TCRAP_Public/070412.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Thursday, April 12, 2007, Vol. 10, No. 72

                            Headlines

A U S T R A L I A

ACACIA DEVELOPMENTS: Final Meeting Set for May 7
ARROW ELECTRONICS: Q1 2007 Earnings Conference Call Set April 24
ARROW ELECTRONICS: Forbes Names Firm to Global 2000 List
BRIGHTPOINT INC: Units Buy CellStar's Entire U.S. Operations
CARIB PTY: Taps Gary Francis Westbrook as Liquidator

DJERRIWARRH INVESTMENTS: End-March Asset Backing Stands at AU$5
GEARBULK HOLDING: Moody's Assigns Loss-Given-Default Rating
HAMLIN HOLDINGS: Creditors' Proofs of Debt Due on April 29
LEETON PEAK: Undergoes Wind-Up Proceedings
NATIONAL CONTRACTOR: Will Declare Final Dividend on May 31

PICKFORD PRESS: Members' Final Meeting Set for May 4
PRAETT PTY: Enters Wind-Up Proceedings
PRO RETAIL: To Declare Dividend for Priority Employees on May 8
REALOGY CORP: Moody's Pares Rating on US$1.2-Bil. Notes to Ba3
STOWFORD PTY: Will Declare Final Dividend on April 24

TFC NOMINEES: Members & Creditors Set to Meet on May 11
THE NATIONAL INSTITUTE: Placed Under Members' Voluntary Wind-Up


C H I N A   &   H O N G  K O N G

GLOBAL CROSSING: Moody's Assigns Loss-Given-Default Rating
HEXCEL CORP: Names Wayne Pensky as CFO & Senior Vice President
PARKSON RETAIL: Plans Lawsuit Against Partner on Loan Default
SHIMAO PROPERTY: To Sell 29.99% Stake in Wuhan Shimao Project
* Fitch Positive on Drive Against Property Sector Irregularities


I N D I A

AGILENT TECHNOLOGIES: Acquiring Stratagene Corp.
ALLEGHENY TECH: Moody's Lifts Rating on US$300MM Notes to Ba2
ESSAR OIL: Project Gets CDM Approval Under Kyoto Protocol
ICICI BANK: Fined for Unlicensed Security Trading in Hong Kong
IFCI LTD: To Raise US$26MM From Equity Sale to Foreign Investor

IFCI LTD: Receives Proceeds from 7% NYSE Stake Sale
ROYAL & SUN: Agrees to Settle Student Finance Litigation
* Moody's & ICRA See Potential for Project Finance in India


I N D O N E S I A

ALCATEL-LUCENT: Transfers Shareholdings to Two Venture Companies
ALCATEL-LUCENT: Unit Wins Bid for China Mobile Network
ALCATEL-LUCENT: Combined Shareholders' Meeting Set For June 1
ANEKA TAMBANG: To Spend US$93 Million on Capital Expenditures
APEXINDO PRATAMA: Forecasts Increase in Net Profit

CORUS GROUP: Tata Steel Sends Funds & Certs. to Shareholders
CORUS GROUP: Shares Delisted Following Approval of Tata Offer
FREEPORT-MCMORAN: Fitch Changes Rating Outlook to Positive
FOSTER WHEELER: Earns US$262 Million in Year Ended Dec. 29, 2006
FOSTER WHEELER: Good Performance Cues Moody's to Lift Ratings

FOSTER WHEELER: Unit Wins Contract for Two CNOOC Coker Heaters
INDOSAT: To Sell IDR4-Tril Bonds for Finance Expansion
INDOFOOD: Boosts Stake in Pacific Carriers to 90%
MEDCO ENRGI: Unit to Hold IPO in London By End of Year
PERUSAHAAN LISTRIK: Seeks Bidders to Build Transmission Lines

TELKOMSEL: To Upgrade Call Center Capacity and Performance


J A P A N

ALL NIPPON: Cancels 15% of Domestic Flights Due to Strike
BANK OF FUKUOKA: Issues Pref. Subscription Certificates Via Unit
DAIEI INC: May Sell 31.8% Stake in OMC Card for JPY80 Billion
TAIHEIYO CEMENT: To Expand in United States, Vietnam & China


K O R E A

AMKOR TECHNOLOGY: Moody's Ups Senior Unsec. Notes' Rating to B1
AMKOR TECHNOLOGY: Bank of Korea Okays Unit's US$300 Million Loan
CURON INC: Gets KRW4-Bil. Cash Injection From Industry Community
PANTECH&CURITEL: Bourse Delists Securities Following Reform Plan


M A L A Y S I A

LITYAN HOLDINGS: Loan Default Totals MYR19.85 Mil. in March 2007
METROPLEX BERHAD: March 31 Loan Default Reaches MYR1.78 Billion
MOL.COM BHD: Unit Completes Disposal of Land Property
TALAM CORP: Unit Sells Land for MYR18.59 Million to Tesco Stores
SMART MODULAR: Earns US$14 Mil. in Second Quarter Ended Feb. 28

SHAW GROUP: Cost Review to Delay 2nd Quarter Financial Reporting


N E W   Z E A L A N D

PLUS SMS: Files Legal Action Against Plus Trustee
PLUS SMS: To Move Subsidiary's Operations to United States
SEALEGS CORP: Appoints Will Burrell to Board of Directors


P H I L I P P I N E S

DIVERSIFIED FINANCIAL: Gaming Company Eyes DFNN International


S I N G A P O R E

ADVANCED MICRO: Expects US$1.225-Bil. Earnings in First Quarter
GETRONICS N.V.: Moody's Assigns Loss-Given-Default Rating
PETROLEO BRASILEIRO: Continues Negotiating for Japanese Refinery
PETROLEO BRASILEIRO: Will Step Up P-56 Construction Works
SEAGATE TECHNOLOGY: Gives Update on Third Quarter Fin'l Results


T H A I L A N D

SUN TECH: Earns THB12,688,994 in Quarter Ending Dec. 31, 2006
TANAYONG: Clears Going Concern Doubt; Posts Positive Equity
THAI AIRWAYS: Posts a THB4,025,713,247 Profit in Dec. 31 Quarter
THAI-DENMARK SWINE: Trims Net Loss by 96.88% in 2006

     - - - - - - - -

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

ACACIA DEVELOPMENTS: Final Meeting Set for May 7
------------------------------------------------
A final meeting will be held for the members and creditors of
Acacia Developments Pty Ltd on May 7, 2007, at 10:30 a.m.

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

The Liquidator can be reached at:

         Leonard A. Milner
         Venn Milner & Co Chartered Accountants
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia

                    About Acacia Developments

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


ARROW ELECTRONICS: Q1 2007 Earnings Conference Call Set April 24
----------------------------------------------------------------
Arrow Electronics Inc. will host a conference call to discuss
the company's first quarter earnings at 10:00 a.m. Eastern Time
on April 24, 2007.

The live conference call is accessible by telephone at 800-811-
8830 (toll-free) or 913-981-4904 for participants outside the
United States and Canada.  The call ID is 2133437.

Audio replay of the call will be available through May 1,2007.

The replay numbers are:

   -- 888-203-1112 for the United States and Canada; and
   -- 719-457-0820 for callers from other countries.

The access code is 2133437.

The conference will also be available via webcast.  To access
the live webcast, visit http://www.arrow.com/investor

                     About Arrow Electronics

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

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

                          *     *     *

In March 2007, Moody's Investors Service affirmed Arrow
Electronics' senior preferred stock at Ba2 and senior
subordinated stock at Ba1.

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


ARROW ELECTRONICS: Forbes Names Firm to Global 2000 List
--------------------------------------------------------
Forbes has named Arrow Electronics Inc. to its annual ranking of
the world's largest companies, the Forbes Global 2000.  Arrow
ranked 1017 overall, up from 1077 in 2006, and ranked within the
top half of the more than 70 companies listed in its industry
category, technology hardware and equipment.

"We are honored to be recognized by Forbes on this prestigious
listing and to be ranked so highly among so many other well
respected companies around the world," said William E. Mitchell,
chairman, president and chief executive officer, Arrow
Electronics. "This recognition is a testament to our industry
leadership position and our strategy to outgrow the market while
generating premium financial performance.  We continue to create
a competitive advantage for our customers and suppliers alike
through our global, value-added capabilities and demand creation
activities."

The Forbes Global 2000 is a comprehensive list of the world's
largest, and most powerful, public companies. Forbes uses four
measures -- sales, market value, assets and profits -- to
produce a composite measure of size.

                     About Arrow Electronics

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

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

                          *     *     *

In March 2007, Moody's Investors Service affirmed Arrow
Electronics' senior preferred stock at Ba2 and senior
subordinated stock at Ba1.

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


BRIGHTPOINT INC: Units Buy CellStar's Entire U.S. Operations
------------------------------------------------------------
Brightpoint Inc. disclosed that its wholly owned subsidiaries,
Brightpoint North America L.P. and Brightpoint Latin America,
Inc., have completed the acquisition of substantially all of
CellStar Corp.'s assets and liabilities related to its U.S.
operations and its Miami-based Latin America business.  

CellStar's operations in Mexico and Chile and other businesses
or obligations of CellStar Corporation were not included in the
acquisition.

"We are excited to complete the acquisition of CellStar's U.S.
operations and its Miami-based Latin America business," J. Mark
Howell, President, Brightpoint, Inc. and Brightpoint Americas,
stated.  "This transaction provides a foundation to implement
our expansion into Latin America, broadens our product offering,
and will improve overall operating efficiencies to help drive
long-term value for our stakeholders.  Additionally, we welcome
the former CellStar employees to the Brightpoint team and look
forward to working with them to provide the most complete,
efficient, and innovative solutions for suppliers, network
operators and retailers throughout North America and Latin
America."

In accordance with the definitive agreement, the estimated
purchase price of US$88 million was reduced to US$62.4 million
based upon a preliminary estimate of net asset adjustments.  The
purchase price is subject to further adjustments as the net
asset adjustments and other matters set forth in the definitive
agreement are finalized.  Brightpoint expects to record goodwill
and other intangible assets of approximately US$63.5 million in
relation to this transaction.

The purchase price was primarily funded through borrowings on
Brightpoint, Inc.'s senior secured revolving credit facility led
by Banc of America Securities LLC, as lead arranger for a group
of 9 major U.S. and international lending institutions.  
Availability under the Credit Facility was increased today by
US$75 million from US$165 million to US$240 million.  The other
terms of the Credit Facility remained unmodified and amounts
borrowed under this Credit Facility are due in February 2012.

                         About CellStar

Headquartered at Coppell, Texas, CellStar Corp. (OTC Pink
Sheets: CLST) -- http://www.cellstar.com/-- provides logistics   
and distribution services to the wireless communications
industry.  CellStar Corp. has operations in North America and
Latin America, including Mexico, and distributes handsets,
related accessories and other wireless products from
manufacturers to a network of wireless service providers,
agents, MVNOs, insurance/warranty providers and big box
retailers.  CellStar Corp. specializes in logistics solutions,
repair and refurbishment services, and in some of its markets,
provides activation services.

                        About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of   
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *    *    *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


CARIB PTY: Taps Gary Francis Westbrook as Liquidator
----------------------------------------------------
On March 26, 2007, the members of Carib Pty Ltd. held a general
meeting and decided to voluntarily wind up the company's
operations.

Gary Francis Westbrook was appointed as liquidator.

The Liquidator can be reached at:

         Gary F. Westbrook
         T. H. White & Co.
         1st Floor, 184 Barkly Street
         St. Kilda, Victoria 3182
         Australia

                         About Carib Pty

Carib Pty Ltd provides business services.  The company is
located in Victoria, Australia.


DJERRIWARRH INVESTMENTS: End-March Asset Backing Stands at AU$5
---------------------------------------------------------------
The net tangible asset backing of Djerriwarrh Investments Ltd.
as of March 31, 2007, was AU$5 per share before provision for
deferred tax on unrealized gains on long-term portfolio.

Under current accounting standards, the company is required to
provide for tax on any gains that would arise.  After this
provision, the company's net tangible asset backing stood at
AU$4.45 per share.

                       About Djerriwarrh

Melbourne, Australia-based Djerriwarrh Investments Limited --
http://www.djerri.com.au/-- provides shareholders with  
investment returns through access to a steady stream of fully
franked dividends, and increase in the value of capital
invested.  The company also uses exchange-traded options written
against its portfolios to enhance income return to investors.  
As at June 30, 2006, Djerriwarrh's top 10 investment securities
included BHP Billiton, National Australian Bank, Commonwealth
Bank of Australia, Westpac Banking Corporation, Australia and
New Zealand Banking Group, St. George Bank, The News
Corporation, Telstra Corporation, Rio Tinto and Alumina.  The
company's investment includes in various sectors, such as
energy, materials, industrials, consumer discretionary, consumer
staples, banks, financials, telecommunications and others.

The Troubled Company Reporter - Asia Pacific, on April 3, 2007,
listed Djerriwarrh Investments' bond with a 6.500% coupon and a
September 30, 2009 maturity date as distressed.


GEARBULK HOLDING: 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 Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its Ba2 Corporate Family Rating for Gearbulk Holding
Limited.

Moody's also assigned a Ba2 probability-of-default-rating to the
company.

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.

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 alpha-
numeric 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%).

Gearbulk -- http://www.gearbulk.com/-- is an international  
shipping company providing high quality transportation services
for various industrial sectors.  The company owns and operates a
fleet of over 60 vessels, consisting primarily of open hatch
gantry craned (OHGC) vessels plus has interests in several
terminals, used for handling, storing & distributing cargoes.
About 75% of cargo transported is unitized products, the
remainder being general or bulk cargoes, the majority of which
is carried under contracts of affreightment.  It has a network
of offices located in 16 countries including Belgium, Australia,
Argentina, Indonesia, United Kingdom, Norway, among others.


HAMLIN HOLDINGS: Creditors' Proofs of Debt Due on April 29
----------------------------------------------------------
Hamlin Holdings Pty Ltd, which is subject to deed of company
arrangement, will declare a first and final dividend for its
creditors on May 15, 2007.

Creditors are required to file their proofs of debt by April 29,
2007, to be included in the company's dividend distribution.

The company's deed administrator is:

         G. G. Woodgate
         Woodgate & Co
         Telephone:(02) 9233 6088
         Facsimile:(02) 9233 1616
         Australia

                         Hamlin Holdings

Hamlin Holdings Pty Ltd, which is also trading as Worldwide
Appliances, operates household appliance stores.  The company is
located in New South Wales, Australia.


LEETON PEAK: Undergoes Wind-Up Proceedings
------------------------------------------
At a general meeting held on March 8, 2007, the members and
creditors of Leeton Peak Pty. Ltd. resolved to voluntarily wind
up the company's operations.

Gregory Stuart Andrews was appointed as liquidator.

The company's liquidator can be reached at:

         G. S. Andrews
         G. S. Andrews & Assocs.
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                        About Leeton Peak

Leeton Peak Pty Ltd is a distributor of textile goods.  The
company is located in Victoria, Australia.


NATIONAL CONTRACTOR: Will Declare Final Dividend on May 31
----------------------------------------------------------
National Contractor Management Pty Ltd, which is subject to deed
of company arrangement, will declare a second and final dividend
on May 31, 2007.

Creditors who cannot prove their debts by April 25, 2007, are
excluded from sharing in the company's dividend distribution.

The company's deed administrator is:

         R. D. Grant
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road, Hawthorn East 3123
         Australia

                   About National Contractor

National Contractor Management Pty Ltd is a distributor of
durable goods.  The company is located in Victoria, Australia.


PICKFORD PRESS: Members' Final Meeting Set for May 4
----------------------------------------------------
The members of Pickford Press Pty Ltd will have their final
meeting on May 4, 2007, at 10:00 a.m., to hear a report about
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Nicholas Craig Malanos
         c/o Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9223 2944
         Facsimile:(02) 9223 3011

                      About Pickford Press

Pickford Press Pty Ltd is involved with commercial printing and
lithographic.  The company is located in New South Wales,
Australia.


PRAETT PTY: Enters Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting on March 21, 2007, the
members of Praett Pty Ltd resolved to voluntarily wind up the
company's operations.

James Patrick Downey was appointed as the company's liquidator
at the creditors' meeting held later that day.

Mr. Downey can be reached at:

         James Patrick
         Downey of J. P. Downey & Co
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                        About Praett Pty

Located in New South Wales, Australia, Praett Pty Ltd is an
investor relation company.


PRO RETAIL: To Declare Dividend for Priority Employees on May 8
---------------------------------------------------------------
On May 8, 2007, Pro Retail Cleaning Service Pty Ltd, which is in
liquidation, will declare a dividend for its priority employees.

Failure to prove debts by April 27, 2007, will exclude priority
employees from sharing in the company's dividend distribution.

The company's liquidator is:

         Paul Burness
         Worrells Solvency & Forensic Accountants
         15 Queen Street, Level 5
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5515
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au

                        About Pro Retail

Pro Retail Cleaning Service Pty Ltd provides building cleaning
and maintenance services.  The company is located in Victoria,
Australia.


REALOGY CORP: Moody's Pares Rating on US$1.2-Bil. Notes to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded the US$1.2 billion of
existing unsecured senior fixed and floating rate notes of
Realogy Corporation to Ba3 from Baa2.  

The company recently announced the approval by its shareholders
of the leveraged buyout by Apollo Management, L.P.  The US$1.2
billion of existing unsecured notes are expected to become
secured upon the closing of the buyout transaction in accordance
with the terms of the indenture.  This concludes a review for
possible downgrade initiated on Dec. 19, 2006.

The leveraged buyout is expected to be financed with:

   -- US$1.95 billion term loan facility,

   -- US$2.25 billion of senior unsecured notes,

   -- US$900 million of senior subordinated notes,

   -- approximately US$200 million of borrowings under a
      US$750 million revolving credit facility,

   -- approximately US$300 million of cash on hand and
      contributed equity of US$2 billion.

In connection with the closing of the transaction, Realogy will
also enter into a US$1.22-billion delayed draw term loan
facility, which may be used to purchase existing fixed and
floating rate senior notes put to the company in connection with
the change of control offer or, if not put, to fund the
redemption of the US$250 million of existing floating rate notes
once their par call period commences on Oct. 22, 2007.

The indenture governing the existing senior notes provides that
upon a change of control, Realogy will be required to offer to
purchase the notes at 100% of their principal amount, plus
accrued and unpaid interest, if the ratings on the notes are
lowered to non-investment grade by each rating agency during a
period beginning with a notice of an upcoming change in control
and extending 60 days past the actual change in control.  Upon
closing of the buyout, the existing senior notes of Realogy will
become secured in accordance with the terms of the indenture and
will rank pari passu with the new secured bank facilities of the
company.  The Ba3 rating reflects the expected priority position
of the notes in the post-acquisition capital structure (along
with the secured credit facility) and the significant amount of
junior ranking debt and non-debt obligations.

Moody's also converted the provisional B3 corporate family, Ba3
senior secured credit facility, Caa1 senior note and Caa2
subordinated debt ratings of Realogy into definitive ratings.  
Moody's notes that the size of Realogy's proposed synthetic
letter of credit facility has been reduced to US$525 million
from US$850 million.

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

Moody's took these rating actions with respect to Realogy (Old):

   -- downgraded US$250 million floating rate senior
      unsecured notes due 2009 to Ba3 (LGD 2-23%) from
      Baa2;

   -- downgraded US$450 million senior unsecured notes
      due 2011 to Ba3 (LGD 2-23%) from Baa2;

   -- downgraded US$500 million senior unsecured notes
      due 2016 to Ba3 (LGD 2-23%) from Baa2;

   -- withdrew the Baa2 senior unsecured issuer rating;

   -- prospectively withdrew the Baa2 rating on the
      US$1.05-billion senior unsecured revolving credit
      facility due 2011; and

   -- prospectively withdrew the Baa2 rating on the
      US$600-million senior unsecured term loan facility
      due 2011.

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

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


STOWFORD PTY: Will Declare Final Dividend on April 24
-----------------------------------------------------
Stowford Pty Ltd will declare a final dividend on April 24,
2007.  Creditors who cannot prove their debts by April 23, 2007,
are excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         John Georgakis
         Telephone:(03) 8650 7411

                       About Stowford Pty

Stowford Pty Ltd -- also trading as Corus Grosvenor Hotel
Adelaide; The Sheraton Hotel; The Victoria Hotel; Grosvenor
Hotel; and Vista Hotel Alice Springs -- operates hotels and
motels.  The company is located in South Australia, Australia.


TFC NOMINEES: Members & Creditors Set to Meet on May 11
-------------------------------------------------------
The members and creditors of TFC Nominees Pty Ltd will have a
meeting on May 11, 2007, at 3:30 p.m.

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

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

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

   -- discuss other business that may be considered.

The company's liquidator is:

         Paul Burness
         Worrells Solvency & Forensic Accountants
         15 Queen Street, Level 5
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5515
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au

                       About TFC Nominees

Located in Victoria, Australia, TFC Nominees Pty Ltd is involved
with miscellaneous business credit institutions.


THE NATIONAL INSTITUTE: Placed Under Members' Voluntary Wind-Up
---------------------------------------------------------------
On March 16, 2007, the members of The National Institute of
Clinical Studies Ltd decided to voluntarily wind up the
company's operations.

Adrian Brown and Damian Templeton were appointed as liquidators.

The Liquidators can be reached at:

         Adrian Brown
         Damian Templeton
         Ferrier Hodgson
         PO Box 290, Collins Street West
         Melbourne, Victoria 8007
         Australia

                  About The National Institute

The National Institute Of Clinical Studies Limited is involved
with non-commercial research organizations.  The company is
located in Victoria, Australia.


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

GLOBAL CROSSING: 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
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its B3 Corporate Family Rating for
Global Crossing (UK) Finance plc and assigned a B2 probability-
of-default rating to the company.

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.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   10.75% Senior Secured
   Regular Bond/Debenture
   Due 2014                  B3      LGD4       63%

   11.75% Senior Secured
   Regular Bond/Debenture
   Due 2014                  B3      LGD4       63%

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 alpha-
numeric 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%).

                   About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication  
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Hong Kong.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At June 30,
2006, Global th company reported US$1.87 billion in total assets
and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.


HEXCEL CORP: Names Wayne Pensky as CFO & Senior Vice President
--------------------------------------------------------------
Hexcel Corporation has appointed Wayne Pensky as Senior Vice
President and Chief Financial Officer.  The current Chief
Financial Officer, Stephen Forsyth has advised that he is
leaving the company on April 27, 2007, to join Chemtura
Corporation as its Executive Vice President and Chief Financial
Officer.

Mr. Pensky joined Hexcel in July 1993 as Corporate Controller,
having previously been a partner in a public accounting firm.  
In 1998 he was named Vice President, Finance and Controller of
Hexcel's Composites global business unit.  In that role, he has
been responsible for accounting, planning, analysis and control
activities of the business in the U.S. and internationally.  
Since last summer, he has led the process to integrate and
consolidate Hexcel's operational finance & accounting
organization.  He will relocate from Hexcel's offices in Dublin,
California to the corporate headquarters in Stamford,
Connecticut.

Dave Berges, Chairman & CEO commented, "Stephen has made many
significant contributions to Hexcel since joining the company in
1980 in operating, business development and financial positions.  
He played a pivotal role in Hexcel's growth and development over
the last fifteen years.  While Stephen will be missed, we are
pleased that Chemtura has recognized his abilities and wish him
every success in his new position."

Mr. Berges continued, "I am delighted to name Wayne to the
position of Chief Financial Officer and that our succession
planning has enabled an orderly transition.  Wayne combines
strong financial and accounting skills and an in depth
understanding of our business with clear-sighted business
judgment and leadership abilities.  I look forward to his many
contributions to the success of Hexcel in this exciting period
of growth."

Headquartered in Stamford, Connecticut, Hexcel Corporation --
http://www.hexcel.com/-- (NYSE/PCX: HXL) develops, manufactures  
and markets lightweight, high-performance reinforcement
products, composite materials and composite structures for use
in commercial aerospace, space and defense, electronics, and
industrial applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

The Troubled Company Reporter - Asia Pacific reported that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B1 Corporate Family
Rating for Hexcel Corporation.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on these loans and bond debt obligations:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Sr. Secured Term
   Loan B due 2012         Ba3      Ba2    LGD2        26%

   Sr. Secured
   Revolver due 2010       Ba3      Ba2    LGD2        26%

   6.75% Sr. Subor.
   Notes due 2015           B3       B3    LGD5        78%


PARKSON RETAIL: Plans Lawsuit Against Partner on Loan Default
-------------------------------------------------------------
Parkson Retail Group Ltd will sue its Chinese partner Anshan
Tianxing International Properties Development Co Ltd for failing
to repay around CNY70 million in loans, various reports say.

According to The Edge Daily, the two firms own Anshan Tianxing
Parkson Shopping Centre Co Ltd, where Parkson Retail holds a 51%
stake while the remaining 49% is owned by Anshan Tianxing.

The Edge citing Parkson's statement with the Stock Exchange of
Hong Kong said that Anshan Parkson in November 2005 provided
interest-bearing loans to Anshan Tianxing totaling CNY70
million.

Anshan Tianxing failed to repay the loans due September 2006,
Bloomberg News says.

Parkson has so far been repaid CNY4.1 million of the loans,
Business Times relates.

                          *     *     *

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

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

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


SHIMAO PROPERTY: To Sell 29.99% Stake in Wuhan Shimao Project
-------------------------------------------------------------
Shimao Property Holdings Ltd. said it will sell its 29.99% stake
in Wuhan Shimao Splendid River project in China to a fund
managed by Morgan Stanley Real Estate for CNY1 billion, Reuters
reports.

In a statement, Shimao said that it would gain CNY740 million
from the sale.

The Wuhan Shimao Splendid River project, which is scheduled for
completion by 2011, has a total planned gross floor area of 1.82
million square meters for residential, hotel and office use.

                          *     *     *

Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.  
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.  

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services on November 8, 2006, assigned
its BB+ long-term corporate credit rating to China-based Shimao
Property Holdings Ltd.  The outlook is stable.  


* Fitch Positive on Drive Against Property Sector Irregularities
----------------------------------------------------------------
On April 11, 2007, Fitch Ratings said that the new regulatory
campaign recently launched by the Chinese government to examine
irregularities in the property sector will be beneficial in
structuring a sustainable and less volatile property industry in
China, but will not have an immediate impact on the sector's
credit profile.

Eight Chinese ministerial-level government agencies, led by the
Ministry of Construction, announced in a statement on April 3
that they will launch a joint campaign to regulate the property
market in an attempt to ultimately rein in soaring property
prices.  Inspections will begin late this month and run through
March 2008, targeting irregularities in property projects such
as illegal advertising, price manipulation, swindling and tax
evasion.

More importantly, the inspections will also cover the approval
process for property development and property sales, in
particular, the possible corruption and collusions between local
officials and property developers.

Price hikes in the urban residential property market fuel the
central government's worries of a real estate bubble and
potential discontent of the general population.  As a result,
the Chinese government has already strengthened its monitoring
of the property sector and has implemented a series of
regulatory measures, with the aim of stabilizing the residential
property market and curbing speculative sentiment in large
cities.  However, despite the austerity measures, residential
housing prices, except those in Shanghai, continue to rise.  The
housing sales price index for 70 large-and medium-sized Chinese
cities increased by nearly 6% yoy in 2006, and several large
cities like Beijing and Shenzhen reported a double digit jump
for newly built residential properties, according to the
National Development and Reform Commission of China.  The
nonfeasance and misconduct of some local officials, to a great
extent, was blamed for this situation.

Fitch notes that the participation of the National Audit Office
and Ministry of Supervision in the campaign reflects the firm
resolution of the central government in cracking down on these
misconducts as well as the aim of pushing local governments to
strictly enforce the policies of cooling down the property
market.

Fitch holds the view that the rapidly changing regulatory
environment of the Chinese property sector remains one of the
major credit issues affecting the property developers.  The
agency has already noted the evolving feature of the regulatory
environment and has taken this into account in evaluating the
credit profiles of these developers.  Fitch also views that the
larger, publicly listed, Chinese property companies may have
relatively better corporate governance and internal control, and
thus, may be better positioned to benefit from a stricter
enforcement of the laws and regulations.

Although the implications from the regulatory campaign will need
further analysis, Fitch believes that these efforts will exert
benign influence on the development of the Chinese property
market, from a long term perspective, as the immature nature of
the Chinese market calls for not just more stringent
regulations, but also a better enforcement of these regulations.


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

AGILENT TECHNOLOGIES: Acquiring Stratagene Corp.
------------------------------------------------
Agilent Technologies Inc. has signed a definitive agreement to
purchase Stratagene Corp.

Under the terms of the agreement, each share of Stratagene
common stock will be converted into the right to receive a cash
payment of US$10.94.  The acquisition is expected to be closed
in approximately 90 days, subject to certain closing conditions.

Stratagene's products are used by scientists in academia,
government research and industry in molecular biology, genomics,
proteomics, drug discovery and toxicology.  Stratagene's
portfolio includes reagents for life science research and
instruments.  The company also offers a range of diagnostics
products, including applications for allergy testing and
urinalysis.

The acquisition of Stratagene is expected to broaden the
customer base for both Agilent Technologies and Stratagene.

"We see Stratagene's technology, products and expertise as being
highly complementary to Agilent Technologies' life sciences
portfolio, enabling us to offer our customers more complete
workflow solutions," said Nick Roelofs, vice president and
general manager of Agilent Technologies' Life Sciences Solutions
Unit.  "Stratagene has a strong Research & Development team as
well as excellent presence in the important academic and
government markets."

                      About Stratagene Corp.

Founded in 1984, Stratagene (NASDAQ:STGN)
-- http://www.stratagene.com/-- is based in La Jolla,   
California.  The company employs more than 400 employees
worldwide, who are expected to join Agilent Technologies.  Major
company locations are Garden Grove, Calif.; Cedar Creek, Texas;
Edinburgh, Scotland; Tokyo, Japan; and Amsterdam, the
Netherlands.

                    About Agilent Technologies

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

                        *     *     *

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


ALLEGHENY TECH: Moody's Lifts Rating on US$300MM Notes to Ba2
-------------------------------------------------------------
Moody's Investors Service upgraded Allegheny Technologies Inc.'s
corporate family rating to Ba1 from Ba2 and its probability of
default rating to Ba1 from Ba2.

In a related rating action, Moody's raised the ratings on ATI's
US$300 million 8.375% notes to Ba2 from B1 and upgraded the
ratings on Allegheny Ludlum Corporation's (a wholly owned
subsidiary) US$150 million 6.95% debentures to Ba1 from Ba2.  
The rating outlook is stable.

The upgrade reflects the strengthening in ATI's operating
performance and debt protection metrics over recent years,
driven by improved market conditions in key end use segments of
its high performance metals and flat rolled operating segments,
sustainable cost reductions, particularly in its legacy
obligations, and emphasis on value added products in its flat
rolled products segment.  Moody's expects ATI to continue to
benefit from a robust operating environment, driven principally
by the strength of its key end markets and management of its
commodity exposures, to demonstrate a sustainable level of
improved performance, and to continue to fund its capital
investments in a disciplined fashion.

ATI's stable outlook reflects Moody's expectation that the
company will continue to evidence strong earnings performance
and cash flow generation over the next twelve to fifteen months
given its backlog in the high performance segment, reflecting
key long-term agreements with key customers, and its management
of its commodity flat rolled segment business.  A key impediment
to an upgrade to an investment grade rating remains the secured
nature of the company's revolving credit facility.

ATI's Ba1 corporate family rating reflects its position as a
leading producer of specialty titanium and stainless steel
products, its technological capabilities, which contribute to
its ability to provide necessary product to markets served, its
moderate leverage, its improved sustainable cost position
relative to its historical position, and the favorable business
environment for many of the key end markets upon which the
company is focused.

ATI's strategic refocusing on its higher value added business in
its flat rolled segment and its solid business focus and
financial profile, together with improved fundamentals in
markets served, particularly aerospace, defense, chemical
processing and power generation are expected to contribute to a
sustainable level of improved earnings and cash flow generation
and debt protection metrics.  Additionally, the company
significantly improved its underfunded pension position in 2006.  
This funding position is expected to reduce retirement benefit
expense in 2007 by US$50 million in 2007.

However, the corporate family rating also considers the
company's limited scale in flat-rolled products (55% revenues in
2006) relative to other North American producers, which is
expected to contribute to operating volatility, particularly
during downcycles, end markets that are characterized by a high
degree of cyclicality, and its relatively high, although
improving, legacy costs.  In addition, the corporate family
rating considers ATI's medium exposure to the aerospace and
defense industry (30% of 2006 sales) but acknowledges the
strength of this business over the next two years based upon
backlog levels and order lead times.

Moody's notes that ATI has managed to lower its cost profile
over recent years, primarily the result of headcount reductions
and renegotiated labor agreements, which should help mitigate
the degree of performance volatility relative to historical
levels.

The ratings on ATI's debt issuance and on its operating
subsidiary Allegheny Ludlum, reflect the application of Moody's
loss given default rating methodology and the position of the
respective debt issuances in the waterfall structure, with the
obligations at Allegheny Ludlum, as an operating subsidiary,
ranking ahead of the obligations of its parent holding company,
ATI.

Upgrades:

  Issuer: Allegheny Ludlum Corporation

    Senior Unsecured Guaranteed Debenture, Upgraded
      to Ba1 (LGD 4, 55%) from Ba2 (LGD 4, 53%)

  Issuer: Allegheny Technologies Inc.

    Probability of Default Rating, Upgraded to Ba1 from Ba2

    Corporate Family Rating, Upgraded to Ba1 from Ba2

    Senior Unsecured Notes, Upgraded to Ba2 (LGD 5, 89%)
      from B1 (LGD 6, 90%)

Moody's previous rating action on ATI was on December 5, 2005,
when Moody's upgraded its corporate family rating to Ba2, its
senior unsecured notes to Ba3, and Allegheny Ludlum's debentures
to Ba2. The ratings on the senior unsecured notes were revised
to B1 following the implementation of Moody's Loss-Given-Default
rating methodology in September 2006.

                          *     *     *

Headquartered in Pittsburgh, Pennsylvania, Allegheny
Technologies Inc. -- http://www.alleghenytechnologies.com/-- is   
a specialty stainless steel and alloy producer.  The company has
international locations in Germany, the United Kingdom,
Australia, Korea, Singapore, Malaysia and India, among others.


ESSAR OIL: Project Gets CDM Approval Under Kyoto Protocol
---------------------------------------------------------
Essar Oil's first project has received approval as Clean
Development Mechanism to earn carbon credits, The Economic Times
reports, citing a company spokesperson.

CDM is an arrangement under the Kyoto Protocol allowing
industrialized countries with a greenhouse gas reduction
commitment to invest in emission-reducing projects in developing
countries as an alternative to what is generally considered more
costly emission reductions in their own countries.

Essar's project aims to reduce GHG emissions by optimizing steam
utilization in the vacuum distillation column of the vacuum
distillation unit in its petroleum refinery, The Times relates.

According to The Times, Essar's project will be able to sell
1,35,778 Certified Emission Reductions annually.  The news
agency estimates Essar to fetch in around INR10 crore annually
at current prices and generate additional revenues of about
INR100 crore over a 10-year period.

Currently, the CERs are priced at about US$14 per CER, as
against over US$20 over a year back, The Times notes.

Headquartered in Gujarat, India, Essar Oil --
http://www.essar.com/-- is a fully integrated oil company of   
international size and scale, covering the entire value chain
from exploration and production to refining and retailing of
oil.  Essar has set up over 900 retail outlets, which are fully
operational and plans to set up 2500 retail outlets by the end
of 2007.  Essar Oil employs highly qualified and experienced
technical staff at its refinery.

                          *     *     *

On Aug. 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


ICICI BANK: Fined for Unlicensed Security Trading in Hong Kong
--------------------------------------------------------------
The Eastern Magistrate's Court, Hong Kong, has fined ICICI Bank
Ltd HK$40,000 (US$5,120; INR2.2 lakh) for doing business without
the requisite license.

The Court's decision is pursuant to the summons issued by Hong
Kong's Securities and Futures Commission.  Specifically, the SFC
charged that the bank carried on the business of dealing in
securities in Hong Kong between June 15, 2004, and March 8,
2006, without having a license to do so.

The Court also ordered ICICI to reimburse the SFC for
investigation costs.

In a press statement, the bank said it regrets the occurrence of
the incident.

The bank said it had at all times acted in good faith based on
its understanding of professional advice it had received.  The
bank said it had never authorized violation of law and does not
condone any contravention of applicable laws in the conduct of
its business.

According to the bank, based on the findings of an internal
review, it took appropriate staff accountability actions against
the relevant employees whose conduct resulted in the
contravention.

According to the Business Standard, the bank dismissed two
employees -- one of them was Arnab Basu, CEO for Hong Kong
operations.

The bank believes the breach was limited to a small segment of
the branch's business in Hong Kong and has not resulted in any
loss either to the bank's customers or to the bank.

"This incident does not and would not have any effect on the
overall operations or the soundness of the Bank," ICICI said.  
"The Hong Kong Branch continues to conduct its business and
operations in Hong Kong in compliance with all applicable laws
and regulations."

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

                          *     *     *

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

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


IFCI LTD: To Raise US$26MM From Equity Sale to Foreign Investor
---------------------------------------------------------------
IFCI Limited wants to raise as much as US$250 million by selling
up to 26% fresh equity to a foreign investor, The Financial
Express reports citing sources familiar with the development.

The actual price that IFCI would sell the stake is not yet fixed
because it would still depend on negotiations with prospective
investors, sources told The Financial Express.

As reported in the Troubled Company Reporter - Asia Pacific on
March 29, IFCI tapped Ernst & Young to help the company look for
a strategic investor.  Foreign banks like Citigroup, Barclays,
Morgan Stanley and ABN Amro Bank have reportedly shown interest
in the company.

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
April 3, 2007, Credit Analysis & Research Ltd. retained a CARE D
rating to IFCI's Long & Medium Term Debt aggregating INR91.36
crore.  The amount represents the outstanding non-restructured
amount under the Bonds series, which have been rated by CARE.

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


IFCI LTD: Receives Proceeds from 7% NYSE Stake Sale
---------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 18, 2007, IFCI Ltd signed an agreement to offload 7% of its
total holdings in the National Stock Exchange of India Ltd.

Originally, IFCI held 56,00,000 equity share of NSE constituting
12.44% of the exchange's equity.  Under the pact, IFCI will
divest 31,50,000 of its NSE shares to four institutional
investors -- Goldman Sachs, NYSE, General Atlantic and Soft
Bank.

In an update, IFCI informed the Bombay Stock Exchange in a
regulatory filing that the company has received the proceeds for
the sale of its 7% stake.

The formalities and other necessary documentation related to the
sale were completed on March 31.  The sale proceeds for
23,62,500 equity shares were received on April 4, from Goldman
Sachs, NYSE and General Atlantic while the sale proceeds for
787,500 shares was received on April 9, from Soft Bank.

IFCI did not disclose the amount of the sale proceeds.

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
April 3, 2007, Credit Analysis & Research Ltd. retained a CARE D
rating to IFCI's Long & Medium Term Debt aggregating INR91.36
crore.  The amount represents the outstanding non-restructured
amount under the Bonds series, which have been rated by CARE.

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


ROYAL & SUN: Agrees to Settle Student Finance Litigation
--------------------------------------------------------
MBIA Inc. disclosed that its wholly owned subsidiary, MBIA
Insurance Corp., has reached an agreement with Royal & Sun
Alliance Insurance Group plc's US subsidiary Royal Indemnity Co.
to settle its outstanding litigation against the latter related
to Student Finance Corp.  

In July 2002, MBIA Corp., together with Wells Fargo Bank N.A. in
its capacity as trustee, filed suit in Delaware federal district
court against Royal Indemnity to enforce insurance policies that
Royal issued guaranteeing vocational loans originated by SFC.  
MBIA Corp. insured eight securitizations that were
collateralized by the SFC vocational student loans guaranteed by
Royal Indemnity.

"We are pleased to resolve this longstanding matter and to
eliminate the additional expense and risks associated with
further litigation," MBIA General Counsel Ram Wertheim said.

                     Terms of the Agreement

The amount payable by Royal Indemnity under the terms of the
settlement will be sufficient to repay the approximately US$362
million of outstanding par amount of the bonds insured by MBIA
as well as to reimburse MBIA for a portion of the claims that
MBIA has paid to date under its insurance policies.  As a result
of the settlement, MBIA will incur approximately US$20 million
in losses in the first quarter.  The loss represents a reduction
to MBIA's expected recoveries for claims it has paid to date
under its policies and will be covered by the Company's
unallocated loss reserves.

The District Court in Delaware has entered a final judgment in
the case implementing the settlement.

                           About MBIA

MBIA Inc. (NYSE: MBI) -- http://www.mbia.com/-- is engaged in   
providing financial guarantee insurance, investment management
services, and municipal and other services to public finance and
structured finance clients on a global basis.  The Company
conducts its financial guarantee business through its wholly
owned subsidiary, MBIA Insurance Corp. and provides investment
management products and financial services through its wholly
owned subsidiary MBIA Asset Management, LLC (MBIA Asset
Management).  MBIA manages its activities primarily through two
principal business operations: insurance and investment
management services.  In February 2007, MBIA Corp. formed a new
subsidiary, MBIA Mexico, S.A. de C.V.  During the year ended
December 31, 2006, MBIA discontinued its municipal services
operations.  These operations included MBIA MuniServices
Company.  On December 5, 2006, the Company completed the sale of
MBIA MuniServices Company.  MBIA has offices in London, Madrid,
Milan, New York, Paris, San Francisco, Sydney and Tokyo.

                  About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group PLC -- http://www.royalsunalliance.com/-- is a FTSE 100    
company, listed on the London Stock Exchange and in New York.
The group consists of three regions -- U.K., Scandinavia and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide.  The group has operations in Asia, including China,
Hong Kong and India, among others.

                          *     *     *

As of Feb. 22, Royal & Sun Alliance Insurance Group PLC carries
Moody's Investors Service's Ba1 preferred stock rating.


* Moody's & ICRA See Potential for Project Finance in India
-----------------------------------------------------------
Moody's Investors Service and ICRA Ltd -- in a joint research
paper -- said they see significant potential for project finance
activity in India in view of the country's need to develop its
infrastructure, particularly power and roads.

India faces a huge need to improve infrastructure to support its
rapid GDP growth and to better its quality of life.  More than
US$300 billion will be required over the next five years,
according to some estimates, to finance such projects to
maintain the current pace of economic expansion.

"However, while project financing is emerging, and there appears
to be increasing interest from foreign lenders, actual provision
of foreign currency debt has been relatively limited other than
in some large projects with strong sponsors and foreign currency
revenues," says Chetan Modi, Moody's Representative Director for
India and an author of the new report on the sector.

The joint Moody's-ICRA report looks at the challenges facing the
development of project finance in India -- so far mostly a
domestic industry -- and specifically the situation for power
and road projects.

Commenting on the constraints on foreign interest, Modi says,
"Broadly, the reasons include the generic difficulties existent
in emerging markets over use of long-term foreign currency debt
to finance projects that generate local currency revenues."

"Furthermore, foreign lenders -- with more choices over
deployment of capital -- may want more protection than Indian
lenders would demand to mitigate project risks," adds Modi.

"The contractual structures of many Indian projects can be
similar to those in more developed markets, but the practical
reality is that project companies -- and by extension their
lenders -- seem to face additional challenges that are present
in many emerging markets, but can be more acute in India" says
Modi.

Such challenges include concerns over uncertainty of completion;
lenders' ability to implement remedies for projects not
performing as projected; the risk of failure by government
bodies to deliver on their contractual obligations; and the
credit quality of key project counterparties.

Although the move to competitive bidding has many benefits, it
can also present additional risk issues over the long duration
of project agreements, when selection is based essentially on
the lowest-priced bid.

As the government also recognises, India's ability to develop
and execute good projects will depend on how well its
authorities and advisers -- not just at the central government
level, but in individual states -- develop an understanding of
the risk allocation required to attract lenders.

The report also says that ultimately India will need to develop
its domestic capital markets as the primary source of long-term
infrastructure funding and address some of the fundamental risk
issues Moody's and ICRA examine.

The report, entitled "India's Huge Infrastructural Needs Mean
Major Opportunities for Project Finance -- Will Foreign Lenders
Respond?" can be found on http://www.moodys.com/and  
http://www.icraratings.com/


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

ALCATEL-LUCENT: Transfers Shareholdings to Two Venture Companies
----------------------------------------------------------------
After the unconditional clearance decision of the European
Commission, Alcatel-Lucent transferred its shareholdings in two
space joint venture companies, Alcatel Alenia Space (67%) and
Telespazio (33%), to Thales.  

This final regulatory approval permits the transfer of Alcatel-
Lucent's satellite shareholdings, in addition to its railway
signaling business and its integration and services activities
for mission-critical systems which were already transferred to
Thales in January.

In December, Alcatel-Lucent and Thales had already reached an
agreement to extend and reinforce the partnership between the
two companies to exploit the synergies that can be obtained from
their complementary skills, the highlights of which include the
following: commercial cooperation for the major institutional
markets such as Defense, Security, Energy and Transportation
markets, cooperation in space activities especially in Mobile TV
and enhanced cooperation in Research and Development.  Besides,
the signing of a mobility charter for employees is planned
between Alcatel-Lucent and Thales which will stimulate the
sharing of talent and exchange knowledge between the two
companies.

Alcatel-Lucent and the French State entered in January 2007 into
a new Shareholders' Agreement for a renewable period of 5 years,
replacing the former shareholders' agreement concluded in June
1998 between Alcatel, Groupe Industriel Marcel Dassault and the
French State.

    * With respect to the transfer of the space, transportation
      & security activities, 25 million new Thales shares were
      issued in favor of Alcatel-Lucent, as well as a cash
      payment of Euro 710 million.

    * As a result, Alcatel-Lucent's interest in Thales increased
      from 9.46% to 20.95%. The French State remains Thales'
      main shareholder with a 27.29% stake

    * The value of the 67% shareholding in Alcatel Alenia Space
      will be re-assessed by an independent expert at the
      beginning of 2009, which may trigger an upward value
      adjustment.

    * Alcatel-Lucent has four members of the Thales Board.

Alcatel-Lucent should book a total capital gain before taxes of
around Euro 800 million in its Q1 2007 results.

                       About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


ALCATEL-LUCENT: Unit Wins Bid for China Mobile Network
------------------------------------------------------
Alcatel-Lucent's flagship company in China Alcatel Shanghai Bell
and Datang Mobile have made a successful bid to provide time
division synchronous code division multiple access -- TD-SCDMA
-- network solutions to Chinese service provider, China Mobile
as part of China Mobile's TD-SCDMA trial network expansion
program.

Datang and Alcatel Shanghai Bell plan to deploy TD-SCDMA network
solutions for China Mobile in Shanghai and in the southern city
of Guangzhou.  Alcatel Shanghai Bell will provide the Node B
equipment to be used in the network.

Third-generation TD-SCDMA technology enables operators to offer
subscribers high-quality mobile voice and high-speed data
services including Internet access, video streaming and remote
access to corporate applications.  Operators are also able
achieve greater efficiency in managing their networks, a
capability that enables them to more rapidly expand network
capacity, meet growing demand, and introduce new applications as
they become available.

"We are very pleased that China Mobile has considered us for
deployment of its TD-SCDMA network," said Tang Ruan, President
of Datang Mobile.  "Datang and Alcatel Shanghai Bell enjoy a
long-term strategic partnership in the area of TD-SCDMA and have
worked diligently to advance its development.  In the process,
our companies have acquired in-depth experience with TD-SCDMA
technology and enjoy significant advantages because of this.  We
are confident that we will be able to deploy and support a next-
generation network that meets China Mobile's expectations."

The successful outcome of this bid affirms Alcatel Shanghai Bell
and Datang's positions as leading providers of TD-SCDMA
solutions and serves to validate the advantages these solutions
deliver.

"Having the opportunity to work with Datang Mobile in providing
China Mobile with a TD-SCDMA network is a significant
achievement for us," noted Frederic Rose, President of Alcatel-
Lucent's activities in Asia Pacific.  "It is an affirmation of
the key role we play in the development of TD-SCDMA and a
recognition of the experience we have acquired in deploying 3G
networks around the world.  We look forward to continuing to
provide service providers with innovative solutions and
comprehensive service support for next- generation mobile
networks."

TD-SCDMA, initially developed by Datang Mobile, has been
officially recognized as an international standard for third-
generation mobile communications.  Alcatel Shanghai Bell has
made a long-term commitment to the development and promotion of
TD-SCDMA within China and worldwide.  In 2004, Alcatel Shanghai
Bell entered into a strategic partnership with Datang Mobile to
further the development of TD-SCDMA and as part of that
agreement made an investment in Datang of EUR25 million to
acquire shares and further TD-SCDMA industrialization.

                        About Datang Mobile

Datang Mobile Communications Equipment Co., Ltd(Datang Mobile),
registered and established in Beijing on February 8, 2002, is
one of the core members of the Datang Telecom Technology and
Industry Group.  Taking its excellent innovation and long-term
accumulation, Datang Mobile is dedicated to the research and
development of TD-SCDMA, a homegrown international 3G standard.
With the operating principle of 'joint development, virtual
manufacture and entrusted operation', and on the basis of it's
self-own core intellectual property right and the whole series
products including infrastructure and terminal, Datang Mobile is
committed to providing the total solution for the customers in
the area of public and private communication networks.

                       About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


ALCATEL-LUCENT: Combined Shareholders' Meeting Set For June 1
-------------------------------------------------------------
Alcatel-Lucent's combined shareholders' meeting will be held on
June 1, 2007 at 2:30 p.m. at the Palais des Congres, 2 place
porte Maillot in Paris, France.

The notice of meeting, filed on April 4, 2007, in the official
French journal of mandatory legal notices, includes the agenda,
resolutions and information on how to participate and vote at
this meeting.

Any shareholder can ask for the 2006 "document de reference" to
be sent by mail or can view and download it from the Alcatel-
Lucent Web site, on the Regulated information page.  The 2006
"document de reference" was filed with the French market
regulatory authority on April 6, 2007 under the reference
D.07-291 and includes:

    * the annual financial report,

    * the auditors' report on Alcatel-Lucent's parent company
      and consolidated financial statements,

    * the special report on agreements involving related
      parties,

    * the Board of Directors' report to the shareholders'
      meeting related to resolutions project,

    * the Chairman of the Board's report on the preparation and
      organization of the Board's deliberations and of the
      internal control process,

    * the auditors' report on the internal control process, and

    * the information related to the auditors' fees.

Other documents and information according to articles R. 225-81
and R. 225-83 of the Code of Trade are available for the
shareholders under legal and regulatory conditions.

Shareholder relations service contact information: Alcatel-
Lucent, Investor Relations, 54 rue La Bo,tie, 75008 Paris,
France or http://finance@alcatel-lucent.com/

                      About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


ANEKA TAMBANG: To Spend US$93 Million on Capital Expenditures
-------------------------------------------------------------
PT Aneka Tambang Tbk plans to spend US$93 million on capital
expenditures this year, Bloomberg News reports.

According to the report, the company will spend US$27 million on
routine investments, US$33 million for development projects,
US$14 million for strategic alliances, while the rest of the
funds will be for nickel and gold development.

                     About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,   
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


APEXINDO PRATAMA: Forecasts Increase in Net Profit
--------------------------------------------------
PT Apexindo Pratama Duta Tbk has forecast a 30% increase in net
profit to IDR495 billion this year, Antara News reports.

According to the report, the company reported IDR380.8-billion
in net profit last year, as against a net loss of IDR43.1
billion in the previous year.

Demands for drilling services is strong and, with the increase
of oil prices, encourages producers to launch intensive
exploration, the report adds.

                      About Apexindo Pratama

Headquartered in Jakarta, Indonesia, PT Apexindo Pratama Duta
Tbk -- http://www.apexindo.com/-- is a national onshore and  
offshore drilling contractor that has been serving both
prominent local and international clients domestically as well
as abroad for the last two decades.

Apexindo Pratama is controlled by Indonesia's largest listed
energy firm, PT Medco Energi International Tbk (MEDC.JK), which
has a 52% stake.

Apexindo Pratama has recorded a net loss of IDR43.126 billion in
fiscal year 2005, compared with a IDR36.524 billion net loss in
2004.


CORUS GROUP: Tata Steel Sends Funds & Certs. to Shareholders
------------------------------------------------------------
Corus Group plc disclosed on April 2 that the scheme of
arrangement relating to the recommended offer for Corus Group
plc by Tata Steel U.K. Ltd. at a price of 608 pence per ordinary
share in cash had become effective.  The board of Tata Steel
confirmed that consideration monies (and where applicable loan
note certificates) were dispatched to Corus shareholders
yesterday, April 11.

As previously reported, the Scheme was sanctioned by the High
Court of Justice in England and Wales at a hearing held on
March 27 and the reduction of capital relating to the Scheme was
confirmed by the Court on March 30.  This follows approval of
the Scheme, by the requisite majorities of Corus shareholders,
at the Court Meeting and at the Extraordinary General Meeting,
which were held on March 7.

Tata Steel outbid Companhia Siderurgica Nacional in the auction
for Corus Group's assets after offering investors 608 pence per
share in cash, or GBP5.7 billion (US$11.3 billion).

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company.  Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.At the same time, the 'BB+'
ong-term debt rating on Corus' EUR700 million senior secured
bank loan and the 'BB-' unsecured debt ratings on Corus remain
on CreditWatch with developing implications.  The 'B' short-term
corporate credit rating remains on CreditWatch with positive
implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


CORUS GROUP: Shares Delisted Following Approval of Tata Offer
-------------------------------------------------------------
Corus Group plc disclosed that, as of April 5, 2007, the
ordinary shares of 50 pence each in the capital of Corus have
been delisted from Euronext in Amsterdam.  

In addition, the Corus Shares have been delisted from the
Official List of the U.K. Listing Authority.

This follows the scheme of arrangement relating to the
recommended offer for Corus by Tata Steel U.K. Ltd. at a price
of 608 pence per ordinary share in cash having become effective
on April 2.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company.  Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.   It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Standard & Poor's Ratings Services kept its 'BB'
long-term corporate credit rating on U.K.-based steelmaker Corus
Group PLC on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.At the same time, the 'BB+'
ong-term debt rating on Corus' EUR700 million senior secured
bank loan and the 'BB-' unsecured debt ratings on Corus remain
on CreditWatch with developing implications.  The 'B' short-term
corporate credit rating remains on CreditWatch with positive
implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

On Feb 2, 2007, Fitch Ratings said that Corus Group Plc's
Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating
Watch Negative following a recommended bid, valued at GBP6.2
billion, from India-based Tata Steel Limited in the wake of an
auction process conducted by the UK Takeover Panel on 30-31
January 2007.  The RWN also applies to the 'B+' ratings on CS's
EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m
6.75% guaranteed bonds.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


FREEPORT-MCMORAN: Fitch Changes Rating Outlook to Positive
----------------------------------------------------------
Fitch has changed the Rating Outlook to Positive for Freeport-
McMoRan Copper & Gold following the completion of US$5.76
billion in equity financings.  Net proceeds in the amount of
US$5.6 billion will be used to repay borrowings under the
secured term loans used to finance, in part, the acquisition of
Phelps Dodge Corporation.

Fitch rates FCX as follows, the Outlook is revised to Positive:

   -- Issuer Default Rating (IDR) 'BB';

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

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

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

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

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014.

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

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

   -- FCX Convertible Preferred Stock B+.

Fitch rates Phelps Dodge as follows; the Outlook is revised to
Positive:

   -- Cyprus Amax 7.375% Notes due May 2007 'BB-';

   -- Senior Unsecured Notes and Debentures 'BB-';

   -- 8.75% notes due 2011;

   -- 7.125% debentures due 2027;

   -- 9.50% notes due 2031;

   -- 6.125% notes due 2034.

Loan prepayments are applied to reduce subsequent scheduled
repayments in direct order, which will result in no scheduled
repayment over the medium term; scheduled loan repayments
aggregated US$325 million annually over the medium term. Annual
dividends will increase by about US$252 million and interest
costs will be reduced by about US$385 million, annually.

The ratings reflect FCX's position as the world's second largest
copper producer, its diversified operations and strong liquidity
as well as the company's exposure to copper prices and its
relatively high financial leverage.  Fitch's outlook for copper
producers is to continue to benefit from a strong pricing
environment over the near term.

                      About Freeport-Mcmoran

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


FOSTER WHEELER: Earns US$262 Million in Year Ended Dec. 29, 2006
----------------------------------------------------------------
Foster Wheeler Ltd. reported net income of US$262 million on
operating revenues of US$3,495 million for the year ended
Dec. 29, 2006.  This compares with a net loss of US$109.7
million on operating revenues of US$2,200 million for the year
ended Dec. 30, 2005.

Results of operations for 2006 includes an asbestos-related net
gain of US$100.1 million, US$27.4 million in charges relating to
successful debt reduction initiatives and the voluntary
termination of the company's former domestic credit agreement,
and US$7.1 million in costs relating to the closure of the
Global Power Group's Canadian office.  Excluding these items,
net income for the year was US$196.4 million.

"2006 was an outstanding year for Foster Wheeler.  I would like
to congratulate our management team and recognize all of our
employees worldwide for transforming the earning capability of
this company to a level that far exceeds any prior period in our
company's 116-year history," said Raymond J. Milchovich,
chairman and chief executive officer.  "The combination of the
commercial and operational excellence demonstrated by our Global
E&C Group and its 47% increase in capacity during 2006 has
driven our company's earnings and earnings growth and positioned
us for a very bright future."

Consolidated earnings before income taxes, interest expense,
depreciation and amortization for the full-year 2006 was
US$399.5 million, compared with EBITDA for the full-year 2005 of
US$8.7 million.

At Dec. 29, 2006, the company's balance sheet showed
US$2,566 million in total assets, US$2,502.3 million in total
liabilities, US$983,000 in temporary equity, and US$62.7 million
in total shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 29, 2006, are available for
free at http://researcharchives.com/t/s?1ce8

                        Cash and Liquidity

The company had US$630 million of cash and short-term
investments at year-end 2006.  This total cash balance compares
with US$509.7 million at the end of the third quarter of 2006,
and US$372.7 million at year-end 2005.  The substantial cash
increase during 2006 resulted primarily from net cash generated
by operations of US$263.7 million, driven by the very strong
operating performance in the Global E&C Group.

                   Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.

                       About Foster Wheeler

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

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

                          *     *     *

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

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


FOSTER WHEELER: Good Performance Cues Moody's to Lift Ratings
-------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Foster Wheeler LLC to Ba3 from B1 and the existing
rating on its $350 million senior secured domestic credit
facility to Baa3 from Ba1.

The upgrade reflects the company's continued improvement in
earnings, cash flow and liquidity coupled with Moody's
expectation for the current strength in end-market demand to
persist and for FWC's profitable execution of projects currently
in backlog.  The new ratings reflect both the overall
probability of default of the company, to which Moody's assigned
a Ba3 rating, and the family loss given default assessment of
LGD4.  The rating outlook is positive.

The key rating factors driving the upgrade and positive outlook
include:

    1) the current strength of the global E&C end-markets, which
       should continue to drive growth in FWC's bookings and
       backlog,

    2) an improving global power outlook, a market in which
       Foster Wheeler should benefit from a series operational
       and management upgrades in 2006,

    3) Moody's expectation for the continued free cash flow
       generation despite the ongoing drag from asbestos
       settlements funded from operations,

    4) a significantly improved liquidity position, bolstered by
       unrestricted cash balances of $611 million at
       December 31, 2006 and $100 million borrowing capacity
       under its $350 million senior secured revolving credit
       facility, and

    5) the company's conservative financial policies, including
       the maintenance of low leverage and the focus on re-
       investing cash in its core businesses over shareholder
       enhancement activities.

Ratings upgraded with a positive outlook:

    * Corporate family rating to Ba3;

    * Probability of default rating to Ba3;

    * $350 million senior secured domestic credit facility to
      Baa3, LGD1, 3%.

Moody's previous rating action on FWC was the Oct. 16, 2006
upgrade of the $350 million senior secured domestic credit
facility to Ba1 from Ba3.

                      About Foster Wheeler

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

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


FOSTER WHEELER: Unit Wins Contract for Two CNOOC Coker Heaters
--------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary Foster Wheeler USA Corporation,
part of its Global Engineering and Construction Group, has been
awarded a contract by CNOOC Oil & Petrochemicals Co., Ltd. for
the thermal design, engineering, procurement, and material
supply of two delayed coker heaters.  The heaters will be
installed in a new four-drum delayed coking unit, which will be
part of the new COPC Huizhou refinery at Daya Bay, Guangdong
Province, People's Republic of China.  This latest contract
follows the 2005 award to Foster Wheeler of the process design
package for the new delayed coking unit, which will be based on
its leading Selective Yield Delayed Coking process.

The terms of the award, which were included in the company's
fourth-quarter 2006 bookings, were not disclosed.

"Foster Wheeler is pleased to be awarded another contract by
COPC," said Bruce Young, vice president and general manager of
Foster Wheeler USA Corporation's Fired Heater Division.  "This
latest award, which consolidates our already strong position in
the supply of delayed coker heaters worldwide, reflects the
quality and the depth of our technical expertise.  In addition,
this award reflects Foster Wheeler and COPC's close and
cooperative working relationship, which is focused on the
successful completion of this important project for the People's
Republic of China."

The Foster Wheeler delayed coker heaters, which use its
proprietary Terrace-WallTM design, are an integral component of
the company's SYDECSM process technology.  Foster Wheeler is a
market leader in the supply of delayed coking fired heaters and
has supplied more than 80 coker heaters worldwide.

                       About Foster Wheeler

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

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

                          *     *     *

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

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


INDOSAT: To Sell IDR4-Tril Bonds for Finance Expansion
------------------------------------------------------
PT Indosat Tbk plans to sell IDR2 trillion bonds, IDR1.7
trillion conventional bonds, and IDR300 billion seven-year
Islamic bonds to help finance expansion this year, Bloomberg
News reports.

According to the report, the conventional bonds will consist of
a 10-year bond and a seven-year bond.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2007, that Indosat hired PT Danareksa and PT Andalan
Artha Advisindo to advise and act as underwriters on a rupiah
bond sale this year.

According to the report, the company plans to raise at least
US$500 million from selling debt to expand its network.  The
funds will be used to partly finance its US$1 billion spending
plan for this year.

                          About Indosat

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

                          *     *     *

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

The outlook for the ratings remains positive.

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


INDOFOOD: Boosts Stake in Pacific Carriers to 90%
-------------------------------------------------
PT Indofood Sukses Makmur Tbk boosted its stake in Pacific
Carriers Ltd. to 90% by acquiring 35% of Pacific Carriers for
US$25.6 million, Bloomberg News reports.

According to the report, Indofood bought a controlling stake
from Shinetown Holdings Ltd. for US$42.5 million last year to
cut the cost of shipping wheat to its Indonesian plant.

                     About Indofood Sukses

PT Indofood Sukses Makmur Tbk (Indofood)
-- http://www.indofood.co.id/-- is Indonesia's premier  
processed foods company.  Its products, including instant
noodles, wheat flour, branded edible oils and fats, baby foods,
snack foods, food seasoning, lead domestic market shares.
Indofood is currently the largest instant noodles manufacturer
and the largest flour miller in the world, with installed
capacities of approximately 13 billion packs and 3.6 million
tons per annum, respectively.  Indofood's products are
distributed mainly through its subsidiaries, including
Indomarco, independent distributors, as well as some
cooperatives, which bring the Company's products to more than
150,000 retail outlets in the country.  Total employees as of
December 1999 were 42,172.  A combination of shrinking profits,
escalating costs, losses, competition and a declining rupiah
prompted the Company to cut around 2,000 or 4.4% of its
workforce and slash 40 products from its range in 2005.

In 2005, Indofood's total outstanding debt fell to IDR6.8
trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007. The
Company also plans to redeem all the outstanding balance of the
Eurobonds this year.

The Troubled Company Reporter - Asia Pacific reported on
July 19, 2006, that Standard & Poor's Ratings Services withdrew
its 'B' corporate credit rating on Indofood at the company's
request.


MEDCO ENRGI: Unit to Hold IPO in London By End of Year
------------------------------------------------------
PT Medco Energi Internasional Tbk's subsidiary Medco Global Plc
plans to hold an Initial Public Offering in the London exchange
by the end of this year, Tempo Interactive reports.

According to the report, the company has already invited four
foreign investment banks to be the underwriter, and hopes the
appointment will be completed in April.

                        About Medco Energi

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

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


PERUSAHAAN LISTRIK: Seeks Bidders to Build Transmission Lines
-------------------------------------------------------------
PT Perusahaan Listrik Negara seeks bids to build and upgrade
transmission lines to connect existing and planned power plants,
Bloomberg News reports.

The company plans to spend IDR6 trillion on the project,
Bloomberg relates.

According to the report, the Indonesian government ordered the
company to add 10,000 megawatts coal-fired capacity by 2009 to
meet rising demand with cheaper electricity, while the private
sector was asked to bring in another 10,000 megawatts of
capacity by 2010.

Bloomberg notes that Listrik Negara needs to spend IDR18
trillion to expand and accommodate the additional capacity by
2010.  The funds will come from the company's budget, the state
budget, export credits, and loans, the report adds.

                    About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara
-- http://www.pln.co.id/-- transmits and distributes  
electricity to around 30 million customers, roughly 60% of
Indonesia's population.  The Indonesian Government decided to
end PLN's power supply monopoly to attract independents to build
more capacity for sale directly to consumers, as many areas of
the country are experiencing power shortages.

PLN posted a IDR4.92-trillion net loss in 2005, against a net
loss of IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 6, 2007, that Moody's Investors Service changed the outlook
to positive from stable for the B1 corporate family rating and
senior unsecured bond rating of PT Perusahaan Listrik Negara.

The rating action follows Moody's decision to change the outlook
of Indonesia's B1 foreign and local currency government bond
ratings to positive from stable.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.


TELKOMSEL: To Upgrade Call Center Capacity and Performance
----------------------------------------------------------
PT Telekomunikasi Selular Indonesia partners with Graham
Technology to upgrade its call center's capacity and performance
by boosting the capabilities of its call center to support an
increase in concurrent users from 2,500 to 5,000 to achieve its
target of 45 million subscribers by the end of 2007, TMCnet
reports.

According to the report, under the terms of the deal, Graham
Technology will upgrade its GT-X software to the latest version,
which allows for the sort of scalability Telkomsel needs.

                         About Telkomsel

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

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

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


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

ALL NIPPON: Cancels 15% of Domestic Flights Due to Strike
---------------------------------------------------------
About 136 domestic flights of All Nippon Airways were cancelled
yesterday, affecting about 6,500 passengers because of a strike
by four pilots' unions, according to various reports.  Dozens of
other domestic flights were also delayed.

No international flights were affected by the 24-hour strike,
various reports quoted the airline.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the unions were unhappy with the company's response to
their demand over flight training.

According to the Associated Press, a total of 541 pilots from
four unions, including Air Nippon Crew's Association, had told
the company they would walk out the whole day Wednesday.  Cabin
attendants and other airline employees are not part of the
strike.

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 FUKUOKA: Issues Pref. Subscription Certificates Via Unit
----------------------------------------------------------------
The Bank of Fukuoka, Ltd. has established a 100%-owned company,
Fukuoka Preferred Capital 2 Cayman Limited, on Cayman Island,
Reuters reports.

The report adds that the bank has issued JPY20 billion of
preferred subscription certificates through this subsidiary.

Headquartered in Fukuoka-shi, Japan, The Bank of Fukuoka, Ltd.
-- http://www.fukuokabank.co.jp/-- is a regional bank that   
serves its home market of Fukuoka Prefecture and the Kyushu
region in western Japan.  The Bank is principally engaged in the
provision of services that include deposits, loans, as well as
domestic and foreign exchange services.  Additionally, the Bank
is involved in the provision of corporate revival support, debt
management and collection, guarantee and administrative
services.  Through one of its wholly owned subsidiaries, the
Bank also specializes in the management of real estate and the
dispatch of manpower.  As of Mar. 31, 2006, the Bank had six
consolidated subsidiaries and one associated company.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 18, 2006, that Fitch Ratings affirmed these ratings of
Bank of Fukuoka:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BBB+' with Positive Outlook;

   -- Short-term foreign and local Currency IDRs at 'F2';

   -- Individual at 'C'; and

   -- Support '2'.

The TCR-AP reported on Oct. 18, 2006, that Moody's Investors
Service affirmed The Bank of Fukuoka's D+ bank financial
strength rating.


DAIEI INC: May Sell 31.8% Stake in OMC Card for JPY80 Billion
-------------------------------------------------------------
Daiei Inc. plans to sell a 31.8% stake in credit card unit OMC
Card for as much as JPY80 billion or US$670 million to reduce
its interest-bearing debt, Reuters reports citing the Nikkei
business daily.

Likely bidders, according to the paper, include Sumitomo Mitsui
Financial Group and Credit Saison, Reuters relates.

According to Reuters, the Yomiuri paper reported that Mitsubishi
UFJ Financial Group is also interested in buying the stake.

However, Daiei said in a statement to the Tokyo Stock Exchange
that it hasn't made a decision on selling a stake in OMC,
Bloomberg News notes.

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through   
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei.  Marubeni now holds a 44.6% stake in
the company.

A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Daiei, as a result, cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


TAIHEIYO CEMENT: To Expand in United States, Vietnam & China
------------------------------------------------------------
Taiheiyo Cement Corp. may buy plants in the United States
Vietnam and China to stay competitive in the world market,
Bloomberg News reports.

Bloomberg notes that the company has spent less than US$500
million on acquisitions in the past decade compared with the
billions of dollars spent by its competitors.

Keiji Tokuue, head of Taiheiyo's overseas operations, told
Bloomberg: "Unless we spend money for overseas expansion now,
even if it's financially tough, we will be left behind the
foreign majors."

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger  
of Chichibu Onoda Cement and Nihon Cement, is Japan's leading
cement manufacturer.  Taiheiyo's other interests include
minerals and aggregates, construction materials (ready-mix
concrete and concrete products), and real estate.  The company
also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo
provides real estate management services in the Tokyo area.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 9, 2006, that Standard & Poor's Rating Services
assigned its 'BB' long-term corporate credit and senior
unsecured debt ratings to Taiheiyo Cement Corporation.  The
outlook on the long-term corporate credit rating on the company
is stable.  The outlook on the long-term corporate credit rating
is stable.


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

AMKOR TECHNOLOGY: Moody's Ups Senior Unsec. Notes' Rating to B1
---------------------------------------------------------------
Moody's Investors Service upgraded the rating on Amkor
Technology, Inc.'s senior unsecured notes to B1 from B2 and
simultaneously withdrew the Ba2 rating on the guaranteed senior
secured second lien term loan following its refinancing with a
new US$300 million secured term loan maturing 2014 issued by
Amkor's South Korean subsidiary.  The ratings on the company's
subordinated notes as well as the corporate family and
speculative grade liquidity ratings were affirmed.  The ratings
outlook is stable.

The one notch upgrade of the senior unsecured notes reflects a
lower loss-given-default point estimate (40% from 48%) and
effectively less secured debt in the capital structure despite
the legal name of the new obligation, as we believe that the
collateral value of the new debt has minimal value, if any, in a
distressed scenario (i.e., 100% deficiency claim).

The new loan, which will be issued by Amkor Technology Korea,
Amkor's wholly-owned South Korean subsidiary, will be secured to
substantially all land, building and equipment at this operating
entity and guaranteed on an unsecured basis by Amkor.  Moody's
views constructively the maturity extension as well as the new
loan's improved pricing, which should result in annual interest
expense savings of roughly $10 million.

This rating was upgraded:

      US$1,162 million Senior Unsecured Notes with various  
      maturities to B1 (LGD-3, 40%) from B2 (LGD-3, 48%)

This rating was withdrawn:

      US$300 million Guaranteed Senior Secured 2nd Lien Term
      Loan due 2010 -- Ba2 (LGD-1, 7%)

These ratings were affirmed:

      Corporate Family Rating -- B2

      Probability of Default Rating -- B2

      US$22 million 10.5% Senior Subordinated Notes due 2009 --
      Caa1 (LGD-   5, 81%)

      US$190 million 2.5% Convertible Senior Subordinated Notes
      Due 2011 -- Caa1 (LGD-5, 89%)

      Speculative Grade Liquidity Rating -- SGL-2

                     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.  It has sales and manufacturing offices in Japan,
China, Taiwan, the Philippines and Korea.


AMKOR TECHNOLOGY: Bank of Korea Okays Unit's US$300 Million Loan
--------------------------------------------------------------
Amkor Technology Inc. reported that its subsidiary Amkor
Technology Korea Inc. has received approval from the Bank of
Korea, with respect to the US$300 million seven-year secured
credit facility with Woori Bank.

The proceeds of this loan have been drawn, and were used to
refinance and refund the outstanding principal on Amkor's
US$300 million second lien term loan due October 2010, and
together with an additional US$12.1 million in prepayment fees
and accrued interest funded by Amkor

Amkor Technology said that this transaction discharges all of
its  obligations under the second lien term loan, as well as the
subsidiary guarantees and collateral securing the term loan.

As reported in the Troubled Company Reporter - Asia Pacific on
April 11, 2007, Amkor Korea entered into a seven-year US$300
million secured credit facility with Woori Bank.  The loan is
guaranteed on an unsecured basis by Amkor Technology and bears
interest at Woori's base rate plus 50 bps and amortizes in 28
equal quarterly payments through April 2014.

                      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.  It has sales and manufacturing offices in Japan,
China, Taiwan, the Philippines and Korea.


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.

As previously reported in the Troubled Company Reporter - Asia
Pacific on April 4, 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.

Moody's Investors Service has upgraded the rating on the
company's senior unsecured notes to B1 from B2 and
simultaneously withdrew the Ba2 rating on the guaranteed senior
secured second lien term loan following its refinancing with a
new US$300 million secured term loan maturing 2014 issued by
Amkor's South Korean subsidiary.


CURON INC: Gets KRW4-Bil. Cash Injection From Industry Community
----------------------------------------------------------------
The Industry Community On Line Services Inc. has made a capital
injection of KRW4 billion into Curon Inc., Reuters reports.

After the transaction, ICOLS will own 6.65% ownership in Curon,
the report notes.

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

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


PANTECH&CURITEL: Bourse Delists Securities Following Reform Plan
----------------------------------------------------------------
The securities of Pantech Co. Ltd. and Pantech&Curitel were
delisted on April 11, 2007, from the Korea Exchange as they
undergo a creditor-led restructuring program, Reuters reports.

According to the report, the two companies went under a debt-
rescheduling program in December due to mounting losses and
spiraling debt problems.

Reuters also recounts that in late March, creditor banks
approved a US$613 million rescue package including new loans and
debt-for-equity swaps.

Prior to delisting, shares of the two Pantech group units had
already been suspended as they had been unable to meet minimum
capital requirements under the Korea Exchange regulations, the
report notes.

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.   
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.  
According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.

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


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

LITYAN HOLDINGS: Loan Default Totals MYR19.85 Mil. in March 2007
----------------------------------------------------------------
Lityan Holdings Bhd disclosed with the Bursa Malaysia Securities
Bhd its default status to various credit facilities as of
March 31, 2007.

As of end-March 2007, Lityan Holdings' default plus interest
owed to creditors total MYR19.85 million.

                                            Total Principal and
   Lender             Type of Facility      Interest in Default
   ------             ----------------      -------------------
RHB Bank Berhad       Overdraft Facility          MYR293,120.08
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility             586,310.20
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit            11,035,203.87
Berhad Labuan         Facility/Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10 mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-            6,651,711.88
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$5 million
                      (secured)

Ambank Berhad         Overdraft Facility           1,286,740.41
                      of MYR1 million          ----------------
                                               MYR19,853,086.44

Lityan also told the bourse that it is currently looking into
other business opportunities within its core activities and also
actively taking steps to dispose the Group's non-core
investments and non-operating assets to address its current
financial position.

The company also clarified that its three subsidiaries -- Lityan
Systems Sdn Berhad, Digital Transmission Systems Sdn Bhd, and
Lityan (L) Incorporated, which have defaulted in various credit
facilities to the financial institutions -- are not major
subsidiaries.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring itself onto stronger financial footing via an
injection of new viable businesses.

Lityan Holdings Bhd's unaudited balance sheet as of December 31,
2006, showed total assets of MYR66.35 million and total
liabilities of MYR148.19 million, resulting to a shareholders'
deficit of MYR81.84 million.


METROPLEX BERHAD: March 31 Loan Default Reaches MYR1.78 Billion
---------------------------------------------------------------
Metroplex Berhad submitted to the Bursa Malaysia Securities Bhd
a copy of its default status under various credit facilities as
of March 31, 2007.

According to the company's disclosure, as of end-March 2007, the
company's estimated amount of default, an aggregate of the
principal amount and its interest, reached MYR1,783,135,390.38

Metroplex is still in negotiation with its lenders on a proposed
composite scheme of arrangement, which will essentially address
the default in payment.

A full-text copy of the company's default status is available
for free at http://bankrupt.com/misc/metplex-march-default.xls

                        About the Company

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: Unit Completes Disposal of Land Property
-----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Oct. 5,
2006, that LKH Wires & Cables Sdn Bhd, a wholly owned subsidiary
of MOL.COM Berhad, has entered into a sale and purchase
agreement with Halex Woolton Sdn Bhd pertaining to a land
property.

According to the TCR-AP, LKH Wires sold the land property to
Halex Woolton for MYR10.111 million, to be paid in this manner:

   -- MYR2.0222 million will be paid upon the execution of
      the sale and purchase agreement; and  

   -- MYR8.0888 million will be paid within two months from the
      unconditional date.

In an update, AmInvestment Bank Bhd, acting in behalf of
Mol.Com, disclosed with the Bursa Malaysia Securities Bhd that
on April 4, 2007, the agreement has been completed upon Halex
Woolton's payment of the balance of MYR8,088,800.

The TCR-AP said that the MYR10.111 million proceeds from the
disposal will be utilized for the partial repayment of the
MYR16.65 million loan facility granted by Alliance Bank (M)
Berhad to Mol.Com.

                        About the Company

Based in Malaysia, Mol.Com Bhd provides electrical engineering
services, and is engaged in 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.

                          Going Concern Doubt

After auditing the company's annual financial report ended
June 30, 2006, the auditors expressed doubt on the ability of
the Group and of the Company to continue as a going concern in
view current liabilities exceeding 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: Unit Sells Land for MYR18.59 Million to Tesco Stores
----------------------------------------------------------------
Talam Corp Bhd's subsidiary Europlus Corporation Sdn Bhd will
sell 25.1 acres of freehold land in Bukit Beruntung to Tesco
Stores for MYR18.59 million.

The company told the Bursa Malaysia Securities Bhd that the net
proceeds from the disposal will be utilized to cut down the
group's borrowing and sales related expenses.

Talam bought the land in 1991 for MYR9.3 million.

                          *     *     *

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.


SMART MODULAR: Earns US$14 Mil. in Second Quarter Ended Feb. 28
---------------------------------------------------------------
SMART Modular Technologies (WWH) Inc. reported net income of
US$14 million on net sales of US$239.1 million for the second
quarter ended Feb. 28, 2007, compared with net income of
US$783,000 on net sales of US$163.7 million for the second
quarter of fiscal 2006.

Gross profit for the second quarter of fiscal 2007 was
US$41.2 million, up 39% compared with US$29.7 million for the
second quarter of fiscal 2006.

SMART ended the second quarter of fiscal 2007 with US$107.4
million in cash and cash equivalents.

"Our second quarter results mark another period of solid
performance and growth for SMART.  The increase in gross profit
in a declining ASP environment demonstrates strong customer
demand for our high quality value add products and services,"
stated Iain MacKenzie, president and chief executive officer of
SMART.  

"We strengthened our leadership position in the high-end memory
module and subsystem markets with the introduction of three new
innovative products during the quarter, one of which is being
packaged and shipped from our Brazil facility, leveraging the
cost efficiency, technology and time-to-market advantages of our
global design and manufacturing capabilities.  Additionally, we
continue to gain traction with our revenue diversification
strategy and have garnered favorable customer response to our
embedded PC and industrial Flash product families, particularly
our XceedUltra solid state serial ATA drive -- the industry's
fastest SATA solid state drive, with sustained read speeds
greater than 100MB/second and write speeds greater than
60MB/second.

"This new product family is targeted at the high growth
enterprise computing and storage markets and is designed for
streaming video-on-demand, internet search, online transaction
processing, and other data-intensive storage applications.  Our
robust product pipeline creates the opportunities for us to
continue to grow our embedded and TFT-LCD display businesses."

At Feb. 28, 2007, the company's balance sheet showed US$472.9
million in total assets, US$293.3 million in total liabilities,
and US$179.6 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Feb. 28, 2007, are available
for free at http://researcharchives.com/t/s?1cd2

As of Feb. 28, 2007, the company had total long-term
indebtedness of US$81.3 million aggregate principal amount of
its senior secured floating rate notes outstanding, and had
approximately US$35 million of borrowing capacity available
under its senior secured credit facility.   

                       About SMART Modular

Fremont, Calif.-based SMART Modular Technologies (WWH), Inc.
(Nasdaq: SMOD) -- http://www.smartm.com/-- is a holding company  
that is incorporated in the Cayman Islands.  The company,
through its subsidiaries, is an independent manufacturer of
memory modules, embedded computing subsystems, and TFT-LCD
display products for use in a variety of electronics systems,
including computers and storage devices, networking and
communications equipment, industrial products, and others.  

The company has design centers in California South Korea and
Massachusetts.  Its manufacturing facilities are located in
California, Malaysia, Brazil, Dominican Republic and Puerto
Rico.

Solectron Corp. owned SMART Modular between 1999 and 2004.  The
business was later spun out of Solectron in April 2004 to
private equity investors and management.

                           *     *     *

Moody's Investors Service assigned B2 rating to SMART Modular
Technologies (WWH), Inc.'s US$125 million senior secured second
lien notes due 2012 issued under Rule 144A.

Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Fremont, California-based SMART Modular
Technologies (WWH), Inc.


SHAW GROUP: Cost Review to Delay 2nd Quarter Financial Reporting
----------------------------------------------------------------
The Shaw Group Inc. will delay reporting its second quarter
results pending the completion of an independent review of the
estimated costs of an ongoing U.S. gulf coast EPC petrochemical
project, which has an approximate contract value of US$39
million.  The review is being performed to determine the amount
of any error in estimated costs and the reporting periods, which
may be affected.

Present information indicates that the project costs estimates
could include additional charges of US$7 million to US$12
million; US$4 million to US$7 million, after taxes, and would
result in a loss on the project of approximately the same
amount.

The company believes that the estimated costs increase, if
verified, may have been required to have been reported in the
first quarter of fiscal 2007.  Therefore, until the review is
completed, financial statements for the first quarter of fiscal
2007 should not be relied upon.

Further, because the project began in April 2006, it is possible
that the review may reveal that reporting periods in the second
half of fiscal 2006 were affected, and in such event, the
company will evaluate any impact to prior financial statements
at that time.

Shaw also has determined that the accounting work for the
expected restatement and the review of the company's second
quarter financial statements would be more efficiently performed
by Shaw's new auditors, KPMG LLP.  The company's previous
auditors, Ernst & Young LLP (E&Y), and the company had
previously indicated that E&Y would complete their engagement as
the company's auditors following the completion of the review of
Shaw's second quarter results.  Effective immediately, KMPG has
begun its work as Shaw's auditors and KPMG will be responsible
for the review of financial results for second quarter, a first
quarter restatement, if required, and Shaw's fiscal 2007
financial statements.  There were no reportable disagreements
with Ernst & Young on any accounting principles or practices,
financial statement disclosure or auditing scope or procedures.

Shaw expects the delay in filing of its second quarter Form 10-Q
to be 45 to 90 days from its normal filing requirement date of
April 9, 2007.  In the event reporting periods in the second
half of fiscal 2006 require restatement, the delay may be
longer.

                   Covenant Waiver Requirement

The company also stated that a waiver of certain covenants of
its Bank Credit Agreement will be required in connection with
the delay in the filing of its second quarter financial
statements.  The company expects to receive the necessary
waiver.

                        The Shaw Group Inc.

Headquartered in Baton Rouge, LA, The Shaw Group Inc. --
http://www.shawgrp.com-- is a global provider of services to  
the environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure (E&I); Energy &
Chemicals (E&C); Maintenance, and Fabrication, Manufacturing &
Distribution (F&M).  In January 2005, the company sold
substantially all of the assets of its Shaw Power Technologies,
Inc. and Shaw Power Technologies International, Ltd. units to
Siemens Power Transmission and Distribution Inc., a unit of
Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
Oct. 2006.  The outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility


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

PLUS SMS: Files Legal Action Against Plus Trustee
-------------------------------------------------
Plus SMS Holdings Ltd. has filed proceedings against Plus
Trustee Ltd. in conjunction with the proceedings initiated by
the company against Garry Donoghue.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 14, 2007, Plus SMS initiated legal proceedings against Mr.
Donoghue for his refusal to deliver 85,000,000 of the company's
shares pursuant to a settlement deed between them.  The shares,
which are subject to a buyback arrangement, are to be cancelled
after the delivery to Plus SMS.

Plus Trustee is the registered holder of the 85 million shares,
the company says.

In the legal action against Plus Trustee, the company is seeking
specific performance -- delivery of the 85 million shares -- or,
in the alternative, damages for NZ$11,050,000.

Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the   
parent company of Plus SMS Limited.  It provides access to
businesses to the number ranges required for the routing of
short message service and multimedia messaging system messages
worldwide using a single short number.  On July 4, 2005, Plus
SMS Limited acquired Plus SMS Holdings Limited in a reverse
acquisition.

The company suffered net losses of NZ$366,000 and NZ$362,000 for
the years ended March 31, 2006, and 2005, respectively.


PLUS SMS: To Move Subsidiary's Operations to United States
----------------------------------------------------------
Plus SMS Holdings Ltd.'s subsidiary, CRE8 Limited (NZX: PLS),
will transfer its business operations to Austin, Texas, USA, in
July, the company said in a statement

According to the company, CRE8 will base its finance,
administration, and business development functions in Austin to:

   -- significantly reduce its cost base;

   -- have access to a highly trained workforce; and

   -- gain exposure to potential new customers and investors.

CRE8 is a provider of content, connectivity, and network
services for mobile operators, brands and media companies
worldwide.

"The establishment of CRE8's business operations in Austin is a
natural progression as the Company grows," Christopher Tiensch,
CEO of CRE8 says.

CRE8 has recently acquired three businesses in Latin America,
employing approximately 100 people.  

CRE8's operations in Texas will assist in integrating those
businesses and help strengthen the company's goal to become the
dominant provider in the field of mobile entertainment services
in Latin America, while giving the company a presence in North
America from which to grow, Mr. Tiensch adds.

CRE8 will continue to serve customers from its offices in Mexico
City, Santiago, Florianopolis, Sao Paulo, Rio de Janeiro,
Singapore and Guernsey.  The company's Isle of Man office will
be closed shortly.

Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the   
parent company of Plus SMS Limited.  It provides access to
businesses to the number ranges required for the routing of
short message service and multimedia messaging system messages
worldwide using a single short number.  On July 4, 2005, Plus
SMS Limited acquired Plus SMS Holdings Limited in a reverse
acquisition.

The company suffered net losses of NZ$366,000 and NZ$362,000 for
the years ended March 31, 2006, and 2005, respectively.


SEALEGS CORP: Appoints Will Burrell to Board of Directors
---------------------------------------------------------
Sealegs Corporation Limited appointed Will Burrell, director of
operations in Australia, to the company's board of directors,
effective from April 1, 2007.

Mr. Burrell, who has extensive experience in financial markets
and developing key stakeholder relationships, replaces Brian
Taylor who has resigned from the board.

Sealegs Corp. Chairman, John Robertson, said "Brian has
contributed to Sealegs successful development and record of
achievement, and I would like to thank him for his time and
dedication."

Mr. Robertson says the board is delighted to welcome a person
with Mr. Burrell's "considerable corporate experience in the UK,
USA and Australia to the board.  His appointment will bring
together an excellent mix of business experience and fresh ideas
which will be valuable going forward."

The English-born entrepreneur, who bought and developed the
multi-award-winning eco-tourism, El Quetro Wilderness Park in
Northern Australia, was appointed a member of the Order of
Australia in 2006.

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

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

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


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

DIVERSIFIED FINANCIAL: Gaming Company Eyes DFNN International
-------------------------------------------------------------
A filing with the Philippine Stock Exchange discloses that a
foreign gaming company is planning to acquire part of the equity
of Diversified Financial Network, Inc.'s wholly owned
subsidiary, DFNN International.

Currently, Diversified Financial's board of directors is
conducting due diligence exercise and is reviewing the wordings
of a definitive agreement for the sale of the stake in DFNN
International.

DFNN International is responsible for marketing Diversified
Financial's gaming technology to various clients.

The gaming company, which was not identified in the PSE filing,
wants to use the subsidiary as its main vehicle to pursue
investment for the online and land-based gaming opportunities in
Asia.

The acquiring company believes the Philippines will be the ideal
base from which various ancillary sources would be based
including contact centers, software development and technical
systems and design.  In that regard, Diversified Financials
foresees to become the preferred outsource partner.

Under the agreement, Diversified Financial will retain all its
intellectual property and be paid a multi-year royalty for the
use of its technologies.  The parties expect to complete the due
diligence on April 30, 2007.

Diversified Financial Network, Inc. -- http://www.dfnn.com/--   
is an I.T. solutions provider and systems integrator.  Backed by
its domain expertise in financial services, the company has
become a proprietary software technology, wireless and secure
solutions partner of leading corporations.  The DFNN Group of
Companies generates revenue through solutions, custom, tailor-
fit I.T. solutions to retail financial institutions, rental
revenue and wireless and other I.T. products and services.

The Troubled Company Reporter - Asia Pacific reported on May 19,
2006, that Diversified Financial Network, Inc.'s net loss for
the year ended December 31, 2005, dropped 5% to PHP56.59
million, from a PHP59.62 million in 2004.  The company's revenue
also fell 15% to PHP96.20 million in 2005, from PHP113.15
million in 2004.  Amidst a significant decrease in cost, the
Company suffered a 23.5% slowdown in service fees due to longer
project completion time and a 20% drop in advertising revenues.


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

ADVANCED MICRO: Expects US$1.225-Bil. Earnings in First Quarter
---------------------------------------------------------------
Advanced Micro Devices will report revenue of approximately
US$1.225 billion in the quarter ending March 31, 2007.  Revenues
declined sharply quarter-over-quarter for the Computing
Solutions segment, primarily due to lower overall average
selling prices and significantly lower unit sales, especially in
the resale channel.

Advanced Micro plans to restructure its business model to
increase operational efficiencies and lower its operating cost
structure.  Advanced Micro will reduce 2007 capital expenditures
by approximately US$500 million, which the company believes will
not materially impact capacity plans for the year.  Advanced
Micro will also significantly reduce discretionary expenses and
limit hiring to critical positions.  The company will provide
more details during its conference call to report first quarter
2007 financial results on April 19.

Advanced Micro will report first quarter 2007 financial results
after market close on April 19, 2007.  Advanced Micro will hold
a conference call for the financial community at 2:00 p.m.
Pacific Time to discuss first quarter results.

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc., -- http://www.amd.com/-- designs and manufactures  
microprocessors and other semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on March
15, 2007, that Moody's Investors Service lowered AMD's corporate
family rating to B1 from Ba3.  The outlook is stable.

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Advanced Micro.  S&P removed the rating from
CreditWatch negative where it had been placed on July 24, 2006,
following the announced acquisition of unrated ATI Technologies
Inc.  The ratings outlook is negative.  At the same time, the
rating agency assigned its 'BB-' bank loan rating, one notch
above the corporate credit rating, and a '1' recovery rating to
the company's proposed US$2.5 billion senior secured term loan,
to be used as partial funding of the acquisition.

S&P also raised its rating on the company's US$600 million
(US$390 million outstanding) senior notes to 'B+' from 'B',
because the company plans to withdraw its shelf registration,
which structurally subordinated the notes.  Concurrent with the
closing of the new bank loan and pursuant to a debt incurrence
test in the indenture for the notes, the notes will become pari
passu to the bank loan and the note rating will become 'BB-'
with a '1' recovery rating.


GETRONICS N.V.: 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 Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Getronics N.V.

Moody's also assigned a B2 probability-of-default-rating to the
company.

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.

                                                Projected
                              POD      LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   5.5% Senior Unsecured
   Conv./Exch. Bond/Debenture
   Due 2008                    Caa1     LGD5      79%

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 alpha-
numeric 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%).

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages  
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.


PETROLEO BRASILEIRO: Continues Negotiating for Japanese Refinery
----------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro Fuel
Distribution Director Paulo Roberto Costa told Business News
Americas that the firm is still negotiating with ExxonMobil
Corp. and Sumitomo Corp. to acquire an oil refinery in Okinawa,
Japan.

Almir Barbassa, Petroleo Brasileiro SA's chief financial
officer, previously confirmed that the company was negotiating
to purchase a stake in Nansei Sekiyu KK, which has a capacity of
100,000 barrels per day and is 87.5% owned by ExxonMobil through
its Japanese unit TonenGeneral Sekiyu KK.  Sumitomo holds the
remaining stake.  Mr. Barbassa said that Petroleo Brasileiro
could reach a deal for Nansei Sekiyu in one or two months.  
According to him, Petroleo Brasileiro would seek to upgrade
Nansei Sekiyu to refine heavy Brazilian crude and boost its
production capacity.

According to BNamericas, Petroleo Brasileiro has been in talks
with ExxonMobil and Sumitomo for the refinery since early this
year.

Mr. Costa commented to reporters in Brazil, "The negotiation
process continues.  We need to reach a deal healthy for all
sides involved.  We have not reached common ground yet."

Petroleo Brasileiro is also negotiating with the main players in
Brazil's petrochemicals sector to set up a petrochemicals
complex in the southeast region, BNamericas notes, citing Mr.
Costa.

Mr. Costa told BNamericas, "We're still in preliminary talks but
in six months or a year we may have something definite."

Petroleo Brasileiro denied to BNamericas that one of its
officers was directly involved in the alleged insider trading in
Ipiranga before the latter was acquired by Petroleo Brasileiro,
Braskem and Ultrapar.

BNamericas emphasizes that the concerned employee was
temporarily working at Petroleo Brasileiro unit BR
Distribuidora.

"The officer is now working for Petrobras [Petroleo Brasileiro]
again but is suspended from his duties.  He was not part of the
group that was studying Ipiranga's acquisition," BR
Distribuidora Gas Stations Manager Reinaldo Belotti told
BNamericas.

                    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.


PETROLEO BRASILEIRO: Will Step Up P-56 Construction Works
---------------------------------------------------------
Brazil's state-run oil firm Petroleo Brasileiro SA will speed up
the launching of construction works for P-56, a semi-submersible
platform that will produce 100,000 barrels per day of oil and
six million cubic meters per day of natural gas, Business News
Americas reports.

BNamericas relates that the works could take three years to
complete.  Petroleo Brasileiro did not disclose the launching
date of the P-56 construction works.  

Petroleo Brasileiro said in a statement that the move will
offset delays in construction of the P-55 and P-57 platforms.

BNamericas underscores that Petroleo Brasileiro called off
tenders for P-55 and P-57, saying that shipbuilders were asking
too much for construction.

Petroleo Brasileiro said that it is defining new strategies to
hire out construction of platforms P-55 and P-57 to optimize
projects and obtain better commercial conditions.

Petroleo Brasileiro is discussing with FSTP -- composed of
Singapore's shipmaker Keppel, Brazil's engineering firm Pem
Setal and France's engineering company Technip -- for the
construction of P-56, 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.


SEAGATE TECHNOLOGY: Gives Update on Third Quarter Fin'l Results
---------------------------------------------------------------
Seagate Technology provided an update on its expected results
for the fiscal third quarter ended March 30, 2007.  Revenue for
the fiscal third quarter is now expected to be approximately
US$2.8 billion, compared to prior guidance of US$2.9 to 3.0
billion, and GAAP and non-GAAP gross margins did not achieve the
company's expectations.

Primary factors impacting revenue and profitability, which
became evident toward the end of March, were a lower than
expected industry demand for 3.5-inch ATA disc drives and a more
aggressive than planned pricing environment for high capacity
3.5-inch ATA disc drives.

The company believes that its market share, both in total and
within each market currently served, is virtually unchanged from
the previous quarter.  Further, Seagate's inventories on-hand in
the distribution channel are under five weeks.  Overall, the
company's results continue to be healthy and are reflective of
its leadership position in an industry where consumers and
applications are using, creating and sharing digital content at
an accelerating pace.

              Fiscal Third Quarter Financial Results

Seagate Technology will report its fiscal third quarter 2007
financial results on April 17, 2007, after the close of the
market.  A subsequent conference call for the investment
community will take place at 2:30 p.m. Pacific Time.

                     About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets  
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Thailand and Singapore.

                          *     *     *

Moody's Investors Service confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed the company's Corporate Family Rating at Ba1
and SGL Rating of 1.  Moody's upgraded its rating on Seagate
Technology HDD Holdings' US$400 million senior notes 8%, due
2009 to Ba1.


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

SUN TECH: Earns THB12,688,994 in Quarter Ending Dec. 31, 2006
-------------------------------------------------------------
Sun Tech Group Public Company Ltd reported a 99.83% decrease in
net profit to THB12,688,994 for the three months ending Dec. 31,
2006, from THB7,312,688,336 for the previous corresponding
period due to the loss of a benefit from a THB7,478,713,503 gain
from debt restructuring.

For the period in review, total revenues went up 50.05% to
THB1,031,860,384 while total expenses went up by 38.67% to  
THB1,019,041,611, giving the company a profit before interest
expenses of THB12,818,773, against a loss before interest
expenses of THB47,228,683 for the three months to Dec. 31, 2005.

Interest expenses went down substantially to THB1,636,582 from
THB118,799,634 a year ago.

A copy of the company's financials is available for free:

        http://bankrupt.com/misc2/SunTechFinancials.pdf

Sun Tech Group Public Company Ltd's principal activities are the
manufacture and process of canned tomatoes and whole kernel corn
and rental and sales of movie videocassette tapes and laser
discs.

On July 31, 2000, the company filed a petition with the Central
Bankruptcy Court for business rehabilitation.  On Aug. 28, 2000,
the Court ordered the company to be rehabilitated and appointed
Srisongkram Planner Company Limited as the Plan Administrator.

Later in 2005, the Plan administrator filed a petition for an
amended Plan, which the Court subsequently approved.  The
company has completely repaid its debts and has been released
from its debts in accordance with the Plan.

Currently, the company is listed under the Non-Performing Group
Sector of the Stock Exchange of Thailand.


TANAYONG: Clears Going Concern Doubt; Posts Positive Equity
-----------------------------------------------------------
Tanayong Public Company Limited posted a net profit of
THB24,233,489,000 for the three months ending Dec. 31, 2006, a
turnaround against the THB186,105 net loss for the three months
ending Dec. 31, 2005.

The turnaround was due to a THB24,441,059,000 gain from debt
restructuring that the company earned in the period in review as
it worked out and exited its business rehabilitation.

Total revenues for the period in review jumped 602% to
THB579,617,000 due mainly to a THB502,113,000 revenue from land
procurement of low-cost residential housing project, which was
not reported in the previous corresponding period.  Expenses
totaled THB786,647,000, up 194% from THB267,387,000 due to
higher selling, service and administrative expenses, giving the
company a loss before interest expense of THB207,030,000 up 12%
from a year ago.

As of Dec. 31, 2006, the company has total assets of
THB5,768,812,000 and total liabilities of THB5,038,792,000,
giving it a positive shareholders' equity of THB730,020,000, as
opposed to a capital deficiency of THB28,531,312 as of March 31,
2006.

The company's financials can be obtained for free at:

        http://bankrupt.com/misc2/TanayongFinancials.pdf

                         Going Concern

The Troubled Company Reporter - Asia Pacific reported on
Nov. 16, 2006 that Supachai Phanyawattano of Ernst & Young
Office Ltd expressed substantial doubt about Tanayong Pcl's
ability to continue as a going concern after auditing the
company's financial statement for the second quarter ended
Sept. 30, 2006.  Mr. Supachai pointed to the company's ability
to realize asset increments and settle its liabilities in the
ordinary course of business, which is stipulated in Tanayong
Pcl's rehabilitation plan.  

According to the company's notes to the financial statements for
the three month period to Dec. 31, 2006, the company has
followed most of the significant mandatory terms and conditions
stipulated in the rehabilitation plan.  The company lodged a
petition to terminate the rehabilitation plan with the Central
Bankruptcy Court on Oct. 6, 2006, the Central Bankruptcy Court
consequently ordered the termination of the company's business
rehabilitation on Nov. 14, 2006, thereby resolving the auditors'
significant going concern doubt.

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.


THAI AIRWAYS: Posts a THB4,025,713,247 Profit in Dec. 31 Quarter
----------------------------------------------------------------
Thai Airways International Public Company Limited reported a
THB4,025,713,247 net profit for the three months ended Dec. 31,
2006, an increase of 6% from THB3,809,569,974 for the three
month period to Dec. 31, 2005.

For the period in review, the company had a THB48,373,002,693
total revenues from the sale of goods and the rendering of
services, THB42,931,624,063 in operating expenses, giving it an
operating profit of THB5,441,378,630.

A copy of the company's financials can be obtained for free at:

      http://bankrupt.com/misc2/thaiairwaysfinancials.pdf

Headquartered in Bangkok, Thailand, Thai Airways International  
Public Company Limited -- http://www.thaiairways.com/-- is    
engaged in the operation of domestic and international air  
transportation service.  This includes support services such as  
freight forwarding, warehousing, on-line ticketing, hotel and  
restaurant operations, fuel storage and filling for aircraft at  
the airport Air catering and fuel pipeline transportation.  The  
Group also provides services in other type of transportation in  
connection with the information technology services, distributes  
computer services, flight reservation and other travel-related  
services.  

The company underwent a major business restructuring in 2005
after it plunged to a loss of THB4.78 billion in the April-June
period, canceling or reducing flights to unprofitable routes,
and adding more high-yield routes.  It also implemented a more
proactive marketing strategy with a focus on corporate
customers, in a bid to improve its passenger yield.


THAI-DENMARK SWINE: Trims Net Loss by 96.88% in 2006
----------------------------------------------------
Thai-Denmark Swine Breeder Public Company Limited reported a net
loss of THB17,449,230 in the year ended Dec. 31, 2006, a 96.88%
decrease from the net loss of THB559,761,800 in the year ended
Dec. 31, 2005.

For 2006, the group reported a THB419,618,354 in total revenues,
down 22.06% due to a slowdown in sales and lower other income
account.  The group also lost the benefit of a one-off gain from
increase in value of swines.

The group, however, was able to halve its total expenses to
THB465,598,402 from THB934,673,189, giving it a loss before
interest expense of  THB45,980,047, a decrease of 88.40% from
2005's THB396,267,534.  Interest expense for 2006 amounted to
THB57,668,643, while the group also recorded a THB86,199,460
gain on debt restructuring.

As of Dec. 31, 2006, the company had total assets of
THB705,998,258 and total liabilities of THB821,451,586, giving
it a shareholders' equity deficit of THB115,453,327.

A copy of the company's financials is available for free at:

      http://bankrupt.com/misc2/thaidenmarkfinancials.pdf

                            - and -

      http://bankrupt.com/misc2/thaidenmarkfinancials2.pdf

                      Going Concern Doubt

Vilairat  Rojnuckarin at the Office of DIA International
Auditing, the company's independent auditors, raised significant
doubt on the company's ability to continue as a going concern,
citing that as of Dec. 31, 2006, and 2005, the company had total
liabilities exceeding over total assets by THB115.45 million and
THB144.86 million, respectively.

Mrs. Vilairat added that on July 26, 2005, the Court ordered the
company to rehabilitate its business.  On June 27, 2006, the
Central Bankruptcy Court approved the rehabilitation plan of the
company and appointed it as the Plan Administrator.  Therefore,
the company's going concern depends on the ability of the
company to accomplish the plan.

Headquartered in Bangkok, Thai-Denmark Swine Breeder Public
Company Limited is a producer and breeder of swine and
piglets.  The company imports all of its parent stocks from
Denmark.  




                            *********

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

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

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


                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***