TCRAP_Public/070323.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  

             Friday, March 23, 2007, Vol. 10, No. 59

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: Court Approves Asset Sale to Baker & Taylor
ADVANCED MARKETING: Court OKs Hiring of Lowenstein as Counsel
ADVANCED MARKETING: Withdraws Request to Pay PGW Claims
ALL STATES: Will Hold Final Meeting on April 12
APPLIED MANUFACTURING: Will Declare Dividend on May 1

ASJ PTY: Members Decide to Wind Up Firm
AUSTRALIAN SAW: Creditors' Proofs of Debt Due on April 5
BABY BEAR: General Meeting Set for April 5
ELONG BAY: Members Decide to Shut Down Firm
GLENROSS STAINLESS: Will Declare Dividend for Employees

JAYTEX DISTRIBUTORS: Supreme Court Orders to Wind Up Operations
LORRIMORE CONSULTING: Members and Creditors to Meet on April 17
MARBLE HEAVEN: Members & Creditors Set to Meet on April 13
MSX INTERNATIONAL: Plans US$200 Mil. Sr. Secured Notes Offering
MSX INTERNATIONAL: S&P Lifts Corporate Credit Rating to B-

R & J CONN: Members' Final Meeting Slated for April 3
REVLON INC: Posts US$5.5 Million Net Loss in Fourth Quarter 2006
TRANSAX INT'L: David Bouzaid Resigns from Board of Directors
ZINIFEX LTD: Fitch Affirms 'BB+' IDR After Proposed Acquisition


C H I N A   &   H O N G  K O N G

ANJALI (HK): Ip Chung Yuen Quits Liquidator Post
ASIA PLUS: Names Blade and Arboit as Liquidators
BENQ CORPORATION: Cancels 60 Million Shares
BENQ CORP: Faces Possible Lawsuits by German Unit's Creditors
C.C.G. ASIA: Liquidators Quit Posts

C. M. WONG: Appoints Tang Wei Yee as Liquidator
CHRISTMAS GROUP: Sutton & Chiong Quit Liquidator Posts
CITISTATE DEVELOPMENT: Members' Final Meeting Set for April 20
FUNG CHING: Liquidator Quits Post
HONG KONG WIN: Mak Kay Lung, Dantes Quits Liquidator Post

LIANG HUAT (H.K): Enters Liquidation Proceedings
PORTFAITH INTERNATIONAL: Taps Tse Wing Sing as Liquidator
SINODATA (H.K.): Liquidators to Receive Claims Until April 16


I N D I A

BALLARPUR INDUSTRIES: Buys 97.8% Stake in SFI for US$253.7 Mil.
BALLARPUR INDUSTRIES: CRISIL Reaffirms Ratings After Acquisition
BHARTI AIRTEL: Modifies Operational Leadership Structure & Roles
CITY UNION BANK: To Consider Allotment of 1,200,000 Shares
EMCO LTD: To Merge With Urja Engineers & India Energy

HAYES LEMMERZ: Board Approves US$180 Mil. Equity Rights Offering
HAYES LEMMERZ: Planned Debt Repurchase Cues S&P's Positive Watch
HAYES LEMMERZ: Reports Preliminary Results For Fiscal Year 2006


I N D O N E S I A

ALCATEL-LUCENT: Leads Optical Networking in Q4, Ovum-RHK Says
FREEPORT: Mandatory Convertible Preferred Stock Gets Fitch's B+
GOODYEAR: Inks Pact With Union on Scheduling, Hiring & Vacation
HESS: Moody's Upgrades Unsecured Long-term Debt Rating to 'Baa3'
HILTON HOTELS: Sets First Quarter Earnings Release on April 30

MEDCO ENERGI: Sells Stake in Troubled Brantas Block for US$100
MEDCO ENERGI: To Develop Four New Gas Wells in Karungan Region
PERUSAHAAN GAS: Inks Methane Distribution MOU With PT Tambang
PERUSAHAAN LISTRIK: To Sign US$1.18-Bil. Gas Contract


J A P A N

ALL NIPPON: To Lower Fuel Surcharges on Int'l Passenger Tickets
ADVANCED MEDICAL: Moody's Rates US$200MM Senior Notes at B2
ADVANCED MEDICAL: S&P Rates US$200 Million Senior Notes at B
ADVANCED MEDICAL: Offering US$200 Million of Senior Sub. Notes
DAIEI INC: Invites Another Aeon Executive to New Management

EDDIE BAUER: Moody's Rates Proposed US$225MM Term Loan at B2
JAPAN AIRLINES: Signs with Goodrich For Wheels & Brake Systems
LIVEDOOR: Court Sentences Ryoji Miyauchi to 20 Months in Prison
NORTHWEST AIRLINES: Ad Hoc Panel to Appeal Disclosure Order
SANYO ELECTRIC: Picks Beceem Chipset for New CDMA/WiMax Handset

TAIHEIYO CEMENT: Posts JPY42.54 Billion Net Loss for FY 2006
USINAS SIDERURGICAS: New Investments to Ward Off Takeover Bids


K O R E A

KOOKMIN BANK: S&P Lifts Bank Fin'l Strength Rating to B from C+


M A L A Y S I A

PROTON HOLDINGS: Favors Volkswagen on Partnership Deal


P H I L I P P I N E S

* Central Bank Says RP May Beat 2007 BOP Surplus Forecast


S I N G A P O R E

PETROLEO BRASILEIRO: Completes Gualberto Plant Maintenance Works
PETROLEO BRASILEIRO: To Decide on Maranon Exploration Deal
PETROLEO BRASILEIRO: Oil & Gas Production Increase in February
PROGRESSIVE TECHNOLOGIES: Court to Hear Wind-Up Petition Today
REFCO INC: Court Extends Removal Period Until May 11

REFCO: Plan Administrators Want Protocol on 140 Related Claims


T H A I L A N D

BLOCKBUSTER INC: Restates Employment Pact with CEO John Antioco
BLOCKBUSTER INC: Inks Amended & Restated Employment Pact w/ CEO


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ADVANCED MARKETING: Court Approves Asset Sale to Baker & Taylor
---------------------------------------------------------------
The Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware approved in its entirety the
Asset Purchase Agreement between Advanced Marketing Services
Inc. and Baker & Taylor Inc. for the sale of majority of AMS'
assets.

Judge Sontchi authorized the Debtors and Baker & Taylor to take
necessary actions to implement and effectuate the APA, the
Transition Services Agreement, and the Collateral Agreement,
without the necessity of a further Court order.

Under the agreement, which both parties entered into on Feb. 16,
Baker & Taylor will acquire all of AMS' right, title, and
interest in certain of its assets including:

     (i) certain assigned contracts,

    (ii) certain tangible property owned or used by AMS in
         connection with the conduct of its business,

   (iii) all trade accounts receivable of AMS' business,
         including unbilled accounts receivable,

    (iv) an inventory of Advantage Publishers Group selected by
         Baker & Taylor,

     (v) the capital stock of Advanced Marketing Services
         Investments Inc.; Advanced Marketing S. de R.L, de
         C.V.; and Advanced Marketing (Europe) Ltd., and

    (vi) product prepayments with respect to APG.

Baker & Taylor will pay:

    (i) US$20,000,000;

   (ii) the Selected APG Inventory Price;

  (iii) the APG Product Prepayment Price; and

   (iv) the Accounts Receivable Price; plus or minus

    (v) the net proration of the Apportioned Obligations
        determined in accordance with the agreement.

Baker & Taylor will pay to AMS 50% of the Purchase Price on the
Closing Date; 25% no later than 60 days after the Closing Date;
and the remaining 25% no later than 90 days after the Closing
Date.

Several creditors and publishers tried to block the sale,
including:

   (1) The Official Committee of Unsecured Creditors,
   (2) Wells Fargo Foothill Inc.,
   (3) Anova Books Company Limited,
   (4) Houghton Mifflin Company,
   (5) Hewlett-Packard Financial Services Company,
   (6) Hewlett Packard Company
   (7) Simon & Schuster Inc.,
   (8) Meredith Corporation,
   (9) Barron's Education Series Inc.,
  (10) Manhattan Associates Inc.,
  (11) Reader's Digest Children's Publishing Inc.,
  (12) The Quarto Group Inc.,
  (13) Hachette Book Group USA, Inc.,
  (14) New Holland Publishers (UK) Ltd.,
  (15) Templar Company plc,
  (16) Random House Inc.,
  (17) Teogas Inc.,
  (18) Leisure Arts Inc., and
  (19) County of Denton, City of Carrollton and Lewisville
       Independent School District

The Creditors Committee, among other things, asserted that the
APA must provide adequate time to allow for the proper
implementation of the TSA, and allow the Debtors to maintain
control over their assets during the post-closing transition
period.

Wells Fargo consented to the sale so long as it and its
participant lenders are paid in full in connection with the
Debtors' pre- and postpetition financing.

Denton County asked the Court to rule that delinquent property
taxes, penalties and interest be paid in full from the proceeds
of the sale, at the time of the closing of the transaction,
prior to application of proceeds to other lien creditors.

The rest of the objecting parties either opposed the Debtors'
proposed assumption and assignment of their executory contracts,
or the proposed cure amounts.

Buyer to Make Cure Payments

Judge Sontchi directs Baker & Taylor to promptly pay to parties
to any assigned contract the requisite Prepetition Date "cure"
amounts, or a lesser amount as maybe agreed upon between Baker &
Taylor and the counter-party to an Assigned Contract, following
assumption and assignment.  The Debtors will pay any amounts due
that arose and became payable after the Petition Date with
respect to any non-debtor party to an Assigned Contract.

Baker & Taylor will pay in a "Closing Payoff Amount" sufficient
to satisfy the Debtors' obligations to the Lender and Senior
Lender to Wells Fargo Foothill concurrently with the Closing in
full satisfaction of all obligations under the Senior Loan
Agreement and the Loan Agreement.  Wells Fargo Foothill, in
turn, will provide Baker & Taylor and the Debtors a payoff
demand letter and wire instructions at least three business days
prior to the Closing Date.

The payment of the Closing Payoff Amount will be part of, and
not in addition to, Baker & Taylor's obligations to pay the
purchase price, so that any amounts paid by Baker & Taylor to
Wells Fargo Foothill for application to the obligations under
the Senior Loan Agreement and the Loan Agreement will be
credited in full against Baker & Taylor's obligations to deliver
the purchase price to the Debtors.

Judge Sontchi clarifies that no accounts receivable of the
Debtors from Leisure Arts, Meredith Corp., and Barron's
Educational are being sold or purchased pursuant to the APA, nor
are any executory contracts, if any, with the parties being
assumed and assigned pursuant to the APA.

Judge Sontchi also holds that Baker & Taylor, absent the consent
of the Quarto Group, will not take an assignment of any
executory contracts to which the Debtors and the Quarto Group
may be parties.  In connection with Baker & Taylor's purchase of
selected APG Inventory and APG Product Prepayments from the
Debtors published and derived from the Quarto Group, Baker &
Taylor will have and be granted a limited, non-exclusive license
and full rights to sell any and all inventory published and
derived from the Quarto Group selected and purchased by Baker &
Taylor only to wholesale clubs, like Costco, Sam, and B.J.'s.

The Debtors are authorized to assume and assign the executory
contracts between Templar and the Debtors to Baker & Taylor.  
Baker & Taylor waives any right to exclude the executory
contracts with Templar from the definition of Assigned Contracts
in accordance with the terms of the APA.  The Cure Amount has
been agreed among Templar, Baker & Taylor, and the Debtors to be
US$481,707.  Baker & Taylor agrees to pay the Cure Amount on or
promptly following the Closing.

Baker & Taylor and Manhattan Associates will promptly
memorialize and execute, prior to assumption and assignment, an
amendment to a license agreement between the Debtors and
Manhattan.

             US$100,000 Adequate Protection Reserve

A US$100,000 reserve will be established in the Debtors' general
operating account as adequate protection for the claims filed on
behalf of Denton County, et al.  The liens of Denton County, et
al., if any, will attach to the Reserved Funds with the same
validity, to the same extent, and with the same priority as any
liens now hold in the property being sold.

The Reserved Funds will be in the nature of adequate protection
and will neither be a cap on the amounts recoverable by Denton
County, et al., nor will the Reserve Funds be an allowance of
their claims -- which claims remain subject to any rights of any
party to object to the validity, extent or priority of the
claims.   No portion of the Reserve Funds will be distributed
apart from the agreement of the Debtors and Denton County, et
al. or upon subsequent Court order duly noticed to Denton
County, et al.

              Payments to Hewlett-Packard Entities

Baker & Taylor will pay US$12,083 to Hewlett-Packard Financial
as cure under HPFS' lease agreement with the Debtors through
February 28.  Baker & Taylor will pay US$19,700 to Hewlett
Packard Co. as cure under HP's support agreement with the
Debtors through February 28.

Baker & Taylor will timely pay all amounts under the Lease
Agreement and the Support Agreement that come due after the
Closing Date but before a final decision on assumption and
assignment of the Agreements has been made.

None of the equipment subject to the Lease Agreement will be
considered part of the Purchased Assets under the APA.

HP, the Debtors, and Baker & Taylor agree to confer promptly to
identify the documentation that comprises the Support Agreement
subject to assumption and assignment.  If the parties cannot
agree with respect to identification of the assumed and assigned
contract or on the correct amount to be paid in connection with
the proposed assumption and assignment, the Court will rule on
the matter.

            Assumption of Indianapolis Facility Lease

The Debtors are authorized to assume and assign to Baker &
Taylor an Oct. 10, 2000 lease for the Debtors' Distribution
Center facility in Building 140, Park 100 Business Park, 5045
West 79th Street, in Indianapolis, Indiana, subject to the
execution of a mutually acceptable amendment between Baker &
Taylor and the landlord, supplementing and modifying the lease
agreement.

Judge Sontchi says no "cure" payment under Section 365(b)(1)(A)
of the Bankruptcy Code need be paid as none exists, and Baker &
Taylor has complied with Section 365, and the Lease will be in
full force and effect without any outstanding enforceable
defaults.

The Landlord will have the right to assert a claim for damages.  
The rent due to the Landlord for March 2007 will promptly be
paid by the Debtors, and, subject to the Closing of the APA,
Baker & Taylor will reimburse the Debtors for the period
commencing with the date of the Closing through March 31.

Judge Sontchi clarifies that Baker & Taylor is not a "successor"
to the Debtors or their bankruptcy estates, and will not assume,
nor be deemed to assume, or in any way be responsible for, any
liability or obligation of any of the Debtors or their estates,
including but not limited to any bulk sales law or similar
liability, except as otherwise expressly provided in the APA.

Objections not otherwise withdrawn, waived, or settled, are
overruled and denied, Judge Sontchi adds.

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

    http://bankrupt.com/misc/AMS_B&T_APA_FinalForm.pdf

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom, and
Australia, and employs approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.  The Debtors' exclusive
period to file a Chapter 11 Plan will expire on Apr. 28, 2007.


ADVANCED MARKETING: Court OKs Hiring of Lowenstein as Counsel
-------------------------------------------------------------
The Hon. Christopher S. Sontchi of the United States Bankruptcy
Court for the District of Delaware approved the request of the
Official Committee of Unsecured Creditors in Advanced Marketing
Services Inc. and its debtor-affiliates' bankruptcy cases to
retain Lowenstein Sandler PC as its main counsel to perform
services relating to the Debtors' bankruptcy cases, effective as
of January 12.

The Creditors Committee has selected Lowenstein because of its
attorneys' experience and knowledge.  The Committee believes
that Lowenstein is well qualified to represent it in the
Debtors' Chapter 11 cases.

As the Creditors Committee's counsel, Lowenstein will:

   (a) provide legal advise as necessary with respect to the
       Committee's powers and duties as an official committee
       appointed under Section 1102 of the Bankruptcy Code;

   (b) assist the Committee in investigating the acts, conduct,
       assets, liabilities, and financial condition of the
       Debtors, the Debtors' business operations, potential
       claims, and any other matters relevant to the Debtors'
       bankruptcy cases or to the formulation of a Chapter 11
       plan;

   (c) participate in the formulation of a Plan;

   (d) provide legal advices with respect to any disclosure
       statement and Plan filed the Debtors' bankruptcy cases,
       and with respect to the process for approving or
       disapproving disclosure statements and confirming or
       denying confirmation of a Plan;

   (e) prepare on behalf of the Committee, as necessary,
       applications, motions, complaints, answers, orders,
       agreements and other legal papers;

   (f) appear in the Court to present necessary motions,
       applications, and pleadings, and otherwise protecting the
       interests of those represented by the Committee;

   (g) assist the Committee in requesting the appointment of a
       trustee or examiner, should the action be necessary; and

   (h) perform other legal services as may be required and that
       are in the best interests of the Committee and creditors.

Lowenstein will be paid on an hourly basis, plus reimbursement
of the actual and necessary expenses that Lowenstein incurs in
accordance with the ordinary and customary rates, which are in
effect on the date the services are rendered.

Lowenstein's hourly rates are:

       Professional                      Hourly Rate
       ------------                      -----------
       Partners                        US$320 - US$595
       Counsel                         US$265 - US$425
       Associates                      US$165 - US$300
       Legal Assistants                 US$75 - US$150

Kenneth A. Rosen, Esq., a member at Lowenstein, relates that the
charges set forth are based on actual time charges on an hourly
basis and based on the experience and expertise of the attorney
or legal assistant involved.  The hourly rates are subject to
periodic adjustments to reflect economic and other conditions.

Mr. Rosen assures the Court that his firm represents no other
entity in connection with the Debtors' bankruptcy cases, is a
"disinterested person" as the term is defined in Section 101(14)
of the Bankruptcy Code, and does not hold or represent any
interest adverse to the Creditors Committee with respect to the
matters on which it is to be employed.

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom, and
Australia, and employs approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than $100 million.  The Debtors' exclusive
period to file a Chapter 11 Plan will expire on Apr. 28, 2007.


ADVANCED MARKETING: Withdraws Request to Pay PGW Claims
-------------------------------------------------------
Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, notifies the United States Bankruptcy
Court for the District of Delaware that Advanced Marketing
Services Inc. and its debtor-affiliates have withdrawn their
request for authority to pay, in the ordinary course of
business, up to US$12 million in prepetition claims of
publishers who supply goods and credit critical to the continued
operation of Publishers Group West Incorporated's business.

Mr. Collins did not explain the reason for the Debtors'
decision.

As reported in the Troubled Company Reporter on Jan. 15, 2007,
the Debtors wanted to make the payments to minimize disruption
and possible "domino effect" of further insolvencies that could
be caused if PGW immediately ceased all payments with respect to
the PGW Publisher Claims.

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom, and
Australia, and employs approximately 1,200 people worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Chun I. Jang, Esq., Mark D.
Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton &
Finger, P.A., represent the Debtors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than $100 million.  The Debtors' exclusive
period to file a Chapter 11 Plan will expire on Apr. 28, 2007.


ALL STATES: Will Hold Final Meeting on April 12
-----------------------------------------------
A final meeting of the members and creditors of All States
Directional Drilling Co. Pty Ltd will be held on April 12, 2007,
at 11:00 a.m.

At the meeting, the members and creditors will hear a report
about the company's wind-up proceedings and property disposal.

The company's liquidator is:

         D. A. Turner
         PKF Chartered Accountants
         11th Floor, 485 Latrobe Street
         Melbourne, Victoria 3000
         Australia

                        About All States

Located in Victoria, Australia, All States Directional Drilling
Co. Pty Ltd is a distributor of durable goods.


APPLIED MANUFACTURING: Will Declare Dividend on May 1
-----------------------------------------------------
Applied Manufacturing Pty Ltd, which is subject to deed of
company arrangement, will declare a first and final dividend on
May 1, 2007.

Accordingly, creditors are required to prove their debts by
March 27, 2007, to be included in the dividend distribution.

The company's deed administrator is:

         Stephen R. Dixon
         Horwath BRI (Victoria) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                   About Applied Manufacturing

Applied Manufacturing Pty Ltd is a distributor of sheet
metalwork.  The company is located in Victoria, Australia.


ASJ PTY: Members Decide to Wind Up Firm
---------------------------------------
On Feb. 28, 2007, the members of ASJ Pty Ltd held a general
meeting and agreed to voluntarily wind up the company's
operations.

During a creditors meeting held later that day, David Henry
Scott was appointed as the company's liquidator.

The Liquidator can be reached at:

         David Henry Scott
         Jones Condon Chartered Accountants
         First Floor, 173 Burke Road
         Glen Iris, Victoria 3146
         Australia
         Telephone:(03) 9500 0511

                          About ASJ Pty

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


AUSTRALIAN SAW: Creditors' Proofs of Debt Due on April 5
--------------------------------------------------------
Australian Saw Company Pty Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by April 5,
2007.

The company will declare a first and final dividend on April 19,
2007.

The company's liquidator is:

         John Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                       About Australian Saw

Australian Saw Company Pty Ltd is a manufacturer and distributor
of saw blades and handsaws.  The company is located in Victoria,
Australia.


BABY BEAR: General Meeting Set for April 5
------------------------------------------
The members and creditors of Baby Bear Pty Ltd will hold a
general meeting on April 5, 2007, at 10:00 a.m. and 10:30 a.m.
respectively, to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Ross McDermott
         Chartered Accountant
         PO Box 579, Carlton Victoria 3053
         Australia
         Telephone: 9347 0411

                         About Baby Bear

Baby Bear Pty Ltd -- also trading as Kos-Hydroponic Tomatoes --
is a distributor of vegetables and melons.


ELONG BAY: Members Decide to Shut Down Firm
-------------------------------------------
At an extraordinary general meeting held on Feb. 28, 2007, the
members of Elong Bay Pty Ltd resolved to voluntarily wind up the
company's operations.

At a creditors' meeting held later that day, Leonard A. Milner
was appointed as the company's liquidator.

Mr. Milner can be reached at:

         Leonard A. Milner
         Venn Milner & Co.
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia

                        About Elong Bay

Elong Bay Pty Ltd -- also trading as Trivelli Cake Shop -- is
engaged with retail bakeries.


GLENROSS STAINLESS: Will Declare Dividend for Employees
-------------------------------------------------------
Glenross Stainless Steel Pty. Ltd., which is in liquidation,
will declare a first and final dividend in respect of employee
entitlements on April 16, 20007.

Employees whose debts have not yet been admitted are required to
prove their debts by April 8, 2007, to be included from sharing
in the dividend.

The company's liquidator is:

         S. L. Horne
         Draper Dillon
         499 St Kilda Road, Melbourne 3004
         Australia

                    About Glenross Stainless

Glenross Stainless Steel Pty Ltd is a distributor of fabricated
structural metal.  The company is located in Victoria,
Australia.


JAYTEX DISTRIBUTORS: Supreme Court Orders to Wind Up Operations
---------------------------------------------------------------
On Feb. 28, 2007, the Supreme Court of Victoria released an
order to wind up the operations of Jaytex Distributors Pty Ltd.

G. A. Crisp was appointed as liquidator.

Mr. Crisp can be reached at:

         G. A. Crisp
         c/o RSM Bird Cameron Partners
         Level 8, 525 Collins Street
         Melbourne, Victoria 3000
         Australia

                   About Jaytex Distributors

Jaytex Distributors Pty Ltd is a distributor of home
furnishings.  The company is located in Victoria, Australia.


LORRIMORE CONSULTING: Members and Creditors to Meet on April 17
---------------------------------------------------------------
The members and creditors of Lorrimore Consulting Pty. Ltd. will
meet on April 17, 2007, at 10:00 a.m. for their final meeting.

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

The company's liquidator is:

         Anthony R. Cant
         2nd Floor, 106 Hardware Street
         Melbourne, Australia

                   About Lorrimore Consulting

Located in Victoria, Australia, Lorrimore Consulting Pty Ltd is
an investor relation company.


MARBLE HEAVEN: Members & Creditors Set to Meet on April 13
----------------------------------------------------------
The members and creditors of Marble Heaven Pty Ltd will hold a
final meeting on April 13, 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 liquidator is:

         Stan Traianedes
         Hall Chadwick
         Chartered Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About Marble Heaven

Marble Heaven Pty Ltd is a manufacturer of cut stone and stone
products.  The company is located in Victoria, Australia.


MSX INTERNATIONAL: Plans US$200 Mil. Sr. Secured Notes Offering
---------------------------------------------------------------
MSX International Inc. plans to offer US$200,000,000 principal
amount of senior secured notes due 2012, which the company
intends to use the net proceeds of the offering to repay certain
existing indebtedness.

The notes are expected to be issued as units by certain of its
subsidiaries in France, Germany and the United Kingdom in a
private placement and resold by the initial purchaser to
qualified institutional buyers under Rule 144A and Regulation S
under the Securities Act of 1933.

The company said that the notes are expected to be guaranteed on
a senior secured basis by the company and each of its existing
and future domestic subsidiaries, by each issuer and by certain
subsidiaries in the United Kingdom.  The offering will be
subject to market and other conditions.

                     About MSX International

Headquartered in Warren, Michigan, MSX International Inc. --
http://www.msxi.com/-- provides outsourced technical business  
services and human capital services to the automotive industry.
The company has over 3,600 employees in eighteen countries.

MSX International is an international company, reaching out from
our headquarters in Warren, Michigan, to more than 78 offices
throughout North America, Europe, South America, Australia and
Asia.

                          *     *     *           

As reported in the Troubled Company Reporter on Dec. 28, 2006,
Moody's Investors Service downgraded the ratings of MSX
Internationals Inc.'s US$65.5 million 11% senior secured notes
due 2007 to B1 and US$130 million 11.375% senior subordinated
notes due 2008 to Caa2.


MSX INTERNATIONAL: S&P Lifts Corporate Credit Rating to B-
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings on Southfield, Michigan-based MSX International Inc. to
'B-' from 'CCC+'.

Standard & Poor's also assigned its 'CCC+' bank loan rating and
a recovery rating of '3' to MSX's proposed US$200 million senior
secured debt used to repay near-term maturities, indicating the
expectation of meaningful (50%-80%) recovery of principal in a
payment default scenario.

When the transaction is closed and the company's existing debt
has been refunded, Standard & Poor's intends to withdraw the
ratings on MSX's US$75.5 million senior secured debt and US$130
million subordinated debt.

The company had total balance-sheet debt of US$203 million as of
Dec. 31, 2006, pro forma for the transaction.  In addition,
US$49 million of PIK debt and US$115 million of preferred stock,
which mature after the date of the proposed notes, are held by
the equity sponsor at the holding company.  The outlook is
stable.

The upgrade reflects resolution of two concerns; near-term
maturities and lack of visibility regarding the company's
earnings capacity.  Regarding the first point, the company's
proposed refinancing and changes to the terms of the sponsor
held debt and preferred will shift near-term maturities out
about five years and lower cash interest expense.  On the second
point, MSX appears to have stabilized earnings through
achievement of new business wins in its core warranty business
segment that serves the auto dealer network.  The company's
business profile remains vulnerable, however.  The risk remains
that loss of traditional business to the OEMs, especially to the
company's largest customer, could accelerate in the near term
and may not be offset by new business.

Headquartered in Warren, Michigan, MSX International Inc. --
http://www.msxi.com/-- provides outsourced technical business  
services and human capital services to the automotive industry.
The company has over 3,600 employees in 18 countries.

MSX International is an international company, reaching out from
our headquarters in Warren, Michigan, to more than 78 offices
throughout North America, Europe, South America, Australia and
Asia.


R & J CONN: Members' Final Meeting Slated for April 3
-----------------------------------------------------
A final meeting will be held for the members of R & J Conn Pty
Ltd on April 3, 2007, at 10:00 a.m.

Liquidator John Bouwman will present a report about the
company's wind-up proceedings and property disposal during the
meeting.

As reported by the Troubled Company Reporter - Asia Pacific, the
company started to liquidate its business on Nov. 30, 2006.

The Liquidator can be reached at:

         John Bouwman
         Sinclair Wilson
         Accountants & Business Advisors
         177 Koroit Street
         Warrnambool, Victoria 3280
         Australia

                        About R & J Conn

Located in Victoria, Australia, R & J Conn Pty Ltd operates
miscellaneous food stores.


REVLON INC: Posts US$5.5 Million Net Loss in Fourth Quarter 2006
----------------------------------------------------------------
Revlon Inc. reported its results for the fourth quarter and full
year ended Dec. 31, 2006

Net loss for the fourth quarter was US$5.5 million against net
income of US$64.3 million in the fourth quarter of 2005.  Net
loss for the full year was US$251.3 million versus a net loss of
US$83.7 million in 2005.

                       Fourth Quarter Results

The company's net sales in the fourth quarter of 2006 declined
to US$378.9 million, compared with net sales of US$437.8 million
in the fourth quarter of 2005.  This decline was primarily
driven by lower shipments, partially offset by lower returns,
allowances and discounts.  Excluding the favorable impact of
foreign currency, net sales in the fourth quarter of 2006
declined 13.8% versus year-ago.  The fourth quarter of 2005
benefited significantly from the sell-in associated with the
complete re-stage of the Almay brand and the launch of the Vital
Radiance brand.

                           U.S. Net Sales

Net sales for the quarter declined to 227.1 million, versus
US$286.3 million in the fourth quarter of 2005.  This
performance was driven by lower shipments in color cosmetics,
partially offset by lower returns, allowances and discounts, and
higher shipments in the beauty care businesses.  As noted above,
the fourth quarter of 2005 benefited significantly from the
sell-in associated with the Almay re-stage and the launch of
Vital Radiance.

                       International Net Sales

Net sales for the quarter were essentially even at
US$151.8 million, versus US$151.5 million in the fourth quarter
of 2005. Double-digit growth in Latin America was offset by low-
single-digit declines in Asia Pacific and Europe.  Excluding the
impact of foreign currency translation, International net sales
in the quarter declined by approximately one percentage point
versus year-ago.

Operating income in the fourth quarter was US$70.1 million,
against operating income of US$99.6 million in the fourth
quarter of 2005.  Adjusted EBITDA in the fourth quarter of 2006
was US$108.2 million, compared with Adjusted EBITDA of
US$126.8 million in the same period last year.  Operating income
and Adjusted EBITDA in the fourth quarter of 2006 were
negatively impacted by US$20.8 million and US$9.7 million,
respectively, as a result of the previously announced February
2006 and September 2006 restructuring programs and the
discontinuance of the Vital Radiance brand.

Net loss in the fourth quarter of 2006 was US$5.5 million
compared with net income of US$64.3 million in the fourth
quarter of 2005.

Net cash used for operating activities in the fourth quarter of
2006 was US$13.9 million, compared with net cash used for
operating activities of US$23.8 million in the fourth quarter of
2005.  This performance reflected the higher net loss in the
fourth quarter of 2006, offset by an overall improvement in the
levels of working capital.

During the quarter, the company continued to successfully
implement its disclosed organizational streamlining, as well as
its previously disclosed discontinuance of Vital Radiance, which
did not maintain an economically feasible retail platform for
future growth.  Revlon reiterated its belief that the
restructuring actions taken during 2006 and the discontinuance
of Vital Radiance will accelerate the company's path to becoming
net income and cash flow positive.  The total impact of
restructuring charges, Vital Radiance and executive severance
negatively impacted full year 2006 operating profitability by
approximately US$145 million and Adjusted EBITDA by
approximately US$123 million.

Revlon President and Chief Executive Officer David Kennedy
stated, "Our results for the year reflect the important and
costly decisions we have made to position Revlon for future
success.  We are fortunate to have such a strong portfolio of
brands, particularly the Revlon brand, which we intend to fully
leverage going forward.  As we move into 2007, we will continue
to concentrate on bringing innovation and excitement to the
market in a way that is intensely focused on improving our
profitability and cash flow.  We remain confident in our ability
to achieve Adjusted EBITDA of approximately US$210 million in
2007."

                         Recent Financing

In December 2006, the company successfully refinanced its 2004
credit agreement and extending the maturity of the credit
agreement to January 2012.  In refinancing the credit agreement,
the company entered into a new $840 million term loan facility
with a maturity of January 2012 and an amended and restated
revolving credit agreement, extending the maturity of the
existing US$160 million multi-currency revolving credit facility
through January 2012.  The interest rate on the new term loan
facility, which was fully drawn at Feb. 28, 2007, was reduced by
200 basis points.  The interest rate on the revolving credit
facility, which was undrawn at Feb. 28, 2007, was reduced by 50
basis points.

In January 2007, the company completed a significantly over-
subscribed US$100 million rights offering, which it launched in
December 2006.  The proceeds from the offering were used to
redeem US$50 million in aggregate principal amount of its 8-/8%
Senior Subordinated Notes, reducing the outstanding balance of
these notes to US$167.4 million, and to repay all of the
approximately $43.3 million of indebtedness then outstanding in
January 2007 under the revolving credit facility, with the
balance of approximately US$5 million, after fees and expenses,
being available for general corporate purposes.  Also, effective
upon the consummation of the US$100 million rights offering,
US$50 million of the line of credit from MacAndrews & Forbes
will remain available through Jan. 31, 2008.

A full-text copy of Revlon's regulatory filing is available for
free at http://ResearchArchives.com/t/s?1b55

                       About Revlon Inc.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has operations in
Australia, China, Hong Kong, Singapore, and Taiwan.

At Sept. 30, 2006, Revlon Inc.'s balance sheet showed
US$925 million in total assets and US$2.150 billion in total
liabilities, resulting in a US$1.225 billion stockholders'
deficit.


TRANSAX INT'L: David Bouzaid Resigns from Board of Directors
------------------------------------------------------------
Transax International Limited's Board of Directors reported that
it accepted the resignation of David Bouzaid as a member of the
board of directors effective Mar. 9, 2007.

Mr. Bouzaid's resignation is a result of an unrelated
contractual arrangement that precludes Mr. Bouzaid from holding
any directorship position in a public company.

                About Transax International Limited

Based in Miami, Florida, Transax International Limited (OTCBB:
TNSX) -- http://www.transax.com/-- provides health information   
management systems to hospitals, physicians and health insurance
companies.  The company's subsidiaries, TDS Telecommunication
Data Systems LTDA provides services in Brazil; Transax Australia
Pty Ltd. operates in Australia; and Medlink Technologies Inc.
initiates research and development.

At Sept. 30, 2006, the company's balance sheet showed
US$2,003,214 in total assets, US$6,179,904 in total liabilities,
resulting in a US$4,176,690 in total stockholders' deficit.


ZINIFEX LTD: Fitch Affirms 'BB+' IDR After Proposed Acquisition
---------------------------------------------------------------
On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately
CDN$360 million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.

"Fitch regards the acquisition of companies such as Wolfden,
which have the potential to grow and diversify the business, as
beneficial to Zinifex creditors compared with the alternative of
further share buy-backs or special dividends," says Steve
Durose, a Senior Director in Fitch's Australian Corporates team.
"Although Wolfden has yet to make a profit, several of its
properties are at an advanced stage of development and Zinifex's
expertise could be valuable as Wolfden moves from being an
exploration and development business to being a metals
producer."

Zinifex has shown very strong cash flow generation in the last
18 months, arising from higher production and a rise in the
price of zinc.  Net cash flow from operating activities in the
first six months of the financial year ending June 2007
increased to AU$859 million in comparison with AU$329 million in
H106 (AU$866 million and AU$420 million for FY06 and FY05
respectively.  The company has a policy to return surplus cash
which cannot successfully be deployed in the business to
shareholders; the company paid an AU$340 million special
dividend in October 2006 and will make a similar payment in
April 2007.  Despite these special dividends, Zinifex still has
sufficient cash to have a very low level of net debt after the
Wolfden acquisition.  At Dec. 31, 2006, Zinifex had cash of
AU$834 millioin and gross debt of AU$151 million.

Wolfden has a diversified portfolio of advanced-stage resource
projects in the Nunavut Territory of Canada, including the
wholly owned High Lake and Izok Deposits which are proven to be
two of the highest-grade undeveloped poly-metallic (copper,
zinc, gold, silver) deposits in North America. If developed,
these properties would significantly extend Zinifex's mining
profile. Zinifex's offer of CAD3.81 per Wolfden share represents
a premium of approximately 25% above Wolfden's share price the
day before the companies announced that they were in takeover
talks.

Separately, in December 2006, Zinifex and Belgium-based Umicore
announced a plan to combine their respective zinc smelting and
alloying businesses, prior to an initial public offering of this
new company "at the appropriate time".  For further details of
this proposed transaction see Fitch press release titled "Fitch:
Zinifex's Rating Not Immediately Affected By Decision to Merge
Smelting Assets" dated Dec. 12, 2006".  Fitch will closely
monitor the development of this transaction as the details have
the potential to affect Zinifex's credit profile.


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

ANJALI (HK): Ip Chung Yuen Quits Liquidator Post
------------------------------------------------
Ip Chung Yuen ceased to be the liquidator of Anjali (Hong Kong)
Corporation Limited on March 6, 2007.

The former Liquidator can be reached at:

         Ip Chung Yuen
         22nd Floor, Guangdong Investment Tower
         148 Connaught Road Central
         Hong Kong


ASIA PLUS: Names Blade and Arboit as Liquidators
------------------------------------------------
On March 6, 2007, the creditors of Asia Plus Broadcasting
Limited passed a resolution appointing Simon Richard Blade and
Bruno Arboit as liquidators.

The Liquidators can be reached at:

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


BENQ CORPORATION: Cancels 60 Million Shares
-------------------------------------------
BenQ Corporation canceled 2.3% -- about 60 million -- of the
shares it bought back about three years ago, leaving the company
with about 2.56 million shares outstanding, The China Post
relates.

Press reports note that the shares were worth about
NT$801 million (US$24 million) at Wednesday's closing price.

The Taipei Times explains that by law, companies must cancel
shares they bought back within three years if they haven't sold
them to employees.

Moreover, The Inquirer, citing Digitimes, states that BenQ will
prevent a hostile take over after its shares continued to fall
on the Taiex bourse.

The report recounts that BenQ's shares have suffered since its
debacle over acquiring Siemens Mobile, and in recent days after
prosecutors raided the firm's facilities, amidst allegations of
insider dealings.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 21, 2007, that BenQ posted its fifth straight quarterly
loss -- NT$7.89 billion or US$238 million for the October-
December quarter -- 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.


BENQ CORP: Faces Possible Lawsuits by German Unit's Creditors
-------------------------------------------------------------
BenQ Corp. may face lawsuits by the creditors of its failed
mobile-phone unit in Germany, the Australian PC World reports.

Hard OCP relates that at a meeting in Munich on Wednesday,
insolvency administrator Martin Prager said that around 4,350
creditors of the bankrupt BenQ Mobile GmbH & Co. filed claims
aggregating to more than EUR1.2 billion (US$1.6 billion) and
have asked him to examine whether they could require the
Taiwanese parent company to meet their demands.

According to media reports, the possibility of BenQ Mobile
creditors going after BenQ Corp. adds to a growing list of
setbacks for the manufacturer.

PC World notes that Mr. Prager estimates the total assets of
BenQ Mobile to be around EUR300 million, far below the group's
demands and even possibly not enough to cover remaining
personnel and legal costs.

Of the 4,350 creditors who have filed claims, the report says,
more than 3,500 are former employees, seeking up to
EUR27 million in compensation.

PC World recounts that attempts earlier this year to find an
investor for BenQ Mobile failed, resulting in negative publicity
for the parent firm and Siemens, the mobile unit's former owner.

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.


C.C.G. ASIA: Liquidators Quit Posts
-----------------------------------
Roderick John Sutton and Desmond Chung Seng Chiong ceased to be
the liquidators of C.C.G. Asia Limited on March 6, 2007.

In a report by the Troubled Company Reporter - Asia Pacific,
Messrs. Sutton and Chiong presented the company's wind-up report
during a final meeting held on that day.

The former Liquidators can be reached at:

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


C. M. WONG: Appoints Tang Wei Yee as Liquidator
-----------------------------------------------
Tang Wei Yee was appointed as liquidator of C. M. Wong Nominees
Limited on March 16, 2007.

The Liquidator can be reached at:

         Tang Wei Yee
         9th Floor, Centre Mark II
         305-313 Queen's Road Central
         Hong Kong


CHRISTMAS GROUP: Sutton & Chiong Quit Liquidator Posts
------------------------------------------------------
On March 6, 2007, Roderick John Sutton and Desmond Chung Seng
Chiong ceased to be the liquidators of Christmas Group (Hong
Kong) Limited.

The former Liquidators can be reached at:

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


CITISTATE DEVELOPMENT: Members' Final Meeting Set for April 20
--------------------------------------------------------------
The members of Citistate Development Limited will have their
final meeting on April 20, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held at the Unit A1 of 3rd Floor, 81 Hung To
Road, Kwun Tong in Kowloon, Hong Kong.

The company's liquidators are:

         Chan Kwai Ping
         Wong Kwok Wai, Albert
         Suite 2302-7
         308 Des Voeux Road Central
         Hong Kong


FUNG CHING: Liquidator Quits Post
---------------------------------
Mak Kay Lung, Dantes ceased to be the liquidator of Fung Ching &
Sons Limited on March 9, 2007.

The former Liquidator can be reached at:

         Mak Kay Lung, Dantes
         Rooms 2101-3, China Insurance Group Building
         141 Des Voeux Road Central
         Hong Kong


HONG KONG WIN: Mak Kay Lung, Dantes Quits Liquidator Post
---------------------------------------------------------
On March 9, 2007, Mak Kay Lung, Dantes ceased to be the
liquidator of Hong Kong Win Mode Industries Limited.

The former Liquidator can be reached at:

         Mak Kay Lung, Dantes
         Rooms 2101-3, China Insurance Group Building
         141 Des Voeux Road Central
         Hong Kong


LIANG HUAT (H.K): Enters Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on March 9, 2007, the
creditors of Liang Huat (Hong Kong) Limited agreed to liquidate
the company's business.

John Robert Lees was appointed as liquidator.

The Liquidator can be reached at:

         John Robert Lees
         John Lees & Associates Limited
         1904 Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


PORTFAITH INTERNATIONAL: Taps Tse Wing Sing as Liquidator
---------------------------------------------------------
On March 5, 2007, Tse Wing Sing, Victor was appointed as the
liquidator of Portfaith International Industrial Limited.

The Liquidator can be reached at:

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


SINODATA (H.K.): Liquidators to Receive Claims Until April 16
-------------------------------------------------------------
On March 8, 2007, Law Pui Cheung and Or Wai Lin Winniem were
appointed as liquidators of Sinodata (H.K.) Limited.

Accordingly, Messrs. Law and Or require the company's creditors
to prove their debts by April 16, 2007.

The Liquidators can be reached at:

         Law Pui Cheung
         Or Wai Lin Winnie
         Room 1021, Sun Hung Kai Centre
         30 Harbour Road
         Wanchai, Hong Kong


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

BALLARPUR INDUSTRIES: Buys 97.8% Stake in SFI for US$253.7 Mil.
---------------------------------------------------------------
Ballarpur Industries Ltd, through its wholly owned subsidiary
Ballarpur Paper Holdings B.V., acquired a 97.8% stake in Sabah
Forest Industries Sdn Bhd, a filing with the Bombay Stock
Exchange reveals.

Ballarpur doled out US$253.7 million to buy the SFI shares.  The
acquisition was completed on March 16, 2007.  Ballarpur will
hold 80% of the acquired stake while JP Morgan will hold the
remaining 20%.

Headquartered in Malaysia, SFI is a private corporation jointly
owned by the Sabah State government and the Lion Group.  SFI
produces pulp, paper and quality timber goods that are
distributed locally and abroad.  Through its Forestry and Timber
Division, SFI is licensed to manage a forest reserve of
approximately 289,000 hectares.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.   
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.


BALLARPUR INDUSTRIES: CRISIL Reaffirms Ratings After Acquisition
----------------------------------------------------------------
Credit Rating Information Services of India Ltd reaffirmed its
ratings on Ballarpur Industries Limited's debt following the
company's announcement that it has acquired a 97.8% stake in
Sabah Forest Industries Sdn Bhd, Malaysia:
   
   * INR163.34 Million Structured Non-Convertible Debenture
     Issue (Partially Guaranteed by FMO, Netherlands):  
     AAA (fso); and

   * Fixed Deposit Programme: FAA-/Stable.

The shares have been acquired through Ballarpur's subsidiary,
Ballarpur Paper Holdings B V, at a total cost of US$253.7
million.  Ballarpur will hold 80% of the stake being acquired,
and the remaining 20% will be held by JP Morgan.

Although this debt-funded acquisition will have an adverse
impact on Ballarpur's financial risk profile, CRISIL believes
that the imbalance will be corrected over the medium term due to
the strong cash accruals from the combined business.  SFI's
concession on 289,000 hectares of forest land, and its
120,000-metric tonne pulping capacity, will help contain
Ballarpur's increasing exposure to open market pulp purchases,
and will provide Ballarpur with a low-cost source of pulp.  In
addition, the purchase will enhance the company's clientele in
Southeast Asia and Japan.

CRISIL has taken a consolidated view of Ballarpur and SFI as
part of this rating exercise.  The ratings continue to be driven
by the combined entity's strong and improving business profile,
healthy operating efficiencies, and sound cash accruals.  These
rating strengths are, however, partly offset by an expected
deterioration in financial risk profile over the near term,
Ballarpur's continuing dependence on pulp imports, and the
growing competition that the company faces from imports in the
coated paper segment.

Ballarpur is the largest manufacturer of writing and printing
paper in India, with a market share of about 22%.  It leads the
coated paper segment with a market share of 66%.  Ballarpur's
recent amalgamation with APR Packaging, which has a 55,000 MT
copier paper capacity, and the capacity enhancement at the
company's Shree Gopal unit, will help it sustain its market
position over the medium term.  Ballarpur's presence in value-
added paper segments, and its integrated operations comprising
large, low-cost pulping facilities and captive power plants and
chemical units, result in healthy operating margins for the
company.

Ballarpur proposes to enhance its paper capacity by about
290,000 MT during the next three years, at a cost of over INR14
billion.  This, along with the proposed acquisition of SFI,
could weaken the consolidated financial risk profile.

The funding for the capital expenditure is, however, partly
supported by Ballarpur's sale of its power and real estate
assets, resulting in a cash inflow of about INR3.75 billion in
2005-06 (refers to financial year, July 1 to June 30).  The
fixed deposit rating is also constrained by Ballarpur's
dependence on imported pulp, which forms nearly 40% of its raw
material cost; the company's pulp requirements will increase
once its proposed capacity enhancements come on stream.  A
successful integration of SFI will help feed some of this
increased demand, although the underlying dependence on pulp
imports will remain.

The rating on BILT's INR163.34 million structured non-
convertible debenture issue remains based on a guarantee by
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden
NV, rated 'AAA/Stable/A-1+' by Standard & Poor's.

                             Outlook

CRISIL expects Ballarpur to maintain its leading market
position, healthy operational efficiencies, and cost-competitive
operations.  Although the company's financial risk profile will
be affected during the medium term by its continued heavy
capital expenditure plans and the proposed acquisition of SFI,
Ballarpur's strong business position will help sustain the
ratings at the current levels.  Debt-funded acquisitions and
capital expenditure in excess of current expectations could
result in a negative bias for the rating.  Improvements in
capital structure and debt protection measures, on the other
hand, could lead to an upward revision in ratings.

                        About the Company

Ballarpur is the flagship company of the LM Thapar group.  As of
June 2006, the company had capacity to produce 0.48 million
tonnes per annum of paper and 0.23 mtpa of pulp.  It has plants
at Ballarpur, Bhigwan and Ashti in Maharashtra, Shree Gopal in
Haryana, Sewa in Orissa, and Kamlapuram in Andhra Pradesh.  For
the year ended June 30, 2006, BILT reported a net profit of
INR1.86 billion (INR1.23 billion, the previous year) on net
sales of INR18.79 billion (INR18.02 billion).  For the six
months ended December 31, 2006, the company reported a net
profit of INR1.2 billion (INR0.9 billion for the corresponding
period, the previous year) on net sales of INR10.8 billion
(INR8.7 billion).

                          *     *     *

On April 12, 2004, Standard and Poor's Ratings Service gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.


BHARTI AIRTEL: Modifies Operational Leadership Structure & Roles
----------------------------------------------------------------
Bharti Airtel Ltd will change its operational leadership
structure and roles effective April 1, 2007, the company
disclosed in a regulatory filing with the Bombay Stock Exchange.

The company said its new group structure will ensure separation
of operations and governance to achieve higher accountability,
and will significantly enhance empowerment to operating units.

Under the new structure, Rajan Bharti Mittal will relinquish his
position as joint managing director and will continue as a non-
executive director on the company's board.  Akhil Gupta will
step down as chief financial officer but will continue as joint
managing director of the company.

At the operational leadership level, Manoj Kohli will lead the
company in the India & SAARC region as president and chief
executive officer.  The company believes that the enhanced
position further empowers Mr. Kohli to build the company and
deliver the One Airtel vision.  Among others, he will be
responsible for business strategy, operations and its results.

Three Joint Presidents have been given enhanced empowerment to
lead their respective businesses:

   -- Sanjay Kapoor will be president for Mobile Services;

   -- Atul Bindal will be president for Broadband and Telephone
      Services; and

   -- David Nishball will be president for Enterprise Services.

These enhanced roles will enable them to provide deeper focus
and to be fully accountable for their business results, the
company said.

S. L. Narayanan will be the Corporate Director Finance for the
telecom business.  Sarvjit Singh Dhillon will be the chief
financial officer and director-strategy of the company.

The company expects that the changes will provide a sharper
business focus and help effectively manage scale and growth in
the coming years.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.   
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services gave the
company's long-term local and foreign issuer credit BB+ ratings
on Sept. 21, 2005.


CITY UNION BANK: To Consider Allotment of 1,200,000 Shares
----------------------------------------------------------
City Union Bank Ltd is planning to allot 1,200,000 equity shares
of INR10 each at a price of INR169 per share (including a share
premium of INR159 per share) on preferential basis, the bank
informed the Bombay Stock Exchange.

The move is pursuant to a special resolution passed by the
members of the bank at their Extra Ordinary General Meeting held
on Dec. 29, 2006.

To consider the proposed allotment, the bank's board of
directors will hold a meeting on March 29.

City Union Bank Limited -- http://cityunionbank.com/-- provides  
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Fitch Ratings affirmed City Union's Individual and
Support ratings at 'D/E' and '5', respectively.


EMCO LTD: To Merge With Urja Engineers & India Energy
-----------------------------------------------------
Emco Ltd's board of directors at its meeting held on March 15,
2007, approved a scheme of amalgamation of Urja Engineers Ltd
and India Energy Investments Pvt Ltd with the company, a filing
with the Bombay Stock Exchange reveals.

The salient features of the Scheme are:

   1. Appointed Date for Amalgamation is April 1, 2007.

   2. Pursuant to the Scheme, 16 equity shares of INR10 each of
      the Company will be issued to the shareholders of IEIPL
      for every 21 equity shares of Rs 10 each held by them in
      IEIPL.  It is clarified that no shares are being issued to
      the shareholders of UEL as UEL is a wholly owned
      subsidiary of IEIPL.

   3. The Scheme is subject to requisite consent, approval of
      the requisite majority of the shareholders, lenders,
      creditors of UEL, IEIPL and the Company, all the relevant
      stock exchanges, jurisdictional High Court and the
      permission or approval of the Central Government or any
      other Statutory or regulatory authorities, which by law
      may be necessary for the implementation of the Scheme.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and  
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


HAYES LEMMERZ: Board Approves US$180 Mil. Equity Rights Offering
----------------------------------------------------------------
Hayes Lemmerz International Inc.'s Board of Directors has
approved a rights offering of up to US$180 million of common
stock to its stockholders.  

The subscription price for the common stock offered in the
rights offering will be US$3.25 per share, which represents a
31.8% discount to the average closing price for our common stock
during the past 10 trading days.  The rights offering is subject
to approval of stockholders at a Special Meeting and the
effectiveness of a registration statement which is filed with
the United States Securities and Exchange Commission.  No record
date has been set yet.  

The company will use the net proceeds of the rights offering to
repurchase the outstanding 10-1/2% Senior Notes due 2010 issued
by its subsidiary, HLI Operating Company, Inc., and to pay any
required fees and expenses related to the rights offering.  
Further information will be contained in the company's Current
Report on Form 8-K to be filed with the U.S. Securities and
Exchange Commission.

The company has entered into an Equity Purchase and Commitment
Agreement with Deutsche Bank Securities, Inc., pursuant to which
Deutsche Bank has agreed to backstop the rights offering by
purchasing all shares of common stock offered in the rights
offering and not purchased at the close of the rights offering.
SPCP Group, LLC, an affiliate of Silver Point Capital, L.P., has
agreed with Deutsche Bank to acquire one-half of the shares of
common stock that Deutsche Bank is obligated to purchase
pursuant to its backstop obligation.  The Equity Agreement also
gives Deutsche Bank the option to make a direct investment of up
to US$18 million in the company's common stock at the
subscription price of US$3.25 per share.  To the extent that
Deutsche Bank exercises this option, the amount of the rights
offering will be proportionally reduced but the gross proceeds
to the company will remain unchanged.

The backstop commitment is subject to several conditions and
limitations including, among others, the amendment of the
company's Amended and Restated Credit Agreement, or the
refinancing of the debt subject thereto, to permit the
repurchase of the Senior Notes and the placement of a portion of
the company's debt outside the United States.  The company
intends to amend its Amended and Restated Credit Agreement or
refinance the debt subject thereto in conjunction with the
closing of the rights offering.

Hayes Lemmerz International, headquartered in Northville,
Michigan, is a global supplier of steel and aluminum automotive
and commercial vehicle highway wheels, as well as aluminum
components for brakes, powertrain, suspension, and other
lightweight structural products.  Worldwide revenues approximate
US$2.2 billion.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.

                          *     *     *

In February 2007, Moody's Investors Service lowered HLI
Operating company, Inc.'s ratings:

   * Corporate Family to Caa1 from B3;
   * first lien senior secured to B1 from Ba3;
   * second lien term loan to Caa1 from B3.


HAYES LEMMERZ: Planned Debt Repurchase Cues S&P's Positive Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' corporate
credit rating and related issue ratings on Hayes Lemmerz
International Inc. on CreditWatch with positive implications,
following the company's announcement that it plans to repurchase
its senior unsecured debt with proceeds from an equity rights
offering.  Hayes' recovery ratings were not placed on
CreditWatch.

Northville, Mich.-based Hayes, a manufacturer of steel and
aluminum wheels, has total debt of about $1 billion including
Standard & Poor's adjustments for postretirement benefits,
accounts receivable securitizations, and the present
value of operating leases.

Hayes' board of directors approved a rights offering of up to
US$180 million common stock.  Proceeds would be used to
repurchase the approximately US$157 million outstanding of
Hayes' 10.5% senior unsecured notes due 2013, which are issued
by subsidiary HLI Operating Co. Inc., and to pay related fees
and expenses.

Deutsche Bank and an affiliate of Silver Point Capital L.P. have
agreed to purchase all shares that are part of the offering but
not acquired by other investors.  The offering is subject to
approval of Hayes' stockholders at an upcoming special meeting.

In its CreditWatch review, Standard & Poor's will assess the
industry challenges facing Hayes, as well as the benefits of
lower leverage and improved credit metrics that likely would
result from completion of the proposed transactions.  Hayes is
likely to remain highly leveraged despite the improvement from
debt reduction.  Still, a modest upgrade is possible.

                          *     *     *

Hayes Lemmerz International, Inc., headquartered in Northville,
Michigan, is a global supplier of steel and aluminum automotive
and commercial vehicle highway wheels, as well as aluminum
components for brakes, powertrain, suspension, and other
lightweight structural products.  Worldwide revenues approximate
US$2.2 billion.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.

                          *     *     *

In February 2007, Moody's Investors Service lowered HLI
Operating company, Inc.'s ratings:

   * Corporate Family to Caa1 from B3;
   * first lien senior secured to B1 from Ba3;
   * second lien term loan to Caa1 from B3.


HAYES LEMMERZ: Reports Preliminary Results For Fiscal Year 2006
---------------------------------------------------------------
Hayes Lemmerz International Inc. released last week preliminary
results for the full fiscal year 2006 and provided earnings
guidance for the full fiscal year of 2007.  The preliminary
results are unaudited and are subject to adjustment during the
course of the company's audit of its fiscal 2006 financial
statements.

For the full fiscal year 2006, the company expects to achieve
sales of approximately US$2.3 billion, Adjusted EBITDA of
approximately US$188 million (compared with approximately US$176
million in 2005), free cash flow (excluding the impact of the
Company's accounts receivable securitization programs) of
approximately negative US$9 million and capital expenditures of
approximately US$90 million.  Projected fiscal 2006 results
include approximately US$230 million in sales, approximately
US$6 million in Adjusted EBITDA and approximately US$10 million
of capital expenditures related to the company's suspension
components business, which will be reclassified as a
discontinued operation for 2006 and which will not contribute to
the 2007 results because it was divested on Feb. 14, 2007.

For the full fiscal year 2007, Hayes Lemmerz expects to achieve
sales of about US$2.1 billion, Adjusted EBITDA of approximately
US$195 to US$205 million, positive free cash flow (excluding
securitization impact) and capital expenditures of approximately
US$85 to US$90 million.

Hayes Lemmerz International, headquartered in Northville,
Michigan, is a global supplier of steel and aluminum automotive
and commercial vehicle highway wheels, as well as aluminum
components for brakes, powertrain, suspension, and other
lightweight structural products.  Worldwide revenues approximate
US$2.2 billion.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.

                          *     *     *

In February 2007, Moody's Investors Service lowered HLI
Operating company, Inc.'s ratings:

   * Corporate Family to Caa1 from B3;
   * first lien senior secured to B1 from Ba3;
   * second lien term loan to Caa1 from B3.


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

ALCATEL-LUCENT: Leads Optical Networking in Q4, Ovum-RHK Says
-------------------------------------------------------------
Alcatel-Lucent confirmed its optical networking leadership by
consolidating its No. 1 position with a 24.2% market share
during Q4 06 and securing a share of 23.3% for the full year
2006, according to Ovum-RHK.

"Alcatel-Lucent's quarterly revenues were particularly strong
due to results in EMEA.  The company's EMEA performance in the
increasingly significant metro WDM market was particularly
noteworthy: it nearly tripled its 3Q06 revenues to post 32%
share in EMEA for the quarter," stated Dana Cooperson, Vice
President of the Optical Infrastructure at Ovum-RHK.  "Overall,
Alcatel-Lucent has extensive product line and solutions breadth,
very good distribution of sales across its optical product
lines, and a strong leading share of SDH/multiservice
aggregation and global optical core switching sales."

Key drivers of the Alcatel-Lucent performance were: the on-going
IP network transformation in fixed and mobile networks, the
continued momentum in mobile backhaul infrastructure deployment,
as well as the largely increasing activity in verticals.
Furthermore, ROADM-based solutions ramped up, especially in
Europe.

"As Ethernet transport continued as a key service for business
customers and packet traffic growth increased, our focus is
assist our customers with the innovative functionalities they
need to address market changes," said Romano Valussi, president
of Alcatel-Lucent's Optics activities.  "The success of our
solutions confirms the role that optical networking has in
competitive transformation."

Customer disclosures in 2006 included: Telefonica, Wind,
Guangzhou CATV, HanseNet, Telekom Austria, Golden Line and
Triple T Broadband for triple play services and network
transformation; Cingular Wireless, APTG, SkyLink, TATA,
Bluegrass Cellular and Centennial Communications for mobile
backhauling; FastWeb, NEK and RAILTEL for vertical markets;
Chunghwa Telecom and (Mediaset for video services delivery.
Other references include P&Tluxembourg for ROADM-powered
solution.

                          About Ovum-RHK

Ovum-RHK provides market research advisory services to telecoms
equipment and component vendors and service providers alike.
Ovum-RHK is part of Ovum Ltd, advising on the commercial impact
of technology and market changes in telecoms, with offices in
London, Paris, Cologne, Boston, Melbourne, Seoul and San Jos,.

                       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.


FREEPORT: Mandatory Convertible Preferred Stock Gets Fitch's B+
---------------------------------------------------------------
Fitch has rated the Freeport-McMoRan Copper & Gold Inc.'s
mandatory convertible preferred stock issue at 'B+'.  The issue
is expected to generate some US$1 billion in gross proceeds.  
The Outlook is Stable.

The proceeds of the new preferred issue together with a
secondary offering of 35 million shares of common stock will be
used to repay borrowings under the secured term loans used to
finance, in part, the acquisition of Phelps Dodge Corporation.

The mandatory convertible preferred stock is not redeemable and
has a mandatory conversion date of May 1, 2010. The issue will
rank on parity with Freeport's outstanding 5 1/2% convertible
perpetual preferred stock.

The ratings reflect Freeport's position as the world's second-
largest copper producer, its diversified operations and strong
liquidity, as well as the company's exposure to copper prices
and its relatively high financial leverage. The outlook is for
copper producers to continue to benefit from a strong pricing
environment over the near term.

                      About Freeport-Mcmoran

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


GOODYEAR: Inks Pact With Union on Scheduling, Hiring & Vacation
---------------------------------------------------------------
Goodyear Tire & Rubber Co. has reached a tentative agreement on
local issues with the United Steelworkers of America after five
weeks of negotiations, Melissa Willett of The Fayetteville
Observer reports.

The report says the agreement, which mainly addressed
scheduling, hiring and vacation time, provides, among others,
that:

   a) all workers except maintenance -- craftsmen, electricians
      and machinists -- will be given multiple shift options;
      and

   b) maintenance workers will be split into two shifts -- one
      working eight hours and the other working 12 hours.

                       Amended Pension Plans

Early this month, the company made a series of changes to its
U.S.-based retail and salaried employee pension and retiree
benefit plans aimed at increasing its global competitiveness
while significantly reducing its cost structure.

The changes will be phased in over a two-year period, with most
benefit plan changes effective in 2008 and the most significant
pension plan changes in 2009.  As a result, Goodyear expects
after-tax savings of US$80 million to US$90 million in 2007,
US$100 million to US$110 million in 2008, and US$80 million to
US$90 million in 2009 and beyond.

The actions are expected to reduce the company's pension
obligation by approximately US$100 million and its obligation
for other post retirement benefits by about US$525 million
assuming interest rates used to value the obligations remain
similar to those used at Dec. 31, 2006.

Goodyear plans to record a one-time after-tax charge of
approximately US$65 million related to these actions in the
first quarter of 2007.

Benefit plan changes effective Jan. 1, 2008, include:

    * Increasing the amounts that current and future salaried
      retirees contribute toward the cost of their medical
      benefits;

    * Redesigning retiree medical benefit plans to minimize cost
      impact on premiums;

    * Closing the company's Medicare supplement plan to new
      entrants; and

    * Discontinuing company-paid life insurance for salaried
      retirees.

The pension changes include:

    * Freezing the current salaried defined benefit pension
      plans as of Dec. 31, 2008;

    * Replacing the defined benefit pension plans with enhanced
      401(k) savings accounts with varying levels of company
      contributions for current associates beginning Jan. 1,
      2009;and

    * Introducing company-matching contributions for the
      salaried 401(k) savings plan at 50 percent of the first 4
      percent of annual pay beginning Jan. 1, 2009.

                      Low-B Ratings Affirmed

Last week, Fitch Ratings affirmed its ratings for The Goodyear
Tire & Rubber Company, including the 'B' rating on the company's
US$300 million third lien term loan, and 'CCC+' rating on its
senior unsecured debt.  The rating agency revised the rating
outlook to stable from negative.

Fitch noted that at Dec. 31, 2006, the company had approximately
US$7.2 billion of debt outstanding, prior to a paydown of bank
debt in January.

The revision to a Stable Outlook, Fitch said, reflects its
expectation for further improvement in the company's operating
profile as it recovers from the labor strike and continues to
implement its cost-savings plan.

In addition, Fitch noted that the company faces significant cash
requirements that could contribute to negative cash flow in
2007.

The requirements, the rating agency said, include pension
contributions, capital expenditures, an increase in working
capital requirements as the company rebuilds inventory, and debt
and interest payments.  

Fitch's other rating concerns include an improving but still
high cost structure in North America, high raw material costs,
weak demand in North America, and competitive pricing in certain
other markets.

On Jan. 12, 2007, Moody's Investors Service affirmed Goodyear
Tire & Rubber Company's Corporate Family Rating of B1.  Ratings
on Goodyear's existing secured and unsecured obligations were
also affirmed as was the company's Speculative Grade Liquidity
rating of SGL-2.  The outlook was reverted to stable from
negative.

On Jan. 8, 2007, Standard & Poor's Ratings Services affirmed its
'B-' ratings on the class A-1 and A-2 certificates from the
$46 million Corporate Backed Trust Certificates Goodyear Tire &
Rubber Note-Backed Series 2001-34 Trust.  The ratings were
removed from CreditWatch, where they were placed with negative
implications on Oct. 24, 2006.

             About The Goodyear Tire & Rubber Company

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

                          *     *     *

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

   -- Issuer Default Rating 'B';

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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

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


HESS: Moody's Upgrades Unsecured Long-term Debt Rating to 'Baa3'
----------------------------------------------------------------
Moody's upgraded Hess Corporation's unsecured long-term debt
rating to Baa3 from Ba1 on March 20, 2007.  The rating outlook
is stable.

The upgrade reflects the company's progress in advancing its
portfolio of upstream development projects, which are intended
to diversify and strengthen the durability of its reserves and
production profile, as well as improvements in achieving a more
competitive cost structure and a gradually declining financial
leverage position.

Hess has been focused on execution of development programs and
production growth in areas such as Equatorial Guinea, the
Malaysia-Thai JDA, the North Sea, and the deepwater Gulf of
Mexico.  Work in all of these areas is proceeding on plan and
supporting a gradually rising production profile.

The company's 2006 results indicate that reserve replacement
from all sources increased to 232%, including 185 million BOEs
of organic additions and 126 million BOEs primarily from its re-
entry into Libya.  Its reserve life also is somewhat longer at
9.3 years proved and 5.5 year proved developed.  In addition,
finding and development and full cycle costs, at about US$12 and
US$26 per BOE, respectively, show that the company's cost
structure has come more in line with those of its peers,
although on an increasing trend and subject to industry-wide
inflationary pressures.  Invested cash returns also increased in
2006, as indicated by a full cycle ratio exceeding 2.7 times,
reflecting a stronger cash margin supported by higher oil and
natural gas prices and the roll-off of most of its earlier
disadvantageous oil hedges.

Moody's notes that Hess's financial leverage, while still
somewhat elevated, has declined as measured by debt of US$5.23
per proved developed BOE in 2006 as well as by continuing
stronger equity accretion through improving earnings.  The
company will have a continued high level of required capital
spending to diversify and develop its upstream reserves
portfolio and thus is likely to have relatively little free cash
flow available for debt reduction.  It has, however, retained
cash on the balance sheet for financial flexibility and
liquidity purposes.  Management's focus on growth capital,
rather than debt reduction, is likely to continue in the medium-
term.

Moody's views Hess's rating outlook as stable, factoring in the
expectation that its development programs will continue to
progress and the company will be able to increase its production
in its targeted range of 3%-5% p.a.

                          About Hess Corp.

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.


HILTON HOTELS: Sets First Quarter Earnings Release on April 30
--------------------------------------------------------------
Hilton Hotels Corporation scheduled on April 30, 2007, the
company's first quarter earnings release and conference call.

The results will be issued prior to the opening of the market,
with a conference call to follow that day at 12 p.m.  Eastern
time.  The dial-in numbers are 866-700-0133 (domestic)/ 617-213-
8831 (international), passcode "Hilton."

Forward-looking statements and other material information
concerning anticipated future events and expectations may be
discussed on this conference call.

The conference call will also be webcast simultaneously via
Hilton's investor relations website.  Investors wishing to
access the call on the web should log on to
http://www.hiltonworldwide.com/click the investor relations tab  
and click on the quarterly conference call link.

A replay of the call will be available by telephone until May
7th at 8 p.m. Eastern.  To access, dial 888-286-8010
(domestic)/617-801-6888 (international), passcode #28720210.
Additionally, a replay will be available indefinitely on
http://Hiltonworldwide.com

                      About Hilton Hotels

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

                          *     *     *

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

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

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

The rating outlook is stable.

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

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

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

   -- Senior notes to 'BB+' from 'BB'.

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


MEDCO ENERGI: Sells Stake in Troubled Brantas Block for US$100
--------------------------------------------------------------
PT Medco Energi Internasional Tbk sold its entire stake at the
Lapindo Brantas block in East Java for US$100 on March 16,
Reuters News reports.

According to the report, the move is intended to separate Medco
Energi from the potential burden of the Lapindo Brantas Mudflow
over a year ago.

As reported by Troubled Company Reporter - Asia Pacific on
August 31, 2006, several groups are planning to file a class
action against gas company Lapindo Brantas, which is being
pointed out as responsible for the mudflow disaster in East
Java, Indonesia.

The TCR-AP report noted that the mudflow that had submerged rice
fields and four villages in Porong, Sidoarjo, is being blamed on
drilling activities in the area.  It started as a small leak
late in May, but had blown up into a gushing of 50,000 cubic
meters of hot mud a day.

Medco Investor Relation Official Andy Karamoy said that they
sold Medco Brantas, which held a 32% stake in the troubled
Brantas block, to the Prakarsa group so that mud flow problem in
Sidoarjo block will be handled by the new investor in the
future, Reuters relates.

                        About Medco Energi

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

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


MEDCO ENERGI: To Develop Four New Gas Wells in Karungan Region
--------------------------------------------------------------
PT Medco Energi Internasional Tbk plans to develop four new gas
wells near its already existing seven gas wells in the Karungan
region, Reuters News reports, citing Asia Pulse.

Medco Energi reportedly made the decision in anticipation of a
decrease in natural gas reserves in Tarakan, East Kalimantan
province.

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

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


PERUSAHAAN GAS: Inks Methane Distribution MOU With PT Tambang
-------------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk and PT Tambang Batubara
Bukit Asam Tbk have signed a memorandum of understanding to
produce, process and distribute coal bed methane, Reuters News
reports.

The report notes that the companies will distribute the methane
to South Sumatera - Java gas pipelines owned by Perusahaan gas.

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy  
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service has affirmed the
Ba2 corporate family rating of PT Perusahaan Gas Negara
(Persero) Tbk.  At the same time, Moody's has affirmed the Ba3
debt ratings of PGN Euro Finance 2003 Ltd, which is guaranteed
by PGN.  The ratings outlook is stable.  This affirmation
followed the recent announcement of a delay in the South
Sumatera West Java gas commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


PERUSAHAAN LISTRIK: To Sign US$1.18-Bil. Gas Contract
-----------------------------------------------------
PT Perusahaan Listrik Negara will sign a US$1.18-billion
contract to acquire gas, which will be delivered between 2009
and 2020, from a consortium comprising Pertamina, Hess Corp, and
a local company, Ruters News reports.

Perusahaan Listrik reportedly would get 343 trillion British
thermal units of gas at US$295 per million btu pursuant to the
terms of the contract.

The gas would be supplied from the Pertamina and Hess-operated
Jambi Merang block in Jambi province, the report notes.

                     About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara
-- http://www.pln.co.id/-- transmits and distributes  
electricity to around 30 million customers, roughly 60% of
Indonesia's population.  The Indonesian Government decided to
end PLN's power supply monopoly to attract independents to build
more capacity for sale directly to consumers, as many areas of
the country are experiencing power shortages.

PLN posted a IDR4.92-trillion net loss in 2005, against a net
loss of IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Feb.
06, 2007, that Moody's Investors Service has changed the outlook
to positive from stable for the B1 corporate family rating and
senior unsecured bond rating of PT Perusahaan Listrik Negara.

The rating action follows Moody's decision to change the outlook
of Indonesia's B1 foreign and local currency government bond
ratings to positive from stable.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.


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

ALL NIPPON: To Lower Fuel Surcharges on Int'l Passenger Tickets
---------------------------------------------------------------
All Nippon Airways filed an application with Japan's Ministry of
Land, Infrastructure and Transport (MLIT) to lower its fuel
surcharge on international tickets issued on or after May 1 this
year, in line with movements in the market price of fuel.

The international fuel surcharge was introduced in
February 2005, along with provisions for its reduction or
removal in light of these market conditions:

Conditions:

   1. The surcharge applies to all fares, including discount
      fares, child fares and award tickets.  The surcharge is
      not subject to any discount whatsoever.

   2. In the case of refunded tickets, the surcharge will be
      refunded in full and will not be subject to any charges.

   3. The actual amount of the surcharge may vary because it is
      subject to government approval.

                   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.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings 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 reported on May 30, 2006, that Moody's Investors
Service upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes Moody's 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.


ADVANCED MEDICAL: Moody's Rates US$200MM Senior Notes at B2
-----------------------------------------------------------
Moody's Investors Service confirmed Advanced Medical Optics,
Inc.'s B1 Corporate Family Rating and all of its existing debt
ratings.

Concurrently, Moody's assigned these new ratings:

   * a Ba1 rating to a US$300 million six year senior secured,

   * a Ba1 rating to a US$400 million seven year senior secured
     term loan B, and

   * a B2 rating to US$200 million senior subordinated notes due
     2017.

The rating outlook is stable.

These rating actions conclude the review for possible downgrade
that began on Jan. 9, 2007.

Proceeds from the new subordinated notes and term loan B, along
with approximately US$172 million under the new revolver and
cash balances at IntraLase Corp., will be used to fund the
acquisition of IntraLase, pay upfront integration costs such as
severance costs, and pay related fees and expenses.  The closing
of the transaction is expected in early April 2007.  Upon the
closing of the transaction, Moody's will withdraw the ratings on
the existing $300 million senior secured revolver due 2009.

AMO's B1 ratings reflect the application of Moody's Global
Medical Device rating methodology.  Using an average of the 12
factors specified in the methodology, AMO's "methodology-
implied" rating is approximately "Ba3" based on financial data
through Dec. 31, 2006.  

Very favorable scores on research and development as a
percentage of sales and adjusted EBIT margin are offset by
reliance on acquisitions, share buybacks and dividends, free
cash flow to adjusted debt, and adjusted debt to EBITDA.  Pro
forma for the debt-financed IntraLase acquisition, Moody's
anticipates that the methodology-implied rating will remain at
"Ba3," which is one notch above the actual rating of B1.

The confirmation of the B1 Corporate Family Rating acknowledges
AMO's revenue size, improved profitability and stable free cash
flow.

"Moody's expects that AMO's revenue size will continue to
increase driven by organic growth coupled with additional tuck-
in acquisitions," said Sidney Matti, Moody's analyst.

As a result of revenue growth coupled with cost saving programs,
the company's adjusted EBIT margin improved from 9.3% for the
fiscal year ended Dec. 31, 2004, to 16.9% for the fiscal year
ended Dec. 31, 2006.  Moody's anticipates that the company's
operating performance will increase over the near term, as the
IntraLase acquisition will provide AMO with cross-selling
opportunities.  Currently, IntraLase's femtosecond laser has 30%
market share, while AMO's excimer laser product is found in a
significant number of LASIK surgery centers.

The B1 Corporate Family Rating also considers the heightened pro
forma leveraged position, highly acquisitive nature and
significant concentration with its top customer segment.

The stable ratings outlook anticipates the company will
successfully integrate IntraLase, benefit from cross-selling
opportunities in the laser vision correction market and
experience continued improved operating performance in the high
single digits within its existing businesses.  Additionally, the
rating outlook incorporates Moody's expectation that the company
will continue its acquisition strategy over the near term.

These ratings were confirmed:

   -- Ba1, LGD1, 7% rating on the US$300 million Senior Secured
      Revolver due 2009;

   -- B2 rating on the $246 million Convertible Senior
      Subordinated Notes due 2024, changed to LGD5, 71% from
      LGD4,66%);

   -- B1 Probability of Default rating; and

   -- B1 Corporate Family Rating.

These ratings were assigned:

   -- US$300 million Six Year Senior Secured Revolver at Ba1,
      LGD2, 15%;

   -- US$400 million Seven Year Senior Secured Term Loan B at
      Ba1, LGD2, 15%; and

   -- US$200 million Senior Subordinated Notes due 2017 at B2,
      LGD5, 71%.

                         About IntraLase

Headquartered in Irvine, California, IntraLase Corp. --
http://www.intralase.com/-- designs, develops, and manufactures  
an ultra-fast laser that is revolutionizing refractive and
corneal surgery by creating safe and more precise corneal
incisions.  IntraLase is presently in the process of
commercializing applications of its technology in the treatment
of corneal diseases that require corneal transplant surgery.  
The company's proprietary laser and disposable patient
interfaces are presently marketed throughout the United States
and 33 other countries.

                      About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures, and  
markets ophthalmic surgical and contact lens care products.  
Sales for the 12 months ended June 24, 2005, were approximately
US$921 million.

The company has operations in Japan, Germany and Ireland.


ADVANCED MEDICAL: S&P Rates US$200 Million Senior Notes at B
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Santa Ana, California-based Advanced Medical Optics Inc.'s
US$200 million senior subordinated notes due 2017.

At the same time, Standard & Poor's assigned its 'BB' bank loan
rating to the company's proposed US$700 million senior secured
credit facility, consisting of a US$400 million term loan B due
2014 and a $300 million revolving credit facility due 2013.  

The facility is rated 'BB', with a recovery rating of '1',
indicating the expectation for full recovery of principal in the
event of a payment default.  Proceeds of the facility, in
addition to US$200 million of subordinated notes, will be used
to finance the US$808 million acquisition of IntraLase Corp.,
including related fees and upfront integration costs.

                         About IntraLase

Headquartered in Irvine, California, IntraLase Corp. --
http://www.intralase.com/-- designs, develops, and manufactures  
an ultra-fast laser that is revolutionizing refractive and
corneal surgery by creating safe and more precise corneal
incisions.  IntraLase is presently in the process of
commercializing applications of its technology in the treatment
of corneal diseases that require corneal transplant surgery.  
The company's proprietary laser and disposable patient
interfaces are presently marketed throughout the United States
and 33 other countries.

                      About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures, and  
markets ophthalmic surgical and contact lens care products.  
Sales for the 12 months ended June 24, 2005, were approximately
US$921 million.

The company has operations in Japan, Germany and Ireland.


ADVANCED MEDICAL: Offering US$200 Million of Senior Sub. Notes
--------------------------------------------------------------
Advanced Medical Optics Inc. intends to offer approximately
US$200 million aggregate principal amount of senior subordinated
notes due 2017.  The offering will be made only to qualified
institutional buyers and non-U.S. foreign investors in
accordance with Rule 144A and Regulation S, respectively, under
the Securities Act of 1933.

The company said that the notes will be unsecured senior
subordinated obligations of the company.  The interest rate and
other terms of the notes will be determined by negotiations
between the company and the initial purchasers of the notes.

The company expects to use the net proceeds from the offering,
and borrowings under a new senior credit facility that it
expects to enter into, to:

   a. purchase all of the outstanding common stock of
      IntraLase Corp., pursuant to its Agreement and Plan of
      Merger, dated Jan. 5, 2007, by and among Advanced Medical,
      IntraLase, and Ironman Merger Corporation;

   b. repay, if any, all outstanding indebtedness under its
      existing senior credit facility;

   c. pay related fees and expenses; and

   d. pay for other general corporate purposes with
      any remaining proceeds.

The offering of the notes is conditioned upon and will be
consummated substantially concurrent with the closing of the
merger with IntraLase.

                         About IntraLase

Headquartered in Irvine, California, IntraLase Corp. --
http://www.intralase.com/-- designs, develops, and manufactures  
an ultra-fast laser that is revolutionizing refractive and
corneal surgery by creating safe and more precise corneal
incisions.  IntraLase is presently in the process of
commercializing applications of its technology in the treatment
of corneal diseases that require corneal transplant surgery.  
The company's proprietary laser and disposable patient
interfaces are presently marketed throughout the United States
and 33 other countries.

                      About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures, and  
markets ophthalmic surgical and contact lens care products.  
Sales for the 12 months ended June 24, 2005, were approximately
US$921 million.

The company has operations in Japan, Germany and Ireland.

Moody's Investors Service recently confirmed Advanced Medical
Optics, Inc.'s B1 Corporate Family Rating and assigned a B2
rating to the company's US$200 million senior subordinated notes
due 2017.  Standard & Poor's Ratings Services assigned its 'B'
rating to Advanced Medical Optics Inc.'s US$200 million senior
subordinated notes due 2017.


DAIEI INC: Invites Another Aeon Executive to New Management
-----------------------------------------------------------
Daiei Inc. is asking Aeon Senior Vice President Akinori
Yamashita to join its new Daiei management, Kamcity reports.

The report says that the move is set to maximize Daiei's
three-way alliance with Aeon and Marubeni Corp.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 22, 2007 that Daiei Inc. invited Yoshiharu Kawato from the
Aeon supermarket chain to be its new chairman.  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.

                           About Aeon

Headquartered in Chiba, Japan, Aeon Company Ltd. --
http://www.aeon.info/-- is a retailing group of more than 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.


EDDIE BAUER: Moody's Rates Proposed US$225MM Term Loan at B2
------------------------------------------------------------
Moody's Investors Service assigned a B2, LGD4, 54% to
Eddie Bauer, Inc.'s proposed US$225 million term loan and
confirmed its B2 corporate family rating with a negative
outlook.

The confirmation reflects the fact that the company will not be
significantly increasing its debt levels as expected given the
shareholder's rejection of the proposed leveraged buyout by
affiliates of Sun Capital Partners and Golden Gate Capital.  The
company has decided to no longer pursue a sale of the company
and is instead focusing on its new turnaround initiatives.  

As a part of this strategy, it is refinancing its current debt
with the new proposed US$225 million term loan and approximately
US$75 million of junior capital.  The confirmation also reflects
the elimination of a possible covenant violation as a result of
the proposed term loan.  This rating action concludes the review
for possible downgrade initiated on Nov. 13, 2006.

However, the rating outlook is negative reflecting that over the
next twelve to eighteen months the company will maintain very
weak credit metrics while it is going through a transitional
period as well as the risk that management might not be able
achieve modest quarter over quarter sales growth.

Ratings assigned:

   * US$225 million senior secured term loan at B2, LGD4-54%.

Ratings confirmed:

   * Corporate Family Rating at B2;
   * Probability of Default Rating at B2; and
   * US$300 million senior secured term loan at B2; LGD4- 55%.

The rating outlook is negative.

The rating on the existing US$300 million senior secured term
loan rated B2, LGD4, 55% will be withdrawn upon its termination
at the close of the new US$225 million senior secured term loan.

The B2 corporate family rating reflects the company's very weak
credit metrics, its thin profitability, which is well below its
peer group, and its history of mispositioning its merchandise
for the Eddie Bauer brand.

In addition, the corporate family rating reflects the company's
high seasonality with most of its revenue and cash flow from
operations being generated during the fourth quarter in
conjunction with the holiday selling season, and the high
fashion risk associated with specialty apparel.  Balancing out
these weaknesses is the company's well recognized brand name,
its multi-channel distribution and national diversification, its
modest scale with approximately $1.0 billion in annual revenues,
and its adequate liquidity.  In addition, the company's proposed
term loan eliminates its likely covenant violation and need to
readdress its capital structure and provides the company with
the necessary financial flexibility to support it while it
addresses its recent performance issues.

Ratings would be downgraded should the company not be able to
achieve quarter over quarter top line sales improvements, should
it not be able to raise the junior capital, or should its
liquidity position deteriorate.  

In addition, downward rating pressure would develop should the
company's operating performance deteriorate, such that
Debt/EBITDA is likely to be sustained over 7.0x or EBITA/IE is
likely to remain below 1.0x beyond Dec. 31, 2007.

                About Eddie Bauer Holdings, Inc.

Headquartered in Redmond, Washington, Eddie Bauer Holdings, Inc.
-- http://www.eddiebauer.com/-- is a specialty retailer that  
sells casual sportswear and accessories for the "modern outdoor
lifestyle."  Established in 1920 in Seattle, Eddie Bauer
believes the Eddie Bauer brand is a nationally recognized brand
that stands for high quality, innovation, style, and customer
service.  Eddie Bauer products are available at approximately
375 stores throughout the United States and Canada, through
catalog sales and online at http://www.eddiebaueroutlet.com/  
The company also participates in joint venture partnerships in
Japan and Germany and has licensing agreements across a variety
of product categories.  Eddie Bauer employs approximately 10,000
part-time and full-time associates in the United States and
Canada.   

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 20, 2007, that the ratings, including the 'B' corporate
credit rating, on specialty apparel retailer Eddie Bauer
Holdings Inc., are still on Standard & Poor's Ratings Services'
CreditWatch with negative implications.

Moody's Investors Service confirmed Eddie Bauer Inc.'s B2
Corporate Family Rating and its B2 rating on the company's
US$300 million term loan in October 2006.

In November 2006, Standard & Poor's placed the company's long-
term foreign and local issuer credit rating at B.


JAPAN AIRLINES: Signs with Goodrich For Wheels & Brake Systems
--------------------------------------------------------------
Japan Airlines Corp. has signed a contract with Goodrich Corp.
to supply wheels and electrical brake systems for the airline's
Boeing 787 Dreamliner aircraft, The Charlotte Business Journal
reports.   

The report says that the financial terms of the contract were
not disclosed.

                        About Goodrich Corp.

Headquartered in Charlotte, North Carolina, Goodrich Corporation
(Goodrich) -- http://www.goodrich.com/-- is a supplier of  
components, systems and services to the commercial and general
aviation airplane markets.  The company is also a supplier of
systems and products to the global defense and space markets.  
Goodrich's products and services are principally sold to
customers in North America, Europe and Asia.  

The Company operates through three business segments: Engine
Systems, Airframe Systems and Electronic Systems. The Engine
Systems segment produces products associated with aircraft
engines, including cowlings and their components, fuel delivery
systems, and structural and rotating components.  The Airframe
Systems segment provides systems and components pertaining to
aircraft taxi, take-off, flight control, landing and stopping,
and airframe maintenance.  The Electronic Systems segment
produces an array of systems and components that provide flight
performance measurements, flight management and control and
safety data.

                       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.

Fitch Ratings assigned a BB- rating on the company.


LIVEDOOR: Court Sentences Ryoji Miyauchi to 20 Months in Prison
---------------------------------------------------------------
A Japanese court sentenced Livedoor's former finance director,
Ryoji Miyauchi, to 20 months in prison, Reuters reports.

This is the second jail term handed out in the Livedoor
accounting fraud.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 19, 2007, that Livedoor's founder and former chief
executive, Takafumi Horie, was sentenced to two and a half years
in prison for violating securities laws.  The Tokyo District
Court found Mr. Horie guilty of faking the profit figures at
Livedoor in 2004.

Reuters says Miyauchi and three other executives -- Osanari
Nakamura, Fumito Okamoto, and Fumito Kumagai -- had admitted
guilt and testified against their former boss.

According to Reuters, Miyauchi had admitted engineering schemes
to inflate Livedoor's earnings, including booking fake orders
from allied firms and claiming non-operating gains from sales of
company shares as profit.

Mr. Nakamura, former head of Livedoor Finance Co., and Okamoto,
former Livedoor Marketing Co. president, received suspended
18-month sentences.  Mr. Kumagai, a former Livedoor director,
received a one-year suspended sentence.

                     About Livedoor Company

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

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

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


NORTHWEST AIRLINES: Ad Hoc Panel to Appeal Disclosure Order
-----------------------------------------------------------
The members of the Ad Hoc Committee of Equity Security Holders
of Northwest Airlines Corp. and its debtor-affiliates notify the
Bankruptcy Court that they will take an appeal to the
United States District Court for the Southern District of New
York from Judge Gropper's Memorandum of Opinion and Order dated
Mar. 9, 2007, compelling the Ad Hoc Committee to disclose:

    * the amounts of claims or interests owned by members of the
      Committee;

    * the times the securities were acquired; and

    * the amounts paid.

Daniel P. Goldberg, Esq., at Kasowitz, Benson, Torres & Friedman
LLP, in New York, says the Ad Hoc Committee wants the District
Court to determine whether the Bankruptcy Court erred by denying
the Ad Hoc Committee's request to file under seal certain
information in the Rule 2019 Statement, where the Bankruptcy
Court based its decision on the incorrect conclusions that:

    (1) the Ad Hoc Committee members have what amounts to
        fiduciary duties to represent all stockholders;

    (2) Rule 2019 supersedes Section 107(b) of the Bankruptcy
        Code; and

    (3) the information at issue is not confidential commercial
        information.

Mr. Goldberg asserts that Judge Gropper's Rule 2019 Ruling is a
final order within the meaning of Section 158(a)(1) of the
Bankruptcy Code, and satisfies the "collateral order doctrine,"
making the decision appealable.

Mr. Goldberg says the Collateral Order Doctrine requires that
the order on appeal (i) conclusively determine a disputed
question, (ii) resolve an important issue completely separate
from the merits of the action, and (iii) effectively would be
unreviewable if the appeal were to wait until the conclusion of
the case.

In the Ad Hoc Committee's case, each element is satisfied
easily, Mr. Goldberg maintains.  Specifically, Mr. Goldberg
says, the contested matter was all about whether the Ad Hoc
Committee could file portions of its Rule 2019 statement under
seal, and the Court's Mar. 9, 2007, decision resolved that
matter entirely.  Likewise, whether the Ad Hoc Committee's
trading data is protected from public dissemination is
important, but it is completely separate from the merits of the
underlying bankruptcy case, Mr. Goldberg explains.

If there is no appeal and the Ad Hoc Committee is forced to
immediately disclose the requested information, the issue will
be rendered moot because the harm it seeks to avoid by the
appeal -- that is public disclosure -- will already have
occurred, Mr. Goldberg asserts.

Thus, the appeal should be heard now, even if only on a purely
discretionary basis under Section 1292(b) of the Bankruptcy
Code, Mr. Goldberg says.

                    About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/--   
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The Company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel in the Debtors' chapter 11 cases.  
When the Debtors filed for protection from their creditors, they
listed US$14.4 billion in total assets and US$17.9 billion in
total debts.  On Feb. 15, 2007, the Debtors filed an Amended
Plan & Disclosure Statement.  The hearing to consider the
adequacy of the Disclosure Statement has been scheduled for
March 26, 2007.  (Northwest Airlines Bankruptcy News, Issue No.
59; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SANYO ELECTRIC: Picks Beceem Chipset for New CDMA/WiMax Handset
---------------------------------------------------------------
Sanyo Electric Co. Ltd. has chosen Beceem Communications' BCS200
chipset and systems software in the development of a dual-mode
CDMA/WiMAX mobile phone with wave 2 functionality, WiMaxxed
reports.

"Sanyo has chosen Beceem because of its continued leadership in
mobile WiMAX.  We believe that the BCS200 is a vital component
in our ability to develop CDMA/802.16e handsets that deliver the
features and performance that operators and consumers expect in
a SANYO handset," Tetsuhiro Maeda, Vice President of SANYO
Electric Co., Ltd. and Personal Mobile Group Telecom Company,
explained, WiMaxxed reports.

According to the report, Beceem Vice President of marketing
David M. Patterson said that his company is very pleased to team
up with Sanyo Electric in the development of its CDMA/WiMAX
dual-mode handset.

                 About Beceem Communications

Beceem Communications Inc. -- http://www.beceem.com/-- is a  
company that combines an experienced management team with strong
technology leadership and seasoned Silicon Valley investors.

The company is developing solutions incorporating advanced
wireless communication techniques based on IEEE 802.16 standards
recommendations.  Beceem's technology is designed to surpass
previously established spectral efficiency thresholds while
providing excellent resistance to fading, multi-path and
Doppler-shift required for use in wireless broadband
applications.

                    About Sanyo Electric

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

                          *     *     *

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

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


TAIHEIYO CEMENT: Posts JPY42.54 Billion Net Loss for FY 2006
------------------------------------------------------------
Taiheiyo Cement reported a net loss of JPY42.54 billion for the
year ended Mar. 31, 2006, as compared with a net loss of
JPY23.36 billion for the year ended Mar. 31, 2005.

Taiheiyo Cement's Mar. 31, 2006, balance sheet showed current
assets of JPY402.22 billion to settle current liabilities of
JPY593.93 billion in the next 12 months.

Taiheiyo Cement reported total assets of JPY1.28 trillion as of
Mar. 31, 2006.  The company reported total assets of JPY1.25
trillion as of Mar. 31, 2005.

The company reported JPY269.39 billion in shareholders' equity
for the year ended Mar. 31, 2006, compared with JPY236.73
billion in shareholders' equity for the year ended Mar. 31,
2005.

A full-text copy of Taiheiyo Cement's consolidated financial
statements for the year ended Mar. 31, 2006, and 2005 is
available for free at http://bankrupt.com/misc/tcar06E.pdf

                   About Taiheiyo Cement Corp.

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.

The Troubled Company Reporter - Asia Pacific reported on
February 9, 2006, that Standard & Poor's Rating Services
assigned its 'BB' long-term corporate credit and senior
unsecured debt ratings to Taiheiyo Cement Corporation.  The
outlook on the long-term corporate credit rating on the company
is stable.  The outlook on the long-term corporate credit rating
is stable.


USINAS SIDERURGICAS: New Investments to Ward Off Takeover Bids
--------------------------------------------------------------
An analyst at brokerage Planner Corretora told Business News
Americas that Usinas Siderurgicas de Minas Gerais SA's plan to
pump US$8.4 billion into new capacity is necessary to ensure the
firm's growth and to discourage takeovers.

The analyst commented to BNamericas, "I wrote a report last
month saying Usiminas was too conservative and that it was time
to expose itself."  

Usinas Siderurgicas was waiting for investment announcements
from other steelmakers in Brazil before disclosing its own plan,
BNamericas says, citing the analyst.

"Markets are growing in Brazil and abroad.  If Usiminas stands
still, the steelmaker will lose market share and it wouldn't be
hard to see the company become a takeover target, despite the
entry of Brazilian mining and metals group CVRD in its
controlling group," the analyst told BNamericas.

Usiminas Siderurgicas' investments will be aimed at the Ipatinga
city mill in Minas Gerais and subsidiary Cosipa, based in
Cubatao city in Sao Paulo.  Meanwhile, a three million ton per
year mill could be installed near Cosipa, BNamericas states.

                   About Usinas Siderurgicas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 3, 2007, that Standard & Poor's Ratings Services revised
its outlook on Brazil-based steelmaker Usinas Siderurgicas de
Minas Gerais S.A., aka Usiminas, to positive from stable.
Standard & Poor's also said that it affirmed its 'BB+' local and
foreign currency corporate credit ratings on Usiminas.


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

KOOKMIN BANK: S&P Lifts Bank Fin'l Strength Rating to B from C+
---------------------------------------------------------------
On March 21, 2007, Standard & Poor's Ratings Services upgraded
Kookmin Bank, along with its debt issues, by one notch due to
its improving stand-alone asset quality and strengthening
capitalization.  The local and foreign currency long-term and
short-term counterparty credit ratings on Kookmin Bank were
raised to 'A/A-1' from 'A-/A-2'.  The outlooks on the ratings
stable.

The Bank Fundamental Strength Rating (BFSR) on Kookmin Bank was
raised to 'B' from 'C+'.

The upgrade of Kookmin reflects the bank's improving overall
credit profile, mainly driven by a more rigorous risk management
system, and conservative asset growth strategy for the past few
years.  These factors have translated into a significant
improvement in capitalization and asset quality, evidenced by an
expected improvement in BIS Tier 1 ratio to 10% in 2006
(adjusted for expected cash dividends) from 6.7% in 2004, and a
problem asset (precautionary and below) ratio decline to 2.2% at
the end of 2006 from 4.0% in 2005.  A significant improvement in
revenue diversification and earnings stability could lead to a
revision of the outlook on the ratings on Kookmin to positive,
although the ratings upside remains limited at the current
rating level due to country risk. Conversely, if Kookmin's
capitalization deteriorates due to large-scale M&As, the ratings
on the bank could come under pressure depending on the price of
deals and financing schemes.

Local and Foreign Currency Credit Ratings List:

                                   To:                From:

Counterparty Credit              A/Stable/A-1      A-/Stable/A-2
Senior Unsecured                 A                 A-
Subordinated                     A-                BBB+
Junior Subordinated              BBB+              BBB
Bank Fundamental Strength        B                 C+

                       About Kookmin Bank

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

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


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

PROTON HOLDINGS: Favors Volkswagen on Partnership Deal
------------------------------------------------------
Malaysia's Prime Minister Datuk Seri Abdullah Ahmad Badawi told
Reuters that Proton Holdings Bhd is talking only to Volkswagen
AG about a strategic alliance, The Edge relates.

The Troubled Company Reporter - Asia Pacific reported on
March 20, 2007, that talks on a partnership deal between both
firms are at a "fairly advanced" stage.

The Prime Minister told Reuters that a decision on Proton's
partner is unlikely this week, although Malaysia is still aiming
for an end-March deadline.

According to Business Times, Proton's shareholders are also
still in talks with General Motors on a possible strategic
alliance.  Proton is also considering local parties.

Khazanah, an investment arm of the Malaysia government, controls
Proton through its 43% stake.

                          *     *     *

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

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

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


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

* Central Bank Says RP May Beat 2007 BOP Surplus Forecast
---------------------------------------------------------
The Bangko Sentral ng Pilipinas, expects the country to beat its
balance of payments surplus forecast of US$1.6 billion this
year, deputy governor Diwa Guinigundo said on Thursday.

"There is a good likelihood that the present forecast of US$1.6
billion might be exceeded due to continuing good prospects from
exports, OFWs' (overseas Filipino workers) remittances and
foreign investments," Guinigundo told Reuters.

The Philippines had a record BOP surplus of US$3.77 billion in
2006, above the central bank's forecast of US$2.8 billion and
the surplus of US$2.41 billion in 2005.

Mr. Guinigundo said the BOP forecast was under "continuing
review" to take into account developments in the market.

The central bank said earlier it was expecting remittances from
nearly nine million workers abroad to reach US$14.7 billion this
year, including money sent through informal channels, up from
its earlier forecast of US$14.1 billion.

Official remittances reached US$1.1 billion in January, 20%
higher than in the same month last year.

Record remittance have fuelled consumer spending at home and the
central bank is monitoring inflows to make sure they do not
stoke consumer prices.

However, inflation has been falling, hitting a four-year low of
2.6% in February due to easier local oil prices, lower food
costs and a strong peso.

Exports in January surged 27.3% from a year earlier, the fastest
annual pace in more than seven years.

Net foreign portfolio investments continued to increase in the
first two months of the year, rising 58% from a year earlier to
US$665 million.

The Philippines attracted US$2.35 billion in net foreign direct
investments last year, 18% higher than the central bank's
forecast.

The balance of payments is closely watched in the Philippines
because of the government's high foreign debt.

                          *     *     *

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

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

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

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


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

PETROLEO BRASILEIRO: Completes Gualberto Plant Maintenance Works
----------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro said in a
statement that it has completed maintenance works on its
Gualberto Villarroel refinery in Cochabamba, Bolivia, two days
ahead of schedule.

Business News Americas relates that the works, which started on
March 3, were expected to last 17 days.  The works were aimed at
repairing the primary furnace at the plant's distillation unit.

According to BNamericas, Petroleo Brasileiro complied with the
supply of fuels during maintenance in line with the monthly
program that Bolivian regulator Superintendencia de
Hidrocarburos and the hydrocarbons ministry established.

Petroleo Brasileiro, in an effort to meet its supply
requirements, had reserves in tanks of 14.1 million liters
premium gasoline, 27.9 million liters diesel, 5.8 million liters
jet fuel and 740,000 liters liquefied petroleum gas for
distribution, BNamericas states.

                    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.


PETROLEO BRASILEIRO: To Decide on Maranon Exploration Deal
----------------------------------------------------------
Petroleo Brasileiro SA and Petroperu must decide, until November
2008, whether to convert the technical evaluation agreements,
which were signed in November 2005, on six blocks in Peru's
Maranon basin into exploration contracts, Business News Americas
reports, citing a Petrobras spokesperson as saying.

The spokesperson told BNamericas that the pre-exploration stage
includes magnetometry and magnetogravimetry works.  The pre-
exploration stage is defining the positions of basins and
sedimentary deposits but not structural traps.

BNamericas reports that Colombia's state oil company Ecopetrol,
was already very advanced likely would be involved in the
companies' exploration efforts.  Ecopetrol initially didn't join
because the agreement with Petrobras was already advanced.

After the evaluations, the companies would identify what
participation each would have in the blocks, BNamericas adds.

                    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.


PETROLEO BRASILEIRO: Oil & Gas Production Increase in February
--------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras' oil and natural gas
production in Brazil and abroad was 2,317,443 barrels of oil
equivalent (oil + gas) per day in February, 1.46% more than the
previous months', and 1.26% above a year ago.  Total production
abroad (oil & gas) averaged 236,453 barrels of oil equivalent
per day.  This volume was 3.7% over January's, mainly as a
result of the Cottonwood field going online in the American part
of the Gulf of Mexico, and because of the higher production in
Bolivia to attend to the greater demand for gas.

Only taking Brazilian fields into account, oil and gas
production averaged 2,080,990 barrels of oil equivalent per day,
a 2.5% increase over a year ago and 1.2% more than in January
2007.

Petrobras' exclusive oil production in Brazil topped-out at
1,804,783 barrels per day, on average.  This volume is 2.6% more
than that produced in February 2006, and 1.1% above the January
2007 average.  The increase resulted from P-37 platform's
operation normalization, in the Marlim field, Campos Basin,
after the scheduled shutdown made during the second half of
January.

Petrobras' total gas production in February was 61.8 million
cubic meters per day, 43.9 million of which coming from
Brazilian fields and 17.9 million derived from fields overseas.

                    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.


PROGRESSIVE TECHNOLOGIES: Court to Hear Wind-Up Petition Today
--------------------------------------------------------------
The High Court of Singapore will hear a petition to liquidate
Progressive Technologies Pte Ltd. today, March 23, 2007 at 10:00
a.m.

NF Smith & Associates LP filed the petition on Feb. 5, 2007,

NF Smith's solicitors are:

         Wong & Leow LLC
         1 Temasek Avenue
         #27-01 Millenia Tower
         Singapore 039192


REFCO INC: Court Extends Removal Period Until May 11
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extends until May 11, 2007, the period within which Refco, Inc.,
and its debtor-affiliates may file notices of removal with
respect to pending actions under Rule 9027(a)(2) of the Federal
Rules of Bankruptcy Procedure.

RJM, LLC, the duly appointed administrator of Refco, Inc.'s
Chapter 11 case, and Marc S. Kirschner, the duly appointed
administrator and Chapter 11 Trustee of Refco Capital Markets,
Ltd.'s estate, requested the motion.

The Plan Administrators assumed the rights, powers, and duties
of the Reorganized Debtors and RCM upon the Plan Effective Date.

The Debtors were plaintiffs in 37 actions and proceedings in a
variety of state and federal courts throughout the country.
Since the Debtors have continued to focus primarily on winding
down their businesses, administering claims and implementing the
Plan, the Debtors have not reviewed all the Actions to determine
whether any of them should be removed.

Extension of the Removal Period will afford the Debtors a
sufficient opportunity to assess whether the Actions can and
should be removed, hence, protecting the Debtors' valuable right
to adjudicate lawsuits under Section 1452 of the Judiciary and
Judicial Procedure Code.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


REFCO: Plan Administrators Want Protocol on 140 Related Claims
----------------------------------------------------------------
RJM, LLC, the duly appointed administrator of Refco, Inc.'s
Chapter 11 case, and Marc S. Kirschner, the duly appointed
administrator and Chapter 11 Trustee of Refco Capital Markets,
Ltd.'s estate, ask the U.S. Bankruptcy Court for the Southern
District of New York to treat approximately 140 claims as
Related Claims in accordance with the Plan.

The Plan Administrators assumed the rights, powers, and duties
of the Reorganized Debtors and RCM upon the Plan Effective Date.

Under the Reorganized Debtors' chapter 11 Plan, a creditor is
entitled to recover on its claim from its primary debtor
obligor.  Other claims arising from the same facts, transactions
or occurrences giving rise to the creditor's claim are deemed
"Related Claims" and are subordinated under the Plan.  The
claimholders are not entitled to a distribution on account of
those claims unless and until all Allowed General Unsecured
Claims against the applicable Reorganized Debtor or RCM, have
been paid in full.

After reviewing the Reorganized Debtors' books and records, the
Plan Administrators have identified approximately 140 Related
Claims, with underlying claims asserted against each claimant's
primary obligor.

The Related Claims include:

                                Primary            Related
  Claimant                Case No. Claim No.  Case No. Claim No.
  --------                -------- ---------  -------- ---------  
  Alternative Investments    018      9198     262       9172
  Fund, Ltd

  Banesco Holding CA         018     10125     023      10546

  Fimex International        018      5750     029       9288
  Limited

  IDS Managed Fund LLC       018      9352     261      14417

  Lebo Capital               018     12289     262      12261
  Management LLC

  NBK Investment, Ltd.       018     10221     262      10194

  Nikko Futures Fund         018     10015     020      10017

  Reserve Invest             018     11392     006      11391
  (Cyprus) Limited

  Rietumu Banka              018     11383     027      11380

  RPM Risk & Portfolio       018      9568     007       9561
  Management AB

  TAU 28 Fund Ltd.           018      9420     023       9404

A complete list of the Related Claims is available at no charge
at http://ResearchArchives.com/t/s?1bc1

Mark W. Deveno, Esq., at Bingham McCutchen LLP, in New York,
asserts that proper treatment of the Related Claims is necessary
to ensure that distributions are properly calculated within the
terms of the Plan.

                        About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 58; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


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

BLOCKBUSTER INC: Restates Employment Pact with CEO John Antioco
---------------------------------------------------------------
Blockbuster Inc., in an 8-K filed with the U.S. Securities and
Exchange Commission, disclosed that the company has entered into
an amended and restated employment agreement that sets forth
terms under which Chairman and Chief Executive Officer John
Antioco will leave the company by the end of 2007.

"I am pleased that we were able to reach this agreement," said
John Antioco, Blockbuster Chairman and CEO.  "This revised
employment agreement allows for management continuity and ample
opportunity for an orderly succession by the end of the year.  
In the meantime, the board of directors, our management team and
I remain focused on continuing to improve the business, most
notably through BLOCKBUSTER Total Access(TM)."

"John and the company have reached terms that are clearly in the
best interests of the stockholders," said Carl C. Icahn, a
member of the Blockbuster Board of Directors.  "I and the rest
of the board remain committed to working with our dedicated
management team to deliver on the company's financial goals for
the year and to continue positioning Blockbuster for improved
success now and into the future."

Under the amended and restated employment agreement, Antioco
will receive a 2006 bonus of US$3.0525 million, which reflects a
compromise between the US$2.28 million bonus previously
conditionally offered by the board and US$7.65 million, which is
the amount Antioco was entitled to receive under his previous
employment agreement and Blockbuster's 2006 Senior Bonus Plan if
negative discretion was not invoked.  Additionally, at the
conclusion of his employment, Antioco will receive a lump sum
payment of US$4.9875 million as compared to a lump sum payment
of US$13.5 million that he would have been entitled to receive
if he had been terminated without cause or had resigned for good
reason on Dec. 31, 2007, under his previous employment
agreement.

Details of the amended and restated employment agreement are
included in the 8-K filing.

In addition, at a meeting of the Blockbuster board of directors
on March 19, 2007, the board voted to recommend that
Blockbuster's stockholders approve at its annual meeting an
amendment to Blockbuster's certificate of incorporation to
eliminate the classification of the board of directors and to
provide for the annual election of all directors.  The board
believes that the de-classification of the board is consistent
with best corporate governance practices.

                      About Blockbuster Inc.

Blockbuster Inc. (NYSE: BBI, BBI.B) --
http://www.blockbuster.com/-- provides in-home movie and game   
entertainment, with more than 9,000 stores throughout the
Americas, Europe, Asia and Australia.  The company also operates
in Taiwan, Thailand, and New Zealand.

Standard & Poor's Ratings Services revised its outlook on video
rental retailer Blockbuster Inc. to stable from negative.  The
ratings on the Dallas-based company, including the 'B-'
corporate credit rating, were affirmed.

Fitch Ratings has affirmed Blockbuster Inc.'s Issuer default
rating at 'CCC'; Senior secured credit facility rating at
'CCC/RR4'; and Senior subordinated notes rating at 'CC/RR6'.

The Troubled Company Reporter - Asia Pacific reported that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the the US and Canadian Retail sector, the
rating agency confirmed its B3 Corporate Family Rating for
Blockbuster Inc.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Sr. Sec. Revolving
   Credit Facility      B3       B1       LGD2     25%

   US$100 million
   Senior Secured
   Term Loan A          B3       B1       LGD2     25%

   US$550 million
   Senior Secured
   Term Loan B          B3       B1       LGD2     25%

   US$300 million
   9% Sr. Sub. Notes    Caa3     Caa2     LGD5     86%


BLOCKBUSTER INC: Inks Amended & Restated Employment Pact w/ CEO
---------------------------------------------------------------
Blockbuster Inc. disclosed Tuesday in a filing with the
Securities and Exchange Commission that the Company and John
Antioco, Blockbuster Chairman and CEO, have entered into an
amended and restated employment agreement that sets forth terms
under which Mr. Antioco will leave the company by the end of
2007.

"I am pleased that we were able to reach this agreement," said
John Antioco, Blockbuster Chairman and CEO.  "This revised
employment agreement allows for management continuity and ample
opportunity for an orderly succession by the end of the year. In
the meantime, the board of directors, our management team and I
remain focused on continuing to improve the business, most
notably through BLOCKBUSTER Total Access(TM)."

"John and the company have reached terms that are clearly in the
best interests of the stockholders," said Carl C. Icahn, a
member of the Blockbuster Board of Directors.  "I and the rest
of the board remain committed to working with our dedicated
management team to deliver on the company's financial goals for
the year and to continue positioning Blockbuster for improved
success now and into the future."

Under the amended and restated employment agreement, Mr. Antioco
will receive a 2006 bonus of US$3.0525 million, which reflects a
compromise between the US$2.28 million bonus previously
conditionally offered by the board and US$7.65 million, which is
the amount Antioco was entitled to receive under his previous
employment agreement and Blockbuster's 2006 Senior Bonus Plan if
negative discretion was not invoked.

Additionally, at the conclusion of his employment, Antioco will
receive a lump sum payment of US$4.9875 million as compared to a
lump sum payment of US$13.5 million that he would have been
entitled to receive if he had been terminated without cause or
had resigned for good reason on Dec. 31, 2007, under his
previous employment agreement.

Details of the amended and restated employment agreement are
available for free at http://researcharchives.com/t/s?1bc7

In addition, at a meeting of the Blockbuster board of directors
on March 19, 2007, the board voted to recommend that
Blockbuster's stockholders approve at its annual meeting an
amendment to Blockbuster's certificate of incorporation to
eliminate the classification of the board of directors and to
provide for the annual election of all directors.  The board
believes that the de-classification of the board is consistent
with best corporate governance practices.

                           2006 Results

Blockbuster Inc. reported net income of US$54.7 million for the
year ended Dec. 31, 2006, compared with a net loss of
US$588.1 million for 2005.

Revenues for 2006 decreased 3.5% to US$5.52 billion from
US$5.72 billion for 2005 mostly due to the closure of stores
resulting from accelerated actions to optimize the company's
assetportfolio and a 2.1% decrease in worldwide same-store
sales.

At Dec. 31, 2006, the company's balance sheet showed
US$3.137 billion in total assets, US$2.394 billion in total
liabilities, and US$742.4 million in total stockholders' equity.

                      About Blockbuster Inc.

Blockbuster Inc. (NYSE: BBI, BBI.B) --
http://www.blockbuster.com/-- provides in-home movie and game   
entertainment, with more than 9,000 stores throughout the
Americas, Europe, Asia and Australia.  The company also operates
in Taiwan, Thailand, and New Zealand.

Standard & Poor's Ratings Services revised its outlook on video
rental retailer Blockbuster Inc. to stable from negative.  The
ratings on the Dallas-based company, including the 'B-'
corporate credit rating, were affirmed.

Fitch Ratings has affirmed Blockbuster Inc.'s Issuer default
rating at 'CCC'; Senior secured credit facility rating at
'CCC/RR4'; and Senior subordinated notes rating at 'CC/RR6'.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the the US and Canadian Retail sector, the
rating agency confirmed its B3 Corporate Family Rating for
Blockbuster Inc.

Additionally, Moody's revised its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 million
   Sr. Sec. Revolving
   Credit Facility      B3       B1       LGD2     25%

   US$100 million
   Senior Secured
   Term Loan A          B3       B1       LGD2     25%

   US$550 million
   Senior Secured
   Term Loan B          B3       B1       LGD2     25%

   US$300 million
   9% Sr. Sub. Notes    Caa3     Caa2     LGD5     86%


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Stadium Australia Group           SAX     135.23      -41.84


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Chang Ling Group                  561      77.48      -76.83
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      20.12      -42.96
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Kelon Electrical
   Holdings Co Ltd                921     685.74      -96.88
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hans Energy Company Limited       554      94.75      -10.76
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Genuine Material
   Co., Ltd.                      156      77.57      -77.92
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiamusi Paper Co. Ltd.            699     109.07      -86.57
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -28.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen Dawncom Business Tech
   and Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd.                   NVXL      98.77      -14.62
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Fairfield Atlas Ltd.              ATG      20.03       -0.15
GKW Ltd.                          GKW      35.75      -13.52
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Ltd.                          HMT     238.05     -288.85
IFCI Ltd.                        IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson and Nicholson
   (India) Ltd.                    JN      15.41      -77.32
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
Lloyds Steel Industries Ltd.     LYDS     380.94      -69.93
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI     110.62      -74.82
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements Ltd.               MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Phil Corporation Ltd.            NPPI      22.13       -4.96
RPG Cables Ltd.                  NRPG      51.43      -20.19
Saurashtra Cement Ltd.            SRC     112.31        4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd.                SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Mulialand Tbk                    MLND     141.33      -45.99
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Suba Indah Tbk                   SUBA      85.17       -9.18


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.34      -11.20


MALAYSIA

Antah Holdings Bhd                ANT     184.60      -98.30
Ark Resources                     ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Informatics Holdings Ltd         INFO      22.30       -9.14
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Rousel Elaine Tumanda, Valerie
Udtuhan, Francis James Chicano, Catherine Gutib, Tara Eliza
Tecarro, Freya Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
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