TCRAP_Public/070327.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  

             Tuesday, March 27, 2007, Vol. 10, No. 61

                            Headlines

A U S T R A L I A

BLENKHORN & JORDAN: Placed Under Members' Voluntary Liquidation
DROUGHTMASTER EXPORTERS: Final Meeting Slated for May 29
FB INSURANCE: Members' Final Meeting Set for April 4
FINCORP GROUP: Undergoes Administration with AU$290-Mil. Debt
INTELLECT HOLDINGS: Posts AU$4.3-Mil. Loss in HY to Dec. 2006

JOHN WEST & ASSOCIATES: Seeks to Appoint Joint Liquidators
LILYDALE ENTERPRISES: To Declare Dividend for Priority Creditors
LIONHEART INVESTMENTS: Liquidator to Present Wind-Up Report
LOGISTICS TRAINING: Members and Creditors Set to Meet on April 5
NOMEL PTY: Members to Hold Final Meeting on April 18

REX LETHBORG: Creditors' Proofs of Debt Due on April 16
STEELWATER PTY: Members & Creditors Set to Meet on April 24
WESTPOINT GROUP: Financial Planner Settles with Clients
* AU & NZ Consumer-Related Corporates Face Head Winds, S&P Says


C H I N A   &   H O N G  K O N G

ALEXANDER FORBES: Liquidators Quit Posts
BANK OF CHINA: 2H Profit Doubles on Tax Breaks and Loan Growth
BENQ CORP: Mobile Unit to Seek EUR500-Mln Claim Against Parent
CHINA MERCHANTS: To Double Credit Card Number by 2008 Olympics
CITIC BANK: Mainland & Hong Kong Listing Set for April

LAI FUNG HOLDINGS: S&P Hands B+ Long-Term Corp. Credit Rating
MITSUI HI-POLYMER: Placed Under Members' Voluntary Wind-Up
NEWFORM INVESTMENT: Shareholders' Final Meeting Set for April 23
NEWFORM KNITTERS: Shareholders' Final Meeting Set for April 23
PEREGRINE SYSTEMS: Creditors' Proofs of Debt Due on April 23

SHEEN BILI: Liquidator Quits Post
SKY RICH: Shareholder Opts to Wind Up Firm
SUPER DATA: Liquidator Quits Post
TIME GAIN: Commences Liquidation Proceedings
WISEFORD INTERNATIONAL: Ha Yue Fuen, Henry Quits Liquidator Post

YAMAHA MOTOR: Liquidators Quit Posts


I N D I A

AES CORP: Pays Dominican Republic US$6 Mil. for Waste Disposal
AES CORP: Restatements Cue Default Under Senior Facilities
AES CORPORATION: Keller Rohrback Probes Claims Against Officers
BANK OF BARODA: Board Declares 30% Interim Dividend
BANK OF BARODA: To Enter Into Life Insurance JV Soon

BPL LTD: Mulls Transfer of PBC Business to Joint Venture
BRITISH AIRWAYS: EU Court Upholds EUR6.8-Mil. Fine Imposed by EC
BRITISH AIRWAYS: Prepares for Possible Impact of Open Skies Deal
CENTURION BANK OF PUNJAB: To Raise INR700-Cr. by Long-Term Debt
CORPORATION BANK: Declares 40% Interim Dividend for FY2006-07

DECCAN AVIATION: Turns Around With INR96.4MM Profit in 4Q 2006
HINDUSTAN ORGANIC CHEMICALS: Starts Implementing Rehab Plan


I N D O N E S I A

ALCATEL-LUCENT: Another Ex-Official Indicted in Firm's Case
FOSTER WHEELER: Unit Wins US$110-M Contract for Steam Generator
FREEPORT: Prices Public Offering of 41 Million Common Shares
NUTRO PRODUCTS: CEO Says 90% of Pet Food Not Involved in Recall


J A P A N

AMERICAN AIRLINES: S&P Junks Rating on US$357-Mil. Revenue Bonds
BANCO BRADESCO: Cancels Planned Serasa Initial Public Offering
EDDIE BAUER: High Leverage Prompts S&P's Negative Outlook
FORD MOTOR: S&P Holds Negative Outlook on Liquidity Concern
FORD MOTOR: S&P Comments on Asset Backed Securities' Protections

FURUKAWA ELECTRIC: 2006 Profit Forecast Up 36% from 2005
NIKKO CORDIAL: Top Shareholders Snub Citigroup's Increased Offer
NORTHWEST: Judge Gropper Refuses to Rule on Examiner Plea
SANYO ELECTRIC: GE To Launch JPY135-Billion Takeover Bid


K O R E A

CURON INC: Inks MOU with Optima for Sales Right of CVD Solution
CURON INC: To Issue 5th Unsecured Bond Through Public Offering
CURON INC: To Issue Common Shares to Sinji Soft & Sein Company
EG GREENTECH: Acquires Network Live for KRW8.5 Billion
EG GREENTECH: To Purchase 100,000 Common Shares of Constellation

EG GREENTECH: Appoints Lee Dae Hyun as New CEO
EG SEMICON: Korea-based Subsidiary Signs MOU with ICC (Pvt) Ltd
HANA BANK: Moody's Puts Baa1 Rating on Tier II Sub. Notes
HYNIX SEMICONDUCTOR: Inks Deal to Purchase Land in Cheongju
LG TELECOM: Moody's Upgrades Ratings to Ba1 on Stronger Profile


M A L A Y S I A

ANTAH HOLDINGS: Completes Restructuring; Out of Bursa List
AYER MOLEK: Failure to Meet Capital Condition Prompts Delisting
COMSA FARMS: Fails to File Annual Report; Gets Public Reprimand
PROTON HOLDINGS: Brand Will Stay Amid Merger Talks, Assures PM
SUREMAX GROUP: Bursa Extends Plan Filing Deadline to May 31

TENGGARA OIL: Bourse Extends Plan Filing Deadline to August 7


N E W   Z E A L A N D

AIR NEW ZEALAND: Offers NZ$3,000 Payment to Members, SFWU Says


P H I L I P P I N E S

MANILA MINING: Net Loss Narrows 24% to PHP112.7 Million in 2006
METROPOLITAN BANK: Expands Reach to Japanese Business
TOWER RECORDS: Caiman Buys Trademark & Web Site for US$4.2 Mil.


S I N G A P O R E

AVAGO TECH: Commences Offer for Up to US$100MM of 2013 Sr. Notes
AVAGO TECHNOLOGIES: Reports 1Q Fiscal 2007 Financial Results
COMPACT METAL: Completes Sale Of Hotel and Factory
COMPACT METAL: DBS Holds 11.23% of Issued Share Capital
COMPACT METAL: Appoints Chng Gim Huat as New President

CREATIVE TECH: Discloses 2nd Quarter 2007 Financial Results
DIGILAND INTERNATIONAL: Names Vincent Tan Kim Yong as Chairman
FLEXTRONICS INT'L: To Sell Swedish Unit to Prevas
FLEXTRONICS INT'L: May Re-start Czech Operations
INFORMATICS EDUCATION: Cuts 3Q Net Loss by 92% to US$0.64 Mil.

LEAR CORP: To Supply Seating Systems to Bombardier Recreational
PETROLEO BRASILEIRO: Fitch Holds Senior Notes' Rating at BB+
PETROLEO BRASILEIRO: Landless Farmers Hold Strike Against Co.
PETROLEO BRASILEIRO: Will Export Ethanol to U.S. in 2007
SHIP FINANCE: Buys Three Seismic Vessels from SCAN Geophysical


T H A I L A N D

DAIMLERCHRYSLER AG: Plans to Keep Chrysler Ties Following Sale
TMB BANK: Plans to Issue US$1 Billion Worth of Bonds
TMB BANK: Board Approves Capital Raising Plan

     - - - - - - - -

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

BLENKHORN & JORDAN: Placed Under Members' Voluntary Liquidation
---------------------------------------------------------------
At a general meeting held on March 2, 2007, the members of
Blenkhorn & Jordan Pty Ltd resolved to voluntarily liquidate the
company's business.

Accordingly, Ralph M. Hortle was appointed as liquidator.

The Liquidator can be reached at:

         Ralph M. Hortle
         Bonney Hortle & Partners Pty Ltd
         56 Oldaker Street
         Devonport, Tasmania 7310
         Australia

                    About Blenkhorn & Jordan

Blenkhorn & Jordan Pty Ltd is a distributor of wood containers.  
The company is located in Tasmania, Australia.


DROUGHTMASTER EXPORTERS: Final Meeting Slated for May 29
--------------------------------------------------------
A final meeting will be held for the members and creditors of
Droughtmaster Exporters Pty Ltd on May 29, 2007, at 1:00 p.m.

Liquidator Neil Donaldson will present a report about the
company's wind-up proceedings and property disposal at the
meeting.

The company started to wind up its operations on Feb. 22, 2007,
as reported by the Troubled Company Reporter - Asia Pacific.

The Liquidator can be reached at:

         Neil Donaldson
         PO Box 978, Kenmore Queensland 4069
         Australia
         Telephone:(07) 3378 3040

                  About Droughtmaster Exporters

Droughtmaster Exporters Pty Ltd provides livestock services,
except veterinary.  The company is located in Queensland,
Australia.


FB INSURANCE: Members' Final Meeting Set for April 4
----------------------------------------------------
The members of FB Insurance Brokers Pty Ltd will have their
final meeting on April 4, 2007, at 9:30 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mark James Murphy
         Byfields CPA
         14 Resolution Drive
         Ascot, Western Australia 6104
         Australia

                       About FB Insurance

FB Insurance Brokers Pty Ltd provides services for insurance
agents and brokers.  The company is located in ACT, Australia.


FINCORP GROUP: Undergoes Administration with AU$290-Mil. Debt
-------------------------------------------------------------
On March 23, 2006, Fincorp Group went into administration owing
AU$200 million to investors and AU$90 million to external
financiers, The Australian reports.

Accordingly, David Winterbottom was appointed as administrator
together with Mark Korda and Lachlan McIntosh, partners at
corporate recovery firm KordaMentha, the report relates.

The administrators are currently assessing the group's financial
position, The Australian says, noting that the group has also
reportedly been struggling under heavy inter-company debt loads
and negative cashflow.

Mr. Winterbottom said they are also investigating the current
status of the group's property assets.  Fincorp has 10
development properties -- six in Victoria and four in
Queensland, Mr. Winterbottom revealed.

"We will be creating and implementing sale and development
strategies for the properties to maximize returns for all
stakeholders," Mr. Winterbottom said, but noted that they "will
not be in a position to estimate potential returns to retail
investors and other creditors for some time."

A creditors meeting is slated for March 30, 2007, and
KordaMentha plans to regularly update investors by phone,
letter, and their Web site, the AAP notes.

                      Investors Blame ASIC

Fincorp investors alleged that the Australian Securities and
Investments Commission has failed to properly oversee a court
order which would have given more than 1,000 investors an escape
before the firm collapsed, Simon Kirby writes for The
Australian.

The paper recounts that in May 2005, the New South Wales Supreme
Court found that Fincorp has issued a misleading and incomplete
prospectus and ordered the company to refund investments made
between February and September 2004.

However, according to investors, they were not notified of the
ruling and that the ASIC had failed to ensure Fincorp's
compliance with the ruling, The Australian relates.

The Australian says Fincorp's 7,800 investors have an average
age of 60 and are concentrated in New South Wales.

                         About Fincorp

Fincorp Group -- http://www.fincorp.com.au/-- in its current  
structure was established in July 2005.  The company is a
boutique funds management and property development business that
focuses on mortgage-backed and property products.  It is based
in Grosvenor Place, Sydney with around 40 staff across New South
Wales, Victoria, and Queensland.

Two companies with the Fincorp Group (Fincorp Financial Services
Limited and Fincorp Managed Investments Limited) hold Australian
Financial Services Licenses and act as Responsible Entities
under the Corporations Act 2001.  Fincorp and its Funds are
regulated by the Australian Securities and Investment
Commission.


INTELLECT HOLDINGS: Posts AU$4.3-Mil. Loss in HY to Dec. 2006
-------------------------------------------------------------
Intellect Holdings Limited posted a loss from continuing
activities after income tax of AU$4.3 million for the half-year
to Dec. 31, 2006, compared to a loss of AU$4.8 million at
Dec. 31, 2005.

The company also reported that sales revenue was
AU$10.4 million, with the European market providing the majority
of these sales, compared to AU$17.6 million for the comparative
period to Dec. 31, 2005.

The EBITDA loss for the period of AU$3.4 million was also
impacted by the lower sales results, and compares to the loss of
AU$1.8 million in 2006 (adjusted for one-offs).

Operating expenses decreased to AU$7.1 million compared to
AU$8.9 million in the prior year.  Net operating cash outflow
was AU$2.2 million compared to an outflow of AU$0.6 million in
2005.

In addition, the company has secured new funding facilities to
provide working capital for additional manufacturing capacity.  
This should allow the company to build a product pipeline and
meet regular product delivery schedules in the future.

In an update to its proposed merger with Cadmus Technology
Limited via a scheme of arrangement, Intellect Holdings relates
that the parties are continuing to negotiate toward a favorable
outcome.  Intellect Directors remain determined that any
agreement ultimately reached -- benefits Intellect shareholders.

                 Financing Facilities Obtained

At Dec. 31, 2006, the consolidated entity had financing
facilities of AU$9.0 million of which AU$6.4 million was drawn.  
Since that date, the Directors have successfully re-negotiated
the terms of the available loan facility of AU$6.0 million such
that a replacement facility of AU$11.0 million was secured.  The
new facility is available to June 30, 2008.  In addition,
Directors have negotiated a standby facility of AU$2 million to
fund certain contingencies.

                    Auditor's Going Concern

In the half-year period ended Dec. 31, 2006, the company
recorded a net loss of AU$4.3 million and a net operating cash
outflow of AU$2.3 million.  The company has AU$5.8 million net
liabilities and AU$6.8 million net current liabilities at
Dec. 31, 2006.

After reviewing the company's financial result for the half-year
ended Dec. 31, 2006, Maria Martin, a partner at
PricewaterhouseCoopers issued substantial doubt as to the
company's ability to continue as a going concern.  Ms. Martin
noted that the company remains dependent on the continued
support of financiers, the ability to generate revenue and cash
flows, reducing operating costs, achieving delivery schedules,
working within available funding facilities, and achieving
favorable outcomes on legal claims outstanding.

PricewaterhouseCoopers noted that it does not express an audit
opinion.  The Auditor explained that a review is substantially
less in scope than an audit conducted in accordance with
Australian Auditing Standards and consequently does not enable
us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.

One of the Auditor's bases for its disclaimer is the involvement
of one of the company's subsidiary in a litigation of which it
is a defendant.  The litigation alleges that delays and faults
in delivered products resulted in a breach of contract, which
caused the failure of the customer's business ventures with
damages claimed amounting to AU$115 million.  The circumstances
of the cause are that the ultimate outcome of the litigation
cannot presently be determined with an acceptable degree of
reliability.  Thus, no provision for any liability that may
result has been made in the financial statements.

                    About Intellect Holdings

Headquartered in New South Wales, Intellect Holdings Limited --
http://www.intellect.com.au/-- operates predominantly in the  
design, marketing, distribution and manufacturing of security
and electronic funds transfer and encapsulated solid state
keyboard technology.  The company carries out its operations in
Australia/Asia and Europe/Americas.  The areas of operation in
Australia are principally sales, distribution, service, assembly
and research and development, as well as certain head office
activities.  Other distribution operations are carried on from
its Hong Kong office (Intellect Asia Limited).

Belgium is the home country of the main operating entity
Intellect International NV and the physical location of the
company's head office.  Intellect International NV carries out
sales, distribution, service, assembly, manufacturing and
research & development activities.  On July 5, 2006, Intellect
and Cadmus Technology Limited (Cadmus) announced a proposal to
merge their businesses.


JOHN WEST & ASSOCIATES: Seeks to Appoint Joint Liquidators
----------------------------------------------------------
In a statement posted at its Web site, the Australian Securities
and Investments Commission said that it has commenced
proceedings in the Supreme Court in Adelaide against Jonathan
Peter West and his company, John West & Associates Pty Ltd.

The ASIC alleges that Mr. West and his company have been
operating a managed investment scheme in breach of the
Corporations Act since May 21, 2003.

According to the ASIC, its investigations have revealed that
Mr. West or his company borrowed funds from investors at
interest rates of up to 3% a month and on-lent those funds to
borrowers for commercial purposes.  These investigations further
revealed that the majority of these loans are now in default,
with at least 54 investors being owed an aggregate of about
AU$7.87 million.

Accordingly, the ASIC has applied for:

   (a) the appointment of John Irving and Andre Strazdins of
       Sims Partners to:

       * wind up the scheme; and

       * act as joint liquidators in the winding up of John West
         and Associates Pty Ltd; and

   (b) injunctions restraining Mr. West and his company from
       operating the managed investment scheme pending the
       appointment of Messrs. Irving and Strazdins.

The application has been adjourned for a directions hearing on
April 4, 2007.

On March 23, 2007, the Court made orders restraining Mr. West
and his company from operating the scheme except for the payment
of interest and repayment of principal in respect of loans made
pursuant to the scheme with prior notification to the ASIC.  The
Court also ordered that Mr. West and his company report to the
ASIC on a weekly basis in relation to any transactions.

"ASIC has taken this action to protect investors and to prevent
even more people giving Mr. West their money to invest in what
ASIC believes is an unregistered and illegal investment scheme,"
ASIC's Deputy Executive Director Enforcement, Allen Turton said.

Anyone who has lent money to Mr. West or his company can make a
complaint and provide further detail about their investments to:

   * ASIC's Infoline on 1300 300 630

     -- or --

   * e-mail infoline@asic.gov.au

The ASIC's investigation is continuing.


LILYDALE ENTERPRISES: To Declare Dividend for Priority Creditors
----------------------------------------------------------------
Lilydale Enterprises Pty Ltd, which is in liquidation, will
declare a first and final dividend for its priority creditors on
April 25, 2007.

Creditors who are unable to prove their debts by April 3, 2007,
will be excluded from sharing in the dividend distribution.

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Sept. 20, 2005.

The company's liquidator is:

         Oren Zohar
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia 6832
         Australia

                   About Lilydale Enterprises

Lilydale Enterprises Pty Ltd provides oil and gas field
services.  The company is located in Western Australia,
Australia.


LIONHEART INVESTMENTS: Liquidator to Present Wind-Up Report
-----------------------------------------------------------
Lionheart Investments Pty Ltd will hold a final meeting for its
members and creditors on April 26, 2007, at 3:00 p.m.

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

The Liquidator can be reached at:

         E. R. Verge
         Jones Condon Chartered Accountants
         Unit 44B, Level 1
         Piccadilly Square West
         7 Aberdeen Street (Corner Nash Street)
         Perth, Western Australia 6000
         Australia

                    About Lionheart Investments

Lionheart Investments Pty Ltd -- also trading as Corporate
Productivity Systems -- is a provider of computer related
services.  The company is located in Western Australia,
Australia.


LOGISTICS TRAINING: Members and Creditors Set to Meet on April 5
----------------------------------------------------------------
The members and creditors of Logistics Training Services Pty Ltd
will have their final meeting on April 5, 2007, at 9:00 a.m.,
to:

   -- receive the liquidator's final receipts and payments;

   -- receive formal notice of the end of the administration;     
      and

   -- discuss other business that may be considered with
      the foregoing.

The company's liquidator is:

         Raj Khatri
         Worrells Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4321
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au

                    About Logistics Training

Logistics Training Services Pty Ltd provides educational
services.  The company is located in Queensland, Australia.


NOMEL PTY: Members to Hold Final Meeting on April 18
----------------------------------------------------
The members of Nomel Pty Ltd will have their final meeting on
April 18, 2007, at 4:00 p.m., to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

According to the TCR-AP, the company commenced wind-up
proceedings on Feb. 6, 2007.

The company's liquidator is:

         Damien John Clarke
         McCullough Robertson
         Level 11, Central Plaza Two
         66 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone: 3233 8888

                         About Nomel Pty

Located in Queensland, Australia, Nomel Pty Ltd is an investor
relation company.


REX LETHBORG: Creditors' Proofs of Debt Due on April 16
-------------------------------------------------------
Rex Lethborg Proprietary Limited requires its creditors to file
their proofs of debt by April 16, 2007.

Creditors who cannot prove their debts within the due date will
be excluded from the company's dividend distribution.

Ian Robert Wright is the company's liquidator.

                       About Rex Lethborg

Rex Lethborg Proprietary Limited is a distributor of
miscellaneous personal services.  The company is located in
Tasmania, Australia.


STEELWATER PTY: Members & Creditors Set to Meet on April 24
-----------------------------------------------------------
A final meeting will be held for the members and creditors of
Steelwater Pty Ltd on April 24, 2007, at 11:00 a.m.

The meeting will be held at Level 2, 45 Stirling Highway,
Nedlands, in Western Australia 6009, Australia.

During the meeting, the members and creditors will be asked to:

   -- consider and if thought fit, approve the liquidator's
      accounts of the company's wind up and property disposal;
      and

   -- ratify the liquidator's remuneration, drawn in accordance
      with the resolution passed at the creditors' meeting on
      June 10, 2004.

                         Steelwater Pty

Steelwater Pty Ltd operates sporting goods stores and bicycle
shops.  The company is located in Western Australia, Australia.


WESTPOINT GROUP: Financial Planner Settles with Clients
-------------------------------------------------------
On Oct. 20, 2006, the Class Action Reporter cited a report from
ABC News that the law firm of Slater and Gordon prepared a class
action on behalf of 30 locals against Prosperity Advisers, a  
firm that recommended investments in failed Westpoint Property
Group.

According to the report, litigation funder IMF (Australia) Ltd.
supported legal actions seeking to recover their lost funds,
worth almost AU$4 million, from Westpoint's collapse.

In an update, Prosperity Advisers has become the first financial
planner to reach an out of court general agreement with its
clients implicated in the Westpoint collapse, Money Management
reports.

The report however, noted that a small percentage of the clients
involved in the class action are said to have rejected the offer
of settlement and are pursuing claims through the Financial
Industry Complaints Service.

Chief executive Allan McKeown confirmed that the confidential
offer has been accepted by 98% of affected clients, and that the
class action against Prosperity would not proceed, Money
Management relates.

However, Mr. McKeown did not specify a settlement figure saying
that the firm is "bound by confidentiality agreements."

The independently owned practice, which employs about 150 people
out of its Newcastle, Sydney and Brisbane offices, has more than
AU$500 million in funds under advice, Money Management reveals.

FICS Chief Executive Alison Maynard confirmed that Prosperity is
the first financial planner to have made a general offer of
settlement to Westpoint clients, since "[to her} knowledge the
others have been with individual clients."

According to Ms. Maynard, she anticipates the first of the
Westpoint complaints currently before the FICS arbitration panel
to be resolved "within the next two months," Money Management
relates.

The Troubled Company Reporter - Asia Pacific has reported that
Slater & Gordon has organized class actions funded by IMF
Australia against financial planners including Professional
Investment Services, Quantum Securities Pty Ltd, and Masu
Financial Management Pty Ltd.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property  
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


* AU & NZ Consumer-Related Corporates Face Head Winds, S&P Says
---------------------------------------------------------------
Despite buoyant economic conditions, consumer-related corporates
in Australia and New Zealand are facing strong head winds, which
in many cases are undermining rating stability, according to a
report by Standard & Poor's Ratings Services titled "Australian
And New Zealand Consumer-Related Corporates Struggling To
Maintain Credit Quality," published on March 26, 2007.

The report explores key trends affecting the credit quality of
companies involved in sectors spanning agribusiness, airlines,
food and beverage, health care, media and entertainment, retail,
and telecommunications.

"A range of factors are converging to pressure overall credit
quality of the consumer-related corporate sector," said Standard
& Poor's credit analyst Jeanette Ward.  "Indeed, Standard &
Poor's outlook for the sector is likely to remain circumspect in
2007 because of issues surrounding rising cost pressures, debt-
funded M&A, changing capital structures, and adverse
regulatory and government decisions."

The report is available on Ratings Direct, Standard & Poor's
Web-based credit analysis system, at www.ratingsdirect.com.
Members of the media may obtain copies of the full report by
contacting Sharon Beach at (61) 3-9631-2152 or by E-mail at
sharon_beach@standardandpoors.com.


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

ALEXANDER FORBES: Liquidators Quit Posts
----------------------------------------
Chung Miu Yin, Diana and Chan Mi Har, Alexander ceased to act as
liquidators of Forbes Risk & Reinsurance Solutions Limited on
March 19, 2007.

According to the Troubled Company Reporter - Asia Pacific, Chung
Miu Yin and Chan Mi Har were appointed as the company's
liquidators on July 6, 2006.

The former Liquidators can be reached at:

         Chung Miu Yin, Diana
         Chan Mi Har,
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


BANK OF CHINA: 2H Profit Doubles on Tax Breaks and Loan Growth
--------------------------------------------------------------
Bank of China Ltd's second-half profit more than doubled from
CNY10.7 billion in the second half of 2005 to CNY23.3 billion in
the six months ended Dec. 31, 2006, Bloomberg reports.

Bloomberg derived the figures by subtracting six-month results
from full-year earnings reported by the company as it did not
disclose second-half figures.

The increase in the bank's earnings was buoyed by tax credit and
a rise in demand for loans, the report adds.

According to Bloomberg, Bank of China, benefited from the surge
in demand for trade financing as China's exports rose to a
record.  The bank was also granted CNY4.6 billion of one-time
tax deductions for staff costs last year.

Bank of China earned CNY42.8 billion for the full year of 2006,
up 65% from a year earlier.  The company declared a dividend of
CNY0.04 per share, Jun Lou and Cathy Chan writing for Bloomberg
say.

                          *     *     *

Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents.  The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions.  In Hong Kong and Macao, Bank of
China is one of the local note issuing banks.  Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions.  The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.

Moody's Investors Service gave the bank a bank financial
strength rating of D- on January 16, 2004.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on December 14,
2006.


BENQ CORP: Mobile Unit to Seek EUR500-Mln Claim Against Parent
--------------------------------------------------------------
Martin Prager, the insolvency manager for BenQ Mobile GmbH, will
file a EUR500 million (US$667 million) claim against Taiwan-
based parent BenQ Corp., Bill Rochelle of Bloomberg News reports
citing Economic Daily news as its source.

According to EE Times Europe, Mr. Prager is seeking to get the
assets allegedly transferred by BenQ Mobile to its parent
company before it filed for insolvency in September 2006.  
Sueddeutche Zeitung says he is claiming EUR382 million from the
company's Taipei headquarters and EUR122 million from a Shanghai
subsidiary.

As previously reported in the Troubled Company Reporter-Europe,
about 4,350 creditors filed claims of up to EUR1.2 billion
against BenQ Mobile, most of which comes from 3,500 former BenQ
employees who are seeking up to EUR27 million in compensation.

Creditors were asking Mr. Prager to examine whether they could
require the company's Taiwanese parent to meet their demands as
Mr. Prager's estimates of the mobile unit's assets fell only at
around EUR300 million.

BenQ Corp. rejected the creditors' compensation claims, calling
them unrelated to the corporation, The China Post reports citing
BenQ spokesman Wang Tan-ju.

"We have consulted our legal advisers, who said that if they
really take the action, there is no legal basis because BenQ
Mobile is an independent enterprise," he said.

BenQ Corp.'s CFO Eric Yu is currently under probe on an alleged
involvement in insider trading activities.  Bloomberg News
relates that the allegations also involve some employees who
benefited from BenQ's stock trading around March 2006, just
before BenQ posted a fourth quarter loss.

China Post adds that it is believed BenQ executives sold large
amounts of company shares ahead of the company's announcement of
huge losses incurred from its takeover of Siemens's handset
division.

BenQ has posted a net loss of NT$7.89 billion or US$238 million
for the October-December quarter.  The Troubled Company
Reporter-Europe noted that the quarterly loss is the company's
fifth straight as its handset business continues to drag after
it declared its German unit insolvent late last year.

                          *     *     *

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

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, 2006, after BenQ Corp.'s board decided
to discontinue capital injection into the mobile unit in order
to stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

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

                        *     *     *

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

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

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

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



CHINA MERCHANTS: To Double Credit Card Number by 2008 Olympics
--------------------------------------------------------------
China Merchants Bank is launching a campaign designed to double
its credit card business by the Beijing Olympics in 2008,
Reuters reports, citing Ma Weihua, its chief executive.

Mr. Ma told Reuters that the bank is in cooperation with Visa
International to help raise the number of its outstanding credit
cards to 20 million by August 2008 from 10 million at the start
of 2007.

Mr. Ma added that the Beijing Olympics Committee has agreed to
allow China Merchants to carry the official logo of the Beijing
Olympics on some of its new cards.

                          *     *     *

China Merchants Bank -- http://www.cmbchina.com/-- is the  
second-largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).  
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

On August 3, 2006, The Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has upgraded its Individual rating
on China Merchants Bank to 'D' from 'D/E'.  At the same time,
the bank's Support rating was affirmed at '3'.

Fitch Ratings affirmed on September 5, 2006, China Merchants
Bank's Individual D and Support 3 ratings.

Fitch on August 3, 2006, upgraded its Individual rating on China
Merchants Bank (CMB) to 'D' from 'D/E'. At the same time, CMB's
Support rating was affirmed at '3'.


CITIC BANK: Mainland & Hong Kong Listing Set for April
------------------------------------------------------
China CITIC Bank plans to go public on both the Chinese mainland
and in Hong Kong at the end of April 2007, raising
US$2.8 billion to US$3 billion, China Daily says, citing the
Economic Observer.

China Daily recounts that the bank has already won the approval
to list on the Hong Kong Stock Exchange and is currently waiting
for approval from the China Securities Regulatory Commission to
go public on the mainland A-share market.  The CSRC will audit
the bank application's next week.

On March 22, 2007, the Troubled Company Reporter - Asia Pacific
reported that the bank plans to launch a US$3 billion initial
public offering in which 60% will be listed in Hong Kong and the
remaining 40% in the Shanghai bourse.

By listing on the mainland and on the Hong Kong stock markets,
the bank aims to strengthen corporate governance in line with
international practices and raise more capital, the Daily
relates.

                          *     *     *

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

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

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


LAI FUNG HOLDINGS: S&P Hands B+ Long-Term Corp. Credit Rating
-------------------------------------------------------------
On March 26, 2007, Standard & Poor's Ratings Services said that
it had assigned its B+ long-term corporate credit rating to Lai
Fung Holdings Ltd.  The outlook is stable.

At the same time, it issued its B+ issue rating to a proposed
issue of up to US$200 million in senior notes due 2014.  The net
proceeds will be used to finance the acquisition of land and
property projects, to refurbish and renovate existing investment
properties, and for general working capital purposes.
     
"Our ratings reflects the good location of Lai Fung's key
investment properties, increasing recurring rental income from
investment properties, and strategic partnership with one of its
shareholders, the CapitaLand group," said Standard & Poor's
credit analyst Jacphanie Cheung.
     
These strengths are, however, tempered by Lai Fung's:

   * low liquidity
   * the small size of its land bank
   * a volatile operating performance, and
   * limited project diversity.

The company is vulnerable to frequent and unpredictable
regulatory changes and the highly competitive and cyclical
nature of the property market in China.
     
Lai Fung focuses on property development and investment in
China's mid-to high-end real-estate market in Guangzhou (40% of
1.14 million square meters in attributable gross floor area),
Shanghai (16%), and Zhongshan (44%).  Most of the projects are
well located within inner ring roads and along major
transportation routes.
     
Lai Fung's operating performance and cash flows are volatile,
due to the cyclical nature of construction.  This is exacerbated
by the small size of its operations and limited number of
projects.  The company's annualized ratio of funds from
operations to total debt fluctuated between 0% and 26% from July
2004 to January 2007 and its EBITDA margin varied between 11%
and 30%.

The proposed bond issue is likely to weaken the company's
balance sheet, which is currently strong because it has a large
equity base for its size.  We expect the company's ratio of net
debt to capital to deteriorate to about 33% to 37% over the next
two years from 9% at the end of January 2007.


MITSUI HI-POLYMER: Placed Under Members' Voluntary Wind-Up
----------------------------------------------------------
At an extraordinary general meeting held on March 13, 2007, the
members of Mitsui Hi-Polymer (Asia) Limited decided to
voluntarily wind up the company's operations.

In this regard, the company's creditors are required to file
their proofs of debt by April 24, 2007.

The Liquidators are:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre
         Tower I, 18 Harcourt Road
         Hong Kong


NEWFORM INVESTMENT: Shareholders' Final Meeting Set for April 23
--------------------------------------------------------------
Newform Investment Limited will hold a final meeting for its
shareholders on April 23, 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 3, 20th Floor of Golden
Centre, 188 Des Voeux Road in Central, Hong Kong.

Au Ping Yun is the company's liquidator.


NEWFORM KNITTERS: Shareholders' Final Meeting Set for April 23
--------------------------------------------------------------
The shareholders of Newform Knitters Limited will have their
final meeting on April 23, 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 3, 20th Floor of Golden
Centre, 188 Des Voeux Road in Central, Hong Kong.

Au Ping Yun is the company's liquidator.


PEREGRINE SYSTEMS: Creditors' Proofs of Debt Due on April 23
------------------------------------------------------------
Peregrine Systems Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 23, 2007.

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

The company's liquidators are:

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


SHEEN BILI: Liquidator Quits Post
---------------------------------
Ha Yue Fuen, Henry ceased to act as the liquidator of Sheen Bili
Limited on March 15, 2007.

The company's former liquidator can be reached at:

         Ha Yue Fuen, Henry
         Room 1010, 10th Floor
         Wing On Centre, 111 Connaught Road Central
         Hong Kong


SKY RICH: Shareholder Opts to Wind Up Firm
------------------------------------------
On March 16, 2007, the sole shareholder of Sky Rich Property
Limited passed a resolution that winds up the company's
operations.

Accordingly, creditors are asked to file their proofs of debt by
April 25, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         Wong Tak Chiu, Peter
         Rooms M207-8, Haleson Building
         1 Jubilee Street, Central
         Hong Kong


SUPER DATA: Liquidator Quits Post
---------------------------------
Ho Wai Ip ceased to be the liquidator of Super Data Limited on
March 14, 2007.

In a report by the TCR-AP, the company began to wind up its
operations on Oct. 3, 2006.

Super Data's former liquidator can be reached at:

         Ho Wai Ip
         Room 1903, 19th Floor
         World-Wide House
         19 Des Voeux Road Central
         Hong Kong


TIME GAIN: Commences Liquidation Proceedings
--------------------------------------------
At an extraordinary general meeting held on March 19, 2007, the
members of Time Gain Company Limited resolved to voluntarily
liquidate the company's business.

In this regard, Man Mo Leung and Kenneth Graeme Morrison were
appointed as liquidators.

The Liquidators can be reached at:

         Man Mo Leung
         Kenneth Graeme Morrison
         Moores Rowland Mazars Advisory Limited
         34th Floor, The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


WISEFORD INTERNATIONAL: Ha Yue Fuen, Henry Quits Liquidator Post
----------------------------------------------------------------
On March 15, 2007, Ha Yue Fuen, Henry ceased to be the
liquidator of Wiseford International Limited.

The former liquidator can be reached at:

         Ha Yue Fuen, Henry
         Room 1010, 10th Floor
         Wing On Centre, 111 Connaught Road Central
         Hong Kong


YAMAHA MOTOR: Liquidators Quit Posts
------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased as the
liquidators of Yamaha Motor China Limited on March 15, 2007.

Messrs. Lam and Toohey were appointed as the company's
liquidators on March 31, 2007, according to the TCR-AP.

The former Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22nd Floor, Prince's Building Central
         Hong Kong


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

AES CORP: Pays Dominican Republic US$6 Mil. for Waste Disposal
--------------------------------------------------------------
The AES Corp. has deposited the US$6 million payment it agreed
with the Dominican Republic government into the World Fargo Bank
in New York, DR1 Newsletter reports.

AES Corp. previously reached an out-of-court settlement with the
Dominican Republic by agreeing to pay US$6 million for the
industrial waste dumped on the latter's shores.  The Dominican
Republic sought for US$80 million in damages from AES Corp. for
82,000 tons of coal ash dumped on its beaches.  The tons of ash
were left on the beaches in Manzanillo and the Samana Bay port
town of Arroyo Barril between October 2003 and March 2004
without proper government permits.  These tons of ash were
transported from an AES Plant in Guayama, Puerto Rico.  AES
Corp. said that it had proper permits for disposal of the ash
and believed that it was not toxic.  The Dominican nation also
sued Roger Charles Fina, the owner of the firm hired by AES
Corp. to transport the ash.

DR1 Newsletter relates that as part of the agreement, the rock
ash must be disposed of within the first 120 days after the
money is deposited into the bank account.  

Dominican Environment Minister Max Puig told Diario Libre that
the funds have been in the bank account since last week.  

The money will be used to pay court and legal fees, DR1
Newsletter states.

AES Corp. -- http://www.aes.com/-- is a global power company.  
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

The company has presence in India, China and Sri Lanka.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES CORP: Restatements Cue Default Under Senior Facilities
----------------------------------------------------------
AES Corporation reported that as of March 16, 2007, it was in
default under its senior bank credit facility due to the need to
restate prior period financial statements.  

In addition, the senior bank credit facility contains a cross-
default provision that provides that if a condition exists that,
with the giving of notice or lapse of time or both, would enable
the holders of indebtedness in amounts in excess of
US$50 million to accelerate of maturity thereof, including the
senior notes and junior subordinated notes, would constitute an
event of default under the senior bank credit facility.

As a result, US$200 million of the debt under the company's
senior bank credit facility will be classified as current on the
balance sheet as of Dec. 31, 2006.  The Company will seek a
waiver of this default from its senior secured facility lenders.  
The company may not borrow additional funds under the revolving
credit facility until obtaining this waiver.

The company, as of March 16, 2007, was also in default under its
US$600 million senior unsecured credit facility agreement due to
the need to restate prior period financial statements.  As a
result, the company will seek a waiver of this default from its
senior unsecured credit facility lenders.   The company may not
borrow additional funds under the credit facility.  The current
draw on this facility is approximately US$100 million.

Because the company did not timely deliver its Form 10-K for the
year ended Dec. 31, 2006, to the trustee, the company was not in
compliance with its indentures governing the company's senior
notes and junior subordinated notes, but that non-compliance
does not result in an automatic event of default or the
acceleration of the notes.  However, the trustee under any of
the indentures or the holders of at least 25% of the outstanding
principal amount of any series of such notes has the right to
accelerate the maturity of that series of notes, if the company
fails to file and deliver its 2006 Form 10-K within 60 days
after written notice of such default, unless holders of a
majority of each such series of the notes waive compliance with
the filing and delivery requirement.

All of the indentures governing the notes and the senior
unsecured credit facility provide that an event of default
occurs thereunder when an event of default occurs under any
other indebtedness of the company in excess of US$50 million and
as a result of such default, the maturity of such debt has been
accelerated and such acceleration has not been annulled within
60 days.

AES Corp. -- http://www.aes.com/-- is a global power company.  
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

The company has presence in India, China and Sri Lanka.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES CORPORATION: Keller Rohrback Probes Claims Against Officers
---------------------------------------------------------------
Keller Rohrback L.L.P. is investigating claims against AES
Corporation's executive officers and board members in light of
recent information concerning alleged backdating of stock
options at the company.

On Feb. 26, 2007, the company announced that it is restating its
previously reported financial statements as a result of errors
discovered by its management.  Since that announcement, the
company has disclosed that the accounting issues identified in
February would prevent it from timely filing its 2006 Annual
Report and that its previously issued financial statements and
reports should no longer be relied upon for the years ended
Dec. 31, 2003, 2004 and 2005.  The company stated that it
expects to report a reduction in net income of US$80-US$105
million as a result of accounting errors, including share based
compensation relating to stock options and restricted stock unit
awards.

Keller Rohrback's investigation focuses on the extent to which
the company's stock option grant dates and exercise prices of
stock options were manipulated by AES's executive officers and
directors in order to boost their value to those who received
them.

If you are an AES shareholder and have relevant information, or
if you would like additional information concerning the
shareholder derivative claims presently being investigated by
Keller Rohrback, please contact paralegal Rodney Shanks or
attorneys Juli Farris, Elizabeth Leland, Tyler Farmer, or Lynn
Sarko by telephone, toll-free at 1-800-776-6044, or via e-mail
at: investor@kellerrohrback.com.

Keller Rohrback L.L.P. is a law firm headquartered in Seattle
that has successfully represented shareholders and consumers in
class action cases for over two decades. Its trial lawyers have
obtained judgments and settlements on behalf of clients in
excess of seven billion dollars.

AES Corp. -- http://www.aes.com/-- is a global power company.  
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

The company has presence in India, China and Sri Lanka.

                          *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


BANK OF BARODA: Board Declares 30% Interim Dividend
---------------------------------------------------
Bank of Baroda's board of directors has declared an interim
dividend at 30% -- INR3 per equity share -- for the financial
year 2006-07, the bank disclosed in a filing with the Bombay
Stock Exchange.

The board made the move at its meeting held on March 17, 2007.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the bank set March 23 as the record date for the
purpose of the dividend payment.  The payment date is on
March 30.

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking  
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

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


BANK OF BARODA: To Enter Into Life Insurance JV Soon
----------------------------------------------------
Bank of Baroda plans to enter into the life insurance business
soon, the Press Trust of India reports, citing a statement made
by the bank.

In that regard, the bank is seeking a tie-up with a European
insurance firm for a joint venture.

"Currently, the bank is in talks with certain European insurance
companies," BOB Chairman And Managing Director Anil K.
Khandelwal told PTI.  The bank will finalize the joint venture
partner by the end of April, he added.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 12, 2007, the bank was in talks with three European
insurance and financial groups -- Munich Re, Societe Generale
(SocGen) and Legal & General.

The foreign partner reportedly will have a 26% stake in the
joint venture, the maximum that the Indian Government allows on
foreign investment in insurance ventures.

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking   
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

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


BPL LTD: Mulls Transfer of PBC Business to Joint Venture
--------------------------------------------------------
BPL Ltd informs the Bombay Stock Exchange that it is considering
the transfer or lease of its printed circuit board business to a
joint venture.  

To consider the proposed move, BPL's board of directors will
hold a meeting on April 2.

Furthermore, the company plans to invest in the equity share
capital of the proposed joint venture company, subject to
necessary approvals.  The board will also be considering a
proposal to issue securities on preferential basis, the company
adds.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.

In 2005, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

                          *     *     *

On Jan. 5, 2006, CRISIL Ratings reaffirmed the 'D' and 'FD'
ratings on BPL Limited's non-convertible and fixed deposit
programmes.  The ratings indicate that the company continues to
be in default on its rated debt.

These ratings are reaffirmed:

   * INR600 Million Non-Convertible Debenture at D
   * INR210 Million Non-Convertible Debenture at D
   * INRFixed Deposit Programme at FD


BRITISH AIRWAYS: EU Court Upholds EUR6.8-Mil. Fine Imposed by EC
----------------------------------------------------------------
The European Commission welcomed the judgment by the European
Court of Justice definitely dismissing British Airways plc's
claims against the Commission's decision of July 1999 imposing
on it a fine as a result of abusive conduct (case C-95/04 P).

BA filed an appeal against that judgment before the ECJ.
However, the ECJ dismissed the appeal as in part inadmissible
and in part unfounded.

The ECJ has stated that, in an appeal, it is not the function of
the Court of Justice to substitute its own assessment of market
data and the competition situation for that of the Court of
First Instance.  The appeal must be limited to questions of law.
The assessment of facts is not a question of law, which can be
submitted to the Court of Justice for review.  As a result, the
pleas in which BA challenges assessments of facts and evidence
by the Court of First Instance are inadmissible.

The ECJ confirms that the bonus schemes (including the so-called
"performance reward schemes") used by BA to calculate travel
agents' commissions constitute an abuse of dominant position in
violation of Article 82 of the EC Treaty and keeps the level of
the fine unchanged at EUR6.8 million.  The judgment confirms the
application of an approach under European competition law based
on the effects on the market(s) of the conduct in question.

On July 14, 1999, the Commission found that BA had abused its
dominant position on the United Kingdom market for air travel
agency services and accordingly fined BA EUR6.8 million.  BA
appealed that decision before the Court of First Instance.  The
latter rejected its appeal in December 2003.

The ECJ judgment confirms the CFI ruling on all points subject
to the appeal.

                ECJ Finds Bonus Schemes "Abusive"

The ECJ holds that bonus schemes may be abusive even if they do
not correspond exactly to the types of loyalty bonuses that have
been condemned in past judgments.  More generally, the ECJ
confirms that the list of abusive conduct in Article 82 is not
exhaustive; the practices there mentioned are merely examples of
abuses of a dominant position.

The judgment holds that bonuses granted by dominant companies
can be abusive if they are likely to reduce competition on the
market, that is to say, as the Court stated, "whether they are
capable, first, of making market entry very difficult or
impossible for competitors of the undertaking in a dominant
position and, secondly, of making it more difficult or
impossible for its co-contractors to choose between various
sources of supply or commercial partners".  In addition, it has
to be determined "whether the exclusionary effect arising from
such a system, which is disadvantageous for competition, may be
counterbalanced, or outweighed, by advantages in terms of
efficiency which also benefit the consumer".

The ECJ confirms that the CFI did not err in law when it found
that the bonuses granted by BA were abusive since they had the
effect of excluding rivals of BA from the market without any
objective economic justification.

                British Airways' Illegal Conduct

In its decision of July 1999, the Commission found that the
performance reward schemes implemented by BA in order to
calculate travel agents' commissions constituted an abuse of the
dominant position held by BA on the United Kingdom market for
air travel agency services.  Although their exact functioning
changed over time (BA modified its bonuses policy in 1998), the
commission schemes put in place by BA had one notable feature in
common: in each case, meeting the targets for sales growth led
to an increase in the commission paid on all BA tickets sold by
the agent, not just on the tickets sold after the target is
reached.

Such commissions were considered to be equivalent to a "loyalty
discount" i.e. a discount based not on cost savings but simply
on customers' loyalty, thereby able to exclude the dominant
firm's competitors from the market.  Indeed, the effect of such
performance reward schemes was to encourage United Kingdom
travel agents to maintain or increase their sales of BA tickets,
to the detriment of sales of tickets of rival airlines.  These
schemes therefore created illegal barriers to airlines that
wished to compete against BA on the U.K. markets for air
transport.  The case began following a complaint lodged by rival
Virgin Atlantic Airways.

                        About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRITISH AIRWAYS: Prepares for Possible Impact of Open Skies Deal
----------------------------------------------------------------
British Airways Plc has come up with ways to attract more
travelers as it anticipates intense competition upon the
approval of the opens skies deal between the United Kingdom and
the United States, Daniel Michaels writes for the Wall Street
Journal.

According to BA Chief Executive Willie Walsh, the airline is
prepared and will not be damaged.

"When open skies happens, we know what we are going to do," Mr.
Walsh said.

BA intends to introduce new perks targeting business travelers.  
The airline will have to promote "Club World," its business-
class on long-haul flights, more aggressively should the open-
skies pact pursues, WSJ relates.

According to WSJ, BA also plans to offer better facilities and
services on all its long-range planes including cushier, roomier
seats, bigger tables, wider video screens and a self-serve
pantry.

The carrier may consider shifting Atlanta, Dallas and Houston
flights from London's secondary Gatwick Airport to Heathrow,
where travelers can take advantage of more connecting flights,
easier access to London, and better shopping, WSJ says.

BA also seeks to get more takeoff and landing slots at Heathrow
in an effort to retain its position as the airport's dominant
carrier.

BA is opposing the open skies treaty as it may lose its
protected flight status at Heathrow airport and face intense
competition, according to published reports.

Under the deal, airlines will be allowed to make transatlantic
flights from any nation that could lead to reduced fares, AJC
Consultants relates.

The airlines will also be permitted to land and take-off from
Heathrow.  

At meeting of European transport ministers last week, the
airline urged the British government to reject the deal, The
Financial Times reports.

                        About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and    
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                          *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


CENTURION BANK OF PUNJAB: To Raise INR700-Cr. by Long-Term Debt
---------------------------------------------------------------
Centurion Bank of Punjab Ltd's board of directors, at its
March 23 meeting, approved the bank's plan to raise as much as
INR700 crore as long-term debt capital in one or more tranches,
a filing with the Bombay Stock Exchange states.

The debt will be put through a single placement or multiple
placements from time to time until March 31, 2008, through the
issuance of Tier II debt instruments or innovative perpetual
debt instruments in domestic or overseas markets.

The board also approved, at the meeting, an extension of the
period for completion of the Scheme of Amalgamation of Lord
Krishna Bank Ltd with the Bank to July 31, 2007.

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The    
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

On Jan. 31, 2007, Fitch Ratings assigned the bank an individual
rating of  'D'.


CORPORATION BANK: Declares 40% Interim Dividend for FY2006-07
-------------------------------------------------------------
Corporation Bank's board of directors has declared an interim
dividend of 40% for the financial year 2006-07.

The board made the decision at its meeting on March 24, 2007,

The bank has fixed April 10 as the record date for the purpose
of payment of interim dividend.

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes     
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as well as
debit and credit cards.

Fitch Ratings gave Corp Bank a 'C' individual rating on June 1,
2005.


DECCAN AVIATION: Turns Around With INR96.4MM Profit in 4Q 2006
--------------------------------------------------------------
Deccan Aviation Ltd reported a net profit of INR96.4 million in
the quarter ended Dec. 31, 2006, a turnaround compared to the
consecutive net losses in the previous quarters --
INR429.4 million in the September 2006 quarter and
INR1.10 billion in the June 2006 quarter.

The company's financial results, as filed with the Bombay Stock
Exchange, shows increased revenues of 19% from INR5.36 billion
in the quarter ended Sept. 30, 2006, to INR6.37 billion in the
December 2006 quarter.

Operating expenses did not rise as much -- just by 8% from
INR5.59 billion in the September 2006 quarter to INR6.04 billion
December 2006 quarter.  Hence, the company reported an operating
profit of INR331.4 million in the latest quarter under review
compared to the INR22.9-million operating loss in the prior
quarter.

A copy of the company's financial results for the quarter ended
Dec. 30, 2006, is available for free at:

               http://ResearchArchives.com/t/s?1c27

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in  
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 23, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


HINDUSTAN ORGANIC CHEMICALS: Starts Implementing Rehab Plan
-----------------------------------------------------------
Hindustan Organic Chemicals Ltd has already started the
implementation of its rehabilitation plan, as approved by the
Government of India, Equity Bulls reports.

In this regard, the company may take on record the following:

   1. The company is proposing to study the new products based
      on hydrogenation process as suggested by the High Powered
      Advisory Committee, Ministry of Chemicals and Fertilizers,
      GOI for which the company plans strategy of outsourcing
      Hydrogen Gas from nearby industry at very economical rate
      base on the natural gas norms which would enhance the
      profitability of the Rasayani unit considerably.

      Further, with the availability of natural gas, Company
      also plans to put up Power Plant based on the Furnace Oil/
      Natural Gas duel feed arrangement to economise on the
      operation, other than the possibility of putting up a coal
      based Power Plant which would be forming part of the best
      options available at Rasayani.

   2. The company is also commercially exploring the prospects
      of the Hydrogen Bottling Plant, which the company
      has installed and the commercial production has been
      commenced from the first week of February 2007, in view of
      persistent demand from the naboughering industry.  Further
      the Company has been able to negotiate with some
      corporates for continuous requirement.  This will improve
      the capacity utilization of Hydrogen Plant, which was
      otherwise operated only for captive use.

   3. Other actions are being taken in phased manner.

Hindustan Organic Chemicals Ltd was incorporated on December 12,
1960, as a wholly owned enterprise of the Government of India.  
It has two manufacturing units: the phenol complex at Cochin and
the integrated Nitro Aromatic Complex at Rasayani.  The company
produces a wide range of products including phenol, acetone, and
aniline.

Hindustan Organic has continuously paid dividend for over 20
years until 1997.  Due to reduced protection from imports, poor
market condition and excessive manpower and interest cost, the
company had been reporting losses since that year.  A financial
restructuring package was proposed in 2002 to help the company
turn its business around.  The package, which has been cleared
by the Cabinet Committee on Economic Affairs based on the
recommendations of the Board for Reconstruction of Public Sector
Enterprises, consists of grants aggregating INR750 million and
subscription by way of non-cumulative redeemable preference
shares aggregating INR1.75 billion by the Government of India.


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

ALCATEL-LUCENT: Another Ex-Official Indicted in Firm's Case  
-----------------------------------------------------------
The United States Department of Justice disclosed that a federal
grand jury in Miami has returned a superseding indictment
charging an additional former Alcatel-Lucent executive with
making corrupt payments to Costa Rican officials in order to
obtain a mobile telephone contract from the state-owned
telecommunications authority, in violation of the Foreign
Corrupt Practices Act (FCPA).

The 10-count superseding indictment returned last week charges
Edgar Valverde Acosta, a Costa Rican citizen, along with
Christian Sapsizian, a French citizen who was previously charged
on Dec. 19, 2006, with conspiring to make over $2.5 million in
bribe payments to Costa Rican officials in order to obtain a
telecommunications contract on behalf of Alcatel, making corrupt
payments, and laundering the bribes through a consultant.

Until Nov. 30, 2006, Alcatel was a French telecommunications
company whose American depositary receipts were traded on the
New York Stock Exchange.  Mr. Sapsizian was employed by Alcatel
or one of its subsidiaries for over 20 years.  At the time of
the conduct alleged in the indictment, he was the deputy vice
president responsible for Costa Rica.  Mr. Valverde, Sapsizian's
subordinate, was the senior country officer at Alcatel de Costa
Rica, Alcatel's local affiliate, which handled Alcatel's day-to-
day operations in Costa Rica.

El Instituto Costarricense de Electricidad (ICE), the state-
owned telecommunications authority in Costa Rica, was
responsible for awarding all telecommunications contracts,
including mobile telephone contracts.  The superseding
indictment alleges that from February 2000 through September
2004, Mr. Sapsizian and Mr. Valverde conspired to make payments
to a member of ICE's Board of Directors, who was also an advisor
to a more senior official in the Costa Rican government.  The
payments were intended to cause the ICE official to exercise his
influence to initiate a bid process which favored Alcatel's
technology and to vote to award Alcatel a mobile telephone
contract.  Messrs. Sapsizian and Valverde are charged with
offering the ICE official 1.5% to 2% of the value of the
contract in exchange for the ICE official's efforts in assisting
Alcatel to obtain the contract.  The superseding indictment
further alleges that Messrs. Sapsizian and Valverde were aware
that the ICE official intended to share the corrupt payments
with a more senior Costa Rican government official.

Alcatel was in fact awarded a mobile telephone contract in
August 2001, which was valued at $149 million.  According to the
superseding indictment, Messrs. Sapsizian and Valverde
authorized one of Alcatel's Costa Rican consulting firms, which
was managed by another individual, to funnel the payments to the
ICE official.  Messrs. Sapsizian and Valverde are charged with
conspiring to launder money for allegedly causing Alcatel CIT to
wire $14 million in "commission" payments to the consultant.  
The consultant, in turn, wire transferred $2.5 million to the
ICE official.

The conspiracy and FCPA charges each carry a maximum sentence of
five years in prison.  The money laundering charge carries a
maximum sentence of 20 years in prison.

An indictment is merely an accusation.  A defendant is presumed
innocent of the charges and it is the government's burden to
prove a defendant's guilt beyond a reasonable doubt at trial.

The case is being prosecuted by Deputy Chief Mark F. Mendelsohn,
and Trial Attorneys Charles Duross and Mary K. Dimke of the
Fraud Section of the Criminal Division at the U.S. Department of
Justice, Washington.  The case is being investigated by the
Federal Bureau of Investigation.  Assistance was provided by the
Southeast Regional Branch of the U.S. Securities and Exchange
Commission.  

Mr. Mendelsohn can be reached at:

          Deputy Chief, Fraud Section
          Criminal Division
          U.S. Department of Justice
          950 Pennsylvania Avenue, NW
          Washington, DC 20530-0001
          USA
          E-mail: Criminal.Division@usdoj.gov
          Phone: (212) 637-2487

Mr. Duross can be reached at:

          The United States Attorney's Office
          Southern District of Florida
          99 N.E. 4th Street
          Miami, Florida 33132
          USA
          Phone: (305) 961-9001
          Fax: (305) 530-7679

Ms. Dimke can be reached at:

          DOJ Trial Attorney
          450 Golden Gate Avenue, Box 36055
          San Francisco, California 94102
          USA
          Phone: (415) 436-6840
          Fax: (415) 436-7234
          E-Mail: Mary.Dimke@usdjoj.gov

                      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 Ratings
Services' BB rating.  Its Short-Term Corporate Credit rating
stands at B.

Moody's Investor Services, 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 Ratings rates Alcatel's Issuer Default Rating and Senior
Unsecured Debt rating at BB.


FOSTER WHEELER: Unit Wins US$110-M Contract for Steam Generator
---------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary within its Global Power Group
has been awarded a contract by a United States utility -- City
Utilities of Springfield, Missouri -- for the design and supply
of a natural circulation pulverized-coal steam generator to be
constructed at City Utilities' existing Southwest Power Station
in Springfield, Missouri.  

City Utilities is a community-owned municipal utility serving
more than 106,000 customers in southwest Missouri with
electricity, natural gas, water, telecommunications and transit
services.

Foster Wheeler has received a full notice to proceed on this
contract, valued in excess of US$110 million, which will be
included in Foster Wheeler's first-quarter 2007 bookings.

The 300 MWe PC steam generator will be designed to fire low-
sulfur Powder River Basin coal.  To burn this fuel as cleanly
and efficiently as possible, the unit will be equipped with
Foster Wheeler's advanced low-NOx burner system.  In addition,
Foster Wheeler's selective catalytic reduction technology will
be installed to reduce NOx emissions at the stack, and a flue
gas scrubber will be used for sulfur dioxide reduction.  
Commercial operation of the plant is scheduled for the end of
2010.

"This award underscores our client's confidence in our proven PC
steam generator technology," said Gary Nedelka, president and
chief executive officer of Foster Wheeler North America Corp.
"This is another example of Foster Wheeler's commitment to
supply environmentally friendly and cost-effective twenty-first
century solutions to support our power industry clients."

"This contract is a significant step in City Utilities of
Springfield's plan to supply our community with a long-term,
reliable and affordable energy source," said Scott Miller,
associate general manager - electric supply, City Utilities.
"This new facility will be a state-of-the-art facility producing
clean, coal-fired energy for the region.  In addition,
construction and operation of the facility will provide highly
skilled employment opportunities for the southwest Missouri
area."

                      About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of  
engineering, procurement, construction, manufacturing, project
development and management, research, and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology, and healthcare industries.

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand and Vietnam.

                          *     *     *

On Dec. 17, 2006, Standard & Poor's Ratings Services revised its
outlook on Foster Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the Clinton, New Jersey-based
engineering and construction company.  The company had about
US$217 million of total debt at Sept. 29, 2006.


FREEPORT: Prices Public Offering of 41 Million Common Shares
------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has priced its public
offering of 41 million shares of common stock at US$61.25 per
share.  The underwriters have an option to purchase up to an
additional 6.15 million common shares to cover over allotments,
if any.

FCX also concurrently priced its public offering of 25 million
shares of 6-3/4% mandatory convertible preferred stock at
US$100.00 per share.  The preferred stock will pay, when
declared by the Board of Directors, dividends at a rate of 6.75%
per annum, payable quarterly.  The first dividend date will be
August 1, 2007.

The 6-3/4% mandatory convertible preferred stock will
automatically convert on May 1, 2010, into between approximately
34 million and 41 million shares of FCX common stock.  The
conversion rate will be subject to anti-dilution adjustments in
certain circumstances.  Holders may elect to convert at any time
at a conversion rate equal to 1.3605 shares of common stock for
each share of 6-3/4% mandatory convertible preferred stock.  

The underwriters have an option to purchase up to an additional
3.75 million mandatory convertible preferred shares to cover
over allotments, if any.  FCX's 6-3/4% mandatory convertible
preferred stock has been approved for listing on the New York
Stock Exchange, subject to issuance.  The ticker symbol for this
security will be FCXprM.  These offerings will generate gross
proceeds of approximately US$5 billion before underwriting
discounts, expenses and the exercise of overallotment options,
if any.  The closing date for these transactions will be March
28, 2007.  FCX intends to use the net proceeds from these
offerings to repay indebtedness incurred in connection with the
acquisition of Phelps Dodge Corporation.

The joint book-running managers for these offerings are Merrill
Lynch & Co. and JPMorgan.

The offerings will be made under FCX's existing shelf
registration statement filed with the United States Securities
and Exchange Commission.

                     About Freeport-Mcmoran

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

The Troubled Company Reporter - Asia Pacific reported on
March 23, 2007, that Fitch Ratings 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.

Fitch Ratings assigned these ratings to Freeport-McMoRan Copper
& Gold:

   -- Issuer Default Rating 'BB';

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

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

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

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

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014.

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

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

   -- FCX Convertible Preferred Stock at B+.


NUTRO PRODUCTS: CEO Says 90% of Pet Food Not Involved in Recall
---------------------------------------------------------------
Nutro Products Inc.'s Chief Executive Officer Dave Kravis
clarified that the company's dry foods, biscuits, and treats,
which constitutes about 90% of the pet food the company sells,
are not manufactured by Menu Foods Inc. and are not involved in
Menu Foods' recall.

Mr. Kravis had ordered the recall of specific products
manufactured for Nutro Products by Menu Foods.  

Menu Foods, a private-label pet food manufacturer based in
Streetsville, Ontario, Canada, is recalling all its "cuts and
gravy" style dog and cat food produced at its facility in
Emporia, Kansas, between December 3, 2006 and March 6, 2007.  
The products are sold in the United States, Canada and Mexico.

According to reports, scientists at the New York State Food
Laboratory identified aminopterin as the likely culprit in a
poisoning scare that prompted the recall.

Menu Foods states there is no evidence of any problems in any
products manufactured at either its Streetsville, Ontario,
facility or its North Sioux City, South Dakota, facility.  
Furthermore, Menu Foods says, there is no evidence of problems
in any of the products not on the recall list produced at
Emporia, Kansas, or Pennsauken, New Jersey.

Mr. Kravis said they are extremely disturbed that something in
Menu Foods' supply chain went terribly wrong.

Nutro Products is preparing to implement additional guidelines
that will ensure that the quality control measures used by the
company's co-manufacturers and suppliers are strengthened so
that this situation never happens again.

Nutro Products' Consumer Services Department can be reached at
800-833-5330.  Detailed information is also available on the
company's Web site at http://www.nutroproducts.com/
                    
                      About Nutro Products

Based in City of Industry, California, Nutro Products, Inc.
-- http://www.nutroproducts.com/-- formulates and manufactures  
dry and canned food, biscuits, and treats for dogs and cats.
The company's brand names include Natural Choice, MAX, and
Gourmet Classics.  Its products are available in feed stores and
pet supply shops, such as Petco and PetSmart, across the U.S.
and
Canada.  Nutro's products are also distributed worldwide,
including Indonesia, Peru and Austria, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
March 23, 2007, Standard & Poor's Ratings Services said that
there would be no immediate effect on Nutro Products Inc.'s
(B-/Stable/--) credit ratings or outlook following the company's
voluntary participation in the Menu Foods recall of its 'cuts
and gravy' style dog and cat food packaged in cans and pouches
and manufactured in its Kansas facility between Dec. 3, 2006,
and Mar. 6, 2007.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products sector, the rating
agency confirmed its B2 Corporate Family Rating for Nutro
Products, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$100 million Sr.
   Secured Revolving
   Credit Facility
   Due Jan. 26, 2012      B1       Ba3     LGD2       29%

   US$470 million Sr.
   Sec. Term Loan
   Due July 26, 2013      B1       Ba3     LGD2       29%

   US$165 million Sr. Flt.
   Rt. Global Notes
   Due Oct. 15, 2013      B3       B3      LGD5       75%

   US$150 million 10.750%
   Sr. Sub. Global Notes
   Due April 15, 2014    Caa1     Caa1     LGD6       91%


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

AMERICAN AIRLINES: S&P Junks Rating on US$357-Mil. Revenue Bonds
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s US$357 million Alliance Airport
Authority special facility revenue refunding bonds, series 2007,
due Dec. 1, 2029.

The bonds are guaranteed by American's parent, AMR Corp., and
are secured by payments made by American to the airport
authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1990, whose rating is withdrawn.

"The Alliance Airport revenue bonds are the equivalent of
unsecured debt of American and parent AMR Corp., and are
accordingly rated 'CCC+'," said Standard & Poor's credit analyst
Philip Baggaley.

"Unsecured debt of American and AMR is rated two notches lower
than the 'B' corporate credit ratings on the companies, due to
the large amount of secured debt and leases that effectively
rank senior to unsecured obligations."

The corporate credit ratings on AMR and American are based on
AMR's consolidated credit quality and reflect participation in
the competitive, cyclical, and capital-intensive airline
industry; erosion of financial strength by substantial losses
during 2001-2005; and a heavy debt and pension burden.  

Satisfactory liquidity, with US$4.7 billion of unrestricted cash
and short-term investments at Dec. 31, 2006, and an improving
earnings trend, are positives.  In 2006, AMR earned
US$231 million, compared with a US$857 million loss in 2005, as
stronger revenue generation and ongoing cost reductions
outweighed higher fuel prices.

Earnings and cash flow are expected to improve further in 2007,
but not at the sharp rate achieved in 2006.

A healthy cash balance and solid internal cash generation
support credit quality, despite substantial debt maturities.  
Further gains in earnings and cash flow, if they appear
sustainable, could prompt an outlook revision to positive, given
the company's commitment to balance sheet improvement.  A
material deterioration in airline industry conditions, most
likely due to higher fuel prices not offset by higher fares,
could prompt a revision of the outlook to negative.

American Airlines -- http://www.AA.com/-- is the world's  
largest airline.  American, American Eagle and the
AmericanConnection regional airlines serve more than 250 cities
in over 40 countries with more than 3,800 daily flights.  
American Airlines flies to Belgium, Brazil, Japan, among others.  
The combined network fleet numbers more than 1,000 aircraft.  
American Airlines is a founding member of the oneworld Alliance,
whose members serve more than 600 destinations in over 135
countries and territories.


BANCO BRADESCO: Cancels Planned Serasa Initial Public Offering
--------------------------------------------------------------
Banco Bradesco SA, Banco Itau Holding Financeira and Uniao de
Bancos Brasileiros SA said in a joint statement that they
canceled a planned initial public offering of credit information
firm Serasa after receiving an offer to buy the company.

Business News Americas says that Banco Itau holds 32.25% of
Serasa, Bradesco owns 22.02% and Uniao de Bancos 19.04%.  The
local units of HSBC and ABN Amro have 4.20% and 2.76%,
respectively.

According to BNamericas, Serasa filed for an initial public
offering with securities regulator Comissao de Valores
Mobiliarios on March 5.

Banco Bradesco, Banco Itau and Uniao de Bancos did not disclose
the prospective buyer or buyers to BNamericas.

However, financial daily Valor Economico relates that the offer
came from Experian, an Irish financial information firm.

                        About Banco Itau

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA (Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.

                     About Uniao de Bancos

Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros
SA -- http://www.unibanco.com/-- is a full-service financial
institution providing a range of financial products and services
to a diversified individual and corporate customer base
throughout Brazil.  The company's businesses comprise segments:
Retail, Wholesale, Insurance and Pension Plans and Wealth
Management.  Uniao de Bancos and its associated companies
FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas)
offer a network composed of 17,000 points of service.  It also
counts on 7,580 automated teller machines and all 30 Hours'
products and services, including the telephone service and the
Internet banking.  The company's international network consists
of branches in Nassau and the Cayman Islands; representatives
offices in New York; banking subsidiaries in Luxembourg, the
Cayman Islands and Paraguay; and a brokerage firm in New York --
Unibanco Securities Inc.

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and  
medium-income individuals in Brazil since the 1960s. Bradesco is
Brazil's largest private bank, with more than 3,000 banking
branches, and also a leader in insurance and private pension
management.  Bradesco has branches throughout Brazil as well as
one in New York, and Japan.  Bradesco offers Internet banking,
insurance, pension plans, annuities, credit card services
(including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also
provides personal and commercial loans, along with leasing
services.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Fitch Ratings affirmed these issuer default
ratings on Bradesco, with a Stable Outlook:

   -- Long-term foreign currency at 'BB+';
   -- Long-term local currency at 'BBB-';
   -- Individual rating at 'B/C';
   -- Local currency short-term at 'F3';
   -- Short-term at 'B';
   -- Support rating of '4';
   -- National short-term rating 'F1+(bra)'; and
   -- National long-term rating 'AA+(bra)'.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Standard & Poor's Ratings Services maintained the
'BB+' ratings on both of Banco Bradesco SA's foreign and local
currency counterparty credit rating, however it changed the
ratings outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1


EDDIE BAUER: High Leverage Prompts S&P's Negative Outlook
---------------------------------------------------------
Standard & Poor's Rating Services lowered the ratings on
Redmond, Washington-based Eddie Bauer Holdings Inc., a
multichannel apparel retailer selling casual sportswear and
accessories, to 'B-' from 'B'.

At the same time, Standard & Poor's removed the rating from
CreditWatch with negative implications, where it was placed on
Nov. 13, 2006.  The outlook is negative.

At the same time, Standard & Poor's assigned its bank loan and
recovery ratings to the company's proposed $225 million senior
secured term loan.  The loan is rated 'B-', the same as the
corporate credit rating on Eddie Bauer and has been assigned a
recovery rating of '4', reflecting the rating agency's
expectation for marginal (25%-50%) recovery of principal in the
event of payment default.  The facility is a seven-year loan
with an expected maturity in 2014.

"The negative outlook," said Standard & Poor's credit analyst
David Kuntz, "reflects the considerable uncertainty regarding
Eddie Bauer's ability to execute its turnaround strategy, senior
leadership vacancies, and highly leveraged capital structure."

He added that if operating performance and credit metrics
deteriorate to such an extent as to create issues with covenant
compliance for the company, Standard & Poor's would consider a
downgrade.

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.


FORD MOTOR: S&P Holds Negative Outlook on Liquidity Concern
-----------------------------------------------------------
Ford Motor Co. has made progress in some aspects of the
company's multiyear turnaround plans for its North American
operations, but the automaker's use of cash remains a serious
concern, says Standard & Poor's Ratings Services in a special
report.

In the article titled "Are GM And Ford Making The Right Turns In
Their Turnaround Plans?" Standard & Poor's credit analyst Robert
Schulz notes, "There have been some successes, most notably on
headcount reductions and in bolstering liquidity.  And we view
the current backdrop for their turnaround attempts as
supportive.  Economic conditions are broadly favorable, and the
capital markets have been forthcoming with credit.  But this
initial progress is no guarantee of the sustained success that
is necessary, and we are maintaining our negative outlooks
assigned to both companies."

The report comments that the heart of the problem for Ford and
GM remains a combination of North American issues:

    -- revenue shortfalls stemming from an adverse shift
       in product mix,

    -- high legacy costs relative to current market share,
       and

    -- excess manufacturing capacity.  

The automakers' operations outside the US, including GM's
significant share in growing markets such as China, do not begin
to offset the poor performance in North America.  

                   About General Motors Corp.

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

                      About Ford Motor Co.

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

The company also has operations in Japan.


FORD MOTOR: S&P Comments on Asset Backed Securities' Protections
----------------------------------------------------------------
Despite the continuing adverse rating actions on Ford Motor's
corporate debt, the many legal, structural and credit
protections that are inherently part of ABS deals have so far
kept Ford Motor Credit Co.'s public ABS free of associated
downgrades, according to a new Standard & Poor's Ratings
Services report on General Motors Corp. and Ford Motor Co.
    
Nevertheless, General Motors' and Ford Motor's auto Asset Backed
Securities or ABS ratings aren't completely insulated from their
corporate downgrades, and that raises questions about which auto
asset types are most vulnerable to a manufacturer bankruptcy and
whether the transactions are adequately protected.

These issues are particularly relevant, considering the
heightened risks both GM and Ford now face.  They have also led
to major changes in rental fleet ABS transactions, as most
ratings on these deals were previously tied to those of the
manufacturers, owing to buyback agreements with the automakers.  
GMAC has also modified its auto lease transactions to address
the risk that the Pension Benefit Guaranty Corp. or PBGC could
attach a lien on the unencumbered assets of its lease
securitizations if it terminates an underfunded pension plan or
fails to make the required minimum payments.  Additionally, GMAC
changed one of the trigger events in its floor plan
securitizations, resulting in significantly higher levels of
credit enhancement.  
     
Overall, the extent to which manufacturer bankruptcy risk
affects Ford Credit's and GMAC's auto ABS -- and the structural
safeguards, including new changes, that protect against this
risk -- is a key consideration for Standard & Poor's when
assigning ratings to auto ABS.  Standard & Poor's believes
manufacturers' dealer floor plan loans are the most vulnerable,
followed by auto leases and then retail auto loans.  The wider
bond spreads for floor plan securitizations compared with those
for retail auto loan issuances substantiate this view.

                         About GMAC LLC

GMAC LLC, headquartered in Detroit, Michigan, provides retail
and wholesale auto financing, primarily in support of General
Motors' auto operations, and is one of the world's largest non-
bank financial institutions.  GMAC LLC reported earnings of
US$2.4 billion in 2005.  Its Latin American operations are
located in Argentina, Brazil, Chile, Colombia, Mexico and
Venezuela.

                  About Ford Motor Credit Co.


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

The company also has operations in Japan.


FURUKAWA ELECTRIC: 2006 Profit Forecast Up 36% from 2005
--------------------------------------------------------
Furukawa Electric Co. Ltd. has raised its group operating profit
forecast to JPY51 billion (US$435 million) from the previous
JPY47 billion for the current financial year, Reuters reports,
citing Nikkei business daily.  According to the report, the
increased projection is partly due to the healthy sales of
Furukawa's fibre-optic cable.

Reuters relates that the new figure is up 36% from the previous
fiscal year's result.

Overall sales are now forecast to increase 26% to
JPY1.1 trillion -- JPY50 billion more than the previous
projection -- partly due to he higher prices of raw materials,
including copper and aluminium, Reuters says, citing the Nikkei.

The report notes that Furukawa's operating profit in the
communications division is now seen roughly doubling to around
JPY11 billion.  Moreover, domestic sales of fibre-optic cables
for home use grew, while there was also demand from
telecommunications firms in the United States.

Furukawa Electric is expecting to report higher sales and
profits for all five of its core segments, the Nikkei said.

               About Furukawa Electric Co. Ltd.

Headquartered in Tokyo, Furukawa Electric Co., Ltd. --
http://www.furukawa.co.jp/-- provides materials, products, and  
services across a range of fields, encompassing energy,
electronics, optical and information systems, and automobiles.
The company operates through six business segments:
Telecommunications; Energy and Industrial Products; Metals;
Electronics and Automotive Systems; Light Metals, and Services
and Others.  Furukawa Electric and its subsidiaries manufacture
a range of products, which include optical fibers and cables,
network equipment, bare wires, power cables, plastic products,
copper pipes/stripes, battery products, automotive components
and electrical wires, aluminum products, and cast and forged
products.  The company is also engaged in real estate,
logistics, information and other services.

The Troubled Company Reporter - Asia Pacific reported on
March 20, 2007, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Furukawa Electric Co.
Ltd. to 'BB' from 'BB-' and its senior unsecured debt rating to
'BB+' from 'BB'. The outlook on the long-term corporate credit
rating is positive.


NIKKO CORDIAL: Top Shareholders Snub Citigroup's Increased Offer
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Mar. 19, 2007, that Citigroup Inc., which owns a 4.9% stake in
Nikko Cordial Corp., has launched a US$13.35 billion tender
offer for the remaining shares of the Japanese brokerage firm.  
The TCR-AP report stated that Citigroup's initial offer was 26%
lower than its current JPY1,700-per-share bid.

Earlier media reports noted that Citigroup raised its offer
price after the Tokyo Stock Exchange decided to keep Nikko
Cordial's shares listed despite an accounting scandal that
erupted in 2006, and after shareholders criticized and rejected
the U.S. bank's initial bid.

As reported in the TCR-AP on Mar. 13, the brokerage firm's four
largest shareholders -- Harris Associates LP, with a 7.5% stake
in Nikko Cordial; Orbis Investment Management Ltd., with a 6.9%
stake; Southeastern Asset Management Inc., with 6.6%; and
Mackenzie Financial Corp., with 5.7% -- have publicly said that
Citigroup's earlier JPY1,350-per-share offer price is too low.

In an update, the Financial Times relates that Chicago-based
Harris Associates still rejected Citigroup's already increased
bid for Nikko Cordial.  Harris Associates asserts that
Citigroup's raised offer was "still too low" and that Nikko
Cordial was worth at least JPY2,000.

Reuters, on the other hand, cites Southeastern Asset as saying
that it has increased its appraisal of Nikko Cordial above its
initial assessment of JPY2,000 per share.

However, according to MarketWatch, a Citigroup spokeswoman said
that the U.S. bank's stance on its tender offer bid for Nikko
Cordial remains unchanged.  Citigroup, Reuters recounts, earlier
said that it would not increase its bid a second time.

Reuters points out that one major Nikko shareholder, Mizuho
Financial Group, will tender all of its shares in Nikko to
Citigroup.  Mizuho Corporate Bank, Mizuho Financial Group's
corporate lending arm, holds a 4.8% stake in Nikko Cordial.

                       About Citigroup

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

                      About Nikko Cordial

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

                          *     *     *

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

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

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

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


NORTHWEST: Judge Gropper Refuses to Rule on Examiner Plea
---------------------------------------------------------
The Hon. Allan Gropper of the United States Bankruptcy Court for
the Southern District of New York declined to rule on the
request filed by the Ad Hoc Committee of Equity Security Holders
to appoint an examiner in Northwest Airlines Corp. and its
debtor-affiliates' Chapter 11 cases, The Associated Press
reports.

According to the AP, Judge Gropper said he would issue his
ruling on the Examiner Motion once the "record was clear" on the
dispute over his decision requiring the Ad Hoc Committee to file
an amended statement pursuant to Rule 2019(a) of the Federal
Rules of Bankruptcy Procedure.

              Examiner Appointment is Inappropriate

The Debtors and the Official Committee of Unsecured Creditors
oppose the Ad Hoc Equity Committee's request to appoint an
Examiner.  Both parties ask the Court to deny the request.

Counsel for the Debtors, Bruce R. Zirinsky, Esq., at Cadwalader,
Wickersham & Taft LLP, in New York, argues that the Ad Hoc
Committee's request is based on an entirely "baseless"
allegation that Northwest has "parked" an agreement to merge
with Delta Airlines.

Mr. Zirinsky contends the request is nothing more than a
transparent attempt to circumvent the Court's decision to quash
discovery related to potential merger activity.  He adds that
the examination demanded by the Ad Hoc Committee is
inappropriate, late, and is in bad faith.

The Debtors further assert that the Court should not entertain
the Ad Hoc Committee's request unless and until the required
statement pursuant to Rule 2019 is filed.

Rule 2019 expressly provides that if the Court determines that a
committee has failed to comply with the disclosures required by
the rule, the Court may refuse to permit that committee to be
heard further, or to intervene in the case, Mr. Zirinsky
contends.

The Creditors Committee, on the other hand, points out that the
Ad Hoc Committee's numerous attempts to recover information from
the Debtors, the Creditors Committee, and third parties on the
alleged merger or sale "have proven fruitless and have involved
the expenditure of hundreds of thousands of dollars of estate
funds to address speculative and overly broad document requests
and subpoenas."

The Creditors Committee believes that the Court should find that
the Ad Hoc Equity Committee has waived its rights to seek an
Examiner under Section 1104(c)(2) of the Bankruptcy Code, and
that the proposed examination will interfere with the Debtors'
pending confirmation process.

The Creditors Committee notes that if the Court decides to grant
the Ad Hoc Equity Committee's request, the Ad Hoc Committee must
be directed to:

    * narrowly define the scope of the examination to avoid
      excessive costs and delay;

    * require that the examination be completed reasonably in
      advance of the hearing on the Disclosure Statement so as
      to avoid further delay to the Debtors' reorganization
      efforts; and

    * preserve the estates' assets by capping the examiner's
      fees and expenses.

            U.S. Trustee Sides with Ad Hoc Committee

Diana G. Adams, acting U.S. Trustee for Region 2, asserts that
the appointment of an examiner is warranted.

Ms. Adams notes that Section 1104(c)(2) requires the mandatory
appointment of an examiner, upon the request of a party-in-
interest or the U.S. Trustee, provided a debtor's unsecured
debts, other than debts for goods, services, or taxes, or owing
to an insider, exceeds $5,000,000.

Brian S. Masumoto, trial attorney for the U.S. Trustee, says
that an Examiner must be appointed to investigate and report on:

    * whether the Debtors have explored all available options to
      maximize the value of their estates;

    * the Debtors' and the Creditors Committee's merger and
      acquisition activity, negotiations or discussions with
      other airlines, or the creditors and shareholders of other
      airlines; and

    * whether the Debtors have any plans, agreement, or
      understandings, tacit or otherwise, to consummate a
      valuable transaction after confirmation of their Plan of
      Reorganization and whether the Debtors are "parking"
      third-party interest in their business.

Owl Creek Asset Management, LP, a member of the Ad Hoc Committee
of Equity Security Holders, also believes an examiner must be
appointed.

               Ad Hoc Committee Addresses Objections

David S. Rosner, Esq., at Kasowitz, Benson, Torres & Friedman
LLP, in New York, says that neither the Debtors nor the
Creditors Committee dispute that the Examiner Motion satisfies
all of the predicates in Section 1104(c)(2) for mandatory
examiner appointment, and that Section 1104(c)(2) permits the
scope of the proposed investigation.

The Objectors complain that the Motion is untimely and barred by
laches, but the statute requires examiner appointment at any
time before confirmation of a plan, Mr. Rosner asserts. "No plan
has been confirmed in these cases," he points out.

The Debtors also promised, with the Court's imprimatur, to
disclose all material facts in their disclosure statement.
However, none was disclosed on February 15, 2007, Mr. Rosner
says.

Mr. Rosner tells the Court that the Proposed Investigation
concerns whether there has been fraud, dishonesty, incompetence,
misconduct, mismanagement, or irregularity in the management of
the affairs of the Debtors.  He adds that the Examiner will not
create a valuation because valuation will be addressed if the
Plan goes forward.

Mr. Rosner assures the Court that the cost of the Proposed
Investigation will be minimal.  The Debtors' financial advisor
argues that the Debtors are worth over $14,000,000,000 --
although the Ad Hoc Committee submits that it is much more -- so
the cost of the investigation will not impact any party's
recoveries in the Chapter 11 cases, he says.

Moreover, the results of the investigation may directly impact
recoveries because if the Debtors have engaged in any actionable
misconduct, the estates will profit from the claims, Mr. Rosner
says.  The revelation of avoided value-maximizing opportunities,
including a potential merger or sale, may also increase
recoveries.

                    Request to Appoint Examiner

The members of the Ad Hoc Committee of Equity Security Holders
asked for the appointment of an examiner asserting that before
the approval of any plan in the Debtors' bankruptcy cases, the
Court must appoint an Examiner pursuant to Section 1104(c) of
the Bankruptcy Code to investigate and report on:

    (a) whether the Debtors have explored all available options
        to maximize the value of their estates;

    (b) the Debtors' and the Creditors Committee's merger and
        acquisition activity, negotiations or discussions with
        other airlines -- or the creditors and shareholders of
        other airlines; and

    (c) whether the Debtors have any plans, agreements, or
        understandings, tacit or otherwise, to consummate a
        valuable transaction after confirmation, or whether the
        Debtors are "parking" third-party interest in their
        businesses.

David S. Rosner, Esq., at Kasowitz, Benson, Torres and Friedman,
LLP, in New York, reminds the Court that the Bankruptcy Code
requires appointment of an Examiner upon request of a party-in-
interest.

In the Debtors' case, Mr. Rosner says, the Court must appoint an
examiner, not only because it is mandated by statute, but
also because preserving the integrity of the Chapter 11 process
requires it.

Mr. Rosner notes that there are indications of both the
likelihood and the value of a post-confirmation merger or sale.
The indications include:

    * The Debtors have never attempted any sales process or
      other effort to determine Northwest's fair market value.
      Even with the Debtors' proposed rights offering, the
      Debtors have refused to establish a data room or to
      provide the Ad Hoc Committee with due diligence.

    * The Debtors' chief executive officer, Doug Steenland, told
      the press in late January that the Debtors have no intent
      to merge with another carrier "this year" but that he does
      see industry consolidation "over time."

    * Days after Mr. Steenland told the press that "[t]he odds
      [of a hostile takeover] are very small, the Debtors
      modified their Plan to adopt "poison pill" and other anti-
      takeover provisions in corporate charter documents to
      ensure board and management control -- and compensation --
      over the merger process.

    * According to press reports, representatives of Delta Air
      Lines had "recurring" meetings with Northwest
      representatives as the alternative to a Delta/US Airways
      merger.

    * Unlike a Delta/US Airways merger, which has significant
      route overlap, a Delta/Northwest merger is an "end to end"
      complementary combination, likely to gain regulatory
      approval, and largely accretive to those holding the
      equity when the merger occurs.

    * The Debtors hired Evercore Group L.L.C., a financial
      advisor whose mandate was to "focus" on broad strategic
      alternatives in the airline industry.  Yet, the Debtors
      set Evercore's compensation as a flat fee structure, not
      market pricing designed to incentivize Evercore actually
      to find and to consummate a value-maximizing transaction.
      The Debtors do not even mention Evercore's name, let alone
      its "broad strategic alternative" work or the results of
      that work, in their Disclosure Statement.

    * The Debtors hired Elmendorf Strategies, LLC to perform
      government and lobbying services.  The Ad Hoc Committee
      believes that these lobbying activities include antitrust
      lobbying and have asked the Debtors for information on
      Elmendorf's undisclosed lobbying activities.  The Debtors
      have not answered.

    * Sophisticated claims traders like hedge funds and
      financial institutions are actively and simultaneously
      accumulating claims in both the Debtors' case and the
      Delta bankruptcy case -- to be exchanged for post-
      confirmation equity.

      The Debtors' bond prices traded up after disclosure of a
      plan that proposes only a 74% recovery to unsecured
      creditors, and nothing to equity.  No sophisticated trader
      buys debt at 90+% with the expectation of getting paid
      only 74%.

    * Several analysts have published reports reflecting that
      the airline industry will consolidate and in fact needs to
      consolidate to remain viable.

    * The Debtors -- and Delta Air Lines -- vigorously opposed
      the Ad Hoc Committee's efforts to obtain discovery about
      negotiations or discussions concerning potential merger
      and sale transactions; if no communications occurred, the
      Debtors and Delta could have said so.  They never did.

    * The Debtors' Plan shifts huge value to management in the
      form of equity that will benefit from later merger
      activity through a US$129 million claim -- worth between
      US$85 million to US$107 million on the Debtors' lowball
      valuation and likely more than US$150 million on an actual
      market valuation -- and through a "terms undisclosed"
      management equity plan.

      Though the Debtors disclose absolutely nothing, not even
      the amount of equity that management is giving themselves,
      the Plan approves the management equity plan.

"An independent examiner's investigation, mandatory under the
Bankruptcy Code, must commence immediately to assure this Court
and parties in interest that the Debtors are not hiding or
delaying a merger or sale transaction in derogation of fiduciary
duty" Mr. Rosner explains.

Mr. Rosner says an investigation will likely to lead to
information -- including admissible evidence -- necessary for
the Court's consideration of any plan.

The Ad Hoc Committee also believes that an Examiner
investigation should commence immediately because:

    -- The Debtors refuse to conduct a fair, or any, sale
       process to determine whether an auction would maximize
       recoveries to stakeholders.

    -- The Debtors fail even to address their merger prospects
       -- including mergers they have actually discussed, for
       which they hired experts allegedly "to explore," and that
       they may have "parked" until later.

    -- There are at the very least serious questions about the
       elimination of shareholder interests in favor of dramatic
       insider management compensation.

                     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.  The Debtors'
exclusive period to file a chapter 11 plan expires on Jan. 16,
2007.

(Northwest Airlines Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SANYO ELECTRIC: GE To Launch JPY135-Billion Takeover Bid
--------------------------------------------------------
General Electric Co. said on Mar. 23 that it will launch a
tender offer for all shares of Sanyo Electric Credit Co. in a
takeover deal worth up to JPY135 billion, MarketWatch reports.

According to the Wall Street Journal, the U.S. conglomerate's
decision comes after beating offers from companies, such as
Japan's Shinsei Bank Ltd., in a bidding conducted by Goldman
Sachs Group Inc. and Sanyo Electric Co.

Bloomberg News relates that the Fairfield, Connecticut-based GE
will pay JPY3,250 a share, 62% more than Sanyo Credit's March 23
closing price.  GE will buy the 33% stake held by Goldman Sachs,
which bailed out consumer-electronics maker Sanyo Electric 12
months ago.

Sanyo Electric Credit said that its board of directors supports
the tender offer, which will last through May 9, MarketWatch
states.

Sanyo Electric, WSJ explains, has been trying to restructure its
extensive operations with the assistance of Goldman and other
strategic investors.  Faced with escalating price competition in
the digital products market, Sanyo Electric is in need of a
turnaround, the report says.

Reuters says that, according to a spokesman for Sanyo Electric,
which is expected to post its third straight annual loss in the
year ending this month, the company had not yet decided whether
to sell its 16.7% stake in Sanyo Electric Credit.

WSJ further relates that GE's wholly owned unit, STV Partners,
will pay JPY3,250 for each of Sanyo Electric Credit shares not
already owned by the credit and leasing service company.  Sanyo
Electric Credit ended Friday down 1.2% at JPYY2,010 on the Tokyo
Stock Exchange.

After Sanyo Electric Credit, advised by Goldman Sachs, contacted
GE in November 2006 with a sale offer, GE set the offer price
with a 58% premium over the share's one-month average after
considering other companies' past tender offer cases, the credit
firm's cash surplus, possible synergies after the acquisition
and an adequate amount to ensure shareholder support, STV
Partners said in a separate statement.

Lehman Brothers advised General Electric for the tender offer,
WSJ says.  STV said two subsidiaries of Goldman Sachs with a
combined 33.2% stake in Sanyo Electric Credit will sell all of
their holdings to STV.

GE said Sanyo Electric Credit will continue its operations with
the current management team, the report states.

                       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.


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

CURON INC: Inks MOU with Optima for Sales Right of CVD Solution
---------------------------------------------------------------
On March 7, 2007, Curon Inc. signed a Memorandum of
Understanding with Optima Co Ltd.

Reuters says the MOU is for the exclusive sales right of color
vision deficiency solution in Japan.

Seoul-based Curon Inc. -- http://www.curon.co.kr/-- provides  
diaphragms, vaporizers and Video On Demand (VOD) servers.  The
company has three main products: (1) diaphragms and vaporizers,
which are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; (2)
VOD servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and (3) Telematics, which
are used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs (DVDs),
TVs and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
'B-' rating with a stable outlook on Feb. 22, 2007.


CURON INC: To Issue 5th Unsecured Bond Through Public Offering
--------------------------------------------------------------
Curon Inc. will issue its fifth unsecured bond with warrants
financing KRW1.99 billion through public offering, Reuters
reports.

The bonds, which are 100% convertible to shares at the price of
KRW1,085 per share, will mature on March 15, 2008, with the
maturity interest rate of 4% per annum, the report says.

Curon will pay back 104% of the bond principal on the maturity
date, the report notes.

Seoul-based Curon Inc. -- http://www.curon.co.kr/-- provides  
diaphragms, vaporizers and Video On Demand (VOD) servers.  The
company has three main products: (1) diaphragms and vaporizers,
which are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; (2)
VOD servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and (3) Telematics, which
are used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs (DVDs),
TVs and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
'B-' rating with a stable outlook on Feb. 22, 2007.


CURON INC: To Issue Common Shares to Sinji Soft & Sein Company
--------------------------------------------------------------
Curon Inc. has agreed to issue 1,999,000 common shares through a
private placement to SINJI SOFT Corporation and Sein Company
Limited, Reuters relates, noting that the par value and offering
price are KRW500 and KRW1,000, respectively.

The new shares will be listed on April 5, 2007.

Seoul-based Curon Inc. -- http://www.curon.co.kr/-- provides  
diaphragms, vaporizers and Video On Demand (VOD) servers.  The
company has three main products: (1) diaphragms and vaporizers,
which are used in gas meters, speakers, automobiles, medical
applications, heavy machinery, industrial valves and pumps; (2)
VOD servers such as StreamXpert, which supply High Definition
Television (HDTV) multimedia content; and (3) Telematics, which
are used in entertainment, games, digital multimedia players,
traffic information, satellites, digital versatile discs (DVDs),
TVs and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
'B-' rating with a stable outlook on Feb. 22, 2007.


EG GREENTECH: Acquires Network Live for KRW8.5 Billion
------------------------------------------------------
EG Greentech Co., Ltd., has acquired Network Live, an
entertainment company that's also based in Korea, for
KRW8,507,820,000, Reuters reports.

The report relates that EG Greentech purchased 1,140,000 shares
of Network Live, which represents 95% of Network Live's total
outstanding shares.

The transaction is expected to close on April 10, 2007, Reuters
notes.

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--  
formerly Key Engineering Co., Ltd., provides environmental
treatment system solutions.  The company carries its business in
five main areas: volatile organic compound (VOC) gas treatments,
wasted water treatments, nitrogen oxide (NOx) treatments,
environmental energy diagnosis, and fitted prevention equipment.
Its prime product is the regenerative thermal oxidizer (RTO), a
VOC treatment system, which is mainly provided for the
petrochemical and chemical industries.  The company also
provides regenerative catalytic oxidizers (RCO), adsorption and
solvent recovery units (ASR), evaporated and regenerative waste
water incineration systems and wet air oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on March
2, 2007, that EG Greentech has a shareholders' equity deficit of
US$1.5 million on total assets of US$186 million.


EG GREENTECH: To Purchase 100,000 Common Shares of Constellation
----------------------------------------------------------------
EG Greentech Co., Ltd. has decided to purchase 100,000 shares of
Constellation Creative Services Inc.'s common stock, Reuters
relates, noting that the shares are worth approximately KRW1.8
billion.

After the acquisition, EG Greentech will hold a 9.09% stake in
Constellation Creative Services.  Constellation Creative
Services' capital is worth KRW941.7 million, Reuters says.

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--  
formerly Key Engineering Co., Ltd., provides environmental
treatment system solutions.  The company carries its business in
five main areas: volatile organic compound (VOC) gas treatments,
wasted water treatments, nitrogen oxide (NOx) treatments,
environmental energy diagnosis, and fitted prevention equipment.
Its prime product is the regenerative thermal oxidizer (RTO), a
VOC treatment system, which is mainly provided for the
petrochemical and chemical industries.  The company also
provides regenerative catalytic oxidizers (RCO), adsorption and
solvent recovery units (ASR), evaporated and regenerative waste
water incineration systems and wet air oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on March
2, 2007, that EG Greentech has a shareholders' equity deficit of
US$1.5 million on total assets of US$186 million.


EG GREENTECH: Appoints Lee Dae Hyun as New CEO
----------------------------------------------
EG Greentech Co., Ltd. has appointed Lee Dae Hyun as its Chief
Executive Officer, effective March 16, 2007, Reuters reports.

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--  
formerly Key Engineering Co., Ltd., provides environmental
treatment system solutions.  The company carries its business in
five main areas: volatile organic compound (VOC) gas treatments,
wasted water treatments, nitrogen oxide (NOx) treatments,
environmental energy diagnosis, and fitted prevention equipment.
Its prime product is the regenerative thermal oxidizer (RTO), a
VOC treatment system, which is mainly provided for the
petrochemical and chemical industries.  The company also
provides regenerative catalytic oxidizers (RCO), adsorption and
solvent recovery units (ASR), evaporated and regenerative waste
water incineration systems and wet air oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on March
2, 2007, that EG Greentech has a shareholders' equity deficit of
US$1.5 million on total assets of US$186 million.


EG SEMICON: Korea-based Subsidiary Signs MOU with ICC (Pvt) Ltd
---------------------------------------------------------------
The Korea-based subsidiary of EG Semicon Co., Ltd., has signed a
Memorandum of Understanding with Pakistan's ICC (Pvt) Limited,
for the supply of 53MW wind power generator, Reuters relates.

Under the MOU, the two companies will establish a joint venture
company, IRICC wind farm p.l.c., Reuters says.

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

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


HANA BANK: Moody's Puts Baa1 Rating on Tier II Sub. Notes
---------------------------------------------------------
On March 23, 2007, Moody's Investors Service assigned A3/Baa1
long-term senior/subordinated debt ratings and a Prime-1 short-
term debt rating to Hana Bank's updated US$2.5 billion Global
Medium Term Note Programme.

The programme allows for the issuance of various classes of
securities, including senior notes, as well as Lower Tier II and
Upper Tier II subordinated notes.

The outlook for the long-term ratings is positive while the
outlook for the short-term rating is stable.

In addition, Moody's has assigned a Baa1 rating to Hana Bank's
proposed US$10 non-call 5-year lower Tier II subordinated notes
drawdown, due 2017, under the Programme.  The outlook for this
rating is positive.

"The ratings reflect Hana Bank's systemically important position
as Korea's fourth largest bank and its good franchise in retail
and SME lending," says Beatrice Woo, Moody's VP/Senior Credit
Officer in Singapore.

"They are further based on the bank's traditionally commercial-
minded management, moderate financial fundamentals -- including
above-average operating efficiency -- and the opportunities it
has to obtain technical assistance from strategic shareholder,
Allianz of Germany," Ms. Woo adds.

"At the same time, these factors are off-set by the bank's rapid
growth in recent years, its high cost funding structure, but
which is improving due to acquired SeoulBank's low cost base,
and the challenges of maintaining its market position in the
face of strong competition," Ms. Woo says.

                         About Hana Bank

Hana Bank -- http://www.hanabank.com/-- provides financial  
services to individuals and corporate clients such as
international banking, trust business, and security investment
business through 298 domestic branches and one head office.

Moody's Investors Service gave the bank a D+ Bank Financial
Strength Rating.


HYNIX SEMICONDUCTOR: Inks Deal to Purchase Land in Cheongju
-----------------------------------------------------------
On March 23, 2007, Hynix Semiconductor Inc. said it has signed a
deal to purchase land in Cheongju, according to reports.  The
sale agreement is reportedly worth more than US$32 million.

In a press statement, the company said it is "considering
building a plant in Cheongju seriously."  It did not provide
other details.

According to Yonhap news agency, Hynix plans to invest KRW6
trillion (US$6.4 billion) to build a new plant in Cheongju,
reports relate.

The new plant, which will be completed as early as April 2008,
will create more than 2,000 jobs, and its annual exports are
expected to reach US$3 billion, reports cite Yonhap.

On Jan. 29, 2007, the Troubled Company Reporter - Asia Pacific
cited a report from The Chosun Ilbo stating that the Korean
Government allowed Hynix Semiconductor to develop a wafer plant
in Cheongju, but rejected the company's planned facility
expansion at Icheon.

The TCR-AP noted that the Icheon complex sits in a zone subject
to strict environmental regulations.

                          About Hynix

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

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

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


LG TELECOM: Moody's Upgrades Ratings to Ba1 on Stronger Profile
---------------------------------------------------------------
Moody's Investors Service has upgraded LG Telecom's foreign
currency corporate family rating and senior unsecured bond
rating to Ba1 from Ba2.  The outlook on the rating is stable.

"The rating action reflects LGT's strengthening financial and
operational profile as demonstrated by its ability to grow
subscriber market share in a highly competitive environment and
also by LGT's reduction of leverage to investment grade levels,"
says Laura Acres, a Moody's VP/Senior Analyst.

"The Ba1 foreign currency corporate family rating reflects LGT's
strengthened financial metrics despite an intensely competitive
domestic market as well as the expectation of support from the
parent LG Group," she adds.

"However, the rating also considers LGT's distant third position
in the South Korean cellular telecoms market; the recent changes
to the regulatory regime as regards product bundling announced
by the Ministry of Information and Communication; the ability of
the two market dominants to confuse and dictate market trends;
and the limited scope for growth given the already high market
penetration in South Korea," says Acres, also Moody's lead
analyst for the company.

In terms of the Moody's rating methodology for the Global
Telecommunications Industry, LGT's operating and financial
profile is consistent with a Baa2 rating.  However, the Ba1
rating reflects other key rating considerations including future
uncertainty arising from the convergence of telecommunications
and broadcasting; the use of EVDO, the outcome of which is
uncertain; and the risks inherent in LGT pursuing its long-term
business plan to expand network coverage and grow its subscriber
base in a highly competitive environment.

Upward pressure on the rating could emerge if Moody's perceives
that the competitive challenges of operating in South Korea
remain manageable over the medium term, and that LGT is both
willing and able to sustain its current sound financial profile.
Specifically, Moody's would like to see EBITDA margins remaining
above 25%; the maintenance of a conservative debt profile such
that adjusted debt/EBITDA remains below 2.0x consistent with
investment grade levels; and the company demonstrates a proven
ability to sustain market share at or above current levels.

Downward rating pressure could emerge if the level of
competition in the market is such that free cash flow/adjusted
debt falls below 5%, market share declined below current levels;
and/or EBITDA margins drop below 20%.  Moody's would also
consider carefully any adverse change in the regulatory
environment.

LGT was formed in July 1996 by LG Corp. (37.4% shareholder) to
provide CDMA-based personal communication services in South
Korea including: mobile telephony, wireless date, mobile banking
and international roaming services.  No other shareholder owns
more than 5% of the issued share capita although 34.6% of the
shares are in foreign hands.


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

ANTAH HOLDINGS: Completes Restructuring; Out of Bursa List
-------------------------------- -------------------------
Antah Holdings Bhd will be removed from the Official List of the
Bursa Malaysia Securities Bhd following the completion of its
restructuring scheme, the bourse said in a disclosure on
March 23, 2007.

In addition, Sino Hua-An International Berhad will be admitted
to the Official List of Bursa Securities in place of Antah.  The
listing is part of Sino Hua-An's restructuring plan.

On Dec. 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Securities Commission and other relevant
authorities approved Antah's proposed reform plan for
implementation.

Antah proposed these provisions in its restructuring scheme:

    1. the Proposed Acquisition of PIPO Group;

    2. the Proposed Scheme of Arrangement with Shareholder;

    3. the Proposed Acquisition of Property;

    4. the Proposed Scheme of Arrangement with Scheme Creditors;

    5. the Proposed Offer for Sales of Hua-An Shares;

    6. the Proposed Issuance of Hua-An Shares;

    7. the Proposed of Listing Status; and

    8. the Proposed Disposal.

The SC, however, rejected the proposed acquisition of Lekas SPA,
saying that it would not be able to provide immediate benefits
to Antah's shareholders and Sino Hua-An International Sdn Bhd,
the company incorporated in Malaysia to facilitate the
implementation of Antah's restructuring.

                          *     *     *

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

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

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

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


AYER MOLEK: Failure to Meet Capital Condition Prompts Delisting
---------------------------------------------------------------
The Bursa Malaysia Securities Bhd has commenced delisting
procedures against Ayer Molek Rubber Company's securities after
it failed to meet the minimum required capital to continue its
listing.

According to the bourse, Ayer Molek's issued and paid up capital
as at Dec. 31, 2006, is MYR1.8 million, far below the
MYR60 million minimum.  Under Bursa Securities' listing rules, a
main board and second board company must have a minimum paid-up
capital of MYR60 million and MYR40 million, respectively.

Ayer proposed a rights and bonus issue in compliance with the
bourse's paid-up capital rule.

Ayer Molek's paid-up capital, is therefore expected to swell to
MYR60.3 million after the rights and bonus issue.

Subsequent reports from the TCR-AP revealed that Ayer Molek was
required to submit a proposal to regularize its financial
condition pursuant to the Bourse's Listing Requirements.  

Bursa Malaysia noted that Ayer Molek had announced its plan to
submit a regularization plan on March 9.  However, no plan was
submitted to the relevant authorities.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.

Ayer Molek has suffered recurring losses since the early 90s,
which prompted the Company to propose a rescue and restructuring
scheme to fully redeem and settle outstanding debts.  The
Company's accumulated loss figure as of March 31, 2006, stands
at MYR21,177,000.


COMSA FARMS: Fails to File Annual Report; Gets Public Reprimand
----------------------------------------------------------------   
The Bursa Malaysia Securities Bhd publicly reprimanded Comsa
Farms Berhad for failing to timely submit its annual audited
accounts and annual report for the financial year ended
March 31, 2006.

In addition, Bursa Securities also publicly reprimanded these
directors in respect of Comsa's breach of filing deadline:   

    1. Datuk Kour Nam Ngum -- Executive Director

    2. Datin Heng Chui Koon -- Executive Director

    3. Datuk Haji Sapari Bin Haji Amir -- Non-Executive Director
       (Resigned on Jan. 30, 2007)

    4. Chia Yam Kung -- Executive Director
       (Resigned Oct. 9, 2006)

    5. Ku Hien Liong -- Independent Non-Executive Director

According to the bourse, the directors were found to be in
breach of the Bursa Securities rules for "permitting, either
knowingly or where they had reasonable means of obtaining such
knowledge, the company to breach the listing requirements, which
caused the delay in the submission of Comsa's annual report."

                          *     *     *

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

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

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


PROTON HOLDINGS: Brand Will Stay Amid Merger Talks, Assures PM
--------------------------------------------------------------
The brand "Proton," of Malaysia's national carmaker, will not be
wiped out amid negotiations on a possible merger with foreign
partners, Prime Minister Abdullah Ahmad Badawi assured in a
television interview, Reuters relates.

"Proton is a national car.  Proton is a brand," the Prime
Minister said during an interview with CNBC television.  He
stressed that a good foreign partner will help Proton develop in
terms of models, engines and technology, Reuters notes, citing
Bernama news agency.

Minister Abdullah maintained that while the government wants to
see Proton become more competitive with a partner, it will
insist on Proton maintaining its own brand name.

Bernama reported that Proton is now exclusively in talks with
Volkswagen.  However, according to Minister Abdullah, if the
negotiation fails, the car-maker will proceed striking a deal
with General Motors.

                          *     *     *

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.


SUREMAX GROUP: Bursa Extends Plan Filing Deadline to May 31
-----------------------------------------------------------
On February 16, 2007, the Troubled Company Reporter - Asia
Pacific reported that the Bursa Malaysia Securities Bhd decided
to suspend the trading of Suremax Group Bhd's securities.

The decision, according to the bourse, came after Suremax failed
to:

    a. make the Requisite Announcement of the company's
       regularization plans in accordance with paragraph 8.14C
       of the Listing Requirements of Bursa Securities and
       Practice Note No. 17/2005 by February 8, 2007; and

    b. to submit its regularization plans to the Securities
       Commission and other relevant authorities for approval
       within one month from the date of RA.

Subsequently, at the company's request, the bourse extends
until:

    * March 31, 2007, the company's deadline to make the
      Requisite Announcement pertaining to its regularization
      plans;

    * May 31, 2007, the company's deadline to submit
      regularization plans to the Securities Commission and
      other relevant authorities.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that based on the Audited Financial Statements of Suremax
Group for the year ended August 31, 2005, the company's auditors
have expressed a modified opinion with emphasis on Suremax's
ability to continue as a going concern.  Furthermore, based on
the company's six-month period accounts to February 28, 2006,
Suremax's shareholders' equity on a consolidated basis is less
than 50% of its issued and paid-up capital.  

As such, Suremax is an affected listed issuer of the Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category,
and is therefore required to implement a plan to regularize its
financial condition.


TENGGARA OIL: Bourse Extends Plan Filing Deadline to August 7
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
Feb. 16, 2007, that Tenggara Oil Bhd's securities were suspended
after the company failed to submit its regularization plan to
the Securities Commission and other relevant authorities by its
Feb. 7 deadline.

In an update, the bourse decided to defer delisting procedures
of the company's securities and further extend until:

    * July 13, 2007, Tenggara's deadline to make the Requisite
      Announcement pertaining to its regularization plans.

    * August 7, 2007, Tenggara's deadline to submit its
      regularization plans to the relevant authorities for
      approval.

                          *     *     *

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  

The Company is headquartered in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.

The company's consolidated balance sheet as of Oct. 31, 2006,
showed total assets of MYR52.48 million and total liabilities of
the same amount, resulting to zero shareholders' equity.


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

AIR NEW ZEALAND: Offers NZ$3,000 Payment to Members, SFWU Says
--------------------------------------------------------------
The Service and Foodworkers Union accuses Air New Zealand
Limited of offering workers a one-off taxable NZ$3,000 payment
and an offer of targeted redundancy/severance in return for cuts
in their pay and conditions, the New Zealand Press Association
reports.

According to SFWU, the offer will only apply if its members will
accept all the conditions of an Engineering Printing and
Manufacturing Union negotiated deal, the report relates.

The SFWU also said that airport services workers will have to be
EPMU members or agree to individual employment agreements -- to
get the payment, NZPA further relates.

EPMU national secretary Andrew Little however, did not comment
on SFWU's assertion.

As reported in the Troubled Company Reporter - Asia Pacific on
March 8, 2007, the SFWU said that it is not a party to the
agreement -- reached between EPMU and Air New Zealand -- and
that it is unlikely its members will agree to it.  

SFWU members will remain on their current superior terms and
conditions, SFWU northern regional secretary Jill Ovens said,
noting that the EPMU-negotiated deal involved splitting up the
current EPMU collective agreement.

The NZPA notes that the EPMU and the SFWU each have collective
employment agreements that will expire on June 30, which cover
staff in cargo, finance, call centers, and travel centers.

The proposed EPMU CEA would be for airport services staff only,
the NZPA says.

NZPA recounts that in January, SFWU told Air NZ that it was
prepared to renegotiate its CEA immediately after initiation of
bargaining on May 1.

Ms. Ovens asserted that if workers gave in to Air NZ demands,
there is no guarantee that the airline would not go ahead and
outsource at a later date, stuff.co.nz relates.

                           EPMU Deal

Mr. Little said EPMU members are voting this week and next week
on whether to accept the deal, which involved a NZ$1,000 payment
to everybody if the deal is accepted and the work not contracted
out.  Those who will lost their income will get a "slice" of
redundancy, but if they elected to stay on they would get the
NZ$3,000 payment to compensate for loss, Mr. Little explained.

Negotiated pay rises for this year and next year were for a
total of 7.5%, NZPA notes.

As reported in the TCR-AP, the EPMU and Air New Zealand were in
talks about the agreement under which about 40% of staff will
get a pay rise, 40% will get a pay cut, and the rest will stay
on the same wage rate.  Those offered a cut will have an
automatic right to redundancy.

                      About Air New Zealand

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

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

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


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

MANILA MINING: Net Loss Narrows 24% to PHP112.7 Million in 2006
---------------------------------------------------------------
Manila Mining Corp. filed with the Philippine Stock Exchange its
financial statements for the year ended Dec. 31, 2006.

For the year ended Dec. 31, 2006, Manila Mining reported a net
loss of PHP112.70 million, a 24% improvement from the
PHP147.42-million net loss in 2005.

Manila Mining's mining operations remain suspended since
shutdown in 2001, hence, no revenues were reflected on its 2006
income statement.

Compared to the figures in its restated financial statements for
the year ended Dec. 31, 2005, the company's expenses and costs
in 2006 reflected slight changes:

                                 For the Year Ended December 31
                                 ------------------------------
                                      2006            2005
                                 --------------  --------------
   Administration and Overhead   PHP108,644,593  PHP133,778,690
   Finance Costs                     22,903,473      20,755,409

The company's balance sheet as of Dec. 31, 2006, showed strained
liquidity with current assets of PHP205.85 million available to
pay current liabilities of PHP279.17 million.

The company notes that as of Dec. 31, 2005, its ability to
continue as a going concern and recover its mine and mining
properties is dependent upon the successful completion of:

   -- restructuring negotiations with creditor banks;

   -- the ability to obtain the necessary financing;

   -- the conduct of successful exploration/drilling work; and

   -- ability to achieve profitable operations.

The company admits that the outcome of those uncertainties
cannot be presently determined.

The company, however, believes that recent developments
mitigated the going concern uncertainty, which include:

   -- the significant improvement of the investment and mining
      climate;

   -- the raised PHP889.22 million from the issuance of stock
      rights in 2006, which proceeds were used to settle debts
      and fund exploration projects;

   -- the initiation of mining activities through an exploration
      program adopted during the last quarter of 2006; and

   -- the November 2006 signing of a letter of intent with
      Anglo American Exploration (Philippines), Inc., for the
      exploration and potential development of the Kalaya-an
      Property, which is part of the contract area of the
      company's exploration permit.

A copy of Manila Mining's financial statements for the year
ended Dec. 31, 2006, is available for free at the Philippine
Stock Exchange site at http://www.pse.com.ph/

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
Company is an affiliate of Lepanto Consolidated Mining Company.  
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the Company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.

                          *     *     *

The company incurred net losses of PHP112.7 million,
PHP147.42 million and PHP126.87 million for the years ended
Dec. 31, 2006, 2005 and 2004, respectively.


METROPOLITAN BANK: Expands Reach to Japanese Business
-----------------------------------------------------
Metropolitan Bank and Trust Co. is strengthening its Japan Desk
to expand its capability to serve the financial needs of
Japanese companies in the Philippines.

Executive Vice President Vicente R. Cuna, Jr., has disclosed
that an arrangement was forged with SMBC Metro Investment Corp.,
an affiliate of Metrobank and Sumitomo Mitrui Banking Corp. of
Japan, to second a Japanese national to spearhead its Japan Desk
operations.  Mr. Satoshi Izumiya is a seasoned banker with 20
years of international banking experience with SMBC.  A product
of the Tokyo University of Foreign Studies, Izumiya has
extensive experience in international business promotion.

This move is part of Metrobank's thrust to increase its market
share and solidify its presence across various customer segments
and industries, including the growing Japanese business
community.  "This partnership allows us to deepen our
relationships with existing Japanese clients and offer our
services to new ones," said tuna.  With lzumiya on board,
Metrobank looks forward to a stronger presence among Japanese
corporates.

Japanese business in the Philippines has grown steadily over the
years and now numbers over 800 companies.  "With favorable
economic conditions, we expect this segment to grow further.
Leveraging on our strong balance sheet, extensive branch
network, and broad financial products and services, we aim to
meet the needs of Japanese companies doing business in the
country," added Can&

Japanese companies in the Philippines are into the areas of
manufacturing, logistics, non-life insurance, IT and software
development, and recently, BPOs.  Japanese manufacturing
companies account for at least 80% of total locators in export
processing zones in the country.

Cans said the bank is looking at doubling current market share
by offering Metrobank's full range of products including Peso,
Yen, or US dollar financing, transaction banking and foreign
exchange.

"The decision to bring in Izumiya is expected to steammll
Metrobank's Japanese business given our excellent working
experience with SMBC through SMBC Metro Investment Corporation,"
said tuna.  "With lzumiya's background, there is no doubt that
we will be able to effectively grow our Japanese corporate
business."

Metrobank -- http://www.metrobank.com.ph/-- is the Philippines'  
largest bank with consolidated assets of PHP641.5 billion as of
end-December 2006. It has a local branch network of over 550
branches.  To date, Metrobank has 34 international branches and
offices in Japan, Hong Kong, Korea, Shanghai, Singapore, Taiwan,
the Americas, Guam, Canada, Austrial, Italy, Spain and the
United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 6, 2006, Moody's Investors Service revised the outlook of
Metrobank's foreign currency  long-term deposit rating of B1 and
foreign currency subordinated debt rating of Ba3 from negative
to stable.

In September 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.


On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.


TOWER RECORDS: Caiman Buys Trademark & Web Site for US$4.2 Mil.
---------------------------------------------------------------
Caiman Holdings Inc. has bought Tower Records trademark and Web
site for US$4.2 million outbidding four other competitors, the
Sacramento Business Journal reports.  The sale includes the e-
commerce business and a global trademark of Tower Records, which
is registered in 37 countries.

The Sacramento Bee says that with the purchase, Caiman Holdings
could now operate the Web site and possibly open Tower Records
stores in the United States and in some foreign countries.

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer  
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company has stores in the United Kingdom,
the Philippines and Colombia.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No.
04-10394).  The Court confirmed the Debtors' plan on
March 15, 2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.

Moody's Investors Service gave the company's issuer rating and
long-term corporate family rating a Ca, and its senior
subordinated rating a C.


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

AVAGO TECH: Commences Offer for Up to US$100MM of 2013 Sr. Notes
----------------------------------------------------------------
Avago Technologies is commencing a "Modified Dutch Auction"
tender offer for up to US$100,000,000 aggregate principal amount
of the US$500,000,000 aggregate principal amount of the
outstanding 10-1/8% Senior Notes due 2013 (issued by it and two
subsidiary co-issuers (CUSIP Nos. 05336XAD3 and U05212AA0).

The Offer will expire at 12:00 midnight, New York City time, on
April 19, 2007, unless extended.

Avago is offering to purchase the Notes for cash at a purchase
price per US$1,000 principal amount of the Notes of not less
than US$1,040.00 nor greater than US$1,060.00, plus accrued and
unpaid interest up to, but not including, the date of purchase.
In addition, holders whose Notes are accepted for payment
pursuant to the Offer will be entitled to receive in respect of
each Note accepted for payment which was validly tendered at or
prior to 5:00 p.m., New York City time, on April 5, 2007 a
premium of US$30.00 per US$1,000 principal amount of Notes
tendered.

The final purchase price will be determined pursuant to the
"Modified Dutch Auction" procedure.  Under this procedure, Avago
will accept tenders in the order of lowest to highest tender
prices specified by tendering holders within the range specified
above and will select the single lowest price per US$1,000
principal amount of Notes so specified that would enable Avago
to purchase an amount of Notes equal to the Offer Amount.  Avago
will pay the same Purchase Price for all Notes validly tendered
and not validly withdrawn at or below the Purchase Price,
subject to proration.  However, holders will only be entitled to
receive the Early Tender Premium in respect of Notes accepted
for payment that were validly tendered in the Offer prior to the
Early Tender Date.

In the event that the principal amount of Notes validly tendered
pursuant to the Offer at or below the Purchase Price exceeds the
Offer Amount, Avago will accept for purchase Notes tendered at
or below the Purchase Price as follows: Avago will first accept
for payment all such Notes tendered at prices below the Purchase
Price, and then Avago will accept for payment Notes tendered at
the Purchase Price on a pro rata basis from among such tendered
Notes.  Avago reserves the right to decrease or increase the
Offer Amount and/or Purchase Price for the Offer prior to the
Expiration Date.

                    About Avago Technologies

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--  
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service has affirmed these
ratings for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on 2013,
      from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due on
      2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%.


AVAGO TECHNOLOGIES: Reports 1Q Fiscal 2007 Financial Results
------------------------------------------------------------
Avago Technologies has reported financial results for its first
fiscal quarter, ended Jan. 31, 2007.  These results, as well as
those of the previous quarter, exclude revenue and expenses for
the CMOS Image Sensor business, which was sold in December 2006.  

                First Quarter 2007 GAAP Results

Net revenue was US$384 million, compared with US$401 million in
the previous quarter.  Increased penetration, primarily in the
wired infrastructure market, partially offset normal seasonal
softness, resulting in the 4% sequential decline in sales.  

Gross margin of US$113 million improved sequentially by 250
basis points to 29% of revenue.  Total operating expenses of
US$125 million declined from US$147 million in the previous
quarter, which included a charge of US$21 million, related to a
legal settlement.  

Net income was US$6 million, which includes a US$49 million gain
related to the previously disclosed divestiture, and compares
with a net loss of US$78 million in the fourth quarter.

Cash balances of US$240 million at the end of January declined
US$32 million from the previous quarter, reflecting year-end and
legal settlement payments.  

                 First Quarter 2007 Non-GAAP Results

Gross margin on a non-GAAP basis of US$143 million was 37% of
revenue, representing a 630 basis points increase over the
fourth quarter.  Better yields and improved manufacturing costs
absorption, combined with lower inventory charges and a richer
revenue mix, were the main factors for the sequential
improvement. Non-GAAP operating expenses were US$100 million
versus US$116 million in the prior quarter, fully reflecting the
costs savings inherent with the newly established corporate
infrastructure.

Net income on a non-GAAP basis rose to US$12 million and
Adjusted EBITDA jumped to US$74 million, driven by the
significant improvement in operating results.

"Our first quarter results represent good performance in a
period of soft demand in the overall semiconductor market," said
Hock E. Tan, president and CEO of Avago Technologies.  "During
the first quarter, we took steps to reduce overhead costs and
expand the use of manufacturing outsource providers.  This
expansion will further add flexibility in our cost structure and
enable us to adapt faster to the cyclical trends in our
industry."

                   Non-GAAP Financial Measures

In addition to GAAP reporting, Avago reports net income or loss,
as well as gross margin and operating expenses on a non-GAAP
basis.  This non-GAAP earnings information excludes stock based
compensation expense, amortization of intangibles and unusual
items and their related tax effects.  Avago believes this non-
GAAP earnings information provides more meaningful insight into
the Company's on-going performance and has therefore chosen to
provide this information to investors for a more consistent
basis of comparison and to emphasize the results of on-going
operations.  These historical non-GAAP measures are in addition
to, not a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP.

                     About Avago Technologies

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--  
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service has affirmed these
ratings for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on 2013,
      from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due on
      2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%


COMPACT METAL: Completes Sale Of Hotel and Factory
--------------------------------------------------
Compact Metal Industries Ltd. has announced that the sale of
hotel by Compact Hotel Sdn Bhd has been completed, Reuters Key
Development says.

The report adds that the sale of a factory in Johor, Malaysia by
FacadeMaster Sdn Bhd, has also been completed.  FacadeMaster, a
wholly owned subsidiary of Compact Metal Industries Ltd, had
earlier entered into a conditional agreement with S.P.T.S Sdn.
Bhd. for the sale of its freehold light industrial land in Mukim
of Tebaru, District of Johor bahru, Malaysia, measuring an
approximate area of 28,505 square feet, together with a factory.  
The consideration for the sale of the property is MYR1,800,000.

                      About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on Compact
Metal's ability to continue as a going concern, citing reasons
that include:

     i. the group's and company's current liabilities that
        exceeded their current assets by SGD81.96 million and
        SGD78.82 million, respectively, as of December 31, 2005;

    ii. the group's and company's recorded net liabilities
        attributable to equity holders of the parent of
        SGD43.10 million and US$43.83 million, respectively, as
        of December 31, 2005; and

   iii. the group's recorded recurring losses with net losses
        attributable to equity holders of the parent of
        US$24.09 million for the year ended Dec. 31, 2005.


COMPACT METAL: DBS Holds 11.23% of Issued Share Capital
-------------------------------------------------------
Compact Metal Industries Ltd has announced that DBS Bank Ltd has
an interest in 397,079,722 shares, representing 11.233 % of the
issued share capital of the company, Reuters Key Development
reports.

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on Compact
Metal's ability to continue as a going concern, citing reasons
that include:

     i. the group's and company's current liabilities that
        exceeded their current assets by SGD81.96 million and
        SGD78.82 million, respectively, as of December 31, 2005;

    ii. the group's and company's recorded net liabilities
        attributable to equity holders of the parent of
        SGD43.10 million and US$43.83 million, respectively, as
        of December 31, 2005; and

   iii. the group's recorded recurring losses with net losses
        attributable to equity holders of the parent of
        US$24.09 million for the year ended Dec. 31, 2005.


COMPACT METAL: Appoints Chng Gim Huat as New President
------------------------------------------------------
Compact Metal Industries Ltd. has appointed Chng Gim Huat as
president of the company with effect from February 16, 2007.

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on Compact
Metal's ability to continue as a going concern, citing reasons
that include:

     i. the group's and company's current liabilities that
        exceeded their current assets by SGD81.96 million and
        SGD78.82 million, respectively, as of December 31, 2005;

    ii. the group's and company's recorded net liabilities
        attributable to equity holders of the parent of
        SGD43.10 million and US$43.83 million, respectively, as
        of December 31, 2005; and

   iii. the group's recorded recurring losses with net losses
        attributable to equity holders of the parent of
        US$24.09 million for the year ended Dec. 31, 2005.


CREATIVE TECH: Discloses 2nd Quarter 2007 Financial Results
-----------------------------------------------------------
Creative Technology Ltd. disclosed financial results for the
second quarter of fiscal year 2007, ended December 31, 2006.  
All financial results are stated in U.S. dollars.

Revenues for the second quarter were US$424.4 million, compared
to revenues of US$390.8 million for the same quarter last year.
The revenues for the second quarter include a US$100 million
paid-up license from Apple for use of the Creative ZEN Patent in
its products.

The paid-up license from Apple contributed US$82.0 million to
net income and EPS of US$0.98 in the second quarter.  Including
this contribution, net income for the second quarter was US$92.1
million with EPS of US$1.10.  This compares to net income of
US$8.2 million with EPS of US$0.10 for the same period last year
including an investment gain of US$6.9 million.  For comparative
purposes, excluding the contribution from the Apple payment and
investment gains in the second quarter, net income was US$9.9
million, compared to net income of US$1.3 million, excluding the
investment gain for the same period last year.

"We're very pleased with the sales of our ZEN V and ZEN V Plus
players in the holiday quarter.  Overall, we sold a total of
2.5 million of our MP3 players in the period," said Craig
McHugh, president of Creative Labs, Inc.  "With the strong sales
of our flash-based ZEN players in the period, we achieved our
goals of bringing gross margins above 20% and returning to
profitability.  These results are even before taking into
account the revenue and profit contribution from the paid-up
license from Apple for use of the ZEN Patent."

               Creative Technology Q2 FY07 Results

"In the current third quarter, we have taken several steps to
reduce our operating expenses and streamline our businesses,"
continued McHugh.  "We disclosed the outsourcing of our European
assembly and distribution operations, with a planned headcount
reduction of approximately 200 employees.  We scaled down or
closed some of our smaller, unprofitable business units in the
U.S., with headcount reduction of approximately 100 employees.
As a result of these actions, we incurred approximately US$4.4
million in restructuring costs in the second quarter.  With our
continuing efforts to reduce operating costs, we expect to incur
additional restructuring costs in the current third quarter that
will impact our results.  We otherwise are targeting to be about
break-even for the current period before special charges for
restructuring.  With the strong demand we anticipate for our ZEN
MP3 players, and with the expectation that flash memory prices
will continue to remain at low levels, we are targeting gross
margins above 20% and to be profitable for each of the following
quarters in the 2007 calendar year, before special charges if
any, for restructuring."

                   About Creative Technology

Singapore-based Creative Technology Ltd. makes digital
entertainment products, including portable audio players, PC
sound cards, graphics accelerator cards, and digital cameras.  
The Company also makes modems and CD and DVD drives for PCs.  
Subsidiaries include Cambridge Soundworks, Creative Labs, and E-
MU/ENSONIQ.

Tough competition in the electronics market has hurt Creative,
causing it to incur recurring losses.  The Company reported a
net loss of US$114.33 million in the three months to March 31,
2006, reversing the year-ago profit of US$15.91 million due to
one-time charges and a drop in flash memory prices, which led to
an inventory writedown.  The Company is also facing ongoing
disputes with several companies in the United States.  Creative
also periodically receives licensing inquiries and threats of
potential future patent claims from a variety of entities,
including Lucent Technologies, MPEG LA, Dyancore Holdings,
Advanced Audio Devices and Nichia Corporation.


DIGILAND INTERNATIONAL: Names Vincent Tan Kim Yong as Chairman
--------------------------------------------------------------
Digiland International Ltd has appointed Dr. Vincent Tan Kim
Yong, a non-executive director, as the chairman of board of
directors, Reuters Key Development reports.

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12.


FLEXTRONICS INT'L: To Sell Swedish Unit to Prevas
-------------------------------------------------
Flextronics International Ltd. will be selling it Swedish unit
to Prevas, a developer of intelligence in products and
industrial systems, Evertiq reports.

The report said that 13 Flextronics telecommunication engineers
will be transferred to Prevas through this deal, which will be
completed on April 1, 2007.  No other details were provided.

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics  
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial, and
infrastructure, medical and mobile original equipment
manufacturers.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 9, Moody's Investors Service revised the outlook on
Flextronics International to stable from negative, while
affirming its corporate family rating to Ba1.


FLEXTRONICS INT'L: May Re-start Czech Operations
------------------------------------------------
Flextronics International Ltd. may invest in Czech Republic,
Evertiq reports, citing AFI Association for Foreign Investors
Chairman Slaby.

The report adds that Flextronics left Czech Republic in 2002.  
Mr. Slaby told Czech Business weekly, "They left a bit too soon,
even before meeting their obligations arising from the
investment incentives they received, but now I have information
they're reconsidering operations on the Czech market."

                About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics  
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial, and
infrastructure, medical and mobile original equipment
manufacturers.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 9, Moody's Investors Service revised the outlook on
Flextronics International to stable from negative, while
affirming its corporate family rating to Ba1.


INFORMATICS EDUCATION: Cuts 3Q Net Loss by 92% to US$0.64 Mil.
--------------------------------------------------------------
Informatics Education Ltd has cut its 3Q 2007 net loss by 92%
from SGD7.8 million to SGD0.64 million.  For the nine-month
period ended 31 December 2006, Informatics has managed to reduce
its net loss by 70% from SGD15.6 million to SGD4.7 million
through its improvement in operational efficiency.  The decline
in Group's operating revenue was mainly due to the ongoing
restructuring exercise in Malaysia.  However, its higher
education business in Singapore, Hong Kong and UK operations
have shown 9% to 15% growth.  The operating loss reduction in
the quarter was achieved by a 43.5% reduction in staff costs,
fixed asset depreciation and other operating expenses to SGD12.7
million, despite a 17% decline in operating revenue to SGD12.0
million.

"Despite the challenging conditions we face, our performance
during the quarter had been encouraging.  While our tight
control on internal cost management continues to help our bottom
line, revenue performance in some key markets showed further
improvement," said Mr Val Ortega, Chief Executive Officer of
Informatics.  He added, "Going forward, we will maintain our
focus on revenue growth by increasing our global student
recruitment.  Our strategies for such growth include our
licensing strategy, innovative product development, flexible
delivery model, greater market penetration, as well as our
continuous improvement in our financial and operational
efficiency."

In view of the negative Group's NTA arising from current and
past losses, Informatics initiated a right issue during December
2006 to raise up to SGD16.1 million net proceeds.

This will further enhance and strengthen the Group's financial
position and its core business.  With all these measures in
place, Informatics is on track of returning to profitability.

                   About Informatics Education

Formerly known as Informatics Holdings, Ltd., Informatics
Education Ltd -- http://www.informatics.edu.sg/-- was  
established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled information technology
manpower and knowledge-based workers to build and sustain the
rapid economic development in the region.  Informatics' core
business activities are training and education, IT-related
services and franchise operations.  Informatics was at the
center of a scandal that began in mid-April 2004 when it
admitted that it has overstated profits and understated costs
for the nine months ended December 2003 in its quarterly
financial statement.  The scandal started a string of losses for
the education services provider.

                        Significant Doubt

On July 11, 2006, Ernst and Young, the company's independent
auditors, raised substantial doubt on the company's ability to
continue as a going concern, with The group's net loss of
SG$22,818,000 for the year ended March 31, 2006. As at March 31,
2006, the group was in a net shareholders' deficit position of
SG$14,772,000." E&Y adds: "As at 31 March 2006, the ability of
the group and company to meet its financial obligations and to
continue as going concerns depend on the group's success in
implementing its plans to streamline its business and generating
sufficient positive cash flows from its operations."


LEAR CORP: To Supply Seating Systems to Bombardier Recreational
---------------------------------------------------------------
Lear Corp. has been awarded a new contract to supply seating
systems to Bombardier Recreational Products Inc. for its Can-Am
line of all-terrain vehicles.  The new business is for a term of
five years.  Financial details of the agreement were not
disclosed.

In May this year, Lear will begin providing complete seating
assemblies with key characteristics of durability and comfort to
BRP's all-new ATV assembly plant in Juarez, Mexico.  The seats
will be produced at Lear's existing San Lorenzo, Mexico seating
facility, which currently employs 2,500 workers.  This facility
also manufactures seat trim covers for Ford Motor Company and
DaimlerChrysler Corporation's Chrysler unit.

"This new seating business signals progress in our strategic
initiative to further diversify Lear's customer and product
segment portfolio and explore non-traditional growth
opportunities that are synergistic with our core competencies
and existing infrastructure," Doug DelGrosso, Lear President and
Chief Operating Officer, said.  "Lear and BRP are working
jointly to identify other opportunities and we are also
exploring possibilities to leverage our seating expertise within
other industries."

                      About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior    
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, Thailand and the Philippines.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 15, 2007, that following Lear's agreement to be acquired by
Carl Icahn-controlled American Real Estate Partners, L.P.,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Lear to 'B' from 'B+' and placed its ratings on
CreditWatch with negative implications.

The TCR-AP also noted on Feb. 7, 2007, that Moody's Investors
Service placed Lear's corporate family rating at B2, under
review for possible downgrade.  The company's speculative grade
liquidity rating of SGL-2 has been affirmed.


PETROLEO BRASILEIRO: Fitch Holds Senior Notes' Rating at BB+
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Petroleo Brasileiro
S.A.'s (Petrobras).  The Rating Outlook remains Stable.

These rating actions follow the report by Petrobras, Braskem and
the Ultra Group that they have reached an agreement to acquire
the Ipiranga Group's petrochemical, refining and fuel
distribution assets.

Affirmed:

   -- Foreign currency issuer default rating at 'BB+';
   -- Senior unsecured notes due to 2008 at 'BB+';
   -- Senior unsecured notes due to 2011 at 'BB+';
   -- Senior unsecured notes due to 2013 at 'BB+';
   -- Senior unsecured notes due to 2014 at 'BB+';
   -- Senior unsecured notes due to 2016 at 'BB+';
   -- Senior unsecured notes due to 2018 at 'BB+';
   -- National rating at 'AAA(bra)';
   -- Second issuance of debentures due to 2012: 'AAA(bra)'; and
   -- Third issuance of debentures due to 2010: 'AAA(bra)'.

The multi-part transaction, which is expected to be concluded by
the end of 2007, should result in Petrobras owning the fuel
distribution assets of Ipiranga that are based in the North,
Northeast and Midwest regions of Brazil, 33% of the oil refinery
Refinaria de Petroleo Ipiranga and 40% of the petrochemical
assets of Ipiranga Quimica, which has investments in Ipiranga
Petroquimica and Copesul.  Petrobras is expected to pay about
$1.3 billion for these investments.

The fuel distribution assets being purchased by Petrobras
consist of 3,324 service stations.  IPQ operates five plants
with a combined production capacity of 730,000 tons per year of
polyethylene and polypropylene, while Copesul is the second
largest naptha cracker in Latin Ameica with an annual production
capacity of 3.3 million tons per year of basic chemicals,
including 1.25 million tons of ethylene.  RIPI is capable of
refining 17,000 barrels of oil per day.

At the end of 2006, Petrobras had BRL58.4 billions
(US$27.3 billions) of total debt and BRL29.2 billion
(US$13.6 billions) of cash and marketable securities.  During
2006, the company generated BRL52 billions (US$24 billions) of
EBITDA. These acquisitions increase Petrobras' presence in the
Brazilian petrochemical sector and enhance its fuel distribution
capabilities.  Given the low leverage at the entities to be
acquired and Petrobras' strong capital structure, the
transaction is viewed to be neutral to mildly positive for
Petrobras' credit profile.

The ratings of Petrobras are supported by substantial proved
hydrocarbon reserves and increasing upstream output, recognized
leadership in offshore exploration and production, a favorable
international product price environment and its dominant
domestic market position.  The company further benefits from
material international operations and its shift to a net export
position, which supports the generation of foreign currency cash
flow.  These factors are tempered by vulnerability to
fluctuations in international commodity prices, exposure to
local political interference, currency risk, domestic market
revenue concentration, and significant medium-term capital-
investment requirements linked to the company's ambitious
strategic plan.

                   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: Landless Farmers Hold Strike Against Co.
-------------------------------------------------------------
Brazilian state oil company Petroleo Brasileiro SA's
spokesperson told Business News Americas that landless farmers
held demonstrations against the firm in Bahia, near the
company's offshore operations.

BNamericas relates that 200 strikers were claiming the rights to
use 5,000 hectares of allegedly idle land in Sao Sebastiao do
Passe, where Petroleo Brasileiro's administrative offices are
located.  They also demanded a bigger role in the firm's
biodiesel program.

According to BNamericas, Petroleo Brasileiro supports family
agriculture in Sao Sebastiao, providing seeds and tools so
farmers can plant the raw materials for biodiesel production.

BNamericas underscores that the strike lasted less than a day.  
Petroleo Brasileiro didn't suffer production losses.

Petroleo Brasileiro will study the landless farmers' demands,
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: Will Export Ethanol to U.S. in 2007
--------------------------------------------------------
An official from Petroleo Brasileiro SA aka Petrobras told the
Associated Press that the company is planning to export ethanol
to the United States in 2007.

According to Silas Oliva Filho, manager of ethanol and
oxygenates at Petrobras, the company would enter the U.S.
ethanol market for the first time following a sugar and ethanol
conference in Sao Paulo.

AP says that the U.S. would charge a 54-cent-a-gallon U.S.
tariff on imports of Brazilian ethanol made from sugar, a
measure designed to help U.S. corn growers.  Ethanol could be
made from either crop or sugar, but is much cheaper if it is
made from sugar, AP adds.

Petrobras expected to export around 850 million liters of
ethanol in 2007 to markets including Nigeria and Venezuela, with
test volumes to Japan of about 20 million liters.

Mr. Filho asserted that as early as August, the company would
start to construct a US$750 million ethanol pipeline with an
estimated of two years to complete.  The pipeline had the
capacity to transport 8 billion liters (2.1 billion gallons) of
ethanol.

                    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.


SHIP FINANCE: Buys Three Seismic Vessels from SCAN Geophysical
--------------------------------------------------------------
Ship Finance International Ltd. has agreed to acquire three new
building seismic vessels from SCAN Geophysical ASA based on a
total delivered price of US$210 million, or US$70 million per
vessel, including complete seismic equipment.

SCAN is a seismic data acquisition company, with a current fleet
of three seismic vessels in addition to the vessels Ship Finance
has agreed to acquire.  SCAN is listed on the OTC-list in Norway
with a market capitalization of approximately US$270 million,
and the management team has extensive experience in the offshore
seismic market.  A listing on the Oslo Stock Exchange is
expected during 2007.

The vessels are being constructed at the ABG Shipyard in India
and delivery is scheduled for January, April, and July 2008.  
The vessels are purpose built, specifically designed for
efficient 3D seismic acquisition with high streamer capacity
with 10 tow points and streamer lengths of up to 10 km (for 8
streamer configuration). SCAN plans to deploy the vessels in the
high-end 3D contract seismic market to third party clients
internationally within the oil and gas industry.  Currently, the
market for modern 3D seismic vessels is very strong.

Ship Finance is financing the transaction through a senior loan
facility of US$120 million (US$40 million per vessel) and an
equity contribution of US$30 million (US$10 million per vessel).
SCAN will provide a non-interest bearing seller's credit of
US$60 million (US$20 million per vessel).

Upon delivery from the shipyard, the vessels will commence 12-
year bareboat contracts to SCAN, and the charter rate per vessel
payable to Ship Finance to service the net investment of US$50
million per vessel is agreed to be approx.:

         Year 1-3:            US$26,500 per day
         Year 4-6:            US$24,500 per day
         Year 7-12:           US$10,000 per day

The seller's credit from SCAN will be fully amortized over the
first six years after delivery through a non-cash additional
charter rate of US$9,132 per day for each vessel.

The Charterer has been granted fixed price purchase options for
each of the vessels after 6, 10, and 12 years at approximately
US$20 million, US$14 million, and US$9 million, respectively.  
The charter contracts are on bareboat basis and SCAN will
therefore be responsible for all operating and maintenance costs
during the charter period.

During the first six years of the charters, the annual repayment
of debt for the three vessels is approximately US$13.7 million
(US$4.57 million per vessel), giving an average annual net cash
contribution after estimated interest expense and debt repayment
of approximately US$0.12 per share.

Similar to all our recent acquisitions, the purchase of the
vessels and corresponding financing will be in separate
subsidiaries, and Ship Finance's guarantee obligation will be
US$16.3 million per vessel prior to delivery, which will then be
reduced to US$10 million per vessel after delivery from the
shipyard.

This transaction is another verification of the Company's
strategy to diversify both the asset base and customer
portfolio.  There is a high activity level in the offshore-
related markets with significant cash flows and a positive
market outlook.  The company anticipates further growth
opportunities in this segment.

Including new buildings and adjusted for announced sales, the
Company's fleet will consist of 60 vessels, essentially all on
medium to long-term charters.

                        About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited
-- http://www.shipfinance.org/-- through its subsidiaries  
engages in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

Moody's Investors Service affirmed Ship Finance International
Ltd.'s ratings, including the Ba3 Corporate Family Rating, the
Ba2 Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


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

DAIMLERCHRYSLER AG: Plans to Keep Chrysler Ties Following Sale
--------------------------------------------------------------
DaimlerChrysler AG has revealed detailed areas of cooperation
that it plans to pursue between its Mercedes division and any
new owners of Chrysler Group as talks over the U.S. arm's sale
continue, The Wall Street Journal reports.

The company envisions a lasting relationship between Mercedes
and Chrysler, particularly in the areas of purchasing, component
sharing, and engineering, even if they become separated by the
sale, WSJ states.

Reports say DaimlerChrysler hopes to receive at least three
preliminary bids for Chrysler by the end of the month from
private equity firm Cerberus Capital Management LLC, the
private-equity tandem of Blackstone Group and Centerbridge
Partners LP, and Canadian auto parts maker Magna International
Inc.

The company, however, denied speculations that a deal to sell
Chrysler is looming, disclosing through a statement that there
would be no news on the unit's sale this week and there will be
no announcement regarding the subsidiary's fate at the annual
shareholders meeting in Germany on April 4, WSJ reveals.

Dealers are worried that the unit's uncertain future may be
affecting revenues after U.S. Chrysler sales fell about 8% in
February, WSJ relates.

Chrysler and Mercedes have joint engineering teams working in
both Germany and Michigan who are making a set of basic
components that may be useful to the next version of the Jeep
Grand Cherokee and a Mercedes M-Class sport-utility vehicle.  
They are also developing common axles, a common electronics
backbone for their vehicles, as well as diesel and hybrid
engines, the report says.

         Chrysler Sale Cues Neutral Rating by Goldman

Meanwhile, Goldman analyst Stefan Burgstaller in London raised
DaimlerChrysler AG's ratings to "neutral" from "sell" amid the
company's plans to overhaul or sell its Chrysler unit, Bloomberg
News relates.

Mr. Burgstaller also increased his 12-month share-price target
to EUR57 from EUR47, which prompted DaimlerChrysler's shares to
climb to a seven-year high in the U.S. and a 5 1/2-year high in
Germany, Bloomberg reveals.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,  
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.  
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.

The company's worldwide locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


TMB BANK: Plans to Issue US$1 Billion Worth of Bonds
----------------------------------------------------
TMB Bank PCL said on Monday that it plans to issue bonds worth
up to US$1 billion and offered in baht or foreign currencies,
Reuters reports.

The report notes that the bank, which is 31.18% owned by the
Finance Ministry and 16.1% by Singapore's DBS Bank, told the
stock exchange that the proceeds would be used to expand its
business.  However, it did not indicate when the bonds would be
issued.

According to Reuters, the planned bonds were subject to
shareholder approval in April.

                      About TMB Bank PCL

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders  
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


TMB BANK: Board Approves Capital Raising Plan
---------------------------------------------
TMB Bank's board of directors approved a plan to raise the
bank's capital, Reuters reports, citing TMB director Bodi
Chunnananda.

The director, however, declined to disclose the amount TMB
needed to increase.

Reuters adds that the TMB Board also appointed three financial
advisers -- Phatra Securities, TMB Macquarie Securities
(Thailand) and UBS Securities -- to work out on how to raise the
bank's capital.

The report further cites Mr. Bodi as saying that TMB Bank's top
two shareholders -- the Thai Finance Ministry, with a 31.18%
stake and Singapore's DBS Bank, with 16.1% -- also approved the
capital raising proposal.

Reuters recounts that the bank said in January that it aimed to
boost its capital adequacy ratio to 12% by the end of 2007 from
10.4%, to which it fell after the bank increased loan-loss
provisions in the last quarter.

TMB President Subhak Siwaraksa has said that the bank needed
another THB9 billion (US$280.8 million) in provisions to cover
new rules this year, Reuters relates.

The report recalls that the bank set aside THB13 billion
provisions in the October-December 2006 period to meet new
provisioning requirements, which caused a net loss of THB12.3
billion in 2006.

According to Reuters, the capital increase plan is expected to
be complete by the end of June.

                      About TMB Bank PCL

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders  
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.




                            *********

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

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

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


                            *********


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

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