TCRAP_Public/070405.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, April 4, 2007, Vol. 10, No. 67

                            Headlines

A U S T R A L I A

ADELL PTY: Appoints Adam Lachlan Wright as Liquidator
ADVANCED MARKETING: Panel Retains Morris Nichols as Counsel
ADVANCED MARKETING: Panel Wants Freshfields as English Counsel
ARROW ENERGY: Unit Ties Up With Medco in Coal Bed Methane Study
AUSTRALIAN BOUTIQUE: To Declare Dividend on April 11

CARDNO LIMITED: Appoints General Peter Cosgrove as Director
CARDNO LTD: Discloses Share Price on Dividend Reinvestment Plan
FLEET PRODUCTS: Inability to Pay Debts Prompts Wind-Up
GEO GROUP: Repays US$200 Million of Senior Credit Facility
GEO GROUP: S&P Lifts Senior Unsecured Debt's Rating to B+ from B

GEOFFREY R CARR: Members Opt to Wind Up Firm
GETTY IMAGES: New Debt Cues S&P to Retain Developing Watch
LEISK JENKIN: Will Declare Interim Dividend on April 10
LIPPOS OILS: Creditors Resolve to Close Business
NORTH WEST: Creditors' Proofs of Debt Due on April 10

PIMBAWA ESTATES: Members Appoint Liquidator
PSIVIDA LIMITED: Explains Securities' Price and Volume Increase
SHACK INVESTMENTS: Members' Final Meeting Set for April 23


C H I N A   &   H O N G  K O N G

BENQ CORP: Gains TWD4.5 Billion on AU Optronics Shares Sale
BENQ CORP: To Stop Using BenQ-Siemens Brand by Third Quarter
CHINA UNITED: TRC Revises Rating to twR from twBB
DASIA PROPERTIES: Members' Final Meeting Set for April 30
EAST RIGHT: Members to Hold Final Meeting on May 3

GAINHOLD INTERNATIONAL: Members' Final Meeting Set for May 2
GREAT GAIN: Creditors' Proofs of Debt Due by May 2
HING WAH: Members' Final General Meeting Set for April 30
HONG KONG FOSHAN: Creditors' Proofs of Debt Due by May 2
HSBC BANK: Moody's Assigns Financial Strength Rating of D

IOTA NAVIGATION: Final General Meeting Set for May 3
KONSGREAT LIMITED: Creditors' Proofs of Debt Due by April 16
LINKDAY LIMITED: Final General Meeting Set for April 30
RABIA AND UNITED: Final General Meeting Set for April 30
SHANGHAI LIFESTYLE: Members Set to Meet on April 30

SUNDAY ENTERPRISES: Will Receive Proofs of Debt Until April 16


I N D I A

AES CORP: Names Mark Woodruff Executive Vice President
AGILENT TECHNOLOGIES: Earns US$150 Mil. in Quarter Ended Jan. 31
COMVERSE TECH: Extends Tender Offer Expiration Date to April 6
UCO BANK: To Declare Interim Dividend at INR1 per Share
UTI BANK: To Allot Unsecured Bonds Totaling INR250.9 Crores

UTI BANK: To Consider Financials for FY 2006-07 on April 17
TATA MOTORS: Reports Record Sales in March 2007
TATA POWER: Rahul Asthana Named as State Gov't. Director


I N D O N E S I A

ALCATEL-LUCENT: Launches IP Transformation Center in Singapore
AVNET INC: Unit Expands Distribution Agreement with SL Power
BANK NEGARA: Delays Issuing Sub-Debt Due to Divestment Issues
MARSH & MCLENNAN: Appoints Ms. Walton as VP of Public Relations
NUTRO PRODUCTS: S&P Places Ratings on Negative CreditWatch

PERTAMINA: Has Debts of IDR RP18.7 Trillion Plus US$558,300


J A P A N

AICHI BANK: Fitch Affirms Individual Rating at C
AOMORI BANK: Fitch Affirms Individual Rating at D
BANK OF NAGOYA: Fitch Affirms Individual Rating at C
HOKKOKU BANK: Fitch Affirms Individual Rating at C
LIVEDOOR: To Retain Name & Logo Despite Bad Image

MITSUBISHI MOTORS: To Post Special Profit of JPY6.8 Billion
MITSUBISHI MOTORS: Discloses New Executive Lineup
MITSUBISHI MOTORS: Expands OEM Contract With Nissan
SHIGA BANK: Fitch Affirms Individual Rating at C


K O R E A

AMKOR TECHNOLOGY: Good Performance Cues S&P to Lift Ratings
ARROW ELECTRONICS: Asian Unit to Acquire Adilam Pty. Ltd.
DURA AUTOMOTIVE: RSM Richter Hands 3rd Report to Ontario Court
DURA AUTOMOTIVE: Can't File 2006 Annual Report On Time
HYNIX SEMICONDUCTOR: Local Investors May Maintain Control

HYNIX SEMICONDUCTOR: Amends Plan to Get Nod for Icheon Plant
TI AUTOMOTIVE: Weak Credit Measures Spur S&P to Cut Rating to B-
UAL CORP: Reports Fourth Quarter and Full Year 2006 Results


M A L A Y S I A

EKRAN BERHAD: Owes Four Lenders MYR62 Million
FEDERAL FURNITURE: Securities Commission Extends Restructuring
HALIFAX CAPITAL: Looking for New Restructuring Plan Adviser
PROTON HOLDINGS: Recapitalizes Lotus; Waives Debts of GBP16.5MM


P H I L I P P I N E S

* PGMA: Lower Foreign Debt Means Higher RP Investor Confidence


S I N G A P O R E

CREATIVE TECHNOLOGY: Sees US$20MM Operating Loss in 3Q FY 2007
E-FORCE TECH: Court to Hear Wind-Up Petition on April 13
FIRST GREEN: Court to Hear Wind-Up Petition on April 13
ISIS HAIR: Court Orders Wind Up of Operations
REFCO INC: Administrators Want to Settle Intercompany Claims

REFCO: Administrators Want Claims Objection Deadline Extended
SEA CONTAINERS: Unit Defaults Under US$151-Million Bonds
SEA CONTAINERS: Wants Court Okay on PwC as UK Labor Counsel


T H A I L A N D

FEDERAL-MOGUL: Inks Stipulation with Watershed to Allow Claims
PHELPS DODGE: Freeport-Mcmoran Completes Sale to Finance Buy
PHELPS DODGE: Moody's Lifts Rating on US$566.7 Mil. Notes to Ba2

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ADELL PTY: Appoints Adam Lachlan Wright as Liquidator
-----------------------------------------------------
Adam Lachlan Wright was appointed as the liquidator of Adell Pty
Ltd on March 2, 2007.

The company commenced a wind-up of its operations on that same
day.

Mr. Wright can be reached at:

         Adam Lachlan Wright
         c/o Shearer & Elliss
         5 King William Road
         Unley, South Australia 5061
         Australia

                         About Adell Pty

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


ADVANCED MARKETING: Panel Retains Morris Nichols as Counsel
-----------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
gave the Official Committee of Unsecured Creditors in Advanced
Marketing and its debtor-affiliates' bankruptcy cases authority
to retain Morris, Nichols, Arsht & Tunnell LLP, as its local
counsel, nunc pro tunc to Jan. 31, 2007.

The Creditors Committee selected Morris Nichols because of
the firm's extensive experience, knowledge, and resources in the
fields of, inter alia, debtors' and creditors' rights and
business reorganizations under Chapter 11 of the Bankruptcy
Code, William Sinnott of Random House, the Committee
Chairperson, related.

Morris Nichols has the advantage in expertise, experience and
knowledge practicing before the Court, as well as its proximity
to the Court, and its ability to respond quickly to emergency
hearings and other emergency matters in the Court, Mr. Sinnott
said.  The Creditors Committee further believes that Morris
Nichols' attorneys are well qualified and able to represent it
in the Debtors' Chapter 11 cases.

As the Creditors Committee's local counsel, Morris Nichols is
expected to:

    (a) advise the Committee with respect to its rights, duties
        and powers in the Debtors' bankruptcy cases;

    (b) assist and advise the Committee in its consultations
        with the Debtors relative to the administration of the
        bankruptcy cases;

    (c) assist the Committee in analyzing the claims of the
        Debtors' creditors in negotiating with the creditors;

    (d) assist with the Committee's investigation of the acts,
        conduct, assets liabilities and financial condition of
        the Debtors and of the Debtors' business operation;

    (e) assist the Committee in its analysis of, and
        negotiations with, the Debtors or their creditors
        concerning matters related to, among other things, the
        terms of a plan or plans of reorganization for the
        Debtors;

    (f) assist and advise the Committee with respect to its
        communications with the general creditor body regarding
        significant matters in the Debtors' bankruptcy cases;

    (g) assist and counsel the Committee in respect to its
        organization; the conduct of its business and meetings;
        the dissemination of information to its constituency;
        and other matters as are reasonably deemed necessary to
        facilitate the administrative activities of the
        Committee;

    (h) attend the meetings of the Committee;

    (i) represent the Committee at all hearings and other
        proceedings;

    (j) review and analyze all applications, orders, statements
        of operations and schedules filed with the Court, and
        advise the Committee as to their propriety;

    (k) assist the Committee in preparing pleadings and
        applications as may be necessary in furtherance of the
        Committee's interests and objectives; and

    (l) perform other legal services as may be required and are
        deemed to be in the interests of the Committee in
        accordance with the Committee's powers and duties as set
        forth in the Bankruptcy Code.

Morris Nichols' compensation for professional services rendered
to the Creditors Committee will be based on the hours actually
expended by each assigned professional at each professional's
hourly billing rate.

Morris Nichols' current hourly rates are:

        Professional                      Hourly Rate
        ------------                      -----------
        Partners                        US$425 - US$650
        Associates                      US$220 - US$400
        Paraprofessionals                   US$175
        Case Clerks                         US$100

Morris Nichols has discussed with Lowenstein Sandler PC,
regarding the division of their responsibilities so as to
minimize duplication of services on behalf of the Creditors
Committee, Mr. Sinnott told the Court.

Eric D. Schwartz, Esq., a member of the firm, assured the Court
that none of Morris Nichols' partners, counsel or associates
hold or represent any interest adverse to the Debtors' estates
or their creditors, and that Morris Nichols is a "disinterested
person," as defined in Section 101(14) of the Bankruptcy Code.

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized
merchandising, wholesaling, distribution, and publishing
services 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).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ADVANCED MARKETING: Panel Wants Freshfields as English Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Advanced
Marketing Services Inc. and its debtor-affiliates' Chapter 11
cases seeks permission from the United States Bankruptcy Court
for the District of Delaware to retain Freshfields Bruckhaus
Deringer as its special counsel, nunc pro tunc to March 7, 2007.

Freshfields will provide legal services relating to the laws of
England in connection with the proposed structure of certain
sales of assets of Advanced Marketing Services Inc. and its
subsidiaries, William C. Sinnott of Random House Inc., the
Committee chairperson, says.

Mr. Sinnott relates that the need for Freshfields' services
first arose on March 7, 2007, shortly after the prospective
purchaser, Baker & Taylor Inc., made a revised proposal which
involves, in part, AMS purchasing the stock of two non-debtor
English indirect subsidiaries from Advanced Marketing (Europe)
Ltd., a wholly owned non-debtor subsidiary of AMS.  As a result
of the revised structure, the Creditors Committee found it
prudent to retain counsel in England to review the revised
structure and advise whether it was likely to result in any
material adverse implications and consequences to the Debtors'
estates.  Similar advice may also be required by the Committee
regarding the potential sales of assets of other AMS
subsidiaries in England.

As soon as the need to retain counsel in England became
apparent, the Creditors Committee's primary counsel, Lowenstein
Sandler P.C., began efforts to engage English counsel who could
provide the required services on an extremely expedited basis.
Mr. Sinnott explains that the need to retain the services of
English counsel on an expedited basis was necessary because the
hearing on the proposed sale to B&T was scheduled March 9, 2007.

The Creditors Committee selected Freshfields because of its
reputation, experience, and knowledge with respect to the
matters for which it is to be engaged, and because of its unique
ability to mobilize a team of attorneys on an expedited basis to
perform the services.

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

The firm's hourly rates are:

        Professional                          Hourly Rate
        ------------                          -----------
        Partner
          Nick Segal, Esq. (Finance)           US$1,225
          Robert Kent, Esq. (Tax)              US$1,315

        Senior Associate
          Adam Gallagher, Esq. (Finance)         US$930

        Associates
          Ian Wallace, Esq. (Finance)            US$570
          Susanna Pine, Esq. (Tax)               US$500

Mr. Sinnott notes that the hourly rates are based on the
experience and expertise of the attorney involved and are the
customary rates charged by Freshfields for the type of services
to be performed.

Mr. Segal assures the Court that Freshfields represents no other
entity having an adverse interest in connection with the
Debtors' Chapter 11 cases, and that Freshfields is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.

                    About Advanced Marketing

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized
merchandising, wholesaling, distribution, and publishing
services 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).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ARROW ENERGY: Unit Ties Up With Medco in Coal Bed Methane Study
---------------------------------------------------------------
Arrow Global CBM Pty Ltd and PT Medco E&P Indonesia have signed
a Letter of Understanding for broad ranging cooperation in Coal
Bed Methane in South Sumatra, Indonesia.

Medco is Indonesia's leading independent oil and gas company
with daily production of more than 80,000 barrels of oil
equivalent and a market capitalization of more than US$1.2
billion.  Medco is also the owner of a number of oil and gas
tenements in the South Sumatra Basin in an area that is also
highly prospective for CBM.  Medco, in conjunction with the
government research organization Lemigas, is already conducting
a CBM pilot in the area.

Under the terms of the LOU:

   -- An area of approximately 1,200 square kilometers in South
      Sumatra is defined for mutual cooperation;

   -- The companies will perform a joint commercial and
      technical due diligence study of the area;

   -- Pending the results of the study, Arrow and Medco will
      finalize a commercial arrangement between the two
      companies to monetize CBM resources in the target area;
      and

   -- It is intended to complete the studies and sign a Joint
      Venture arrangement by the end of April 2007.

Consultant studies have estimated that the coal resources of the
South Sumatra Basin contain up to 120 trillion cubic feet of
CBM.  Involvement in this basin is a key part of AGCBM's
strategy.  This agreement complements the agreement with PT
Sugico Graha in the same basin, announced late last year.

It is planned that the AGCBM portfolio together with the
existing Arrow India assets will form part of the proposed
partial IPO of Arrow International later this year.

Arrow Energy N.L., through its subsidiary Arrow Energy
International Pty Ltd, recently acquired 50% of the issued
capital of Arrow Global CBM Pty Ltd, and has a two-year option
to acquire the remaining 50% shareholding.

Global is in the advanced stages of business development for the
acquisition of CBM assets in Indonesia, China, Vietnam, and
India.

                       About Arrow Energy

Arrow Energy NL is an Australian company engaged in the
undertaking of gas exploration and development activities.  The
Company is focused on coal seam gas exploration and production
in the Surat, Clarence-Moreton and Ipswich Basins in southeast
Queensland and northern New South Wales and the Styx Basin and
Nagoorin Graben in coastal central Queensland.  Arrow Energy NL
has been carrying out exploration/appraisal drilling (over 50
wells) and has proven a large CSG resource. The Company's
projects include Kogan North, Tipton West, Moranbah, Daandine,
Dundee, Mt Lindesay, Silverdale and Boyne River.

The Troubled Company Reporter - Asia Pacific, on March 28, 2007,
listed as distressed Arrow Energy's bond with a 10.000% coupon
and a March 31, 2008, maturity date.


AUSTRALIAN BOUTIQUE: To Declare Dividend on April 11
----------------------------------------------------
Australian Boutique Premium Wines Pty Limited, which is subject
to a deed of company arrangement, will declare a first dividend
for its preferred unsecured creditors on April 11, 2007.

Creditors who cannot prove their debts by April 10, 2007, are
excluded from sharing in the company's dividend distribution.

Hugh Martin is the company's liquidator.

                   About Australian Boutique

Australian Boutique Premium Wines Pty Ltd operates liquor
stores.  The company is located in South Australia.


CARDNO LIMITED: Appoints General Peter Cosgrove as Director
-----------------------------------------------------------
General Peter Cosgrove AC, MC, has been appointed as
non-executive director of Cardno Limited, effective immediately,
the company said in a March 27, 2007, press statement.

Cardno Chairman John Massey believes General Cosgrove's
extensive experience will be invaluable as the company continues
its successful growth strategy both in Australia.

"We welcome General Cosgrove's decision to add his skills to our
Board as we continue to convert the many good opportunities for
Cardno's expansion through organic growth and acquisitions," Mr.
Massey says.

General Cosgrove is a director of Qantas, consultan to Deloitte
Touche Tohmatsu and a member of the Australian Institute of
Company Directors, the company states.  He is also chairman of
the South Australian Defence Industry Advisory Board and a
Member of the Australian War Memorial Council.

Headquartered in Queensland, Australia, Cardno Limited --
http://www.cardno.com.au/-- is an integrated professional
services provider in the physical and social infrastructure
sectors.  The Company's services include civil engineering
consultancy, management and environmental services, as well as
project management of international development assistance
programs.  Its physical infrastructure capabilities include
building and property; coastal, ocean and marine; environment
and water; urban development; transport, and water and
wastewater management.  Its social infrastructure services
include solutions in education, governance, healthcare,
environmental and natural resource management, and post-conflict
restoration.  During the fiscal year ended June 30, 2006, it
acquired EOP Holdings Pty Ltd, Agrisystems Limited, Barton
Enterprises Pty Ltd and its subsidiaries.  In April 2006, the
Company acquired the professional services firm, Forbes Rigby,
and in September 2006, it acquired Stanwill Consulting
Engineers.

The Troubled Company Reporter - Asia Pacific's Distressed Bonds
Column on Mar. 28, 2007, listed Cardno Limited's bond -- with a
9% coupon and a June 30, 2008, maturity date -- as distressed.


CARDNO LTD: Discloses Share Price on Dividend Reinvestment Plan
---------------------------------------------------------------
In a filing with the Australian Securities Exchange, Cardno
Limited disclosed that the price of the share to be issued
pursuant to the company's dividend reinvestment plan for the
dividend payable on April 13, 2007, will be AU$5.89.

In October 2006, Cardno's board of directors announced a
Dividend Reinvestment Scheme that enables shareholders to have
their dividend reinvested in Cardno shares with no brokerage
costs.

Headquartered in Queensland, Australia, Cardno Limited --
http://www.cardno.com.au/-- is an integrated professional
services provider in the physical and social infrastructure
sectors.  The Company's services include civil engineering
consultancy, management and environmental services, as well as
project management of international development assistance
programs.  Its physical infrastructure capabilities include
building and property; coastal, ocean and marine; environment
and water; urban development; transport, and water and
wastewater management.  Its social infrastructure services
include solutions in education, governance, healthcare,
environmental and natural resource management, and post-conflict
restoration.  During the fiscal year ended June 30, 2006, it
acquired EOP Holdings Pty Ltd, Agrisystems Limited, Barton
Enterprises Pty Ltd and its subsidiaries.  In April 2006, the
Company acquired the professional services firm, Forbes Rigby,
and in September 2006, it acquired Stanwill Consulting
Engineers.

The Troubled Company Reporter - Asia Pacific's Distressed Bonds
Column on Mar. 28, 2007, listed Cardno Limited's bond -- with a
9% coupon and a June 30, 2008, maturity date -- as distressed.


FLEET PRODUCTS: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
On Feb. 26, 2007, the members of Fleet Products Pty Ltd held a
meeting and agreed to place the company under voluntary wind-up.

Timothy James Clifton and Mark Christopher Hall were appointed
as liquidators.

The Liquidators can be reached at:

         Timothy James Clifton
         Mark Christopher Hall
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia

                      About Fleet Products

Fleet Products Pty Ltd is a distributor of fabricated textile
products.  The company is located in South Australia.


GEO GROUP: Repays US$200 Million of Senior Credit Facility
----------------------------------------------------------
The GEO Group reported that it used US$200 million of the
aggregate net proceeds of approximately US$226.3 million from
its recent follow-on offering of 5,462,500 shares of its common
stock to repay debt outstanding under the term loan portion of
its senior secured credit facility, which bears interest at
LIBOR plus 1.50%.

As a result of the debt repayment, the company will write off
approximately US$2.9 million in after-tax deferred financing
fees during the first quarter of 2007.

After the debt repayment, the company's total recourse debt will
decrease from approximately US$515 million to US$315 million,
comprised of US$150 million in senior unsecured notes and US$165
million in term loan borrowings, exclusive of capital lease
liability balances.

George C. Zoley, Chairman of the Board, Chief Executive Officer
and Founder of GEO, said: "The successful completion of the
follow-on offering of 5.5 million shares of our common stock
along with the repayment of our term loan debt following our
acquisition of CentraCore Properties Trust will provide us with
additional financing capacity to pursue future opportunities
through our business units of U.S. Corrections, GEO Care, and
International Services."

The company estimates that its total net recourse Debt to
Adjusted EBITDA ratio will decrease from approximately 5.1x to
approximately 2.8x as a result of the debt repayment, based on
the company's reported 2006 adjusted EBITDA.  The company plans
to use the remaining proceeds from the offering for general
corporate purposes, which include working capital, capital
expenditures, and potential acquisitions of assets.

                          About GEO Group

Headquartered in Boca Raton, Florida, The GEO Group, Inc. (NYSE:
GEO) -- http://www.thegeogroupinc.com/-- delivers correctional,
detention and residential treatment services to federal, state
and local government agencies around the globe.  It has
government clients in the USA, Australia, South Africa, Canada
and the United Kingdom.  Its operations include 62 correctional
and residential treatment facilities, with a total design
capacity of 52,000 beds.


GEO GROUP: S&P Lifts Senior Unsecured Debt's Rating to B+ from B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its senior unsecured
debt rating and preliminary senior unsecured shelf debt rating
on Boca Raton, Florida-based The GEO Group Inc. to 'B+' from
'B'.

These ratings were removed from CreditWatch, where they were
placed with positive implications on March 15, 2007, following
the company's report that it would offer 4.75 million shares of
its common stock in an underwritten public offering, and its
intention to apply proceeds from the issuance towards debt
reduction.

Following the March 23, 2007, completion of the offering, GEO
repaid US$200 million of its senior secured term loan facility.

"The rating action reflects our opinion that the senior
unsecured lenders' position has improved following the reduction
in the company's term loan debt, which is considered a priority
obligation," said Standard & Poor's credit analyst Mark
Salierno.

At the same time, Standard & Poor's affirmed its 'BB-' corporate
credit rating, 'BB' bank loan rating, and '1' recovery rating on
GEO's senior secured debt. The outlook is stable.

The ratings on GEO reflect the company's narrow business focus,
customer concentration, and leveraged financial profile.  These
factors are somewhat mitigated by the company's strong market
position in the highly regulated U.S. private correctional
facility management industry, as well as favorable demographic
trends.

                        About GEO Group

Headquartered in Boca Raton, Florida, The GEO Group, Inc. (NYSE:
GEO) -- http://www.thegeogroupinc.com/-- delivers correctional,
detention and residential treatment services to federal, state
and local government agencies around the globe.  It has
government clients in the USA, Australia, South Africa, Canada
and the United Kingdom.  Its operations include 62 correctional
and residential treatment facilities, with a total design
capacity of 52,000 beds.


GEOFFREY R CARR: Members Opt to Wind Up Firm
--------------------------------------------
At a special general meeting held on Feb. 28, 2007, the members
of Geoffrey R Carr Pty Ltd resolved to voluntarily wind up the
company's operations.

Leslie Glenn Karutz was appointed as liquidator.

The Liquidator can be reached at:

         Leslie Glenn Karutz
         RSM Bird Cameron
         4 Eyre Street, Port Lincoln
         Australia

                     About Geoffrey R Carr

Located in South Australia, Geoffrey R Carr Pty Ltd is an
investor relation company.


GETTY IMAGES: New Debt Cues S&P to Retain Developing Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services reported that the ratings on
Getty Images Inc., including the 'B+' corporate credit rating,
remain on CreditWatch with developing implications, following
the company's report that it had obtained a US$350 million
revolving credit facility.

The ratings were placed on CreditWatch on Dec. 4, 2006, after
the company reported that it had received notices from
bondholders that its delayed third-quarter SEC Form 10-Q filing
constituted an event of default.  Developing implications
indicate the possibility of upward or downward movement in the
ratings.

Getty could use borrowings under the facility to acquire
MediaVast Inc. or to fund its convertible bond obligation should
these bonds be accelerated.

Separately, the cure period for the company to resolve its
alleged event of default with its bondholders has passed; the
company's bondholders may demand immediate payment of the
principal and any accrued interest of the convertible notes at
any time.  The new facility gives Standard & Poor's Ratings
Services some comfort that bank lenders are willing to support
the company's growth plans and provide the company with
additional liquidity despite the delayed filing.

"We will monitor the situation closely," said Standard & Poor's
credit analyst Tulip Lim.

"If the filing is delayed further, we could lower the rating
again.  If the company becomes current with its required
quarterly and annual filings, we will reassess the company for
an upgrade."

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.


LEISK JENKIN: Will Declare Interim Dividend on April 10
-------------------------------------------------------
Leisk Jenkin Eltech Pty Ltd, which is subject to deed of company
arrangement, will declare an interim dividend on April 10, 2007.

Creditors are required to prove their debts on or before that
day to be included in the company's dividend distribution.

Jack James is the company's deed administrator.

                       About Leisk Jenkin

Leisk Jenkin Eltech Pty Ltd provides plumbing, heating and air-
conditioning repair services.  The company is located in Western
Australia.


LIPPOS OILS: Creditors Resolve to Close Business
------------------------------------------------
On March 7, 2007, the creditors of Lippos Oils Pty Ltd passed a
resolution winding up the company's operations.

George Divitkos was appointed as liquidator.

The Liquidator can be reached at:

         George Divitkos
         BDO Chartered Accountants & Advisers
         248 Flinders Street
         GPO Box 2018
         Australia
         Telephone:(08) 8223 1066
         Facsimile:(08) 8232 0902

                        About Lippos Oils

Lippos Oils Pty Ltd is a distributor of groceries and related
products.  The company is located in South Australia.


NORTH WEST: Creditors' Proofs of Debt Due on April 10
-----------------------------------------------------
North West Drainage Pty Ltd will declare a first and final
dividend for its preferred unsecured creditors on May 3, 2007.

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

The company's liquidator is:

         M. C. Hall
         PPB Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 8211 7800

                        About North West

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


PIMBAWA ESTATES: Members Appoint Liquidator
-------------------------------------------
At a general meeting held on Feb. 28, 2007, the members of
Pimbawa Estates Pty Ltd passed a resolution winding up the
company's operations.

Lyall Maxwell Drever was appointed as liquidator.

The Liquidator can be reached at:

         Lyall Maxwell Drever
         11 Corfu Court, West Lakes
         South Australia 5021
         Australia

                     About Pimbawa Estates

Located in South Australia, Pimbawa Estates Pty Ltd is a
distributor of wheat.


PSIVIDA LIMITED: Explains Securities' Price and Volume Increase
---------------------------------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, pSivida Limited clarified certain matters
on price and volume change of the company's securities.

The Australia Securities Exchange had noted that the price of
pSivida's securities rose from AU$0.23 on March 23, 2007, to
AU$0.285 on March 29.  Over that period, the ASX also observed
an increase in the volume of trading of the company's
securities.

According to pSivida, its announcement on Dec. 27, 2006, may be
the explanation of the recent change in trading in the
securities.

On Dec. 27, pSivida disclosed that it entered into an exclusive
negotiation period with a major global pharmaceutical company,
to acquire a worldwide, royalty bearing license to make, use and
sell products using pSivida's drug delivery technologies.

The pharmaceutical company will make payments totaling
US$990,000 (AU$1.3 million) to pSivida for the right to
exclusively negotiate a licensing agreement with the company for
a period of three months and to fund the cost of a pre-clinical
study.  The study will focus on an evaluation of pSivida's drug
delivery technologies in a very significant product opportunity.

According to pSivida, the rising trading volume in its
securities is in line with the increasing interest in the
outcome of the negotiations with the pharmaceutical firm.  The
company points out that the three-month exclusivity period of
the Dec. 27 pact has now expired and the company is continuing
in the negotiations, which are at an advanced stage.

pSivida Limited -- http://www.psivida.com/-- is an Australian
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


SHACK INVESTMENTS: Members' Final Meeting Set for April 23
----------------------------------------------------------
Shack Investments Pty Ltd will hold a final meeting for its
members on April 23, 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:

         A. A. Gaffney
         RSM Bird Cameron
         Chartered Accountants
         8 St George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9261 9100

                    About Shack Investments

Located in Western Australia, Shack Investments Pty Ltd is a
non-residential building operator.


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

BENQ CORP: Gains TWD4.5 Billion on AU Optronics Shares Sale
-----------------------------------------------------------
BenQ Corp posted a capital gain of some TWD4.5 billion from
sales of 100 million AU Optronics shares priced at TWD45.37
each, according to reports.

The buyer is suspected to be Cathay Financial Holding Co., which
is based in Taiwan, EE Times says.

The sale reduced BenQ's holdings in AU Optronics to 638.03
million shares or an 8.42% stake, reports relate.

As reported by the Troubled Company Reporter - Asia Pacific on
March 30, 2007, BenQ wants to sell its 1.3% stake or 100 million
shares in AU Optronics to increase the company's cash flow.

                          *     *     *

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

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

BenQ Mobile has lost market share against giant competitors.

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

                          *     *     *

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

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

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BENQ CORP: To Stop Using BenQ-Siemens Brand by Third Quarter
------------------------------------------------------------
BenQ Corp plans to drop the BenQ-Siemens brand starting in the
third quarter, DigiTimes.com reported.

According to the report, BenQ will work on digesting BenQ-
Siemens handset inventory during the first two quarters of this
year before launching 12 handsets using the BenQ brand.

Taipei Times relates that BenQ aims to boost its local market
share to 5% next quarter, compared with almost 3% in the first
three months, despite a setback brought about by its
unprofitable takeover of Siemens AG's handset unit.

                          *     *     *

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

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

BenQ Mobile has lost market share against giant competitors.

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

                          *     *     *

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

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

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CHINA UNITED: TRC Revises Rating to twR from twBB
-------------------------------------------------
Taiwan Ratings Corp on April 2, 2007, revised its long-term
counterparty credit rating on China United Trust & Investment
Corp to twR from twBB after Central Deposit Insurance Corp.,
under the instruction of the Financial Supervisory Commission,
took full control of the company last week.

The twR rating reflects the extension of regulatory supervision
due to China United's failure to execute a recapitalization plan
designed to meet the minimum requirement for regulatory capital.

The regulator is entitled to take over the operations of
financially weak banks based on the Act for the Establishment
and Administration of the Financial Restructuring Fund, and
primarily to ensure a stable financial system in Taiwan.

The regulator acted because of rising concerns about China
United's financial profile.  China United's weak earnings
capacity as a result of its small scale, unfavorable funding
costs and weak asset quality turned its reported net worth to
negative NT$319 million at the end of February 2007 from a
positive NT$1.79 billion at the end of 2005.  The situation
would be far more serious if potential credit costs were also
taken into consideration. Moreover, the company's liquidity has
gradually deteriorated to a very marginal level over the past
few months.

The future credit profile of China United will depend on the
result of an auction to sell off the company that the regulator
is likely to undertake after evaluating its debts and assets.
The regulator is permitted under the Act for the Establishment
and Administration of the Financial Restructuring Fund to use
the fund to support the company's ability to fulfill its deposit
and non-deposit obligations.  The regulator has vowed to protect
China United Trust's depositors.  The regulator has asked Bank
of Taiwan to assist in the daily operations of China United, and
place bank deposits into the company to enhance its liquidity
before any auction takes place.

An obligor rated twR is under regulatory supervision owing to
its financial condition.  Throughout the duration of regulatory
supervision the regulator has the power to favor one class of
obligations over others or pay some obligations and not others.


DASIA PROPERTIES: Members' Final Meeting Set for April 30
---------------------------------------------------------
The members of Dasia Properties Limited will have their final
general meeting on April 30, 2007, at 10:30 a.m., to hear a
report about the company's wind-up proceedings and property
disposal.

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

Chan Kwai Ping and Wong Kwok Wai, Albert are the company's
liquidators.


EAST RIGHT: Members to Hold Final Meeting on May 3
--------------------------------------------------
A final meeting will be held for the members of East Right
Enterprises Limited on May 3, 2007, at 10:00 a.m.

The meeting will be held on the 8th Floor of Tai Tung Industrial
Building at 29-33 Tsing Yi Road in Tsing Yi Island, New
Territories.

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

As previously reported in the Troubled Company Reporter - Asia
Pacific, the company went into liquidation on Feb. 14, 2007.

The company's liquidators are:

         Chan Shu Kin
         Chow Chi Tong
         Tung Ning Building, 9th Floor
         249-253 Des Voeux Road Central
         Hong Kong


GAINHOLD INTERNATIONAL: Members' Final Meeting Set for May 2
------------------------------------------------------------
Gainhold International will hold a final general meeting for its
members on May 2, 2007, at 10:00 a.m.

The meeting will be held on Level 28 of Three Pacific Place at 1
Queen's Road East, Hong Kong.

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

Ying Hing Chiu and Chung Miu Yin, Diana are the company's
liquidators.


GREAT GAIN: Creditors' Proofs of Debt Due by May 2
--------------------------------------------------
Great Gain (Hong Kong) Limited, which is in members' voluntary
wind-up, requires its creditors to file their proofs of debt by
May 2, 2007.

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

The company's liquidator is:

         Chan Wai Ying
         21st Floor, Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


HING WAH: Members' Final General Meeting Set for April 30
---------------------------------------------------------
The members of Hing Wah Investments Limited will have their
final general meeting on April 30, 2007, at 11:00 a.m.

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

Liquidators Chan Kwai Ping and Wong Kwok Wai, Albert will give a
report about the company's wind-up proceedings and property
disposal.


HONG KONG FOSHAN: Creditors' Proofs of Debt Due by May 2
--------------------------------------------------------
Hong Kong Foshan Urban District Commerce and Industry
Association Limited will be receiving proofs of debt from the
company's creditors until May 2, 2007.

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

The company's liquidator is:

         Lam Wing Cheong
         Unit Nos. 301, 3rd Floor
         New East Ocean Centre
         No. 9 Science Museum Road
         Tsimshatsui, Kowloon


HSBC BANK: Moody's Assigns Financial Strength Rating of D
---------------------------------------------------------
Moody's Investors Service assigned first-time ratings to HSBC
Bank (China) Company Limited:

    * local and foreign currency deposit ratings of A2 (long-
      term); and

    * Prime-1 (short-term); and

    * bank financial strength rating of D.

The outlook for the long-term deposit ratings is positive and
for the BFSR stable.

HSBC China is wholly owned by Hongkong and Shanghai Banking
Corporation Limited in Hong Kong, which is in turn also wholly
owned by HSBC Holdings Plc in the UK.  HSBC China is a newly
locally incorporated bank, which was converted from the branches
of HSBC HK in Mainland China.

The A2 long-term deposit ratings incorporate Moody's view on the
strong implicit support from its parent HSBC HK.  However, they
are also constrained by China's A2 sovereign country ceilings.
The positive outlook for HSBC China's deposit ratings reflects
Moody's positive outlook on China's sovereign ceilings.

"Its D BFSR reflects its strong intrinsic value as an integrated
and strategically crucial part of the HSBC group, its solid
brand name in China, and its position as the leading franchise
among foreign bank subsidiaries in the Mainland," says Yan.
"The BFSR also considers its well-designed strategy to take
advantage of opportunities presented by the opening of a rapidly
growing Chinese banking sector, and its relatively stable
financials as compared to its local peers," adds Yan.

"On the other hand, these strengths are offset by HSBC China's
small national banking market share as well as the significant
challenges HSBC China faces in its ambitious growth strategy, in
particular the shortage of experienced banking professionals and
the pressure to maintain sound operational control and risk
management, " says Yan.  "In addition, various hurdles still
exist for foreign bank operations in China, and the banking
environment is increasingly competitive," adds Yan.

As a locally incorporated foreign bank subsidiary, HSBC China
can, once approved, conduct local currency (RMB) retail business
with Chinese nationals pursuant to China's commitment -- under
its World Trade Organization agreement -- to open its banking
sector.  This last point was reinforced by the China Banking
Regulatory Commission's recent guidelines for "foreign-funded
banks in China" issued in November and December 2006.

HSBC China's strategy for the next few years is to focus on the
high-end wealth management retail business as well as deepen
cross-sales to corporate clients and expand into local clients
with either significant needs overseas or demand for global
products.  In addition, the bank will continue to expand its
physical distribution footprint.  With the retail market opening
to locally incorporated foreign banks, it will enjoy significant
growth in its retail business for which it plans to leverage its
reputable high-end wealth management brand product "HSBC
Premier."

The growth of its retail business will balance HSBC China's
revenue mix.  Currently, the bank's operation in China is
predominantly in corporate business, wherein large, mostly
multi-national corporate clients account for the largest share
of operating income and after-tax profit, followed by middle-
market & local commercial banking clients. The growth in retail
business will provide earnings stability as well as lower
overall risks for HSBC China's business.  On a pro forma
historical basis, HSBC China shows profitability above its
Chinese peer average, thanks to proper risk-pricing practices
and high value-added non-interest income from services to its
more sophisticated, largely, multinational clients.  But because
of its relatively small scale and ongoing, significant
investment, the cost to income was relatively high and above its
Chinese peer average, and is likely to remain so for the next
few years.

As a leading foreign bank in China with a long operating
history, HSBC has a solid brand name on the Mainland.  It has 35
outlets in China, the largest network among foreign banks.  Its
principal business lines comprise banking services for large
and/or highly sophisticated customers, a number of whom are HSBC
group clients globally.  Its treasury, cash management and other
corporate banking services incorporate the benefits of its
expertise, products, and the group's very large trading books.
Its trade finance activities utilize the group's global network
and direct relationships with companies worldwide and which
trade with China.

Asset quality has been healthy.  Its non-performing loan ratio
was only 1.08% at end-2006, much lower than that of its Chinese
peers, although the special-mentioned loan category was
relatively high.  Liquidity risks and market risks are well
managed and in accordance with group policy and practices.  The
bank runs a commercial surplus and expected growth in RMB
deposits should further diversify its funding sources, thereby
further improving liquidity.  HSBC China has a target total
capital adequacy ratio of 10%.  Surplus capital will be recycled
to the parent, which centralize capital use plans.

HSBC China serves as a local base for its parent's cooperation
with its strategic Chinese partners, including the Bank of
Communications (Baa2/D), Bank of Shanghai and PingAn Insurance.
Its cooperation with local banks and insurers constitutes
another important part of HSBC group's expansion strategy in
China.  As a result, HSBC China will gain local market knowledge
and outsource some local services, but also bear some costs for
its parent's activities in China.

Nonetheless, HSBC China will face significant challenges in its
business in China.  The aggressive expansion plans need to be
supported by a large number of new hires and the shortage in
experienced professionals could be a bottleneck.  In addition,
the rapid growth in loans and assets could exert considerable
pressure, especially on control and risk management, to the
franchise.  Although the bank will be established with RMB8
billion of capital and is expected to be self-capitalizing
through internally generated earnings, capital may come under
pressure as it rapidly expands.

In terms of support, Moody's believes that HSBC China is very
strategic to HSBC HK and HSBC Holding's global operations.
Therefore, it will receive very high parental support, if
needed.  The bank's long-term A2 ratings enjoy a multiple-notch
uplift as a result of parental support, but stay constrained by
China's A2 local currency and foreign currency deposit ceilings.

Because of its small national market share, the bank is unlikely
to receive any systemic support from the Chinese government, if
need arises.  Therefore, no systemic support has been assigned
to HSBC China.

HSBC China's BFSR is likely to move upwards if the bank can
demonstrate that it can deliver its targeted growth in a quality
manner.  The BFSR is unlikely to be downgraded, except if the
bank suffers a significant deterioration in asset quality,
capital level, and negative shocks due to bad management.  HSBC
China's deposit ratings are likely to be raised if China's
sovereign rating enjoys an upgrade or vice versa.

HSBC China, headquartered in Shanghai, is one of the largest
foreign bank subsidiaries locally incorporated in China.  At
end-2006, it had total assets of RMB91.5 billion or USD11.8
billion.


IOTA NAVIGATION: Final General Meeting Set for May 3
----------------------------------------------------
Iota Navigation Corporation Limited will hold a final general
meeting for its sole member on May 3, 2007, at 10:00 a.m.

The meeting will be held in Room 1802 of Harbour Centre at
25 Harbour Road in Wanchai, Hong Kong.

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


KONSGREAT LIMITED: Creditors' Proofs of Debt Due by April 16
------------------------------------------------------------
Konsgreat Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by April 16,
2007.

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

The company's liquidators are:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         Alexandra House, 27th Floor
         18 Chater Road, Central
         Hong Kong


LINKDAY LIMITED: Final General Meeting Set for April 30
-------------------------------------------------------
The members of Linkday Limited will hold a final general meeting
for its members on April 30, 2007, at 1:00 p.m., to receive a
report about the company's wind-up proceedings and property
disposal.

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

Chan Kwai Ping and Wong Kwok Wai, Albert are the company's
liquidators.


RABIA AND UNITED: Final General Meeting Set for April 30
--------------------------------------------------------
The members of Rabia and United Associates Limited will hold a
final general meeting on April 30, 2007, at 2:30 p.m., to
receive a report about the company's wind-up proceedings and
property disposal.

The meeting will be held in Room 401, 4th Floor of Tung Ming
Building at 40 Des Voeux Road in Central, Hong Kong.

Cheng Yun Sing is the company's liquidator.


SHANGHAI LIFESTYLE: Members Set to Meet on April 30
---------------------------------------------------
The members of Shanghai Lifestyle International Company Limited
will have their final general meeting on April 30, 2007, at
10:00 a.m., to hear a report about the company's wind-up
proceedings and property disposal.

The meeting will be held in Room 4908 of Office Tower,
Convention Plaza at 1 Harbour Road in Wanchai, Hong Kong.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the company entered wind-up proceedings on Sept. 28,
2006.

The company's liquidator is:

         Lee Shu Leung, Alexis
         Office Tower, Room 4908
         Convention Plaza, 1 Harbour Road
         Wanchai, Hong Kong


SUNDAY ENTERPRISES: Will Receive Proofs of Debt Until April 16
--------------------------------------------------------------
Sunday Enterprises Limited, which is under voluntary
liquidation, will be receiving proofs of debt from its creditors
until April 16, 2007.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced wind-up proceedings on Dec. 27, 2006.

The company's liquidators are:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         Alexandra House, 27th Floor
         18 Chater Road, Central
         Hong Kong


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

AES CORP: Names Mark Woodruff Executive Vice President
------------------------------------------------------
The AES Corp. appointed Mark Woodruff as Executive Vice
President and President of the Asia and Middle East region, and
Ahmed Pasha as Vice President of Investor Relations.

Mr. Woodruff will lead AES's businesses in Asia and the Middle
East, which include businesses in China, India, Oman, Pakistan,
Qatar and Sri Lanka.  He will report to AES Chief Operating
Officer, Andres Gluski.  Mr. Woodruff has been with AES since
1991 and most recently held the position of Vice President of
business development in North America and Group Manager for the
western North America region.  Mr. Woodruff has held various
positions at AES in general management, business development,
and engineering and construction management, including
leadership positions at AES businesses in southern California
and Hawaii.  Prior to AES, Woodruff held management positions at
Delmarva Power & Light Co. and served as General Manager of
Burney Forest Products, an integrated sawmill and wood-fired
cogeneration facility in California.

"Mark has been a strong leader for AES, heading up our
businesses in western North America and our business development
activities for the entire North America region.  He most
recently completed the acquisition of two new power plants in
Mexico, which doubled our generation capacity there," said Mr.
Gluski.  "We see a tremendous amount of growth opportunity in
Asia and the Middle East and Mark has the operational and
business development experience needed to help us achieve our
growth goals in this fast-growing region."

Mr. Pasha has been with AES since 1995.  Prior to his new role,
he served as Managing Director of Corporate Finance where he was
responsible for funding growth capital, maintaining parent
liquidity, monitoring debt compliance and managing corporate
bank and rating agency relationships.  Prior to that, Pasha
served three years in AES's Investor Relations group as Manager
of Investor Relations from 2002 to 2004, and eight years in
business development and operations at AES businesses in Asia,
Europe and the United States.

"We are pleased to have a person of Ahmed's experience and
talent leading investor relations at AES," said Victoria Harker,
AES Executive Vice President and Chief Financial Officer.  "We
look forward to his continued contributions to AES in his return
to IR in this position."

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.

                          *     *     *

Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'. Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  Fitch said the rating
outlook for all remaining instruments is stable.

In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified energy company The AES
Corp. to 'BB-' from 'B+'.  S&P said the outlook is stable.

Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


AGILENT TECHNOLOGIES: Earns US$150 Mil. in Quarter Ended Jan. 31
----------------------------------------------------------------
Agilent Technologies Inc. reported net income of US$150 million
on total net revenue of US$1.28 billion for the first quarter
ended Jan. 31, 2007, compared with net income of US$2.82 billion
on total net revenue of US$1.17 billion for the same period
ended Jan. 31, 2006.

Results for the first quarter ended Jan. 31, 2006, includes a
gain of US$901 million on the sale of the company's equity
investment in Lumileds, a US$1.84 billion gain of the sale of
the discontinued operations of the semiconductor products
business, and a US$5 million income from the discontinued
operations of the semiconductor test solutions business.

First quarter GAAP income from continuing operations before
equity income was US$150 million, compared with GAAP income from
continuing operations before equity income of US$73 million, in
last year's first quarter.

Included in this quarter's GAAP income from continuing
operations is US$36 million of share-based compensation expense.
Excluding this item and US$24 million of tax and other net
gains, Agilent reported first quarter adjusted net income from
continuing operations of US$162 million.  On a comparable basis,
the company earned US$142 million, one year ago.

"Agilent performed well in this year's first quarter," said Bill
Sullivan, Agilent president and chief executive officer.  "We
met expectations for revenues and earnings growth, with notable
strength across our Bio-Analytical Measurement portfolio, and
despite significant weakness in wireless handset test."

Sullivan noted that the company's Bio-Analytical revenue was up
22%, outpacing all competitors and setting a record for revenue,
profit and growth for this business segment: "The success of our
new product introductions is clearly evident in the first
quarter performance of this segment."  Sullivan also noted that,
while Electronic Measurement segment revenue grew 4%, revenue
growth excluding the impact of a weak handset test market was
about 9%.

Cash generated from operating activities was US$93 million in
the seasonally weak first quarter ended Jan. 31, 2007, compared
with cash used in operating activities of US$128 million in the
first quarter ended Jan. 31, 2006.  During the first quarter
ended Jan. 31, 2007, the company invested US$70 million in
acquisitions and repurchased US$254 million of its common stock.
The company ended the quarter with net cash of US$2.1 billion.

Sullivan added, "We expect the relative performance of our
business segments to be repeated in the current quarter, and to
see improved momentum in Electronic Measurement during the
second half of the fiscal year.  Overall, we remain comfortable
with the range of analyst estimates for the second quarter and
for fiscal year 2007."

At Jan. 31, 2007, the company's balance sheet showed US$7.19
billion in total assets, US$3.54 billion in total liabilities,
and US$3.65 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Jan. 31, 2007, are available
for free at http://researcharchives.com/t/s?1c82

                 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.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


COMVERSE TECH: Extends Tender Offer Expiration Date to April 6
--------------------------------------------------------------
Comverse Technology, Inc. will extend until April 6, 2007, the
expiration date of its cash tender offer for all of its
outstanding Zero Yield Puttable Securities Due May 15, 2023, and
New Zero Yield Puttable Securities due May 15, 2023, commenced
in satisfaction of its obligations under the indentures
governing the ZYPS.

The tender offer will now expire at 5:00 p.m. New York City time
on Friday, April 6, 2007, unless extended.  Tenders of ZYPS must
be made prior to the extended expiration time of the offer to
purchase and may be withdrawn at any time prior to that time.
Holders of ZYPS who tendered their ZYPS prior to the date of
this release are not required to submit a new Letter of
Transmittal to tender their ZYPS.  To date, US$9,000 principal
amount of Old ZYPS and US$34,000 principal amount of New ZYPS
have been tendered and deposited in the tender offer.

On March 2, 2007 the company commenced a cash tender offer for
all of its outstanding ZYPS, upon the terms and conditions set
forth in the Offer to Purchase and related Letter of
Transmittal.  The delisting of the company's common stock from
The NASDAQ Global Market was a Designated Event under the
Indentures governing the ZYPS, and in order to satisfy its
obligations under the Indentures, the company is offering to
purchase all of its outstanding ZYPS at a purchase price of
US$1,000 in cash for each US$1,000 principal amount of ZYPS
tendered.  The Offer was originally scheduled to expire at 5:00
p.m., New York City time, on March 30, 2007.

In connection with the tender offer, the company filed with the
United States Securities and Exchange Commission a Tender Offer
Statement.

The company retained D.F. King & Co., Inc. as the Information
Agent for the tender offer.  Questions regarding the tender
offer and requests for documents in connection with the tender
offer may be directed to:

   -- D.F. King & Co., Inc.
      Tel:(800) 829-6551 (toll free); or

   -- For banks and brokers
      Tel: (212) 269-5550 (call collect).

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

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

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


UCO BANK: To Declare Interim Dividend at INR1 per Share
-------------------------------------------------------
UCO Bank Ltd's Board of Directors has decided to declare and pay
interim dividend to the bank's equity shareholders and
beneficiary owners, the bank informed the Bombay Stock Exchange.

The board proposes to pay interim dividend of INR1 per share of
INR10 face value.

The bank did not provide other details of the proposed interim
dividend declaration.

UCO Bank Limited -- http://www.ucobank.in/-- is a commercial
bank that also operates two international financial centers, in
Hong Kong and Singapore.  It has approximately 2000 service
units spread all over India.  It undertakes foreign exchange
business in more than 50 centers in India.  The company also has
foreign exchange dealing operations at four centers.  It caters
to the segments of economy, such as agriculture, industry, trade
and commerce, service sector and infrastructure sector.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual
rating to 'D' from 'D/E'. At the same time, Fitch affirms the
bank's support ratings at 4. All ratings are with a stable
outlook.


UTI BANK: To Allot Unsecured Bonds Totaling INR250.9 Crores
-----------------------------------------------------------
UTI Bank Ltd's Board of Directors passed a resolution approving
allotment of unsecured Redeemable Non Convertible Subordinated
Tier II Debentures to various investors on private placement
basis as the Bank's Tier II capital aggregating to INR250.90
crores (inclusive of oversubscription of INR200.90 crores).

The bonds will be issued to various investors on private
placement basis on these terms:

   Amount:         INR50 crore with an option to retain
                   oversubscription

   Face Value:     INR10,00,000 per debenture

   Issue price:    INR10,00,000 per debenture (at par)

   Security:       Unsecured Redeemable Non Cumulative
                   Subordinated Tier II Debenture

   Coupon Rate:    10.10% p.a.

   Coupon Payment: Annually

   Maturity:       120 months from deemed date of allotment

   Put and Call
   Option:         Nil

   Terms of
   Subscription:   Pari passu among themselves and with
                   other subordinated indebtedness of UTI Bank
                   and subordinate to the claims of all other
                   creditors and depositors of the bank as
                   regards repayment of principal and interest
                   by the issuer.

The debentures will be listed on the Bombay Stock Exchange Ltd
and National Stock Exchange of India Ltd.

The Western India Trustee & Executor Co., Ltd. is the debenture
trustee for the transaction.  Karvy Computershare Pvt Ltd. is
the registrar and transfer agent.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its USUS$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


UTI BANK: To Consider Financials for FY 2006-07 on April 17
-----------------------------------------------------------
UTI Bank Ltd informed the Bombay Stock Exchange that its Board
of Directors will hold a meeting on April 17, 2007, inter alia,
to take on record the bank's audited annual financial results
for the year and quarter ended March 31, 2007.

The board will also consider the declaration of a dividend for
the financial year 2006-07, if any.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its USUS$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


TATA MOTORS: Reports Record Sales in March 2007
-----------------------------------------------
Tata Motors reported a record sale of 5,79,378 vehicles
(including exports) for the fiscal year 2006-07, its highest
ever and a growth of 28% over 4,54,345 vehicles sold in 2005-06.
Total sales (including exports) for the month of March 2007 were
62,779 units, the company's highest ever monthly sales and an
increase of 11% over 56,406 units sold in March 2006.

                        Commercial Vehicles

The company's sales of commercial vehicles in March 2007 in the
domestic market were 30,720 units its highest ever monthly sales
and an increase of 13% over 27,289 vehicles sold in March last
year.  Medium and Heavy Commercial Vehicle sales stood at 17,673
nos, an increase of 8% over March last year.  Light Commercial
Vehicle sales were at 13,047 units, an increase of 19% over
March last year.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 2,99,173 units, an increase of 39% over last
year, also the highest ever.  M&HCV cumulative sales were
1,73,381 units, while LCV sales for the period were 1,25,792
units.

During the year, Tata Motors rolled out its 100,000th Ace.
Since its launch in India, the Ace has received stupendous
response from customers across India and has rewritten the
dynamics of the commercial vehicle industry.

                       Passenger Vehicles

The passenger vehicle business reported its highest ever monthly
sales with a total sale of 25,760 vehicles in the domestic
market in March 2007 -- an increase of 14% over March last year.
The Indica sold 15,283 units -- its highest ever monthly sales
and an increase of 18%.  The Indigo range registered sales of
4,368 units, a decline of 6%, but an increase of 27% over
February 2007 due to the growing units of the new Indigo XL, and
the Dicor offerings on the Indigo range.  Utility Vehicles
recorded their highest ever monthly sales at 6109 units,
registering a growth of 23%.  Safari sales at 2,150 have been
the highest in any month.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 2,26,893 units, the highest ever in any year
and a growth of 20% over the previous year.  The cumulative
sales of Indica were 144,690 units, an increase of 30% and the
highest in any fiscal.  The Indigo range posted sales of 34,310
units, a decline of 13%, but lesser than the decline of the
entry mid-size segment.  The Sumo and Safari accounted for sales
of 47,893 units in the fiscal, a 26% increase over the last
fiscal and the highest-ever utility vehicle sales in any fiscal.
Safari sales at 15,816 for the fiscal have been highest for any
fiscal since launch.

                            Exports

The company exported 6,299 vehicles in March 2007 as compared to
6,508 vehicles in March last year, a decline of 3%.  The
cumulative sales from exports during the year were 53,312 units,
an increase of 5% over 50,539 vehicles sold last year.

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA POWER: Rahul Asthana Named as State Gov't. Director
--------------------------------------------------------
The State government has nominated Rahul Asthana as the State
Government Director on Tata Power Company Ltd's Board of
Directors, the company informed the Bombay Stock Exchange in a
regulatory filing.

Mr. Ashthna will be replacing Jayant S. Kawale.  Mr. Asthana's
appointment was effective March 30, 2007.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81 MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

Moody's Investors Service, on Jan. 30, 2007, placed its Ba1
corporate family rating and Ba2 senior unsecured debt rating for
Tata Power Company Ltd on review for possible downgrade.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 10, 2005, that Standard & Poor's Ratings Services affirmed
its 'BB+' long-term foreign and local currency corporate credit
ratings for Tata Power.  The outlook is stable.


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

ALCATEL-LUCENT: Launches IP Transformation Center in Singapore
---------------------------------------------------------------
Alcatel-Lucent has launched a new, state-of-the-art Internet
Protocol Transformation Center in Singapore, to bolster its
network of IPTCs worldwide.

The first center of its scale in Asia-Pacific, the Alcatel-
Lucent IPTC will develop, integrate and test end-to-end IP
networking solutions to help operators and enterprises, faced
with a very competitive environment in the region, to transform
their networks to a full IP-based architecture, complete with
best-of-breed products from a variety of vendors and strategic
partnerships.

Supported by the Economic Development Board of Singapore, the
Asia IPTC is expected to host about 50 technologies and employ
approximately 80 professionals, representing an investment of up
to 20 million Euros over three years.  The new center will be
co-located with the region's first IPTV Competency Center,
launched by Alcatel-Lucent in February 2006.

The Asia-Pacific IPTC complements the existing IPTCs and Network
Integration Centers located in Antwerp, Belgium; Lisle, Illinois
and Plano, Texas.  These centers, which share knowledge,
resources and best practices, help service providers execute
their IP Transformation projects.

"Shortening the IP transformation period and ensuring seamless
customer network migration are the prime objectives of our
global IP Transformation Centers and Network Integration
Centers," said John Meyer, President of Alcatel-Lucent's
Services activities.  "Our key asset for the execution of these
network transformations is our project and technology management
expertise delivered by a team of experienced services
professionals worldwide."

One of the inaugural initiatives the Asia IPTC will be working
on is the roll out of critical infrastructure that will enable
sophisticated Internet Protocol communications services for
Companhia de Telecommunicacoes de Macau S.A.R.L. (CTM)'s
business and consumer customers to realize the operator's
"Digital Macau" vision.

Announced last November, "Digital Macau" delivers a new
generation of communications services that will keep pace with
and support the Macau Special Administrative Region's sustained
growth.  Next-generation network services will be provided in
four key areas: mobile, broadband, high-speed data services and
applications.  Following its next-generation network services
launch, CTM will further develop advanced services and bandwidth
on demand, all with the differentiated quality of service
necessary to meet the needs of its customers.

"It is essential for us to ensure that we have the capabilities
required to meet our customers' future needs for sophisticated
IP-based communications services," said Phil Green, Chief
Executive Officer, CTM.  "Only Alcatel-Lucent has the necessary
expertise and experience to help us do so."

Endorsing the center's location in Singapore, Mr. Chan Yeng Kit,
CEO of the Infocomm Development Authority of Singapore said,
"IDA welcomes Alcatel-Lucent's decision to set up the Center in
Singapore and use it as a base to serve its customers in the
region.  The Center will contribute to the infocomm ecosystem in
Singapore and potentially seed the development of local
independent software vendors and attract product development and
system integration from Alcatel-Lucent's partners.  The presence
of the Center will help develop a pool of highly-skilled network
professionals."

"We are grateful to Alcatel-Lucent for its strong vote of
confidence by choosing Singapore for its advanced technology
centers.  It demonstrates Singapore's attractiveness as an
excellent Asia-Pacific hub for a broad spectrum of infocomm
innovation activities: from R&D and content development to
system integration and deployment of new services and solutions
for global markets," said Mr. Ko Kheng Hwa, Managing Director of
the Economic Development Board.

Alcatel-Lucent is already working on several major IP
transformation, triple play and IPTV projects in the region,
including SingTel's IPTV trials conducted in October last 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.


AVNET INC: Unit Expands Distribution Agreement with SL Power
------------------------------------------------------------
Avnet Inc.'s electronic components distributor unit, Avnet
Electronics Marketing Americas, and global power supplies
manufacturer SL Power Electronics Corp., have expanded their
franchise agreement to include the Condor product line.

Under the new franchise contract, Avnet Marketing will now
distribute SL Power's Condor brand power supply products, in
addition to the array of Ault products already available from
the company.

"Avnet Marketing has already been very successful selling the
Condor range of internal, open-frame AC/DC and DC/DC switch-mode
and linear power supplies.  With the addition of the Ault brand
of external power supplies, we have an ideal extension to our
technical power supply solutions and will further increase the
attractiveness and competitiveness of our line card for our
power customers," said Pat Wastal, senior vice president for
IP&E for Avnet Electronics Marketing.

"SL Power Electronics Corp. is the union of Condor DC Power, the
recognized leader in the design of medical power supplies, and
Ault, the leader in external power supplies.  Avnet Electronics
Marketing and Condor D.C. Power have enjoyed a long and mutually
beneficial relationship.  Going forward we are happy to announce
that Avnet Marketing will be fully franchised to sell the Ault
portfolio of power products," said Gregory Harris, vice
president of sales and marketing for SL Power Electronics.
"Combining the engineering and product expertise of SL Power
Electronics with the technical, modification and logistical
expertise of Avnet Marketing enables us to offer flexible and
high quality power solutions that are of real benefit to our end
customers."

Avnet carries an array of SL Power's internal and external power
equipment, including: medical and commercial switchers, linears,
transformers, switch-mode and medical power supplies, mobile
products and battery chargers.

                 About SL Power Electronics Corp.

SL Power Electronics Corp. designs, manufactures and markets
internal and external power supplies for medical,
communications, computer and industrial electronic OEMs.  The
company is a global leader in the development of AC/DC and DC/DC
standard, modified and custom power supplies.

SL Power Electronics Corp. is a subsidiary of SL Industries
(AMEX - SLI).  SL Industries, through its subsidiaries, designs,
manufactures and markets power and motion control equipment and
systems for industrial, medical, electric utility, aerospace and
telecommunications applications.

                About Avnet Electronics Marketing

Avnet Electronics Marketing is an operating group of Phoenix-
based Avnet, Inc. (NYSE:AVT), a Fortune 500 company.  Avnet
Electronics Marketing serves electronic original equipment
manufacturers or EOEMs and electronic manufacturing services or
EMS providers in 70 countries, distributing electronic
components from leading manufacturers and providing associated
design-chain and supply-chain services.

                         About Avnet Inc.

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

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

Ratings affirmed:

   * Corporate Family Rating, Ba1

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

   * Senior/Subordinated shelf ratings, Ba1/Ba2

The outlook is positive.


BANK NEGARA: Delays Issuing Sub-Debt Due to Divestment Issues
-------------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk delayed issuing sub-debts
until next year due to divestment of the government's shares in
the bank and a rights issue, Tempo Interactive reports.

The report points out that this year, the bank will focus on
rights issues and a secondary public offering estimated to net
between IDR3 trillion and IDR4 trillion.

Bank Negara's management is now waiting the decision of the
State Enterprises Privatization and State Ministry Committee,
also the issuing guarantor, to determine the corporate actions
to be prioritized, the report notes.

According to the report, the bank wants to raise cash to repay
loan certificates, amounting to IDR1.4 trillion, that will fall
due in September and October.

                        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,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

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

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

The bank's detailed ratings are: senior/subordinated debt of
Ba3/Ba3; foreign currency long-term/short-term deposit of B2/Not
Prime; and bank financial strength of E.

TCR-AP reported on Feb. 1, 2007, 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).


MARSH & MCLENNAN: Appoints Ms. Walton as VP of Public Relations
---------------------------------------------------------------
Marsh & McLennan Companies, Inc., appointed Christine Walton as
Vice President of Public Relations.  She assumed the position on
April 2.

Ms. Walton, 38, will report to James Speros, Senior Vice
President and Chief Marketing Officer of MMC.  In her role, Ms.
Walton will direct MMC's global communications strategy, working
closely with MMC's business units on media and public relations.

"Christine brings to MMC an outstanding skill-set in
communications from her experience as both a corporate
communications professional and as a business journalist," said
Mr. Speros.  "As a key leader of MMC's public relations team,
she will play an important role working with the global media to
enhance MMC's corporate reputation and market-leading risk and
human capital businesses."

Prior to joining MMC, Ms. Walton worked at UBS AG, where she
oversaw media relations and acted as a primary spokesperson for
UBS Wealth Management and UBS Global Asset Management since
2002.  Previously, from 1998 to 2002, she worked at Merrill
Lynch & Co., where she held a series of communications
positions, culminating as the vice president of media relations
for Merrill Lynch Investment Managers in 2000.  Prior to her
tenure there, she worked as a staff reporter for Bloomberg
Business News.

                      About Marsh & McLennan

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

                          *     *     *

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

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

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


NUTRO PRODUCTS: S&P Places Ratings on Negative CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings (including
the 'B-' corporate credit rating) on premium pet food
manufacturer and marketer Nutro Products Inc. on CreditWatch
with negative implications, meaning the ratings could be lowered
or affirmed following the completion of S&P's review. City of
Industry, California-based Nutro Products had about $781 million
in debt outstanding as of Dec. 30, 2006.

"The CreditWatch placement reflects our increased concern about
the potential negative impact on sales related to the growing
negative publicity and increased potential for lawsuits
surrounding the recent product recall," said Standard & Poor's
credit analyst Bea Chiem.  This follows Nutro's voluntary
participation in the Menu Foods (unrated) recall of its 'cuts
and gravy'-style dog and cat food packaged in cans and pouches
and manufactured in Menu Foods' Kansas and New Jersey facilities
between Dec. 3, 2006, to Mar. 6, 2007.

Recalled product sales represent less than 5% of Nutro's overall
sales, and we believe Nutro currently has sufficient liquidity
and adequate cushion on its bank loan covenants.  "However, we
are concerned that the company may face a further decline in
sales given the adverse publicity that could lead to brand-name
deterioration, as well as customer substitution to non-premium
or other brands of pet foods not involved in the recall," said
Ms. Chiem.

Standard & Poor's will monitor Nutro's ability to restore lost
sales and to find an alternative supplier for its 'wet' pet food
products (about 10% sales), as well as recall-related litigation
developments.  S&P will review the company's operating and
financial plans before resolving the CreditWatch listing.

                       About Nutro Products

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


PERTAMINA: Has Debts of IDR RP18.7 Trillion Plus US$558,300
-----------------------------------------------------------
PT Pertamina (Persero) owes the Indonesian government IDR18.7
trillion plus US$558,300, Tempo Interactive reports.

The Supreme Audit Agency, in the Audit Report for the Second
Half of 2006, said Pertamina has not repaid debts from oil and
gas sales and from contractor partnership contracts, the report
notes.

The Directorate of Non-Tax State Revenues at the Department of
Finance has yet to collect Pertamina's debts, the report adds.

                          PT 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.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being me by
imports.

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
=========

AICHI BANK: Fitch Affirms Individual Rating at C
------------------------------------------------
Fitch Ratings affirmed Aichi Bank Ltd.'s long-term foreign and
local currency Issuer Default Ratings at 'BBB+' with a stable
outlook.

Fitch also affirmed Aichi's short-term foreign and local
currency IDRs and Individual rating at 'F2' and 'C',
respectively.  Support rating and Support rating floor were
affirmed at '4' and 'B', respectively.

Fitch notes that the credit quality of Aichi's loan portfolio
continued to improve.  At the same time, the bank's capital
position improved as a reduction in credit costs increased
profitability.  On the other hand, Fitch thinks that despite
favorable growth in loans, a fierce competition in the market
limits the bank's revenue growth in the near future.

Headquartered in Nagoya, The Aichi Bank, Ltd.  --
http://www.aichibank.co.jp/-- is involved in the banking,
securities, trust contract and leasing services in the Tokai
region of Japan.


AOMORI BANK: Fitch Affirms Individual Rating at D
-------------------------------------------------
Fitch Ratings affirmed Aomori Bank Ltd.'s Individual rating and
Support rating at 'D' and '3', respectively.

According to Fitch, the credit quality of Aomori's loan
portfolio compares less favorably to other regional banks,
although Fitch notes its gradual improvement over the past four
years.  While the bank's capital position has recovered during
the same period, sluggish top-line revenue and the possibility
of additional credit costs (given the slow recovery of the
region's economy and relatively low level of loan loss
provisioning) remain a concern.

Headquartered in Aomori, Japan, The Aomori Bank, Ltd. --
http://www.a-bank.jp/-- is a regional financial institution
with two core divisions: banking and leasing.  As of March 31,
2006, the Bank had nine subsidiaries.


BANK OF NAGOYA: Fitch Affirms Individual Rating at C
----------------------------------------------------
Fitch Ratings affirmed Bank of Nagoya Ltd.'s long-term foreign
and local currency Issuer Default Ratings at 'BBB+' with a
stable outlook.

Short-term foreign and local currency IDRs and Individual rating
were affirmed at 'F2' and 'C', respectively.  Support rating and
Support rating floor were affirmed at '4' and 'B', respectively.

Fitch notes that the credit quality of Nagoya's loan portfolio
continued to improve over the past five years and compares well
with other regional banks.  The capital position remains stable
as retained earnings absorb increased risk from assets.
However, Fitch expects intense competition to limit the bank's
top-line growth.

Headquartered in Nagoya, Aichi Prefecture, The Bank of Nagoya --
http://www.meigin.com/-- is a Japanese regional bank that
provides general banking services through 110 domestic branches,
one representative office, as well as two overseas locations.


HOKKOKU BANK: Fitch Affirms Individual Rating at C
--------------------------------------------------
Fitch Ratings affirmed Hokkoku Bank, Ltd.'s long-term foreign
and local currency Issuer Default Ratings at 'BBB+' with a
Stable Outlook.

Short-term foreign and local currency IDRs and Individual rating
were affirmed at 'F2' and 'C', respectively. Support rating and
Support rating floor were affirmed at '2' and 'BBB-',
respectively.  Also, senior unsecured debt rating is affirmed at
BBB+ and subordinated debt affirmed at BBB.

Fitch notes that Hokkoku's capital position slightly declined
due to lower profitability and increased risk assets during
financial year ended March 2007.  Meanwhile, the credit quality
of its loans continued to improve. Fitch expects credit costs to
continue to limit the bank's profitability, while further
improving its asset quality.

Headquartered in Kanazawa, Ishikawa Prefecture, Japan, The
Hokkoku Bank, Ltd. -- http://www.hokkokubank.co.jp/-- is a
regional financial institution that is principally involved in
the provision of leasing services and credit cards.  As of
March 31, 2006, the Bank had six consolidated subsidiaries.


LIVEDOOR: To Retain Name & Logo Despite Bad Image
-------------------------------------------------
Livedoor Co. Ltd. was reorganized on Monday into Livedoor
Holdings Co., which will oversee the business of 15 group
companies, and Internet portal Livedoor Co., to run the business
more efficiently, according to The Japan Times.

Livedoor considered a name change but decided against it after
experts advised company officials that the "Livedoor" name is an
asset despite the bad image brought about by the accounting
scandal, the report added.

Kanako Takahara, staff writer for The Japan Times, relates that
the company will move out of the Roppongi Hills complex in July
and relocate to Shinjuku Ward, which is cheaper.

Livedoor Holdings will focus on the pending accounting fraud
trial and lawsuits by shareholders seeking compensation for the
financial damages they suffered, the paper reported citing
company officials.

Citing Reuters, The Edge Daily reports that the company aims to
double annual sales to JPY10 billion by the year ended September
2009, up from the expected JPY5 billion sales in 2006/7, and
JPY7 billion in 2007/8.  The company expects demand for online
advertisement and Internet products, like Web site summaries and
blogs, to increase.

                     About Livedoor Company

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

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

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

Mr. Horie was found guilty and sentenced to spend two-and-a-half
years in prison for violating securities laws.


MITSUBISHI MOTORS: To Post Special Profit of JPY6.8 Billion
-----------------------------------------------------------
Mitsubishi Motors Corp. said it expects to post a special profit
of about JPY6.8 billion or US$58 million this business year
after receiving dividends from its investments, Reuters reports.

According to the report, Mitsubishi placed real estate in trust
in March 2002 through a special purpose company, which was
recently dissolved.

The company's group net profit is estimated to reach JPY8
billion for the year ended March 31.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Standard & Poor's Ratings Services raised its
long-term  corporate credit and senior unsecured debt ratings on
Mitsubishi Motors Corp. to B- from CCC+, reflecting progress in
the company's revitalization efforts and reduced downside risks
in its earnings and financial profile.  S&P said the outlook on
the long-term rating is stable.

As reported by the TCR-AP on Aug. 4, 2006, Rating & Investment
Information Inc. upgraded its issuer rating on Mitsubishi Motors
Corp. from CCC+ to B with a stable outlook and its commercial
paper rating from C to B, and has removed the rating from its
monitor at the same time.

In July 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors' senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


MITSUBISHI MOTORS: Discloses New Executive Lineup
-------------------------------------------------
Mitsubishi Motors Corporation's Board of Directors has nominated
these executives at the board meeting held on March 30, 2007.
All nominations are subject to approval at Mitsubishi Motors'
annual shareholders' meeting and board of directors' meeting due
to be held in late June.

   * New Management Lineup
     (Members of the Board, Statutory Auditors)

     -- Takashi Nishioka [Representative Director]
        Chairman of the Board

     -- Osamu Masuko [Representative Director]
        President

     -- Heki Kasugai [Representative Director]
        Executive Vice President

     -- Hiizu Ichikawa [Representative Director]
        Managing Director

     -- Fujio Cho Managing Director

     -- Makoto Maeda Managing Director

     -- Norio Aoki Managing Director

     -- Hiroshi Harunari Managing Director

     -- Tetsuro Aikawa Managing Director

     -- Mitsuo Hashimoto Managing Director

     -- Kazuyuki Kikuchi Managing Director (newly appointed)

     -- Mikio Sasaki Member of the Board (non-executive)

     -- Hidetoshi Yajima Member of the Board (non-executive)

     -- Norihide Ujita Statutory Auditor (full-time)

     -- Kenji Egawa Statutory Auditor (full-time)

     -- Shigemitsu Miki Statutory Auditor
        (outside statutory auditor)

     -- Hiroshi Kan Statutory Auditor
        (outside statutory auditor)

     -- Yukio Okamoto Statutory Auditor
        (outside statutory auditor)

Members of the Board to be newly elected: Kazuyuki Kikuchi

Members of the Board to be re-elected: Takashi Nishioka, Osamu
Masuko, Heki Kasugai, Hiizu Ichikawa, Fujio Cho, Makoto Maeda,
Norio Aoki, Hiroshi Harunari, Tetsuro Aikawa, Mitsuo Hashimoto,
Mikio Sasaki, Hidetoshi Yajima (12 members in total)

                  About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Standard & Poor's Ratings Services raised its
long-term  corporate credit and senior unsecured debt ratings on
Mitsubishi Motors Corp. to B- from CCC+, reflecting progress in
the company's revitalization efforts and reduced downside risks
in its earnings and financial profile.  S&P said the outlook on
the long-term rating is stable.

As reported by the TCR-AP on Aug. 4, 2006, Rating & Investment
Information Inc. upgraded its issuer rating on Mitsubishi Motors
Corp. from CCC+ to B with a stable outlook and its commercial
paper rating from C to B, and has removed the rating from its
monitor at the same time.

In July 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors' senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


MITSUBISHI MOTORS: Expands OEM Contract With Nissan
---------------------------------------------------
Nissan Motor Co., Ltd., and Mitsubishi Motors Corp. have agreed
to expand their current business collaboration by enhancing the
Original Equipment Manufacturing contract scope.

Under the expanded OEM agreement Mitsubishi will supply Nissan
the "TOWNBOX" minicar, 4,000 units per year.  And Nissan will
supply Mitsubishi the "AD/AD Expert" light commercial vehicle,
3,000 units per year.

Mitsubishi has supplied Nissan the "Clipper" LCV, the "Otti"
minicar, but this is the first time for Nissan to supply
Mitsubishi.

The agreement will allow both companies to improve productivity
through the expanded economies of scale, and better cater
customers with a richer mix of model lineups that meet customer
needs.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Standard & Poor's Ratings Services raised its
long-term  corporate credit and senior unsecured debt ratings on
Mitsubishi Motors Corp. to B- from CCC+, reflecting progress in
the company's revitalization efforts and reduced downside risks
in its earnings and financial profile.  S&P said the outlook on
the long-term rating is stable.

As reported by the TCR-AP on Aug. 4, 2006, Rating & Investment
Information Inc. upgraded its issuer rating on Mitsubishi Motors
Corp. from CCC+ to B with a stable outlook and its commercial
paper rating from C to B, and has removed the rating from its
monitor at the same time.

In July 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors' senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


SHIGA BANK: Fitch Affirms Individual Rating at C
------------------------------------------------
Fitch Ratings affirmed Shiga Bank, Ltd.'s long-term foreign and
local currency Issuer Default Ratings were affirmed at 'BBB+'
with a Stable Outlook.

Short-term foreign and local currency IDRs and Individual rating
were affirmed at 'F2' and 'C', respectively.  Support rating and
Support rating floor were affirmed at '2' and 'BBB-',
respectively.

According to Fitch, Shiga's capital ratios remained relatively
stable, while the credit quality of its loans steadily improved
to a very good level over the past five years.  On the other
hand, Fitch notes that the bank's profitability is still
somewhat low and that its market risk remains relatively high.

Headquartered in Shiga Prefecture, Japan, The Shiga Bank, Ltd.
-- http://www.shigagin.com/-- is a regional bank with 14
subsidiaries.  The Company operates in six business segments --
banking, leasing and investment, credit card, clerical services,
credit guarantee, and business consulting services.


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

AMKOR TECHNOLOGY: Good Performance Cues S&P to Lift Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Chandler, Arizona-based Amkor Technology Inc. from CreditWatch,
where it they placed on with positive implications March 1,
2007.

S&P raised corporate credit and senior secured ratings on the
company to 'B+' from 'B-', senior unsecured rating to 'B' from
'CCC+', and subordinated debt rating to 'B- from 'CCC'.

The outlook is stable.

"The rating actions follow the company's sharply improved
operating performance and cash flow generation; permanent debt
reduction, restructuring actions, and better product mix have
positioned the company to weather industry cyclicality within
the constraints of the new rating," said Standard & Poor's
credit analyst Lucy Patricola.

The ratings on Amkor reflect challenging industry
characteristics, limited demand visibility, and high operating
leverage, leading to cyclical cash flow and profitability.
These factors are only partly offset by the company's strong
market position and improving operational trends.  Amkor is a
leading independent provider of outsourced packaging and testing
services to semiconductor makers.  Sales for the 12 months ended
December 2006 were US$2.7 billion, and total lease-adjusted debt
was US$2.1 billion.

Revenues for 2006 grew by 30% over 2005, driven by increasing
demand, firm pricing, and better product mix.  Reflecting volume
absorption and high capacity utilization, EBITDA nearly doubled,
with margin improving to 25% from 17%.  The outsourced assembly
and test industry collectively restrained capacity expansion
through 2006; as a result, industry-wide supply shortages are
resulting in firm pricing.  Still, Amkor remains vulnerable to
semiconductor volumes and has limited visibility to demand
trends beyond about two quarters.  Competition is intense among
outsourced assembly providers, because services are provided
without contract.  Despite substantial improvement in its
advanced packaging processes, Amkor's technology differentiation
with peers is modest, leaving the company exposed to price
competition, especially in an industry downturn.

                          *     *     *

Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) --
http://www.amkor.com/-- provides advanced semiconductor
assembly and test services.  The company offers semiconductor
companies and electronics original equipment manufacturers a
complete set of microelectronic design and manufacturing
services.  It has sales and manufacturing offices in Japan,
China, Taiwan, the Philippines and Korea.


ARROW ELECTRONICS: Asian Unit to Acquire Adilam Pty. Ltd.
---------------------------------------------------------
Arrow Asia Pac, a unit of Arrow Electronics Inc., signed an
agreement to acquire the component distribution business of
Adilam Pty. Ltd. with effect from June 1, 2007.

Privately owned, Adilam is a leading electronic component
distributor in Australia and New Zealand.  This acquisition will
create significant opportunities for Arrow, strengthening its
leadership position and increasing its competitive advantages in
the ANZ market.

"I am delighted to add Adilam to Arrow Asia Pac," said Peter
Kong, president of Arrow Asia Pacific.  "There are significant
synergies between the two companies.  This is one of our
strategies to further strengthen our leadership position in the
ANZ market.  This acquisition will enable us to further
accelerate our growth in ANZ market."

"This acquisition will be mutually beneficial to Arrow and
Adilam," said Gert Labuschagne, vice president of Arrow - South
Asia.  "Arrow gains an expanded customer base and additional
strategic product lines, which are critical for Arrow to further
expand market share in ANZ.  Adilam's customers and suppliers
will gain instant access to Arrow's specialized expertise,
technical resources, supply chain solutions and extensive
logistics capabilities."

Under the combined entity, there will be no change to the local
structure of Arrow and reporting relationships of Arrow's
existing employees.  Adilam employees will be transferred to
Arrow Australia and assigned new positions.  With this increase
in resources, Arrow will be better positioned to expand its
product portfolio and offer improved services, products and
support to customers and suppliers of the combined company.

                     About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  The rating
outlook is positive.


DURA AUTOMOTIVE: RSM Richter Hands 3rd Report to Ontario Court
--------------------------------------------------------------
RSM Richter, Inc., Dura Automotive Systems Inc. and its debtor-
affiliates' information officer, delivered its third report with
the Ontario Superior Court of Justice (Commercial List) in
Canada to:

   (a) provide an update on the Debtors' claims process,
       including the establishment of May 1, 2007, as the Claims
       Bar Date in their Chapter 11 cases pending before the
       U.S. District Court for the District of Delaware;

   (b) summarize the Debtors' proposed process to advise
       Canadian Creditors in connection with the Claims Bar
       Date;

   (c) recommend that the Ontario Court recognize the Claims
       Process in Canada;

   (d) provide updates with respect to developments concerning a
       pension plan for employees of the Debtors' operations in
       Stratford, Canada; and

   (e) summarize and seek approval of its activities since
       Mar. 1, 2001.

A full-text copy of RSM Richter's Third Report is available for
free at http://ResearchArchives.com/t/s?1c9e

The Delaware Court has established May 1, 2007, as the general
claims bar date for filing proofs of claim in the Debtors'
Chapter 11 cases.  The Claims Bar Date Order specifies that the
General Bar Date apply to all claims against the Debtors that
arose prior to the Petition Date.

On March 2, 2007, the Debtors served a notice of the Bar Date
and a proof of claim form to all known creditors, including the
Canadian Creditors.

The Debtors do not intend to initiate a separate claims process
for the Canadian Creditors.  In order to assist the Canadian
Creditors to understand the Claims Process, the Debtors propose
that:

     * separate notices, which include the Bar Date Notice
       Package, will be sent by regular mail to the Canadian
       Creditors by April 6, 2007.  The notice will advise
       Canadian Creditors that, like the creditors based in the
       United States, they are also bound by the Claims Process;

     * the Bar Date Notice will be published in the national
       editions of both Globe and Mail, and the National Post
       newspapers by April 9, 2007;

     * the Bar Date Notice will also be placed on RSM's Web site
       at http://www.rsmrichter.com/

Accordingly, the Debtors ask the Ontario Court to recognize the
Bankruptcy Court-approved Claims Process in Canada.

The Debtors have previously conveyed their intent to discontinue
all operations at the Stratford Facility by December 2007.  The
unionized employees at Stratford Facility participate in a DAS
Canada Pension Plan, a defined benefit plan.

RSM reports that the Debtors have sent a notice of proposed
wind-up to all employees under the Pension Plan and to the
Superintendent of Financial Services of Ontario.  The Wind-Up
Notice states that:

    -- pursuant to the Pension Benefit Act (Ontario), the
       Pension Plan will be wound up in full, effective Nov. 2,
       2007, to coincide with termination of the employment of
       the remaining active Members and the closure of the
       Stratford Facility;

    -- a wind-up report, setting out the rights and benefit
       entitlements of the Members and the proposed method for
       distributing the Plan assets, will be prepared by the
       Plan's actuary, Aon Consulting, Inc., in accordance with
       the Act.  The Wind-Up Report will be filed with the
       Financial Services Commission of Ontario and Canada
       Revenue Agency; and

    -- no distributions can be made from the Pension Plan until
       the Superintendent approves the Wind-Up Report.  The
       Debtors will request approval of the Report to allow for
       current payments to those Members with immediate
       entitlement to benefits under the Plan.

Aon has advised RSM Richter that the Debtors intend to comply
with FSCO's recommendation that:

   (a) Future Retirees' benefit will be paid based on 85%
       of the entitlement; and

   (b) all Current Retirees will continue to receive 100% of
       their pension entitlement.

The Debtors has advised the International Association of
Machinists and Aerospace Workers, the labor union representing
the Stratford Facility employees, of their intention to comply
with FSCO's recommendation.

Moreover, since Mar. 1, 2007, RSM Richter:

     * reviewed and commented on certain of the Debtors' draft
       application materials;

     * reviewed materials filed in the U.S. Chapter 11
       proceedings;

     * posted a copy of various Court materials on its Web site;

     * spoke routinely with each Canadian facility in order to
       determine if any critical issues are affecting
       operations;

     * corresponded with the Canadian Debtors' counsel, Davies
       Ward Phillips and Vineberg LLP, and U.S. Debtors'
       Counsel, Kirkland & Ellis LLP, regarding the Debtors'
       Claims Process;

     * corresponded with Davies Ward regarding the Pension Plan
       and the general restructuring matters;

     * responded to queries from creditors or suppliers
       concerning the Debtors' proceedings; and

     * assisted the Brantford Facility in respect of a supplier
       issue.

                 About DURA Automotive Systems Inc.

Headquarted 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 Debtors filed for chapter 11 petition 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., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys 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 their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Fitch Ratings placed one tranche from one public
collateralized debt obligation and one tranche from private CDO
on Rating Watch Negative following Dura Automotive Corp.'s
filing for protection under Chapter 11.

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


DURA AUTOMOTIVE: Can't File 2006 Annual Report On Time
------------------------------------------------------
Dura Automotive Systems, Inc., informed the U.S. Securities and
Exchange Commission that it will be unable to timely file its
annual report on Form 10-K for 2006.

David L. Harbert, Dura's vice president and chief financial
officer, explained that the completion of financial statements
and disclosures required for companies in Chapter 11 and the
assessment of internal controls over financial reporting have
delayed Dura's completion of the financial and other information
to be included in the 2006 Form 10-K.

According to Mr. Harbert, Dura is working diligently to finalize
its financial statements for the year ended Dec. 31, 2006, and
is still providing Deloitte & Touche LLP with the information
necessary to complete the audit of its consolidated financial
statements.

American Institute of Certified Public Accountants Statement of
Position 90-7, "Financial Reporting by Entities in
Reorganization under the Bankruptcy Code" generally does not
change the manner in which financial statements are prepared.
However, it requires financial statements for periods subsequent
to the filing of the Chapter 11 petition distinguish
transactions and events that are directly associated with the
reorganization from the ongoing operations of the business.

Revenues, expenses, realized gains and losses, and provisions
for losses that can be directly associated with the
reorganization and restructuring of the business must be
reported separately as reorganization items in the statement of
operations.  The balance sheet must distinguish prepetition
liabilities subject to compromise from both those prepetition
liabilities that are not subject to compromise and from
postpetition liabilities.

Liabilities that may be affected by a plan of reorganization
must be reported at the expected allowed amounts, even if they
may be settled for lesser amounts.  In addition, cash provided
or used by reorganization items must be disclosed separately in
the statements of cash flows.

Mr. Harbert said that the company had adopted SOP 90-7 effective
Oct. 30, 2006, and is currently working on segregating the items
for all reporting periods subsequent to that date.

Deloitte & Touche has informed Dura's Audit Committee that its
report on the company's consolidated financial statements will
include an explanatory paragraph indicating that substantial
doubt exists as to the Company's ability to continue as a going
concern.  Dura does not intend to include any adjustments to its
financial statements to reflect the possible future effects that
may result from the uncertainty of its ability to continue as a
going concern.

                 About DURA Automotive Systems Inc.

Headquarted 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 Debtors filed for chapter 11 petition on Oct. 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., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys 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 their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Fitch Ratings placed one tranche from one public
collateralized debt obligation and one tranche from private CDO
on Rating Watch Negative following Dura Automotive Corp.'s
filing for protection under Chapter 11.

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


HYNIX SEMICONDUCTOR: Local Investors May Maintain Control
---------------------------------------------------------
South Korea's concern over the outflow of technology may prevent
foreign investors from buying control of the Hynix Semiconductor
from its creditors, Bloomberg News reports.

The report recounts that last year, South Korean lawmakers
agreed to prevent "core" industrial technologies from flowing
out of the country.

Hynix's technology would probably be subject to the law, Kim
Jong Kap, the newly appointed chief executive officer of the
company, told the news agency.

"It's more realistic for a domestic investor or company to take
management control," Mr. Kim said.

Hynix creditors -- owning about 36% in the company after
spending US$4.6 billion bailing out the chipmaker -- have agreed
not to sell their remaining stake until the end of the year.

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

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

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


HYNIX SEMICONDUCTOR: Amends Plan to Get Nod for Icheon Plant
------------------------------------------------------------
Hynix Semiconductor Inc's Chief Executive Officer Kim Jong-Kap
said the company has been revising its investment plan for its
Icheon plant, in a bid to win the necessary government
approvals, XFN-Asia reports.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 8, 2006, Hynix Semiconductor wants to add new factories in
its main complex in Icheon, however, the plan was stalled
because the complex sits in a zone subject to strict
environmental regulations.

"The most urgent issue at stake for the company is timely
investment and Icheon offers the best solution so we are
revising our investment plan," Mr. Kim was quoted by XFN-Asia as
saying.

The new plan will include expanding all the possible processing
facilities in Icheon except for the copper-use process, which
was a the major reason for the government rejecting its original
investment plan, the report says.

Mr. Kim said that the company will again try to ask for the
government approval to build one fab line each year by 2010,
which will cost about KRW14.5 trillion.

Hynix will also try to broaden its product mix beyond memory
chips next year, the Wall Street Journal reports, citing Mr.
Kim.

The Journal recounts that in 2004, Hynix sold its nonmemory
business, which produces products such as the system LSI chips
commonly used as the brains of consumer-electronics products.
As part of the terms of that sale, Hynix pledged not to make
nonmemory chips for at least three years.

"We're considering making nonmemory chips again when the
restriction is removed" at the end of this year, Mr. Kim said.

The product mix is intended for Hynix to be more flexible to
market conditions, Mr. Kim added.

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

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

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


TI AUTOMOTIVE: Weak Credit Measures Spur S&P to Cut Rating to B-
----------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch and
lowered its corporate credit rating on U.K.-based automotive
supplier TI Automotive Ltd. to 'B-' from 'B', due to the group's
weaker credit measures.  The outlook is negative.

"The rating action reflects Standard & Poor's expectation that
TI Auto's leverage and cash flow measures will remain weak,
placing the group's financial risk profile firmly within the
highly leveraged category," said Standard & Poor's credit
analyst Louise Newey.  "TI Auto is completing the refinancing of
its current facilities, which include GBP380 million of first-
lien debt and GBP155 million of second-lien debt."

At the same time, the senior secured bank loan rating on TI Auto
was lowered to 'B' from 'B+'. The '1' recovery rating on the
bank loan, indicating a high expectation of full recovery of
principal in the event of a default, was affirmed. In addition,
TI Auto's proposed GBP75 million revolving credit facility has
been assigned a debt rating of 'B', one notch above the
corporate credit rating, with a recovery rating of '1',
indicating a high expectation of full recovery of principal in
the event of a default.  The group's proposed GBP380 million
senior secured first-lien loan has been assigned a rating of
'B-', in line with the corporate credit rating and a recovery
rating of '2', indicating substantial recovery of principal.

The new financing structure is expected to incur high total
interest costs, which will place a burden on cash flow measures
and coverage ratios.  The group has confirmed that noncore
divisions could be sold if necessary in the future to focus on
more profitable businesses and repay part of the outstanding
debt, thereby possibly reducing the heavy interest burden.  This
carries an element of risk in terms of timing and likelihood,
which reduces the possibility that the rating can be sustained
if cash flow continues to be restricted by financing costs,
hampering TI Auto's ability to reduce leverage.

TI Auto could see a further deterioration in its business risk
profile and maintain a highly leveraged financial risk profile.
To remain at this rating level, the group needs to successfully
execute its strategic divestments of noncore businesses in order
to further deleverage, while maintaining a steady operational
performance.  Failure to complete these divestments will put
pressure on the ratings and could lead to a further downgrade.
There is limited rating upgrade potential in the short to medium
term.

Based in Warren, Mich., TI Automotive -- http://www.tiauto.com/
-- employs over 20,000 people at more than 130 facilities in 29
countries on six continents.  In the Asia Pacific, the company
has operations in Australia, China, India, Japan, South Korea,
and Thailand.


UAL CORP: Reports Fourth Quarter and Full Year 2006 Results
-----------------------------------------------------------
UAL Corporation filed with the Securities and Exchange
Commission its annual report for the year ended December 31,
2006.  UAL reported US$25,000,000 in net profit for the 11-month
period after the company emerged from bankruptcy.

Operating revenues attributed to mainline domestic operations
total US$10,000,000,000 in 2006.  Operating revenues attributed
to mainline international operations total US$6,400,000,000.

United Express operating revenues were US$2,900,000,000 in 2006.
UAL's Mileage Plus(R) Frequent Flyer Program contributed
approximately US$600,000,000 to passenger and other revenue, and
United Cargo (SM) generated US$750,000,000 in freight and mail
revenue for the year.  United Services generated approximately
US$280,000,000 in revenue in 2006 by utilizing downtime of
otherwise under-utilized resources.

UAL also reported cash and cash equivalents, restricted cash and
short-term investments totaling US$5,000,000,000 at December 31,
2006, including restricted cash of US$847,000,000.  UAL noted
that it had three consecutive quarters of operating profit,
despite fuel prices that were about US$800,000,000 higher than
in 2005.

UAL previously reported combined first quarter 2006 net income
of US$23,000,000,000 driven by about $23,000,000,000 of
primarily non-cash reorganization gains largely due to the
discharge of liabilities associated with the company's exit from
Chapter 11.

Fuel was UAL's largest operating expense in 2006.  Mainline fuel
costs total US$4,824,000,000, while United Express fuel costs
total US$834,000,000 for the year.

Substantially all of UAL's unencumbered assets were pledged
under its US$3,000,000,000 exit facility as of December 31,
2006.  In February 2007, UAL prepaid US$972,000,000 on the
Credit Facility and amended certain loan terms.  The new
2,550,000,000 facility was arranged by J.P. Morgan Securities,
Inc., and Citigroup Global Markets as joint lead arrangers, and
Credit Suisse Securities (USA) LLC, as syndication agent.

The Amended Credit Facility allowed UAL to release certain
assets with an estimated market value of roughly
US$2,500,000,000 from the Credit Facility collateral pool, which
are now unencumbered.  The Amended Credit Facility does not
place any specific restrictions on the company's ability to
issue debt secured by the newly unencumbered assets.  In
addition, subject to the restrictions of the Amended Credit
Facility, UAL could raise additional capital by issuing
unsecured debt, equity or equity-like securities, monetizing or
borrowing against certain assets or refinancing existing
obligations to generate net cash proceeds.

The Amended Credit Facility matures in 2014.  UAL also disclosed
that about 82% of United Air Lines' domestic revenue is exposed
to competition from low cost carriers.  In 2006 and early 2007,
Southwest Airlines, JetBlue Airways and other LCCs have
initiated new service or expanded their service from certain of
United's hub cities.

UAL noted that domestic pricing decisions are largely affected
by the need to meet competition from other U.S. airlines.  Fare
discounting by competitors has historically had a negative
effect on its financial results because United often finds it
necessary to match competitors' fares to maintain passenger
traffic.
UAL, however, said its United unit has experience competing
directly with LCCs in its markets.  UAL believes its unit is
well positioned to compete effectively.

"We are well-positioned to confront what will continue to be a
tough industry environment: increasing domestic and global
competition; volatile fuel prices; and ongoing security and
infrastructure challenges, such as inadequate airport capacity
and Air Traffic Control," Glenn F. Tilton, UAL chairman,
president and CEO, said.

The annual meeting of UAL shareholders is scheduled for May 10,
2007.

The number of shares of UAL common stock outstanding as of
February 28, 2007 total 112,741,372.

A full-text copy of UAL's Annual Report on Form 10-K is
available for free at http://ResearchArchives.com/t/s?1ca9

                          About UAL Corp.

Headquartered in Chicago, Illinois, UAL Corporation (NASDAQ:
UAUA) -- http://www.united.com/-- through United Air Lines,
Inc., is the holding company for United Airlines -- the world's
second largest air carrier.  The airline flies to Brazil, Korea
and Germany.

                           *     *     *

Moody's Investors Service assigned ratings in July 2006 to
United Air Lines Inc.'s Pass Through Trust Certificates, Series
2000-1: Ba3 rating to US$233,244,336 Class A-1 Certificates; Ba3
rating to US$324,913,300 Class A-2 Certificates; and B3 rating
to US$186,368,450 Class B Certificates.


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

EKRAN BERHAD: Owes Four Lenders MYR62 Million
---------------------------------------------
In a filing with the Bursa Malaysia Securities Bhd, Ekran Bhd
disclosed its payment default status to four lenders as of
March 2007:

      Lenders                         Claimed Amount
      -------                         --------------
      Pengurasan Danaharta          MYR28,426,953.08
      National Sdn Bhd

      Danaharta Managers                1,217,535.25
      Sdn Bhd

      Danaharta Urus                   29,535,045.28
      Sdn Bhd

      AmBank Berhad                     3,079,661.39
      (Arab Malaysian Bank Berhad)      Plus interest

According to the company, negotiations for full and final
settlement with these debts are now in progress.

                          *     *     *

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


FEDERAL FURNITURE: Securities Commission Extends Restructuring
--------------------------------------------------------------
Malaysia's Securities Commission approved on March 20, 2007, the
extension asked by Federal Furniture Holdings Bhd to complete
the implementation of its various plan proposals.

As reported by the Troubled Company Reporter - Asia Pacific on
March 15, 2007, Federal Furniture asked the Commission to extend
until Sept. 13, 2007, the period within which it is required to
complete its corporate restructuring exercise.

The Commission previously required the company to complete the
implementation of its regularization plan by March 15, the TCR-
AP noted.

The company submitted its regularization plan to the Securities
Commission and other relevant authorities on July 5, 2006.

The regularization plan contains, among others, these proposals:

    * capital reduction,
    * share premium reduction,
    * rights issue with warrants, and
    * debt settlement scheme with some of its creditors.

                          *     *     *

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On July
5, 2006, the Company submitted its Regularization Plan to Bursa
Malaysia Securities Berhad for approval.

Federal Furniture Holdings Bhd's unaudited balance sheet as of
Dec. 31, 2006, showed total assets of MYR135.78 million and
total liabilities of MYR153.46 million, resulting to a
shareholders deficit of MYR17.67 million.


HALIFAX CAPITAL: Looking for New Restructuring Plan Adviser
-----------------------------------------------------------
On March 8, 2007, the Troubled Company Reporter - Asia Pacific
reported that Affin Merchant Bank has relinquished its post as
the main adviser to the proposed restructuring scheme of Halifax
Capital Bhd.

In a disclosure with the Bursa Malaysia Securities Bhd on
April 2, 2007, the company said that it is still currently
looking for Affin's replacement.

The Bursa Malaysia Securities Bhd has extended the time within
which the company is required to file its regularization plan
until June 6, 2007.

                          *     *     *

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

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


PROTON HOLDINGS: Recapitalizes Lotus; Waives Debts of GBP16.5MM
---------------------------------------------------------------
Lotus Group International Ltd, along with its subsidiary
companies, Group Lotus Plc and Lotus Cars Ltd, all wholly owned
units of Proton Holdings Bhd, had undertaken and completed a
recapitalization exercise on March 30, 2007, Proton informed the
Bursa Malaysia Securities Bhd.

The recapitalization involved these exercises:

   (a) Capital reduction involving a 90% reduction in the par
       value of each existing ordinary share in Lotus, Group
       Lotus plc and Lotus Cars Limited, and the consolidation
       of the resultant shares on the basis of 10 ordinary
       shares into 1 ordinary share;

   (b) Capitalisation of certain inter-company advances of up to
       GBP45.0 million;

   (c) Debt waiver of certain amounts owing by the Lotus Group
       to PROTON and Perusahaan Otomobil Nasional Sdn Bhd of up
       to a maximum of GBP16.50 million; and

   (d) Subscription by GLP of an additional 2.0 million ordinary
       shares of GBP1.00 each in LCL for cash.

As a result of the Lotus Recapitalisation, Lotus Advance
Technologies Sdn Bhd, a wholly owned subsidiary of PROTON, had
on even date issued an additional 308.47 million Redeemable
Convertible Preference Shares of RM0.10 each, at an issue price
of RM1.00 as settlement of the purchase consideration for the
45.0 million ordinary shares of GBP1.00 each in Lotus acquired
from PROTON and PONSB.

According to Proton, the Lotus Recapitalisation and Lotus Shares
Acquisition does not have any effect on the share capital and
shareholding structure of PROTON, nor will it have any effect on
the net assets, gearing or earnings of the PROTON Group.

                          *     *     *

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

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

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


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

* PGMA: Lower Foreign Debt Means Higher RP Investor Confidence
--------------------------------------------------------------
President Gloria Macapagal-Arroyo said that the National
Government's declining foreign debt is resulting in greater
investor confidence in the Philippines as more investors are now
pouring in their money into the country.

In a recent roundtable discussion in Malacanang, the President
spelled out the benefits derived from lower foreign debt, such
as stronger peso, lower prices of commodities and more funds to
build vital infrastructure facilities that would attract
investors.

"For investors to come in, we have to have the (needed)
infrastructure," the President said as she cited the boom in
call center/business process outsourcing and tourism sectors.

The National Government's total debt declined from PHP3.888
trillion in 2005 to PHP3.851 trillion in 2006, that resulted in
a reduction in the NG debt-to-gross national product ratio to
64% from 72%.

The President said because the Philippines had invested in
communications infrastructure and connectivity, investments in
the information and communications technology sector,
specifically calls centers and BPOs, came pouring into the
country.

She also said the government would be investing in tourism
infrastructure to attract investments into one of the country's
"natural competitiveness" -- its tourist attractions -- which
have caught the attention of foreign investors, the latest of
whom is the 13th richest man in the world, Saudi Prince Alwaleed
bin Talal bin Abdulaziz Alsaud.

The President said Prince Alwaleed, whom she described as an
"investment genius," is deeply interested in investing in the
development of beach resorts and dive spots in the country.

The proposed investment is aside from the US$153-million joint
venture of the "most successful businessman in the Middle East"
and the Ayala Land Inc. to develop a luxury hotel at the heart
of Makati central business center.

"Prince Alwaleed's group's investment in the Philippines is a
clear vote of confidence from the Middle East which is a bastion
of our national interest because of the presence of more than a
million Filipino workers in that part of the world," the
President said.

"As we help build the mega-modern cities in the Middle East, we
are glad that investors from there are taking a closer look at
the Philippines," she added.

The President vowed to "match the growing confidence" in the
Philippines with "stronger action to build the infrastructure,
generate incentives and promulgate law and order."

She said with lower debt service and greater investor
confidence, the Filipino people would "continue to reap the
returns of growth, confidence and jobs."

Socioeconomic Planning Secretary and National Economic and
Development Authority Director General Romulo Neri said that
with lower foreign debt, the government has more funds now to
spend for more productive expenditures that would uplift the
lives of the people.

He added that greater investor confidence in the country would
"eliminate unemployment" as more investments pouring in would
mean more new jobs created for the Filipino people.

                          *     *     *

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
=================

CREATIVE TECHNOLOGY: Sees US$20MM Operating Loss in 3Q FY 2007
--------------------------------------------------------------
Creative Technology Ltd disclosed that it is projecting an
operating loss of approximately US$20 million for the third
quarter of its 2007 fiscal year, ending March 31, 2007.  The
operating loss is due to lower than expected sales for Creative
products in Asia and the United States, and restructuring
charges worldwide relating to cost reduction efforts in the
quarter.

Sales for the third quarter are expected to come in at
approximately US$180 million, with gross margins above 20%.

Information about Creative's Q3 FY07 earnings release and
corresponding conference call will be posted in coming weeks at
its Web site http://www.creative.com/corporate/investor

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

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


E-FORCE TECH: Court to Hear Wind-Up Petition on April 13
--------------------------------------------------------
TME Systems Pte Ltd filed a wind-up petition against E-Force
Technologies Pte Ltd on March 13, 2007.

The High Court Of Singapore will hear the petition on April 13,
2007, at 10:00 a.m.

TME Systems' solicitors is:

         Messrs Kang Associates
         19 Keppel Road #06-06
         Jit Poh Building
         Singapore 089058


FIRST GREEN: Court to Hear Wind-Up Petition on April 13
-------------------------------------------------------
Hock Hin Leong Timber Trading (Pte) Ltdl filed a wind-up
petition against First Green Engineering Pte Ltd on March 15,
2007.

The High Court Of Singapore will hear the petition on April 13,
2007, at 10:00 a.m.

Hock Hin's solicitor is:

         David Ong & Co
         #08-14, Manhattan House
         Singapore 169876


ISIS HAIR: Court Orders Wind Up of Operations
---------------------------------------------
The High Court Of Singapore entered an order on March 23, 2007,
to wind up the operations of Isis Hair & Beauty Salon Pte Ltd.

The order is pursuant to the wind-up petition filed by Ang Poh
Hong.

The company's liquidators are:

         Haq & Selvam
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


REFCO INC: Administrators Want to Settle Intercompany Claims
------------------------------------------------------------
RJM, LLC, as Plan Administrator of the Reorganized Debtors'
Chapter 11 cases, and Marc S. Kirschner, as Chapter 11 Trustee
and Plan Administrator of Refco Capital Markets, Ltd.'s estate,
ask the United States Bankruptcy Court for the Southern District
of New York to approve their settlement and compromise of
various intercompany claims with Albert Togut, as (i) Chapter 7
Trustee for the Refco, LLC estate, and (ii) interim Chapter 7
trustee for the estate of Refco Trading Services, LLC, a wholly
owned subsidiary of Refco LLC.

The Refco Administrator represents:

   -- each of the then Chapter 11 Debtors, excluding Refco F/X
      Associates, LLC;

   -- FXA; and

   -- certain non-debtor affiliates, including Refco Singapore
      Pte. Ltd. and Refco Investment Services Pte. Ltd.

                            RCM Claim

In July 2006, the RCM Trustee filed Claim No. 290 against Refco,
LLC, asserting a liquidated intercompany claim for US$11,450,384
based on "money borrowed or converted."

The RCM Trustee also asserted "unknown, contingent and
unliquidated claims" against Refco LLC for up to
US$2,278,164,695, based on his belief that RCM improperly
transferred more than US$2,200,000,000 to Refco Global Capital
Management LLC Refco Global or Refco Capital LLC to directly
benefit Refco Global, Refco Capital and one or more other
debtors, including Refco LLC.

                       Refco Master Claim

In July 2006, the then Chapter 11 Debtors and their affiliates
filed Claim No. 414 against Refco LLC, asserting liquidated
intercompany claims in the net aggregate amount of
US$138,266.382.  The Refco Master Claim is separate and distinct
from the RCM Claim filed against the Refco LLC estate for more
than US$2,000,000,000 by the RCM Trustee.

Subsequent to filing the claim, the Refco Master Claimants
alleged damages exceeding US$750,000,000 based on various
grounds of liability that seeks payments for, among other
things:

   (i) improper acquisition accounting;

  (ii) allocations of senior management and administrative
       services and tradename use charges;

(iii) retention of sale proceeds from the transaction with Man
       Financial, Inc., relating to trademarks and tradename
       values of Refco Group Ltd.;

  (iv) improper recording of income at Refco LLC referred to as
       "corporate yield enhancement";

   (v) an assumption by one or more of the Refco Master
       Claimants of losses at Refco LLC arising out of an
       arbitration award; and

  (vi) interest on all claims as of the Refco LLC Petition Date.

               Refco Investment & Singapore Claims

Refco Singapore and Refco Investment filed Claim Nos. 458 and
459 against Refco LLC for US$96,126 and US$114,235, purporting
to arise out of intercompany receivables between the two
claimants, on one hand, and Refco LLC, on the other.

                           RTS Claims

Mr. Togut, on behalf of the RTS estate, filed Claim Nos. 11726
through 11751, and 11753 against each of the then Chapter 11
Debtors and RCM, and Claim No. 413 against Refco LLC, seeking
undetermined amounts for various causes of action arising from
RTS' relationship with each of the Chapter 11 Debtors, RCM and
Refco LLC.

The RTS Claims further asserted unliquidated claims for damages
arising from transactions engaged in by the Chapter 11 Debtors,
RCM and Refco LLC that involved fraudulent accounting, misuse of
assets, fraudulent concealment of losses, and any other
misconduct or omissions, including those that led to the
commencement of cases under Chapter 11 and Chapter 7.

According to Refco LLC's books and records, RTS held accounts
receivable claims aggregating US$4,961,638 against the Refco
Master Claimants and Refco LLC, versus account payables due
those same entities in aggregate amount of US$12,013,485.

                        Refco LLC Claims

Mr. Togut, on behalf of the Refco LLC estate, filed Claim Nos.
11312 through 11318; 11435; 11752; and 11754 through 11771) in
the cases of each of the Chapter 11 Debtors and RCM.  The Refco
LLC Claims assert unliquidated claims arising out of the Chapter
7 Debtor's relationship with the Chapter 11 Debtors and RCM.

Mr. Togut also asserted various liquidated claims against
certain of the Chapter 11 Debtors.  Based on its schedules of
assets and liabilities, Refco LLC held accounts receivable
aggregating US$198,107,010 against the Refco Master Claimants,
RCM and RTS, versus account payables due such entities totaling
US$153,735,761.

             Terms of Intercompany Claims Settlement

Under the Plan, on and after the Effective Date, the Plan
Administrators may exercise all of the Reorganized Debtors'
rights, powers and duties, including the settlement and
compromise of the disputed intercompany claims.

Accordingly, the Intercompany Claims Settlement Agreement
provides that:

   (1) The Contributing Debtors will be allowed a senior
       subordinated unsecured claim against the Refco LLC estate
       for US$565,000,000, in settlement of the claims asserted
       in the Refco Master Claim.  The Specified Allowed
       Contributing Debtors' Claim will be entitled to
       distribution from the Refco LLC estate.  The claim will
       be senior to, and paid before distributions are made on
       account of, the Allowed Other Claim or any claims under
       Sections 726(a)(3) through 726(a)(6) of the Bankruptcy
       Code.

   (2) The balance of the Refco Master Claim and the RCM Claim
       will be allowed as a junior subordinated unsecured claim
       against the Refco LLC estate for US$575,000,000, and will
       be entitled to distribution from the Refco LLC estate
       under Section 726(a)(2).

   (3) The Refco Singapore Claim and the Refco Investment Claim
       will be disallowed and expunged in their entireties.
       Refco Singapore, Refco Investment, and all other Refco
       Affiliates included in the Refco Master Claim will not be
       entitled to any distribution from Refco LLC's estate on
       account of the Refco Singapore Claim, the Refco
       Investment Claim, or the Refco Master Claim.

   (4) The RTS Claims will be disallowed and expunged in their
       entireties in consideration for certain releases.

   (5) The parties will exchange mutual releases.

   (6) The Settlement allows the Specified Allowed Contributing
       Debtors' Claim and the Allowed Other Claim.  The timing
       and amount of the distributions will be in Mr. Togut's
       discretion consistent with the applicable provisions of
       the Bankruptcy Code.

The parties agree that the Settlement does not waive, expunge or
otherwise disallow any claims or rights to payment of
administrative expenses arising on or after the Refco LLC
Petition Date, or any claims or rights of customers or creditors
of RCM against Refco LLC that were assigned by them to the Refco
Master Claimants and RCM, and subordinated on the terms of
various Claim Subordination and Waivers contemplated by the Plan
Support Agreement, dated September 14, 2006.

                          About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 60; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


REFCO: Administrators Want Claims Objection Deadline Extended
----------------------------------------------------------------
RJM, LLC, as Plan Administrator of the Reorganized Debtors'
Chapter 11 cases, and Marc S. Kirschner, Chapter 11 Trustee and
Plan Administrator of Refco Capital Markets, Ltd.'s estate, tell
the U.S. Bankruptcy Court for the Southern District of New York
that since filing for bankruptcy, about 14,000 claims,
aggregating US$150,000,000,000 in asserted amounts, have been
filed against the estates of Refco, Inc., and its debtor-
affiliates.

Over the course of the Chapter 11 cases, about 5,000 claims
asserting US$143,000,000,000 have been resolved by Court order
or by consent of the parties.

The Plan Administrators also filed objections to 1,300
additional claims asserting approximately US$5,500,000,000.

The Plan Administrators continue to reconcile the remaining
claims filed against the Chapter 11 estates, and anticipate
filing additional claims objections by March 2007.

Pursuant to the Reorganized Debtors' Plan of Reorganization, the
last day for filing an objection to claims against the Debtors
and RCM will be:

   (a) the later of 90 days after the Plan Effective Date, or
       60 days after the filing of a proof of claim for, or
       request for payment of, that Claim; or

   (b) other date as the Court may order.

In a motion filed with the U.S. Bankruptcy Court, the Plan
Administrators ask to extend the Claims Objection Deadline
through and including May 25, 2007.

Mark S. Deveno, Esq., at Bingham McCutchen LLP, in New York,
asserts that extension of the Claims Objection Deadline is
appropriate to complete the claims reconciliation process and to
help ensure that all non-meritorious claims are appropriately
challenged.

The Plan Administrators believe that it is important to ensure
that no unwarranted claims are allowed simply by virtue of the
passage of time.

Mr. Deveno assures Judge Drain that extending the Claims
Objection Deadline will not cause delay and will not prejudice
any claimants, as each claimant will retain any substantive
defenses it may have to any claim objections filed.

While the Plan Administrators do not anticipate any need to seek
additional extensions, they reserve the right to seek further
extension of the Claims Objection Deadline.

                          About Refco Inc.

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

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 60; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


SEA CONTAINERS: Unit Defaults Under US$151-Million Bonds
--------------------------------------------------------
Sea Containers SPC Ltd., an indirect, non-debtor majority-owned
subsidiary of Sea Containers Ltd., received on March 20, 2007, a
declaration of acceleration from Wachovia Bank, National
Association, and Abelco Finance LLC, holders of all of SPC's
currently outstanding Senior Notes aggregating US$151,195,518.

Although the Notes are reflected as debt on its consolidated
balance sheet, Sea Containers clarified in a regulatory filing
with the U.S. Securities and Exchange Commission that it is not
an obligor on, or a guarantor of, the Notes.

The security for the Notes includes:

   (i) the marine and intermodal containers owned by SPC and all
       related rentals and sales proceeds including:

       (a) the rentals payable by GE SeaCo SRL pursuant to a
           Master Lease Agreement dated as of May 1, 1998, as
           amended, pursuant which GE SeaCo leases from Sea
           Containers certain containers owned by SPC; and

       (b) the net revenues received from the leasing to end-
           user lessees of certain other containers which are
           managed by GE SeaCo SRL, pursuant to an Equipment
           Management Agreement dated as of May 1, 1998, as
           amended;

  (ii) two cash accounts aggregating US$5,100,000;

(iii) an indirect pledge of Sea Containers' equity interest in
       SPC; and

  (iv) a pledge of all of the 1,800 GE SeaCo Class B Quotas
       owned by Sea Containers.

The declaration of acceleration asserts that SPC has violated
certain representations, warranties and covenants in the
indenture and certain other transaction documents relating to
the financing.

As of March 26, Sea Containers said, neither the Note holders
nor the indenture trustee has taken any action to foreclose on
the security for the Notes.  If SPC fails to pay the Notes
following their acceleration, Sea Containers said the rate of
interest on the Notes is increased by 2% per annum.

If an event of default occurs and is continuing under the
indenture upon the delivery of a declaration of acceleration,
all unpaid principal and accrued interest on the Notes then
outstanding becomes immediately due and payable.

Sea Containers and SPC have disputed that an event of default
has occurred.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB)-- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants Court Okay on PwC as UK Labor Counsel
-----------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates sought the U.S.
Bankruptcy Court for the District of Delaware's authority to
employ PricewaterhouseCoopers Legal LLP as their United Kingdom
pension and labor counsel, nunc pro tunc to Feb. 23, 2007,
pursuant to Section 327(a) of the Bankruptcy Code.

Sea Containers Ltd. relates that the U.K. pension laws underwent
significant reform from April 2005.  Given the prior decision of
management to engage Kirkland & Ellis LLP as its lead bankruptcy
counsel, the Debtors require the assistance of experienced
outside pension counsel, who can provide advice regarding the
new pension laws, during the pendency of the Chapter 11 cases.

According to Sea Containers Ltd., PwC Legal has extensive
experience with, and knowledge of, the reformed pension laws and
the Debtors' pension schemes.  The firm has the necessary
expertise and background to assist the Debtors on an ongoing
basis with respect to matters related thereto which may arise in
the Chapter 11 cases.  The Debtors believe that PwC Legal is
both well qualified and able to provide the requested services
in the most efficient, timely and economical manner.

Sea Containers Ltd. tells the Court that PwC Legal's assistance
is also required in respect of UK labor law, predominantly on
daily labor law advice arising in the course of or in relation
to the Debtors' business and the Chapter 11 process, including
verification and endorsement that actions taken by the Debtors
to comply with the Bankruptcy Code do not conflict with the
requirements of United Kingdom labor law.  The Debtors also need
assistance on matters where joint pension and labor law
assistance is required.

Sea Containers Ltd. says it will be more expedient to have the
same adviser dealing with both joint pension and labor law
aspects, especially as the pension and labor law advisors are
part of the same practice group within PwC Legal.

As Joint Pension and Labor Law Counsel, PwC Legal will advise
the Debtors:

   (1) as to issues arising from their or their subsidiaries'
       participation in defined benefit pension schemes
       established under U.K. law, including advice in relation
       to regulatory issues and ceasing to participate;

   (2) on daily issues that arise, including verification and
       endorsement that the Debtors' actions comply with the
       Bankruptcy Code and do not conflict with the requirements
       of the U.K.; and

   (3) on contentious matters, including claims brought against
       the Debtors in any court or employment tribunal.

PwC Legal's services will be paid based on the firm's customary
hourly rates:

   Partners and Heads of Practice Areas     GBP450 to GBP500
   Assistant Solicitors                     GBP275 to GBP350
   Trainee Solicitors                       GBP150 to GBP170

The firm will also be reimbursed for necessary out-of-pocket
expenses.

Darryl Evans, Esq., a member of PwC Legal, assures the Court
that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.  The members
of PwC Legal, its solicitors and barristers do not have any
connection with or represent or hold any interest adverse to the
Debtors or their estates with respect to the matters on which
the firm is to be retained.

Sea Containers Ltd. discloses that PwC Legal is a member of
PricewaterhouseCoopers LLP's network of firms and is the
associated law firm of PwC in the U.K.  It is a separate legal
entity from PwC.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB)-- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 13;
Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


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

FEDERAL-MOGUL: Inks Stipulation with Watershed to Allow Claims
-------------------------------------------------------------
Watershed Holdings FM, LLC, acts as transferee of four claims
filed by these claimants for goods sold to the Debtors:

   Claimant                         Claim No.  Claim Amount
   --------                         ---------  ------------
   First American Plastic Molding      2284      US$152,695
   Osco Industries, Inc.               2813          16,805
   Fasa Friction Laboratories, Inc.    3524         236,811
   Research & Mfg. Corp. of America    3637         140,316

After conducting their due diligence on the underlying basis of
the Claims, Federal-Mogul Corporation and its debtor-affiliates
acknowledged that Watershed is entitled to general unsecured
claims in these amounts:

   -- US$152,622 on account of goods sold to Debtor Federal-
      Mogul Ignition Company by First American;

   -- US$14,404 on account of goods sold to Debtor Federal-Mogul
      Products, Inc., by Osco;

   -- US$219,279 on account of goods sold to FMP by Fasa; and

   -- US$140,047 on account of goods sold to FMP by RMCA.

In a stipulation, the Debtors and Watershed agree to allow the
Claims as general unsecured non-priority claims in the aggregate
amount of US$526,353.  The Allowed Claim Amounts will constitute
full and final payment of the Claims.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 131; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PHELPS DODGE: Freeport-Mcmoran Completes Sale to Finance Buy
------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. or FCX has completed US$5.76
billion in equity financings, through the sale of 47.15 million
shares of common stock at US$61.25 per share and 28.75 million
shares of 6 3/4% mandatory convertible preferred stock with a
liquidation preference of US$100 per share.  The amounts sold
include 6.15 million common shares and 3.75 million preferred
shares issued pursuant to the underwriters' exercise of the
overallotment options.

These offerings generated net proceeds, after underwriting
discount and expenses, totaling US$5.6 billion, which will be
used to repay indebtedness incurred in connection with the
acquisition of Phelps Dodge Corp.

Richard C. Adkerson, Chief Executive Officer of FCX, said,
"These transactions are a major positive step in achieving our
objective of reducing debt following the completion of the
Phelps Dodge transaction.  The positive outlook for our
business, combined with strong operating performance, will
enable us to reduce debt further while investing in our
attractive portfolio of capital projects.  We look forward to
aggressively pursuing opportunities to create shareholder
values."

The 6 3/4% mandatory convertible preferred stock will
automatically convert on May 1, 2010, into between approximately
39 million and 47 million shares of FCX common stock.  The
conversion rate will be subject to anti-dilution adjustments in
certain circumstances.  Holders may elect to convert at any time
at a conversion rate equal to 1.3605 shares of common stock for
each share of 6 3/5% mandatory convertible preferred stock.  The
6 3/4% mandatory convertible preferred stock trades on the New
York Stock Exchange under the ticker symbol FCXprM.  The first
dividend date will be Aug. 1, 2007.

After giving effect to these offerings, FCX will have
approximately 382 million shares of common stock outstanding and
approximately 452 million shares of common stock outstanding on
a fully diluted basis.  Total debt now approximates US$12
billion, US$9 billion net of cash.

The joint book-running managers for these offerings are Merrill
Lynch & Co. and JPMorgan.  The offerings will be made under
FCX's existing shelf registration statement filed with the
Securities and Exchange Commission.

                       About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, Venezuela, China, the
Philippines and Japan, among others.

                          *     *     *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PHELPS DODGE: Moody's Lifts Rating on US$566.7 Mil. Notes 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 US$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
around 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 around 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.

These are the rating actions:

   * 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-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; and

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

   * Cyprus Amax Minerals Company

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

   * 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; and

      -- 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 Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, Venezuela, China, the
Philippines and Japan, among others.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Andrei Sanchez, Rousel Elaine Tumanda, Valerie
Udtuhan, Francis James Chicano, Tara Eliza Tecarro, Freya
Natasha Fernandez, Frauline Abangan, and Peter A. Chapman,
Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***