TCRAP_Public/070417.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

            Tuesday, April 17, 2007, Vol. 10, No. 75

                            Headlines

A U S T R A L I A

A.J. NEATE: Placed Under Voluntary Liquidation
A.W. DICKSON: Placed Under Members' Voluntary Wind-Up
ALLIANCE ATLANTIS: Ontario Court Sets May 18 Fairness Hearing
AMERICAN MEDICAL: Q1 Earnings Conference Call Set April 30
ARMOR HOLDINGS: To Unveil First Quarter 2007 Results on Thursday

AUSTRALIAN EQUITY: Members' Final Meeting Set for April 26
BLYTH INC: Declares US$0.27 per Share Semi-Annual Cash Dividend
BLYTH INC: Posts US$103 Mil. Loss for Year Ended Jan. 31, 2007
CHATTEM INC: Earns US$45.1 Million in Year Ended Nov. 30, 2006
CLAM ENGINEERING: Final General Meeting Set for May 17

CUSTOM LEASE: Final Meeting Set for April 26
EIGHTH WELPRES: Commences Liquidation Proceedings
INDEPENDENT PROPERTY: Members Agree to Shut Down Firm
PARKES CHEMICALS: Taps David Scott as Liquidator
PARKFAM HOLDINGS: Undergoes Members' Voluntary Liquidation

PASMINCO LIMITED: Creditors Set to Meet on May 1
SAVAGE RESOURCES: Creditors' Meeting Set for May 1
TOPACAL PTY: Members Resolve to Wind Up Operations
VICTORIAN BOAT: Will Declare Final Dividend on May 18


C H I N A   &   H O N G  K O N G

ALERIS INTERNATIONAL: Doubles Revenues to US$4.7 Billion in 2006
BERRY PLASTICS: Moody's Cuts Corporate Family Rating to B2
BRIGHT EVER: Appoints Joint & Several Liquidators
CLASSIC FINE: Chan Sek Kwan Rays Quits Liquidator Post
CHAMPION BILLION: Liquidator Quits Post

CHINA CONSTRUCTION: Tax Cut Absence Lowers Profit to CNY46.32BB
CHINA CONSTRUCTION: Yangtze Power Sells 400 Million Shares
DAWN TIME: Taps Thomas Corkhill & Iain Bruce as Liquidators
DUN & BRADSTREET: Dec. 31 Balance Sheet Upside-Down by US$399.1M
DUN & BRADSTREET: Amends U.S. Qualified Plan and 401(k) Plan

EASTERN GLOBAL: Wind-Up Petition Hearing Set for May 16
ELITE MATE: Faces Bank of China's Wind-Up Petition
EVERBRIGHT BANK: Buying 35% Stake in Everbright Pramerica
FOCUS ONLINE: Creditors Must Prove Debts by May 14
FUJITSU GENERAL: Placed Under Members' Voluntary Wind-Up

GOH HONG KONG: Commences Liquidation Proceedings
GUANGDONG DEVELOPMENT: Moody's Reviews Ratings for Upgrade
IMC SHIPPING: Taps Hui Hing Suen as Liquidator
K. L. CORPORATE: Appoints Sze Lin Tang as Liquidator
MISSLER SOFTWARE: Liquidator Quits Post

STAR ASSETS: Members' Final General Meeting Set for May 14
SHIMAO PROPERTY: Private Firm Mulls Tie-Up in Manila Project
TRENDFIELD LIMITED: Court to Hear Wind-Up Petition on May 16
* Taiwan's Securities Sector Still Needs Reform, Fitch Says


I N D I A

IMAX CORP: Provides Update on Delayed Filing
NXP BV: Moody's Assigns Loss-Given-Default Rating
SUN MICROSYSTEMS: Will Acquire SavaJe Technologies IP Assets


I N D O N E S I A

ALCATEL-LUCENT: Wins Network Transformation Contract in Spain
ANEKA TAMBANG: Plans to Buy Gold Mines in Kalimantan & Sulawesi
ANIXTER INTER'L: To Report 1Q 2007 Financial Results on April 24
HANOVER: Calls for US$29.9-Million Notes Redemption on May 8
PERTAMINA: Plans to Set Up More Biopertamax Gas Stations

TELKOM INDONESIA: To Speed Up US$500-Million Debt Repayment
TUPPERWARE BRANDS: 1Q 2007 Earnings Conference Call on April 26


J A P A N

COSMO OIL: Says Earthquake Didn't Affect Operations
ITOCHU CORP: Joint Venture to Build Methanol Plant in Brunei
JAPAN AIRLINES: Order for Boeing's 787 Dreamliner Totals 35
MAZDA MOTOR: Recalls 4,300 Bongo Commercial Vehicles
MAZDA MOTOR: Wins 3 Best Car Awards in Thailand

MAZDA MOTOR: Takes Over Distribution in Belgium and Luxembourg
NIKKO CORDIAL: Citigroup to Borrow JPY950 Billion from Banks


K O R E A

DRESSER INC: S&P Junks Rating on Proposed US$750 Mil. Facilities
KRISPY KREME: Posts US$24.4 Mil. Net Loss in Qtr. Ended Jan. 28
NATIONAL AGRICULTURAL: Moody's Rates Sub. Notes Due 2017 at Baa1
NATIONAL AGRICULTURAL: S&P Rates Lower Tier II Notes at A-
SSAMZIE CO: Expects KRW139 Billion Revenue in 2007

TI AUTOMOTIVE: Moody's Assigns Loss-Given-Default Rating
TOWER AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 3


M A L A Y S I A

DYNEA INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
FOAMEX INT'L: Dec. 31 Balance Sheet Upside-Down by US$396.4 Mil.
TANCO HOLDINGS: Secures Capital Funding from Lehman Brothers
THERMADYNE HOLDINGS: Posts US$23 Mil. Net Loss in Full Year 2006


S I N G A P O R E

LEAR CORP: Annual Stockholders' Meeting Slated for June 27
PETROLEO BRASILEIRO: Hires Skanska to Build Propane-Making Unit
PETROLEO BRASILEIRO: May Purchase Tankers to Aid Ethanol Export
PETROLEO BRASILEIRO: Must Follow Government's Development Scheme
SEA CONTAINERS: Wants to Employ PwC Legal as U.K. Labor Counsel

SEA CONTAINERS: Can Lend Up to US$7 Million to Non-Debtor Unit


T H A I L A N D

G STEEL: Sets Annual General Meeting on April 23
HANTEX: Gets Court Approval to Increase Registered Capital
POWER-P: Names Surachai Arunbutr as New CEO
SAFARI WORLD: Prepares Rehabilitation Plan to Avoid Delisting
SIAM CITY: Optimistic on Profit Growth for 2007


* BOND PRICING: For the Week 9 April to 13 April 2007

     - - - - - - - -

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

A.J. NEATE: Placed Under Voluntary Liquidation
----------------------------------------------
On March 27, 2007, the members of A.J. Neate Pty Ltd had a
meeting and decided to voluntarily wind up the company's
operations.

Paul Vartelas was appointed as the company's liquidator at the
creditors' meeting held later that day.

                        About A.J. Neate

Located in Victoria, Australia, A.J. Neate Pty Ltd provides
business services.


A.W. DICKSON: Placed Under Members' Voluntary Wind-Up
-----------------------------------------------------
The members of A.W. Dickson Pty. Ltd. had their general meeting
on March 27, 2007, and agreed to liquidate the company's
business.

S. L. Horne was appointed as liquidator

The Liquidator can be reached at:

         S. L. Horne
         Draper Dillon
         499 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                       About A.W. Dickson

A W Dickson Pty Ltd does business with real estate agents and
managers.  The company is located in Victoria, Australia.


ALLIANCE ATLANTIS: Ontario Court Sets May 18 Fairness Hearing
-------------------------------------------------------------
Alliance Atlantis Communications Inc. disclosed that, at its
request, the Ontario Superior Court scheduled on May 18, 2007, a
fairness hearing in connection with the Plan of Arrangement
pursuant to which AA Acquisition Corp. (formerly 6681859 Canada
Inc.) would acquire all of the outstanding shares of Alliance
Atlantis for US$53.00 cash per share.

Alliance Atlantis and AA Acquisition Corp. agreed with Movie
Distribution Income Fund to schedule the fairness hearing on
this date and have also agreed that the claim by the Fund
relating to whether the Fund's consent was required in
connection with the Arrangement would be heard on the same date.

The Fund is the indirect owner of 49% of Motion Picture
Distribution LP and it has publicly stated that it believes,
based on publicly available information, the Fund's consent is
required in connection with the Arrangement.

Alliance Atlantis indirectly owns 51% of MPD and previously
responded in a media release on April 5 that it does not believe
the Arrangement itself requires the Fund's consent.

"Scheduling the court date for the fairness hearing on May 18
will give the parties time to properly respond to the claim made
by the Fund.  We do not expect the new date to have any impact
on the timing of closing of the Plan of Arrangement, which is
currently expected to occur in July or early August," said David
Lazzarato, Executive VP and Chief Financial Officer of Alliance
Atlantis.

"As I indicated on April 5, we understand that the Fund
trustees, together with AA Acquisition Corp. and management of
MPD, continue to engage in discussions.  We believe there is
ample time for this process to run its course and we are hopeful
that the parties will reach a satisfactory understanding but,
of course, we cannot currently predict its outcome."

                     About Alliance Atlantis

Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise.  The company has worldwide offices in the
United Kingdom, Spain and Australia.

                         *     *     *

In January 2007, Standard & Poor's Ratings Services reported
that the ratings on Alliance Atlantis Communications Inc.,
including the 'BB' long-term corporate credit rating, remain on
CreditWatch.  The implications, however, have been revised to
negative from developing.  The ratings were first placed on
CreditWatch with developing implications Dec. 20, 2006, after
Alliance Atlantis' disclosure that it is exploring strategic
alternatives, namely the possible sale of the entire company.

At the same time Moody's Investors Service placed the Ba2
Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under
review for possible downgrade.


AMERICAN MEDICAL: Q1 Earnings Conference Call Set April 30
----------------------------------------------------------
American Medical Systems Inc. will hold a conference call at
4:00 p.m. Central Time on April 30 to discuss the company's
first quarter results for 2007.

Three senior officers will take part in the conference call --
Marty Emerson, President and Chief Executive Officer; Mark
Heggestad, Executive Vice President and Chief Financial Officer;
and Ross Longhini, Executive Vice President and Chief Operating
Officer.

To participate, call:

   -- toll-free: 800-886-7217
   -- outside the United States: 706-679-3821

Reference Conference ID is 4248401.

To listen to a live webcast of the conference call, go to
http://www.americanmedicalsystems.com/on the investor relations
portion.

The webcast replay will be available beginning April 30, at 7:00
p.m. central time and for 90 days following the call.

The company will issue a post-market earnings release on
April 30.

                  About American Medical Systems

Headquartered in Minnetonka, MI, American Medical Systems Inc.
-- http://www.americanmedicalsystems.com/-- develops and
delivers pelvic health products for both men and women.  AMS has
operation in Australia, Austria, Brazil, Canada, Germany, The
Netherlands, France, Spain, Portugal, the United Kingdom, and
the U.S.A.

In connection with Moody's Investors Service's implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B1 Corporate
Family Rating for American Medical Systems Inc.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

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

   Senior Secured
   Revolver due 2012      Ba3      Ba2     LGD2        22%

   Senior Secured
   Term Loan B
   due 2012               Ba3      Ba2     LGD2        22%


ARMOR HOLDINGS: To Unveil First Quarter 2007 Results on Thursday
----------------------------------------------------------------
Armor Holdings Inc. will release its 2007 first quarter results
on Thursday, April 19, 2007, after the close of the market.  The
Company also will host its regularly scheduled earnings
conference call at 5:00 p.m. (eastern) on the same date.

There are two ways to participate in the conference call -- via
teleconference or webcast. The webcast may be accessed by
visiting http://www.armorholdings.com/and listen by selecting
Investor Relations and clicking on the microphone.

Via telephone, the dial-in number is 1-888-428-4479 for domestic
callers or 1-612-332-0637 for international callers.  There is
no passcode required for this call.  There will be a
question/answer session at the end of the conference call, at
which point only securities analysts will be able to ask
questions.  However, all callers will be able to listen to the
questions and answers during this period.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc. --
http://www.armorholdings.com/-- manufactures and distributes
security products and vehicle armor systems for the law
enforcement, military, homeland security, and commercial
markets.  The company has operations in Australia, England and
Brazil.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.  Additionally, Moody's
affirmed its B1 ratings on the company's 2% Convertible Senior
Subordinated Notes Due 2024 and 8.25% Senior Subordinated Notes
Due 2013.  Moody's assigned those debentures an LGD5 rating
suggesting noteholders will experience a 77% loss in the event
of default.


AUSTRALIAN EQUITY: Members' Final Meeting Set for April 26
----------------------------------------------------------
The members of Australian Equity Corporation Ltd will have their
final meeting on April 26, 2007, at 10:15 a.m., to receive a
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         A. G. Hodgson
         Ferrier Hodgson
         600 Bourke Street, Level 29
         Melbourne, Victoria 3000
         Australia

                    About Australian Equity

Australian Equity Corporation Ltd is involved with personal
credit institutions.  The company is located in New South Wales,
Australia.


BLYTH INC: Declares US$0.27 per Share Semi-Annual Cash Dividend
---------------------------------------------------------------
Blyth Inc. has declared a semi-annual cash dividend of US$0.27
per share on the Company's common stock for the six months ended
Jan. 31, 2007.

This represents an increase of US$0.04 per share, or
approximately 17%, above the semi-annual dividend paid for the
comparable period last year and an equal amount to the semi-
annual dividend paid in November 2006.  The dividend, authorized
at the March 27, 2007 Board of Directors meeting, will be
payable to shareholders of record as of May 1, 2007, and will be
paid on May 15, 2007.

                           About Blyth

Headquartered in Greenwich, CT, Blyth Inc. --
http://www.blyth.com/-- designs, manufactures and markets a
line of candles and home fragrance products, tabletop heating
products, candle accessories and home decor and giftware
products.  The company has operations in Italy, Spain, Hong
Kong, China, and Australia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc.

Additionally, Moody's held 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
   ----------           -------  -------  ------   ----------
   US$125-million senior
   unsecured bonds
   due 2009               Ba3      Ba3     LGD4        55%

   US$100-million senior
   unsecured bonds
   due 2013               Ba3      Ba3     LGD4        55%


BLYTH INC: Posts US$103 Mil. Loss for Year Ended Jan. 31, 2007
--------------------------------------------------------------
Blyth Inc. released its financial results for the fourth quarter
and year ended Jan. 31, 2007.

Blyth posted a US$103.17 million net loss on US$1.22 billion net
revenues for the year ended Jan. 31, 2007, compared with
US$24.85 million net profit on US$1.25 billion net revenues for
the year ended Jan. 31, 2005.

The company registered US$17 million net profit on US$379.84
million net revenues for the fourth quarter ended Jan. 31, 2007,
compared with a US$12.30 million net loss on US$380.71 million
net revenues for the fourth quarter ended Jan. 31, 2005.

"Fiscal year 2007 has been one of significant transition for
Blyth, as demonstrated by our fourth quarter and full year
restructuring charges," Robert B. Goergen, Blyth's Chairman of
the Board and CEO, said.  "Most of these unusual charges are
non-cash, and Blyth continues to generate strong cash flow,
achieving US$95 million in Cash Flow From Operations in fiscal
year 2007.  Restructuring efforts within the Multi-channel Group
of Wholesale and Catalog & Internet businesses, as well as the
Direct Selling segment, have further streamlined operations,
eliminated numerous less profitable customers and continued to
improve the efficiency of our asset base.  We believe that these
steps will position the Company for improved performance and
profitability in fiscal year 2008.  Due to the complexity of our
fourth quarter and full year results, we have included a summary
table of unusual items to assist investors in understanding
Blyth's financials."

"The divestiture of our European Wholesale businesses was
completed in the fourth quarter with the sale of our Colony
premium candle company in the U.K. Blyth has narrowed its
European focus to direct selling, which is where we believe we
have the best opportunities for profitable growth," Mr. Goergen
continued.  "This year's strong, double-digit sales growth in
markets such as France and the Nordic region support our
conclusion."

                           About Blyth

Headquartered in Greenwich, CT, Blyth Inc. --
http://www.blyth.com/-- designs, manufactures and markets a
line of candles and home fragrance products, tabletop heating
products, candle accessories and home decor and giftware
products.  The company has operations in Italy, Spain, Hong
Kong, China, and Australia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc.

Additionally, Moody's held 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
   ----------           -------  -------  ------   ----------
   US$125M senior
   unsecured bonds
   due 2009               Ba3      Ba3     LGD4        55%

   US$100M senior
   unsecured bonds
   due 2013               Ba3      Ba3     LGD4        55%


CHATTEM INC: Earns US$45.1 Million in Year Ended Nov. 30, 2006
--------------------------------------------------------------
Chattem Inc. reported US$45.1 million of net income on
US$300.5 million of revenues for the year ended Nov. 30, 2006,
compared with US$36 million of net income on US$279.3 million of
revenues for the year ended Nov. 30, 2005.

Total revenues increased 11% over the prior year excluding sales
of pHisoderm(R), which was divested in November 2005.  Revenue
growth for fiscal year 2006 was led by Gold Bond, Dexatrim,
Selsun, BullFrog and Pamprin along with the new product launch
of Icy Hot Pro-Therapy.

Net income for the fourth quarter of fiscal 2006 was US$4.9
million, compared with US$2.4 million in the prior year quarter.
In the fourth quarter of fiscal 2006, the company recorded a
reserve for Icy Hot Pro-Therapy retail and in-house inventory
exposure totaling US$5.3 million, which resulted in negative
sales for the brand and higher costs of sales during the fiscal
fourth quarter of 2006.

Total revenues for the fourth quarter of fiscal 2006 were
US$65.1 million, compared to total revenues of US$63.9 million
in the prior year quarter, representing a 2% increase.  Revenue
growth for the quarter was driven by the continued strength of
the Gold Bond, Dexatrim, BullFrog and Pamprin businesses offset
by a reduction in sales of Icy Hot Pro-Therapy resulting from a
reserve for retail returns recorded in the fourth quarter.

                       Financial Highlights

Gross margin for fiscal 2006 was 68.7%, as compared with 71.4%
during fiscal 2005 largely attributable to the launch of Icy Hot
Pro-Therapy, which has lower gross margins than the company's
other products.

Advertising and promotion expense was 32% for fiscal 2006, as
compared with 27.5% during fiscal 2005, due primarily to
increased spending to support the company's new product
introductions.

Selling, general and administrative expenses decreased to 15.6%
during fiscal 2006, as compared with 16.9% during fiscal 2005
reflecting lower restricted stock and variable compensation
expense, offset by share-based payment expense under SFAS 123R.

During fiscal 2006, the company repurchased 1.2 million shares
at an average cost of US$33.57 per share, or US$39.3 million in
the aggregate.

The company completed a private offering of US$125 million 2%
Convertible Senior Notes, the proceeds of which were used to
fund in part the acquisition of brands from Johnson & Johnson.

The company successfully resolved its Dexatrim PPA litigation
and recovered US$19.3 million, net of legal expenses.

At Nov. 30, 2006, the company's balance sheet showed
US$415.3 million in total assets, US$279.7 million in total
liabilities, and US$135.6 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Nov. 30, 2006, are available for
free at http://researcharchives.com/t/s?1a1c

                       Acquisition of Brands

On Jan. 2, 2007, the company completed the closing of the
previously announced agreement to acquire the U.S. rights to
five leading consumer and over-the-counter brands from Johnson &
Johnson for US$410 million.  The acquired brands include ACT(R),
an anti-cavity mouthwash/mouth rinse; Cortizone, a
hydrocortisone anti-itch product; Unisom(R), an OTC sleep aid;
Kaopectate(R), an anti-diarrhea product; and Balmex(R), a diaper
rash product.

The acquisition was funded in part with the proceeds from a new
US$300 million term loan arranged and led by Bank of America
pursuant to a Fifth Amendment to and restatement of the
company's Credit Agreement, with the remaining funds principally
provided through the use of a portion of the proceeds derived
from the company's previously announced sale of US$125 million
2% Convertible Senior Notes due 2013.

"The company completed another outstanding year in fiscal 2006,
highlighted by several key events.  Most significantly, we
reached an agreement to acquire five major brands from Johnson &
Johnson, a transaction, which subsequently closed on Jan. 2,
2007," said chief executive officer Zan Guerry.

                        About Chattem Inc.

Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- is a
marketer and manufacturer of a broad portfolio of a broad
portfolio of branded over the counter healthcare products,
toiletries and dietary supplements.  The company's portfolio of
products includes well-recognized brands such as Icy Hot, Gold
Bond, Selsun Blue, ACT, Cortizone and Unisom.  Chattem conducts
a portion of its global business through subsidiaries in the
United Kingdom, Ireland and Canada.

                          *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.


CLAM ENGINEERING: Final General Meeting Set for May 17
------------------------------------------------------
The members and creditors of Clam Engineering Pty Ltd will have
their final general meeting on May 17, 2007, at 10:00 a.m., to
hear a report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Craig Crosbie
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Clam Engineering

Clam Engineering Pty Ltd provides engineering services.  The
company is located in Victoria, Australia.


CUSTOM LEASE: Final Meeting Set for April 26
--------------------------------------------
A final meeting will be held for the members of Custom Lease Pty
Ltd on April 26, 2007, at 10:15 a.m.

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

                       About Custom Lease

Located in Victoria, Australia, Custom Lease Pty Ltd is involved
with miscellaneous business credit institution.


EIGHTH WELPRES: Commences Liquidation Proceedings
-------------------------------------------------
On March 26, 2007, the members of Eighth Welpres Proprietary
Limited had their general meeting and decided to voluntarily
wind up the company's operations.

The company's liquidator is:

         David H. Scott
         Chartered Accountant
         Jones Condon Chartered Accountants
         173 Burke Road, Level 1
         Glen Iris, Victoria 3146
         Australia

                      About Eighth Welpres

Located in Victoria, Australia, Eighth Welpres Proprietary
Limited is an investor relation company.


INDEPENDENT PROPERTY: Members Agree to Shut Down Firm
-----------------------------------------------------
At an extraordinary general meeting held on March 30, 2007, the
members of Independent Property Services Pty Ltd agreed to
voluntarily wind up the company's operations.

Leonard A. Milner was appointed as liquidator.

                   About Independent Property

Independent Property Services Pty Ltd is a general contractor of
non-residential buildings.  The company is located in Victoria,
Australia.


PARKES CHEMICALS: Taps David Scott as Liquidator
------------------------------------------------
At a general meeting held on March 26, 2007, the members of
Parkes Chemicals (Australia) Pty Ltd resolved to voluntarily
wind up the company's operations.

David H. Scott was appointed as liquidator.

The Liquidator can be reached at:

         David H. Scott
         Chartered Accountant
         Jones Condon Chartered Accountants
         173 Burke Road, Level 1
         Glen Iris, Victoria 3146
         Australia

                     About Parkes Chemicals

Parkes Chemicals (Australia) Pty Ltd is a distributor of
chemicals and allied products.  The company is located in
Victoria, Australia.


PARKFAM HOLDINGS: Undergoes Members' Voluntary Liquidation
----------------------------------------------------------
The members of Parkfam Holdings Proprietary Limited had their
general meeting on March 26, 2007, and agreed to voluntarily
liquidate the company's business.

David H. Scott was appointed as liquidator.

The Liquidator can be reached at:

         David H. Scott
         Chartered Accountant
         Jones Condon Chartered Accountants
         173 Burke Road, Level 1
         Glen Iris, Victoria 3146
         Australia

                      About Parkfam Holdings

Located in Victoria, Australia, Parkfam Holdings Proprietary
Limited is an investor relation company.


PASMINCO LIMITED: Creditors Set to Meet on May 1
------------------------------------------------
Pasminco Limited, which is subject to deed of company
arrangement, will hold a meeting for its creditors on May 1,
2007, at 10:00 a.m.

At the meeting, the creditors will be provided an update to the
status of the administration and also be given an opportunity to
ask questions regarding to it.  The creditors will also be asked
to approve the fees of the deed administrators and other unpaid
accounts.

The company's deed administrator is:

         Peter McCluskey
         Ferrier Hodgson
         600 Bourke Street, Level 29
         Melbourne, Victoria 3000
         Australia

                     About Pasminco Limited

Pasminco Limited -- also trading as Pasminco Mining; Pasminco
Metals Aust Sme; and Europe Overseas Smelting -- is involved
with lead-zinc ore mining.  The company is located in Victoria,
Australia.


SAVAGE RESOURCES: Creditors' Meeting Set for May 1
--------------------------------------------------
The creditors of Savage Resources Limited, which is subject to
deed of company arrangement, will have a meeting on May 1, 2007,
at 10:00 a.m.

At the meeting, the creditors will be provided an update to the
status of the administration and also be given an opportunity to
ask questions regarding to it.  The creditors will also be asked
to approve the fees of the deed administrators and other unpaid
accounts.

The company's deed administrator is:

         Peter McCluskey
         Ferrier Hodgson
         600 Bourke Street, Level 29
         Melbourne, Victoria 3000
         Australia

                     About Savage Resources

Savage Resources Limited operates offices of holding companies.
The company is located in Victoria, Australia.


TOPACAL PTY: Members Resolve to Wind Up Operations
--------------------------------------------------
At an extraordinary general meeting held on March 21, 2007, the
members of Topacal Pty Ltd resolved to voluntarily wind up the
company's operations.

John Ross Lindholm and Peter Damien McCluskey were appointed as
the company's liquidators at the creditors' meeting held that
same day.

The Liquidators can be reached at:

         John Ross Lindholm
         Peter Damien McCluskey
         Ferrier Hodgson
         600 Bourke Street, Level 29
         Melbourne, Victoria 3000
         Australia

                       About Topacal Pty

Topacal Pty Ltd provides health and allied services.  The
company is located in New South Wales, Australia.


VICTORIAN BOAT: Will Declare Final Dividend on May 18
-----------------------------------------------------
Victorian Boat Co Pty Ltd will declare a first and final
dividend on May 18, 2007.

Creditors who cannot prove their debts by May 3, 2007, are
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         Peter Vince
         Ferrier Hodgson
         600 Bourke Street, Level 29
         Melbourne, Victoria 3000
         Australia

                      About Victorian Boat

Victorian Boat Co Pty Ltd operates manufacturing industries.
The company is located in Victoria, Australia.


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

ALERIS INTERNATIONAL: Doubles Revenues to US$4.7 Billion in 2006
----------------------------------------------------------------
Aleris International Inc.'s revenues for the year ended Dec. 31,
2006, increased to US$4.7 billion, as compared with revenues of
US$2.4 billion for the year ended Dec. 31, 2005.

The acquired operations of Corus Aluminum, ALSCO, Tomra Latasa,
Alumitech, and the acquired assets of Ormet accounted for an
estimated US$1.6 billion of this increase.  The company recorded
a net income of US$70.3 million for the year ended Dec. 31,
2006, resulting from a net loss of US$3.4 million for the period
after the Texas Pacific Group Merger from Dec. 20, 2006, through
Dec. 31, 2006, and a net income for the period prior to the
Merger from Jan. 1, 2006, through Dec. 19, 2006.

Consolidated selling, general and administrative expenses
increased US$76.3 million in the year ended Dec. 31, 2006, as
compared with the year ended Dec. 31, 2005.  In 2006, the
company recorded restructuring and other charges of US$41.9
million and a US$9.8 million gain from currency option contracts
used to hedge a portion of the purchase price paid to acquire
Corus Aluminum.  It also recorded net realized and unrealized
gains of US$20.8 million on its aluminum derivative financial
instruments as a result of the rising price of primary aluminum
during the year.  Interest expense increased in 2006 compared to
2005 due to increased debt levels in connection with the
Acquisition and the acquisition of Corus Aluminum.  The
company's average debt outstanding increased from US$421.1
million in 2005 to US$1 billion in 2006.  In connection with the
acquisition of Corus Aluminum, the company refinanced
substantially all of its debt as of Aug. 1, 2006. During 2006,
the company sold the land and buildings at its Carson,
California rolling mill and recorded a gain of US$13.8 million
on the sale.  Income tax expense was US$43.6 million in 2006, as
compared with US$400,000 in 2005.

            Results for the period Dec. 20 to 31, 2006

The company generated revenues of US$111.8 million and gross
profit of US$2.9 million in the period from Dec. 20, 2006 to
Dec. 31, 2006. Gross profit was negatively impacted by purchase
accounting rules that required acquired inventories to be
adjusted to fair value.

As of Dec. 31, 2006, the company's balance sheet showed total
assets of US$4.8 billion and total liabilities of US$4 billion,
resulting to total stockholders' equity of US$845.4 million.
The company recorded retained deficit of US$3.4 million in 2006,
as compared with retained earnings of US$95.9 million in 2005.
Cash and cash equivalents held in 2006 were US$126.1 million, as
compared with US$6.8 million in 2005.

                     December 2006 Refinancing

On Dec. 19, 2006, in conjunction with the Acquisition, the
company entered into the US$750 million Revolving Credit
Facility, the US$1.2 billion Term Loan Facility, as amended on
March 16, 2007, and issued US$600 million of Senior Notes and
US$400 million of Senior Subordinated Notes.

                   Events and Highlights in 2006

On July 14, 2006, Texas Pacific Group formed Holdings and Merger
Sub for purposes of acquiring the company.  On Aug. 7, 2006, the
company entered into an Agreement and Plan of Merger with
Holdings, pursuant to which each share of the company's common
stock would be converted into the right to receive US$52.50 in
cash.  The Acquisition was completed on Dec. 19, 2006, at which
time TPG and certain members of the company's management made a
cash contribution of US$844.9 million and a non-cash
contribution of US$3.9 million to Holdings in exchange for
8,520,000 shares of common stock of Holdings.  The non-cash
contribution consisted of shares of common stock held by
management.  Holdings contributed this amount to Merger Sub in
exchange for Merger Sub issuing 900 shares of its common stock
to Holdings.

The company incurred significant debts in connection with the
Acquisition and are highly leveraged.  While substantially all
of the company's debt matures in 2011 or later, it will incur
and pay significantly more interest expense under its new
capital structure than in 2006.  The company estimated interest
payments will be about US$178.1 million in the year ending Dec.
31, 2007.

The Acquisition has also required that all of the company's
assets and liabilities be adjusted to fair value through
purchase accounting.  These adjustments have impacted and will
continue to impact the company's goodwill.  Also, the company
recorded preliminary purchase accounting adjustments to write-up
its inventories by US$61.3 million.

LME zinc prices had been at or near record levels throughout
2006 but as of Feb. 28, 2007, these prices had dropped by 21%,
as compared with Dec. 31, 2006.  This has negatively impacted
the company's zinc business through the first two months of
2007.

The North American housing industry has declined significantly
in 2006 and in the beginning of 2007.  Single-family home
construction has decreased more than 10% year over year
resulting in slower demand for building and construction end-
uses in North America.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d07

                   About Aleris International

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed its 'B+' loan and
'2' recovery ratings on the senior secured first-lien term loan
of Aleris International Inc., after the report that the company
increased the term loan by US$125 million.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its corporate credit
rating on Beachwood, Ohio-based Aleris International Inc. to
'B+' from 'BB-'and removed it from CreditWatch, where it was
placed with negative implications on Aug. 9, 2006.  The
CreditWatch placement comes after the report that Texas Pacific
Group had agreed to acquire Aleris' outstanding stock for nearly
US$3.4 billion, consisting of US$1.7 billion in cash plus
assumed debt, representing a 6.8x trailing-12-months EBITDA
multiple.

The outlook is stable.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service downgraded Aleris International Inc.'s
corporate family rating to B2 from B1.

At the same time Moody's assigned these ratings to Aurora
Acquisition Merger Sub, Inc:

   -- proposed senior secured term loan at B2;

   -- proposed senior unsecured notes at B3;

   -- proposed senior subordinated notes at Caa1; and,

   -- a B2 rating to Aleris Deutschland Holding GMBH's proposed
      senior secured term loan.


BERRY PLASTICS: Moody's Cuts Corporate Family Rating to B2
----------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Berry Plastics Holdings Corporation to B2.  The outlook is
stable.

This rating action concludes the review for possible downgrade
initiated on March 13 following the company's announcement that
it had entered into a definitive agreement to merge with
Covalence Specialty Materials Corporation in a stock-for-stock
merger.  The merger was consummated April 3.

The downgrade of Berry's Corporate Family Rating reflects
deterioration in credit metrics, change in operating profile and
integration risk in merging with CSMC.  Pro-forma for the
transaction, Debt to EBITDA is 7.2 times and EBIT to Gross
Interest Expense 0.8 times for the twelve months ended
Dec. 31, 2006.

The difference in product lines and size of CSMC represents a
material change to Berry's operating profile and source of
integration risk.  Required investments for synergies will leave
no free cash flow for debt reduction in the near term and little
cushion for any negative variance.

Strengths in Berry's pro-forma competitive profile include
annual revenue of US$3.1 billion with significant market shares
in several categories.  The merger will also add additional
diversity to Berry's end markets and increased scale.  The
combined organization is also expected to have good liquidity.

The ratings of Berry were downgraded:

   -- Corporate Family Rating, to B2 from B1;

   -- Probability of Default Rating, to B2 from B1;

   -- US$225-million senior secured second lien FRN's due 2014,
      downgraded to B3 (LGD4, 65%) from B2 (LGD4, 62%); and

   -- US$525-million senior secured second lien notes due 2014,
      downgraded to B3 (LGD4, 65%) from B2 (LGD4, 62%).

The ratings of Berry are confirmed and will be withdrawn:

   -- The Ba1 (LGD2, 18%) rated US$200-million senior secured
      revolver due 2012;

   -- The Ba1 (LGD2, 18%) rated US$675-million senior secured
      first lien term loan B due 2013.

The ratings of Berry assigned March 16 are now effective:

   -- US$1,200-million senior secured term loan, Ba3 (LGD2,
      27%);

   -- Moody's also affirmed the Speculative Grade Liquidity
      Rating of SGL-2.

The rating outlook for Berry is stable.

The ratings of CSMC are confirmed and are to be withdrawn:

   -- The Corporate Family Rating of B1;

   -- The Probability of Default Rating of B1;

   -- The Ba3 (LGD3, 34%) rated US$300-million senior secured
      term loan C due 2013;

   -- The B2 (LGD4, 62%) US$175 million-senior secured second
      lien term loan due 2013; and

   -- The Speculative Grade Liquidity Rating of SGL-2.

The rating of CSMC was downgraded. These notes became
obligations of Berry upon the closing of the merger:

   -- US$265-million senior subordinated notes due 2016,
      downgraded to Caa1 (LGD6, 90%) from B3 (LGD5, 86%).

The ratings and outlook are subject to receipt of final
documentation.

                       About Berry Plastics

Based in Evansville, Indiana, Berry Plastics Corporation --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has 25 manufacturing facilities
worldwide, including in Italy, England and Hong Kong, and has
more than 6,800 employees.

The company has sales offices in Italy, Mexico and England.


BRIGHT EVER: Appoints Joint & Several Liquidators
-------------------------------------------------
Poon Chi Woo and Poon Chin Chung, Philip were appointed as the
joint and several liquidators of Bright Ever Development Limited
on April 3, 2007.

The Liquidators can be reached at:

         Poon Chi Woo
         Poon Chin Chung, Philip
         Dominion Centre, Room 1307
         Queen's Road East, Wanchai
         Hong Kong


CLASSIC FINE: Chan Sek Kwan Rays Quits Liquidator Post
------------------------------------------------------
On April 13, 2007, Chan Sek Kwan Rays ceased to act as the
liquidator of Classic Fine Limited.

The former Liquidator can be reached at:

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


CHAMPION BILLION: Liquidator Quits Post
---------------------------------------
Lung Chun Tak, Junius ceased to act as the liquidator of
Champion Billion Trading Limited on April 4, 2007.

The former Liquidator can be reached at:

         Lung Chun Tak, Junius
         World Trust Tower, Units A & B, 21st Floor
         50 Stanley Street, Central
         Hong Kong


CHINA CONSTRUCTION: Tax Cut Absence Lowers Profit to CNY46.32BB
---------------------------------------------------------------
China Construction Bank reported a net profit of CNY46.32
billion, a 1.65% fall from CNY47.09 billion recorded in 2005,
Agence France Press reports.

The plunge, according to the report, was due to the absence of
tax relief that boosted the bank's 2005 figures.  The report,
however, says that the figure was within analysts forecast of
CNY46 billion to CNY48 billion.

The AFP notes that the bank had obtained tax relief in 2005 due
to a restructuring program.  Analysts told the AFP that the
effective tax rate that the bank came under last year was almost
double the 15% rate it fell under in 2005.

However, excluding the effect of the 2005 tax break, the bank's
net profit grew 18.02% last year, the AFP notes.

Income tax expense for 2006 amounted to CNY19.4 billion, up 135%
from a year earlier due to an effective tax rate of 29.52%, the
AFP notes, citing the bank's statement.

Operating profit for 2006 stood at CNY151.59 billion, up from
CNY128.71 billion a year earlier.  Interest income rose to
CNY215.19 billion from CNY173.6 billion a year earlier, while
net interest income rose 20.4% to CNY140.37 billion with the net
interest margin expanding to 2.79% from 2.78%, the bank's
statement reflected.

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954, under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D'
individual ratings.


CHINA CONSTRUCTION: Yangtze Power Sells 400 Million Shares
----------------------------------------------------------
Yangtze Power Co. will sell 400 million Hong Kong-listed shares
that it owns in China Construction Bank for HK$1.6 billion,
Reuters reports.

Citing Yangtze Power's statement with the Shanghai Securities
News, Reuters says that the company signed an agreement on
April 12 to sell its shares with Reca Shares.

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954 under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D'
individual ratings.


DAWN TIME: Taps Thomas Corkhill & Iain Bruce as Liquidators
-----------------------------------------------------------
On March 31, 2007, Thomas Andrew Corkhill and Iain Ferguson
Bruce were appointed as the liquidators of Dawn Time Limited.

The Liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Gloucester Tower, 8th Floor
         The Landmark
         15 Queen's Road
         Central, Hong Kong


DUN & BRADSTREET: Dec. 31 Balance Sheet Upside-Down by US$399.1M
----------------------------------------------------------------
The Dun & Bradstreet Corp. disclosed in a regulatory filing with
the United States Securities and Exchange Commission that for
the year ended Dec. 31, 2006, the company reported net income of
US$240.7 million on revenues of US$1.5 billion.  This compares
to net income of US$221.2 million on revenues of US$1.4 billion.

At Dec. 31, 2006, the company's balance sheet showed total
assets of US$1.36 billion and total liabilities of US$1.75
billion, resulting in a shareholders' deficit of US$399.1
million.

The company's Dec. 31 balance sheet further showed working
capital deficit with total current assets of US$645 million and
total current liabilities of US$805 million.

                          Senior Notes

In March 2006, the company issued senior notes with a face value
of US$300 million that mature on March 15, 2011, and bears 5.5%
fixed annual interest, payable semi-annually.  The proceeds were
used to repay the company's existing US$300 million notes
bearing interest at a fixed annual rate of 6.625%, payable semi-
annually, which matured in March 2006.

                           Credit Facility

In September 2004, the company entered into a US$300 million
bank revolving credit facility, which bears interest at
prevailing short-term interest rates and will expire in
September 2009.  This facility also supports the company's
commercial paper borrowings.

At Dec. 31, 2006, the company had US$159.5 million of borrowings
outstanding under this facility.  The company has not drawn on
the facility and did not have any borrowings outstanding under
the facility for the years ended Dec. 31, 2005 and 2004.  The
company also did not borrow under its commercial paper program
for the years ended Dec. 31, 2006, 2005 or 2004.

The bank credit facility requires the maintenance of interest
coverage and total debt to earnings before income, tax
depreciation and amortization ratios.  The company reports that
it was in compliance with these requirements for the years ended
Dec. 31, 2006, 2005 and 2004.

A full-text copy of the company's financial statements for the
year ended Dec. 31, 2006, is available for free at:

              http://ResearchArchives.com/t/s?1d3f

                      About Dun & Bradstreet

Based in Short Hills, New Jersey, The Dun & Bradstreet
Corporation (NYSE:DNB) -- http://www.dnb.com/-- is a source of
commercial information and insight on businesses.  Its global
commercial database contains more than 110 million business
records.  D&B's DUNSRight quality process provides its customers
with quality business information to make critical business
decisions.  The company provides customers with four solution
sets: Risk Management Solutions, Sales & Marketing Solutions, E-
Business Solutions and Supply Management Solutions.

D&B operates through two business segments: United States, which
consists solely of its United States operations, and
International, which consists of its operations in Canada,
Europe, Asia Pacific and Latin America.  During the year ended
Dec. 31, 2006, the company formed a joint venture, Huaxia D&B
China, with Huaxia International Credit Consulting Co. Ltd.  In
March 2007, the Company acquired First Research, a provider of
editorial-based industry insight, specifically tailored toward
sales professionals.


DUN & BRADSTREET: Amends U.S. Qualified Plan and 401(k) Plan
------------------------------------------------------------
The Dun & Bradstreet Corp. disclosed that on April 12, 2007, its
Board of Directors took these actions with respect to the
company's U.S. benefit plans:

    * amended the company's Dun & Bradstreet Corporation
      Retirement Account; and

    * amended the company's 401(k) Plan.

The company relates that its Retirement Account is amended
effective June 30, 2007.  Any pension benefit that has been
accrued through such date under the U.S. Qualified Plan will be
"frozen" at its then current value and no additional benefits,
other than interest on such amounts, will accrue under the U.S.
Qualified Plan.  All non-vested U.S. Qualified Plan participants
who are actively employed as of June 30, 2007 will be
immediately vested on July 1, 2007.

Under the amended 401(k) Plan, which is effective July 1, 2007,
the company increased its match formula from 50% to 100% of a
team member's contributions and to increase the maximum match to
7%, from 6%, of such team member's eligible compensation.

The company says that these changes to the U.S. Qualified Plan
and 401(k) Plan won't impact its 2007 financial guidance.

On an annualized net basis, the company also believes that these
actions will not have a material impact on its operating income
and will result in a decrease to its cash flow from operating
activities of approximately US$11.0 million to US$13.0 million,
primarily as a result of the increased match under the 401(k)
Plan.

Based in Short Hills, New Jersey, The Dun & Bradstreet
Corporation (NYSE:DNB) -- http://www.dnb.com/-- is a source of
commercial information and insight on businesses.  Its global
commercial database contains more than 110 million business
records.  D&B's DUNSRight quality process provides its customers
with quality business information to make critical business
decisions.  The company provides customers with four solution
sets: Risk Management Solutions, Sales & Marketing Solutions,
E-Business Solutions and Supply Management Solutions.

D&B operates through two business segments: United States, which
consists solely of its United States operations, and
International, which consists of its operations in Canada,
Europe, Asia Pacific and Latin America.  During the year ended
Dec. 31, 2006, the company formed a joint venture, Huaxia D&B
China, with Huaxia International Credit Consulting Co. Ltd.  In
March 2007, the Company acquired First Research, a provider of
editorial-based industry insight, specifically tailored toward
sales professionals.


EASTERN GLOBAL: Wind-Up Petition Hearing Set for May 16
-------------------------------------------------------
Wan Sze Wah filed a petition on March 14, 2007, for the wind up
of the operations of Eastern Global Property Management Limited.

The petition will be heard before the High Court of Hong Kong on
May 16, 2007, at 9:30 a.m.


ELITE MATE: Faces Bank of China's Wind-Up Petition
--------------------------------------------------
Bank of China (Hong Kong) Limited filed a petition to wind up
the operations of Elite Mate Limited on March 22, 2007.

The petition will be heard before the High Court of Hong Kong on
June 6, 2007, at 9:30 a.m.


EVERBRIGHT BANK: Buying 35% Stake in Everbright Pramerica
---------------------------------------------------------
China's Everbright Bank will buy a 35% stake in Everbright
Pramerica Fund Management Co., a joint venture of U.S. insurer
Prudential Financial and China Everbright Group, two sources
close to the situation told Reuters.

Reuters relates that Everbright Bank will buy the stake from
parent China Everbright Group, which now holds a 67% stake of
Everbright Pramerica.  Prudential Financial holds the other 33%
stake in Everbright Pramerica.

The joint venture fund, according to the report, currently
manages four mutual funds worth about CNY2.2 billion in total.

After the deal, Everbright Bank is expected to become the top
shareholder of the fund venture, while Prudential will maintain
its current stake, sources told Reuters.

The sources also told Reuters that Everbright Group's stake in
the joint venture will be reduced to 32%, which is likely to be
sold to Prudential Financial and Everbright Bank eventually.

Everbright Bank declined to comment on the report while
officials at Prudential and its fund venture were not
immediately available for comment, Reuters adds.

                          *     *     *

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned
commercial bank with shares held by international financial
institutions.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed on August 14, 2006, China Everbright Bank's 'E'
individual rating '3' support rating.


FOCUS ONLINE: Creditors Must Prove Debts by May 14
--------------------------------------------------
The shareholders of Focus Online Limited had their meeting on
April 3, 2007, and appointed Lam Ying Sui as the company's
liquidator.

Mr. Lam requires the company's creditors to file their proofs of
debt by May 14, 2007, to be included in the company's dividend
distribution.

The Liquidator can be reached at:

         Lam Ying Sui
         Allied Kajima Bldg., Room 1004-1005
         138 Gloucester Road
         Wanchai, Hong Kong


FUJITSU GENERAL: Placed Under Members' Voluntary Wind-Up
--------------------------------------------------------
The members of Fujitsu General (HK) Limited held a general
meeting on March 30, 2007, and passed a resolution winding up
the company's operations.

Rainier Hok Chung Lam and John James Toohey were appointed as
liquidators.

The Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         Prince's Building, 22nd Floor
         Central, Hong Kong


GOH HONG KONG: Commences Liquidation Proceedings
------------------------------------------------
On March 31, 2007, the members of Goh Hong Kong Limited passed a
resolution winding up the company's operations.

Rainier Hok Chung Lam and John James Toohey were appointed as
the liquidators.

The Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         Prince's Building, 22nd Floor
         Central, Hong Kong


GUANGDONG DEVELOPMENT: Moody's Reviews Ratings for Upgrade
----------------------------------------------------------
On April 16, 2007, Moody's Investors Service put on review for
possible upgrade Guangdong Development Bank's E+ Bank Financial
Strength Rating and B1 long-term deposit rating.

"The positive review reflects the considerable progress GDB has
made in its restructuring, including the significant
improvements in its balance sheet and capital position," says
May Yan, a Moody's VP/Senior Credit Officer.

"In 2006, GDB received strategic investments from a Citigroup-
led consortium, and which significantly strengthened its capital
position," says May Yan.  "The bank has also substantially
reduced its non-performing loans through divestitures and write-
offs."

"At the same time, while such financial improvements have been
significant, they were largely driven by externally-led
initiatives and a clear track record in performance improvements
-- as a result of the bank's own efforts -- has yet to emerge,"
says May Yan.

Moody's review will focus on GDB's audited financial accounts,
identifying evidence of stabilization in asset quality as well
as strengthening trends for its capital position and core
earnings.  In addition, Moody's will assess the terms and
conditions of GDB's NPL sales to determine whether there may be
any recourse to the bank.

Further positive rating actions -- beyond the conclusion of the
review -- would require continued improvements in:

    * asset quality,

    * operational efficiency,

    * profitability, and

    * other stand-alone financial performances and at the same
      time evidence of strengthened corporate governance and
      risk management.

Operational improvement, as a result of cooperation between the
bank and Citigroup and other strategic investors, would be
credit positive.

Guangdong Development Bank, headquartered in Guangzhou, is a
joint stock national licensed commercial bank in China.  As of
end-2006, it had total assets of CNY383.6 billion.


IMC SHIPPING: Taps Hui Hing Suen as Liquidator
----------------------------------------------
Hui Hing Suen was appointed as the liquidator of IMC Shipping
and Transport Logistics Limited on March 29, 2007.

Mr. Hui can be reached at:

         Hui Hing Suen
         St. George's Building, Rooms 1705-08, 17th Floor
         2 Ice House Street, Central
         Hong Kong


K. L. CORPORATE: Appoints Sze Lin Tang as Liquidator
----------------------------------------------------
On March 28, 2007, Sze Lin Tan was appointed as the liquidator
of K. L. Corporate Services Limited.

The Liquidator can be reached at:

         Sze Lin Tang
         Max Share Centre, Unit D, 21st Floor
         373 King's Road
         North Point, Hong Kong


MISSLER SOFTWARE: Liquidator Quits Post
---------------------------------------
Chan Sek Kwan Rays ceased to act as the liquidator of Missler
Software China Limited on April 13, 2007.

The former Liquidator can be reached at:

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


STAR ASSETS: Members' Final General Meeting Set for May 14
----------------------------------------------------------
A final general meeting will be held for the members of Star
Assets Property Limited on May 14, 2007, at 10:00 a.m.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Dec. 18, 2006.

The company's liquidators are:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


SHIMAO PROPERTY: Private Firm Mulls Tie-Up in Manila Project
------------------------------------------------------------
Fort Bonifacio Development Corp. has expressed interest in
teaming up with Shimao Property Holdings Ltd. to develop a
7.9-hectare property in the Bonifacio Global City, Manila
Standard Today reports.

State-owned Bases Conversion Development Authority owns the
property.

Shimao has held talks with Fort Bonifacio and the Filipino firm
is open to co-developing the area, the newspaper quoted
Philippine Trade Secretary Peter Favila as saying.

As reported by the Troubled Company Reporter - Asia Pacific on
April 9, 2007, Mr. Favila has advised the Chinese firm to tap
private landowners in the Bonifacio Global City for its planned
US$2-billion investment to do away with the tedious process of
teaming up with a government agency.

The TCR-AP report said that Shimao has signed an agreement with
state-owned Bases Conversion Development Authority to conduct
detailed studies in the global city for future projects.

                          *     *     *

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

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


TRENDFIELD LIMITED: Court to Hear Wind-Up Petition on May 16
------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Trendfield Limited on May 16, 2007.

The petition was filed by Renaissance City Development Company
Limited on March 12, 2007.

Renaissance's solicitor is:

         Johnson Stokes & Master
         18th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


* Taiwan's Securities Sector Still Needs Reform, Fitch Says
-----------------------------------------------------------
On April 15, 2007, Fitch Ratings commented that despite a sharp
market correction in early March, the Taiwan Stock Exchange's
overall market turnover has been reasonably good so far in 2007,
which provides good support for Taiwanese securities firms to
achieve a profitable year, especially for those with a large
brokerage franchise.

However, Fitch sees Taiwanese securities sector's earnings
quality remaining poor due to rather limited revenues and
product diversity, as well as volatile trading results.

The agency highlighted that an inflexible regulatory regime and
unfavorable taxation are key structural issues constraining the
development of Taiwan's equity capital market and thus the
securities firms' profitability.  Progress in improving the
regulatory and taxation regime appears to be slow due to
frequent changes of leadership in the Financial Supervisory
Commission, as well as a slow legislative process.

Competition against smaller independent securities firms will
further intensify, following Yuanta Securities' -- Taiwan's
largest securities firm -- successful merger with Fuhwa
Financial Holding Company.  Fitch expects that the smaller
independent securities firms will suffer from a lack of reliable
banking support and cross-selling platforms.

In 2006, the securities industry registered an improved ROE of
7.8%, compared to 2.3% in 2005 and a five-year (2002 to 2006)
average of 5.3%.  The improved profitability in 2006 was
primarily driven by the buoyant market turnover on the TWSE.

However, profit performances in proprietary trading were mixed
in 2006 despite a 20% increase of the TWSE index in the year,
reflecting the difficulties among securities firms' traders to
profit from the unpredictable market.  Underwriting performance
was also weak due to TWSE's declining IPO activities and limited
underwriting fees.  Lastly, the pending issues of reducing
effective tax rates on warrant sales has deterred new warrants
issues in 2006 and thus led to a negative impact on securities
firms' operating revenue.

The agency expects that the rating outlook on Taiwan securities
sector will remain stable in 2007, supported by the industry's
strong capitalization, limited leverage, adequate liquidity, and
manageable credit risk profile.  Taiwanese securities firms'
ability to demonstrate consistent profitability, diversification
into new areas of businesses, and better control market risk
exposures are key positive rating drivers.


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

IMAX CORP: Provides Update on Delayed Filing
--------------------------------------------
IMAX Corporation has provided a status update pursuant to the
alternative information guidelines of the Ontario Securities
Commission.  These guidelines contemplate that the company will
normally provide bi-weekly updates on its affairs until such
time as the company is current with its filing obligations under
applicable Canadian provincial securities laws.

The company reports that there had been no material developments
in the matters reported in the company's press release "IMAX to
Delay Filing of 2006 10-K" dated March 29, 2007.

The company previously said that it would delay the filing of
its annual report on Form 10-K for fiscal 2006 due to the
discovery of certain accounting errors and has since broadened
its accounting review to include certain other accounting
matters based on comments received by the Company from the SEC
and Ontario Securities Commission.  The company is currently
working diligently and devoting necessary resources to complete
the report and filing as soon as practicable.  For the reasons
described in its prior news releases, the company cannot predict
when it will complete its review and file its financial
statements, although it intends to do so as soon as practicable.

The Company's next bi-weekly status update is expected to be
released during the week of April 23, 2007.

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

                          *     *     *

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


NXP BV: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for NXP
B.V.

Moody's also assigned a Ba3 probability of default rating to the
company.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Senior Secured FLT RT
   Notes Due 2013          Ba2      Ba2      LGD3     40%

   7.88% Senior Secured
   Regular Bond/Debenture
   Due 2014                Ba2      Ba2      LGD3     40%

   9.50% Senior Unsecured
   GTD Global Notes
   Due 2015                B2       B2       LGD5     86%

   8.63% Senior Unsecured
   GTD Global Notes
   Due 2015                B2       B2       LGD5     86%

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

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

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

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- is one of the largest semiconductor
companies worldwide, focusing on the designs and manufacture of
application-specific integrated circuits for the home
electronics, mobile communications, automotive and
identification technology application markets.  Next to that,
NXP is focusing via its multimarket product business on general
purpose and application specific standard semiconductor
products.

The company has sales offices in these Asia Pacific countries:
India, Australia, China, Hong Kong, Indonesia, Japan, Korea,
Malaysia, New Zealand, Pakistan, Philippines, Singapore, Taiwan,
and Thailand.


SUN MICROSYSTEMS: Will Acquire SavaJe Technologies IP Assets
------------------------------------------------------------
Sun Microsystems, Inc., and SavaJe Technologies have entered
into a definitive agreement pursuant to which Sun will acquire
SavaJe's intellectual property assets.  Additional information
regarding the acquisition of these assets will be unveiled at
the annual JavaOne Conference being held in San Francisco on
May 8 to May 11, 2007.

For more information about the JavaOne conference, visit:

                   http://java.sun.com/javaone/

The transaction is subject to customary closing conditions and
is expected to be completed during the fourth quarter of Sun's
2007 fiscal year, which began on April 2, 2007.  The terms of
the deal were not disclosed as the transaction is immaterial to
Sun's earnings per share.

                      About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
-- http://www.sun.com/-- provides network computing
infrastructure solutions that include computer systems, data
management, support services and client solutions and
educational services.  It sells networking solutions, including
products and services, in most major markets worldwide through a
combination of direct and indirect channels.  The company has
operations in Brazil, Hungary and India, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 27, 2006, Moody's Investors Service confirmed its Ba1
Corporate Family Rating for Sun Microsystems.

Sun Microsystems, Inc.'s 7-1/2% Senior Notes due Aug. 15, 2006,
and 7.65% Senior Notes due Aug. 15, 2009, carry Moody's
Investors Service's Ba1 rating and Standard & Poor's BB+ rating.


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

ALCATEL-LUCENT: Wins Network Transformation Contract in Spain
-------------------------------------------------------------
Alcatel-Lucent has been selected by the Town Hall of Calonge,
Girona, Spain, to transform the level of customer service
provided to its citizens by connecting all users within city
hall through a voice and data converged network.  The new
network, with 10 Gigabit Ethernet technology capabilities, will
support a comprehensive set of applications that provide
advanced services to citizens of Calonge.

Alcatel-Lucent's OmniSwitch family is at the core of this new
IP-based solution integrated by Alcatel-Lucent business partner
BC Sistemas.  The new Town Hall network provides 250 employees
with reliable, easy to deploy telecommunications services that
improve the level of care citizens receive from city employees
in nine local government buildings, including two head quarters
and seven branches.

The deployment enables the Town Hall of Calonge to manage the
network centrally and to provide citizens with access to a wide
range of key applications designed to provide useful information
to common inquiries.  The Town Hall has also integrated voice
over IP advanced services provided by the Alcatel-Lucent OmniPCX
Enterprise communication server, which is delivering a
significant cost reduction and improving overall performance of
the different sites belonging to the Town Hall.

Based on 100/1000/10000 Ethernet technology, the new network
provides increased switching capability and higher reliability.
It is comprised of a backbone network based on 10 Gigabit
Ethernet with a configuration that integrates several different
Alcatel-Lucent's platforms including two OmniPCX Enterprise IP
communication servers, an OmniSwitch 7800, and nine OmniSwitch
6600 PoE, as well as the applications and services required to
meet the main objective of the Town Hall.

Santiago Sola, IT Manager at Town Hall of Calonge, commented,
"The objective of the converged IP infrastructure is to enable
our employees to offer improved citizens' care and that is the
reason why we installed a communication systems network that
would provide advanced technology and easily allow our employees
to provide superior services.  After the evaluation of different
solutions, we chose Alcatel-Lucent due to the high service level
and professionalism offered by their Business Partner, BC
Sistemas, proven during the entire project."

"BC Sistemas is honoured to be chosen by the Town Hall of
Calonge and to continue to work with together on further
projects," added Jose Antonio Illarregui, General Manager from
BC Sistemas.  "We are pleased that Town Hall recognizes the
benefits that the Alcatel-Lucent's solutions provide.  More
over, the Town Hall is planning to deploy Wireless and Contact
Center solutions in the near term, and we will support them with
the best solutions available."

Rafael Martínez Sanchez-Bretano, Marketing Manager for the
Alcatel-Lucent's enterprise activities in Spain and Portugal
said: "More and more organizations are realizing that
convergence isn't just about saving money, it's about
transforming and improving internal processes through greater
collaboration and increased access to resources.  The Town Hall
of Calonge is a good example of a forward-thinking local
government committed to providing the highest standard of
service to its citizens.  The installation serves as an
excellent blueprint that other public sector organisations will
most certainly follow."

                       About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


ANEKA TAMBANG: Plans to Buy Gold Mines in Kalimantan & Sulawesi
----------------------------------------------------------------
PT Aneka Tambang Tbk plans to buy gold mines in Kalimantan and
Sulawesi because the company could not depend solely on
exploration, Tempo Interactive reports.

According to the report, the company aims to produce 22,000 tons
per year of ferronickel in 2008.

                       About Aneka Tambang

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

                          *     *     *

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

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


ANIXTER INTER'L: To Report 1Q 2007 Financial Results on April 24
----------------------------------------------------------------
Anixter International Inc. will release final results for the
first quarter of 2007 on Tuesday, April 24th, 2007, and
broadcast a conference call to discuss these results at 9:30 am
central time.

The call will be webcast by CCBN and can be accessed at
Anixter's Website at http://www.anixter.com/webcasts

The webcast also will be available over CCBN's Investor
Distribution Network to both institutional and individual
investors. Individual investors can listen to the call through
CCBN's individual investor center at:

              http://www.companyboardroom.com/

or by visiting any of the investor sites in CCBN's Individual
Investor Network.  Institutional investors can access the call
via CCBN's password-protected event management site,
StreetEvents -- http://www.streetevents.com/

The webcast will be archived on all of these sites for 30 days.

                         About Anixter

Anixter International Inc. -- http://www.anixter.com-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.

The Troubled Company Reporter -- Asia Pacific reported on
Feb. 19, 2007, that Moody's Investors Service downgraded Anixter
International Inc.'s corporate family rating to Ba2 from Ba1.
In a related rating action, Moody's lowered the ratings of
Anixter Inc.'s US$200 million guaranteed senior unsecured notes
to Ba1 from Baa3 and Anixter's 3.25% LYON's notes to B1 from
Ba2.  The rating outlook was changed to stable from negative.

Fitch Ratings affirmed these ratings for Anixter International
Inc. and its wholly owned operating subsidiary, Anixter Inc.:

  Anixter:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured debt 'BB-'

  AI:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured notes 'BB+'
    -- Senior unsecured bank credit facility at 'BB+'

Fitch's action affects approximately US$700 million of public
debt securities.  The Rating Outlook is Stable.


HANOVER: Calls for US$29.9-Million Notes Redemption on May 8
------------------------------------------------------------
Hanover Compressor Company called for redemption on May 8, 2007,
of US$29,897,000 aggregate principal amount of the Convertible
Junior Subordinated Debentures Due 2029.

All of the Debentures are owned by Hanover Compressor Capital
Trust and the Trust is required to use the proceeds received
from that redemption to redeem US$29 million aggregate
liquidation amount of its 7-1/4% Convertible Preferred
Securities and US$897,000 aggregate liquidation amount of its
7-1/4% Convertible Common Securities.  Hanover owns all of the
Common Securities of the Trust.

The Preferred Securities to be redeemed will be selected in
accordance with the applicable procedures of The Depository
Trust Company for partial redemptions.

Prior to 5:00 p.m., Eastern Time, on May 7, 2007, holders may
convert their Preferred Securities called for redemption on the
basis of one Preferred Security per US$50 principal amount of
Debentures which will then be immediately converted into shares
of Hanover Compressor Company common stock at a price of
US$17.88 per share, or 2.80 shares of Hanover common stock per
US$50 principal amount.  Cash will be paid in lieu of fractional
shares.

Alternatively, holders may have their Preferred Securities that
have been called for redemption, redeemed on May 8, 2007.  Upon
redemption, holders will receive US$50 for each of their
Preferred Securities, plus accrued and unpaid distributions
thereon from March 15, 2006 up to but not including May 8, 2007.
Any of the Preferred Securities called for redemption and not
converted on or before 5:00 p.m., Eastern Time, on May 7, 2007,
will be automatically redeemed on May 8, 2007 and no further
distributions will accrue.

Holders of the Preferred Securities should complete the
appropriate instruction form for redemption or conversion, as
applicable, pursuant to The Depository Trust Company's book-
entry system and follow such other directions as instructed by
The Depository Trust Company.

                     About Hanover Compressor

Headquartered in Houston, Texas, Hanover Compressor Company
-- http://www.hanover-co.com-- rents and repairs compressors
and performs natural gas compression services for oil and gas
companies.  It has a fleet of more than 6,520 mobile compressors
ranging from 8 to 4,735 horsepower.  The company's subsidiaries
also provide service, fabrication, and equipment for oil and
natural gas processing and transportation applications.  Hanover
Compressor is disposing of its non-oilfield power generation
facilities and used equipment businesses to focus on core
operations.  In 2006 the company sold the US amine treating
rental assets of Hanover Compression Limited Partnership to oil
and gas firm Crosstex Energy for about US$52 million.

The company has locations in Indonesia, India, China, Japan,
Korea, Taiwan, the United Kingdom, and Vietnam, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 12, 2007, that Standard & Poor's Ratings Services placed
the 'BB-' corporate credit ratings on oilfield service company
Hanover Compressor Co. and its related entity Hanover
Compression L.P. on CreditWatch with positive implications.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit ratings on oilfield service company Universal Compression
Holdings Inc. and its related entity Universal Compression Inc.

The rating actions come after the report that Hanover Compressor
and Universal Compression Holdings have entered into a
definitive agreement to merge in an all-stock transaction.

Moody's Investors Service, in connection with the implementation
of its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Forest Products sector,
confirmed its B1 Corporate Family Rating for Hanover Compressor
Company.

Four layers of bond debt issued by Hanover Compressor and
maturing between 2008 and 2014 carry low-B ratings from Moody's
Investors Service and Standard & Poor's Rating Services.


PERTAMINA: Plans to Set Up More Biopertamax Gas Stations
--------------------------------------------------------
PT Pertamina (Persero) plans to increase Biopertamax selling gas
stations from 1 to 24 stations this month, due to increasing
retail gasoline sector competition, The Jakarta Post reports.

According to the report, Biopertamax, with a IDR5,600/liter
retail price, will be available in 15 more gas stations in
Jakarta, five in Surabaya and three in Malang, East Java.

The company's move will increase the competition in the retail
gasoline sector, the report notes.

                          PT Pertamina

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

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

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

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


TELKOM INDONESIA: To Speed Up US$500-Million Debt Repayment
-----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk plans to speed up its two-step
debt repayment loan to the government valued at US$450-500
million, Tempo Interactive reports.

According to the report, the company wants to cut down interest
cost and to dilute the risk of interest rate fluctuation.

Rinaldy Firmansyah, managing director of Telkom, told Tempo
Interactive that the company's debts amounted to US$300 million,
equal to US$150 million dollars in yen currency, and the
remainder was IDR450 billion or US$50 million.

                      About Telkom Indonesia

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

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

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

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


TUPPERWARE BRANDS: 1Q 2007 Earnings Conference Call on April 26
---------------------------------------------------------------
Tupperware Brands Corporation will hold its quarterly conference
call to discuss First Quarter 2007 Earnings on Thursday,
April 26, 2007 at 10:00 a.m. Eastern Time.

This call is being webcast by Thomson/CCBN and can be accessed
at http://www.tupperwarebrands.com/

To participate in the call, please dial (785) 830-1913, Passcode
2946838.

The webcast is also being distributed through the Thomson
StreetEvents Network to both institutional and individual
investors.  Individual investors can listen to the call at
http://www.fulldisclosure.com/

Thomson/CCBN's individual investor portal is powered by
StreetEvents.

                    About Tupperware Brands

Tupperware Brands Corporation -- http://www.tupperware.com/--  
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics,
Nuvo and Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

The Troubled Company Reporter - Asia Pacific reported on Oct. 2,
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 U.S. rental company sector
this week, the rating agency lowered its Ba2 Corporate Family
Rating for Tupperware Brands Corporation to Ba3.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$715 Million
   Sr. Sec. Term Loan
   due 2012               Ba2       Ba1     LGD2      25%

   US$200 Million Sr.
   Sec. Revolving
   Credit Facility
   due 2010               Ba2       Ba1     LGD2      25%


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

COSMO OIL: Says Earthquake Didn't Affect Operations
---------------------------------------------------
Cosmo Oil Co. said the earthquake that shook central Japan on
Sunday didn't affect operations at its refineries, according to
Bloomberg News.

The earthquake had a magnitude of 5.4 and its epicenter was
about 330 km (205 miles) west-southwest of Tokyo, various
reports say.  A few people were injured but none was serious.

Other companies' operations were temporarily suspended.
Bloomberg notes that Sharp Corp.'s LCD-panel plant operations
were automatically shut down for safety for about three hours
before panel production resumed, while Toshiba Corp.'s chip-
making plant resumed operations after a temporary suspension of
production lines.  According to The Japan Times Online, West
Japan Railway Co. and Kintetsu Corp. temporarily halted parts of
their train runs in the area, but all services returned to
normal by late Sunday afternoon.

Headquartered in Tokyo, Japan, Cosmo Oil Company, Limited --
http://www.cosmo-oil.co.jp/-- is primarily an oil refining
company.    The company is also involved in the purchase and
sale of real estate, the manufacture and sale of alpha lipoic
acid (ALA) products, as well as the provision of leasing and
insurance services.

Moody's Investors Service placed a Ba1 rating on Cosmo Oil's
senior unsecured debt and issuer rating on July 1, 2005.


ITOCHU CORP: Joint Venture to Build Methanol Plant in Brunei
------------------------------------------------------------
The Associated Press reports that Itochu Corp. and Mitsubishi
Gas Chemical Co.'s joint venture with Brunei's state-owned PB
Petrochemical Co. -- Brunei Methanol Co. -- has signed
agreements with other government and corporate parties for the
construction and technical services related to a US$400 million
methanol production plant.

Oil and natural gas account for nearly half of the gross
domestic product of Brunei.

According to the AP, construction is scheduled to begin in
mid-2007.  The report didn't say when the plant would be
operational.

Itochu Corporation -- http://www.itochu.co.jp/-- is a Japan-
based trading company.  It operates in eight business segments.
The Textile segment offers clothing and interior products, such
as wool, synthetic fabrics, silk and others.  The Machinery
segment is engaged in the automobile, industrial machinery,
plants and related businesses.  The Space, Information and
Multimedia segment is involved in the media network, high
technology and related businesses.  The Metal and Energy segment
is involved in the mining, metal, energy and related businesses.
The Living Materials and Chemicals segment is involved in the
precision chemistry, rubber, timber, glass, cement and other
related businesses.  The Food segment is involved in the
production, distribution and sale of wheat, rice, corn, frozen
food and others.  The Financial, Real Estate, Insurance and
Logistics segment provides financial consultation, real estate,
transportation and other services.  The Overseas Corporation
segment is involved in various trading activities.

The company has operations in Bulgaria, France, Colombia, and
Argentina, among others.

                        *     *     *

Fitch Ratings gave Itochu Corp's long-term local credit issuer a
BB+ rating on October 2, 2005.  Fitch had earlier given the
company a BB+ rating for its senior unsecured debt and long-term
foreign credit default on March 10, 2004.

Moody's Investors Service gave the company a Ba1 rating on its
issuer rating and local currency long-term debt and an NP on its
short term rating on Feb. 7, 2005.  Moody's had earlier
given the company's senior unsecured debt a Ba1 rating.


JAPAN AIRLINES: Order for Boeing's 787 Dreamliner Totals 35
-----------------------------------------------------------
The Boeing Company said it obtained the 500th customer order for
the 787 Dreamliner with a follow-on order from Japan Airlines
Corp.

"Today we are celebrating some great news with one of our great
customers," said Scott Carson, president and chief executive
officer, Boeing Commercial Airplanes.  "This is an unprecedented
achievement for Boeing and yet another wonderful milestone for
the 787 program.  We are very gratified that the 787 will play a
key role in the future plans of JAL and so many other industry-
leading airline customers."

The JAL order for five 787-8 airplanes, in addition to several
orders from unidentified customers, brings the 787's order total
to 514 airplanes from 43 customers since its launch on April 26,
2004, making it the fastest-selling commercial airplane in
history.  This increases JAL's total 787 order to 35 airplanes
from their previous order of 30 in December 2004.

"The 787 will be a key airplane on a variety of international
and domestic routes, said Kunio Shimizu, vice president of
Engineering & Quality Assurance Department for the Americas,
Japan Airlines International Corp.  "We are expecting the
benefits of the 787 to provide efficiency and flexibility in our
route planning and are also looking forward to the wonderful
flying experience the 787 will provide to our customers."

"Surpassing the 500 order mark this early in the program -- more
than a year before the first airplane is delivered -- shows that
Boeing made the right choice in our point-to-point business
strategy, and that the 787 team made the right choices in
designing the airplane," said Mike Bair, 787 vice president and
general manager."  This is an enormous compliment to the people
around the world who are working hard to ensure we keep the
promises we've made to our customers."

The 787 provides passengers with a better flying experience and
operators with a more efficient commercial jetliner. Using 20
percent less fuel per passenger than similarly sized airplanes,
the 787 is designed for the environment with lower emissions and
quieter takeoffs and landings. Inside the airplane, passengers
will find cleaner air, bigger windows, more stowage space and
improved lighting.

The Boeing 787 Dreamliner will lead the industry into the next
generation of flight using the latest in ground-breaking
technology to provide airlines with a family of airplanes that
allows them to take their passengers where they want to go, when
they want to go.

                       About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


MAZDA MOTOR: Recalls 4,300 Bongo Commercial Vehicles
----------------------------------------------------
Mazda Motor Corp. has recalled about 4,300 Bongo commercial
vehicles because drivers may not be able to shift gears,
according to various reports.

The company disclosed to Japan's Transport Ministry that it
received 61 reports of problems in the vehicle's automatic shift
system, the Associated Press relates.  No accidents were
reported.

The company said the vehicles subject to recall were made
between December 2003 and November 2005, and were not sold
overseas, the AP notes.

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets.  The company has
58 subsidiaries.  It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China.  The
Company has a global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.


MAZDA MOTOR: Wins 3 Best Car Awards in Thailand
-----------------------------------------------
Mazda Motor Corporation has won three Best Car awards at the
Thailand Car of the Year Awards 2007.  The announcement was made
during a ceremony held on April 3, 2007, at the Bangkok
International Trade and Exhibition Centre (BITEC) in Bangkok.

Mazda won awards in three categories.  Mazda3 Sport Sedan won a
best car award for the third consecutive year, this year in the
Best Sedan Under 1,600cc category.  Mazda MX-5 was named Best
Roadster for the second year in a row, and with this award the
MX-5 has won Best Roadster four times in the last five years.
The Mazda BT-50 Pickup Truck won in the Best High-lifted Pickup
2,500cc category.

Now in its ninth year, the Thailand Car of the Year awards have
been organized by Grand Prix International Co. Ltd. in
cooperation with the Automotive Engineering Association of
Thailand, the Car and Motor Reporters Association of Thailand,
and the Rachayarnyon Association.

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets.  The company has
58 subsidiaries.  It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China.  The
Company has a global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.


MAZDA MOTOR: Takes Over Distribution in Belgium and Luxembourg
--------------------------------------------------------------
Mazda Motor Corporation has established Mazda Motor Belux, a new
national sales company in Europe, effective April 2, 2007.
Distribution has been officially transferred from Beherman Auto,
an independent distributor.  The appointment of Mazda Motor
Belux's new Managing Director, Olivier Sermeus, was announced by
Mazda Motor Europe in December 2006.

"The Mazda network in Belgium and Luxembourg consists now of 63
distributors and 40 acknowledged auto repairers.  We intend to
bring the brand as close to the customer as possible," said Mr.
Sermeus.

"We have a strong reputation and a widespread dealer network in
Belgium and Luxembourg," added Philip Waring, vice president for
sales at Mazda Motor Europe.  "The favorable economic climate,
the enthusiasm of the distributors and the strength of our
future product range are solid grounds for the further
development of the brand.  We are convinced Mazda Motor Belux
has a bright future under Olivier's management."

Mazda continues to focus on strengthening its brand image and
the further development of its sales network in Europe.  In line
with this effort, Mazda launched new European national sales
companies in Russia, Ireland, and the Czech Republic and
Slovakia in 2006.

Headquartered in Hiroshima Prefecture, Mazda Motor Corporation
-- http://www.mazda.co.jp/-- together with its subsidiaries and
associates, is primarily involved in the manufacture and
distribution of automobiles.  The company manufactures passenger
cars and commercial vehicles.  Mazda Motor distributes its
products in both domestic and overseas markets.  The company has
58 subsidiaries.  It has overseas operations in the United
States, Canada, Mexico, Germany, Belgium, France, the United
Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia,
Columbia, New Zealand, Thailand, Indonesia and China.  The
Company has a global network.

Standard and Poor's Ratings Service gave Mazda Motor's long-term
local and foreign issuer a BB- rating.


NIKKO CORDIAL: Citigroup to Borrow JPY950 Billion from Banks
------------------------------------------------------------
Citigroup will borrow JPY950 billion or US$8 billion for one
year to reduce currency risk on its bid for Nikko Cordial
Corporation, two bankers with knowledge of the financing told
Junko Fujita of Bloomberg News.

According to Bloomberg, Mizuho Financial Group will lend JPY350
billion to Citigroup, which has bid US$13.4 billion for Nikko
Cordial, while Mitsubishi UFJ Financial Group and Sumitomo
Mitsui Financial Group will lend JPY300 billion each.

As previously reported by the Troubled Company Reporter - Asia
Pacific, Citigroup's banking unit, Citibank, as well as Japan's
three largest banks, are arranging JPY1.7 trillion in loans.

The transaction is expected to close by May 1, the bankers told
Mr. Fujita.

Citigroup, which holds a 4.9% stake in Nikko Cordial, launched a
US$13.35 billion tender offer early this year for the remaining
shares of the Japanese brokerage firm.

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.


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


DRESSER INC: S&P Junks Rating on Proposed US$750 Mil. Facilities
----------------------------------------------------------------
Standard and Poor's Ratings Services affirmed its 'B' corporate
credit rating on oilfield products manufacturer Dresser Inc.,
based on the expectation that the company's debt leverage will
improve, following its acquisition, to levels consistent with
the ratings over the medium term.  The outlook is negative.  At
the same time, the ratings on Dresser were removed from
CreditWatch with developing implications, where they were placed
on March 12, 2007.

Standard & Poor's also assigned its 'B' rating and '2' recovery
rating (indicating the expectation of substantial (80%-100%)
recovery of principal in the event of a payment default) to
Dresser's proposed US$1.3 billion first-lien bank facilities,
and its 'CCC+' rating and '5' recovery rating (indicating the
expectation of negligible (0%-25%) recovery of principal in the
event of a payment default) to Dresser's proposed US$750 million
second-lien bank facilities.

On March 12, 2007, private equity firms Riverstone Holdings LLC,
First Reserve Corp., and Lehman Brothers Co-Investment Partners
announced that they had signed an agreement to purchase Dresser.
The purchase is being financed with US$1.15 billion of first-
lien debt, US$750 million of second-lien debt, and US$500
million in equity from the financial sponsors.  The US$150
million revolver will remain undrawn as of closing, although it
will be used to support approximately US$56 million of
outstanding LOCs.  At the close of the transaction, debt to 2006
EBITDA is expected to be in excess of 7.5x, which is weak for
the rating.

Pro forma for the transaction, Dresser will have US$2.13 billion
in debt, adjusted for operating leases and postretirement
benefit obligations.

"The ratings on Dresser reflect concerns associated with its
highly leveraged financial profile, marginal fixed-charge
coverage, and ongoing accounting issues," said Standard & Poor's
credit analyst Aniki Saha-Yannopoulos.  "These weaknesses are
only partially offset by its well-established and diverse
product offerings and by the large aftermarket services
component of its revenues," Ms. Saha-Yannopoulos continued.

The outlook is negative.  The marginal credit measures make
Dresser susceptible to a downgrade in case of any operational
setbacks or if financial performance deteriorates.  In addition,
Standard & Poor's has lingering concerns about unresolved
financial controls and reporting issues that weigh on the
ratings.  An outlook revision to stable is contingent on
improved credit measures, decreased leverage, and audited
financial statements.

Based in Addison, Texas, Dresser, Inc. -- http://www.dresser.com
-- designs, manufactures and markets equipment and services sold
primarily to customers in the flow control, measurement systems,
and compression and power systems segments of the energy
industry.  The company has a comprehensive global presence, with
over 8,500 employees and a sales presence in over 100 countries
worldwide, including Korea and Japan.


KRISPY KREME: Posts US$24.4 Mil. Net Loss in Qtr. Ended Jan. 28
---------------------------------------------------------------
Krispy Kreme Doughnuts Inc. reported financial results for the
fourth quarter and fiscal year ended Jan. 28, 2007, and plans to
file with the United States Securities and Exchange Commission
its Annual Report on Form 10-K soon.

Revenues for the fourth quarter decreased 8.2% to US$112.2
million compared to US$122.2 million in the fourth quarter of
last year.  Company Stores sales decreased 11.2% to US$79.2
million, revenues from franchise operations increased 34.0% to
US$5.8 million, and Krispy Kreme Supply Chain ("KK Supply
Chain," formerly called "Krispy Kreme Manufacturing and
Distribution") revenues decreased 5.2% to US$27.2 million.

Fourth quarter system wide sales decreased 6.4% from the fourth
quarter of last year.  System wide average weekly sales per
store increased approximately 2% from the prior year period to
approximately US$39,500 per store, and Company Store average
weekly sales per store increased to approximately US$54,100 per
store.  The higher Company Store average weekly sales per store
data reflect, among other things, store closures (including
those formerly operated by consolidated franchisees) and the
related shift in off-premises doughnut production into a fewer
number of factory stores.  Excluding the stores formerly
operated by consolidated franchisees, Company Store average
weekly sales per store increased approximately 9% versus the
prior comparable period.

The net loss for the fourth quarter was US$24.4 million compared
to a net loss of US$37.7 million in the comparable period last
year.  The net loss for the quarter includes a charge related to
the settlement of litigation of approximately US$16.0 million,
representing the increase from Oct. 29, 2006, to Jan. 28, 2007,
in the estimated fair value of the securities issued by the
company on March 2, 2007, in connection with the previously
announced settlement of the class action litigation and partial
settlement of the shareholder derivative action.

During the fourth quarter, the company recorded a US$2.1 million
provision for doubtful accounts substantially all of which
relates to receivables from franchisees.  Also during the
quarter, the company recorded a US$1.3 million charge related to
the proposed settlement of certain wage and hour complaints
lodged against the company.

During the quarter, 28 new Krispy Kreme stores, comprised of 12
factory stores and 16 satellites, were opened system wide, and
14 stores, comprised of 9 factory stores and 5 satellites, were
closed.  This brings the total number of stores system wide at
year-end to 395, consisting of 296 factory stores and 99
satellites.

For fiscal 2007, revenues decreased 15.1% to US$461.2 million
compared to US$543.4 million in fiscal 2006.  Company Stores
sales decreased 18.1% to US$326.2 million, revenues from
franchise operations increased 14.6% to US$21.1 million and KK
Supply Chain sales to franchise stores decreased 10.0% to
US$113.9 million.  System wide sales decreased 11.9% compared to
fiscal 2006.

The net loss for fiscal 2007 was US$42.2 million compared with a
net loss of US$135.8 million in fiscal 2006.  Impairment charges
and lease termination costs were US$12.5 million and US$55.1
million, in fiscal 2007 and 2006, respectively, and litigation
settlement costs were US$16.0 million compared to US$35.8
million, respectively.

In fiscal 2007 and 2006, the company incurred professional fees,
net of anticipated insurance recoveries, of approximately US$9.0
million and US$31.8 million, respectively, associated with
internal and external investigations, litigation and the interim
management firm engaged by the company in January 2005.  The
fiscal 2007 amount includes a credit of US$2.3 million recorded
in the fourth quarter resulting from reimbursements from
insurance companies of costs and expenses in excess of amounts
previously estimated.

"We have made progress during the past year, including resolving
important legal matters, restoring positive cash flow, getting
current with our financials, and closing a new senior secured
credit facility," said Daryl Brewster, President and Chief
Executive Officer of Krispy Kreme Doughnuts, Inc.
"Additionally, we've seen stability in our overall average unit
volume, developed a pipeline for new products and seen growth
internationally utilizing a flexible real estate model."

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern
Pennsylvania, Delaware and Southern New Jersey, filed on Oct.
16, 2005 for Chapter 11 protection with the Delaware Bankruptcy
Court (Bankr. D. Del. Case No. 05-14268).  Following closure of
its four remaining stores, the Bankruptcy Court confirmed
Freedom Rings' plan of liquidation on April 20, 2006, and its
operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice.  Krispy Kreme Doughnut Corp. agreed to pay
approximately US$9.3 million to two secured creditors to settle
its obligations with respect to its guarantees pertaining to
certain indebteness and related equipment agreements.  In
exchange, a newly formed subsidiary of Krispy Kreme Doughnut
Corp. acquired substantially all of the operating assets of
KremeKo, as authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on
Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent
to this filing, Glazed Investments sold its remaining 12 Krispy
Kreme stores to Western Dough, Krispy Kreme's area developer for
Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10
million.  This sale was facilitated by the Chapter 11 filing, by
permitting the assets to be sold free and clear of all liens,
claims and encumbrances.

Under the plan of liquidation filed by Glazed Investments, it
will be dissolved after distribution of the sale proceeds to
creditors, and Krispy Kreme will not receive any payment on
account of its ownership in Glazed Investments.  While a
substantial portion of Glazed Investments' debts were retired
from the sale proceeds and liquidation of other assets, Krispy
Kreme paid approximately US$1 million of its franchisee's debt
which was guaranteed by it.


NATIONAL AGRICULTURAL: Moody's Rates Sub. Notes Due 2017 at Baa1
----------------------------------------------------------------
Moody's Investors Service on April 13, 2007, assigned A3/Baa1
foreign currency long-term senior/subordinated debt ratings and
a Prime-1 foreign currency short-term debt rating to National
Agricultural Cooperative Federation's updated and upsized USD4
billion Global Medium Term Note Program.

The program allows for the issuance of various classes of
securities, including senior notes, as well as Lower Tier II and
Upper Tier II subordinated notes.

The outlook for the long-term ratings is positive, in line with
the outlook on the sovereign ratings, while the outlook on the
short-term rating is stable.

In addition, Moody's has assigned a Baa1 rating to NACF's
proposed USD10 non-call 5 year Lower Tier II subordinated fixed
rate notes drawdown, due 2017, under the program.  The outlook
for this rating is positive.

This last rating is subject to receipt of final documentation,
the terms and conditions of which would be unchanged in any
material way from the draft documents Moody's has reviewed.

"All of NACF's ratings do not incorporate any potential rating
changes that may take place as a result of the announcement of
February 21 that Moody's will review all bank ratings worldwide
in conjunction with the implementation of Joint Default Analysis
(JDA) for banks and the updated Bank Financial Strength Rating
(BFSR) methodology," says Beatrice Woo, a Moody's VP/Senior
Credit Officer.

"NACF's ratings reflect the entity's important policy role and
significance to Korea's banking system," says Woo, adding, "It
provides financing for the development of the agricultural
sector, acts as a financing arm of the Ministry of Agriculture &
Forestry, and is Korea's second largest bank in asset terms."

These factors support the high likelihood of systemic support,
even though the Agricultural Co-operative Law governing NACF
does not contain explicit support language, when compared to the
other three policy banks (Korea Development Bank, Industrial
Bank of Korea and Export-Import Bank of Korea).

At the same time, Moody's sees a major credit risk for NACF in
its responsibility - although not legally binding - for the
financial condition of member co-ops, many of which are
intrinsically weak. However, various firewalls mitigate somewhat
the risk of any co-ops damaging its financial health. In its
history, NACF has not allowed any co-op to fail.

NACF was established in 1961 under the Constitution of Korea and
the Agricultural Co-operative Law to develop agriculture through
implementing government agricultural policy and providing the
government's funds.  Today, it is the largest policy institution
and the largest bank in the system, if member co-ops are
included.

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.


NATIONAL AGRICULTURAL: S&P Rates Lower Tier II Notes at A-
----------------------------------------------------------
Standard & Poor's Ratings Services on April 13, 2007, assigned
its A- rating to the proposed 10-year lower Tier II subordinated
notes of Korea's National Agricultural Cooperative Federation.
The notes are to be drawn down from a US$4 billion global
medium-term note program.

The rating reflects Standard & Poor's practice of rating
subordinated debt one notch below the long-term senior credit
rating for issuers rated 'BBB-' or above.  It also takes into
consideration the terms and conditions of the proposed
subordinated notes and the overall financial status of NACF.

"The 'A' long-term counterparty rating on NACF reflects its good
market position, modest capitalization, and strong likelihood of
government support considering the bank's political importance
and its economic importance to Korean agriculture," said
Standard & Poor's credit analyst YuMee Oh.  "The rating also
incorporates NACF's relatively weak profitability on a stand-
alone basis," added Ms. Oh.

The federation generates most of its profits from its banking
operations, the third largest in Korea. A portion of those
profits is spent on educational programs and the promotion of
the Korean agricultural and livestock industries.  In addition,
the diverse range of services that NACF provides for the
agricultural industry in Korea helps it to maintain its good
reputation.

Its geographically diverse branch network and the treasury
functions it performs for local governments increase the
stability of its funding.

The stable outlook reflects expectations that NACF will continue
to maintain a good market position and modest capital strength
for the next few years.  However, if NACF's capitalization and
government support weaken due to ongoing discussions regarding
the possible separation of NACF's economic and credit divisions,
the ratings on NACF could be negatively impacted, although these
events may take some time to materialize due to the complex
conflicts of interest among the numerous parties involved.

NACF was established in 1961 under the Constitution of Korea and
the Agricultural Co-operative Law to develop agriculture through
implementing government agricultural policy and providing the
government's funds.  Today, it is the largest policy institution
and the largest bank in the system, if member co-ops are
included.

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.


SSAMZIE CO: Expects KRW139 Billion Revenue in 2007
--------------------------------------------------
Ssamzie Co., Ltd. expects to record KRW139.3 billion in revenues
in 2007 and to gain an operating profit of KRW5.8 billion,
Reuters reports.

The company's projected figures are slightly larger than what
analysts foresee, Reuters notes.  According to Reuters, analysts
on average expect the company to report revenues of
approximately KRW130.02 billion for the same period.

                          *     *     *

SSAMZIE Co., Ltd. specializes in the manufacturing, designs and
sale of leather goods, cloths, hats and accessories.  The
company provides bags, wallets, shoes, hats, clothes and
accessories under house brands such as SSAMIE, ISSAC, nom, GILI,
SSAMZIE SPORT, SSAM, DALKI and acupuncture.  Its target
customers include teenagers and people in their mid-twenties.
The company sells its products through stores, department stores
and Internet shopping mall.  It has stores in the United States,
the United Kingdom and China.

Korea Investors Service placed a BB rating on the company's
issuer rating on August 28, 2006.


TI AUTOMOTIVE: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Caa1 Corporate Family Rating for TI Automotive
Limited.

Moody's also assigned a Caa1 Probability-of-Default rating to
the company.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Sec. Bank
   Credit Facility         B3       B3       LGD3     39%

   GBP98.8M Sr. Sec.
   Bank Credit Facility    B3       B3       LGD3     39%

   GBP223.3M Sr. Sec.
   Bank Credit Facility    B3       B3       LGD3     39%

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

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

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

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


TOWER AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 3
----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York extended the period during which Tower Automotive Inc.
and its debtor-affiliates may exclusively file a plan or plans
of reorganization through and including May 3, 2007.  The
Debtors' exclusive right to solicit acceptances of the plan is
extended through and including June 29.

If by April 30, 2007, the Debtors have already filed a plan, the
Exclusive Plan Filing Period will be automatically extended
through and including June 6, without further Court order, Judge
Gropper says.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


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

DYNEA INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Dynea International
Oy.

Moody's also assigned a B2 Probability-of-Default rating to the
company.

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

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

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

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

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing
solutions.  In 2005, Dynea had revenues of EUR1.2 billion.
After the transaction Dynea has 39 production units and some
2,200 employees in 23 countries in including Malaysia, Ukraine
and Brazil.


FOAMEX INT'L: Dec. 31 Balance Sheet Upside-Down by US$396.4 Mil.
---------------------------------------------------------------
Foamex International Inc.'s balance sheet as of Dec. 31, 2006,
showed US$396.4 million total stockholders' deficit, resulting
from US$564.6 million total assets and US$961 million total
liabilities.  The company's accumulated deficit as of Dec. 31,
2006, stood at US$432.7 million.

The company reported a US$12.3 million net income on
US$1.4 billion net sales for the year ended Dec. 31, 2006.  It
had a US$56.2 million net loss on US$1.3 billion net sales for
the comparable period ended Jan. 1, 2006.

Gross profit in 2006 was US$207.3 million, as compared with
gross profit of US$128.7 million in 2005.  Selling price
increases implemented in the fourth quarter of 2005 allowed the
company to recover increases in raw material costs that averaged
about 35% since 2005, plus previously unrecovered raw material
cost increases.  In addition, operating efficiencies and yield
improvements contributed to higher margins in 2006.  Gross
profit was reduced by asset impairment charges of US$1.6 million
in 2006 and US$15.2 million in 2005.

Income from operations in 2006 was US$120.1 million, increasing
US$78.6 million from US$41.5 million reported in 2005 primarily
due to the increased gross profit.  Selling, general and
administrative expenses were essentially unchanged from 2005 as
the accrual of incentive compensation under a plan approved by
the Bankruptcy Court on Oct. 30, 2006, was offset by lower
professional fees and reduced bad debt expense.  The 2006 period
included US$7.9 million of restructuring charges related to the
closure of manufacturing facilities, while the 2005 period
included a US$29.7 million gain from the sale of the company's
rubber and felt carpet cushion businesses and goodwill
impairment charges of US$35.5 million.

                  Liquidity and Capital Resources

Cash and cash equivalents were US$6 million at Dec. 31, 2006
compared with US$7.4 million at Jan. 1, 2006.  Working capital
at Dec. 31, 2006, was US$24 million and the current ratio was
1.08 to 1 compared to negative working capital at Jan. 1, 2006,
of US$19.4 million and a current ratio of 0.95 to 1.

In order to finance the company's Reorganization Plan, Foamex
L.P. entered into new senior secured credit facilities on Feb.
12, 2007, which provided for aggregate maximum borrowings of up
to US$775 million.

In addition, on Jan. 4, 2007, the company offered rights to
existing stockholders to purchase 2.506 shares of its common
stock for each share of common stock held as of Dec. 29, 2006,
and holders of preferred stock as of the same date were offered
rights to purchase 250.6 shares of common stock for each
preferred share held, in each case for US$2.25 per share.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d15

                     About Foamex International

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.  The
Company and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.  (Foamex International Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 14, 2007, Foamex's Plan of Reorganization has become
effective and the company has successfully emerged from chapter
11 bankruptcy protection.


TANCO HOLDINGS: Secures Capital Funding from Lehman Brothers
------------------------------------------------------------
Tanco Holdings Bhd has secured a conditional letter of
commitment from Lehman Brothers to provide the funding it needed
to implement various scheme arrangements under its debt-
restructuring program, the company informs Bursa Malaysia
Securities Bhd.

Lehman Brothers, The Edge Daily relates, will fund the
implementation of the various schemes of arrangement involving
Tanco and nine subsidiaries' total borrowings as at Dec. 31,
2006, amounting to MYR407.15 million, of which MYR389.56 million
were secured term loans.

The company also told Bursa Malaysia that it had filed a new
application for restraining order and court-convened meetings,
on the ground that it has received a commitment to fund its
debt-reform plan.

The Troubled Company Reporter - Asia Pacific on July 20, 2006,
reported that the Kuala Lumpur High Court dismissed with costs
Tanco Holdings' application to extend its restraining order.

The High Court previously entered a restraining order in favor
of the Tanco Group to allow it time to formalize its Scheme of
Arrangement with its creditors.

According to the TCR-AP, Tanco Holdings sought an extension of
the restraining order, which expired on June 30, 2006.  The RO
pertains to the company and its subsidiaries:

     * JKMB Development Sdn Bhd;
     * Palm Springs Development Sdn Bhd;
     * Palm Springs Resort Management Berhad;
     * Popular Elegance (M) Sdn Bhd;
     * Tanco Development Sdn Bhd;
     * Tanco Land Sdn Bhd;
     * Tanco Properties Sdn Bhd;
     * Tanco Resorts Berhad; and
     * Tanco Club Berhad.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The company is a Practice Note 17 company in respect of the
Company's continuance as a going concern in its audited accounts
for the year ended 31 December 2004.  As an affected listed
issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.


THERMADYNE HOLDINGS: Posts US$23 Mil. Net Loss in Full Year 2006
----------------------------------------------------------------
Thermadyne Holdings Corporation reported a net loss of US$23
million on net sales of US$451.3 million for the year ended Dec.
31, 2006, as compared with a net loss of US$31.4 million on net
sales of US$414.7 million for the year ended Dec. 31, 2005.

Net sales for the 12 months ended Dec. 31, 2006, increased as a
result of increased demand and new product initiatives and about
US$20 million as a result of price increases and was partially
offset by a decrease in net sales of about US$2 million related
to market share and US$1 million as a result of the impact of
foreign currency translation.  Net sales in the year of 2006
were reduced by US$19 million for rebates paid to customers
compared to US$15 million in the same period of 2005.  The
increase in rebates results from increased sales volume to
customers achieving volume levels providing higher rebate
percentages.

The company's balance sheet showed total assets of US$518.1
million and total liabilities of US$414.6 million, resulting to
total stockholders' equity of US$103.5 million.  Its accumulated
deficit increased to US$88.6 million as of Dec. 31, 2006, from
US$65.6 million as of Dec. 31, 2005.

                     Discontinued Operations

On Dec. 30, 2006, the company committed to sell its Brazilian
manufacturing operation which was established pursuant to a
10-year agreement expiring in 2008 with a major customer
requiring Brazilian based manufacturing.  Employees of
Thermadyne Brazil were informed of this decision on Feb. 16,
2007.  The company expects to dispose of the operation no later
than September 2007.  The company is seeking a buyer or buyers
for the property and equipment.  As a result, the company
recorded an impairment loss of about $15.2 million, net of tax,
in the fourth quarter of 2006.  The company estimates that the
Brazilian operations may require cash outlays of $3 million to
$4 million during 2007.

On Dec. 30, 2006, the company committed to divest two of its
South African subsidiaries, Maxweld & Braze Pty. Ltd. and
Thermadyne South Africa (Pty.) Ltd., as part of an evaluation of
its non-core operations.  On Feb. 5, 2007, the company entered
into an agreement to sell the subsidiaries.  The selling price
is stated in South African Rand, which converts to about US$18
million, assuming a conversion rate of 7.07 Rand per U.S.
dollar, with US$14 million payable at closing and the balance
due no later than three years from the closing date. The closing
of the divestitures is expected to take place in April 2007.
The company intends to use the proceeds from the proposed
divestitures to further reduce debt.  As a result of this
decision, the company recorded an impairment loss of about $9.2
million, net of tax, in the fourth quarter of 2006, which was
recorded as a component of discontinued operations.

                  Liquidity and Capital Resources

In 2006, the company's net cash used in continuing operations
was US$1.9 million.  Net debt repayments were US$2 million,
which included US$20 million in additional borrowings under the
Second-Lien Facility that was used to repay the Term Loan and
Revolver resulting in additional availability under the
Revolver.

In 2007, the company anticipates its capital expenditures will
be approximately US$15 million.  In addition, the company
expects its debt service obligations related to capital leases
and foreign credit lines, excluding interest expense, will be
about US$1.4 million and US$700,000, respectively.  It expects
operating cash flow, together with available borrowings under
the Revolver, will be sufficient to meet our anticipated
operating expenses, capital expenditures and the debt service
requirements of the Credit Agreement and Second-Lien Facility,
the Notes and our other long-term obligations for 2007, as well
as to maintain compliance with the related financial covenants.

At Dec. 31, 2006, the company and its U.S. subsidiaries are
borrowers under a Second Amended and Restated Credit Agreement,
as amended.  The Credit Agreement consists of a US$70 million
revolving loan commitment and a US$2.1 million delayed draw term
loan.

At Dec. 31, 2006, the company was in compliance with its
financial covenants, as a result of amendments received in March
2007, which increased the company's maximum leverage ratio and
decreased the minimum fixed charge ratio, effective as of Dec.
31, 2006.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d19

                          About Thermadyne

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

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the Caa1 Corporate Family Rating for Thermadyne
Holdings Corporation, as well as the Caa2 rating on the
company's US$175 Million 9.25% Senior Subordinate Notes due
Feb. 1, 2014.  Those debentures were assigned an LGD5 rating
suggesting noteholders will experience a 73% loss in the event
of default.


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

LEAR CORP: Annual Stockholders' Meeting Slated for June 27
----------------------------------------------------------
Lear Corporation has set its 2007 annual meeting of stockholders
for 10:00 a.m. on June 27 at:

         Hotel du Pont
         11th and Market Streets
         Wilmington
         Delaware 19801
         U.S.A.

At the meeting, stockholders will be asked to vote on, among
other things, a management proposal to amend the Company's
Certificate of Incorporation to declassify the Board of
Directors and, if presented, the adoption of the merger
agreement between the Company and certain affiliates of Carl
Icahn.

The record date for determination of stockholders entitled to
notice of, and vote at, the meeting is the close of business on
Monday, May 14, 2007.

                         About Lear Corp.

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, Thailand, and the Philippines.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 15, 2007, that following Lear's agreement to be acquired by
Carl Icahn-controlled American Real Estate Partners, L.P.,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Lear to 'B' from 'B+' and placed its ratings on
CreditWatch with negative implications.

The TCR-AP also noted on Feb. 7, 2007, that Moody's Investors
Service placed Lear's corporate family rating at B2, under
review for possible downgrade.  The company's speculative grade
liquidity rating of SGL-2 has been affirmed.


PETROLEO BRASILEIRO: Hires Skanska to Build Propane-Making Unit
---------------------------------------------------------------
Petroleo Brasileiro SA has awarded a contract to build a propane
production unit at Presidente Getulio Vargas Refinery or REPAR
in Brazil to Skanska.  The total contract value is US$109
million.  Skanska's share is 70 percent, US$76.3 million, or
about SEK535 million, which will be included in order bookings
for the second quarter of 2007.

The work relates to the construction of a propane unit with the
capacity to produce 180,000 tons per year.  The scope of the
contract includes detailed engineering, procurement, civil and
electromechanical construction and assembly, commissioning and
start-up assistance of the plant.  The refinery is located near
Curitiba in the south of Brazil.

The project will start immediately and is scheduled for
completion in 25 months.  The partner in the consortium is the
Brazilian engineering company Engevix.

Skanska Latin America has extensive experience in refinery works
and in the last two years has carried out major similar projects
for the same client at some of the most important refineries in
Brazil, such as REFAP and REDUC.

Skanska Latin America is one of the continent's leading
construction companies and one of Skanska's most profitable
units.  Operations focus primarily on construction, operations
and services for the international energy industry.  In 2006,
the company had some 11,000 employees and sales of SEK3.7
billion.

                          About Skanska

Skanska is one of the world's leading construction groups with
expertise in construction, development of commercial and
residential projects and public-private partnerships.  The group
currently has 56,000 employees in selected home markets in
Europe, in the United States and Latin America.  Headquartered
in Stockholm, Sweden and listed on the Stockholm Stock Exchange,
Skanska's sales in 2006 totaled US$17 billion.

                   About Petroleo Brasileiro SA

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: May Purchase Tankers to Aid Ethanol Export
---------------------------------------------------------------
Brazil's state-run oil firm, Petroleo Brasileiro SA, in response
to rising ethanol demands, may purchase tankers in its bid to
hike foreign sales of the biofuel, Jeb Blount at Bloomberg News
says.

As previously disclosed, the state-run company plans to build 42
oil tankers to transform Petroleo Brasileiro from an importer
into an energy exporter.  Also, Brazil is executing a plan to
build 26 tankers for US$130 million to revive the country's
shipbuilding industry.

"We have the land, the sun and the water to become the Saudi
Arabia of ethanol," Sergio Machado, the head of Petrobras' unit
Transpetro, told Bloomberg in an interview.  "We need to have
our own ships to export our output too."

According to Bloomberg, Mr. Machado expects the first ethanol
tanker to be built by 2011.

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: Must Follow Government's Development Scheme
----------------------------------------------------------------
Brazilian President Luiz Inacio Lula da Silva said that the
country's state-owned oil company Petroleo Brasileiro SA must
follow the government's development strategy, Business News
Americas reports.

President Lula da Silva told BNamericas that Petroleo Brasileiro
should concentrate on social issues and not solely on profits.

BNamericas relates that President Lula da Silva said in a
ceremony for Petroleo Brasileiro unit Transpetro, "It's not
about dictating rules to Petrobras [Petroleo Brasileiro].  It's
about saying Petrobras is controlled by the Brazilian government
and the company needs to fit in a strategy to develop the
country, while respecting its specific interests."

Banco do Brasil Investimentos market analyst Nelson Rodrigues de
Matos told BNamericas, "President Lula always said he would use
Petrobras as a platform for his government's policies.
Petrobras has always had the pros and cons of being a state-
owned company."

According to BNamericas, the president's statement worried the
private sector and some market analysts.

Brokerage Brascan Corretora market analyst Felipe Cunha
commented to BNamericas, "Lula's statement was worrying because
we cannot say how much his government's policy of purchasing the
maximum amount of Brazilian-made equipment for Petrobras is
going to cost the company.  It's also worrying that Lula wants
to use Petrobras as an instrument for Brazil's economic
development."

The Brazilian government should act directly to encourage the
naval construction sector and not use Petroleo Brasileiro as a
vehicle to do so as the company has minority shareholders.  The
government has to change the tax structure for fuels instead of
squeezing Petroleo Brasileiro's refining margins, BNamericas
states, citing Mr. Rodrigues de Matos.

                About Petroleo Brasileiro SA

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: Wants to Employ PwC Legal as U.K. Labor Counsel
---------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ PricewaterhouseCoopers Legal LLP as their United Kingdom
pension and labor counsel, nunc pro tunc to Feb. 23, 2007.

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

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

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

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

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

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

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

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

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

      Designation                             Hourly Rate
      -----------                           ---------------
      Partners & Heads of Practice Areas    GBP450 - GBP500
      Assistant Solicitors                  GBP275 - GBP350
      Trainee Solicitors                    GBP150 - GBP170

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

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

                      About Sea Containers

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

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

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

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


SEA CONTAINERS: Can Lend Up to US$7 Million to Non-Debtor Unit
------------------------------------------------------------
Sea Containers Ltd. obtained authority from the Honorable Kevin
J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to provide a secured, intercompany line of credit of up
to US$7,000,000 to its non-debtor subsidiary Sea Containers
Treasury Ltd.

                      Intercompany Funding

Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, disclosed that starting in 2002, SCL
initiated an operational restructuring program targeted at
evaluating and selling identified non-core assets held directly
by its foreign, non-debtor subsidiaries.  The Non-Core Asset
sale program requires support from SCL, both in the form of
management oversight and through case flow support.

Mr. Greecher said many of the businesses identified as Non-Core
Assets cannot fully fund their operations on a stand-alone basis
from cash receipts alone because they are cyclical businesses
that have significant funding needs during certain parts of the
year.  Hence, to maintain the operation of the businesses for a
sufficient time to allow for thorough marketing and maximization
of sale value, SCL has been required to fund their operations.

The Debtors believe that the targeted intercompany funding
accomplishes two primary objectives, both aimed at the ultimate
goal of maximizing the value of SCL's assets.

Mr. Greecher related that the Debtors have determined that
meeting the funding needs of certain non-debtor subsidiaries
will preserve the value of Non-Core Assets during a robust
marketing and sale process that will achieve its maximum value.
Also, the Debtors have identified a need to ease cash flow
problems of some non-debtor subsidiaries that could not survive
on their own to prevent creditors from initiating insolvency or
foreclosure proceedings in foreign jurisdiction that would be
detrimental on the Debtors' reorganization and could destroy
value for the stakeholders.

Before the Debtors' filing for bankruptcy, they formed SC
Treasury as a financing subsidiary that would carry out the
business of funding the operations of international subsidiaries
that are or hold Non-Core Assets.  Throughout the Chapter 11
cases, it has successfully operated to help fund operations for
various non-debtor subsidiaries.

SCL has identified a process by which funding requests are made
to SC Treasury and reviewed before any intercompany loans are
made to non-debtor foreign subsidiaries.  The SC Treasury
mechanism has proven to be an effective vehicle to preserve
value in the Non-Core Assets and allow for the orderly
reorganization of the Debtors without an undue cash drain, Mr.
Greecher noted.

As of March 2, 2007, the cash needs of SCL's non-debtor foreign
subsidiaries have been lower than originally projected.  As of
February 21, about $2,520,000 remained in SC Treasury.  SCL
projects SC Treasury could reallocate the remaining funds and
allow for continued financing of the non-debtor subsidiaries
through March 2007 and will run out of funds after that.

Mr. Greecher told the Court that the Debtors' decision to make
the intercompany loan to facilitate the continued operation of
the SC Treasury funding mechanism for non-debtor foreign
subsidiaries is calibrated to maximize value of their estates or
the benefit of creditors in the form of increasing sale values
for the Non-Core Assets and reducing secondary liability claims
against SCL.  Indirectly, the mechanism avoids the expense,
distraction and potential value-destroying effect of a series of
international insolvency filings for the non-debtor
subsidiaries, he adds.

                         Funding Details

Judge Carey authorized SCL to make intercompany loans available
to non-debtor subsidiary SC Treasury in the form of a line of
credit of up to US$6,000,000, repayable on a demand basis,
secured by all assets of the SC Treasury, at an interest equal
to the London Interbank Offered Rate plus 50 basis points per
annum.

SC Treasury will be permitted to make first priority secured
loans, repayable on a demand basis, at an interest rate of LIBOR
plus 50 basis points per annum, to Sea Containers Opera Ltd.,
secured by a first priority mortgage on the Opera ferry, in an
aggregate maximum amount of US$1,000,000.

SC Treasury will likewise be permitted to make first priority
secured loans, repayable on a demand basis, at an interest rate
of LIBOR plus 50 basis points per annum, to Finnjet Bermuda
Ltd., secured by a firs priority mortgage on the Finnjet ferry,
in an aggregate maximum amount of US$2,500,000.

Moreover, SC Treasury will be permitted to make loans, repayable
on a demand basis, at an interest rate of LIBOR plus 50 basis
points per annum, to SC Finance Ireland Limited in an aggregate
maximum amount of US$900,000, which loans are secured by either:

   (i) a first priority security interest in all assets of SC
       Finance; or

  (ii) other security and priority terms as may be agreed by
       prior consent with the Official Committee of Unsecured
       Creditors and the U.S. Trustee.

Subject to prior written consent of the Creditors Committee and
the U.S. Trustee, SC Treasury will be permitted to make loans in
respect of the Helsinki-Tallinn Business, in an aggregate
maximum amount of US$3,200,000, either:

   (i) at an interest of LIBOR plus 50 basis points per annum to
       SC Finland Oy and Superseacat Ou, secured by a first
       priority interest in the Superseacat 3 and 4 vessels; or

  (ii) on other security, interest, repayment and priority terms
       as may be agreed.

SC Treasury will be permitted to make additional loans in an
aggregate amount of up to US$1,000,000, absent any objections by
either the U.S. Trustee or the Creditors Committee.  Any loan
that does not exceed US$50,000 will not require the consent of
the Creditors Committee and the U.S. Trustee.

SC Treasury may be permitted to reallocate funding under the
Intercompany Loan on these terms, subject to certain conditions.

                      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. 12
and 13; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


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

G STEEL: Sets Annual General Meeting on April 23
------------------------------------------------
G Steel Public Company Limited's board of directors has set the
annual general meeting of the shareholders on April 23, 2007,
the company said in a corporate disclosure to the Stock Exchange
of Thailand.

The meeting hopes to:

   * acknowledge the annual report prepared by the board of
     directors for 2006;

   * approve the balance Sheet and the profit and loss
     statements for the year ended Dec. 31, 2006;

   * approve the allocation of profits for 2006 to legal
     reserves amounting to THB86,915,400 and dividend payments
     of THB0.025 per share on May 21, amounting to
     THB277,500,000 (the remaining will be reserved for
     expansion projects of the company);

   * elect directors in replacement of those retired by
     rotation;

   * choose the director of audit committee;

   * fix the amount of remuneration to be paid to directors for
     2007 at an aggregate amount of THB8,000,000;

   * appoint Rungnapa Lertsuwankul, or Vissuta Jariyathanakorn,
     or Sumalee Reewarabandith at Ernst and Young Office Ltd.,
     as the auditor/s and fix an annual auditing fee of
     THB2,350,000;

   * amend to the companys regulation number 62 and Memorandum
     of Association;

   * amend the terms and conditions of rights of  warrant for
     the employee stock ownership plan.

                        About G-Steel PCL

Headquartered in Bangkok, G-Steel PCL -- http://www.g-steel.com/
-- is primarily engaged in the production and distribution of
hot rolled coils, which are the main materials for cold rolled
coils, hot dipped galvanized sheets, steel pipes, construction
materials and auto parts.  The company is a self-contained plant
equipped with advanced integrated technology starting from
liquid steel making, slab casting to hot rolling.  This
multiphase steel plant has a production capacity of 1.8 million
tons per annum of hot rolled coils.  G Steel distributes its
products in both domestic and overseas markets.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 29, 2006, that Moody's Investors Service had placed the B1
corporate family rating and senior unsecured bond rating of
G Steel Public Company Limited on review for possible downgrade.
The report said that the rating action follows G Steel's
announcement that it will purchase approximately US$180 million
in convertible bonds issued by Nakornthai Strip Mill PLC.

The TCR-AP reported that Standard & Poor's Ratings Services, on
June 27, 2006, placed its ratings on G Steel, including the B+
corporate credit rating, on CreditWatch with negative
implications.


HANTEX: Gets Court Approval to Increase Registered Capital
----------------------------------------------------------
Hantex Public Company Limited has obtained the Central
Bankruptcy Court's approval to increase its registered capital
from THB5,234,510 to THB114,999,993 via the issuance of
109,765,483 ordinary shares with a par value of THB1 each,
totaling THB109,765,483, the company said in a corporate
disclosure to the Stock Exchange of Thailand.

A hundred million of the new shares will be issued to Forcon 9
Co., Ltd., a holding company, at THB1 per share.

Another THB8,596,938 will be used for a debt-to-equity swap,
involving:

   Creditor                                        Shares
   --------                                       ---------
   Sukhumvit Asset Management Co.,Ltd.            4,249,190
   B.P. Supply Partnership                          118,428
   Tana Oil Co.,Ltd.                                166,807
   Fu-charoensup Co.,Ltd                          1,272,327
   Bangkok Asset Management Co.,Ltd.              2,298,404
   Others                                           541,782
                                                  ---------
   Total                                          8,596,938

A total of 1,168,545 shares, with par value of THB1each, has not
been allocated.

According to a Troubled Company Reporter - Asia Pacific report
on Apr. 10, 2007, one of the success indicators of the
rehabilitation plan is the increase in registered capital for
new investors within 180 days of the court approval date.

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd,
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The company's stocks are currently under Stock Exchange of
Thailand's SP (suspension), NP (notice pending), NC (non
compliance) signs.

    * Notice Pending - The issuer failed to submit a quarterly
      or annual financial statement to the SET by the specified
      time.

    * Suspension - Trading in the security is being suspended
      for more than one trading session.

    * Non-Compliance - The securities of a listed company that
      may be delisted.

                       Going Concern Doubt

On June 16, 2006, Miss Chantra Wongsri-Udomporn of Dharmniti
Auditing Company Limited, the company's independent auditor,
raised significant doubt on the company's ability to continue as
a going concern, citing the following reasons:

   * The company has encountered gross losses since 1998 to
     2005.

   * As of December 31, 2005 and 2004 the company's current
     liabilities exceeded its current assets in the amount
     THB628.70 million and THB490.62 million, respectively.

   * The company's total liabilities exceeded its total assets
     THB323.35 million and THB72.50 million, respectively.

   * The company has been suffering on retained loss
     THB1.21 billion and THB1.03 billion, net loss for the years
     ended December 31, 2005, and 2004 in the amount
     THB183.51 million and THB195.85 million, respectively.

   * Other circumstances, such as:

     - The company defaulted repayment in accordance with the
       certain debt restructuring contract amounting to
       THB420.22 million with 3 financial institutions,
       including unable to achieve in negotiate of the debt re-
       restructuring agreement with the financial institutions.

     - The company also defaulted with another minor certain
       creditors such as the Provincial Electricity Authority,
       Natural and Resource Development, spare part, raw
       material, labor, security, etc.  However, the company has
       a scheme to raise the money from the capital increase
       amounting to THB125 million to solve its significant
       liquidity problem.

The auditor also adds that the company has been facing
significant liquidity problems for several years.


POWER-P: Names Surachai Arunbutr as New CEO
-------------------------------------------
Power-P Public Company Limited appointed Surachai Arunbutr as
chairman of the executive board and chief executive officer on
Apr. 5, 2007, the company said in a corporate disclosure with
the Stock Exchange of Thailand.

Mr. Surachai will replace Pranai Satayawanit who resigned.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.

The company is currently undergoing debt restructuring.
Moreover, the company carries the Stock Exchange of Thailand's
SP -- suspension -- sign for its failure to submit its financial
statements as of Dec. 31, 2006.


SAFARI WORLD: Prepares Rehabilitation Plan to Avoid Delisting
-------------------------------------------------------------
Safari World PCL's board of directors has decided to remedy the
cause of delisting of securities by submitting a rehabilitation
plan for best benefit of the company and its shareholders, the
company said in a corporate disclosure with the Stock Exchange
of Thailand.

The company will:

  * appoint an independent financial advisor to prepare a
    rehabilitation plan to remedy the cause of delisting;

  * prepare a rehabilitation plan to remedy the cause of
    delisting; and

  * report on the progress by comparing the results of their
    operations to the rehabilitation plan every three months to
    the SET, until the cause of delisting have been eliminated.

The board has also decided to elect Merchant Partners Securities
Limited as its independent financial adviser.

Bangkok-based Safari World Public Company Limited --
http://www.safariworld.com/-- is engaged in the entertainment
business.  The company operates Safari World, which is comprised
of an open zoo, a marine park, a bird park and other theme
parks.  It offers animal performances and other recreational
activities such as jungle cruises and feeding shows.  The
company is also involved in food and beverage services, the sale
of souvenirs and the provision of air-conditioned coach
services.

Safari World has a subsidiary, Phuket FantaSea Company Limited,
which is engaged in the operation of Phuket FantaSea (a
nighttime cultural theme park).

The company's balance sheets as of December 31, 2006, showed
total liabilities of THB3,958,646,588, exceeding total assets of
THB3,887,211,642 by THB71,434,946.


SIAM CITY: Optimistic on Profit Growth for 2007
-----------------------------------------------
Siam City Bank PCL plans to attract more retail customers and to
increase fee income in order to push its 2007 net profit up,
Reuters relates.

The Troubled Company Reporter - Asia Pacific reported on Apr. 9,
2007, that Siam City Bank reported a net income of
THB4,257,794,514 for the year 2006, a decrease of 32.04% from
the net income of THB6,264,987,488 reported for the year 2005.

Reuters reports, citing Siam City Bank's newly-appointed
president Chaiwat Utaiwan, that the bank also hoped to sell a
stake to a foreign financial firm over the next 18-24 months to
strengthen its business.

According to the report, Mr. Chaiwat gave no specific net profit
forecast for 2007.  The bank planned to cut its loan growth
target of 14% this year, citing the slowing investment and
weaker consumption clouding domestic economic growth this year.

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported that on
Oct. 19, 2006, Fitch assigned these ratings to Siam City Bank:

    * Long-term foreign currency Issuer Default rating of BB;
    * Short-term foreign currency rating of B;

Fitch said the outlook on the ratings is Stable.  Fitch has also
upgraded the bank's individual rating to D from D/E and affirmed
its Support rating at 4.

The Troubled Company Reporter - Asia Pacific reported on
September 26, 2006 that the bank currently carries Moody's Bank
financial strength rating of D.


* BOND PRICING: For the Week 9 April to 13 April 2007
-----------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----


AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.85
Alinta Networks                5.750%  09/22/10     AUD     6.62
APN News & Media Ltd           7.250%  10/31/08     AUD     5.75
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.75
Arrow Energy NL               10.000%  03/31/08     AUD     1.70
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.70
Becton Property Group          9.500%  06/30/10     AUD     0.99
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     9.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.45
Cardno Limited                 9.000%  06/30/08     AUD     5.70
CBH Resources                  9.500%  12/16/09     AUD     0.39
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.01
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.05
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.30
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.47
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.00
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.35
Fletcher Building Ltd          7.550%  03/15/11     NZD     8.15
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.49
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.50
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.00
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.30
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.50
Infratil Ltd                   8.500%  11/15/15     NZD     8.20
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.24
Metal Storm                   10.000%  09/01/09     AUD     0.15
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.90
Nuplex Industries Ltd          9.300%  09/15/07     NZD     9.40
Primelife Corporation         10.000%  01/31/08     AUD     1.02
Salomon SB Aust                4.250%  02/01/09     USD     7.47
Sapphire Sec                   7.410%  09/20/35     NZD     7.36
Sapphire Sec                   9.160%  09/20/35     NZD     9.13
Silver Chef Ltd               10.000%  08/31/08     AUD     1.06
Software of Excellence         7.000%  08/09/07     NZD     1.83
Speirs Group Ltd.             10.000%  06/30/49     NZD    65.00
Structural Systems            11.000%  06/30/07     AUD     1.26
TrustPower Ltd                 8.300%  09/15/07     NZD     9.00
TrustPower Ltd                 8.300%  12/15/08     NZD     8.30
TrustPower Ltd                 8.500%  09/15/12     NZD     8.35
TrustPower Ltd                 8.500%  03/15/14     NZD     8.15


CHINA
-----
China Tietong                  4.600%  08/18/15     CNY    60.00
Jiangxi Investment             4.380%  09/11/21     CNY    56.84


JAPAN
-----
Japan Funi Muni Ent            1.700%  10/30/08     JPY     2.64
JNR Settlement                 2.200%  02/15/08     JPY     1.89
Nara Prefecture                1.520%  10/31/14     JPY    10.18


KOREA
-----
Korea Development Bank         7.350%  01/27/21     KRW    49.98
Korea Development Bank         7.450%  10/31/21     KRW    49.96
Korea Development Bank         7.400%  11/02/21     KRW    49.94
Korea Development Bank         7.310%  11/08/21     KRW    49.89
Korea Development Bank         8.450%  12/15/26     KRW    71.29
Korea Electric Power           7.950%  04/01/96     USD    57.31


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.76
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.31
Berjaya Land Bhd               5.000%  12/30/09     MYR     0.97
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.35
Camerlin Group                 5.500%  07/15/07     MYR     2.16
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.56
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.69
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.99
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     1.00
Equine Capital                 3.000%  08/26/08     MYR     0.40
EG Industries Bhd              5.000%  06/16/10     MYR     0.55
Greatpac Holdings              2.000%  12/11/08     MYR     0.25
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.42
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.83
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.60
I-Berhad                       5.000%  04/30/07     MYR     0.75
Insas Bhd                      8.000%  04/19/09     MYR     0.80
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.35
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.53
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.66
Kumpulan Jetson                5.000%  11/27/12     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.58
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.58
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.58
Media Prima Bhd                2.000%  07/18/08     MYR     1.59
Mithril Bhd                    8.000%  04/05/09     MYR     0.31
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.75
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.33
Pelikan International          3.000%  04/08/10     MYR     1.85
Pelikan International          3.000%  04/08/10     MYR     1.97
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     0.99
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.83
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.83
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.32
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.33
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.25
Senai-Desaru Exp               3.500%  12/09/19     MYR    72.87
Senai-Desaru Exp               3.500%  06/09/20     MYR    71.49
Senai-Desaru Exp               3.500%  12/09/20     MYR    70.14
Senai-Desaru Exp               3.500%  06/09/21     MYR    68.77
Southern Steel                 5.500%  07/31/08     MYR     1.48
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.26
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     0.90
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.35
WCT Land Bhd                   3.000%  08/02/09     MYR     1.68
Wah Seong Corp                 3.000%  05/21/12     MYR     3.48
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.67


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.36





                            *********

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

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

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


                            *********


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

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

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

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

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

                 *** End of Transmission ***