TCRAP_Public/070329.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, March 29, 2007, Vol. 10, No. 63

                            Headlines

A U S T R A L I A

ADVANCED MARKETING: C. Smith Succeeds G. Rautenstrauch as CEO
AMAZING PAINT: To Declare First Interim Dividend on March 30
AYMTOLD PTY: Will Declare First Interim Dividend on March 30
BARROJEST PTY: Creditors' Proofs of Debt Due Today
EKB PROPERTIES: Court Appoints Official Liquidators

FORTESCUE METALS: Inks Off-take Agreement & MOU with Baosteel
G & A THOMSON: Liquidator to Present Wind-Up Report
GETTY IMAGES: Moody's Holds Ba2 Rating on US$265 Mln. Debentures
KENDLE INT'L: Posts US$4.7-Mil. Net Loss in Qtr. Ended Dec. 31
MGM MIRAGE: Appoints Daniel J. Taylor to Board of Directors

RAZORBACK VEHICLES: Will Declare Dividend on April 16
RAZZLE COMPUTER: Final Meeting Set for April 20
REALOGY CORP: Moody's Junks Rtg. on Proposed US$2.25 Bil. Notes
RYCOMM SYSTEMS: Members & Creditors Set to Meet on April 19
T H STRONG: Members to Hold Final Meeting on April 10

UPPER HUNTER: Creditors Appoint Liquidator


C H I N A   &   H O N G  K O N G

ASSET PROFIT: Members to Hold Annual Meeting on April 4
BANK OF CHINA: Starts Millionaires-Exclusive Service
BANK OF OVERSEAS CHINESE: Citigroup Will Buy BOOC, Says Exec.
BOWDEN EXTRUSION: Members to Receive Wind-Up Report
CENTON LIMITED: Members' Final Meeting Set for April 27

CHINA MERCHANTS: Seeks to Open Branch in New York
CITIC PACIFIC: Unit Gains HK2.1 Billion in Shares Sale
COSMOS BANK TAIWAN: Receives TWD6 Mil. Fine From FSC
HAINAN AIRLINES: Starts Regular Flights to Novosibirsk
HUAXIA BANK: Expects Better Business This Year

LAI FUNG: Moody's Gives (P)B1 Rating on Planned US$200M Issue
SCIENTIFIC AND EXCELLENT: Final General Meeting Set for April 25
SINO-FOREST: Moody's Keeps Ba2 Ratings On Planned Shares Listing
SINO-FOREST: S&P Lifts Ratings to BB on US$200M Bond Issue
TECHNICAL OLYMPIC: Posts US$594,476 Net Loss in Fiscal 2nd Qtr


I N D I A

AES CORPORATION: Gets Waivers from Majority of Lenders
AFFILIATED COMPUTER: Buyout Offer Cues S&P's Negative Watch
AFFILIATED COMPUTER: Shareholders File Suit to Prevent Buyout
AGILENT TECH: Board OKs Acceleration of US$2BB Share Repurchase
AGILENT TECHNOLOGIES: Moody's Revises Outlook to Stable

ICICI BANK: S&P Rates EUR500MM Floating-Rate Notes at 'BBB-'
ICICI BANK: Prices EUR500MM Floating Rate Notes
ICICI BANK: Singaporean Firms to Get Nod to Increase Stake
IFCI LTD: Hires Ernst & Young to Find Strategic Investor
INDIA CEMENTS: ABN Amro Increases Stake to 5%

INDUSIND BANK: Launches GDS Issue at Luxembourg Stock Exchange
INDUSTRIAL DEV'T. BANK: Sets Aside INR1 Bil. for New Subsidiary


I N D O N E S I A

ALCATEL-LUCENT: Wins US$6 Billion Verizon Supply Contract
ALCATEL-LUCENT: Successfully Upgrades @Home's Infrastructure
BANK NEGARA: Government's Plan to Sell Stake May Be Delayed
FREEPORT: Moody's Upgrades Corporate Family Rating to 'Ba2'
GOODYEAR TIRE: Moody's Affirms 'B1' Corporate Family Rating

GOODYEAR TIRE: Sale of Unit Prompts S&P's Positive Outlook
HILTON: To Build Resort Within Lake Las Vegas Resort in Nevada
MEDCO: Lapindo Arbitration Claim Now With Prakarsa Group
PERTAMINA: Wants to be Operator of Natuna D-Alpha Gas Block
PERTAMINA: To Invest US$1 Bil. to Increase Oil & Gas Production

PERTAMINA: Expects to Restart its Balikpapan Refinery by Apr. 17


J A P A N

AOZORA BANK: Names F. Sacasa as Sr. Managing Executive Officer
NIKKO CORDIAL: Top Shareholder Sells Off Part of Stake
SANYO ELECTRIC: President Expected to Resign Over Poor Earnings
TOKYO DOME: R&I Affirms BB+/Positive Rating on Syndicated Loan
US AIRWAYS: Completes US$1.6-Billion Debt Refinancing Deal


K O R E A

BOWATER INC: Moody's Cuts Senior Notes' Rating to B3 from B2
DURA AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 23
DURA AUTOMOTIVE: Can Assume Bayer MaterialScience Sales Contract
KOREA EXCHANGE BANK: DBS to Form Consortium to Buy Bank
LG.PHILIPS: Czech Unit Suspends Production as Demand Falls

NVIDIA CORP: U.S. Bankruptcy Court Opens Proceedings to Public
SHINHAN BANK: Seeks to Buy Russian Bank for Potential Expansion


M A L A Y S I A

FCW HOLDINGS: Completes Equity Disposal in Two Units
HARVEST COURT: Gets MITI's Approval on Proposed Reform Plan
HONG LEONG: Unit Enters Distribution Agreement with UBS
STAR CRUISES: Genting Buys 25% Stake for US$255M in S'pore Proj.


N E W  Z E A L A N D

BLIS TECHNOLOGIES: To Work With Nestle on Probiotics Development


P H I L I P P I N E S

CHIQUITA BRANDS: Says 2001 Arms Shipments Reports Inaccurate
PHILIPPINE LONG DISTANCE: Board Declares Cash Dividends
STENIEL MANUFACTURING: Subsidiary Temporarily Ceases Operations
TOWER RECORDS: Files Disclosure Statement in Delaware
* Philippine Gov't. Reports PHP64.8-Bln. Fiscal Deficit for 2006


S I N G A P O R E

LEAR CORP: Pzena Presents Objections to Lear-AREP Merger Deal
PACIFIC CENTURY: Fortis to Acquire Majority Stake in PCI
PETROLEO BRASILEIRO: Conducting Study on Ethanol Production
PETROLEO BRASILEIRO: Output Rises 1.3% in February
PETROLEO BRASILEIRO: To Probe Alleged Iparinga Stock Trading

SCOTTISH RE: Preferred Shareholders to Get US$0.4531 Dividend


T H A I L A N D

BANGKOK BANK: Plans THB1.75-Per-Share Dividend
BANGKOK BANK: Issues Up to THB150 Billion Bonds
BANGKOK BANK: Likely to Merge with ING Funds
BANK OF AYUDHYA: Board Approves Integration Plan with GE
BANK OF AYUDHYA: Board OKs Deloitte as Independent Auditors

BANK OF AYUDHYA: To Give Out THB0.20-Per-Share Dividend
DAIMLERCHRYSLER AG: General Motors Will Not Bid for Chrysler
POWER-P PCL: Sues SEC Over Financial Statement Amendment Order
POWER-P PCL: Declares No Dividend Payment for 2006
POWER-P PCL: Sells Land to A.C.K. Reatly for THB96.53 Million

SAFARI WORLD: Insolvency Cues SET to Commence Delisting Process
SAFARI WORLD: Sets Annual General Meeting for April 26
SIAM GENERAL: Equity Deficit Totals THB193.5MM; Faces Delisting


     - - - - - - - -

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

ADVANCED MARKETING: C. Smith Succeeds G. Rautenstrauch as CEO
-------------------------------------------------------------
Advanced Marketing Services Inc. has appointed Curtis R. Smith, the
company's executive vice president and chief financial officer, to succeed
former CEO Gary M. Rautenstrauch following the latter's March 21
resignation, the San Diego Business Journal reports.

Advanced Marketing has been in proceedings under Chapter 11 of the
Bankruptcy Code since Dec. 29, 2006.  The United States Bankruptcy Court in
Wilmington, Delaware, approved the transaction on March 9.

Mr. Smith will supervise the final winding-down of the Company's business
operations following the completion of the sale of majority of its assets to
B&T.  Mr. Rautenstrauch will remain as a member of the company's Board of
Directors.

Mr. Rautenstrauch worked for 22 years at Baker & Taylor, including a stint
as chief executive officer of B&T, the Journal relates.

According to the report, the former CEO is entitled to get a bonus of up to
70% of his salary.  U.S. securities filings disclosed that his base salary
was US$450,000, which pegs his bonus at US$315,000.

                   About Advanced Marketing

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

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


AMAZING PAINT: To Declare First Interim Dividend on March 30
------------------------------------------------------------
Amazing Paint Discounts Pty Ltd will declare a first interim dividend for
its creditors on March 30, 2007.

Creditors are then required to file their proofs of debt today, March 29,
2007, to be included in the dividend distribution.

The company's deed administrator is:

         B. R. Silvia
         A. J. Love
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                      About Amazing Paint

Amazing Paint Discounts Pty Ltd operates paint, glass, and wallpaper stores.
The company is located in New South Wales, Australia.


AYMTOLD PTY: Will Declare First Interim Dividend on March 30
------------------------------------------------------------
Aymtold Pty Ltd, which is subject to deed of company arrangement, will
declare a first interim dividend on March 30, 2007.

Filing proofs of debt is due today, March 29, 2007.

The company's deed administrator is:

         B. R. Silvia
         A. J. Love
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                        About Aymtold Pty

Aymtold Pty Ltd, which is also trading as Amazing Paints, operates paint,
glass, and wallpaper stores.  The company is located in New South Wales,
Australia.


BARROJEST PTY: Creditors' Proofs of Debt Due Today
--------------------------------------------------
On March 30, 2007, Barrojest Pty Ltd, which is subject to deed of company
arrangement, will declare its first interim dividend.

Failure to prove debts today, March 29, 2007, will exclude a creditor from
sharing in the company's dividend distribution.

The company's deed administrator is:

         B. R. Silvia
         A. J. Love
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                       About Barrojest Pty

Barrojest Pty Ltd, which is also trading as Amazing Paints, operates paint,
glass, and wallpaper stores.  The company is located in New South Wales,
Australia.


EKB PROPERTIES: Court Appoints Official Liquidators
---------------------------------------------------
The Federal Court of Melbourne has appointed Simon Wallace-Smith and Timothy
Bryce Norman of Deloitte as official liquidators to three companies, which
allegedly misused superannuation funds at the request of the Australian
Securities and Investments Commission:

   1) E.K.B. Properties Pty Ltd,
   2) Sandgrove Specialised Securities Ltd, and
   3) Cardinia Specialised Securities Ltd

The orders were unopposed by the three companies.

ASIC sought the appointment of liquidators to ensure that the best interests
of investors and creditors of these companies were considered independently.
There were concerns that the funds invested by clients totaling at least
AU$2.5 million were at risk and may have been lost.

According to ASIC, none of the investors have been repaid.

ASIC also obtained consent orders against Karl Heinz Hermann Veljkovic and
his former business partner, Barry John Patrick banning them for a period of
20 years from:

   * carrying on a financial services business;

   * parting with any funds that have come into their possession
     by them issuing, selling or offering a financial product;
     and

   * from managing corporations.

While Mr. Patrick consented to the 20-year banning period, Mr. Veljkovic
agreed to an interlocutory injunction in those terms, pending the outcome of
ASIC's court action against him.

In an update, a statement from ASIC dated March 27, 2007, disclosed that the
Federal Court of Australia has made orders against Mr. Veljkovic in those
terms.  Thus, ASIC's action against Mr. Veljkovic is now concluded.

ASIC has alleged that between May 2003 and January 2006, Messrs. Veljkovic
and Patrick have advised investors to roll over their superannuation into
self-managed funds and then invest those funds in companies either operated
by or associated with Messrs. Veljkovic and Patrick.

ASIC was also seeking orders that Messrs. Veljkovic and Patrick be found
guilty of contempt of court after allegedly breaching previous orders made
by the Federal Court on Oct. 11, 2001.

On that date, the Federal Court made orders by consent that Messrs.
Veljkovic and Patrick be restrained until Oct. 11, 2006 from:

   (a) soliciting money from a regulated superannuation fund for
       an unregistered managed investment scheme;

   (b) carrying on an unlicensed securities business which
       involves the soliciting of money from a regulated
       superannuation fund; and

   (c) carrying on an unlicensed investment advice business
       which comprises advice to a regulated superannuation
       fund.

The Federal Court at Melbourne has adjourned the application for contempt to
a date yet to be fixed.


FORTESCUE METALS: Inks Off-take Agreement & MOU with Baosteel
-------------------------------------------------------------
On March 26, 2007, Fortescue Metals Group Ltd signed a Long Term Off-take
Agreement for up to 20 million tonnes p.a. of iron ore with the wholly owned
subsidiary of China's largest steel mill Shanghai Baosteel Group
Corporation -- Baosteel Trading Co Ltd.

In its disclosure with the Australian Securities Exchange, Fortescue noted
that over the past three years, it has been developing a broad relationship
with Baosteel Group.

The agreement covers a first phase quantity of up to 5Mta being 11.1% of
Fortescue's initial 45Mta production.  Baosteel has also committed to
purchase a further minimum of 11Mta up to a maximum of 15Mta, out of a total
of 25Mta of Fortescue's first expansion tonnage being achieved (any
Fortescue expansion beyond 45Mta is subject to Fortescue Board and other
requisite approvals including government and finance).

Fortescue and Baosteel have also signed a Memorandum of Understanding to
form a joint venture to explore and develop a potentially large area of
Banded Iron Formation magnetite material close to the Fortescue rail
corridor and between the mine site at Cloud Break and Port Hedland in
Western Australia's Pilbara region.

Headquartered in West Perth, Western Australia, Fortescue Metals Group
Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore
through a project to mine iron ore in the Chichester Ranges, in the Pilbara
region of Western Australia and exporting it from Port Hedland.

                          *     *     *

In 2005, Fortescue's chief executive officer, Andrew Forrest, admitted to a
AU$500-million blowout on the cost of port and rail infrastructure in the
Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract labor.  The
Company also disclosed that the hampered progress of the Pilbara Project
brings in the possibility that the company
may not meet its ore delivery schedule and pushes up costs at resource
developments across Western Australia.  In May 2005, the Australian Stock
Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would be able to
dispose of its lower grade order for 95% of the price obtained by rivals BHP
Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the Australian
Securities and Investments Commission, which commenced a legal action
against the Company.

The ASIC alleges that Fortescue is engaged in misleading and deceptive
conduct and has failed to comply with its continuous disclosure obligations
when it announced various contracts with
Chinese entities on August 23 and Nov. 5, 2004.  In particular, Fortescue
did not disclose that the Chinese parties had not reached a concluded
agreement on fundamental aspects of the
projects and they had merely agreed that they would in the future jointly
develop and agree on the "agreed" matters.  The ASIC is seeking civil
penalties of up to AU$3 million against
Fortescue.

Fortescue reported a net loss for the past two fiscal years.  Net loss for
the year ended June 30, 2005, was AU$4.52 million and net loss for the year
ended June 30, 2006, was AU$2.15 million.

The TCR-AP reported on Aug. 10, 2006, that Moody's Investors Service
assigned a Ba3 rating to approximately US$1.9 billion in senior secured 144A
bonds to be issued by FMG Finance Pty Ltd,
the financing vehicle of the Fortescue Metal Group.  The funding will be
used to partially finance the development of the Company's iron ore mine in
the Pilbara region of Western
Australia as well as an associated rail line and port infrastructure.


G & A THOMSON: Liquidator to Present Wind-Up Report
---------------------------------------------------
A joint meeting of the members and creditors of G & A Thomson Earthmoving
Repairs & Service Pty Limited will be held on
April 20, 2007, at 10:00 a.m.

At the meeting, Liquidator Daniel I. Cvitanovic will present a report about
the company's wind-up proceedings and property disposal.

According to the Troubled Company Reporter - Asia Pacific, the company
commenced liquidation proceedings on Dec. 21, 2006.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Daniel I. Cvitanovic, Chartered Accountant
         Shop 5, Old Potato Shed
         74-76 Hoddle Street Robertson
         New South Wales, 2577
         Australia
         Telephone:(02) 4885 2500
         Facsimile:(02) 4885 2995

                      About G & A Thomson

G & A Thomson Earthmoving Repairs & Service Pty Lt operates repair shops and
provides related services.  The company is located in New South Wales,
Australia.


GETTY IMAGES: Moody's Holds Ba2 Rating on US$265 Mln. Debentures
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 Corporate Family Rating and Ba2
rating on the US$265 million of convertible subordinated debentures of Getty
Images, Inc.  The rating outlook remains stable.

The Ba1 Corporate Family Rating reflects strong credit metrics for the
rating category, a leading market position in the stock imagery market and
broad geographic diversification of Getty's customer base.  The ratings are
constrained by limited business line diversification, the increasing supply
of lower priced digital imagery and potential threats from new competitors
or technologies.

Moody's will continue to monitor developments in Getty's ongoing stock
option investigation and may consider taking negative action on the outlook
or ratings as more information becomes available.

On Feb. 21, 2007, Getty received notice of an Event of Default from the
trustee related to the company's failure to file its third quarter 2006 Form
10-Q with the Securities and Exchange Commission.  Getty reported that it
does not believe it has failed to perform any of its obligations under the
indenture because the indenture does not contain an express covenant
requiring the company to provide the trustee or the bondholders with
periodic reports.  Consequently, Getty indicated that, in its view, these
notices of default are without merit.

Because Getty has received a notice of an "Event of Default" from the
trustee, the trustee or holders of at least 25% in aggregate principal
amount of the Debentures could declare all unpaid principal and accrued
interest on the Debentures then outstanding to be immediately due and
payable.  Getty reported that it believes that if the Debentures were to be
accelerated, it would have adequate financial resources to pay any unpaid
principal and any interest that would then be due on the Debentures and also
would have the option of contesting the legal basis for the notices of
default and any such acceleration.

On March 23, 2007, Getty reported that it entered into a new US$200 million
senior unsecured 364 day revolving credit facility. The revolver is
guaranteed by substantially all the domestic operating subsidiaries of the
company.  The revolver has a committed accordion feature which allows Getty
to increase the commitment from US$200 million to up to US$350 million
within 6 months from the closing date, absent a material adverse change in
the company's operations.  Pro forma for the recently reported MediaVast,
Inc. acquisition and the new US$200 million revolver, Moody's expects Getty
to have about US$500 million of combined liquidity in the form of cash,
short term investments, available revolver and committed accordion.  Under
the terms of the new credit facility, Getty must become current on its
periodic SEC filings by June 14, 2007, to avoid an event of default.

The potential acceleration of the Debentures is not expected to affect the
ratings in the near term because Getty's current liquidity can easily fund
the acceleration of any, or all, of the Debentures.

Affirmed:

   * US$265 million series B convertible subordinated notes due
     2023, Ba2, LGD5, 77% from LGD5, 71%

   * Corporate family rating, Ba1

   * Probability of default rating, Ba1

The stable ratings outlook anticipates modest organic revenue growth and
continued strong cash flow from operations.  Credit metrics are expected to
improve modestly in 2007 and remain strong for the Ba1 rating category.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes visual content.
The company has corporate offices in Australia, the United Kingdom and
Argentina.


KENDLE INT'L: Posts US$4.7-Mil. Net Loss in Qtr. Ended Dec. 31
--------------------------------------------------------------
Kendle International Inc. reported a net loss of US$4.7 million on total
revenues of US$118.1 million for the fourth quarter ended Dec. 31, 2006,
compared with net income of US$3.7 million on total revenues of US$66.5
million for the same period in 2005.

Net service revenues for the fourth quarter of 2006 were US$86.4 million, an
increase of 64% over net service revenues of US$52.8 million for the fourth
quarter of 2005.  Reimbursable out-of-pocket revenues and expenses were
US$31.7 million for the fourth quarter of 2006 compared to US$13.7 million
in the same quarter a year ago.

Loss from operations for the fourth quarter of 2006 was approximately US$1.8
million.  Excluding an US$8.2 million impairment charge on a customer
relationship asset as well as charges for stock-based compensation expense,
amortization of acquired intangibles, state tax valuation allowances and
severance and other one-time expenses related to the August acquisition of
the Phase II-IV clinical services business of Charles River Laboratories
International Inc., proforma income from operations was approximately US$9.5
million, or 10.9% of net service revenues, compared to income from
operations of approximately US$5.2 million in the fourth quarter of 2005.
Excluding the accounts receivable allowance, proforma income from operations
in the fourth quarter of 2005 was approximately US$6.9 million, or 13% of
net service revenues.

"Kendle ended 2006 with record strong backlog, positioning the company for
continued growth," said Candace Kendle, PharmD, chairman and chief executive
officer.  "Our focus in 2007 will be to build on this momentum to deliver
improved value to our customers and shareholders through sustained growth in
earnings, revenue and operating margin.  We are projecting net service
revenues of US$400 to US$420 million, Earnings Per Share on a GAAP basis of
US$1.57 to US$1.77 and proforma Earnings Per Share, before amortization of
acquired intangibles, of US$1.75 to US$1.95 for 2007, representing growth in
excess of 40% over 2006."

Interest expense in the fourth quarter was approximately US$4.4 million
primarily related to debt incurred to finance the Charles River Clinical
Services acquisition, compared to interest expense of US$80,000 in fourth
quarter 2005.

Cash flow from operations for the quarter was a positive US$462,000. Cash
and marketable securities totaled US$22.3 million, including US$2.4 million
of restricted cash.  Days sales outstanding in accounts receivable were 46
and capital expenditures for the fourth quarter of 2006 totaled US$2.7
million.

Kendle International Inc. reported net income of US$8.5 million on total
revenues of US$373.9 million for the year ended Dec. 31, 2006, compared with
net income of US$10.7 million on total revenues of US$250.6 million for the
year ended Dec. 31, 2005.

Net service revenues for the year ended Dec. 31, 2006, were US$283.5 million
versus net service revenues of US$202 million for the year ended Dec. 31,
2005.

Income from operations for the year ended Dec. 31, 2006, was approximately
US$20 million, or 7.1% of net service revenues, compared to income from
operations of approximately US$17.2 million,
or 8.5% of net services revenues, in 2005.  Excluding the items discussed
above, proforma income from operations for 2006 was US$340 million or 12% of
net service revenues.  Excluding the accounts receivable allowance in 2005,
proforma income from operations for 2005 was US$18.9 million, or 9.4% of net
service revenues.

Cash flow from operations for the year 2006 was US$17.6 million. Capital
expenditures for the year totaled US$8.8 million.

At Dec. 31, 2006, the company's balance sheet showed US$455.1 million in
total assets, US$315 million in total liabilities, and US$140.1 million in
total stockholders' equity.

Full-text copies of the company's consolidated financial statements for the
year ended Dec. 31, 2006, are available for free at
http://researcharchives.com/t/s?1c10

                           About Kendle

Headquartered in Cincinnati, Ohio, Kendel International Inc.--
http://www.kendle.com-- is a clinical research organization (CRO) that
provides a range of Phase I-IV clinical development
services to the biopharmaceutical industry.  The company offers clinical
research services and information technology to biopharmaceutical companies.
It delivers integrated clinical
research services, including clinical trial management, clinical data
management, statistical analysis, medical writing, regulatory consulting and
organizational meeting management and
publications services on a contract basis to the biopharmaceutical industry.
The company operates in North America, Europe, Asia Pacific, Latin America
and Africa.  In the Asia Pacific, Kendel maintains operations in Australia,
China, and India.

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 Healthcare Service and Distribution sectors, the rating
agency confirmed its B1 Corporate Family Rating for Kendle International
Inc.  Additionally, Moody's confirmed its
probability-of-default ratings and assigned loss-given-default ratings on
these loans facilities:

                                            Projected
                          POD      LGD      Loss-Given
   Debt Issue             Rating   Rating   Default
   ----------             -------  ------   ----------
   Sr. Sec. Revolver
   due 2011               B1       LGD3     31%

   Sr. Sec. Term
   Loan B due 2012        B1       LGD3     31%


MGM MIRAGE: Appoints Daniel J. Taylor to Board of Directors
-----------------------------------------------------------
MGM Mirage appointed Daniel J. Taylor the company's Board of Directors on
March 20, 2007.

Mr. Taylor brings a long record of experience to the Board, beginning his
career as a tax manager with Arthur Anderson & Company where he specialized
in the firm's entertainment and gaming practice.  Throughout his career he
has held several top executive positions.  He served as Vice President of
Taxes at MGM/UA Communications Co., then as an executive of Tracinda
Corporation before moving to Metro-Goldwyn-Mayer Inc. where he served as
Senior Executive Vice President and Chief Financial Officer.

"We are very pleased to welcome Dan to the Board of Directors," said Terry
Lanni, Chairman and Chief Executive Officer of MGM MIRAGE.  "His financial,
entertainment and gaming experience will assist him in providing valuable
insight and perspective to our Board and the future growth of the company."

In addition, Mr. Taylor served as President of Metro-Goldwyn-Mayer Inc.
after the company's purchase by Providence and TPG.

At present, Mr. Taylor holds an executive post with Tracinda Corporation.
He is a member of Inforte Corporation's Board of Directors as Chair of the
Compensation Committee and a member of the Audit Committee.

Mr. Taylor will also serve on MGM Mirage's Compensation Committee.

                          About MGM Mirage

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/-- owns and
operates 12 casino resorts located in Nevada, Mississippi, Michigan, and
Australia, and has investments in three other casino resorts in Nevada, New
Jersey, and Macau.

The Troubled Company Reporter - Asia Pacific reported that Standard & Poor's
Ratings Services assigned its 'BB' rating to MGM Mirage's proposed US$750
million senior unsecured notes due 2017, which will be sold pursuant to a
prospectus dated May 9, 2006.

The Troubled Company Reporter - Asia Pacific reported that Moody's Investors
Service assigned a Ba2 rating to the new $750 million senior unsecured
guaranteed notes due 2017, raised the SGL rating to SGL-2 from SGL-3 and
affirmed MGM Mirage's other existing ratings.  The new notes will rank
pari-passu with existing senior unsecured debt and proceeds of the notes
will be used to term out existing bank revolver debt.


RAZORBACK VEHICLES: Will Declare Dividend on April 16
-----------------------------------------------------
Razorback Vehicles Corporation Limited, which is subject to a deed of
company arrangement, will declare its first and final dividend on April 16,
2007.

Creditors who were unable to prove their debts on March 27, 2007, are
excluded from the dividend distribution.

The company's liquidator is:

         Riad Tayeh
         de Vries Tayeh
         PO Box 218
         Parramatta, New South Wales 2124
         Australia

                    About Razorback Vehicles

Razorback Vehicles Corporation Limited is a manufacturer and distributor of
fabricated metal products.  The company is located in New South Wales,
Australia.


RAZZLE COMPUTER: Final Meeting Set for April 20
-----------------------------------------------
Razzle Computer Services Pty Limited will hold a final meeting for its
members and creditors on April 20, 2007, at 10:30 a.m.

During the meeting, Liquidator Roderick Mackay Sutherland will present a
report about the company's wind-up proceedings and property disposal.

In a report by the TCR-AP, the company went into liquidation on Feb. 23,
2006.

The liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144

                     About Razzle Computer

Razzle Computer Services Pty Limited is a distributor of computers and
computer peripheral equipment and softwares.  The company is located in New
South Wales, Australia.


REALOGY CORP: Moody's Junks Rtg. on Proposed US$2.25 Bil. Notes
---------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to Realogy
Corporation's proposed offering of US$2.25 billion of senior unsecured notes
and US$900 million of senior subordinated notes.

Moody's assigned a Caa1 rating to the proposed senior unsecured notes and a
(Caa2 rating to the proposed senior subordinated notes.

Additionally, Moody's affirmed Realogy New's B3 Corporate Family Rating and
the Ba3 rating previously assigned to the proposed senior secured credit
facility.  The term loan component of the proposed credit facility has been
upsized to $1.95 billion from US$1.45 billion.  The proceeds of these note
offerings, along with borrowings under the senior secured credit facility
and an equity contribution by Apollo Management, L.P., will be used to
finance the leveraged buyout of the company.

The B3 Corporate Family Rating reflects weak pro forma financial strength
and profitability metrics, Moody's expectation of continued softness in the
residential real estate market in the intermediate term and minimal business
line diversification.  The ratings are supported by leading market
positions, strong brands and long term growth fundamentals for the real
estate industry.

The Ba3 rating on the US$4.77 billion proposed senior secured credit
facility reflects the facility's first priority position in the capital
structure and a loss given default assessment of LGD2 (23%).  The credit
facility is secured by a first lien pledge of substantially all of the
company's domestic assets and 65% of the stock of foreign subsidiaries.  The
loss given default assessment reflects the priority position of the proposed
credit facility in the capital structure and the significant amount of
junior ranking debt and non-debt obligations.  Any existing senior notes of
Realogy that are not redeemed will become secured in accordance with the
terms of the indenture and will rank pari passu with the new secured credit
facility.

The Caa1 rating on the US$2.25 billion of proposed senior unsecured notes
reflects a loss given default assessment of LGD5, 73%.  The proposed senior
notes will be guaranteed by substantially all of the domestic subsidiaries
of the company.  The loss given default assessment on the proposed senior
notes reflects effective subordination to the secured credit facility and
any existing notes of Realogy that are not redeemed.  The proposed senior
notes have a priority claim relative to the proposed senior subordinated
notes.

The Caa2 rating on the US$900 million of proposed senior subordinated notes
reflects a loss given default assessment of LGD6, 93%.  The senior
subordinated notes will be guaranteed by substantially all of the domestic
subsidiaries of the company.  The loss given default assessment on the
proposed subordinated notes reflects contractual subordination to the
secured credit facility, any existing notes of Realogy that are not redeemed
and the proposed guaranteed senior notes.

These are the rating actions:

   * Assigned US$1.5 billion senior unsecured cash pay notes due
     2015, Caa1, LGD5, 73%

   * Assigned US$750 million senior unsecured toggle notes due
     2015, Caa1, LGD5, 73%

   * Assigned US$900 million senior subordinated notes due 2017,
     Caa2, LGD6, 93%

   * Affirmed US$750 million senior secured revolving credit
     facility due 2013, Ba3, LGD2, 23% from LGD2, 19%

   * Affirmed US$1.95 billion (upsized from US$1.45 billion)
     senior secured term loan due 2014, Ba3, LGD2, 23% from
     LGD2, 19%

   * Affirmed US$1.22 billion senior secured delayed draw term
     loan facility due 2014, Ba3, LGD2, 23% from LGD2, 19%

   * Affirmed US$850 million senior secured synthetic letter of
     credit facility due 2014, Ba3, LGD2, 23% from LGD2, 19%

   * Affirmed Corporate family rating, B3

   * Affirmed Probability of Default rating, B3

The stable ratings outlook anticipates continued weakness in the residential
real estate market in 2007, with an approximately 7% to 8% decline in
homesale volume and flat to modestly declining pricing trends.  Although
Moody's expects a modest recovery in 2008, credit metrics are expected to
remain weak for the rating category over the intermediate term.

Headquartered in Parsippany, N.J., Realogy Corporation (NYSE: H)--
http://www.realogy.com/-- is real estate franchisor and a member of the S&P
500.  The company has a diversified business model that also includes real
estate brokerage, relocation, and title services.  Realogy's world-renowned
brands and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R),
NRT Incorporated, Cartus, and Title Resource Group.  Realogy has more than
15,000 employees worldwide.  The company operates in Australia, Brazil and
France.


RYCOMM SYSTEMS: Members & Creditors Set to Meet on April 19
-----------------------------------------------------------
The members and creditors of Rycomm Systems Pty Limited will have their
final meeting on April 19, 2007, at 10:00 a.m. to receive the liquidator's
report about the company's wind-up proceedings and property disposal.

The company's liquidator is:

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

                      About Rycomm Systems

Rycomm Systems Pty Limited operates miscellaneous retail stores.  The
company is located in New South Wales, Australia.


T H STRONG: Members to Hold Final Meeting on April 10
-----------------------------------------------------
A final meeting will be held for the members of T H Strong Pty Ltd on April
10, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Deryk Andrew
         Cor Cordis Chartered Accountants
         PO Box Q1165, QVB Post Office
         Sydney, New South Wales 1230
         Australia

                        About T H Strong

Located in New South Wales, Australia, T H Strong Pty Ltd is an investor
relation company.


UPPER HUNTER: Creditors Appoint Liquidator
------------------------------------------
On March 1, 2007, the creditors of Upper Hunter Tenancy Scheme Limited
appointed Raymond George Tolcher as the company's liquidator.

Mr. Tolcher can be reached at:

         R. G. Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia

                       About Upper Hunter

Upper Hunter Tenancy Scheme Ltd is involved with real estate agents and
managers.  The company is located in New South Wales, Australia.


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

ASSET PROFIT: Members to Hold Annual Meeting on April 4
-------------------------------------------------------
Asset Profit Limited will hold an annual meeting for its members on April 4,
2007, at 10:00 a.m., at the 18th Floor of Two International Finance Centre,
8 Finance Street in Central, Hong Kong.

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

Stephen Liu Yiu Keung is the company's liquidator.


BANK OF CHINA: Starts Millionaires-Exclusive Service
----------------------------------------------------
Bank of China has launched a private banking service exclusive only to
millionaires, Reuters reports, citing a China Securities Journal report.

To avail the service, clients will have to prove financial assets valued at
more than one million dollars, the state media reported China citing Yue Yi,
general manager of the bank's retail business.

Chinese millionaires have reached a number of 320,000, Reuters notes, taking
the figure from the Journal report.

Services will initially be available in Beijing and Shanghai, two of the
nation's wealthiest cities, the report said.  The service will provide
clients with customized products and they will receive advice from more
experienced consultants than the average customers, the Journal said.

The service will be served in private service rooms.

                          *     *     *

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

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

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


BANK OF OVERSEAS CHINESE: Citigroup Will Buy BOOC, Says Exec.
-------------------------------------------------------------
Citigroup will buy Taiwan's Bank of Overseas Chinese "very soon," Reuters
reports, citing an executive of the Taiwan lender.

According to Reuters, the media estimates the deal to be worth US$425
million.

The report quotes a BOOC executive who asked not to be identified as saying
that "Both parties have been in intensive talks in the last few days.  You
should hear good news about us very soon."

However, the BOOC executive declined to confirm a report published by the
Wall Street Journal -- which said Citi would pay TWD11.60 to TWD11.80 a
share in an all-cash deal -- saying that the pricing is yet to be finalized
by the board, Reuters relates.

Reuters recounts that news of the talks first appeared in 2006, with reports
emerging several times that a deal was close.

Taipei, Taiwan-based Bank of Overseas Chinese -- http://www.booc.com.tw/--  
is a commercial bank that provides a range of financial services and
products for individuals and corporations.  The company offers deposit
services, loan services, foreign exchange services, investment services,
trust services, securities services, bond services, personal banking
services, credit card services and customized services for overseas Chinese.
It is also engaged in the provision of Internet banking and telephone
banking services.

The Troubled Company Reporter - Asia Pacific reported that, on March 14,
2007, Fitch Ratings downgraded the Support ratings assigned to Bank of
Overseas Chinese to 4.  The bank's individual rating was affirmed at E.


BOWDEN EXTRUSION: Members to Receive Wind-Up Report
---------------------------------------------------
The members of Bowden Extrusion HK Limited will hold a final meeting on
April 30, 2007, at 2:00 p.m., to hear a report about the company's wind-up
proceedings and property disposal.

The meeting will be held at Enson CPA Limited, 18th Floor, West
Wing, Sincere Insurance Bldg, 4-6 Hennessy Rd in Admiralty, Hong Kong.

According to the Troubled Company Reporter - Asia Pacific, the company
entered wind-up proceedings on Nov. 3, 2006.


CENTON LIMITED: Members' Final Meeting Set for April 27
-------------------------------------------------------
The members of Centon Limited will have their final general meeting on April
27, 2007, at 11:15 a.m. to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

In a report by the TCR-AP, the company went into liquidation on July 14,
2006.

The company's liquidator is:

         Susan Y. H. Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


CHINA MERCHANTS: Seeks to Open Branch in New York
-------------------------------------------------
China Merchants Bank has applied to U.S. banking authorities to open a New
York branch that would allow it to make loans and take commercial deposits,
Market Watch reports.

Market Watch has learned of the application with the Federal Reserve Bank of
New York from documents made public last month.

Approval by the Federal Reserve would mark a turning point for Chinese
mainland banks to build up business in the world's largest financial market,
the report says, adding that it will be the first time in 15 years that a
Chinese bank will be allowed to operate in the U.S.

"This is a real watershed application, if this application gets approved,
it's very possible that we'll see a very significant follow-on of Chinese
banks setting up commercial banking operations in the United States,
including buying U.S. banks," Henry Fields, a partner at Morrison & Foerster
LLP in Los Angeles and an attorney who has helped foreign banks establish
branches and buy banks here, told Market Watch.

Laura Mandaro, writing for Market Watch, said that representatives from
China Merchants' New York office declined to comment on this story.

                          *     *     *

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

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

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

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


CITIC PACIFIC: Unit Gains HK2.1 Billion in Shares Sale
------------------------------------------------------
CITIC Pacific Ltd and its unit, CITIC 1616 Holdings, raised HK$2.1 billion
from its initial public offering in Hong Kong, Bloomberg reports, citing two
people with knowledge of the sale.

According to Bloomberg's source, Citic 1616 and Citic Pacific sold a
combined 815.9 million shares at HK$2.58 apiece, the top end of a HK$2.13 to
HK$2.58 range.

The price values Citic 1616 at 26.7 times last year's earnings from
continuing operations, Bloomberg notes, taking the figures from a share sale
document.

The Troubled Company Reporter - Asia Pacific reported on Jan. 17, 2007, that
Citic Pacific would spin off CITIC 1616 by selling up to 35% existing shares
of its unit and listing it on the Stock Exchange of Hong Kong.

BNP Paribas SA arranged the sale, Bloomberg relates.

Citic 1616 is scheduled to begin trading on the Hong Kong stock exchange on
April 3, Bloomberg notes.

                          *     *     *


                        About CITIC 1616

CITIC 1616 is a wholly owned subsidiary of CITIC Pacific.  CITIC 1616 Group
is principally engaged in the provision of value added services to telecom
operators with a focus on China and Hong Kong telecom market through the
operation of a neutral and independent telecom hub.  Through its telecom
hub, CITIC 1616 Group handles both traditional international voice calls,
roaming voice and advanced Mobile VAS, including SMS and roaming-enhanced
services.

                          *     *     *

Based in Hong Kong, CITIC Pacific Ltd -- http://www.citicpacific.com/-- is
engaged in a range of businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power generation,
aviation, infrastructure, communications and distribution.  It is 29%
indirectly owned by China International Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its long-term corporate credit
rating on CITIC Pacific Ltd to BB+ from BBB-.  At the same time, it removed
the rating from CreditWatch, where it had been placed with negative
implications on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors Service on June
16, 2006, assigned a Ba1 corporate family rating to CITIC Pacific Ltd and
has withdrawn its Baa3 issuer rating.  The senior unsecured rating for CITIC
Pacific Finance (2001) Ltd's bond is downgraded to Ba1 from Baa3.  The
rating outlook is stable.  This concludes the review initiated by the rating
agency in April 2006.


COSMOS BANK TAIWAN: Receives TWD6 Mil. Fine From FSC
----------------------------------------------------
Cosmos Bank Taiwan has received a fine of TWD6 million from Financial
Supervisory Commission, Executive Yuan, Reuters Key Development says.

No other details were disclosed.

Headquartered in Taipei, Taiwan, Cosmos Bank Taiwan --
http://www.cosmosbank.com.tw/-- provides financial services for individuals
and small and medium-sized enterprises in Taiwan.  The bank's products and
services include deposits, loans, discounted notes, investment in marketable
securities, domestic remittances, commercial drafts acceptance, domestic
letter of credit issuance, corporate bond issuance guarantees, domestic
guarantees, and collection and payment.  The bank also offers brokerage
services for government bonds, treasury bills, and corporate bonds and
stocks; custodian and storage services; safe deposit box rental; credit card
services; brokerage services for gold bullion, gold coins and silver coins;
regular incoming and outgoing remittances, and foreign currency deposits,
loans and payment guarantees. In addition, the Bank is engaged in the trust
business, the trading of government bonds, short-term bill brokerage,
underwriting, issuing cash cards with stored value, financial consulting
services and other financial services.

The Troubled Company Reporter - Asia Pacific reported that, on March 14,
2007, Fitch Ratings downgraded the Support ratings assigned to Cosmos Bank
to 4.  The bank's individual rating was affirmed at E.


HAINAN AIRLINES: Starts Regular Flights to Novosibirsk
------------------------------------------------------
China's Hainan Airlines Company Ltd has launched regular flights from
Tolmachevo Airport in Novosibirsk to Beijing, TMCNet News reports, citing
the airport's press service statement.

The flights will be made twice a week on a Boeing 737-800 with seating
capacity for 164 passengers, the statement says.

Tolmachevo Airport is Russia's fifth largest airport in terms of passenger
turnover.  The government owns a majority stake in the airport's charter
capital.

                          *     *     *

Hainan Airlines Company Ltd's principal activities are providing domestic
aeronautic transportation to passengers and cargoes, domestic business
chartering services, aeronautic maintenance and services, air traveling and
on-board food supply.  Other activities include manufacturing aeronautic
field equipment and components, plane and landing equipment, selling of
plane ticket, cargo & other related services, providing repair services,
development of hotels and managing properties.

On Oct. 31, 2005, Xinhua Far East China Ratings gave the company a 'CC'
issuer credit rating.


HUAXIA BANK: Expects Better Business This Year
----------------------------------------------
Huaxia Bank expects its profit to double this year as a booming economy
bolsters demand for loans and other financial services, Bloomberg reports.

According to the bank's disclosure with the Shanghai Stock Exchange, its
income before taxes may increase 22% to CNY2.95 billion.  The estimate
compares with 12% growth last year, the report notes.

The bank also intends to raise money to meet a requirement for financial
strength set by the central bank by selling CNY4.5 billion of a special
hybrid bond and CNY15 billion of regular debt in the first half to replenish
capital.

Outstanding loans may jump 19% this year to CNY310 billion and deposits will
rise 16% to CNY430 billion, Bloomberg relates, citing the bank's disclosure.
The ratio of non-performing loans will remain at less than 2.7% of total
credits.

The bank also estimates its loan-to-deposit ratio would climb to 72% this
year, a little less of the 75% allowed by the government.  Bloomberg notes
that Chinese Premier Wen Jiabao is seeking to control bank lending to quell
inflation and discourage wasteful investment in factories and real estate.

                          *     *     *

Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers financial services
to both corporate and individual clients.  At the end of 2005, it has 27
branches and 257 offices nationwide.

On September 21, 2005, Deutsche Bank entered into a preliminary agreement to
purchase a holding of about 10% in Huaxia Bank, a medium-sized Beijing-based
lender, for about US$200 million.  People close to the situation said
Deutsche had teamed up with another European financial institution to buy a
total of about 15 per cent in Shanghai-listed Huaxia for more than US$300
million -- a slight premium to its market value.

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's Individual D/E
and Support 4 ratings.

Hua Xia Bank's Individual D/E rating reflects its weak capital position,
inadequate profitability, and potential asset quality risks stemming from
very rapid loan growth.  Total loans expanded 29% in 2005, the second
fastest growth among local peers.


LAI FUNG: Moody's Gives (P)B1 Rating on Planned US$200M Issue
-------------------------------------------------------------
Moody's Investors Service on March 26, 2007, assigned a (P)B1 foreign
currency senior unsecured rating to Lai Fung Holdings Ltd's proposed bond
issue of up to US$200 million.  At the same time, Moody's has assigned the
company a (P)B1 corporate family rating.  The outlook for both ratings is
stable.

This is the first time that Moody's has assigned ratings to Lai Fung, and
the rating agency expects to lift the ratings' provisional status upon
completion of the bond issuance.

"Lai Fung's (P) B1 ratings reflect the company's quality land bank.  Its
investment portfolio also generates a stable and recurring rental income of
around RMB230 million per annum," says Moody's lead analyst for Lai Fung,
Kaven Tsang.  "The presence of CapitaLand Group would support Lai Fung in
terms of business management and future development.  Its 20% ownership in
the company with two representatives on the Board also provides some comfort
with regard to corporate governance practice," adds Tsang.

However, Moody's notes that the investment properties are encumbered and the
rental incomes are prioritized for servicing the project level loans, which
to an extent limits its financial flexibility.

"Additionally, the ratings are restricted by Lai Fung's relatively small
operating scale, with cash flow generation concentrated in a few key
projects," says Tsang, adding "Lai Fung has a debt-funded expansion plan
against the backdrop of an evolving operating and regulatory environment in
China, while the company's track record of managing an enlarged business has
not yet been fully established."

The rating also takes into account Lai Fung's relatively weak liquidity
profile, since the company has no available committed bank facilities but
will have material refinancing requirements when its secured term loan from
HSBC is due in FY2008.  Moody's draws some comfort from the company's long
term relationship with HSBC, the good collateral value of the loan as well
as the company's relatively low gearing level, and expects such loans will
be refinanced.

Lai Fung's closest peers are B-rated property developers in China, such as
Shanghai Real Estate Ltd (SRE, rated B1), and HKI Properties Ltd (HKI, rated
(P)B2).  Lai Fung has a comparatively smaller operating scale and weaker
projected cash flow metrics.  On the other hand, it has a stable source of
recurring rental income and a lower gearing level.  Moreover, it has a
longer listing history on the Hong Kong Stock Exchange, and a better system
on corporate governance and internal control compared with privately owned
developers like HKI.

Lai Fung's secured and subsidiary debt to total debt and total assets ratios
will stay at around 55% and 18-19% respectively over the near-to-medium
term.  They are considered high, but notching has not been applied based on
Moody's expectation that the level of subsidiary and secured debt to total
assets will reduce to less than 15% in the next 2-3 years, largely due to
continued asset growth.  In the case that such trend appears unlikely, a
one-notch downgrade of the unsecured bond rating could occur.

The rating outlook is stable, reflecting Moody's expectation that Lai Fung
will manage its expansion and land acquisitions in a disciplined manner,
such that adjusted leverage will be maintained at 40-45%. Moody's also
expects that the company will continue to have uninterrupted access to bank
financing.

The rating could undergo a downgrade if Lai Fung:

   1) fails to execute its business plan, or China's property
      market experiences a significant downturn such that cash
      property sales is weaker than anticipated; and

   2) materially accelerates development and executes an
      aggressive land acquisition plan without a corresponding
      increase in cash inflow.

In terms of financial metrics, Moody's would regard the following as signals
for negative rating pressure:

   1) adjusted debt/capitalization rising to more than 50%;

   2) OCF fails to generate a surplus by FY2009, such that
      OCF/Interest falls consistently below 1x; or

   3) net rental income/ consolidated interest drops below 0.5x.

Rating improvement will be constrained over the next 12-18 months, because
of the relatively high business risks associated with the company's rapid
expansion amidst Moody's expectation of a volatile regulatory and operating
environment in China.

However, upward rating pressure could emerge in the medium term if Lai Fung:

   a) establishes a sustainable track record in achieving planned
      sales over the next 2-3 years;

   b) demonstrates strong financial discipline and soundly
      monitors its business and financial risks; or

   c) achieves a material increase in recurring rental income,
      such that net rental income/consolidated interest rises
      above 1-1.5x.

An enhanced liquidity position -- such as maintaining a minimum cash holding
and/or committed back-up facilities sufficient to support its 12-month
forward short-term debt obligations and working capital needs -- would also
be an important factor for considering an upgrade.

Lai Fung Holdings Ltd is the China property arm of Lai Sun Group and focuses
on mid-market property development and investment in Guangzhou and Shanghai.
The company currently has a development land bank of around 1 million sqm.
It also has two investment properties with attributable GFA of 162,000 sqm.


SCIENTIFIC AND EXCELLENT: Final General Meeting Set for April 25
----------------------------------------------------------------
Scientific and Excellent Sports Equipment Company Limited will hold its
final general meeting on April 25, 2007, at 10:00 a.m., at the 21st Floor of
Fee Tat Commercial Centre, No. 613 Nathan Road in Kowloon, Hong Kong.

During the meeting, Liquidator Chan Kam Wah will present a report about the
company's wind-up proceedings and property disposal.


SINO-FOREST: Moody's Keeps Ba2 Ratings On Planned Shares Listing
----------------------------------------------------------------
On March 27, 2007, Moody's Investors Service affirmed Sino-Forest
Corporation's Ba2 senior unsecured debt rating and Ba2 corporate family
rating.  The outlook for the ratings is stable.

"The affirmation is in response to the company's announcement of a US$200
million share placement and its agreement to acquire a new asset in Yunnan
Province in China," says Ken Chan, a Moody's AVP/Analyst.

"Moody's notes the share placement will mildly improve Sino-Forest's balance
sheet leverage, with TD/Cap lowering to -- on a pro-forma basis -- around
40% versus 46% end-2006," says Chan.

"Such a level is in line with its 5-year historical average of 43%, which is
in turn consistent with its current rating," adds Chan.

"The US$200 million share placement proceeds will be used to finance the
acquisition of standing timber and the construction of related processing
facilities," says Chan, adding, "Further enhancement of its credit metrics
will mainly come from the execution of additional acquisitions and sales of
wood fibre."

Part of the proceeds from the placement is to expected to be utilized to
fund the company's acquisition of 200,000 hectares of non-state-owned
commercial standing timber in Yunnan Province over a 10-year period for
US$700 million-1.4 billion, which it announced at the same time.

"This latest deal shows management's ability to secure acquisition
opportunities outside Guangdong Province," says Chan, adding, "At the same
time, the Yunnan acquisition and the Hunan deal done in 3Q2006 could
continue to sustain revenue growth in 2007/2008, offsetting the expected
revenue reduction from the termination of the Heyuan acquisition in 2006."

Moody's notes that Temasek Holdings intends to take up around 85% of the
share placement, and -- as a result -- will end up holding around 14% of
Sino-Forest, becoming the company's single largest shareholder with a board
seat.  Moody's understands that Temasek will maintain an investor role and
current business strategy and daily management of the company will continue.

Moody's also notes that Sino-Forest's recently announced 2006 financial
results were generally inline with expectations.  Strong earnings growth
mitigated the increase in debt, resulting in turn in credit metrics similar
to those for 2005.

Moody's continues to say that the Ba2 ratings continue to reflect various
credit strengths, including the company's first-mover advantage and
competitive position in China's forestry plantation industry and the
favorable trend evident in wood products demand and supportive government
policies.

At the same time, the ratings reflect various credit challenges, including
the cyclical and commodity nature of forestry products, characteristics that
increase cash flow volatility and Sino-Forest's exposure to China's evolving
regulatory framework for forestry plantations.

Upward ratings pressure may arise if the company:

   1) continues to build on its track record for delivering on
      its business plan and grow its plantation base to produce
      recurring cash flow; and

   2) demonstrates an ability to maintain key credit metrics -
      RCF/Adj.  Debt above 30-40% and EBIT/Int greater than 4.0-
      4.5x - and generate positive free cash flow throughout the
      industry cycle.

On the other hand, the ratings will come under pressure if:

   1) the company fails to achieve its business plan and cash
      flow declines due to an inability to execute and secure
      enough plantations;

   2) overall business risk rises substantially due to potential
      acquisitions; or

   3) changes occur in the regulatory regime which fundamentally
      alter operating conditions with a consequent reduction in
      profitability.  The credit metrics that Moody's would
      consider for a downgrade include RCF/Adj. Debt below 15-20%
      and EBIT/Int less than 2.0-2.5x.

Sino-Forest Corporation is a holding company listed in Toronto, Canada.  The
company is engaged in forestry plantation activities in China as well as the
sale of timber, woodchips and other wood products in that country.


SINO-FOREST: S&P Lifts Ratings to BB on US$200M Bond Issue
----------------------------------------------------------
On March 27, 2007, Standard & Poor's Ratings Services said that it had
raised the long-term corporate credit rating on Sino-Forest Corp to BB from
BB-.  The outlook is stable.

At the same time, Standard & Poor's also raised the issue rating on the
company's senior unsecured notes to BB from BB-.

The rating actions follow the company's announcement of a recent US$200
million share placement and plans to acquire 200,000 hectares (ha) of
standing timber in Yunnan province, China.

Standard & Poor's views the Yunnan acquisition, as well as the combined
purchase of a 16% interest in Sino-Forest by Singapore-based Temasek
Holdings Pte Ltd and United Capital Investment Group, as positive.

"As it continues to grow through upstream and downstream investment in
China, Sino-Forest should benefit from Temasek's rich experience in private
equity investment in Asia and its strong financial profile. Corporate
governance should also strengthen," said Standard & Poor's credit analyst
Mary Ellen Olson.  "The equity injection also allows the company to enter
into an agreement to purchase the Yunnan hectares without additional debt
issuance."

The Yunnan agreement should provide sustainable cash flows and help the
company meet its targeted annual sustainable harvest of 15 million-20
million cubic meters.

Regulation risk is a key concern, which is heightened by new regulations on
investment in forestry assets.  Sino-Forest does not believe that its recent
acquisitions will be challenged under the new regulations, as it purchases
non-state-owned standing timber. Regulations in China can be unpredictable,
however, and are a fundamental risk to the rating.  Execution risk also
remains high.  Concerns include growth in debt levels and negative free cash
flow generation. The company's ability to demonstrate a track record of
meeting project assumptions is an important rating factor.

As of Dec. 31, 2006, Sino-Forest maintained good liquidity, with US$153
million in cash and cash equivalents and US$71 million in short-term debt
coming to maturity.  The company's undrawn committed facilities totaled
US$19.6 million as of Dec. 31, 2006.


TECHNICAL OLYMPIC: Posts US$594,476 Net Loss in Fiscal 2nd Qtr
--------------------------------------------------------------
S3 Investment Company, Inc., reported a US$594,476 net loss on US$619,761 of
total revenues for the fiscal second quarter ended Dec. 31, 2006, compared
with US$540,337 of net income on US$932,835 of total revenues in the prior
year period.

At Dec. 31, 2006, the company's balance sheet showed US$2,918,302 in total
assets, US$1,487,569 in total liabilities, US$662,480 in minority interest,
and US$768,253 in total stockholders' equity.

The company's accumulated deficit at Dec. 31, 2006, stood at US$6,686,166.

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

              http://ResearchArchives.com/t/s?1c4c

              Unregistered Sales of Equity Securities

During fiscal second quarter ended Dec. 31, 2006, the company had these
common stock transactions:

   -- The company agreed to cancel 4,000,000,000 warrants that
      were issued on June 2, 2006.  As consideration to the
      holder of the warrants, the company agreed to repay
      US$100,000 that the warrant holder had advanced to the
      company under the warrant contract and issue 100,000,000
      shares of restricted common stock.

      The company executed a promissory note for the US$100,000
      That is due in four equal monthly payments of US$25,000
      starting on Feb. 1, 2007, and ending on May 1, 2007.

      In addition, the warrant holder retained the 100,000,000
      shares of common stock previously issued as collateral
      against the monies advanced.

      As a result of this transaction, the company recorded
      US$210,000 as a financing expense for the value of the
      Shares Issued and reclassified the $100,000 previously
      received as a promissory note payable.

   -- The company issued 200,000,000 shares of common stock
      registered under Form S-8 to Javelin Advisory Group, Inc.,
      in consideration for services previously rendered.  The
      company retains Javelin to provide corporate secretary,
      bookkeeping, financial reporting and other administrative
      functions for which it would otherwise have to hire
      additional staff.

      In connection with the issuance of the shares, the company
      recorded Administrative Expenses of US$90,000.

   -- In October 2006, the company issued warrants to purchase
      105,000,000 shares of common stock to Merriman, Curhan and
      Ford as part of a consulting compensation agreement.  The
      warrants are exercisable at US$0.0008, which was the
      closing bid price of the company's stock on the date the
      warrants were granted.  The warrants expire October 1,
      2011.

      In connection with the issuance of the warrants, the
      Company recorded derivative liability and expense of
      US$73,175, which reflects the present value of the
      warrants based on historic volatility of the company's
      stock price as required by EITF 00-19.

                        Going Concern Doubt

Chisholm Bierwolf & Nilson, LLC, in Bountiful, Utah, raised substantial
doubt about S3 Investment Company, Inc.'s ability to continue as a going
concern after auditing financial statements for the years ended June 30,
2006, and 2005.  The auditor pointed to the company's working capital
deficit, dependence on financing to continue operations, and recurring
losses.

                    About S3 Investment Company

S3 Investment Co. Inc. -- http://www.s3investments.com/-- two subsidiaries:
Redwood Capital, Inc. and Sino UJE, LTD.  Redwood Capital, a wholly owned
subsidiary, is privately held investment advisory group that specializes in
investment banking for privately-held Chinese companies.  Redwood Capital
has offices in China and the United States.  Hong Kong-based Sino, a
51%-owned subsidiary, has an extensive distribution network in China.  It
distributes medical and industrial supplies for a group of original
equipment manufacturers in Europe and the US that are exclusively
represented in China.


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

AES CORPORATION: Gets Waivers from Majority of Lenders
------------------------------------------------------
AES Corporation obtained the necessary votes from a majority of its lenders,
under both the senior bank facility and the senior unsecured credit
facility, to waive certain events of default.  Waivers have been executed
with respect to each credit facility.

Because the company has obtained these waivers, it now has access to the
credit available under its senior bank facility and senior unsecured credit
facility.

                    Restatements and Default

As previously reported in the Troubled Company Reporter - Asia Pacific, the
company said that it was restating its previously reported financial
statements due to errors discovered by its management.  As a result, it has
delayed the filing of its Form 10-K for the year ending Dec. 31, 2006.  The
company further disclosed that as a result of the restatement, it was in
default under its senior bank credit facility.

A full-text copy of Amendment No. 10 and Waiver No. 6 dated as of March 22,
2007, to Third Amended and Restated Credit and
Reimbursement Agreement is available for free at:

               http://ResearchArchives.com/t/s?1c2d

A full-text copy of Waiver No. 2 dated as of March 22, 2007, to
the Credit Agreement among The AES Corporation as Borrower, the
Banks listed therein, and Merrill Lynch Capital Corporation as
Administrative Agent, is available for free at:

               http://ResearchArchives.com/t/s?1c2e

                   About AES Corporation

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

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

                          *     *     *

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


AFFILIATED COMPUTER: Buyout Offer Cues S&P's Negative Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit and senior secured ratings on Dallas, Texas-based
Affiliated Computer Services Inc. on CreditWatch with negative
implications.

"The CreditWatch placement follows the announcement that an
investment group led by ACS' founder has offered to buy the
company for about US$8.2 billion (including the assumption of
debt)," said Standard & Poor's credit analyst Philip Schrank.

If the LBO is successful, operating lease-adjusted leverage
likely will increase from the 5x threshold incorporated into the
current rating.

Standard & Poor's will monitor any negotiations and respond to
any change in the company's business or financial profile.

A FORTUNE 500 company, Affiliated Computer Services Inc.,
(NYSE: ACS) -- http://www.acs-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.

Dallas-based Affiliated Computer Services Inc. has global
operations in India, Brazil, China, Dominican Republic,
Guatemala, Ireland, Philippines, Poland and Singapore.


AFFILIATED COMPUTER: Shareholders File Suit to Prevent Buyout
-------------------------------------------------------------
Momentum Partners and Mark Levy filed separate shareholder
lawsuits in a Delaware corporate law tribunal against Affiliated
Computer Services Inc. in an attempt to block the attempted
buyout of the company by founder Darwin Deason and Cerberus
Capital Management LP, the Mercury News reports citing the
Associated Press.

The company had disclosed in a regulatory filing with the United States
Securities and Exchange Commission that it received a proposal from Deason
Cerberus to acquire all of the outstanding shares of the company for
US$59.25 per share in cash, other than certain shares and options held by
Mr. Deason and members of the company's management team.

The two lawsuits are framed as class actions and brought in the name of
those who allegedly stand to be shortchanged in the buyout.

According to the report, both suits hinge on the fact that the
company has a record of turning down buyout offers.  The
shareholders also alleged that the timing of the buyout offer
was in question since the pricing was done when the company's
stock hit a low point due to the company's involvement in a
stock options backdating scandal.  Further, the deal is
defective with the buyers having too much voting power.

Mercury News further relates that according to court documents,
Mr. Deason and management control 42% of the voting power at the
company.

                     About Affiliated Computer

A FORTUNE 500 company, Affiliated Computer Services Inc.,
(NYSE: ACS) -- http://www.acs-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.

Dallas-based Affiliated Computer Services Inc. has global
operations in India, Brazil, China, Dominican Republic,
Guatemala, Ireland, Philippines, Poland, Singapore.

                          *     *     *

Standard & Poor's Ratings Services has placed its 'BB' corporate credit and
senior secured ratings on Affiliated Computer Services Inc. on CreditWatch
with negative implications.


AGILENT TECH: Board OKs Acceleration of US$2BB Share Repurchase
---------------------------------------------------------------
Agilent Technologies Inc.'s Board of Directors has authorized the
acceleration of its existing US$2 billion share-repurchase program.  To
date, the company has repurchased US$500 million of the total US$2 billion
and expects completion by the end of Agilent's fiscal year.  At that time,
Agilent will have cumulatively repurchased US$6.4 billion of the shares
outstanding since the program's inception in 2005.

"The Board's decision reflects the company's confidence in
Agilent's operating model," Bill Sullivan, Agilent president and
chief executive officer, said.  "It also underscores the company's
continuing commitment to return excess cash to the owners."

Agilent anticipates the share-repurchase program will be
implemented using a variety of methods, which may include open-
market purchases, block trades, accelerated share-repurchase
transactions or otherwise, or by any combination of such methods.

The number of shares to be repurchased and the timing of any
repurchases will depend on factors such as the stock price,
economic and market conditions, and corporate and regulatory
requirements.  The stock-repurchase program may be suspended or
discontinued at any time.

                    About Agilent Technologies

Agilent Technologies, Inc. -- http://www.agilent.com/-- is a measurement
company providing core bio-analytical and electronic measurement solutions
to the communications, electronics, life sciences and chemical analysis
industries.

The company has operations in India, Argentina and Luxembourg.

                          *     *     *

Moody's Investors Service has assigned a 'Baa3' rating to Alliant
Techsystems Inc.'s proposed senior secured credit facilities, due 2012, and
has affirmed all of the company's existing ratings, including the 'Ba3'
Corporate Family Rating.  The rating outlook remains positive.

In March 2007, ATK said its plans to refinance its senior secured bank
credit facilities, replacing its US$223 million term loan facility and
US$300 million revolving credit facility, both due 2009, with a US$275
million term loan and US$500 million revolver due 2012.   The new term loan
also has a US$225 million accordion feature.  Key benefits to this
transaction are extended debt maturities and lower pricing.  Otherwise, the
refinancing had no material impact on ATK's credit fundamentals.


AGILENT TECHNOLOGIES: Moody's Revises Outlook to Stable
-------------------------------------------------------
Moody's Investors Service changed the outlook of Agilent
Technologies, Inc., to stable from positive following the
company's announcement that its board has authorized an
acceleration of the US$2 billion repurchase of the company's
common stock.

Agilent Technologies has roughly US$1.5 billion remaining under the stock
repurchase program, which is expected to be completed by Oct. 31, 2007
(fiscal year end).  Originally, the program was to be implemented over a
two-year window and align closely with the timing of Agilent Technologies'
generation of free cash flow.  Now, the accelerated US$2 billion share
purchase will significantly exceed the level of free cash flow that the
company will generate in fiscal 2007, which Moody's currently expects to be
roughly US$650 million (after acquisitions), compared to US$700 million
previously, due to softness in the mobile handset tester market.  The rating
action is consistent with Moody's comments in its Dec. 14, 2006, Credit
Opinion, which cautioned that share purchase activity that "significantly
exceed amounts provided by the company's free cash flow" could result in
downward revision in the outlook.

The announcement will not affect Agilent Technologies' Ba1
corporate family rating given the company's strong liquidity
(SGL-1) even after considering the planned accelerated share
repurchase.  However, the announcement indicates a return to a
more aggressive use of Agilent's significant balance sheet
liquidity (US$2.1 billion of unrestricted cash as of January
2007), thus reducing financial flexibility at a time when free
cash flow generation could be delayed or be modestly weaker than
expected.

Moody's stated in its Dec. 14, 2006, Credit Opinion that compared to the
US$4.5 billion stock repurchase in 2005, the US$2 billion repurchase program
was "viewed as less aggressive since it is smaller in size and will be
implemented gradually over a 24-month period."  Hence, although the size and
intent to repurchase stock has not been altered, the timing of the buyback
differs from Moody's previous expectations.

Given Agilent Technologies' more stable operating profile,
refocused business strategy in less volatile business segments,
diversification across its core test and measurement markets and
propensity for predictable free cash flow compared to prior
years, Moody's believes the company has a buildup of excess cash
relative to its peers.  Although designed to reduce this excess
cash and return value to shareholders, Moody's views the
accelerated share buyback as further evidence of financial
policies that are more shareholder friendly, a factor that
constrains Agilent Technologies' ratings.

Following the accelerated share repurchase, Moody's expects
Agilent Technologies will maintain unrestricted cash of US$500
million to a US$1 billion or more.  Additional liquidity support
is derived from Moody's expectation that free cash flow
generation will remain fairly robust through cycles.  Going
forward, Moody's expects that the bulk of free cash flow is
likely to be used for strategic investments and smaller share
repurchases to offset the dilution of shares issued in
connection with employee stock-based compensation plans, thereby
limiting further cash buildup.

Agilent Technologies, Inc. -- http://www.agilent.com/-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries.  The company has
operations in India, Argentina and Luxembourg.


ICICI BANK: S&P Rates EUR500MM Floating-Rate Notes at 'BBB-'
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BBB-' rating to the
proposed senior unsecured two-year EUR500 million floating-rate notes to be
issued by ICICI Bank Ltd. (foreign currency BBB-/Stable/A-3), acting through
its Singapore branch.

These notes are being issued under the bank's multi-currency
US$5 billion medium-term note issuance program.

Under the MTN program, the senior notes will constitute direct,
unconditional, unsubordinated, and unsecured obligations of the bank and
will rank pari passu with all of the bank's unsecured and unsubordinated
obligations, and ahead of all subordinated debt issues.  The proceeds of the
issue will be used to meet the funding requirements of ICICI Bank's
international operations and for general corporate purposes, subject to
regulatory approvals.

                          *     *     *

ICICI Bank carries Fitch's 'C' Individual Rating and 'BB' Subordinated Debt
Rating.

On Feb. 5, 2003, Moody's gave ICICI Bank's Long-Term Bank Deposits a 'Ba2'
rating.


ICICI BANK: Prices EUR500MM Floating Rate Notes
-----------------------------------------------
ICICI Bank Ltd, acting through its Singapore branch, successfully priced its
EUR500 million Reg S Floating Rate Note under its Medium Term Note
Programme, the bank disclosed in a filing with the Bombay Stock Exchange.

According to ICICI, it is the first Indian bank to offer a benchmark sized
two-year floating rate note in the Euro market. The offering had an
EUR862-million order book with a total of 71 investors.  New investors
accounted for more than 50% of the deal size.

From a geographical breakdown perspective, there was a very widespread
participation as 22% of the securities were sold into France, 19% into Asia,
18% into Germany, 11% into the United Kingdom, and balance into the rest of
the Europe.  From an investor breakdown perspective, 23% of the securities
were sold to banks, 48% to funds, and 13% to pension and official
institutions.

The lead managers of the offering were BNP Paribas, Citigroup, Deutsche Bank
AG, and Hongkong and Shanghai Banking Corporation.

The two-year floating rate notes of EUR500 million were priced at a spread
of 40 basis points over three-month London Interbank Offered Rate.

"We are pleased with the response to this landmark deal and the investor
diversification that has been achieved," Chanda Kochhar, deputy managing
director of the bank.  "This deal signifies that the investors have a very
positive perspective on India and on ICICI Bank."

India-based ICICI Bank Ltd -- http://www.icicibank.com-- is a diversified
financial company that provides a range of banking and financial services to
customers, including retail banking, project and corporate finance, working
capital finance, insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The Bank operates in
two business segments: consumer and commercial banking, and investment
banking.  As of March 31, 2006, ICICI Bank had a network of more than 614
branches and extension counters across India.

                          *     *     *

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.

On Feb. 5, 2003, Moody's Investors Service gave ICICI Bank's Long-Term Bank
Deposits a 'Ba2' rating.


ICICI BANK: Singaporean Firms to Get Nod to Increase Stake
----------------------------------------------------------
Singapore-run investment entities Temasek Holdings Pte and Government of
Singapore Investment Corp. are expected to obtain approval by June to own
10% stake each in ICICI Bank Ltd, the Press Trust of India reports.

The Reserve Bank of India previously objected to the Singapore firms' move
to increase their stake to a total of 20%.  Pursuant to RBI regulations, an
overseas investor's interest in a private bank in India is limited to only
10%.  RBI had asserted that since the Singapore government owns both Temasek
and GIC, the investment firms comprise a single entity; hence, allowed only
a collective interest of at most 10%.

According to PTI, Indian Prime Minister Manmohan Singh has given his
approval to the planned stake acquisition following the signing of the
India-Singapore Comprehensive Economic Cooperation Agreement.  With the
Prime Minister's nod, RBI is likely to review its decision, the news agency
says.

India-based ICICI Bank Ltd -- http://www.icicibank.com-- is a diversified
financial company that provides a range of banking and financial services to
customers, including retail banking, project and corporate finance, working
capital finance, insurance, venture capital and private equity, investment
banking, broking, and treasury products and services. The Bank operates in
two business segments: consumer and commercial banking, and investment
banking.  As of March 31, 2006, ICICI Bank had a network of over 614
branches and extension counters across India.

                          *     *     *

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.

On Feb. 5, 2003, Moody's Investors Service gave ICICI Bank's Long-Term Bank
Deposits a 'Ba2' rating.


IFCI LTD: Hires Ernst & Young to Find Strategic Investor
--------------------------------------------------------
IFCI Ltd will hire Ernst & Young to help the company look for a strategic
investor, IFCI informed the Bombay Stock Exchange.

The company's board of directors, at its meeting held on
March 22, decided to appoint the firm.

Foreign banks like Citigroup, Barclays, Morgan Stanley and ABN Amro Bank
have reportedly shown interest in the company.

The Indian government previously tried merging IFCI with banks like Punjab
National Bank and IDBI LTd but failed, The Times of India relates.  So far,
the news agency says, the government has infused around INR4,600 crore in
the company to revive it.

The Times further points out that India's 2007-08 budget included
INR1,300-crore fresh infusion in IFCI to meet its restructuring liabilities.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

Fitch Ratings, on June 29, 2006, affirmed IFCI's support
rating at '4'.  The outlook on the rating is stable.

On Feb. 15, 2006, Credit Analysis and Research Limited retained a CARE D
rating to IFCI's long and medium term debt aggregating INR248 crore.
Instruments carrying this rating are judged to be of the lowest category.
They are either in default or likely to be in default soon.


INDIA CEMENTS: ABN Amro Increases Stake to 5%
---------------------------------------------
ABN Amro Bank NV London Branch acquired, through secondary market purchase,
2,000,000 shares in India Cements Ltd. on
March 20, according to a disclosure with the Bombay Stock Exchange.

The recent purchase increased ABN Amro's stake in India Cements from
9,209,671 shares, or 4.179%, to 9,209,671 shares, or 5.086%.

Headquartered in Chennai, India Cements Limited --
http://www.indiacements.co.in/-- manufactures and markets
cement under the brand name Coromandel cement.  The Company was
established in 1946 and the first plant was set up at
Sankarnagar in Tamilnadu in 1949.  Since then, it has grown in
stature to seven plants spread over Tamilnadu and Andhra
Pradesh.

The company was prompted to undertake debt restructuring plans in 2003.  The
company reduced interest costs, improved capacity
utilization, implemented voluntary retirement schemes and raised
equity.  All these initiatives helped the firm bring down its
debt under the corporate debt restructuring program from
INR1,700 crore to the current INR400 crore.

The Troubled Company Reporter - Asia Pacific reported on Mar. 8,
2006, that India Cements successfully reduced its workforce by 1,400 since
it started its revival program.  The job cuts are part of the company's
continuing corporate debt restructuring.


INDUSIND BANK: Launches GDS Issue at Luxembourg Stock Exchange
--------------------------------------------------------------
Indusind Bank Ltd has launched the issue of Global Depository Receipts on
the Luxembourg Stock Exchange, the bank informed the Bombay Stock Exchange
in a regulatory filing dated March 26, 2007.

As reported in the Troubled Company Reporter - Asia Pacific on Feb. 5, the
bank planned to issue Gross Depository Receipts equivalent to 3,00,00,000
shares with face value of INR30,00,00,000 during the financial year ending
March 31, 2007.
The move is pursuant to a resolution passed at the bank's Annual General
Meeting in September 2006.

The BSE filing did not provide other details of the transaction.

Headquartered in Pune, India, Indusind Bank Ltd. --
http://indusind.com/-- offers corporate banking services, including working
capital finance, term loans, trade and transactional services, foreign
exchange and cash management services.  The bank also offers international
banking products and services to its clients.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 8, 2006, Fitch Ratings gave the bank an Individual
Rating of 'D.'


INDUSTRIAL DEV'T. BANK: Sets Aside INR1 Bil. for New Subsidiary
---------------------------------------------------------------
The Industrial Development Bank of India Ltd will invest INR1 billion in
IDBI Gilts, the bank's new bond-dealing subsidiary, The Economic Times
reports, citing IDBI Deputy Managing Director O.V. Bundello.

By April, IDBI Gilts will take over the corporate and government bond
dealing from the bank's other subsidiary IDBI Capital, the report states.

According to Mr. Bundello, the bank initially will put in
INR500 million in the new unit and, in the next three to six months, will
take the investment up to INR1 billion, The Economic Times relates.

IDBI Ltd was constituted under the Industrial Development Bank
of India Act, 1964, to serve as the apex institution providing
term finance to Indian industry, and planning, promoting,
coordinating and financing the development of industry and of
institutions engaged in similar activities in the country.  IDBI
Ltd converted into a banking company on Oct. 1, 2004, with a
focus on development finance and taking on additional business
of commercial banking.  It also merged its subsidiary IDBI Bank
with itself.  Subsequent to the merger, GoI's stake in IDBI Ltd
has reduced to 52.75% as on March 31, 2006.  The government is
committed to maintaining its shareholding in IDBI Ltd at over
51% as per the Articles of Association of IDBI Ltd.  UWB has
also merged with IDBI with effect from Oct. 3, 2006.

For the year ended March 31, 2006, IDBI Ltd reported a profit
after tax of INR5.6 billion and had assets of INR885.42 billion.
For the nine months ended Dec. 31, 2006, the bank has shown a
16% increase in profit after tax to INR4.17 billion, with a net
interest income of INR2.12 billion.

                          *     *     *

On Jan. 30, 2007, Standard & Poor's Ratings Services revised the
Bank Fundamental Strength Rating of IDBI to 'C' from 'D+'.

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have a stable outlook.  The bank's existing
Baa2 foreign currency senior unsecured debt rating was unaffected by this
action.


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

ALCATEL-LUCENT: Wins US$6 Billion Verizon Supply Contract
---------------------------------------------------------
Verizon Wireless and Alcatel-Lucent have entered into a three-year agreement
worth an expected US$6 billion for Alcatel-Lucent to supply a wide variety
of network equipment, software, and services supporting Verizon Wireless'
ongoing network expansion and continuous improvements.

With this agreement Alcatel-Lucent continues to be Verizon Wireless' primary
network infrastructure supplier and will continue to help grow Verizon
Wireless' already successful, existing portfolio of multimedia and data
services.

The equipment, software and services from Alcatel-Lucent will make it
possible for Verizon Wireless to further increase the coverage and capacity
of its award-winning, wide-area BroadbandAccess data network based on
CDMA2000(R) 1xEV-DO Revision A technology and introduce new A-IMS services
including Voice over IP, push-to-x, mobile video telephony and more by
deploying various components of Alcatel-Lucent's IMS solution. The
deployment also will accommodate the Verizon Wireless approach to
multi-vendor interoperability of these systems.  In addition, the agreement
calls for Alcatel-Lucent to enhance Verizon Wireless' existing CDMA2000 1X
network.

"With strong support from Alcatel-Lucent, we at Verizon Wireless provide our
customers with the highest quality and most advanced mobile network in the
U.S.  The US$6 billion investment . . . is indicative of our willingness to
further separate us from our competitors in the marketplace," said Dick
Lynch, chief technology officer and executive vice president of Verizon
Wireless.  "We will deliver value over fully interoperable IP-services that
enhance the lifestyles of our customers -- by offering multimedia services
that combine voice, data, and video capabilities."

"This agreement underscores Verizon Wireless' commitment to quality and to
further enhancing the industry-leading multimedia and data services that its
customers already enjoy," said Cindy Christy, president of Alcatel-Lucent's
North America business. "We are proud of the confidence Verizon Wireless has
in our abilities and our comprehensive and extensive portfolio of products,
solutions and services."

Under the agreement, Alcatel-Lucent will provide infrastructure solutions
spanning its entire portfolio to transition Verizon Wireless to an all-IP
network.  Verizon Wireless' CDMA2000 1xEV-DO Rev.  A network will be
expanded and enabled to support services such as VoIP with Quality of
Service through software upgrades.  Selected IMS services will be enabled
through the addition of Alcatel-Lucent's IMS platforms with the A-IMS
compliant Application Manager and Services Data Manager functions.

Existing Alcatel-Lucent-supplied packet switches will be upgraded to support
IP soft handoff and Transcoder Free Operation, and the Alcatel-Lucent 7750
Service Router will also provide IP routing and Ethernet aggregation.

Verizon Wireless will also use a wide range of products from
Alcatel-Lucent's optical and wireless transmission products, including MDR
8000 digital microwave radios.  The Alcatel-Lucent optical networking
products will include the optical cross-connects LambdaUnite and 1671
Service Connect, and the Metropolis DMX product family, which will provide
an end-to-end solution for bandwidth management and mobility traffic
backhaul.

Alcatel-Lucent is also providing comprehensive end-to-end network support
services, ranging from network integration to installation, repair and
maintenance services.

CDMA2000 is a registered trademark of the Telecommunications Industry
Association.

                     About Verizon Wireless

Verizon Wireless -- http://www.verizonwireless.com/-- operates a wireless
voice and data network in the United States, serving more than 59 million
customers.  The largest US wireless company and largest wireless data
provider, based on revenues, Verizon Wireless is headquartered in Basking
Ridge, N.J., with 65,000 employees nationwide.  The company is a joint
venture of Verizon Communications and Vodafone (NYSE and LSE: VOD).

                      About Alcatel-Lucent

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

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

                          *     *     *

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

Moody's Investor Services, on the other hand, put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's B1 Senior
Debt rating and B2 Subordinated Debt & Trust Preferred rating.

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


ALCATEL-LUCENT: Successfully Upgrades @Home's Infrastructure
------------------------------------------------------------
Alcatel-Lucent has successfully upgraded the infrastructure of @Home, a
leading cable operator in the Netherlands, to enhance network capacity and
reliability.  The project enables @Home to meet increased IP broadband
requirements to support broadcast and data services, as well as to offer
service quality upgrades to its business and residential customers across
the country.

Alcatel-Lucent's intelligent optical solution provides @Home with a
convergent platform integrating optical and packet-aggregation
functionality.  Leveraging the optical aggregation and multi-service
transport capabilities of the Alcatel-Lucent solution, @Home benefits from
enhanced packet-based efficiency, along with simplified service provisioning
and network operations.  As the number of nodes in the network is greatly
reduced, this significantly lowers @Home's operational expenditures for
maintenance, network management and planning.

"Network simplification and improved network performance are key
requirements to deliver new, time-to-market services to our end-users and in
addition keep our operational cost under control," says Pierre Wolters,
Manager Technical Operations of @Home.  "The Alcatel-Lucent solution allows
us to address a wide variety of applications, from the metro to the
backbone, by consolidating different functionalities into a scalable
solution that can evolve as needed."

"New packet-based services are driving operators like @Home to raise the bar
on their network flexibility and robustness for maximum service
availability," said Romano Valussi, head of Alcatel-Lucent's optics
activities.  "With the best-in-class scalability, our optical solution helps
@Home strengthen data connectivity to enrich the end-user experience with
new IP-based services."

This new achievement further strengthens the Alcatel-Lucent momentum with
cable operators as they transform their networks to cope with the new wave
of user-centric communications and entertainment services.  The
Alcatel-Lucent solution is based on its 1678 Metro Core Connect and
data-aware Optical Multi-Service Node systems.  The solution is managed by
the 1350 management suite, an integrated portfolio of applications to manage
packet, circuit and wavelength services.  Furthermore, Alcatel-Lucent was
responsible for project management, installation and commissioning, and will
be in charge of network maintenance.

                           About @Home

@Home, which operates an extensive cable infrastructure in the northern,
eastern and southern parts of the Netherlands, supplies three products over
its network: radio and TV, broadband Internet and telephony.  The company is
active in both the private and the business markets.  Serving around 1.7
million connections, it is the Netherlands' second largest cable company.
The number of people accessing the network each day is over 5 million.
@Home's network, a combination of glass fiber and coax, is ideally suited to
the rapid transport of large volumes of data.  Over 639,000 customers are
connected to the Internet, making @Home one of the Netherlands' largest
Internet providers, yet with an infrastructure covering scarcely a quarter
of the country.  Telephony is a rapidly growing service of the company.
@Work is the brand of @Home serving all the business-propositions for glass
fiber networks.  At the moment @Home and cable companies Casema and
Multikabel are joining forces to become the largest cable company of the
Netherlands at the end of the year.

                      About Alcatel-Lucent

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

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

                          *     *     *

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

Moody's Investor Services, on the other hand, put a Ba2 rating on Alcatel's
Corporate Family and Senior Debt rating.  Lucent carries Moody's B1 Senior
Debt rating and B2 Subordinated Debt & Trust Preferred rating.

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


BANK NEGARA: Government's Plan to Sell Stake May Be Delayed
-----------------------------------------------------------
The Indonesian government may have to postpone its plan to sell a stake in
PT Bank Negara Indonesia because it has not yet received parliamentary
approval, Reuters reports.

According to the report, Bank Negara President Director Sigit Pramono said
that the government may sell up to 35% stake in Bank Negara through a
secondary public offering and rights issue.

The government was planning to hold the sale in June, but now it looks like
it will be conducted in July or August.

The stake sale is part of the government's privatization program, which is
designed cover its budget deficit, Reuters relates.

                       About Bank Negara

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

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

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

The bank's detailed ratings are:

   -- senior/subordinated debt of Ba3/Ba3;

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

   -- bank financial strength of E.

TCR-AP reported on Feb. 1, 2007, that Fitch Ratings affirmed all these
ratings of Bank Negara:

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

   * Short-term rating 'B',

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

   * Individual 'D', and

   * Support '4'.

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

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


FREEPORT: Moody's Upgrades Corporate Family Rating to 'Ba2'
----------------------------------------------------------
Moody's Investors Service upgraded Freeport-McMoRan Copper & Gold Inc.'s
corporate family rating to Ba2 from Ba3 and undertook a number of related
rating actions:

      * upgraded to Baa2 from Baa3 the senior secured rating on
        Freeport's US$500 million secured revolver;

      * upgraded to Baa3 from Ba2 the senior secured ratings on
        each of Freeport's US$1 billion secured revolver, US$2.5
        billion secured Term Loan A, US$7.5 billion secured Term
        Loan B, and each of Freeport's existing 6.875%, 10.125%
        and 7.20% senior secured notes; and

      * upgraded to Ba3 from B2 Freeport's $6 billion senior
        unsecured notes.  Moody's also upgraded to Ba2 from B1
        the ratings on Phelps Dodge's secured Cyprus Amax notes
        and on Phelps Dodge's other existing notes.

The rating actions are based on Freeport's pending issuance of approximately
US$2.5 billion of common equity and US$2.5 billion of mandatorily
convertible preferred stock and a potential overallotment, the proceeds of
which will be used to reduce Term Loans A and B.  In considering Freeport's
capital structure, Moody's treats the mandatorily convertible preferreds as
equity. The ratings reflect the overall probability of default of Freeport,
to which Moody's assigns a PDR of Ba2.  The rating outlooks for Freeport,
Phelps Dodge and Cyprus Amax are stable.

The Ba2 corporate family rating reflects Freeport's high debt level of
approximately US$13 billion and what Moody's believes will be a protracted
time frame for debt reduction in the face of softening metals prices and
continued high cost challenges. The rating also considers the high
concentration in copper and resultant variability in earnings and cash flow,
significant capital expenditures, and a high level of reliance on the
Grasberg mine in Indonesia.  The rating also reflects the cultural
challenges inherent in the acquisition of the larger Phelps Dodge by
Freeport, and the execution and political risk of Phelps Dodge's development
project in the Congo.  The Ba2 rating favorably considers the company's
leading positions in copper and molybdenum, a significant amount of gold
production, the low cost, long-life reserves at PT-FI, and improved
operating and political diversity.

Ratings upgraded are:

Issuer: Freeport-McMoRan Copper & Gold Inc.

      -- Corporate Family Rating: to Ba2 from Ba3

      -- Probability of Default Rating: to Ba2 from Ba3

      -- US$0.5 billion Senior Secured Revolving Credit
         facility, to Baa2, LGD1, 2% from Baa3

      -- US$1.0 billion Senior Secured Revolving Credit
         Facility, to Baa3, LGD2, 22% from Ba2

      -- US$2.5 billion Senior Secured Term Loan A, to Baa3,
         LGD2, 22%, from Ba2

      -- US$7.5 billion Senior Secured Term Loan B, to Baa3,
         LGD2, 22%, from Ba2

      -- US$340 million 6.875% Senior Secured Notes due 2014, to
         Baa3, LGD2, 22%, from Ba2

      -- US$272 million 10.125% Senior Secured Notes due 2010,
         to Baa3, LGD2, 22%, from Ba2

      -- US$0.2 million 7.20% Senior Secured Notes due 2026, to
         Baa3, LGD2, 22%, from Ba2

Senior Unsecured Notes: to Ba3, LGD5, 83%, from B2

Issuer: Cyprus Amax Minerals Company

      -- US$60.1 million 7.375% Senior Notes due 2007, to Ba2,
         LGD3, 48%, from B1

Issuer: Phelps Dodge Corporation

      -- US$107.9 million 8.75% Senior Notes due 2011, to Ba2,
         LGD3, 48%, from B1

      -- US$115 million 7.125% Senior Notes due 2027, to Ba2,
         LGD3, 48%, from B1

      -- US$150 million 6.125% Senior Notes due 2034, to Ba2,
         LGD3, 48%, from B1

      -- US$193.8 million 9.50% Senior Notes due 2031, to Ba2,
         LGD3, 48%, from B1

Moody's last rating action on Freeport was to affirm its Ba3 corporate
family rating in February 2007 in connection with Freeport's acquisition of
Phelps Dodge.

                      About Freeport-Mcmoran

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


GOODYEAR TIRE: Moody's Affirms 'B1' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed Goodyear Tire & Rubber Company's
Corporate Family Rating of B1 and raised the outlook to positive.

In addition, a Ba1 rating was assigned to Goodyear's new US$1.5 billion
first lien revolving credit facility and a Ba2 rating was assigned to the
company's new US$1.2 billion second lien term loan.

At the same time, a Ba1 rating was assigned to Goodyear Dunlop Tyres
Europe's new first lien credit facilities for EUR505 million.  The
Speculative Grade Liquidity rating of SGL-2 was also affirmed.

Amounts being refinanced are identical to current facilities, relative
priorities are unchanged, but maturity profiles have been extended under
improved terms.  Accordingly, the composition of the company's capital
structure and the impact on respective recovery expectations are essentially
unchanged.

Goodyear is amending, restating and extending the maturity of its US$1.5
billion first lien revolving credit facility.  The facility will have a
maturity in April 2013 compared to the current 2010.  The facility will
continue as an asset backed arrangement with first liens over the parent's
and its guaranteeing subsidiaries current assets, trademark and other
intangibles, shareholdings in subsidiaries and certain other assets.
Similarly, Goodyear is also amending and restating the terms of its US$1.2
billion second lien term loan whose new maturity will be April 2014 compared
to the current April 2010. The restated facility will have an option to
include a Luxembourg and/or a Canadian subsidiary as borrowers under a
Goodyear guarantee.  The term loan will continue with a second priority lien
over the collateral package pledged to the domestic revolving credit
facility and up-streamed North American subsidiary guarantees.

GDTE is also amending, restating and extending the maturities of its bank
credit facilities.  These currently consist of EUR350 million of revolving
credit facilities and a term loan to its German subsidiary of EUR155
million.  The new facilities will consist of a EUR350 million revolving
credit facility available to GDTE and several of its subsidiaries and a
separate EUR155 million revolving credit facility to a German subsidiary.
The facilities continue with their respective first lien collateral packages
and cross-guarantees as in the current arrangements. The new maturity will
be April 2012.  An unsecured guarantee from Goodyear will also remain in
place.

The B1 Corporate Family Rating recognizes strong scores for several factors
in Moody's Automotive Supplier Methodology. These include the company's
substantial scale, global brands with refreshed product offerings, leading
market share, diversified geographic markets, lengthened debt maturities and
continuing solid liquidity profile.  Scores for those qualitative attributes
would normally track to a higher Corporate Family rating.  However, the B1
rating also considers Goodyear's substantial leverage, low EBIT returns and
weak coverage ratios, which were affected by the recent strike in North
America as well as un-recouped raw material costs and weak replacement tire
demand in that region.  Scores from these factors counter qualitative
strengths and position the overall rating in the high B category.
Nonetheless, debt levels should crest during 2007 and leverage measurements
should begin to decline as savings are realized from an improved cost
structure, rationalized manufacturing footprint, pricing actions, and
ultimate recovery in unit demand in the critical North American tire market.
The pending sale of its Engineered Products business for US$1.475 billion
could also provide substantial capacity for the company's pension
contributions and potential contributions to a VEBA trust, which would
address union retirement health care liabilities.

"The change in outlook reflects several positive trends which should develop
over the intermediate term," said Ed Wiest, VP and Senior Analyst at
Moody's.  "Among these are resumption of modest growth in replacement tire
demand in select North American markets, improved cost structure and
operating flexibility in the region following resolution of its labor
contract, and higher global utilization rates in its manufacturing footprint
over the next 12 months as rationalization efforts are completed."  In
addition, Goodyear should benefit from healthier margin realization upon
pricing actions, introduction of new tire models, and moderation in raw
material costs.  The company may fund up to US$1 billion into a VEBA
structure for its post retirement obligations to hourly employees in the
United States in 2007.  Additionally, it is likely the peak in pension
funding requirements will occur in 2007 with significant declines occurring
in subsequent years. Accordingly, Moody's would expect Goodyear's debt
burden to be lower by the end of the coming year.  Stronger coverage ratios
and free cash flow metrics should emerge in the second half of 2007.

The Speculative Grade Liquidity rating of SGL-2 liquidity rating,
designating good liquidity over the coming year, reflects significant
internal and external resources as well as increased flexibility in
financial covenants under the refinanced bank obligations.  Although
Goodyear will incur meaningful working capital requirements as production
levels recover following the labor settlement in North America, and it may
need to fund up to US$1 billion into a VEBA for retirement health care
liabilities for its USW employees as well as US$700 million to US$750
million of global pension contributions, the company finished 2006 with
roughly US$2.8 billion in un-restricted cash pro forma for repayments under
its domestic and GDTE's German revolving credit facilities in early January.
The disclosure of an agreement to sell its Engineered Products business for
US$1.475 billion may also add substantial liquidity in the coming year.
Upon closing of the new facilities, Goodyear would have roughly US$1.0
billion of unused and available capacity under its domestic revolving credit
facility and the majority of the European revolving credit facilities.
Going forward, Goodyear will have improved covenant flexibility.

The Ba1 rating assigned to the new first lien revolving credit facility at
Goodyear incorporates the benefits of its first priority liens over
substantial collateral as well as the sizable amount of liabilities junior
to its claims.  The Ba2 rating assigned to the new second lien term loan
results from its second priority claims against the identical collateral
package as well as the level of junior capital beneath it.  The higher
rating and improved recovery on the second lien facility compared to the
current second lien term loan reflects a reassessment of its collateral
position which, in turn, yielded a lower modeled deficiency claim.  The Ba1
rating assigned to the European facilities of GDTE recognizes the benefits
of liens over substantially all tangible and intangible assets in the
borrowing and guaranteeing group of GDTE entities.

Ratings assigned:

Goodyear Tire & Rubber Company

      -- US$1.5 billion first lien revolving credit facility,
         Ba1 (LGD-1, 4%)

      -- US$1.2 billion second lien term loan, Ba2 (LGD-2, 20%)

Goodyear Dunlop Tyres Europe B.V. and certain subsidiaries

      -- EUR505 million of first lien revolving credit
         facilities, Ba1 (LGD-1, 4%)

Ratings changed:

Goodyear Tire & Rubber Company

   -- Outlook, to positive from stable

Ratings affirmed and applicable Loss Given Default Assessments:

   -- Goodyear Tire & Rubber Company

   -- Corporate Family Rating, B1

   -- Probability of Default, B1

   -- third lien secured term loan, B2 with LGD assessment
      changed to (LGD-4, 59%) from (LGD-4, 63%)

   -- 11% senior secured notes, B2 with LGD assessment changed
      to (LGD-4, 59%) from (LGD-4, 63%)

   -- floating rate senior secured notes, B2 with LGD assessment
      changed to (LGD-4, 59%) from (LGD-4, 63%)

   -- 9% senior notes, B2 with LGD assessment changed to (LGD-4,
      59%) from (LGD-4, 63%)

   -- 8 5/8 % senior unsecured notes due 2011, B2 with LGD
      assessment changed to (LGD-4, 59%) from (LGD-4, 63%)

   -- floating rate unsecured note due 2009, B2 with LGD
      assessment changed to (LGD-4, 59%) from (LGD-4, 63%)

   -- 6 3/8% senior notes, B3 (LGD-6, 94%)

   -- 7 6/7% senior notes, B3 (LGD-6, 94%)

   -- 7% senior notes, B3 (LGD-6, 94%)

   -- senior unsecured convertible notes, B3 (LGD-6, 94%)

Speculative Grade Liquidity rating, SGL-2

The last rating action was on January 10, 2007, at which time Goodyear and
GDTE ratings were affirmed and the outlook was changed to stable from
negative.  Upon closing of the new facilities, ratings on Goodyear's
existing first and second lien facilities will be withdrawn as will the
ratings on GDTE's existing bank credit facilities.

                         About Goodyear

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.


GOODYEAR TIRE: Sale of Unit Prompts S&P's Positive Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Goodyear Tire &
Rubber Co. to positive from stable, reflecting the company's report on March
23 that it has agreed to sell its Engineered Products business for almost
$1.48 billion and Standard & Poor's expectation that Goodyear will apply a
significant amount of the proceeds to repay debt.  Goodyear's financial
profile will improve from debt reduction, and a modest upgrade could occur
if profitability and cash generation in the company's North American tire
business strengthens.

In addition, Standard & Poor's affirmed its 'B+' long-term and
'B-2' short-term corporate credit ratings and other ratings on Goodyear.  In
2007, Goodyear had around $3 billion of cash, adjusting year-end cash for
the revolving credit borrowings repaid in early January.

"The prospective benefits of the reduction in debt and debt-like
obligations are significant.  These debt reductions, combined with improved
performance in North American tire operations could lead to an upgrade,"
said Standard & Poor's credit analyst Robert Schulz.

"But, because of the need to recover from the strike impact, the first part
of 2007 will require the use of cash in North American operations.  Still,
Goodyear's credit profile is expected to demonstrate improvement in 2007,"
Mr. Schulz continued.

The outlook could be revised back to stable or to negative if earnings and
cash flow weaken because of soft demand, or if improvements in North America
reverse, notwithstanding recent progress on financial obligations, including
pension liabilities.

             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.


HILTON: To Build Resort Within Lake Las Vegas Resort in Nevada
--------------------------------------------------------------
Lake Las Vegas Resort disclosed that Hilton Hotels Corporation through its
timeshare division Hilton Grand Vacations Company, LLC, will build a
spectacular resort featuring 200 Hilton timeshare units and a 50-unit luxury
fractional Waldorf=Astoria component within the Lake Las Vegas Resort in
Henderson, Nevada.

The project will be developed on a 17.5 acre lakefront parcel overlooking
the 17th hole and the 18th tee of the Jack Nicklaus designed Reflection Bay
Golf Course.  Development of the project is currently in the design phase,
with groundbreaking targeted for early 2008 and an opening date projected
for fall of 2009.

In January 2006, The Waldorf=Astoria Collection(R) of luxury hotels was
announced to extend the cachet of New York's legendary Waldorf=Astoria(R)
hotel.  The Waldorf=Astoria project at Lake Las Vegas Resort will be the
first fractional lodging product to be developed by Hilton.  "Hilton Grand
Vacations is thrilled to announce that this spectacular new ownership
project, including our first luxury fractional component, is being planned
to enhance Hilton's lodging portfolio in Las Vegas," said Antoine Dagot,
President and CEO, Hilton Grand Vacations, LLC.  "Lake Las Vegas is a
spectacular location, offering us an extraordinary opportunity to provide
our clientele with two distinctive, upscale ownership options -- one bearing
the renowned Hilton name and one a luxurious Waldorf=Astoria."

Hilton Grand Vacations Company will be responsible for the sale of ownership
interests and the property management of the Hilton Grand Vacations(TM) and
Waldorf=Astoria products.  The project will offer a distinctive array of
guest amenities highlighted by an expansive full-service spa, golf course
privileges, and access to the 320-acre Lake Las Vegas.

"We are very excited about the development of Lake Las Vegas for
Waldorf=Astoria Collection fractional residences.  We believe these new
fractional residences, our first in this arena, is a great brand extension
for The Waldorf=Astoria Collection of hotels and will set a new standard for
its luxury offerings and its outstanding features," said David Greydanus,
senior vice president -- brand management for The Waldorf=Astoria
Collection.

"The Hilton timeshare and the Waldorf=Astoria fractional projects are the
perfect addition to Lake Las Vegas Resort," said Ronald F. Boeddeker,
Chairman of Transcontinental Properties, Inc., the managing partner of Lake
Las Vegas Resort. "Lake Las Vegas Resort offers residents and guests
top-quality lodging and living choices by some of the world's top
hospitality names and the nation's top builders.  We welcome the addition of
the Hilton developments to our unique resort destination."

                   About Lake Las Vegas Resort

Lake Las Vegas Resort -- http://www.lakelasvegas.com/-- is a premier
residential resort destination situated on a privately owned, 320-acre lake
located 17 miles from the Las Vegas Strip.  Within the 3,592-acre master
planned resort are residential offerings including custom home sites,
waterfront and golf villas, resort condominiums, and luxury executive homes.
Lake Las Vegas Resort is also home to a collection of three challenging golf
courses by Jack Nicklaus and Tom Weiskopf, with a fourth course currently
under construction designed by Tom Fazio.

               About The Waldorf=Astoria Collection

The Waldorf=Astoria Collection launched in January 2006 is the new elite
brand designation of Hilton Hotels Corporation, building upon the legend
that company founder Conrad N. Hilton called "The Greatest of Them All."
The Waldorf=Astoria in New York City.  The Waldorf=Astoria Collection
currently has hotels in New York City, La Quinta, California, Maui, Hawaii,
Phoenix and Jeddah, Saudi Arabia.  The brand announced Waldorf=Astoria
Residences for Las Vegas at the Conrad Las Vegas (2009), and have announced
two new Waldorf=Astoria Hotels: Bonnet Creek/Orlando (2009) and Beverly
Hills (2010).

                   About Hilton Grand Vacations

Hilton Grand Vacations Company, LLC, is a division of Hilton Hotels
Corporation, recognized as the leading global hospitality company.
Headquartered in Orlando, Florida, Hilton Grand Vacations develops, markets
and operates a system of brand name, high-quality vacation ownership resorts
in select vacation destinations.  The company also manages two innovative
club membership programs, Hilton Grand Vacations Club and The Hilton Club,
providing exclusive exchange, leisure travel and reservation services for
114,000 Club Members. Vi

                      About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries, owns, manages,
and develops hotel resorts, and timeshare properties.  It is also engaged in
the franchising of lodging properties in the United States and
internationally, including Indonesia, Australia, Austria, India, Philippines
and Vietnam.

                          *     *     *

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

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

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

The rating outlook is stable.

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

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

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

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

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


MEDCO: Lapindo Arbitration Claim Now With Prakarsa Group
--------------------------------------------------------
PT Medco Energi Internasional Tbk President Director Hilmi Panigoro said
that the international arbitration claim against the Lapindo Brantas Inc.
mudflow case is completely in the hands of its new owners, the Prakarsa
Group, Tempo Interactive News reports.

As reported in the Troubled Company Reporter - Asia Pacific, 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.

Mr. Panigoro said it's up to Prakarsa Group if they want to continue the
arbitration claim, the report relates.

Several groups accused Lapindo Brantas, a gas company that conducted
drilling activities in Porong, Sidoarjo, of causing thousands of cubic
meters of hot mud to submerge rice fields and four villages.

Mr. Hilmi told Tempo he is relieved that Medco Energi is no longer involved
in the arbitration claim because the process is time-consuming and it might
hurt Medco Energi's performance.

The Capital Market and Financial Institutions Supervisory Board (Bapepam-LK)
is reportedly planning to summon Medco Energi this week regarding its
transaction with the Prakarsa Group.

                      About Medco Energi

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

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


PERTAMINA: Wants to be Operator of Natuna D-Alpha Gas Block
-----------------------------------------------------------
PT Pertamina (Persero) wants to be the operator of the Natuna
D-Alpha gas block, which is controlled by Exxon Mobil Corp., Reuters
reports.

The Indonesian government decides who's going to be the operator of the gas
block.  Various reports said the Indonesian government has decided to
terminate its oil and gas contract with Exxon Mobil at the Natuna D-Alpha
block.  The termination letter will be issued in May.

Exxon Mobil contends the contract is still valid.  According to Reuters,
Exxon holds a 76% stake in the gas block while Pertamina holds the remaining
24%.

According to Xinhua News Agency, ExxonMobil has spent millions of dollars
exploring the block, the biggest in Southeast Asia with 46 trillion cubic
feet of recoverable gas reserves.  But the two-decade exploration effort has
not so far led to actual production.

Pertamina President Director Ari Soemarno told Reuters that the company also
wants a consortium of companies to be involved in the Natuna project since
the project needs a large investment.

                         About Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly
state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state owned
enterprise into a Limited Liability Company.  In carrying out its
activities, PT Pertamina implements an integrated system from upstream to
downstream.  Pertamina operates seven oil refineries with a total output
capacity of around 1 million barrels per day.

In 2003, PT Pertamina Finance Director Alfred Rohimone disclosed that the
company's financial condition was in critical condition because its expenses
had surpassed its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on the international market.  Mr. Rohimone
stated that with a liquidity position below IDR2 trillion, the Company was
already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first six months
of 2005, Pertamina's failure to service its financial obligations was pegged
as one of the contributors to Indonesia's decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
company to pay compensation to KBC, relating to an international arbitration
decision, when the Indonesian Government halted a geothermal project in
Karaha Bodas, East Java.  Since that time, the debt has steadily risen due
to the company's failure to pay the compensation immediately.


PERTAMINA: To Invest US$1 Bil. to Increase Oil & Gas Production
---------------------------------------------------------------
PT Pertamina (Persero) will invest up to US$1 billion this year and
strengthen cooperation with strategic partners to increase crude oil and gas
production, Jakarta Post reports.

According to the report, President Director Ari H. Soemarno said the
investment will be used to develop its 170 existing wells and to drill new
wells including at the Cepu block in East Java, which is expected start
production by the end of 2008.

Pertamina is also planning to invest between US$1.5 billion and US$1.7
billion in a joint venture with Mitsui, a Japanese construction company, to
develop its refinery in Cilacap, which was expected to start operations in
2011, the report adds.

                         About Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly
state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state owned
enterprise into a Limited Liability Company.  In carrying out its
activities, PT Pertamina implements an integrated system from upstream to
downstream.  Pertamina operates seven oil refineries with a total output
capacity of around 1 million barrels per day.

In 2003, PT Pertamina Finance Director Alfred Rohimone disclosed that the
company's financial condition was in critical condition because its expenses
had surpassed its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on the international market.  Mr. Rohimone
stated that with a liquidity position below IDR2 trillion, the Company was
already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first six months
of 2005, Pertamina's failure to service its financial obligations was pegged
as one of the contributors to Indonesia's decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
company to pay compensation to KBC, relating to an international arbitration
decision, when the Indonesian Government halted a geothermal project in
Karaha Bodas, East Java.  Since that time, the debt has steadily risen due
to the company's failure to pay the compensation immediately.


PERTAMINA: Expects to Restart its Balikpapan Refinery by Apr. 17
----------------------------------------------------------------
PT Pertamina (Persero) has extended the turnaround of its Balikpapan
refinery, with a capacity of around 260,000 barrels a day, in South
Kalimantan, and expects to restart it by April 17, The Wall Street Journal
reports.

According to the report, the company expected to restart the refinery last
week but it was delayed because a lot of units were also undergoing
turnarounds.

                         About Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly
state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state owned
enterprise into a Limited Liability Company.  In carrying out its
activities, PT Pertamina implements an integrated system from upstream to
downstream.  Pertamina operates seven oil refineries with a total output
capacity of around 1 million barrels per day.

In 2003, PT Pertamina Finance Director Alfred Rohimone disclosed that the
company's financial condition was in critical condition because its expenses
had surpassed its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on the international market.  Mr. Rohimone
stated that with a liquidity position below IDR2 trillion, the Company was
already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first six months
of 2005, Pertamina's failure to service its financial obligations was pegged
as one of the contributors to Indonesia's decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
company to pay compensation to KBC, relating to an international arbitration
decision, when the Indonesian Government halted a geothermal project in
Karaha Bodas, East Java.  Since that time, the debt has steadily risen due
to the company's failure to pay the compensation immediately.


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

AOZORA BANK: Names F. Sacasa as Sr. Managing Executive Officer
--------------------------------------------------------------
Federico J. Sacasa has been appointed senior managing executive officer of
Aozora Bank in Tokyo, Latin Business Chronicle says.

According to the report, Mr. Sacasa will be named president and chief
operating officer after the bank's annual shareholders meeting in June 2007.

Mr. Sacasa's career includes several high-level positions at Bank of America
between 1988 and 2001, including as president and executive officer of
corporate and investment bank operations for Latin America & the Caribbean.
He has also worked at Banco de Credito del Peru and Wells Fargo Bank.  Prior
to his latest appointment, Mr. Sacasa served as president and CEO of
Caribbean-Central American Action, a Washington, D.C.-based organization
that promotes private sector-led economic development in the Caribbean
Basin.  Mr. Sacasa earned a Master's Degree in Business Administration from
the American University in Washington DC and a Bachelor of Science from
Georgetown University's School of Foreign Service.

                        About Aozora Bank

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 22, 2006, Moody's Investors Service has placed on review
for possible upgrade the Baa1 long-term deposit and senior
unsecured ratings and the D bank financial strength rating of
Aozora Bank, Ltd.

Fitch Ratings, on October 23, 2006, affirmed the Bank's
individual and support ratings at 'C' and '3'.  The outlook on
the ratings is stable.


NIKKO CORDIAL: Top Shareholder Sells Off Part of Stake
------------------------------------------------------
Harris Associates L.P. unloaded part of its 7.23% stake in Nikko Cordial
Corp., The Japan Times reports, citing a statement submitted by the United
States-based investment firm to the Finance Ministry.

AFX News Limited relates that, according to the Nikkei business newspaper,
Harris Associates has sold slightly more than 1% shareholding in Nikko
Cordial on the market.  The sale, the report notes, took place sometime from
March 15 -- when Citigroup Inc. launched a tender offer for Nikko Cordial --
to March 20.

Harris Associates sold off its shares in Nikko Cordial on markets in three
portions, The Times explains.  According to the report, the selloff is
believed to have brought a large amount of profits to Harris as the Nikko
Cordial stock price has been sharply rising since Citigroup announced on
March 6 its plan to make the broker a subsidiary.

The Times recounts that Harris Associates and three other foreign investment
funds had accumulated Nikko Cordial shares, acquiring a total of about 26%
at one time.  They have said that Citigroup's offer price is too low, with
some of them calling for an increase in the offer price.

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

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

A TCR-AP reported on Mar. 13 stated that the brokerage firm's four largest
shareholders -- Harris Associates; Orbis Investment Management Ltd., with a
6.9% stake; Southeastern Asset Management Inc., with 6.6%; and Mackenzie
Financial Corp., with 5.7% -- have publicly said that Citigroup's earlier
JPY1,350-per-share offer price is not substantial.  They stated that Nikko
Cordial shares are worth at least JPY2,000 apiece.

                      About Nikko Cordial

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

                          *     *     *

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

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

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

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


SANYO ELECTRIC: President Expected to Resign Over Poor Earnings
---------------------------------------------------------------
Sanyo Electric Co. President Toshimasa Iue is expected to resign as early as
next week due to the company's poor financial results and an ongoing
accounting scandal, The Japan Times reports.

Reuters relates that Mr. Iue will be replaced by Sanyo Electric Vice
President Seiichiro Sano.

Media reports state that Mr. Iue's resignation and the appointment of his
successor were decided at a board meeting yesterday.

According to The Yomiuri Shimbun, Mr. Iue will step down with his father,
Satoshi Iue, who is serving the firm as its top adviser.  The older Iue also
served as Sanyo Electric's president and then chairman.

The Yomiuri recounts that the company, which is undergoing management
restructuring, was founded in 1947 by Satoshi's father, Toshio, when he left
Matsushita Electric Industrial Co. after World War II.

The report points out that the Iues' resignation largely brings to an end
the founding family's influence on Sanyo Electric.

Mr. Sano will be the first president not to come from the founding family,
The Times says.

Reuters notes that Mr. Sano is in charge of Sanyo Electric's general affairs
and human resources and would take the helm as the company faces a probe by
Japan's securities watchdog into possible accounting problems and as it
heads for its third straight annual loss.

According to the report, Mr. Sano's appointment -- following the resignation
of Sanyo's chairwoman, Tomoyo Nonaka, last week -- comes at a time when
Goldman Sachs and other major Sanyo shareholders are increasingly skeptical
of Mr. Iue's ability to steer the company.  Reuters relates that many
believe Mr. Iue's departure would speed up Sanyo's ongoing restructuring
steps.

Moreover, the shareholders, according to The Yomiuri, have questioned the
role played by the father and son tandem in the case of accounting
irregularities being investigated by the Securities and Exchange
Surveillance Commission.  The two were president and executive vice
president, respectively, when the case occurred.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 26, 2007, the SESC had commenced an investigation on whether Sanyo
Electric falsified its fiscal 2003 earnings report to conceal JPY140 billion
(US$1.16 billion) in losses at its subsidiaries.

The Times relays that after his resignation, Mr. Iue is expected to remain a
board member until the company's general shareholders' meeting in June.

                       About Sanyo Electric

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

                          *     *     *

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

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


TOKYO DOME: R&I Affirms BB+/Positive Rating on Syndicated Loan
--------------------------------------------------------------
Rating and Investment Information, Inc., affirms its BB+ rating on Tokyo
Dome Corp.'s JPY10-billion Syndicated Loan executed on Jun. 30, 2006, and
with a maturity date of Jun. 30, 2011.  The outlook on the rating was
changed to positive from stable.

R&I also affirmed it's a-3 rating on Tokyo Dome's Domestic Commercial Paper
Programme, with an issue limit of JPY25 billion.

In the course of rolling out plans to concentrate management assets on its
Tokyo Dome City operations centering on Tokyo Dome (a large-scale
entertainment center located in Bunkyoku,
Tokyo), Tokyo Dome Corp. sold off and completely separated the non-core
businesses, its financial business and its golf resort operations, which
carried impairment losses.  Financial
results of the year ending January 2007 indicate that TDC is already
securing stable profits.

In the medium- to long-term, profitability and cash flow generation of TDC
can be expected to remain sound.  There is also a strong possibility that
there will be a steady recovery in the financial base, deteriorated due to
the disposition of enormous losses.

Reflecting these prospects, R&I has affirmed the Issuer Rating and adjusted
the Rating Outlook from Stable to Positive.
Disposition of impairment losses on fixed assets in its golf and resort
businesses resulted in a markdown in their book value and there is little
likelihood of secondary losses arising in relation to the actual sale of the
businesses.  Although the worsening of the environment surrounding consumer
financing has resulted in greater losses than initially expected in its
finance business, R&I regards Tokyo Dome Corp.'s complete separation of this
business as a positive move.

However, despite reduction in consolidated debt, it still remains high in
comparison with the level of profit and cash flow.  The issue of the company
's high dependence on the Mizuho group for funding also needs to be
addressed.  Bearing in mind the company's future management measures, R&I
will assess whether Tokyo Dome Corp. can steadily improve the balance of
debt and cash flow as well as improve financial composition through stress
scenarios based on higher interest rates and other means, and will reflect
its findings in the rating.


US AIRWAYS: Completes US$1.6-Billion Debt Refinancing Deal
----------------------------------------------------------
US Airways Group Inc. has completed a US$1.6 billion debt refinancing
transaction.  The new loan, which was arranged by Citigroup Global Markets
Inc. and Morgan Stanley Senior Funding, Inc., as Joint Lead Arrangers, will
bear interest at LIBOR plus 2.50 percent.  The applicable margin is reduced
as the loan is paid down or as the company's credit rating improves.  It can
be as low as LIBOR plus 2.00 percent if the loan balance is under US$600
million or the loan facility credit rating, as determined by Moody's
Investor Services and Standard & Poor's, improves to Ba3 and BB-,
respectively.  The term of the loan is seven years with substantially all of
the principal amount payable at maturity.  The loan requires the company to
maintain a minimum level of unrestricted cash and a minimum collateral
coverage ratio.

The refinancing improves liquidity over the next seven years by reducing
principal payments and lowering near-term interest expense.  Upon funding,
the company extinguished two separate debt facilities: a US$1.25 billion
senior secured credit facility and a US$325 million unsecured debt facility.
The additional US$25 million will be used for general corporate purposes.
The new loan will reduce the blended interest margin by over 100 basis
points.

The refinancing will reduce the Company's debt amortization by approximately
US$92 million annually from 2008 - 2010 and US$1.234 billion in 2011.  In
addition, interest expense will be reduced by approximately US$14 million in
2007 and US$13 million in 2008.

Senior Vice President and Chief Financial Officer Derek Kerr said, "We are
extremely pleased with the outcome of this refinancing.  Today's refinancing
enables us to continue to strengthen our balance sheet as we work to
complete our integration and meet our primary objectives of reducing
borrowing costs, deferring debt maturities and reducing our covenant
package.  Completing this transaction provides further evidence of the
financial market's confidence in the new US Airways."

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

The company and its affiliates filed for chapter 11 protection on Aug. 11,
2002 (Bank. E.D. Va. Case No. 02-83984).  Under a chapter 11 plan declared
effective on March 31, 2003, USAir emerged from bankruptcy with the
Retirement Systems of Alabama taking a 40% equity stake in the deleveraged
carrier in exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed their second chapter 11 petition on
Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).  Brian P. Leitch, Esq.,
Daniel M. Lewis, Esq., and Michael J. Canning, Esq., at Arnold & Porter LLP,
and Lawrence E. Rifken, Esq., and Douglas M. Foley, Esq., at McGuireWoods
LLP, represent the Debtors in their restructuring efforts.  In the company's
second bankruptcy filing, it listed US$8,805,972,000 in total assets and
US$8,702,437,000 in total debts.  The Debtors' chapter 11 plan for its
second bankruptcy filing became effective on Sept. 27, 2005.  The Debtors
completed their merger with America West on the same date.

On March 31, 2006, the Court entered a final decree closing the chapter 11
cases of four affiliates.  Only US Airways, Inc.'s chapter 11 case remains
open.

US Airways (NYSE: LCC) and America West's merger created the fifth largest
domestic airline employing nearly 35,000 aviation professionals.  US
Airways, US Airways Shuttle and US Airways Express operate approximately
3,800 flights per day and serve more than 230 communities in the U.S.,
Canada, Europe, the Caribbean and Latin America.  US Airways is a member of
Star Alliance, which provides connections for our customers to 841
destinations in 157 countries worldwide.

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

                          *     *     *

As reported in Troubled Company Reporter on Feb. 1, 2007,
Standard & Poor's Ratings Services affirmed its ratings on US
Airways Group. and its major operating subsidiaries America West
Holdings Corp., America West Airlines Inc., and US Airways Inc.,
including the 'B-' corporate credit ratings.  The ratings were
removed from CreditWatch, where they were placed with developing
implications on Nov. 15, 2006.  S&P said the outlook is
positive.


=========
K O R E A
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BOWATER INC: Moody's Cuts Senior Notes' Rating to B3 from B2
------------------------------------------------------------
Moody's Investors Service downgraded Bowater Incorporated's long-term debt
ratings by one notch and downgraded the company's corporate family rating to
B2 from B1, and its senior unsecured notes to B3 from B2.

At the same time, Moody's affirmed Bowater's SGL-2 speculative grade
liquidity rating.  Bowater has announced a plan to merge with
Abitibi-Consolidated Inc. that is expected to close in third quarter of this
year.  In light of continued uncertainty, primarily with respect to the
structural status of individual bond issues at each company vis-a-vis the
other and a yet-to-be arranged operating credit facility, and the associated
potential that ratings for unsecured instruments may need to be revised as a
consequence of the pending merger, the ratings outlook remains unchanged as
developing.  Moody's does not expect the merger to cause a revision to the
B2 CFR.

The downgrade reflects prospects for weakening financial metrics as a result
of pricing declines, higher input costs and the resulting pressure on
margins.  With the CFR downgraded to B2, credit metrics are now more closely
aligned with expected financial performance.  With newsprint pricing having
come off recent peak levels observed in 2006 and with none of the key
industry participants taking steps to idle and or shutter machines, Moody's
is concerned that pricing will continue to drift lower during 2007.

In addition, pricing has been under pressure in the related coated
mechanical papers market in which Bowater has exposure.  Bowater also
produces market pulp, and while pulp pricing has been strong since the
beginning of 2006, elevated prices for wood chips may mute much of what
would otherwise be strong profit margins. Elevated wood chip prices will
also adversely affect newsprint and uncoated mechanical paper margins, and
is a by-product of a weak housing market.  This results from lumber supply
curtailments that reduce the supply of residual wood chips.

There is also the impact of lower lumber prices, a factor that also affects
Bowater given its lumber operations.  All of these factors point to 2007
being a difficult year.  Bowater has some remaining capacity to divest of
timberlands and repay debt.  While this is positive, it does not change the
fact that the underlying business is expected to generate weak returns.
This continues a multi-year trend.  On balance, and abstracting from
one-time events, Moody's expects 2007 financial performance to be broadly
similar to what was observed over the past couple of years.

Moody's is concerned that the market peak may have passed and that
near-to-mid term prospects are weak-to-tepid at best.  With Moody's having
previously noted that it considered Bowater to be weakly positioned at the
prior B1 rating level, with very poor credit protection measures only being
partially off-set by favorable rating signals derived from business profile
type measures such as aggregate size and scale and cost competitiveness,
updated expectations concerning 2007 caused the rating revision.  Whereas
Moody's had expected margin expansion and debt reduction, it is now unlikely
that this will occur, at least by way of cash flow from operations.  At the
B2 rating level, the company is now seen as being reasonably well positioned
in the context of the current outlook.

With the corporate family rating downgraded by one notch, and with no
changes to the company's capital structure, the ratings on the senior
unsecured notes were also downgraded to B3 from B2 as per Moody's loss given
default methodology.  While market conditions will continue to pose a
challenge to Bowater's results, the company's good liquidity arrangements
warrant affirmation of the SGL-2 speculative grade liquidity rating.  As
noted, owing to a number of uncertainties related to the pending merger, the
ratings outlook is developing.

Downgrades:

   * Bowater Inc.

      -- Corporate Family Rating, Downgraded to B2 from B1

      -- Senior Unsecured Regular Bond/Debenture, Downgraded to
         B3 from B2

   * Bowater Canada Finance Corp.

      -- Senior Unsecured Regular Bond/Debenture, Downgraded to
         B3 from B2

                       About Bowater Inc.

Headquartered in Greenville, South Carolina, Bowater Incorporated --
http://www.bowater.com/en/-- produces newsprint and coated mechanical
papers.  In addition, the company makes uncoated mechanical papers, bleached
kraft pulp and lumber products.  The company approximately has 7,800
employees and has 12 pulp and papermills in the United States, Canada and
South Korea and 12 North American sawmills that produce softwood lumber.
Bowater also operates two facilities that convert a mechanical base sheet to
coated products.  Bowater's operations are supported by approximately 1.4
million acres of timberlands owned or leased in the United States and Canada
and 30 million acres of timber cutting rights in Canada.  Bowater common
stock is listed on the New York Stock Exchange, the Pacific Exchange and the
London Stock Exchange.  A special class of stock exchangeable into Bowater
common stock is listed on the Toronto Stock Exchange.


DURA AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 23
----------------------------------------------------------------
The Honorable Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware extended Dura Automotive Systems Inc. and its
debtor-affiliates' exclusive periods to:

   (i) propose and file a plan of reorganization through and
       including May 23, 2007; and

  (ii) solicit acceptances of that plan through and including
       July 23, 2007.

The Debtors said extending their exclusive periods will permit them to
develop an appropriate plan of reorganization that will best meet the
creditors' needs and fit into the development of their business plan.

The Debtors have sufficiently large and complex cases, which involves 41
debtors, with two tranches of secured institutional debt that are the
subject of an intricate intercreditor agreement and multiple issuances of
unsecured institutional debt in addition to the standard classes of secured,
priority, priority tax, and general unsecured claims.

Adding complexity to the Debtors' prepetition financial balance sheet and
equity structure is the potential avoidance action against the Second Lien
Lenders.  This potential litigation has taken time to analyze, and will
continue to influence the course of the Debtors' Chapter 11 cases and the
development of a plan of reorganization.

The Debtors said the extension is intended to facilitate an orderly,
efficient and cost-effective process for the benefit of all creditors.

                 About DURA Automotive Systems Inc.

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

                          *     *     *

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

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

                          *     *     *

The Debtors filed for chapter 11 protection on October 30, 2006 (Bankr.
District of Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., at Kirkland & Ellis LLP, are the Debtors'
lead counsel..  Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and
Jason M. Madron, Esq., at Richards Layton & Finger, P.A., are the Debtors'
co-counsel.  Baker & McKenzie acts as the Debtors' special counsel.  Togut,
Segal & Segal LLP is the Debtors' conflicts counsel.  Miller Buckfire & Co.,
LLC is the Debtors' investment banker.  Glass & Associates Inc. gives
financial advice to the Debtor.  Kurtzman Carson Consultants LLC handles the
notice, claims and balloting for the Debtors and Brunswick Group LLC acts as
the Corporate Communications Consultants for the Debtors.  As of July 2,
2006, the Debtors had US$1,993,178,000 in total assets and US$1,730,758,000
in total liabilities.  (Dura Automotive Bankruptcy News, Issue No. 16;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DURA AUTOMOTIVE: Can Assume Bayer MaterialScience Sales Contract
----------------------------------------------------------------
The Honorable Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware authorized Dura Automotive Systems Inc. and its
debtor-affiliates to assume a sales contract with Bayer MaterialScience LLC
and its affiliates.

Pursuant to a sales contract dated Aug. 20, 2003, as amended, Bayer
MaterialScience LLC and its affiliates provide the Debtors with resin
required for the production of side-sliding glass systems used in vans,
pick-up trucks and sports utility vehicles.

After the Debtors' bankruptcy filing, Bayer required improved trade terms
from the Debtors.  Bayer also informed the Debtors that it intends to
implement a previously announced price increase.

Christopher M. Samis, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Del., relates that since their bankruptcy filing, the Debtors
have been concerned that suppliers could disrupt production at their
automotive operations if they refuse to provide the Debtors with needed
parts and equipment.

Thus, the Debtors sought to consensually improve their trade terms with
Bayer and to resolve its concerns.

On March 1, 2007, the Debtors and Bayer informally agreed to the framework
for a postpetition agreement amending the Sales Contract.  Specifically, the
parties agree that:

   (a) Bayer will grant the Debtors more favorable trade terms
       and price concessions;

   (b) the Debtors will assume the Sales Contract;

   (c) amounts payable pursuant to Section 365(b)(1)(A) of the
       Bankruptcy Code to cure any defaults will not exceed
       US$564,000.

Mr. Samis maintains that assuming the Sales Contract, as amended, will allow
the Debtors to benefit from the improved pricing and favorable trade terms.

The Debtors have redacted sensitive pricing and customer-specific trade
terms from the copies of the Amendment Agreement and Sales Contract filed
with the Court.  Mr. Samis notes that, if revealed, the information on the
Amendment Agreement and the Sales Contract could hinder or negatively
influence the Debtors' current and future negotiations with other suppliers.

The Debtors have provided unredacted copies of the Amendment Agreement and
Sales Contract to the U.S. Trustee, the Official Committee of Unsecured
Creditors, and the ad hoc committee of certain of their prepetition second
lien secured lenders.

                 About DURA Automotive Systems Inc.

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

                          *     *     *

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

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

                          *     *     *

The Debtors filed for chapter 11 protection on October 30, 2006 (Bankr.
District of Delaware Case No. 06-11202).  Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., at Kirkland & Ellis LLP, are the Debtors'
lead counsel..  Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and
Jason M. Madron, Esq., at Richards Layton & Finger, P.A., are the Debtors'
co-counsel.  Baker & McKenzie acts as the Debtors' special counsel.  Togut,
Segal & Segal LLP is the Debtors' conflicts counsel.  Miller Buckfire & Co.,
LLC is the Debtors' investment banker.  Glass & Associates Inc. gives
financial advice to the Debtor.  Kurtzman Carson Consultants LLC handles the
notice, claims and balloting for the Debtors and Brunswick Group LLC acts as
the Corporate Communications Consultants for the Debtors.  As of July 2,
2006, the Debtors had US$1,993,178,000 in total assets and US$1,730,758,000
in total liabilities.  (Dura Automotive Bankruptcy News, Issue No. 16;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


KOREA EXCHANGE BANK: DBS to Form Consortium to Buy Bank
-------------------------------------------------------
DBS Group Holdings Ltd, Southeast Asia's largest lender, is contacting
investors to form a multinational consortium to buy Korea Exchange Bank from
U.S. fund Lone Star, Reuters cites a report from the Chosun Ilbo.

Among those contacted are South Korea's National Agricultural Cooperative
Federation, known as Nonghyup; and an unspecified Middle East-based
investor, the paper noted, citing sources.

According to the Chosun Ilbo, an NACF official confirmed that DBS made the
offer and discussed a joint investment with NACF.  But the negotiations
failed, the paper relates, noting that DBS is now looking for another Korean
partner.

Reuters recounts that last year, Lone Star chose Kookmin Bank over DBS as
the buyer.  In November, however, Lone Star scrapped the US$7.3 billion sale
with Kookmin due to a legal battle over Lone Star's 2003 purchase of KEB.

The Hana Financial Group and the Bank of China are also interested in KEB,
the Chosun reports.

Korea Exchange Bank -- http://www.keb.co.kr/-- established in 1967, is one
of seven national banks in South Korea with more than 300 domestic branches
and 28 overseas networks constituting the most extensive global banking
network of any Korean bank.  KEB Futures -- http://www.kebf.com/-- 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.


LG.PHILIPS: Czech Unit Suspends Production as Demand Falls
----------------------------------------------------------
Multidisplay s.r.o. (formerly LG.Philips Displays Czech Republic s.r.o.)
halted the production of TV tubes at its Hranice plant after a temporary
fall in demand, CTK reports citing plant spokeswoman Zuzana Fojtikova.

Ms. Fojtikova told CTK that warehouses are full at the moment.

According to CTK, some of the employees will be on holiday during the
temporary shutdown while others will be paid 70% of the average monthly
wage.

The plant will resume operations on April 2 as demand is expected to rise
again.

In February, CTP Invest bought the entire business from the trustee of the
bankrupt mother company LG.Philips Displays Holding B.V. in the Netherlands.

As previously reported, LG.Philips Displays Holding B.V. filed for
insolvency protection along with its Dutch subsidiary, LG.Philips Displays
Netherlands B.V., and its German subsidiary in Aachen due to worsening
conditions in the CRT marketplace and unsustainable debt.

Less than two months after the insolvency filings in Europe, the company's
U.S. unit, LG.Philips Displays USA Inc., filed a chapter 11 petition in the
United States Bankruptcy Court for the District of Delaware on March 15.

                   About LG.Philips Displays

Headquartered in Hong Kong, LG.Philips Displays --
http://www.lgphilips-displays.com/-- manufactures cathode ray tubes for use
in televisions and computer monitors.  The company produces one in every
four television and computer monitor tubes sold.  Making use of its global
manufacturing infrastructure, it provides regional supplies to top TV and
monitor brands worldwide.  LG.Philips Displays continues to be committed to
the CRT industry and will maintain a strong profile based on its competitive
operations and innovative, high-quality products.  The company's production
facilities are in: China, Korea, Indonesia, Brazil, The Netherlands and
United Kingdom.


NVIDIA CORP: U.S. Bankruptcy Court Opens Proceedings to Public
--------------------------------------------------------------
The Hon. Roger Efremsky of the U.S. Bankruptcy Court for the Northern
District of California reversed his decision and agreed to open the court
proceedings involving Nvidia Corp. and 3DFX Interactive Inc., to the public
and the press, the Mercury News reports.

Judge Efremsky previously barred the media in the trial and asked parties
who wanted to observe the proceedings to sign confidentiality agreements.

The reversal came after Mercury News' counsel objected to the non-disclosure
order.

The Mercury News further relates that although Judge Efremsky allowed
reporters to attend the trial without signing non-disclosure agreements, he
will ask reporters to leave the courtroom if he deems that the documents
involved in a testimony is confidential in nature.

                              Lawsuit

Creditors of 3DFX sued Nvidia alleging that they are still owed 1 million
shares of Nvidia's stock pursuant to a 2001 merger agreement.

Nvidia had bought 3DFX for US$70 million in cash but now claims that those
assets were just worth US$14 million.

Nvidia Corp. is represented by Robert P. Varian, Esq., at Orrick, Herrington
and Sutcliffe.

                      About 3DFX Interactive

Headquartered in Palo Alto, Calif., 3DFX Interactive Inc. developed graphics
chips, graphics boards, software and related technology.  On March 27, 2001,
3DFX's shareholders approved proposals to liquidate, wind up and dissolve
the company pursuant to a plan of dissolution and to sell certain of its
assets to Nvidia US Investment Company, a wholly owned subsidiary of Nvidia
Corporation.

The Company filed for chapter 11 protection on Oct. 15, 2002 (Bankr. N.D.
Calif. Case No. 02-55795).  William A. Brandt, Jr., serves as trustee and is
represented by Aron M. Oliner, Esq., at the Law Offices of Duane Morris, and
Craig C. Chiang, Esq., at Buchalter, Nemer, Fields and Younger.  Robert S.
Gebhard, Esq., at Sedgwick, Detert, Moran and Arnold, represents the
Official Committee of Unsecured Creditors.  At July 31, 2002, the Company
had US$35,236,000 net liabilities in liquidation, total assets of US$106,000
and total liabilities of US$35,342,000.

                        About NVIDIA Corp.

Headquartered in Santa Clara, California, NVIDIA Corporation (Nasdaq:
NVDA) -- http://www.nvidia.com/-- creates innovative, industry-changing
products for computing, consumer electronics, and mobile devices.  The
NVIDIA(R) graphics processing unit and media and communications processor
brands include NVIDIA GeForce(R), NVIDIA GoForce(R), NVIDIA Quadro(R), and
NVIDIA nForce(R).  These product families are transforming visually rich
applications such as video games, film production, broadcasting, industrial
design, space exploration, and medical imaging.

The company has operations in China, Singapore, France, Brazil and Korea.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that Standard & Poor's
Ratings Services removed its ratings on Nvidia Corp. from CreditWatch, where
they were placed with negative implications on Aug. 15, 2006.

The corporate credit rating is affirmed at 'BB-'.

The outlook is stable.


SHINHAN BANK: Seeks to Buy Russian Bank for Potential Expansion
---------------------------------------------------------------
Shinhan Bank seeks to buy a lender in Russia, Reuters cites a bank official
as saying.

The official did not provide specific details, but noted "Shinhan is doing
the project alone," the report says.

Reuters relates that the official denied a Maeil Business Newspaper report,
which stated that Shinhan had agreed with Macquarie Bank Ltd., Australia's
top investment bank, to jointly acquire a Russian bank.  Talks were
initiated but no agreement was reached, the official explained.

The head of Macquarie Group in South Korea, John Walker, has indicated that
the bank is willing to team up with local banks for their overseas
expansion, Reuters says.

                      About Shinhan Bank

Headquartered in Taepyeong-no, Seoul, Shinhan Bank --
http://www.shinhan.com/-- was established in 1982 with capital from Korean
residents in Japan.  It is Korea's fourth largest bank by assets -- second
largest after merging with Chohung Bank -- holding a 9% share of deposits
and 11% of loans.  The bank has developed a strong franchise in the consumer
as well as small and medium-sized enterprise segments.  In September 2001,
it formed a holding company, Shinhan Financial Group, under which it and
five other affiliates became stable companies.  Since then, the Shinhan
Financial Group has expanded its organizational structure to include 11
subsidiaries and is now Korea's second largest financial group.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2006, that Moody's Investors Service raised Shinhan Bank's Bank
Financial Strength Rating to D+ from D.  The revised rating carries a stable
outlook.  The higher BFSR reflects the bank's sustained financial
fundamentals upon its merger with affiliate Chohung Bank.


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

FCW HOLDINGS: Completes Equity Disposal in Two Units
----------------------------------------------------
FCW Holdings Bhd disclosed with the Bursa Malaysia Securities Bhd that it
has completed the disposal of shares in two of its units:

    i) Digiphonic Sistem Sdn Bhd:  a 55%-owned subsidiary of FT
       Radiosystems Sdn Bhd, which in turn is an effective wholly
       owned subsidiary of FCW.

   ii) Digiphonic Servis Sdn Bhd: a wholly owned subsidiary of
       Digiphonic Sistem.

According to FCW, FT Radio Systems completed the disposal of its 550,000
ordinary shares of MYR1.00 each in Digiphonic Sistem for a total cash
consideration of MYR550,000.00, resulting in the cessation of the two units.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings Berhad is
principally involved in investment holding, providing management services
and trading of telecommunications equipment.  Its other activities include
renting of communication access, selling and hiring of telecommunications
equipment and electronic goods, providing paging services and turnkey
contracting.

On May 5, 2006, the Troubled Company Reporter - Asia Pacific reported that
FCW Holdings was classified under Bursa Malaysia Securities Berhad's
Practice Note 17 category since the company's shareholders' equity has
fallen well below the minimum requirement of 25%.  As an affected listed
issuer, the company is required to submit a plan to regularize its financial
condition.


HARVEST COURT: Gets MITI's Approval on Proposed Reform Plan
-----------------------------------------------------------
The Ministry of International Trade and Industry has approved Harvest Court
Industries Bhd's proposed restructuring plan on March 26, 2007.

However, the approval is still subject to the Securities Commission's
approval on the company's plan and its compliance with the Foreign
Investment Committee's Guidelines on the Acquisition of Interests, Mergers
and Take-Overs by Local and Foreign Interests, Harvest Court told the Bursa
Malaysia Securities Bhd.

In addition, the office has also granted Harvest Lumber Sdn Bhd, a wholly
owned subsidiary of Harvest Court, an extension of time to comply with the
bumiputera equity condition as stated in its manufacturing license for one
year from the date of approval.  The approval for the extension is
conditional upon Harvest Court's submission of a bi-annual progress report
pertaining to the compliance of the equity condition.

                          *     *     *

Headquartered in Selangor, Malaysia, Harvest Court Industries Berhad --
http://www.harvestcourt.com/-- is engaged in kiln drying, saw milling and
manufacturing of timber doors and related products. Other activities include
development of residential and commercial properties and jetty services and
provision of construction works and related maintenance services.  The Group
is also involved in the provision of marketing and management services and
investment in shares and securities.  The Group operates in Malaysia and
Australia.

The Group has defaulted on several loan facilities because of a reduction in
sales from 2002 onwards due to a weak global market as a result of the Iraqi
and the severe acute respiratory syndrome, or SARS, as well as its inability
to raise funds via the equity market due to weak market sentiment.  Due to
its financial position, Harvest Court had embarked on an exercise to
restructure the Company, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was rejected by the
Securities Commission in November 2005, on grounds that the proposals are
not comprehensive and are not capable of resolving all financial problems of
the Company.  Its appeal to reconsider the rejection was also junked by the
Commission on February 24, 2006.

Currently, the company is classified under the Amended PN17 category of the
Bursa Malaysia Securities Bhd's official list and is therefore required to
implement a plan to regularize its finances.

Harvest Court Industries Bhd's unaudited balance sheet as at \
Dec. 31, 2006, went upside down with total assets of MYR36.59 million and
total liabilities of MYR50.17 million, resulting to a shareholders' deficit
of MYR13.58 million.


HONG LEONG: Unit Enters Distribution Agreement with UBS
-------------------------------------------------------
Hong Leong Bank Bhd's unit, Hong Leong Islamic Bank has signed a
distribution agreement with UBS to sell Islamic non-ringgit structured
products to its customers, Business Times reports.

The Times, quoting the bank's managing director Daud Abdullah, said the
relationship with UBS will enhance Hong Leong Islamic Bank's business
activities.

"It allows us to tap on current structured product technologies and
experiences," Mr. Abdullah added at the agreement signing ceremony in Kuala
Lumpur.

The Times relates that under the agreement, HLIB will act as principal in
selling the products, and the products will be restructured and sold under
the bank's name.

Qualified HLIB customers can buy these syariah-compliant products at any
HLIB branches nationwide.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Hong Leong Bank Berhad --
http://www.hlb.com.my/-- is principally engaged in all aspects of
commercial banking business and in the provision of related services,
including Islamic Banking services, via its incorporated subsidiary, Hong
Leong Islamic Bank Berhad.  Through its subsidiaries, the Bank is also
engaged in leasing activities, real property investment, nominee services
and trade finance activities.  HLB has over 185 branches in Malaysia,
Singapore and Hong Kong. Hong Leong Credit Berhad is the Bank's holding
company, and its ultimate holding company is Hong Leong Company (Malaysia)
Berhad.  On August 25, 2005, HLB disposed of its 100% equity interest in
Credit Corporation (Malaysia) Sdn Bhd. On June 19, 2006, the Company formed
a joint venture company with Hong Leong Assurance Berhad (HLA) and Tokio
Marine & Nichido Fire Insurance Co., Ltd (Tokio Marine), known as Hong Leong
Tokio Marine Takaful Berhad.

Fitch Ratings gave Hong Leong Bank a C individual rating on July 18, 2005.


STAR CRUISES: Genting Buys 25% Stake for US$255M in S'pore Proj.
---------------------------------------------------------------
Genting International said it would buy Star Cruises' 25% stake in their
joint Singapore casino project for US$255 million, Business Times relates,
citing a report from Reuters.

According to the report, the acquisition will give Genting the full control
of the US$3.4 billion Singapore casino.

As reported in the Troubled Company Reporter - Asia Pacific on March 7,
2007, Star Cruises and Genting were in talks for the sale of Star Cruises'
25% stake in the SGD5.2-billion
Resorts World at Sentosa project to Genting.

The stake acquisition would be financed through internal resources and
external borrowings, Reuters cites Genting, as saying.

                          *     *     *

Star Cruises Limited -- http://www.starcruises.com/-- is a Company publicly
listed in Hong Kong and is a core member of the Genting Group and 36.1%
owned by Resorts World, which is, in turn, 57.7% owned by Genting Berhad.
Star Cruises operates 22 ships with 35,000 lower berths under five main
brands:  Star Cruises and Cruise Ferries, which service Asia Pacific, and
three brands under NCL.  The company also has operations in Malaysia.

Moody's Investors Service has placed the B1 corporate family rating of Star
Cruises Limited on review for possible downgrade on Jan. 25, 2007.

The review has been prompted by SCL's announcement that it and Genting
International Plc, a subsidiary of Genting Berhad, will acquire a 75%
interest in Macau Land Investment Corporation, which will develop a hotel
and casino project on the foreshore of downtown Macau.

In addition, on December 11, 2006, Standard & Poor's Ratings Services placed
its BB- long-term corporate credit ratings on Malaysia-based cruise operator
Star Cruises Ltd. on CreditWatch with negative implications.

S&P also placed its BB- long-term corporate credit ratings on U.S. based
cruise operator NCL Corp. Ltd. (NCL) and its B foreign currency ratings on
NCL's senior unsecured debt of US$250 million due 2014 on CreditWatch with
negative implications.


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

BLIS TECHNOLOGIES: To Work With Nestle on Probiotics Development
----------------------------------------------------------------
BLIS Technologies and Nestle Nutrition, a unit of Nestle SA, have agreed to
carry out research and development of BLIS probiotics for use in infant
nutrition products and targeting upper respiratory tract infections.

Upper respiratory tract infections are very common in infants and there are
no effective methods of preventing or reducing the risk of these infections.
Scientific evidence suggests that the BLIS Technologies' probiotics --
beneficial bacteria which occur naturally in the upper respiratory tract and
which have "built-in" defences against pathogenic or disease causing
bacteria -- can boost infants' immune systems and may prevent upper
respiratory tract infections. Nestle Nutrition and BLIS Technologies will
work exclusively together to incorporate these probiotics into infant
nutrition products and provide clinical evidence of their effectiveness

Under the terms of the agreement, Nestle Nutrition will fund BLIS
Technologies' research efforts in this area through a series of milestone
and R&D expense payments.  BLIS Technologies will be responsible for
development of probiotics suitable for incorporation into infant nutrition
products and supplying the probiotics for clinical trial purposes.  Nestle
Nutrition will be responsible for clinical studies.  Nestle Nutrition will
commercialize the probiotics under license as part of its range of infant
nutrition products.

For BLIS Technologies, this agreement is a major step.  If the project
proceeds according to plan, the company will commit significant resources to
the development over the next three years. This will enable the company to
build a platform of probiotics with significant market opportunities.

                     About Nestle Nutrition

Nestle Nutrition is an autonomous unit within Nestle managing and developing
the group's specialized nutrition business.  Nestle Nutrition will enhance
the quality of people's lives through products and services that deliver
recognized benefits to consumers with specific nutritional needs.  Its
portfolio -- covering infant nutrition, healthcare nutrition, performance
nutrition and weight management -- includes such trusted and well-recognised
brands as: NAN, LACTOGEN, NESLAC, NUTREN, PEPTAMEN, POWERBAR, MUSASHI and
JENNY CRAIG.

                          *     *     *

Headquartered in Dunedin, New Zealand, BLIS Technologies Limited --
http://www.blis.co.nz/-- is engaged in developing healthcare products based
on strains of bacteria that produce bacteriocin-
like inhibitory substances.  BLIS substances act as natural antibiotics and
control the growth of bacterial infections.

                     Fundamental Uncertainty

Deloitte, the company's auditor, raised an uncertainty on the company's
ability to continue as a going concern.

BLIS Technologies Limited recorded a net deficit of NZ$1,107,851 for the
year ended March 31, 2006 (2005: 1,336,319) and has cash and short-term
deposits of NZ$201,850 on hand at March 31, 2006.  The company has raised
additional capital of NZ$200,000 by way of a private placement of 2 million
ordinary shares at NZ$0.10 per share.  The company has prepared a business
plan and budget, which indicate that available cash reserves combined with
cash generated as a result of the private placement, are sufficient for a
period of at least 12 months from the date these financial statements were
approved by the Board of Directors.

While the directors are confident in the Company's ability to continue as a
going concern, there is significant uncertainty as to whether the company
will be able to achieve a positive
operating cash flow position within the timeframe set out in the Board of
Directors' plans prior to utilization of available cash resources, and
continue as a going concern and therefore,
whether they will be able to pay their debts as and when they become due and
payable.

In addition, the company may have to provide further liabilities that might
arise, and to reclassify non-current assets and liabilities as current
assets and liabilities.


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

CHIQUITA BRANDS: Says 2001 Arms Shipments Reports Inaccurate
------------------------------------------------------------
Chiquita Brands International Corporate Communications Director
Michael Mitchell told Fresh Plaza that reports about arms
deliveries in 2001 that implicated the firm and its workers were
inaccurate.

Chiquita Brands explained to Fresh Plaza that the 2001 incident was fully
investigated by the Colombian government and international authorities,
including the Organization of
American States, but no wrongdoing by Chiquita Brands or any of its workers
was found.  An employee of Chiquita's local unit, Banadex, was held for a
short time.  However, after the Office of the Attorney General of Colombia's
investigation, he was released.  The Colombian government indicted four
Colombian customs officers as a result of its investigation.

Soon after learning of the incident, Chiquita Brands and Banadex
voluntarily decided to stop accepting cargo from third-party
ships at the Colombian facility, not waiting for any legal
authority's order.  Until Banadex was sold, the company accepted
import cargo only from ships owned or operated by Chiquita
Brands, the latter told Fresh Plaza.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc. Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


PHILIPPINE LONG DISTANCE: Board Declares Cash Dividends
-------------------------------------------------------
Philippine Long Distance Telephone Co.'s board of directors has declared
cash dividends out of the unrestricted retained earnings of the company as
of Dec. 31, 2006:

   1. PHP50.00 per outstanding share of the company's common
      capital stock, payable on April 20, 2007;

   2. PHP4.675 per outstanding share of the company's Series V
      convertible preferred stock, for the quarter ending April
      15, 2007, payable on April 15, 2007; and

   3. US$.09925 per outstanding share of the company's series VI
      convertible preferred stock, for the quarter ending April
      15, 2007, payable on April 15, 2007.

PLDT sets March 20, 2007, as the record date for the purpose of the dividend
declaration.

As reported in the Troubled Company Reporter - Asia Pacific on March 8,
PLDT's net income attributable to equity holders increased by PHP1.00
billion, or 3%, to PHP35.12 billion in 2006 from PHP34.11 billion in 2005.
Total net income (attributable to both equity holders and minority interest)
increased from PHP34.48 billion in 2005 to PHP35.32 billion in 2006.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is a national
telecommunications service provider.  Through three principal
business groups -- wireless, fixed line, and information and
communications technology -- the company offers a wide range of
telecommunications services to over 22 million subscribers in
the Philippines across the nation's most extensive fiber optic
backbone and fixed line, cellular and satellite networks.

                          *     *     *

On Nov. 3, 2006, Moody's Investors Service affirmed PLDT's Ba2
senior unsecured foreign currency rating and changed its outlook
to stable from negative.   The Ba2/stable rating is above the
Philippines' foreign currency country ceiling of Ba3/stable,
Moody's notes.  According to the agency, the foreign currency
senior unsecured debt rating incorporates convertibility risk,
which is the likelihood of the government declaring a debt
moratorium to counter a foreign currency crisis.

Moody's views foreign currency bonds subject to international
law as less likely to be subject to a debt moratorium than
foreign currency obligations subject to local law.  Therefore, a
differential exists between PLDT's foreign currency bond rating
and the sovereign rating.

As such, PLDT's foreign currency bond rating is a function of
its own risk of default and the probability of a Philippine
government default on its foreign debt (implied by its B1
rating), the likelihood that the government would declare a
moratorium in the event of a default (implied by the Ba3 foreign
currency ceiling) and, if it did, the chances that it would
exempt a company such as PLDT.


STENIEL MANUFACTURING: Subsidiary Temporarily Ceases Operations
---------------------------------------------------------------
Steniel Manufacturing Corp.'s subsidiary, Steniel Cavite Packaging Corp.
will be temporarily stopping its business operations, a filing with the
Philippine Stock Exchange reveals.

According to the filing, the subsidiary's board of directors resolved to
authorize the temporary cessation at a meeting on March 27.

The filing did not disclose the reason for the cessation of operations.

Cavite, Philippines-based Steniel Manufacturing Corporation --
http://www.steniel.com/-- was incorporated in 1963 primarily to
engage in manufacturing, processing, and selling all kinds of
paper products, paper board and corrugated carton containers,
and all other allied products and processes.  The Company and
its subsidiaries have established a strong foothold in the
packaging industry by offering a broad line of packaging
products from corrugated carton boxes to paper, plastic
containers, and flexible packaging.  STN stands as the single
largest independent manufacturer of corrugated fibreboard
containers in the Philippines.  About 99% of its revenues come
from the corrugated packaging business while the remaining 1% is
from rigid plastics.

On October 30, 2000, Metro Pacific Corporation and Philippine
International Paper Corporation entered into a Sale and Purchase
Agreement with Steniel (Netherlands) Holdings B.V. whereby all
the 636,193,025 common shares collectively owned by MPC and PIPC
representing approximately 72.6% of the issued and outstanding
capital stock of the company were sold to Steniel (Netherlands)
in accordance with the terms and conditions provided for in the
SPA.

                          *     *     *

The company failed to meet its quarterly principal amortizations
and interest payments since March 2004.  On May 24, 2006, the
creditor banks declared the company in default.  The company is
currently negotiating with the lender banks for the rescheduling
of its long-term debts.


TOWER RECORDS: Files Disclosure Statement in Delaware
-----------------------------------------------------
MTS Inc. dba Tower Records and its debtor-affiliates filed with
the United States Bankruptcy Court for the District of Delaware a disclosure
statement describing their Chapter 11 Plan of
Liquidation, Bill Rochelle of Bloomberg News reports.

According to Mr. Rochelle, the disclosure statement said unsecured claims of
trade suppliers will total US$73.5 million, in addition to other unsecured
claims expected to range from US$95 million to US$115 million.

The Debtors estimated that assets available for distribution to trade
suppliers and other unsecured creditors will range from US$3 million to
US$26 million, Mr. Rochelle relates.

The Court is set to consider the adequacy of the disclosure statement on May
3.

                            Asset Sale

The Debtors auctioned their intellectual property assets this month.

The IP Assets -- which include the Debtors' website business,
including Tower.com, trademarks, and international licenses --
were part of the Debtors' Court-approved auction in October 2006, but were
never sold due to the inability of the Debtors to close sale transactions.

On Sept. 6, 2006, the Debtors obtained Court approval for the sale of
substantially all of their assets.  The Debtors' assets were auctioned in
October 2006 in accordance with a consortium of bids made by multiple
parties.

Included in the consortium of bids was the successful bid of
Norton LLC for, among other things, the Debtors' Web site business.

According to the Debtors, the sale of the Web site business did not push
through because of some business, technical and operational issues that
became apparent in the course of the negotiations.

The Debtors' inventory and fixed assets were sold to Great
American Group for US$104 million.

                          CIT Obligation

At the commencement of their chapter 11 cases, the Debtors' capital
structure included approximately US$80 million in first priority secured
debt owed to CIT Group/Business Credit Inc. as well as more than US$70
million of second priority secured debt asserted by secured trade vendors.
In addition, the Debtors estimate that they face at least another US$50
million in unsecured claims.

Proceeds from the October Auction Sale were used to pay in full the first
priority secured debt the Debtors owe CIT.

                        About Tower Records

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

                          *     *     *

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

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


* Philippine Gov't. Reports PHP64.8-Bln. Fiscal Deficit for 2006
----------------------------------------------------------------
The final actual fiscal deficit of the National Government for full year
2006 stood at PHP64.8 billion.  This is an over performance of PHP60.1
billion compared with the programmed ceiling of PHP124.9 billion.  This was
PHP82.0 billion below the PHP146.8 billion deficit for the same period last
year.  It is equivalent to 1.08% of the Gross Domestic Product.

For the full year of 2006, total revenues remained at almost the same level
as previously reported.  The Bureau of Internal Revenue and Bureau of
Customs collections increased to PHP652.7 billion and PHP198.2 billion,
respectively on account of additional revenues that came in later.
Likewise, the Bureau of Treasury income increased to PHP74.4 billion.

National Government expenditures increased to PHP1,044.4 billion for the
year or PHP54.6 billion below than program on account of the disbursements
of the peso counterpart funding of project loans.

Expenditures grew by 8% over the same period last year.

                            Primary Balance

Netting out the interest payments in the expenditures, the National
Government recorded a primary surplus amounted to PHP245.3 billion for the
year or 60.3% higher than the amount recorded last year and 30.2 billion
better than program.  It is equivalent to 4.09% of GDP.

                          *     *     *

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

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

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

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


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

LEAR CORP: Pzena Presents Objections to Lear-AREP Merger Deal
-------------------------------------------------------------
Pzena Investment Management LLC, a major shareholder in Lear Corp., has made
public a letter sent to shareholder advisory firms outlining the investment
firm's objections to Lear's deal to be acquired by American Real Estate
Partners L.P., Terry Kosdrosky of The Wall Street Journal reports.

As reported in the Troubled Company Reporter on Feb. 12, 2007,
Lear and AREP, an affiliate of Carl C. Icahn, entered into an agreement for
Lear to be acquired by AREP, in a transaction valued at approximately US$5.3
billion, including the assumption of debt.  Under the terms of the
agreement, Lear shareholders would receive US$36.00 per share in cash.
Closing is expected to occur by the end of the second quarter of 2007.

Under the terms of the agreement, Lear may solicit alternative proposals
from third parties for a period of 45 days from the execution of the
agreement and intends to consider any such proposals with the assistance of
its independent advisors.  In addition, Lear may, at any time, subject to
the terms of the merger agreement, respond to unsolicited proposals.  If
Lear accepts a superior proposal, a break-up fee would be payable to
AREP.

According to WSJ, no other offer for the company has been disclosed during
the 45-day solicitation period for alternative proposals.

                        Pzena's Objection

Pzena said in a letter filed with the Securities & Exchange Commission and
cited by WSJ that the US$36 per share offering price by AREP "is far below
the fair value of the company," compared to the investment firm's previous
approximation that the company is worth between US$55 and US$60 a share.

WSJ relates that the firm, which owns about a 10% stake in Lear, is urging
shareholders to vote against the Icahn proposal.

The Journal says that Pzena further objected by stating that that the deal,
as structured, not only undervalues Lear's future earnings potential but
includes management conflicts and discourages other offers with high breakup
fees.

The letter, WSJ notes, points out that Lear's top executives get guaranteed
contracts and bonuses, stock options immediately vest and a portion of
retirement benefits are paid early.

                Rating Agencies Warn Lower Ratings

Following Lear's announcement of its merger deal with AREP, Standard &
Poor's Ratings Services lowered its corporate credit rating on the company
to 'B' from 'B+' and placed its ratings on CreditWatch with negative
implications.

"The downgrade reflects our expectation that the transaction will result in
an increase in debt at Lear," said Standard & Poor's credit analyst Robert
Schulz.

Additionally, Moody's Investors Service placed Lear's corporate family
rating at B2, under review for possible downgrade.  The company's
speculative grade liquidity rating of SGL-2 was affirmed.

Further, Fitch Ratings placed Lear's 'B' Issuer Default Rating and 'B/RR4'
Senior Unsecured Debt Rating on rating watch negative.

                         Class Action Suit

Lear is facing six purported class actions filed by certain shareholders
seeking to block the merger deal.

Three of the lawsuits were filed in the Delaware Court of
Chancery and have since been consolidated into a single action.
Another three were filed in Michigan Circuit Court.

The class action complaints, which are substantially similar, generally
allege that the Agreement and Plan of Merger unfairly limits the process of
selling Lear and that certain members of the company's board of directors
have breached their fiduciary duties in connection with the Merger Agreement
and have acted with conflicts of interest in approving the Merger Agreement.

The lawsuits seek to enjoin the merger, to invalidate the Merger
Agreement and to enjoin the operation of certain provisions of the Merger
Agreement, a declaration that certain members of the company's Board of
Directors breached their fiduciary duties in approving the Merger Agreement
and an award of unspecified damages or rescission in the event that the
proposed merger with
AREP is completed.

                           2006 Results

Lear's net loss for the year ended Dec. 31, 2006, decreased to US$707.5
million from US$1,381.5 million in the year ended
Dec. 31, 2005, reflecting loss on divestiture of the company's interior
business of US$636 million in 2006 and goodwill impairment charges of US$1.0
billion in 2005.

Net sales for the year ended Dec. 31, 2006, increased by 4.4%, or US$750
million, to US$17,838.9 million from US$17,089.2 million in 2005.  New
business favorably impacted net sales by US$1.9 billion.  The increase was
partially offset by the impact of unfavorable vehicle platform mix and lower
industry production volumes primarily in North America, which reduced net
sales by US$1.2 billion.

The company's balance sheet at Dec. 31, 2006, showed total assets of
US$7,850.5 million, total liabilities of US$7,248.5 million, and total
stockholders' equity of US$602.0 million.  Lear's total stockholders' equity
at Dec. 31, 2005, was US$1,111.0 million.

                        About Lear Corp.

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

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

                          *     *     *

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

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


PACIFIC CENTURY: Fortis to Acquire Majority Stake in PCI
--------------------------------------------------------
Fortis N.V. and Pacific Century Regional Developments have entered into an
agreement whereby Fortis will acquire a controlling interest of over 50% in
Pacific Century Insurance Holdings Limited for a total cash consideration of
HK$3.5 billion (EUR41 million), or HK$8.18 per share.

Based on PCI's reported 2006 results, the purchase price implies a valuation
of approximately 1.38 times embedded value.  It also represents a 58.2%
premium to PCI's last closing price of
HK$5.17 per share as of 23 February 2007, or 59.1% premium to the average of
PCI's closing prices over the last ten full trading days prior to this
announcement.

The controlling stake is being acquired from PCRD and from certain other
shareholders of PCI including Francis Yuen, the Executive Chairman.  PCRD
directors have recommended the transaction and PCRD's majority shareholders
have given unconditional undertakings to sell.

Fortis will make an unconditional mandatory general offer at the same price
upon the completion of the acquisition which is subject to regulatory
approvals and other closing conditions.

Mr. Peer van Harten, CEO Fortis Insurance comments: "This acquisition fits
perfectly with our strategy to develop selectively in Asia.  We are excited
to build upon the PCI's
successful track record driven by its highly talented and motivated sales
force.  It offers a unique opportunity for Fortis to establish a solid
platform in Hong Kong, and Fortis will leverage its product and distribution
skills to further grow the business.  Hong Kong, the second highest growth
market in Asia, enjoyed significant growth over recent years with new
business sales increasing at an annual average rate of 30%. Fortis has been
operating in Asia for over a century and has built its reputation through
the years as a trustworthy and innovative financial institution, dedicated
to its customers and committed to the development of the region."

Mr. Francis Yuen, PCI's Executive Chairman adds: "This transaction will
bring PCI together with one of the world's leading financial institutions
whose range of products, services and resources will enable PCI to continue
its growth path.  Our colleagues and over 2,000 agents have every reason to
be excited about joining hands with such a quality international partner.
This is a fair price for a business I am proud to have spent so many years
building, alongside such a high quality team."

Mr. Dennis Ziengs, CEO Fortis Insurance International Asia continues: "This
transaction meets Fortis's financial criteria for acquisitions in terms of
accretion to earnings per share
and cash return on investment.  Fortis has developed a solid insurance
presence in the region, through our partnerships in China, Malaysia,
Thailand, and more recently India, which will be ideally complemented by
Hong Kong.  We see PCI as a strong base to build upon the Fortis model which
focuses on product development, risk management and distribution management.
The Company's local talent pool will be key to our future Asian expansion
and regional management. We look forward to welcoming PCI's staff and agents
to the Fortis family."

                           About Fortis

Fortis is an international financial services provider active in banking and
insurance, and is ranked among Europe's top 20 financial institutions, with
a market capitalisation of EUR42.4 billion as at March 28, 2007.  Fortis has
offices in 50 countries and has a dedicated workforce of 60,000.  As of 1
March 2007, Fortis has ratings of AA- by Fitch, A+ by Standard & Poor's and
Aa3 by Moody's.  Fortis has been in Asia for over 105 years and has
successfully combined its banking and insurance expertise in key growth
markets. Its regional headquarters are based in Hong Kong; other offices
include Bangkok, Beijing, Guangzhou, Hanoi, Ho Chi Minh City, Jakarta, Kuala
Lumpur, Manila, Mumbai, Seoul, Shanghai, Singapore, Sydney, Taipei and
Tokyo.

Fortis Insurance International is a wholly owned subsidiary of Fortis.  FII
is a provider of insurance services to personal, business and institutional
customers outside Fortis's home markets of the Netherlands and Belgium.  FII
has successfully established insurance joint ventures in Spain, Portugal,
China, Malaysia and Thailand and is in the regulatory approval process for a
life insurance joint venture in India.  FII delivers a total package of
financial products and services through its own high-performance channels
and via intermediaries and other partners.

                       About PCRD and PCI

Pacific Century Regional Developments Limited is a Singapore based company
with operations in Hong Kong, China, Vietnam and
India.  The group's principal activities include the provision of
international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication equipment,
provision of life insurance services, investment in and development of
infrastructure and properties, investment in and development of
technology-related businesses, Internet and interactive multimedia services,
provision of computer, engineering and other technical services, and hotel
operations.

PRCRD acquired its insurance business in 1994 and the company was listed on
the Stock Exchange of Hong Kong in 1999. Subsidiaries of PCI are primarily
engaged in individual and group life insurance and asset management.  PCI
has over 280 employees and over 2,000 tied agents, the fifth largest agency
sales force in Hong Kong.  It is a top ten player in terms of total life
insurance premium.  PCI reported 59% growth in its new business volume to
generate a total premium of HK$2.0 billion and a net profit of HK$322
million for 2006. Embedded value increased 25% to HK$5,076 million as of
yearend 2006.

                          *     *     *

Pacific Century Regional Developments Limited has remained insolvent for the
two consecutive years from April 2005 up to the present.

According to a TCR-AP report on March 23, 2007, the company has a US$107.11
million shareholder's deficit on total assets of US$1.38 billion.


PETROLEO BRASILEIRO: Conducting Study on Ethanol Production
-----------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA is carrying out a
feasibility study with Mitsui & Co. to jointly produce ethanol in Brazil,
the latter's official told the Associated Press.

The Mitsui official commented to AP, "We are still carrying out a
feasibility study on plans to produce bioethanol in Brazil."

Mitsui wants to complete the study as early as possible, AP says, citing the
official.

According to AP, Petroleo Brasileiro already confirmed that it was
negotiating a partnership with Mitsui to produce ethanol,.

Paulo Roberto Costa, an executive in charge of supply at Petroleo
Brasileiro, told News daily Nikkei that the firm will sign a 15- to 20-year
long-term supply contract for export to Japan.  The production plant to be
constructed at a "highly profitable" site will be chosen among 40 candidate
sites, including those in Sao Paulo and Minas Gerais.

Brazilian local companies will also invest in the project, with a combined
stake by Mitsui and Petroleo Brasileiro expected to be around 20%, Nikkei
states.

                   About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Output Rises 1.3% in February
--------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a statement
that its domestic and international production increased 1.3% to 1.94
million barrels per day in February 2007, compared to January 2007.

Business News Americas relates that domestic output rose 1.1% to 1.80
million barrels per day in February, compared to January.  Meanwhile,
international production in eight countries increased 2.7% to 131,306
barrels per day.

According to BNamericas, Petroleo Brasileiro's international production came
from operations in:

          -- Angola,
          -- Argentina,
          -- Bolivia,
          -- Colombia,
          -- Ecuador,
          -- Peru,
          -- US, and
          -- Venezuela.

Most of the production came from Argentina, which was at 57,193 barrels per
day, BNamericas notes.

Petroleo Brasileiro said in a statement that domestic, and offshore/onshore
output was 1.56 million barrels per day and 231,900 barrels per day
respectively.

BNamericas underscores that Petroleo Brasileiro said that the increase in
production was due to:

          -- resumed production at the P-37 platform in the
             Marlim field, after a planned shutdown in January;

          -- the start of production at the Cottonwood field in
             the US; and

          -- the improved performance in Ecuador.

                    About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: To Probe Alleged Iparinga Stock Trading
------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras has formed an Internal Commission to
investigate the facts divulged by the Securities and Exchange Commission, on
March 23, regarding alleged "Ipiranga Group stock trading with evidence of
privileged information provided by an employee holding a managerial position
at one of the companies that purchased the Ipiranga Group" before the
acquisition operation Petrobras, the Ultra Group, and Braskem carried out
was announced.

As reported in the Troubled Company Reporter - Asia Pacific on March 22,
2007, the parties have reached an understanding to purchase Ipiranga Group
businesses, consolidating and increasing petrochemical and fuel distribution
sector businesses.

The transaction is approximately US$4 billion.

                    About Petroleo Brasileiro

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

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

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

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

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

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


SCOTTISH RE: Preferred Shareholders to Get US$0.4531 Dividend
-------------------------------------------------------------
The Board of Directors of Scottish Re Group Ltd. declared a cash dividend of
US$0.4531 per Perpetual Preferred Share outstanding to be paid on April 16,
2007, to Perpetual Preferred Share shareholders of record as of the close of
business on March 30, 2007.

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

                          *     *     *

Troubled Company Reporter - Asia Pacific reported on March 7,
2007, that Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (B/Watch Dev/--) and affiliated operating companies
remain on CreditWatch with developing implications following the
announcement by the company that the shareholders have approved the
transaction by which MassMutual Capital Partners LLC and affiliates of
Cerberus
Capital Management L.P. would provide an equity infusion of
US$600 million in a transaction to close in the second quarter of 2007.

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

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

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

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


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

BANGKOK BANK: Plans THB1.75-Per-Share Dividend
----------------------------------------------
Bangkok Bank PCL plans to pay a final dividend of THB1.75 per share for
fiscal year 2006, Reuters Key Developments says.

Reuters adds that the dividend payment is scheduled on May 11, 2007, to be
paid to shareholders of record on April 27.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 16 that Bangkok Bank recorded a 3.4% rise in its quarterly net profit
to THB4.05 billion.

However, the TCR-AP also stated, Bangkok Bank reported a
bigger-than-expected 12% fall in net profit for the full year 2006, blaming
it on higher provisions that outweighed income from new loans.  The bank,
48% owned by foreign investors, posted a 2006 net profit of THB17.85
billion, down from THB20.3 billion a year earlier.

                      ASM Set for April 12

Bangkok Bank will hold its 14th Annual Ordinary Meeting of shareholders on
April 12, 2007, at its head office.

                       About Bangkok Bank

Headquartered in Bangkok -- http://www.bangkokbank.com/--  
Bangkok Bank is Thailand's largest bank, with total assets of
THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
reaffirmed this rating on September 20, following the military coup in
Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


BANGKOK BANK: Issues Up to THB150 Billion Bonds
-----------------------------------------------
Bangkok Bank PCL has announced the issuance of bonds in the amount not
exceeding THB150 billion, with a maximum term of 100 years, Reuters Key
Developments reports.

No other details were disclosed.

Headquartered in Bangkok -- http://www.bangkokbank.com/--  
Bangkok Bank is Thailand's largest bank, with total assets of
THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
reaffirmed this rating on September 20, following the military coup in
Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


BANGKOK BANK: Likely to Merge with ING Funds
--------------------------------------------
Bangkok Bank PCL, or one of its subsidiaries, is the most likely bet to buy
a 50% stake in ING Funds (Thailand), Nation Multimedia reports.

ING Funds is 49%-owned by the Netherlands-based ING Insurance International
BV, while Atlas Capital holds the remaining stake, the report says.

Nation Multimedia, citing ING Funds Managing Director Maris Tarab, says that
ING Group's top executives would be coming to Bangkok to discuss in detail
the deal, which is expected to be completed in April.

Ms. Maris said that the entrance of a new partner was expected to help ING
Funds increase its assets under management by an additional THB100 billion
from the current THB150 billion.  ING Funds' portfolio excluding property
funds for resolving financial institutions' problem loans is around
THB48.06 billion.

The report notes that sources in mutual-fund circles speculated earlier that
the new partner would be Bangkok Bank or its affiliate, Bualuang Securities.
Bualuang Securities President Yarnsak Manomaiphiboon, however, did not admit
or deny that his firm planned to acquire a stake in ING Funds, the report
discloses.

Mr. Yarnsak said that investment in a mutual-fund company was an option now
that the Securities and Exchange Commission allowed brokers to do this.  The
bank recently began an aggressive overseas investment plan by acquiring a
10% stake in Bumrungrad International Holding, a company set up to invest
mainly in overseas entities.

Bangkok Bank President Chartsiri Sophonpanich then said the holding in
Bumrungrad was to increase overseas investment opportunities.  It has just
received a license to operate as a local bank in China.

Nation Multimedia explains that according to Bank of Thailand regulations, a
bank cannot hold a stake in more than one asset-management company.  If a
bank wants to hold a stake in another asset-management firm exceeding 10% of
the mutual-fund firm's registered capital, the bank must seek approval from
the central bank on a case-by-case basis.

Headquartered in Bangkok -- http://www.bangkokbank.com/--  
Bangkok Bank is Thailand's largest bank, with total assets of
THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
reaffirmed this rating on September 20, following the military coup in
Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


BANK OF AYUDHYA: Board Approves Integration Plan with GE
--------------------------------------------------------
In a regulatory filing with the Stock Exchange of Thailand, Bank of Ayudhya
Public Company Limited discloses that its board of directors has approved
its Integration Plan with General Electric Company Group.

The GE Group is composed of:

   1. GE Capital International Holdings Corporation,
   2. GE Capital Auto Lease Plc.,
   3. Bangkok Capital Equity Company Limited,
   4. Total Services Solutions Plc., and
   5. GE Capital (Thailand) Limited.

The board has also approved the authority of the Chief Treasury Officer and
the First Executive Vice President of Financial Group to contact, negotiate,
revise, and amend contracts and documents in relation to the Integration
Plan, as well as to do any necessary or relevant acts in all respects,
including adjusting the expenses in connection with the Integration Plan
which are to be paid by the bank to the GE Group, except for transactions
with expenses adjustments of more than 10%

The board has further approved the bank's payment of
THB193.8 million to GE Group in connection with the Integration Plan.

                     The Integration Plan

GE Group has initiated a program called the Integration Plan, which aims to
improve the effectiveness of the management and operation of each area of
the bank.  The Plan is divided into projects in each main area, totaling 44
projects, in which GE Group has provided the manpower with the requisite
knowledge, skills, expertise, and experience and also brought modern
technology to bring about improvements and change in each function in order
to ensure that each function meets international standards and brings
maximum effectiveness to the bank.  This Plan is in accordance with the
agreement in the Subscription Agreement, which the bank and GE Group have
entered into.  The Plan is expected to be completed within about one year or
will end around December 2007.

The total value of the transaction is THB193.8 million.

GE Capital International Holdings Corporation currently holds 29.01% of the
bank.

The Troubled Company Reporter - Asia Pacific reported on Jan. 5, 2007, that
GE Capital International Holdings Corporation completed its acquisition of a
25.4% stake in Bank of Ayudhya for THB22.3 billion.  The lender disclosed
that the GE unit had completed the payment for 1.39 billion shares at THB16
each on January 3.

As reported by the TCR-AP on Nov. 15, 2006, Bank of Ayudhya will absorb the
assets and liabilities, including the deposits, home mortgages and equity
loans, of GE Thai unit, GE Money Retail Bank.

The report noted that Bank of Ayudhya's registered paid-up capital had
increased to THB47.9 billion and GE Money Bank had
transferred loans worth around THB2.06 billion to the bank.

                      About Bank of Ayudhya

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. --
http://www.krungsri.com/-- provides a full range of banking and financial
services.  The bank offers corporate and personal lending, retail and
wholesale banking; international trade financing asset management; and
investment banking services to customers through its branches.  It has
branches in Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007. that Moody's Investors Service upgraded Bank of Ayudhya
Public Co Ltd.'s bank financial strength rating to "D-" from "E+".

The TCR-AP reported that on Jan. 12, 2007, Fitch Ratings upgraded Bank of
Ayudhya's:

    * Foreign currency subordinated debt rating to BB+ from BB;
      and

    * Individual rating to C/D from D.


BANK OF AYUDHYA: Board OKs Deloitte as Independent Auditors
-----------------------------------------------------------
Bank of Ayudhya PCL's board of directors, on March 21, approved the
consideration for appointment of Permsak Jerajakwattana, Niti
Jungnitnirundr, or Suphamit Techamontrikul, of Deloitte Touche Tohmatsu
Jaiyos Audit Co., Ltd., as the bank's auditor for the fiscal year 2007.  The
Board also okayed the proposed auditors' fee of THB8,200,000.

In another corporate disclosure, the bank said that it has set its 95th
Annual General Meeting of Shareholders on April 11, 2007, at the
Multipurpose Conference Room, 9th Floor, Head Office Building, 1222 Rama III
Road, in Bang Phongphang, Yan Nawa, Bangkok.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. --
http://www.krungsri.com/-- provides a full range of banking and financial
services.  The bank offers corporate and personal lending, retail and
wholesale banking; international trade financing asset management; and
investment banking services to customers through its branches.  It has
branches in Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007. that Moody's Investors Service upgraded Bank of Ayudhya
Public Co Ltd.'s bank financial strength rating to "D-" from "E+".

The TCR-AP reported that on Jan. 12, 2007, Fitch Ratings upgraded Bank of
Ayudhya's:

    * Foreign currency subordinated debt rating to BB+ from BB;
      and

    * Individual rating to C/D from D.


BANK OF AYUDHYA: To Give Out THB0.20-Per-Share Dividend
-------------------------------------------------------
Bank of Ayudhya Public Company Limited plans to pay shareholders a
THB0.20-per-share dividend for fiscal year 2006, Reuters Key Developments
says.

Reuters adds that the dividend payment is scheduled on May 21, 2007, to be
paid to shareholders of record on April 20.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 19, 2007, that Bank of Ayudhya's consolidated net income for the year
ended Dec. 31, 2006, dropped to THB1.67 billion as compared with a net
income of THB6.02 billion for the year ended Dec. 31, 2005.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co. Ltd. --
http://www.krungsri.com/-- provides a full range of banking and financial
services.  The bank offers corporate and personal lending, retail and
wholesale banking; international trade financing asset management; and
investment banking services to customers through its branches.  It has
branches in Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Jan. 16, 2007. that Moody's Investors Service upgraded Bank of Ayudhya
Public Co Ltd.'s bank financial strength rating to "D-" from "E+".

The TCR-AP reported that on Jan. 12, 2007, Fitch Ratings upgraded Bank of
Ayudhya's:

    * Foreign currency subordinated debt rating to BB+ from BB;
      and

    * Individual rating to C/D from D.


DAIMLERCHRYSLER AG: General Motors Will Not Bid for Chrysler
------------------------------------------------------------
General Motors Corp. will not join in the first round of bidding for
DaimlerChrysler AG's Chrysler Group, Reuters reports, citing the New York
Times.

GM decided not to bid for Chrysler because the company had no need for extra
capacity, Reuters adds referring to the Times' unnamed sources.

Meanwhile, a report from Bear Stearns & Co. said GM's acquisition of
Chrysler would probably face difficulty in gaining approval from antitrust
authorities since it would give the combined company a high market share in
light trucks, the Wall Street Journal reports.

Bear Stearns' report said that the new entity could overcome antitrust
concerns in passenger cars but could face problems in pick up trucks,
sports-utility vehicles and minivans, WSJ notes.

According to WSJ, Bear Stearns, citing figures from Autodata Corp, said
pickup truck sales shares for:

   -- GM is 38.2%;
   -- Chrysler is 16.4%;
   -- Ford Motor Co. is 36.5%;
   -- Toyota Motor Corp. is 5.6%; and
   -- Nissan Motor Co. is 3.3%.

Bear Stearns also said it believes an acquisition of Chrysler "could do more
harm than good for GM's ongoing turnaround."  The report noted a combination
of GM and Chrysler would increase GM's exposure to the highly competitive
U.S. market, WSJ adds.

                       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.


POWER-P PCL: Sues SEC Over Financial Statement Amendment Order
--------------------------------------------------------------
Power-P Public Company Limited has filed a petition with the Central
Administrative Court seeking to revoke an order by the Securities and
Exchange Commission that the company amend its financial statement and
arrange a special audit, Nation Multimedia reports.

In a filing with the Stock Exchange of Thailand, the company explained that
its petition came after it tried in vain to appeal to the securities
watchdog to cancel its ruling.

Nation Multimedia notes that Power-P is the first listed company to file a
lawsuit against the SEC.

Nation Multimedia recounts that in 2006, the SEC instructed Power-P to amend
its financial statements for the accounting cycle ending December 31, 2004,
December 31, 2005, and for the quarter ending June 30, 2006, and ordered a
special audit by a public accountant to consider whether the revenues of all
items could be recognized as revenues by generally accepted accounting
principles.

The report adds that SEC said in a statement that its instructions were made
circumspectly under the Securities and Exchange Act and that it was normal
SEC practice to let listed companies disclose information completely and
correctly for the sake of investors' interests.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of construction
works, including commercial buildings and housing projects, as well as the
leasing business of land and equipment. Power-P has two subsidiaries,
J-Power Co., Ltd., which is engaged in the construction of factories, and
L.V.C. Development Co., Ltd., which provides construction, construction
management and installation of machinery.

The company is currently undergoing debt restructuring.  Moreover, the
company carries the Stock Exchange of Thailand's SP -- or suspension -- sign
for its failure to submit its
financial statements as of Dec. 31, 2006.


POWER-P PCL: Declares No Dividend Payment for 2006
--------------------------------------------------
Power-P PCL has decided not to pay any dividend for the fiscal year 2006,
Reuters Key Developments says.

The company has yet to release its full year 2006 financials.

Meanwhile, the company also announced in a regulatory disclosure that its
Annual General Meeting will be held on April 30, 2007, to discuss and
consider these matters:

   * the operating results for 2006;

   * the Financial Statement ended December 31, 2006;

   * the omission of dividend payment;

   * the appointment of directors to replace those who have
     completed their term; and

   * the appointment of an auditor and approval of an audit fee.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of construction
works, including commercial buildings and housing projects, as well as the
leasing business of land and equipment. Power-P has two subsidiaries,
J-Power Co., Ltd., which is engaged in the construction of factories, and
L.V.C. Development Co., Ltd., which provides construction, construction
management and installation of machinery.

The company is currently undergoing debt restructuring.  Moreover, the
company carries the Stock Exchange of Thailand's SP -- or suspension -- sign
for its failure to submit its
financial statements as of Dec. 31, 2006.


POWER-P PCL: Sells Land to A.C.K. Reatly for THB96.53 Million
-------------------------------------------------------------
The board of directors of Power-P Public Company Limited has approved the
sale of a piece of land in the company's Northpark Project to A.C.K. Realty
Co. Ltd. for THB96,525,000, the company said in a corporate disclosure with
the Stock Exchange of Thailand.

The board of directors also approved the resolution to utilize the money
from the disposition for operating capital of the company in accordance with
the approved business plan.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of construction
works, including commercial buildings and housing projects, as well as the
leasing business of land and equipment. Power-P has two subsidiaries,
J-Power Co., Ltd., which is engaged in the construction of factories, and
L.V.C. Development Co., Ltd., which provides construction, construction
management and installation of machinery.

The company is currently undergoing debt restructuring.  Moreover, the
company carries the Stock Exchange of Thailand's SP -- or suspension -- sign
for its failure to submit its
financial statements as of Dec. 31, 2006.


SAFARI WORLD: Insolvency Cues SET to Commence Delisting Process
---------------------------------------------------------------
Safari World Public Company Limited reported a 24.35% decrease in net loss
to THB359,529,970 for the year ending Dec. 31, 2006, from a net loss of
THB475,278,052 for the year ending Dec. 31, 2005.

For 2006, ticket sales went up by 61.44% year-on-year to THB546,659,030,
while food and beverage sales went up 57.91% to THB185,487,807.  Total
revenues for the year ending Dec. 31, 2006, went up 57.25% to
THB1,004,615,515.

Total expenses, however, also increased by 25.85% to THB1,167,901,275,
giving the company a net loss before interest expenses of THB163,285,760.

Safari World will not pay dividends for the fiscal year 2006.

The company's balance sheets as of December 31, 2006, showed total
liabilities of THB3,958,646,588, exceeding total assets of THB3,887,211,642
by THB71,434,946.

                       Significant Doubt

Atipong Atipongsakul, at ANS Audit Company Limited -- the company's
independent auditor -- raised significant doubt on the company's ability to
continue as a going concern, pointing out that:

   * the company and its subsidiary have incurred a continuous
     operating loss and have a net consolidated loss for the
     years ended December 31, 2006, and 2005, amounting to
     THB359.5 million and THB475.3 million, respectively, and;

   * the company and its subsidiaries' current liabilities
     substantially exceeded current assets as of December 31,
     2006.

In addition, the company has not complied with conditions indicated in its
debt restructuring agreement that caused the default, causing the creditor
to file a lawsuit against the company seeking payment of loan and bank
overdraft and the enforcement of the mortgage.  Presently, the company is in
the process of negotiating with another creditor to refinance its debt.

                SET Moves to Delist Securities

The SET has announced that Safari World is subject to possible delisting
since both NC (Non-Compliance) and SP (Suspension) signs have already been
posted to prohibit the trading of the company's securities since March 14,
2007.

Pursuant to delisting procedures, the SP sign will be posted for 30 days to
allow the company's management to come up with prudent decisions that would
benefit the company and its shareholders.

Moreover, the company is expected to inform the SET, on
April 12, 2007, whether it would:

   * propose a rehabilitation plan;
   * enter bankruptcy to rehabilitate its business; or
   * apply for voluntary delisting.

These, however, does not preclude any options the company might undertake to
improve its insolvent balance.  The company is also expected to fully
disclose the amount of time it needs to undertake its selected measure to
avoid de-listing.

After the dissemination of the company's decision, trading of its securities
will be allowed for a period of 30 days between April 17 and May 16, 2007,
before suspension of trading while it undergoes rehabilitation.  After
which, on May 17, the SET will again post an SP sign to prohibit trading of
securities until the time the company's problems are solved.

The SET requires that the company:

   * meet all requirements;

   * post a shareholders' equity that is above zero;

   * post a net profit from core business in three consecutive
     quarters or one year prior to the submission of the
     application;

   * come out successful in restructuring over 75% of its
     total debt; and

   * be able to demonstrate its strong financial position and
     performance on a continuous basis.

Bangkok-based Safari World Public Company Limited --
http://www.safariworld.com/-- is engaged in the entertainment business.
The company operates Safari World, which is comprised of an open zoo, a
marine park, a bird park and other theme parks.  It offers animal
performances and other recreational activities such as jungle cruises and
feeding shows.  The company is also involved in food and beverage services,
the sale of souvenirs and the provision of air-conditioned coach services.
Safari World has a subsidiary, Phuket FantaSea Company Limited, which is
engaged in the operation of Phuket FantaSea (a nighttime cultural theme
park).


SAFARI WORLD: Sets Annual General Meeting for April 26
------------------------------------------------------
Safari World Public Company Limited's board of directors has set the
company's Annual General Meeting of Shareholders for
April 26, 2007, at the Safari Restaurant.

At the AGM, shareholders will consider these matters:

   * the company's 2006 annual report;

   * the audited financial statements of the company for the
     year ended Dec. 31, 2006, as reviewed by the Audit
     Committee;

   * no appropriation of profit and no dividend payment for the
     year 2006;

   * the election of directors to replace those whose terms have
     expired: Paisal Techaratanachai, Methi Pamaranond and
     Somsak Mundang;

   * the directors' remuneration for the year 2007;

   * the appointment of auditors for the year 2007 and the
     fixing of their remuneration.  The audit committee and
     the board of directors propose the appointment of  Atipong
     Atipongsakul, or Prawit Viwanthananut at ANS Audit Co.,
     Ltd., as the auditors for the year 2007, and that their
     remuneration be fixed at THB800,000.

Bangkok-based Safari World Public Company Limited --
http://www.safariworld.com/-- is engaged in the entertainment business.
The company operates Safari World, which is comprised of an open zoo, a
marine park, a bird park and other theme parks.  It offers animal
performances and other recreational activities such as jungle cruises and
feeding shows.  The company is also involved in food and beverage services,
the sale of souvenirs and the provision of air-conditioned coach services.
Safari World has a subsidiary, Phuket FantaSea Company Limited, which is
engaged in the operation of Phuket FantaSea (a nighttime cultural theme
park).

The company's balance sheets as of December 31, 2006, showed total
liabilities of THB3,958,646,588, exceeding total assets of THB3,887,211,642
by THB71,434,946.


SIAM GENERAL: Equity Deficit Totals THB193.5MM; Faces Delisting
---------------------------------------------------------------
Siam General Factoring Public Company Limited reported a net loss of
THB574,857,292 for the year ended Dec. 31, 2006, against a THB37,371,043 net
income for the year ended Dec. 31, 2005.

For the year in review, the company recorded a 22.65% year-on-year increase
in total revenues to THB203,904,930, helped by:

   * a 654.60% increase in personal loans income to
     THB12,446,644;

   * a 267.93% increase in reversal of allowance for doubtful
     accounts to THB34,966,463; and

   * a 143.85% increase in loans income to THB59,841,063.

The company's total expenses, however, jumped 574.10% to THB778,762,222 for
the period in review from THB115,526,778 a year ago, due mainly to a
23,305.37% increase in bad debts and doubtful accounts to THB618,985,258
from THB2,644,629 a year ago.

As of December 31, 2006, the company's balance sheets showed total assets of
THB1,112,569,672 and total liabilities of THB1,306,068,243, resulting to a
total shareholders' equity deficit of THB193,498,571.

                   Securities to Be Delisted

The Stock Exchange of Thailand established procedures and guidelines in
dealing with listed companies whose operations or financial status called
for possible delisting by considering the latest audited company's financial
statement that shows
a shareholders' equity that is less than zero.

Thus, in consideration of Siam General's audited annual financial statements
for the period ending Dec. 31, 2006, the company faces possible delisting.

The company, however, has requested the SET for exclusion from being
announced as a possible delisted company due to the fact that it was in the
process of enabling debt repayment and it should be allowed to reverse
allowance for bad debt thereby restoring solvency.  The company asked the
SET to give it until May 15, 2007, to complete the process.

The SET has postponed the company's delisting announcement until after the
company's submission of its first quarter audited financial statements
ending March 31, 2007, or not later than May 15, 2007.

The SET has, instead, posted an "SP" -- suspension -- sign prohibiting
trading of the company's securities until the company is able to remedy its
insolvent balance sheet.

                      No Dividend Pay Out

On March 19, 2007, the company's board of directors announced that no
distribution of dividends for the year 2006 would be approved, since the
company has a retained deficit of
THB834.46 million.

                      About Siam General

Headquartered in Bangkok, Thailand, Siam General Factoring Public Company
Limited -- http://www.sgf.co.th/-- is engaged in the provision of financial
services in the forms of factoring, loans and leasing.  The company offers
domestic factoring, international factoring, leasing, inventory finance,
letter of guarantee, financial support, prefinance and letter of credit
services.  It also provides personal financial services.





                            *********

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
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Maryland, USA.  Andrei Sanchez, Rousel Elaine Tumanda, Valerie Udtuhan,
Francis James Chicano, Catherine Gutib, Tara Eliza Tecarro, Freya Natasha
Fernandez, and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

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