TCRAP_Public/070413.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  

             Friday, April 13, 2007, Vol. 10, No. 73

                            Headlines

A U S T R A L I A

AVNET INC: Dick Borsboom to Head Avnet Technology Solutions EMEA
DUNSCORE NOMINEES: Will Declare Dividend Today
HIDES CONSULTING: Members and Creditors Set to Meet on May 3
HOLSHAW PTY: Commences Liquidation Proceedings
L & C TAMLIN:  Commences Liquidation Proceedings

NIGHTSWAN PTY: Placed Under Voluntary Wind-Up
NORSKE SKOGINDUSTRIER: Moody's Assigns Loss-Given-Default Rating
OPL PTY: Final Meeting Set for May 3
WARALYA DOWNS: Enters Wind-Up Proceedings


C H I N A   &   H O N G  K O N G

BANK OF COMMUNICATIONS: Government Stifles HSBC Take-Over Plans
BENQ CORP: Chairman and President Out on NT$25 Million Bail
CITIC BANK: Cuts Fund Raising Target to US$5.4 Billion
CREDIT AGRICOLE: Members' Final General Meeting Set for May 4
CROWN ASSET: Shareholders Agree to Wind Up Firm

DRAGON LOYAL: High Court to Hear Wind-Up Petition on May 23
E.SUN BANK: Fitch Keeps Individual C Rating
E. SUN SECURITIES: Individual D Rating Remains, Fitch Says
INTEGRITAS MANAGEMENT: Placed Under Voluntary Liquidation
MOFREE CORPORATION: Taps Chan Sek Kwan Rays as Liquidator

MOULINEX FAR EAST: Liquidators Quit Posts
OASIS CONSULTANTS: Proofs of Debt Due on May 5
PRICEWATERHOUSECOOPERS EXECUTIVE: Proofs of Debt Due on April 25
SHING CHEONG: Wind-Up Petition Hearing Set for May 23
SPEEDTEX GARMENT: Liquidators Quit Posts

TSIT WING: Placed Under Voluntary Wind-Up
WAYRISE LIMITED: Commences Wind-Up Proceedings
WELLFINE (HK): To Receive Proofs of Debt Until April 18
WORLDFORD INDUSTRIES: Annual Meetings Set for April 17


I N D I A

BRITISH AIRWAYS: CEO Discounts Rumors on bmi Acquisition Talks
BRITISH AIRWAYS: Inks Boeing Engine Contract with Rolls-Royce
INDIAN OVERSEAS BANK: To Release FY2006-07 Financials by June 30
INDUSTRIAL DEV'T. BANK: To Raise INR4,500 Crore Thru Omni Bonds
INDUSTRIAL DEV'T. BANK: Board to Consider Financials on April 20

INDUSTRIAL DEV'T. BANK: To Venture Into Mutual Fund & Insurance


I N D O N E S I A

ALCATEL-LUCENT: Fitch Withdraws Ratings
BANK INTERNASIONAL: Kookmin Bank Won't Buy More Shares
BANK MANDIRI: To Finance Building of Three Toll Road Sections
FREEPORT-MCMORAN: Directors Invest on Company Stock
GOODYEAR TIRE: Shareholders Re-Elect 11 Members to Board

NORTEL NETWORKS: Names Jeff Townley as Chief Procurement Officer
NUTRO: Moody's Placed Ratings on Review for Possible Downgrade
MEDCO ENERGI: To Start New Ethanol Plant This Year
PERTAMINA: Profits Decrease Due to Unleaded Petrol Production
TELKOM INDONESIA: Posts Unaudited Net Profit of IDR10.9 Trillion

TELKOMSEL: Signs 3 Million New Users in First Quarter


J A P A N

ALL NIPPON: To Phase Out 747-400s Within Three Years
NIKKO CORDIAL: Mizuho & 3 Other Lenders Will Help Fund Takeover
SANYO ELECTRIC: To Book JPY2 Billion Loss From Battery Recall
SOFTBANK CORP: To Give Cash to Child-Bearing Employees


K O R E A

EG GREENTECH: Buys Network Live for KRW8.51 Million


M A L A Y S I A

PAXELENT CORP: Petitioner Withdraws Wind-Up Bid Against Unit
PAXELENT CORP: Russell Bedford LC Raises Going Concern Doubt
PAXELENT CORP: Discloses Proposals Under Reform Plan
PROTON HOLDINGS: Saudi Firm Keen to Make Proton Cars in Mid-East
STAR CRUISES: S&P Affirms Long-Term Credit Rating at BB-


N E W   Z E A L A N D

HERITAGE GOLD: Signs Joint Venture Pact for Uranium Exploration


P H I L I P P I N E S

MIRANT CORPORATION: Board Exploring Strategic Alternatives

* Country's End-March Reserves Hit Record High at US$24.7 Bil.


S I N G A P O R E

ADVANCED SYSTEMS: Annual General Meeting Set for Aril 24
LEVI STRAUSS: Earns US$87 Million in Quarter Ended February 25
LEVI STRAUSS: S&P Rates Proposed US$325 Million Senior Loan at B


T H A I L A N D

THAI-GERMAN PRODUCTS: Auditor Raises Going Concern Doubt
THAI-GERMAN PRODUCTS: Discloses Changes in Major Shareholders

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

AVNET INC: Dick Borsboom to Head Avnet Technology Solutions EMEA
----------------------------------------------------------------
Avnet Technology Solutions, an operating group of Avnet Inc.,
appointed of Dick Borsboom as president of Avnet Technology
Solutions EMEA.

As president, Mr. Borsboom will be responsible for the strategic
direction and growth of Avnet's computing business in Europe,
Middle East and Africa (EMEA).  Currently, the Technology
Solutions group in EMEA generates US$1.3 billion in revenue and
delivers computing technology to resellers, system integrators,
system builders and embedded OEMs in 14 countries across Europe
while continuing to expand its presence.  Borsboom will report
to John Paget, president, Avnet Technology Solutions, worldwide.

The appointment of Borsboom further strengthens Avnet's European
leadership team. He brings to the company more than 13 years of
distribution industry experience, including positions in
business management, finance, HR and IT.

"Dick brings a wealth of experience and shares our sense of
commitment to our team members," Mr. Paget said.  "We're
delighted to have someone with such a broad background in
business and operational excellence.  I'm confident he and his
team have the skills and capabilities to expand Avnet Technology
Solutions' European leadership in value-added distribution."

Mr. Borsboom most recently served as chief financial officer and
vice president of Finance, HR and IT at Flexsys Coordination
Centre N.V. in Belgium, where he had a proven record of double-
digit profit growth.  His experience also extends to mergers and
acquisitions.  Prior to that position he served as chief
financial officer for Bell Microproducts in the United States.  
He also previously worked as group chief financial officer for
VEBA Electronics LLC in Germany, which was the spin-off of the
IT distribution activities of Raab Karcher.  The European part
of VEBA Electronics was later acquired by Avnet.  Mr. Borsboom
also holds a Masters Degree in Economics from the University of
Tilburg, The Netherlands.

"Joining a company as strongly positioned as Avnet for growth in
the region is an exceptional opportunity," Mr. Borsboom said.
"The leadership team is experienced and understands how to
connect business partners with market opportunities that are
aligned with our suppliers' strategies.  Avnet has a proven
track record of growth, and I look forward to taking the
business to the next level of success in Europe."

                           About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT) --
http://www.avnet.com/-- distributes electronic components and   
computer products, primarily for industrial customers.  It has
operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden.

                        *     *     *

Moody's Investors Service upgraded the corporate family and
senior unsecured debt ratings of Avnet, Inc. to Ba1 from Ba2 and
assigned a Ba1 rating to the proposed offering of up to US$250
million senior notes due 2016.  The new issue proceeds together
with cash-on-hand and other financial resources will be used to
repurchase not less than US$250 million of the outstanding
US$361.4 million 9.75% senior notes due February 2008.  The
ratings outlook is stable.


DUNSCORE NOMINEES: Will Declare Dividend Today
----------------------------------------------
Dunscore Nominees Pty Ltd, which is in voluntary liquidation,
will declare a first and final dividend today, April 13, 2007.  
The company will pay its creditors 100 cents on the dollar.

Creditors who were not able to prove their debts by April 12,
2007, are excluded from sharing in the company's dividend
distribution.

In a report by the Troubled Company Reporter - Asia Pacific, the
company started to wind up its operations on Sept. 1, 2006.

The company's liquidator is:

         Alan Ledger
         Ledger Consulting Group
         PO Box 7690, Cloisters Square
         Perth, Western Australia 6850
         Australia

                    About Dunscore Nominees

Located in Western Australia, Australia, Dunscore Nominees Pty
Ltd is an investor relation company.


HIDES CONSULTING: Members and Creditors Set to Meet on May 3
------------------------------------------------------------
A final meeting will be held for the members and creditors of
Hides Consulting Group Pty Ltd on May 3, 2007, at 11:00 a.m.

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

   -- receive a final report on the progress of the liquidation;

   -- receive a final account of receipts and payments for the
      liquidation; and

   -- consider other business that may arise.

The company's liquidator is:

         Dino Travaglini
         c/o Moore Stephens
         12 St Georges Terrace, Level 3
         Perth 6000
         Australia
         Telephone: 9225 5355

                     About Hides Consulting

Hides Consulting Group Pty Ltd provides business services.  The
company is located in Western Australia, Australia.


HOLSHAW PTY: Commences Liquidation Proceedings
----------------------------------------------
The members of Holshaw Pty Ltd held a general meeting on
March 20, 2007, and agreed to voluntarily wind up the company's
operations.

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

The Liquidators can be reached at:

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

                        About Holshaw Pty

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


L & C TAMLIN:  Commences Liquidation Proceedings
------------------------------------------------
At an extraordinary general meeting held on March 26, 2007, the
members of L & C Tamlin Pty Ltd resolved to voluntarily wind up
the company's operations.

W. J. Martin was appointed as liquidator.

The liquidator can be reached at:

         W. J. Martin
         Suite 15, First Floor
         Morley Commercial Centre
         222 Walter Road
         Morley, Western Australia 6062
         Australia

                       About L & C Tamlin

L & C Tamlin Pty Ltd provides business services.  The company is
located in Western Australia, Australia.


NIGHTSWAN PTY: Placed Under Voluntary Wind-Up
---------------------------------------------
On March 16, 2007, the members of Nightswan Pty Ltd had their
general meeting and resolved to voluntarily wind up the
company's operations.

Dougal McLay was appointed as liquidator.

Mr. McLay can be reached at:

         Dougal McLay
         Summerscorporate
         Level 5, Next Building
         16 Milligan Street
         Perth, Western Australia 6000
         Australia

                       About Nightswan Pty

Located in Western Australia, Australia, Nightswan Pty Ltd is an
investor relation company.


NORSKE SKOGINDUSTRIER: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defense, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba1 Corporate Family Rating for Norske
Skogindustrier ASA.

Moody's also assigned a Ba1 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
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   6.125% Senior Unsecured
   Regular Bond/Debenture
   Due 2015                Ba1      Ba1      LGD4     55%

   7.125% Senior Unsecured
   Regular Bond/Debenture
   Due 2033                Ba1      Ba1      LGD4     55%

   US$600-million 7.625%
   Sr. Unsecured Regular
   Bond/Debenture
   Due 2011                Ba1      Ba1      LGD4     55%

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

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

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

Headquartered in Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It  
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.  It has paper mills in Chile and Brazil.


OPL PTY: Final Meeting Set for May 3
------------------------------------
The members and creditors of OPL Pty Ltd will have their final
meeting on May 3, 2007, at 11:00 a.m., to hear a report about
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Cliff Rocke
         c/o PPB
         5 Mill Street, Level 1
         Perth, Western Australia 6000
         Australia

                         About Opl Pty

Opl Pty Ltd -- also trading as MSA Guards & Patrols -- provides
detective, guard and armored car services.  The company is
located in Western Australia, Australia.


WARALYA DOWNS: Enters Wind-Up Proceedings
-----------------------------------------
The members of Waralya Downs Pty Ltd held a general meeting on
March 21, 2007, and decided to voluntarily wind up the company's
operations.

E. R. Verge and G. A. Lopez were appointed as liquidators.

The Liquidators can be reached at:

         E. R. Verge
         G. A. Lopez
         Jones Condon Chartered Accountants
         Unit 44B, Level 1
         Piccadilly Square West
         7 Aberdeen Street
         Corner Nash Street
         Perth, Western Australia 6000
         Australia

                       About Waralya Downs

Located in Western Australia, Australia, Waralya Downs Pty Ltd
is an investor relation company.


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


BANK OF COMMUNICATIONS: Government Stifles HSBC Take-Over Plans
---------------------------------------------------------------
The Chinese government has reclassified Bank of Communication as
a large state-owned bank instead of a joint-stock bank, thereby
protecting it from a potential takeover by HSBC, China Knowledge
reports.

The report recounts that HSBC paid US$1.75 billion three years
ago for 19.9% of the Bank of Communications.  The stake was the
maximum allowed by Chinese authorities to foreign investors.

The government directly owns about 41% of the bank.

HSBC had bought into the Chinese bank with the view to
eventually gaining full management control, China Knowledge
relates.

                          *     *     *

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is  
a commercial bank in the People's Republic of China.  As of
December 31, 2005, the bank had 137 branches and sub-branches,
in addition, to over 2,600 business outlets in China.  It also
has its branches in Hong Kong, New York, Tokyo, Singapore and
Seoul.

The bank's business is divided into four segments: corporate
banking, retail banking, treasury and others.  Its corporate
banking business provides products and services to the corporate
customers, such as loans, deposits, bill discounting, trade
finance, fund custody and guarantees.  The retail banking
business provides retail banking products and services to its
retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money
market transactions, foreign exchange trading and government,
and finance bond trading and investment.

The bank carries Fitch Rating's 'D' individual rating effective
on November 21, 2005.


BENQ CORP: Chairman and President Out on NT$25 Million Bail
-----------------------------------------------------------
BenQ Corp.'s Chairman K.Y. Lee and President Lee His-hua were
released after paying NT$15 million and NT$10 million bail
respectively after being questioned over alleged involvement in
insider trading of the firm's shares, various reports say.

Chang Chin-feng, the deputy chief prosecutor at the Taoyuan
District Prosecutor's Office told ABC Money that the two
executives were questioned for seven hours on Wednesday night.

"We still believe that all the allegations about them are
untrue, and we will try to cooperate fully with the
prosecutors," a BenQ spokeswoman told Reuters.

On Mar. 16, 2007, the Troubled Company Reporter - Asia Pacific
reported that Taiwanese prosecutors raided BenQ's headquarters
on suspicion that some of its executives may be involved in
insider trading.  Eric Yu, BenQ's chief financial officer, was
detained without bail after the raid.  

                          *     *     *

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

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

BenQ Mobile has lost market share against giant competitors.

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

                          *     *     *

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

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

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


CITIC BANK: Cuts Fund Raising Target to US$5.4 Billion
------------------------------------------------------
China CITIC Bank Corp. lowered the fund-raising target and
tightened the price range for its dual Hong Kong and Shanghai
IPO to US$5.4 billion, Reuters reports.

As reported by the Troubled Company Reporter - Asia Pacific on
April 11, 2007, China CITIC Bank wanted to raise as much as
US$5.7 billion in its dual float.

Reuters relates that the bank is now selling 4.885 billion Hong
Kong shares at HK$5.06 to HK$5.86 per share, compared with an
earlier range of HK$4.72 to HK$6.17.  It is selling 2.3 billion
A shares to be listed in Shanghai at CNY5.00 to CNY5.80 each,
versus an earlier range of CNY4.66 to CNY6.10 each.

                          *     *     *

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

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

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


CREDIT AGRICOLE: Members' Final General Meeting Set for May 4
-------------------------------------------------------------
The members of Credit Agricole Indosuez Securities (Japan)
Limited will have their final general meeting on May 4, 2007, at
9:00 a.m., to receive a report about the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Natalia K M Seng
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


CROWN ASSET: Shareholders Agree to Wind Up Firm
-----------------------------------------------
On March 23, 2007, the shareholders of Crown Asset Development
Limited passed a resolution winding up the company's operations.

Creditors are required to file their proofs of debt by May 4,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Man King Chi, Eddie
         Amber Commercial Building
         70 Morrison Hill Road, 13th Floor
         Hong Kong


DRAGON LOYAL: High Court to Hear Wind-Up Petition on May 23
-----------------------------------------------------------
A petition to wind up the operations of Dragon Loyal Development
Limited will be heard before the High Court of Hong Kong on
May 23, 2007, at 9:30 a.m.

Lau Yun Lan filed the petition on March 21, 2007.


E.SUN BANK: Fitch Keeps Individual C Rating
-------------------------------------------
On April 12, 2007, Fitch Ratings affirmed the Individual C and
Support 4 ratings of Taiwan's E.Sun Bank.

The ratings primarily reflect the bank's sound capitalization
and good asset quality.  The main factors constraining ESB's
Individual Rating are its subdued profitability and relatively
small franchise, particularly in the corporate banking area.

ESB postponed its plan to re-open the last 10 Kaohsiung Business
Bank branches (acquired by ESB in September 2004) in 2006,
because ESB changed its branch relocation plan to better its
geographic coverage.

ESB's net income in 2006 dropped by 91% yoy to TWD447 million as
shrinking net interest income and an abrupt increase in credit
costs by unsecured personal lending have been weighing on its
bottom-line profit.  However, overall asset quality is good, as
evidenced by its non-performing loan (NPL) ratio of 1.0% and
loan loss reserve to NPLs ratio of 57.8% at end-2006.  ESB's
exposure to the problematic unsecured consumer credit segments
has been substantially reduced and is limited to credit card
revolving credits.  ESB's capital adequacy ratio has also
improved slightly to 10.8% (from 10.5% in 2005) at end 2006,
helped by its parent, E Sun Financial Holding Company (ESFHC),
injecting TWD2 billion capital into ESB in Q106.

E. Sun Bank is a wholly owned subsidiary of ESFHC.  ESB is the
main income contributor to its parent, with a relatively small
market share of deposits (2.6%) in Taiwan.  In December 2006,
ESB acquired E.Sun Bills Finance Corporation (ESBFC), a small
wholly owned subsidiary (ESBFC's asset size is around one tenth
of ESB's) of ESFHC.  ESB currently operates through 106
branches, and plans to open another 14 branches in 2007 and
2008.


E. SUN SECURITIES: Individual D Rating Remains, Fitch Says
----------------------------------------------------------
On April 12, 2007, Fitch Ratings affirmed these ratings of E.
Sun Securities Corporation.

    * National Long-term Rating at A-(twn) with Stable Outlook;
    * National Short-term Rating at F2(twn);
    * Individual Rating D; and
    * Support Rating 3.

The Long-Term and Short-Term Issuer Default Ratings of ESS
primarily reflect strong support from its parent company, E. Sun
Financial Holding Company.  ESS's Individual Rating is based on
its weak profitability and limited franchise.  Having said that,
its stand-alone capitalization and liquidity are solid.

ESS is working to lower the break-even point in its brokerage
business by leveraging the distribution channel of E Sun Bank to
increase its economies of scale and offering low cost online
trading services.  It also aims to improve its earnings quality
by leveraging up its brokerage operations and market risk
control. ESS has a prudent trading policy with a moderate yield
target for proprietary trading and applies a conservative stop-
loss mechanism.  

ESS's liquidity is strong, evidenced by its high current
asset/current liability ratio at 163% at end-2006.  It is also
well-capitalized, reporting a risk-based capital ratio of 492%
at end-2006, which it intends to maintain at between 350% and
450%.

ESS is fully licensed to conduct brokerage, proprietary trading
and underwriting activities.  It operates through 13 branch
outlets and has a 0.6% market share in brokerage.


INTEGRITAS MANAGEMENT: Placed Under Voluntary Liquidation
---------------------------------------------------------
At an extraordinary general meeting held on March 28, 2007, the
members of Integritas Management Limited agreed to voluntarily
wind up the company's operations.

Philip Brendan Gilligan was appointed as liquidator.

The Liquidator can be reached at:

         Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


MOFREE CORPORATION: Taps Chan Sek Kwan Rays as Liquidator
---------------------------------------------------------
On March 26, 2007, Chan Sek Kwan Rays was appointed as
liquidator of Mofree Corporation Limited.

Mr. Kwan requires the company's creditors to file their proofs
of debt by May 7, 2007, to be included in the company's dividend
distribution.

The Liquidator can be reached at:

         Chan Sek Kwan Rays
         Unit F, 12th Floor, Seabright Plaza
         9-23 Shell Street, North Point
         Hong Kong


MOULINEX FAR EAST: Liquidators Quit Posts
-----------------------------------------
On March 26, 2007, Alan C W Tang and Wong Kwok ceased to act as
liquidators of Man Moulinex Far East Limited.

The former Liquidators can be reached at:

         Alan C W Tang
         Wong Kwok Man
         Grant Thornton, Certified Public Accountants
         13th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road Central
         Hong Kong


OASIS CONSULTANTS: Proofs of Debt Due on May 5
----------------------------------------------
On March 28, 2007, Chan Chi Bor and Li Fat Chung were appointed
as liquidators of Oasis Consultants Limited.

The liquidators will be receiving proofs of debt from the
company's creditors until May 5, 2007.

The Liquidators can be reached at:

         Chan Chi Bor
         Li Fat Chung
         Unit 1202, 12th Floor
         Malaysia Building, No. 50
         Gloucester Road, Wanchai
         Hong Kong


PRICEWATERHOUSECOOPERS EXECUTIVE: Proofs of Debt Due on April 25
----------------------------------------------------------------
On March 24, 2007, the shareholders of Pricewaterhousecoopers
Executive Resources passed a resolution winding up the company's
operations.

Ying Hing Chiu and Chung Miu Yin, Diana, as the company's
liquidators, will be receiving proofs of debt from the company's
creditors until April 25, 2007.

The company's Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin Diana
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


SHING CHEONG: Wind-Up Petition Hearing Set for May 23
-----------------------------------------------------
A petition to wind up the operations of Shing Cheong
Construction Limited will be heard before the High Court of Hong
Kong on
May 23, 2007, at 9:30 a.m.

Gurung Chhatra Bahadur filed the petition on March 20, 2007.


SPEEDTEX GARMENT: Liquidators Quit Posts
----------------------------------------
Chiu Ming Chung Joe and So Kai Tong Stanley ceased to be the
liquidators of Speedtex Garment Factory Limited on April 4,
2007.

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on April 4, 2006, due to its
inability to pay its debts.

The former Liquidators can be reached at:

         Chiu Ming Chung Joe
         Room 1228, 12th Floor
         One Grand Tower
         639 Nathan Road
         Kowloon

         So Kai Tong Stanley
         1405, 14th Floor
         COSCO Tower
         183 Queen's Road Central
         Hong Kong


TSIT WING: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary general meeting held on March 28, 2007, the
members of Tsit Wing Investment Company, Limited decided to wind
up the company's operations.

Creditors are required to file their proofs of debt by May 4,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Sum Wai Ching, Helena
         S.B. Commercial Building, 19th Floor
         478 Nathan Road, Yau Ma Tei
         Kowloon


WAYRISE LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on March 28, 2007, the
members of Wayrise Limited resolved to voluntarily wind up the
company's operations.

Creditors are required to file their proofs of debt by May 7,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Chow Sheung Bing
         Keung Sai Tung
         7th Floor, San Toi Building
         139 Connaught Road Central
         Hong Kong


WELLFINE (HK): To Receive Proofs of Debt Until April 18
-------------------------------------------------------
Kenny King Ching Tam and Shum Lap Chi, liquidators of Wellfine
(HK) Limited, require the company's creditors to file their
proofs of debt by April 18, 2007.

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

The Liquidators can be reached at:

         Kenny King Ching Tam
         Shum Lap Chi
         Chun Wo Commercial Centre, 17th Floor
         23 Wing Wo Street, Central
         Hong Kong


WORLDFORD INDUSTRIES: Annual Meetings Set for April 17
------------------------------------------------------
The members and creditors of Worldford Industries Limited will
have their annual meetings on April 17, 2007, at 10:00 a.m. and
10:30 a.m., respectively.

The meetings will be held on the 7th Floor of Allied Kajima
Building at 138 Gloucester Road in Wanchai, Hong Kong.

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

Stephen Briscoe is the company's liquidator.


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

BRITISH AIRWAYS: CEO Discounts Rumors on bmi Acquisition Talks
--------------------------------------------------------------
William Walsh, chief executive officer of British Airways plc,
dismissed speculations that the carrier is in talks to acquire
smaller rival bmi, The Guardian reports.

Mr. Walsh told The Guardian that he has had no contact with bmi
Chairman Sir Michael Bishop, who holds a 50% stake in bmi.  

He emphasized that BA would not acquire bmi just to protect a
U.S. service, although it may consider a bid for the carrier if
it is up for sale.

"I have always said I would have no difficulty competing with
BMI on the transatlantic route.  I don't believe in closing off
threats like that," Mr. Walsh was quoted by The Guardian as
saying.

                     Iberia Lineas Takeover?

The chief executive also revealed that BA is not interested in
taking over Iberia Lineas Aereas de Espana SA as bilateral
treaties underpinning the latter's Latin American network would
prevent a non-Spanish carrier from acquiring or merging with the
airline.

As reported in the Troubled Company Reporter - Asia Pacific on
April 11, British Airways has decided to appoint UBS AG to
advise on how to use its 10% holding in Iberia Lineas Aereas de
Espana SA in the best interests of shareholders.

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

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

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

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

                      About British Airways

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

                        *     *     *

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

* Issuer: British Airways, Plc

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

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

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

In March 2007, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on British Airways PLC
remains on CreditWatch, with positive implications, following a
vote on March 22 by EU ministers approving a proposed "open
skies" aviation treaty with the U.S.


BRITISH AIRWAYS: Inks Boeing Engine Contract with Rolls-Royce
-------------------------------------------------------------
British Airways plc has chosen Rolls-Royce Trent engines to
power its four new Boeing 777-200ER aircraft that will be
delivered in 2009.

The airline has also signed a long-term maintenance agreement
with Rolls Royce for the engines.

This follows a competition between Rolls-Royce Trent and General
Electric GE90 engines.

The airline currently has 43 Boeing 777 aircraft in its fleet,
of which 16 are Boeing 777-200 ER aircraft powered by Rolls-
Royce Trent engines.  The remaining 777 aircraft have GE90
engines.

"This was a closely fought competition but in terms of cost and
ongoing maintenance support, Rolls-Royce came out in front,"
Robert Boyle, British Airways commercial director, said.  "Later
this year, we will place a major order for new longhaul aircraft
and both Roll-Royce and GE, along with the Engine Alliance, will
be competing to provide the engines for those aircraft."

As reported in the Troubled Company Reporter - Asia Pacific on
April 3, Boeing Commercial Airplanes and British Airways have
finalized an order for four Boeing 777-200ER jetliners valued at
more than US$800 million at list prices.  British Airways also
secured options for four additional 777-200ERs.  The airline
said it is using the 777s to expand its long-haul fleet.

                      About British Airways

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

                         *     *     *

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

* Issuer: British Airways, Plc

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

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

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

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


INDIAN OVERSEAS BANK: To Release FY2006-07 Financials by June 30
----------------------------------------------------------------
Indian Overseas Bank informed the Bombay Stock Exchange that it
will be publishing its audited results for the financial year
2006-2007 before June 30, 2007.

Hence, the bank is not publishing the unaudited results for the
last quarter ended March 31, 2007.

For the FY2005-2006, Indian Overseas Bank posted a net profit of
INR7.83 billion or INR14.38 per share.

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking  
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five
full-fledged branches overseas: two in Hong Kong, and one each
in Singapore, Seoul and Sri Lanka.  The Bank also had an
extension counter in Sri Lanka and a remittance center in
Singapore.

The bank carries Standard & Poor's Ratings Services' 'C' Bank
Fundamental Strength Rating.

Fitch gave the bank a 'D/E' Individual Rating on June 1, 2005.


INDUSTRIAL DEV'T. BANK: To Raise INR4,500 Crore Thru Omni Bonds
---------------------------------------------------------------
Industrial Development Bank of India Ltd's board of directors
has approved the bank's borrowing of up to INR4,500 crore by way
of private placement of IDBI Omni Bonds (Senior, Subordinated
Tier II and Subordinated Upper Tier II bonds) for FY 2007-08.

IDBI Trusteeship Services Ltd. and Investor Services of India
Ltd have been appointed as Trustees and Registrars for the
tranche issues to be made under the shelf offer document.

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

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

                          *     *     *

Fitch Ratings on April 3, 2007, affirmed IDBI's Individual
rating at 'C/D'.

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

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


INDUSTRIAL DEV'T. BANK: Board to Consider Financials on April 20
----------------------------------------------------------------
Industrial Development Bank of India Ltd informed the Bombay
Stock Exchange that its board of directors will hold a meeting
on April 20, 2007.

Among others, the board will be considering the audited
financial accounts of the bank for the quarter and financial
year ended March 31, 2007, during the meeting.

The board will also be considering the declaration of a
dividend, if any.

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

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

                          *     *     *

Fitch Ratings on April 3, 2007, affirmed IDBI's Individual
rating at 'C/D'.

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

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


INDUSTRIAL DEV'T. BANK: To Venture Into Mutual Fund & Insurance
---------------------------------------------------------------
Industrial Development Bank of India is planning to enter into
the mutual fund and insurance segment.

In that regard, IDBI will be filing an application with the
Reserve Bank of India in mid-2007 to launch its own mutual fund
and insurance business, The Hindu reports, citing V. P. Shetty,
company chairman and managing director.

According to The Hindu, Mr. Shetty expects the new venture to
take off by June or July.

"The insurance venture is in its final stages with the first
policy to be issued in two months from now and recruitment of
personnel is actively on," The Hindu quotes Mr. Shetty.  "We
expect to grow the insurance business to INR750 crore over the
next few years."

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

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

                          *     *     *

Fitch Ratings on April 3, 2007, affirmed IDBI's Individual
rating at 'C/D'.

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

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


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

ALCATEL-LUCENT: Fitch Withdraws Ratings
---------------------------------------
Fitch Ratings has affirmed Paris-based telecom equipment vendor
Alcatel-Lucent's ratings as:

      * Issuer Default 'BB' with a Stable Outlook,

      * Senior unsecured 'BB' and Short-term 'F2'

Fitch simultaneously has withdrawn the ratings.

Fitch will no longer provide ratings or analytical coverage on
the company.

                     About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


BANK INTERNASIONAL: Kookmin Bank Won't Buy More Shares
------------------------------------------------------
Korea's Kookmin Bank dismissed rumors that it might buy more
shares in PT Bank Internasional Indonesia Tbk from Singapore
state agency Temasek Holdings, Asia News reports.

According to the report, rumor has it that Temasek Holdings
might sell part of its stake in BII to Kookmin to comply with a
new rule that prohibits a single shareholder from controlling
more than one commercial bank in Indonesia.

Kookmin Bank owns 10.2% of Bank Internasional, the report adds.

                    About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other bankin
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on Feb. 6,
2007, that Moody's Investors Service changed the outlook for
Bank Internasional Indonesia Tbk's long-term credit ratings to
positive from stable.  The bank's short-term deposit rating
continues to carry a stable outlook while the BFSR remains on
review for possible upgrade.

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

Another TCR-AP report on Feb. 1, 2007, said that Fitch Ratings
affirmed all the ratings of Bank Internasional as: Long-term
foreign Issuer Default rating 'BB-', Short-term rating 'B',
National Long-term rating 'AA-(idn)'; Individual 'C/D', and  
Support '4'.  The Outlook for the ratings was revised to
Positive from Stable.


BANK MANDIRI: To Finance Building of Three Toll Road Sections
-------------------------------------------------------------
PT Bank Mandiri is set to provide credits for the construction
of three toll road sections, with one section to be part of the
Trans-Java Toll Road and the other one part of a non-Trans-Java
toll road, Antara News reports.

According to the report, there are a lot of foreign investors
who are interested in the turnpike construction.  The company
didn't elaborate.

                        About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is     
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

The Troubled Company Reporter - Asia Pacific reported on Feb. 6,
2007, that Moody's Investors Service revised the outlook to
positive from stable of PT Bank Mandiri's senior debt and
foreign currency long-term deposit ratings.  The bank's short-
term deposit rating and long-term subordinated debt rating
continue to carry Moody's stable outlook while the bank
financial strength remains on review for possible upgrade.

Moody's detailed ratings for Bank Mandiri are:

   -- senior/subordinated debt of Ba3/Ba3;

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

   -- bank financial strength of E+.

Fitch Ratings has affirmed all the ratings of Bank Mandiri as
follows:

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

   * Short-term rating 'B',

   * National Long-term rating 'AA(idn)',

   * Individual 'D', and

   * Support '4'.

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

The TCR-AP reported on March 12, 2007, that the Indonesian
government hopes that Bank Mandiri's non-performing loan ratio
can return to a normal level of below 5% this year after
reaching a peak of 26.66% in 2005.


FREEPORT-MCMORAN: Directors Invest on Company Stock
---------------------------------------------------
Freeport-McMoRan Copper & Gold Inc.'s directors are investing
millions dollars into the mining company's stock as the
company's shares and copper prices soared, The Wall Street
Journal reports.

According to the report, five board members bought more than
US$16 million worth of company shares last month before and
after Freeport-McMoRan completed its acquisition of Phelps Dodge
Corp.

The Journal relates that Robert A. Day bought 200,000 shares on
March 26 for US$63.86 a share.  Mr. Day bought 800,000 shares in
January and February for an average of US$55.56 a share.  Last
month, Vice Chairman B. M. Rankin Jr., Stephen H. Siegele, and
Gabrielle K. McDonald, also bought 50,000 shares, 10,000 shares
and 2,000 shares, respectively.

                       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.

                          *     *     *

The Troubled Company Reporter - Asia Pacific yesterday reported
that Fitch Ratings 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+.


GOODYEAR TIRE: Shareholders Re-Elect 11 Members to Board
--------------------------------------------------------
Goodyear Tire & Rubber Company's shareholders has re-elected 11
members of the company's Board of Directors.

The re-elected members are:

    * James C. Boland, vice chairman, Cavaliers Operating
      Company, LLC;

    * John G. Breen, former chairman of the board, The Sherwin-
      Williams Company;

    * William J. Hudson Jr., former president and chief
      operating officer, AMP Inc.;

    * Robert J, Keegan, chairman, chief executive officer and
      president, Goodyear;

    * Steven A. Minter, former president and executive director,
      The Cleveland Foundation;

    * Denise M. Morrison, senior vice president, Campbell USA
      Soup, Sauce and Beverage;

    * Rodney O'Neal, chief executive officer and president,
      Delphi Corporation;

    * Shirley D. Peterson, former partner, Steptoe & Johnson
      LLP;

    * G. Craig Sullivan, former chairman and chief executive
      officer, The Clorox Company;

    * Thomas H. Weidemeyer, former senior vice president and
      chief operating officer, United Parcel Service Inc.; and

    * Michael R. Wessel, president, The Wessel Group Inc.

The shareholders have approved PricewaterhouseCoopers LLP's
appointment as the company's independent registered public
accounting firm for 2007.

A shareholder proposal requesting the adoption of a simple
majority vote standard for all issues subject to shareholder
vote failed to receive a majority of votes outstanding.

In other business, shareholder proposals related to executive
compensation and retirement benefits failed to receive a
majority of votes outstanding.

            About The Goodyear Tire & Rubber Company

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 10, 2007, that Fitch Ratings affirmed ratings for:

   The Goodyear Tire & Rubber Company (GT):

     -- Issuer Default Rating (IDR) 'B';
     -- US$1.5 billion first-lien credit facility 'BB/RR1';
     -- US$1.2 billion second-lien term loan 'BB/RR1';
     -- US$300 million third-lien term loan 'B/RR4';
     -- US$650 million third-lien senior secured notes 'B/RR4';
     -- Senior unsecured debt 'CCC+/RR6'.

   Goodyear Dunlop Tires Europe B.V. (GDTE)

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

Fitch also revised the Rating Outlook to Positive from Stable.

Standard & Poor's Ratings Services assigned various ratings to
Goodyear Tire & Rubber Co.'s proposed bank financings.  At the
same time, S&P assigned a recovery rating to the existing US$650
million senior secured notes.  S&P will withdraw the ratings on
the existing bank facilities that are being refinanced upon
closing of the new facilities.

The corporate credit rating on Goodyear is B+/Positive/B-2.  The
ratings on the Akron, Ohio-based company reflect its aggressive
financial risk profile, characterized by low earnings in North
America, a leveraged capital structure, and significant, albeit
declining, underfunded employee benefit liabilities.  These
factors more than offset the company's business strengths,
including its position as one of the three largest global tire
manufacturers, its good geographic diversity, its strong
distribution, and its well-recognized brand name.

                           Ratings List

Goodyear Tire & Rubber Co.
   Corp. credit rating                          B+/Positive/B-2

                        Ratings Assigned

Goodyear Tire & Rubber Co.

   US$1.5 billion asset-backed rev.
   credit facility                                BB
   Recovery rating                                1

   US$1.2 billion second-lien term loan           B+
   Recovery rating                                2

   US$650 million senior secured notes
   Recovery rating                                5

Goodyear Dunlop Tires Europe B.V.  

   EUR350 million revolving credit facility       BB-
   Recovery rating                                1

Goodyear Dunlop Tires Germany GmbH

   EUR155 million revolving credit facility       BB-
   Recovery rating                                1

TCR-AP reported on March 30, 2007, that Moody's Investors
Service affirmed Goodyear Tire & Rubber Company's Corporate
Family Rating of B1 but raised the outlook to positive.

In addition, a Ba1 rating was assigned to Goodyear's new
US$1.5 billion first lien revolving credit facility and a Ba2
rating was assigned to the company's new US$1.2 billion second
lien term loan.  At the same time, a Ba1 rating was assigned to
Goodyear Dunlop Tyres Europe's new first lien credit facilities
for EUR505 million (approximately US$650 million).  The
Speculative Grade Liquidity rating of SGL-2 was also affirmed.
Amounts being refinanced are identical to current facilities,
relative priorities are unchanged, but maturity profiles have
been extended under improved terms.


NORTEL NETWORKS: Names Jeff Townley as Chief Procurement Officer
----------------------------------------------------------------
Nortel Networks Corporation President and Chief Executive
Officer Mike Zafirovski disclosed Jeff Townley's appointment as
Chief Procurement Officer.

Mr. Townley, whose appointment is effective immediately, will
report to Joel Hackney, senior vice president, Global Operations
and Quality.  Mr. Townley will relocate to China and manage all
of Nortel's supplier relationships as well as all of Nortel's
annual purchases.

"Nortel continues to strengthen the Company's leadership team,
ensuring that we have world-class individuals with global
business experience to drive our business forward," said Mr.
Hackney. "Jeff Townley brings decades of solid Nortel experience
and performance to this role.  He is the right person to drive
our success in this critical position. Unwavering focus on
supply chain excellence supports our larger objective of
building Global Operations into a competitive advantage for
Nortel."

Mr. Townley assumes the Chief Procurement Officer role from John
Haydon, who recently was named vice president and general
manager, Network Partner Solutions, Global Services.  A proven
innovator and well respected within Nortel's supplier community,
Mr. Townley brings 24 years of experience at Nortel to his new
position.  He has served in various capacities of increasing
responsibility at Nortel including senior management positions
across the Operations function.  Most recently, he was leader of
the Business Transformation Strategic Procurement team.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology  
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including the
United Kingdom, Denmark, Russia, Norway, Australia, Brazil,
China, Singapore, among others.

                          *     *     *

In March 2007, Moody's Investors Service affirmed Nortel
Networks' existing ratings, including its B3 corporate family
rating, and assigned a B3 rating to the proposed US$1 billion
convertible senior unsecured notes offering.  Proceeds of the
offering will be used to refinance a portion of the US$1.8
billion in 4.25% convertible notes due in 2008 when they become
payable at par.  Moody's said the outlook remains stable.

Standard & Poor's Ratings Services also assigned its 'B-' debt
rating to Canada-based Nortel Networks Corp.'s proposed US$1
billion senior unsecured convertible notes, which will consist
of two tranches of US$500 million, maturing in 2012 and 2014,
respectively.

Proceeds from the convertible notes will be used to partially
refinance NNC's US$1.8 billion senior unsecured convertible
notes due Sept. 1, 2008, and therefore the overall debt level is
not expected to change.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on 100%-owned Canada-based
subsidiary, Nortel Networks Ltd.  At the same time, the ratings
on the US$200 million notes of NNL and the US$150 million notes
of Nortel Networks Capital Corp. were lowered to 'CCC' from
'B-'.  NNC, NNL, and the U.S.-based subsidiary, Nortel Networks
Inc., are collectively referred to as Nortel.

S&P said the outlook on NNL is stable.

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  DBRS says all trends are stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares


NUTRO: Moody's Placed Ratings on Review for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the ratings of Nutro Products, Inc., including the
corporate family rating of B2.  

This review action is based on Moody's concern that the widening
recall of wet pet foods produced by Nutro's third party
manufacturer Menu Foods and Nutro's concurrent recall of all
Nutro wet pet foods made with wheat gluten will negatively
impact sales and profitability of highly leveraged Nutro,
delaying Moody's previously anticipated reduction in leverage
beyond the end of fiscal 2007.  LGD assessments are also subject
to change.

Ratings under review for possible downgrade:

   * Corporate family rating at B2

   * Probability of default rating at B2

   * Senior secured bank term loan at Ba3

   * Senior secured bank revolving credit agreement at Ba3

   * Senior unsecured notes at B3

   * Senior subordinated notes at Caa1

On March 16, 2007, Nutro revealed its voluntary participation in
a recall by third party manufacturer Menu Foods.  The recall at
that time was limited to cuts and gravy style pet food in cans
and pouches manufactured between December 3, 2006 and March 6,
2007.  Nutro's sales of the recalled product made during that
production period was approximately US$7.6 million, a very small
portion of Nutro's annual sales.  On April 10th, however, Menu
Foods expanded its recall to include additional wet pet foods
suspected of containing melamine from Chinese supplied wheat
gluten.  As a result, Nutro widened its own recall to all Nutro
wet pouched and canned foods made with wheat gluten, regardless
of production date.  Moody's notes that Nutro's dry pet foods --
over 90% of annual sales -- are not produced by Menu Foods, do
not contain wheat gluten and are unaffected by the recall.
Moody's is concerned that consumers may slightly shift their
premium pet food purchases to organic products in the wake of
the recall and that Nutro may have few near term options to
replace the wet food manufacturing done by Menu Foods.  Any such
disruption could delay the reduction in debt to EBITDA to the 6
times level previously anticipated by Moody's to be achieved by
the end of fiscal 2007.  This expectation of 6 times leverage by
that date is a key factor in Nutro's ratings.

Moody's review will focus on the impact of the recall on Nutro's
sales and profitability, the extent to which insurance might
cover any costs or liabilities, the company's liquidity, and the
impact on operating efficiency and product delivery of changes,
if any, in Nutro's sourcing of wet canned and pouched products.

                       About Nutro Products

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


MEDCO ENERGI: To Start New Ethanol Plant This Year
--------------------------------------------------
PT Medco Energi Internasional Tbk will start a US$45 million
ethanol plant this year, which will produce 180,000 liters per
day and use cassava as a feedstock, Reuters reports.

According to the report, bio-ethanol production from the Lampung
plant will be exported to Japan and the European Union.

Medco plans to build five more biofuel plants within four years
and is currently studying the feedstock, the report adds.

                        About Medco Energi

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

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


PERTAMINA: Profits Decrease Due to Unleaded Petrol Production
-------------------------------------------------------------
PT Pertamina (Persero)'s profits decreased since it started to
produce Premium-88, unleaded petrol, on national scale, Tempo
Interactive reports.

Losses amount to US$11 million per month, according to the
report.

Tempo Interactive relates that the company's board of directors
and board of commissioners are aware of the current situation.

Pertamina is producing Premium unleaded petrol to help reduce
high air pollution rate, the report says.  

                           PT Pertamina

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

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

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

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


TELKOM INDONESIA: Posts Unaudited Net Profit of IDR10.9 Trillion
----------------------------------------------------------------
Indonesia's finance ministry estimated that PT Telekomunikasi
Indonesia Tbk posted an unaudited net profit of IDR10.9 trillion
in 2006, Reuters reports.

Analysts had forecast IDR12.23 trillion, the report adds.

                    About Telkom Indonesia

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

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

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

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


TELKOMSEL: Signs 3 Million New Users in First Quarter
-----------------------------------------------------
PT Telekomunikasi Selular Indonesia signed on about 3 million
new users in the first quarter on track of its target of 9.5
million new users this year, Reuters reports.

According to the report, the company's customers reached 38
million by the end of the first quarter, with 95% as prepaid
customers.

                          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: To Phase Out 747-400s Within Three Years
----------------------------------------------------
All Nippon Airways is preparing to phase out Boeing 747-400s
from its long-haul fleet within three years, according to
Brendan Sobie of Flight International.

Flight International relates that the company has 23 747-400s
and operates most of these on domestic routes.

Mr. Sobie reports that the airline is switching to the new
Boeing 777-300ERs.  It currently operates eight 777-300ERs and
has another nine on order.

ANA executive vice-president international relations Katsuhiko
Kitabayashi told Flight International that all the domestic 747-
400s will also eventually be replaced.

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.


NIKKO CORDIAL: Mizuho & 3 Other Lenders Will Help Fund Takeover
---------------------------------------------------------------
The Wall Street Journal reports, citing a person familiar with
the matter, that Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi
UFJ, Sumitomo Mitsui Banking Corp. and Citigroup's Citibank are
preparing to form a credit line of as much as JPY1.7 trillion
with an option for an additional JPY300 billion to help
Citigroup buy Nikko Cordial.

The Troubled Company Reporter - Asia Pacific reported earlier
this week that Citigroup confirmed it had secured financing but
declined to say how much.  Citigroup stated that the credit line
will help it better match the currency requirements of its
takeover bid.  

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

                          *     *     *

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

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

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

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


SANYO ELECTRIC: To Book JPY2 Billion Loss From Battery Recall
-------------------------------------------------------------
Sanyo Electric Co Ltd will book a loss of JPY2.04 billion or
US$17 million in its earnings for the year ended March 31, 2007,
related to the recall of mobile phone batteries, according to
Reuters.

As reported in the Troubled Company Reporter on Dec. 12, 2006,
NTT DoCoMo Inc. recalled some 1.3 million batteries made by
Sanyo Electric, which are used in Mitsubishi Electric Corp's
handsets.  The recall was prompted by fears that the lithium ion
batteries installed in Mitsubishi's FOMA D902i phones may
overheat and rupture.

Reuters recounts that Sanyo forecast in January a net loss of
US$419.8 million on sales of US$18.4 billion.  The company has
no plan to revise its earnings estimates for the year ended
March 31, Reuters reports.

                    About Sanyo Electric

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

                          *     *     *

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

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


SOFTBANK CORP: To Give Cash to Child-Bearing Employees
------------------------------------------------------
Softbank Corp., according to Reuters, plans to award its
employees JPY50,000 or US$425 when they have their first child
and JPY100,000 for their second.  The more children produced,
the bigger the cash incentives.  By their fifth child, employees
will receive JPY5 million.

Softbank, like other Japanese companies, hopes to help the
country overcome its skewed demography, Reuters relates.  In
2055, the report continues, Japan's population of people aged 14
or under is expected to drop to 8% raising concerns of a
pensions crisis, a labor crunch, and damage to the country's
long-term economic growth potential.  At present, 20% of the
country's population is composed of people aged 65 or older.

Reuters adds that Softbank will also allow staff to work shorter
hours and take more days off while their children are growing
up.    

Makiko Ariyama, the company's spokeswoman, told Reuters they
want to prevent female employees from leaving the company once
they have children.    

                About Softbank Corporation

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese    
telecommunications and media corporation, with operations in
broadband, fixed-line telecommunications, e-Commerce, Internet,
broadmedia, technology services, finance, media and marketing,
and other businesses.  SoftBank was established on September 3,
1981, and had a market capitalization of approximately
US$32.8 billion at February 28, 2006.

SoftBank's corporate profile includes various other companies
such as Japanese broadband company Cable & Wireless IDC, cable
company BB-Serve, and gaming company GungHo Online
Entertainment.  On March 17, 2006, SoftBank announced its
agreement to buy Vodafone Japan, giving it a stake in Japan's
US$78 billion mobile market.

                          *     *     *

According to the Troubled Company Reporter - Asia Pacific on
April 18, 2006, Standard & Poor's Rating Services agency
affirmed its 'BB-' long-term corporate credit rating on the
company, with negative implications.

Moody's Investors Service had, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2 from Ba3, concluding a review initiated on March 17,
2006, when the company announced that it would acquire a 97.7%
stake in mobile phone giant Vodafone Group's Japanese unit,
Vodafone K. K.


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

EG GREENTECH: Buys Network Live for KRW8.51 Million
---------------------------------------------------
EG Greentech has acquired a 95% equity stake or 1,140,000
ordinary shares of Network Live for KRW8.51 million, Reuters
reports.

The transaction is expected to be settled today, April 13, 2007.

                          *     *     *

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--  
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment.  Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007 that EG Greentech had a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


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

PAXELENT CORP: Petitioner Withdraws Wind-Up Bid Against Unit
------------------------------------------------------------
CSA-MSC Sdn Bhd has withdrawn a wind-up petition against
Paxelent Corp. Bhd's subsidiary, Konsortium Multimedia Swasta
Sdn. Bhd.

On April 9, 2007, the Troubled Company Reporter - Asia Pacific
reported that Mass Media Interactive Sdn Bhd, an 87.74%-owned
subsidiary company of Paxelent Corp Bhd, entered into a share
sale agreement to acquire 30% of Konsortium Multimedia from
CSA-MSC for MYR2,500,000.

CSA-MSC agreed to withdraw its wind-up petition against
Konsortium with the Kuala Lumpur High Court without order as to
cost.  CSA-MSC also agreed to waive Konsortium's MYR2,828,030
debt.

As reported by the TCR-AP on Nov. 2, 2006, Paxelent Corp.'s
subsidiaries, Mass Media Interactive and Konsortium Multimedia,
received:

   -- an unsealed members' wind-up petition against Konsortium
      Multimedia; and

   -- an unsealed Notice of Motion for an appointment of a
      provisional liquidator over Konsortium Multimedia.

CSA said it applied for the wind up of Konsortium Multimedia on
just and equitable grounds claiming that there is a deadlock and
lack of probity in Konsortium's management.  No monetary sum was
claimed.

                          *     *     *

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, and marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

As reported in the Troubled Company Reporter on May 12, 2006,
Paxelent Corporation has defaulted on its loan payments totaling
MYR47,619,040.  The default occurred since Paxelent has been
experiencing financial difficulties and the cash flow of its
operating subsidiaries is not sufficient to meet their working
capital requirements.

The Company is actively pursuing various restructuring schemes
to address these default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


PAXELENT CORP: Russell Bedford LC Raises Going Concern Doubt
------------------------------------------------------------
Russell Bedford LC & Company raised substantial doubt on
Paxelent Corp. Bhd's ability to continue as a going concern
after auditing its consolidated financial statements as of
Dec. 31, 2006.

The auditing firm pointed to the group and company's net current
liabilities of MYR39,226,000 and MYR82,894,000 respectively.  In
addition, both the group and the company have capital
deficiencies of MYR18,259,000 and MYR29,142,000 respectively.  
Russell Bedford LC notes that the company has not met the
scheduled repayment obligations of the settlement agreements
with several financial institutions arising from the
crystallization of corporate guarantees in respect of the
wind-up of its former subsidiaries.

Paxelent's balance sheet as of Dec. 31, 2006, showed a
shareholders' deficit of MYR15,913,000 arising from total
liabilities of MYR46,423,000 and total assets of MYR30,510,000.

In addition, as of Dec. 31, the company was illiquid with
current assets of MYR22,888,000 available to pay current
liabilities of MYR62,335,000.

In the fourth quarter ended Dec. 31, 2006, Paxelent incurred a
net loss after taxation of MYR18.62 million on MYR2.74 million
of revenues as compared with a net profit of MYR20.65 million on
MYR16.81 million of revenues in the same quarter in 2005.

                          *     *     *

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, and marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

As reported in the Troubled Company Reporter on May 12, 2006,
Paxelent Corporation has defaulted on its loan payments totaling
MYR47,619,040.  The default occurred since Paxelent has been
experiencing financial difficulties and the cash flow of its
operating subsidiaries is not sufficient to meet their working
capital requirements.

The Company is actively pursuing various restructuring schemes
to address these default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


PAXELENT CORP: Discloses Proposals Under Reform Plan
----------------------------------------------------
Paxelent Corp Bhd presented these proposals under the company's
reform plan to the Bursa Malaysia Securities:

    (i) Proposed Capital Reorganization
   (ii) Proposed Debt Settlements
  (iii) Proposed Acquisitions
   (iv) Proposed Restricted Issue
    (v) Proposed Offer for Sale
   (vi) Proposed Existing ESOS Termination
  (vii) Proposed New ESOS
(viii) Proposed Amendments to M&A

Capital Reorganization:

The company proposes a reduction of MYR0.80 in each existing
issued and fully paid-up ordinary share of MYR1.00 each and
proposed reduction of its entire share premium account.

Debt Settlement:  

Paxelent proposes a debt settlement with its creditors through:

   -- settlement of United States Dollar and Singapore Dollar
      denominated debts between the company and its FI Creditors
      by way of cash settlement of approximately foreign
      currency equivalent of MYR3,242,948 and an issuance of
      25,000,000 new ordinary shares of MYR0.20 each as full and
      final settlement of the total outstanding amount owed to
      the FI Creditors; and

   -- settlement of Singapore Dollar denominated debts between
      Paxelent, Mass Media Interactive Sdn Bhd (a 87.74%-owned
      subsidiary of PCB) and Goldtron Limited by way of an
      issuance of 3,816,000 new Shares as full and final
      settlement of the total outstanding amount owing by Mass
      Media Interactive to Goldtron Limited.

Proposed Acquisitions:

   -- Increase of PCB's effective equity interest in Konsortium
      Multimedia (KOMMS) from 52.64% to 83.24% through:

      * proposed acquisition by Mass Media Interactive of a 30%
        equity interest in KOMMS from CSA-MSC Sdn Bhd for a cash
        consideration of RM2,500,000;

      * proposed acquisition by PCB of approximately 3.39% and
        1.36% equity interest in Mass Media Interactive from
        Apex Technologies Limited and Wang Ya Na, respectively,
        for a total purchase consideration of MYR459,953.50 to
        be satisfied by the issuance of 1,642,700 new Shares to
        Apex and cash payment of MYR131,413.50 to Wang Ya Na.

   -- proposed acquisition by PCB of 20% equity interest in
      Dynamar Taiwan Co. Ltd and Dynamar Computer Products (Hong
      Kong) Limited respectively from Goldtron (the ultimate
      holding company of Dynamar Holdings Pte Ltd) for a
      purchase consideration of MYR7,352,160 to be satisfied by
      the issuance of 36,760,800 new PCB Shares;

Proposed Restricted Issue:

The company proposes to implement a restricted issue of
60,613,000 new PCB Shares together with 30,606,500 free
detachable warrants to I-Twohearts.com Sdn Bhd, a substantial
shareholder of the company, and to Taipan Equity Sdn Bhd at an
issue price of MYR0.20 per New Share.

Proposed Offer for Sale:

Paxelent proposes an offer for sale by I-Twohearts and Taipan
Equity of rights to allotment of 46,112,950 PCB Shares together
with 23,056,475 free detachable warrants to all other PCB
shareholders except for I-Twohearts on a renounceable rights
basis at an offer price of MYR0.20 per Offer Share;

The company also proposes to terminate the existing employee
share option scheme and will establish a new executive share
option scheme.  Accordingly, the company also proposed to amend
its Memorandum and Articles of Association to accommodate the
new proposals.

                          *     *     *

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, and marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

As reported in the Troubled Company Reporter on May 12, 2006,
Paxelent Corporation has defaulted on its loan payments totaling
MYR47,619,040.  The default occurred since Paxelent has been
experiencing financial difficulties and the cash flow of its
operating subsidiaries is not sufficient to meet their working
capital requirements.

The Company is actively pursuing various restructuring schemes
to address these default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


PROTON HOLDINGS: Saudi Firm Keen to Make Proton Cars in Mid-East
----------------------------------------------------------------
A private Saudi-based company, Malaysian Centre, plans to set up
an assembly line in Saudi Arabia for Proton cars, Business Times
notes citing a report from Bernama News.

In a recent meeting of the members of the business community of
Malaysia and Middle East countries, Bernama quoted Dr. Rashid
Osman Joher, project manager of the Saudi firm, as saying that
they will be negotiating to set up the assembly line in Damman.

Dr. Rashid told the paper his company hopes to sell at least
2,000 Proton cars in the Middle East initially and 5,000 units
within the next three years.

According to the report, Malaysian Centre is part of the
Al-Qabba Group and it currently promotes and markets Malaysian
products in the Middle East such as electrical items, furniture,
information and communications technology services and
construction materials through its branches in Mecca, Riyadh and
Jeddah.

                          *     *     *

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

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

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


STAR CRUISES: S&P Affirms Long-Term Credit Rating at BB-
--------------------------------------------------------
Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications.

The ratings were placed on CreditWatch on Dec. 11, 2006,
following the announcement that Genting International PLC had
won its SD$5.2 billion bid to build Singapore's second
integrated resort on Sentosa Island.

Although there has been more clarity on the funding mix of the
Sentosa IR project after that announcement, as well as further
developments related to the Macau hotel and casino project first
announced in January 2007, Standard & Poor's remains concerned
about the much higher leverage positions expected over the near
term, before any incoming projected cash flows from its Sentosa
IR by 2010.

"Standard & Poor's expects to resolve the CreditWatch after
completion of its full assessment of the operating and financial
plans of the Genting group on its capital structure, in
particular its Sentosa IR project, as well as the group's other
key segments such as its power, oil and gas, and plantation
businesses," said Standard & Poor's credit analyst Adrian Chee.

At the same time, greater clarity on the finalized sources and
details on the company's debt financing plans would be needed.  
Genting effectively owns about 54.7% of Genting International
and 18.0% of Star Cruises as at March 31, 2007.  NCL is a
subsidiary of Star Cruises.  The Sentosa IR is expected to cover
a 49-hectare site that will include a Universal Studios theme
park.  The resort is expected to be completed by 2010.

                          *     *     *

Star Cruises Limited -- http://www.starcruises.com/-- is a  
Company publicly listed in Hong Kong and is a core member of the
Genting Group and 36.1% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.

Star Cruises operates 22 ships with 35,000 lower berths under
five main brands:  Star Cruises and Cruise Ferries, which
service Asia Pacific, and three brands under NCL.  The company
also has operations in Malaysia.

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

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


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

HERITAGE GOLD: Signs Joint Venture Pact for Uranium Exploration
---------------------------------------------------------------
Heritage Gold NZ Limited has completed its due diligence on the
Dunmarra Basin uranium exploration projects and has decided to
proceed with an agreement to enter into a joint venture to
explore the area, the company disclosed on April 12, 2007, in a
regulatory filing with the New Zealand Stock Exchange.

On March 12, Heritage Gold said it signed a binding Heads of
Agreement, subject to due diligence, in relation to an offer to
enter a joint venture to explore for uranium in the Dunmarra
Basin of the Northern Territory.

Pursuant to the terms of the agreement, Heritage Gold will pay
AU$10,000 to the license applicants before the end of the 30th
day due diligence period.  The company will pay out AU$2 million
over three years from the granting of the licenses in exchange
for a right to earn up to 50% interest in the tenements.  It may
increase its interest to 75% upon the expenditure of an
additional AU$2 million, depending on the election of the
vendors to contribute or dilute.

The tenement numbers are Exploration License Application 25871
covering 377 sq. km., ELA 25872 covering 460 sq. km., and ELA
25921 covering 419 sq. km.  The license areas are considered
prospective for sandstone-hosted and roll front uranium
mineralisation.

The due diligence process constituted investigations conducted
by the independent expert, Eaglehawk Geological Consulting Pty
Ltd.  From its analysis, Eaglehawk Geological concluded that
considerable potential exists for the discovery of economic
deposits in that part of the Northern Territory.

"The due diligence has confirmed our view of the Dunmarra Basin
opportunity," Heritage Chairman Geoffrey Hill says.  "It appears
to be a significant but overlooked geological environment that
could host valuable uranium resources."

The completion of due diligence means Heritage Gold will issue
2.5 million of fully paid ordinary shares to license applicant
RM & Co Nominees Pty Ltd.  The company will further issue 2.5
million fully paid ordinary shares on granting of the licenses.  
The minimum expenditure commitment of the company is AU$100,000.

Heritage plans to place up to 20 million shares at a price of
A3.5 cents for each fully paid ordinary share to advance further
exploration in the projects, and for additional working capital.

The placement will be managed by Montagu Stockbrokers of Perth
for a fee of 5% of funds raised.

Heritage disclosed that the opportunity to enter into the joint
venture was introduced by Far East Capital Limited, mining
investment experts based in Sydney, Australia through its
chairman Warwick Grigor.  In consideration for the introduction
Heritage will issue 3,000,000 options to FEC or its nominee to
acquire 3,000,000 ordinary shares in the company.  The options
will have an exercise price of A3.5 cents, exercisable over a
period of two years from the date of issue.

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

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


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

MIRANT CORPORATION: Board Exploring Strategic Alternatives
----------------------------------------------------------
Mirant Corporation's board of directors has decided to explore
strategic alternatives to enhance stockholder value.

The company has made significant progress in implementing the
program it disclosed in July and August 2006 to sell its
Philippine business and six U.S. natural gas-fired plants, which
are expected to close in the second quarter of 2007, and its
Caribbean business, which is expected to close in mid-2007.  

In light of the status of the disposition program, the board
will consider in the exploration process whether the interests
of stockholders would be best served by returning excess cash
from the sale proceeds to stockholders, with the company
continuing to operate its retained businesses or, alternatively,
whether greater stockholder value would be achieved by entering
into a transaction with another company, including a sale of the
company in its entirety.  The company does not expect to
consider making an acquisition as part of this exploration
process.  

JPMorgan will serve as the financial advisor in this process.

"The company is commencing this exploration of alternatives in
order to provide its stockholders with the greatest possible
value," Edward R. Muller, chairman and chief executive officer,
said.

At this time, there can be no assurance that any transaction
will be pursued, other than the dispositions that Mirant has
taken, or that any transaction that is pursued would be
consummated.  The company does not intend to disclose
developments with respect to the exploration of strategic
alternatives unless and until its board of directors has
completed its evaluation or approved a specific transaction.  As
a result of this information, the company will not provide
earnings guidance during the exploration process.

The company also noted that Mirant's certificate of
incorporation contains in Article 17 certain transfer
restrictions that are intended to preserve the value of the
company's substantial tax loss carryforwards.  These
restrictions apply when holders of 5% or more of the company's
stock own in the aggregate at least 35% of the company's stock.  
When these provisions apply, persons holding 5% or more of the
company's stock cannot acquire additional stock, and persons
holding less than 5% of the company's stock cannot become 5%
holders.  

Currently, much as 26% of the company's stock is held by or
committed to holders of more than 5% of the company's stock.  As
of Feb. 28, 2007, the number of outstanding shares of Mirant
common stock to be taken into account for purposes of
calculating ownership under Article 17 was 256 million.

The company has filed a Current Report on Form 8-K with the
United States Securities and Exchange Commission that contains
additional information about its tax position.  Copies of
Mirant's certificate of incorporation are available on the
company's Web site or at http://ResearchArchives.com/t/s?1ce2

                     About Mirant Corporation

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

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


* Country's End-March Reserves Hit Record High at US$24.7 Bil.
--------------------------------------------------------------
The Philippines' gross international reserves hit another record
high at US$24.7 billion as of end-March 2007, up by US$0.2
billion from the end-February 2007 level of US$24.5 billion.  

The increase in reserves was due mainly to the National
Government's deposit of the program loan proceeds from Japan
Bank for International Cooperation, as well as the BSP's foreign
exchange operations and income from investments abroad.  The
build-up in GIR was achieved even as the BSP serviced its own
debt and those of the NG, as well as prepaid its term loan
facility (US$675 million) originally maturing in September 2007.  
Without this prepayment, the GIR level as of end-March 2007
would have breached the US$25.0 billion mark.

In terms of reserve adequacy, the end-March 2007 GIR level could
cover about 4.6 months of imports of goods and payments of
services and income.  This level is also equivalent to 4.9 times
the country's short-term external debt based on original
maturity and 2.7 times based on residual maturity.1

Net international reserves, including revaluation of reserve
assets and reserve-related liabilities, likewise rose to US$24.7
billion from the end-February 2007 level of US$24.5 billion.  
NIR refers to the difference between the BSP's GIR and total
short-term liabilities.

                          *     *     *

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

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

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

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


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

ADVANCED SYSTEMS: Annual General Meeting Set for Aril 24
--------------------------------------------------------
Advanced Systems Automation Limited revealed that its 21st
Annual General Meeting will be held at Block 25 Kallang Avenue,
#06-01 Kallang Basin Industrial Estate, Singapore 339416 on
April 24, 2007, at 10.00 a.m. to take up:

   (a) Ordinary Business Matters:

       * To receive and adopt the Directors' Report and Accounts
         for the period ended December 31, 2006, together with
         the Auditors' Report.

       * To re-elect Dato Michael Loh Soon Gnee, a Director,
         retiring by rotation under Article 105.

       * To approve the Directors' Fees of US$76,179 for the
         financial period from April 1, 2006, to Dec. 31, 2006.

       * To appoint Auditors and to authorize the Directors to
         fix their remuneration.

   (b) Special Business Matters:

       * To consider and, if thought fit, to pass with or
         without amendments Ordinary and Special
         Resolutions related to authority to issue shares,
         authority to allot and issue shares pursuant to ASA
         Share Option Scheme, and proposed amendments to the
         memorandum and articles of association.

       * To transact any other business of an Annual General
         Meeting of which due notice will have been given.

                About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg/--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry.  The
company's subsidiaries include Avalon Technology Pte. Ltd.;
Microfits Pte. Ltd.; Beijing Microfits Precision Electronics
Engineering Co., Ltd. and Beijing Advanced Precision Electronics
Engineering Co., Ltd., both of which are engaged in the
manufacture of precision tools, dies and moulds; Acetech
Solutions Ltd.; Advanced Systems Automation, Inc., and Advanced
Systems Automation (Europe) Limited, which is engaged in the
sale and provision of services to the European semiconductor
manufacturing market.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, auditors Ernst & Young reported in the company's
Annual Report that, "The group has incurred significant losses
and has been experiencing severe cash shortage in the past four
financial years.  The group incurred a net loss of SGD3.4
million for the financial year ended March 31, 2006, and the
group's and the company's current liabilities exceeded current
assets by SGD20.9 million and SGD22.9 million respectively.  As
of March 31, 2006, the group and the company were in net
shareholders' deficit positions of SGD13.8 million and SGD11.2
million respectively.  These matters described above indicate
the existence of a material uncertainty, which may cast
significant doubt about the group and company's ability to
continue as going concerns."

Ernst and Young adds that the ability of the group and the
company to continue as going concern is dependent on the
company's completion of the proposed renounceable rights issue,
disposal of non-core assets and business restructuring.


LEVI STRAUSS: Earns US$87 Million in Quarter Ended February 25
--------------------------------------------------------------
Levi Strauss & Co. reported financial results for the first
quarter ended Feb. 25, 2007, and filed its first quarter 2007
Form 10-Q with the United States Securities and Exchange
Commission.

First quarter results reflect continued improvements in the
company's key operating measures, including net revenues and net
income.

Net revenues for the first quarter were US$1,037 million
compared to US$968 million for the same quarter in 2006, a 7%
increase.  Net revenues grew in each of the company's three
regions.  The increase primarily reflects growth in the
Levi's(R) brand across all regions due to a higher proportion of
premium-priced product sales, strong growth in emerging markets
and additional brand-dedicated retail stores.  Net revenues also
benefited from favorable currency exchange rates.

Net income for the first quarter increased 61 percent to US$87
million compared to US$54 million in the same quarter of 2006.  
The improvement reflects an 11 percent increase in operating
income, mostly driven by a US$25 million benefit-plan
curtailment gain related to the closure of a U.S. distribution
center, lower interest expense and a lower effective tax rate,
partially offset by higher restructuring expenses.

"We're off to a good start this year," said John Anderson, chief
executive officer.  "Our sales grew for the second consecutive
quarter, reflecting a broad-based improvement worldwide.  Our
premium products are doing well with consumers in many markets.  
At the same time, some businesses, including Japan and the U.S.
Levi Strauss Signature(R) brand, need considerable improvement.  
Overall, we made very good progress in the quarter."

                      About Levi Strauss

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a  
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.

The company's global divisions are based in Singapore, San
Francisco, and Brussels.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Mar. 6, 2007, Fitch affirmed the ratings on Levi Strauss & Co.
as:

   -- Issuer Default Rating 'B';
   -- US$650 million asset-based loan 'BB/RR1'; and
   -- US$1.8 billion unsecured notes 'BB-/RR2'.

Fitch also expects to rate Levi's new senior unsecured term loan
'BB-/RR2'.  The Rating Outlook is Positive.

Moody's Investors Service confirmed the company's B2 Corporate
Family Rating and its B3 rating on the company's various senior
unsecured notes.  Additionally, Moody's assigned an LGD5 rating
to those bonds, suggesting noteholders will experience a 59%
loss in the event of a default.


LEVI STRAUSS: S&P Rates Proposed US$325 Million Senior Loan at B
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
apparel marketer and distributor Levi Strauss & Co.'s proposed
US$325 million senior unsecured term loan due 2014.

Proceeds from the term loan, along with cash on hand, will be
used to retire or fully call the existing US$380 million
floating rate notes due April 2012.

At the same time, Standard & Poor's said it raised all of its
ratings on the San Francisco-based company by one notch,
including raising its 'B-' long-term corporate credit rating to
'B'.  

The outlook is positive.

"The rating upgrade incorporates the company's continued
improved operating performance and enhanced liquidity profile,
its increased financial flexibility from its proposed
refinancing, and our expectation that the positive operating
trends will continue," said Standard & Poor's credit analyst
Susan Ding.

The ratings on Levi Strauss & Co. reflect its leveraged
financial profile and participation in the intensely competitive
denim and casual pants market.  The ratings also incorporate the
inherent fashion risk in the apparel industry, and company-
specific rating concerns, including management's ability to
fully turn around the company, revitalize its brands, and
sustain its revenue base.

                      About Levi Strauss

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a  
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.

The company's global divisions are based in Singapore, San
Francisco, and Brussels.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Mar. 6, 2007, Fitch affirmed the ratings on Levi Strauss & Co.
as:

   -- Issuer Default Rating 'B';
   -- US$650 million asset-based loan 'BB/RR1'; and
   -- US$1.8 billion unsecured notes 'BB-/RR2'.

Fitch also expects to rate Levi's new senior unsecured term loan
'BB-/RR2'.  The Rating Outlook is Positive.

Moody's Investors Service confirmed the company's B2 Corporate
Family Rating and its B3 rating on the company's various senior
unsecured notes.  Additionally, Moody's assigned an LGD5 rating
to those bonds, suggesting noteholders will experience a 59%
loss in the event of a default.


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

THAI-GERMAN PRODUCTS: Auditor Raises Going Concern Doubt
--------------------------------------------------------
Thai-German Products Public Co., Ltd posted a net profit of
THB35,554,060 for the year ended Dec. 31, 2006, a turnaround
from the THB29,468,149 net loss the company posted for the year
ended Dec. 31, 2005.

In 2006, the company recorded THB1,755,761,586 in revenues, and
THB1,717,895,194 in expenses, giving it a THB37,866,392 profit
before interest expense, against a THB23,132,253 loss in 2005.

As of Dec. 31, 2006, the company had a total shareholders'
equity of THB126,667,262 on total assets of THB1,844,937,566 and
total liabilities of THB1,718,270,304.

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

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

                      Going Concern Doubt

On Feb. 27, 2007, after auditing the company's consolidated
financial statement for the first half period of 2006, Chaovana
Viwatpanachati at Petisevi & Company, expressed doubt on the
company's ability to continue as a going concern and its ability
to accomplish the remaining rehabilitation plan.

Thai-German Products Public Co., Ltd --
http://www.tgpro.co.th/-- manufactures stainless steel pipe,  
tube, and sheet in Thailand under the name "TGPRO" founded by
Pracha Leelaprachakul in 1973.

The company has suffered a series of capital deficits, the
widest being in 2003 with a THB5.31-billion deficit.  That and a
series of net losses and the fact that it was operating below
full production capacity, ushered the company into the REHABCO -
- Companies under Rehabilitation -- sector of the Stock Exchange
of Thailand.

In July 2006, the SET reclassified the whole sector and
categorized the company under the "non-performing group."  
Companies under the group will retain their listing status and
will be obligated to comply with the SET requirements.


THAI-GERMAN PRODUCTS: Discloses Changes in Major Shareholders
-------------------------------------------------------------
Thai-German Products Public Company Limited has disclosed
changes to the company's major shareholders after PLV &
Associates Company Limited transferred its common shares
totalling 36,780,437 shares from Krung Thai Bank Plc.

The company's new structure of major shareholders is:

                                                  % of Paid up
           Name               No. of shares          Capital
--------------------------   ---------------     ---------------
The Siam City Bank Plc.          94,361,456               29.07
Wanna Suralertrangsri            77,815,493               23.97
PLV & Associates Co., Ltd.       53,863,770               16.59


Thai-German Products Public Co., Ltd --
http://www.tgpro.co.th/-- manufactures stainless steel pipe,  
tube, and sheet in Thailand under the name "TGPRO" founded by
Pracha Leelaprachakul in 1973.

The company has suffered a series of capital deficits, the
widest being in 2003 with a THB5.31-billion deficit.  That and a
series of net losses and the fact that it was operating below
full production capacity, ushered the company into the REHABCO -
- Companies under Rehabilitation -- sector of the Stock Exchange
of Thailand.

In July 2006, the SET reclassified the whole sector and
categorized the company under the "non-performing group."  
Companies under the group will retain their listing status and
will be obligated to comply with the SET requirements.

The Troubled Company Reporter - Asia Pacific reported that, on
February 27, 2007, after auditing the company's consolidated
financial statement for the first half period of 2006, Chaovana
Viwatpanachati at Petisevi & Company, expressed doubt on the
company's ability to continue as a going concern and its ability
to accomplish the remaining rehabilitation plan.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04     -1443.69
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Orbital Corp. Ltd.                OEC      14.01       -4.86
RMG Ltd.                          RMG      22.33       -2.16
Stadium Australia Group           SAX     137.64      -47.57
Tooth & Co. Ltd.                  TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Chang Ling Group                  561      77.48      -76.83
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Kelon Electrical
   Holdings Co Ltd                921     685.74      -96.88
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hans Energy Company Limited       554      94.75      -10.76
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Genuine Material
   Co., Ltd.                      156      77.57      -77.92
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Jiamusi Paper Co. Ltd.            699     109.07      -86.57
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -28.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen China Bicycle Co.,
  Hlds.  Ltd.                      17      39.13     -224.64
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Shenzhen Techo Telcom.,
   Ltd                            555      14.84       -6.25
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information Industry
   Group Co.                      517      99.92      -14.29
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd.                   NVXL      98.77      -14.62
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Fairfield Atlas Ltd.              ATG      20.03       -0.15
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Ltd.                          HMT     238.05     -288.85
IFCI Ltd.                        IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson and Nicholson
   (India) Ltd.                    JN      15.41      -77.32
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
Lloyds Steel Industries Ltd.     LYDS     380.94      -69.93
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements Ltd.               MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Phil Corporation Ltd.            NPPI      22.13       -4.96
RPG Cables Ltd.                  NRPG      51.43      -20.19
Saurashtra Cement Ltd.            SRC     112.31        4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd.                SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Dharmala Intiland Tbk            DILD     197.91       -6.62
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.34      -11.20


MALAYSIA

Ark Resources                     ARK      25.91      -28.35
Comsa Farms Bhd                   CFB      63.60       -5.00
Cygal Bhd                         CYG      58.47      -69.79
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries
Holdings Bhd                     WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property      UP      45.12 -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

Compact Metal Industries Ltd.     CMI      46.95      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      22.30       -9.14
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1567.65      -89.90
Semitech Electronics Ltd.    5CG/SEMI      11.01       -0.23


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C&C Enterprise Co. Ltd.         38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Hankook Synthetics Inc.         25830     207.34      -95.57
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24



                            *********

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 S. Abangan, and Peter A. Chapman,
Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***