TCRAP_Public/070411.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 11, 2007, Vol. 10, No. 71

                            Headlines

A U S T R A L I A

ARCTIC CLEANING: Members & Creditors to Receive Wind-Up Report
ATIGON PTY: To Declare Preferential Dividend Today
AUSTRALIAN COUNCIL: Final Meeting Set for May 3
CBH RESOURCES: Names Stephen Dennis as Panorama Project Head
CLEM LONG: Members Set to Meet on May 16

FIAT SPA Moody's Assigns Loss-Given-Default Rating
HAILTOP PTY: Final Meeting Set for May 11
HILTON HOTELS: Keeps Convertibility Feature on 3.375% Sr. Notes
JVUM PTY: Creditors Must Prove Debts by April 16
KETTLE LANE: Placed Under Voluntary Wind-Up

MATRIX FILMS: Members' Final Meeting Set for May 3
SUPREME MANUFACTURING: Liquidator to Present Wind-Up Report
ZOLTWIN PTY: Members and Creditors Set to Meet on May 3


C H I N A   &   H O N G  K O N G

BANK OF OVERSEAS CHINESE: Citigroup Offers NT$14.1BB in Buyout
BANK OF OVERSEAS CHINESE: TRC Ratings on CreditWatch Positive
CITIC BANK: Names Buyers to Almost US$6 Billion IPO
FIAT SPA: Moody's Assigns Loss-Given-Default Rating


I N D I A

BANK OF BARODA: Rajasthan Court Approves BOB Housing Merger
BHARTI AIRTEL LTD: Reduces Mobile ISD Tariffs
BRITISH AIRWAYS: Appoints UBS to Advise on 10% Iberia Stake
CENTURION BANK: Hikes Prime Lending Rate by 50bps to 15%
DENA BANK: Aims to Reduce Gross NPAs From 4% to 2% in FY2007-08

GENERAL MOTORS: Retail Sales Up 0.5% in First Quarter 2007
IMAX CORP: Names Joseph Sparacio as Executive VP of Finance


I N D O N E S I A

ALCATEL-LUCENT: Files Annual Report on Form 20-F
BANK NEGARA: Unit to Offer IDR300-Bil. In Bonds Next Month
METSO OYJ: CEO Sees Profit Growth for 2007
METSO OYJ: Mulls Possible Delisting from NYSE
METSO OYJ: Stock Subscription Hikes Shares Capital

PERTAMINA: Set to Take Over PT Polyprima for US$400-Million
PHILLIPS: Assists in the Rebirth of Ellis Island - Clothing Co.
PERUSAHAAN GAS: Seeks Partners for US$450-Mil. Gas Terminal


J A P A N

AKITA BANK: Buys Back 1.02% of Its Own Outstanding Shares
ALL NIPPON: Education Programs Spur Union Strikes
ALL NIPPON: Strengthens Domestic Ops Via Star Flyer Tie-Up
BANK OF FUKUOKA: Issues Pref. Subscription Certificates Via Unit
BANK OF KYOTO: R&I Affirms A+/Stable Rating

NIKKO CORDIAL: SE Assets Joins Pressure as Citi Prepares Funds
NOMURA CRE: S&P Rates US$12 Mil. Class O Certificates at B-
NOMURA CRE: Fitch Assigns Low-B Ratings on US$58 Million Notes


K O R E A

AMKOR TECH: Unit Inks US$300 Mil. Secured Loan with Woori Bank
HYNIX SEMICONDUCTOR: Plaintiffs Given Until May 4 to Amend Suit
XERIUM TECHNOLOGIES: Earns US$3.2 Million in Fourth Quarter 2006


M A L A Y S I A

AMSTEEL CORP: Bursa Extends Plan Filing Deadline to July 31
DATUK KERAMAT: Delays on Quarterly Report Filing Cues Reprimand
MALAYSIA AIRLINES: Completes Disposal of Hotelier Unit
METROPLEX BERHAD: Bursa Considers Appeal Against Delisting
MOL.COM BHD: Bursa Suspends Securities Trade on April 9

TALAM CORP: Gets Public Reprimand for Breaching Listing Rules
THERMADYNE HOLDINGS: Form 10-K Filing Cues S&P's Positive Watch


N E W   Z E A L A N D

DENNY'S CORP: Dec. 27 Balance Sheet Upside-Down by US$224 Mil.
SPEIRS GROUP: May Report Loss in 2007, Directors Say
TRUSTPOWER: Acquires Pulse Business Solutions and CallSouth


P H I L I P P I N E S

ATLAS CONSOLIDATED: Unit Borrows US$4.5MM to Buy Heavy Equipment
PHIL. AIRLINES: To Pay MIAA PHP2.93 Billion in Aeronautical Fees


S I N G A P O R E

PETROLEO BRASILEIRO: Inks Supply Contract with FMC Technologies
REFCO INC: Administrators Want to Settle Inter-company Claims
REFCO INC: June 29 Hearing Set for US$108-Mln BAWAG Settlement
STATS: Reveals Receipt of Letter Sent to Industry Council
SPECTRUM BRANDS: Postpones Annual Shareholders Meeting to May 9


T H A I L A N D

PICNIC CORP: Net Loss Narrows to THB2,003,479,021 for 2006
PICNIC CORP: Somchai Siriphanwaraphorn Is New CEO
PICNIC: Sets Another Ordinary Shareholders' Meeting on Apr. 30
SRITHAI FOOD: Winds Up Chicken Export Unit; Mulls Delisting
SRITHAI FOOD: Schedules Ordinary General Meeting on April 30

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ARCTIC CLEANING: Members & Creditors to Meet on May 3
-----------------------------------------------------
A joint meeting of the members and creditors of Arctic Cleaning
Pty Limited will be held on May 3, 2007, at 10:30 a.m.

The meeting will be held at the offices of Lawler Partners, on
Level 7 at 1 Margaret Street, Sydney in New South Wales 2000,
Australia.

At the meeting, the members and creditors will receive an
account showing the company's wind-up proceedings.

                      About Arctic Cleaning

Arctic Cleaning Pty Limited provides business services.  The
company is located in New South Wales, Australia.


ATIGON PTY: To Declare Preferential Dividend Today
--------------------------------------------------
Atigon Pty Ltd, which is in liquidation, will declare a first
and final preferential dividend today, April 11, 2007.

Creditors who cannot prove their debts today are excluded from
sharing in the company's dividend distribution.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced liquidation proceedings on Jan. 23, 2007.

The company's liquidator is:

         Stephen Gower Baker
         Stephen Baker & Co Chartered Accountant
         Suite 2, 98 Woolwich Road
         Woolwich, New South Wales 2110
         Australia

                        About Atigon Pty

Atigon Pty Ltd provides computer-programming services.  The
company is located in New South Wales, Australia.


AUSTRALIAN COUNCIL: Final Meeting Set for May 3
-----------------------------------------------
A final meeting will be held for the members of Australian
Council for Infrastructure Development Limited on May 3, 2007,
at 10:00 a.m.

John Lord, the appointed liquidator, will present a report about
the company's wind-up proceedings and property disposal at the
meeting.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the company went into liquidation on Sept. 28, 2006.

The Liquidator can be reached at:

         John Lord
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                    About Australian Council

Australian Council for Infrastructure Development Limited, which
is also trading as Auscid, is involved with labor unions and
similar labor organizations.


CBH RESOURCES: Names Stephen Dennis as Panorama Project Head
------------------------------------------------------------
CBH Resources Ltd. has appointed Stephen Dennis as Managing
Director of CBH Sulphur Springs Pty Ltd. to lead the Panorama
Copper/Zinc Project into production.

The CBH Board approved a Feasibility Study and Development Plan
for the Project in January and the necessary regulatory
approvals to permit the start of site works are currently being
sought.

An AU$200 million convertible note issue to fund the Project was
announced on March 23.

According to the company, Mr. Dennis has an outstanding record
of achievement in managing the permitting, construction and
operation of complex resource projects.  Between 1997 and 2005,
he held various senior positions associated with the Murrin
Murrin Nickel Cobalt Project.  Initially he was the General
Manager Operations during the permitting, construction and
start-up stages, and subsequently had overall management
responsibility at a corporate level for the project as Group
General Manager.  When the project was restructured, he became
Chief Financial Officer of Minara Resources Limited until late
2005.

Before Murrin Murrin, Mr. Dennis held various senior commercial
positions over a 14-year period with MIM Holdings Limited.  Most
recently, he was Regional Director of the minerals
transportation and logistics business of Brambles Australia Ltd.
in Western Australia.  

                       About CBH Resources

CBH Resources Limited -- http://www.consbh.com.au/-- is a   
Sydney-based mineral resources company engaged in the production
of zinc, lead and silver from the Endeavor Mine at Cobar.
Development studies are underway for the zinc, lead and silver
resources at Broken Hill, and copper and zinc resources a
Sulphur Springs in western Australia.

The Troubled Company Reporter - Asia Pacific's Distressed Bonds
Column on April 3, 2007, listed CBH Resources's bond with a
9.500% coupon and a Dec. 16, 2009, maturity date as trading at
0.45% of its face value.


CLEM LONG: Members Set to Meet on May 16
----------------------------------------
The members of Clem Long Investments Pty Limited will meet on
May 16, 2007, at 4:00 p.m., to hear a report about the company's
wind-up proceedings and property disposal.

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered into wind-up proceedings on Nov. 2, 2006.

The company's liquidator is:

         C. Wykes
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                         About Clem Long

Clem Long Investments Pty Limited is a manufacturer and
distributor of fabricated structural metal.  The company is
located in New South Wales, Australia.


HAILTOP PTY: Final Meeting Set for May 11
-----------------------------------------
The members and creditors of Hailtop Pty Limited will have their
final meeting on May 11, 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 on Level 1 at 32 Martin Place, Sydney
in New South Wales, Australia.

Adam Shepard is the company's liquidator.

                       About Hailtop Pty

Located in New South Wales, Australia, Hailtop Pty Limited is an
investor relation company.


HILTON HOTELS: Keeps Convertibility Feature on 3.375% Sr. Notes
---------------------------------------------------------------
Hilton Hotels Corp. reported that its 3.375% Convertible Senior
Notes due 2023 will remain convertible into Hilton Hotels common
stock at the option of the holders during the fiscal quarter
ending June 30, 2007.

The 3.375% notes remained convertible because the closing sale
price of Hilton Hotels' common stock for at least 20 consecutive
trading days during the 30 consecutive trading day period ending
on the last trading day of the calendar quarter ended March 31,
2007, was greater than 120% of the conversion price in effect on
such last trading day.  The 3.375% notes are currently
convertible at a conversion price of US$22.50 per share, which
represents a conversion rate of approximately 44.4444 shares of
Hilton Hotels' common stock per US$1,000 principal amount of
notes.

Hilton Hotels will not make any further public announcement on
this subject unless and until the trading price condition for
conversion of the 3.375% notes is no longer satisfied.  Until
such further public announcement is made, the 3.375% notes will
be convertible into Hilton Hotels common stock in accordance
with the terms and subject to the conditions of the notes and
the indenture, under which the notes were issued.

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

                        *     *     *

In March 2007, Standard & Poor's Ratings Services raised its
corporate credit and senior unsecured ratings on Hilton Hotels
Corp. to 'BB+' from 'BB' and removed the ratings from
CreditWatch where they were placed with positive implications on
Jan. 31.  S&P said the outlook is stable.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


JVUM PTY: Creditors Must Prove Debts by April 16
------------------------------------------------
Jvum Pty Limited, which is in liquidation, will declare a first
and final dividend on April 27, 2007.

Creditors are required to file their proofs of debt by April 16,
2007, to be included in sharing in the company's dividend
distribution.

The company's liquidator is:

         J. A. Shaw
         Ferrier Hodgson
         PO Box 840
         Newcastle, New South Wales 2300
         Australia
         Telephone:(02) 4908 4444
         Facsimile:(02) 4908 4499

                         About Jvum Pty

Jvum Pty Limited, which is also trading as United Mining Support
Services, operates employment agencies.  The company is located
in New South Wales, Australia.


KETTLE LANE: Placed Under Voluntary Wind-Up
-------------------------------------------
The members of Kettle Lane Properties Pty Ltd had their general
meeting on March 21, 2007, and decided to voluntarily wind up
the company's operations.

Robert Whitton was appointed as liquidator.

The Liquidator can be reached at:

         Robert Whitton
         Lawler Partners Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000

                        About Kettle Lane

Kettle Lane Properties Pty Ltd operates advertising agencies.  
The company is located in New South Wales, Australia.


MATRIX FILMS: Members' Final Meeting Set for May 3
--------------------------------------------------
The members of Matrix Films Pty Ltd will have their final
meeting on May 3, 2007, at 2:00 p.m., to receive a report about
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         John Lord
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                       About Matrix Films

Matrix Films Pty Ltd is involved with motion picture and
videotape production.  The company is located in New South
Wales, Australia.


SUPREME MANUFACTURING: Liquidator to Present Report on May 4
------------------------------------------------------------
A final meeting will be held for the members and creditors of
Supreme Manufacturing Co. Pty Limited on May 4, 2007, at
11:30 a.m.

R. G. Tolcher, as the company's liquidator, will present a
report about the company's wind-up proceedings and property
disposal.

According to the Troubled Company Reporter - Asia Pacific, the
company began to wind up its operations on Sept. 13, 2006.

The Liquidator can be reached at:

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

                   About Supreme Manufacturing

Supreme Manufacturing Co Pty Limited is involved with
manufacturing industries.  The company is located in New South
Wales, Australia.


ZOLTWIN PTY: Members and Creditors Set to Meet on May 3
-------------------------------------------------------
The members and creditors of Zoltwin Pty Limited will hold a
joint meeting on May 3, 2007, at 10:00 a.m., to receive a report
about the company's wind-up proceedings and property disposal.

The meeting will be held at the offices of Lawler Partners, on
Level 7 at 1 Margaret Street, Sydney in New South Wales 2000,
Australia.

                        About Zoltwin Pty

Zoltwin Pty Limited, which is also trading as Falcon Tyre
Company, operates auto and home supply stores.  The company is
located in New South Wales, Australia.


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

BANK OF OVERSEAS CHINESE: Citigroup Offers NT$14.1BB in Buyout
--------------------------------------------------------------
Citigroup will acquire Taiwan's Bank of Overseas Chinese in an
all-cash NT$14.1 billion (US$426 million) transaction set to be
completed in the second half of this year, various reports say.

Citing the Taiwanese bank's statement, New Sabah Times relates
that Citigroup will acquire all 1.194 billion outstanding shares
in BOOC at US$11.8 per share through its subsidiary, Citibank
Overseas Investment Corp.

After the purchase, BOOC will be de-listed from Taiwan's over-
the-counter market and renamed Citibank, Financial Times quoted
Morris Li, Citigroup's Taiwan country head, as saying.  

The agreement, according to the Financial Times, was reached
after more than a year of negotiations between Citigroup and
Polaris -- the Taiwanese financial group that controls BOOC.  

The acquisition will boost Citigroup's Taiwan-based assets to
US$22.8 billion and increase its number of branches to 66 from
11, reports say.

The transaction is subject to approval from BOOC shareholders
and the Financial Supervisory Commission, Taiwan's market
regulator.

As part of the deal, Citigroup has given the bank's 2,200
employees a one-year job guarantee, Kathrin Hille, writing for
Financial Times, notes.

                          *     *     *

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

It is also engaged in the provision of Internet banking and
telephone banking services.

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


BANK OF OVERSEAS CHINESE: TRC Puts Ratings on Positive Watch
------------------------------------------------------------
On April 9, 2007, Taiwan Ratings Corp placed its 'twBBB' long-
term and twA-3 short-term counterparty credit ratings on Bank of
Overseas Chinese on CreditWatch with positive implications
following BOOC's announcement that it is to be fully acquired by
Citibank Overseas Investment Corporation.

The ultimate parent of BOOC will be Citibank N.A.  Taiwan
Ratings anticipates that if successful in leveraging the
resources of its new ultimate parent, BOOC's credit profile is
likely to be strengthened.

Citibank N.A., through its wholly owned subsidiary, Citibank
Overseas Investment Corporation, plans to buy 100% shares of
BOOC at around NT$14.09 billion in cash.  Citibank N.A.
currently maintains its Taiwan book via its Taipei branches.  
Operations of its Taipei branches will also be consolidated into
a proposed subsidiary bank under Citibank Overseas Investment
Corporation, which would be the surviving entity after the
merger with BOOC.

The deal, scheduled to be finalized in the second half of 2007,
is still subject to the approval of both sets of shareholders
and the regulators.  BOOC is a small commercial bank in Taiwan
with 0.9% share of Taiwan's banking system assets at the end of
2006, while Citibank N.A, through its Taiwanese branches, has
1.6% share of Taiwan's banking system assets at the same date.

The resolution of the CreditWatch placement, with a view to
further rating action, is subject to Taiwan Ratings' assessment
regarding the impact of the ownership change on BOOC's business
development and financial profile, as well as Taiwan Ratings'
assessment of the level of BOOC's strategic importance to
Citibank N.A.


CITIC BANK: Secures Buyers in Planned US$6 Billion IPO
------------------------------------------------------
China CITIC Bank Corp has begun taking orders from institutions
en route to raising as much as US$5.7 billion in a Hong Kong and
Shanghai float, Reuters reports.

According to the report, CITIC International Financial Holding
and Spain's Banco Bilbao Vizcaya Argentaria plan to buy more
than US$1 billion of China CITIC's shares.  

Daisy Ku, writing for Reuters, adds that the parents of insurers
PICC and China Life, Japan's Mizuho group, and China's social
welfare fund aim to buy a collective US$205 million of stock in
China CITIC's US$6 billion initial public offer.

                          *     *     *

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

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

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


FIAT SPA: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defense, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba2 Corporate Family Rating for Fiat S.p.A.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Fiat Finance & Trade Ltd.
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$15000M Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2      LGD4    57%

   6.625% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                 Ba2      Ba2      LGD4    57%

   5.625% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                 Ba2      Ba2      LGD4    57%

   EUR100 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2009                 Ba2      Ba2      LGD4    57%

   EUR40 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2007                 Ba2      Ba2      LGD4    57%

   US$7.5 million 8.2%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   US$12 million 8.1%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR21 million 5.5%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2010                 Ba2      Ba2      LGD4    57%

   EUR1000 million 6.25%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2010                 Ba2      Ba2      LGD4    57%

   EUR14 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR15 million 6.9%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR10 million 6.9%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR10 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2007                 Ba2      Ba2      LGD4    57%

   EUR1300 million 6.75%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2011                 Ba2      Ba2      LGD4    57%

   EUR20 million 6.125%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2008                 Ba2      Ba2      LGD4    57%

   EUR25 million Senior
   Unsecured Regular
   Bond/Debenture
   Due 2011                 Ba2      Ba2      LGD4    57%

   EUR617 million 7.4%
   Senior Unsecured Regular
   Bond/Debenture
   Due 2011                 Ba2      Ba2      LGD4    57%

* Issuer: Fiat Finance Canada Ltd.

   EUR1.5 billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2      LGD4    57%

* Issuer: Fiat Finance North America Inc.

   EUR1.5 billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2      LGD4    57%

   Senior Unsecured
   EURO MTNs                Ba2      Ba2      LGD4    57%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale.  They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.


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

BANK OF BARODA: Rajasthan Court Approves BOB Housing Merger
-----------------------------------------------------------
The Honorable High Court of Rajasthan, Jaipur, has approved the
Scheme of Merger between Bank of Baroda and its subsidiary BOB
Housing Finance Ltd, the bank informed the Bombay Stock Exchange
in a regulatory filing dated April 9.

According to the bank, the board approved the scheme pursuant to
an order dated March 23.

Hence, BOB Housing now is merged with the bank.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the members and the creditors of the bank and BOB
Housing unanimously approved the scheme on Jan. 17.

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

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


BHARTI AIRTEL LTD: Reduces Mobile Int'l. Long Distance Tariffs
--------------------------------------------------------------
Bharti Airtel Ltd has reduced its International Long Distance
Tariffs -- ISD -- for all its mobile customers in India, the
company disclosed in a filing with the Bombay Stock Exchange.

The move, according to the company, is in line with its endeavor
to make international calling more affordable and to deliver
greater value to its growing number of mobile users.

Effective on April 1, 2007, Airtel mobile customers can call the
United States of America, Canada, Europe (Fixed Line),
Australia, Singapore, Hong Kong, Thailand, Malaysia, Indonesia,
and New Zealand, for as low INR6.40 per minute -- a reduction of
11% from the earlier rates.  According to Airtel, this has made
ISD calling from mobile more economical than making ISD calls
from fixed or landline phones.  

Tariff rates for Gulf, Europe (Mobile), South Asian Association
for Regional Cooperation countries, and Africa are also reduced
by 8% -- from INR9.99 per minute to INR9.20.

"India is a global economic powerhouse today with business
interests spanning boundaries.  We also have a large and growing
base of over 22 million Non Resident Indians.  I am happy that
Airtel is taking a step further to dissolve these boundaries and
bring people closer to connect with their business associates,
friends and family internationally.  Being the industry leader,
we will continue to be at the forefront in driving affordability
and providing greater value to our customers," said Sanjay
Kapoor, president, mobile services, of the company.

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

                          *     *     *

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

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


BRITISH AIRWAYS: Appoints UBS to Advise on 10% Iberia Stake
-----------------------------------------------------------
British Airways plc has decided to appoint UBS AG to advise on
how to use its 10% holding in Iberia Lineas Aereas de Espana SA
in the best interests of shareholders.

UBS will examine all options, including a disposal of the
holding.

The move came after Iberia disclosed that it has received a bid
approach from private equity firm Texas Pacific Group.

However, BA instructed its two nominees on the Iberia board not
to attend future meetings of the Spanish carrier to avoid any
potential conflict of interest, AFX News reports citing a
company spokesman.

According the report, TPG is considering a cash offer of EUR3.60
per share, which values Iberia at EUR3.4 billion (US$4.5
billion).

                     About British Airways

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

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.  

* Issuer: British Airways, Plc

                                                      Projected
                           Old POD  New POD  LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------

   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the Troubled Company Reporter - Asia Pacific on
March 28, Standard & Poor's Ratings Services said that its 'BB+'
long-term corporate credit rating on British Airways PLC remains
on CreditWatch, with positive implications, following a vote on
March 22 by EU ministers approving a proposed "open skies"
aviation treaty with the U.S.


CENTURION BANK: Hikes Prime Lending Rate by 50bps to 15%
--------------------------------------------------------
Centurion Bank of Punjab increased its Prime Lending Rate by 50
basis points to 15.00% p.a.

"The Indian economy has been on a rapid growth path and has seen
impressive GDP growth, industrial production and core sector
growth," Tarini Vaidya, Country Treasurer, Centurion Bank of
Punjab commented on the move.  "In recent months, we have
witnessed a host of fiscal and monetary measures from the
government and the central bank to control inflation and to
address concerns with respect to overheating in certain sectors.
Overtime, these measures will have the desired impact on
inflationary trends and credit growth to sensitive sectors."

This increased lending interest rate took effect on April 10,
2007.

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

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


DENA BANK: Aims to Reduce Gross Non-Performing Assets to 2%
-----------------------------------------------------------
Dena Bank is aiming to reduce its gross non-performing assets
from 4% to 2% in the financial year 2007-08, the Business
Standard reports citing the bank's Executive Director U. S.
Kohli.

The bank has stepped up its bad loans recovery under the
Securitisation and Reconstruction of Financial Asset and
Enforcement of Securities Interest Act and has five branches
involved in bad debt recovery, the report says.

Mr. Kohli told the Business Standard that the bank is focusing
on decreasing its NPAs after it recovered only INR82 crore out
of INR370 crore worth of NPAs.

As reported in the Troubled Company Reporter - Asia Pacific on
March 26, 2007, the bank is eyeing the non-life insurance
business in the near future and is seeking a partner with
expertise in that segment.

Headquartered in Mumbai, Dena Bank -- http://www.denabank.com/  
-- is principally engaged in the provision of a range of
financial and banking solutions.  It offers both retail banking
and corporate banking services.

On March 16, 2007, Fitch affirmed the bank's 'D/E' Individual
Rating and '4' Support Rating.


GENERAL MOTORS: Retail Sales Up 0.5% in First Quarter 2007
----------------------------------------------------------
General Motors Corporation disclosed the highlights of its first
quarter and March 2007 sales results:

                     First Quarter Highlights

   * Retail Sales Up 0.5% - Mid-Cars Up 14.5%; Full-Size Pickups
     up 12.2%

   * Saturn and GMC Post Substantial Gains Led By Aura Mid-Size
     Sedan and Crossovers Outlook and Acadia

   * Chevrolet Impala and Aveo Post Quarterly Record Sales

   * Daily Rental Sales Down 32%; Non-Rental Fleet Sales Up 3%

                         March Highlights

   * Sales Down 7.7% vs. Year Ago

   * GMC Acadia and Saturn Outlook Fuel 235% Retail Increase in
     Mid-Utility Crossover Sales

   * Record March Escalade Sales Drive 17.6% Retail Increase in
     Large Luxury Utilities

   * Chevrolet Impala, Pontiac G6 and Saturn Aura Contribute To
     Retail Sales Increase For Mid-Car Segment

   * Daily Rental Sales Down 35%

GM dealers in the United States delivered 349,867 vehicles in
March, a reduction of 7.7% on a sales day-adjusted basis (down
4.2% non-adjusted), compared with 365,375 total sales a year
ago.  Fleet sales were down 11.8% due to continuing reductions
in daily rental sales.  GM's March retail sales were down 6.2%
compared with year-ago levels on a sales day-adjusted basis
(down 2.8% non-adjusted).

For the first quarter of 2007, GM delivered 909,094 vehicles, a
decline of 5.6%, driven by reductions of almost 60,000 daily
rental vehicle sales.  For the first quarter of 2007, GM retail
sales were up 0.5%.  The reductions in fleet sales have resulted
in a significant improvement in the retail/fleet mix.

"As we continue to build upon our strategy of focusing on value,
lowering daily rental sales and increasing residual values, we
were able to grow retail sales for the quarter, posting year-
over-year increases in 19 vehicle lines.  That's very good news.  
In March, we saw continued strength and stability in our retail
business led by gains in mid-cars, crossovers, economy cars and
luxury SUVs," said Mark LaNeve, vice president, GM North
American Sales, Service and Marketing.  

"The Chevrolet Silverado, GMC Sierra, Acadia and Saturn Outlook
are exceeding our expectations and confirm that when you offer
the best product, value, segment-leading fuel economy and the
best warranty coverage in the industry, customers respond."

GM March sales reflected the continuing strength of the new
product portfolio with competitive incentive spending, balanced
with ongoing reductions in daily rental fleet sales.

Chevrolet Aveo, Impala, Equinox, HHR, Suburban and Avalanche;
Pontiac G6; Saturn Sky; GMC Yukon XL; Cadillac SRX, Escalade ESV
and Escalade EXT all had March retail sales increases compared
to a year ago. Pontiac G5; Saturn Aura and Outlook and the GMC
Acadia are newly-offered products and continue to contribute
retail sales momentum. The GMC Acadia and Saturn Outlook drove a
235% retail increase in the mid-crossover segment.

For the first quarter, Chevrolet Aveo, Impala, Colorado,
Silverado, Suburban and Avalanche; Buick Rendezvous; Pontiac G6
and Vibe; Saturn Sky; GMC Canyon, Sierra and Yukon XL; Cadillac
SRX, Escalade, Escalade ESV and Escalade EXT; Saab 9-5 and 9-7X
all had retail sales increases compared with the first quarter
of 2006.  Pontiac G5, Saturn Aura and Outlook and GMC Acadia
built retail strength in the quarter.

"GM offers the best coverage with a 5 year/100,000 mile
powertrain limited warranty with roadside assistance and
courtesy transportation.  For customers, that translates to
tangible value versus competitive cars, SUVs and trucks," LaNeve
added.  "Our customers are telling us that we have great
products, industry-leading fuel economy and the best value out
there.  And with new products such as the Buick Enclave,
Cadillac CTS and Chevrolet Malibu still to come this year, we
expect to build on this momentum."

                      Certified Used Vehicles

March 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles and HUMMER Certified Pre-Owned Vehicles, established a
new monthly sales record for the certified category with sales
of 53,734 units, up 9.7% from last March.  Total year-to-date
certified GM sales are 139,851 units, up 8% from the same period
last year.

Leading the way was GM Certified Used Vehicles, the industry's
top-selling manufacturer-certified used brand, which set a new
industry monthly sales record for the certified pre-owned
category with sales of 47,394 units.  GM Certified sales were up
11% from the previous March. Year-to-date sales for GM Certified
Used Vehicles are 122,784 units, up nearly 9%.

Cadillac Certified Pre-Owned Vehicles posted sales of 3,847
units, comparable to last March.  Saturn Certified Pre-Owned
Vehicles sold 1,615 units in March, down 7%.  Saab Certified
Pre-Owned Vehicles sold 761 units, comparable to last March, and
HUMMER Certified Pre-Owned Vehicles sold 117 units, up 41%.

"March was a record month for GM certified sales," LeNeve said.
"GM Certified Used Vehicles, which sold 47,394 units, set a new
industry monthly sales record for a certified brand.  This puts
an exclamation mark on an outstanding first quarter by GM
Certified Used Vehicles.  With the 5 year/100,000 mile warranty
on qualifying Certified Used Vehicles, we're optimistic this
momentum will continue throughout the year."

                         GM North America

Reports March and First-Quarter 2007 Production, 2007 Second-
Quarter Production Forecast is Revised at 1.160 Million Vehicles

In March, GM North America produced 401,000 vehicles (134,000
cars and 267,000 trucks).  This is down 59,000 units or 13 %
compared to March 2006 when the region produced 460,000 vehicles
(182,000 cars and 278,000 trucks).  (Production totals include
joint venture production of 15,000 vehicles in March 2007 and
16,000 vehicles in March 2006.)

GM North America built 1.063 million vehicles (399,000 cars and
664,000 trucks) in the first-quarter of 2007. This is down
192,000 vehicles or 15 % compared to first-quarter of 2006 when
the region produced 1.255 million vehicles (496,000 cars and
759,000 trucks).  Additionally, the region's 2007 second-quarter
production forecast is revised at 1.160 million vehicles
(410,000 cars and 750,000 trucks), down 15,000 units or 1.3 %
from last month's guidance.

GM also announced revised 2007 first-quarter and second-quarter
production forecasts for its international regions.

                             GM Europe

GM Europe's 2007 first-quarter production forecast is revised at
511,000 units, up 3,000 units from last month's guidance.  In
the first-quarter of 2006 the region built 494,000 vehicles.  
The region's 2007 second-quarter production forecast is revised
at 473,000 vehicles, up 6,000 units from last month's guidance.
In the second-quarter of 2006 the region built 495,000
vehicles.

                          GM Asia Pacific

The region's 2007 first-quarter production forecast is revised
at 539,000 vehicles, up 1,000 units from last month's guidance.  
In the first-quarter of 2006 the region built 472,000 vehicles.  
GM Asia Pacific's 2007 second-quarter production forecast is
revised at 568,000 vehicles, up 8,000 units from last month's
guidance.  In the second-quarter of 2006 the region built
482,000 vehicles.

            GM Latin America, Africa and the Middle East

The region's 2007 first-quarter production forecast is revised
at 222,000 units, down 3,000 units from last month's guidance.  
In the first-quarter of 2006 the region built 194,000 vehicles.  
The region's 2007 second-quarter production forecast is
unchanged at 233,000 vehicles.  In the second-quarter of 2006
the region built 206,000 vehicles.

                     About General Motors Corp.

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

                         *     *     *

In December 2006, Standard & Poor's Ratings Services affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed March 29, 2006.  S&P said
the outlook is negative.

In November 2006, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the US$1.5 billion secured term loan of
General Motors Corp.


IMAX CORP: Names Joseph Sparacio as Executive VP of Finance
-----------------------------------------------------------
IMAX Corp. has appointed Joseph Sparacio to the position of
Executive Vice President of Finance.  Mr. Sparacio is expected
to assume the duties of Chief Financial Officer in May, and will
be based in the company's New York office where he will report
to IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley
J. Wechsler.  Edward MacNeil, who currently serves as the
company's Interim Chief Financial Officer, will continue in a
senior financial role based in the company's Toronto office.
    
"Joe is a seasoned veteran with in-depth knowledge of the
entertainment industry and with experience and expertise in
managing core financial functions within a dynamic environment,
as indicated by his long and successful career to date," said
IMAX co-Chairmen and co-CEOs Richard L. Gelfond and Bradley J.
Wechsler.  "We strongly believe that Joe is the right person to
lead our financial team and will serve us well in 2007 and
beyond."

Since June 2002, Mr. Sparacio served as Senior Vice President
and Chief Financial Officer for the programming company iN
Demand L.L.C.  From 1998 to 2002, Mr. Sparacio served as Vice
President of Finance and Controller for Loews Cineplex
Entertainment Corp.  From 1994 to 1998 Mr. Sparacio served as
Vice President, Finance and Controller of Loews Theatre
Management Corp., and from 1990 to 1994 he served as Controller.  
Prior to joining Loews, Mr. Sparacio spent eight years with
Ernst & Young.  Mr. Sparacio is a certified public accountant
and is a member of the American Institute of Certified Public
Accountants and the New York State Society of Certified Public
Accountants.

Messrs. Gelfond and Wechsler continued, "This appointment also
gives us the opportunity to express our gratitude to our
colleague Ed MacNeil, who has been serving as IMAX's interim CFO
over the course of the past six months.  Ed has demonstrated an
outstanding level of commitment and leadership during a
challenging period, and we look forward to his continuing
contributions as he works with Joe in multiple areas."

IMAX Corporation - http://www.imax.com-- is an entertainment    
technology company specializing in large-format and three-
dimensional (3D) film presentations. The company's principal
business is the design, manufacture, sale and lease of
projection systems based on technology for large-format, 15-
perforation film frame, 70-mm format (15/70-format) theaters,
including commercial theaters, museums and science centers, and
destination entertainment sites.  IMAX has locations in
Guatemala, India, and Italy, among others.

                        *     *     *

The company carries Standard & Poor's 'B-' corporate credit
rating.  As reported in the Troubled Company Reporter - Asia
Pacific on April 5, 2007, S&P placed the 'B-' rating on
CreditWatch with negative implications after the company
announced it will not be filing its SEC Form 10-K within the
15-day extension period.


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

BANK NEGARA: Unit to Offer IDR300 Bil. in Bonds Next Month
----------------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk's subsidiary BNI
Securities will issue next month its first bond worth IDR300
billion, which has a maturity of five years and a fixed annual
coupon of between 11 and 12%, The Jakarta Post reports.

According to the report, IDR200 billion from proceeds will be
used to improve its margin trading and the rest will be for the
sale and repurchase of funds borrowed through the sale of short-
term securities.

The company has appointed PT Indo Premier Securities and PT
CIMB-GK Securities Indonesia as underwriters, the report adds.

                        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).


METSO OYJ: CEO Sees Profit Growth for 2007
------------------------------------------
Metso Oyj President and CEO Jorma Elorante said that the
company's profit growth would continue in 2007.  The good order
intake in the first quarter supports the positive development
for the full year.

"As we noted in February, in connection with the publication of
our financial statements, Metso's net sales in 2007 are
estimated to grow by more than 20 percent on 2006, and the
operating profit is estimated to clearly improve.  We also
repeat our estimate regarding the 2007 operating profit margin.
It is estimated that the operating profit margin will be
slightly below Metso's 10 percent target.  Metso's order backlog
has further strengthened from the year-end, which supports our
favorable full-year estimate," Mr. Elorante said.

However, Mr. Eloranta reminds that in businesses like Metso's
the net sales and operating profit can vary significantly
between quarters.

"We estimate that this year the first quarter will be the
weakest, and the net sales and operating profit for the last
three quarters of the year will clearly improve from the first
quarter.  This is mainly due to the timing and mix of deliveries
and normal seasonal variation," Mr. Eloranta added.

Metso targets to exploit the favorable market situation by, for
example, strengthening its global presence close to the
customers.  It will also improve its supply chain management
globally.  De-bottlenecking investments target improved delivery
capability and customer service.

According to Eloranta, continuous improvement of productivity
and operational quality are key matters for profitability
development.  Additionally, Metso is developing its business
processes and supporting information systems.

"Growth will also require business renewal.  We see great
potential in, for example, environmental and service business
development," Mr. Eloranta concluded.

Metso will also consider corporate acquisitions that complement
its current product and service offering or strengthen its
geographical presence.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj
--http://www.metso.com/-- is a global engineering and  
technology corporation with 2005 net sales of around
EUR4.2billion.  Its 22,000 employees in more than 50 countries
serve customers in the pulp and paper industry, rock and
minerals processing, the energy industry, and selected other
industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                          *     *     *

As of Feb. 9, Metso Oyj carries Standard and Poor's Ratings
Services' 'BB+' long-term and 'B' short-term corporate credit
ratings and 'BB' senior unsecured debt rating.


METSO OYJ: Board Mulls Possible Delisting from NYSE
---------------------------------------------------
The Board of Directors of Metso Oyj has decided to evaluate the
possible deregistration and delisting of Metso's shares from the
New York Stock Exchange in view of the revisions to the U.S.
Securities Exchange Act of 1934 published by the U.S. Securities
and Exchange Commission on March 27, 2007, which will take
effect in early June 2007.

Metso Corporation's Board of Directors will decide on the matter
later this year after completing the evaluation.

Irrespective of the final decision on the matter, Metso says it
intends to continue to develop its business operations in the
United States and its strong relationship with American
investors.

In 2006, Metso's financial reporting systems were fully
compliant with the Section 404 of the U.S. Sarbanes-Oxley Act,
and the company intends to maintain its high standard of
corporate governance, financial reporting, and ongoing
disclosure for all investors.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj
--http://www.metso.com/-- is a global engineering and  
technology corporation with 2005 net sales of around
EUR4.2billion.  Its 22,000 employees in more than 50 countries
serve customers in the pulp and paper industry, rock and
minerals processing, the energy industry, and selected other
industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                          *     *     *

As of Feb. 9, Metso Oyj carries Standard and Poor's Ratings
Services' 'BB+' long-term and 'B' short-term corporate credit
ratings and 'BB' senior unsecured debt rating.


METSO OYJ: Stock Subscription Hikes Shares Capital
--------------------------------------------------
A total of 35,000 shares in Metso Corp. have been subscribed
pursuant to the exercise of 2003A stock options between Feb. 8
to March 15, 2007.

The nominal value of one Metso share is EUR1.70.  As a result of
share subscriptions, the increase in the share capital --
EUR59,500.00 -- has been entered into the Trade Register on
March 29, 2007.

After this increase, the company's share capital is EUR240.98
million and the total number of shares is 141,754,614.
Dividend rights of the new shares and other shareholder rights
shall commence from the registration date March 29, 2007.

The shares have been applied for listing on the Helsinki Stock
Exchange together with the old shares as of March 30, 2007.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj
--http://www.metso.com/-- is a global engineering and  
technology corporation with 2005 net sales of around
EUR4.2billion.  Its 22,000 employees in more than 50 countries
serve customers in the pulp and paper industry, rock and
minerals processing, the energy industry, and selected other
industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                          *     *     *

As of Feb. 9, Metso Oyj carries Standard and Poor's Ratings
Services' 'BB+' long-term and 'B' short-term corporate credit
ratings and 'BB' senior unsecured debt rating.


PERTAMINA: Set to Take Over PT Polyprima for US$400 Million
-----------------------------------------------------------
PT Pertamina (Persero) is set to take over PT Polyprima
Karyareksa, which is being offered by PT Bank Mandiri (Persero)
Tbk, for US$400 million, Antara News reports.

According to the report, Pertamina is Bank Mandiri's first
choice among all the bidders since Pertamina has a long
experience in operating a purified terephthalic acid factory in
South Sumatra and can guarantee a supply of feedstock
paraxylene.

                          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.


PERUSAHAAN GAS: Seeks Partners for US$450-Mil. Gas Terminal
-----------------------------------------------------------
PT Perusahaan Gas Negara is seeking strategic partners to
implement its plan to build a liquefied natural gas terminal in
Situbondo, East Java, which would facilitate gas distribution to
Java from the Tangguh LNG plant, Antara News reports.

The US$450 million terminal will be implemented with a loan from
Japan and the project is to be completed in 2009 or 2010, the
report adds.

                          Perusahaan Gas

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

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

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

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

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

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

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


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

AKITA BANK: Will Buy Back 1.02% of Outstanding Shares
-----------------------------------------------------
The Akita Bank, Ltd. will repurchase up to JPY1.30 billion or up
to 2,000,000 shares of its common stock, representing
approximately 1.02% of its shares outstanding, from April 2,
2007, to September 28, 2007, Reuters reports.

Headquartered in Akita, Japan, The Akita Bank, Ltd. --
http://www.akita-bank.co.jp/-- is a regional financial  
institution. The bank has operations in four business divisions.  
The Banking division provides deposit, loan, stock investment,
domestic exchange, foreign exchange and bond registration
services, among others, through a domestic network of 101
branches and two representative offices.  The Peripheral segment
is engaged in the cash check and management business, the
manpower dispatch business and the real-estate collateral
evaluation business, among others.  The Securities division is
involved in the provision of personal loan credit guarantee and
credit services, among others.  The Leasing division is engaged
in the leasing business.

Fitch Ratings assigned a C to Akita Bank's individual rating on
September 14, 2005.


ALL NIPPON: Unions Plan to Hold One-Day Strike Today
----------------------------------------------------
All Nippon Airways Co. said that four of its labor unions plan a
one-day strike today because they are dissatisfied with the
company's education programs, Bloomberg News reports.

The strike -- which would affect 130 out of 888 All Nippon daily
flights or around 5,400 passengers -- will not affect
international flights, the company's spokesman, Yuichi
Murakoshi, told Bloomberg in a phone interview.

According to Mr. Murakoshi, the company is currently negotiating
with the four unions, which representing 541 pilots, to avoid
the strike, Bloomberg relates.  

Bloomberg recounts that ANA's unions have threatened two one-day
strikes last year and called them off both times.

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said the credit quality gap between
Japan's top two airlines continues to widen with All Nippon
Airways Co. Limited -- rated BB+/Stable -- benefiting from
market improvements, while its rival, Japan Airlines Corporation
-- rated BB-/Stable -- continues to be grounded by internal
woes.

The TCR-AP also reported on May 30, 2006, that Moody's Investors
Service upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes Moody's review initiated on Mar. 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability.


ALL NIPPON: To Form Business Tie-Up with Star Flyer
---------------------------------------------------
All Nippon Airways Co. Ltd. and start-up carrier Star Flyer Inc.
will form a business tie-up that will include shared flights and
other services, FinanzNachrichten.De reports citing the Nikkei
Business Daily.

According to the report, the tie-up will enable ANA to expand
its domestic flight network further, after establishing
alliances with other regional start-up carriers such as Hokkaido
International Airlines Co.

ANA and Star Flyer will also consider plans in the near future
to join hands in mileage programs and other areas, the newspaper
said.

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said the credit quality gap between
Japan's top two airlines continues to widen with All Nippon
Airways Co. Limited -- rated BB+/Stable -- benefiting from
market improvements, while its rival, Japan Airlines Corporation
-- rated BB-/Stable -- continues to be grounded by internal
woes.

The TCR-AP also reported on May 30, 2006, that Moody's Investors
Service upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes Moody's review initiated on Mar. 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability.


BANK OF KYOTO: R&I Affirms A+/Stable Rating
-------------------------------------------
Rating and Investment Information, Inc. has affirmed The Bank of
Kyoto, Ltd.'s A+ issuer rating with a stable outlook.

The Bank of Kyoto is a regional bank with its main operating
base in Kyoto Prefecture.  The economic scale of Kyoto
Prefecture based on Kyoto City is relatively large, and its
industrial composition is close to the national average.  There
are many companies with high growth potential, including
information and telecommunications-related and precision
instruments, and the prefecture's economy is tending to recover.  
Many major banks have historically had branches in Kyoto City,
which many powerful banks have also chosen as a branch site, so
the banking environment there is highly competitive.

Within that environment, the Bank of Kyoto is increasing its
shares of both deposits and loans.  The bank has come up with a
strategy to expand its base within Kyoto Prefecture at the same
time as actively extending its operating base into neighboring
areas including Shiga Prefecture, Nara Prefecture, Osaka
Prefecture and Hyogo Prefecture as a "comprehensive regional
bank."  In the areas it is newly entering, it is following a
strategy that stresses home loans and small business loans and
targets business types it knows well.

With steadily rising loan balances at new branches, the bank is
producing results in terms of business volume.  However,
profitability is below the regional bank average, with ROA based
on net profit from core operations at around 0.6%.  The reasons
for this include such factors as the low loan-deposit ratio and
return on lending compared to the average for regional banks.  
In the future, R&I will pay attention to areas such as:

   1) whether the quantitative expansion leads to an improvement
      in profitability,

   2) the degrees to which new customers continue to do business
      with the bank and make it their main bank, and

   3) the sustainability of the quantitative expansion in an
      environment of intensifying competition.

The Bank of Kyoto has diversified its loans among small
accounts, so it faces low credit risk.  Its risk from
stockholdings is high, however, considering the large amount of
unrealized gains in its holdings, its risk resilience is
appropriate for a company with an A-zone rating.

Ongoing risk/return improvements based on accurate risk
assessments in each of the bank's divisions and businesses, and
other aspects of the thorough adoption of management focused on
economic capital, will be critical for improving the bank's
creditworthiness. The rating outlook is stable.

Headquartered in Kyoto, Japan, The Bank of Kyoto, Ltd.  --
http://www.kyotobank.co.jp/-- is a regional bank, which mainly  
provides banking services for corporate and individual clients.  
The bank operates in two business segments.  The Banking segment
provides various banking services such as deposits, loans,
commodity trading, securities investment, domestic and foreign
exchange and other services.  Together with its subsidiaries,
the Others segment is involved in the management and leasing of
real estate, the research on regional economy, as well as the
provision of commercial support services, credit guarantee
services, investment and loan consulting services, business
consulting services, credit card services and other services.

The Troubled Company Reporter - Asia Pacific reports that
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Bank of Kyoto Ltd. to 'A' from 'A-
', reflecting the bank's improving financial flexibility and
lending asset quality.  At the same time, Standard & Poor's
assigned its 'A-1' short-term counterparty rating to the bank,
and affirmed its 'B' Bank Financial Strength Rating.  The
outlook on the long-term rating is stable.

Fitch Ratings on September 14, 2005, gave Bank of Kyoto a C
individual rating.


NIKKO CORDIAL: Citi Prepares Funds for Acquisition
--------------------------------------------------
Citigroup is arranging a line of credit from Japan's three top
banks and others to fund its acquisition of Nikko Cordial Corp.,
Reuters reports.

Reuters says that Citigroup confirmed it had secured financing
but declined to say how much, but speculations placed the credit
line to around JPY1.4 trillion with an option for an additional
JPY300 billion -- a total roughly equal to the maximum cost of
Citigroup's bid for Nikko.

Reuters adds that Citigroup said in a statement that the credit
line will help it better match the currency requirements of the
recently announced Nikko Cordial transaction.  Citigroup,
however, described the fund-raising as being for "general
corporate purposes" not limited to the takeover bid.

Citigroup's move comes after Southeastern Asset Management
placed an order to sell 6.6% of Nikko's shares at JPY1,900 per
share.

As previously reported by the Troubled Company Reporter - Asia
Pacific, Harris Associates and Orbis Investment Management
offered to sell their shares in Nikko Cordial Corp. at JPY1,900.  
Harris and Orbis together own a little over 10% of Nikko; they
hope to press Citigroup to sweeten its offer a second time.

Citigroup's current bid is JPY1,700 per share.  The offer
expires on April 26.

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

As reported in the TCR-AP on Mar. 13, the brokerage firm's four
largest shareholders -- Harris Associates LP, with a 7.5% stake
in Nikko Cordial; Orbis Investment Management Ltd., with a 6.9%
stake; Southeastern Asset Management Inc., with 6.6%; and
Mackenzie Financial Corp., with 5.7% -- have publicly said that
Citigroup's earlier JPY1,350-per-share offer price is too low.
Citigroup has since upped the offer to JPY1,700 per share, which
is also considered too low.

                         About Citigroup

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

                      About Nikko Cordial

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

                          *     *     *

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

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

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

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


NOMURA CRE: S&P Rates US$12 Mil. Class O Certificates at B-
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Nomura CRE CDO 2007-2 Ltd./Nomura CRE CDO 2007-2
LLC's US$950.0 million CDO.

The preliminary ratings are based on information as of March 13,
2007.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect the credit support provided by
the subordinate classes of certificates, the economics of the
collateral, the geographic and property type diversity of the
collateral, and the backup advancing provided by the trustee.

                   Preliminary Ratings Assigned

                     Nomura CRE CDO 2007-2 Ltd.
                     Nomura CRE CDO 2007-2 LLC

                                               Preliminary
            Class                Rating          amount
            -----                ------        -----------
            A-1R                 AAA           US$75,000,000
            A-1                  AAA          US$471,131,250
            A-2                  AAA           US$60,681,250
            B                    AA            US$70,537,500
            C                    AA-           US$26,600,000
            D                    A+            US$27,075,000
            E                    A             US$20,425,000
            F                    A-            US$21,612,500
            G                    BBB+          US$24,937,500
            H                    BBB           US$20,187,500
            J                    BBB-          US$25,175,000
            K                    BB+           US$22,800,000
            L                    BB            US$8,787,500
            M                    BB-           US$5,700,000
            N                    B+            US$8,075,000
            O                    B-            US$12,825,000
            Preferred shares     NR            US$48,450,000
     
                            NR -- Not rated.


NOMURA CRE: Fitch Assigns Low-B Ratings on US$58 Million Notes
-------------------------------------------------------------
Fitch assigned these ratings to Nomura CRE CDO 2007-2, Ltd. and
Nomura CRE CDO 2007-2, LLC:

   * 471,131,250 class A-1 senior floating rate notes due 2042
     'AAA';

   * US$75,000,000 class A-R revolving floating rate notes due
     2042 'AAA';

   * US$60,681,250 class A-2 floating rate notes due 2042 'AAA';

   * US$70,537,500 class B floating rate notes due 2042 'AA';

   * US$26,600,000 class C floating rate notes due 2042 'AA-';

   * US$27,075,000 class D floating rate capitalized interest
     notes due 2042 'A+';

   * US$20,425,000 class E floating rate capitalized interest
     notes due 2042 'A';

   * US$21,612,500 class F floating rate capitalized interest
     notes due 2042 'A-';

   * US$24,937,500 class G floating rate capitalized interest
     notes due 2042 'BBB+';

   * US$20,187,500 class H floating rate capitalized interest
     notes due 2042 'BBB';

   * US$25,175,000 class J floating rate capitalized interest
     notes due 2042 'BBB-';

   * US$22,800,000 class K floating rate capitalized interest
     notes due 2042 'BB+';

   * US$8,787,500 class L floating rate capitalized interest
     notes due 2042 'BB';

   * US$5,700,000 class M floating rate capitalized interest
     notes due 2042 'BB-';

   * US$8,075,000 class N floating rate capitalized interest  
     notes due 2042 'B+';

   * US$12,825,000 class O floating rate capitalized interest
     notes due 2042 'B-'.


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

AMKOR TECH: Unit Inks US$300 Mil. Secured Loan with Woori Bank
--------------------------------------------------------------
Amkor Technology Inc.'s wholly owned Korean subsidiary, Amkor
Technology Korea Inc., has entered into a 7-year US$300 million
secured credit facility with Woori Bank.

The loan will be guaranteed on an unsecured basis by Amkor
Technology Inc.  The loan bears interest at Woori's base rate
plus 50 bps and amortizes in 28 equal quarterly payments through
April 2014.

The Woori loan remains subject to the approval of the Bank of
Korea.  Proceeds of the Woori loan, together with prepayment
fees and accrued and unpaid interest, will be used to repay
Amkor's existing US$300 million second lien term loan, due
October 2010, which bears interest at a rate of LIBOR + 450
basis points.

This transaction will fully discharge all of Amkor's obligations
under the second lien term loan and fully discharge subsidiary
guarantees and collateral securitizing the second lien term
loan.

"In commencing this relationship with Woori Financial Group, we
are expanding our banking relationships to include a strong
financial partner in Asia," said Joanne Solomon, Amkor's Senior
Vice President, Finance.  "We are pleased with the structure and
terms of this facility, which should allow us to substantially
reduce our annual interest expense."

In connection with the early repayment of the second lien term
loan, Amkor expects to record a charge of approximately US$16
million in the second quarter of 2007, including US$9 million in
prepayment fees and US$7 million to write off unamortized
deferred debt issuance costs.  The company expects to incur
approximately US$2 million in debt issuance costs in connection
with the Woori loan, which amount will be funded from existing
cash.

                      About Amkor Technology

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.  The company has factories and operations in China,
Japan, Korea, Philippines, Singapore and Taiwan.  The company
also has marketing and sales office locations in the U.S.,
China, France, Japan, Korea, the Philippines, Singapore, Taiwan
and the United Kingdom.

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.

In addition, Moody's Investors Service upgraded Amkor
Technology, Inc.'s corporate family rating to B2 from Caa1, the
long-term debt ratings and the SGL rating.  The ratings outlook
is stable.


HYNIX SEMICONDUCTOR: Sun Micro & Unisys Ordered to Amend Lawsuit
----------------------------------------------------------------
Hynix Semiconductor Inc. said that a U.S. court has required the
plaintiffs, Sun Microsystems Inc. and Unisys Corp., to submit
more evidence for their antitrust lawsuit against the company
and six other technology companies, the International Herald
Tribune relates.

The six other companies are:

    * Mosel Vitelic Inc.,
    * Nanya Technology Corp,
    * Winbond Electronics Corp.,
    * Elpida Memory Inc.,
    * Mitsubishi Electric Corp., and
    * Infineon Technologies AG.

Sun and Unisys Corp were given until May 4 to file an amended
complaint, Bloomberg News says.

The Tribune recounts that the complainants filed a combined suit
on Sept. 1, 2006, in the U.S. District Court for the Northern
District of California against Hynix and the six companies,
accusing them of keeping prices artificially high for computer
memory chips.

Bloomberg reports that U.S. District Judge Phyllis Hamilton in
San Francisco said that Sun failed to specify in its complaint
whether its chip purchases occurred in the U.S. or abroad and
provide other details about where the alleged harm to the
company occurred.  Judge Hamilton said that the plaintiffs "fail
to provide fair notice of the entire basis -- i.e. foreign harm
versus domestic harm -- for plaintiff's claims."  

Plaintiffs in the suits generally allege that defendants
unlawfully agreed to fix, raise, maintain and stabilize the
prices of the Dynamic Random Access Memory (DRAM) and/or to
allocate among themselves major customers and accounts in
violation of the federal antitrust laws during the period of
April 1, 1999, through June 30, 2002.

They also allege that, as a result of defendants' unlawful
conduct, they and members of the class paid more for DRAM than
they would have in the absence of defendants' wrongful conduct,
CAR noted.

                          *     *     *

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.


XERIUM TECHNOLOGIES: Earns US$3.2 Million in Fourth Quarter 2006
----------------------------------------------------------------
Xerium Technologies Inc. reported net income of US$3.2 million
in the fourth quarter ended Dec. 31, 2006, compared with net
income of US$10 million for the fourth quarter of 2005.  

Charges, on an after tax basis, affecting fourth quarter 2006
net income included environmental expense of US$3.1 million,
Sarbanes-Oxley compliance costs of US$1 million and
restructuring and impairment expenses of US$2.6 million.  

Net sales increased to US$154.6 million in the fourth quarter of
2006, a 6.9% increase from US$144.6 million for the fourth
quarter of 2005.  

Net cash provided by operating activities was US$24.6 million
for the fourth quarter of 2006, compared to US$28.2 million in
the same quarter last year.
    
Cash on hand at Dec. 31, 2006 was US$16.8 million, compared to
US$60 million at Dec. 31, 2005.

Thomas Gutierrez, chief executive officer of Xerium
Technologies, said, "We were pleased with our top-line growth
during the fourth quarter of 2006, both sequentially and on a
year-over-year basis.  Our clothing business generated solid
sequential sales growth in most regions, with particular
strength in Europe, while our roll covers business also had
another strong sales quarter.

Capital expenditures for the fourth quarter of 2006 were
US$8.1 million, compared to US$14.4 million for the fourth
quarter of 2005.  Approximately US$3.5 million of capital
expenditures in 2006's fourth quarter were directed toward
projects designed to support the company's growth objectives,
with the remaining US$4.6 million used to sustain the company's
existing operations and facilities.

Net sales for 2006 were US$601.4 million, a 3.3% increase from
US$582.4 million for 2005.  

Net income was US$29.5 million for 2006, compared to a net loss
of US$2.1 million for 2005.  

Net cash provided by operating activities was US$69.2 million
for 2006, compared to US$54.7 million in 2005.  Net cash
provided by operating activities for 2005 reflects IPO-related
expenditures of US$20.7 million.

At Dec. 31, 2006, the company's balance sheet showed
US$990.7 million in total assets, US$874.1 million in total
liabilities, and US$116.6 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1cac
    
                 About Xerium Technologies
Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two  
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Austria, Brazil and Japan, Xerium
Technologies has approximately 3,900 employees.

Headquartered in Westborough, Massachusetts, Stowe Woodward, a
unit of Xerium Technologies, Inc., supplies roll covers, bowed
rolls and manufacturing services for the pulp and paper
industry.  Stowe Woodward has manufacturing operations around
the world.

                          *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating; B1
     * Guaranteed senior secured term loan B; B1
     * Guaranteed senior secured revolving credit facility; B1


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

AMSTEEL CORP: Bursa Extends Plan Filing Deadline to July 31
-----------------------------------------------------------
The Bursa Malaysia Securities Bhd further extended the deadline
for Amsteel Corp to submit its regularization plan to the
Securities Commission and other relevant authorities to July 31,
2007.

Amsteel is also required to make a requisite announcement of the
plan on June 30.

Bursa Securities had suspended and commenced a delisting
procedure against Amsteel's securities on February 16, 2007,
after it failed to comply with the extended timeframe granted by
the bourse.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 13, 2007, Amsteel failed to make the requisite announcement
on the deadline regarding its regularization plan.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As reported in the Troubled Company Reporter - Asia Pacific on
May 19, 2006, Amsteel Corporation Berhad was classified under
Bursa Malaysia Securities Berhad's Amended Practice Note 17
category.   The Company was identified as an affected listed
issuer because:

   -- the auditors have expressed a modified opinion with
      emphasis on the Company's going concern in the Company's
      latest audited financial statement for the financial year
      ended June 30, 2005; and

   -- the Company's consolidated shareholders' equity as of
      June 30, 2005, represented 17.3% of the issued and paid-up
      capital of the Company.

Pursuant to the PN17 classification, the Company is required to
submit and implement a plan to regularize its financial
condition.


DATUK KERAMAT: Reprimanded for Delaying Quarterly Report
--------------------------------------------------------
Datuk Keramat Holdings Bhd failed to submit its interim
financial report for the quarter ended Sept. 30, 2006, within
the stipulated timeframe set by the Bursa Malaysia Securities
Bhd.

Accordingly, the bourse, on April 4, publicly reprimanded the
company and fined several of its directors who are alleged to
cause or have prior knowledge as to the cause of the delay.

Director         Designation             Breach Penalty
========         ===========             ==============
Azimuddin bin   Executive Director       Public reprimand
Ab. Ghani       (Member of Audit         and a fine of MYR36,250
                Committee since
                Dec. 22, 2001)

Willie Howard   Independent and          Public reprimand
Pickle          Non-Executive Director   and a fine of MYR14,500
                (Member of Audit
                Committee since
                May 27, 2000)

Mohd Nor bin    Independent and          Public reprimand
Abdul Rahman    Non-Executive Director   and a fine of MYR14,500
                (Member of Audit
                Committee since
                Aug. 30, 2005)

Azimuddin bin Abd. Ghani is the only Executive Director of the
company who was found to be in breach for causing Datuk
Keramat's failure to submit the third quarter results ended
Sept. 2006, within the stipulated timeframe and until to-date.

Willie Howard Pickle and Mohd Nor Bin Abdul Rahman, being
members of the Audit Committee, were also found to be in breach
for permitting, either knowingly or where they had reasonable
means of obtaining such knowledge for the company's failure to
submit the its Sept. 2006 ended financial results within the
stipulated timeframe and until to-date.

Bursa Securities directed Datuk Kearmat to furnish its third
quarter results for public release within one month from the
date of the reprimand.

                          *     *     *

Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  

The Group is facing numerous suits filed by financiers and trade
creditors who have alleged that outstanding debts are owed to
them.  On January 24, 2005, the Company was served with a wind-
up petition by Affin Bank Bhd, who claimed a sum ofMYR15.66
million in respect of revolving credit facilities granted to the
company.


MALAYSIA AIRLINES: Completes Disposal of Hotelier Unit
------------------------------------------------------
Malaysian Airline System Bhd disclosed with the Bursa Malaysia
Securities Bhd that it has completed the sale of its wholly
owned subsidiary, MAS Hotels & Boutiques Sdn Bhd, to Kingdom
Langkawi B.V. for MYR435 million cash.

The flag carrier added that the disposal of the mangrove land in
Langkawi, Kedah, comprising approximately 25 acres, is still
pending compliance with certain conditions.

Bernama News recounts that the airline has entered into a
conditional share purchase agreement for the proposed disposal
of 10 million ordinary shares of MYR1.00 each, representing 100%
of the entire allotted and issued share capital of MAS Hotels.

Proceeds from the disposal would be used for working capital and
restructuring efforts as well as for defraying expenses of about
MYR7.9 million brought by the disposal, the paper notes.

                          *     *     *

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


METROPLEX BERHAD: Bursa Considers Appeal Against Delisting
----------------------------------------------------------
On March 13, 2007, the Troubled Company Reporter - Asia Pacific
reported that Metroplex Bhd filed an appeal against the Bursa
Malaysia Securities Bhd's decision to delist its securities from
the bourse's official list.

An earlier report by the TCR-AP revealed that Bursa decided to
delist Metroplex's securities after the company failed to submit
a regularization plan to the Securities Commission and other
relevant authorities on its Feb. 28 deadline.

In an update, the bourse, on April 6, said that it considered
the appeal filed by the company and further decided to grant an
extension of time until April 28 for Metroplex to submit its
regularization plan to relevant authorities.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

Metroplex is classified under Bursa Malaysia Securities Berhad's
PN 17 Category and is therefore required to submit and implement
a plan to regularize its business condition.

Metroplex Bhd's Jan. 31, 2007, unaudited balance sheet went
upside down with a shareholders' deficit of MYR301.72 million
from total assets of MYR1.16 billion and total liabilities of
MYR1.46 billion.


MOL.COM BHD: Bursa Suspends Securities Trade
--------------------------------------------
The Bursa Malaysia Securities Bhd suspended the trading of
Mol.Com Bhd's securities on April 9, 2007, after the Securities
Commission rejected the company's proposed reform plan.

According to a Troubled Company Reporter - Asia Pacific report
on April 5, 2007, the Commission rejected all the proposals to
the reform plan submitted by Mol.Com noting that:

    (i) The profitability of the Information and Communications
        Technology business, which will be the core business of
        the MOL Group going forward, has not been encouraging in
        the previous financial years.  Furthermore, the
        significant increase in the forecast/projected profit
        contribution from the ICT business does not appear to be
        supported by concrete factors;

   (ii) There do not appear to be any comprehensive steps taken
        to address the ongoing losses of the Industrial Products
        division, which would have a negative impact on the
        profitability of the MOL Group in the future; and

  (iii) MOL would still have significant accumulated losses
        after the implementation of the Proposals.

In addition to the trading suspension, the bourse had also
decided to commence a delisting procedure against Mol.Com's
securities.

                          *     *     *

Based in Malaysia, Mol.Com Bhd's principal activities are
provision of electrical engineering services, and contracting
and trading of electrical machinery and apparatus.  Other
activities include operation and maintenance of web portals,
registration and marketing of internet domain names, provision
of web and information technology solutions, advertising,
promotional activities and investment holding.

Operations are carried out in Malaysia, British Virgin Islands
and Singapore.

Mol.Com is an Affected Listed Issuer pursuant to the Amended
Practice Note 17/2005 of the Listing Requirements of Bursa
Malaysia and is therefore required to implement a regularization
plan to the Securities Commission.

After auditing the company's annual financial report ended
June 30, 2006, the auditors drew the attention on the ability of
the Group and of the Company to continue as a going concern in
view of the current liabilities exceeding its current assets by
MYR6.3 million.  The ability of the Group and of the Company to
continue as a going concern is dependent upon the successful
outcome of the proposed disposal of a property and the Group's
plan to regularize its financial condition, continuing financial
support from a significant shareholder and financial
institutions as well as achieving successful future operations.


TALAM CORP: Reprimanded for Breaching Listing Rules
---------------------------------------------------
On April 9, 2007, the Bursa Malaysia Securities Bhd publicly
reprimanded Talam Corp Bhd for breaching several listing rules
required by the bourse.

According to the bourse, the company has failed to comply with
these requirements:

    1. failure to take into account the adjustments as stated in
       the company's announcement dated September 5, 2006, in
       its fourth quarter report for the financial year ended
       January 31, 2006, which has resulted in a deviation of
       50.33% between the company's unaudited results and
       audited results.

    2. failure to make an immediate announcement to Bursa
       Securities for public release in respect of the events of
       default in payment of various bonds and banking
       facilities as announced by the company on October 2,
       2006.  

    3. failure to furnish the Company's quarterly reports for
       the financial period ended April 2006 and July 2006 on or
       before their respective deadlines.  The company has
       delayed the submission of the results for 61 and 9 market
       days respectively.  

    4. failure and a delay of 52 market days to furnish the
       Annual Report for the financial year ended January 31,
       2006, on or before the July 31, 2006, deadline.

In addition, the bourse has imposed a fine of MYR11,250 for
failure to submit the 2006 2nd quarter results within the
stipulated timeframe.  The company is further required to engage
its external auditors to carry out a limited review on the
Company's next four quarterly results prior to the same being
announced.

Further, the bourse has also taken enforcement action against
several directors of the company for these breaches:

A. Tan Sri Dato' (Dr) Ir Chan Ah Chye @ Chan Chong - Executive
   Chairman:  for causing Talam to breach paragraphs 9.16(1)(a)
   And 9.04(l) of the Listing Requirements.

B. Lai Moo Chan - Chairman of Audit Committee: for permitting,
   Either knowingly or where he had reasonable means of
   obtaining such knowledge, Talam to breach paragraph
   9.16(1)(a) of the Listing Requirements.

C. YAM Tengku Sulaiman Shah Al-Haj Ibni Al-Marhum Sultan
   Salahuddin Abdul Aziz Shah Al-Haj - Audit Committee Member:
   for permitting, either knowingly or where he had reasonable
   means of obtaining such knowledge, Talam to breach paragraph
   9.16(1)(a) of the Listing Requirements.

D. Tsen Keng Yam - Audit Committee Member: for permitting,
   Either knowingly or where he had reasonable means of
   obtaining such knowledge, Talam to breach paragraph
   9.16(1)(a) of the Listing Requiremnts.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the group are carried out in Malaysia and China.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended January 31,
2006, the Auditors Ernst & Young were unable to express their
opinion on the Company's Audited Accounts.  As such, the Company
is an affected listed issuer of the Amended Practice Note 17
category.

In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


THERMADYNE HOLDINGS: Form 10-K Filing Cues S&P's Positive Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Thermadyne Holdings Corp., including its 'CCC' corporate credit
rating, on CreditWatch with positive implications following the
company's successful filing of its 2006 Form 10-K and the most
recent amendments to its credit facility.

Thermadyne previously delayed filing in order to allow new
internal accounting staff and independent auditors KPMG LLP
sufficient time to review of financial statements and to obtain
consent to include prior-year financial statements from the
company's previous independent accounting firm, Ernst &
Young LLP.  

The company is currently SEC compliant and expects to file first
quarter 2007 financials in May.  Additionally, as a result of
the March 2007 amendment to its credit facility, Thermadyne was
in compliance with its Dec. 31, 2006 covenants.

Standard & Poor's will review Thermadyne's near-term operating
prospects and its capacity to comply with recently amended
financial covenants and meet scheduled interest payments.
Furthermore, an upgrade is contingent upon successful filing of
the company's first quarter 2007 Form 10Q filing.

Headquartered in St. Louis Missouri, Thermadyne Holdings
Corporation -- http://www.thermadyne.com/-- is a multi-national  
manufacturer of welding and cutting products.  The company has
operations in Indonesia, Malaysia, Singapore, Philippines,
Italy, Mexico and Brazil.


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

DENNY'S CORP: Dec. 27 Balance Sheet Upside-Down by US$224 Mil.
--------------------------------------------------------------
Denny's Corp. reported net income of US$30.3 million on total
operating revenue of US$994 million for the year ended
Dec. 27, 2006, compared with a net loss of US$7.3 million on
total operating revenue of US$978.7 million for the year ended
Dec. 28, 2005.

Company restaurant sales increased US$15.4 million to US$904.4
million as a result of a 2.5% increase in company same-store
sales.  This same-store sales increase offset a twenty-two-unit
reduction in company-owned restaurants since the end of last
year.  During the year, Denny's opened three new company units,
acquired one from a franchisee and closed 26 underperforming
restaurants.

Franchise revenue was basically flat compared with the prior
year as a 3.6% increase in same-store sales was offset by an
eleven-unit decline in franchised restaurants and the loss of
franchise rental income associated with the sale of real estate
previously leased to franchisees.

Operating income for the year increased US$62.1 million to
US$110.5 million due primarily to asset sale gains as well as a
US$13 million increase in company restaurant operating margin.

Denny's sold 86 during the year for gross proceeds of
US$92.5 million.  Denny's utilized the majority of these
proceeds along with cash flow from operations to reduce its
outstanding debt by US$100.5 million for the year.

At the end of the year, the company held for sale 12 closed or
franchisee-operated properties.  Denny's owns an additional 140
real estate assets, primarily company restaurant locations,
which are not intended for sale unless those specific restaurant
operations are sold or closed.

Nelson Marchioli, president and chief executive o0fficer,
stated, "We are pleased to have delivered record earnings in
2006 along with our fourth consecutive year of positive same-
store sales at company restaurants.  We responded to a
challenging sales environment with promotional offerings that
reinforced Denny's strong value proposition.  At the same time
our operators placed renewed emphasis on managing costs and
maintaining store-level margins.  In addition, we surpassed our
goals for cash flow generation and debt reduction, reducing
outstanding debt by over US$100 million during the year.  
Denny's balance sheet is stronger than it has been in more than
15 years and we expect that trend to continue.  As we begin
2007, the sales environment remains uncertain but we are
committed to growing the Denny's brand and improving our
profitability," Marchioli concluded.

At Dec. 27, 2006, the company's balance sheet showed
US$443.9 million in total assets and US$667.9 million in total
liabilities, resulting in a US$224 million total stockholders'
deficit.

The company's balance sheet at Dec. 27, 2006, also showed
strained liquidity with US$62.8 million in total current assets
available to pay US$135.8 million in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 27, 2006, are available for
free at http://researcharchives.com/t/s?1c86

                     About Denny's Corp.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation -- http://www.dennys.com/-- is America's largest  
full-service family restaurant chain, consisting of 543 company-
owned units and 1,035 franchised and licensed units, with
operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

                         *     *     *

Denny's Corporation's balance sheet at June 28, 2006 showed
US$500.3 million in total assets and US$758.2 million in total
liabilities, resulting in a US$257.9 million stockholders'
deficit.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services raised its corporate credit
rating on Armstrong World Industries Inc. to 'BB' from 'D',
following the company's emergence from bankruptcy on Oct. 2,
2006.  The outlook is stable.


SPEIRS GROUP: May Report Loss in 2007, Directors Say
----------------------------------------------------
The directors of Speirs Group Limited do not expect the company
to achieve a profit in the year ending March 31, 2007, taking
back a statement in November 2006 that they expect the Group to
recover to profit from its first half loss of NZ$613.

The directors came at the conclusion after reviewing the Group's
latest available year-to-date results.

While trading results for the full year are yet to be finally
determined, it is now likely that the Group will incur a loss
after tax from normal trading in the 2007 financial year, the
directors say.

Speirs Group expects to release its final results for the year
ending March 31, 2007, in late May.

Furthermore, the directors adds, there will also be preliminary
costs associated with the Foods Division's 60% participation in
the joint venture with Massey University interests, announced in
November 2006, to develop and market omega-3 oil capabilities.

The Group's Finance Division has grown its 'book' during the
year, and is well advanced in its announced project to markedly
strengthen the quality of the 'book'.  At the same time, margin
pressures experienced in the first half of the financial year
have continued.

Bad debt has also been absorbed arising from business written
during the 2002-2004 period before the Group adopted more
conservative lending policies, the directors point out.

According to the directors, the company is adopting an even more
stringent provisioning policy as realizations from recovered
assets in the second half of the current financial year
continued to be lower than expectations at the beginning of the
year.

The Speirs Foods Division, however, has been contributing
positively to the Group during the year to date, with a
particularly strong performance in the second half.

Speirs Group Limited -- http://www.speirs.co.nz/-- is a New  
Zealand-based investment company.  The company operates two
commercial divisions: Speirs Finance and Speirs Foods. Speirs
Finance is engaged in asset backed financing.  Speirs Foods is
engaged in production and distribution of fresh food, such as
salad and fresh cut vegetable to retailers and caterers.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, on April 10, 2007,
listed Speirs Group's 10.000% bond with a June 30, 2049 maturity
date as distressed.


TRUSTPOWER: Acquires Pulse Business Solutions and CallSouth
-----------------------------------------------------------
TrustPower Ltd acquired all of the assets of the Oamaru-based
businesses of Pulse Business Solutions and CallSouth, effective
from March 31, 2007.

TrustPower Chief Executive Keith Tempest says the Pulse Business
Solutions and CallSouth operations will be managed as a
subsidiary company of TrustPower.

TrustPower has taken contact centre services from Pulse for
several years.  Some 112,000 of TrustPower's 220,000 customers
are in the South Island, and continuing to service South Island
customers from a contact centre outside TrustPower's Tauranga
base fits well with TrustPower's goal of providing outstanding
customer service to the company's regional/rural customer base.  
TrustPower is committed to providing the same outstanding
service to CallSouth customers.  TrustPower currently has a
small base of telecommunications customers and the company sees
the purchase of CallSouth as a key part of its growth strategy
in the telecommunications market.

TrustPower will maintain operations in Oamaru and CallSouth
customers will continue to be served from the Oamaru base.

Over the next few months TrustPower will review the processes
and systems currently used by Pulse to ensure they are aligned
with those currently operated through TrustPower's own service
centre.  It is expected that this review will take up to four
months to complete.

Mr. Tempest says existing Pulse and CallSouth employee's terms
and conditions of employment will be retained.  "It is important
to stress that we are committed to retaining contact centre
operations in the South Island, and following the completion of
our review, any proposed changes will be communicated with
employees and their input before any final decision is made."

Pulse was established in 1998 and CallSouth in 2000 with both
companies based in Oamaru.  In 2004 the companies were purchased
by private equity with the major shareholders being Peter
Roborgh, Lorraine Witten, Bill Highet and David Douglas.
CallSouth has since grown from a tolls reseller into a full
service telecommunications company.  CallSouth has focused on
the market niche of provincial New Zealand.

Chairman Lorraine Witten said: "With TrustPower's resources and
growth strategy they can now scale the business and offer
services directly to their existing customer base.  They were a
natural fit as their brand values are very similar to ours and
we are particularly pleased that their expansion plans have the
potential to grow the team here in Oamaru."

Chief Executive Peter Roborgh, who started with Pulse in 1999
and established CallSouth in 2000, said: "This is a positive
next step for the companies and for Oamaru, particularly as
TrustPower has been a cornerstone client for over six years.
. . . All employees and Directors are extremely proud about what
has been achieved by the company which started with nine staff
and today employs around 125 people."

TrustPower Limited -- http://www.trustpower.co-- owns and   
operates 34 power stations and produces electricity exclusively
from renewable sources.  The company's power stations produce
enough electricity for 260,000 Kiwi households.

With assets of close to NZ$1.4 Billion, TrustPower is majority
New Zealand owned and is listed on the New Zealand stock
exchange.  TrustPower's head office is in Tauranga, with
regional offices in Auckland, Wellington, and Christchurch.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, on April 3, 2007,
listed TrustPower Ltd.'s bonds as distressed.  The bonds have
these coupon and maturity dates:

      Coupon      Maturity       Price
      ------      --------       -----
      8.300%      09/15/07        9.00
      8.300%      12/15/08        8.30
      8.500%      09/15/12        8.35
      8.500%      03/15/14        8.15


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

ATLAS CONSOLIDATED: Unit Borrows US$4.5MM to Buy Heavy Equipment
----------------------------------------------------------------
Atlas Consolidated Mining and Development Corp.'s copper
subsidiary, Carmen Copper Corp., has arranged for a US$4.5
million bridge loan from Manchester Securities Corp., the
company informed the Philippine Stock Exchange in a regulatory
filing.

The proceeds will be used to purchase additional heavy equipment
from Komatsu Limited.  This is in addition to equipment valued
US$10.2 million that Carmen Copper have previously consigned
from Komatsu.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 4, Carmen Copper engaged Deustsche Bank AG as arranger with
respect to a US$100 million loan facility, proceeds of which
will be used to finance the rehabilitation of Atlas' copper mine
in Toledo City, Cebu.  Carmen Copper is the operator of the
Toledo mine.

Given the shortage and lead times for heavy minding equipment
today, the bridge loan was arranged while documentation for the
US$100-million loan facility is being finalized to prevent any
delays in the rehabilitation of the Toledo mine, Atlas
Consolidated explains.

The loan will be repaid once the proceeds from the Deutsche Bank
facility is drawn down, the company says.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate its assets since
copper and nickel prices have recovered.

According to a Troubled Company Reporter - Asia Pacific report
on June 1, 2006, Atlas reported a capital deficiency of PHP3.035
billion for the year ended December 31, 2005.  Moreover the
Company's auditor, Jaime F. Del Rosario, of Sycip Gorres Velayo,
raised substantial doubt on the Company's ability to continue as
a going concern.

As of Dec. 21, 2006, Atlas Consolidated posted total assets of
US$33.59 million, and total shareholders' equity deficit of
US$57.17 million.


PHIL. AIRLINES: To Pay MIAA PHP2.93 Billion in Aeronautical Fees
----------------------------------------------------------------
Philippine Airlines has agreed to pay the Manila International
Airport Authority PHP2.93 billion pursuant to a compromise
agreement over alleged unpaid aeronautical fees covering the
period Dec. 1, 1995, to March 31, 2006.

Aeronautical fees include the cost of landing and takeoff,
parking, lighting and other operational charges like use of
navigational equipment.

Under the compromise agreement, which according to BusinessWorld
has been approved by the Court of Appeals, PAL will pay the
PHP2.93 billion in monthly installments of PHP34.9 million over
a period of seven years.  The monthly installment is in addition
to MIAA's current billings for aeronautical fees that the
airline will start paying this month.

In approving the compromise, Associate Justice Vicente Roxas of
the Court of Appeals, ruled: "it is not contrary to law, morals
and public policy," Sun Star, a local daily, relates.  The
approval reversed the July 21, 2003, decision of the Pasay
Regional Trial Court enjoining the MIAA from collecting
aeronautical fees, the daily notes.

PAL's alleged unpaid aeronautical fees actually reached PHP3.96
billion in early 2006 because of value-added tax and interest
charges that had accumulated since 1995, Sun Star says.   The
parties, however, agreed to stick to the original amount sought
by MIAA.

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


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

PETROLEO BRASILEIRO: Inks Supply Contract with FMC Technologies
---------------------------------------------------------------
US-based sub sea oil equipment supplier FMC Technologies said in
a statement that it signed a contract with Brazilian state-owned
oil firm Petroleo Brasileiro SA for the supply of two gas
manifolds for the development of Campos basin fields off
southeast Brazil.

According to FMC Technologies' statement, the contract should
generate about US$52 million for the company.  Delivery is in
2008.

Business News Americas relates that the manifolds will be
manufactured at FMC Technologies facilities in Rio de Janeiro,
Brazil.  They will be installed in the Albacora Leste and
Roncador fields in the Campos basin.

The report says that the two fields have heavy crude oil
reserves.  Petroleo Brasileiro wants to boost natural gas output
from the deepwater Campos basin fields under its Plangas
program.

The BRL28-billion program is aimed at increasing natural gas
supply in the southeastern region of Brazil to 40 million cubic
meters per day by the end of 2008, from 15 million cubic meters
per day, BNamericas states.

                   About Petroleo Brasileiro

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

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

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

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

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

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


REFCO INC: Administrators Want to Settle Inter-company Claims
-------------------------------------------------------------
RJM LLC, as Plan Administrator of the Reorganized Refco's
Chapter 11 cases, and Marc S. Kirschner, as Chapter 11 Trustee
and Plan Administrator of Refco Capital Markets, Ltd.'s estate,
ask the U.S. Bankruptcy Court for the Southern District of New
York to approve their settlement and compromise of various
Inter-company 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
inter-company 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 INC: June 29 Hearing Set for US$108-Mln BAWAG Settlement
--------------------------------------------------------------
The U.S. District Court for the Southern District of New York
will hold a fairness hearing on June 29 at 10:00 a.m. for the
proposed US$108 million partial settlement by BAWAG P.S.K. Bank
Fuer Arbeit und Wirtschaft und Osterreichische Postsparkasse
Aktiengesellschaft, a defendant in the class action, "In re
Refco, Inc. Securities Litigation, Master File No. 05 Civ. 8626
(GEL)."  
      
The hearing will be held before Judge Gerard E. Lynch in the
U.S. District Court for the Southern District of New York at:

         United States Courthouse
         500 Pearl Street
         New York
         NY 10007
         U.S.A.

The settlement covers persons or entities that purchased or
otherwise acquired Refco Group Ltd., LLC/ Refco Finance Inc. 9%
Senior Subordinated Notes due 2012 (CUSIP Nos. 75866HAA5 and/or
75866HAC1) and/or Refco, Inc. common stock (CUSIP No. 75866G109)
between Aug. 5, 2004 and Oct. 17, 2005.

Any objections or exclusions to and from the settlement must be
made on or before, May 26 and 30, respectively.

                        Case Background

The suit, filed in the U.S. District Court for the Southern
District of New York, was consolidated in April (Class Action
Reporter, Apr. 7, 2006).  It claimed the collapsed commodity
brokerage hid more than US$5 billion off its books, far more
than previously thought.  It also accuses company executives,
company auditors, and investment bankers of negligence.  

This discovery of the bad debts caused the collapse of the
company a mere two months after its Aug. 10, 2005, initial
public offering of common stock, and only 14 months after its
issuance of 9% Senior Subordinated Notes due 2012.  The company
filed the fourth largest bankruptcy in U.S. history as a result.

The suit is "In re Refco, Inc. Securities Litigation, Master
File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court
for the Southern District of New York under Judge Gerard E.
Lynch.  

Representing the plaintiffs are:  

     (1) Max W. Berger (MB-5010), John P. Coffey  (JC-3832),  
         John C. Browne (JB-0391) and Noam N. Mandel (NM-0203)  
         of Bernstein Litowitz Berg & Grossmann, LLP, 1285  
         Avenue of the Americas, New York, NY 10019, Phone:  
         (212) 554-1400, Fax: (212) 554-1444; and  

     (2) Stuart M. Grant (SG-8157), James J. Sabella (JS-5454),  
         Megan D. McIntyre, Jeff A. Almeida, Christine M.  
         Mackintosh and Jill Agro of Grant & Eisenhofer, P.A.,  
         Phone: (646) 722-8500 and (302) 622-7000, Fax: (646)  
         722-8501 and (302) 622-7100

For more details, contact:

         Refco Inc. Securities Litigation
         c/o The Garden City Group Inc.
         PO Box 9087
         Dublin
         OH 43017-0987
         Web site: http://www.refcosecuritieslitigation.com

                           About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                          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).


STATS: Says Circular on Sub. Note Offer Is Not Defective
--------------------------------------------------------
STATS ChipPAC Ltd., a leading independent semiconductor test and
advanced packaging service provider, refers to the voluntary
conditional cash offer and the options proposal announced on
March 1, 2007 by Goldman Sachs (Singapore) Pte (Goldman Sachs),
for and on behalf of Singapore Technologies Semiconductors Pte
Ltd (Offeror).

The Company has dispatched a circular dated March 30, 2007
(Circular) to its security holders in connection with the Offer.

On April 4, 2007, Singapore counsel to Fore Research &
Management sent a letter to the Singapore Securities Industry
Counsel alleging in substance, among other things, that:

   (1) as of the date of the Offer, Fore held US$43.6 million
       principal amount of the Convertible Subordinated Notes
       due 2008,

   (2) the Convertible Notes Offer is not an appropriate offer
       under the Singapore Code on Take-overs and Mergers
       (Singapore Code) because it is based on "see-through"
       pricing which does not take into account interest that
       would be payable through the maturity of the Convertible
       Notes or the equity option premium imbedded in the
       Convertible Notes, and

   (3) the Circular and the recommendation of the Independent
       Directors in relation to the Convertible Notes Offer
       failed to comply with the Singapore Code due to a failure
       to adequately state arguments for the acceptance or
       rejection of the Convertible Notes Offer.  

In the letter, Singapore counsel to Fore requested that the SIC
provide guidance and intervention in investigating these claims
and to take such appropriate action as the SIC deems fit,
including requesting the Independent Directors to comply with
the Singapore Code.  

On April 9, 2007, Singapore counsel to the Company informed SIC
that the Company strongly disagrees with the allegations that
the Circular and the Independent Directors failed to comply with
the Singapore Code.  The Company is not able to predict the
effect, if any, that the letter submitted to the SIC on behalf
of Fore may have on any aspect of the Offer or any matter
relating to the Offer.

The Company will inform its security holders of further material
developments.

                        About STATS ChipPAC

Headquartered in Singapore, STATS ChipPAC Ltd.
--http://www.statschippac.com/-- provides semiconductor test  
and assembly services.  The company assembles leaded and
laminate packages and provides related services such as package
design and leadframe and substrate designs.  The company
provides these tests and assembly services to semiconductor
companies, which do not have their own manufacturing facilities.  
The company's offices outside the United States are located in
Singapore, South Korea, China, Malaysia, Taiwan, Japan, the
Netherlands and United Kingdom.

                          *     *     *

Moody's Investors Service gave STATS ChipPAC a Long-Term
Corporate Family Rating of 'Ba2" effective on Oct. 21, 2004, and
the company's Senior Unsecured Debt a 'Ba2' rating on
Oct. 28, 2004.

Standard and Poor's Ratings Services gave the company a 'BB' for
both its Long-Term Foreign Issuer Credit Rating and Long-Term
Local Issuer Credit Rating effective on Oct. 7, 2004.


SPECTRUM BRANDS: Postpones Annual Shareholders Meeting to May 9
---------------------------------------------------------------
Spectrum Brands Inc. has been changed the date of the annual
shareholders meeting from April 25 to May 9 at 8:00 a.m.  The
meeting will be held at Spectrum Brands' headquarters in 601
Rayovac Drive, Madison, Wisconsin.
          
The record date for determination of shareholders remains
March 27, 2007.

In addition, Spectrum Brands had appointed Amy J. Yoder, a
veteran sale, marketing and operations executive, as Executive
Vice President, Home & Garden.  In this new position, Ms. Yoder
will be responsible for the company's US$675 million Home &
Garden business segment, comprising branded consumer products in
the lawn and plant growth, weed and insect control and insect
repellent markets.  She will report to David R. Lumley,
President Global Batteries & Personal Care and Home & Garden,
and Co-Chief Operating Officer.

Ms. Yoder, 40, who most recently served as Vice President and
General Manager of Chemtura Corp.'s Consumer Products Division,
joined Spectrum Brands on April 2.  Her background includes more
than 15 years experience in the consumer products and
agribusiness industries, having served in a variety of
leadership positions with Chemtura, Nufarm Americas, United Agri
Products, Monsanto and E.I. DuPont de Nemours.

"We are delighted to bring Amy's extensive marketing and
management experience and skills to the company at a critical
point in the execution of our strategic plans for Home &
Garden," commented David Jones, Spectrum Brands Chairman and
CEO.  "I expect that Amy's strong operational knowledge of the
industry, coupled with her outstanding leadership skills, will
immediately add value and accelerate the process of driving top
line growth and strengthening operational efficiency in this
important business segment."

"I am extremely excited to be joining Spectrum Brands, with its
solid portfolio of leading consumer product brands," said Ms.
Yoder.  "The Home & Garden business' category-leading brands and
strong retail relationships are a terrific platform upon which
to strengthen our market position, achieve operational
excellence and create value for shareholders."

                     About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Apr. 3,
2007, Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Atlanta, Georgia-based Spectrum Brands
Inc.'s planned US$1.6 billion senior secured bank financing,
which includes a US$1.55 billion first-lien term loan B and a
US$50 million first-lien letter of credit facility both maturing
in 2013.  A portion of the term loan can be denominated in Euros
and Canadian dollars.  The facilities are rated 'CCC+' (at the
same level as the corporate credit rating of Spectrum Brands)
with a recovery rating of '2', indicating the expectation of
substantial (80% to 100%) recovery of principal in the event of
a payment default.

S&P also assigned a 'CCC-' rating to Spectrum Brands' planned
US$350 million variable rate toggle senior subordinated notes
due 2013.  The senior subordinated note offering will be an
exchange offer for the company's existing US$350 million senior
subordinated notes due 2013.  The new notes will be issued
pursuant to Section 3(a)(9) of the Securities Act of 1933 and
will retain the same registered status as the existing notes.

Fitch Ratings affirmed the ratings of Spectrum Brands, Inc. as:

    -- Issuer default rating 'CCC';
    -- Senior secured bank facility 'B/RR1';
    -- Senior subordinated debentures 'CCC-/RR5'.

The rating outlook has been revised to negative from stable.
Approximately US$2.38 billion of debt is covered by these
actions.

Moody's Investors Service confirmed Spectrum Brands Inc.'s B3
Corporate Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


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

PICNIC CORP: Net Loss Narrows to THB2,003,479,021 for 2006
----------------------------------------------------------
Picnic Corporation Public Company Limited reported a 34.52%
decrease in net loss to THB2,003,479,021 for the year ended
December 31, 2006, from a net loss of THB3,059,506,835 for the
year ended December 31, 2005.

The group's total revenues fell 41.90% to THB11,967,028,825 for
2006 due to a 93.58% fall in petroleum oil sales to
THB594,274,612, and a general decline in other income.  Total
expenses also fell 41.92% to THB13,532,731,308 for 2006, giving
the company a loss before interest expenses of THB1,565,702,483,
a 42.06% improvement against the THB2,702,097,648 loss before
interest expenses recorded a year earlier.

The company's interest expense amounted to THB435,654,067 for
2006.

The company's profit and loss statements can be downloaded for
free at http://bankrupt.com/misc2/PicnicPL.pdf

                      Going Concern Doubt

Somchai Kurujitkosol at S.K. Accountant Services Company Limited
raised significant doubt on the company's ability to continue as
a going concern due to material impact on the company's
financial position stemming from lawsuits by Picnic's creditors
and by the Office of the Chief Public Prosecutor.

                       About Picnic Corp.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.


PICNIC CORP: Appoints Somchai Siriphanwaraphorn as New CEO
----------------------------------------------------------
Picnic Corporation PCL appointed Somchai Siriphanwaraphorn as
chief executive officer of the company effective March 16, 2007,
Reuters reports.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                      Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported that
Somchai Kurujitkosol at S.K. Accountant Services Company Limited
raised significant doubt on the company's ability to continue as
a going concern due to material impact on the company's
financial position stemming from lawsuits by Picnic's creditors
and by the Office of the Chief Public Prosecutor.


PICNIC: Sets Another Ordinary Shareholders' Meeting on Apr. 30
--------------------------------------------------------------
The board of directors of Picnic Corporation Public Company
Limited has scheduled another ordinary meeting of shareholders
on April 30, 2007, after the first one held on April 4 was
adjourned due to lack of quorum, the company said in a
disclosure with the Stock Exchange of Thailand.

The agenda includes:

   * the acknowledgment of company's 2006 operational  
     performance;

   * the approval of the company's 2006 financial statements and
     auditor's report;

   * the approval of no dividend payout for 2006;

   * the appointment of the company's 2006 auditor and auditor's
     fees; and

   * the reappointment of the retired board members and set
     directors' remuneration.

                       About Picnic Corp.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                      Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported that
Somchai  Kurujitkosol at S.K. Accountant Services Company
Limited raised significant doubt on the company's ability to
continue as a going concern due to material impact on the
company's financial position stemming from lawsuits by Picnic's
creditors and by the Office of the Chief Public Prosecutor.


SRITHAI FOOD: Winds Up Chicken Export Unit; Mulls Delisting
-----------------------------------------------------------
Srithai Food & Beverage Public Co., Ltd. will wind up its
chicken export business, the company said in a business
rehabilitation update lodged with the Stock Exchange of
Thailand.

The move, which will not affect its domestic chicken
distribution business, comes after the Central Bankruptcy
Court's order to cancel the company's business rehabilitation
plan.

The company's board of directors has also considered delisting
from the Thai Stock Exchange voluntarily to give way to a faster
selection of financial consultants to assist the company in a
share buy-back scheme involving its sub-shareholders.

Headquartered in Amphoe Bang Phli Samut Prakarn, Thailand,
Srithai Food & Beverage Public Co Ltd --
http://www.srithaifood.thailand.com/-- markets and manufactures  
seasoning, sauce, beverages, and personal care products.

The Troubled Company Reporter - Asia Pacific reported that the
securities of Srithai Food & Beverages Public Co Ltd were placed
in the "Non-Performing Group" sector of the Stock Exchange of
Thailand on August 29, 2006.

According to TCR-AP, SRI has been subjected to a rehabilitation
plan under the REHABCO sector of the SET since June 9, 2004.  
The SET, after reviewing the latest financial statements of the
company submitted on August 15, 2006, said that SRI did not
resolve its problems in line with the SET criteria.


SRITHAI FOOD: Schedules Ordinary General Meeting on April 30
------------------------------------------------------------
Srithai Food & Beverage Public Co Ltd's board of directors has
decided that the company will not pay out dividends for the year
2006, the company said in a corporate disclosure with the Stock
Exchange of Thailand.

The board has also set an ordinary general meeting of
shareholders on April 30,2007, to:

   * certify the company's annual report and the board of
     directors' report for 2006 period;

   * approve the company's balance sheets, profit and loss
     statements for 2006;

   * appoint new directors to succeed those completing their
     term;

   * consider the directors' remuneration for 2007; and

   * appoint an auditor and fix the auditing fee for 2007.

            Delay in Financial Statement Submission

The company has also asked the Stock Exchange of Thailand for an
extension in submitting its audited financial statements for the
year 2006 for another 15 days to April 15, 2007, to allow for
additional audits by the company's auditors.

Headquartered in Amphoe Bang Phli Samut Prakarn, Thailand,
Srithai Food & Beverage Public Co Ltd --
http://www.srithaifood.thailand.com/-- markets and manufactures  
seasoning, sauce, beverages, and personal care products.

The Troubled Company Reporter - Asia Pacific reported that the
securities of Srithai Food & Beverages Public Co Ltd were placed
in the "Non-Performing Group" sector of the Stock Exchange of
Thailand on August 29, 2006.

According to TCR-AP, SRI has been subjected to a rehabilitation
plan under the REHABCO sector of the SET since June 9,
2004.  The SET, after reviewing the latest financial statements
of the company submitted on August 15, 2006, said that SRI did
not resolve its problems in line with the SET criteria.


* 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/




                            *********


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.  Catherine Gutib, Valerie Udtuhan, Francis
Chicano, Erica Fernando, Reiza Dejito, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2006.  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 $575 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 $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***