TCRAP_Public/070328.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Wednesday, March 28, 2007, Vol. 10, No. 62

                            Headlines

A U S T R A L I A

A.I.P.T PTY: Supreme Court Releases Wind-Up Order
ANGLO-ORIENTAL (NOMINEES): Commences Wind-Up Proceedings
AUSTRALASIAN EVENT: Proofs of Debt Due on April 10
AUSTRALIAN SEAFOOD: Will Declare Dividend on April 17
COLONIAL INTERNATIONAL: Placed Under Members' Voluntary Wind-Up

KUZMINA PTY: Members' Final Meeting Set for April 13
ILB SYDNEY: Members & Creditors' Meeting Set on April 19
L H & B I JEWELL: Members' Final Meeting Set for April 30
RESOURCE INDUSTRIES: Members & Creditors to Meet on April 24


C H I N A   &   H O N G  K O N G

ASAT HOLDINGS: Incurs US$7.6M Net Loss in Quarter Ended Jan. 31
BILLY CREATION: Liquidator Quits Post
CHINA MERCHANTS: Vice President Chen Wei Resigns
GALAXY CASINO: S&P's B+ Ratings Stays on WatchNeg Pending Review
GOLD-FACE ENTERPRISES: Creditors Set to Meet on April 4

JIANGXI COPPER: Looks to Obtain Assets on Gains From Shares Sale
PARKSON RETAIL: To Buy Golden Village for CNY501 Million
PRODUCT SAFETY: Andrew George Hung Quits Liquidator Post
WORLD GLORY: Creditors' Meeting Set on April 16


I N D I A

BANK OF INDIA: S&P Rates Proposed Hybrid Tier I Notes at 'BB'
BRITISH AIRWAYS: Open Skies Approval Cues S&P to Hold BB+ Rating
BRITISH AIRWAYS: Calls on UK to Sanction US Under Aviation Pact
DUNLOP INDIA: BIFR Orders Lifting of Trading Suspension
DUNLOP INDIA: Members to Consider Capital Increase on April 14

DUNLOP INDIA: Samir Kumar Paul Ceases to be Director
EMCO LTD: Cancels March 22 Record Date for Interim Dividend
HIMACHAL FUTURISTIC: Earns INR453.2-Mil. in Qtr. Ended Dec. 31
NAVISITE INC: Jan. 31 Balance Sheet Upside-Down by US$1.67 Mil.
STATE BANK OF INDIA: S&P Puts 'BB' Rating on Hybrid Tier I Notes

STRATOS GLOBAL: Inks US$576MM Acquisition Pact With CIP Canada


I N D O N E S I A

COMVERSE TECH: Reports Preliminary Selected Financial Results
GARUDA INDONESIA: Signs US$1-Bil. Deal to Buy 25 Boeing Planes
GOODYEAR TIRE: Sells Unit to Carlyle Group for US$1.4 Billion
HM SAMPOERNA: Acquires License from Philip Morris Products
INDOSAT: Sets Aside US$1 Billion for 2007 Capital Expenditures

MEDCO: Brantas Sale May Cue Moody's to Revise Outlook to Stable
PHILLIPS-VAN HEUSEN: Reports 4Q 2006 Net Income of US$26.8MM
TELKOM INDONESIA: Buys Back More Than 185 Million Shares
TELKOMSEL: Selects Datacraft to Upgrade SMS Capabilities


J A P A N

CREDIA CO: JCR Removes Ratings from CM; Ratings Downgraded to BB
LIVEDOOR CO: Fined JPY280 Million for Securities Law Violation
LIVEDOOR CO: Fuji TV Files JPY34.55-Billion Damages Suit
NORTHWEST AIRLINES: Court Approves Disclosure Statement
NORTHWEST: Plan Confirmation Hearing Scheduled for May 16

NORTHWEST: Withdraws US$129-Million Claim for Salaried Employees
SAPPORO HOLDINGS: Hires Nikko Citigroup to Advise on Defense
TOKURA CONSTRUCTION: JCR Affirms BB+ Rating on Senior Debts
TOKUSHINKAI GROUP: JCR Affirms BB/Stable Rating on Sr. Debts
VITEC CO: JCR Affirms BB+/Stable Rating on Senior Debts


K O R E A

KOREA EXCHANGE BANK: Court Adjourns Lone Star Trial to April 23
PANTECH & CURITEL: Decides on 30-to-1 Capital Reduction


M A L A Y S I A

ANTAH HOLDINGS: Azam Withdraws Injunction Petition
ARK RESOURCES: Provides Update on Ark Thai Construction Deal
CRIMSON LAND: Tasks MIMB Bank to Prepare Reform Plan
PSC INDUSTRIES: Intends to Return to Black in 2008


N E W   Z E A L A N D

CER GROUP: Appoints R. Levison as Non-Executive Director
HERITAGE GOLD: Special Meeting of Shareholders Set for April 12
SEALEGS CORP: Secures NZ$1 Million Worth of New Boat Orders


P H I L I P P I N E S

MANILA MINING: Executes Farm-In Agreement With Anglo Investments
METRO PACIFIC: Provisions Bring Parent's 2006 Loss to PHP686MM
MIRANT CORP: Court Approves Mirant NY-Gen's Disclosure Statement
MIRANT CORP: NY-Gen's Plan Confirmation Hearing Set for April 25


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Declares SGD0.20 Cash Dividend
SEATOWN CORP: High Court Extends Judicial Management to Aug. 26
SEATOWN CORPORATION: Auditors Raise Significant Doubt
WCM BETEILIGUNGS: Sells Klockner-Werke Stake for EUR240 Million


T H A I L A N D

BLOCKBUSTER INC: CEO John Antioco to Leave Post by Year-End
DAIMLERCHRYSLER: Delays Filing First Quarter Report to May 15
DAIMLERCHRYSLER: Magna Offer Up To US$4.7BB for 25% of Chrysler
DOLE FOOD: Posts US$89-Mil. Net Loss in Year Ended December 30


* BOND PRICING: For the Week 19 March to 23 March 2007

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

A.I.P.T PTY: Supreme Court Releases Wind-Up Order
-------------------------------------------------
On March 6, 2007, the Supreme Court of New South Wales released
an order to wind up the operations of A.I.P.T Pty Limited.

Accordingly, Peter Hicks was appointed as liquidator.

The Liquidator can be reached at:

         Peter Hicks
         Forsythes
         Level 5, 175 Scott Street
         Newcastle, New South Wales 2300
         Australia

                       About A.I.P.T. Pty

A.I.P.T. Pty Limited -- also trading as Australian Investment
Property Trust -- is a land subdivider and developer, except for
cemeteries.


ANGLO-ORIENTAL (NOMINEES): Commences Wind-Up Proceedings
--------------------------------------------------------
On March 2, 2007, the members of Anglo-Oriental (Nominees)
Australia Pty Ltd met at a general meeting and resolved to
voluntarily wind up the company's operations.

Murray C. Smith was appointed as liquidator.

Mr. Smith can be reached at:

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

                 About Anglo-Oriental (Nominees)

Located in New South Wales, Australia, Anglo-Oriental (Nominees)
Australia Pty Ltd is an investor relation company.


AUSTRALASIAN EVENT: Proofs of Debt Due on April 10
--------------------------------------------------
Australasian Event Services Pty Limited will declare a first and
final dividend for its priority employees and unsecured
creditors on April 11, 2007.

Accordingly, the priority employees and unsecured creditors are
required to file their proofs of debt by April 10, 2007, to be
included in the dividend distribution.

The company's liquidator is:

         Neil Singleton
         SimsPartners Chartered Accountants
         Level 5, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9256 7700
         Facsimile:(02) 9256 7750

                    About Australasian Event

Australasian Event Services Pty Ltd provides management
consulting services.  The company is located in New South Wales,
Australia.


AUSTRALIAN SEAFOOD: Will Declare Dividend on April 17
-----------------------------------------------------
Australian Seafood Industry Council Ltd, which is in
liquidation, will declare a first and final dividend on April
17, 2007.

Creditors are then required to file their proofs of debt by
April 10, 2007, to be included in the dividend distribution.

The company's liquidator is:

         Henry Kazar
         SimsPartners Chartered Accountants
         PO Box 211, Deakin West ACT 2600
         Australia

                    About Australian Seafood

Australian Seafood Industry Council Limited is involved with
business associations.  The company is located in ACT Australia.


COLONIAL INTERNATIONAL: Placed Under Members' Voluntary Wind-Up
---------------------------------------------------------------
The members of Colonial International Factors Pty Limited held a
general meeting on Feb. 27, 2007, and decided to voluntarily
wind up the company's operations.

Accordingly, N. R. Cussen and S. J. Cathro were appointed as
liquidators.

The Liquidators can be reached at:

         N. R. Cussen
         S. J. Cathro
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                  About Colonial International

Colonial International Factors Pty Limited is a distributor of
durable goods.  The company is located in Victoria, Australia.


KUZMINA PTY: Members' Final Meeting Set for April 13
----------------------------------------------------
The members of Kuzmina Pty Ltd will have their final meeting on
April 13, 2007, at 9:30 a.m. to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

Peter Belcastro was appointed as the company's liquidator.

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Feb. 14, 2007.

The Liquidator can be reached at:

         Peter Belcastro
         13 The Crescent
         Penrith, New South Wales 2750
         Australia

                       About Kuzmina Pty

Located in New South Wales, Australia, Kuzmina Pty Ltd is a
distributor of durable goods.


ILB SYDNEY: Members & Creditors' Meeting Set on April 19
--------------------------------------------------------
The members and creditors of ILB Sydney Pty Limited will hold a
final meeting on April 19, 2007, at 10:00 a.m. to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         R. J. Porter
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia

                        About ILB Sydney

ILB Sydney Pty Limited is a manufacturer of blast furnaces and
steel mills.  The company is located in New South Wales,
Australia.


L H & B I JEWELL: Members' Final Meeting Set for April 30
---------------------------------------------------------
L H & B I Jewell Pty Ltd will hold a final meeting for its
members on April 30, 2007, at 10:00 a.m.

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

According to the TCR-AP, the company went into liquidation on
Dec. 8, 2006.

The liquidator is:

         Noel R. Willis
         KPMG
         491 Smollett Street
         Albury, New South Wales 2640
         Australia
         Telephone:(02) 6021 1111

                     About L H & B I Jewell

Located in Victoria, Australia, L H & B I Jewell Pty Ltd is an
investor relation company.


RESOURCE INDUSTRIES: Members & Creditors to Meet on April 24
------------------------------------------------------------
The members and creditors of Resource Industries Pty Limited
will have their final meeting on April 24, 2007, at 1:30 p.m.,
to hear the liquidator's report about the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         W. B. Rangott
         Rangott Slaven Chartered Accountants
         Unit 12, Level 3, Engineering House
         11 National Circuit
         Barton, ACT
         Australia
         Web site: http://www.rangottslaven.com.au

                   About Resource Industries

Resource Industries Pty Limited is a distributor of mining
machinery and equipment, except for oil and gas field.  The
company is located in ACT, Australia.


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

ASAT HOLDINGS: Incurs US$7.6M Net Loss in Quarter Ended Jan. 31
---------------------------------------------------------------
For the third quarter ended Jan. 31, 2007, ASAT Holdings Limited
posted net revenue of US$41.5 million, compared with net revenue
of US$41.0 million in the previous quarter.  Net loss was
US$7.6 million, or a net loss of US$0.18 per American Depository
Share.

The third quarter net loss includes charges of approximately
US$405,000 for relocation and facilities expenses and US$763,000
in reorganization costs for the completion of the company's move
to transfer its manufacturing operations to China.

The Jan. 31, 2007 quarter net loss compares with a net loss of
US$8.3 million in the second quarter, or a loss of US$0.20 per
ADS.  Second quarter net loss included charges of approximately
US$1.0 million for relocation and facilities expenses and
US$607,000 in reorganization charges related to the relocation
to China.

"While we are disappointed with the lower than forecasted
revenue growth, we are working aggressively with our customers
to increase utilization in our new facility," said Tung Lok Li,
acting chief executive officer of ASAT Holdings Limited.  "In
addition, our emphasis on expanding customer attraction and
retention programs is translating into an increase in our
qualifications and design-ins, which should drive our longer-
term growth."

"Total available liquidity at the end of January increased to
US$20.7 million, compared with US$18.3 million last quarter, and
includes US$11.1 million in cash and cash equivalents, US$3.3
million of restricted cash, and US$6.3 million in undrawn loan
facilities.  Ongoing improvement in our receivables and
inventories, and a lower net loss were the key factors behind
the improvement," said Kei Chua, acting chief financial officer
of ASAT Holdings Limited.  "We continue to execute on the
initiatives to enhance our financial performance, including
implementing operating efficiencies, accelerating cost
reductions, and improving our working capital requirements.  We
are seeing significant improvement in several areas, including a
26% reduction in our combined SG&A and R&D costs over the
January 2006 quarter."

               Additional Third Quarter Results:

   * Net revenue for assembly was US$40.1 million
   * Net revenue for test was US$1.4 million
   * Capital expenditures were US$3.4 million
   * Cash and cash equivalents at the end of the quarter were
     US$11.1 million

              Fourth Quarter Fiscal 2007 Outlook

"While our long-term outlook remains positive, we clearly face
an uncertain market environment due in part to seasonal trends
impacting many of our key customers," said Mr. Li.  "Our
customer's current expectations are that their sales will grow
in calendar 2007.  However, it now appears this sales growth
will materialize in the second half of the year.  Given these
current conditions, we forecast that our fiscal fourth quarter,
ending April 30, revenue will be down by approximately 8% to 15%
sequentially."

                         Future Financing

The Company is in the process of seeking additional financing to
facilitate its required working capital needs.  While ASAT
believes receipt of financing is likely, there can be no
assurance that it will be obtained, and if such financing is not
obtained for any reason there may be questions regarding the
Company's ability to continue as a going concern.

                          *     *     *

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia and Europe.

                          *     *     *

Standard & Poor's Ratings Services on Dec. 15, 2006, lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'CCC'
from 'B-', reflecting heightened liquidity concerns and
persistent operating losses.


BILLY CREATION: Liquidator Quits Post
-------------------------------------
On March 13, 2007, Andrew George Hung ceased to be the
liquidator of Billy Creation Limited.

The Troubled Company Reporter - Asia Pacific reported that the
company entered voluntary wind-up on Nov. 9, 2006.

The company's former Liquidator can be reached at:

         Andrew George Hung
         Unit 801B, 8th Floor,
         Dina House, Ruttonjee Centre
         11 Duddell Street
         Central, Hong Kong


CHINA MERCHANTS: Vice President Chen Wei Resigns
------------------------------------------------
Chen Wei had resigned as a board director and vice president of
the China Merchants Bank for personal reasons, Reuters reports,
citing a company statement.

According to the statement, the resignation of Mr. Chen, who was
also in charge of the bank's finance department, was unrelated
to any disagreement between him and the board.

China Merchants said that Mr. Chen will be replaced by Li Hao,
who is also a vice president of the bank.

                          *     *     *

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
in 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'.


GALAXY CASINO: S&P's B+ Ratings Stays on WatchNeg Pending Review
----------------------------------------------------------------
On March 23, 2007, Standard & Poor's Ratings Services said that
the ratings on Galaxy Casino S.A. will remain on CreditWatch
while it finalizes the full review of the company's business
plan and 2006 financial accounts.  

Standard & Poor's placed the B+ long-term corporate rating and
B+ issue rating on CreditWatch with negative implications on
Dec. 7, 2006, after the company's parent, Galaxy Entertainment
Group Ltd., issued US$240 million in zero-coupon, zero-yield
convertible notes due 2011.

"Our concerns focus on the potential for a significant increase
in financial leverage and increased execution risk associated
with the expansion of its major Macau project, the Cotai Mega
Resort," said Standard & Poor's analyst Mary Ellen Olson.

Galaxy Entertainment Group Ltd. will lend Galaxy the proceeds
from the issue via a deeply subordinated inter-company perpetual
loan in compliance with the covenants of the Galaxy bond to help
fund its expansion program and move the Cotai project upscale.


GOLD-FACE ENTERPRISES: Creditors Set to Meet on April 4
-------------------------------------------------------
The creditors of Gold-Face Enterprises Limited will hold a final
meeting on April 4, 2007, at 3:30 p.m., to:

   -- receive a statement of the financial record;

   -- confirm the appointment of liquidators for wind-up
      purposes;

   -- appoint, if thought fit, not more than five persons to
      serve on a committee of inspection for the wind-up
      purposes;

   -- fix the liquidators' remuneration if no committee of
      inspection is appointed;

   -- sanction the liquidators' powers;

   -- resolve that the liquidators' account need not be audited;
      and

   -- dispose the company's books and records six months after
      its dissolution.

The meeting will be held at the 18th Floor of Two International
Finance Centre, 8 Finance Street in Central, Hong Kong.


JIANGXI COPPER: Looks to Obtain Assets on Gains From Shares Sale
----------------------------------------------------------------
Jiangxi Copper plans to sell new A shares to its parent and
other selected investors to raise about CNY4 billion, which is
intended for buying assets and fund expansion, various reports
say.

In a statement, Jiangxi said that it will sell up to 290 million
yuan-denominated shares, or 9.1% of enlarged share capital to
Jiangxi Copper Co, and up to nine institutional investors.

The parent will subscribe to about 129.4 million shares or
44.63% of the proposed offering in exchange for a copper mine
and other assets.  The acquisition is worth a total of
CNY1.79 billion.

Jiangxi will use the proceeds from the placement to fund mining
expansion and technology innovation.

                          *     *     *

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

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


PARKSON RETAIL: To Buy Golden Village for CNY501 Million
--------------------------------------------------------
Parkson Retail Group will acquire Golden Village Group, owner of
the largest department store in southeastern China, for
CNY501 million, The Standard reports, citing a statement from
the company.

The acquisition will allow Parkson to take full control of K&M
Store in Nanchang city, Jiangxi province, the company disclosed
with the Hong Kong Stock Exchange.

For the year ended Dec. 31, 2006, Golden Village's net profit
increased to CNY33 million from CNY283,000 in 2005, The Standard
reveals.  K&M Store posted a 45.1% jump in operating revenue to
CNY149.1 million for the year ended Dec. 31, 2006, compared with
CNY102.7 million in fiscal year 2005, the paper adds.

The acquisition will immediately enhance the growth and
profitability of the group, The Standard cites Parkson, as
saying.

The deal is expected to be completed before May 31, Xinhua
Financial News says.

                          *     *     *

Parkson Retail Group Limited is listed on the Hong Kong Stock
Exchange.  It is one of the largest national retailers in China,
operating 23 self-owned and 15 managed stores in over 26 cities.  
For the year end-2005, revenues were CNY1.2 billion while net
income was CNY248 million.

On Dec. 4, 2006, Moody's Investors Service has affirmed Parkson
Retail Group Ltd's Ba1 senior secured bond rating following the
successful closing of its US$200 million bond issuance.  The
rating has had its provisional status removed.  The rating
outlook is stable.

On Nov. 8, 2006, Standard & Poor's assigned its BB long-term
corporate credit rating to Parkson Retail Group Ltd.  The
outlook is stable.


PRODUCT SAFETY: Andrew George Hung Quits Liquidator Post
--------------------------------------------------------
Andrew George Hung ceased to be the liquidator of Product Safety
Coordination (International) Limited on March 13, 2007.

According to the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Aug. 25, 2006.

Product Safety's former Liquidator can be reached at:

         Andrew George Hung
         Unit 801B, 8th Floor,
         Dina House, Ruttonjee Centre
         11 Duddell Street
         Central, Hong Kong


WORLD GLORY: Creditors' Meeting Set on April 16
-----------------------------------------------
World Glory Stevedore Limited, which is in creditors' voluntary
wind-up, will hold a meeting for its creditors on April 16,
2007, at 10:15 a.m.

The meeting will be held at Room 1803 of Sunbeam Commercial
Building, 469 Nathan Road, Yau Ma Tai in Kowloon, Hong Kong.

At the meeting, the creditors will be asked to consider the
company's statement of affairs and appoint a liquidator.


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

BANK OF INDIA: S&P Rates Proposed Hybrid Tier I Notes at 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the proposed Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.

The proposed Hybrid Tier I notes are in the form of perpetual
non-cumulative subordinated debt securities with a call option
10 years from the date of issue.  The proceeds will be used to
meet the bank's general funding requirements, subject to
regulatory approvals.

The rating differential between the senior unsecured notes and
the proposed Hybrid Tier I notes reflects the junior
subordinated nature and the interest deferral feature embedded
in the latter.  The interest deferral feature of the proposed
Hybrid Tier I notes is linked to the compliance with the
regulatory capital adequacy ratio and a profit test.  The profit
test is, in turn, linked to the "balance in profit and loss
account," which is a component of the reserves and surplus on a
bank's balance sheet.  A negative balance in this account is
defined as a "net loss."  If BOI is in compliance with the RCAR
but reports a "net loss," it is required to seek the Reserve
Bank of India's permission before it can make interest payments
on the notes.

If BOI is not in compliance with the RCAR, it will not be
obliged to make interest payments.  As of Dec. 31, 2006, BOI's
RCAR stood at 11.76% compared with the minimum regulatory
requirement of 9%.

The proposed Hybrid Tier I notes are not included in Standard &
Poor's measure of core capital, which is adjusted common equity.
This is in line with Standard & Poor's treatment of other forms
of hybrid capital, including preference shares, in its analysis
of capital. Standard & Poor's will, however, recognize equity
capital credit in the bank's adjusted total equity for hybrid
capital issue with maturity of at least 20 years.  Hence,
Standard & Poor's will recognize equity capital credit of up to
25% (intermediate-strong equity credit) of the bank's quantum of
adjusted total equity for the proposed Hybrid Tier I notes.


BRITISH AIRWAYS: Open Skies Approval Cues S&P to Hold BB+ Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' long-term
corporate credit rating on British Airways PLC remains on
CreditWatch, with positive implications, following a vote on
March 22 by EU ministers approving a proposed "open skies"
aviation treaty with the United States.

The rating was originally placed on CreditWatch with positive
implications on Jan. 9, 2007.

"The treaty, which will allow EU or U.S. airlines to fly to any
destination in the other region starting in March 2008, will,
over time, increase price competition at BA's major hub at
London's Heathrow International Airport and is likely to reduce
revenues and earnings on the airline's key trans-Atlantic
routes," said Standard & Poor's credit analyst Eve Greb.
"However, access to Heathrow is constrained by the limited
availability of takeoff and landing slots, and terminal space.
Accordingly, the effects on BA are expected to unfold gradually
over time."

BA's trading performance and financial profile have improved
materially over the past several years, with further
strengthening of the credit profile likely to be achieved
following the conclusion of the group's agreement with its
unions, reached in January 2007, to address the airline's
sizable pension deficit.  Under BA's pension proposal, the
company will make a one-time contribution of GBP800 million and
up to GBP150 million more in contributions over the next three
years, subject to financial targets.  Together with a onetime
employee saving of GBP400 million and changes to future
benefits, the GBP2.1 billion New Airways Pensions Scheme deficit
will be reduced by more than one-half to GBP900 million.

                       About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates 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: Calls on UK to Sanction US Under Aviation Pact
---------------------------------------------------------------
British Airways plc has called on the U.K. government to stand
by its right of automatic termination of traffic rights granted
in the new air treaty endorsed by the European Union and the
United States if America drags its feet on negotiating further
liberalization.

Access to Heathrow for US airlines is at the heart of the new
aviation pact signed by European Union Transport Ministers
in Brussels last week.

British Airways Chief Executive Officer Willie Walsh said, "The
EU is naive to believe the US will deliver on the next stage of
liberalization without sanctions so we are pleased the U.K.
government has recognized this and demanded an automatic
termination clause.  However, the five-month delay before
implementation is unnecessary.

"With the EU having given away their most valuable negotiating
asset - Heathrow - the U.K. government must stand by its pledge
to withdraw traffic rights if the US does not deliver further
liberalization by 2010.  Nothing short of an Open Aviation Area
by 2010 will be acceptable and we want talks on the second stage
to achieve this to start immediately.

"This means delivering a true Open Aviation Area under which
airlines from both sides would have free access to each others'
market without restrictions and where it will be possible for a
US airline to be 100% owned by investors from the EU and vice
versa.  

"A genuine liberalization such as this would deliver huge
benefits for customers.

"It is disappointing that the EU has missed the opportunity to
achieve these long-term gains for customers.  Instead, this deal
will deliver short-term gains for the subsidized American
aviation industry.

"So far the US has made no meaningful concessions.  American
carriers can now fly into Heathrow, Europe and beyond while
their own backyard remains a no go area for EU carriers and
foreign ownership of their airlines remains unchanged.

"We will hold the Government to its word to fight for Britain's
interests if America doesn't play ball.  Though this is a poor
agreement for Britain and Europe, we are ready to exploit the
new opportunities this agreement gives us for our customers and
our business.  Our priority will be to move the Gatwick services
to Heathrow that have most connecting traffic, such as the
Houston route which serves the oil markets and give our
customers the best possible connections."

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

                       About the Company

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates 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.


DUNLOP INDIA: BIFR Orders Lifting of Trading Suspension
-------------------------------------------------------
The Board for Industrial and Financial Reconstruction has
ordered India's stock exchanges to lift suspensions imposed on
the trading of Dunlop India Ltd, various reports say, citing a
company statement.

The BIFR Order, dated March 16, directed stock exchanges of
Mumbai, Kolkata, Ahmedabad, Chennai, and Delhi to lift the
suspension and also directed the National Securities Depository
and Central Depository Services to issue identification numbers
for demat of the shares, The Times of India reports.

Pursuant to the BIFR order, Dunlop India's board of directors
resolved to offer new equity shares of INR10 each fully paid up
at par to its equity shareholders against payment of full
consideration on rights basis in the ratio of 6:10 i.e. six new
equity shares for every 10 equity shares held in the company.

To issue the new equity shares on rights basis, the company
plans to increase its authorized share capital.

The March 16 order reportedly permits the company to:

   -- issue 27 million new shares of INR10 each by April 15,
      2007; and

   -- increase its authorized capital to INR75 crore from
      INR70 crore.

The current paid up capital of Dunlop India is INR45 crore but
after the proposed rights offer it will go up to INR72 crore,
The Times says.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.


DUNLOP INDIA: Members to Consider Capital Increase on April 14
--------------------------------------------------------------
Dunlop India Ltd will hold an Extraordinary General Meeting for
its members on April 14, 2007, inter alia, to consider an
increase in the company's authorized share capital.

As disclosed in filings with the Bombay Stock Exchange, the
company plans to offer new equity shares of INR10 each fully
paid up at par to its equity shareholders against payment of
full consideration on rights basis in the ratio of 6:10 i.e. six
new equity shares for every 10 equity shares held in the
company.

The company has fixed March 24 as the record date for the Rights
Issue.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.


DUNLOP INDIA: Samir Kumar Paul Ceases to be Director
----------------------------------------------------
Dunlop India Ltd informed the Bombay Stock Exchange that Samir
Kumar Paul has ceased to be a director of the company effective
March 15, 2007.

Samir Kumar Paul also ceased to the company's manning director
effective March. 15, Dunlop India added.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.


EMCO LTD: Cancels March 22 Record Date for Interim Dividend
-----------------------------------------------------------
Emco Ltd informed the Bombay Stock Exchange that it has
cancelled the March 22, 2007 record date it had fixed for the
purpose of an interim dividend.

As reported in the Troubled Company Reporter - Asia Pacific on
March 8, the company said it intends to declare an interim
dividend for the financial year 2006-07.

The company didn't say when it will fix another record date or
if it will pursue its plan to declare an interim dividend.

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

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


HIMACHAL FUTURISTIC: Earns INR453.2-Mil. in Qtr. Ended Dec. 31
--------------------------------------------------------------
Himachal Futuristic Communications Ltd reported a net profit of
INR453.2 million for the quarter ended Dec. 31, 2006, a 67%
improvement from the INR271 million profit for the same quarter
in 2005.

Himachal Futuristic almost doubled its revenues, from INR1.71
billion in total income booked in the quarter ended Dec. 31,
2005, to INR3.19 billion in the same quarter in 2006.  Operating
expenses rose from INR1.47 billion in the quarter ended Dec. 31,
2005, to INR2.58 billion for the same quarter in 2006.

For the quarter ended Dec. 31, 2006, the company made these
provisions:

   -- INR104 million for interest;

   -- INR56.4 million for depreciation; and

   -- INR1 million for taxes.

A copy of the company's unaudited financial results for the
quarter ended Dec. 31, 2006, is available for free at the Bombay
Stock Exchange at http://ResearchArchives.com/t/s?1c3b

The company's auditors, in the limited review report for the
quarter ended Dec. 31, 2006, made these observations:

   1. The company has accounted for the impact of modification
      in the terms of Corporate Debt Restructuring package
      approved by CDR Empowered Group, through the compliance of
      some of the terms and conditions are in process and are
      subject to confirmation and consequential adjustments if
      any.

   2. As per the modification approved in the CDR package by CDR
      Empowered Group, the company has provided interest on term
      loans from banks or financial institutions at 3% per annum
      during the quarter instead of yield-to-maturity basis i.e.
      8.5% per annum.  As a result, the profit for the quarter
      would by lower by INR2.93 crore.

   3. The company has not made provision for current tax
      amounting to INR3.61 crores.  The management said that
      the provision will be made at the end of the financial
      year.  As a result, profit after tax is higher by INR3.61
      crore.

Based in Solan, India, Himachal Futuristic Communications Ltd.'s
-- http://www.hfcl.com/-- operations primarily relates to  
manufacturing of telecom products, executing turnkey contracts,
and providing services relating thereto.

The company incurred consecutive net losses for three years --
INR9.25 billion in the year ended March 31, 2006, INR1.69
billion in the year ended March 31, 2005, and INR2.62 billion in
the year ended March 31, 2004.


NAVISITE INC: Jan. 31 Balance Sheet Upside-Down by US$1.67 Mil.
---------------------------------------------------------------
NaviSite Inc. reported a US$3.81 million net loss on US$30.19
million of total revenues for the second quarter ended Jan. 31,
2007, compared with a net loss of US$3.96 million on total
revenues of US$26.3 million for the same quarter a year ago.  

At Jan. 31, 2007, the company's balance sheet showed US$100.78
million in total assets and US$102.45 million in total
liabilities, resulting in a US$1.67 million stockholders'
deficit.  Accumulated deficit as of Jan. 31, 2007, stood at
US$476.32 million.

The company's January 31 balance sheet also showed strained
liquidity with total current assets of US$26.36 million
available to pay total current liabilities of US$35.78 million.

Total cost of revenues for the quarter ended Jan. 31, 2007, was
US$20.54 million, as compared with US$18.69 million for the same
quarter a year ago.

For the six months ended Jan. 31, 2007, the company had a net
loss of US$6.45 million on total revenues of US$58.73 million,
as compared with a net loss of US$7.43 million on total revenues
of US$51.74 million for the same period a year ago.

Total cost of revenues for the six months ended Jan. 31, 2007,
was US$39.78 million, as compared with US$36.37 million for the
same period a year ago.

                 Liquidity and Capital Resources

As of Jan. 31, 2007, the company's principal sources of
liquidity included cash and cash equivalents of US$2.97 million,
a revolving credit facility of US$3 million provided by Silver
Point Finance and a revolving credit facility with Atlantic
Investors LLC, to borrow a maximum amount of US$5 million.  The
company had a working capital deficit of US$9.4 million,
including cash and cash equivalents of about US$3 million at
Jan. 31, 2007, as compared with a working capital deficit of
US$9.1 million, including cash and cash equivalents of US$3.4
million, at July 31, 2006.

Total net change in cash and cash equivalents for the six months
ended Jan. 31, 2007, was a decrease of US$400,000.  The primary
uses of cash during the six months ended Jan. 31, 2007, included
US$2.9 million for purchases of property and equipment and about
US$2.8 million in repayments on notes payable and capital lease
obligations.  

The company's primary sources of cash during the six months
ended Jan. 31, 2007, were US$2.6 million of cash generated from
operating activities, US$1 million in proceeds from exercise of
stock options and warrants and US$1.8 million in proceeds from
note payable.  Net cash generated from operating activities of
US$2.6 million during the six months ended Jan. 31, 2007,
resulted primarily from non-cash charges of about US$10 million,
which was partially offset by funding our US$6.5 million net
loss and US$1 million of net changes in operating assets and
liabilities.

Full-text copies of the company's second quarter financial
results are available for free at:

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

                       About NaviSite, Inc.

NaviSite, Inc. (NASDAQ: NAVI) -- http://www.navisite.com/--   
provides application and technology services for companies who
seek to accelerate their business IT performance.  NaviSite,
Inc. has over 950 customers in 14 data centers, offices in the
United States, U.K., and India.


STATE BANK OF INDIA: S&P Puts 'BB' Rating on Hybrid Tier I Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services on March 26, 2007, assigned
ratings to State Bank of India's proposed debt issues under its
US$5 billion medium-term note program.  Standard & Poor's rated
SBI's proposed senior unsecured notes 'BBB-', its lower Tier II
subordinated notes 'BB+', and its upper Tier II subordinated
notes and hybrid Tier I notes 'BB'.

The lower Tier II subordinated notes will have a minimum
maturity of five years, or 63 months (if issued between Jan. 1
and March 31 of any year), and the upper Tier II subordinated
notes will have a minimum maturity of 15 years.  The hybrid Tier
I notes are perpetual.

The proposed MTN program is an expansion of SBI's US$2 billion
program.  The proceeds of these issues will be used to meet the
funding requirements and strengthen the capital base of SBI's
foreign offices and for general corporate purposes, subject to
regulatory approvals.

The proposed senior notes will constitute direct, unconditional,
unsecured, and unsubordinated obligations of the bank and will
rank pari passu with all of the bank's unsecured and
unsubordinated obligations.  The subordinated notes (lower Tier
II and upper Tier II) will constitute the unsecured and
subordinated obligations (subordinate to the claims of the
senior debt holders; upper Tier II notes will be further
subordinated to lower Tier II notes) of the bank and rank pari
passu with all subordinated debt in their respective class.  The
payment obligation on the hybrid Tier I notes will rank junior
to the claims of holders of senior and subordinated debt but
senior to the claims of holders of preference and equity shares.

The rating differential between the senior unsecured notes and
the lower Tier II subordinated notes reflects the subordinated
nature of the notes.  The 'BB' rating on the upper Tier II
subordinated notes and hybrid Tier I notes reflects an interest
deferral option on these notes.  This interest deferral feature
is linked to compliance with the regulatory capital adequacy
ratio and an earnings test.  If the SBI is not in compliance
with the RCAR, it will be mandatory to skip interest payments.

As of Dec. 31, 2006, SBI's RCAR stood at 11.86%, compared with
the Reserve Bank of India's minimum regulatory requirement of
9%.

If the bank is in compliance with the RCAR but reports a "net
loss," it will need RBI's permission before it can make interest
payments.  "Net loss" is defined as a negative balance in the
"balance in the profit and loss account," which is a component
of the bank's balance sheet.

The upper Tier II subordinated notes and hybrid Tier I notes are
not included in Standard & Poor's measure of core capital, which
is adjusted common equity.  This is in line with Standard &
Poor's treatment of other forms of hybrid capital, including
preference shares, in its analysis of capital.

Standard & Poor's will, however, recognize equity capital credit
in the bank's adjusted total equity for hybrid capital issues
with maturity of at least 20 years.  Hence, Standard & Poor's
will recognize equity capital credit of up to 25% of the bank's
quantum of adjusted total equity for the proposed hybrid
Tier I notes.


STRATOS GLOBAL: Inks US$576MM Acquisition Pact With CIP Canada
--------------------------------------------------------------
Stratos Global Corp. has entered into a definitive agreement to
be acquired by CIP Canada Investment Inc., a wholly owned
subsidiary of Communications Investment Partners Limited, a
professional investment company with a focus on satellite
services.

Until at least April 2009, an independent Canadian trust
established by CIP Canada will hold the Stratos shares and
exercise sole voting control over Stratos.

Under the terms of the agreement, CIP Canada would acquire
beneficial ownership of 100% of Stratos Global through a Plan of
Arrangement under the Canada Business Corporations Act for a
cash purchase price of CDN$6.40 per share.  The purchase price
represents a premium of 7% compared with the closing price of
Stratos shares on March 8.  The premium is 15% compared with the
most recent 30-day average through March 8 and 25% compared with
the 90-day average through that date.  The total transaction
value, including the assumption of net debt, is US$576 million
at current exchange rates.

The transaction will be indirectly financed by a wholly owned
subsidiary of Inmarsat plc, Inmarsat Finance III Limited.  There
is no financing condition to the obligations of CIP Canada to
consummate the transaction.  Arrangements and plans are in place
from third parties and Inmarsat Finance to address any debt
refinancing requirements at Stratos.  Inmarsat Finance will have
a call option exercisable beginning in April 2009, and expiring
in December 2010, to acquire 100% of Stratos from CIP, but will
not have any legal ownership in, or managerial control of
Stratos.

"After careful consideration, the Stratos Board of Directors
unanimously concluded that this is the right transaction for
Stratos' shareholders, customers, partners, and employees,"
Charles Bissegger, Stratos' chairman of the Board of Directors,
said.

"This transaction will allow Stratos to remain as an independent
company executing its strategy through April 2009, and will
promote stability of our business in the post-April 2009 period
when our existing distribution agreements with Inmarsat come up
for renewal," James Parm, Stratos' president and chief executive
officer, added.

Following closing, Stratos will continue to have a Board of
Directors comprised of a majority of independent, non-executive
directors, and key management is expected to remain with
Stratos.  None of the directors will be selected by or
affiliated with Inmarsat or CIP.

The Plan of Arrangement will require approval by an Ontario
court and by 66-2/3% of votes cast at a special meeting of
Stratos shareholders.  A Stratos Management Proxy Circular
detailing the terms of the transaction and the date of the
special shareholders meeting is expected to be mailed to Stratos
shareholders in late April 2007.  The transaction will also be
subject to customary conditions and regulatory approvals,
including any applicable clearances under competition laws and
the Federal Communications Commission.  The transaction is
expected to close in the third quarter of 2007.

Bear, Stearns & Co. Inc. acted as financial advisor to the
Special Committee of the Board of Directors of Stratos and RBC
Capital Markets acted as financial advisor to Stratos.  Both
firms provided fairness opinions to the Board of Directors
indicating that the cash consideration to be received in the
transaction is fair from a financial point of view to Stratos
shareholders.

                            About CIP

Communications Investment Partners Limited is a professional
investment company incorporated in 2006.  The directors of CIP
collectively have more than 50 years of experience as directors
of and advisors to satellite services companies in both the
mobile satellite and fixed satellite services sectors.

                          About Stratos

Headquartered in Bethesda, Maryland, Stratos Corporation (TSX:
SGB) -- http://www.stratosglobal.com/-- is a publicly traded  
company that provides a range of mobile and fixed-site remote
communications solutions for users operating beyond the reach of
traditional networks.  The company has offices in Canada,
Brazil, the United Kingdom, Norway, Germany, the Netherlands,
Sweden, Italy, Spain, Turkey, Russia, Kenya, South Africa,
United Arab Emirates, and India, among others.

                          *     *     *

Standard & Poor's Ratings Services raised the ratings on Stratos
Global Corp., including the long-term corporate credit rating,
to 'B+' from 'B'.


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

COMVERSE TECH: Reports Preliminary Selected Financial Results
-------------------------------------------------------------
Comverse Technology Inc. reported preliminary unaudited selected
financial information for the fourth quarter and the full fiscal
year ended Jan. 31, 2007, as well as preliminary unaudited
selected financial information for the seven preceding fiscal
quarters and for the full fiscal year ended Jan. 31, 2006.  This
preliminary unaudited selected financial information is subject
to change, and is based on information currently available to
the company.  The financial information hasn't been reviewed or
audited by the company's independent registered public
accounting firm either.

Since April 2006, the company repeatedly has cautioned investors
not to rely upon its historical financial statements and that a
Special Committee of the company's Board of Directors has been
conducting investigations of the company's stock option
practices and related accounting matters (Phase I) and other
financial and accounting matters (Phase II).  

The Special Committee substantially has concluded its
investigation of matters related to Phase I and has made a
preliminary determination that the company has recorded, in
respect of the period from Jan. 1, 1991, through Oct. 31, 2005
(the Restatement Period), a cumulative stock-based compensation
expense and related withholding and income tax effects in the
aggregate of approximately US$314 million.

The Special Committee is continuing its Phase II investigation,
announced in mid-November 2006, of other financial and
accounting matters, including errors in the recognition of
revenue related to certain contracts, errors in the recording of
certain deferred tax accounts and the misclassification of
certain expenses in earlier periods.  In addition, based on
information provided to the company, areas of financial
reporting under investigation include the possible misuse of
accounting reserves and the understatement of backlog in fiscal
2002 and prior periods.  Accordingly, additional information
discovered in the investigation and the subsequent reviews or
audits by the company's independent registered public accounting
firm may result in adjustments to the financial information
presented herein, and such adjustments could be material.  The
company believes that the aggregate historical sales and total
cash flows as previously reported are not likely to materially
change.

                           Sales

Mark C. Terrell, Chairman of Comverse Technology, said, "Year-
over-year sales increased and approximately half of that
increase was due to the contributions of our recent
acquisitions.  We recognize that our operating margins have
declined to disappointing levels, and addressing this issue is a
top priority.  The company is committed to maximizing
shareholder value and, to this end, is conducting a strategic
and operating review of all business units and a comprehensive
strategic review of its portfolio, corporate, and capital
structure.  The company is in the process of a search for a
Chief Executive Officer, whose primary mission will be to ensure
operational excellence while executing a value-creation
strategy."

The company recorded consolidated sales of US$1,588.6 million
for fiscal 2006, a US$394.9 million, or 33%, increase over sales
of US$1,193.7 million for fiscal 2005.  Sales at the company's
Comverse, Inc. subsidiary were US$1,110.9 million for fiscal
2006, a US$321.9 million, or 41%, increase over sales of
US$789.0 million for the prior-year period.  Sales growth of
US$190.8 million was attributable to contributions from
Comverse, Inc.'s acquisitions of Kenan (acquired in December
2005) and Netcentrex (acquired in May 2006) since their
respective acquisition dates.

The company reported consolidated sales of US$415.1 million for
its 2006 fourth quarter, a US$79.0 million, or 24%, increase
over sales of US$336.1 million for the prior-year period.  Sales
at the company's Comverse, Inc. subsidiary were US$291.9 million
for its 2006 fourth quarter, a US$65.5 million, or 29%, increase
over sales of US$226.4 million for the prior-year period.  
Fourth quarter growth of US$46.4 million was attributable to
contributions from Comverse, Inc.'s acquisitions of Kenan and
Netcentrex.

Consolidated sales for the fiscal 2006 fourth quarter increased
US$4.9 million or 1% over sales of US$410.2 million for the
third quarter.  Sales at the company's Comverse, Inc. subsidiary
increased US$2.8 million, or 1%, over sales of US$289.1 million
for the previous quarter.

                    Operating Income & Margins

Loss from operations on a GAAP basis was US$39.9 million for
fiscal 2006, compared to income from operations of US$89.4
million for fiscal 2005.  This US$129.3 million decline
primarily reflects:

   * US$52.6 million in Special Committee investigation and
     related expenses;

   * an increase in stock-based compensation of US$37.5 million
     primarily related to the implementation of Statement of
     Financial Accounting Standards No. 123(R) in fiscal 2006;

   * the increase in amortization of intangible assets of
     US$28.3 million primarily attributable to recent
     acquisitions; and

   * a royalty settlement for US$23.4 million incurred by Verint
     Systems Inc., our majority-owned subsidiary.

Operating margin on a GAAP basis for fiscal 2006 was negative
2.5%, compared with 7.5% for fiscal 2005.

Loss from operations on a GAAP basis was US$18.2 million for the
fourth quarter of fiscal 2006, compared to income from
operations of US$20.6 million for the prior-year period.  This
US$38.8 million decline primarily reflects:

   * US$15.4 million in Special Committee investigation and
     related expenses;

   * an increase in stock-based compensation of US$8.6 million
     primarily related to the implementation of Statement of
     Financial Accounting Standards No. 123(R) in fiscal 2006;
     and

   * the increase in amortization of intangible assets of US$5.6
     million primarily attributable to recent acquisitions.

Operating margin on a GAAP basis for the fourth quarter fiscal
2006 was negative 4.4%, compared with 6.1% for the prior-year
period.

Fourth quarter 2006 loss from operations on a GAAP basis widened
by US$12.1 million compared to the US$6.1 million loss from
operations for the third quarter.  Operating margin on a GAAP
basis was negative 1.5% for the third quarter.

Adjusted (non-GAAP) income from operations was US$136.3 million
for fiscal 2006, a 21% increase over adjusted (non-GAAP) income
from operations of US$112.4 million for fiscal 2005.  Adjusted
(non-GAAP) operating margins declined to 8.6% for fiscal 2006
from 9.4% for the prior-year.

Adjusted (non-GAAP) income from operations was US$26.6 million
for the fourth quarter of fiscal 2006, a 22% decrease from
US$34.3 million for the prior-year period.  Adjusted (non-GAAP)
operating margins declined to 6.4% for the fiscal 2006 fourth
quarter from 10.2% the prior year.

Fourth quarter 2006 adjusted (non-GAAP) income from operations
declined by US$5.0 million from US$31.6 million for the third
quarter.  Operating margin on an adjusted (non-GAAP) basis was
7.7% for the third quarter.

            Cash, Cash Equivalents, Bank Time Deposits
                    and Short-Term Investments

The company ended fiscal year 2006 with cash and cash
equivalents, bank time deposits and short-term investments of
US$1.8 billion, compared to US$2.1 billion at the prior year-
end, for a decrease of approximately US$222.6 million year-over-
year.  The primary factor in this decrease was acquisitions, net
of cash acquired, of approximately US$214.2 million, with other
cash flow activities largely offsetting.

                               Debt

The company ended the quarter with convertible debt of US$419.6
million.  As announced on March 2, 2007, the company has made a
cash tender offer for all of its existing Zero Yield Puttable
Securities and New Zero Yield Puttable Securities.  This tender
offer was initiated to satisfy the company's obligations under
the Indentures governing the ZYPS as a result of the delisting
of Comverse Technology's Common Stock from The NASDAQ Global
Market.  The company is offering to purchase all of its
outstanding ZYPS at a purchase price of US$1,000 in cash for
each US$1,000 principal amount of ZYPS tendered.  The Offer is
scheduled to expire at 5:00 p.m., New York City time, on March
30, 2007, unless extended by the company.

                        Special Items

Operating expenses presented on a GAAP basis reflect the
incurrence of these special items:

   * The company has recorded incremental cumulative stock-based
     compensation expense and related withholding and income tax
     effects in the aggregate of approximately US$314 million
     for the Restatement Period, including an accrual of
     approximately US$49 million for the estimated liability for
     withholding taxes and related penalties and interest.

   * Stock-based compensation expense and related withholding
     and income tax effects for the nine months ended Oct. 31,
     2005, was approximately US$2.6 million which was included
     in the US$314 million for the Restatement Period.

   * Because of limitations on the company's ability to issue
     equity-based compensation prior to regaining compliance
     with its reporting obligations under the federal securities
     laws, the Boards of Directors of the company and certain of
     its subsidiaries authorized additional cash compensation in
     lieu of equity-based compensation as a key employee
     retention tool in the aggregate amount of approximately
     US$61.9 million, of which approximately US$17 million has
     been previously authorized and disclosed by the company's
     Verint Systems subsidiary.  

   * In the fourth quarter of fiscal year 2006, US$6.9 million
     of the retention compensation was charged as an expense,
     and the company expects the balance to be recorded in the
     fiscal year ending Jan. 31, 2008.  At Jan. 31, 2007,
     Comverse Technology (including its subsidiaries) had
     approximately 7,450 employees.

   * Special Committee investigation and related expenses
     totaled approximately US$52.6 million for fiscal 2006, and
     US$15.4 million for the three months ended Jan. 31, 2007.  

   * Approximately US$23.4 million was incurred by Verint
     Systems during the second quarter of fiscal 2006 in respect
     of a payment to The Office of the Chief Scientist of the
     Ministry of Industry and Trade of the State of Israel in
     settlement of royalty payments otherwise due to the OCS
     related to the sale of certain products developed using, in
     part, funding extended under OCS programs.

The Phase II investigation is ongoing and is expected to be
completed by late next month or early May 2007.  The company
intends to issue final results and file its Quarterly Reports
on Form 10-Q for the quarterly periods ended April 30, 2006,
July 31, 2006 and Oct. 31, 2006, and issue final results and
file its Annual Reports on Form 10-K for the fiscal years ended
Jan. 31, 2006, and 2007, together with any restated historical
financial statements, as soon as practicable.

                    About Comverse Technology

Comverse Technology, Inc. (NASDAQ: CMVT) --
http://www.comverse.com/-- provides software and systems that  
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.

The Troubled Company Reporter - Asia Pacific reported on Jan. 4,
2007, that Standard & Poor's Ratings Services said that it is
leaving its 'BB-' corporate credit and senior unsecured debt
ratings on New York, N.Y.-based Comverse Technology Inc. on
CreditWatch with negative implications, where they were placed
on March 15, 2006.


GARUDA INDONESIA: Signs US$1-Bil. Deal to Buy 25 Boeing Planes
--------------------------------------------------------------
PT Garuda Indonesia has signed a US$1 billion deal to buy 25
Boeing 737-800 jets, costing US$35 million to US$40 million
each, Reuters reports.

Xinhua News relates that Garuda expects the new planes to be
delivered between 2009 and 2012.

According to Garuda CEO Emirsyah Satar, the company has made an
up-front payment of US$23 million and is talking with a number
of creditors for financing, Reuters adds.

The airline wants to upgrade its fleet because its old planes
did not pass the Indonesian government's safety standard.

The Troubled Company Reporter - Asia Pacific reported on March
8, 2007, that a Garuda Airline Boeing 737-400 plane carrying 140
people burst into flames on landing at Yogyakarta airport,
killing 23 people in the crash.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on December 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter - Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.

Reuters reported that Garuda's outstanding debt, mostly owed to
the ECA, fell to US$749 million as of November 2006.


GOODYEAR TIRE: Sells Unit to Carlyle Group for US$1.4 Billion
-------------------------------------------------------------
The Goodyear Tire & Rubber Company has agreed to sell
substantially all of its Engineered Products business to EPD,
Inc., an entity sponsored by Carlyle Partners IV, L.P., for
US$1.475 billion, subject to certain post-closing adjustments.

The transaction is subject to customary closing conditions,
including the receipt of regulatory approvals as well as EPD's
completion of a labor agreement with the United Steelworkers
Union.

As part of the transaction, Goodyear has agreed to a trademark
licensing agreement with EPD to use the Goodyear brand and
certain other trademarks in connection with the Engineered
Products business.

Goodyear expects to record a gain on the sale, the amount of
which has not yet been finalized.

"This transaction reinforces our focus on our core consumer and
commercial tire businesses and on improving our balance sheet,"
said Robert J. Keegan, Goodyear chairman and chief executive
officer.  "We anticipate using the proceeds for purposes
including reducing debt, addressing legacy obligations and
supporting growth in our tire businesses."  Specific plans
regarding debt reduction and investments will be announced at a
later date.

"Engineered Products is a successful business with outstanding
associates who have made important contributions to Goodyear.  
We thank them for these contributions," Mr. Keegan added.  "I'm
confident the resources and business philosophy of Carlyle will
support Engineered Products' growth and continued success going
forward."

Timothy R. Toppen, Goodyear Engineered Products president, said
the transaction will not interfere with its daily operations or
on meeting customer needs.

"The cornerstone of our operating philosophy stays intact - we
want to help our customers grow their businesses for the long-
term," Mr. Toppen said.

                     About The Carlyle Group

The Carlyle Group is one of the world's largest private equity
firms with $54.5 billion under management, investments in more
than 185 companies, and 750 employees in 16 countries.  In the
aggregate, Carlyle portfolio companies have more than $68
billion in revenues and employ more than 200,000 people around
the world.

                About Goodyear Engineered Products

Goodyear Engineered Products operates 32 facilities in 12
countries and has approximately 6,500 associates.  It
manufactures and markets engineered rubber products for
industrial, military, consumer and transportation original
equipment end-users.  The product portfolio of the business
includes hose, conveyor belts, power transmission products,
rubber track, molded products and air springs.  In 2006,
Engineered Products had sales of approximately $1.5 billion.

             About The Goodyear Tire & Rubber Company

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the rating outlook to
stable from negative:

   -- Issuer Default Rating 'B';

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

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

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

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

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

Goodyear Dunlop Tires Europe B.V.

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

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

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


HM SAMPOERNA: Acquires License from Philip Morris Products
----------------------------------------------------------
PT Hanjaya Mandala Sampoerna Tbk has acquired a license from PT
Philip Morris Products SA to produce and market Marlboro Filter
and Marlboro Mix 9 cigarettes, Tempo Interactive reports.

According to the report, the license is for an unlimited period
and can be terminated by either party.

                        About HM Sampoerna

Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk
-- http://www.sampoerna.com/-- manufactures hand rolled and  
machine-rolled clove-blended cigarettes.  The company
distributes its products in the domestic and international
market.  Through its subsidiaries, the company also develops
properties.

Standard and Poor's Ratings Services gave HM Sampoerna's Long
Term Foreign Issuer Credit a 'BB+' rating on November 3, 2005.


INDOSAT: Sets Aside US$1 Billion for 2007 Capital Expenditures
--------------------------------------------------------------
PT Indosat Tbk has set aside a capital expenditure of US$1
billion for 2007 to boost company growth after suffering a 13%
decline in net profit, the Jakarta Post reports.

The Post relates that half of the US$1 billion will come from
Indosat's internal budget while the rest will come from loans.  
The funds will be used to expand the company's
telecommunications network by building 3,500 to 4,000 base
transceiver stations across the archipelago.

According to the report, Indosat had network integration
problems in the first half of 2006.  This resulted in a decline
in net profit.  The company earned IDR1.41 trillion in 2006
compared with IDR1.62 trillion in 2005.

                          About Indosat

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

                          *     *     *

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

The outlook for the ratings remains positive.

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


MEDCO: Brantas Sale May Cue Moody's to Revise Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service says it may consider revising PT Medco
Energi Internasional Tbk's rating outlook to stable from
negative if the company (i) completes its sale of its subsidary
to the Prakarsa Group, and (ii) is able to demonstrate its
ability to sustain its liquidity profile, including the
successful sourcing of alternative funding to address its
refinancing risk.

Medco Energi signed a Shares Purchase Agreement with the
Prakarsa Group, to sell 100% shares in PT Medco E&P Brantas for
US$100.  PT Medco E&P Brantas is a wholly owned subsidiary of
Medco, which holds a 32% working interest in the Brantas PSC
asset that has been afflicted by substantial water and mud flows
since August 2006.  

Moody's understands that the Prakarsa Group will assume any
past, current, or future potential obligations, duties and
claims, and with no recourse to Medco.

In August 2006, Moody's Investors Service revised Medco's rating
outlook to negative from stable, due to uncertainty surrounding
the remediation process and the potential financial liability
that the company will bear following the mud flow incident.

Accordingly, upon the successful completion of the sale
transaction, Moody's earlier concern over the inherent financial
liability that Medco stood to bear and its potential impact on
the credit profile would be eliminated.  

The B1 corporate family rating and its other ratings continue to
reflect Medco's:

     -- ability to maintain its competitive cost position,
        although a rising trend in lifting and F&D costs is
        evident, and

     -- experience in Indonesia's operating environment and
        solid track record.  At the same time, the ratings
        reflect several challenges, including:

            * Medco's relatively short proved developed reserve
              life index,

            * the continued natural decline expected in its
              production base over the next 2-3 years,

            * medium development risk and the associated large
              capex, which will result in negative free cash
              flows over the next 2-3 years and elevate
              leverage; and

            * uncertainty arising from its acquisitions
               strategy.

                       About Medco Energi

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

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


PHILLIPS-VAN HEUSEN: Reports 4Q 2006 Net Income of US$26.8MM
------------------------------------------------------------
Phillips-Van Heusen Corporation reported fourth quarter 2006 net
income of US$26.8 million, or US$0.47 per share, which was
US$0.04 ahead of its previous earnings guidance.  Fourth quarter
2006 earnings per share was up 31% when compared with fourth
quarter 2005 non-GAAP earnings per share of US$0.36.  Fourth
quarter 2005 GAAP net income was US$22.9 million, or US$0.41 per
share.

The increase in fourth quarter earnings per share was driven by
revenue increases registered by all of the Company's operating
divisions and a 190 basis point improvement in gross margin.  
The improvement in gross margin was driven by significant growth
in royalties, which have a gross margin rate of 100%, combined
with sales growth in the Company's higher margin Calvin Klein
men's better sportswear and outlet retail divisions.  Partially
offsetting this increase was a planned increase in advertising
expenses of approximately US$29.0 million in the fourth quarter,
attributable to the Calvin Klein, IZOD, Van Heusen and Arrow
brands.

                          Annual Results

For the full year, 2006 GAAP net income was US$155.2 million, or
US$2.64 per share compared with US$111.7 million, or US$1.85 per
share in 2005.  For the full year 2006, non-GAAP earnings per
share increased 39% to US$2.62 from US$1.88 in 2005.

                            Revenues

Total revenues in the fourth quarter of 2006 increased 21% to
US$557.0 million from US$460.1 million in the prior year.  
Revenue growth was driven by a 32% increase in Calvin Klein
royalties attributable to continued growth from existing and new
licensees, with particular strength coming from the licensed
fragrance business as a result of the success of women's
Euphoria coupled with the recent launch of men's Euphoria.  The
Company's outlet retail business continued its positive momentum
by achieving comp store sales growth of 8% for the quarter.  

The calculation of the comp store sales percentage is based on
comparable weeks and, therefore, excludes an extra week in
fiscal 2006.  The fourth quarter of 2006 benefited from
approximately US$10.0 million in additional revenues from the
extra week, as the 2006 fiscal year included 53 weeks of
operations.  In addition, revenue increases were also
experienced by the wholesale dress shirt and sportswear
businesses, particularly Calvin Klein men's better sportswear
and IZOD men's sportswear.

Total annual revenues increased 10% to US$2,090.6 million in
2006 from US$1,908.8 million in 2005.

                           Balance Sheet

The Company ended the year with US$366.1 million in cash, an
increase of US$98.7 million compared with the prior year.  This
increase in cash is after the acquisition of the assets of
Superba, Inc.'s neckwear business for US$110 million in January
2007.  Receivables, inclusive of the acquired Superba business,
ended the year 10% below the prior year level, reflecting strong
collections in the Company's wholesale businesses and the impact
of the 53rd week of cash collections, particularly with respect
to the Company's licensing business.  

Inventories ended the year on plan, up 11% from last year, due
primarily to the addition of the Superba business, and are in
line with anticipated revenue growth for the first quarter of
2007.  The Company's higher year over year cash position,
coupled with higher investment rates of return, resulted in
decreases in net interest expense of 51% for the fourth quarter
and 41% for the full year.

                           CEO Comments

Commenting on these results, Emanuel Chirico, Chief Executive
Officer, noted, "Our results for the fourth quarter and year
reflect the continued strong performance of all of our
businesses.  The demand for the Calvin Klein brand continues
across a growing number of product categories around the globe,
reaffirming the strength of this brand.  The positive financial
impact of the Calvin Klein licensing business, along with a
continued earnings increase in our heritage businesses, enabled
us to surpass our previous earnings guidance."

Mr. Chirico continued, "Our acquisition of the Superba assets
was completed effective January 1, 2007, and, as expected, did
not have a material effect on our 2006 fourth quarter results.
We believe that this acquisition is in line with our strategy of
adding brands or product categories that are synergistic and
complement our existing businesses.  The Superba transaction
will be modestly accretive, after integration costs, beginning
in 2007.  This acquisition should serve as a platform for growth
in the neckwear arena as we layer on additional brands over
time."

Mr. Chirico added, "We are excited about our recently announced
licensing arrangement with The Timberland Company to design,
source and market men's and women's casual sportswear under the
Timberland label in North America.  Shipments will commence with
men's for Fall 2008 and women's for Fall 2009.  The strength and
heritage of the Timberland brand as an authentic outdoor
traditional brand is another example of expanding our business
by adding brands and product categories that complement our
strong stable of brands."

Mr. Chirico concluded, "Our decision to invest significantly in
consumer marketing to support our Calvin Klein, Van Heusen, IZOD
and Arrow brands has been well received.  We feel that our
advertising program will keep our brands in the forefront of
consumers' minds as we enter 2007.  In addition to this
marketing investment, we will be making significant investments
in 2007 in people and facilities to support our new growth
initiatives, as well as our growing heritage and Calvin Klein
licensing businesses.  We believe that this, along with the
continued execution of our growth strategies, will allow us to
attain our earnings growth targets in 2007 and beyond."

                      2007 Earnings Guidance

   * Earnings Per Share

For the full year 2007, earnings per share is projected to be
US$3.00 to US$3.06, which represents an increase of 15% to 17%
over 2006 non-GAAP earnings per share of US$2.62.  For the first
quarter of 2007, earnings per share is projected to be US$0.85,
which represents an increase of 15% over first quarter 2006 non-
GAAP earnings per share of US$0.74.  2007 projections include
start-up costs associated with our Timberland wholesale
sportswear business and Calvin Klein better specialty retail
stores. The aggregate amount of such costs are expected to
approximate US$8 million and US$2 million for the full year and
first quarter, respectively.

   * Revenues

Total revenues for the full year 2007 are expected to be
approximately US$2.4 billion, or approximately 15% over 2006.
First quarter revenues are expected to be approximately US$580
million in 2007, or 15% over 2006.

   * Cash Flow

Cash flow for 2007 is estimated to be US$85 million to US$90
million, which is after approximately US$100 million of capital
spending.  The higher level of capital spending is to support
the Company's new growth initiatives, as well as for
infrastructure investments to support the growth of its existing
businesses.

   * Non-GAAP Exclusions

Non-GAAP earnings per share in 2006 excludes:

      * a one time pre-tax gain of US$32.0 million associated
        with the sale on January 31, 2006 by the Company of
        minority interests in certain entities that operate
        various licensed Calvin Klein jeans and sportswear
        businesses in Europe and Asia;

      * pre-tax costs of US$10.5 million recorded in the first
        quarter resulting from the departure in February 2006 of
        Mark Weber, the Company's former Chief Executive
        Officer;

      * pre-tax costs of US$11.3 million associated with the
        closing in May 2006 of the Company's apparel
        manufacturing facility in Ozark, Alabama; and

      * an inducement payment of US$10.2 million and costs of
        US$0.7 million associated with the secondary common
        stock offering completed in the second quarter of 2006.

Non-GAAP earnings per share in 2005 is presented as if stock
options had been expensed under the provisions of SFAS 123 and
excludes an inducement payment of US$12.9 million and costs of
US$1.3 million associated with the secondary common stock
offering completed in the second quarter of 2005.

                   About Phillips-Van Heusen

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

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

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

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

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


TELKOM INDONESIA: Buys Back More Than 185 Million Shares
--------------------------------------------------------
PT Telekomunikasi Indonesia Tbk has now bought back 185,915,500
shares, Antara News reports.

According to the report, PT Telkom reached the 185 million mark
after it bought back 1.25 million shares from stock markets on
March 22.

Antara News relates that the company has been buying back shares
since its shareholders approved the buyback program in December
2005.  The program is expected to end in June 2007.  The firm is
allowed to buy back a maximum of 1,007,999,964 shares.

                      About Telkom Indonesia

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

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

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

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


TELKOMSEL: Selects Datacraft to Upgrade SMS Capabilities
--------------------------------------------------------
PT Telekomunikasi Selular Indonesia selected Datacraft, an IT
services and data solutions company, to upgrade its SMS
capabilities, Teleography News reports.

According to the report, the company wants to maximize SMS
revenue potentials since text messaging in Indonesia is very
popular.

Telkomsel and Datacraft signed a US$9 million deal, wherein
Datacraft will install and configure Cisco ITP technology to
allow the operator to better manage peak SMS traffic and will
also deploy Cisco routers to provide advanced intelligent SMS
routing by acting as signaling gateways, the report adds.

                        About Telkomsel

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

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

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


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

CREDIA CO: JCR Removes Ratings from CM; Ratings Downgraded to BB
----------------------------------------------------------------
Japan Credit Rating Agency has removed the rating on Credia Co.
Ltd.'s senior debts, shelf registration and CP program from
Credit Monitor and downgraded them to BB with Negative outlook,
preliminary BB and J-3 from #BBB-/Negative, preliminary #BBB-
/Negative and #J-2/Negative, respectively.

JCR downgraded the long-term rating and the rating on CP program
of Credia by two notches and one notch, respectively, removing
them from Credit Monitor after reviewing them based on the
Company's countermeasures against amendments of the Money-
Lending Business Control and Regulation Law.  JCR evaluates
highly the expected synergy to be born by its efforts to
diversify the businesses that have been made to date and by tie-
up with JCB.  On the other hand, JCR is concerned about expected
drop in its profitability in the course of changes in the
business portfolio, in particular, drop in its tolerance to
changes in external business environment such as consumers'
claims for refunds of excess interest payments and the
increasing bad loans.  Accordingly, JCR put the rating outlook
for Credia Negative.


LIVEDOOR CO: Fined JPY280 Million for Securities Law Violation
--------------------------------------------------------------
The Tokyo District ordered Livedoor Co. to pay a fine of
JPY280 million for securities law violation, Eijiro Ueno writes
for Bloomberg News.

Bloomberg adds that Livedoor subsidiary Livedoor Marketing Co.,
now known as Media innovation Co., was separately fined
JPY40 million.

According to Ohmy News, the penalty imposed against Livedoor was
the largest amount ever handed down on a company for violating
the securities law.

In announcing the fine, the Court said that the crime at
Livedoor was "systematic" in its attempts to mislead individual
investors, and that it had failed to live to up to its
responsibility as a listed company, the Sydney Morning Herald
relates, citing Kyodo News.

The Japan Times states that prosecutors had earlier demanded a
JPY300-million penalty for Livedoor.

                      Accountants Convicted

Furthermore, Bloomberg says that two accountants were convicted
of securities fraud for certifying Livedoor's group earnings
report for the business year to September 2004 while they were
allegedly aware of the firm's falsification of financial
figures.

The Yomiuri Shimbun says that on March 23, 2007, the Tokyo
District Court sentenced Taishin Hisano, who handled Livedoor's
financial statements for now-dissolved accounting firm Koyo &
Co., to 10 months in prison.

Mr. Hisano is the first ever CPA to be given a custodial
sentence for Securities and Exchange Law violations, according
to the Japanese Institute of Certified Public Accountants.

Mr. Hisano, Yomiuri Shimbun further points out, is the third
person sentenced to prison without suspension by the court in
the Livedoor scandal, following the sentencing of former
Livedoor President Takafumi Horie, and Ryoji Miyauchi, the
firm's former chief financial officer.

According to the report, the Court also sentenced Motoshi
Kobayashi to one year in prison with a four-year suspension for
securities law violations.

Prosecutors had originally sought 18-month sentences on both
accountants, who had been indicted without arrest.  Media
reports note that both Mr. Hisano and Mr. Kobayashi had pleaded
not guilty, saying they had never conspired with the former
management of Livedoor.

Yomiuri Shimbun quotes presiding Judge Toshiyuki Kosaka as
saying, "[The accountants] ignored their official
responsibilities, neglected the lofty mission given to certified
public accountants, and diminished the public's trust in both
the audit system and certified public accountants."

The two "proactively engaged in concealment of the crimes," the
Court's ruling said.  "They conspired with Horie and others in
approving an accounting fraud, and failed to fulfill certified
public accountants' official responsibilities they had been
entrusted with by the public.  Their responsibility is grave in
helping Livedoor deceive individual investors when they could
have prevented it."

The court also criticized the accountants for using their
expertise to help Livedoor management make the window-dressing
mechanism they employed to prevent disclosure.  "The conduct of
the two was malicious, especially because they abused their
expertise," the ruling stated.

                      Livedoor Won't Appeal

The Japan Times relates that in a press conference held later on
Friday, Livedoor President Kozo Hiramatsu said that the company
would not appeal its conviction.

Mr. Hiramatsu also said that the firm may sue Mr. Horie and the
other former executives who were convicted for falsifying the
company's financial reports.

According to The Sydney Herald, the Livedoor case has prompted
calls for clearer laws about stock trading as well as heavier
penalties for falsifying earnings reports.

"Although the scale of the fraud was not as large as similar
cases in the past, the consequences of this case were grave,"
The Times quotes Judge Kosaka as saying.

                     About Livedoor Company

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

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

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


LIVEDOOR CO: Fuji TV Files JPY34.55-Billion Damages Suit
--------------------------------------------------------
On March 26, 2007, Fuji Television Network Inc. filed a
JPY34.55-billion damages suit against Livedoor Co. with the
Tokyo District Court, The Japan Times reports.

Yuri Kageyama, of the Associated Press, says that Fuji TV sued
Livedoor over the losses it absorbed after buying a stake in the
dot-com company.  The Tokyo-based broadcaster is seeking
compensation for the loss in value of nearly 134 million
Livedoor shares it bought for JPY44 billion (US$373 million) as
part of an alliance.

Fuji, The Times recalls, bought a 12.74% stake in Livedoor to
end a high-profile battle with the Internet company to gain
control over radio broadcaster Nippon Broadcasting System Inc.
in 2005.

Fuji TV subsequently took a substantial loss when it later sold
the shares to Livedoor's new tie-up partner, Usen Corp., at a
discount -- about JPY9.5 billion (US$80.5 million) in aggregate
-- Mainichi Daily News relates.

AP points out that Livedoor shares plunged after the company was
raided by prosecutors in January 2006 on suspicion of securities
fraud, after its top executives were arrested on charges of
securities laws violations -- including falsifying earnings --
and after the company's shares were delisted by the Tokyo Stock
Exchange.

The Times cites Fuji TV as explaining that it finalized plans to
file the suit against Livedoor after seeing the court's ruling
last week on the Internet and financial services firm over
accounting fraud and other securities law charges.  The Tokyo
court fined Livedoor JPY280 million and Livedoor Marketing Co.,
now called media innovation Co., JPY40 million over the group's
accounting irregularities, The Times recounts.

Fuji TV has so far asked Livedoor in writing to compensate it
for the loss, claiming it acquired the Internet company's shares
based on falsified financial statements and incurred a heavy
loss from the sharp decline in the price of the shares, The
Times says.

AP says that in a separate lawsuit, about 3,600 individual
investors have sued Livedoor and its former president, Takafumi
Horie for damages, asserting that they were duped into buying
falsely valued shares.

                         About Fuji TV

Headquartered in Tokyo, Japan, Fuji Television Network, Inc. --
http://www.fujitv.co.jp/-- is engaged in the cultural,  
entertainment, sports, news and environmental fields.  It has
four core business segments.  The Broadcasting segment is
engaged in the broadcasting of television and radio programs.
The Broadcasting-related segment specializes in the planning,
production, transmission of broadcast programs, as well as the
provision of technical support.  The Mail Order segment offers
mail-order services and flowers.  The Image and Music segment is
involved in the manufacture and sale of audio and video
software, as well as the management of music copyrights.

Through its subsidiaries and associated companies, the company
is also engaged in the development of software, the leasing of
real estate, as well as the provision of publishing and staffing
services.  As of Mar. 31, 2006, the company had 55 subsidiaries
and 34 associated companies is engaged in the cultural,
entertainment, sports, news and environmental fields.  

                     About Livedoor Company

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

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

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


NORTHWEST AIRLINES: Court Approves Disclosure Statement
-------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has approved Northwest Airlines Corporation's
Disclosure Statement explaining its Amended Plan of
Reorganization on March 26, 2007, Bloomberg News reports.

Judge Gropper said the Disclosure Statement "is adequate and
should be approved" but noted that the approval was subject to
revisions agreed on by attorneys for the company and creditors
at the hearing, Bloomberg says.

According to the report, Judge Gropper overruled the objection
filed by the Ad Hoc Committee of Equity Security Holders saying
it isn't clear whether the hedge fund investors complied with a
March 9, 2007 Order directing the Ad Hoc Committee members to
fully disclose their holdings in Northwest.

To appease the pilots and other objecting parties, Bruce
Zirinsky, Esq., at Cadwalader Wickersham & Taft LLP, in New
York, said the airline will provide a description of its
management equity plan "by the close of business" on March 30.  
Northwest further disclosed that it will give about 4,000 non-
union workers US$77.4 million in cash and stock bonuses when it
emerges from Chapter 11, Christopher Scinta of Bloomberg News
reports.

"[Mon]day's approval of Northwest's disclosure statement is
another major milestone in our restructuring efforts," the
company said.  The airline added that it remains on target to
exit bankruptcy protection during the second quarter of 2007
with a value of about US$7 billion, Bloomberg says.

Attorneys expect the Disclosure Statement to be mailed to
creditors entitled to vote on the Plan from April 6 to April 9,
2007, according to Bloomberg.  

                     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. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

In July 2006, Northwest Airlines Corp. unit Northwest Airlines
Inc. reached a tentative concessionary contract agreement with
its flight attendants' union.  Standard & Poor's Ratings
Services affirmed its 'D' corporate credit ratings on both
entities, which are determined by the companies' bankruptcy
status.


NORTHWEST: Plan Confirmation Hearing Scheduled for May 16
---------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York set a hearing on May 16, 2007, to consider confirmation
of  Northwest Airlines Corp. and its debtor-affiliates' Amended
Plan of Reorganization, Bloomberg News reports.

Creditors have until May 7 to cast their votes.

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. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

In July 2006, Northwest Airlines Corp. unit Northwest Airlines
Inc. reached a tentative concessionary contract agreement with
its flight attendants' union.  Standard & Poor's Ratings
Services affirmed its 'D' corporate credit ratings on both
entities, which are determined by the companies' bankruptcy
status.


NORTHWEST: Withdraws US$129-Million Claim for Salaried Employees
----------------------------------------------------------------
Northwest Airlines Corporation disclosed yesterday that it has
withdrawn a US$129 million salaried employee unsecured claim
from its Plan of Reorganization.

The company also disclosed partial details of a new salaried
equity plan for its 5,200 worldwide salaried and management
employees.

Under the plan, salaried employees below the director level will
receive cash and restricted stock units totaling
US$77.4 million.  Shortly after emergence from bankruptcy,
current salaried employees below the director level who took pay
and benefit reductions as part of the airline's restructuring
efforts will receive cash payments of US$31 million.

Salaried employees will also be eligible to receive restricted
stock units, with a grant date value of US$46.4 million.  These
units will vest one year after emergence and will be converted
to common stock of the new Northwest Airlines.  Employees must
remain with Northwest for the one year period to receive the
stock.

Doug Steenland, president and chief executive officer of
Northwest Airlines, said, "The plan is designed to promote long-
term retention of salaried employees and to build on Northwest's
commitment to ensuring that all employees participate in the
financial success of the company.  It also recognizes the
contributions salaried employees have made to the company's
successful restructuring efforts."

"This salaried equity plan will help ensure that Northwest
retains a team of experienced salaried employees, and ties the
interests of that team to the financial performance of our
company."

The US$77.4 million being distributed via the plan is in lieu of
US$129 million claim that would have been provided under the
salaried employee unsecured claim that Northwest previously
filed with the United States Bankruptcy Court for the Southern
District of New York.

Northwest has advised the court that after consultation with its
Unsecured Creditors Committee, it has withdrawn the
US$129 million salaried and management unsecured claim.  The
management claim, designated for salaried employees below the
director level whose salaries and benefits were reduced by the
company, was determined using the same formula as that which was
used to determine the claims in the Company's labor agreements.

Through unsecured claims that are integral parts of ratified
collective bargaining agreements as well as profit-sharing
payments, Northwest's 30,000 employees are expected to receive
US$1.5 billion in distributions during the period of the
airline's business plan, which runs through 2010.  That figure
is the equivalent of a 20 percent economic interest in Northwest
going forward.

Mr. Steenland added, "Employees recently received their first
profit sharing checks and several of our unions have sold up to
40 percent of their unsecured claims, thus delivering the first
financial benefits of Northwest's restructuring directly to our
employees."

The equity plan program details for directors, managing
directors and officers will be announced at a later date.

                     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. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

In July 2006, Northwest Airlines Corp. unit Northwest Airlines
Inc. reached a tentative concessionary contract agreement with
its flight attendants' union.  Standard & Poor's Ratings
Services affirmed its 'D' corporate credit ratings on both
entities, which are determined by the companies' bankruptcy
status.


SAPPORO HOLDINGS: Hires Nikko Citigroup to Advise on Defense
------------------------------------------------------------
Sapporo Holdings Ltd. hired Nikko Citigroup Ltd. and Mizuho
Securities Co. to help it block a takeover attempt by Steel
Partners Japan Strategic Fund L.P., Kanoko Matsuyama of
Bloomberg News reports.

The report relates that Nikko Citigroup and Mizuho Securities
will provide Sapporo with advice should Steel Partners launch a
hostile takeover bid.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 19, 2007, Steel Partners, currently owning 17.52% of
Sapporo's shares, submitted a proposal to the company's
management requesting discussions aimed at securing their
recommendation for a negotiated transaction to acquire,
including the U.S.-based hedge fund's current holding, shares
representing 66.6% of the voting rights in the company.

According to a subsequent TCR-AP report, Sapporo pledged to
implement particular measures to ascertain that any offer will
contribute to improving the company's value.

Bloomberg explains that in 2006, the beer maker introduced anti-
takeover measures, allowing stock dilution to rebuff a hostile
bid from overseas funds attracted to its real estate assets.  
The anti-takeover plan allows Sapporo up to 90 days to consider
a bidder's takeover proposal.  If the bidder fails to follow its
rules, Sapporo can implement the defensive measures.

The company's defense plan, Bloomberg says, allows it to issue
one new share for every existing share at a price of JPY1.00 or
more per share, which would allow Sapporo to dilute the stock
held by any outside bidder.  Sapporo shortened the period in
which it can dilute its stock to 10 days from 25 days in
November, by registering warrants it can issue in the event of a
hostile takeover.

Sapporo shareholders, Bloomberg notes, will vote March 29 on
whether to accept the company's defensive system -- named
Advanced Warning System -- while Steel Partners is urging
investors to reject it.

"The advisers were hired because Sapporo was unsure about what
it should do," Bloomberg relates, citing Mitsushige Akino, who
oversees US$468 million in assets at Ichiyoshi Investment
Management Co. in Tokyo.

Bloomberg notes that Sapporo shares are now trading above Steel
Partner's JPY825-per-share offer price in February.  The report
says that at the close of trading in Tokyo yesterday, Sapporo
stock was down JPY8.00, or 0.9%, at JPY841 apiece.

                   About Steel Partners Japan

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

                     About Sapporo Holdings

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

                          *     *     *

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

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

   -- Senior unsecured debt 'BB';

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

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


TOKURA CONSTRUCTION: JCR Affirms BB+ Rating on Senior Debts
-----------------------------------------------------------
Japan Credit Rating Agency affirmed the BB+/Stable rating on
Tokura Construction Co., Ltd.'s senior debts.

Tokura Construction has been expanding business in Tokyo
metropolitan area and offshore in addition to the foothold of
Aichi Prefecture.  It has been strengthening alliance with
Tokyo-based Sakata Construction, making it a consolidated
subsidiary for this purpose.  JCR thinks, however, it will take
time for Tokura Construction to establish the earnings base
here.  The Company should take cautious steps for expansion in
offshore business in light of currency exchange risk.

JCR also thinks that Tokura Construction should strengthen the
financial health continually such as accumulation of net assets
that would work as a risk buffer.  The construction division's
acceptance of orders and profit margin are increasing.  The
Company will be able to get good enough earnings centering on
those of this division.  JCR will watch carefully the future
developments as to pace of business expansion in Tokyo
metropolitan area and offshore markets, earnings of Sakata
Construction, and disposal of the real estate owned by it.


TOKUSHINKAI GROUP: JCR Affirms BB/Stable Rating on Sr. Debts
------------------------------------------------------------
Japan Credit Rating Agency has affirmed the BB/Stable rating on
Medical Corporation Tokushinkai Group's senior debts.

Tokushinkai Group is a dental group that is headquartered in
Niigata City, Niigata Prefecture.  While its overall earnings
have been stagnant due to cutback on medical fees by the
government and loss associated with the initial cost, the group
retains the upward trend of the number of patients coming to the
clinics, supported by the management attitudes towards pursuit
of satisfaction of patients.  Tokushinkai Group has stable cash
flow generation capability and support from financial
institutions, establishing innovative business model in the face
of fiercer competition nationwide.  Although its reliance on the
interest-bearing debt is large, deterioration in the financial
structure will be avoided because the group will limit the
opening of new clinics to a slow pace.  JCR will pay attention
to the future developments as to enhancement of the business
management, nurturing of executives, and improvement in
operations of clinics.


VITEC CO: JCR Affirms BB+/Stable Rating on Senior Debts
-------------------------------------------------------
Japan Credit Rating Agency has affirmed the BB+/Stable rating on
Vitec Co., Ltd.'s senior debts.

Vitec, which is Sony-affiliated electronics trading company,
enjoys stable sales centering on those to large electronic
manufacturers.  On the other hand, it is vulnerable to sales to
these manufacturers with the heavy reliance on them for the
total sales.  The sales prices have been lowering as the digital
equipment companies, Vitec's primary vendors, are being faced
with fierce price competition.  Although Vitec aims to expand
the sales centering of those of highly competitive devices of
Sony, it will take time for the Company to improve earnings
level.  Additionally, further increase in capital amount will be
an issue for Vitec.


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

KOREA EXCHANGE BANK: Court Adjourns Lone Star Trial to April 23
---------------------------------------------------------------
On March 15, 2007, the Troubled Company Reporter - Asia Pacific
reported that South Korea's Board of Audit and Inspection urged
the Financial Supervisory Commission to correct the sale of
Korea Exchange Bank by taking "proper measures," alleging that
the FSC "illegally and improperly" approved Lone Star Funds'
takeover bid.

Prosecutors said that KEB's financial health was deliberately
understated to help Lone Star purchase a majority stake in KEB
at a price at least KRW344.3 billion (US$374.6 million) below
its market value, the TCR-AP report stated, citing Yonhap News.

On March 26, 2007, the 24th Criminal Division of the Seoul
Central District Court started hearing the case against Lone
Star, Lone Star executive Paul Yoo, and KEB on charges of
manipulating stock prices, Sangim Han writes for Bloomberg News.

According to Yonhap News, Mr. Yoo is charged with manipulating
the stock price of KEB's credit card unit in November 2003 to
cut the price of the card company in collusion with Lone Star's
Vice Chairman Ellis Short and General Counsel Michael Thomson.

The paper adds that Mr. Yoo was also accused of perjury to avoid
a parliamentary inquiry into the takeover case in October 2004
and breach of trust through the manipulation of earning rates of
funds and sales of dishonored bonds at below-market prices.

Yonhap relates that Lone Star's attorney accused the prosecution
of conducting what it called a targeted probe of foreign
capital.

However, defense attorney Chang Yong-kook argued that Mr. Yoo --
the head of Lone Star's Seoul office -- was victimized by the
targeting of Lone Star, the paper relates.

Investigators seek for custody of Messrs. Short and Thomson and
Steven Lee, former head of the company's Seoul office, over
their role in the takeover process and the stock manipulation
charges under an extradition treaty with Washington, Yonhap
relates.

The defendants deny the charges, Bloomberg says.

Judge Lee Kyung Choon adjourned court until April 23, Bloomberg
notes.

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
established in 1967, is one of seven national banks in South
Korea with over 300 domestic branches and 28 overseas networks
constituting the most extensive global banking network of any
Korean bank.  KEB Futures -- http://www.kebf.com/english/-- is  
a clearing member of KOFEX and is a subsidiary of Korea Exchange
Bank, the official F/X settlement bank for Korean Futures
Exchange.

                          *     *     *

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.

On Feb. 22, 2007, Standard & Poor's Ratings Services affirmed
its C+ Fundamental Strength Rating on Korea Exchange Bank.

                          *     *     *

South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.

The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.  On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.

Prosecutors are investigating whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.


PANTECH & CURITEL: Decides on 30-to-1 Capital Reduction
-------------------------------------------------------
On March 26, 2007, Pantech & Curitel Communications Co. said
that it has decided on a 30-to-1 capital reduction, Yonhap News
reports.

According to the report, the company disclosed in a regulatory
filing that subject to shareholders' approval on May 8, a total
of 166.37 million shares will be reduced to 5.54 million worth
around KRW2.8 billion (US$2.98 million).

Yonhap News recounts that Pantech & Curitel and its affiliate
Pantech asked for a debt workout program in December from its
creditors due to increasing debt and tough market competition.

Accordingly, the creditor banks led by the state-run Korea
Development Bank agreed to stop the company's debt repayments
until April 11, the paper relates.

Pantech & Curitel and Pantech disclosed that as of the end of
September, the Pantech Group had a total of KRW2 trillion in
combined liabilities, Yonhap relates.

Yonhap News notes that Pantech Group's trading of shares has
been suspended since March 12 as its capital was found to have
been completely eroded in 2006.

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.   
Pantech's   products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech & Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt workout scheme, giving the
companies a grace period on their matured debts.

Korea Ratings, on Dec. 11, 2006, downgraded Pantech Co., Ltd.'s
and Pantech & Curitel Communications Inc.'s bond and commercial
paper(CP) ratings to 'CCC' and 'C', respectively.


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

ANTAH HOLDINGS: Azam Withdraws Injunction Petition
--------------------------------------------------
Azam Developer & Construction Sdn Bhd has officially withdrawn
its application for injunction against Antah Holdings Bhd's
wholly owned subsidiary, Kaseh Lebuhraya Sdn Bhd.

On March 14, 2007, the Troubled Company Reporter - Asia Pacific
reported that Azam informed Antah of its plan to withdraw its
injunction application against Kaseh with costs.  However, Azam
failed to withdraw the application immediately as the judge
assigned to the case was attending a hearing in the Johor Bahru
High Court.

Earlier TCR-AP reports stated that Azam sought for an injunction
order restraining Kaseh from proceeding with and completing the
sale of its shares in Lebuhraya Kajang Seremban Sdn Bhd to Fancy
Celebrations Sdn Bhd, without Azam's consent, until Kaseh pays
Azam its MYR19.4 million claim.

                          *     *     *

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 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
was MYR376.51 million.

On March 27, 2007, the Troubled Company Reporter - Asia Pacific
reported that Antah Holdings will be removed from the Official
List of the Bursa Malaysia Securities Bhd following the
completion of its restructuring scheme.


ARK RESOURCES: Provides Update on Ark Thai Construction Deal
------------------------------------------------------------
On March 1, 2007, the Troubled Company Reporter - Asia Pacific
reported that Ark Thai Co Ltd, a subsidiary of Ark Resources
Bhd, has signed a subcontract with Pastiya Thai Co. Ltd for the
proposed construction and completion of low cost flats for the
National Housing Authority.

      No. of Units              Location        Contract Value
      ------------              --------        --------------
1,560 units of 5 storey    Wadku 1, Nonthaburi  THB436,800,000  
low cost flats and         Bangkok, Thailand
associated external and
infrastructure works

1,385 units of 2 storey    Padung Pan, Nongjok  THB430,615,000
low cost houses and        Bangkok, Thailand
associated external
and infrastructure works

The construction period for the projects are approximately
14 months and are due to be completed by the second quarter of
2008.

Ark said that the THB10-million initial investment in the
projects will be funded from internally generated funds and
borrowings.

The company expects that the projects in Thailand will
contribute positively to its earnings for the financial years
ending December 31, 2007, and 2008.

                          *     *     *

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to MYR32.38
million and total liabilities aggregated to MYR232.91 million,
resulting to a shareholders' deficit of MYR200.53 million.


CRIMSON LAND: Tasks MIMB Bank to Prepare Reform Plan
----------------------------------------------------
Crimson Land Bhd disclosed with the Bursa Malaysia Securities
Bhd that it has appointed MIMB Investment Bank Bhd as its
merchant bank in place of Hwang-DBS Investment Bank Bhd.

As a merchant bank, MIMB Investment is tasked to prepare the
regularization plan of Crimson for submission to the Securities
Commission and other relevant regulatory authorities for
approval.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's
activities are property development, maintenance, investment and
rental services.  The Company is also into investment holding,
property cultivation, growing and trading of marine products,
rental of promotional space, management services and investment
holding.

Crimson Land is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd and is
therefore required to formulate and implement a plan to
regularize its financial condition.


PSC INDUSTRIES: Intends to Return to Black in 2008
--------------------------------------------------
PSC Industries Bhd aims to return to the black for the year
ending Dec. 31, 2008, The Star reports, citing the company's
executive deputy chairman, Datuk Seri Ahmad Ramli Mohd Nor.

"We are working hard to be profitable this year but a more
conservative target would be next year.  We expect shareholders'
funds to be positive and earnings per share to grow as well,"
Mr. Ramli said after the group secured shareholders' approval
for its restructuring scheme at the recently held Extra Ordinary
General Meeting.

The Troubled Company Reporter - Asia Pacific reported on
March 26, 2007, that the Malaysia's Securities Commission
approved PSC Industries' proposed restructuring plan, which
comprises of:

   -- a capital reconstruction comprising the Proposed Share
      Capital Reduction, Proposed Share Capital Consolidation
      and Proposed Share Premium Account Reduction;

   -- settlement of liabilities due and owing by PSCI and Penang
      Shipbuilding & Construction Sdn Bhd to their respective
      creditors; and

   -- a renounceable rights issue of new ordinary shares of
      MYR1.00 each in PSCI.

Mr. Ramli said the group also planned to wipe out its
accumulated losses of MYR172 million within three years.  

Based on the company's restructuring scheme, PSC will settle its
total borrowings of MYR595 million leaving the group relatively
debt-free, via the issuance of new shares and the raising of
MYR69.6 million through a rights issue.

Proceeds from the rights issue will be utilized for working
capital requirements of the group.

The restructuring will also reduce PSC's accumulated losses to
MYR172 million from MYR771 million and improve shareholders'
funds to MYR67.46 million from a deficit of MYR535 million.  

The implementation of the restructuring scheme is expected to be
completed by the third quarter of the year.

                          *     *     *

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

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

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


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

CER GROUP: Appoints R. Levison as Non-Executive Director
--------------------------------------------------------
CER Group Ltd has appointed Robin Levison as non-executive
director.

In a statement filed with the New Zealand Stock Exchange, the
company stated that Mr. Levison will assess and deliver
acquisitions, both in New Zealand and Australia, which meet the
Group's criteria for investment and offer the necessary
synergies with its current businesses.

Mr. Levison is a Chartered Accountant with postgraduate
qualifications from The University of Queensland and is a
Graduate and Member of the Australian Institute of Company
Directors, CER Group noted.

The company recently delivered its first operating profit, which
was driven by strong performance from its 2005 acquisition of
the New Zealand Nature Company and a marked upturn in revenues
from the Certified Organics business.

                         About CER Group

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified  
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       Going Concern Doubt

On Feb. 27, 2006, upon completion of its audit on the company's
financial statements, KPMG -- the company's independent auditors
-- raised fundamental uncertainties on the company's ability to
continue as a going concern, the validity of which is dependent
upon "many factors both within and external to the control of
the directors."

                          *     *     *

The group suffered net losses of NZ$1.03 million and
NZ$1.34 million for the years ended December 31, 2005, and 2004,
respectively.


HERITAGE GOLD: Special Meeting of Shareholders Set for April 12
---------------------------------------------------------------
Heritage Gold NZ Limited will hold a Special Meeting of
Shareholders on April 12, 2007, at the Jubilee Building, 545
Parnell Road, Parnell, in Auckland, New Zealand.

The meeting is being called to ratify resolutions, which
include:

   1) the issuance of up to 20,000,000 fully paid ordinary
      shares in a placement at a price of NZ$0.035 to
      professional investors for the purpose of:

      * funding the investigation of the uranium proposal;

      * advancing further exploration on Heritage Gold's current
        projects; and

      * providing working capital for the company; and

   2) a Sept. 29, 2006, placement of shares to professional
      investors in accordance with the requirements of ASX
      Listing Rule 7.4.

According to the company's Chairman Geoffrey Hill, Heritage Gold
will disregard any votes cast by persons who received shares in
the September 2006 placement and any associates of those
persons, or by persons who may receive shares in the proposed
March 2007 placement and any associates of those persons.

The Board recommends shareholders vote in favor of the
resolutions, each of which requires a simple majority.

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

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


SEALEGS CORP: Secures NZ$1 Million Worth of New Boat Orders
-----------------------------------------------------------
Sealegs International Corp. confirms with the New Zealand Stock
Exchange that it has taken orders for 12 amphibious boats
representing over NZ$1 million in sales from the Auckland
International Boat Show held at the Viaduct Harbour earlier this
month.

Sealegs says the 12 new orders represent continuing strong local
demand for Sealegs amphibious boats, with new customers from
Auckland through to the Bay of Islands.  Three new Sealegs boats
were ordered by Waiheke Island residents, which brings to 20 the
number of Sealegs amphibious boats on Waiheke.

Chief Executive David McKee Wright says Sealegs "has now taken
orders for over 25 boats this year and will enter the new
financial year with a strong forward order book."

Sealegs will move to a larger facility in Albany with four-times
the production capacity later this month to help keep up with
the increasing demand for its boats.

                      About Sealegs Corp.

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the  
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.


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

MANILA MINING: Executes Farm-In Agreement With Anglo Investments
----------------------------------------------------------------
Manila Mining Corp. has executed a Farm-In Agreement formalizing
a joint venture pact with Anglo Investments BV for the
exploration and potential development of the Kalayaan area, a
disclosure with the Philippine Stock Exchange reveals.

The Kalayaan Project covers an area of about 284.76 hectares in
Surigao del Norte, Philippines, which presently forms part of
MMC's Renewed Exploration Permit No. XII-014, consisting of
around 2,462 hectares.

Under the Exploration Permit and the Farm-In Agreement, the
Kalayaan area will be carved out and transferred to the proposed
joint venture firm, Kalayaan Copper Gold Resources, Inc., which
will initially be a wholly owned subsidiary of MMC.

According to the PSE disclosure, Anglo Investments, a unit of
Anglo American plc, will fund at its sole cost over a period of
two to three years the Kalayaan Project's pre-feasibility phase
at an estimated minimum of US$20 million.  Initially, Anglo will
have a 40% interest in Kalayaan Copper Resources.

Of the US$20 million, Anglo advanced US$7 million to MMC as
initial entry cost into the project.

Depending on the outcome of the exploration and the pre-
feasibility study, the parties will consider undertaking a final
feasibility phase of the project.  Anglo will fund the
additional work, at its sole cost, estimated at US$15 to
US$20 million to earn a further 20% interest in Kalayaan Copper.

According to Reuters, the news of the Farm-In Agreement buoyed
the stock prices of MMC and Lepanto Consolidated Mining Co.,
which has an equity interest of 21% in MMC.

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.  Lepanto
Consolidated Mining Co. holds a 21% stake in the 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 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.


METRO PACIFIC: Provisions Bring Parent's 2006 Loss to PHP686MM
--------------------------------------------------------------
Metro Pacific Investments Corp. reported a loss of
PHP685.9 million for the year ended Dec. 31, 2006, which the
company said is "substantially a result of continuing provisions
made at the Metro Pacific Corp. -- a 96.6% owned subsidiary of
MPIC."

Of the 2006 losses, PHP415 million reflects an extraordinary
one-time provision made against MPC's investment in a land
company, Costa de Madera.  A further PHP110.7 million are losses
related to the divestment of MPC's 84% majority interest in
Negros Navigation Company.  Various other write-downs totaling
PHP160.2 million were also made at the MPC level, reflecting
one-time provisions on tax assets.

"Its important to place MPIC's 2006 results in their proper
context -- last year we effected a final clean up of MPC's old
accounts in order that MPIC could start 2007 without the
financial baggage of the past," said Jose Ma. K. Lim, MPIC
President and CEO.  "MPC is no longer a revenue-generating nor a
core holding of MPIC."

MPIC Holding Company: Already Profitable, Outlook Positive

For the first two months of 2007, MPIC has recorded a net real
profit substantially higher than project, derived from its share
in the profits resulting from its participation in the joint
venture company it owns together with D.M. Consunji Inc. a
Philippine engineering and construction company, as well as
improved results from its other core business, real estate
developer and marketer Landco Pacific Corporation.

"All the indications are in place that MPIC will have a
successful year and we are confident that MPIC, the successor to
MPC, will record real profits every quarter in 2007," said Mr.
Lim.  "We are making smart investments in businesses with
strong, long-term growth potential and in which our experience
in effecting corporate turnarounds and financial rehabilitations
will result in building new value for our shareholders."

Operations/Maynilad: Metamorphosis Begins With Results

After more than 20 years, Maynilad Water Services recently began
regular water deliveries to heavily populated Paranaque, a key
residential and business center in the Greater Metro Manila
Region.  This development comes shortly after the January
assumption of an 83.97% interest in Maynilad Water Services by
the DMCI-MPIC Water Company Inc., the joint venture company
established by MPIC and DMCI to hold its interests in the water
utility sector.

"We're pleased with the progress we've made at Maynilad in only
such a short amount of time.  DMCI brings a significant degree
of technical and engineering experience to our venture, and
complements the experience MPIC has had in effecting successful
corporate rehabilitations and financial turnarounds," said Mr.
Lim.  "We have named a DMCI officer, Herbert Consunji as
Maynilad's Chief Operating Officer, and MPIC's Chief Financial
Officer, Randy Estrellado, already serves at Maynilad on a
concurrent basis as we begin to establish stricter financial
controls and processes.  We believe that as the culture of MPIC
begins to cascade throughout the Maynilad organization, change
will accelerate and Maynilad will become a company respected for
its credibility and profitability."

Operations/Landco: Launches Cebu Development

Recently Landco announced a substantial joint-venture
development and marketing agreement with the Villalon family of
Cebu City, owners of a series of interconnected yet undeveloped
lots on prime locations atop the hills overlooking the
Philippines' second largest city.  Upon completion, "Monterrazas
de Cebu", as the project is known, will emerge as Cebu's
ultimate residential and leisure estate, with facilities and
infrastructure built according to the exacting standards of
similarly landmark Landco projects such as Peninsula de Punta
Fuego and Terrazas de Punta Fuego.

New Investments/MPIC: Board Approves Investment in Makati Med

At [the March 27] regular MPIC Board meeting, the MPIC Board
voted unanimously to subscribe to at least PHP600 million of
Convertible Subordinated Notes, which will has a mandatory
conversion into direct ownership of Makati Medical Center
shares.  "Since 2006 MPIC's Chairman has concurrently served as
Chairman of Makati Medical Center, and by creating consensus and
working with all of the hospital's stakeholders, has brought
Makati Med back to profitability," noted Mr. Lim.  "This
investment will result in MPIC becoming Makati Med's single
largest investor, and enable us to implement our vision to
return Makati Med as the Philippines' premier healthcare
institution."

With construction beginning in the first quarter of 2007, the
entire Makati Med complex will be completely rebuilt and
retrofitted, with construction expected to be completed by
2009.  "We believe our investment in Makati Med is a smart move
at a time when the need from both domestic and foreign patients
for world-class facilities is growing across Southeast Asia,"
added Mr. Lim.

Comments From Chairman Manuel V. Pangilinan

"Our mandate for MPIC this year is growth and increased
profitability.  We have a good core to start from and we'll be
actively seeking to acquire additional businesses to enable
MPIC to become a major participant in the utility,
infrastructure and power sectors of the Philippines.  These are
amongst the most critical industries a rapidly developing nation
needs for its economic health, and we regard these sectors as
offering excellent potential for long term value creation," said
Manuel V. Pangilinan.

                           About MPIC

Metro Pacific Investments Corp. -- http://www.mpic.com.ph/-- is  
a Manila, Philippines-based investment management holding
company with core operations in water utility and real estate
development.

                            About MPC

Metro Pacific Corporation -- http://www.metropacific.com/-- is  
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co.,
raised significant doubts on MPC's ability to continue as a
going concern after auditing the company's annual report for the
period ended December 31, 2005.

Ms. Miguel noted in the auditors' report that MPC suffered
significant losses in prior years leading to its inability to
meet its maturing obligations, on principal and interest, to
certain third-party lenders and to a related company.  Although
the Company has generated a PHP194.26-million net income
attributable to equity holders for the year ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of
December 31, 2005, due to prior year's accumulated losses.

In response, the company continues to implement measures geared
towards generating liquidity to meet maturing obligations and
profitability, including debt rehabilitation activities and a
capital restructuring plan.


MIRANT CORP: Court Approves Mirant NY-Gen's Disclosure Statement
----------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Texas approved an Amended Disclosure Statement explaining Mirant
NY-Gen LLC's Amended Chapter 11 Plan of Reorganization on
March 22, 2007.

Mirant NY-Gen filed the Amended Disclosure Statement and Plan on
March 21, 2007.

Judge Lynn held that the Amended Disclosure Statement contains
"adequate information" within the meaning of Section 1125 of the
Bankruptcy Code.

No objections to the Disclosure Statement were filed.

                    Additional Plan Provisions

The Amended Disclosure Statement and Plan disclose (i) risk
factors associated with the Plan, (ii) properties subject to
easements, and (iii) the estimation of an Unsecured Creditor
Amount.  The Amended Plan also incorporates details of the
auction of Mirant New York Inc.'s membership interest in Mirant
NY-Gen, and a provision for executory contracts and unexpired
leases.

The Amended Plan provides that there is a risk that actual
payments to certain Creditors under the Plan may be materially
less than 100%.

The Plan provides for payment in full on all Class 4 -- General
Unsecured Claims and Claims for Administrative Expenses -- as
well as for other Claims, except affiliates unsecured claims and
the DIP Secured Claim.

Mirant NY-Gen proposes to establish a Plan Carve-Out, which
consists of two funds -- the Unsecured Creditor Amount and the
Other Amount -- to pay all Claims, except Fee Claims and the DIP
Secured Claim.

At the Confirmation Hearing, the Court will determine whether
the Amended Plan is feasible to pay Claims as proposed by the
Plan, and in this regard, will determine the adequacy of the
Plan Carve-Out to satisfy Claims as proposed by the Plan.

The Amended Plan further proposes that the Plan Carve-Out will
not be increased after the Plan is confirmed.

Because the amount of certain Claims may be unknown as of the
date of the Confirmation Hearing, the Plan Carve-Out approved or
set by the Court may not contain sufficient funds to pay all
claims that ultimately become Allowed Claims.

In this event, the Amended Plan provides that Creditors will
receive a pro-rata share of their Allowed Claim, which would be
materially less than 100% of their Allowed Claims.

             Estimation of Unsecured Creditor Amount

The Amended Plan provides that the determination of the
sufficiency of the Unsecured Creditor Amount and the Other
Amount as currently proposed, or as set by the Court, and of the
amount needed to fund each category of the Other Amount by the
Court will be conclusive.  Neither Mirant NY-Gen, Mirant New
York, Mirant Americas, nor Alliance Energy will be liable for
Allowed Claims exceeding the amounts set for the Unsecured
Creditor Amount or any Other Amount category.

To the extent necessary to determine feasibility of the Plan and
the adequacy of a Plan carve-out to pay relevant claims, and to
determine other confirmation issues, the Amended Plan will
constitute Mirant NY-Gen's request to estimate Claims for all
relevant purposes pursuant to Section 502(c) of the Bankruptcy
Code.

Moreover, the Amended Plan provides that:

    * any monetary defaults -- the cure amount -- under each
      executory contract and unexpired lease to be assumed under
      the Plan will be an administrative expense and will be
      treated and satisfied pursuant to Section 365(b) of the
      Bankruptcy Code;

    * Mirant NY-Gen owns several properties subject to various
      easements, licenses, and preservation Zones:

      (1) Swinging Bridge Hydroelectric Power Station:

          * Cliff Lake in New York;
          * Toronto in New York; and
          * Swinging Bridge in New York,

      (2) Mongaup Hydroelectric Power Station,

      (3) Rio Hydroelectric Power Station,

      (4) Hillburn Gas Turbine Power Station,

      (5) Shoemaker Gas Turbine Power Station; and

    * pursuant to a sales procedure order, Mirant New York
      conducted the Membership Interest Auction on March 5,
      2007, wherein Alliance Energy Renewables, LLC, was
      entitled to credit bid for US$250,000 towards the purchase
      price.  Consequently, Alliance Energy's bid for
      US$5,100,000 was determined to be the prevailing bid, and
      Judge Gropper approved the Membership Interest Sale on
      March 13, 2007.

A full-text copy of Mirant NY-Gen's Amended Disclosure Statement
is available for free at http://researcharchives.com/t/s?1c18

A full-text copy of Mirant NY-Gen's Amended Plan is available
for free at http://ResearchArchives.com/t/s?1c17

                     About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that    
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.  
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen,
LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New York,
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.  (Mirant
Bankruptcy News, Issue No. 117; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


MIRANT CORP: NY-Gen's Plan Confirmation Hearing Set for April 25
----------------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Texas will convene a hearing to consider confirmation of Mirant
NY-Gen LLC's Amended Plan on April 25, 2007, at 1:30 p.m.,
Prevailing Central Time.  Objections to the Plan are due April
18, at 4:00 p.m.

The Court also sets April 18, 2007, as the voting deadline.  
Ballots to accept or reject the Plan must be received by Forshey
& Prostok LLP, Mirant NY-Gen's tabulation agent, on the Voting
Deadline, no later than 4:00 p.m., Prevailing Central Time.
Ballots not received by the Voting Deadline will not be
counted, except upon further Court order.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that    
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.  
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen,
LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New York,
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.  (Mirant
Bankruptcy News, Issue No. 119; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


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

ARMSTRONG INDUSTRIAL: Declares SGD0.20 Cash Dividend
----------------------------------------------------
Armstrong Industrial Corporation Limited has declared a first
and final cash dividend of 0.2 cents per ordinary share and tax-
exempt cash dividend of 0.85 cents per ordinary share, Reuters
Key Development says.

The Troubled Company Reporter - Asia Pacific reported on Mar. 7,
2007, that Armstrong's consolidated profit after taxation went
up 23.7% to SGD12.76 million for the year ended Dec. 31, 2006,
from the SGD10. 317 million booked in 2005.

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg -
- manufactures and sells precision die-cut foam and rubber
molded components for a range of applications, including
insulating, dampening, cushioning, and sealing.  The company
also provides architectural and engineering activities and
related technical consultancy.  The company has manufacturing
presence in Singapore, Malaysia, Thailand, China, Indonesia and
Vietnam.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on Dec. 16, 1991, and its
subordinated debt a B1 rating effective on October 23, 1986.

                   About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--  
manufactures and sells precision die-cut foam and rubber molded
components for a range of applications, including insulating,
dampening, cushioning, and sealing.  The company also provides
architectural and engineering activities and related technical
consultancy.  The company has manufacturing presence in
Singapore, Malaysia, Thailand, China, Indonesia and Vietnam.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on December 16, 1991, and
its subordinated debt a B1 rating effective on October 23, 1986.


SEATOWN CORP: High Court Extends Judicial Management to Aug. 26
---------------------------------------------------------------
Seatown Corporation Limited's board of directors disclosed that
the High Court of Singapore has ordered, inter alia, that:

   a) the Judicial Management Order dated Feb. 26, 2003, be
      extended for further six months from Feb. 27, 2007, to
      Aug. 26, 2007; and

   b) the Judicial Manager be given a further extension of time
      until July 26, 2007, to comply with the requirements in
      section 227M of the Companies Act.

Headquartered in Maxwell House, Singapore, Seatown Corporation
Limited's group is engaged in construction and commercial
property leasing.  The construction division offers piling,
foundation, civil and building contractors.  It is also engaged
in designing, fabricating and installing pre-cast building
materials.  Commercial property's leasing division handles
rental of commercial properties.  Other activities are
developing properties and investment holding.

The Company was placed under judicial management on Sept. 3,
1999. The judicial managers were retired on Dec. 19, 2000,
following its acquisition of Seatown Construction group, a Group
restructuring and its shares requoted for trading on SGX-ST.


SEATOWN CORPORATION: Auditors Raise Significant Doubt
-----------------------------------------------------
Seatown Corporation Limited's independent auditors have raised
significant doubt on the company's and the group's ability to
continue as a going concern, the company said in its latest
monthly update.

According to the update, with regards to the company's annual
report for the year ended Sept. 30, 2006:

   Paragraph 4(v) of the auditors' report states that the
   ability of the company and the group to continue as going
   concerns and to meet their financial obligations as and
   when they fall due are dependent, inter alia, on:

   a. the successful restructuring of the company's and the
      group's outstanding debts with lenders as at
      Sept. 30, 2006;

   b. the group not incurring significant losses in the
      future and being able to secure additional new
      profitable contracts;

   c. the successful completion of the Proposed Offer
      dated Aug. 21, 2006 entered into with Dr. Choo and the
      company or any other offer with an investor; and

   d. the successful outcome of negotiations between the
      group and lenders to the group concerning the
      preservation of existing banking facilities available
      to the group including those where covenants have been
      breached not being withdrawn or materially reduced by
      the banks and the indemnities provided by the company
      to third parties in respect of performance bonds and
      guarantees issued by the third parties on account of its
      subsidiaries not being called upon by them.

Headquartered in Maxwell House, Singapore, Seatown Corporation   
Limited's group is engaged in construction and commercial
property leasing.  The construction division offers piling,
foundation, civil and building contractors.  It is also engaged
in designing, fabricating and installing pre-cast building
materials.  Commercial property's leasing division handles
rental of commercial properties.  Other activities are
developing properties and investment holding.  

The company was placed under judicial management on Sept. 3,   
1999.  The judicial managers were retired on Dec. 19, 2000,
following its acquisition of Seatown Construction group, a Group
restructuring and its shares requoted for trading on SGX-ST.  


WCM BETEILIGUNGS: Sells Klockner-Werke Stake for EUR240 Million
---------------------------------------------------------------
WCM Beteiligungs- und Grundbesitz AG has sold its stake in
Klockner-Werke AG for around EUR240 million, Borsen Zeitung
reports.

Following the sale, WCM now has more than enough funds to repay
its EUR230-million debt to HSH Nordbank, Borsen Zeitung relates.  
To repay its remaining debts, the company either has to sell or
restructure its remaining holdings in Maternus Kliniken AG and
Ymos.  Borsen Zeitung suggests that WCM would become a shell
company after paying its debts.

Michael C. Frege, WCM's court-appointed administrator, told
Borsen Zeitung that the stake sale would not terminate the
company's insolvency.  Mr. Frege stressed that the sale
represents a major move and could form the basis for a new
insolvency plan.

WCM applied for insolvency on Nov. 8, 2006, as a result of the
extraordinary termination of the loan agreement by HSH Nordbank
AG.  The District Court of Frankfurt (Main) opened bankruptcy
proceedings against the company on Nov. 21.  

The Court will verify the claims against the company at
9:00 a.m. on April 23, at:

         The District Court of Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

The administrator can be reached at:

         Michael C. Frege
         Barckhausstrasse 12-16
         60325 Frankfurt (Main)
         Germany
         Tel: 069/71701-300
         Fax: 069/71701-40-410

                        About WCM AG

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests   
in other real estate investment, management, and development
companies, as well as in the nursing homes and a packaging
maker.  The group owns 80% of Klockner-Werke AG, which also
operates in Austria, Czech Republic, Denmark, France, United
Kingdom, Italy, Netherlands, Spain, Switzerland, Australia,
Brazil, India, Japan, Mexico, Russian Federation, Singapore, and
the U.S.A.

WCM has been posting consecutive annual net losses of EUR849
million in 2002; EUR315 million in 2003; EUR163 million in 2004;
and EUR44 million in 2005.


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

BLOCKBUSTER INC: CEO John Antioco to Leave Post by Year-End
-----------------------------------------------------------
Blockbuster Inc. disclosed in a March 20 filing with the United
States Securities and Exchange Commission that the Company and
John Antioco, Blockbuster Chairman and CEO, have entered into an
amended and restated employment agreement that sets forth terms
under which Mr. Antioco will leave the company by the end of
2007.

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

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

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

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

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

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

                        2006 Results

As reported in the Troubled Company Reporter on Mar. 9, 2007,
Blockbuster Inc. reported net income of US$54.7 million for the
year ended Dec. 31, 2006, compared with a net loss of
US$588.1 million for 2005.

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

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

                      About Blockbuster

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

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

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

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

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

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

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

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

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


DAIMLERCHRYSLER: Delays Filing First Quarter Report to May 15
-------------------------------------------------------------
DaimlerChrysler AG will not publish its interim report on the
first quarter of 2007 on April 26, 2007, as was originally
planned, but on May 15, 2007.  This change of date has been
caused solely by delays with the preparation of the financial
statements for the year 2006 and with the parallel work for the
International Financial Reporting Standards financial
statements, which have also had an impact on the timeframe for
the quarterly financial statements.

As previously announced by the company, in the 2007 financial
year, DaimlerChrysler will change over its accounting and
financial reporting from U.S. generally accepted accounting
principles to International Financial Reporting Standards.

For comparative reasons, this also necessitates the preparation
of retroactive IFRS financial statements for the year 2006.

The change of schedule was caused by delays with the preparation
of the financial statements for the year 2006 according to U.S.
GAAP and IFRS in the first two months of this year.

It was not possible to compensate for these delays in the
following weeks.

As a first step, DaimlerChrysler intends to publish its
consolidated financial statements for the year 2006 according to
IFRS on April 26, 2007.

The interim report on the first quarter of 2007 is to follow on
May 15, 2007.

                       About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- 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 operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

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

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


DAIMLERCHRYSLER: Magna Offer Up To US$4.7BB for 25% of Chrysler
---------------------------------------------------------------
Canadian auto-parts supplier Magna International Inc. and an
unnamed private equity partner have made an offer, between
US$4.6 billion and US$4.7 billion, to buy 25% of DaimlerChrysler
AG's Chrysler Group, KeyBanc Capital Markets analyst Brett
Hoselton told investors last week, quoting unknown sources,
various media sources report.

Mr. Hoselton said his sources "indicate DaimlerChrysler is very
interested in divesting itself of Chrysler."  Mr. Hoselton added
that "While Magna views its offer as low and unlikely to
prevail, it also views it as an opportunity to purchase an
inexpensive stake in the automaker should other bidders
retreat."

"It is imperative that Magna has a full understanding of the
situation regarding the future of the Chrysler Group," the Wall
Street Journal reports citing Magna spokeswoman Tracy Fuerst in
an e-mailed statement.

"Therefore, we continue to review potential alternatives
regarding the future of the Chrysler Group," Ms. Fuerst added.

DaimlerChrysler is Magna's biggest customer, contributing about
26% of total sales.

                     About DaimlerChrysler

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

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

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

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

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


DOLE FOOD: Posts US$89-Mil. Net Loss in Year Ended December 30
--------------------------------------------------------------
Dole Food Company, Inc. incurred a net loss of US$88.98 million
on net revenues of US$6.17 billion for the year ended Dec. 30,
2006, as compared with a net income of US$44.09 million on net
revenues of US$5.82 million for the comparable period ended
Dec. 31, 2005.

Higher revenues were reported in the company's fresh fruit and
packaged foods operating segments.  The company earned operating
income of US$85.61 million in 2006, as compared with
US$224.59 million earned in 2005.

Higher commodity costs, primarily fuel and tinplate, continued
to adversely impact operations.  Throughout 2006 and 2005, the
company has experienced significant cost increases in many of
the commodities it uses in production, including containerboard,
tinplate, resin and other agricultural chemicals.

For the year ended Dec. 30, 2006, the company recorded a charge
of US$29 million which consisted of US$6.4 million of
restructuring costs and US$22.6 million of non-cash impairment
charges related to the write-off of certain assets.  The company
also currently estimates that an additional US$0.8 million of
land clearing costs and employee severance will be incurred and
paid by the end of 2007.

As of Dec. 30, 2006, the company had total assets of
US$4.6 billion, total liabilities of US$4.24 billion, minority
interests of US$25.33 million, resulting to total shareholders'
equity totaling US$335.21 million.

The company had retained deficit totaling US$59.68 million as of
Dec. 30, 2006, as compared with retained earnings totaling
US$192.99 million as of Dec. 31, 2005.

As of Dec. 30, 2006, the company increased its cash and cash
equivalents to US$92.41 million, from US$48.81 million as of
Dec. 31, 2005.  Cash provided by operating activities was
US$15.92 million, cash used in investing activities was
US$117 million, and cash provided by financing activities was
US$142.83 million.

                Borrowings and Credit Facilities

At Dec. 30, 2006, the company had total outstanding long-term
borrowings of US$2.4 billion, consisting primarily of
US$1.11 billion of unsecured senior notes and debentures due
2009 through 2013 and US$1.13 billion of secured debt,
consisting of revolving credit and term loan facilities and
capital lease obligations.

As of Dec. 30, 2006, the term loan facilities consisted of
US$223.3 million of Term Loan B and US$744.4 million of Term
Loan C.  The term loan facilities bear interest at LIBOR plus a
margin ranging from 1.75% to 2%, dependent upon the company's
senior secured leverage ratio.  The weighted average variable
interest rates at Dec. 30, 2006 for Term Loan B and Term Loan C
were LIBOR plus 2%, or 7.5%.

The company entered into a new asset based revolving credit
facility of US$350 million.  As of Dec. 30, 2006, the ABL
revolver-borrowing base was US$294.8 million and the amount
outstanding under the ABL revolver was US$167.6 million.  The
ABL revolver bears interest at LIBOR plus a margin ranging from
1.25% to 1.75%, dependent upon the company's historical
borrowing availability under this facility.  The company had
about US$109.2 million available for borrowings as of Dec. 30,
2006.  In addition, the company had about US$82.4 million of
letters of credit and bank guarantees outstanding under its pre-
funded letter of credit facility as of Dec. 30, 2006.

At Dec. 30, 2006, included in the company's capital lease
obligations is US$85.6 million of vessel financings related to
two vessel leases denominated in British pound sterling.  The
interest rates on these leases are based on LIBOR plus a spread.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1c23

                       Fresh-cut Flowers

Fresh-cut flowers revenues in 2006 decreased to
US$160.07 million from US$171.25 million in 2005.  The decrease
was primarily due to lower sales volumes during the second half
of the year associated with changes in the customer base related
to the implementation of the third quarter restructuring plan,
partially offset by higher overall pricing and additional sales
generated from the Valentine's Day holiday.

During the third quarter of 2006, the company initiated a plan
to restructure its fresh-cut flowers business in order to
implement changes that will create efficiencies, improve
performance and better align supply with demand.  In connection
with this initiative, the company expects to incur total costs
of about US$29.8 million.

                       About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com-- is a producer and marketer  
of fresh fruit, fresh vegetables and fresh-cut flowers, and
markets a line of packaged foods. The company has four primary
operating segments. The fresh fruit segment produces and markets
fresh fruit to wholesale, retail and institutional customers
worldwide. The fresh vegetables segment contains operating
segments that produce and market commodity vegetables and ready-
to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia. The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods. Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.  It also has operations in Sweden, Colombia and
Belgium.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook is stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating, to 'B' from 'B+'.


* BOND PRICING: For the Week 19 March to 23 March 2007
------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                 8.000%  12/31/09     AUD     0.86
Alinta Networks                5.750%  09/22/10     AUD     6.62
APN News & Media Ltd           7.250%  10/31/08     AUD     5.76
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.75
Arrow Energy NL               10.000%  03/31/08     AUD     1.55
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.90
Becton Property Group          9.500%  06/30/10     AUD     0.97
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     9.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.55
Cardno Limited                 9.000%  06/30/08     AUD     5.41
CBH Resources                  9.500%  12/16/09     AUD     0.41
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.01
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     0.82
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.30
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.44
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.85
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.35
Fletcher Building Ltd          7.550%  03/15/11     NZD     7.75
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.48
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.99
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.99
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.80
IMF Australia Ltd             11.500%  06/30/10     AUD     0.82
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.20
Infratil Ltd                   8.500%  11/15/15     NZD     8.20
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.22
Metal Storm                   10.000%  09/01/09     AUD     0.15
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.90
Nuplex Industries Ltd          9.300%  09/15/07     NZD     9.40
Primelife Corporation         10.000%  01/31/08     AUD     1.02
Salomon SB Aust                4.250%  02/01/09     USD     7.47
Sapphire Sec                   9.160%  09/20/35     NZD     9.14
Silver Chef Ltd               10.000%  08/31/08     AUD     1.05
Software of Excellence         7.000%  08/09/07     NZD     1.80
Speirs Group Ltd.             10.000%  06/30/49     NZD    60.00
Structural Systems            11.000%  06/30/07     AUD     1.25
TrustPower Ltd                 8.300%  09/15/07     NZD     9.00
TrustPower Ltd                 8.300%  12/15/08     NZD     8.50
TrustPower Ltd                 8.500%  09/15/12     NZD     8.40
TrustPower Ltd                 8.500%  03/15/14     NZD     8.15


CHINA
-----
China Tietong                  4.600%  08/18/15     CNY    60.00
Jiangxi Investment             4.380%  09/11/21     CNY    56.84


JAPAN
-----
Japan Funi Muni Ent            1.700%  10/30/08     JPY     2.67
JNR Settlement                 2.200%  02/15/08     JPY     1.93
Nara Prefecture                1.520%  10/31/14     JPY    10.23


KOREA
-----
Korea Development Bank         7.350%  01/27/21     KRW    50.14
Korea Development Bank         7.450%  10/31/21     KRW    50.11
Korea Development Bank         7.400%  11/02/21     KRW    50.09
Korea Development Bank         7.310%  11/08/21     KRW    50.05
Korea Development Bank         8.450%  12/15/26     KRW    71.31
Korea Electric Power           7.950%  04/01/96     USD    57.42

MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.77
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.50
Berjaya Land Bhd               5.000%  12/30/09     MYR     0.97
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.35
Camerlin Group                 5.500%  07/15/07     MYR     2.14
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.16
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.69
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.96
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.98
Equine Capital                 3.000%  08/26/08     MYR     0.37
EG Industries Bhd              5.000%  06/16/10     MYR     0.56
Greatpac Holdings              2.000%  12/11/08     MYR     0.25
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.44
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.82
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.58
I-Berhad                       5.000%  04/30/07     MYR     0.71
Insas Bhd                      8.000%  04/19/09     MYR     0.81
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.35
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.53
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.61
Kumpulan Jetson                5.000%  11/27/12     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.56
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.55
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.55
Media Prima Bhd                2.000%  07/18/08     MYR     1.60
Mithril Bhd                    8.000%  04/05/09     MYR     0.55
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.67
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.16
Pelikan International          3.000%  04/08/10     MYR     1.40
Pelikan International          3.000%  04/08/10     MYR     1.40
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     0.99
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.80
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.81
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.32
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.33
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.25
Senai-Desaru Exp               3.500%  12/09/19     MYR    72.87
Senai-Desaru Exp               3.500%  06/09/20     MYR    71.49
Senai-Desaru Exp               3.500%  12/09/20     MYR    70.14
Senai-Desaru Exp               3.500%  06/09/21     MYR    68.77
Southern Steel                 5.500%  07/31/08     MYR     1.39
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.26
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     0.90
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.21
WCT Land Bhd                   3.000%  08/02/09     MYR     1.70
Wah Seong Corp                 3.000%  05/21/12     MYR     3.12
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.67


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.45
Sengkang Mall                  4.880%  11/20/12     SGD     0.85


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

March 28, 2007
  Turnaround Management Association
    "Position" in the Strategic Marketing Context
      Norton White, Sydney, Australia
        Web site: http://www.turnaround.org/

March 29, 2007
  Fitch Ratings
    Global Structured Finance Conference
      Beach Road, Singapore
        Telephone: +65 6336 6801/
          e-mail: zuraidah.ramli@fitchratings.com

March 30, 2007
  Turnaround Management Association
    Zinifex/Pasminco - What a ride?
      Ferriers, Melbourne, Australia
        Web site: http://www.turnaround.org/

April 2-3, 2007
  Fitch Training
    Leveraged Finance Workshop
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

April 12, 2007
  Turnaround Management Association
    Fundamentals of Turnaround Management
      Melbourne, Australia
        Web site: http://www.turnaround.org/

April 13, 2007
  Turnaround Management Association
    Completing the Turnaround
      Melbourne, Australia
        Web site: http://www.turnaround.org/

April 19, 2007
  Turnaround Management Association
    Fundamentals of Turnaround Management
      Brisbane, Australia
        Web site: http://www.turnaround.org/

April 20, 2007
  Turnaround Management Association
    Completing the Turnaround
      Brisbane, Australia
        Web site: http://www.turnaround.org/

April 29 - May 2, 2007
  Australian Shareholders' Association
    Australian Shareholders' Association Conference 2007
      Sofitel Wentworth, Sydney, Australia
        Telephone: 1300 368 448 or 02 9411 1505
          e-mail: share@asa.asn.au

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/













                            *********

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

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

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


                            *********


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