TCRAP_Public/070322.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

            Thursday, March 22, 2007, Vol. 10, No. 58

                            Headlines

A U S T R A L I A

AUSTRALIAN TEA: Declares First & Final Dividend
BESHOLD PTY: Members' Final Meeting Set for April 5
CARTIGNY MANUFACTURING: Members & Creditors to Meet on April 13
CARTIGNY (ADMINISTRATION): Final Meeting Slated for April 13
ELENIUM PTY: Members & Creditors' Final Meeting Set on April 13

EUPHRON PTY: Liquidators to Present Wind-Up Report
HORVAT CONSTRUCTION: Will Declare First Dividend on April 28
INDOPHIL RESOURCES: Posts AU$197.1-Million NPAT for FY 2006
INDOPHIL RESOURCES: Increases Interest in Tampakan Project
JAISTO INVESTMENTS: Members Resolve to Close Business

LANE COVE: Creditors' Proofs of Debt Due on April 2
LONE STAR: Members' Final Meeting Set for April 16
MELBOURNE ACRYLIC: To Declare Final Dividend on April 17
SIEMENS LOGISTICS: Members Opt to Wind Up Firm
TREJAY PTY: Will Declare Dividend on March 23

VIC PILE: Members' Final Meeting Slated for April 12


C H I N A   &   H O N G  K O N G

ADDCORE DEVELOPMENT: Liquidators Quit Posts
APEX DRAGON: Members Resolve to Liquidate Business
BENQ: Board Rejects Chairman's Offer to Resign
CAMPELL INTERNATIONAL: Liquidators Resign from Posts
CHINA MINSHENG: Gains CNY18.2 Billion in Shares Sale

CITIC BANK: Plans US$3 Billion IPO in H.K. & Shanghai Listing
CREDIT GLORY: Taps Borrelli and Walsh as Liquidators
CROWNITY LIMITED: Placed Under Voluntary Wind-Up
P. K. NG: Liquidator to Receive Proofs of Debt Until April 16
PRIME SKILL: Appoints Wong Tak Shing as Liquidator

RIVERSTONE NETWORKS: Inability to Pay Debts Prompts Wind Up
STAR WORLD: Huen Ho Yin Quits Liquidator Post
TOM GROUP: 2006 Operating Profit Reaches HK$291 Million
TRI-BEST: Names Chiu Man Wai as Liquidator
UNITON PROPERTIES: Appoints Lau Wing Yat as Liquidator

YIU FAI: Creditors to Prove Debts Until April 16
ZTE CORP: Obtains US$1.5 Billion on Loan Deal with ETC


I N D I A

KARNATAKA BANK: To Issue Tier II Bonds to Augment Capital
LML LTD: Members Approves Directors and Auditors' Reappointments
LSI LOGIC: Near Completion of Merger Cues S&P's Positive Watch
ORIENTAL BANK OF COMMERCE: Signs MOU with IDBI Capital
PUNJAB NATIONAL BANK: Goldman Sachs Investments Increases Stake

TRANSWITCH CORP: Cuts Net Loss to US$11MM in Yr. Ended Dec. 31
STATE BANK OF INDIA: To Raise INR10-Billion via Bonds
* SEBI Eases Listing Regulation for Firms Issuing Debentures


I N D O N E S I A

ALCATEL-LUCENT: Equips S-Bahn Berlin With IP-Based Network
ALCATEL-LUCENT: Extends Existing Alliance With T-Systems
ALCATEL-LUCENT: Grabs No. 1 Spot in 4th Qtr. IP DSLAM Shipments
APEXINDO PRATAMA: May Post IDR400-Bil. Profit in 2006
AVNET INC: To Release 3rd Qtr. FY2007 Results on April 26

BANK NEGARA: Leads Financing of IDR1.52-Trillion Toll Road
CORUS GROUP: Shareholders Approve Tata Steel Offer
CORUS GROUP: LSE Admits 49,000,000 Ordinary Shares for Trading
CORUS GROUP: Deutsche Bank Holds 3.06% Equity Stake
HESS CORP: Declares Regular Quarterly Dividend on Common Stock

INDOSAT: To Raise IDR1.5 Trillion by Bond Issue in Second Qtr.
MARSH: Declares Quarterly Dividend on Outstanding Common Stock
METSO OYJ: Supplies Handling Equipment to Bateman Africa
NORTEL NETWORKS: Board Wants KPMG as Auditor Replacing Deloitte


J A P A N

ALL NIPPON: Hotels Business Attracts 30 Bidders
ASAHI MUTUAL: JCR Upgrades Senior Debt Rating to BB+/Stable
DAIEI INC: To Invite Yoshiharu Kawato To Be New Chairman
HYAKUJUSHI BANK: Completes Share Repurchase
HYAKUJUSHI BANK: Posts JPY13-Bil. Income for 9 Months to Dec. 31

HITACHI ZOSEN: Court Imposes US$83MM In Damages for Bid Rigging
JAPAN AIRLINES: Labor Unions Calls Off Planned 24-Hour Walk-Out
JAPAN AIRLINES: Sells 3 Hotels To Lone Star for JPY15 Billion
MACDERMID INC: Moody's Affirms B2 Rating and Revises LGD Rates
MACDERMID INC: Amendments Cues S&P to Hold B+ Rating on Debt

MAZDA MOTOR: Changes Overseas Production Statistics
MITSUBISHI UFJ: To Act As Intermediary for University Patents
MIYAZAKI BANK: To Sell 450,000 Shares Through Private Offering
MIYAZAKI BANK: Posts JPY3.86-Bil. Income For 9 Months to Dec. 31
MIZUHO FINANCIAL: Fitch Affirms Ratings of 3 Operating Banks

MIZUHO FINANCIAL: Trims Profit Forecast by 25% Over Bad Loans
SHIMIZU BANK: Leaner Operating Expenses Lead to Turn Around
TENNECO INC: Fitch Rates New US$831 Mln Senior Facility at BB+
US AIRWAYS: Fitch Upgrades Senior Unsecured Rating to CCC/RR6


K O R E A

HYNIX SEMICONDUCTOR: Ends Legal Feud w/ Toshiba & Inks Accord
HYNIX SEMICONDUCTOR: Signs NAND Cross-License Deal with Sandisk


M A L A Y S I A

FOREMOST HOLDINGS: CIMB Bank Agrees to Debt Settlement Proposal
HALIFAX CAPITAL: Bourse Extends Plan Filing Deadline to June 6
KL INFRASTRUCTURE: Gets Plan Filing Extension Until August 31
METROPLEX BERHAD: Unit Faces Ken Grouting's Wind-Up Petition


N E W   Z E A L A N D

AIR NEW ZEALAND: February Group Traffic and Capacity Increase
BIG SKY DAIRY: Bank of New Zealand Appoints Liquidator


P H I L I P P I N E S

HERTZ CORP: S&P Affirms BB- Corporate Credit Rating
MIRANT CORP: Bowline Wants to Assume US$200MM Insurance Policy
MIRANT CORP: Sells Surplus Equipment to LS Power for US$22 Mil.
PHIL. AIRLINES: Orders Two Boeing 777-300ER Passenger Planes
PRIME ORION: APA and BPI File Complaint Against Firm's Units

SAN MIGUEL: Hong Kong Unit Posts Increased Losses in 2006


S I N G A P O R E

GERMAN DISTRICENTRE: Court Issues Wind-Up Order
GETRONICS NV: Moody's Confirms Junk Rating on 2008 Bonds
GETRONICS NV: Posts EUR145 Million Net Loss for Full Year 2006
GETRONICS NV: Declines to Comment on KPN Takeover Speculation
HEXION SPECIALTY: Posts US$109MM Net Loss in Year Ended Dec. 31

PETROLEO BRASILEIRO: Joins Ultra Group & Braskem to Buy Ipiranga
SCOTTISH RE: Unit Inks Term Loan Pact with Ableco & Mass. Mutual


S R I   L A N K A

SINHAPUTHRA FINANCE: Fitch Assigns 'BB(lka)' Long-Term Rating


T H A I L A N D

AGRO INDUSTRIAL: Announces Completion of Rehabilitation Plan
ASIA HOTEL: Earns THB159 Million in Year Ended Dec. 31, 2006
BANGKOK RUBBER: Ernst & Young Expresses Going Concern Doubt
BANK OF AYUDHYA: Posts Assets and Liabilities as of February '07
TOTAL ACCESS: To Apply for Stock Listing; IPO To Raise THB7 Bil.


V I E T N A M

* Fitch Affirms Ratings for Socialist Republic of Vietnam

     - - - - - - - -

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

AUSTRALIAN TEA: Declares First & Final Dividend
-----------------------------------------------
Australian Tea Tree Management Pty Limited, which is in
liquidation, has declared its first and final dividend on
March 20, 2007.

Creditors who were unable to prove their debts on March 16,
2007, were excluded from sharing in the dividend distribution.

The company's liquidator is:

         Deryk R. Andrew
         c/o Cor Cordis
         Chartered Accountants
         PO Box Q1165, QVB Post Office
         Sydney, New South Wales 1230
         Australia
         Telephone:(02) 8221 8433
         Facsimile:(02) 8221 8422

                      About Australian Tea

Australian Tea Tree Management Limited provides ornamental shrub
and tree services.  The company is located in New South Wales,
Australia.


BESHOLD PTY: Members' Final Meeting Set for April 5
---------------------------------------------------
The members of Beshold Pty. Ltd. will have their final meeting
on April 5, 2007, at 10:00 a.m. to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidators are:

         David M. McCarthy
         Christopher R. Campbell
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                       About Beshold Pty.

Located in South Australia, Beshold Pty Ltd is an investor
relation company.


CARTIGNY MANUFACTURING: Members & Creditors to Meet on April 13
---------------------------------------------------------------
Cartigny Manufacturing (New South Wales) Pty Limited will hold a
final meeting for its members and creditors on April 13, 2007,
at 10:00 a.m.

During the meeting, Liquidator P. M. Walker will present a
report about the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

         P. M. Walker
         Ferrier Hodgson
         Chartered Accountants
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                  About Cartigny Manufacturing

Cartigny Manufacturing (New South Wales) Pty Limited operates
manufacturing industries.


CARTIGNY (ADMINISTRATION): Final Meeting Slated for April 13
------------------------------------------------------------
A final meeting will be held for the members and creditors of
Cartigny (Administration) Pty Limited on April 13, 2007, at
10:30 a.m.

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

The company's liquidator is:

         P. M. Walker
         Ferrier Hodgson
         Chartered Accountants
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                About Cartigny (Administration)

Located in New South Wales, Australia, Cartigny (Administration)
Pty Limited provides business services.


ELENIUM PTY: Members & Creditors' Final Meeting Set on April 13
---------------------------------------------------------------
The members and creditors of Elenium Pty Limited will have their
final meeting on April 13, 2007, at 10:30 a.m., to:

   -- consider the liquidators' report about the company's
      financial circumstances; and

   -- approve the liquidators' remuneration for the finalization
      of the wind-up proceedings.

The company's liquidators' are:

         M. W. Prentice
         A. L. Smith
         PPB, Level 46
         MLC Centre, 19 Martin Place
         Sydney, New South Wales 2000
         Australia

                        About Elenium Pty

Elenium Pty Limited -- also trading as Parkville Farmers,
Glengallan Farmers, and Glen Gallan -- is involved with
livestock business.


EUPHRON PTY: Liquidators to Present Wind-Up Report
--------------------------------------------------
Euphron Pty Limited will hold a final meeting for its members
and creditors on April 13, 2007, at 11:30 a.m., to receive the
report of Liquidators M. W. Prentice and A. L. Smith about the
company's wind-up proceedings and property disposal.

The Liquidators can be reached at:

         M. W. Prentice
         A. L. Smith
         PPB, Level 46
         MLC Centre, 19 Martin Place
         Sydney, New South Wales 2000
         Australia

                        About Euphron Pty

Euphron Pty Limited operates holding companies.  The company is
located in New South Wales, Australia.


HORVAT CONSTRUCTION: Will Declare First Dividend on April 28
------------------------------------------------------------
Horvat Construction Pty Limited, which is subject to a deed of
company arrangement, will declare a first dividend for its
creditors on April 28, 2007.

Accordingly, creditors are required to file their proofs of debt
by March 21, 2007, to be included in the dividend distribution.

The company's deed administrator is:

         John Frederick Lord
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9251 4100
         Facsimile:(02) 9240 9821
         Web site: http://www.pkf.com.au

                    About Horvat Construction

Horvat Construction Pty Limited is a general contractor of
industrial buildings and warehouses.  The company is located in
New South Wales, Australia.


INDOPHIL RESOURCES: Posts AU$197.1-Million NPAT for FY 2006
-----------------------------------------------------------
Indophil Resources NL has filed its unaudited consolidated
financial results for fiscal year ended Dec. 31, 2006, with the
Australian Securities Exchange, revealing a net profit after
income tax of AU$197.1 million for the period, compared with a
net loss after tax of AU$49.6 million in fiscal year 2005.

Excluding the reversal of the fair value of the MIM Option and
the sale of the company's 62.5% beneficial interest in
Sagittarius Mines Inc., the net loss after income tax for the
year was AU$1.4 million, compared with a net loss after income
tax of AU$2.6 million in the previous year.

The exercise by Xstrata Queensland Limited -- formerly MIM
Holdings Limited -- of the MIM Option over 62.5% of the Class A
shares on issue in Sagittarius Mines Inc., the entity through
which Indophil holds its interest in the Tampakan Copper-Gold
Project, has resulted in the Group recording in its Income
Statement of these transactions for the year-ended Dec. 31,
2006:

   (a) the reversal of the fair value liability of the MIM
       Option of AU$146.2 million brought to account in 2005 in
       accordance with AASB 139 "Financial Instruments:
       Recognition and Measurement; and

   (b) the recognition of a profit of AU$52.3 million on sale of
       the 62.5% beneficial interest in Sagittarius.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007, Indophil disclosed that Xstrata Queensland has
exercised its option to acquire 62.5% of the Tampakan Copper-
Gold Project.

Indophil revealed that on adoption of AASB 139 in 2005, it
brought to account AU$146.2 million in the fair value liability
of the MIM Option in favor of Xstrata Queensland through a
charge:

   * to retained earnings/(accumulated losses) of AU$99.2
     million for the fair value liability of the MIM Option
     created by the company's exploration and evaluation
     activities at the Tampakan Project from the date on which
     Indophil and Xstrata Queensland entered into the MIM Option
     Agreement up until at Dec. 31, 2004; and

   * to the Income Statement of AU$47.0 million for the increase
     in the fair value liability of the MIM Option during the
     2005 year representing the value created from another year
     of exploration and evaluation activities at the Tampakan
     Project, including the completion of a scooping study.

The fair value amounts charged in 2005 were derived from an
option pricing model used to value the "call" option in favor of
Xstrata Queensland, Indophil explained.

As noted in the TCR-AP, Indophil and Xstrata Copper will
complete the exercise and management handover of the project on
March 30, 2007.

On that date, Indophil will receive AU$50.8 million from the
sale, Indophil noted in its Financial Report.

The company noted that it had cash balances of AU$62.4 million
as at Dec. 31, 2006.

                          No Dividend

The company noted that there were no dividends paid during the
period (2005: nil) and no dividend is proposed to be paid at
balance date Dec. 31, 2006 (2005: nil).

There are no nil franking credits available for future reporting
periods, the company added.

                  Sets Annual General Meeting

The company will hold the annual general meeting of shareholders
on May 1, 2007, at 11:00 a.m.  The AGM will be held at Level 2,
Bayside Room 6, RACV Club, in Bourke Stree, Melbourne.

                    About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL --
http://www.indophil.com/-- conducts mineral exploration and
evaluation activities in the Philippines.  On April 12, 2005,
Indophil and Xstrata Queensland Limited (Xstrata Copper) signed
a binding letter of agreement to amend the option granted to
Xstrata Copper to acquire a 62.5% interest in the Tampakan
Copper-Gold Project.  According to the revised agreement,
Indophil is required to sole fund an agreed pre-feasibility
study work program.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 26, 2007, that Indophil's balance sheet as of Jan. 25
recorded US$37.79 million in total assets and US$69.96 million
in stockholders' equity deficit.


INDOPHIL RESOURCES: Increases Interest in Tampakan Project
----------------------------------------------------------
Indophil Resources NL increases its direct interest in the
Tampakan Copper-Gold Project in the southern Philippines by
agreeing to purchase Filipino partner Alsons Corporation's 5%
interest.

Under the agreement, Indophil will progressively lift its stake
in the Tampakan project from 32.5% to 37.5%.  Xstrata Copper,
the copper division of the major global mining group Xstrata
plc, will hold the remaining 62.5% as part of a separate
agreement that will see Xstrata Copper assume project management
responsibilities for the Tampakan project on March 30, 2007.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007, Indophil Resources disclosed that Xstrata
Queensland Limited has exercised its option to acquire 62.5% of
the Tampakan Copper-Gold Project.

Under the Indophil-Alsons arrangement, Alsons will exchange its
5% interest in the Tampakan project for newly issued Indophil
shares and cash payments.

The consideration is made up of the equivalent of AU$4.3 million
cash and 37 million new shares in Indophil.  The transaction
will be executed over three tranches as certain key project
milestones are met.  As each milestone is achieved Indophil will
receive approximately one third of Alsons' existing 5% Tampakan
project interest.

The 11.1 million new shares to be issued to Alsons under the
first tranche of this agreement will take the number of shares
on issue in Indophil to 386.7 million (up from 375.6m
currently).  This means that Alsons will immediately hold 3.8%
of the issued shares in the company and Indophil will increase
its equity in the Tampakan project to approximately 34%.

The exchange of shares between Indophil and Alsons directly
aligns both companies interests over the long-term.  It gives
Alsons a direct interest in Indophil, and with the
implementation of agreed milestones it ensures that Alsons'
long-term involvement in the project is maintained.

Under the progressive agreement, Alsons remains firmly committed
to playing a vital local role in successfully developing the
project by providing a range of strategic and specialized
services to maintain and strengthen the project's social license
with government and the people of the Philippines.

According to Indophil's Managing Director, Tony Robbins,
"Indophil Resources remains in a strong financial position.  On
exercise of the Xstrata option on March 30, 2007, Indophil will
have some AU$110 million cash in the bank."

The Tampakan project is held by Philippine company Sagittarius
Mines Inc., under the Columbio Financial or Technical Assistance
Agreement that is a contract with the Philippine Government on
behalf of its people.

The Tampakan Copper-Gold Project is a two billion tonnes
deposit, with potential for growth.  Based on current studies,
Tampakan is a long-life operation containing 11.6 million tonnes
of copper and 14.6 million ounces of gold at a 0.3% copper cut-
off grade.  It is poised to produce 210,000 tonnes of copper and
218,000 ounces of gold per annum during its first 10 years of
production.

                    About Indophil Resources

Headquartered in Melbourne, Australia, Indophil Resources NL --
http://www.indophil.com/-- conducts mineral exploration and
evaluation activities in the Philippines.  On April 12, 2005,
Indophil and Xstrata Queensland Limited (Xstrata Copper) signed
a binding letter of agreement to amend the option granted to
Xstrata Copper to acquire a 62.5% interest in the Tampakan
Copper-Gold Project.  According to the revised agreement,
Indophil is required to sole fund an agreed pre-feasibility
study work program.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 26, 2007, that Indophil's balance sheet as of Jan. 25
recorded US$37.79 million in total assets and US$69.96 million
in stockholders' equity deficit.


JAISTO INVESTMENTS: Members Resolve to Close Business
-----------------------------------------------------
On Feb. 26, 2007, the members of Jaisto Investments Pty Ltd met
at a general meeting and decided to liquidate the company's
business.

In this regard, Ian Carson was appointed as liquidator.

The Liquidator can be reached at:

         Ian Carson
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                    About Jaisto Investments

Located in Victoria, Australia, Jaisto Investments Pty Ltd is
involved with trucking business, except local.


LANE COVE: Creditors' Proofs of Debt Due on April 2
---------------------------------------------------
Lane Cove North Estate Pty Limited, which is subject to a deed
of company arrangement, requires its creditors to file their
proofs of debt by April 2, 2007.

The company will declare its first dividend on April 16, 2007.

The company's deed administrator is:

         Ozem Kassem
         Cor Cordis Chartered Accountants
         Level 8, 50 Carrington Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8221 8433
         Facsimile:(02) 8221 8422

                        About Lane Cove

Lane Cove North Estate Pty Limited is involved with residential
construction.  The company is located in New South Wales,
Australia.


LONE STAR: Members' Final Meeting Set for April 16
--------------------------------------------------
Lone Star Steakhouse & Saloon (Western Australia) Pty Limited
and Lone Star Steakhouse & Saloon (Victoria) Pty Limited will
hold final meetings for members on April 16, 2007, at 2:55 p.m.
and 3:00 p.m., respectively.

Liquidator Geoffrey W. Foster will give a report about the
companies' wind-up proceedings and property disposal during the
meeting.

In a report by the Troubled Company Reporter - Asia Pacific, the
companies started to wind up its operations on Oct. 18, 2006.

The companies' Liquidator 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

Lone Star Steakhouse & Saloon (Western Australia) Pty Limited
and Lone Star Steakhouse & Saloon (Victoria) Pty Limited
operates restaurants.


MELBOURNE ACRYLIC: To Declare Final Dividend on April 17
--------------------------------------------------------
Melbourne Acrylic Coatings Pty Ltd will declare a final dividend
on April 17, 2007.

Failure to prove debts by March 27, 2007, will exclude a
creditor from sharing in the dividend.

The company's liquidator is:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                    About Melbourne Acrylic

Melbourne Acrylic Coatings Pty Ltd is a distributor of paints
and allied products.  The company is located in Victoria,
Australia.


SIEMENS LOGISTICS: Members Opt to Wind Up Firm
----------------------------------------------
At a general meeting held on Feb. 23, 2007, the members of
Siemens Logistics and Assembly Systems Pty Ltd resolved to
voluntarily wind up the company's operations.

In this regard, Geoff Ridgeway was appointed as liquidator.

Mr. Ridgeway can be reached at:

         Geoff Ridgeway
         Jenkins Peake & Co
         Chartered Accountants
         PO Box 1570
         Geelong, Victoria 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                    About Siemens Logistics

Siemens Logistics and Assembly Equipment (Suzhou) Co., Ltd is a
distributor of general industrial machinery and equipment.  The
company is located in Suzhou, China.


TREJAY PTY: Will Declare Dividend on March 23
---------------------------------------------
Trejay Pty Ltd, which is in liquidation, will declare a first
and final dividend on March 23, 2007.

Creditors who were unable to prove their debts on March 12,
2007, are excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         G. S. Andrews
         G. S. Andrews & Associates
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                        About Trejay Pty

Trejay Pty Ltd is a distributor of hand and edge tools.  The
company is located in Victoria, Australia.


VIC PILE: Members' Final Meeting Slated for April 12
----------------------------------------------------
A final meeting will be held for the members of Vic Pile Pty Ltd
on April 12, 2007, at 11:00 a.m.

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

The TCR-AP reported that the company commenced wind-up
proceedings on Dec. 12, 2005.

The company's liquidator is:

         Geoff Ridgeway
         Jenkins Peake & Co
         Chartered Accountants
         1st Floor, Lexen Building
         200 Malop Street, PO Box 1570
         Geelong, Victoria 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                          About Vic Pile

Vic Pile Pty Ltd is involved with highway and street
construction.  The company is located in Victoria, Australia.


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

ADDCORE DEVELOPMENT: Liquidators Quit Posts
-------------------------------------------
Jacky Chung Wing Muk and Gabriel Chi Kok Tam ceased to act as
liquidators of Addcore Development Limited on March 6, 2007.

According to the Troubled Company Reporter - Asia Pacific,
Messrs. Muk and Tam presented the final report about the
company's wind-up proceedings on that day.

The former Liquidators can be reached at:

         Jacky Chung Wing Muk
         Gabriel Chi Kok Tam
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


APEX DRAGON: Members Resolve to Liquidate Business
--------------------------------------------------
At an extraordinary general meeting held on March 2, 2007, the
members of Apex Dragon E & M Engineering Company Limited agreed
to voluntarily wind up the company's operations.

In this regard, Desmond Chung Seng Chiong and Roderick John
Sutton were appointed as liquidators.

The Liquidators can be reached at:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         Ferrier Hodgson Limited
         14th Floor, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


BENQ: Board Rejects Chairman's Offer to Resign
----------------------------------------------
BenQ Corp.'s Board of Directors refused to accept Chairman K.Y.
Lee's offer to resign and instead demanded him to turn the
company around.

Mr. Lee offered to resign from his post after the company failed
to make its former German mobile phone subsidiary profitable.

The company's board said it will form a task force to review and
report on all losses attributed to the acquisition of the mobile
phone maker.

The Troubled Company Reporter - Asia Pacific reported on
March 21, 2007, that BenQ posted a net loss of NT$7.89 billion
or US$238 million for the October-December quarter.  The TCR-AP
also noted that the quarterly loss is the company's fifth
straight as its handset business continues to drag after it
declared its German unit insolvent late last year.

                          *     *     *

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.


CAMPELL INTERNATIONAL: Liquidators Resign from Posts
----------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey resigned to be the
liquidators of Campell International (Hong Kong) Limited on
March 9, 2007.

The company started to close its business on Feb. 14, 2006, as
reported by the Troubled Company Reporter - Asia Pacific.

The former Liquidators can be reached at:

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


CHINA MINSHENG: Gains CNY18.2 Billion in Shares Sale
----------------------------------------------------
China Minsheng Bank raised CNY18.2 billion (US$2.3 billion) by
issuing shares at CNY9.08 per share, CCTV says, citing a report
from Beijing Times.

According to a March 20, 2007 report by the Troubled Company
Reporter - Asia Pacific, a total of 2 billion new A shares,
comprising about 16% of the bank's expanded share capital, were
offered to seven domestic institutional investors at an 18%
discount.

Liu Yonghao, the president of New Hope Group, remains the
largest shareholder of the bank, China Minsheng said.

New Hope's subsidiaries, New Hope Investment Co. Ltd and Sichuan
Nanfang New Hope Industry Co Ltd, secured 410 million shares,
the report says, while China Life Insurance Company and Ping An
Insurance of China were given six hundred million shares each,
the maximum amount allowed to a single investor.

The TCR-AP noted that the bank needs the funds to support its
expansion and boost its capital adequacy ratio.

                          *     *     *

China Minsheng Banking Corporation Ltd's principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

On September 4, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed on September 5,
2006, China Minsheng Banking Corp.'s Individual D/E and Support
4 ratings.


CITIC BANK: Plans US$3 Billion IPO in H.K. & Shanghai Listing
-------------------------------------------------------------
China CITIC Bank will launch a US$3 billion initial public
offering in which 60% will be listed in Hong Kong and the
remaining 40% in the Shanghai bourse, Reuters reports, citing
people familiar with the matter.

The Hong Kong bourse will hear CITIC Bank's application for
listing today, the report says.

Sources told Reuters that the bank planned to offer 15% to 20%
of its share capital at a discount and that about 10% of the
shares on offer are old shares.

Banco Bilbao Vizcaya Argentaria, which paid EUR501 million for
5% of CITIC Bank, has an option to increase its holding to 9.9%
after the listing, Daisy Ku writing for Reuters adds.

China International Capital Corp. and Lehman Brothers are the
underwriters of the share sale, Reuters notes.

                          *     *     *

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned
subsidiary of the state conglomerate Citic Group.  With 416
branches, CITIC Bank had total assets of CNY689.5 billion at the
end of September 2006.

On September 11, 2006, Fitch Ratings affirmed the Individual D/E
and Support 3 ratings of China CITIC Bank.  The ratings outlook
is stable.

China CITIC Bank's Individual rating reflects its strengthened
financial profile, bolstered by recent capital injections from
its parent, CITIC Group, and the introduction of much-improved
risk management systems.


CREDIT GLORY: Taps Borrelli and Walsh as Liquidators
----------------------------------------------------
On March 9, 2007, the creditors of Credit Glory Company Limited
appointed Cosimo Borrelli and G Jacqueline Fangonil Walsh as
liquidators.

The Liquidators can be reached at:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Borrelli Walsh Limited
         1401, Level 14, Tower 1
         Admiralty Centre, 18 Harcourt Road
         Hong Kong


CROWNITY LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------
The shareholders of Crownity Limited met on March 8, 2007, and
agreed to voluntarily wind up the company's operations.

Accordingly, creditors are required to file their proofs of debt
by April 10, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


P. K. NG: Liquidator to Receive Proofs of Debt Until April 16
-------------------------------------------------------------
Seto Sau Kuen Christine, as the liquidator of P. K. Ng &
Associates Limited, requires the company's creditors to file
their proofs of debt by April 16, 2007.

The company commenced wind-up proceedings on March 10, 2007.

The company's Liquidator can be reached at:

         Seto Sau Kuen Christine
         Room 1509 C C Wu Building
         302 Hennessy Road, Wanchai
         Hong Kong


PRIME SKILL: Appoints Wong Tak Shing as Liquidator
--------------------------------------------------
Wong Tak Shing was appointed as liquidator of Prime Skill
Limited Morning Signal Development Limited on March 12, 2007.

Mr. Wong can be reached at:

         Wong Tak Shing
         Flat A, 2nd Floor
         Tung Tai Building
         Nos. 118-124 Main Street East
         Shaukiwan, Hong Kong


RIVERSTONE NETWORKS: Inability to Pay Debts Prompts Wind Up
-----------------------------------------------------------
The members of Riverstone Networks Limited held an extraordinary
general meeting on March 2, 2007, and decided to voluntarily
wind up the company's operations due to its inability to pay its
debts.

Cosimo Borrelli and G Jacqueline Fangonil Walsh were appointed
as liquidators.

The Liquidators can be reached at:

         Cosimo Borrelli
         G Jacqueline Fangonil Walsh
         Borrelli Walsh Limited
         Level 14, Tower 1
         Admiralty Centre, 18 Harcourt Road
         Hong Kong


STAR WORLD: Huen Ho Yin Quits Liquidator Post
---------------------------------------------
Huen Ho Yin ceased to act as the liquidator of Star World
Electronics Company Limited on March 14, 2007.

The former Liquidator can be reached at:

         Huen Ho Yin
         Units 3309-3311, 33rd Floor
         West Tower, Shun Tak Centre
         168-200 Connaught Road Central
         Sheung Wan
         Hong Kong


TOM GROUP: 2006 Operating Profit Reaches HK$291 Million
-------------------------------------------------------
TOM Group Limited (HKEX: 2383), the Chinese-language media
corporation in Greater China, released the annual results of the
Group for the year ended Dec. 31, 2006:

Financial Highlights:

   -- Group revenues reached HK$2,911 million

   -- Operating profit* was HK$291 million

   -- Profit attributable to shareholders was HK$32 million

   -- Basic earnings per share was HK0.82 cents

                                  For the year ended
         HK$ million         12/31/2006        12/31/2005
                             ----------        ----------
         Turonver                 2,911             3,105
         Operating profit           291               311
         Profit Attributable
            to Shareholders          32               260
         Basic Earnings
            Per Share (HK cents)   0.82              6.67

Tommei Tong, Chief Executive Officer and Executive Director of
the Group said, "2006 was a year of consolidation for TOM Group.
We have started to execute the strategic plan as set out early
in the year to rebuild profitability.  We streamlined existing
operations, disposed non-performing units, rationalized internal
resources, strengthened niche products and services, and
acquired businesses which add synergy to the Group.  Leveraging
our established platform on traditional media, coupled with
making prudent efforts to expand selective operations in the new
media arena, TOM Group is well positioned to drive sustainable
growth across our business segments in the years to come."

Business Highlights:

Publishing

   -- Engage in internet and e-commerce business via acquisition
      of Pixnet Digital Media in Taiwan

   -- Continuous growth of publishing arm in Mainland China

Taiwan remains the main growth avenue for the Publishing Group.
In February 2007, the group took a significant step in
developing internet and e-commerce business by acquiring a
leading social networking Web site, namely Pixnet Digital Media
-- http://www.pixnet.net/-- which offers blog, photo and online
community services in Taiwan.  In addition, the online gaming
community, Game Base -- http://www.gamebase.com.tw/-- developed
by the PC Gamer magazine under Cite Publishing Group, has become
the second largest gaming community website in Taiwan in terms
of membership registrations and traffic.  Game Base began making
profit in 2006.  Leveraging on the existing content, advertisers
and readers base, the group will continue to explore
opportunities in expanding online business to capture the robust
growth of e-commerce and internet advertising market in Taiwan.

In 2006, the circulation of Business Weekly, one of the flagship
magazines in Taiwan, continues to grow and is now the best
selling magazine in Taiwan, reaching over 137, 000 copies in
circulation per issue in the third quarter certified by ABC
(Audit Bureau of Circulations).

Magazines namely DG Best, Global Business, International Wrist
Watch, and MOOK were launched in Mainland China by the Taiwan
operations.  Global Business, the Mainland China extension of
Business Weekly, was launched in the first quarter of 2006.  Two
quarters later, its circulation per issue was close to 80,000
copies, certified by the BPA (Business of Performing Audits).

Outdoor Media

   -- Diversify media assets to include bus-shelter digital
      light boxes and other innovative media

   -- Increase self-owned/leased asset to 88%

The group has been actively exploring potential acquisition of
outdoor assets in different categories with higher margin in the
first tier cities including Beijing, Shanghai, Guangzhou and
Shenzhen and selective leading second tier cities.  During the
year, OMG entered into an agreement with New Media Information
Broadcasting Company Limited, a subsidiary of Shanghai Media and
Entertainment Management Group, where OMG obtained the sole
advertising right of not less than 1,000 bus-shelter digital
light boxes located at Puxi area for a period of five years from
Jan. 1, 2007 to Dec. 31, 2011.

To maximize advertising value for customers, OMG also secured
the sole and exclusive distribution rights of Novamedia's
advanced illuminated display technology in Greater China and
Singapore from Novamedia LP, a US leading illuminated displays
provider.

In 2006, OMG achieved an increase of 19% total media asset space
to over 345, 000 square meters.  Self-owned/leased assets
increased to 88%.

Television and Entertainment

   -- New media business continues to grow

In 2006, CETV was voted among the Top 10 Most Influential TV
Brands in Mainland China.  New media business continues to grow
via partnership with TOM Online and other services providers.
Mobile interactive programs like "Happy Laisee" and "Hi! Lucky
Taxi" were well received.

During the year, a new media distribution company was set up to
broaden the revenue streams of the group.  The major business of
the new company is mainly engaged in interactive programming and
third party content online syndication.  In March 2007, the
pilots for two new interactive programs were completed and one
of the programs will go into formal production for pre-sales
through our online network.

In October 2006, TOM Group acquired Chi-Chi Dei Entertainment
Limited, a cutting-edge reality-content production studio aimed
at the growing Asian youth market, to further enhance
content production capacity.

About 30% of programs broadcasted in CETV during prime time were
original productions with the rest acquired from Korea, Taiwan
and overseas; CETV targets to increase original production
broadcast during prime time to 40%.  New original production in
2006 included "2R Blog" and "Celebrity Kitchen."  CETV will
continue to integrate commercial elements to create more branded
content and sponsored productions.

Sports

   -- Reposition YC as an integrated marketing communication
      expert to develop integrated communication campaigns and
      expand client portfolio

TOM Group has repositioned YC Advertising Ltd, a subsidiary of
sports group, as an integrated marketing communication expert.
Drawing on the diversified media platform of TOM Group, YC will
leverage on its excellent relationship with key media in
Mainland China and its own all-rounded event management
experience to develop integrated communication campaigns with
influencing media.  It will also provide value-added executions
to clients by cross-selling relevant products of TOM's business
groups.  The client portfolio will be further expanded to
include international advertising/PR agencies in China, and
clients in industries with substantial expenditure in below-the-
line activities.

China Open 2006 was held from September 11-24, 2006, in Beijing.
In March 2007, the Group signed an agreement to dispose of an
associated company, Beijing China Open Promotion Company
Limited and the subsidiaries holding the memberships of ATP
(Association for Tennis Professionals) and WTA (Women Tennis
Association) for a total consideration of HK$120.9 million; an
impairment provision of HK$11 million relating to the disposal
was made in 2006.  Upon completion of the disposal, the Group
will exit the sport business and focus its resources on the
other four business groups.

Internet

   -- Develop e-commerce business in China in partnership with
      eBay/Eachnet

   -- On-going efforts to develop and innovate new value added
      services for TOM-Skype

In response to the changing operating environment, TOM Online
has focused on managing its wireless Internet cost structure to
boost profitability and competitiveness, as well as increasing
online advertising revenues and other returns from its portal
assets during the year.  TOM Online will continue to explore new
opportunities to leverage its portal assets on the introduction
of 3G wireless services.

The joint venture agreement with eBay/Eachnet combines the
respective expertise to build a new China marketplace business
in 2007.  The combination of eBay's global e-commerce knowledge
and the company's solid local market expertise creates an
attractive and profitable online market place for Mainland
Chinese buyers and sellers.  Moreover, the joint venture will
benefit from TOM Online's strong position in the Chinese
wireless Internet market in developing new mobile commerce
opportunities in the long run.

TOM Online is also working to maintain the rapid growth of the
TOM-Skype community in 2007 with the objective of developing and
innovating new value added services around the TOM-Skype
community commencing from later part of 2007.  At the end of
January 2007, there were over 31.5 million registered TOM-Skype
users, up from over 9.0 million at the end of February 2006, an
increase of over 22.5 million new registered users.

A more detailed copy of TOM Group's results announcement is
available for free at:

http://202.66.146.82/listco/hk/tomgroup/annual/2006/res.pdf

                     About TOM Group Limited

TOM Group Limited (stock code: 2383) is listed on the Main Board
of the Stock Exchange of Hong Kong.  A leading Chinese-language
media conglomerate in Greater China, TOM Group has diverse
business interests in Internet (TOM Online), Outdoor Media (TOM
Outdoor Media Group), Publishing, Television and Entertainment
across markets in Mainland China, Taiwan and Hong Kong.  In each
of the areas it operates, TOM Group has secured market
leadership.

The Group was founded in October 1999 as a joint venture between
Hutchison Whampoa, Cheung Kong (Holdings) Limited, and other
strategic investors.  Headquartered in Hong Kong, the Group has
regional headquarters in Beijing, Shanghai and Taipei with over
4,000 employees in more than 20 cities.

On March 13, 2007, Standard & Poor's Ratings Services affirmed
its BB+ long-term corporate credit rating on TOM Group Ltd.  The
outlook is stable.

At the same time, Standard & Poor's also affirmed its BB+ issue
rating on the outstanding convertible bonds due 2008 that were
issued by its subsidiary, TOM Holdings Ltd., and guaranteed by
TOM.


TRI-BEST: Names Chiu Man Wai as Liquidator
------------------------------------------
At an extraordinary general meeting held on March 12, 2007, the
members of Tri-Best Limited passed a resolution appointing Chiu
Man Wai as liquidator.

The Liquidator can be reached at:

         Chiu Man Wai
         Room 901, One Hysan Avenue
         Causeway Bay
         Hong Kong


UNITON PROPERTIES: Appoints Lau Wing Yat as Liquidator
------------------------------------------------------
On March 7, 2007, Lau Wing Yat was appointed as liquidator of
Uniton Properties Limited.

The Liquidator can be reached at:

         Lau Wing Yat
         Unit C, 16th Floor,
         Chinaweal Centre, 414 Jaffe Road
         Wanchai, Hong Kong


YIU FAI: Creditors to Prove Debts Until April 16
------------------------------------------------
Yiu Fai Knitting Factory Limited, which is in members' voluntary
wind-up, requires its creditors to file their proofs of debt by
April 16, 2007.

Failure to prove debts by the due date will exclude a creditor
from sharing in the company' dividend distribution.

The company's liquidator is:

         Fan King Kit, Terence
         Flat B, 16th Floor,
         Kwong On Bank (Mongkok Branch) Building
         728 Nathan Road
         Mongkok, H.K.S.A.R.


ZTE CORP: Obtains US$1.5 Billion on Loan Deal with ETC
------------------------------------------------------
ZTE Corp signed a US$1.5 billion loan deal with Ethiopian
Telecommunications Corp for the upgrading of its telephone
network, Forbes relates, citing the online version of Ethiopian
newspaper, Capital.

The deal, according to the report, was inked at the Sino-Africa
forum held in China last year.

Forbes also recounts that in September 2006, ETC signed a
memorandum of understanding with ZTE Corp, Huawei Technologies
Co, and Chinese International Telecommunication Construction
Corporation, to undertake expansion projects worth
US$2.4 billion, effective for four years.

                          *     *     *

Headquartered in Shenzhen, China, ZTE Corp's --
http://www.zte.com.cn/-- principal activities are the
production and sale of general system and communication terminal
equipments.

The group operates both in the domestic and international
market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. Long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
outlook is stable.


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

KARNATAKA BANK: To Issue Tier II Bonds to Augment Capital
---------------------------------------------------------
Karnataka Bank Ltd proposes to raise funds through the issue,
for private placement, unsecured redeemable nonconvertible
subordinated (tier II) bonds (series I), the bank discloses in a
regulatory filing with the Bombay Stock Exchange.

To consider the proposal, the bank's board of directors will
meet on March 26, 2007.

Without disclosing how much funds it plans to raise, the bank
says the proceeds will be used to augment its capital.  The
bonds will be issued in the form of promissory notes/debentures.

Headquartered in Mangalore, India, Karnataka Bank Ltd --
http://karnatakabank.com/ktk/Index.jsp-- provides products and
services for business and personal purposes that include
borrowing facilities, deposits, providing optimum returns on
surplus funds or helping with overseas transactions.  The bank
has two business segments: Treasury and Other Banking
Operations. Treasury Operations mainly comprise of surplus
statutory liquidity ratio and non-SLR investments.  Other
Banking Operations mainly consist of advance portfolio of the
bank and SLR securities to the extent of SLR requirements.  The
bank provides Working Capital Finance, Term Loans and
Infrastructure Finance.  The Business Finance Products offers
both fund-based and non-fund-based products.  The bank has
diversified into the marketing of life insurance products of
MetLife India Insurance Co. Pvt. Ltd.  The Bank has entered into
a memorandum of understanding with Bajaj Allianz General
Insurance Co. Ltd. for distribution of its general insurance
products through its branches.

Fitch Ratings gave Karnataka Bank a support rating of 5.


LML LTD: Members Approves Directors and Auditors' Reappointments
----------------------------------------------------------------
LML Ltd's shareholders at the 21st Annual General Meeting on
Feb. 28, 2007, have agreed to the reappointment of:

   -- Sanjeev Shriya and L. K. Singhania, as directors of the
      company; and

   -- M/s. Parikh & Jain, Chartered Accountants, Kanpur and M/s.
      Khandelwal Jain & Co., Chartered Accountants, Mumbai as
      auditors of the company.

The shareholders also accorded to the appointment of R. K.
Srivastava as new director, liable to retire by rotation.

Furthermore, the members agreed to the adoption of the company's
audited balance sheet as at Sept. 30, 2006, and the profit and
loss account for the year ended on that date, together with the
related reports of directors and auditors.

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

LML'S board of directors, at a meeting on Sept. 8, 2006, decided
that the company has become a sick industrial company under the
Sick Industrial Companies (Special Provisions Act) 1985.  The
company is currently working for the restructuring of its
business, which includes the possibility of a strategic or
financial partnership.

For the 18 months ended Sept. 30, 2006, LML posted a net loss of
INR2.45 billion, INR44.3 per share.  The company says operations
have been severely effected due to illegal strike by its workmen
that resulted in a lockout on March 7, 2006, which is still
continuing.


LSI LOGIC: Near Completion of Merger Cues S&P's Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating and other ratings on Milpitas, California-based
LSI Logic Corp. on CreditWatch with positive implications,
reflecting the anticipated completion of its planned share-
funded merger with Agere Systems Inc. by the end of the March
quarter.

LSI Logic Corp. is a leading supplier of application-specific
integrated circuits (ASICs) and multicustomer application-
specific standard products (ASSPs) used in the communications
and data storage industries, and also supplies storage systems.
Agere supplies chips for the storage industry and wireless
handsets.

"The merger should strengthen the combined company's position in
its industry and reduce costs through the elimination of
redundant operations," said Standard & Poor's credit analyst
Bruce Hyman.  During 2006, both companies completed their
evolution to a fabless business model, thereby obviating future
large capital expenditures and also substantially reducing
likely free cash flow volatility.

Pro forma for the merger, the company had sales of US$3.5
billion in 2006, with EBITDA of US$380 million and debt of
US$1.0 billion, including capitalized operating leases and
Agere's pension and postretirement benefit obligations.  Pro
forma cash balances were US$1.5 billion.

Following the completion of the merger, the corporate credit
rating will be raised to 'BB' with a stable outlook, and the
subordinate debt rating will be raised to 'B+'.

Milpitas, Calif.-based LSI Logic Corporation (NYSE: LSI) --
http://www.lsi.com/-- provides silicon-to-system solutions that
are used at the core of products that create, store, and consume
digital information.  LSI offers a broad portfolio of
capabilities including custom and standard product ICs, host bus
and RAID adapters, storage area network solutions, and software
applications.  LSI products enable technology companies in the
Storage and Consumer markets to deliver some of the most
advanced and well-known electronic systems in the market today.

The company has offices in India, Korea, and Singapore.


ORIENTAL BANK OF COMMERCE: Signs MOU with IDBI Capital
------------------------------------------------------
Oriental Bank of Commerce has signed a memorandum of
understanding with IDBI Capital Market Services Ltd. for
providing Online Share Trading facility for its customers, the
bank informs the Bombay Stock Exchange in a regulatory filing.

The filing did not provide the financial details of the deal.

IDBI Capital Market, a securities firm, is a wholly owned
subsidiary of IDBI Ltd.  IDBI Capital offers a full suite of
products and services including primary dealing in government
securities, corporate bonds and bank bonds, stock broking-
institutional and retail and distribution of financial products.

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been
affirmed at C/D.

On March 15, 2007, Fitch upgraded the support rating of the bank
to '3' from '4'.


PUNJAB NATIONAL BANK: Goldman Sachs Investments Increases Stake
---------------------------------------------------------------
Goldman Sachs Investments (Mauritius) I Ltd has increased its
stake in Punjab National Bank to 5.195% after buying 2,000,000
shares in the bank on March 7.

A disclosure with the Bombay Stock Exchange reveals that before
the acquisition, Goldman Sachs Investments had 14,380,350 shares
in the company, or 4.561%.  With the shares, which were
purchased in open market, the investment firm now owns
16,380,350 shares in the bank.

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'C/D' individual
rating.


TRANSWITCH CORP: Cuts Net Loss to US$11MM in Yr. Ended Dec. 31
--------------------------------------------------------------
TranSwitch Corp. reported that for year ended Dec. 31, 2006,
its net loss was US$10.85 million on total net revenues of
US$38.92 million, as compared with a net loss of
US$23.75 million on total net revenues of US$32.9 million for
the year ended Dec. 31, 2005.

As of Dec. 31, 2006, the balance sheet of the company showed
total assets totaling US$82.65 million, total liabilities of
US$58.6 million, resulting to total stockholders' equity of
US$24.05 million.

The company had cash and cash equivalents of US$57.72 million as
of Dec. 31, 2006, up from US$38.84 million in 2005.  This is the
company's primary source of liquidity, since it is not currently
generating positive cash flow from its operations.  The
company's cash equivalents as of Dec. 31, 2006 consist of money
market instruments and commercial paper.

The company has financed its operations and has met its capital
requirements since incorporation in 1988 primarily through
private and public issuances of equity securities, convertible
notes, bank borrowings and cash generated from operations.

                       Financial Commitments

The company has existing commitments to make future interest
payments on the Plus Cash Notes and to redeem these notes in
September 2007.  Over the remaining life of the outstanding Plus
Cash Notes, it expects to accrue and pay about US$1.6 million in
interest to the holders of the Notes.

The company has outstanding operating lease commitments of
US$39.7 million, payable over the next 11 years.  Some of these
commitments are for space that is not being utilized and, for
which, the company recorded restructuring charges in prior years
for excess facilities.

Total contractual obligation of the company as of Dec. 31, 2006,
amounted to US$74.94 million.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1b78

                      About TranSwitch Corp.

Based in Shelton, Conn., TranSwitch Corporation (NASDAQ: TXCC)
-- http://www.transwitch.com/-- designs, develops and markets
innovative semiconductors that provide core functionality and
complete solutions for voice, data and video communications
network equipment.  TranSwitch is an ISO 9001: 2000 registered
company.   The company has locations in India, Germany and the
United States.

                          *     *     *

TranSwitch Corp. carry Standard and Poor's Ratings Service's B-
long-term foreign and local issuer credit ratings.


STATE BANK OF INDIA: To Raise INR10-Billion via Bonds
-----------------------------------------------------
State Bank of India plans to raise INR10 billion
(US$228 million) through a placement of lower Tier-II bonds this
week, Reuters reports, citing an unnamed banking source.

The bonds reportedly will mature in nine years and three months
carrying coupon of 9.85% payable annually.

Reuters sources said that the bank is in talks with Central
Board of Trustees, which manages pension funds.  "It is also in
talks with two banks for raising this amount," the news agency
quotes its source as saying.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on Feb. 8, 2007, assigned
its 'BB' rating to the proposed Hybrid Tier I perpetual notes to
be issued by the State Bank of India.  S&P's Bank Fundamental
Strength Rating for SBI remains at 'C'.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


* SEBI Eases Listing Regulation for Firms Issuing Debentures
------------------------------------------------------------
The Securities and Exchange Board of India permits submission of
unaudited financial results subject to limited review for
companies whose debentures are listed.

SEBI vide circular dated March 20, 2007, has amended the listing
agreement for debentures in order to rationalize the provisions
of continuous disclosures made by issuers who have listed their
debt securities and not their equity shares; and to introduce
submission of unaudited financial results with a limited review.

Pursuant to the amendment, issuers whose debentures have been
issued on private placement basis will submit unaudited half-
yearly results subject to a limited review instead of half-
yearly audited results, as required at present.  Issuers whose
debentures have been issued on public/rights issue basis will be
required to submit unaudited quarterly results subject to a
limited review instead of unaudited quarterly results without
limited review required at present.

The results are to be submitted to the exchange within one month
from the end of the reporting period and a copy of the limited
review report prepared by the statutory auditors of the company
(or in case of public sector undertakings, by any practicing
Chartered Accountant) is to be submitted within two months from
the end of the period.  The circular also provides a format for
the limited review report.

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

       http://www.sebi.gov.in/circulars/2007/circfd2007.pdf


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

ALCATEL-LUCENT: Equips S-Bahn Berlin With IP-Based Network
----------------------------------------------------------
Alcatel-Lucent is equipping the Deutsche Bahn AG`s S-Bahn Berlin
GmbH urban railway system in Berlin and Brandenburg, Germany,
with a highly available, fully IP-based communication network
that will support train dispatch by the driver via CCTV.  This
unique installation speeds up train dispatch at the platform and
improves passenger safety, and is the first of its kind
worldwide for an urban railway system.

S-Bahn Berlin's technical operations will be improved
significantly by the combination of fixed and mobile
communications technology in a unique new operating and
information system.  For the first time, train dispatch can be
realized via television-quality CCTV images of the platform and
car doors that are transmitted to the driver's cab.

Four stationary video cameras on the platform transfer images
directly to a monitor in the driver's cab and to the control
office via solution developed by Alcatel-Lucent.  The system not
only speeds up operations, but also enhances safety. Passenger
information in the form of loudspeaker announcements,
information kiosks on the platforms, and displays in the trains
are also delivered via the new IP network.

With this investment, Deutsche Bahn AG is moving forward in its
efforts to enhance customer satisfaction and win new customers
by deploying state-of-the-art technology.  Around 1.4 million
passengers a day use the S-Bahn Berlin network in the Berlin-
Brandenburg region.

"We have exact safety standards and want to keep our customers
informed about rail traffic and special occurrences as quickly
and reliably as possible via display boards and loudspeaker
announcements.  It's essential that we introduce these measures
today to ensure that our new railway infrastructure will still
fulfill our requirements in the future.  By choosing an IP/MPLS
network, Deutsche Bahn AG in Berlin will have a multimedia
platform at its disposal that can be scaled to support speeds of
up to 200 Gbps and expanded nationwide, providing a solid
foundation for innovative technologies of the future," explains
Erik Brych, project manager for the communication network and
CTO of the overall project for S-Bahn Berlin GmbH.

"For Alcatel-Lucent, this is an international reference project
that will demonstrate our system integration expertise. Our
solution also fulfills the most stringent availability demands,"
said Alf Henryk Wulf, board member of Alcatel-Lucent Deutschland
AG in Stuttgart, Germany.

The full-scale installation of the communication network on the
platforms has begun, following eight months of a successful
pilot operation.  As the system integrator, Alcatel-Lucent will
be installing the complete IP-based information and operating
system, as well as the CCTV surveillance system.

Video specialist Indigovision will be delivering the video
management system, a flexible and highly scalable, television-
quality video-over-IP solution.  Alcatel-Lucent will also be
cooperating with BUG Verkehrsbau AG in delivering the optical-
fiber network.  The train dispatch system will be installed in
cooperation with PSI Transcom GmbH.

The components of the MPLS WAN include Alcatel-Lucent 7750
Service Routers for the backbone network, the Alcatel-Lucent
7450 Ethernet Service Switch for the edge, and the Alcatel-
Lucent OmniSwitch 6224 for connectivity to unmanned stations.
The Alcatel-Lucent 7750 SR supports service- and content-
specific unicast/multicast routing and security functions.  The
provision of the new passenger information on stations with
dispatcher personnel is realized via the Alcatel-Lucent 7450
ESS.  The administration of the MPLS WAN will be handled by the
Alcatel 5620 Service Aware Manager, which automates routine
tasks while supporting the introduction and administration of
new services.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ALCATEL-LUCENT: Extends Existing Alliance With T-Systems
--------------------------------------------------------
Alcatel-Lucent is continuing an existing alliance with T-
Systems, the business customer division of Deutsche Telekom.
This new agreement extends an existing agreement focused on IP-
enabled voice solutions, and now offers T-Systems' enterprise
customers with the opportunity to transform their networks and
services through the convergence of voice and data networks
using the industry's most complete enterprise communications
solutions portfolio.

The agreement is focused on transforming enterprise networks in
order to improve the efficiency and security of their networks
while reducing overall costs and enabling enterprises to
generate new business through improved interaction with
customers.  As a result of the breadth of Alcatel-Lucent's
enterprise portfolio, T-Systems will be able to accurately
address all segments of the enterprise network - from small
businesses to multinationals.

Under the new agreement, Alcatel-Lucent's IP-based data products
such as the OmniStack, OmniSwitch and OmniAccess will complement
the voice communications offerings already being provided to T-
Systems' customers, and customers will benefit from the
availability of complete end to end solutions from a single
vendor.

Helmut Binder, Chief Marketing and Product management Officer,
T-Systems: "With a complete product portfolio of Alcatel-Lucent
IP telecommunications systems and data equipment, we're in an
excellent position to deliver our enterprise customers complete,
custom-tailored, IP-based solutions.  We have already
successfully marketed the first complete solutions."

"Alcatel-Lucent has expanded its partnership with T-Systems to
include powerful data communications products that will allow
enterprise customers to transform their businesses, as they ramp
up the level of availability and security associated with their
communications systems.  We want to support T-Systems in its
role as a leading ICT provider in delivering integrated voice
and data solutions on a one-stop basis," explained Hubert de
Pesquidoux, President of Alcatel-Lucent's enterprise activities.

Alcatel-Lucent products cover every need regarding availability,
security, scalability and flexible communications
infrastructures while being easy to manage.

                          About T-Systems

T-Systems delivers high-quality services combining information
and communication technology.  The company's broad expertise in
both fields makes the business customer division of Deutsche
Telekom a preferred partner for multinational corporations,
small and medium-sized businesses and public institutions.  Over
60,000 customers from every industry worldwide benefit from the
company's special expertise in providing integrated ICT
solutions from a single source.  T-Systems is the only company
to offer its own complete ICT portfolio and to combine IT and
communication technology to produce new solutions.  In 2006,
56,000 employees in over 20 countries generated sales of 12.6
billion euros.  For more information about the company and its
services, see external link http://www.t-systems.com/

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


ALCATEL-LUCENT: Grabs No. 1 Spot in 4th Qtr. IP DSLAM Shipments
---------------------------------------------------------------
Broadbandtrends, industry analyst firm, has reported that
Alcatel-Lucent took the No. 1 position worldwide for IP DSLAM
shipments in the 4th quarter of 2006 with a 32% market share.
This major accomplishment in a very competitive market is
further confirmation of Alcatel-Lucent's technological
leadership and innovation in the IP access market segment.

Teresa Mastrangelo, Principal Analyst at Broadbandtrends
commented: Alcatel-Lucent continues to successfully deliver
solutions that anticipate the market and operational needs of
network operators.  This was demonstrated by strong operator
demand for Alcatel-Lucent's IP-DSLAM platform, resulting in
sequential growth of 58% and year over year growth that far
exceeds its competitors."

Alcatel-Lucent has consistently been acknowledged as the market
leader in broadband access.  At the beginning of 2007, industry
analyst firm Dell'Oro again confirmed the company's worldwide
leadership in the DSL market, with 126 million DSL lines shipped
worldwide and an overall market share of 42% for 2006.  This is
almost 4 times more than its closest competitor.

Alcatel-Lucent continues to set the pace for next generation
access with its ISAM product family, which includes the 7302
ISAM, the ISAM voice package, the 7330 ISAM FTTN, and the 7342
ISAM FTTU which extends the bandwidth potential of fiber from
the network core to the subscriber premises using the latest
GPON recommendations of the Full Service Access Network group.
=The ISAM product family is designed for 100% IPTV and NGN /IMS
voice convergence in access.  Moreover, it provides an
unsurpassed IPTV experience with a 5 star rating for video
support, as well as cost effective migration to packet-based
voice.

As well as award winning products, Alcatel-Lucent also provides
added value elements in its access portfolio that include
business consultancy, network operations, network management and
digital home care solutions.

More than 125 customers have adopted the ISAM product family
globally -- including 80% of the top 20 DSL operators in the
world.  Alcatel-Lucent is also engaged in more than 60 FTTx
projects around the world, more than 20 of which are with GPON.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.  The company has operations in
Indonesia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

Moody's on the other hand put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's
B1 Senior Debt rating and B2 Subordinated debt & trust preferred
rating.

Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured
Debt rating at BB.


APEXINDO PRATAMA: May Post IDR400-Bil. Profit in 2006
-----------------------------------------------------
PT Apexindo Pratama Duta may report a profit of IDR400 billion
in 2006 due to higher sales and foreign-exchange gains,
Bloomberg News says, citing an Investor Daily Indonesia report.

Apexindo Finance Director Agustinus B. Lomboan expects orders
for offshore gas-drilling rigs will boost company sales to rise
30% this year, Investor Daily relates.

Apexindo reportedly plans to pay PT Bank Central Asia its
US$8-million debt by August from internal cash.

                     About Apexindo Pratama

Headquartered in Jakarta, Indonesia, PT Apexindo Pratama Duta
Tbk -- http://www.apexindo.com/-- is a national onshore and
offshore drilling contractor that has been serving both
prominent local and international clients domestically as well
as abroad for the last two decades.

Apexindo Pratama is controlled by Indonesia's largest listed
energy firm, PT Medco Energi International Tbk (MEDC.JK), which
has a 52% stake.

Apexindo Pratama has recorded a net loss of IDR43.126 billion in
fiscal year 2005, compared with a IDR36.524-billion net loss in
2004.


AVNET INC: To Release 3rd Qtr. FY2007 Results on April 26
---------------------------------------------------------
Avnet, Inc. revealed that its third quarter fiscal year 2007
earnings disclosure is scheduled to be webcast live via the
Internet at http://www.ir.avnet.com/on Thursday, April 26,
2007.

Avnet will issue a press release outlining its financial results
followed by an interactive webcast at 2:00 p.m. Eastern, 1:00
p.m. Central, 12:00 p.m. Mountain and 11:00 a.m. Pacific time.

Roy Vallee, Avnet's chairman and chief executive officer, and
Ray Sadowski, Avnet's chief financial officer, along with other
members of Avnet's senior management team, will comment on the
Company's results and respond to participants' questions, which
may be submitted via the Internet.

Please log on to the webcast at least 15 minutes prior to the
start of the event to register and download any necessary
software.  Additional financial information accompanying the
webcast will also be available at http://www.ir.avnet.com/

                         About Avnet Inc.

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.  Revenues
for the fiscal year ended July 1, 2006 were US$14.3 billion.  It
has operations in these Asia-Pacific countries: Indonesia,
Australia, China, Hong Kong, India, Japan, Malaysia, New
Zealand, Philippines and Singapore.

The Troubled Company Reporter - Asia Pacific reported on March
6, 2007, that Moody's Investors Service affirmed the Ba1
corporate family and long-term debt ratings of Avnet, Inc. and
revised the outlook to positive from stable.

Ratings affirmed:

   * Corporate Family Rating, Ba1

   * Senior Unsecured Notes with various maturities, Ba1, LGD3,
     49%

   * Senior/Subordinated shelf ratings, Ba1 / Ba2

The outlook is positive.


BANK NEGARA: Leads Financing of IDR1.52-Trillion Toll Road
----------------------------------------------------------
PT Bank Negara Indonesia led syndication with two other
creditors to finance PT Marga Nujyasuma Agung for the
construction of the Surabaya - Mojokerto toll road of
approximately 36.5 km.  The syndicated loan was signed by the
President Director of BNI, Sigit Pramono, on behalf of the
creditors, and the President Director of PT Marga Nujyasuma
Agung, A Moelia Aida; witnessed by the Minister of Public Works
of the Republic of Indonesia, Djoko Kirmanto, and Chairman of
the Toll Road Operating Board, Hisnu Pawenang.

This credit syndication is used to finance a project amounting
to IDR1.52 trillion, and which encompasses four regencies in
Surabaya, Sidoarjo, Gresik and Mojokerto.  Previously, in 2006,
BNI had also financed the construction of the overpass
intersection in the Waru toll section amounting to IDR422
billion.

On the ocassion, Sigit Pramono remarked that the signing of this
syndication underlines BNI's commitment to support the
acceleration of economic growth through the construction of toll
roads.  "Infrastructure remains one of the focal points of BNI
in our financing program," he said.

He went on to say that, from a target of IDR4.1 trillion of
financing that had been set for the infrastructure sector in
2006, by December of the year, the realized figure exceeded this
target, reaching IDR8.60 trillion.  Infrastructure credit from
BNI comprises financing for toll roads, energy and electricity,
and agriculture.

                         About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
a securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 6, 2007, Moody's Investors Service revised the outlook from
positive to stable the ratings of PT Bank Negara Indonesia's
senior debt and foreign currency long-term deposit ratings to
positive from stable.

The bank's short-term deposit rating and long-term subordinated
debt rating continue to carry the rating agency's stable outlook
and the bank financial strength rating a positive outlook.

The bank's detailed ratings are:

   -- senior/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength of E.

TCR-AP reported on Feb. 1, 2007, Fitch Ratings has affirmed all
the ratings of Bank Negara as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-'

   * Short-term rating 'B',

   * National Long-term rating 'A+(idn)',

   * Individual 'D', and

   * Support '4'.

The Outlook for the ratings was revised to Positive from Stable.

Standard & Poor's Ratings Services revised the outlook on the
local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


CORUS GROUP: Shareholders Approve Tata Steel Offer
--------------------------------------------------
The scheme of arrangement to implement the recommended offer for
Corus Group plc by Tata Steel UK Limited at a price of 608 pence
per ordinary share in cash was considered.  At both the Court
Meeting and at the Extraordinary General Meeting, shareholders
approved the Scheme by the requisite majority.

                         Voting Results

Court Meeting

Resolution
Description       For Votes     %     Against Votes    %
-----------       ---------     -     -------------    -
To approve
the Scheme      226,783,105   97.43       5,988,195   2.57

Extraordinary General Meeting

Resolution         For               Against
Description       Votes        %      Votes     %   Abstentions
-----------       -----        -     -------    -   -----------
Special         227,167,597  97.48  5,866,894  2.52   2,252,884
resolution to
approve Scheme,
to amend Articles
of Association of
the company, to
cancel all
Cancellation Shares
and Corus Deferred
Shares, to reduce
share capital, to
increase authorized
capital, and to
authorize allotment
of shares.

A total of 31,985 shareholders holding in aggregate 232,771,300
shares attended the Court Meeting in person and shareholders
holding, in aggregate, 233,034,491 shares attended the
Extraordinary General Meeting in person.

The expected timetable of the remaining principal events
required to implement the Scheme is:

March 27

  Court hearing to sanction the Scheme

March 29

  Dealings in Corus Shares suspended on the London Stock
  Exchange and the Amsterdam Stock Exchange and dealings in
  Corus ADSs suspended on the New York Stock Exchange

March 30

  Court hearing to confirm the Reduction of Capital

April 2

  Effective Date of the Scheme

Tata Steel disclosed on Feb. 7 that it intends to dispatch the
consideration pursuant to the Scheme as soon as practicable
following the Effective Date and, if practicable, on the
Effective Date.  Tata Steel is, in any event, required under the
terms of the Scheme to despatch the consideration pursuant to
the Scheme not more than 14 days after the Effective Date.

"Tata Steel is pleased with the outcome of the EGM.  It stands
committed to work along with Corus to create a vibrant and value
creating enterprise," Tata Steel Managing Director B. Muthuraman
was quoted by The Telegraph as saying.

As previously repoorted in the Troubled Company Reporter - Asia
Pacific, Tata Steel won an auction for Corus over Companhia
Siderurgica Nacional after offering investors 608 pence per
share in cash, or GBP5.7 billion (US$11.3 billion).

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company.  Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'\
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


CORUS GROUP: LSE Admits 49,000,000 Ordinary Shares for Trading
--------------------------------------------------------------
Application has been made to The U.K. Listing Authority and the
London Stock Exchange for block listings totaling 49,000,000
Ordinary shares of 50 pence each to trade on the London Stock
Exchange and to be admitted to the Official List upon issuance.
The shares shall rank equally with the existing issued shares of
Corus Group plc.

The Block listings consist of 43,000,000 shares to be issued
under the Leverage Equity Acquisition Plan and 6,000,000 shares
to be issued under the Executive Share Option Scheme.

                         About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company.  Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                        About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'\
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


CORUS GROUP: Deutsche Bank Holds 3.06% Equity Stake
---------------------------------------------------
Corus Group plc received notification on March 16 from Deutsche
Bank AG London, in accordance with DTR 5 of the Transparency
Obligations Directive, that on March 12 Deutsche Bank AG and its
subsidiary companies had a notifiable interest in 28,909,772
ordinary shares amounting to 3.06% of Corus Group plc's issued
share capital.

Deutsche Bank AG London is a branch of Deutsche Bank AG, a
corporation domiciled in Frankfurt, Germany.

                        About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'\
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.

At the same time, the 'BB+' long-term debt rating on Corus'
EUR700 million senior secured bank loan and the 'BB-' unsecured
debt ratings on Corus remain on CreditWatch with developing
implications.  The 'B' short-term corporate credit rating
remains on CreditWatch with positive implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


HESS CORP: Declares Regular Quarterly Dividend on Common Stock
--------------------------------------------------------------
The board of directors of Hess Corporation declared a regular
quarterly dividend of 10 cents per share payable on the
company's common stock on March 30, 2007.

Only holders of record at the close of business on March 16,
2007, are eligible for the dividends.

Headquartered in New York, Hess Corporation (NYSE:HES)
-- http://www.hess.com/-- is a global integrated energy company
engaged in the exploration for and the development, production,
purchase, transportation and sale of crude oil and natural gas.
The corporation also manufactures, purchases, trades and markets
refined petroleum and other energy products.

The company has operations in the United States, United Kingdom,
Norway, Thailand and Indonesia, among others.

The Troubled Company Reporter - Asia Pacific reported on
September 27, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. and Canadian
Exploration and Production sector this week, the rating agency
confirmed its Ba1 Corporate Family Rating for Hess Corporation.
Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings to these securities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   7.375% Sr. Unsec.
   Notes due 2009         Ba1      Ba1     LGD4       55%

   7.875% Sr. Unsec.
   Bonds due 2029         Ba1      Ba1     LGD4       55%

   7.3% Sr. Unsec.
   Notes due 2031         Ba1      Ba1     LGD4       55%

   6.65% Sr. Unsec.
   Notes due 2011         Ba1      Ba1     LGD4       55%

   7.125% Sr. Unsec.
   Bonds due 2033         Ba1      Ba1     LGD4       55%

   5.75% Pollution
   Control Revenue
   Bonds, Ser 2002
   due 2032               Ba1      Ba1     LGD 4       55%

   6.05% Pollution
   Control Revenue
   Bonds, Ser 2004
   due 2034               Ba1      Ba1     LGD4       55%

   Multiple Seniority
   Shelf (Senior
   Unsecured             (P)Ba1  (P)Ba1    LGD4       55%

   Multiple Seniority
   Shelf (Subordinate)   (P)Ba2  (P)Ba2    LGD6       97%

   Multiple Seniority
   Shelf (Cumulative
   Preferred)            (P)Ba3  (P)Ba2    LGD6       97%

   Multiple Seniority
   Shelf (Non-Cumulative
   Preferred)            (P)Ba3  (P)Ba2    LGD6       97%


INDOSAT: To Raise IDR1.5 Trillion by Bond Issue in Second Qtr.
--------------------------------------------------------------
PT Indosat Tbk plans to sell IDR1.5 trillion of bonds in the
second quarter to fund its expansion plan, Bloomberg News
reports, citing Bisnis Indonesia.

According to the report, Indosat Director Wong Heang Tuck said
that the company has invited investment banks to help it sell
the bonds but didn't confirm the amount to be sold.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2006, Indosat is planning to spend more than
US$1 billion mainly on the development of its cellular services
in 2007.

About 70% to 80% of the investment will go to the development of
cellular services, while the rest will be used to develop
multimedia, data communication and Internet services, the TCR-AP
report quoted Indosat Marketing Director, Wahyu Wijayadi, as
saying.

                          About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company is a provider of international long-distance services
inIndonesia.  It also provides multimedia, data communications
and Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service has affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
onds are irrevocably and unconditionally guaranteed by Indosat.

The outlooks for the ratings remain positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


MARSH: Declares Quarterly Dividend on Outstanding Common Stock
--------------------------------------------------------------
The Board of Directors of Marsh & McLennan Companies, Inc.
declared a quarterly dividend of US$.19 per share on outstanding
common stock, payable on May 15, 2007 to shareholders of record
on April 6, 2007.

Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a
global professional services firm with annual revenues of
approximately US$12 billion.  It is the parent company of Marsh,
the world's leading risk and insurance services firm; Guy
Carpenter, the world's leading risk and reinsurance specialist;
Kroll, the world's leading risk consulting company; Mercer, a
major global provider of human resource and specialty consulting
services; and Putnam Investments, one of the largest investment
management companies in the United States.  Approximately 55,000
employees provide analysis, advice, and transactional
capabilities to clients in over 100 countries, including
Indonesia, Australia, China, India, Japan, Korea and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred
stock ratings to Marsh & McLennan's unlimited universal shelf.

Standard & Poor's also affirmed its 'BBB' counter party credit
rating on MMC.  The outlook in negative.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Moody's Investors Service assigned provisional
ratings to Marsh & McLennan's new universal shelf registration,
including a (P)Ba1 rating on the Company's provisional preferred
stock.  The rating outlook for MMC remains negative.


METSO OYJ: Supplies Handling Equipment to Bateman Africa
--------------------------------------------------------
Metso Minerals, a division of Metso Oyj, will supply bulk
materials handling equipment to Bateman Africa (Pty) Ltd. for
Richards Bay Coal Terminal (RBCT) situated on the east coast of
South Africa.

The delivery, installation and commissioning will be completed
by the first quarter of 2009.  The value of the order is around
EUR17 million.

The order comprises a twin-cell rotary railcar dumper system and
a stacker reclaimer.  The railcar dumper rotates two railcars at
a time and will be capable of unloading trains at the rate of 65
railcars per hour.  The stacker reclaimer has a 60-meter boom
outreach with an average reclaim rate of 4,500 tons per hour and
a stacking rate of 6,000 tons per hour.  The order also
comprises commissioning and installation services.

Metso's supply is part of the overall solution for the expansion
of the terminal.  Once the expansion is completed, the terminal
annual throughput capacity will increase from 72 million tons to
91 million tons.

Bateman Africa is the main contractor for engineering,
procurement and construction (EPC) for the RBCT phase V
expansion project.  RBCT is the largest single export coal
terminal in the world and it employs around 500 permanent
people.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj
--http://www.metso.com/-- is a global engineering and
technology corporation with 2005 net sales of around EUR4.2
billion.  Its 22,000 employees in more than 50 countries serve
customers in the pulp and paper industry, rock and minerals
processing, the energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                        *    *    *

As of Feb. 9, Metso Oyj carries a 'BB+' long-term and 'B' short-
term corporate credit ratings and 'BB' senior unsecured debt
rating from Standard and Poor's


NORTEL NETWORKS: Board Wants KPMG as Auditor Replacing Deloitte
---------------------------------------------------------------
Deloitte & Touche LLP is the independent public accountant for
Nortel Networks Corporation and Nortel Networks Limited its
principal operating subsidiary, for the fiscal year 2006.

As part of Nortel Networks' evaluation in its corporate renewal
process, the company's board of directors proposed that KPMG LLP
serve as its principal independent public accountant commencing
with fiscal year 2007.

KPMG will also be appointed as Limited's auditor if shareholders
will approve its appointment at the company's annual and special
meeting, scheduled for May 2, 2007.

The company said the proposed change in auditor does not result
from any disagreement or dissatisfaction between it and
Deloitte.

Deloitte's audit reports for the company and Limited for their
financial statements for the fiscal years ended Dec. 31, 2006,
and Dec. 31, 2005, did not contain an adverse opinion or a
disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles.

The company's and Limited's management disclosed in Form 10-K
that it concluded that a material weakness in internal control
over financial reporting existed as of Dec. 31, 2006.

Deloitte expressed an unqualified opinion on management's
assessment of the effectiveness of internal control over
financial reporting and an adverse opinion on the effectiveness
of internal control over financial reporting as of Dec. 31,
2006.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.

Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries, including in Indonesia, Australia, China, Mexico,
Philippines, and Thailand.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  DBRS says all trends are stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.


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

ALL NIPPON: Hotels Business Attracts 30 Bidders
-----------------------------------------------
All Nippon Airways Co. Ltd.'s hotel portfolio has attracted
30 bidders, drawing the interests of foreign investors keen for
Japanese real estate, Market Watch says, citing The Financial
Times.

The report says that ANA is selling 13 hotels and is expected to
pocket US$2.1 billion in proceeds, more than double than what
analysts predicted three months ago when the hotels were put up
for bid.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 12, 2006, ANA was set to sell 10 of its hotels in Japan in
a deal that could total more than JPY100 billion
(US$1.1 billion).

Market Watch, citing people knowledgeable with the deal, states
that ANA has shortlisted 10 bidders, which include Blackstone
Group, Goldman Sachs Group Inc., Merrill Lynch & Co. Inc.,
Lone Star, George Soros, Starwood Capital and Deutsche Bank AG.

ANA is advised by Jones Lang LaSalle and Nomura Securities in
the sale.

                     About All Nippon Airways

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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

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

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

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


ASAHI MUTUAL: JCR Upgrades Senior Debt Rating to BB+/Stable
-----------------------------------------------------------
Japan Credit Rating Agency, Ltd., has upgraded the ratings on
both Asahi Mutual Life Insurance Company's senior debts and
ability to pay insurance claims from BB/Stable to BB+/Stable.

Asahi Mutual Life's efficiency measured by persistency rate of
the policies and retention rate of sales persons has been
increasing steadily.  Its mortality and morbidity gains have
begun to rise and the core capital has been increasing steadily.
Accordingly, JCR upgraded the rating for Asahi Mutual Life by
one notch.  However, its profitability is low due to the heavy
burden for negative spread.  Capital amount also remains poor.
JCR will follow the future developments as to whether Asahi
Mutual Life can expand the earnings and capital amount as well
significantly through accumulation of retained earnings.

                      About Asahi Mutual

Headquartered in Tokyo, Japan, Asahi Mutual Life Insurance
Company -- http://www.asahi-life.co.jp/-- is a Japanese life
insurance Company that focuses on individual life insurance.
The Group also sells non-insurance products provided by its
partners and provides investment trust products.


DAIEI INC: To Invite Yoshiharu Kawato To Be New Chairman
--------------------------------------------------------
Daiei Inc. will invite Yoshiharu Kawato from the Aeon
supermarket chain to be its new chairman, The Japan Times
reports.

The move, according to The Times, is part of the business and
capital alliance between the two retailers.

The report says that Mr. Kawato, currently a board member at
Aeon Co. and president of affiliated company Aeon Mall will
initially join Daiei as an adviser in April and will then
replace Fumiko Hayashi as Daiei chairman after a vote at Daiei's
general shareholders' meeting in May.  Mr. Hayashi will become
vice chairman and will no longer have the right to represent the
company.

The Times states that Daiei will also ask Aeon Managing Director
Akinori Yamashita to become its adviser in April.
Mr. Yamashita's position, which also needs to be approved by
Daiei's shareholders, has yet to be decided.

According to The Times, Toru Nishimi -- sent by Marubeni Corp.
to Daiei last year -- will remain as president and will be the
only executive with the right to represent Daiei.

"The new management will put our collaboration into shape and by
learning Aeon's business expertise from (Kawato and Yamashita),
we will speed up Daiei's rehabilitation, with the support of
Aeon and Marubeni Corp.," the report quotes Mr. Nishimi.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 13, 2007, that Aeon will acquire a 15% stake in Daiei for
JPY46.2 billion in an alliance that would create Japan's biggest
retail group.  The report said that pursuant to the deal, Aeon
is buying the shares from Daiei's primary shareholder, Marubeni
Corp., which owns 44.6% of the supermarket chain.

                         About Aeon

Headquartered in Chiba, Japan, Aeon Company Ltd. --
http://www.aeon.info/-- is a retailing group of over a hundred
member companies in Japan and overseas whose business model is
based on shopping center operation.  Aeon had 1,159 stores and
about 150 discounters nationwide as of Aug. 20, 2006.

Sales at Aeon accounted for about 3.4% of the Japanese retail
market, or JPY4.43 trillion, in the year ended Feb. 20, 2006.

                        About Daiei

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role
in Daiei's turnaround efforts by acquiring the entire 33.67%
stake held by the IRCJ in Daiei.  Marubeni now holds a 44.6%
stake in the company.

A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Daiei, as a result, cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


HYAKUJUSHI BANK: Completes Share Repurchase
------------------------------------------
The Hyakujushi Bank, Ltd., has repurchased 2,150,000 shares of
its common stock during the period from November 24, 2006, to
March 16, 2007, Reuters Key Developments says.

The total value of the shares repurchased is JPY1,582,400,000,
the report adds.

                   About The Hyakujushi Bank

Headquartered in Kagawa Prefecture, Japan, The Hyakujushi Bank,
Ltd. -- http://www.114bank.co.jp/-- is a regional bank based in
the Shikoku area.  The bank operates in three business segments.
The banking segment is engaged in the provision of deposit
accounts services, government bonds services, loan services,
investment trust services, foreign exchange services, telephone
banking services, Internet banking services, capital transfer
confirmation services, international banking services and other
banking services.  The leasing segment is engaged in the
provision of leasing services.  The others segment is involved
in the provision of credit card services and other financial
services.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 21, 2007, that Fitch Ratings upgraded Hyakujushi Bank's
individual rating to C from C/D.


HYAKUJUSHI BANK: Posts JPY13-Bil. Income for 9 Months to Dec. 31
----------------------------------------------------------------
The Hyakujushi Bank, Ltd., recorded a JPY13.21-billion net
income for the nine months ending Dec. 31, 2006, a decrease of
13.15% from the JPY15.21-billion net income the company reported
for the nine months ending Dec. 31, 2005, data obtained from
Bloomberg News shows.

For the period in review, the company reported a
JPY37.17-billion net interest income, and operating profit of
JPY14.38 billion.

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


                                Nine Months Ending
                             12/31/2005    12/31/2006   Change
                             ----------    ----------   ------
   Interest & Investment
      Income                    41.22         42.51      3.11%
   Interest Expense              3.87          5.34     37.82%
   Net Interest Income          37.35         37.17     -0.49%
   Operating profit             15.02         14.38     -4.25%
   Profit before
      Extraordinary Items       15.60         13.87    -11.12%
   Net Profit                   15.21         13.21    -13.15%

                    About The Hyakujushi Bank

Headquartered in Kagawa Prefecture, Japan, The Hyakujushi Bank,
Ltd. -- http://www.114bank.co.jp/-- is a regional bank based in
the Shikoku area.  The bank operates in three business segments.
The banking segment is engaged in the provision of deposit
accounts services, government bonds services, loan services,
investment trust services, foreign exchange services, telephone
banking services, Internet banking services, capital transfer
confirmation services, international banking services and other
banking services.  The leasing segment is engaged in the
provision of leasing services.  The others segment is involved
in the provision of credit card services and other financial
services.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 21, 2007, that Fitch Ratings upgraded Hyakujushi Bank's
individual rating to C from C/D.


HITACHI ZOSEN: Court Imposes US$83MM In Damages for Bid Rigging
---------------------------------------------------------------
Hitachi Zosen Corp., along with Mitsubishi Heavy Industries Ltd.
of Tokyo and Takuma Co. of Amagasaki, had been ordered by a
Tokyo court to pay US$83 million in damages for rigging bids on
four publicly financed Tokyo incineration projects, United Press
International says.

According to the report, District Judge Toshihiko Tsuruoka,
ruling for the three-judge panel, said that the three
construction companies rigged bids from 1994 to 1998.

UPI, citing Kyodo News, states that an ombudsman group had
demanded the firms to pay US$262 million to the city and the
sanitation union for wasting taxpayers' money.

The report says that the Fair Trade Commission ordered the three
companies and two others to stop bid rigging in June 2006 but
the companies sued the following month seeking to have the FTC
order overturned.

                      About Hitachi Zosen

Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp-- develops, manufactures, sells
and maintains machinery and systems.  The company has five
business segments.  The Environment and Plant segment offers
refuse incineration plants, industrial waste treatment plants,
biomass energy systems, water and sludge treatment plants and
others.  The Ship and Sea segment is involved in the building,
improvement and repair of ships, and the creation of ocean
structures.  The Steel, Construction and Logistics segment
offers bridges, hydraulic gates, steel chimneys, water pressure
pipes, offshore engineering, disaster prevention systems, and
others.  The Machinery and Motors segment includes steel-making
machinery, food machines, medical equipment, power generators
and internal combustion engines.  The Others segment is involved
in electronic and control systems, package software, information
systems and other businesses.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 31, 2006, Rating and Investment Inc. affirmed the BB-
issuer rating of Hitachi Zosen Corporation with a negative
outlook.


JAPAN AIRLINES: Labor Unions Calls Off Planned 24-Hour Walk-Out
---------------------------------------------------------------
Japan Airlines Co. labor unions called off a planned 24-hour
strike after reaching a compromise with the airline's management
over pay and other labor conditions, The Japan Times says,
citing airline officials.

The report recounts that four unions, including the JAL Flight
Crew Union -- comprising 1,154 pilots -- and the JAL Cabin Crew
Union -- comprising 1,828 workers -- had threatened to walk out
for the entire day on Tuesday.

Bloomberg News states that the strike was a reaction to JAL's
decision not to raise the base pay for its workers.  The planned
strike would have paralyzed about 26% of JAL's domestic flights.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 9, 2007, that JAL would cut 4,300 employees from its
payrolls by March 2010, the end of its 2009 fiscal year, from
its 53,100-strong work force.  The report said that this comes
on top of the ongoing elimination of 6,000 ground jobs for the
period through March 2008, announced several years ago.

                      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 Oct. 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: Sells 3 Hotels To Lone Star for JPY15 Billion
-------------------------------------------------------------
Japan Airlines Corp. sold three hotels -- Hotel Nikko Naha
Grandcastle, Hotel Nikko Yaeyama and JAL Private Resort Okuma --
in Okinawa for at least JPY15 billion (US$128 million) to
Lone Star Funds, Bloomberg News reports, citing people
knowledgeable about the sale.

The report says that the advice to sell the properties came from
Mizuho Securities Co., but Mizuho's spokesman Keita Onuki
declined to comment.  Lone Star's executives, who refused to be
identified, also did not comment on the matter.

"JAL is selling everything it can in order to return to profit.
It's the right strategy," Bloomberg quotes Mana Nakazora, chief
credit analyst at JPMorgan Securities Japan Co.

According to Bloomberg, JAL aims to trim its liabilities to 30%,
or JPY1 trillion, over four years to regain a positive
investment-grade credit rating.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 5, 2007, Japan Airlines plans to sell its stakes in seven
hotels for more than JPY70 billion (US$580 million) in order to
focus on its core airline business.

                      About Lone Star Funds

Headquartered in Dallas, Lone Star Funds --
http://www.lonestarfunds.com/En-- are closed-end, private-
equity limited partnerships that include corporate and public
pension funds, university endowments, foundations, bank holding
companies, family trusts and insurance companies.  Since 1995,
the principals of Lone Star have organized private equity funds
totaling more than US$13.3 billion to invest globally in secured
and corporate unsecured debt instruments, real estate related
assets and select corporate opportunities.  Lone Star has
affiliate offices in London, Tokyo, Seoul, Taipei, Dallas,
Dublin, Brussels, Luxembourg, and Frankfurt. Its general partner
is a Bermuda-based entity headquartered in Hamilton.

                      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 Oct. 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.


MACDERMID INC: Moody's Affirms B2 Rating and Revises LGD Rates
--------------------------------------------------------------
Moody's Investors Service affirmed MacDermid, Incorporated's B2
corporate family rating and revised the loss given default
assessments and LGD rates on MacDermid's proposed debt to
reflect a revision to the company's proposed debt financings.

Proceeds from the new debt offerings combined with private
equity investments from funds managed by Court Square Capital
Partners and Weston Presidio, along with an investment from
MacDermid's CEO, Daniel Leever, and management will be used to
purchase all of MacDermid's outstanding stock in a transaction
valued at approximately US$1.3 billion.  The ratings outlook
remains stable.

The revisions to the proposed debt financing structure include:

    * elimination of the US$250 million guaranteed senior
      unsecured notes due 2014-2015 (ratings withdrawn),

    * a US$100 million increase in the term loan principal
      amount to the US dollar equivalent of US$610 million (the
      term loan will now have both a US$360mm tranche and a Euro
      tranche) and

    * a US$135 million increase in the senior subordinated notes
      due 2017 to US$350 million.

In addition to these changes, the company will have
US$15 million in Japanese senior secured bank debt.  The
revisions to the debt structure have not impacted the issue
ratings, but do impact the LGD assessments and LGD rates.

The following summarizes the ratings activity:

MacDermid, Incorporated

Ratings affirmed:

    * Corporate family rating -- B2

    * Probability of default rating -- B2

    * US$50 million Gtd sr sec revolving credit facility due
      2013 - B1, LGD3, 34%

    * US$360 million Gtd sr sec term loan due 2014 -- B1, LGD3,
      34%

    * Euro Gtd sr sec term loan due 2014 -- B1, LGD3, 34%

    * US$350 million Gtd sr subordinated notes due 2017 -- Caa1,
      LGD5, 87%

Ratings withdrawn:

    * US$250 million Gtd sr unsec notes due 2014-2015 -- WR

MacDermid's B2 corporate family rating reflects the company's
high leverage, elevated interest expense and limited growth
opportunities in certain businesses.  The company has grown top
line sales over the past three years, however earnings have not
kept pace.  While the overall EBITDA for the company has been
relatively stable over the past three years, certain of the
company's businesses (primarily in the Advanced Surface
Finishing segment) have grown sales and profits, and other
businesses (primarily in the Printing Solutions segment) have
turned in lackluster returns.  Moody's expect that MacDermid
should be better positioned to grow after the introduction of
certain new products and the integration of the 2005 Autotype
acquisition.  The notes will be privately placed and the company
does not plan to register the notes at a later time.  As a
result, the company does not anticipate that it will file public
financial statements, but will provide more abbreviated
disclosure to debtholders.

The ratings are supported by MacDermid's relatively stable
EBITDA margins that have remained positive despite some adverse
market conditions over the past seven years, geographic,
operation and product diversity, strong market positions in
certain niche markets, modest capital expenditure requirements
and limited exposure to volatile raw materials costs.

The stable outlook reflects Moody's expectation that MacDermid
will be able to grow its sales and apply positive free cash flow
to debt reduction.  The outlook also assumes that MacDermid will
smoothly transition to a private ownership structure and be
capable of shouldering the significant new debt burden.  Before
an upgrade could be considered, Moody's would expect to see
MacDermid demonstrate the ability to generate EBITDA greater
than US$160 million per year and maintain a Debt/EBITDA ratio
less than 7.0 times on a sustained basis as well as generate
meaningful free cash flow.  Should the company not be successful
in improving profitability and generating meaningful free cash
flow to be applied towards debt reduction, the ratings could
come under negative pressure.

                      About MacDermid Inc.

MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer
of a broad line of chemicals and related equipment for a range
of applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.  Revenues for the twelve months ended June 30, 2006,
were US$797 million.


MACDERMID INC: Amendments Cues S&P to Hold B+ Rating on Debt
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its bank loan and
recovery ratings on MacDermid Inc.'s proposed senior secured
credit facilities, following the report that the company will
increase the term loan principal amount to the U.S. dollar
equivalent of US$610 million.  The proposed term loan will now
have both a US$360 million tranche and a EUR250 million tranche.

The secured loan rating is 'B+' and the recovery rating is a
'1', indicating the expectation for full recovery of principal
in the event of a payment default.

Other changes to the debt financing structure include the
cancellation of the US$250 million senior unsecured notes due in
2014, a US$135 million increase in the senior subordinated notes
due in 2017 to US$350 million, and the addition of US$15 million
in Japanese senior secured bank debt due in 2014.

Proceeds from the new bank credit facilities and the senior
subordinated notes will be used to finance the acquisition of
MacDermid in a transaction valued at about US$1.3 billion.

Upon successful completion of the acquisition and proposed
financing, Standard & Poor's will resolve the CreditWatch
listing. Standard & Poor's also expects to withdraw all of the
ratings on the existing debt instruments upon closing of the
proposed refinancing.

Ratings List:

   * MacDermid Inc.

      -- Corporate credit rating, BB+/Watch Neg/
      -- Senior secured credit facilities, B+, Recovery rating:

                      About MacDermid Inc.

MacDermid Inc. -- http://www.macdermid.com/-- is manufacturer
of a broad line of chemicals and related equipment for a range
of applications, including metal and plastic finishing,
electronics, graphic arts and printing, and offshore drilling.
The company maintains its headquarters in Denver, Colorado, but
operates facilities worldwide, including China, Germany, Italy,
and Japan.  Revenues for the twelve months ended June 30, 2006,
were US$797 million.


MAZDA MOTOR: Changes Overseas Production Statistics
---------------------------------------------------
Mazda Motor Corporation has made changes to the way it records
overseas production figures in its monthly production and sales
results, effective January 2007.  In the future, Mazda said that
its overseas production figures will reflect the number of Mazda
brand vehicles that come off the production line at overseas
production facilities except for complete knock down vehicles
and vehicles produced by other original equipment manufacturers.

Since November 1998, Mazda's overseas production figures have
included an estimation of parts and component shipments for
Mazda brand models that have been assembled at overseas
production facilities. Under the new statistical reporting
system, Mazda brand vehicles produced with 100% locally procured
parts -- which previously could not be counted -- will also be
included in the overseas production total.  These changes will
enable a more accurate disclosure of Mazda's production
statistics.

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets.  The company has
58 subsidiaries.  It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China. The
Company has a global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.


MITSUBISHI UFJ: To Act As Intermediary for University Patents
-------------------------------------------------------------
Mitsubishi UFJ Trust and Banking Corp gained the rights to
manage The University of Yamanashi's patents and license them to
companies, The Asahi Shimbun reports.

According to The Shimbun, the university is the first to put its
patents under trust after the Trust Business Law was revised in
2004 to cover patents and other intellectual property rights as
trust properties.

The report adds that Mitsubishi UFJ Trust and Banking will act
as a middle-man to find companies interested in developing
commercial applications of the university's technologies.
The bank will receive royalties on the patents from the
companies and pay part of the license fees to the university in
the form of dividends.

The Shimbun explains that when a patent such as technology to
oxidize carbon monoxide contained in a gaseous fuel has been
entrusted, chemical makers are expected to use the patent
through the intermediation of the trust bank.

The report states that The University of Yamanashi is famous for
its fuel cell research, currently with 50 related patents.

At Japanese universities, many patented technologies developed
by science and engineering departments have never been applied
because these universities, on their own, cannot find companies
to develop products based on the patents, the report notes.

The Shimbun states that former state-run universities, such as
the University of Yamanashi, are under pressure to raise funds
by themselves now that they are incorporated as independent
administrative agencies.

           About Mitsubishi UFJ Trust and Banking Corp

Mitsubishi UFJ Trust and Banking Corp. --
http://www.tr.mufg.jp/english/-- is one of Japan's leading
asset-management companies with JPY28 trillion in managed
assets, Mitsubishi UFJ Trust and Banking meets the needs of
international investors with a variety of creative investment
products.

Fitch Ratings upgraded Mitsubishi UFJ Trust and Banking's
individual rating to C from C/D on Jan. 1, 2006.


MIYAZAKI BANK: To Sell 450,000 Shares Through Private Offering
--------------------------------------------------------------
The Miyazaki Bank, Ltd., will sell 450,000 shares of its common
stock at a price of JPY506.20 per share through a third-party
placement, Reuters Key Developments reports.

Reuters adds that the aggregate value of shares sold will be
JPY227,790,000.  The proceeds from the transaction will be used
for its operating capital.

                     About Miyazaki Bank

Based in Miyazaki Prefecture, Japan, the Miyazaki Bank, Ltd. --
http://www.miyagin.co.jp/-- is a regional financial institution
that has three business segments.  The banking segment is
engaged in the provision of financial services such as deposits
and loans, as well as domestic and foreign currency exchange
services.  The leasing segment is involved in the general
leasing business.  The others segment is engaged in the
investment business, the management consulting business, the
credit guarantee business and the credit card business.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 21, 2007, that Fitch Ratings upgraded Miyazaki Bank's
individual rating to C from C/D.


MIYAZAKI BANK: Posts JPY3.86-Bil. Income For 9 Months to Dec. 31
----------------------------------------------------------------
The Miyazaki Bank, Ltd., recorded a net profit of
JPY3.86 billion for the nine months ending Dec. 31, 2006, a
55.74% increase from the JPY2.48-billion net income the company
recorded for the nine months ending Dec. 31, 2005, the company's
financials, obtained from Bloomberg News, show.

For the period in review, the bank posted a net interest income
of JPY20.67 billion and operating profit of JPY6.71 billion.

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

                                Nine Months Ending
                             12/31/2005    12/31/2006   Change
                             ----------    ----------   ------
   Interest & Investment
      Income                    22.41         22.87      2.04%
   Interest Expense              1.36          2.20     62.54%
   Net Interest Income          21.06         20.67     -1.86%
   Operating profit              5.47          6.71     22.70%
   Profit before
      Extraordinary Items        2.81          4.46     58.74%
   Net Profit                    2.48          3.86     55.74%

                      About Miyazaki Bank

Based in Miyazaki Prefecture, Japan, The Miyazaki Bank, Ltd. --
http://www.miyagin.co.jp/-- is a regional financial institution
that has three business segments.  The banking segment is
engaged in the provision of financial services such as deposits
and loans, as well as domestic and foreign currency exchange
services.  The leasing segment is involved in the general
leasing business.  The others segment is engaged in the
investment business, the management consulting business, the
credit guarantee business and the credit card business.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 21, 2007, that Fitch Ratings upgraded Miyazaki Bank's
individual rating to C from C/D.


MIZUHO FINANCIAL: Fitch Affirms Ratings of 3 Operating Banks
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of the three operating
banks of the Mizuho Financial Group and MHFG.  The rating
Outlook for all four institutions is Positive.

   Mizuho Corporate Bank:

      * Long-term foreign and local currency Issuer Default
        rating -- 'A';

      * Short-term foreign and local currency IDR -- 'F1';

      * Individual 'B/C';

      * Support '1';

      * Support rating floor 'A-';

   Mizuho Bank:

      * Long-term foreign and local currency IDR -- 'A';

      * Short-term foreign and local currency IDR -- 'F1';

      * Individual 'B/C';

      * Support '1';

      * Support rating floor -- 'A-';

   Mizuho Trust Bank:

      * Long-term foreign and local currency IDR -- 'A';

      * Short-term foreign and local currency IDR -- 'F1';

      * Individual 'B/C';

      * Support '1';

      * Support rating floor -- 'A-'; and

   Mizuho Financial Group:

      * Long-term foreign and local currency IDR -- 'A';

      * Short-term foreign and local currency IDR -- 'F1';

      * Individual 'B/C'; and

      * Support '1'; Support rating floor -- 'A-'.

The rating actions follow an announcement by Mizuho Financial
Group that it has revised its consolidated net income forecast
downwards for the fiscal year to March 2007 to JPY540 billion
from JPY720 billion.

At the pre-tax, pre-special item profit level, the expected
decline in earnings is greater at JPY460 billion.  The group has
not disclosed further detail but Fitch Ratings deduces that most
of the downward revision in its profit forecast relates to a non
bank finance company, Orient Corporation, which, like its peers,
has been badly hit by, among others events, the change in the
Money Lending Business Law.  Fitch estimates the group's
profitability in terms of ROE will drop to 9% from an estimated
12%.

               About Mizuho Financial Group

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

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

On Feb. 8, 2006, Fitch Ratings assigned a C to Mizuho
Financial's individual rating.


MIZUHO FINANCIAL: Trims Profit Forecast by 25% Over Bad Loans
-------------------------------------------------------------
Mizuho Financial Group Inc. slashed its profit forecast by 25%
as bad-loan costs jumped and earnings from share trading
worsened, Bloomberg News says.

According to the report, Mizuho Financial says that its net
income will decline to JPY540 billion (US$4.6 billion) for the
year ending March 31, from JPY650 billion a year earlier.
Mizuho, which reported high earnings annually since its
THB2.38 trillion loss in 2003, predicts profits of JPY720
billion in May.

The report says that banks including larger Mitsubishi UFJ
Financial Group Inc. have struggled to boost revenue as low
interest rates among developed economies and competition in the
corporate lending market prevented an improvement in loan
margins.

Bloomberg, citing Mizuho spokesman Takanori Nishiyama, says that
the bank incurred losses at a "major" borrower.

The report recounts that Mizuho said it may increase its 6%
stake in Orient Corp. -- a credit card company that's asking
owners to accept equity in lieu of debt and provide it with a
capital increase of about JPY150 billion -- last month.

The report says that analysts at Nomura Holdings Inc. believe
that Mizuho Financial may have to set aside more money against
future bad loans, after it has lent more than JPY300 billion to
Orient.

Bloomberg says that Mizuho Financial will back Citigroup's
US$13.4 billion takeover offer for Nikko Cordial Corp.
The bank's 4.8% stake in Nikko Cordial is worth about
JPY80 billion at JPY1,700-per-share offer price.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 19, 2007, that the sale of Mizuho's 4.8% shares in
Nikko Cordial will raise the possibility of a successful
takeover by Citigroup, which aims to acquire at least 50% of the
brokerage firm.

The TCR-AP stated that Mizuho Financial did not disclose a
specific price.  The report also said that the company did not
give details on the amount of Nikko Cordial shares it plans to
sell to Citigroup.

                     About Mizuho Financial

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

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on Feb. 8, 2006, Fitch Ratings assigned a C to
Mizuho Financial's individual rating.


SHIMIZU BANK: Leaner Operating Expenses Lead to Turn Around
-----------------------------------------------------------
The Shimizu Bank, Ltd., posted a net profit of JPY2.43 billion
for the nine months ending Dec. 31, 2006, a turn around from the
JPY5.80-billion net loss it posted for the nine months ending
Dec. 31, 2005, the company's financials show.

Net interest income was almost flat at JPY14.41 billion for the
nine months ending Dec. 31, 2006.  Operating expenses, however,
fell 42.73% to JPY14.27 billion for the nine months ending
Dec. 31, 2006, from JPY24.92 billion a year earlier.

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

                                Nine Months Ending
                             12/31/2005    12/31/2006   Change
                             ----------    ----------   ------
   Interest & Investment
      Income                    15.26         16.86     10.49%
   Interest Expense              1.03          2.46    138.12%
   Net Interest Income          14.23         14.41      1.24%
   Operating expenses           24.92         14.27    -42.73%
   Operating profit             -6.07          3.98       n/a
   Profit before
      Extraordinary Items       -5.63          2.56       n/a
   Net Profit                   -5.80          2.43       n/a

                       About The Shimizu Bank

Headquartered in Shizuoka Prefecture, Japan, The Shimizu Bank,
Ltd. -- http://www.shimizubank.co.jp/-- is a regional bank
mainly engaged in the banking services.  The banking segment is
engaged in the provision of general banking services, including
deposit services, loan services, foreign exchange services,
securities trading services, securities investment services,
corporation bond trust and registration services, Internet
banking services, mobile banking services, telephone banking
services and other banking services.  The leasing segment is
engaged in the provision of leasing services.

The Troubled Company Reporter - Asia Pacific reported that, on
Mar. 19, 2007, Fitch affirmed the bank's individual rating and
support rating at C/D and 4, respectively.


TENNECO INC: Fitch Rates New US$831 Mln Senior Facility at BB+
--------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+' to Tenneco Inc.'s
new senior secured bank facility.  The new facility replaces
TEN's existing bank facility.

As such, there is no impact to Fitch's current ratings of the
existing debt or Rating Outlook, which are:

    -- Issuer Default Rating 'BB-';
    -- Senior secured bank facility 'BB+';
    -- Senior secured second lien notes 'BB'; and
    -- Senior subordinated notes 'B'.

The Rating Outlook is Positive.  Including the existing undrawn
revolver, Fitch's ratings affect approximately US$1.8 billion in
total debt.

TEN's new US$830-million senior credit facility replaces its
existing US$831-million facility and enhances the company's
financial flexibility by extending the revolver and the term
loan maturities as well as loosening and removing certain
covenants.

The new bank facility includes a:

    * five-year revolving line of credit of approximately
      US$550-million;

    * five-year term loan A facility of approximately
      US$150-million; and

    * seven-year synthetic letter of credit facility of
      approximately US$130-million.

The synthetic facility can also be used as a revolver for
working capital and other cash requirements.  TEN will use the
new facility to retire approximately US$356-million in term
loans due December 2010 and to replace its existing US$320-
million revolver expiring December 2008 as well as its US$155-
million synthetic letter of credit facility expiring December
2010.  Applicable margins on the new facility generally range
between 50 - 125 basis points lower than the existing facility.

The new bank facility is the obligation of Tenneco, Inc. and
guaranteed by certain domestic subsidiaries. Collateral includes
substantially all of the domestic assets and 65% of the stock of
the first-tier foreign subsidiaries.  Terms include maximum
consolidated net leverage and minimum interest coverage ratios
but no minimum fixed charge coverage ratio and no capital
expenditure covenant as in the last facility.

The new facility also contains baskets allowing the company to
incur certain additional indebtedness and liens subject to
certain restrictions.  Permitted additional indebtedness
includes an amendment to allow the borrower to give unsecured
guarantees for the obligations of its subsidiaries.  Baskets of
permitted indebtedness include; US$150 million for general
indebtedness, general guarantees up to US$100 million,
US$125 million related to indebtedness for capital leases and
foreign subsidiaries indebtedness up to US$150 million but can
be US$200 million if the proceeds are used to repay the second
lien notes.  Permitted liens include the following baskets; up
to US$125 million on capital leases, a general basket of up to
US$100 million, certain receivables financing up to
US$250 million, and certain liens of foreign subsidiaries up to
US$150 million but can be US$200 million if the proceeds are
used to repay the second lien notes.  Other covenants include
change-in-control, restricted payments, investment limitations,
sale of assets restrictions and a sale/leaseback covenant.

Fitch's ratings are based on TEN's track record of strong
operating discipline and working capital management, consistent
cash flow generation and subsequent capital structure
improvement, as well as continued expansion and customer
diversification across its business segments.  Fitch expects TEN
to be free cash flow positive in 2007.  Throughout 2006, TEN
faced the same headwinds as other suppliers, including higher
steel prices, lower and unsteady customer production volumes,
exposure to the slowdown in SUV demand, and tightening trade
credit.  However, TEN was able to offset these challenges with
increased revenue from new business launched, gains in
manufacturing efficiency, close attention to working capital
requirements, and a geographically diverse customer base
compared with other North American suppliers.

Going forward, TEN is expected to benefit from its technology
position and entry into new growth markets. Given TEN's track
record, Fitch expects that TEN's backlog was booked within solid
cost/pricing parameters, translating into improved earnings
growth.  TEN is expected to benefit from tighter air quality
standards and from the demand for safety-related products.  TEN
has several light-vehicle and commercial diesel exhaust programs
booked for 2007 in both the U.S. and Europe.  TEN has also
introduced an electronically adjustable ride control product
which improves vehicle stability - an added safety feature for
consumers.  Concerns include total debt levels, margin pressures
from price competition and raw materials, customers' production
volumes, potential labor stoppage due to customers' critical
union negotiations and a financially stressed base of automotive
suppliers other than TEN.

Including the cash and marketable securities balance of
US$202 million, total liquidity at the end of 4Q06 was
approximately US$658 million.  At year-end, TEN had US$320
million of availability under its revolver and approximately
US$121 million after US$34 million in outstanding LOCs under its
synthetic facility.

The company also has a US securitization facility of
approximately US$100 million of which US$15 million was
available at year-end.  In addition, the company had
US$48 million outstanding under its uncommitted European
receivable facilities, the availability of which Fitch does not
include in liquidity since the facilities are cancelable at any
time.  As of Dec. 31, total adjusted debt-to-EBITDA was reduced
to 3.3 times (x) from 3.5x in 2005.

                       About Tenneco Inc.

Headquartered in Lake Forest, Illinois, Tenneco Inc. --
http://www.tenneco.com/-- is a leading manufacturer of
automotive ride control and emissions control products and
systems for both the worldwide original equipment market and
aftermarket.  Leading brands include Monroe(R), Rancho(R), and
Fric Rot ride control products and Walker(R) and Gillet emission
control products.

The company has operations in Argentina, Japan, and Germany,
among others.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Automotive and Equipment sectors, the
rating agency confirmed its B1 Corporate Family Rating for
Tenneco Inc.


US AIRWAYS: Fitch Upgrades Senior Unsecured Rating to CCC/RR6
-------------------------------------------------------------
Fitch Ratings has upgraded its senior unsecured rating on US
Airways Group, Inc, to 'CCC/RR6' from 'CC/RR6'.  Fitch also
raised its issuer default rating on the firm to 'B-' from 'CCC',
and secured term loan rating to 'BB-/RR1' from 'B/RR1'.

Fitch's ratings apply to approximately US$1.9 billion in
outstanding debt.  In addition, Fitch has assigned a rating of
'BB-/RR1' to US Airways' new US$1.6 billion secured term loan
facility that is currently in syndication.  The Rating Outlook
is Positive.

The upgrade in US Airways' ratings reflects the substantial
improvement in the airline's credit profile that has occurred
since the carrier exited Chapter 11 protection and merged with
America West Holdings Corp. in September 2005.  In addition,
with the withdrawal of its acquisition offer for Delta Air
Lines, Inc. in late January, US Airways can focus on the few
remaining tasks necessary to complete the full integration of
the US Airways, Inc. and America West Airlines, Inc. operating
units.  Fitch does not expect US Airways to seek another
acquisition in the near term.

Over the past year, US Airways has posted relatively strong
financial results, which have translated into credit metrics
that place it among the better-performing hub-and-spoke
airlines.  Lease-adjusted leverage of 6x and EBITDA interest
coverage of 3x are the strongest of the four solvent legacy
carriers, while its 2006 EBITDAR margin of 7.8% is second only
to AMR Corp.  Unrestricted cash and equivalents, at 20% of 2006
revenue, has increased by 500 basis points over the past year
and is in the same range as AMR, UAL Corp. and Continental
Airlines, Inc.  US Airways' financial performance relative to
its peers has been driven primarily by cost savings that
resulted from its Chapter 11 reorganization combined with
revenue and expense synergies that have been realized through
the merger with America West.

The new term loan, which will mature in 2014, is backed by:

          -- hard assets:

             * aircraft,
             * spare parts, and
             * ground service equipment;

          -- soft assets, including:

             * route authorities,
             * slots, and
             * gates;

          -- US$750 million in cash held in control accounts;
             and

          -- certain accounts receivable assets.

The 'BB-/RR1' rating on US Airways reflects the loan's
substantial collateral coverage and very strong recovery
prospects in a default scenario.  Proceeds from the term loan
will be primarily used to refinance US Airways' existing US$1.25
billion term loan facility, as well as pre-pay other outstanding
secured and unsecured debt.  In addition to more favorable
pricing, the refinancing moves the company's significant debt
maturities three years further into the future, which will
improve liquidity through 2013 and provide the airline with
increased financial flexibility over a longer time horizon.
The refinancing also removes several aircraft from collateral
pools that are currently securing some of the existing debt.
Releasing the aircraft increases US Airways' unencumbered asset
base, which could serve as collateral to secure future
financings in the event of another industry downturn.

US Airways' strengthened liquidity position and a lack of
significant debt maturities over the next several years have
significantly reduced the probability of a near-term cash
crisis.  Furthermore, unlike AMR, Continental, Delta and
Northwest Airlines Corp., US Airways has no significant defined
benefit or DB pension plans in place.  Although the Pension
Protection Act has significantly reduced cash funding
requirements for those airlines that maintain DB plans, US
Airways' lack of DB plans could provide the carrier with a
competitive advantage over the longer term, particularly in the
next industry down cycle.

Looking ahead, industry demand fundamentals are expected to
remain fairly strong during 2007, while domestic capacity growth
will continue to be limited.  The pace of yield growth will
likely slow, however, as year-over-year comparables become more
difficult.  Operating expenses will still be significantly
affected by the price of jet fuel, although US Airways, along
with most US carriers, has taken advantage of dips in oil prices
by increasing its fuel hedging position.  As of Jan. 30, US
Airways had 43% of its estimated full-year fuel needs hedged
using costless collars, with a jet fuel equivalent put price of
US$1.97 and a call price of US$2.17.  Operating expenses could
see some pressure from increased wages, as the airline continues
to seek integrated labor agreements with its pilots, flight
attendants, mechanics and fleet service workers.  The airline
has stressed, however, that the status of its labor agreements
is immaterial to its ability to combine the operations of US
Airways, Inc. and America West Airlines under a single Federal
Aviation Administration operating certificate, and it still
plans to complete the full operational integration of the two
airlines by mid-2007.

                        About US Airways

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

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

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

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

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

                          *     *     *

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


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

HYNIX SEMICONDUCTOR: Ends Legal Feud w/ Toshiba & Inks Accord
-------------------------------------------------------------
On March 20, 2007, Hynix Semiconductor Inc. and Toshiba Corp.
have signed agreements to share semiconductor patents and
products ending their legal dispute over NAND flash memory
chips, BusinessWeek reports, citing The Associated Press.

"The agreements settle all pending patent-related litigation
between the companies in the U.S. and Japan, including that
before the U.S. International Trade Commission," BusinessWeek
cites the companies' joint statement.

On Feb. 21, 2007, the Troubled Company Reporter - Asia Pacific
cited a report from the International Business Times, stating
that Toshiba was seeking a permanent exclusion order and
permanent cease and desist orders from the ITC against Hynix.

According to the companies, the agreements mean they "will be
cross licensed to use one another's semiconductor patents," the
report relates, noting that other details were not disclosed.

"Certain kinds of products would be shipped to Toshiba" for
which the Toshiba will pay market prices, James Kim, head of
investor and public relations at Hynix said.  He added that
Hynix will still pay royalties and other fees to Toshiba for its
patents.

BusinessWeek relates that Lee Min-hee, a semiconductor industry
analyst at Dongbu Securities in Seoul, estimated Hynix's royalty
payments to Toshiba last year as amounting to 5% of its NAND
sales revenue of US$2.4 billion.

AP recounts that in November 2004, Toshiba first sued Hynix in
both the United States and Japan, claiming infringement of its
intellectual property.

The lawsuit was the result of the companies' disagreement on a
fee for an extension of a licensing agreement ahead of its
expiration in December 2002.

According to AP, Hynix denied Toshiba's allegations and
countersued, seeking unspecified damages.  Hynix claimed that
Toshiba was wrongfully asserting the patent and causing Hynix
irreparable harm.

                          About Hynix

Headquartered in Echon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Standard & Poor's Ratings Services revised to
positive from stable the outlooks on its 'B+' long-term
corporate credit ratings on Hynix Semiconductor Inc. and its
U.S. subsidiary, Hynix Semiconductor Manufacturing America Inc.
At the same time, Standard & Poor's affirmed its long-term
corporate credit and senior debt ratings on the company.

The TCR-AP reported on July 14, 2005, that Moody's Investors
Service has upgraded the rating of the senior secured notes
issued by Hynix Semiconductor Manufacturing America Inc. to Ba3
from Caa2.  The rating action follows Moody's decision to affirm
the Ba3 corporate family rating (previously called senior
implied rating) of Hynix Semiconductor Inc., the majority
shareholder of HSMA, and remove it from provisional status.  The
TCR-AP reported on July 13, 2005, that Moody's Investor Service
affirmed its B1 senior unsecured rating for Hynix Semiconductor
Inc.'s US$500 million bonds upon its successful closing.


HYNIX SEMICONDUCTOR: Signs NAND Cross-License Deal with Sandisk
---------------------------------------------------------------
On March 21, 2007, Hynix Semiconductor Inc. and U.S. flash
storage card maker SanDisk Corp. revealed that they have signed
a cross-license deal covering NAND flash memory, Reuters
reports.

The two firms also signed a preliminary agreement to form a
joint venture to produce and sell the flash chip products, the
report adds.

In a statement, Hynix and Sandisk explained that the joint
venture will involve both their equal capital investments, in
dedicated production capacities at Hynix, Reuters relates,
noting that financial details were not disclosed.

The joint venture will focus on x4 memory technology, which
promises to vastly improve NAND capacity and allow cost savings,
the report says.

Reuters reveals that cooperation was started between Hynix and
Israel's msystems Ltd. before SanDisk acquired msystems for
US$1.5 billion in 2006.

                          About Hynix

Headquartered in Echon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Standard & Poor's Ratings Services revised to
positive from stable the outlooks on its 'B+' long-term
corporate credit ratings on Hynix Semiconductor Inc. and its
U.S. subsidiary, Hynix Semiconductor Manufacturing America Inc.
At the same time, Standard & Poor's affirmed its long-term
corporate credit and senior debt ratings on the company.

The TCR-AP reported on July 14, 2005, that Moody's Investors
Service has upgraded the rating of the senior secured notes
issued by Hynix Semiconductor Manufacturing America Inc. to Ba3
from Caa2.  The rating action follows Moody's decision to affirm
the Ba3 corporate family rating (previously called senior
implied rating) of Hynix Semiconductor Inc., the majority
shareholder of HSMA, and remove it from provisional status.  The
TCR-AP reported on July 13, 2005, that Moody's Investor Service
affirmed its B1 senior unsecured rating for Hynix Semiconductor
Inc.'s US$500 million bonds upon its successful closing.


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

FOREMOST HOLDINGS: CIMB Bank Agrees to Debt Settlement Proposal
---------------------------------------------------------------
On March 8, 2007, the Troubled Company Reporter - Asia Pacific
reported that Foremost Holdings Bhd made a disclosure with the
Bursa Malaysia Securities Bhd regarding various proposals under
its regularization plan.

Part of Foremost's proposals was a debt settlement plan with
CIMB Bank Bhd, its financial creditor, by virtue of a corporate
guarantee for the debts owed by its 58.75% subsidiary, Yaku Shin
(Malaysia) Sdn Bhd, which has been placed under receivership
during financial year 2005.

The TCR-AP noted that Foremost is currently in the advanced
stages of negotiations with CIMB and is proposing for the
settlement arrangement to be conducted through:

    (i) issuance of up to 15,800,000 new FHB Shares of MYR0.50
        each at par after the Proposed Par Value Reduction to
        the Creditor as full and final discharge of the bank
        guarantee; and

   (ii) any shortfall arising from the Proposed Issuance of
        Shares for the bank guarantee to be waived.

In an update, Foremost told the bourse that they received CIMB
Bank's approval on the proposed scheme.

Foremost adds that with the approval, the proposed debt
settlement will be subject to these conditions:

   (i) crystallizing the corporate guarantee debt of Yaku Shin
       at MYR15.4 million, being debt as at Dec. 31, 2006, after
       netting off MYR1.5 million to be received from Receivers
       and Managers;

  (ii) allowing a 50% waiver and the balance of MYR7.70 million
       to be converted into FHB shares at MYR0.50 per share.
       The Creditor expects to receive 15.4 million shares of
       FHB; and

(iii) A put option from the majority shareholder or associates
       of the major shareholder to purchase back the FHB shares
       at MYR0.50 per share.  The put option should be secured
       by 50% cash margin.

The company, however, said that it intends to appeal against the
third condition -- put option.

                          *     *     *

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.

Foremost was classified as an affected listed issuer under Bursa
Malaysia Securities Berhad's Practice Note 17 because it has
"insufficient financial position to warrant continued listing."
As an affected issuer, the Company is required to draft and
implement a plan to regularize its finances to avoid being
delisted from the Official List.

Foremost's total assets as of Dec. 31, 2006, amounted to
MYR33.72 million and total liabilities aggregated to
MYR35 million.  Shareholders' equity deficit reached
MYR1.54 million.


HALIFAX CAPITAL: Bourse Extends Plan Filing Deadline to June 6
--------------------------------------------------------------
At Halifax Capital Bhd's request, the Bursa Malaysia Securities
Bhd has extended the time within which the company is required
to file its regularization plan until June 6, 2007.

The company, as an affected listed issuer under Practice
Note 17 of the Bursa Malaysia Securities Bhd's Official List of
Companies, failed to submit a plan showing how it will stabilize
its finances to relevant authorities by the original and first
extended deadlines.  Halifax's failure to meet the deadline had
prompted the bourse to issue a warning to suspend and commence
delisting procedures on the company's securities.

With the current extension, the suspension and delisting have
been deferred.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad
-- fka Setron (Malaysia) Berhad -- is principally engaged
investment holding, and assembly and sale of electrical and
electronic products.  Setron Sales & Service (M) Sdn. Bhd., the
Company's wholly owned subsidiary, is engaged in the
distribution of electrical and electronic products.

The company is considered an affected listed issuer under the
Bursa Malaysia Securities Berhad's Practice Note 17 category
because its shareholders' equity on consolidated basis is less
than 25% of the issued and paid-up share capital.


KL INFRASTRUCTURE: Gets Plan Filing Extension Until August 31
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
September 1, 2006, that KL Infrastructure Group Berhad has
become an affected listed issuer pursuant to the provisions of
Amended Practice Note 17/2005, as its auditors have expressed a
modified opinion on its ability to continue as a going concern.

In an update, KL Infrastructure said that the Bursa Malaysia
Securities Bhd has extended until Aug. 31, 2007, the deadline
within which it must submit a regularization plan to relevant
authorities.

KL had earlier stated that is in the midst of formulating a
Regularization Plan to be submitted to the Securities Commission
for approval and, for this purpose, is in the process of
appointing a merchant banker to undertake the task.

The company said that, as to date, it has not yet provided any
disclosure regarding the appointment of a merchant banker to act
as its restructuring adviser.

                          *     *     *

KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.

The Group has been incurring losses in the past years due to its
high operating expenses and loan-interest payments.

KL Infrastructure Group Berhad disclosed on Sept. 28, 2006, that
it has become an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its auditors
have expressed a modified opinion on its going concern and based
on its nine months accounts from January 31, 2006.  KLINFRA's
shareholders' equity on a consolidated basis is less than 50% of
the issued and paid-up capital.


METROPLEX BERHAD: Unit Faces Ken Grouting's Wind-Up Petition
------------------------------------------------------------
Metroplex Development Sdn Bhd, a subsidiary of Metroplex Bhd, is
facing a wind-up petition filed by Ken Grouting System
Specialist Sdn Bhd.  Ken Grouting is asserting a MYR118,874.32
claim against Metroplex Development.

The Ken Grouting claim amount is comprised of MYR42,250.05 on
account of grouting services provided to Metroplex Development,
with an interest at 8% per annum from August 14, 1985, to
Dec. 7, 2006, aggregating to MYR72,054.27 and costs of MYR4,570.

The wind-up petition was filed against Metroplex Development
because it failed to comply with Ken Grouting's statutory notice
dated December 7, 2006.

Metroplex had assured Ken Grouting that its unit will settle the
claim in full by March 22, 2007.

Metroplex clarifies that the wind-up petition will not have any
financial and operational impact on the group.  Its total cost
of investment in the unit is MYR56,000,000.

The hearing for the wind-up petition is fixed for April 26,
2007.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

Metroplex is classified under Bursa Malaysia Securities Berhad's
PN 17 Category and is therefore required to submit and implement
a plan to regularize its business condition.

As of October 31, 2006, the company reported MYR1.22 billion in
total assets and MYR1.46 billion in total liabilities, resulting
in a shareholders' deficit of MYR241.23 million.


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

AIR NEW ZEALAND: February Group Traffic and Capacity Increase
-------------------------------------------------------------
Air New Zealand has released well-rounded figures for the month
of February, the company said in its monthly investor update.

Specifically, the carrier's group capacity for February
increased 1% to reach 2,797 million Available Seat Kilometres
(ASKs) compared with that of February 2006.  Group traffic also
increased 4% to reach 2,209 Revenue Passenger Kilometres (RPKs)
against the same month last year.

The resulting passenger load factor was 79%, which was 2.3
percentage points higher than February 2006.  This high load
factor was achieved despite a 40.5% increase in capacity to
Asia/U.K., although much of it was offset by 15.4% capacity
reductions in North America/U.K.

Meanwhile, Tasman/Pacific Island capacity decreased 6.9% as a
result of changes to the Freedom Air network.  Consequently,
load factors improved 9.4 percentage points to reach 77.4%.

For the year to date, Air New Zealand's group capacity grew
3.2%, while its traffic growth increased 1.9% compared to the
corresponding period in 2006.  The resulting year-to-date
passenger load factor was 75.9%, which is 1 percentage point
lower than last year.

Air New Zealand also announced that it would be increasing
services between Auckland, Rarotonga and Los Angeles from
Dec. 6, 2007, to March 26, 2008.  Air New Zealand will be
operating an additional Auckland-Rarotonga-Los Angeles flight
every week during the period, increasing its weekly service
between the United States and Rarotonga to two.

Air New Zealand will also be upgrading its audio and video
entertainment content on its Boeing 777 or 747 aircrafts.

                      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.


BIG SKY DAIRY: Bank of New Zealand Appoints Liquidator
------------------------------------------------------
The Bank of New Zealand has placed Big Sky Dairy Farms Ltd in
receivership, the New Zealand Press Association reports, citing
Financial Times Information Limited.

The bank appointed Murray Frost of Deloitte in Dunedin as the
company's receiver, Radio New Zealand says.

According to Radio NZ, Big Sky Dairy was set up as a dairy farm
conversion about six years ago and is currently milking a herd
of about 3,000 cows.

Mr. Frost said the business will continue for the time being but
did not reveal the company's current level of debt.

The report also reveals that of the company's total 3.4 million
shares, Practice Management Trustee Ltd and Brookside Farm No2
Ltd. held 1.13 million.  Brookside director and 50% shareholder
Ewan Carr owned the original Patearoa property that was
developed into Big Sky, NZPA notes.

Rodney Humphries and Alan Nicholas are Big Sky Dairy's
directors.  They are also the directors of two other companies,
which were also placed in receivership:

   1) Cascade Capital Ltd, and
   2) Main Farm Ltd.

NZPA further says that Mr. Carr's company -- Brookside -- has
successfully sought interim liquidation applications in the High
Court at Dunedin against six companies to protect assets while
further investigations were under way.

NZPA recounts that the Patearoa farm was initially mooted in
early 2001 as a super farm running up to 6,000 cows on 1600ha
using supplementary feed. It is understood to have been running
3,000 cows on about 1300ha in recent times, NZPA relates.


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

HERTZ CORP: S&P Affirms BB- Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Hertz
Corp. to stable from negative.  All ratings, including the 'BB-'
corporate credit rating, were affirmed.

"The outlook revision is based on the company's stabilized
financial profile, with better earnings performance in 2006 and
continued improvement expected in 2007.  In addition, with 28%
of the company now owned by public shareholders, the chance of
another large debt-financed dividend is unlikely," said Standard
& Poor's credit analyst Betsy Snyder.

The ratings on Hertz reflect an aggressive financial profile
following its US$14 billion leveraged acquisition in December
2005, its sponsors' very aggressive financial policy, and the
price-competitive nature of on-airport car rentals and equipment
rentals.  Ratings also incorporate the company's position as the
largest global car rental company and the strong cash flow its
businesses generate.  Hertz was acquired from Ford Motor Co. by
Clayton, Dubilier & Rice Inc., The Carlyle Group, and Merrill
Lynch Global Private Equity, who combined now own a 72% stake
after the company's US$1.3 billion IPO in November 2006.  The
acquisition, which added over US$2 billion of debt to Hertz's
balance sheet, resulted in an increase in its borrowing costs,
and credit ratios have weakened from their previous relatively
healthy levels.  Subsequently, Hertz's sponsors completed a US$1
billion debt-financed dividend just six months after acquiring
the company.  Proceeds of the initial public offering, after
US$1 billion was used to repay debt incurred for the dividend,
were also paid to the sponsors as a dividend.  In addition,
around two-thirds of the company's tangible assets are now
secured, versus around 10% prior to its acquisition.

Although Hertz's financial policy has become significantly more
aggressive, its financial profile has stabilized.  While its
sponsors took US$1.3 billion of dividends from the company in
less than a year, partially funded through debt that was
subsequently repaid with proceeds from an initial public
offering, the chances of this recurring are unlikely given that
28% of the company is now owned by public owners.  A significant
weakening in the company's operating performance could result in
a negative outlook.  If the company continues to reduce its debt
leverage, the outlook could be revised to positive.

Headquartered in Park Ridge, New Jersey, Hertz Corp. --
http://www.hertz.com/-- is a car rental company that operates
from approximately 7,600 locations in 145 countries worldwide.

Hertz also operates an equipment rental business, Hertz
Equipment Rental Corporation, offering a diverse line of
equipment, including tools and supplies, as well as new and used
equipment for sale, to customers ranging from major industrial
companies to local contractors and consumers through more than
360 branches in the United States, Canada, France, and Spain.

Hertz has operations in the Philippines, Hungary, and Peru,
among others.


MIRANT CORP: Bowline Wants to Assume US$200MM Insurance Policy
--------------------------------------------------------------
Mirant Bowline, LLC, an affiliate of Mirant Corp., seeks the
United States Bankruptcy Court for the Northern District of
Texas' authority to assume an insurance policy -- Owner's Title
of Insurance Policy No. 26-031- 92-56864 -- issued by Fidelity
National Title Insurance Company of New York for US$200,716,836.

Jeff P. Prostok, Esq., at Forshey & Prostok LLP, in Fort Worth,
Texas, informs the Court that the Insurance Policy covered
certain real property purchased by Mirant Bowline located in the
Town of Haverstraw and the Village of West Haverstraw, County of
Rockland, New York.  The Insurance Policy became effective on
July 1, 1999.

Mr. Prostok asserts that the Fidelity Insurance Policy is
economically beneficial to Mirant Bowline.  In addition,
Mirant Bowline is current on all prepetition and postpetition
obligations under the Insurance Policy, and the requirements of
Section 365(b)(1) of the Bankruptcy Code governing the treatment
of defaults in contracts and unexpired leases do not apply.

Accordingly, Mr. Prostok says, there are no cure amounts as of
the assumption of the Insurance Policy.

                        About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.

When the Debtors filed for protection from their creditors, they
listed US$20,574,000,000 in assets and US$11,401,000,000 in
debts.  The Debtors emerged from bankruptcy on Jan. 3, 2006.
Mirant NY-Gen, LLC, Mirant Bowline, LLC, Mirant Lovett, LLC,
Mirant New York, Inc., and Hudson Valley Gas Corporation, were
not included and have yet to submit their plans of
reorganization.  (Mirant Bankruptcy News, Issue No. 117;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


MIRANT CORP: Sells Surplus Equipment to LS Power for US$22 Mil.
---------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Texas granted Mirant Bowline, LLC's, a subsidiary of Mirant
Corp., to sell certain surplus equipment to LS Power Co I, LLC.

The equipment sold are:

       * 3 Mitsubishi-IHI Heat Recovery Steam Generators
       * 1 350MW GE D-11 Steam Turbine

LS Power purchased the equipment in cash for US$22,000,000.

According to Jeff P. Prostok, Esq., at Forshey & Prostok LLP, in
Fort Worth, Texas, the equipment were purchased by Mirant
Bowline in anticipation of a planned expansion that is presently
suspended, and is not currently needed for operations.

Mr. Prostok states that Mirant Bowline will sell the equipment
by private sale free and clear of all liens, claims and
encumbrances on an "as is, where is" basis without any
representations or warranties.

Mirant Americas, Inc., also a subsidiary of Mirant Corp. has
recently entered into a sale agreement to transfer its ownership
interests in six Mirant-affiliated entities to LS Power.

Moreover, LS Power will bear the cost of transport of the
equipment from the Mirant Bowline Facility, and will be required
to remove the equipment within six months following the closing
date.  Accordingly, Mirant Bowline will execute a Bill of Sale.

                        About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.

Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts. The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant
NY-Gen, LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New
York, Inc., and Hudson Valley Gas Corporation, were not included
and have yet to submit their plans of reorganization.  (Mirant
Bankruptcy News, Issue No. 117; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000).


PHIL. AIRLINES: Orders Two Boeing 777-300ER Passenger Planes
------------------------------------------------------------
Philippine Airlines ordered two Boeing 777-300 Extended Range
commercial airplanes, with purchase rights for two more 777-
300ERs, the company said in a press statement.

The acquisition is part of the airline's plan to expand direct
services between the Philippines and the United States.

The release, however, did not disclose the financial terms of
the deal.  At Boeing's list prices, the 777-300ER costs between
US$237.0 million and US$264.5 million, Agence France-Presse
notes.

PAL has also signed a letter of intent with GE Commercial
Aviation Services to lease two Boeing 777-300ER aircraft, the
media release added.

According the release, the fuel-efficient 777-300ER is the
world's largest long-range twin-engine jetliner and is capable
of carrying approximately 365 passengers in PAL's two-class
configuration, with a maximum range of 7,880 nautical miles
(14,594 kilometers).

PAL said in December that it was planning to acquire up to six
777-300ER aircraft over the next six years for US$1.5 billion
dollars, AFP recalls.

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


PRIME ORION: APA and BPI File Complaint Against Firm's Units
------------------------------------------------------------
Asset Pool A Inc. and Bank of the Philippine Islands has filed a
complaint against, among others, three of Prime Orion
Philippines, Inc.'s subsidiaries:

   1. Orion I Holdings Philippines, Inc.;

   2. Orion Brands International, Inc.; and

   3. Orion Land Inc.

APA and BPI seeks for:

   -- the issuance of a temporary restraining order and writ of
      preliminary injunction to freeze the proceeds of the sale
      of Pepsi-Cola Products Philippines, Inc. shares;

   -- the rescission of the sale of PCPPI shares to Hong Way
      Holdings and Orion Land; and

   -- the rescission of the sale of PCPPI shares to Nassim
      Capital Pte. Ltd.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Orion Brands sold, on Feb. 28, 2007, 584,283,294 common
shares stock of PCPI to Nassim for US$21,163,362.

In December 2004, Orion Brands sold a 14% stake in PCPI to Hong
Way Holdings and Orion Land as part of Prime Orion's plan to
restructure its debts.  The company used the proceeds of the
sale transactions to pay inter-affiliate advances and acquire
the loans of its indirect subsidiary, Lepanto Ceramics, Inc.,
from foreign creditors.

Pursuant to the complaint, APA asserts that it is an assignee of
the loan of Lepanto Ceramics.

Headquartered in Makati City, Philippines, Prime Orion
Philippines, Inc., is an investment holding company with
principal business interests in real estate and property
development, financial services and manufacturing.

The company's balance sheet as of Dec. 31, 2006, showed capital
deficiency of PHP5.21 billion.


SAN MIGUEL: Hong Kong Unit Posts Increased Losses in 2006
---------------------------------------------------------
The net losses of San Miguel Corp.'s Hong Kong unit, San Miguel
Brewery Hong Kong, sharply rose in 2006.  For the year ended
Dec. 31, 2006, the Hong Kong subsidiary recorded net losses of
HK$106.32 million, a 63% rise from the HK$65.41-million loss
booked in 2005.

The unit's rise in revenues was more than offset by its
increased costs and expenses, including those from
restructuring.

The Hong Kong brewery posted a turnover of HK$826.82 million in
2006, a 2.5% increase from the HK$806.91 million in 2005.
The unit posted a sharp rise in cost of sales and operating
expenses in 2006, hence an operating loss of HK$11.61 million.
In 2005, it posted an profit from operations of HK$11.17
million.

"Intense price competition in the local beer market and shift in
consumer preference toward low-priced brands continued to be the
primary challenges for the beer industry and the company,"  the
Hong Kong unit says.  "For two consecutive years, the beer
industry suffered a volume decline with 2006 registering a 1.6%
contraction from the previous year.  This was brought about by
the emergence of wine (both still and sparkling) and whisky
drinkers challenging beer's substantial share of alcoholic
beverage market."

Even so, the San Miguel brand retained its position as the
number one brand in the Hong Kong market in 2006, the unit adds.

To ensure its leadership position and meet the challenges of the
market, the Hong Kong brewery has devised programs to reinforce
and build the San Miguel's brand equity.  This year, the unit
plans to launch a new marketing campaign for the brand.

A full-text copy of San Miguel Brewery Hong Kong's financial
statements for the year ended Dec. 31, 2006, is available for
free at http://ResearchArchives.com/t/s?1bdd

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The Company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The Company
also manufactures glass, metal, plastic, paper and composites
packaging products.

Moody's affirmed on Feb. 22, 2007, the Ba1 local currency
corporate family rating of San Miguel after the company
announced it is to sell its 65% stake in Coca-Cola Bottlers
Philippines Inc to The Coca-Cola Company.  The rating outlook
remains stable.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.


=================
S I N G A P O R E
=================

GERMAN DISTRICENTRE: Court Issues Wind-Up Order
-----------------------------------------------
The High Court of Singapore has ordered the winding up of German
Districentre Pte Ltd.'s operations.

In that regard, Kon Yin Tong, Wong Kian Kok, and Aw Eng Hai were
appointed as liquidators.

The Liquidators can be reached at:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street
         #05-01 Singapore Chinese Chamber of
         Commerce & Industry Building
         Singapore 179365


GETRONICS NV: Moody's Confirms Junk Rating on 2008 Bonds
--------------------------------------------------------
Moody's confirms the current B2 corporate family rating of
Getronics N.V.

Concurrently the Caa1 rating on the approximately EUR11-million
of remaining convertible bonds due 2008 is also confirmed.  The
Caa1 rating on 2008 bonds is expected to be unchanged upon the
implementation of Moody's Loss Given Default Methodology
beginning March 19.  A negative outlook for ratings was
assigned.  Moody's will withdraw the rating on the 2008 notes if
they are fully redeemed.

Ratings actions followed Getronics' announcement of 2006-year
end results, which showed subdued performance but improvements
from the June 2006 half-year results.  Whilst positive actions
have been taken, impacts are not yet sufficiently visible in
financial results.  Therefore, the company continues to be
weakly positioned within the B2 rating such that
underperformance in credit metrics or liquidity in future
quarterly results could cause ratings to move downwards.  This
would need to be considered in the context of the company's
seasonality.  Moody's factors Getronic's scale in the ratings,
with close to 25,000 employees and EUR2.6 billion in revenues
reported for 2006, together with momentum in new contracts
expected to come on-stream in 2007.

The divestment program, on-going restructuring, change in
business focus and senior executive changes indicate a business
in transition.  The negative outlook reflects uncertainty
surrounding the impact of these changes and the company's
position ahead.  Financial results to Dec. 31, 2006 do not
demonstrate sufficient recovery to stabilize the ratings.

Getronics also operates in a highly competitive environment that
is subject to cyclical pressures and continuous change.  Event
risk is material given Getronics' divestment and restructuring
programs and its plans to reduce costs, improve margins and
reduce leverage.  However, the rating does factor the positive
changes made, momentum in new contracts to commence in 2007, the
significantly improved liquidity position and a higher
percentage of contracted revenues for 2007 versus prior years.
The seasonality of the business means that Moody's expects cash
flows in the first half of 2007 to continue to be weak.

A summary of today's ratings actions follows:

   -- the corporate family rating at Getronics NV is confirmed
      at B2;

   -- the rating on EUR11-million senior unsecured convertible
      Dutch bonds due 2008 at Getronics NV is confirmed at Caa1.

The outlook is Negative.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.


GETRONICS NV: Posts EUR145 Million Net Loss for Full Year 2006
--------------------------------------------------------------
Getronics N.V. released its unaudited financial results for the
year ended Dec. 31, 2006.

Getronics posted EUR145 million in net losses, including
discontinued operations, on EUR2.63 billion in revenues for the
full year 2006, compared with EUR4 million in net profit,
including discontinued operations, on EUR2.53 billion in
revenues for 2005.

During 2006, Getronics divested non-core businesses in order to
strengthen its balance sheet and to sustain its focus on
workspace management and application services.  Getronics sold
its HR Services and KZA consultancy businesses in the
Netherlands.  By selling these higher margin non-core
businesses, a significant amount of cash was raised.

Getronics also sold a number of its country operations,
including those in Italy, Poland, Czech Republic, Slovakia,
Austria and France.  The sale of these operations was carefully
considered -- as a provider of international ICT services,
Getronics understands the need to provide continual and
consistent service wherever it is required by its clients.

The international ICT service business relies heavily on the
ability to establish and sustain effective networks of local
partners, and Getronics' geographical divestments reflect this.
With each of these geographic divestments, Getronics builds
effective relationships with its local service partners in order
to ensure that its clients experience a smooth transition and
the same high level of service.  In combination with Getronics
integrated network of Global Service Centres, the Company will
continue to provide full service throughout Europe to its global
clients.

                             Outlook

The level of contracted revenue and the quality of the
commercial pipeline at the start of 2007 supports an improved
organic service revenue growth.  This growth will be driven by
demand in workspace management, including the Future-Ready
Workspace, security and transformation services.  Although
service revenue is important to Getronics' long-term success,
the primary focus in 2007 will be on margin improvement and cash
generation.

In 2007, Getronics expects to see a margin improvement as a
result of profitable organic growth and the Breakout Program.
Management is working towards an EBITAE range of between 4.0%
and 4.5%, excluding one-off items.  Getronics, as previously
stated at the Extraodinary General Meeting of Shareholders on 1
December 2006, re-confirms its EBITAE margin target of at least
5% to be achieved by the end of 2008.

In addition, the Company will no longer issue revenue targets,
as this is less relevant in the context of its focused strategy.
As a result of this and following significant divestments
executed, the previously communicated strategic target of
EUR4 billion in total revenue by the end of 2008 no longer
applies.

Also in 2007, Getronics may incur employee benefit plan related
gains or losses as the Company looks to further reduce its
exposure to such plans. Any such gains or losses may have
material effects on the Company's operating results.

The Company will also continue to focus on its cash management
programme, aiming to generate positive cash flows to support the
target Debt/EBITDA ratio of 2 or less by the end of 2008.

The Company is well positioned to successfully execute on its
recently communicated strategy.  The Board of Management feels
confident that the Company will generate an operational
performance in line with the outlook.  By meeting its outlook,
the Company expects to achieve a net profit in 2007, barring
unforeseen circumstances.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


GETRONICS NV: Declines to Comment on KPN Takeover Speculation
-------------------------------------------------------------
Getronics NV refused to comment on a De Telegraaf report that it
was being prepared for a sale to Dutch telecoms group Royal KPN
NV, Reuters says.

According to the report, Getronics' banks instructed new CFO
Maarten Henderson to "clean up and facilitate a sale".

The paper reveals that KPN is only interested in the Benelux
operations of Getronics.  Thus, the IT group will have to sell
its other businesses in Britain, Spain and United States.

Getronics CEO Klaas Wagenaar earlier disclosed this month that
the group might sell some units and acquire new businesses
particularly outside western Europe.  It is also considering
offers for the whole company, Reuters relates.

Analysts see Getronics as a takeover candidate because it has
interesting assets as well as underperforming activities.

However, a spokesman for KPN reiterated that the telecoms group
had nothing to say regarding any takeover talks with Getronics
although some of the latter's activities fit into its strategy
to broaden portfolio and expand from core business.

Meanwhile, workers at Getronics' Scottish headquarters at
Inchinnan, Renfrewshire, fear that the sale of its Dutch parent
may result to job cuts, The Herald reports.

                        About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3.


HEXION SPECIALTY: Posts US$109MM Net Loss in Year Ended Dec. 31
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. reported a net loss of
US$109 million on net sales of US$5.205 billion for the year
ended Dec. 31, 2006, compared with a net loss of US$87 million
on net sales of US$4.442 billion for the year ended Dec. 31,
2006.

The net loss in 2006 included increased interest expense of
US$242 million, compared to interest expense of US$203 million
in 2005, and an increased charge to extinguish debt of US$121
million, compared to a loss on extinguishment of debt of $17
million in 2005.

Of the 17% increase in net sales in 2006, acquisitions accounted
for 12 percentage points when compared to 2005.  Full year
operating income increased by 38% to US$286 million compared to
US$208 million in 2005, supported by lower selling, general and
administrative expenses, continued realization of synergies and
lower transaction costs compared to the similar year ago period.
2006 operating income was negatively impacted by increased
integration costs when compared to 2005, as well as the
continued rise in raw material costs and the delayed timing in
contractual pass through of certain raw material cost increases
to customers that resulted in a negative full-year lead lag.

                    Fourth Quarter Highlights

For the fourth quarter ended Dec. 31, 2006, net loss was
US$55 million versus a net loss of US$14 million in the prior
year period.  The net loss in the fourth quarter 2006 included a
US$69 million loss on extinguishment of debt.

Revenues increased to US$1.309 billion compared to revenues of
US$1.141 billion during the prior year period, an increase of
approximately 15%.

Operating income improved 34% to $59 million versus US$44
million in the prior year period.  Income for the fourth quarter
2006 was negatively impacted by the delayed timing of
contractual pass through of certain raw material price increases
and integration costs of US$12 million compared to integration
costs of $5 million in fourth quarter 2005.

"Hexion posted improved revenues and Segment EBITDA in the
fourth quarter 2006 compared to the fourth quarter 2005, despite
key raw materials at historically high levels," said Craig O.
Morrison, chairman and chief executive officer.  "Rapidly
escalating raw material costs continued to create a negative
lead-lag effect in the fourth quarter 2006.  Despite this
volatility and some softening volumes for our products,
primarily for the North American residential construction and
automotive markets, we improved our fourth quarter 2006 Segment
EBITDA and operating income by US$12 million and US$15 million,
respectively, when compared to the fourth quarter 2005."

Segment EBITDA is defined as EBITDA adjusted to exclude certain
noncash and non-recurring expenses.

                   Acquisition of Orica Limited

During the fourth quarter, Hexion announced that it received
Australian regulatory approval to purchase the adhesives and
resins business of Orica Limited and subsequently completed the
transaction in February 2007.  The Orica adhesives and resins
business manufactures formaldehyde and formaldehyde-based
binding resins used primarily in the forest products industry.
The business had 2006 sales of US$85 million and employs 100
people.  The acquisition included three manufacturing
facilities, with one site in Australia and two in New Zealand.

                  Senior Secured Credit Facility

As previously announced, Hexion amended its senior secured
credit facility in November 2006.  The amended and restated
credit agreement increased the company's current seven-year
US$1.625 billion term loan facility to US$2 billion.  The
amended and restated credit agreement also provides that the
company's current seven-year US$50 million synthetic letter of
credit facility remained outstanding.  The company continues to
have access to the US$225 million revolving credit facility.  In
addition, during the fourth quarter 2006, the company retired
US$625 million of outstanding senior second secured notes.  The
company also sold through its wholly owned finance subsidiaries,
Hexion U.S. Finance Corp. and Hexion Nova Scotia Finance ULC,
US$200 million of Second-Priority Senior Secured Floating Rate
Notes due 2014 and US$625 million of 9_% Second-Priority Senior
Secured Notes due 2014.

                            About Hexion

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in 18
countries.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 16, 2006, that Moody's Investors Service assigned B3
ratings to the new guaranteed senior secured second lien notes
due 2014 of Hexion Specialty Chemicals Inc.  The company expects
to issue roughly US$825 million of notes split (55/45) between
fixed and floating rate notes.  The new notes will be used to
refinance roughly US$625 million of existing second lien notes
and partially fund a US$500 million dividend to existing
shareholders.  A US$375 million increase in the company's
existing guaranteed senior secured first lien term loan to
US$2 billion, rated Ba3, will fund the remainder of the
extraordinary dividend.

Moody's also affirmed Hexion's other long term debt ratings and
its SGL-2 speculative grade liquidity rating.  As a result of
this refinancing, the LGD assessment rates have changed as shown
in the table below.  The outlook is stable and the ratings on
the existing second lien notes will be withdrawn upon successful
completion of the refinancing.

New ratings assigned:

   * Hexion Specialty Chemicals Inc.

   -- Floating Rate Gtd. Second Lien Sr. Sec Notes due 2014 --
      B3, LGD5, 75%; and

   -- Fixed Rate Gtd Second Lien Sr Sec Notes due 2014, -- B3,
      LGD5, 75%.

Ratings affirmed with revised LGD rates:

   -- US$225mm Gtd Sr Sec Revolving Credit Facility due 5/2011
      -- Ba3, LGD2, 24% from 29%;

   -- US$50mm Gtd Sr Sec Letter of Credit Facility due 5/2011 --
      Ba3, LGD2, 24% from 29%;

   -- US$1,625mm Gtd Sr Sec Term Loan due 5/2013 -- Ba3, LGD2,
      24% from 29%*;

   -- US$300mm Flt Rate Gtd Second Lien Sr Sec Notes due 7/2010
      -- B3, LGD5, 75% from 77%**;

   -- US$325mm 9.0% Gtd Second Lien Sr Sec Notes due 7/2014 --
      B3, LGD5, 75% from 77%**; and

   -- US$34.0mm Pollution Control Revenue Bonds Series 1992 due
      12/2009 -- B3, LGD5, 75% from 77%.

Ratings affirmed:

   * Hexion Specialty Chemicals Inc.

   -- Corporate Family Rating -- B2;

   -- Probability of Default Rating -- B2;

   -- US$114.8mm 9.2% Sr. Unsec Debentures due 3/2021 -- Caa1,
      LGD6, 94%;

   -- US$246.8mm 7.875% Sr. Unsec Notes due 2/2023 -- Caa1,
      LGD6, 94%; and

   -- US$78.0mm 8.375% S.F. Sr. Unsec Debentures due 4/2016 --
      Caa1, LGD6, 94%.

Standard & Poor's Ratings Services assigned its 'B+' rating and
its recovery rating of '3' to Hexion Specialty's US$1.675
billion senior secured term loan and synthetic letter of credit
facilities.

The rating on the existing US$225 million revolving credit
facility was lowered to 'B+' with a recovery rating of '3', from
'BB-' with a recovery rating of '1', to reflect the similar
security package as the new term loan and synthetic letter of
credit facility.

The ratings on the existing senior second secured notes were
raised to 'B', with a recovery rating of '3', from 'B-' with a
recovery rating of '5'.  The ratings on the senior second
secured notes reflect the amount of priority claims of the
revolving facility and the first-lien term loan lenders.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating on Hexion and revised the outlook to stable from
negative.


PETROLEO BRASILEIRO: Joins Ultra Group & Braskem to Buy Ipiranga
----------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras, the Ultra Group and
Braskem have reached an understanding to purchase Ipiranga Group
businesses, consolidating and increasing petrochemical and fuel
distribution sector businesses.

The transaction is worth approximately US$4 billion.

By acquiring the Ipiranga Group businesses, the three companies
reinforce their commitment to growth in Brazil, Rio Grande do
Sul and the same stakeholders targeted by Ipiranga: the
shareholders, employees, partners, community and consumers.

The Ipiranga Group, one of the largest and most traditional in
Brazil, operates in the oil refinery, petrochemical and fuel
distribution sectors. Last year it registered BRL30 billion in
net revenues, with Ebitda at BRLbillion and net earnings of
BRL534 million.

Petrobras' president, Jose Sergio Gabrielli de Azevedo, said the
deal is in line with the company's strategic plan, reinforcing
its active presence in the Brazilian petrochemical industry, in
which it already has important holdings.  To Mr. Gabrielli,
"Petrobras intends to have a more relevant role in
petrochemicals than it has had in the past few years.  The
Ipiranga negotiation is yet another step in the strategy of
consolidating important economic groups in Brazil, with a
relevant Petrobras presence in them.  From the downstream
viewpoint, the executive also highlights the operation is
important as it increases the company's North, Northeast, and
Midwest network synergy.

Pedro Wongtschowski, the Ultra Group president, emphasized the
growth that is expected with the transaction. "With this
incorporation, we take-on important assets, committed
professionals and, moreover, the Ipiranga flag, which is among
Brazil's ten most valuable brands and one of the country's most
respected companies.  With the acquisition, we significantly
boosted our operations in the fuel distribution area, now
holding two of the sector's main brands: Ultragaz and Ipiranga.
It is an investment in the fuel, biofuel, and in the Brazilian
markets."

Braskem's president, Jose Carlos Grubisich, said the Rio Grande
do Sul group's incorporation is a water divider in the strategy
at the company he leads: "we are among the world's top ten
petrochemical companies.  We are committed to Brazil, to
Corporate Governance, to and sustainable development."

"This new petrochemical sector consolidation brings an important
growth potential to Braskem, with a new competitiveness and
profitability benchmark for our business," concluded Mr.
Grubisich.

                    Transaction Procedure

The first stage involves Ultra Group acquisition of the shares
held by the families controlling the Ipiranga Group.  The Ultra
Group will then make a public offering to purchase common shares
held by Ipiranga Group minority shareholders.

In the third step, Braskem and Petrobras will submit offers to
shareholders to delist Copesul.

In the fourth step, the Ultra Group will incorporate preferred
shares held by Companhia Brasileira de Petróleo Ipiranga (CBPI),
Distribuidora de Produtos de Petróleo Ipiranga -- DPPI -- and
Refinaria de Petróleo Ipiranga -- RPI -- minority shareholders,
who will receive preferred shares in Ultrapar.

In the fifth and final step, petrochemical assets will be sold
and handed over to Braskem and Petrobras.  Fuel distribution
businesses absorbed by Petrobras will reinforce the company's
distribution activities in the North East, North and Midwest.

The assets will be distributed as:

                    Fuel Distribution Sector

The Ultra Group will absorb the Ipiranga Group fuel distribution
network in the South and Southeast regions and will continue
trading under the Ipiranga brand.
Petrobras will take over the Ipiranga distribution network in
the North, North East and Midwest and will be entitled to use
the Ipiranga brand for a period of five years, during which time
it will be gradually substituted by the Petrobras Distribuidora
brand.

                      Petrochemical Sector

Braskem will acquire 60% of Ipiranga Group assets in the
petrochemical sector and will strengthen its controlling stake
in Copesul.   Petrobras will acquire 40% of the Ipiranga Group
assets in the petrochemical sector.

                             Refining

Petrobras, the Ultra Group and Braskem will have equal
controlling shareholdings in the Ipiranga Refinery, in Rio
Grande do Sul, and they have made a commitment to continuing
operations.

The transaction is subject to regulatory approval in Brazil from
the Economic Defense Board, Economic Law Secretariat, and the
Economic Oversight Secretariat.

In the fuel distribution sector, the Ultra Group already owns
the leading GLP brand, Ultragaz, and will incorporate a highly
significant brand into its business, Ipiranga.  This will result
in a significant increase in its sector presence based on best
corporate governance and management practices.

The petrochemical sector, Braskem will strengthen its Latin
American market leadership in thermoplastic resins, increasing
its stake in Copesul and advancing its strategy of building
growth by creating value.

Ipiranga's historical commitments to Rio Grande do Sul and to
Brazil will be upheld by Petrobras, the Ultra group and Braskem.
The company's social, cultural and environmental activities and
programs will also remain in place.

                   About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


SCOTTISH RE: Unit Inks Term Loan Pact with Ableco & Mass. Mutual
----------------------------------------------------------------
Scottish Re Group Ltd.'s unit Scottish Annuity & Life Insurance
Co. Ltd. as borrower, Scottish Re and certain of its
subsidiaries as guarantors and Ableco Finance LLC and
Massachusetts Mutual Life Insurance Co. as lenders entered into
a term loan agreement, with Ableco Finance acting as agent on
March 9.

In a Form 8-K filed March 15, Scottish Re said that the proceeds
of any borrowings under the loan will be used to pay all the
costs and expenses incurred in connection with the term loan
agreement and for general working capital purposes.

If the security purchase agreement transaction with MassMutual
Capital Partners LLC and SRGL Acquisition LLC, an affiliate of
Cerberus Capital Management LP, is completed, the investors will
initially hold securities representing approximately 68.7% of
the voting power of all of the company's shareholders, subject
to certain adjustments.

Upon the completion of the transaction, Scottish Annuity & Life
Insurance will be obliged to repay to the lenders any borrowings
under the loan agreement.

Massachusetts Mutual Life Insurance is an affiliate of
MassMutual Capital Partners.

Ableco Finance is an affiliate of Cerberus Capital Management.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities

                          *     *     *

Troubled Company Reporter - Asia Pacific reported on March 07,
2007, that Standard & Poor's Ratings Services said that its
ratings on Scottish Re Group Ltd. (B/Watch Dev/--) and
affiliated operating companies remain on CreditWatch with
developing implications following the announcement by the
company that the shareholders have approved the transaction by
which MassMutual Capital Partners LLC and affiliates of Cerberus
Capital Management L.P. would provide an equity infusion of
US$600 million in a transaction to close in the second quarter
of 2007.

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt, which is rated at Ba3 and preferred stock rated
at B2.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement, which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, due to concerns
regarding the company's ability to repay US$115 million of
senior convertible notes that are expected to be put to the
company on Dec. 6.  Ratings on Rating Watch Negative include the
company's BB issuer default rating and the BB- rating on its
4.5% USUS$115 million senior convertible notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


=================
S R I   L A N K A
=================

SINHAPUTHRA FINANCE: Fitch Assigns 'BB(lka)' Long-Term Rating
-------------------------------------------------------------
Fitch Ratings Lanka has assigned a National Long-term 'BB(lka)'
rating to Sinhaputhra Finance Ltd.  The Outlook on the rating is
Stable.

SFL's rating reflects its modest profitability, relatively
better systems and procedures, as well as modest product
diversity.  While SFL's asset quality and solvency measures at a
regulatory level were satisfactory, the rating was constrained
by significantly weaker ratios at the more stringent three-month
non-performing loan classification.

SFL's portfolio growth slowed to 28% yoy in FY06, versus 37% in
FY05 due to SFL placing greater emphasis on the disposal of its
repossessed vehicle stock, rather than on portfolio growth.
SFL's customers are limited to the Central province and comprise
the riskier sub prime market.  Vehicle finance (lease and hire
purchase agreements) constituted the majority of the loan
portfolio, at 56% at the six month period ending September 2006
("end-6M06"), compared to 60% at FYE05.  Loans to small and
medium enterprises, and to a lesser extent, personal loans to
salaried employees comprise the rest of the portfolio at 44% at
end-6M06, versus 40% at FYE05.

SFL's return on assets was 3.3% in 6M06 (2.8% in FYE06), below
the industry average of 3.5%.  Once the ratio was adjusted for
non-recurring income, it falls to 2.5%.  Fitch expects spreads
as measured by net interest margin (8.1% for 6M06) to tighten
somewhat due to competitive pressure but to remain healthy.

Fitch classifies NPLs as loans in arrears of over three months
whilst the Central Bank of Sri Lanka's regulations for finance
companies require them to classify NPLs as any loans in arrears
over six months, and begin provisioning thereafter.

SFL's asset quality at the three-month level is poor with gross
NPL/gross loans of 22.6% end-6M06 (38.8% at FYE05), partly
reflecting the risk profile of the target clientele and the
company's business strategy.  Despite this, SFL's asset quality
at a six month level is on an improving trajectory due to
focused recovery.  SFL's NPL ageing was satisfactory with 79% of
NPLs falling into the three to six months 'in arrears bucket',
where regulatory provisioning is not required for these NPLs.
Provision coverage for all NPLs in arrears over six months was
in excess of 100% (on account of a general provision on
repossessed vehicles).  However, the agency notes that SFL's
NPLs at the three-month level and resulting solvency as measured
by Net NPL/Equity is significantly weaker than its peers and
could present challenges for recovery in a potentially slowing
economic environment.

SFL faced some interest rate exposure (similar to other finance
companies) on account of its portfolio (with average tenors of
3-6 years) funded primarily through annually repricing time
deposits (61.5% of the funding mix at FYE06).  With an equity
base of LKR 319m end-6M06, SFL meets the minimum capital
requirement of LKR 200m set by CBSL.  However, SFL's
equity/assets ratio was fairly low, at 10.3% end-6M06 which was
below the sector average (15.6% at FYE06).

SFL was founded in 1978 by Mr Tissa Wijeyeratne and a group of
entrepreneurs based in the Kandy district.  The present Joint
Managing Director Mr Ravana Wijeyeratne owns 52% of the
company's equity with the remainder being held by its employees.


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

AGRO INDUSTRIAL: Announces Completion of Rehabilitation Plan
------------------------------------------------------------
In a regulatory filing with the Stock Exchange of Thailand on
Mar. 15, 2007, Agro Industrial Machinery PCL disclosed that the
Central Bankruptcy Court has ruled that the company was able to
implement and complete the conditions stipulated in its
Rehabilitation Plan.  The court declared on Mar. 15 that Agro
Industrial has fully completed its Rehabilitation Plan, which
was filed on Dec. 20, 2006.

Thus, Agro Industrial is no longer under rehabilitation.

                    About Agro Industrial

Agro Industrial Machinery Public Company Limited --
http://www.thaiengine.com/-- was formerly known as Thai Engine
Manufacturing Public Company Limited until February 9, 2006.
The Company manufactures small diesel engines under the
Mitsubishi brand.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

On November 7, 2000, the creditors' meeting voted in favor of
the Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan as
well as appointed Churchill Pryce Planner Company Limited as
plan administrator.  The rehabilitation plan subsequently went
through some amendments.

On July 7, 2005, the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.

Agro Industrial expects to resume trading on the Stock Exchange
of Thailand by the end of the year following court approval of
its debt-restructuring plan.


ASIA HOTEL: Earns THB159 Million in Year Ended Dec. 31, 2006
------------------------------------------------------------
Asia Hotel PCL recorded a consolidated net income of
THB159,050,415.74 on total revenues of THB1,139,184,464.76, for
the year ended Dec. 31, 2006, compared with a net income of
THB1,633,627,542.87 on total revenues of THB1,041,906,119.11 for
the year ended Dec. 31, 2005.

Asia Hotel's consolidated balance sheets as of Dec. 31, 2006,
showed total assets of THB4,212,348,068.60 and total liabilities
of THB3,228,890,395.96, resulting to a shareholders' equity of
THB983,457,672.64.

As of end-December 2006, Asia Hotel's consolidated balance
sheets reflected strained liquidity with THB220,683,144.02 of
current assets available to pay THB283,924,342.42 of current
liabilities coming due within the next 12 months.

A full-text copy of Asia Hotel PCL's consolidated financial
statements for the year ended Dec. 31, 2006, can be viewed for
free at: http://bankrupt.com/misc/ASIAE2.xls

                         About Asia Hotel

Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited -- http://www.asiahotel.co.th/-- was incorporated on
March 24, 1964, and has been publicly listed   since 1989.  The
Company and its two subsidiaries, Asia Pattaya Hotel Company
Limited and Asia Airport Hotel Company Limited, are involved in
the hotel business, with its principal activities consisting of
room service and operating restaurants.  Another subsidiary,
Zeer Property Company Limited is primarily involved in the
construction and the building of shopping complexes.

                        Going Concern Doubt

Atipong AtipongSakul of ANS Audit Co., Ltd., the company's
independent auditors, raised significant doubt on Asia Hotel's
ability to continue as a going concern after auditing the
company's financials for the quarter ended Sept. 30, 2006.  Mr.
Atipong said that the financial position and going concern, the
consolidated financial statements and the financial statements
of the company for the quarter ended Sept. 30, 2006, showed
accumulated deficit of THB1.11 billion.


BANGKOK RUBBER: Ernst & Young Expresses Going Concern Doubt
-----------------------------------------------------------
Sophon Permsirivallop, of Ernst & Young Office Limited, after
reviewing Bangkok Rubber Public Company Limited's consolidated
financial statements for the year ended Dec. 31, 2006, said that
the ability of the company to continue its business depends on
the success of its rehabilitation plan, its ability to find
additional funds, and on the outcome of its operations.

This prompted the auditor to express substantial doubt on the
ability of Bangkok Rubber to continue as a going concern.

Bangkok Rubber posted a consolidated net income of
THB47.42 million on total revenues of THB5.79 billion for the
year ended Dec. 31, 2006, a turnaround from a net loss of
THB45.04 million as of Dec. 31, 2005.

As of end-December 2006, Bangkok Rubber's balance sheets showed
strained liquidity with current assets of THB1.60 billion
available to pay current liabilities of THB3.34 billion.

Bangkok Rubber's consolidated balance sheets as of Dec. 31,
2006, showed total assets of THB2.87 billion and total
liabilities of THB5.22 billion, resulting in a capital deficit
of THB2.35 billion.

A full-text copy of Bangkok Rubber PCL's consolidated financial
statements for the year ended Dec. 31, 2006, can be viewed for
free at: http://bankrupt.com/misc/BRCE2.xls

                    About Bangkok Rubber

Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.

On November 21, 2002, the Central Bankruptcy Court approved the
Company's rehabilitation plan.  The Company is in the process of
implementing this plan.  The significant debt restructuring
measures under the rehabilitation plan provide that creditors
would waive their rights to claim for outstanding interest
accrued up to the date on which the court ordered
rehabilitation.  This does not include the debt to be repaid to
creditors supporting revolving credit and financial creditors,
which will receive repayment of debt as per the existing
contract and agreement.

Furthermore, the Company notified the creditors of the
postponement of debt payment under the rehabilitation plan
because the Company's operation results were not in line with
projection.  At present, the Company is held to be in default of
debt payment under the rehabilitation plan and is currently
revising the plan for submission to the official receiver.

Currently, the Company is listed under the "Non-Performing
Group" sector of the Stock Exchange of Thailand.


BANK OF AYUDHYA: Posts Assets and Liabilities as of February '07
----------------------------------------------------------------
In a disclosure with the Stock Exchange of Thailand on Mar. 21,
2007, Bank Of Ayudhya PCL submitted a summary of its assets and
liabilities as Feb. 28, 2007:

              Bank Of Ayudhya Public Company Ltd.
         Summary Statement of Assets and Liabilities
                  As of February 28, 2007

Assets                                              THB
  Cash                                       15,241,380,153.77
  Interbank and money market items           82,766,908,458.55
  Securities purchased
    under resale agreements                  16,100,000,000.00
  Investments in securities, net
    (with obligations THB510,572,109.33)     84,303,844,640.76
  Credit advances (net of allowance for
    doubtful accounts)                      440,618,693,154.03
  Accrued interest receivables                2,074,712,559.97
  Properties foreclosed                      15,546,393,684.43
  Customers ' liabilities
    under acceptances                         1,991,897,468.20
  Premises and equipment, net                15,352,101,081.67
  Other assets                                7,183,962,519.58
                                         ---------------------
Total Assets                             THB681,179,893,720.96
                                         =====================
  Customers' liabilities
    under unmatured bills                     1,674,598,488.28
                                         ---------------------
Total                                    THB682,854,492,209.24
                                         =====================

Liabilities                                         THB
  Deposits                                  558,384,855,192.79
  Interbank and money
    Market items                             18,603,258,223.90
  Liabilities payable
    on demand                                 1,633,212,864.52
  Securities sold
    under repurchase agreements                           0.00
  Borrowings                                 18,198,655,024.63
  Bank's liabilities
    under acceptances                         1,991,897,468.20
  Other liabilities                          10,602,689,223.76
                                         ---------------------
Total liabilities                        THB609,414,567,997.80
                                         =====================

Shareholders' Equity
  Paid - up share capital
    (registered share capital
    THB70,893,927,550.00)                    47,949,294,760.00
  Reserves and net profit
    after appropriation                      18,794,318,610.61
  Other reserves and
    profit and loss account                   5,021,712,352.55
                                         ---------------------
Total shareholders' Equity                THB71,765,325,723.16
                                         =====================
Total Liabilities and
  Shareholders'Equity                       681,179,893,720.96
Bank 's liabilities
  under unmatured bills                       1,674,598,488.28
                                         ---------------------
Total                                    THB682,854,492,209.24
                                         =====================

                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, Moody's Investors Service upgraded the Bank of
Ayudhya's bank financial strength rating to "D-" from "E+".


TOTAL ACCESS: To Apply for Stock Listing; IPO To Raise THB7 Bil.
----------------------------------------------------------------
Total Access Communication (DTAC) announced its plan for an
initial public offering that would raise THB7 billion, and is
tentatively set to list on the Stock Exchange of Thailand in the
second quarter, The Nation reports.

The report states that DTAC would become the first Thai company
with dual listings since having been traded on the Singapore
Exchange since 1995.

The report says that DTAC shares -- although not with the
biggest market capitalization -- is expected to be the biggest
stock seeking listing on the SET since 2003, making it as one of
the top 20 stocks with the highest market cap.

The report states that DTAC is waiting for the approval of the
Finance Ministry and concerned government agencies about its IPO
plan.  A listing on the SET would allow DTAC to enjoy a
corporate tax reduction to 25% from the regular rate of 30% for
three financial years.

"This is a very significant step for DTAC.  Given our improving
market share, financial strength and strong growth potential,
it's the right time to share ownership of our company with local
investors.  This transaction shows our confidence not only in
the bright prospects for DTAC but also for Thailand as a whole,"
The Nation quotes DTAC Chief Executive Officer Sigve Brekke.

The Bangkok Post says that under the plan, parent company
United Communication Industry (Ucom) will be delisted within the
third quarter.  DTAC will then experience a 1:5 par split, with
a public offering of 222 million shares at THB2 to THB10 per
share.

The Nation adds that of the 222 million shares, 88 million will
be newly issued shares while 140 million shares will be held by
Ucom.  Ucom shareholders will receive 1.95 shares of DTAC for
every share held.

The Bangkok Post says that DTAC will then tender for all shares
of Ucom in exchange for newly issued DTAC shares, making Ucom a
delisted subsidiary of DTAC.

According to The Nation, Securities and Exchange Commission
Secretary-General Thirachai Phuvanart-naranubala said that IPO
applications have been few and far in between due to capital-
control measures and amendments to the Foreign Business Act as
well as the country's political and economic situation.

The report says that Mr. Sigve believes that DTAC's listing
would benefit the SET's market capitalization.

The Bangkok Post, citing Mr. Sigve, says that DTAC plans to use
the proceeds from the IPO to settle Ucom's THB3.8 billion debt,
with the rest to spend for mobile network expansion.

The Nation states that DTAC plans to spend around THB3 billion
on network investments, while allocating THB12 billion on
network rollouts and upgrades this year.

The report says that Mr. Sigve sees the Council of State's probe
into the compliance all private telecom operators' concessions
with the law as a major hindrance to DTAC's IPO plan.

The report states that when necessary,  DTAC is willing to
revise its IPO plan so as to comply with the law.

           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.


=============
V I E T N A M
=============

* Fitch Affirms Ratings for Socialist Republic of Vietnam
---------------------------------------------------------
On March 20, 2007, Fitch Ratings affirmed the Long-term foreign
and local currency Issuer Default ratings of the Socialist
Republic of Vietnam at 'BB-' and 'BB', respectively.  At the
same time, the agency also affirmed the Short-term foreign
currency IDR at 'B' and the Country Ceiling at 'BB-'.  The
Outlook on the ratings remains Stable.

Despite weak public finances and the need for further banking
system reforms, Vietnam's improving external financial position
and sustainable economic growth continue to support its
sovereign ratings.  "Vietnam's rating strengths are based on the
country's net external creditor status and declining gross
external debt relative to GDP," said Vincent Ho, associate
director of Fitch's Asia Sovereign Ratings team in Hong Kong.
"Continuous fiscal deficits, rising general government debt
relative to GDP and the vulnerable banking system remain the
major rating constraints," Mr. Ho added.

Vietnam's strong external sector performance has allowed for a
steady accumulation of foreign exchange reserves.  Relative to
reserves, the country's gross external financing requirement and
international liquidity ratios are stronger than the 'BB' peer
group median.  The increase in reserves has been driven mainly
by private remittances and net foreign direct investment
inflows.  In addition, gross external debt fell to about 30% of
GDP in 2006, which was the lowest for the past decade.  For the
first time, Vietnam became a net external creditor in 2006 and
Fitch expects this to be sustained in the medium-term.

The country's "renovation" policy towards a market-based economy
has proven to be a success.  During 1996-2006, the average
economic growth rate was 7.3% per annum, which was second only
to China in the region.  Strong growth and the country's
favourable investment climate have been attracting large FDI
capital inflows.  In 2006 FDI inflows were estimated at US$2.4
billion. With its accession to the WTO, Fitch believes Vietnam's
external sector will continue to grow and strengthen its
external financial position.

The transformation of the Development Assistance Fund into the
Vietnam Development Bank and the introduction of sounder
regulations have led to reductions in policy lending activities
and the dominance of state-owned commercial banks ("SOCBs").
For the system as a whole, non-performing loans relative to
total loans have been falling.  Even so, SOCBs still account for
75% of system assets, and limited foreign participation suggests
the evolution towards a more internationally competitive banking
system will take time.  Fitch believes the equitisation of the
SOCBs could help to expedite the needed changes.

In addition to the weaknesses in the banking system, continuous
general government fiscal deficits (including grants, off-budget
investments and on-lending) and rising debt relative to GDP are
major rating constraints.  Owing to higher oil prices and oil-
related fiscal revenue, the country's general government fiscal
deficit narrowed to 5.3% of GDP (worse than the 'BB' median of
2.8%) in 2006 from 5.9% in 2005.  Fitch expects deficits
equivalent to more than 7% of GDP in 2007-2008 due to lower oil
prices and the steady increase in public infrastructure
investments, both on- and off-budget.  General government debt
rose to 37.2% of GDP in 2006 and Fitch forecasts further
increases in 2007-2008, reaching 41.4% of GDP.  "While this
upward trend is not unique in the 'BB' peer group of 21
sovereigns, it is in the minority, as only two other sovereigns,
Guatemala (rated 'BB+') and Venezuela (rated 'BB-' (BB minus))
have similar debt dynamics," Mr. Ho said.  Fitch forecasts that
the rising general government debt-to-GDP ratio will be
reflected in increasing domestic debt issuance, which could be a
local currency rating concern if the trend continues.






                            *********

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.

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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 ***