) freehold land measuring approximately 11.5885 acres in
        net land area, held under Geran 44285 Lot 10228 Mukim
        Batu, District of Gombak, Negeri Selangor Darul Ehsan,
        worth MYR33,834,188; and

    (b) freehold land measuring approximately 1.0836 acres in
        net land area, held under HS(D) 58175 PT No.34479 Mukim
        Batu, District of Gombak, Negeri Selangor Darul Ehsan,
        worth MYR3,165,812.

Asian Pac added that both lands are approved for commercial
development and will be acquired free from all mortgages, liens,
charges, pledges, assignment and encumbrances but subject to the
existing category of land use and other relevant conditions
pertaining to land purchase.  There is however a restriction-in-
interest in the master title, which states that, Property (b)
cannot be sold, transferred, charged and leased without the
consent of the State Authority, the company said.

             Salient Terms of the Sale Purchase Agreement

The total cash consideration will be satisfied in these manners:

    (i) deposit of 10%, or MYR3,700,000, upon execution of the
        SPA, which sum includes the sum of MYR740,000 paid to
        DKSB prior to the execution of the SPA; and
            
   (ii) balance of 90%, or MYR33,300,000, within 3 months from
        the date of the SPA or 1 month from the date the SPA
        will become unconditional, whichever shall be the later.

The agreement also expressed that in the event that there is
variance on the land area, the matter will be resolved through:

    (i) where the variance is less than 2% of the total area,
        then the Purchase Consideration of the Land will be
        final.

   (ii) where the variance is 2% or more of the total area of
        the Land, the Purchase Consideration of the Land will be
        readjusted accordingly on the whole area at variance,
        calculated at the rate of MYR67 per square foot.

Any variance however will not serve as ground to terminate the
agreement.

The agreement is conditional upon:

    (i) the approval of Foreign Investment Committee being
        obtained within four months from the date of SPA; and
            
   (ii) the Consent to Transfer in favor of BH Builders being
        obtained in relation to Property (b), within six months
        from the date of SPA.

                      About Data Kinetics

DKSB was incorporated in Malaysia under the Companies Act 1965
on October 22, 1982.  As at Feb. 12, 2007, it has an authorized
share capital of MYR5,000,000 comprising 5,000,000 ordinary
shares of MYR1.00 each, of which 1,200,000 shares have been
issued and fully paid-up.  DKSB is a wholly owned subsidiary of
Palmgold Land Sdn Bhd and its principal business activity is
property investment.

                         About Asian Pac

Kuala Lumpur-based Asian Pac Holdings Berhad --
http://www.asianpac.com.my/-- is principally engaged in  
investment holding, property development and investment.  The
Company operates in three segments: investment holding, which
includes holding of quoted and unquoted shares for capital
investment purposes; property investment and development, which
includes investment in land and the development of residential
and commercial properties, and trading of building materials.  
Asian Pac Holdings Berhad's projects are mainly located within
Klang Valley in areas, such as Kepong and Desa Parkcity, and
Kota Kinabalu, Sabah.

The company's long-term debt carries Rating Agency Malaysia's
BB3 rating.  BB Ratings means inadequate safety for timely
payment of interest and principal, and future cannot be
considered as well assured.  


AVANGARDE RESOURCES: Court Extends Restraining Order to April 5
---------------------------------------------------------------
The Shah Alam High Court extended the restraining order granted
to Avangarde Resources Bhd and its wholly owned subsidiary, P.C.
Building Systems Sdn Bhd, to April 5, 2007.

On April 7, 2006, the Troubled Company Reporter - Asia Pacific
reported that the High Court of Shah Alam approved the
application made by Avangarde Resources and P.C. Building
Systems for a Restraining Order up to Oct. 5, 2006.  The
procurement of the R.O. was necessitated by several factors,
including legal proceedings being instituted by creditors and
other parties against the company.

The Restraining Order has been extended by the High Court for
several times now.

As reported by the TCR-AP on Dec. 13, 2006, the Bursa Malaysia
Securities Bhd decided to delist Avangarde from its official
lists after the Dec. 5 R.O. Period expired.  However, the
company and its unit obtained a further extension of the R.O.
until Jan. 18, 2007, causing the deferment of the Bursa's
decision to delist the company's securities.

The Court last extended the Restraining Order to March 13, 2007.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR20.349 million and total liabilities of
MYR147.824 million, resulting into a stockholders' deficit of
MYR127.475 million.


COMSA FARMS: Gets Restraining Order Extension Until July 9
----------------------------------------------------------
Comsa Farms Bhd sought and obtained an extension until July 9,
2007, of its restraining order from the Kuala Lumpur High Court.

Comsa and several of its subsidiaries obtained the R.O. on
Nov. 3, 2006, restraining any party to commence any legal
actions against the company and its units.

The restraining order was granted for the group to finalize its
scheme of arrangement for the benefit of its creditors.

                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As of Dec. 31, 2006, Comsa's balance sheet reflected
MYR182.16 million of total assets and MYR291.32 million of total
liabilities, resulting to a shareholders' deficit of
MYR109.15 million.


EKRAN BERHAD: Bursa Extends Plan Filing Deadline to April 30
------------------------------------------------------------
On March 8, 2007, the Troubled Company Reporter - Asia Pacific
reported that Ekran Bhd asked the Bursa Malaysia Securities Bhd
to extend the deadline within which it may submit its
regularization plan to the Securities Commission and other
relevant authorities for approval.

In an update, the bourse considered the company's request and
extended the company's plan filing deadline to April 30.

                          *     *     *

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


MALAYSIA AIRLINES: Still in Talk With Airbus Over A380 Order
------------------------------------------------------------
Malaysian Airline System Bhd is still in talks with Airbus over
an order for six A380 super-jumbos, the airline said in a
statement.

"MAS is still in discussions with A380 on the various options
available and no decision has been made," the Malaysian-flag
carrier said.  The company's statement was released after
reports saying the airline is likely to cancel the purchase.

On March 20, 2007, the Troubled Company Reporter - Asia Pacific
cited a Business Times report saying that the airline is likely
to cancel its A380 jumbo passenger jets orders from Airbus as
the new delivery dates of the aircrafts will no longer fit into
the carrier's plan.  According to the TCR-AP report, the
continued delay of the aircrafts delivery may result to the
cancellation of the order.

Business Times said that that the carrier will get its first
A380 by late 2009 based on an earlier understanding that the
company will get the aircraft a year after Singapore Airlines,
which is scheduled to take delivery of its first unit in October
next year.

Bernama notes that based on the original schedule, MAS should
have received its second A380 by now, quoting the airline's
manager director and chief executive officer, Idris Jala as
saying last month when the company announced its 2006 financial
results.

                          *     *     *

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


PROTON HOLDINGS: Japan Responds Well to Gen2 and Satria Models
--------------------------------------------------------------
Proton Holding's Gen2 and Satria Neo models received a favorable
response from auto enthusiasts in Japan, Bernama News relates.

The two models made their debut in Japan through the Sixth
International Auto Aftermarket Expo 2007 organized by the Japan
External Trade Organization.

Jetro director Nobufumi Kurita told Bernama that the trade
organization received many inquiries from potential Japanese
companies, which are interested to market the Malaysian-made
cars.

According to Mr. Kurita, most of the Japanese enthusiasts were
impressed with the car design, which they regarded as "catchy"
and on par with the more established design.

For a start, Proton could use small Japanese car dealers to
penetrate the market in Japan as any foreign car imported with a
quantity of below 100 units per year would only need to adhere
to the strict smoke emission requirement, Mr. Kurita said.

"If less than 100, you only need to tune up the smoke emission
requirement with the Transport Ministry.  Emission control is
quite strict here, for the rest, Japanese dealers would do their
work as the law required the importer to take full
responsibility while bringing in the car for Japanese market,"
he added.

The two Proton models also caught the attention of Japan's most
popular newspaper -- The Asahi Shimbun -- when it featured the
cars complete with color pictures in its national publication
yesterday, the director added.

"They are very selective in news coverage.  If you take up an
advertisement in the daily, it would cost almost US$200,000," he
said.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported to be among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.


SHAW GROUP: Obtains Second Waiver from Lenders
----------------------------------------------
The Shaw Group Inc., disclosed in a regulatory filing with the
United States Securities and Exchange Commission that it entered
into a Waiver dated March 19, 2007, with respect to a certain
Credit Agreement dated April 25, 2005, as amended, among:

    * the company, as borrower;

    * BNP Paribas, as administrative agent;

    * BNP Paribas Securities Corp., as joint lead arranger and
      sole bookrunner;

    * Bank of Montreal, as joint lead arranger;

    * Credit Suisse First Boston, acting through its Cayman
      Islands branch, as co-syndication agent;

    * UBS Securities LLC, as co-syndication agent;

    * Regions Bank as co-documentation agent;

    * Merrill Lynch Pierce, Fenner & Smith, Incorporated, as
      co-documentation agent;

    * the guarantors signatory; and

    * other lenders signatory.

The company had previously said that due to the significance of
the Westinghouse acquisition to its financial statements, the
company was required to file a Current Report on Form 8-K with
the SEC by Jan. 3, 2007, including the audited financial
statements of Westinghouse for the fiscal years ended March 31,
2006 and 2005.

As a subsidiary of BNFL, Westinghouse maintained its accounting
records under UK generally accepted accounting principles.

Further, it did not obtain a separate audit of Westinghouse
results for the periods as required by Form 8-K.

These factors caused delays in obtaining the information and
reports needed to timely file with the SEC.  Due to delays in
receiving the required Westinghouse audited financial
statements, Shaw has not filed an amendment and supplement to
Item 9.01 of its Current Report on Form 8-K initially filed on
Oct. 18, 2006, to include the historical financial statements of
Westinghouse, and the unaudited pro forma financial information
required pursuant to Article 11 of Regulation S-X of the
Securities Act of 1933, as amended.

The company relates that it encountered difficulties in
completing the conversion of UK GAAP to US GAAP, and because the
company would have been in violation of certain debt covenants
under the Amended Credit Agreement if it failed to comply with
Westinghouse Filing Requirement by Jan. 18, 2007, the company
obtained a waiver to the Amended Credit Agreement, which waived
compliance, for a 60 day period commencing on Jan. 18, 2007, and
ending on March 20, 2007, by the Company with any covenant in
the Amended Credit Agreement solely to the extent that such
covenant would be breached as a result of the company's failure
to comply with the Westinghouse Filing Requirement, and waived
the requirement that the Company make any representation or
warranty in the Amended Credit Agreement solely to the extent
that such representation or warranty would be false as a result
of the Company's failure to comply with the Westinghouse Filing
Requirement.

Though the company has made significant progress toward
completing the conversion of UK GAAP to US GAAP, it continues to
encounter difficulties and needs additional time to comply with
the Westinghouse Filing Requirement.

Accordingly, the company has obtained a second waiver to the
Amended Credit Agreement, which waives compliance, for an
additional 90 day period commencing on March 19, 2007, by the
Company with any covenant in the Amended Credit Agreement solely
to the extent that such covenant would be breached as a result
of the Company's failure to comply with the Westinghouse Filing
Requirement, and waives the requirement that the Company make
any representation or warranty in the Amended Credit Agreement
solely to the extent that such representation or warranty would
be false as a result of the Company's failure to comply with the
Westinghouse Filing Requirement.

The Second Westinghouse Waiver became effective on March 19,
2007, upon execution by the Company and by the Agent pursuant to
authority granted by the Required Lenders; provided that, the
Waiver shall cease to be in effect if (but only if) the company
fails to comply with the Westinghouse Filing Requirement within
90 days after the date of the Waiver which is March 19, 2007.

The company is making every effort to comply with the
Westinghouse Filing Requirement within this additional 90 day
period.

A full-text copy of the Second Westinghouse Waiver is available
for free at http://ResearchArchives.com/t/s?1bbe

Headquartered in Baton Rouge, LA, The Shaw Group Inc. (NYSE:
SGR) -- http://www.shawgrp.com/-- is a global provider of  
services to  the environmental, infrastructure and homeland
security markets, including consulting, engineering,
construction, remediation and facilities management services to
governmental and commercial customers.  It is also a vertically
integrated provider of engineering, procurement, pipe
fabrication, construction and maintenance services to the power
and process industries.  The company segregates its business
activities into four operating segments: Environmental &
Infrastructure (E&I); Energy & Chemicals (E&C); Maintenance, and
Fabrication, Manufacturing & Distribution (F&M).  In January
2005, the company sold substantially all of the assets of its
Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.


SHAW GROUP: Hires KPMG LLP as Accountants
-----------------------------------------
The Shaw Group Inc. reported that on March 19, 2007, it engaged
KPMG LLP to serve as its independent registered public
accounting firm for the fiscal year ending August 31, 2007, and
to perform procedures related to the financial statements
included in the company's quarterly reports on Form 10-Q, which
are expected to commence with, and include, the quarter ending
May 31, 2007, unless the services of KPMG are requested in
connection with the Company's quarterly report on Form 10-Q for
the quarter ended February 28, 2007.

The Audit Committee of the Board of Directors of the company
made the decision to recommend KPMG to the full Board of
Directors which adopted and approved that decision.

During the Company's two most recent fiscal years ended August
31, 2006, and August 31, 2005, and during any subsequent interim
period prior to the date of the engagement of KPMG, as the
company's independent registered public accounting firm, neither
the company nor anyone acting on its behalf consulted with KPMG
regarding (i) either: the application of accounting principles
to a specific transaction, either completed or proposed; or the
type of audit opinion that might be rendered on the Company's
financial statements, and neither a written report was provided
to the Company or oral advice was provided that KPMG concluded
was an important factor considered by the Company in reaching a
decision as to the accounting, auditing or financial reporting
issue; or (ii) any matter that was either the subject of a
disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K
and the related instructions) or a reportable event (as
described in Item 304(a)(1)(v) of Regulation S-K).

Headquartered in Baton Rouge, LA, The Shaw Group Inc. (NYSE:
SGR) -- http://www.shawgrp.com/-- is a global provider of  
services to  the environmental, infrastructure and homeland
security markets, including consulting, engineering,
construction, remediation and facilities management services to
governmental and commercial customers.  It is also a vertically
integrated provider of engineering, procurement, pipe
fabrication, construction and maintenance services to the power
and process industries.  The company segregates its business
activities into four operating segments: Environmental &
Infrastructure (E&I); Energy & Chemicals (E&C); Maintenance, and
Fabrication, Manufacturing & Distribution (F&M).  In January
2005, the company sold substantially all of the assets of its
Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission a unit
of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.


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

AIR NEW ZEALAND: Delayed Passengers to Seek Compensation
--------------------------------------------------------
Air New Zealand has conceded that its practice of bumping
passengers off overbooked domestic flights leaves it open to
paying compensation of up to 10 times the original ticket
prices, Dan Eaton writes for The Press, noting that bumping is
standard practice by airlines worldwide.

Consumer Affairs Minister Judith Tizard urged passengers to seek
compensation, The Press relates.  According to Ms. Tizard,
"Airlines are liable to pay compensation to passengers up to 10
times the price of their ticket or the actual cost of the
passenger's delay, whichever is the lesser."

The Press recounts that last week, overbooking had caused havoc
for passengers, citing a Christchurch man forced to arrive two
hours late for his grandmother's funeral.

"Under the Civil Aviation legislation, consumers are entitled to
compensation from the airline if they are delayed, unless the
delay is caused by factors beyond the airline's control, such as
weather conditions or safety issues," Ms. Tizard said.

Passengers generally face a two-year limitation on making claims
against an airline for being delayed or bumped, stuff.co.nz
notes.

Air New Zealand and Qantas are considering Ms. Tizard's
comments.

"The information is correct and Air New Zealand complies with
consumer regulations in this matter," The Press cites airline
spokeswoman, Tracey Palmer, as saying.

According to Ms. Palmer, Air New Zealand would deal with all
resulting compensation requests according to its obligations.

Ms. Tizard further said Air New Zealand and Qantas have been
referring to out-of-date legislation in their terms and
conditions of travel, stated on their tickets and Web site.  
Thus, she has asked the Consumer Affairs Ministry to
investigate.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solid liquidity
position, with cash balances of NZ$1.071 billion held as at
June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


AIR NEW ZEALAND: Increases Flights To and From Adelaide
-------------------------------------------------------
Air New Zealand Group General Manager - Short Haul Airline Norm
Thompson said bookings between Auckland and Adelaide had been
consistently strong since the airline launched the service on
March 16, 2006.  Thus, the airline is adding another two return
flights, moving to five services per week.

The two additional services will start on Oct. 29, 2007, and
operate on Mondays and Thursdays in addition to the current
Tuesday, Friday and Sunday services.

"There has also been equally strong growth for travel to New
Zealand from South Australia as a result of constant promotion
in the region.  Offering the fastest way for South Australians
to get to the United States means we also carry a lot of onward
traffic.  We are also expecting our new seasonal Vancouver
service to prove popular for the same reason," Mr. Thompson
said.

Air New Zealand will operate the additional services using A320
aircraft.

For the month of April 2007, Tuesday services are being up-
gauged from a 150 seat A320 to a 230 seat 767-300 to cope with
increased demand during school holidays and Easter.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solid liquidity
position, with cash balances of NZ$1.071 billion held as at
June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


WOOL EQUITIES: Posts NZ$0.31 Million Profit for HY-End Dec. 2006
----------------------------------------------------------------
In its unaudited financial results for the half-year ended
Dec. 31, 2006, Wool Equities Ltd. posted a NZ$0.31-million
profit, which included:

   -- a NZ$2.04 million group gain on the sale of New Zealand
      Wool Testing Authority;

   -- a Canesis Network Limited profit of NZ$0.54 million of
      which Wool Equities share after minority interest and
      group adjustments is NZ$0.13 million;

   -- parent company loss contribution after adjustments,
      NZ$0.94 million;

   -- a Keratec Limited loss of NZ$0.87 million of which Wool
      Equities share after minority interest and group
      adjustments is a NZ$0.83 million loss.

The company noted that there was no dividend declared.

Wellington, New Zealand-based Wool Equities Ltd. --
http://www.woolequities.co.nz/-- is a technology investment  
company, with shareholdings in a diverse range of companies,
focusing in the biotech sector.  The companies include Karatec
Limited, which is a manufacturing, marketing/distribution and
technology licensing business extracting high-value protein
fractions used for applications in personal care, consumer
health and medical materials; Canesis Networks Limited, which is
engaged in wool science and textile technology; Orico Limited,
and Paracco Limited. From June 30, 2006, Covita Limited was a
subsidiary of the company.

The group suffered net losses of NZ$3,571,000 and NZ$7,996,000
for the years ended June 30, 2006, and 2005, respectively
(parent: NZ$2,852,000 and NZ$5,942,000).


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

CHIQUITA BRANDS: Pleads Guilty to Terrorist Payment Allegation
--------------------------------------------------------------
Chiquita Brands International has pleaded guilty to one count of
doing business with Colombian terrorists to protect its most
profitable banana-growing operation, the Associated Press
reports.

Chiquita's guilty plea relates to the company's plea agreement
with the United States Attorney's Office for the District of
Colombia and the National Security Division of the U.S.
Department of Justice which includes payment of a US$25 million
fine, payable in five equal annual installments, with interest.

According to AP, prosecutors told a federal court Monday that
the company agreed to pay about US$1.7 million between 1997 and
2004 to the United Self-Defense Forces of Colombia.

Chiquita, AP relates, has said it was forced to make the
payments and was acting only to ensure the safety of its
clients.

However, AP says, federal prosecutors noted that from 2001 to
2004, when Chiquita made US$825,000 in illegal payments, the
Colombian banana operation earned US$49.4 million and was the
company's most profitable unit.

The company is set to be sentenced June 1, the source says.

As reported in the Troubled Company Reporter - Asia Pacific on
March 13, 2007, Chiquita and its operating subsidiary, Chiquita
Brands L.L.C., entered into an amendment effective March 7,
2007, of their credit agreement dated as of June 28, 2005, with
a syndicate of banks, financial institutions and other
institutional lenders.

The Amendment addressed the treatment under the Credit Agreement
of a US$25 million charge for the potential settlement of a
contingent liability related to the U.S. Department of Justice's
investigation of the company in connection with payments made by
its former Colombian subsidiary.

                 U.S. Department of Justice Probe

In a press statement dated Feb. 22, 2007, Chiquita disclosed
that in April 2003, the company's management and audit
committee, in consultation with the board of directors,
voluntarily disclosed to the U.S. Department of Justice that its
former 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 the voluntary disclosure, the Justice Department
undertook an investigation, including consideration by a grand
jury.  In March 2004, the Justice Department advised that, as
part of its criminal investigation, it would be evaluating the
role and conduct of the company and some of its officers in the
matter.  In September and October 2005, the company was advised
that the investigation was continuing and that the conduct of
the company and some of its officers and directors was within
the scope of the investigation.

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 the discussions, and
in accordance with the guidelines set forth in SFAS No. 5, the
company has recorded a reserve of US$25 million in its financial
statements for the quarter and year ended Dec. 31, 2006.

The amount reflects liability for payment of a proposed
financial sanction contained in an offer of settlement made by
the company to the Justice Department.  The US$25 million would
be paid out in five equal annual installments, with interest,
beginning on the date judgment is entered.  The Justice
Department has indicated that it is prepared to accept both the
amount and the payment terms of the proposed US$25 million
sanction.

According to the company, negotiations are ongoing, and there
can be no assurance that a plea agreement will be reached or
that the financial impacts of any such agreement, if reached,
will not exceed the amounts currently accrued in the financial
statements.

Furthermore, the company said that the agreement would not
affect the scope or outcome of any continuing investigation
involving any individuals.

In the event an acceptable plea agreement between the company
and the Justice Department is not reached, the company believes
the Justice Department is likely to file charges, against which
the company would aggressively defend itself.  The company is
unable to predict the financial or other potential impacts that
would result from an indictment or conviction of the company or
any individual, or from any related litigation, including the
materiality of such events.

                      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
Panama.

                          *    *    *

In November 2006, 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.


UNIVERSAL RIGHTFIELD: Atty. R. L. Justo Resigns From Board
----------------------------------------------------------
Rightfield Property Holdings Inc. informs the Philippine Stock
Exchange of the resignation of Atty. Rolando L. Justo from the
company's board of directors effective March 20, 2007.

Atty. Justo tendered his resignation on Feb. 20 without
disclosing the reason of his decision.

Philippine-based Universal Rightfield Property Holdings  
Incorporated provides residential and leisure related needs and  
wants of the middle and upper middle income market, served in
two areas: Affordable residential condominiums with integrated  
facilities for work and leisure targeted for the middle income  
market, and Leisure developments which offers ownership to  
multiple clubs for a single proprietary membership share.

Universal Rightfield was included in TCR-AP's Feb. 16, 2007
Large Companies With Insolvent Balance Sheets column, having
assets totaling US$45.12 million and stockholders deficit of
US$13.48 million.


* Phil. Banks' NPL Ratio Increases to 5.72% in January
------------------------------------------------------
As of end-January 2007, universal and commercial banks (U/KBs)
posted a non-performing loans ratio of 5.72%.  Though higher
than the previous month's 5.66%, this month's NPL ratio is still
an improvement of 2.42 percentage points over the 8.14% ratio
registered a year ago.  The month-on-month movement was spurred
by the 1.36 percent growth in NPLs, outpacing the 0.30 percent
expansion in total loan portfolio.  

Exclusive of interbank loans, the industry's NPL ratio also rose
by 0.13 percentage point to 7.16 percent from 7.03% last month.  
This transpired as TLP, net of IBL shrunk by 0.50%.  Year-on-
year, this month's ratio fared better by 2.84 percentage points
from the base figure of 10.00%.  

The restructured loans to TLP ratio marginally went down to
3.79% from last month's 3.82%.  The decline in ratio took place
as the 0.38% fall in gross RLs came along with the increase in
TLP.  Meanwhile, the non-performing RLs to RLs ratio moved up by
1.59 percentage points to 42.33% from 40.74% last month, fueled
by the 3.53% hike in non-performing RLs.

Meanwhile, the real and other properties acquired, gross to
gross assets ratio trimmed by 0.03 percentage point to 3.82%
from last month's 3.85%.  This favorable development stemmed
from the simultaneous 0.16%drop in ROPA and the growth in GAs.  
For the month, the industry's stock of foreclosed properties
stood at PHP170.06 billion.  

The non-performing assets ratio inched up to 6.29% from last
month's 6.28%.  NPAs broadened by 0.68% to P278.41 billion from
PHP276.53 billion last month, surpassing the 0.57% rise in GAs.  
Nonetheless, this month's NPA ratio is 2.17 percentage points
better than year ago's 8.46% ratio.  

The NPL coverage ratio abated by 2.24 percentage points to
80.40% from 82.64% last month, prompted by the 1.39% contraction
in loan loss reserves.  Nevertheless, on a year-on-year
reckoning, this month's ratio is 3.42 percentage points higher
than the base figure of 76.98%.  As of end-January 2007, U/KBs'
LLRs settled at PHP95.68 billion.  

Meantime, the NPA coverage ratio (NPA reserves to NPAs) further
fell to 39.93% from 40.57% last month and 41.17% a year ago.  
For the month, the NPA loss reserves narrowed by 0.91% to
PHP111.17 billion.  

                          *     *     *

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
=================

BERPHENS PTE: Creditors Must File Proofs of Debt by April 30
------------------------------------------------------------
Creditors of Berphens Pte Ltd., which is in wind-up proceedings,
are required to file proofs of claim by April 30, 2007.

Creditors who fail to timely file their proofs of debt will be
excluded from sharing in the company's dividend distribution.

The company's liquidators are:

         Tan Choon Chye
         Low Nee Tan Leng Fong
         Tan Shou Chieh
         c/o Singapore Secretarial Services Co. (Pte.)
         6001 Beach Road #12-01 & #12-11
         Golden Mile Tower
         Singapore 199589


NT VISION: Pays Final Dividend to Unsecured Creditors
-----------------------------------------------------
The NT Vision Pte Ltd., which is in creditors' voluntary  
liquidation, paid the first and final dividend to its unsecured  
creditors on March 19, 2007.

The company paid 100% of all admitted preferential claims and
24.25% of all admitted ordinary claims.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         Member, RSM International
         18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


REFCO: Plan Administrators Want US$15MM Admin Claims Disallowed
---------------------------------------------------------------
RJM, LLC, as Plan Administrator of the Reorganized Refco Inc.'s
Chapter 11 cases, and Marc S. Kirschner, as Plan Administrator
and Chapter 11 Trustee of Refco Capital Markets, Ltd.'s case,
ask the United States Bankruptcy Court for the Southern District
of New York to rule on 31 administrative expense claims,
totaling approximately US$15,000,000.

Specifically, the Plan Administrators ask Judge Drain to
disallow and expunge 11 claims that are inconsistent with the
books and records of the Reorganized Debtors and RCM:

   Claimant                          Claim No.   Claim Amount
   --------                          ---------   ------------
   Illinois Department of Revenue       4974           US$379
   Joe Damouni                          3091                -
   Michelle Y. Coe                      3333                -
                                        3446                -
   Qwest Communications Corp.           3396           19,528
   State of Connecticut                14285              400
   Connecticut Revenue Service Dept.   14286              250
   Tennessee Department of Revenue     14288            1,409
                                         129            1,655
                                       14287              521
                                         128              350

The Plan Administrators also ask Judge Drain to reduce and
allow, and in certain cases, reclassify, six claims asserting
overstated amounts:

                                Claim        Claim     Modified
Claimant                        Number       Amount     Amount
--------                        ------       ------    --------
Equity Trust Co. Cust. FBO        2982     US$8,022    US$8,022
Orange County Tax Collector      14421        6,783       6,783
Pitney Bowes Credit Corp.         2316        3,853       3,853
                                  4420          834         834
Telecommunications System, Inc.  14245        5,613       5,613
The City of New York             14298   12,017,928     125,000

The Plan Administrators also want nine claims disallowed and
expunged because they fail to assert any basis in satisfying
administrative expense status:

   Claimant                       Claim No.   Claim Amount
   --------                       ---------   ------------
   Fimat USA, LLC, and Fimat         14300       US$46,397
                                      3413          46,397
   NDC Online, Ltd.                   3020         428,745
   Living Water Fund L.P.             3402       1,809,972
   Andrei Popov                      14436          31,938
                                     14437          31,938
   Frances R. Dittmer                 4268          75,000
   Runyun He                         14439           5,579
   SNC Investments, Inc.             14441         146,477

Furthermore, the Plan Administrators ask Judge Drain to disallow
Claim No. 3417 filed by West Loop Associates, LLC, for
US$398,270, because it has already been addressed by the
Reorganized Debtors' Chapter 11 Plan and the Confirmation Order.

The Plan Administrators want four claims disallowed as
duplicate, amended, or superseded claims:

                               Claim    Claim    Remaining
   Claimant                    Number    Amount     Claim
   --------                    ------    ------   ---------
   Charles Fenton III IRA       14289  US$8,023      2982
                                14290     8,023      2982
   Orange County Tax Collector     73     8,278     14421
                                14394     6,731     14421

The Plan Administrators reserve the right to amend, modify, or
file additional objections to the Administrative Claims on any
grounds.

                          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).


REFCO INC: Plan Administrators Want Cross-Border Protocol Fixed
---------------------------------------------------------------
RJM, LLC, as Plan Administrator of the Reorganized Refco Inc.'s
Chapter 11 cases, and Marc S. Kirschner, as Plan Administrator
and Chapter 11 Trustee of Refco Capital Markets, Ltd.'s case,
ask the U.S. Bankruptcy Court for the Southern District of New
York to approve a cross-border insolvency protocol with the
joint provisional liquidators to ensure that the Parallel
Proceedings pending in the U.S. and Bermuda are conducted in an
efficient and effective manner so as to protect the interests of
stakeholders of the RCM and RGF estates; avoid duplication of
effort and expense; and implement the Plan.

Refco Capital Markets, Ltd., and Russia Growth Fund, Ltd., each
filed for Chapter 11 protection in the U.S. Bankruptcy Court for
the Southern District of Delaware on Oct. 17, 2005.  Two days
after, RCM and RGF filed voluntary winding-up petitions in the
Supreme Court of Bermuda.

The Bermuda Court subsequently appointed Michael W. Morrison of
KPMG Financial Advisory Services Limited in Bermuda, and Richard
Heis of KPMG LLP in the United Kingdom, as joint provisional
liquidators in the Bermuda Proceedings.  In April 2006, Marc S.
Kirschner was appointed as Chapter 11 trustee for the RCM
estate.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
relates that as of Feb. 22, 2007, neither the Joint Provisional
Liquidators nor their professionals have received payment or
reimbursement of any fees or expenses incurred in connection
with the U.S. and Bermuda Proceedings.

Mr. DeSieno notes that on Dec. 12, 2006, the Bermuda Court ruled
that the categories of actions undertaken by the Joint
Provisional Liquidators are within the scope of their duties
under Bermuda law, and that the hourly rates charged by them are
consistent with those charged in previous cases.

Pursuant to the confirmed Chapter 11 Plan of Refco, Inc., and
its debtor-affiliates, RJM, LLC, has been appointed Plan
Administrator of RGF, and serves as the corporate governance of
RGF under U.S. law, with full power and authority to manage
RGF's affairs and administer RGF's assets under the Plan and
auspices of the Bankruptcy Court.

On Jan. 17, 2007, the Bankruptcy Court issued an order providing
for the same allocation of fee approval responsibilities between
the Bankruptcy and Bermuda Courts in accordance with the Dec. 8
Bermuda Order.

The Plan Administrators assert that the Protocol also resolves
the dispute concerning the appropriate amount and proper forum
for determination of the JPL fees.

Mr. DeSieno tells the Bankruptcy Court that the Protocol is
consistent with the purposes of and principles incorporated in
the Cross-Border Insolvency Concordat adopted by the Council of
the International Bar Association on May 31, 1996.  The Protocol
recognizes that the U.S. Proceedings are the main proceedings
for RCM and RGF.  He states that the relative duties and rights
of the Plan Administrators and JPLs are apportioned according to
those principles with respect to:

   -- their legal responsibilities;

   -- the domiciles of RCM and RGF; and

   -- the sovereignty of the U.S. and Bermuda courts.

Since the U.S. Proceedings are the Main Proceeding, the Protocol
provides that Mr. Kirschner and the Refco Administrator, as
applicable, will be responsible for the claims review process,
and proof and allowance of claims will be coordinated through
the U.S. Proceedings and the Bankruptcy Court.

Reimbursement of fees and expenses of the JPLs and their
professional advisors will be:

   -- a total of US$1,790,000 in full and final payment and
      satisfaction of all fees and expenses incurred through the
      date of effectiveness of the Protocol; and

   -- up to an additional US$20,000 in full and final payment
      and satisfaction of all fees and expenses incurred in
      connection with securing the withdrawal of the winding-up
      petition of RGF in the Bermuda Court.

Furthermore, the Refco Administrator and the JPLs have agreed
that RGF is solvent following the Plan implementation.  At the
earliest possible time, RGL will seek leave from the Bermuda
Court to withdraw its winding-up petition in Bermuda, which
would, in turn, result in the dismissal of the order appointing
the JPLs.  At the same time, the JPLs will seek their release
from the Bermuda Court.

                         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).


REFCO INC: RCM Trustee Objects to 18 Claims Totaling US$240 Mil.
----------------------------------------------------------------
Mark S. Kirschner, the duly appointed Plan Administrator and
Chapter 11 trustee for Refco Capital Markets, Ltd.'s estate,
asks the United States Bankruptcy Court for the Southern
District of New York to rule on 18 invalid proofs of claim
aggregating approximately US$240,000,000.

The Subject Claims are:

    Claimant                       Claim No.    Claim Amount
    --------                       --------     ------------
    Carlos Fradique                  11400      US$5,524,340
    Corporex Investment, LLC         10077            33,223
    Dante Canonica                    9934           179,540
                                      9935           350,610
    Geshoa Structured Finance Ltd.   11443         9,560,708
                                     14177        10,134,755
    Jose Maria Gregorio              11019            17,070
    Markwood Investments Ltd.        12260       144,206,978
    Minglewood Investments, LLC       1679         2,796,619
    PM Petromanagement Limited        9879           669,200
    Quercus Investments Ltd.          9933         5,277,684
    Reserve Invest (Cyprus) Ltd.     11392        14,199,476
    Rocky Systems Corp.               9923           486,271
    RR Investment Company Ltd.       11837        42,565,793
    Swix Currency Fund Limited        9938         2,473,118
    Vedat Barha                       9943         1,030,168
    Vipasa Int'l. Investments Corp.  10134                 -
    Armand Marquis                    1368                 -

Specifically, the RCM Administrator asserts that:

   (a) the Marquis Claim should be disallowed because it does
       not hold any liability owing to RCM or any of the other
       Debtors;

   (b) the Fradique Claim, which was based on the claimant's
       foreign exchange account as of the Petition Date; and the
       Corporex Claim, which arose from an account containing
       digital options, should be classified as RCM FX/Unsecured
       Claims instead of being RCM Securities Customer Claims
       pursuant to the Debtors' Chapter 11 Plan;

   (c) seven claims filed by PM Petromanagement, Mr. Canonica,
       Quercus Investments, Rocky Systems, Swix Currency, and
       Vedat Barha -- the FX customers who attempted to buy
       U.S. Treasury Bills with their FX account proceeds after
       the RCM Petition Date, should be reclassified as RCM
       FX/Unsecured Claims since their requested T-Bill
       purchases were not consummated as of the Petition Date;

   (d) Geshoa's Claim No. 14177 is inconsistent with RCM's
       books and records, while its Claim No. 11443 should be
       disallowed and expunged because it is duplicative to
       Claim No. 14177;

   (e) the Gregorio Claim, which is alleged to be funds wrongly
       transferred to an RCM account before the Petition Date,
       has an inappropriate value and should be treated as an
       RCM FX unsecured Claim;

   (f) the Markwood Claim should be disallowed because it is
       inconsistent with RCM's books and records;

   (h) three claims filed by Minglewood, RIC, and RR Investment
       are inconsistent with RCM's books and records, and, thus
       should be disallowed; and

   (i) the Vipasa Claim, which was filed in respect of a
       securities account with a negative balance, was not
       amended, and thus should be disallowed and expunged in
       its entirety.

Moreover, the RCM Administrator seeks a scheduling order
governing certain procedures to resolve the Subject Claims.

                        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).


===============
T H A I L A N D
===============

BANK OF AYUDHYA: 15% Loan Growth Sets High Forecasts for 2007-11
----------------------------------------------------------------
Bank of Ayudhya's aggressive 15-16% preliminary loan-growth
target for this year led to the rise of its compounded annual
growth rate loan-growth forecast for 2007-11 to 14% from 13%,
The Nation reports.

The report says that the bottom-up loan growth of 15% this year
will consist of an 11% loan growth at the bank plus a
THB25 billion expansion of hire-purchase loans at wholly owned
Ayudhya Capital Lease, established as the bank's hire-purchase
arm in January.

The Nation explains that of BAY's 11% loan growth, 8% will be
for corporate and small or medium-sized enterprises while 25%
will be for retail such as personal loans and mortgages.  
The bank's new business plan promises a very aggressive and
rapid growth for both personal and hire-purchase loans.

Despite drops in interest rates, BAY expects its net-interest
margin to surge 4 basis points this year, as compared with the
5-point drop in the previous year, the report says.  The bank
expects a 29 basis point rise next year when the new business
plan materializes.  

The report says that GE top management will undoubtedly express
their opinion about the changes in Bank of Ayudhya's operations
and strategies.

The Nation states that BAY is ready to experience growth in
assets and returns on equity enhancements due to a well-
capitalised 17% capital-adequacy ratio brought about by a cash
injection of THB27.4 billion -- THB22 billion by GE and
THB5.4 billion by major shareholders' warrant conversion  -- in
January.

                 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: Union Heads Fight Chrysler Sale to Equity Buyer
----------------------------------------------------------------
Union leaders in Germany and in the United States oppose the
sale of DaimlerChrysler AG's Chrysler Group to a private equity
buyer, the Wall Street Journal reports.

"We wouldn't support a sale to a private-equity investor,"
DaimlerChrysler supervisory board member Gerd Rheude, who heads
the works council at a Worth truck plant in southwestern
Germany, says in an interview with WSJ.

"It's important for us that Chrysler won't be cut in pieces, but
that we find a way of securing the jobs of our American
colleagues," Mr. Rheude adds.

"We wouldn't support a solution such as a private equity firm
that would cut out choice bits," DaimlerChrysler supervisory
board member Helmut Lense tells The Detroit News in an
interview.  Mr. Lense is the main employee representative of a
plant in Stuttgart that builds engines, suspensions and
transmissions.

According to WSJ, under German law, a sale of a division have to
be approved by a public company's supervisory board, and half of
its seats have to be occupied by worker representatives.

The board chairman, a shareholder representative, can cast a
second, tie-breaking vote in case of a deadlock, although German
companies usually avoid such moves, WSJ adds.

In a TCR story on March 15, 2007, United Auto Workers President
Ron Gettelfinger said Chrysler Group should remain in the
family, according to reports of various news agencies.

"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," DaimlerChrysler supervisory board member Mr.
Gettelfinger told radio station WJR-AM in Detroit in an
interview.

                    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.


ITV PCL: Public Relations Dept. To Review Operating Proposal  
------------------------------------------------------------
The Office of the Public Sector Development Commission
instructed the Public Relations Department to review within
three weeks its financial proposal to operate broadcaster TITV
(formerly iTV Pcl), The Nation reports.

"The proposal lacks clear goals and work targets.  It is clearly
based on past income of iTV," the report quotes Commission
Secretary-General Thosaporn Sirisumphand.

According to the report, Secretary Thosaporn said that the PRD
must concentrate more on knowledge-based news programs because
iTV's programming was too profit-oriented.

The report says that there still are no changes in TITV
programming.  The Network is still broadcasting iTV programs.

            TITV as a "Service-Delivery Unit"

The Troubled Company Reporter - Asia Pacific reported on
Mar. 9, 2007, that The Council of State ruled that the PRD could
legally run iTV, which is in transition from a privately owned
to a state-owned entity.  The report said that Prime Minister
Surayud Chulanont immediately ordered the PRD to allow the
station to continue broadcasting without further interruptions.  

The Nation says that the PRD plans to treat TITV as a "service-
delivery unit" -- a government body with streamlined work
procedures having quasi-autonomy.  

The report notes that former senator Dr Niran Pitakwatchara
called on the government to transform TITV into a public-service
organization.

"Being an SDU will adversely affect the overall effort of media
reform that intends to distribute broadcast frequencies to the
public, not the government sector," the report quotes Dr. Niran
-- who was appointed by Prime Minister Surayud Chulanont to head
a panel looking to promote the use of media resources for social
and political reform.   

The report says that Dr. Niran believes TITV must be run by a
public organization and a royal decree must protect the station
from any political or business influence.  The former senator
will present his panel's recommendations to PMO Minister
Thirapat Serirangsan, and then to the Cabinet.     

Panel member Charoen Kampirapap said that if TITV remained an
SDU, the station would be identical to the old iTV, the report
says.  

                        About iTV

iTV PLC's principal activity is producing and broadcasting
television programs and channels, including the promotion of
related rights and assets.  Shin Corp Plc is iTV's major
shareholder, with a 53% stake.  Singapore's state investment arm
Temasek Holdings controls more than 96% of Shin, which was
previously owned by caretaker Prime Minister Thaksin
Shinawatra's family.  Earlier this year, it sold its majority
stake in iTV to Temasek.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jun. 23, 2006, that the Prime Minister's Office demanded a
concession fee payment and fines to the government from the
television network.

The demand, TCR-AP recounted, was a result of the Arbitration
Court's consent given to the company to pay an annual concession
fee to the Prime Minister's Office amounting to THB230 million.
The original rate before the consent amounted to THB1 billion
per year.

On Dec. 15, 2006, the TCR-AP reported that the Supreme
Administrative Court upheld the Central Administrative Court's
verdict by voiding the arbitration ruling on concession fee
payments won by iTV in 2004.  The overdue concession payment and
fines that the broadcaster must pay reached THB100 billion.

A TCR-AP report on March 8, 2007, indicated that the station
failed to pay the more than THB100 billion in debts to the PMO.
Subsequently, iTV's operations was turned over to the Public
Relations Department instead of being shut down.  iTV's name is
now Thai Independent Television.  The PMO wishes to commence
certain legal actions against the network as well as against its
executive officers.


TOTAL ACCESS: To Increase Value-Added Service Sales to THB8MM  
-------------------------------------------------------------
Despite the effect of slowing personal consumption, Total Access
Communications (DTAC) aims to its increase it value-added
service revenues by 40% to THB8 million this year, The Bangkok
Post reports.

According to the report, Pakorn Pannachet, division head for
DTAC's value-added services, the company expects music downloads
through mobile phones to bring in one-third of the expected
total.  DTAC charges THB40 to download a full song, THB50 for an
online game, THB15 to THB30 for songs used as calling melodies,
and THB30 to THB40 for ringtones.  

"Merging the Internet-based applications platform with mobile
data functions will be the key strategy to drive the number and
usage of wireless data communications this year," The Bangkok
Post quotes Mr. Pakorn.

The Nation states that DTAC will launch the DTAC service
homepage toolbar in May, enabling its customers to send SMS
messages from personal computers by clicking on the bar.  DTAC
will also introduce a community homepage where subscribers can
post messages or pictures, with SMS alerts when friends access a
subscriber's homepage.

The report says that DTAC will also start its "push mail"
service -- which enables subscribers to retrieve e-mail sent to
free e-mail addresses -- for individual customers next month.

The main revenue contributors among DTAC's value-added services
include general content; the use of its General Packet Radio
Service and Enhanced Data Rate for the GSM Evolution, which are
high-speed cellular networks for accessing data; short messages;
and music-content Ring4U, the report adds.

According to The Post, Mr. Pakorn says DTAC is expecting average
revenue per value-added service to increase to THB50 per user
each month this year, from THB40 last year.  DTAC earned
THB5.7 billion, up 48% from 2005, last year.   

The report, citing Mr. Pakorn, states that DTAC has at least
5 million subscribers are using Symbian phones, including
2 million with Edge-capable handsets, while GPRS and Edge users
reach 2 million.  

The Bangkok Post says that DTAC has nearly 12 million
subscribers, 60% of whom have signed for the company's value
added services.  By May, DTAC's edge network would cover 95% of
Thailand.

According to the report, Mr. Pakorn said that DTAC wants to
promote non-voice services to make way for third-generation
mobile services so as to meet the growing demand of wireless
data users.

"We are ready to move aggressively in the non-voice business in
2008, with the planned introduction of a series of new music-
based services," The Bangkok Post quptes Mr. Pakorn.

           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.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
March 21, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Seoul, South Korea
        Telephone: +822 2076 8364
          e-mail: young.ha@fitchratings.com

March 21-22, 2007
  Euromoney
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  Euromoney
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 22, 2007
  Turnaround Management Association
    TMA Australia Launch
      Melbourne Hotel, Perth, WA, Australia
        Web site: http://www.turnaround.org/

March 22, 2007
  Turnaround Management Association
    Fundamentals of Turnaround Management
      Sydney, Australia
        Web site: http://www.turnaround.org/


March 22-23, 2007
  Euromoney Institutional Investor
    Euromoney Indonesian Financial Markets Congress
      Bali, Indonesia
        Web site: http://www.euromoneyplc.com/

March 23, 2007
  Turnaround Management Association
    Completing the Turnaround
      Sydney, Australia
        Web site: http://www.turnaround.org/

March 26, 2007
  Fitch Training
    Asian Regional Insurance Roadshow 2007
      Hong Kong
        Telephone: +852 2263 9977
          e-mail: carey.kwan@fitchratings.com

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

March 28, 2007
  Turnaround Management Association
    "Position" in the Strategic Marketing Context
      Norton White, Sydney, Australia
        Web site: http://www.turnaround.org/

March 30, 2007
  Turnaround Management Association
    Zinifex/Pasminco - What a ride?
      Ferriers, Melbourne, Australia
        Web site: http://www.turnaround.org/

April 2-3, 2007
  Fitch Training
    Leveraged Finance Workshop
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

April 12, 2007
  Turnaround Management Association
    Fundamentals of Turnaround Management
      Melbourne, Australia
        Web site: http://www.turnaround.org/

April 13, 2007
  Turnaround Management Association
    Completing the Turnaround
      Melbourne, Australia
        Web site: http://www.turnaround.org/

April 19, 2007
  Turnaround Management Association
    Fundamentals of Turnaround Management
      Brisbane, Australia
        Web site: http://www.turnaround.org/

April 20, 2007
  Turnaround Management Association
    Completing the Turnaround
      Brisbane, Australia
        Web site: http://www.turnaround.org/

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/





                            *********

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
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***