TCRAP_Public/070416.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  

             Monday, April 16, 2007, Vol. 10, No. 74       


                            Headlines

A U S T R A L I A

AMALGAMATED ROAD: Members' Final Meeting Set for April 30
D.L.G. INDUSTRIES: Placed Under Voluntary Wind-Up
IMPROVED STEEL: Enters Wind-Up Proceedings
IMPROVED WELDING: Appoints Danny Vrkic as Liquidator
LEXNET PTY: Enters Wind-Up Proceedings

NEDLOG PTY: Undergoes Voluntary Wind-Up
PANASONIC AVC: Will Declare Dividend on May 18
PATIOLAND MANUFACTURING: Members & Creditors to Meet on May 14
SOLDER STATIC: Members Decide to Shut Down Business
THOMSON REAL: Members Opt to Liquidate Business


C H I N A   &   H O N G  K O N G

AUTOFIT LIMITED: Members' Final General Meeting Set for May 7
BANK OF SHANGHAI: HSBC Considers Raising 8% Stake
CB RICHARD ELLIS: Liquidator to Present Wind-Up Report on May 8
CIBC GLOBAL: Appoints Seng and Lo as Liquidators
CHUBB CARELINE: Members to Receive Wind-Up Report on May 7

CHUNDER COMPANY: Kwan Chu Lon Quits Liquidator Post
DDL ADVERTISING: Taps Seng and Lo as Joint Liquidators
DARK DYNAMITE: Auditor Raises Going Concern Doubt
HANS ENERGY: Plans to Build China's Largest Oil Terminal
KING MOUNT: Annual Meetings Set Today

KUKAN INTERIORS: Final Meeting Set for May 4
SPLENDOR LIGHTS: Final Meeting Set for May 7
VOICE DIARY: Posts US$155,233 Net Loss in 2006


I N D I A

ICICI BANK: Fitch Rates Loan Securitisation Trust Series 47
ICICI BANK: Fitch Rates Loan Securatisation Trust Series 46
INDIA CEMENTS: Audit Committee to Consider Financials on Apr. 20
INDUSTRIAL DEV'T. BANK: Ties Up with IIFC for Joint Financing
JAMMU & KASHMIR BANK: To Release FY2006-07 Financials by June 30


I N D O N E S I A

BANK MANDIRI: Non-Performing Loans Lowered to 4.7%
BANK MANDIRI: Plans to Acquire a Multi-finance Company or Bank
COMVERSE TECHNOLOGY: Names Andre Dahan as President and CEO
INDOSAT: Partners With Alcatel to Deploy GSM/EDGE Network
INDOSAT: Aims to Sign Up 100 Institutional Customers This Year

MCDERMOTT INT'L: Accelerates US$250 million Term Loan Repayment
METSO CORPORATION: Shareholders Okay 2006 Financial Results
PERUSAHAAN LISTRIK: Plans to List Unit in IPO to Raise Funds


J A P A N

ALL NIPPON: Morgan Stanley to Buy 13 Hotels for JPY281.3 Billion
ASHIKAGA BANK: To File Lawsuit Against Employee for Fraud
MITSUKOSHI LTD: Net Profit Hikes to JPY12.9 Billion; Sales Fall
NIKKO CORDIAL: Harris Associates' Stake Down to 4.9%
SOJITZ CORP: Malaysian Unit to Invest MYR100 Million


K O R E A

NATIONAL AGRICULTURAL: Plans to Raise US$500 Mil. on Bond Sale
SHINHAN BANK: Plans to Set Up Chinese Unit


M A L A Y S I A

MP TECHNOLOGY: Lost Documents Cues Auditor's Qualified Opinion
MP TECHNOLOGY: Names Ernst & Young and Chellam Wong as Advisers
SILVERSTONE CORP: Securities Delisted and Removed
SUREMAX GROUP: Malayan Banking Asserts MYR1.13 Million Claim


N E W   Z E A L A N D

GLASS EARTH: Names New Directors; Grants Incentive Stock Options


P H I L I P P I N E S

TOWER RECORDS: Sony, et al. Assert Lien on US$31MM Sale Proceeds


S I N G A P O R E

PETROLEO BRASILEIRO: UBS Analyst Reiterates Buy Rating on Shares
PETROLEO BRASILEIRO: Unit Inks US$866MM Construction Contracts
SEA CONTAINERS: Subsidiary Defaults on US$151-Mil. Senior Notes


T H A I L A N D

DAIMLERCHRYSLER AG: Meets with Chrysler Bidders Except Kerkorian
DAIMLERCHRYSLER AG: Board Names Dr. Manfred Bischoff as Chairman
DAIMLERCHRYSLER AG: Kerkorian Offers US$4.5 Billion for Chrysler
PHELPS DODGE: Freeport to Redeem 10-1/8% Senior Notes on May 4
PHELPS DODGE: Freeport-Mcmoran Completes US$5.8-Bln Equity Sale

     - - - - - - - -

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

AMALGAMATED ROAD: Members' Final Meeting Set for April 30
---------------------------------------------------------
The members of Amalgamated Road Services Pty Limited will have
their final meeting on April 30, 2007, at 10:00 a.m.

The meeting will be held on Level 15 at 1 York Street, Sydney,
in New South Wales 2000, Australia.

At the meeting, the members will be asked to:

   -- receive and adopt the report of the liquidator's act and
      dealings during the wind-up proceedings;

   -- receive and adopt the Australian Securities and
      Investments Commission Form 524 Accounts and Statement by
      the liquidator; and

   -- transact any other business, which may properly be brought
      forward at the meeting.

The Troubled Company Reporter - Asia Pacific reported that the
company went into liquidation on May 18, 2005.

The company's liquidator is:

         Bruce Leonard Bailey  
         Saccasan Bailey Partners
         Chartered Accountants
         Level 15, 1 York Street
         Sydney, New South Wales
         Australia

                     About Amalgamated Road

Amalgamated Road Services Pty Ltd is involved with ship building
and repairing.  The company is located in New South Wales,
Australia.


D.L.G. INDUSTRIES: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on March 29, 2007, the
members of D.L.G. Industries Pty. Limited resolved to
voluntarily wind up the company's operations.

Brent Trevor Alex Kijurina was appointed as liquidator.

The Liquidator can be reached at:

         Brent Trevor Alex Kijurina
         Smith Hancock
         88 Phillip Street, Level 4
         Parramatta, New South Wales 2150
         Australia

                    About D.L.G. Industries

D.L.G. Industries Pty Limited is a contractor of single-family
houses.  The company is located in New South Wales, Australia.


IMPROVED STEEL: Enters Wind-Up Proceedings
------------------------------------------
The members of Improved Steel Fabrications Pty Ltd met on
March 23, 2007, and agreed to voluntarily wind up the company's
operations.

Danny Vrkic was appointed as liquidator.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co - Wollongong
         Chartered Accountants
         6-8 Regent Street, Level 3
         Wollongong, New South Wales 2500
         Australia
         Telephone:(02) 4225 2545
         Facsimile:(02) 4225 2546

                      About Improved Steel

Improved Steel Fabrications Pty Ltd is a distributor of sheet
metal work.  The company is located in New South Wales,
Australia.


IMPROVED WELDING: Appoints Danny Vrkic as Liquidator
----------------------------------------------------
On March 23, 2007, the members of Improved Welding Supplies Pty
Ltd appointed Danny Vrkic as the company's liquidator.

The company commenced liquidation proceedings on that same day.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co - Wollongong
         Chartered Accountants
         6-8 Regent Street, Level 3
         Wollongong, New South Wales 2500
         Telephone:(02) 4225 2545
         Facsimile:(02) 4225 2546

                     About Improved Welding

Located in New South Wales, Australia, Improved Welding Supplies
Pty Ltd is a distributor of durable goods.


LEXNET PTY: Enters Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting held on March 28, 2007, the
members of Lexnet Pty Ltd agreed to liquidate the company's
business.

The company's liquidator is:

         John Vouris
         Lawler Partners
         Chartered Accountants
         1 Margaret Street, Level 7
         Sydney, New South Wales 2000
         Australia

                        About Lexnet Pty

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


NEDLOG PTY: Undergoes Voluntary Wind-Up
---------------------------------------
On March 30, 2007, the members of Nedlog Pty Limited held a
general meeting and agreed to voluntarily wind up the company's
operations.

The company's liquidators are:

         David Clement Pratt
         Timothy James Cuming
         201 Sussex Street, Level 15
         Sydney, New South Wales 1171
         Australia

                        About Nedlog Pty

Nedlog Pty Limited is a distributor of real estate investment
trusts.  The company is located in New South Wales, Australia.


PANASONIC AVC: Will Declare Dividend on May 18
----------------------------------------------
Panasonic AVC Networks Australia Pty Ltd will declare a first
and final dividend on May 18, 2007.

Creditors who are not able to file their proofs of debt by
May 4, 2007, are excluded from sharing in the company's dividend
distribution.

According to the Troubled Company Reporter - Asia Pacific, the
company started to wind up its operations on June 23, 2006.

The company's liquidator is:

         David Clement Pratt
         201 Sussex Street, Level 15
         Sydney, New South Wales 1171
         Australia

                      About Panasonic AVC

Panasonic AVC Networks Australia Pty Ltd --
http://www.panasonic.co.jp-- is a distributor of household  
audio and video equipments.  The company is located in New South
Wales, Australia.


PATIOLAND MANUFACTURING: Members & Creditors to Meet on May 14
--------------------------------------------------------------
The members and creditors of Patioland Manufacturing Pty Limited
will meet on May 14, 2007, at 11:00 a.m. for their final
meeting.

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

The company's liquidator is:

         Schon G. Condon RFD
         c/o Condon Associates
         Telephone: (02) 9893 9499
         Australia
                  
                  About Patioland Manufacturing

Patioland Manufacturing Pty Limited is a distributor of cold-
rolled steel sheet, strip, and bars.  The company is located in
New South Wales, Australia.


SOLDER STATIC: Members Decide to Shut Down Business
---------------------------------------------------
At a general meeting held on March 28, 2007, the members of
Solder Static Pty Limited resolved to voluntarily wind up the
company's operations.

Roderick Mackay Sutherland was appointed as liquidator.

Mr. Sutherland can be reached at:

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

                      About Solder Static

Solder Static Pty Limited is a distributor of electronic parts
and equipment.  The company is located in New South Wales,
Australia.


THOMSON REAL: Members Opt to Liquidate Business
-----------------------------------------------
On March 30, 2007, the members of Thomson Real Estate Services
Pty Limited had their general meeting and agreed to liquidate
the company's business.

Roderick Mackay Sutherland was appointed as liquidator.

The company's liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland Chartered Accountants
         GPO Box 4256
         Sydney, New South Wales 2001
         Australia
         Telephone: (02) 9233 2111
         Facsimile: (02) 9233 2144

                       About Thomson Real

Thomson Real Estate Services Pty Limited provides miscellaneous
personal services.  The company is located in New South Wales,
Australia.


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

AUTOFIT LIMITED: Members' Final General Meeting Set for May 7
-------------------------------------------------------------
A final general meeting will be held for the members of Autofit
Limited on May 7, 2007, at 10:00 a.m.

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

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

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


BANK OF SHANGHAI: HSBC Considers Raising 8% Stake
-------------------------------------------------
HSBC Holdings is studying to increase its stake in Bank of
Shanghai, Reuters relates, citing a report from the Daily
Telegraph.

People close to HSBC were quoted by the Daily as saying that
HSBC would "actively consider expanding its relationship" with
Bank of Shanghai.

The plan would either include increasing HSBC's current 8% stake
or extending its collaboration with Bank of Shanghai, according
to the newspaper.

A spokesperson from Bank of Shanghai told XFN-Asia he was
unaware of any such plans and had no comment, according to ABC
Money.

                          *     *     *

Bank of Shanghai features a two-level operating structure within
one legal entity, with the paid-up capital booked at RMB2.6
billion, comprising government-owned shares and shares held by
corporations and by numerous individuals.

Fitch Ratings currently has these ratings for the bank:

   * Long-term Issuer Default rating at BB-/Stable;
   * Short-term rating affirmed at B; and
   * Individual rating affirmed at D


CB RICHARD ELLIS: Liquidator to Present Wind-Up Report on May 8
---------------------------------------------------------------
A final general meeting will be held for the members of CB
Richard Ellis Property Management (China) Limited on May 8,
2007, at 10:00 a.m.

The meeting will be held in the 20th Floor of Prince's Building
in Central, Hong Kong.

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


CIBC GLOBAL: Appoints Seng and Lo as Liquidators
------------------------------------------------
On March 23, 2007, the members of CIBC Global Asset Management
(Asia) Limited appointed Natalia K M Seng and Susan Y H Lo as
the company's liquidators.

The Liquidators can be reached at:

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


CHUBB CARELINE: Members to Receive Wind-Up Report on May 7
----------------------------------------------------------
The members of Chubb Careline Limited will have their final
meeting on May 7, 2007, at 10:00 a.m., to hear a report about
the company's wind-up proceedings and property disposal.

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

Ying Hing Chiu and Chung Miu Yin, Diana, the appointed
liquidators, will present a report about the company's wind-up
proceedings and property disposal.


CHUNDER COMPANY: Kwan Chu Lon Quits Liquidator Post
---------------------------------------------------
On April 4, 2007, Kwan Chu Lon ceased to be the liquidator of
Chunder Company Limited.

The former Liquidator can be reached at:

         Kwan Chu Lon
         Block 1, Flat B, 26th Floor
         Cavendish Heights
         33 Perkins Road
         Hong Kong


DDL ADVERTISING: Taps Seng and Lo as Joint Liquidators
------------------------------------------------------
The members of DDL Advertising Company Limited appointed Natalia
K M Seng and Susan Y H Lo as the company's liquidators on
March 23, 2007.

The Liquidators can be reached at:

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


DARK DYNAMITE: Auditor Raises Going Concern Doubt
-------------------------------------------------
Lake & Associates CPA's LLC raised substantial doubt about Dark
Dynamite, Inc.'s ability to continue as a going concern after
auditing the company's financial statements as of Dec. 31, 2006,
and 2005.  The auditor specifically pointed to the company's
recurring losses and noted that Dark Dynamite has yet to
generate an internal cash flow.

Dark Dynamite incurred a net loss of US$356,048 on sales of
US$834,554 in the fiscal year ended Dec. 31, 2006, as compared
with a net loss of US$2.93 million on US$425,665 of sales in
2005.

As of Dec. 31, 2006, Dark Dynamite's consolidated balance sheet
reflected strained liquidity with current assets of US$123,789
available to pay current liabilities of US$225,794.

The company's total assets aggregated to US$627,109 while total
liabilities amounted to US$225,794, resulting to a shareholders'
equity of US$368,365.

                          *     *     *

Dark Dynamite, Inc.'s principal activity is to manage theme park
and travel related services.  Theme Park is located in a
suburban area of Xi'an city.  The Group operates through its
wholly owned subsidiary Shanxi Kai Da Lv You Gu Wen You Xian
Gong Si.  The Six-state Hot Spring Resort is located inside the
Theme Park and built in an ancient Chinese style.

The company's principal executive offices is located in Xi An,
China.


HANS ENERGY: Plans to Build China's Largest Oil Terminal
--------------------------------------------------------
Hans Energy has signed a non-binding framework agreement with
the municipal government of Taishan to build a massive oil
terminal in Shangchuan Island, China Knowledge reports.

According to the report, the terminal will have seven berths and
will be capable of handling oil tankers of 30,000 to 300,000
deadweight-tons.

David An, the firm's chairman, did not disclose the estimated
investment cost of the planned project, but told China Knowledge
that the average land cost in the Pearl River Delta was
CNY150,000 to CNY200,000 per mu, (666.667 square meters) and
that the project would need 4,000 mu of land.

However, China Knowledge notes that it may be difficult for the
company to push the project forward because its targeted
customers and financial backers, such as the China Petroleum and
Chemical Corp. said that they have already planned their own
storage facilities.

                          *     *     *

Hans Energy Company Limited, formerly known as Wisdom Venture
Holdings Limited, is involved in the transshipment and storage
facilities and port income.  Other activities include provision
of administrative services and investment holding.  Operations
are carried out in Hong Kong and China.

As reported by the Troubled Company Reporter - Asia Pacific on
April 13, 2007, Hans Energy has total assets of US$94.75 million
with stockholders' deficit of US$10.76 million.


KING MOUNT: Annual Meetings Set Today
-------------------------------------
The members and creditors of King Mount Limited will have their
annual meetings on April 16, 2007, at 10:00 a.m. and 10:30 a.m.
respectively.

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

Stephen Briscoe, the company's liquidator, will present a report
about the company's wind-up proceedings and property disposal.


KUKAN INTERIORS: Final Meeting Set for May 4
--------------------------------------------
A final meeting will be held for the members of Kukan Interiors
Limited on May 4, 2007, at 10:00 a.m.

The meeting will be held in 2315 Leighton Centre at 77 Leighton
Road in Causeway Bay, Hong Kong.

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

According to the Troubled Company Reporter - Asia Pacific, the
company commenced wind-up proceedings on Sept. 29, 2006.

The company's liquidator is:

         Chan Kai Kit
         Unit 1602, 16th Floor
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


SPLENDOR LIGHTS: Final Meeting Set for May 7
--------------------------------------------
The members and creditors of Splendor Lights & Crafts will have
their final meeting on May 7, 2007, at 10:00 a.m. and 10:30 a.m.
respectively.

The meeting will be held in Room 704, Tung Wai Commercial
Building at 109-111 Gloucester Road in Wanchai, Hong Kong.

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

As previously reported by the Troubled Company Reporter - Asia
Pacific, the company went into liquidation on March 27, 2006.

The company's liquidator is:

         Fung Kwok Leung
         704 Tung Wai Commercial Building
         109-111 Gloucester Road
         Wanchai, Hong Kong


VOICE DIARY: Posts US$155,233 Net Loss in 2006
----------------------------------------------
Voice Diary, Inc. incurred a net loss of US$155,233 on US$1.04
million of sales in the financial year ended Dec. 31, 2006, as
compared with a net loss of US$7,755 on sales of US$15,863 in
2005.

As of Dec. 31, 2006, the company's consolidated balance sheet
showed current assets of US$1.12 million available to pay
US$1.09 million of current liabilities.

The company's consolidated balance sheet also showed the group's
total assets as of Dec. 31, 2006, at US$1.65 million and total
liabilities of US$1.29 million, resulting to a shareholders'
equity of US$353,875.

                       Going Concern Doubt

Lake & Associates CPA's LLC raised substantial doubt about Voice
Diary, Inc.'s ability to continue as a going concern after
auditing the company's financial statements as of Dec. 31, 2006,
and 2005.  The auditor's specifically pointed to the company's
recurring losses and added that Voice Diary has yet to generate
internal cash flow.  

                          *     *     *

Voice Diary Inc.'s principle activity is to develop, manufacture
and market personal digital assistants targeted to niche
markets.  The products have a voice user interface and provide a
full range of personal information management applications,
including a talking diary, telephone book, daily pad and other
features.  The company's products are sold in Israel, US, UK,
Holland.

The company's principal executive office is located in Sui Ning,
Si Chuan Province, China.


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

ICICI BANK: Fitch Rates Loan Securitisation Trust Series 47
-----------------------------------------------------------
Fitch Ratings assigned on April 11, an expected National Short-
term rating of 'F1+(ind)(SO)' to the Pass Through Certificates
to be issued by the special purpose vehicle, Loan Securitisation
Trust Series 47, for a credit facility with a tenor of 1 month.
The INR2,000-million facility was extended by ICICI Bank Limited
to Rashtriya Ispat Nigam Limited.  The final rating is
contingent upon receipt of final documents conforming to
information already received.

The expected rating of the PTCs reflects the credit quality of
the underlying obligor, the payment structure of the PTCs and
the proposed legal structure of the transaction.

ICICI will assign the assets to the trust, which will act as the
SPV.  The trust will purchase the facility through a deed of
assignment and hold the same in trust exclusively for the
benefit of the investors.  After acquiring the receivables, the
SPV shall issue PTCs to the investors, for a total consideration
equivalent to the value of the discounted cash flows from the
loans.  The issue proceeds will be used by the SPV to pay ICICI
as consideration for the purchase of the receivables.

The rating of the certificates is referenced to the credit
quality of the underlying obligor.  Fitch has carried out an
internal analysis of RINL and taken the view that the credit
strength of the underlying borrower is sufficient to maintain
the expected rating of the PTCs.

The 'F1+(ind)' rating indicates the highest credit quality as
well as the strongest capacity for timely payment of financial
commitments.

                          *     *     *

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

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


ICICI BANK: Fitch Rates Loan Securatisation Trust Series 46
-----------------------------------------------------------
Fitch Ratings has assigned an expected National Long-term rating
of 'AA(ind)(SO)' to the Pass Through Certificates issued by the
special purpose vehicle, Loan Securitisation Trust Series 46.  
The transaction is for the securitisation of three term loans
disbursed to Shriram Transport Finance Company Limited by ICICI
Bank Limited.  The final rating is contingent upon receipt of
final documents conforming to information already received.

The outstanding principal on the facilities totals INR500
million and is repayable in a bullet installment on May 31,
2008.  The expected rating of the PTCs reflects the credit
quality of the underlying obligor, the payment structure of the
PTCs and the proposed legal structure of the transaction.

ICICI will assign the loan assets to the trust, which will act
as the SPV.  The trust will purchase the TLs through a deed of
assignment and hold the same in trust exclusively for the
benefit of the contributors/investors.  After acquiring the
receivables, the SPV shall issue PTCs to the investors, for a
total consideration equivalent to the value of the discounted
cash flows from the loans.  The issue proceeds will then be used
by the SPV to pay ICICI as consideration for the purchase of the
receivables.

The rating of the certificates is referenced to the credit
quality of the underlying obligor. Fitch maintains a rating of
'AA(ind)' on STFCL, which indicates its higher credit quality
and stronger capacity for timely payment of its financial
commitments.

                          *     *     *

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

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


INDIA CEMENTS: Audit Committee to Consider Financials on Apr. 20
----------------------------------------------------------------
India Cements Ltd informed the Bombay Stock Exchange that the
audit committee of the company's board of directors will hold a
meeting on April 20, 2007.  The Committee will, among others,
consider the company's unaudited financial results, subjected to
a "limited review" by the auditors, for the quarter and year
ended March 31, 2007.

According to India Cements, the financial results will exclude
that of Visaka Cement Industry Ltd, which is in the process of
merger with the company.

As previously reported in the Troubled Company Reporter - Asia
Pacific, India Cements recorded a net profit of INR797.8 million
for the quarter ended Dec. 31, 2006, which figure is more than
10 times the INR72.2 million booked in the corresponding quarter
in 2005.

In another filing with BSE, the company disclosed that it has
redeemed on March 30, 25,00,000 of its 11.5% privately placed,
unlisted, cumulative redeemable preference shares of INR100 each
and cancelled the same.

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

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

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


INDUSTRIAL DEV'T. BANK: Ties Up with IIFC for Joint Financing
-------------------------------------------------------------
Industrial Development Bank of India Ltd has tied up with
India Infrastructure Finance Company Ltd to jointly finance
infrastructure projects.

In a memorandum of understanding signed on April 10, 2007, IDBI
and IIFC agreed to pool their resources to extend assistance to
borrowers who are into infrastructure projects like roads,
ports, airports, water supply, power, industrial parks etc.

"The MoU comes at an opportune time when the Government has
estimated that the country needs an investment of over US$320
billion in the next five years for infrastructure development,"
IDBI Chairman & Managing Director V. P. Shetty says.  "This MoU
is a win-win for both organizations and a reaffirmation of our
secular commitment to development banking as trusted partners in
the nation's progress."

The bank had recently tied up with Life Insurance Corporation
for undertaking joint and take-out financing of long-gestation
projects, including infrastructure projects, The Times of India
notes.

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

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

                          *     *     *

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.


JAMMU & KASHMIR BANK: To Release FY2006-07 Financials by June 30
----------------------------------------------------------------
Jammu & Kashmir Bank Ltd will be releasing its audited financial
results for the financial year ended March 31, 2007, within a
period of three months, at the latest by June 30, 2007.

In that regard, the bank informed the Bombay Stock Exchange that
it will not be publishing its financial results for the quarter
ended March 31, 2007.

For the financial year ended March 31, 2006, the bank posted a
net profit of INR1.77 billion on revenues of INR18.39 billion.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the bank reported a net profit of INR838.90 million for
the three months ended Dec. 31, 2006, a 66% increase from the
INR506.50 million earned for the corresponding period in 2005.

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank   
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a 'D' individual rating
on June 1, 2005.


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


BANK MANDIRI: Non-Performing Loans Lowered to 4.7%
--------------------------------------------------
PT Bank Mandiri's net non-performing loans were lowered from 15%
in March 2006 to 4.7% by the end of March this year due to the
success in restructuring and repayment of debts of several big
debtors in the first quarter of this year, Antara News reports.

According to the report, Mandiri will no longer be classified as
a bank under intensive supervision by the central bank as a
result to the NPL lowering.

Meanwhile, Mandiri's provision to NPL coverage has risen from
46.9% in March 2006 and 74.8% by the end of 2006 to 83.3% in
March this year, the report adds.

                        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.


BANK MANDIRI: Plans to Acquire a Multi-finance Company or Bank
--------------------------------------------------------------
PT Bank Mandiri is planning to acquire a multi-finance company
or bank with assets reaching a certain minimum amount, Antara
News reports.

According to the report, the bank's business plan would be
revised to accelerate its corporate growth since its non-
performing loan ratio having dropped to below 5% in the first
semester of 2007, with an expectation to reach 10% in July.

The report adds that with Bank Mandiri's ratio standing at 4.7%
it is ready to develop its business by conducting a merger or
acquire another financial entity.

                        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.


COMVERSE TECHNOLOGY: Names Andre Dahan as President and CEO
-----------------------------------------------------------
Comverse Technology, Inc. named Andre Dahan, the former
President and CEO of AT&T Wireless' Mobile Multimedia Services,
as President, Chief Executive Officer and a member of the Board
of Directors, effective April 30, 2007.

Mr. Dahan has more than 30 years of global leadership experience
in the wireless and technology sectors.  In addition to his work
with AT&T Wireless, he has held senior executive positions with
Dun & Bradstreet, Teradata Corporation (now NCR) and Sequent
Computer Systems.  He also has served on the boards of several
leading, global telecommunications and information technology
companies.

Mark Terrell, Chairman of Comverse Technology's Board of
Directors, said, "Andre Dahan is an exceptional leader with the
vision, global experience and deep industry and technical
knowledge to help make Comverse Technology even stronger for its
investors, customers, partners and employees.  Andre has
achieved an extraordinary track record of success in growing and
delivering superior operating results at telecommunications and
technology businesses in highly competitive markets around the
world as well as in driving key corporate and product
innovations - always with a focus on serving the needs of
customers.  In particular, Andre's operational background in key
global markets for our products and services will be of great
benefit as we move forward.  Andre gets
results, and as we continue to focus on building the value of
our business, we are confident that he is the right leader at
the right time."

Mr. Terrell also noted, "Andre will play a key role in the
comprehensive strategic review that is now underway of the
company's portfolio and of its corporate and capital structure.  
In addition, Andre will work closely with Yaron Tchwella,
President of Comverse, Inc., and the heads of Verint Systems,
Ulticom and our other subsidiaries, in pursuing operational
excellence."

Mr. Dahan said, "I am honored to have this opportunity and
excited by the possibilities that lie ahead for Comverse
Technology. Comverse has earned a powerful reputation for
technological innovation, commercial success and relentless
focus on customers.  I look forward to working with Comverse's
talented Board and employees to continue to build on this record
of outstanding performance, with a focus on delivering superior
shareholder return.  I believe strongly that Comverse is well
positioned to continue to deliver the critical products and
services its customers need to succeed today, and to become an
even more valuable partner to them going forward."

Mr. Dahan, 58, served as President and Chief Executive Officer
of Mobile Multimedia Services at AT&T Wireless from July 2001 to
December 2004.  Before that, he served as President of North
America and Global Accounts and in several other global
executive positions for Dun & Bradstreet.  In addition, Mr.
Dahan previously served in a variety of senior executive
positions with Teradata Corp. (now NCR), Sequent Computer
Systems and S.E. Qual, an information technology consulting
firm.

He began his career as a database architect and held a variety
of technical positions with MALAM, IAI and IBM. Mr. Dahan
graduated from Hadassah College in Jerusalem, with a degree in
software engineering.

Mr. Dahan currently serves on the board of Red Bend Software,
which provides mobile software management solutions to mobile
companies worldwide, and NeuStar, Inc., a provider of
clearinghouse services to the global communications and Internet
industries.  With NeuStar, he is a member of the Audit Committee
and the Governance Committee of the Board of Directors.  He also
serves as a board observer for IXI Mobile, Inc., the mobile
messaging solutions provider.  He was formerly a director of
PalmSource, Inc., a supplier of the operating systems for
Palm handheld devices, until its acquisition in November 2005.  
Mr. Dahan will be stepping down from his positions with the
boards of NeuStar and IXI Mobile before beginning his work with
Comverse Technology.

                       About Comverse Technology

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

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

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


INDOSAT: Partners With Alcatel to Deploy GSM/EDGE Network
---------------------------------------------------------
PT Indosat Tbk awarded Alcatel-Lucent a multi-year contract to
deploy a GSM/EDGE network in Indonesia.

Under the terms of the contract, Alcatel-Lucent will provide
Indosat with its Evolium(R) Base Station Subsystem hardware and
software as well as a comprehensive suite of professional
services such as network optimization, system support and
general project management.

Indosat is targeting areas outside of Java such as Kalimantan to
deliver mobile services where penetration rates are still below
30% and many people there have never had access to reliable
communications services.

"We see great potential for revenue and subscriber growth in
areas that today are largely underserved from a
telecommunications standpoint," said Indosat Deputy President
Director Kaizad B. Herjee.  "The network expansion we have
implemented will enable us to accelerate providing reliable,
high-quality mobile services to these users."

Alcatel-Lucent also will supply its microwave systems offering
Indosat platforms that will optimize how voice and data traffic
is managed and transmitted from the base stations to the core
network.  This new generation of digital microwave radio links
will enable the Indosat network to quickly and efficiently adapt
to the growth in traffic and services.

"Indosat's decision to deploy our base stations subsystems and
other technology is a big step forward for Alcatel-Lucent in the
Indonesian market," said Frederic Rose, President of Alcatel-
Lucent's activities in Asia Pacific.  "Our goal is to provide
operators such as Indosat with the turnkey solutions they need
to serve millions of users who today do not have
telecommunications service."

Alcatel-Lucent enjoys a strong partnership with Indosat and
previously provided the Indonesian operator with a broad range
of solutions including its GSM core network, Microwave (PDH and
SDH) solutions, optical components, international gateways, IP
solutions and submarine backbone networks.

                         About Indosat

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

                          *     *     *

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

The outlook for the ratings remains positive.

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


INDOSAT: Aims to Sign Up 100 Institutional Customers This Year
--------------------------------------------------------------
PT Indosat Tbk aims to sign up 100 institutional customers this
year for its corporate-segmented service, Metro Ethernet, which
was launched last October and is currently serving 25 companies,
the Jakarta Post reports.

According to the report, Metro Ethernet offers integrated data
communications services that enable customers to use data, voice
and video applications at the same time, with a maximum speed of
up to 10 gigabytes per second.

Indosat would need to construct new infrastructure in a number
of cities, including the construction of fiber optic networks to
support this expansion plan, the report adds.

                         About Indosat

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

                          *     *     *

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

The outlook for the ratings remains positive.

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


MCDERMOTT INT'L: Accelerates US$250 million Term Loan Repayment
---------------------------------------------------------------
McDermott International, Inc. accelerated the repayment of the
US$250 million term loan portion of The Babcock & Wilcox
Company's credit facility.  This loan carried interest expense
at LIBOR plus 3.0%, and the Company does not incur any penalty
for the early retirement of this debt.  Following this
retirement, McDermott does not have any significant debt
outstanding.

Additionally, the Company's subsidiary, McDermott Incorporated,
recently received US$272 million from the United States Internal
Revenue Service.  This federal tax refund resulted from carrying
back to prior tax years the tax loss generated in 2006,
primarily as a result of US$955 million of asbestos-related
expenses paid last year associated with the settlement of B&W's
reorganization.  A number of these prior tax years are currently
open, and therefore certain adjustments may still occur before
final settlement of these tax years.

                     About McDermott Int'l

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its  
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure.  McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government.  With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 11, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for McDermott
International Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Multiple Seniority
   Shelf (Senior
   Unsecured)            (P)B3    (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Subordinate)  (P)Caa2   (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)Caa3   (P)B3    LGD6        97


METSO CORPORATION: Shareholders Okay 2006 Financial Results
-----------------------------------------------------------
Shareholders of Metso Corporation, during their Annual General
Meeting, approved the accounts for 2006 as presented by the
Board of Directors and voted to discharge the members of the
Board and the President and Chief Executive Officer from
liability for the financial year 2006.

In addition, the company's shareholders approved the proposals
of the Board of Directors to amend the Articles of Association
and to authorize Board of Directors to resolve a repurchase of
the corporation's own shares and a share issue.

The shareholders decided to establish a Nomination Committee to
prepare proposals for the following Annual General Meeting in
respect of the composition of the Board of Directors along with
the director remuneration.  The Nomination Committee comprises
the representatives appointed by the four biggest shareholders
along with the Chairperson of the Board of Directors as an
expert member.

Matti Kavetvuo was re-elected the Chairperson of the Board and
Jaakko Rauramo was re-elected the Vice Chairperson of the Board.  
Eva Liljeblom, Professor at the Swedish School of Economics and
Business Administration, Helsinki, Finland, was elected as new
member of the Board.  Board members re-elected were Svante Adde,
Maija-Liisa Friman, Christer Gardell and Yrjo Neuvo.  The term
of office of Board members lasts until the end of the next
Annual General Meeting.

The company's shareholders decided that the annual remunerations
for Board members be EUR80,000 for the Chairman, EUR50,000 for
the Vice Chairperson and the Chairperson of the Audit Committee
and EUR40,000 for the members and that the meeting fee including
committee meetings be EUR500 for meeting.

The auditing company, Authorized Public Accountant
PricewaterhouseCoopers, was re-elected to act as an Auditor of
the corporation until the end of the next Annual General
Meeting.

The shareholders decided that a dividend of EUR1.50 per share be
paid for the financial year, which ended on Dec. 31, 2006.  The
dividend will be paid to shareholders who have been entered as
shareholders in the Corporation's shareholder register
maintained by the Finnish Central Securities Depository Ltd. by
the dividend record date, April 10, 2007.  The dividend will be
paid on April 17, 2007.

                          About Metso

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

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

                          *     *     *

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


PERUSAHAAN LISTRIK: Plans to List Unit in IPO to Raise Funds
------------------------------------------------------------
PT Perusahaan Listrik Negara plans to list PT Indonesia Power in
an initial public offering to raise funds for business
expansion, Reuters reports.

According to the report, Perusahaan has been trying to avoid
shortages by increasing its power capacity by 10,000 megawatts
by 2010.

PT Indonesia Power operates 8,800 megawatts of capacity and
supplies 46% of the power needs of Java and Bali, the report
adds.

                    About Perusahaan Listrik

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

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

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

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

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


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

ALL NIPPON: Morgan Stanley to Buy 13 Hotels for JPY281.3 Billion
----------------------------------------------------------------
Morgan Stanley Real Estate Fund has agreed to buy 13 hotels in
Japan from All Nippon Airways Co. for JPY281.3 billion or
US$2.36 billion, various reports say.

According to reports, the airline will use the money to buy more
planes.  

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2007, that All Nippon Airways ordered four more
777-300ER wide-body aircraft for its intercontinental fleet and
sold three 747-400s.  ANA currently operates eight 777-300ER
aircraft primarily on intercontinental routes.  The recent deal
has a catalogue value of US$1 billion and brings ANA's total
orders for the 777-300ER to 17.

All Nippon Airways is preparing to phase out Boeing 747-400s
from its long-haul fleet within three years.  The airline
currently has 23 747-400s and operates most of these on domestic
routes.

Morgan Stanley already has more than 80 hotel properties
worldwide.

According to Bloomberg News, the 13 hotels had a combined book
value of JPY110 billion as of March 31, based on a report ANA
filed to Japan's Ministry of Finance on June 29.

ANA was advised on the sale by Jones Lang LaSalle Inc. and
Nomura Holdings Inc.

                    Largest Hotel Transaction

Scott Hetherington, managing director of Jones Lang in Asia, who
jointly led the transaction with Tomohiko Sawayanagi, Jones
Lang's executive vice president in Japan, in a statement to
Hotel Interactive said: "This is the largest hotel transaction
in Asia Pacific and one of the biggest real estate sales the
region has experienced.  The sale underlines the strength of the
region's capital markets and in particular, investors' desire
for real estate in the world's second largest economy."

Mr. Hetherington commented that global investors were approached
for the Portfolio, which has a total of approximately 5,000
rooms located throughout Japan and includes market leading
properties such as the ANA-InterContinental Tokyo and its sister
property on Manza Beach in Okinawa.  "Through a highly
competitive process, bids were received from investors not only
in Japan but also from Asia and North America. The level of
interest was reflective of the scarcity of opportunity to buy a
portfolio of this size and the desire of international investors
to consider hotel investments," Mr. Hetherington added.

According to Mr. Sawayanagi, the sale is the culmination of four
years' work by Jones Lang, which started when ANA began to
review whether hotels were a core business for the airline.  "We
were appointed to conduct a tender process to seek an
international management company to form a joint venture with
ANA to manage the 33 hotels it owned, leased and operated in
Japan and internationally.  Critical to the success of this
joint venture was finding a partner who would not only provide
career opportunities for the staff but also deliver
international best practice, operational expertise and marketing
to all the hotels.  InterContinental Hotels Group were the
successful party and on December 1, 2006, IHG ANA Hotels Group
Japan was founded," Mr. Sawayanagi said.

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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

                        *     *     *

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

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

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


ASHIKAGA BANK: To File Lawsuit Against Employee for Fraud
---------------------------------------------------------
Ashikaga Bank will file a complaint with police against a deputy
branch head after an in-house investigation revealed that the
employee pocketed more than JPY70 million from customers'
accounts over the last 10 years, GaijinPot Daily News reports.

The female deputy manager, who works at the bank's Kanuma branch
in Tochigi Prefecture, admitted she stole the money, according
to the report.

                     About Ashikaga Bank Ltd.

The Ashikaga Bank, Ltd. -- http://www.ashikagabank.co.jp/-- is  
a regional bank operating mainly in Tochigi prefecture in the
Northern Kanto area.  The bank handles banking, loans,
mortgages, foreign exchanges and investment trust through its
106 branches and 68 representative offices.  It also operates a
debt collection business, a real estate survey service, a system
programming and development business and a credit card business
through its 13 consolidated subsidiaries.

                        *     *     *

In March 2007, Fitch Ratings affirmed Ashikaga Bank's ratings as
follows:

   -- Long-term foreign and local currency Issuer Default
      ratings  'BBB-' with a Stable Outlook;

   -- Short-term foreign and local currency IDRs 'F3';

   -- Individual rating 'E'; and

   -- Support rating '2'.

Ashikaga's ratings reflect the existing and expected strong
support from the Japanese government.  The Individual rating of
'E', the lowest of Fitch's nine-notch scale, is commensurate
with the bank's negative net worth.


MITSUKOSHI LTD: Net Profit Hikes to JPY12.9 Billion; Sales Fall
---------------------------------------------------------------
Mitsukoshi Ltd., Japan's third largest department store,
reported that its group net profit for the fiscal year ended
February rose 42.3% to JPY12.94 billion from JPY9.09 billion,
according to MarketWatch.

MarketWatch relates that sales fell 4.5% to JPY804.12 billion --
hurt by an unusually warm winter that kept customers away from
seasonal merchandise, the shutdown of some of Mitsukoshi's
stores, and the reduction in floor space at its flagship store
in downtown Tokyo due to renovations.

Mitsukoshi expects group net profit to drop 18% to JPY10.66
billion, the report adds.

                       About Mitsukoshi Ltd.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd, Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stores
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

                        *     *     *

Mitsukoshi Ltd. carries Standard & Poor's BB- Long-Term Foreign
and Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


NIKKO CORDIAL: Harris Associates' Stake Down to 4.9%
----------------------------------------------------
Harris Associates L.P. has sold 25.16 million shares in Nikko
Cordial Corporation over the past three weeks, leaving it with
48.50 million shares or a 4.97% stake, MarketWatch reports.

According to the report, documents submitted to the Finance
Ministry's Kanto Local Finance Bureau show that between March 15
and March 22, Harris Associates sold around 17.64 million
shares.  Since then, MarketWatch relates, Harris Associates has
been consistently selling between 500,000 and 1.5 million shares
a day until April 2.

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

Early this month, the TCR-AP reported that Harris Associates,
along with Orbis Investment Management and Southeastern Asset
Management, is selling its stake in Nikko at JPY1,900 per share.  
Harris Associates and other large shareholders have publicly
criticized Citigroup's offer as "too low."

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.


SOJITZ CORP: Malaysian Unit to Invest MYR100 Million
----------------------------------------------------
Miyazu Malaysia Sdn Bhd, a collaboration among Proton Holdings
Bhd, Miyazu Seisakusho (Japan), and Sojitz Corp., expects to
invest about MYR100 million over the next few years, according
to Bernama, The Malaysian National News Agency.

The company has made an initial investment of MYR30 million in
its new plant, the report adds.

                        About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 28, 2007, that Standard & Poor's Ratings Services raised
its long-term issuer credit rating on Sojitz Corp. to 'BB+' from
'BB' and removed the rating from CreditWatch where it was placed
on Apr. 28, 2006, with positive implications.  The upgrade
follows Sojitz's conversion of a total JPY205 billion of its
JPY300 billion in outstanding convertible bonds into common
shares by Feb. 26, 2007.  


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

NATIONAL AGRICULTURAL: Plans to Raise US$500 Mil. on Bond Sale
--------------------------------------------------------------
South Korea's National Agricultural Cooperative Federation is
seeking to raise at least US$500 million from a bond sale,
Bloomberg News reports.

Details about the bond sale were not disclosed.

                          *     *     *

The National Agricultural Cooperative Federation --
http://www.nonghyup.com/-- and its member cooperatives were  
established in 1961 to enhance the social and economic status of
member farmers and balance the development of the national
economy.  It operates under the directive of the Ministry of
Agriculture & Forestry but its banking business operates under
the Banking Act of Korea.  The Cooperatives main business
activity is the provision of specializes agricultural and
commercial credit and banking services.  

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 9, 2006, Moody's Investors Service maintained NACF's 'D-'
Bank Financial Strength Rating.


SHINHAN BANK: Plans to Set Up Chinese Unit
------------------------------------------
Shinhan Bank plans to spend US$129.2 million in setting up a
wholly owned unit in China, Reuters reports, citing a source
from the Financial Supervisory Service.

In addition, Shinhan will invest US$12.3 million into a new arm
in Cambodia, making it the first Korean bank in the country,
Reuters relates.

According to the source, Reuters says, the regulator approved
the bank's plans to hold deposits and conduct lending, foreign
exchange trading and trade financing in the two foreign
countries.  

                          *     *     *

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

                          *     *     *

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



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

MP TECHNOLOGY: Lost Documents Cues Auditor's Qualified Opinion
--------------------------------------------------------------
Moore Stephens & Associates, MP Technology Resources Bhd's
auditor, has made a qualified opinion on the company's annual
audited reports for the financial year ended Nov. 30, 2006, due
to insufficient records and supporting documents.

In a disclosure with the Bursa Malaysia Securities Bhd, the
company said it was unable to provide the documents as they
could not be found and were not in its possession.

"The Board of Directors has reason to believe that the said
documents could have been misplaced, destroyed or taken away.  
The Board is taking steps to trace and locate the documents as
well as making the appropriate police reports," the company
added.

In addition, the company also noted on an irregularity in its
financial statement regarding its MYR19,115,517 investments in
Savana Industries Sdn Bhd and Tai Seng Plastic Industry Sdn Bhd.  

MP Technology said, "Efforts made to contact and visit the
management of the respective investee companies were not
successful.  The Board of Directors found out that the said
investee companies are no longer in operation.  Police reports
will be made in due course."

                          *     *     *

MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacturing and
reconditioning of various plastic and related equipment.  Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.


MP TECHNOLOGY: Names Ernst & Young and Chellam Wong as Advisers
---------------------------------------------------------------
MP Technology Resources Bhd has tapped the services of two
reform plan advisers, Ernst & Young and Chellam Wong.

According to the company, Ernst & Young will act as its
independent financial adviser while Wong will act as its
solicitor.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 23, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a shareholders' deficit of
MYR66.7 million for the financial year ended Nov. 30, 2006.

As such, the company was required to formulate a reform plan to
stabilize its financial and operational status.

                          *     *     *

MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacture and
reconditioning of various plastic and related equipment.  Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.


SILVERSTONE CORP: Securities Delisted and Removed
-------------------------------------------------
The securities of Silverstone Corp Bhd was delisted and removed
from the official list of the Bursa Malaysia Securities Bhd on
April 13, 2007.

A report from the Troubled Company Reporter - Asia Pacific on
April 5, 2007, said that the bourse had disallowed Silverstone
Corp.'s appeal on the delisting decision.

Bursa decided to delist Silverstone's securities after the
company failed to submit its regularization plan to the
Securities Commission and other relevant authorities within the
extended deadline set by the bourse, the TCR-AP said.

                          *     *     *

Headquartered in Kuala Lumpur, Silverstone Corporation Berhad is
an investment holding company.  The Company operates through
business segments.  SCB's business segments consist of tyre and
motor segments.  The tyre segment is engaged in the manufacture
sale and distribution of tyres, retreading tyres, rubber
compounds and other related rubber products.  SCB's tyres, the
Kruizer 1 and Evol 8 series are developed by using MicroBeta
Silica Technology.  The motor segment is engaged in the
manufacturing of motorcycle parts and accessories,
electroplating of motorcycle absorbers, sales, and distribution
of motor vehicles.  The company's other business segments
include investment holding, treasury business and provision of
training services.  SCB has its operations in Malaysia and
China.  Some of the company's subsidiaries include AMB Aerovest
Limited, AMB Harta (L) Limited, AMB Harta (M) Sdn Bhd and AMB
Venture Sdn Bhd.

The company is an affected listed issuer under Bursa Malaysia
Securities Berhad's amended Practice Note No. 17 as its auditors
have expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statement for
the financial year ended June 30, 2005.  Moreover, Silverstone's
shareholders' equity on a consolidated basis as at June 30,
2005, represented 47.2% of the issued and paid-up capital of the
company.


SUREMAX GROUP: Malayan Banking Asserts MYR1.13 Million Claim
------------------------------------------------------------
Suremax Group Bhd and Suremax Land Sdn Bhd have been served with
summons and statement of claim from the Malayan Banking Bhd for
a sum of MYR1,139,286.01 plus interests.

Specifically, Malayan Banking claims:

    (a) A sum of MYR1,139,286.01;

    (b) Interest on the sum of MYR1,139,286.01 at the rate of
        1.75% per annum over the Plaintiff's Base Lending Rate
        -- as at Dec. 31, 2006, was 6.75% per annum --
        calculated on a daily basis with monthly rest from
        Jan. 1, 2007, until the date of full settlement;

    (c) Additional interest on the claimed capital at the rate
        of 1% per annum calculated on a daily basis with monthly
        rest from Jan. 1, 2007, until the date of full
        settlement;

    (d) Cost of legal action;

    (e) Costs on a solicitor-client basis; and

    (f) other relief that is deemed reasonable and just.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials, and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

                         Going Concern

On May 16, 2006, the Troubled Company Reporter - Asia Pacific
reported that Suremax's audited financial statements for the
year ended August 31, 2005, contained the company's auditors'
modified opinion with emphasis on its ability to continue as a
going concern.  Furthermore, the TCR-AP added that based on the
company's six-month period accounts to February 28, 2006,
Suremax's shareholders' equity on a consolidated basis is less
than 50% of its issued and paid-up capital.

Accordingly, Suremax become an affected listed issuer of the
Bursa Securities' Amended Practice Note 17 category, and is
therefore required to implement a plan to regularize its
financial condition.



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

GLASS EARTH: Names New Directors; Grants Incentive Stock Options
----------------------------------------------------------------
Glass Earth Limited disclosed changes in the structure of its
Board:

1. Election of Directors at Annual General Meeting

   Stephen Burns was elected as a Director of Glass Earth
   Limited at the Company's AGM on Nov. 29 2006.  Stephen is a
   director and Chairman of the Audit Committee of St. Andrew
   Goldfields Limited (2001-present) and the Vice-Chairman,
   Intelligarde International Inc.

   Paul C. Jones was also elected as a Director of Glass Earth
   Limited at the AGM on Nov. 29.  He is an Executive Vice-
   President of St Andrew Goldfields Limited (2003-present) and
   provides consulting and management services related to
   mineral activities through Sovereign Management Group.

2. Resignation of VP Finance

   Stephen Woodhead has resigned as VP Finance of Glass Earth
   Limited, effective March 31, 2007.

Glass Earth also disclosed its granting of incentive stock
options.  The company, at its board meeting on March 27, 2007,
granted to its directors and officers incentive stock options
entitling them to purchase up to an aggregate of 1,800,000
common shares, exercisable at a price of NZ$0.18 per common
share and expiring March 27, 2012.

On Dec. 1, 2006, the company granted 2,150,000 incentive stock
options to New Zealand-based staff and consultants.  These
options are exercisable at a price of NZ$0.25 per common share
(approximately CAD0.21 at the current exchange rate) and
expiring Dec. 1, 2011.

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its   
Subsidiaries' principal activity is the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralisation.  
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

                      Going Concern Doubt

The company is in the development stage, and has not earned
revenues to date.  For the nine-month period ended Nov. 30,
2006, the company had a net loss of CDN$629,000 and accumulated
deficit of CDN$2,579,000.  The company's ability to meet its
obligations and continue as a going concern, according to its
auditors, is dependent upon its ability to obtain additional
financing, the discovery, development or sale of mining reserves
and achievement of profitable operations.


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

TOWER RECORDS: Sony, et al. Assert Lien on US$31MM Sale Proceeds
----------------------------------------------------------------
Five music companies sued MTS Inc. dba Tower Records contending
that they have a lien on some or all of the US$31.8 million
remaining from the sale of Tower's assets in October, Bill
Rochelle of Bloomberg News reports.

According to Bloomberg, the companies suing Tower are: Sony BMG,
Twentieth Century Fox Home Entertainment LLC, Universal Music
Group Distribution Corp., Warner Home Video, and
Warner/Elektra/Atlantic Corp.

The complaint, which was lodged after Tower and its debtor-
affiliates filed with the U.S. Bankruptcy Court for the District
of Delaware a disclosure statement describing their Chapter 11
Plan, dispute Tower's claim in the Disclosure Statement that the
music companies waived their lien on money from the sale, the
report says.

                        Liquidation Plan

Tower and its debtor-affiliates' Chapter 11 Plan of Liquidation,
according to Mr. Rochelle, said that unsecured claims of trade
suppliers will total US$73.5 million, in addition to other
unsecured claims expected to range from US$95 million to US$115
million.

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

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

                         Asset Sale

The Debtors auctioned their intellectual property assets last
month.

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

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

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

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

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

                       CIT Obligation

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

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

                     About Tower Records

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

                          *     *     *

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

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


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

PETROLEO BRASILEIRO: UBS Analyst Reiterates Buy Rating on Shares
----------------------------------------------------------------
Investment bank UBS analyst Gustavo Gattass has reiterated his
"buy" rating on Brazilian state-owned oil firm Petroleo
Brasileiro SA's shares, Newratings reports.

Newratings relates the target price on Petroleo Brasileiro was
raised to US$130.0 from US$110.2.

Mr. Gattass said in a research note that the long-term oil price
estimate for the industry was increased to US$50 per barrels per
day form US$41 barrels per day.  

Exploratory success along with production growth will likely be
a major catalyst for Petroleo Brasileiro's share price going
forward.  The earnings per share estimates for 2007, 2008 and
2009 was decreased by 15% to indicate higher costs, Newratings
states, citing Mr. Gattass.

                    About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Unit Inks US$866MM Construction Contracts
--------------------------------------------------------------
The Associated Press reports that Brazilian state oil firm
Petroleo Brasileiro SA's unit Transpetro has signed contracts
totaling US$866 million for the construction of nine new oil
tankers.

According to AP, the project is aimed at increasing Rio de
Janeiro's shipbuilding industry.

Petroleo Brasileiro said in a statement that the Rio Naval
consortium will build:

          -- five Aframax tankers for US$517 million, and
          -- four Panamax oil tankers for US$349 million.

Petroleo Brasileiro told AP that the vessels will join
Transpetro's fleet between 2009 and 2011.  They are part of a
US$2.48-billion program to purchase 26 new oil vessels in an
initial phase.  The first phase will bring about 11,000 direct
jobs in Rio de Janeiro.

AP underscores that the national development bank BNDES funds
the shipbuilding program.  The initiative will lessen Petroleo
Brasileiro's costs for chartering ships and revitalize Brazil's
shipbuilding industry.

Petroleo Brasileiro told AP that it will increase the number of
new oil vessels to 42.

                    About Petroleo Brasileiro

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

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

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

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

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

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


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

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

The security for the Notes includes:

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

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

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

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

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

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

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

As of March 26, 2007, Sea Containers said, neither the Note
holders nor the indenture trustee has taken any action to
foreclose on the security for the Notes.  If SPC fails to pay
the Notes following their acceleration, Sea Containers said the
rate of interest on the Notes is increased by 2% per annum.

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

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

                      About Sea Containers

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

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

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

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


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

DAIMLERCHRYSLER AG: Meets with Chrysler Bidders Except Kerkorian
----------------------------------------------------------------
DaimlerChrysler AG executive Ruediger Grube, a management-board
member and head of strategy, is presently negotiating with all
Chrysler bidders, with the exception of billionaire Kirk
Kerkorian's Tracinda Corp., The Wall Street Journal states.

According to the report, the company had scheduled meetings with
Cerberus Capital Management LP; joint bidders Blackstone Group
and Centerbridge Capital Partners LP; and the tandem of Magna
International Inc. and Onex Corp., but left Tracinda Corp. in
the lurch.

DaimlerChrysler had received a new offer of up to US$4.5 billion
in cash from Tracinda Corp., an investment firm owned by
billionaire Kirk Kerkorian.

However, the automaker is skeptical about the competitiveness of
Tracinda's bid, considering that it entails substantial
conditions, as it entertains offers from three other groups, WSJ
observes.

Mr. Kerkorian's tender depends on whether Chrysler enters into a
"satisfactory" labor contract with the UAW and if Daimler agrees
to share part of the troubled unit's unfunded pension
liabilities and retiree heath-care costs amounting to US$15
billion.

On the other hand, Magna International Inc. and its potential
partner, Canadian investment firm Onex Corp., plan to each
acquire equal minority stakes in Chrysler and let
DaimlerChrysler keep a small equity in the ailing unit, WSJ
relates, quoting sources familiar with the matter.

Magna also intends to create a separate company for Chrysler and
outsource engineering while keeping the products' design and
assembly in-house, WSJ says.

Concurrently, WSJ reports German bank WestLB AG has acquired a
14 percent stake in DaimlerChrysler, saying that the move is
meant to help shareholders sell their shares, avoiding a broader
selloff, with plans to reduce its share back to its original 3
percent level.

                     About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,  
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER AG: Board Names Dr. Manfred Bischoff as Chairman
----------------------------------------------------------------
The Supervisory Board of DaimlerChrysler AG elected Dr. Manfred
Bischoff, Chairman of the Board of Directors of the European
Aeronautic Defence and Space Company, as its new Chairman with
immediate effect.  Dr. Bischoff succeeds Hilmar Kopper, who was
a member of the Supervisory Board for 17 years.  The former
chairman of the Supervisory Board of Deutsche Bank AG was
elected as a member of the Supervisory Board of Daimler-Benz AG
on Jan. 4, 1990, and on March 7 of that year, the Supervisory
Board elected him as its Chairman.

Previously, the Annual Meeting of DaimlerChrysler AG on April 4,
2007, elected Prof. Dr. Clemens Boersig, Chairman of the
Supervisory Board of Deutsche Bank AG, as a new member of the
Supervisory Board replacing Hilmar Kopper.  Mr. Clemens Borsig's
period of office lasts until the end of the Annual Meeting in
2012.

In addition, Manfred Bischoff was elected as the new Chairman of
the Presidential Committee and succeeds Hilmar Kopper also in
this position.  The new member of the Presidential Committee is
Dr. rer. pol. Manfred Schneider, Chairman of the Supervisory
Board of Bayer AG.

New Supervisory Board member Clemens Borsig succeeds Hilmar
Kopper as a member of the Audit Committee. The Chairman of the
Audit Committee is still Bernhard Walter, former chairman of the
Board of Management of Dresdner Bank AG.

DaimlerChrysler's shareholders also approved the distribution of
a dividend for 2006 of EUR1.50 per share (prior year: EUR1.50
per share). The total dividend distribution amounts to
EUR1.542 billion.  The item of the agenda "Allocation of
Unappropriated Profit" was approved with 99.81% of the votes
cast.

The members of the Board of Management were ratified with
percentages ranging from 97.06 to 97.07%, the members of the
Supervisory Board were ratified with percentages ranging from
96.07 to 96.22%.  The additional items of the agenda submitted
by shareholders were only approved with a maximum of 5.2% of the
votes cast and therefore rejected.

Approximately 7,900 shareholders attended the Annual Meeting at
the Berlin Messe exhibition center (prior year: 8,100).  39.19%
of the shareholders' voting rights were represented at the
Annual Meeting.

On April 5, 2007, the dividend was paid out to those
shareholders who held shares on April 4, 2007.

                     About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,  
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


DAIMLERCHRYSLER AG: Kerkorian Offers US$4.5 Billion for Chrysler
----------------------------------------------------------------
DaimlerChrysler AG has received a new offer of up to US$4.5
billion in cash from Tracinda Corp., an investment firm owned by
billionaire Kirk Kerkorian, published reports say.

Meanwhile, Magna International Inc. and private-equity group
Cerberus Capital Management LP have each submitted tenders for
Chrysler, with Blackstone Group LP and Centerbridge Capital
Partners LLC presenting a joint bid for the ailing unit,
Bloomberg News relates.

Tracinda plans to offer United Auto Workers union a "substantial
portion" of Chrysler equity in exchange for lower healthcare
cost for hourly workers, The Wall Street Journal reveals.

According to reports, Mr. Kerkorian's tender also depends on
whether Chrysler enters into a "satisfactory" labor contract
with the UAW and if Daimler agrees to share part of the troubled
unit's unfunded pension liabilities and retiree heath-care costs
amounting to US$15 billion.

In a letter to DaimlerChrysler CEO Dieter Zetsche, Jerome B.
York, Mr. Kerkorian's longtime lieutenant and former Chrysler
CFO, wrote: "Investors that feel the need to show 'mark to
market' results in their funds in relatively short time frames
(just a few years) will not be willing to invest as necessary
over an unusually lengthy period of time to achieve the
necessary end results.  Long term, patient investing has been
Tracinda's approach."

Mr. Kerkorian previously said he wants "a true partnership" with
the company's workers, including the investment of "necessary
new funds" to help boost Chrysler's product spending, reports
claim.

This is Mr. Kerkorian's second attempt to acquire Chrysler,
following a failed US$25 million hostile bid in 1995 that later
led to Chrysler's 1998 merger with Daimler-Benz AG of Germany,
The Scotsman states.

                     About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,  
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.


PHELPS DODGE: Freeport to Redeem 10-1/8% Senior Notes on May 4
--------------------------------------------------------------
Phelps Dodge Corp.'s new owner, Freeport-McMoRan Copper & Gold
Inc., has issued a notice to redeem on May 4, its outstanding
10-1/8% Senior Notes due 2010.  Currently US$272.4 million
aggregate principal amount of the notes are outstanding.

The redemption price is 105.063% of the principal amount
together with accrued but unpaid interest from Feb. 1, to the
redemption date.  The Bank of New York, as trustee, has mailed
to the registered note holders written notice of the specific
terms of the redemption along with a transmittal form:

          The Bank of New York Co. Inc.
          One Wall Street
          New York, New York 10286
          Tel: 212-495-1784

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.

                       About Phelps Dodge

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

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

                          *     *     *

On Apr. 4, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s corporate family rating to Ba2 from
Ba3 and undertook a number of related rating actions:

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

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

   * upgraded to Ba3 from B2 Freeport's US$6-billion senior
     unsecured notes.

Moody's also upgraded to Ba2 from B1 the ratings on Phelps
Dodge's secured Cyprus Amax notes and on Phelps Dodge's other
existing notes.


PHELPS DODGE: Freeport-Mcmoran Completes US$5.8-Bln Equity Sale
---------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. or FCX has completed US$5.76
billion in equity financings, through the sale of:

   -- 47.15 million shares of common stock at US$61.25 per share
      and;

   -- 28.75 million shares of 6-3/4% mandatory convertible
      preferred stock with a liquidation preference of US$100
      per share.  

The amounts sold include 6.15 million common shares and 3.75
million preferred shares issued pursuant to the underwriters'
exercise of the overallotment options.

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

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

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

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

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

                       About Phelps Dodge

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

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

                          *     *     *

On Apr. 4, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s corporate family rating to Ba2 from
Ba3 and undertook a number of related rating actions:

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

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

   * upgraded to Ba3 from B2 Freeport's US$6-billion senior
     unsecured notes.

Moody's also upgraded to Ba2 from B1 the ratings on Phelps
Dodge's secured Cyprus Amax notes and on Phelps Dodge's other
existing notes.

                            *********

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.  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 ***