TCRAP_Public/070418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Wednesday, April 18, 2007, Vol. 10, No. 76

                            Headlines

A U S T R A L I A

ADACEL MULTIMEDIA: Undergoes Wind-Up Proceedings
AUSTRALIA WIDE: Members & Creditors to Meet on May 16
BLUE FEATHER: Members & Creditors Set to Meet on May 11
GLENLYON INVESTMENTS: Enters Voluntary Wind-Up
HAGEMEYER ASIA: Members Agree to Shut Down Business

HOVE NOMINEES: Commences Wind-Up Proceedings
MCMAHON BULLDOZER: Liquidator to Present Wind-Up Report
PAPERMARK PTY: Joint Final Meeting Set for May 11
PASMINCO: Creditors' Meeting Set for May 1
PREMIER PHILATELY: Joint Meeting Set for May 11

SAVAGE RESOURCES: Creditors' Meeting Set for May 1
SIMONETTA IMPORTS: Members & Creditors to Meet on May 7
STAINLESS ASSOCIATES: Final Meeting Set for May 10
T.H. HIDES: To Declare First & Final Dividend on May 18
ZUSMAN NOMINEES: Members Opt to Wind Up Operations


C H I N A   &   H O N G  K O N G

CHEERGOLD INVESTMENT: Liquidators Quit Posts
CHINA MERCHANTS: 2006 Net Income Shoots 81% on Credit Cards
CHINA SOUTHERN: Strong Yuan Boosts First Full Profit in 4 Years
COTHERSTONE LIMITED: Names Lau Vui Cheong as Liquidator
CYBER DRAGON: Joint Liquidators Appointed

FOUNDATIONASIA LIMITED: Taps John Robert Lees as Liquidator
HAINAN AIRLINES: Posts Profit in 2006 on Increased Traffic
LAI FUNG: Bond Issuance Closing Cues Moody's to Affirm Ratings
* China Issues New Rules on Bankruptcy Trustee Selection


I N D I A

AGILENT TECHNOLOGIES: Wins US$94-Million Deal with U.S. Army
LLOYDS STEEL: To Publish Audited FY2006-07 Financials by June 30
LML LTD: Executes Labor Agreement Lifting Lockout
ORIENTAL BANK: Plans Private Issue of Lower Tier II Bonds
ORIENTAL BANK: Hikes Prime Lending Rate to 13.25%


I N D O N E S I A

ALCATEL-LUCENT: Completes 3G Network Deployment in Aruba
BEARINGPOINT INC: Opens SAP Center in Sao Paulo
AVNET INC: Acquires Azure Techs to Speed Up Asia-Pacific Growth
BANK INTERNASIONAL: Aims to Boost Outstanding Loans by 20-25%
BANK NEGARA: Launches BNI Wirausaha Loan Facility

EXCELCOMINDO: Offers 10.3% Coupon Rate for IDR1.5-Tril. Bonds
FREEPORT-MCMORAN: Grasberg Mine Workers Plan to Stage Rally
GARUDA INDONESIA: 2006 Net Loss Narrows to IDR197.08 Billion
GOODYEAR: CEO Says Company is Well Positioned for the Future
GOODYEAR TIRE: W. Alan McCollough Elected to Board of Directors

INDOFOOD: Pefindo Upgrades IDR2.20 Tril. Bonds Rating to "idAA+"


J A P A N

ALL NIPPON: Ups Net Profit Forecast to JPY30BB After Hotel Sale
AOZORA BANK: Plans to Lend More to Buyout Firms
MITSUBISHI GAS: Brunei Shell to Supply Gas to Methanol Plant
NOMURA HOLDINGS: To Hire Private Bankers in Asia & Middle East


K O R E A

ACTUANT CORP: Earns US$18.9 Million in Quarter Ended February 28
AVANI INTERNATIONAL: Losses Cue J. Tsang's Going Concern Doubt
KANA SOFTWARE: Dec. 31 Balance Sheet Upside-Down by US$3.1 Mil.


M A L A Y S I A

COMSA FARMS: Odyssey Okays Subscription; Seeks Delisting Verdict
KL INFRASTRUCTURE: Fails to Get Approval on SoKor Rail Project
LITYAN HOLDINGS: Court Moves Certiorari Hearing to July 4
NCL CORP: Moody's Keeps B3 Unsecured Bond Rating
OLYMPIA INDUSTRIES: Seeks Injunctive Relief Against BPSB Suits

OLYMPIA INDUSTRIES: BPSB Wants Firm to Limit Harta Stake Buy
PROTON HOLDINGS: Is Yet to Fix Deadline for Naming Partner
STAR CRUISES: Moody's Affirms B1 Rating with Stable Outlook


N E W  Z E A L A N D

CLEAR CHANNEL: Two Investors Moving On with Privatization Plan
CLEAR CHANNEL: Bain Capital's US$26.7-Bln Bid Faces Collapse
HANOVER FINANCE: Fitch Assigns 'C/D' Individual Rating


P H I L I P P I N E S

CHIQUITA BRANDS: Unit Grants US$2-Million Funds in Nine Projects
* Solid Inflows Bring Philippine Peso to Hit Six-Year High


S I N G A P O R E

SEA CONTAINERS: Assigns Alixpartners for Restructuring Support
SHIP FINANCE: Moody's Assigns Loss-Given-Default Rating
STATS CHIPPAC: Bought by Temasek Holdings for SGD2.4 Billion


T H A I L A N D

TRUE CORP: Sets Annual General Meeting on April 24
TRUE CORP: Telekom Malaysia Denies Acquisition Reports
TRUE CORP: Issues Convertible Preference Shares
TRUE MOVE: Buys 55% of Japan's AnyMobile
* New Accounting Standard Hits Banks Earnings

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ADACEL MULTIMEDIA: Undergoes Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting held on April 2, 2007, the
members of Adacel Multimedia Pty Ltd resolved to voluntarily
wind up the company's operations.

V. R. Dye, N. Giasoumi and R. D. Grant were appointed as
liquidators.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         R. D. Grant
         Dye & Rennie Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                    About Adacel Multimedia

Adacel Multimedia Pty Ltd provides computer-programming
services.  The company is located in Victoria, Australia.


AUSTRALIA WIDE: Members & Creditors to Meet on May 16
-----------------------------------------------------
The members and creditors of Australia Wide Video Pty Ltd will
have their final meeting on May 16, 2007, at 10:00 a.m., to
receive a report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Dean Royston McVeigh
         Foremans Business
         Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia

                      About Australia Wide

Australia Wide Video Pty Ltd operates electrical and electronic
repair shops.  The company is located in Victoria, Australia.


BLUE FEATHER: Members & Creditors Set to Meet on May 11
-------------------------------------------------------
A final meeting will be held for the members and creditors of
Blue Feather Crystals Pty Ltd on May 11, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Paul A. Pattison
         Pattisons Business Advisors & Insolvency Specialists
         461 Bourke Street
         Melbourne, Victoria 3000
         Australia

                       About Blue Feather

Blue Feather Crystals Pty Ltd is involved with manufacturing
industries.  The company is located in Victoria, Australia.


GLENLYON INVESTMENTS: Enters Voluntary Wind-Up
----------------------------------------------
At a general meeting held on March 26, 2007, the members of
Glenlyon Investments Pty Ltd agreed to voluntarily wind up the
company's operations.

Bruce Saward was appointed as liquidator.

Mr. Saward can be reached at:

         Bruce Saward
         Saward Dawson
         20 Albert Street, Blackburn 3130

                   About Glenlyon Investments

Glenlyon Investments Pty Ltd is a real property lessor.  The
company is located in Victoria, Australia.


HAGEMEYER ASIA: Members Agree to Shut Down Business
---------------------------------------------------
On March 9, 2007, the members of Hagemeyer Asia Pacific
Electronics Pty Limited had their general meeting and decided to
shut down the company's business.

David Clement Pratt and Stephen Graham Longley were appointed as
liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Stephen Graham Longley
         Freshwater Place, 2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia

                      About Hagemeyer Asia

Hagemeyer Asia Pacific Electronics Pty Limited --
http://www.ehape.com-- is a distributor of electrical  
apparatus, equipment wiring supplies and construction materials.  
The company is located in Victoria, Australia.


HOVE NOMINEES: Commences Wind-Up Proceedings
--------------------------------------------
On April 2, 2007, the members of Hove Nominees Pty. Ltd. had
their meeting and decided to voluntarily wind up the company's
operations.

V. R. Dye, N. Giasoumi and R. D. Grant were appointed as
liquidators.

The Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         R. D. Grant
         Dye & Rennie Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                      About Hove Nominees

Hove Nominees Pty. Ltd. is a manufacturer of wood kitchen
cabinets.  The company is located in Victoria, Australia.


MCMAHON BULLDOZER: Liquidator to Present Wind-Up Report
-------------------------------------------------------
A final meeting will be held for the members and creditors of
McMahon Bulldozer Hire Pty Ltd on May 16, 2007, at 11.00 a.m.

Dean Royston McVeigh, the company's liquidator, will present a
report about the company's wind-up proceedings and property
disposal.

Mr. McVeigh can be reached at:

         Dean Royston McVeigh
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia

                    About McMahon Bulldozer

McMahon Bulldozer Hire Pty Ltd is involved with excavation work.  
The company is located in Victoria, Australia.


PAPERMARK PTY: Joint Final Meeting Set for May 11
-------------------------------------------------
The members and creditors of Papermark Pty Ltd will have their
joint final meeting on May 11, 2007, at 10:00 a.m., to hear a
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                       About Papermark Pty

Located in Victoria, Australia, Papermark Pty Ltd is a
manufacturer of wood products.


PASMINCO: Creditors' Meeting Set for May 1
------------------------------------------
Pasminco Cockle Creek Smelter Pty Limited; Pasminco Finance
Limited; and Pasminco Pacific Pty Limited, which are 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 companies' deed administrator is:

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

                      About Pasminco Cockle

Pasminco Cockle Creek Smelter Pty Limited is involved with
primary smelting and refining of nonferrous metals, except
copper and aluminum.  The company is located in New South Wales,
Australia.

                     About Pasminco Finance

Pasminco Finance Limited's functions are related to deposit
banking.  The company is located in Victoria, Australia.

                     About Pasminco Pacific

Located in Victoria, Australia, Pasminco Pacific Pty Limited
provides business services.


PREMIER PHILATELY: Joint Meeting Set for May 11
-----------------------------------------------
The members and creditors of Premier Philately Pty Ltd will hold
a joint meeting on May 11, 2007, at 11:00 a.m., to hear a report
about the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Stephen R. Dixon
         BDO Kendalls Business Recovery & Insolvency
         (Vic) Pty Ltd Chartered Accountants
         Level 30, 525 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Premier Philately

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


SAVAGE RESOURCES: Creditors' Meeting Set for May 1
--------------------------------------------------
The creditors of Savage Resources Limited -- 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
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


SIMONETTA IMPORTS: Members & Creditors to Meet on May 7
-------------------------------------------------------
The members and creditors of Simonetta Imports Pty Ltd will have
a joint meeting on May 7, 2007, at 9:15 a.m. to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

In a report by the Troubled Company Reporter -Asia Pacific, the
company went into liquidation on July 13, 2006.

The company's liquidator is:

         Robert M. H. Cole
         Robert M. H. Cole & Co
         Chartered Accountants
         6 Moorabool Street
         Geelong, Victoria 3220
         Australia

                    About Simonetta Imports

Simonetta Imports Pty Ltd operates floor-covering stores.  The
company is located in Victoria, Australia.


STAINLESS ASSOCIATES: Final Meeting Set for May 10
--------------------------------------------------
The members and creditors of Stainless Associates Pty. Ltd. will
have their final meeting on May 10, 2007, at 11:00 a.m., to
receive a report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Anthony R. Cant
         Romanis Cant Chartered Accountants
         106 Hardware Street
         Melbourne, Victoria 3000
         Australia

                   About Stainless Associates

Stainless Associates Pty Ltd is a distributor of fabricated
structural metal.  The company is located in Victoria,
Australia.


T.H. HIDES: To Declare First & Final Dividend on May 18
-------------------------------------------------------
T.H. Hides & Skins Australia Pty Ltd, which is in liquidation,
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:

         Adrian Brown
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                        About T.H. Hides

T.H. Hides & Skins Australia Pty Ltd is involved with leather
tanning and finishing.  The company is located in Victoria,
Australia.


ZUSMAN NOMINEES: Members Opt to Wind Up Operations
--------------------------------------------------
At an extraordinary general meeting held on March 27, 2007, the
members of Zusman Nominees Pty Ltd agreed to voluntarily wind up
the company's operations.

Christopher Munday was appointed as liquidator.

The Liquidator can be reached at:

         Christopher Munday
         c/o Pitcher Partners Chartered Accountants
         17th Level, AMP Building
         140 St Georges Terrace
         Perth Western Australia 6000
         Australia
         Telephone:(08) 9322 2022
         Facsimile:(08) 9322 1262

                     About Zusman Nominees

Zusman Nominees Pty Ltd operates drycleaning plants, except for
rugs.  The company is located in Western Australia, Australia.


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

CHEERGOLD INVESTMENT: Liquidators Quit Posts
--------------------------------------------
Ma Ching Nam and Tam Tak Hing ceased to be the liquidators of
Cheergold Investment Limited on March 30, 2007.

The former Liquidators can be reached at:

         Tam Tak Hing
         Ma Ching Nam
         12th Floor, New World Tower II
         18 Queen's Road, Central
         Hong Kong


CHINA MERCHANTS: 2006 Net Income Shoots 81% on Credit Cards
-----------------------------------------------------------
China Merchants Bank Co. posted the biggest annual profit
increase among mainland lenders traded in Hong Kong after
doubling the number of credit-card customers and increasing fees
from asset management, Bloomberg News says.

In a statement filed with the Hong Kong Stock Exchange, the
lender said that its net income rose 81% to CNY6.79 billion, or
CNY0.53 a share, from CNY3.75 billion, or CNY0.31 a share, a
year earlier.

These figures, according to Bloomberg, beat the CNY6.1 billion
average estimate of 20 analysts in a Bloomberg survey, helped by
a one-time tax credit.

The report notes that China Merchants added more than 5 million
credit card users last year, capitalizing on surging household
incomes after being first to introduce dual-currency credit
cards and Internet banking.  Its shares are the highest-valued
among Chinese banks traded in Hong Kong, having jumped 63% in
the past six months, Lou Jun, writing for Bloomberg notes.

The results, Bloomberg adds, were reported in accordance with
international accounting standards.

                          *     *     *

China Merchants Bank -- http://www.cmbchina.com/-- is the  
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).  
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

On August 3, 2006, The Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has upgraded its Individual rating
on China Merchants Bank to 'D' from 'D/E'.  At the same time,
the bank's Support rating was affirmed at '3'.

Fitch Ratings affirmed on September 5, 2006, China Merchants
Bank's Individual D and Support 3 ratings.

Fitch on August 3, 2006, upgraded its Individual rating on China
Merchants Bank (CMB) to 'D' from 'D/E'. At the same time, CMB's
Support rating was affirmed at '3'.


CHINA SOUTHERN: Strong Yuan Boosts First Full Profit in 4 Years
---------------------------------------------------------------
China Southern Airlines Co. posted its first annual profit in
four years in 2006, helped by a stronger yuan and increased
traffic, Bloomberg News relates.

Citing the airline's statement with the Shanghai Stock Exchange,
Bloomberg notes that the airline's net income reached
CNY188 million, or CNY0.03 a share, compared with a loss of
CNY1.85 billion, or CNY0.42 a share, in 2005.  Sales rose 24% to
CNY47 billion.

The airline, however, will omit a cash dividend, the statement
said.

China Southern's passenger numbers rose 12% to 49.2 million last
year, while cargo volume increased 5.6% to 818,000 tons,
Bloomberg says, citing the carrier's earlier statement.

                          *     *     *

Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com/-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.

The Troubled Company Reporter - Asia Pacific reported in April
2006 that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million in 2004.


COTHERSTONE LIMITED: Names Lau Vui Cheong as Liquidator
-------------------------------------------------------
At an extraordinary general meeting held on March 30, 2007, the
members of Cotherstone Limited appointed Lau Vui Cheong as the
company's liquidator.

Mr. Lau can be reached at:

         Lau Vui Cheong
         7th Floor, Hong Kong Trade Centre
         161-167 Des Voeux Road Central
         Hong Kong


CYBER DRAGON: Joint Liquidators Appointed
-----------------------------------------
On April 3, 2007, Poon Chi Woo and Poon Chin Chung, Philip were
appointed as the liquidators of Cyber Dragon International
Limited.

The Liquidators can be reached at:

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


FOUNDATIONASIA LIMITED: Taps John Robert Lees as Liquidator
-----------------------------------------------------------
The members and creditors of Foundationasia Limited appointed
John Robert Lees to be the company's liquidator on March 29,
2007.

The company's liquidator can be reached at:

         John Robert Lees
         John Lees & Associates Limited
         1904 Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


HAINAN AIRLINES: Posts Profit in 2006 on Increased Traffic
----------------------------------------------------------
Hainan Airlines Co Ltd turned around in 2006 with a net profit
of CNY181.6 million, from a loss of CNY215.82 million a year
earlier, due to higher passenger and cargo volume, XFN-Asia
reports.

According to the report, the airline, carried 14.39 million
passengers in 2006, up 12.41% year-on-year, and 198,700 tons of
mail and cargo, up 22.55%.

In its annual report filed to the Shanghai Stock Exchange, the
airline said core business revenue in 2006 was
CNY12.448 billion, up 23.72%, while core business costs were
also up 26.18% at CNY10.362 billion due to higher jet fuel
prices.

The price of jet fuel at the end of 2006 was CNY6,310 per ton,
up 20.88% the beginning of the year, XFN-Asia says, citing the
company's statement.

The report recounts that in September, China raised the jet fuel
surcharge on domestic flights of under 800 kilometers to CNY60
per passenger from CNY30 previously, with the surcharge on
routes of over 800km increased to CNY100 from CNY60.

Hainan's earnings per share was CNY0.051, against a loss per
share of CNY0.296 a year earlier.

                          *     *     *

Hainan Airlines Company Ltd's principal activities are providing
domestic aeronautic transportation to passengers and cargoes,
domestic business chartering services, aeronautic maintenance
and services, air traveling and on-board food supply.  Other
activities include manufacturing aeronautic field equipment and
components, plane and landing equipment, selling of plane
ticket, cargo & other related services, providing repair
services, development of hotels and managing properties.

On Oct. 31, 2005, Xinhua Far East China Ratings gave the company
a 'CC' issuer credit rating.


LAI FUNG: Bond Issuance Closing Cues Moody's to Affirm Ratings
--------------------------------------------------------------
Moody's Investors Service, on April 17, 2007, affirmed Lai Fung
Holdings Ltd's B1 corporate family rating and senior bond rating
in view of the successful closing of its US$200 million bond
issuance.

Both ratings have had their provisional status removed.  The
ratings outlook is stable.

Lai Fung Holdings Ltd is the China property arm of Lai Sun Group
and focuses on mid-market property development and investment in
Guangzhou and Shanghai.  The company currently has a development
land bank of around 1 million sqm.  It also has two investment
properties with attributable gross floor area of 162,000 sqm.


* China Issues New Rules on Bankruptcy Trustee Selection
--------------------------------------------------------
China's Supreme People's Court issued two regulations on the
selection of bankruptcy trustees in China, Xinhuanet News
reports.  

Trustees in bankruptcy are agencies or individuals appointed to
take charge of the liquidation or reorganization of bankrupt
companies.

The first regulation, according to the report, stipulates that
trustees must be appointed when a court hears a bankrupt case.  
In addition, the first regulation stipulates that trustees must
be selected from a list of qualified agencies drawn up by the
Higher People's Courts, Xinhuanet relates.

Qualified agencies are selected from the legal and accounting
firms and agencies in charge of liquidation.  To ensure
fairness, the regulation states that the selection and work of
trustees can be scrutinized at creditors' meetings and by
creditors' committees, which are also entitled to apply to the
courts to change the trustees appointed if they are unsatisfied
with them, the paper adds.  

The second regulation says trustees will be paid according to
the total value of distributable property of the bankrupt
companies, rather than working hours.

An official of the court told Xinhuanet that the former method
was more appropriate for China at present.

"The method is commonly operated in most countries and it is
also helpful to encourage trustees to recover more property of
the bankrupt companies and protect the rights of creditors," he
said.

The regulations, as judicial interpretations of the corporate
bankruptcy law, will come into effect on June 1, together with
the law, Mu Xuequan, writing for Xinhuanet notes.

China's top legislature on August last year adopted the
bankruptcy law, which is intended to protect both creditors of
bankrupt companies and the companies' employees.  The law
stipulates that from June 1, all insolvent companies will pay
credit guarantees to creditors first, and use other assets to
pay laid-off workers.


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

AGILENT TECHNOLOGIES: Wins US$94-Million Deal with U.S. Army
------------------------------------------------------------
Agilent Technologies Inc. has been awarded a US$94 million
contract by the U.S. Army Aviation & Missile Command Redstone
Arsenal.

Under the contract, Agilent Technologies will deliver
its AN/PRM-35 Radio Test Set or RTS over six years, beginning in
2008, to the U.S. Army Product Manager Test, Measurement and
Diagnostic Equipment organization.

Uninterrupted communications is critical to protection and
management of deployed personnel.  The RTS is designed to test
field radios in the harshest of environments. It is part of the
U.S. Army's Test Equipment Modernization mission to improve the
readiness and reduce operating and support costs of the Army's
current and future systems.  Totaling up to 12,000 radio test
sets and related services, the contract represents the single
largest ever awarded in its category.

"This is a significant achievement for Agilent," said Tom
Burrell, vice president and general manager of Agilent's Signal
Network Division.  "It represents an enormous win in one of our
key growth initiatives.  We are continuing to invest in
delivering superior and advanced test technology to the U.S.
Department of Defense and its prime contractors."

The Army Aviation and Missile Life Cycle Management Command or
AMCOM, is headquartered at Redstone Arsenal, Alabama.  
Established in 1941, it is a major subordinate command of the
Army Material Command.  AMCOM is committed to keeping supported
systems ready for combat.

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

                        *     *     *

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


LLOYDS STEEL: To Publish Audited FY2006-07 Financials by June 30
----------------------------------------------------------------
Lloyds Steel Industries Ltd disclosed in a regulatory filing
with the Bombay Stock Exchange that it will publish its audited
financial results for the year ended March 31, 2007, within the
period of three months from the end of the financial year i.e.
June 30, 2007.

The company is not contemplating the publication or furnishing
the unaudited results for quarter ended March 31, 2007.

For the financial year ended Dec. 31, 2005, the company posted a
net loss of INR632.07 million on sales (net of excise taxes) of
INR13.99 billion.

Headquartered in Mumbai, India, Lloyds Steel Industries Limited
-- http://www.lloydsgroup.com/-- is engaged in the business of  
manufacturing and marketing of iron and steel products, and
manufacturing of capital equipments and Tumkey Projects.  The
company's products include hot rolled products, galvanized
products and pipes.

The Troubled Company Reporter - Asia Pacific reported on
Apr. 13, 2007 that the company had a US$69.93 million equity
deficit.


LML LTD: Executes Labor Agreement Lifting Lockout
-------------------------------------------------
LML Ltd informs the Bombay Stock Exchange that a labor agreement
has been executed pursuant to which, inter alia, the strike has
been withdrawn and the lockout was lifted on Apr. 15, 2007.  

"The operations will resume shortly," the company says.

As noted in prior Troubled Company Reporter - Asia Pacific
reports, LML's operations have been severely affected due to  
the strike by its workmen pursuant to a lockout declared on
March 7, 2006.  The strike was reportedly called after the
company failed to pay workers full wages for January 2006 due to
the ongoing financial restructuring.

With the lockout, the company incurred operating expenditures
totaling to INR42.5 million in the fourth quarter of 2006.

According to India Infoline, LML had been in the red for close
to four years, with accumulated losses of about INR2 billion.

Pursuant to the labor pact, the LML management will pay the
balance bonus and will not terminate the services of any worker,
India Infoline relates.

Headquartered in Kanpur, India, LML Limited manufactures
scooters and motorcycles.  The LML NV, manufactured with
Piaggio, is a scooter that is loaded with features such as a
large taillight, cushioned backrest, improved handlebar design
and speedometer, a utility box and a large glove compartment.
The Company's motorcycles, which are made in collaboration with
Daelim of Korea, feature a three-valve, 109-cubic centimeter
engine, a long wheelbase and broad tires.  The Energy FX model
features a four-speed gearbox, while the Adreno FX sports a
five-speed unit.  The bikes come in a large variety of colors
offer other features such as disc brakes and electronic
ignition.

LML'S board of directors, at a meeting on Sept. 8, 2006, decided
that the company has become a sick industrial company under the
Sick Industrial Companies (Special Provisions Act) 1985.  The
company is currently working for the restructuring of its
business.


ORIENTAL BANK: Plans Private Issue of Lower Tier II Bonds
---------------------------------------------------------
Oriental Bank of Commerce is planning to issue, on private
placement basis, lower tier II bonds, the bank disclose in a
regulatory filing with the Bombay Stock Exchange.

By the bond issue, the bank plans to come up with as much as
INR100 crore in tier II capital.

The bank says it will issue the bonds "at an appropriate time."

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The  
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been
affirmed at C/D.

On March 15, 2007, Fitch upgraded the support rating of the bank
to '3' from '4'.


ORIENTAL BANK: Hikes Prime Lending Rate to 13.25%
-------------------------------------------------
Oriental Bank of Commerce raised its Prime Lending Rate by 75
basis points from 12.50% to 13.25%.  The new rate is effective
April 16, 2007.

The bank said the hike was necessary citing, among others:

   -- the recent increase in the cash reserve requirement;

   -- increased provisioning requirements on standard advances
      under certain sectors like real estate, personal loans,
      non banking financial company, etc.;

   -- the increase in risk weight on certain categories of
      assets;

   -- the rise in cost of deposits due to increase in rate of
      interest on term deposits to raise resources at
      competitive rates to fund credit growth.

The bank adds however that its rate of interest on housing loans
and education loans remain unchanged.

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The  
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been
affirmed at C/D.

On March 15, 2007, Fitch upgraded the support rating of the bank
to '3' from '4'.


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

ALCATEL-LUCENT: Completes 3G Network Deployment in Aruba
--------------------------------------------------------
Alcatel-Lucent has completed the deployment of an enhanced
third-generation network based on CDMA2000(R) 1X and 1xEV-DO
technology covering the entire Caribbean island of Aruba.

The new network will enable SETAR N.V., the leading wireless
telecommunications operator in Aruba, to expand its wireless
service to offer local customers and tourists high-quality,
mobile voice and high-speed broadband data services such as
video streaming, access to corporate e-mail and intranets, and
many other new applications at speeds of up to 2.4 Megabits per
second, as well as CDMA roaming capabilities to tourists.

Under the terms of the agreement, Alcatel-Lucent provided SETAR
N.V. with its CDMA Modular Cell 4.0 base stations, as well as
comprehensive maintenance services, including network
engineering and deployment.

"SETAR's investment in CDMA will strengthen Aruba's position in
the tourism industry, allowing tourists to stay connected while
visiting Aruba," said Roland Croes, Managing Director, SETAR
N.V.  "This modern telecommunications infrastructure will make
Aruba an even more attractive destination for cruise ships,
hotels and timeshare guests, and we will be able to introduce
new innovative services with the deployment of CDMA2000 1xEV-DO
technology."

According to Croes the response from Aruba citizens and tourists
to the voice roaming service with large North American CDMA
operators has been very positive.  

"The deployment of CDMA combined with our GSM offering puts our
company in a unique position in the Caribbean, as we are one of
the first companies offering both technologies in the region,"
he noted.

"SETAR N.V.'s selection of Alcatel-Lucent's equipment for its
network is quite an honor given the innovative approach this
service provider has in meeting the needs of its customers,"
said Olivier Picard, President of Alcatel-Lucent's Europe and
South activities.  "We look forward to continuing working with
SETAR as they remain at the forefront of wireless developments
in the country."

                         About SETAR N.V.

Since 2003, SETAR became an incorporated company with a sharp
focus on customer satisfaction.  The philosophy of one-stop
shopping was introduced by SETAR in order to provide customers
with all of their telecommunications services from one company.
SETAR services include wireline, wireless and broadband for
every home, with one of the highest penetration rates in the
Caribbean region.  SETAR has been the leading telecom company in
Aruba, not only by introducing the latest technologies to
facilitate different sectors on the island, but also as a
trendsetter of style, quality and innovation in their products
and services. SETAR introduced a new way of branding their
products and services for customers that included instructions
in a fun and dynamic way on how to use the product as a tool. In
September 2004, SETAR bought the local television station
Telearuba and made investments to renovate the station's
building and buy modern digital equipment. An ultra-modern,
state-of-the-art TV station -- the new Telearuba -- was
officially re-opened in March 2005. In February 2005, SETAR
acquired the local Cable TV company, giving SETAR the capability
to offer "quadruple play" services.  

                     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.


BEARINGPOINT INC: Opens SAP Center in Sao Paulo
-----------------------------------------------
BearingPoint Inc. will open a Systems Applications and Products
in Data Processing or SAP Center of Excellence for utilities in
Sao Paulo, Brazil.  The center will serve to concentrate
BearingPoint's SAP Utilities practice in Brazil, with more than
180 trained, certified and experienced consultants dedicated to
SAP's Utilities Industry Solution, which includes commercial
processes such as customer care, billing, work and device
management, loss prevention and collections.

"Based on our accumulated experience delivering more than 12 SAP
ERP projects and four SAP CRM billing projects for the utilities
sector in Brazil, our center will focus on further developing
and deploying our templates and accelerated solutions, as well
as building composite applications based on SAP's Netweaver
platform in support of our clients worldwide," said Oscar Caipo,
BearingPoint's Brazil country leader.

Deep industry and process knowledge combined with extensive
experience deploying SAP's utilities industry solution allow
BearingPoint to help successfully transform utilities companies
and prepare them for the highly competitive market they
currently face.  This Center of Excellence will combine this
knowledge and experience and make it available for
BearingPoint's customers to help support their successful
implementations.

"Establishing this center of excellence solidifies our
commitment to work with SAP globally in the utilities sector and
to develop the next generation of enterprise-level service-
oriented architecture and business-process platform solutions,
as well as innovative, verticalized composite applications,"
said Aysin Neville, senior vice president and SAP global leader
with BearingPoint.  "The applications further demonstrate how
BearingPoint helps its clients achieve measurable benefits from
their technology investments by focusing on buyer-based
innovation and business transformation."

                         About SAP

Founded in 1972 as Systems Applications and Products in Data
Processing, SAP is the recognized leader in providing
collaborative business solutions for all types of industries and
for every major market.

Serving more than 38,000 customers worldwide, SAP is the world's
largest business software company and the world's third-largest
independent software provider overall.  SAP has a rich history
of innovation and growth that has made it a true industry
leader.  Today, SAP employs more than 39,300 people in more than
50 countries.  SAP professionals are dedicated to providing the
highest level of customer service and support.

                     About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                        *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


AVNET INC: Acquires Azure Techs to Speed Up Asia-Pacific Growth
---------------------------------------------------------------
Avnet, Inc., has acquired Azure Technologies from Vanda Group in
an effort to accelerate growth in the Asia-Pacific region, the
Wall Street Journal reports.

With the acquisition, the company hopes to strengthen ties with
International Business Machines Corp. and other information-
technology vendors, WSJ adds.

                         About Avnet

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

                        *     *     *

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


BANK INTERNASIONAL: Aims to Boost Outstanding Loans by 20-25%
-------------------------------------------------------------
PT Bank Internasional Indonesia Tbk aims to boost its
outstanding loans by 20-25% this year after soaring interest
rates held growth last year, Reuters reports.

Reuters adds that the bank will also pay 40% percent of its 2006
net profit in dividends, up from 35% last year.

According to the report, Bank Internasional is also looking for
opportunities to issue bonds.

                     About Bank Internasional

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

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

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

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

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


BANK NEGARA: Launches BNI Wirausaha Loan Facility
-------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk launced 'BNI Wirausaha',
a loan facility, in order to enhance its micro loans to small
and medium enterprises.

The loan, ranging from IDR50 million - IDR500 million, requires
simple conditions, light collaterals and 3-day processing period
since the document completion.  BNI Wirausaha is offered as
either investment or working capital loans, and disbursed to
individuals as well as business clusters.  Throughout its test-
launch, a total amount of IDR151.12 billion of BNI Wirausaha has
been disbursed.

During the launch at BNI Sentra Kredit Kecil, BNI Centre for
small-sized loans, at Jakarta Kota, BNI President Director,
Sigit Pramono asserted that the launching of this new product is
BNI's strategy to enhance its MSME loan portfolio.  As of year-
end 2006, BNI MSME loans exceeded corporate loans with SME loans
amounting for 42% of total loan, corporate loans 41%, consumer
loans 15% and sharia financing 2%.

This BNI Wirausaha adds up to the current options of the BNI SME
loans, i.e. BNI Mikro, BNI Micro, BNI Usaha Berkembang, for
growing business and BNI Usaha Maju, for established business.

To channel its micro loans, BNI has opened up 203 outlets
consisting of 17 centres for medium-sized loans, 47 centres for
small-sized credits, 52 sub-centres/field office for small-sized
loans and 87 branches authorized to extend loans.   Plans for
2007 include the addition of 6 SKCs, 8 UKCs and 3 SKMs.  
Morever, to accelerate the extension of BNI Wirausaha, BNI also
recruits specialized marketing staff equipped with necessary
training and knowledge on the debtors' socio-cultural conditions
at the local level.

                       About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial  
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 6, 2007, Moody's Investors Service revised the outlook from
positive to stable the ratings of PT Bank Negara Indonesia's
senior debt and foreign currency long-term deposit ratings to
positive from stable.

The bank's short-term deposit rating and long-term subordinated
debt rating continue to carry the rating agency's stable outlook
and the bank financial strength rating a positive outlook.

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

TCR-AP reported on Feb. 1, 2007, that Fitch Ratings affirmed all
these ratings of Bank Negara: Long-term foreign and local
currency Issuer Default ratings 'BB-'; Short-term rating 'B';
National Long-term rating 'A+(idn)'; Individual 'D'; and Support
'4'.  The Outlook for the ratings was revised to Positive from
Stable.

Standard & Poor's Ratings Services revised the outlook on the
local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on
BNI(B+/Stable/B).


EXCELCOMINDO: Offers 10.3% Coupon Rate for IDR1.5-Tril. Bonds
-------------------------------------------------------------
PT Excelcomindo Pratama Tbk is offering a 10.35% coupon rate, to
be paid every quarter, for its planned IDR1.5 trillion bonds to
finance business expansion, Reuters reports.

According to the report, the coupon will offered between April
18-20 and will be listed on the Surabaya Stock Exchange on
April 27.

Excelcom hired CIMB-GK Securities Indonesia, Danareksa
Sekuritas, DBS Vickers Securities Indonesian and Standard
Chartered Securities Indonesia to manage the issue, the report
adds.

                    About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications  
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

A Feb. 7, 2007 report by the Troubled Company Reporter - Asia
Pacific stated that Moody's Investors Service revised the
outlook to positive from stable on Excelcomindo Finance Company
B.V.'s Ba3 foreign currency senior unsecured bond rating.  The
bond is irrevocably and unconditionally guaranteed by PT
Excelcomindo Pratama.  This rating action follows Moody's
decision to revise the rating outlook on Indonesia's Ba3 foreign
currency sovereign ceiling to positive.

At the same time, Moody's affirmed the Ba2 local currency
corporate family rating of Excelcomindo Pratama.  The outlook
for the rating remains stable.

Fitch Ratings, on June 5, 2006, upgraded PT Excelcomindo
Pratama's Long-term foreign currency and local currency Issuer
Default Ratings to 'BB-' from 'B+'.  The outlook on the ratings
is stable.


FREEPORT-MCMORAN: Grasberg Mine Workers Plan to Stage Rally
-----------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc.'s workers at its Grasberg
mine, in the province of Papua, Indonesia, plan a rally to
demand better welfare for native workers, Reuters reports.

According to the report, thousands of workers will stage a rally
on April 18, in the town of Timika to demand an improved
recruiting system, as well as a better pension scheme.  The
rally will continue on if the Freeport doesn't respond to the
workers demands.

Freeport Indonesia Spokesman Mindo Pangaribuan said that the
company has had several meetings concerning this situation and
are working cooperatively to address them, the report adds.

                     About Freeport-Mcmoran

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

The company has operations in Indonesia.

                           *     *     *

The Troubled Company Reporter - Asia Pacific yesterday reported
that Fitch Ratings has changed the Rating Outlook to Positive
for Freeport-McMoRan Copper & Gold following the completion of
US$5.76 billion in equity financings.  Net proceeds in the
amount of US$5.6 billion will be used to repay borrowings under
the secured term loans used to finance, in part, the acquisition
of Phelps Dodge Corporation.

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

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

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

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

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

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

    -- Existing Notes to be secured 'BB';

    -- 10.125% senior notes due 2010;

    -- 6.875% notes due 2014.

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

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

    -- FCX Convertible Preferred Stock B+.


GARUDA INDONESIA: 2006 Net Loss Narrows to IDR197.08 Billion
------------------------------------------------------------
PT Garuda Indonesia reported a net loss of IDR197.08 billion for
the year 2006, down from a loss of IDR688.47 billion in 2005,
aided by non-operating income and a reduced operating loss,
Antara News reports.

According to the report, although the company's sales declined
from IDR12.65 trillion in 2005 to IDR12.34 in 2006, its
operating loss fell sharply to IDR378.73 billion from
IDR668.07 billion loss in 2005.

Garuda's net other income of IDR251.8 billion was boosted
against the net other charges of IDR16.74 billion in 2005, the
report adds.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on December 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,  
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter - Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.

Reuters reported that Garuda's outstanding debt, mostly owed to
the ECA, fell to US$749 million as of November 2006.


GOODYEAR: CEO Says Company is Well Positioned for the Future
------------------------------------------------------------
In his address at The Goodyear Tire & Rubber Company's 2007
Annual Shareholder Meeting on April 10, 2007, Chairman and Chief
Executive Officer Robert J. Keegan said the tiremaker is well
positioned for the future thanks to strong business platforms
created last year.

"When you combine our core business focus with strong top line
growth, a better cost structure and a stronger balance sheet,
you have an organization that is capable of moving forward at a
much quicker pace than anything you have seen from Goodyear to
date," Mr. Keegan said.

"The market is presenting Goodyear with significant
opportunities in 2007 and beyond.  We plan to aggressively
capitalize on those opportunities."

The year 2006 will be remembered as a pivotal year in Goodyear's
strategic, operational and cultural transformation, Mr. Keegan
said.  "I am proud of our accomplishments in 2006.  The way we
embraced a myriad of challenges and quickly converted those to
opportunities was a credit to the entire Goodyear team.  In a
word, we have been innovative."

Mr. Keegan said he hopes investors and others also see Goodyear
associates "as innovators not only of products and technology,
but innovators throughout all aspects of our business."

Despite the challenges presented in 2006, he said the company
delivered on several significant accomplishments, including:

  * continued strong product leadership,
  * a renewed focus on innovative marketing,
  * improved revenue per tire,
  * reduced cost structure,
  * exited businesses with low profitability,
  * record results in Goodyear's emerging market businesses, and
  * a new, lower-cost union contract in North America.

Mr. Keegan cited the company's important financial milestones in
2006, including record sales of $20.3 billion and market
capitalization nearly $5 billion higher than the company's low
point in February 2003.

"This market cap increase is strong evidence that our intense
focus on our Seven Strategic Drivers has created tremendous
value for our shareholders," he said.

The successes of 2006, combined with actions taken in the first
quarter of 2007, puts Goodyear on pace to achieve the next stage
financial metrics Mr. Keegan first discussed with investors in
September 2005.

"With the strong business platforms we have created to drive our
performance and the pace at which we are now executing, I am
confident we have the ability to achieve these goals," Mr.
Keegan said.

"While there are still plenty of challenges ahead, we now have a
proven track record and much stronger business platforms than
when our journey began four years ago."

                       About Goodyear Tire

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

                          *     *     *

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

   The Goodyear Tire & Rubber Company (GT):

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

   Goodyear Dunlop Tires Europe B.V. (GDTE)

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

Fitch also revised the Rating Outlook to Positive from Stable.

Standard & Poor's Ratings Services assigned various ratings to
Goodyear Tire & Rubber Co.'s proposed bank financings.  At the
same time, S&P assigned a recovery rating to the existing US$65
million senior secured notes.  S&P will withdraw the ratings on
the existing bank facilities that are being refinanced upon
closing of the new facilities.

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

                           Ratings List

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

                        Ratings Assigned

Goodyear Tire & Rubber Co.

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

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

   US$650 million senior secured notes
   Recovery rating                                5

Goodyear Dunlop Tires Europe B.V.  

   EUR350 million revolving credit facility       BB-
   Recovery rating                                1

Goodyear Dunlop Tires Germany GmbH

   EUR155 million revolving credit facility       BB-
   Recovery rating                                1

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

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


GOODYEAR TIRE: W. Alan McCollough Elected to Board of Directors
---------------------------------------------------------------
W. Alan McCollough, former chairman and chief executive officer
of Circuit City Stores Inc., has been elected to the Board of
Directors of The Goodyear Tire & Rubber Company.

"Alan McCollough is a respected business leader who led a
turnaround at Circuit City," Goodyear Chairman and Chief
Executive Officer Robert J. Keegan said.  "His retail experience
and marketing knowledge will be of significant value to our
board of directors."

Mr. McCollough was elected chairman, president and chief
executive officer of Circuit City in 2002 and served in that
capacity until 2005.  He remained chairman and chief executive
officer until his retirement in 2006.

He led the consumer electronic retailer as president and chief
executive officer from 2000 to 2002 and served as president and
chief operating officer from 1997 to 2000.

Mr. McCollough joined Circuit City in 1987 as general manager of
corporate operations.  He was named assistant vice president in
1989, president of central operations in 1991 and senior vice
president of merchandising in 1994.  Before joining Circuit
City, McCollough worked 12 years at Milliken & Company, where he
held various positions including director of marketing.

Mr. McCollough, 57, holds a Bachelor of Science degree from
Missouri Valley College and a Master of Business Administration
degree from Southern Illinois University.  He is a director of
La-Z-Boy Inc. and VF Corporation.

The election of Mr. McCollough brings the size of Goodyear's
board to 12 members.

                        About Goodyear Tire

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

                          *     *     *

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

   The Goodyear Tire & Rubber Company (GT):

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

   Goodyear Dunlop Tires Europe B.V. (GDTE)

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

Fitch also revised the Rating Outlook to Positive from Stable.

Standard & Poor's Ratings Services assigned various ratings to
Goodyear Tire & Rubber Co.'s proposed bank financings.  At the
same time, S&P assigned a recovery rating to the existing US$65
million senior secured notes.  S&P will withdraw the ratings on
the existing bank facilities that are being refinanced upon
closing of the new facilities.

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

                           Ratings List

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

                        Ratings Assigned

Goodyear Tire & Rubber Co.

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

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

   US$650 million senior secured notes
   Recovery rating                                5

Goodyear Dunlop Tires Europe B.V.  

   EUR350 million revolving credit facility       BB-
   Recovery rating                                1

Goodyear Dunlop Tires Germany GmbH

   EUR155 million revolving credit facility       BB-
   Recovery rating                                1

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

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


INDOFOOD: Pefindo Upgrades IDR2.20 Tril. Bonds Rating to "idAA+"
----------------------------------------------------------------
PT Indofood Sukses Makmur Tbk ratings and its Bond II/2003 and
Bond III/2004 totaling IDR2.20 trillion has been upgraded by
Pefindo, Indonesian rating agency, to "idAA+" from "idAA".

At the same time, PEFINDO assigned "idAA+" rating to the
Company's proposed Bond IV/2007 amounting to a maximum of IDR2
trillion for refinancing purposes.  The outlook of the ratings
is stable.  The ratings reflect INDF's superior market position
in food industry, highly diversified business portfolio and
vertically integrated operation, as well as improved
capitalization.  However, the ratings are slightly mitigated by
the tightening competition within the industry that put
pressures on margins.  INDF's business is divided into four
major strategic business units namely Consumer Branded Products,
Bogasari, Edible Oils and Fats and Distribution with respective
contributions of 37.1%, 33.2%, 15.4% and 14.3% of total sales in
2006.  Indofood Agri Resources Ltd. - INDF's subsidiary that
engages in an integrated chain of oil palm plantations,
refineries and cooking oils business - succeeded to get fresh
fund of around US$276 million by selling 338 million new shares
in the Singapore Exchange Securities Trading Ltd. in February
2007.  As of December 31, 2006, CAB Holdings Ltd. was INDF's
major shareholder with 51.53% ownership.

Supporting factors for the above ratings are:

    * Superior market position in food industry.  INDF is a
      dominant player in almost all segments served supported by
      its strong brand equities.  In 2006, INDF's market shares
      remained high at 77% for noodle, 67% for flour, 43% for
      branded cooking oils, 59% for margarine and shortenings,
      43% for snack food, 62% for nutrition and special foods,
      and 13% for soy sauce.  INDF has been able to maintain its
      market leadership by implementing competitive pricing
      policy as well as effective marketing and promotion
      efforts, on top of developing stock point distribution
      system that ensures the availability of proper products
      for each particular market area.  As the result, the
      Company recorded a favorable revenue growth of 16.93% in
      2006, mostly attributable to sales volume growths that
      recorded a Compounded Annual Growth Rate of 7.44% during
      2002-2006.

    * Highly diversified business portfolio and vertically
      integrated operation.  INDF has favorably diversified
      product offerings to serve broad market coverage, both in
      terms of consumer segments and geographic coverage.  
      Export sales contributed 11.3% of total Company's sales in
      2006, slightly decreased from 12.2% in 2005 partly due IDR
      appreciation, in addition to higher domestic sales growth
      during the year.  Several INDF's divisions have been able
      to source large parts of their raw materials internally.  
      Its extensive and well-established distribution arm has
      also been able to distribute about 60% of its products.  
      With this integrated operation, INDF is expected to be
      able to attain cost leadership.  Moreover, in order to
      increase its internal crude palm oil supply, INDF is
      currently in the process to acquire 70% ownership over PT
      Mitra Inti Sejati Plantation that owns 16,000 ha of
      plantation area in West Kalimantan valued at IDR66.5
      billion.  After the acquisition that is intended to be
      completed by June 2007, INDF's total plantation area will
      reach around 240,000 ha, of which around 72,000 ha has
      been planted with oil palms.

    * Improved capitalization.  The Company's debt to equity
      ratio slightly improved to 1.61 times (x) in 2006
      from 1.75x in the previous year because of higher equity,
      while total debt itself slightly increased due to
      additional trust receipts payable related to the wheat
      import and some loans to finance plantation expansion.  As
      much as 42.41% of the debts were long term in maturity and
      20.07% were in USD currency.  The Company is exposed to
      foreign exchange fluctuation as it currently has no
      hedging protection, though it is somewhat mitigated by its
      USD export revenue that serves as a natural hedge.  
      Recently, the Company has repaid its debts as much as
      IDR500 billion and US$45 million during 1Q07 with the
      proceeds from IndoAgri's IPO.  Thus, if considering the
      debt repayment and higher equity from IndoAgri's IPO, as
      to date INDF's DER should be at around 1x.

Those strengths are slightly mitigated by the following factor:

    * Tightening competition within the industry.  The tight
competition has put pressure on the Company's margins, as it
could not fully and directly pass on production cost increases
into selling prices.  In addition, INDF has spent higher
advertising and promotion expenses to retain its leading market
position.  As a result, INDF's gross profit margin and earning
before interest and tax (EBIT) margin were slightly squeezed to
around 23% and 9% during 2005-2006 (vs. 25% and 11% during 2002-
2004).  Nevertheless, INDF managed to increase both market
shares and sales in most segments during 2006 due to effective
promotional programs and stock point distribution system.

OUTLOOK

A"stable" outlook is assigned to the above ratings.  INDF is
expected to be able to maintain its leading position in
packaged-food industry supported by its products' strong brand
equities despite tight competition in almost all segments
served.  INDF's overall financial profile is expected to further
improve, as it does not plan to acquire significant additional
debts in the near future.  The Company also plans to finance its
capital expenditures using its internal funds.

                      About Indofood Sukses

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

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

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

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


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

ALL NIPPON: Ups Net Profit Forecast to JPY30BB After Hotel Sale
---------------------------------------------------------------
AFX News Limited reports that All Nippon Airways Co Ltd has
raised its forecast of unconsolidated net profit for the fiscal
year ended March 31, 2007, to JPY30 billion from JPY19 billion
after taking into account the planned sale of its domestic
hotels to Morgan Stanley.

The airline didn't change its forecasts for its revenue and
operating profit, which remain JPY1.29 trillion and JPY74
billion, respectively, according to the report.

As previously reported by the Troubled Company Reporter - Asia
Pacific, a fund managed by Morgan Stanley entered into an
agreement to buy All Nippon Airways' interests in the buildings,
land and shares of the company's 13 owned or leased hotels.

The acquisition will build on Morgan Stanley's global hotel
investment strategy and represents a unique opportunity to
expand its portfolio of high quality properties in key cities in
Japan. This transaction highlights Morgan Stanley's continued
long-term commitment to investing in Japan and optimistic
outlook for the nation's economy and hotel industry.

The hotels will be operated under an existing long-term
management contract with IHG ANA Hotels Group Japan, the joint
venture company started ANA and Intercontinental in December
2006.

Managing the assets on behalf of the fund will be Morgan
Stanley's affiliate, Panorama Hospitality --
http://www.panorama-hospitality.com/ Panorama's team of  
experienced hotel professionals will work closely with IHG ANA
Hotels to enhance value at each of the properties and welcomes
the opportunity to work with the team of talented hotel
employees in each of the 13 hotels.

                       About Morgan Stanley

Morgan Stanley -- http://www.morganstanley.com/-- is a leading  
global financial services firm providing a wide range of
investment banking, securities, investment management, wealth
management and credit services.  The Firm's employees serve
clients worldwide including corporations, governments,
institutions and individuals from more than 600 offices in 31
countries.

                     About All Nippon Airways

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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

                          *     *     *

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

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

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


AOZORA BANK: Plans to Lend More to Buyout Firms
-----------------------------------------------
Aozora Bank plans to lend more to buyout companies, including
its largest shareholder Cerberus Capital Management, Mariko Yasu
of Bloomberg News reports.

According to data compiled by Bloomberg, Aozora is hiring
bankers and expanding overseas to capture a greater share of
global buyouts, which surged 40% to $188 billion in the first
quarter.

David Hackett told Mariko Yasu that the bank wants to be at the
forefront of this small but developing market of loans for
acquisition funding.

                         About Aozora Bank

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit  
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 22, 2006, Moody's Investors Service has placed on review
for possible upgrade the Baa1 long-term deposit and senior
unsecured ratings and the D bank financial strength rating of
Aozora Bank, Ltd.

Fitch Ratings, on October 23, 2006, affirmed the Bank's
individual and support ratings at 'C' and '3'.  The outlook on
the ratings is stable.


MITSUBISHI GAS: Brunei Shell to Supply Gas to Methanol Plant
------------------------------------------------------------
Brunei Shell Petroleum has agreed to supply gas to Brunei's
first methanol plant, which is being built by Brunei Methanol
Company Sdn Bhd -- a joint venture between Mitsubishi Gas
Chemical Co Inc., and Itochu Corp and Petroleum Brunei, Reuters
reports.

Mitsubishi Gas holds 50% of Brunei Methanol while Itochu and
state-owned Petroleum Brunei hold 25% each, according to the
report.

Brunei Shell's involvement is part of a series of deals to help
launch the US$600-million project, Reuters cited officials as
saying.

As previously reported by the Troubled Company Reporter - Asia
Pacific, construction of the plant is scheduled to begin in
mid-2007.  

                           About Itochu

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.

              About Mitsubishi Gas Chemical Company

Headquartered in Tokyo, Japan, Mitsubishi Gas Chemical Company,
Inc. -- http://www.mgc.co.jp/-- is engaged in the manufacture   
and sale of organic and inorganic chemicals, petroleum-derived
chemicals, chemical fertilizers, agricultural chemicals and feed
additives.  It also offers synthetic resins, synthetic rubber,
dyes, pigments and paints and adhesives.  Mitsubishi Gas
Chemical also manufactures and sells pharmaceutical products,
quasi-drugs, biochemical products, detergents and elements used
for civil engineering construction, agriculture and fisheries.  
Mitsubishi Gas Chemical also is involved in the mining and sale
of natural gas, petroleum and other minerals, as well as the
provision of consultation work.  In addition it is engaged in
the design, manufacture, sale, operation, supervision and
consulting of various machines used in chemical industries and
environmental preservation, and other activities.  The company
has operations in Germany, Singapore, and Taiwan.

Standard and Poor's Ratings Service gave the company BB+ long-
term foreign and local issuer ratings on June 21, 2005.


NOMURA HOLDINGS: To Hire Private Bankers in Asia & Middle East
--------------------------------------------------------------
Bloomberg News reports that Nomura Holdings Inc. plans to hire
10 bankers for its wealth management operations in Asia and the
Middle East.

In a telephone interview with Bloomberg reporter Takahiko Hyuga,
Kunio Watanabe, president of Nomura International (Hong Kong)
Ltd. Co., said his company will add another 10 wealth management
bankers by the end of this year.

According to Mr. Watanabe, Nomura wants to be competitive in
Asia and the Middle East, where more people are getting richer,
Mr. Hyuga relates.

                     About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a   
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which
includes investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading
and asset finance businesses in and outside Japan; Global
Investment Banking, which includes mergers and acquisitions
advisory and corporate financing businesses in and outside
Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which
includes development and management of investment trusts, and
investment advisory services.

On Apr. 13, 2006, Fitch Ratings gave Nomura Holdings a 'C'
individual rating.


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

ACTUANT CORP: Earns US$18.9 Million in Quarter Ended February 28
----------------------------------------------------------------
Actuant Corporation reported net earnings of US$18.9 million for
the second quarter ended Feb. 28, 2007.  This compares with net
earnings of US$19.3 million for the same period ended Feb. 28,
2006. Fiscal 2007 second quarter results include a US$3.8
million restructuring charge covering a portion of the company's
restructuring of its European Electrical business.  

Second quarter sales increased 24% to US$341 million from
US$276 million in the prior year, reflecting strong core growth,
the weaker US dollar, and approximately US$35 million of sales
from acquired businesses.  Excluding foreign currency exchange
rate changes and business acquisitions, second quarter fiscal
2007 sales increased approximately 7%.  This increase reflected
core growth in all four segments, including 12% in the
Industrial Segment.

Robert C. Arzbaecher, president and chief executive officer of
Actuant, commented, "We are pleased with our second quarter
results, including the 24% sales growth and 13% growth in EPS
excluding restructuring, which were led by the strong
performance of the Industrial Segment.  Consistent with our
business model, acquisitions made a significant contribution to
the sales growth, however, each of our four segments contributed
to the 7% core growth."

Arzbaecher added, "We continued to see significant operating
profit margin improvement in our Industrial Segment.  While
consolidated operating profit margins were down slightly on a
year-over-year basis due to lower profitability in the
Electrical and Actuation Systems segments, Industrial Segment
margins improved by 160 basis points.  Progress was made in
improving Automotive and Recreational Vehicle margins during the
quarter, which positions Actuant well for strong second half
earnings growth.  We expect operating margin improvement in both
Electrical and Actuation Systems Segments in the third and
fourth quarter, and expect margin expansion for Actuant in total
for the fiscal year."

Net debt, which is total debt of US$595 million less
approximately US$25 million of cash, was US$570 million, an
increase of US$115 million from the beginning of the quarter.  
Excluding the approximate US$110 million of cash used for
acquisitions and the US$9 million decline in accounts receivable
securitization, Actuant generated approximately US$5 million of
cash flow in the second quarter, which is a seasonally weak
cash-flow period.

The company had availability under its revolving credit facility
in excess of US$200 million as of Feb. 28, 2007.

At Feb. 28, 2007, the company's balance sheet showed
US$1,389.2 million in total assets, US$971.1 million in total
liabilities, and US$418.1 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Feb. 28, 2007, are available
for free at http://researcharchives.com/t/s?1d36

                       About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU) -
- http://www.actuant.com/-- is a diversified industrial company  
with operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Taiwan and South Korea.  The
Actuant businesses  are market leaders in highly engineered
position and motion  control systems and branded hydraulic and
electrical tools and  supplies.  Since its creation through a
spin-off in 2000, Actuant has grown its sales from US$482
million to over US$1 billion and its market capitalization from
US$113 million to over US$1.5 billion.  The company employs a
workforce of approximately 6,000 worldwide.  Actuant Corporation
trades on the NYSE under the symbol ATU.

The Troubled Company Reporter - Asia Pacific reported on Oct.
24, 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. manufacturing sector,
the rating agency affirmed its Ba2 Corporate Family Rating for
Actuant Corporation.

Additionally, Moody's held its Ba2 ratings on the company's
US$250 million Senior Unsecured Revolver Due 2009, and US$250
million Senior Term Loan Due 2009.  Moody's assigned those
debentures an LGD3 rating suggesting lenders will experience a
43% loss in the event of a default.

Actuant Corp.'s 2% Convertible Senior Subordinated Debentures
due 2023 carry Standard & Poor's B+ rating.


AVANI INTERNATIONAL: Losses Cue J. Tsang's Going Concern Doubt
--------------------------------------------------------------
Jeffrey Tsang & Co. raised substantial doubt about Avani
International Group Inc.'s ability to continue as a going
concern citing the company's recurring losses from operations
after auditing the company's financial reports for the years
ended Dec. 31, 2006, and 2005.

The company recorded total assets of US$1 million, total
liabilities of US$1.3 million, and total stockholders' deficit
of US$282,175 in its balance sheet as of Dec. 31, 2006.  Its
December 31 balance sheet also showed strained liquidity with
total current assets of US$974,766 available to pay total
current liabilities of US$1 million.

Net loss for the year ended Dec. 31, 2006, was valued at
US$321,046, versus net income for the year ended Dec. 31, 2005,
of US$66,072.  The company generated total revenues of US$99,307
in 2006 solely from bottled water and supply sales, as compared
with total revenues of US$307,194 in 2005, of which US$295,668
is from bottled water and supply sales and US$11,526 is from
cooler rentals and equipment sales.

As of Dec. 31, 2006, the company increased its cash and cash
equivalents to US$968,419, from US$168,310 as of Dec. 31, 2005.

The company continues to experience significant losses from
operations.  It is uncertain as to when it will achieve
profitable operations.  The company has sold its real estate
located in Canada and intends to re-locate is water
manufacturing business to Malaysia or another country in the Far
East, however, the locations has not been determined at the time
of the filing of the 2006 annual report.  In order to re-
commence operations, the company expects that it will need to
raise additional working capital to support its operations.  At
the time, the company cannot predict the amount of funds
required, nor can it predict whether it will be successful in
raising such funds.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d2a

                  About Avani International Group

Avani International Group Inc. -- http://www.avaniwater.com/
produces, markets, and sells purified, oxygen enriched water
under the brand name Avani Water.  The company utilizes a
technology, which injects oxygen into purified water.  The
company sells its product in the greater Vancouver metropolitan
area and internationally in the United States, Taiwan, Korea,
Hong Kong, Malaysia, Japan, and Australia.  The company has two
wholly owned subsidiaries: Avani Oxygen Water Corporation fka
Avani Water Corporation, and Avani International Marketing
Corporation.

                       Going Concern Doubt

Jeffrey Tsang & Co. in Hong Kong raised substantial doubt about
Avani International Group Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2005.  The auditors
pointed to the company's recurring losses from operations.


KANA SOFTWARE: Dec. 31 Balance Sheet Upside-Down by US$3.1 Mil.
--------------------------------------------------------------
Kana Software Inc.'s balance sheet as of Dec. 31, 2006,
reflected total stockholders' deficit of US$3.1 million,
resulting from total assets of US$30.3 million and total
liabilities of US$33.4 million.  Its December 31 balance sheet
also showed negative working capital with total current assets
of US$16.5 million and total current liabilities of US$27.6
million.

The company also posted an accumulated deficit of US$4.3 billion
as of Dec. 31, 2006.  Its accumulated deficit in 2006 increased
US$2.4 million from 2005.

For the year ended Dec. 31, 2006, the company incurred a net
loss of US$2.4 million on total revenues of US$54 million, as
compared with a net loss of US$18 million on total revenues of
US$43.1 million for the year ended Dec. 31, 2005.

                        Management Analysis

Since 1997, the company incurred substantial costs to develop
its products and to recruit, train and compensate personnel for
its engineering, sales, marketing, client services, and
administration departments.  As a result, it has incurred
substantial losses since inception.

On Dec. 31, 2006, the company had ending cash and cash
equivalents of US$5.7 million and no borrowings outstanding
under our line of credit.  Losses from operations were
US$300,000 and US$17.9 million for 2006 and 2005, respectively.  
Net cash used for operating activities was US$1.7 million and
US$16.3 million in 2006 and 2005, respectively.

The company has taken steps to lower its expenses related to
cost of revenues, sales and marketing, research and development,
and general and administrative areas.  It also closed two
private sales of its common stock, about US$2.4 million on June
30, 2005, and about US$4 million on Sept. 29, 2005.  

The company believes that based on its current plans, its
existing funds will be sufficient to meet the company's working
capital and capital expenditure requirements through Dec. 31,
2007.  However, if the company experiences lower than
anticipated demand for its products, it will need to further
reduce costs, issue equity securities, or borrow money to meet
cash requirements.  Any such equity issuances could be dilutive
to its stockholders, and any financing transactions may be on
unfavorable terms, if at all.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d26

                        About Kana Software

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the company's ability to
continue as a going concern after auditing the company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.


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

COMSA FARMS: Odyssey Okays Subscription; Seeks Delisting Verdict
----------------------------------------------------------------
Principal Odyssey Sdn Bhd agreed on April 10 to subscribe into
Comsa Farms Bhd's Proposed Restricted Issue and Irredeemable
Convertible Unsecured Preference Shares.

In a disclosure with the Bursa Malaysia Securities Bhd, Comsa
Farms said that the restricted issue entails the issuance of
35,000,000 new ordinary shares of MYR1.00 each.  Meanwhile,
pursuant to the Irredeemable Convertible Unsecured Preference
Shares, Principal Odyssey will buy shares worth MYR55 million.

The company also disclosed that it appointed MIDF Amanah
Investment Bank Bhd as the Investment Bank Adviser for its
Proposed Regularization Scheme.  MIDF is currently reviewing all
documents in relation to the reform plan and is expected to
announce its proposals by April 30.  

                        Stock Delisting

In this respect, Comsa Farms appealed the earlier decision of
the Bursa Securities to delist the company's securities from its
official list.  The Appeal sought for an extension of ten market
days from April 13 to April 30, 2007 for the company to announce
its Proposed Regularization Scheme.

The Bursa Securities decided to delist and remove the securities
of Comsa Farms from its official list on April 13, 2007.

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

                        *     *     *

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As of Dec. 31, 2006, Comsa's balance sheet reflected MYR182.16
million of total assets and MYR291.32 million of total
liabilities, resulting to a shareholders' deficit of MYR109.15
million.


KL INFRASTRUCTURE: Fails to Get Approval on SoKor Rail Project
---------------------------------------------------------------
KL Infrastructure Bhd disclosed with the Bursa Malaysia
Securities Bhd that it failed to secure authorities' approval to
implement its proposed Gangnam Monorail Project in Seoul, South
Korea.

Accordingly, all parties involved with the project proposal
agreed to discharge their obligations pursuant to the Investment
Agreement signed on January 13, 2006.  Parties involved were:

    * District of Gangnam, Seoul
    * MTrans International Limited
    * KL Infrastructure
    * Keangnam Enterprise Ltd, and
    * Gangnam Monorail Co. Ltd.

In addition, KL Infrastructure told the bourse that its wholly
owned subsidiary, Monorail City Sdn Bhd, did not make any
drawdown on the MYR30 million Term Loan Under the Tourism
Infrastructure Fund.  Accordingly, MCD had requested Bank
Pembangunan Malaysia Berhad to discontinue the facility and make
the necessary arrangements for the release of all security
interests executed including the fixed legal charge on the sub-
lease of the Jalan-Jalan land and others.

                      About the Company

KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.

The Group has been incurring losses in the past years due to its
high operating expenses and loan-interest payments.

KL Infrastructure Group Berhad disclosed on Sept. 28, 2006, that
it has become an affected listed issuer pursuant to the
provisions of Amended Practice Note 17/2005, as its auditors
have expressed a modified opinion on its going concern and based
on its nine months accounts from January 31, 2006.  KLINFRA's
shareholders' equity on a consolidated basis is less than 50% of
the issued and paid-up capital.

KL Infrastructure Bhd's balance sheet as of January 31, 2007,
showed shareholders' deficit of MYR6,543,000, resulting from
total assets of MYR1,335,807,000 and total liabilities of
MYR1,342,350,000.


LITYAN HOLDINGS: Court Moves Certiorari Hearing to July 4
---------------------------------------------------------
The Kuala Lumpur High Court has further moved to July 4, 2007,
the hearing for Lityan Holdings Bhd's ex-parte application for
leave to issue a certiorari to quash the decision of the
Securities Commission rejecting the company's Proposed
Restructuring Scheme.

The court previously moved the hearing to April 12, as reported
in the Troubled Company Reporter - Asia Pacific.

In the interim, the bourse has also agreed to a stay of the
delisting until July 4.

In the TCR-AP report, the Bursa Malaysia Securities Berhad
earlier commenced a delisting procedure against Lityan Holdings
after the Securities Commission did not approve the proposed
restructuring scheme of the company.

According to the TCR-AP, the Securities Commission raised a
concern regarding Lityan's Proposed Scheme.

                      About the Company

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

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

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


NCL CORP: Moody's Keeps B3 Unsecured Bond Rating
------------------------------------------------
Moody's Investors Service has confirmed the B3 senior unsecured
bond rating of NCL Corporation Ltd on April 10.  The rating
outlook is stable.  This concludes the ratings review initiated
on January 25, 2007.

"The confirmation reflects Moody's view that there will be
ongoing support, if necessary, for NCL from its owner, Star
Cruises Limited," says lead analyst Kaven Tsang.  "This has
historically been the case - through equity injections -- and is
expected to continue in the near term at least," adds Tsang.

The expectation of ongoing support is important as NCL's
financial profile continues to deteriorate and is unlikely to
recover in the near term given the challenging operating
environment.

The B3 senior unsecured bond rating reflects both structural and
legal subordination.  Most of NCL's borrowings are at the
operating subsidiary level and most of these debts are secured.

The ratings outlook is stable, reflecting Moody's expectation of
ongoing financial support from SCL and its ultimate shareholders
such that its capital structure and liquidity position could be
maintained.

Downgrade pressure would evolve if:

    1) evidence emerges that SCL is no longer willing to support
       NCL;

    2) the Hawaiian route continues to under-perform while any
       corrective action - such as the redeployment of assets to
       more profitable routes - proves to be unsuccessful so
       that EBITDA growth continues to fall below expectations,
       or

    3) further acquisitions occur, such that debt rises, and
       appropriate remedies to reduce the resultant higher
       leverage appear insufficient; or

    4) breaches of bank covenants occur that are not rectified
       or waived.

The rating is unlikely to be upgraded, given the currently weak
financial profile that is unlikely to improve in the medium
term.

NCL, headquartered in Miami, is a wholly owned subsidiary of
Star Cruises Ltd.  It operates 14 cruise liner ships with 26,600
berths.  It offers itineraries in North and South America as
well as Europe under 3 brands:  Norwegian Cruise Line (mainly in
North America), Orient Lines (destination-oriented premium
market), and NCL America (Hawaii).


OLYMPIA INDUSTRIES: Seeks Injunctive Relief Against BPSB Suits
--------------------------------------------------------------
Olympia Industries Bhd filed on April 11 a Writ of Summons and
Statement of Claim against Benih Perangsang Sdn Bhd for these
reliefs:

    1. a declaration that any legal proceedings arising from or
       in connection with the allegations in the demand issued
       by BPSB's solicitors are an abuse of process of the
       Court.

    2. an injunction to restrain BPSB, by itself, its directors,
       servants, agents or otherwise howsoever from instituting
       any legal proceedings against OIB, its directors,
       servants, agents or whomsoever arising from or in
       connection with the allegations in the demand;

    3. general damages and interest;

    4. costs;

    5. other relief as the Court sees fit to grant.

According to Olympia Industries, Benih Perangsang demanded on
March 26, that OIB immediately cease further action from
carrying out the terms of the sale and purchase agreement with
Bukit Seremban Jaya Sdn Bhd to purchase 78% equity interest in
Harta Sekata Sdn Bhd.  The sale and purchase agreement is part
of Olympia Industries' restructuring scheme duly approved by the
Securities Commission and the shareholders of the company.

Olympia said that, upon the advice of its solicitors, it filed a
writ against the demand made by BPSB upon the basis that it is
an abuse of the process of the Court and lacks merit.  The
company's board is of the view that the filing has no material
financial and operational impact on the Group.

                          About BPSB

Benih Perangsang Sdn Bhd of No. 28B, Jalan Tapah, Off Jalan Goh
Hock Huat, 41400 Klang, is a registered shareholder of 1,000
shares out of the Company's paid-up capital of 50,838,119 shares
of MYR1.00 each.

                  About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.

Operations are carried out in Malaysia, Papua New Guinea and
Singapore.  The Company has incurred continuous losses in the
past and has also been fined many times by Bursa Malaysia
Securities for failing to maintain appropriate standards of
corporate responsibility and accountability to the investing
public.

Olympia's balance sheet as at Dec. 31, 2006, showed total assets
of MYR1.02 billion and total liabilities of MYR2.13 billion.  
Shareholders' deficit of the company reached MYR1.105 billion.


OLYMPIA INDUSTRIES: BPSB Wants Firm to Limit Harta Stake Buy
------------------------------------------------------------
On April 13, 2007, Olympia Industries Bhd received a writ of
summon and a statement of claim from Benih Perangsang Sdn Bhd, a
minority shareholder, for these relief:

    * an interlocutory injunction to restrain OIB, its agents,
      servants and/or nominees from purchasing the 100,000
      shares in Harta Sekata Sdn Bhd from Bukit Seremban Jaya
      Sdn Bhd;

    * an interlocutory injunction to restrain OIB, its agents,
      servants and/or nominees from allotting OIB shares to BSJ
      as consideration for the sale of the HSSB shares; and

    * a declaration that the issuance of 48,360,000 new OIB
      shares is unlawful, null and void.

Olympia Industries, however, has instructed its solicitors to
apply to the Court to strike out the injunction application on
the ground that BPSB's writ discloses no reasonable cause of
action, is frivolous and/or vexatious and is an abuse of process
of the Court.

                            About BPSB

Benih Perangsang Sdn Bhd of No. 28B, Jalan Tapah, Off Jalan Goh
Hock Huat, 41400 Klang, is a registered shareholder of 1,000
shares out of the Company's paid-up capital of 50,838,119 shares
of MYR1.00 each.

                     About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.

Operations are carried out in Malaysia, Papua New Guinea and
Singapore.  The Company has incurred continuous losses in the
past and has also been fined many times by Bursa Malaysia
Securities for failing to maintain appropriate standards of
corporate responsibility and accountability to the investing
public.

Olympia's balance sheet as at Dec. 31, 2006, showed total assets
of MYR1.02 billion and total liabilities of MYR2.13 billion.  
Shareholders' deficit of the company reached MYR1.105 billion.


PROTON HOLDINGS: Is Yet to Fix Deadline for Naming Partner
----------------------------------------------------------
No date has yet been fixed for naming the chosen strategic
partner for Proton Holdings, reports say, citing Malaysia's
Second Finance Minister Tan Sri Nor Mohamed Yakcop as saying.

Bernama News relates that the Malaysian government missed its
March 31 deadline to name the new partner, saying that it was
still evaluating options to find a strategic partner for Proton.

The Troubled Company Reporter - Asia Pacific on March 30, 2007,
said that the approving authorities are still waiting for the
evaluation report from Treasury and Ministry of International
Trade and Industry regarding the national carmaker's chosen
partner.

In addition, Mr. Yackop said that there is no definite date yet
that has been fixed for talks with Volkswagen AG on a possible
tie-up with Proton.

On April 2, 2007, the TCR-AP cited a report from The Strait
Times that Volkswagen AG has scrapped plans for a tie-up with
Proton.  According to the newspaper, a senior Malaysian
government official delivered the announcement to Khazanah
Nasional, the government's investment arm and Proton's main
shareholder.

Volkswagen, according to speculations, was the preferred choice
to partner with Proton.

                      About the Company

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

                        *     *     *

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

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


STAR CRUISES: Moody's Affirms B1 Rating with Stable Outlook
-----------------------------------------------------------
Moody's Investors Service has confirmed the B1 corporate family
rating of Star Cruises Limited.  The rating outlook is stable.  
This concludes the ratings review initiated on January 25, 2007.

"The confirmation reflects Moody's view that there will be
ongoing support, if necessary, for the SCL group from its
shareholders, particularly Genting Berhad," says lead analyst
Kaven Tsang.

"This is more so as the company diversifies into the gaming
business in Macau and becomes more strategically important
within the Genting group as a result," he adds.

Moody's notes however that SCL's investment in the hotel and
casino project in Macau and the continuous underperformance of
its wholly owned subsidiary, NCL Corporation Ltd, will further
weaken the financial profile of the group.

Moody's further notes that the Macau project will strengthen the
business diversification of SCL over the long term.  At the same
time, it will also increase the development and execution risks
in the near to medium term.

The ratings outlook is stable, reflecting Moody's expectation of
ongoing support from Genting.

Downgrade pressure will evolve if:

    1) if evidence emerges that Genting support for the SCL
       group is weakening;

    2) the performance of NCL fails to improve as planned, such
       that EBITDA growth for NCL, and hence SCL, continues to
       fall below expectations;

    3) material delays or cost overruns occur at the Macau
       project, such that SCL has to raise additional debt to
       fund increased capital requirements, or

    4) SCL conducts further debt-funded acquisition, thereby
       further weakening the capital structure.  

In terms of financial metrics, Moody's sees EBITDA interest
coverage consistently falls below 1.5x and adjusted debt/EBITDA
stays high above 10x over the next 1-2 years, as signals for
downgrade.

The rating is unlikely to be upgraded over the medium term, in
view of its weak financial profile and higher execution and
development risks associated with the Macau project.

SCL, publicly listed in Hong Kong, is a core member of the
Genting Group and 34.7% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  SCL operates 21 ships with
some 32,300 lower berths under five brands: Star Cruises and
Cruise Ferries, which service Asia Pacific, and three brands
under NCL. SCL has another 3 ships due to be delivered up to
2010.


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

CLEAR CHANNEL: Two Investors Moving On with Privatization Plan
--------------------------------------------------------------
Private-equity groups Thomas H. Lee Partners and Bain Capital
Partners have been courting more shareholders in line with an
upcoming shareholder meeting regarding a plan to privatize Clear
Channel Communications Inc., Sarah McBride and Dennis K. Berman
of The Wall Street Journal report.

According to WSJ, two big investment funds, which declined to be
identified, said representatives of parties involved in the deal
had reached out to them to suggest adjustments to the deal that
might satisfy them.

In addition, the source says bankers at Goldman Sachs were
huddling with Clear Channel's board Sunday, discussing options
that could be taken at the last moment.

One possibility, the Journal says, is a specialized, private
security that would give the shareholders an ongoing, albeit
illiquid, stake in the newly private company.

Last month, Clear Channel disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission that Highfields
Capital Management LP beneficially owns a 5% stake in the
company, equivalent to 24,854,400 shares at US$0.10 par value
per share.

Ms. McBride of WSJ noted in a related report that Highfields
Capital previously held about 3% of Clear Channel's outstanding
shares.

Boston, Mass.-based Highfields Capital is an investment
management firm focused on identifying long-term value
investments on behalf of public and private charitable
foundations, school endowments and other institutional and
private investors.  Highfields Capital currently manages
approximately US$10 billion in investment funds.

The increase indicates that the investment company wants more
influence in a coming vote on a possible privatization of Clear
Channel, which Highfields opposes, Ms. McBride said in that
related report, citing people familiar with the matter.

Ms. McBride added that Clear Channel, along with investors Bain
& Co. and Thomas H. Lee, are offering US$37.60 a share, but many
investors, including Highfields, believe the company is worth
more.

Clear Channel shareholders of record as of March 23, are due to
vote on the issue at the special meeting, which will be held
tomorrow, April 19.

Highfields is Clear Channel's second-biggest holder, Ms. McBride
said.

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
-- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader
in the out-of-home advertising industry with radio and
television stations and outdoor displays in various countries
around the world.  Aside from the U.S., the company operates in
11 countries -- Norway, Denmark, the United Kingdom, Singapore,
China, the Czech Republic, Switzerland, the Netherlands,
Australia, Mexico and New Zealand.

                          *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on Nov. 16,
2006.


CLEAR CHANNEL: Bain Capital's US$26.7-Bln Bid Faces Collapse
------------------------------------------------------------
Bain Capital Partners LLC and Thomas H. Lee Partners L.P.'s
US$26.7-billion proposal to acquire Clear Channel Communications
Inc. could fall to pieces unless the company's shareholders
approve the deal, the Financial Times reports.

The deal must merit a two-thirds vote by Clear Channel
shareholders, who will vote on the deal during an April 19
meeting.  The company's major investors, including Fidelity and
Highfields Capital Management LP, plan to reject the proposal,
the FT states.

The TCR-Europe reported on Nov. 21, 2006, that Clear Channel had
executed a definitive merger agreement with the two private
equity groups in a transaction that includes the assumption or
repayment of approximately US$8 billion of net debt.

Under the terms of the agreement, Clear Channel shareholders
will receive US$37.60 in cash for each share of Clear Channel
common stock they hold, representing a premium of approximately
25% over the company's average closing share price of US$29.99
during the 30 trading days ended Oct. 24, 2006, the day before
the Company first acknowledged that it was evaluating strategic
alternatives.

The deal's rejection would prove unfavorable to Morgan Stanley,
Citigroup, Credit Suisse, Deutsche Bank, and Royal Bank of
Scotland as they stand to earn substantial fees from advising on
the deal and providing financing, the FT observes.

               About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc. -
- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader  
in the out-of-home advertising industry with radio and
television stations and outdoor displays in various countries
around the world.  Aside from the U.S., the company operates in
11 countries -- Norway, Denmark, the United Kingdom, Singapore,
China, the Czech Republic, Switzerland, the Netherlands,
Australia, Mexico, and New Zealand.

                          *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on Nov. 16,
2006.


HANOVER FINANCE: Fitch Assigns 'C/D' Individual Rating
------------------------------------------------------
Fitch Ratings has assigned ratings to Hanover Finance Limited
and its parent holding company Hanover Financial Services
Limited.  

The ratings for both entities are Long-term Issuer Default
rating 'BB+', Short-term rating 'B', Individual 'C/D', and
Support '5'.  The Outlook for the ratings is Stable.

HFSL's ratings reflect its reliance on HFL, which is its core
subsidiary accounting for around 70% of assets and 65% of
revenues in the financial year 2006 (FY06).  HFL's ratings
reflect its solid position in New Zealand's non-bank financial
institutions sector, while recognizing its relatively small size
and exposure to higher-risk property development and investment
finance in NZ and, to a lesser extent, Australia.  Although HFL
has a healthy appetite for risk, it has incurred only minimal
credit losses over an extended period.  This can be attributed
to good risk controls and a relatively benign credit
environment.

Fitch notes that HFL reports strong profitability ratios --
return on equity is in excess of 30% and net interest margins
above 5% -- which somewhat compensates for the risk associated
with property development lending.  While HFL operates primarily
in NZ, its operations in Australia are growing and account for
around 20% of revenues.

HFL derives the majority (96%) of its debt funding from retail
deposits which constitute first-ranking secured debenture stock,
providing investors with a charge over the present and future
assets of the company in the event of a wind-up.  The charge is
a form of floating charge, in that it provides that the company
can carry on its ordinary business and purchase and dispose of
assets without seeking the consent of the charge holder.  
However certain trigger events can cause the charge to become
fixed (like in the case of default).

Unlike banks, finance companies in NZ are not formally
regulated.  Still, they must abide by various conditions imposed
by a governing Trust Deed in order to issue retail deposits.
Failure to observe the terms of the Trust Deed could lead to a
winding up of the finance company. A nominated Trustee is
responsible for ensuring that there are sufficient funds to
discharge retail deposits and monitors various ratios as part of
this process (like capital adequacy and liquidity).  Fitch notes
that both entities appear to be adequately capitalized in FY06.

HFL, NZ's third largest privately-owned finance company, was
established in 1984 to provide finance to the rural sector and
began lending to property developers and investors in 1995.
Since 2003, buoyant property markets in Australia and NZ have
underpinned solid growth with assets of more than NZD1 billion
at FYE06, albeit from a low base.  Nonetheless, HFL has a lumpy
asset profile due to the nature of its core lending which can
add volatility to various ratios from year to year (like net
impaired loans/total assets).


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

CHIQUITA BRANDS: Unit Grants US$2-Million Funds in Nine Projects
----------------------------------------------------------------
Fresh Express has declared that nine research teams are being
awarded up to US$250,000 each to study the Escherichia coli
O157:H7 pathogen to advance science-based practices to prevent
its occurrence in fresh produce.  

Fresh Express is funding up to US$2 million collectively in
research under the guidance of an independent scientific
advisory panel as a means to support industry wide food-safety
solutions, even though Fresh Express products were not involved
in the recent outbreak and never have been shown to have caused
an outbreak of food-borne illness.

"The quality of the proposals was extraordinary," said Dr.
Michael T. Osterholm, Ph.D., M.P.H., director of the University
of Minnesota Center for Infectious Disease Research & Policy and
the voluntary chairman of the Fresh Express Blue Ribbon
Scientific Advisory Panel.  "We were all extremely impressed by
the innovative approaches and new directions being applied to E.
coli O157:H7 research to better understand and ultimately
minimize the threat of this pathogen in fresh produce."

"We are grateful to the scientific panel for their intensive
work and extremely pleased with the depth and scope of the nine
research projects selected," said Tanios E. Viviani, president
of Fresh Express.  "Fresh Express is committed to bringing
healthy, safe products to consumers, and we plan to share any
research findings as widely as possible to help stimulate the
development of advanced safeguards within the fresh-cut
industry."

According to food safety and health authorities, much remains to
be learned about how the E. coli O157:H7 strain responsible for
last year's fresh spinach and lettuce food-borne illness
outbreaks contaminated those foods, making new research about
this important pathogen and how to prevent its contamination in
leafy greens and fresh produce critically important to consumers
and the fresh produce industry.

One-year funding awards of up to US$250,000 will be awarded to
the following institutions and principal investigators:

     -- Subsurface contamination and internalization of E. coli
        O157:H7 in pre-harvest lettuce Michael P. Doyle, Ph.D.,
        Center for Food Safety, University of Georgia

     -- Movement of E. coli O157:H7 in spinach and dissemination
        to leafy greens by insects Jacqueline Fletcher, Ph.D.,
        Dept. of Entomology and Plant Pathology, Oklahoma State
        University

     -- Interaction of E. coli O157:H7 with fresh leafy green
        produce Jorge A. Giron, Ph.D., Dept. of Immunobiology,
        University of Arizona

     -- Factors that influence the ability of E. coli O157:H7 to
        multiply on lettuce and leafy greens Linda J. Harris,
        Ph.D., Western Institute for Food Safety and Security,
        University of California-Davis

     -- Fate of E. coli O157:H7 on fresh and fresh-cut iceberg
        lettuce and spinach in the presence of normal background
        microflora Mark A. Harrison, Ph.D., Dept. of Food
        Science and Technology, University of Georgia

     -- Determining the environmental factors contributing to
        the extended survival or regrowth of food-borne
        pathogens in composting systems Xiuping Jiang, Ph.D.,
        Dept. of Food Science and Human Nutrition, Clemson
        University

     -- Quantifying the risk of transfer and internalization of
        E. coli O157:H7 during processing of leafy greens
        Elliot T. Ryser, Ph.D., National Food Safety and
        Toxicology Center, Michigan State University

     -- A novel approach to investigate internalization of E.
        coli O157:H7 in lettuce and spinach Manan Sharma, Ph.D.,
        Food Technology and Safety Laboratory, Animal and
        Natural Resources Institute, USDA-Agricultural Research
        Service

     -- Sanitization of leafy vegetables by integrating gaseous
        ozone treatment into produce processes Ahmed Yousef,
        Ph.D., Dept. of Microbiology, Ohio State University

Made up of six nationally-recognized food safety experts from
federal and state food safety-related agencies and academia, the
all-voluntary independent Blue Ribbon Scientific Advisory Panel
carefully deliberated the merits of each proposal against a
rigorous set of criteria with corresponding point system from a
total field of 65 before selecting the nine they considered to
be the most innovative, most promising and most attuned to the
panel's research priorities.

Members of the panel, in addition to Dr. Osterholm, include:

   * Dr. Jeff Farrar, California Department of Health Services;

   * Dr. Bob Buchanan, U.S. Food and Drug Administration;

   * Dr. Robert Tauxe, U.S. Centers for Disease Control and
     Prevention;

   * Dr. Bob Gravani, Cornell University and Dr. Craig Hedberg,
     University of Minnesota.

The five areas of needed research identified by the panel and
outlined as a part of the request for proposal process included:

    -- The potential for the internalization of E. coli O157:H7
       into lettuce tissue;

    -- Mitigation strategies and technologies;

    -- Environmental sources and vectors for contamination;

    -- Ability of E. coli O157:H7 to multiply in the presence of
       normal background flora; and,

    -- Ability of E. coli O157:H7 and other enteric pathogens to
       survive composting processes.

                     About Fresh Express

Fresh Express, the nation's No.1 salad producer, is a subsidiary
of Chiquita Brands International, Inc. (NYSE: CQB) and has been
a leader in fresh foods for more than 80 years. Fresh Express is
dedicated to providing consumers with healthy, convenient ready-
to-eat spinach, salads, vegetables and fruits.  With the
invention of its special Keep Crisp(TM) bag beginning in the
early 1980s, Fresh Express pioneered the now multi-billion
dollar retail packaged salad category and was the first to make
them available nationwide.

                    About Chiquita Brands

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an   
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc.  Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


* Solid Inflows Bring Philippine Peso to Hit Six-Year High
----------------------------------------------------------
Asian currencies were generally steady on Tuesday but solid
inflows pushed the Philippine peso to its highest level in more
than six years.

The high-yielding peso gained a fifth of a percent to about
47.71 per dollar in morning trade, its highest since mid-March
2001.

The government said on Monday that remittances from Filipinos
working overseas rose 25% to US$1.1 billion in February, the
10th straight month that inflows have surpassed US$1 billion.

"The peso is biased for stronger levels in the medium term,
though in the near term the upside momentum risks being thwarted
by election-related risk events that may unfold in the run-up to
May 14," said Christy Tan, a currency strategist at Bank of
America.  Local and parliamentary elections are held that day.

Meanwhile, global demand for products made with natural
ingredients, including those used in making medicine, soap and
shampoo, drove exports of nontraditional coconut-based products
up to about US$34.7 million in 2006, according to data from the
United Coconut Associations of the Philippines, an umbrella
group for coconut oil mills.

Last year, 10 products earned at least US$1 million each, the
data showed.

The top earner was glycerine, posting sales of US$8.07 million
at a volume of 11,292 metric tons in equivalent copra.

Exports of glycerine, which is used as an ingredient for
medicine, personal care products, foods and beverages, animal
feeds and other items, went to the United States, China, New
Zealand and South Korea and 18 other countries.

Exports of coconut-based toilet and bath soaps earned US$8.01
million, with exports reaching 2,815 metric tons, up 4.5% from
2005.  These went to Indonesia, United Arab Emirates, Singapore,
Malaysia, Taiwan and 58 other countries.

Coconut milk powder earned US$6 million with 2,717 metric tons
shipped out, up 146.6% in volume.

Exports also included 1,175 metric tons (US$3.7 million) of
coconut-based shampoo to Malaysia, Thailand, UAE, Mongolia,
Taiwan and 40 other countries and 4,675 metric tons (US$3.5
million) of nata de coco to Japan, US, Hong Kong, China and 42
other destinations.

Exports of liquid coconut milk shrank 13.6% to 1,782 metric
tons, worth US$2.2 million.  Buyers were the US, Japan, The
Netherlands, Belgium and 22 other markets.

Exports of virgin coconut oil continued to grow in 2006,
reaching 504 metric tons and fetching about US$1.5 million.  The
US remained as the top buyer, followed by Canada and South
Korea.

Exports of coir fiber, used to make household cleaning
implements, ropes, upholstery, reached 4,967 metric tons, valued
at US$1.1 million.  Bulk of the products went to China, Taiwan
and South Korea.

                          *     *     *

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

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

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

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


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

SEA CONTAINERS: Assigns Alixpartners for Restructuring Support
--------------------------------------------------------------
Sea Containers Ltd. revealed a number of organizational and
management changes, which are subject to U.S. court approval.

As Sea Containers Ltd and Sea Containers Services Ltd enter a
new phase of the Chapter 11 process, preparatory to achieving an
inter-creditor settlement, and further progress non-core asset
sales; there is a growing emphasis on simplifying the corporate
structure.  These activities require more technical
restructuring skills and for this reason Sea Containers proposes
to engage AlixPartners, a prominent financial advisory firm
specialising in corporate restructuring.  This engagement will
result in a number of senior management changes at Sea
Containers.

Laura Barlow, a Managing Director in AlixPartners' London
Office, will be appointed Senior Vice- President, Chief
Restructuring Officer effective from 2 April 2007 and Chief
Financial Officer effective from 1 May 2007.  Ms Barlow, who
will be assisted by Craig Cavin, a Vice President of
AlixPartners, will oversee the disposal programme and company
simplification initiative.  She has more than 15 years
experience working with companies that face significant
operational and financial challenges and has held interim
restructuring and advisory positions including Dana
Corporation's European operations, Stolt Offshore SA, Boxclever,
Marconi plc and Hyder Consulting. She will report to Robert
Mackenzie, Chief Executive Officer of Sea Containers Ltd.

Ms Barlow will succeed Ian Durant, who has been Chief Financial
Officer of Sea Containers Ltd since 1 January 2005.  Mr Durant
will be elected as a Director of Sea Containers Ltd and will
continue to serve as a Sea Containers' appointed Director of GE
SeaCo. Mr. Durant will also be available to advise the Sea
Containers' management team on an on-going basis, including with
respect to matters relating to GNER.  During his time at Sea
Containers Mr Durant oversaw the final sale of Sea Containers'
interest in Orient-Express Hotels Ltd.in November 2005, the sale
of its Silja ferry subsidiary, the transition of GNER into a
management contract and the sale of other container and ferry
assets in 2006.  He also acted as interim Chief Executive
Officer during autumn 2005.

Commenting on the proposed changes, Mackenzie said: "We thank
Ian Durant for his sterling efforts, particularly during
difficult times.  The proposed appointment of AlixPartners
reflects the nature of the US Chapter 11 process in terms of an
increasing requirement for technical restructuring skills,
specialist legal tax needs and a diminishing emphasis on
operational business management and transactional support."

                    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)  


SHIP FINANCE: 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 Ba3 Corporate Family Rating for Ship Finance
International Limited.

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 Bank
   Credit Facility          Ba2      Ba2      LGD3     41%

   Senior Unsecured
   Regular Bond/Debenture
   Due 2013                 B1       B1       LGD5     79%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Bermuda, Ship Finance International Limited
-- http://www.shipfinance.org/-- through its subsidiaries  
engages in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The Company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.


STATS CHIPPAC: Bought by Temasek Holdings for SGD2.4 Billion
------------------------------------------------------------
Stats Chippac Ltd is taken over by Temasek Holdings Pte Ltd,
which holds a 35.3% stake as of March 9, in an offer value of
SGD2.4 billion, Business Times reports.

According to the report, Temasek will extend the offer to
April 16.

Temasek raised its shareholding in Stats Chippac to 60.5%, the
report adds.

                        About STATS ChipPAC

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

                          *     *     *

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

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


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

TRUE CORP: Sets Annual General Meeting on April 24
--------------------------------------------------
The board of directors of True Corporation Public Company
Limited has scheduled the annual general meeting of the
shareholders for 2007 April 24, 2007, the company said in a
press release.

The agenda includes:

   * the acknowledgement of the results of business operation of
     the company for 2006;

   * the approval of the balance sheet and profit and
     loss statements for the Fiscal Year Ending
     December 31, 2006;

   * the approval of no dividend payouts for 2006;

   * the election of directors to replace the directors who
     retire by rotation, as well as the fixing of remuneration;

   * the appointment of PricewaterhouseCoopers ABAS Limited as
     the company's auditors and fix the auditors' remuneration
     at THB5.90 million for the 2007;

   * the approval of the issuance and offering of warrants to
     purchase the company's ordinary shares to the directors and
     employees at executive level of the company and/or its
     subsidiaries;

   * the approval of the issuance and offering of warrants to
     directors and employees at executive level of the company
     and/or its subsidiaries who will be entitled to receive
     said warrants more than 5% of the total warrants to be
     issued and offered under the ESOP 2007 Project on an
     individual basis;

   * the approval of the reduction of the authorized capital of
     the company from THB47,134,724,910 to THB46,835,781,350 by
     canceling the ordinary shares registered but not yet issued
     in the number of 29,894,356 shares (except for shares
     reserved for the exercise of the rights under the warrants
     to purchase the company's ordinary shares);

   * the approval of increase of the authorized capital of the
     company from THB46,835,781,350 to THB47,515,194,180 by
     issuing 67,941,283 new ordinary shares at a par value of
     THB10 each;

   * the approval of the amendment to Clause 4 of the Memorandum
     of Association with respect to the authorized capital of
     the company to be in line with the reduction and increase
     of the authorized capital of the company;

   * the approval of the allotment of the new ordinary shares
     pursuant to the increase of the authorized capital and to
     consider and approve the offering and sale of shares on a
     private placement basis at the price below par value.

                        About True Corp.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported that on
November 22, 2006, Standard & Poor's Ratings Services assigned
its BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

At the same time, Standard & Poor's assigned its B issue rating
to True Move's proposed senior unsecured notes, assuming a debt
size of about US$450 million.

The TCR-AP reported on Nov. 27, 2006, that Moody's Investors
Service affirmed True Corporation Public Company Ltd's Ba3
corporate family rating and at the same time changed the rating
outlook to negative from stable.


TRUE CORP: Telekom Malaysia Denies Acquisition Reports
------------------------------------------------------
Telekom Malaysia Berhad has clarified in a regulatory filing
with the Bursa Malaysia that it is not buying True Corporation
Public Company Ltd.

This was after the stock exchange asked for a clarificiation
regarding news articles which came out in The Sun, saying that
Telekom Malaysia's international business unit has shown
interest in buying as much as a 49% stake in True Corp.

TM says that although its wholly owned subsidiary, TM
International Sdn Bhd, has always expressed interest in the Thai
mobile market as part of our broader interest in the Indochina
region, TMI is currently not engaged in any negotiations with
Thailand's True Corp.

The Troubled Company Reporter - Asia Pacific reported on Mar. 6,
2007 that Telekom Malaysia wants to form a strategic partnership
with True Corporation, aiming to acquire up to 49% in True Corp.
as it wants to contribute its management and marketing
experience as well as technology transfers for third generation
mobile phone services, the report states.  Mr. Yaacob believes
that through the two companies' combined forces, they could
provide consumers with more value-added services.

                        About True Corp.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The Troubled Company Reporter - Asia Pacific reported that on
November 22, 2006, Standard & Poor's Ratings Services assigned
its BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

At the same time, Standard & Poor's assigned its B issue rating
to True Move's proposed senior unsecured notes, assuming a debt
size of about US$450 million.

The TCR-AP reported on Nov. 27, 2006, that Moody's Investors
Service affirmed True Corporation Public Company Ltd's Ba3
corporate family rating and at the same time changed the rating
outlook to negative from stable.


TRUE CORP: Issues Convertible Preference Shares
-----------------------------------------------
True Corporation Public Company Limited has issued convertible
preference shares to Kreditanstalt fur Wiederaufbau and the Thai
Trust Funds, the company said in a regulatory filing with the
Stock Exchange of Thailand.

At the same time, KfW has granted the rights to qualified
shareholders of the company to purchase the ordinary shares
issued upon the conversion of the preference shares from KfW
and/or KfW TTF to enable the shareholders to maintain their
existing equity position in the company in connection with the
increase in capital and the issuance of the said preference
shares.

The company would like to inform that on March 30, 2007, which
was the scheduled purchase exercise date, the qualified
shareholders have exercised the purchase rights of KfW in the
amount of 3,000 shares, and that the company has already
completed the registration of the conversion of the preference
shares into the ordinary shares with the Ministry of Commerce on
Apr. 11 whereby said exercise of the purchase rights does not
affect the issued and paid-up shares of the company provided
that the preference shares has been partly converted into the
ordinary shares but result in changes in number of the ordinary
shares and the preference shares as follows:

Preference Shares

Number of the outstanding
preference shares (prior to
this exercise of the
Purchase Rights)                       :      699,366,846 shares

Number of the preference
shares converted into the
ordinary shares resulting
from this exercise of the
Purchase Rights                        :            3,000 shares

The preference shares outstanding      :      699,363,846 shares

Ordinary Shares

Number of paid up ordinary shares
(prior to this exercise of the
Purchase Rights)                       :    3,802,160,890 shares


Number of the ordinary shares
converted from the preference
shares resulting from this exercise
of the Purchase Rights                 :            3,000 shares

Total paid up ordinary
shares outstanding                     :    3,802,163,890 shares

Issued and Paid-Up Shares of the company

Preference shares                      :      699,363,846 shares
Ordinary shares                        :    3,802,163,890 shares
Total issued and paid-up shares        :    4,501,527,736 shares

The SET has allowed the securities of  True Corporation to be
traded on the SET starting on April 20 and the SET allowed
TRUE's securities to be listed securities on  April 17, after
completing the registration of conversion of the preferred
shares into the common shares.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The Troubled Company Reporter - Asia Pacific reported that on
November 22, 2006, Standard & Poor's Ratings Services assigned
its BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

At the same time, Standard & Poor's assigned its B issue rating
to True Move's proposed senior unsecured notes, assuming a debt
size of about US$450 million.

The TCR-AP reported on Nov. 27, 2006, that Moody's Investors
Service affirmed True Corporation Public Company Ltd's Ba3
corporate family rating and at the same time changed the rating
outlook to negative from stable.


TRUE MOVE: Buys 55% of Japan's AnyMobile
----------------------------------------
True Corporation PCL has announced in a corporate disclosure to
the Stock Exchange of Thailand that its subsidiary, True Move
Company Limited, will acquire 55% of the issued and paid up
capital of AnyMobile, Inc., a Japanese company providing
international direct dialing telecommunication services.

True Corp says that the 990 ordinary shares will be purchased at
JPY10,000 per share (JPY9.9 million in total).

True Move Company Limited, formerly TA Orange, is a wholly owned
subsidiary of True Corp Pcl.  The company is headquartered in
Bangkok, Thailand, and is the country's third largest mobile
telecommunications operator.

                        *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 27, 2006, Standard & Poor's Ratings Services assigned its
BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

In addition, Standard & Poor's assigned its B issue rating to
True Move's proposed senior unsecured notes, assuming a debt
size of about US$450 million.

Moreover on Dec. 20, 2006, the TCR-AP reported that Moody's
Investors Services affirmed its B1 corporate family rating for
True Move Company Limited and its B2 senior unsecured long-term
debt ratings for True Move's US$465 million Notes issue, due
2013, and removed all ratings from their provisional status.


* New Accounting Standard Hits Banks Earnings
---------------------------------------------
The 2006 results for almost every Thai bank have been hurt by
the need to provide loan-loss reserves to meet new international
accounting standards being demanded by the Bank of Thailand,
Nation Multimedia reports.

Nation says that the net profit of 10 out of 12 banks fell last
year from their 2005 results, with BankThai being hit the
hardest, recording a net loss of THB3.97 billion in 2006, down
750.60% from a net profit of THB611.25 million in 2005.

According to the report, the sharp reduction was due mainly to
impairment from yield maintenance income from the Financial
Institutions Development Fund, loss from the Covered Asset Pool
and the provision to meet International Accounting Standard 39.

Nation Multimedia outlined that other banks also posted similar
declines, as follows:

   * TMB Bank also recorded a large net loss of THB12.82 billion
     for last year, a 257.46% fall from its 2005 net profit of
     THB7.8 billion.  This was caused mainly by the bank's
     THB18-billion provisions, of which THB13 billion is to
     comply with IAS39 and the rest for possible losses from
     Thai Asset Management Cooperation notes.

   * The Bank of Ayudhya posted a 2006 net profit of
     THB1.66 billion, or 72.3% down from 2005, after making
     allowance for doubtful accounts of THB6.3 billion.  
     THB3.7 billion of this is set aside as provision for its
     subsidiary, Ayudhya Asset Management.

   * Siam Commercial Bank reported a net profit for last year of
     THB13.28 billion, a fall of 29.63% from 2005.  The
     country's third-largest bank set aside a loan-loss reserve
     of THB5.1 billion in the fourth quarter of the year.

   * Kasikornbank announced a 2006 net profit of
     THB13.66 billion, slightly down from its 2005 net profit of
     THB13.92 billion. The country's fourth-largest bank said it
     was not affected much by the new BOT rules, because it was
     able to use its excess reserves as provision to comply with
     IAS39.  The bank's loan-loss provision for last year's
     fourth quarter was THB1.35 billion.

   * Bangkok Bank, posted net profit of THB17.85 billion, a
     12.07% decline year on year. The bank set aside loan-loss
     reserves of THB9.89 billion in the fourth quarter.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 19, 2007
  Turnaround Management Association
    Fundamentals of Turnaround Management
      Brisbane, Australia
        Web site: http://www.turnaround.org/

April 20, 2007
  Turnaround Management Association
    Completing the Turnaround
      Brisbane, Australia
        Web site: http://www.turnaround.org/

April 29 - May 2, 2007
  Australian Shareholders' Association
    Australian Shareholders' Association Conference 2007
      Sofitel Wentworth, Sydney, Australia
        Telephone: 1300 368 448 or 02 9411 1505
          e-mail: share@asa.asn.au

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/





                            *********

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 ***