TCRAP_Public/070420.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Friday, April 20, 2007, Vol. 10, No. 78

                            Headlines

A U S T R A L I A

BANYAN TRADING: Members & Creditors to Receive Wind-Up Report
CHADMAX PTY: Liquidator to Present Wind-Up Report on May 10
CONSOLIDATED PRE-STRESSED: Undergoes Wind-Up Proceedings
CURZON STREET: Members to Hold General Meeting on May 21
CUSTOM CREDIT CORP: Members' General Meeting Set for April 26

CUSTOM CREDIT HOLDINGS: Members to Hold Meeting on April 26
FLETCHER CHALLENGE: General Meeting Set for May 10
INEX PTY: Members' Final Meeting Set for May 9
METRIC BUILDINGS: Members & Creditors to Meet on May 14
NELLI EXCAVATORS: Names Geoffrey Donald Finch as Liquidator

PRE-STRESSERS (S.A.): Members Opt to Wind-Up Firm
RECOLLECTIONS INVESTMENTS: Final Meeting Set for May 16


C H I N A   &   H O N G  K O N G

AMC ENTERTAINMENT: Posts US$6.5MM Net Loss in Qtr. Ended Dec. 28
BALL CORP: Fitch Holds BB Issuer Default Rating
BALLY TOTAL: Interest Default Cues Moody's to Cut All Ratings
BROWN SHOE: Earns US$65.7 Million in Full Year 2006
EMI GROUP: Expects 15 Percent Decline in EMI Music Revenue

LAS VEGAS SANDS: Moody's Rates New US$5-Billion Loan at Ba3
LAS VEGAS SANDS: S&P Rates Proposed US$5BB Sr. Facility at BB-
PETROLEOS DE VENEZUELA: May Pay PetroChina for Orimulsion Pact
* Taiwan's Telecom Firms Need to be Prudent, S&P Says


I N D I A

BALLY TECHNOLOGIES: Extends Deal with NY Lottery Through 2010
SABERO ORGANICS: CRISIL Reaffirms 'D' Rating on Debenture Issue
SYNDICATE BANK: To Publish FY2006-07 Results Before June 30
TATA MOTORS: Bags Delhi Transport Order for 500 Buses


I N D O N E S I A

ALCATEL-LUCENT: Chosen by Hoteis Real to Supply VOIP Base
BANK NEGARA: S&P Raises Long-Term Credit Ratings to 'BB-'
FOSTER: Unit Wins Contract for Gasification Complex Expansion
INDOFOOD: Hikes Stake in Pacsari to 90% After US$25MM Equity Buy
PERTAMINA: To Apply Long-Term Contracts for Oil Import

PERTAMINA: May Receive Up to 15% Stake From Oil and Gas Firms

J A P A N

ALL NIPPON: Moody's Reviews Ba1 Ratings For Possible Upgrade
ALL NIPPON: To Operate Charter Flights to Chinese Cities
AMERICAN AIRLINES: Inks Card Processing Service Pact with NOVA
COSMO OIL: Moody's Reviews Ba1 Rating For Possible Upgrade
EDDIE BAUER: BDO Seidman Removes Going Concern Doubt

JAPAN AIRLINES: To Increase Flights From Haneda
NIKKO CORDIAL: OKs to Alterations in Prior Agreement
NIPPON MINING: Moody's Reviews Ba2 Rating for Possible Upgrade
NOVOLIPETSK STEEL: Shareholders' Meeting Slated for June 5
SANYO ELECTRIC: Selling Semiconductor Business

SANYO ELECTRIC: Unit Starts Full-Scale Production in Hungary
USINAS SIDERURGICAS: Unit to Build Espirito Santo Bridge
YAMAGUCHI BANK: S&P Ups Fundamental Strength Rating to C+ From C


K O R E A

ACTUANT CORP: Earns US$18.9 Million in Second Quarter 2007
DRESSER INC: S&P Junks Proposed US$750-Million Facilities
MAGNACHIP SEMICON: Moody's Pares Corporate Family Rating to B2
PANTECH CO: Creditors Commence Debt Reform Program
TRIGEM COMPUTER: Black Crystal Design Wins Intel's Challenge

WOORI BANK: Moody's Assigns Baa2 to Proposed Hybrid Tier 1 Issue
WOORI BANK: Fitch Hands BBB+ on Planned Hybrid Tier 1 Notes


M A L A Y S I A

FOAMEX INT'L: John Johnson Returns as Chief Executive Officer
PROTON HOLDINGS: Former PM Wants Management Revamp
TAP RESOURCES: Bursa Defers Delisting Until Plan Outcome
* Central Bank Issues New Directive to Secure Stakeholders


P H I L I P P I N E S

BANCO DE ORO: S&P Raises Credit Rating to BB- From B+
CHIQUITA BRANDS: Amends Fernando Aguirre's Employment Contract
METROPOLITAN BANK: S&P Raises Credit Rating to BB- From B+


S I N G A P O R E

SCOTTISH RE: Provides Update on MassMutual & Cerberus Deal
SEA CONTAINERS: Can Lend Up to US$7 Million to Non-Debtor Unit
SPECTRUM BRANDS: Shareholders Tender US$347 Million in Swap


T H A I L A N D

DAIMLERCHRYSLER AG: Chrysler's Revenues Plummet Amid Sale Talks
DAIMLERCHRYSLER: 2nd-Round Bids Expected for Chrysler, WSJ Says

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

BANYAN TRADING: Members & Creditors to Receive Wind-Up Report
-------------------------------------------------------------
Banyan Trading Pty Ltd will hold a meeting for its members and
creditors on May 14, 2007, at 2:30 p.m.

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

The company's liquidator is:

         Ivor Worrell
         Worrells Solvency & Forensic Accountants
         Level 3, 333 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9249 1208
         Facsimile:(02) 9249 1211
         Web site: http://www.worrells.net.au

                      About Banyan Trading

Banyan Trading Pty Ltd operates offices and clinics for doctors
of medicine.  The company is located in New South Wales,
Australia.


CHADMAX PTY: Liquidator to Present Wind-Up Report on May 10
-----------------------------------------------------------
A final meeting will be held for the members of Chadmax Pty Ltd
on May 10, 2007.

George Divitkos, the company's liquidator, will present a report
about the company's wind-up proceedings and property disposal at
the meeting.

The Liquidator can be reached at:

         George Divitkos
         BDO Chartered Accountants & Advisers
         248 Flinders Street
         Adelaide, South Australia 5000
         Australia

                        About Chadmax Pty

Chadmax Pty Ltd, which is also trading as Chadmax Coatings
Systems, is a distributor of paints, varnishes, lacquers,
enamels, and allied products.  The company is located in South
Australia, Australia.


CONSOLIDATED PRE-STRESSED: Undergoes Wind-Up Proceedings
--------------------------------------------------------
At a general meeting held on March 27, 2007, the members of
Consolidated Pre-Stressed (S.A.) Pty Ltd resolved to voluntarily
wind up the company's operations.

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

The Liquidators can be reached at:

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

                About Consolidated Pre-Stressed

Consolidated Pre-Stressed Industries (South Australia) Pty Ltd
is a distributor of concrete products, except block and brick.


CURZON STREET: Members to Hold General Meeting on May 21
--------------------------------------------------------
The members of Curzon Street Pty Ltd will hold a general meeting
on May 21, 2007, at 10:00 a.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held in the offices of NorthCorp Accountants
at 109 William Street, Port Macquarie in New South Wales 2444,
Australia.

                       About Curzon Street

Curzon Street Pty Ltd is a dealer of lumber and other building
materials.  The company is located in New South Wales,
Australia.  Curzon Street went into liquidation on Dec. 22,
2006, with M. A. Hatherly serving as the company's liquidator.


CUSTOM CREDIT CORP: Members' General Meeting Set for April 26
-------------------------------------------------------------
The members of Custom Credit Corporation Ltd will have their
general meeting on April 26, 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:

         A. G. Hodgson
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4922

                      About Custom Credit

Custom Credit Corporation Ltd, which is also trading as Custom
Credit; Custom Credit Leasing; Custom Property; Forster Key
Sales and Cash Purchase Card, provides business services.  The
company is located in Victoria, Australia.


CUSTOM CREDIT HOLDINGS: Members to Hold Meeting on April 26
-----------------------------------------------------------
Custom Credit Holdings Ltd will hold a general meeting for its
members on April 26, 2007, at 10:00 a.m.

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

The company's liquidator is:

         A. G. Hodgson
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4922

                      About Custom Credit

Custom Credit Holdings Ltd operates offices of holding
companies.  The company is located in New South Wales,
Australia.


FLETCHER CHALLENGE: General Meeting Set for May 10
--------------------------------------------------
The members of Fletcher Challenge Steel Products (Aust) Pty Ltd
will have a general meeting on May 10, 2007, at 10:00 a.m., to
hear the liquidator's report about the company's wind-up
proceedings and property disposal.

The meeting will be held in the offices of Messrs. Wise Lord &
Ferguson, Chartered Accountants at 160 Collins Street in Hobart
7000, Australia.

Robert P. Whitehouse is the company's liquidator.

                    About Fletcher Challenge

Fletcher Challenge Steel Products (Australia) Pty Limited is a
distributor of fabricated metal products.  The company is
located in Victoria, Australia.


INEX PTY: Members' Final Meeting Set for May 9
----------------------------------------------
The members of Inex Pty Ltd will have their final meeting on
May 9, 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:

         A. A. Gaffney
         RSM Bird Cameron
         Chartered Accountants
         8 St George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9261 9100

                         About Inex Pty

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


METRIC BUILDINGS: Members & Creditors to Meet on May 14
-------------------------------------------------------
The members and creditors of Metric Buildings (New South Wales)
Pty Ltd will have their meeting on May 14, 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:

         Ivor Worrell
         Worrells Solvency & Forensic Accountants
         Level 3, 333 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9249 1208
         Facsimile:(02) 9249 1211
         Web site: http://www.worrells.net.au/

                      About Metric Buildings

Metric Buildings (New South Wales) Pty Ltd is a special trade
contractor.  The company is located in New South Wales,
Australia.


NELLI EXCAVATORS: Names Geoffrey Donald Finch as Liquidator
-----------------------------------------------------------
On March 30, 2007, the members of Nelli Excavators Pty Ltd had
their general meeting and agreed to voluntarily wind up the
company's operations.

Geoffrey Donald Finch was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Donald Finch
         KPMG
         18 Smith Street
         Darwin NT 0800
         Australia

                     About Nelli Excavators

Located in Darwin, Australia, Nelli Excavators Pty Ltd is
involved with excavation work.


PRE-STRESSERS (S.A.): Members Opt to Wind-Up Firm
-------------------------------------------------
On March 27, 2007, the members of Pre-Stressers (S.A.) Pty Ltd
had their general meeting and decided to voluntarily wind up the
company's operations.

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

The Liquidators can be reached at:

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

                      About Pre-Stressers

Pre-Stressers (South Australia) Pty Ltd, which is also trading
as Constress, is a manufacturer and distributor of concrete
products, except block and brick.  The company is located in
South Australia, Australia.


RECOLLECTIONS INVESTMENTS: Final Meeting Set for May 16
-------------------------------------------------------
Recollections Investments Pty Ltd will hold a final meeting on
May 16, 2007, at 9:30 a.m., to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

As previously reported by the TCR-AP, the company commenced
wind-up proceedings on Jan. 10, 2007.

The company's liquidators are:

         T. J. Clifton
         M. C. Hall
         c/o PPB Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia

                 About Recollections Investments

Recollections Investments Pty Ltd operates hardware stores.  The
company is located in Victoria, Australia.


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

AMC ENTERTAINMENT: Posts US$6.5MM Net Loss in Qtr. Ended Dec. 28
----------------------------------------------------------------
AMC Entertainment Inc. reported a net loss of US$6.5 million on
total revenues of US$596.4 million for the thirteen weeks ended
Dec. 28, 2006, compared with a net loss of US$4.5 million on
total revenues of US$398.6 million for the same period 12 months
earlier.

Total revenues increased 49.6%, or US$197.8 million, during the
thirteen weeks ended Dec. 28, 2006, compared to the thirteen
weeks ended Dec. 29, 2005.  This increase included approximately
US$180.1 million of additional admission and concessions
revenues resulting from the merger on June 20, 2005, between
Marquee Holdings Inc., the company's parent company, and LCE
Holdings Inc., the parent company of Loews Cineplex
Entertainment Corp.

U.S. and Canada theatrical exhibition revenues increased 42.2%,
or US$164.4 million, mainly resulting from a 43.8% increase in
admissions revenues and a 43.9% increase in concession revenues.

International theatrical exhibition revenues increased US$35.9
million.  Overall, admissions revenues increased US$16.8
million, while concessions revenues increased US$11.4 million,
due to the theatres acquired in Mexico following the merger.  
The remaining increase, or US$7.6 million, was from other
theater revenues.

Other revenues decreased 99.4%, or US$2.5 million.

Total costs and expenses increased 45.1%, or US$173.2 million,
mainly due to an increase in total costs and expenses of
approximately US$162.3 million as a result of the merger.

Interest expense increased 108.4%, or US$27.4 million, primarily
due to increased borrowings.  On Jan. 26, 2006, the company sold
US$325,000,000 in aggregate principal amount of its 11% Senior
Subordinated Notes due 2016 and entered into the New Credit
Facility for US$850,000,000, of which US$645,125,000 is
currently outstanding as a variable rate term note.  The company
also incurred interest expense related to debt held by Grupo
Cinemex, S.A. de C.V. of US$3,150,000 during the thirteen weeks
ended Dec. 28, 2006.

Investment income was US$2.9 million compared to an investment
loss of US$2.6 million for the thirteen weeks ended Dec. 29,
2005.

The benefit for income taxes from continuing operations was
US$2.1 million, compared to US$2.7 million for the thirteen
weeks ended Dec. 29, 2005.

At Dec. 28, 2006, the company had total outstanding cash and
cash equivalents of US$468 million compared with US$230.1
million at March 30, 2006.

Cash flows provided by operating activities increased to
US$205.2 million during the thirty-nine weeks ended Dec. 28,
2006, compared to cash flows provided by operating activities of
US$92.2 million during the thirty-nine weeks ended Dec. 29,
2005.  

At Dec. 28, 2006, the company's balance sheet showed
US$4,387.9 million in total assets, US$3,169.4 million in total
liabilities, and US$1,218.4 million in total stockholders'
equity.

Full-text copies of the company's financial statements for the
quarter ended Dec. 28, 2006, are available for free at
http://researcharchives.com/t/s?1d5c

                     About AMC Entertainment

Headquartered in Kansas City, Missouri, AMC Entertainment Inc. -
- http://www.amctheatres.com/-- is a worldwide leader in the  
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States
and Hong Kong.

                            *    *    *

As reported in the Troubled Company Reporter on July 14, 2006,
Standard & Poor's Ratings Services placed its ratings on AMC
Entertainment Inc., including the 'B' corporate credit rating,
on CreditWatch with negative implications, based on the
company's high leverage and S&P's expectations that it will be
difficult to bring leverage down consistent with the timeline
that S&P's rating had originally anticipated.


BALL CORP: Fitch Holds BB Issuer Default Rating
-----------------------------------------------
Fitch Ratings has affirmed Ball Corp.'s Issuer Default Rating at
'BB'.  In addition, Fitch has affirmed these ratings for the
company:

    -- Senior secured revolving credit facility 'BB+';
    -- Senior secured term bank debt 'BB+';
    -- Senior unsecured notes 'BB'.

The Rating Outlook is Stable.  Approximately US$2.3 billion of
debt is covered by the ratings.

The ratings are supported by a diversified product offering,
diverse packaging substrates, leading market positions, good
cash flow, focus on R&D, stable end markets, and a favorable
defense spending environment.  Concerns relate to higher
leverage driven by recent acquisitions, share repurchases,
customer concentration and total revenue derived predominantly
from one product, domestic sales bias, some pressure from raw
materials and other cost inflation, and the company's
acquisition strategy.

Ball's 2006 revenues were helped by two acquisitions, higher
industry volumes in the U.S., and robust growth in certain
foreign markets.  Higher energy and freight costs continue to be
a challenge, but have moderated somewhat.  Gross profit margin
has declined nearly 270 basis points since 2004.  However,
margins stabilized in 2006 with gross margin up 18 basis points
to 16.33% and operating EBITDA margin of 12.0% for the year,
versus 12.1% in 2005.  In the Aerospace and Technologies segment
operating margin fell 50 basis points to 7.4% for the full year
due to program delays and unfavorable contract mix.  However the
fourth quarter finished strong with operating margin of 10%.  
Several key contracts were won during the fourth quarter and
contract backlog rose to a record US$886 million.  Total debt
was US$2.45 billion at Dec. 31, 2006, compared to US$1.58
billion at Dec. 31, 2005.

In March 2006, Ball acquired U.S. Can Corp. and certain plastic
packaging assets from Alcan, Inc.  The debt-financed
acquisitions increased leverage to 3.1 times(x) at fiscal-year-
end (FYE) 2006 versus 2.3x at FYE2005. However, the company
maintains adequate financial flexibility and the broader product
mix acquired through the acquisitions lends further stability to
Ball's business.  The integration of these businesses seems to
be going according to plan.

To finance the acquisitions, Ball raised US$950 million through
the addition of US$500 million of Term Loan D under the senior
secured credit facility and the issuance of US$450 million of
senior unsecured notes (6.625%, due 2018).  The 'BB+' senior
credit facility ratings continue to be supported by about US$1
billion of debt in a junior position to the facility, and equity
market capitalization of about US$5 billion.  The senior credit
facilities are secured by a pledge of 100% of the stock owned by
the company in its direct and indirect majority-owned domestic
subsidiaries and a pledge of 65% of the company's stock of
certain foreign subsidiaries.

The notes and senior credit facilities are guaranteed on a full
and unconditional basis by certain of the company's domestic
wholly owned subsidiaries.  Certain foreign denominated tranches
of the senior credit facilities are similarly guaranteed by
certain of the company's wholly owned foreign subsidiaries.  
Financial covenants for the senior credit facility include
minimum interest coverage of 3.5x and maximum leverage ratio of
3.75x.

Ball maintains ample liquidity of US$826.5 million with US$151.5
million in cash and US$675 million in available multi-currency
revolving credit facilities at FYE2006.  Fitch projects free
cash flow generation in 2007 will be around US$300 million after
capital expenditures of about US$250 million and dividends of
about US$40 million.  Cash deployment for 2007 will likely be
directed towards internal reinvestment, share repurchases,
dividends, pension contributions, and debt reduction.  Term
loans under the credit facility will begin amortizing by the end
of the fourth quarter of 2007. Scheduled debt maturities are
US$41.2 million in 2007 and US$126.8 million in 2008.

Fitch's Stable Outlook incorporates the company's solid cash
flow generation, relatively stable trends in packaging end-
markets, favorable defense spending environment, and the
company's leading market positions in its product categories.

Key risks going forward are potentially higher raw materials and
energy costs, higher share repurchases, and general economic and
consumer activity- particularly in the crucial summer months
which are Ball's seasonally strong cash flow months.  Additional
acquisition activity is also a possibility given the trends
toward consolidation within the packaging industry.

Headquartered in Broomfield, Colorado, Ball Corp. --
http://www.ball.com/-- is a supplier of high-quality metal and  
plastic packaging products.  It owns Ball Aerospace &
Technologies Corp. -- a developer of sensors, spacecraft,
systems and components for government and commercial customers.  
Ball Corp. reported sales of USUS$5.7 billion in 2005 and the
company employs about 13,100 people worldwide, including
Argentina, Hong Kong and China.


BALLY TOTAL: Interest Default Cues Moody's to Cut All Ratings
-------------------------------------------------------------
Moody's Investors Service downgraded all the credit ratings of
Bally Total Fitness Holding Corporation after its failure to
make the April 16, 2007 interest payment on US$300 million
principal amount of senior subordinated notes.  

Bally's failure to make the interest payment on the subordinated
notes constitutes an event of default under the indenture
governing its US$235 million of senior notes and, upon the
expiration of the applicable grace period, will constitute an
event of default under the subordinated notes indenture.  
Moody's downgraded the Probability of Default Rating to D and
the Corporate Family Rating to Ca.

The rating outlook was changed from negative to stable.

The downgrade of the Probability of Default Rating to D reflects
the cross-default under the senior note indenture stemming from
Bally's failure to make the April 16, 2007 interest payment on
the senior subordinated notes.  The downgrade of the Corporate
Family Rating reflects the increase in estimated enterprise-
level expected loss following the default.

Bally disclosed in a recent 8-K filing that it has obtained a
forbearance agreement from the lenders under its US$284 million
senior secured credit facility (not rated by Moody's).  Under
the agreement, the lenders have agreed, among other things, to
forbear from exercising any remedies under their credit
agreement as a result of defaults due to the company's inability
to provide audited financial statements for the fiscal year
ended December 31, 2006 and certain other financial information
to the lenders.  The lenders have also agreed not to exercise
cross-default remedies as a result of defaults under the
company's public indentures due to its inability to timely file
its 2006 Annual Report on Form 10-K with the Securities and
Exchange Commission and the non-payment of interest on its
US$300 million principal amount of senior subordinated notes.

Bally also disclosed that it is in continued discussions
regarding waiver and forbearance arrangements with holders of
its senior notes and senior subordinated notes.  Absent such
agreements, the holders of the senior notes could immediately
accelerate their claims and the holders of the subordinated
notes could accelerate their claims after the applicable 30-day
grace period.

These ratings were downgraded:

    * US$235 million 10.5% senior unsecured notes (guaranteed)
      due 2011, to Ca (LGD 4, 51%) from Caa3 (LGD 4, 51%)

    * US$300 million 9.875% senior subordinated notes due 2007,
      to C (LGD 5, 88%) from Ca (LGD 5, 88%)

    * Corporate family rating, to Ca from Caa3

    * Probability of default rating, to D from Caa3

Bally Total Fitness Holding Corp. --
http://www.Ballyfitness.com/-- is the largest and only United  
States-wide commercial operator of fitness centers, with over
400 facilities located in 29 states, and in Mexico, Canada,
Korea, the Caribbean, and China under the Bally Total Fitness,
Bally Sports Clubs and Sports Clubs of Canada brands.  Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.


BROWN SHOE: Earns US$65.7 Million in Full Year 2006
---------------------------------------------------
Brown Shoe Company, Inc. reported earnings of US$65.7 million on
net sales of US$2.5 billion for the year ended Dec. 31, 2006.  
Earnings for the year ended Dec. 31, 2005, were US$41 million on
net sales of US$2.3 billion.

In 2006, the company experienced sales growth in all of its
segments compared to 2005.  The increase in net sales primarily
reflects strength in the company's Famous Footwear division,
which contributed US$95 million of the increase.  Its Wholesale
Operations segment reported an increase of US$65.9 million.  The
company's other wholesale brands contributed US$25 million to
the increase in net sales, with most major brands increasing,
with the exception of the Bass business, which the company
exited at the end of 2006 at the expiration of its license
period.  The company's Specialty Retail segment increased sales
by US$17.9 million.  

Net earnings increased in 2006 due to the higher sales at each
of the company's operating segments in 2006 and the non-
recurrence of US$9.2 million of after-tax costs to close
Naturalizer stores and the non-recurrence of a US$12 million
income tax provision in 2005 due to the foreign earnings
repatriation.  These factors were partially offset by after-tax
strategic initiative costs of US$3.9 million and after-tax Bass
exit costs of US$2.3 million in 2006.

The company recorded total assets of US$1.1 billion and total
liabilities of US$575.4 million, resulting to total
stockholders' equity of US$523.6 million as of Dec. 31, 2006.  
Retained earnings as of Dec. 31, 2006, were US$349.5 million.

                           Borrowings

The company has a secured US$350 million revolving bank Amended
and Restated Credit Agreement, which was effective July 21,
2004, and which expires on July 21, 2009.  The Agreement
provides for a maximum line of credit of US$350 million, subject
to calculated borrowing base restrictions.  At the end of 2006,
the company had US$1 million of borrowings and US$13.3 million
of letters of credit outstanding under the Agreement.  Total
additional borrowing availability was about US$320 million at
the end of 2006.

In 2006, the company's total debt decreased US$49 million to
US$151 million, as the company utilized, in part, its 2006 cash
provided by operating activities.  The company believes that
borrowing capacity under the Agreement will be adequate to meet
its expected operational needs and capital expenditure plans.

                    Earnings Enhancement Plan

During 2006, the company initiated a plan to increase earnings
through cost reductions and efficiency initiatives and
reallocating resources and investment to drive consumer
preference.  Key elements of the plan include:

      (i) restructuring administrative and support areas;

     (ii) redesigning logistics and distribution platforms;

    (iii) reorganizing to eliminate operational redundancies;

     (iv) realigning strategic priorities; and

      (v) refining the supply chain process and enhancing
          inventory utilization.

Annual after-tax savings expected to be achieved upon completion
of the initiatives are estimated to be US$17 million to US$20
million.  The costs to implement this plan were US$6.3 million
and are estimated to be about US$23 million in 2007 and US$8
million in 2008, totaling about US$37 million pretax and US$23
million after-tax.  These estimates are preliminary and
differences may arise between these estimates and actual costs
to the company.  The company incurred charges totaling US$6.3
million in 2006.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d61

                         About Brown Shoe

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc. -
- http://www.brownshoe.com/-- is a USUS$2.3 billion footwear  
company with global operations.  The company operates the 900+
store Famous Footwear chain, which sells brand name shoes for
the family.  It also operates 300+ specialty retail stores in
the U.S. and Canada under the Naturalizer, FX LaSalle and Via
Spiga names, and Shoes.com, the company's e-commerce subsidiary.  
Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults,
and Barbie and Disney character footwear for children.

The company currently maintains offices in Brazil, Italy, China,
Hong Kong and Taiwan.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on specialty footwear retailer and wholesaler
Brown Shoe Co. Inc.  The rating was removed from CreditWatch,
where it was placed with negative implications on March 16,
2005.  S&P said the outlook is negative.

At the same time, Standard & Poor's assigned its 'BB-' rating to
Brown Shoe's proposed USUS$150 million senior unsecured notes
due 2012.  These notes, to be offered pursuant to Rule 144A with
registration rights, are rated one notch below the corporate
credit rating due to the substantial amount of priority debt in
the capital structure (including borrowings from the company's
US$350 million secured revolving credit facility) relative to
total assets.  Pro forma for the transaction, total funded debt
reaches about USUS$307 million.

Moody's Investors Service assigned a B1 rating to Brown Shoe
Company, Inc.'s USUS$150 million guaranteed senior unsecured
notes due 2012, a Ba3 senior implied rating, a B2 issuer rating,
and an SGL-2 Speculative Grade Liquidity Rating.  Moody's said
the outlook is stable.


EMI GROUP: Expects 15 Percent Decline in EMI Music Revenue
----------------------------------------------------------
EMI Group Plc provided trading update for the financial year
ended March 31, 2007, ahead of the announcement of its
preliminary results on May 23.

The company said that, EMI Music's revenue for the year ended
March 31, 2007, is expected to have declined by 15% at constant
currency, in line with its announcement on Feb. 14.  Digital
revenue in the division is expected to have increased by 59% and
will represent around 10% of revenue.

EMI Music Publishing's revenue is expected to be broadly flat at
constant currency, with digital revenue increasing by 28% and
representing approximately 8% of total sales.

The company anticipated underlying Group EBITDA before
exceptional items of around GBP174 million.

The operating margin for EMI Music is expected to decline in the
year to March 31, 2007, as indicated in February, primarily as a
result of the negative flow through on the sales decline and
higher than expected returns in the post Christmas period.  
Music Publishing's operating margin has continued to improve as
a result of reductions in that division's cost base.

EMI has made progress with its cost saving programs. With
respect to the GBP110 million restructuring program announced on
Jan. 12, EMI confirms that it has already executed the vast
majority of the actions envisaged in the plan.

As a result, the Company now expects at least GBP70 million of
the savings will be achieved by March 31, 2008, with the
remainder being reflected in the results for the year ending
March 31, 2009.

EMI also announces that the cash cost of this program will now
be no more than GBP125 million rather than the GBP150 million it
previously announced.

The implementation of the program designed to reduce costs by
GBP30 million, is complete.  Of the GBP30 million, EMI has
delivered savings for the year to March 31, 2007, of GBP17
million and the remaining GBP13 million will be achieved by
March 31, 2008.

Net debt at March 31, 2007, is expected to be around GBP910
million.  On Jan. 12, EMI said it had secured bank commitments
to finance the costs of restructuring and the acquisition of
Toshiba's 45% interest in TOEMI.  The Group has completed a full
refinancing of its revolving credit facilities to allow for
these payments.

As part of its objective to optimize its balance sheet, the
Group has been examining a potential securitization of its Music
Publishing assets, which EMI hopes to complete by the end of
this financial year.  The Company appointed Deutsche Bank and
the Royal Bank of Scotland as Lead Arrangers of the potential
securitization.

In view of the Company's funding requirements, the Board has
decided to suspend dividend payments until the benefits of the
restructuring process have been fully realized.  The Board will
keep the situation under review.

"Our industry is changing at an unprecedented pace and we are
committed to accelerating the transformation of our business to
realize the opportunities before us.  We have launched a number
of significant digital initiatives - most recently the
introduction of DRM-free superior sound quality downloads across
our entire digital repertoire - which reflect our optimism about
the digital environment.  Such initiatives, coupled with tough
management actions, position the Group to make good progress in
the future," Eric Nicoli, EMI Group CEO disclosed.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service downgraded EMI Group plc's senior debt
and guaranteed debt ratings to Ba2 from Ba1.  At the same time
Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  The rating outlook
is now stable.


LAS VEGAS SANDS: Moody's Rates New US$5-Billion Loan at Ba3
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3/LGD-3/48% rating to Las
Vegas Sands LLC's and Venetian Casino Resort LLC's (co-
borrowers) new US$5 billion senior secured bank facility.

At the same time, Moody's affirmed Las Vegas Sands Corp.'s Ba3
corporate family rating, Ba3 probability of default rating, and
SGL-2 speculative grade liquidity rating; placed Las Vegas Sands
Corp.'s 6.375% senior notes due 2015 currently rated B2/LGD-6/
90% on review for possible upgrade; and revised Las Vegas Sands
Corp.'s ratings outlook to negative from stable.

Las Vegas Sands Corp. is the parent company of Las Vegas Sands
LLC which is a U.S. subsidiary financed on a restricted group
basis.  Proceeds from the Restricted Group's new bank facility
will be used to refinance its existing US$1.62 billion bank
facility and repay both the Phase II Mall construction loan and
the Sands Expo mortgage notes.  As a result of the refinancing,
both the Phase II Mall and Sands Expo assets will become part of
the Restricted Group.  The new facility will also be used to
finance the design, development, construction and pre-opening
costs of Restricted Group development projects as well as for
working capital needs.  Additionally, proceeds from the new
facility will be used for general corporate purposes including
certain investments to fund portions of development projects
being undertaken by subsidiaries outside of the Restricted
Group.

LVSC's Ba3 corporate family rating recognizes the consistent
improvement in and favorable outlook for the Restricted Group's
operating results, positive trends in the Las Vegas gaming
market, the good risk/reward profile of current development
projects, and the company's significant development experience.  
The rating also anticipates several future de-leveraging events
including the opening of the Palazzo in fall 2007 and the
expected sale of the Phase II Mall assets in early 2008.  Key
credit concerns include the Restricted Group's single
destination-type market concentration and aggressive development
plans.  As a result, leverage likely to remain high for the
current rating category.

LVSC's senior notes were placed on review for possible upgrade
given that once the refinancing occurs these notes become senior
secured obligations that rank pari passu to the Restricted
Group's new US$5 billion bank facility in accordance with the
equal and ratable provisions set forth in indenture for the LVSC
Notes.  Although LVSC and its senior note obligation reside
outside of the Restricted Group from a legal perspective, the
notes are jointly and severally guaranteed by the same existing
and future domestic subsidiaries that guarantee the Restricted
Group's bank debt.  The Restricted Group's bank agreement
includes a provision that allows it to make debt service
payments towards LVSC's senior unsecured notes without being
limited by a restricted payments covenant.  Once the transaction
closes, it's expected the senior notes will be rated similarly
to the Restricted Group's US$5 billion bank facility.

The revision of LVSC's ratings outlook to negative from stable
acknowledges that the refinancing significantly increases the
Restricted Group's ability to fund developments outside of its
structure.  As a result, Restricted Group debt/EBITDA could
remain above 6.0x until 2010 depending on the amount and pace of
these investments.  Given current expectations, debt/EBITDA is
not expected to drop below 6.0x until the beginning of 2009.
Restricted Group debt/EBITDA at Dec. 31, 2006 was about 4.5x.

Ratings could be negatively impacted if the Palazzo ramp-up is
slower than expected and does not generate an annualized return
of approximately 15% soon after opening, and/or if it appears
that equity investments from the Restricted Group to
subsidiaries outside of its structure will exceed US$1 billion
over the next two years.  Ratings upside is limited at this time
given the expectation that as a result of the company's
considerable development and investment activity, any material
de-leveraging will not likely occur until the beginning of 2009.  
Better than expected results from the Venetian Casino Resort
along with a strong opening of the Palazzo could help support an
outlook revision back to stable.

LVSC's SGL-2 speculative grade liquidity rating is based on the
expectation that the cash flow generated by the Restricted Group
combined with existing cash balances and availability under the
Restricted Group's new US$5 billion bank facility, will be
sufficient to meet capital spending and debt service
requirements over the next twelve months.  Restricted Group
capital spending in fiscal 2007 along with equity investments
made outside of the Restricted Group will likely exceed US$2
billion.  Some of this spending will be financed with cash flow
from operations although a large majority of it will come from
cash obtained from the new US$5 billion bank facility.  LVSC's
SGL-2 rating also considers that the Restricted Group assets are
fully encumbered and the ability to take on additional debt is
limited by financial covenants in its new bank agreement.

Headquartered in Las Vegas, Nev., Las Vegas Sands Corp. --
http://www.lasvegassands.com/-- is a hotel, gaming, and resort  
development company.  The company owns The Venetian Resort Hotel
Casino, the Sands Expo and Convention Center, and Venetian Macao
Limited, a developer of multiple casino hotel resort properties
in The People's Republic of China's Special Administrative
Region of Macao.


LAS VEGAS SANDS: S&P Rates Proposed US$5BB Sr. Facility at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'BB-' corporate credit rating, on the Las Vegas
Sands Corp. family of companies, including Las Vegas Sands LLC,
its Venetian Casino Resort LLC subsidiary, and affiliate VML
U.S. Finance LLC.  

These ratings are removed from CreditWatch with negative
implications, where they were placed on May 26, 2006.  The
rating outlook is stable.  Total consolidated debt outstanding
at Dec. 31, 2006 was approximately US$4.1 billion.

At the same time, Standard & Poor's assigned its loan and
recovery ratings to the proposed US$5 billion senior secured
credit facility to be jointly borrowed by LVSL and VCR.  The
loan was rated 'BB-' with a recovery rating of '2', indicating
the expectation for substantial (80%-100%) recovery of principal
in the event of a payment default.

At the same time, Standard & Poor's placed its 'B' rating on
LVSC's currently outstanding senior unsecured notes due 2015 on
CreditWatch with positive implications, reflecting the
expectation that once the proposed bank facility at LVSL closes,
these securities will share equally with the collateral securing
the bank facility.  Once security is obtained, the rating on
these notes will be raised to 'BB-' with a recovery rating of
'2'.

Proceeds from the proposed bank facility at LVSL will primarily
be used to refinance its existing credit facilities, to provide
funding for current and future capital needs, and for general
corporate purposes.  The rating on LVSL's existing bank facility
and notes will be withdrawn once the proposed bank facility
closes and these securities are repaid.

The ratings on the LVSC family of companies incorporates a view
of the consolidated enterprise.  While this does not mean that
each subsidiary will be rated at the same level as the parent at
all times, it does mean that the strategic relationships between
the various legal entities are deemed as important factors that
will always have a bearing on the rating of each entity, despite
the distinct financing structures that have been established.  
This view is supported by the strategic importance of each
subsidiary to the parent, and management's ultimate fiduciary
obligation to the shareholders of the consolidated enterprise.

"The 'BB-' rating reflects an aggressive growth strategy,
construction and start-up risks associated with LVSC's Phase II
expansion project in Las Vegas and multiple Cotai Strip
developments in Macau, and the expectation that the substantial
capital spending initiatives will drive consolidated debt
leverage to a level that will be weak for the rating in the near
term," said Standard & Poor's credit analyst Mike Scerbo.  

"Still, the company's existing Macau asset has performed
exceptionally well since its opening in mid 2004, its Las Vegas
asset continues to be a good performer and a leader in the
market, and operating momentum in both these markets is
positive.  In addition, liquidity is expected to be adequate to
complete outlined growth initiatives, and the potential exists
for significant EBITDA growth as these projects come on line
over the next few years."

Headquartered in Las Vegas, Nev., Las Vegas Sands Corp. --
http://www.lasvegassands.com/-- is a hotel, gaming, and resort  
development company.  The company owns The Venetian Resort Hotel
Casino, the Sands Expo and Convention Center, and Venetian Macao
Limited, a developer of multiple casino hotel resort properties
in The People's Republic of China's Special Administrative
Region of Macao.


PETROLEOS DE VENEZUELA: May Pay PetroChina for Orimulsion Pact
--------------------------------------------------------------
Petroleos de Venezuela S.A. is in talks with PetroChina Company
Limited to compensate the latter as a result of the termination
of their 33-year orimulsion supply agreement, El Universal
reports.

As high global prices for oil made it more profitable to blend
fuel with crude, state oil firm Petroleos de Venezuela said in
September 2006 that it would cease production of orimulsion, a
tar-like, extra heavy crude, by end of 2006, Reuters relates.

Chinese official Li Changchun's March visit to Caracas resulted
to a commitment from the South American nation of doubling crude
supply, but the orimulsion agreement could not be revived, El
Universal says.

                      About PetroChina

PetroChina Company Limited (SEHK: 0857, NYSE: PTR) is the listed
arm of China National Petroleum Corporation (CNPC), mainland
China's biggest producer of oil.  Its largest foreign
shareholder is Berkshire Hathaway (1.3% owned at the end of
2004).

                  About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is  
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


* Taiwan's Telecom Firms Need to be Prudent, S&P Says
-----------------------------------------------------
Taiwan's investment-hungry telecom operators will need to
protect their strong credit health as they eye up expansion
opportunities and contemplate shareholder-friendly moves,
according to an article jointly published on April 19, 2007, by
Standard & Poor's Ratings Services and its subsidiary Taiwan
Ratings Corp., titled "Can Taiwan's Major Telecom Operators
Splash The Cash Without Harming Credit Quality?"
     
"The three biggest players have built up large war chests as a
result of successful consolidation and are eager to spend," says
credit analyst Patrick Huang.  "But they'll need to tread
carefully amid a tightening regulatory environment and
technological advances."
     
While their sound financial profiles should underpin credit
quality over the medium term, effective cash management and
investment planning will be the key to constraining credit risks
for the three major operators, Chunghwa Telecom Co. Ltd., Far
EasTone Telecommunications Co. Ltd., and Taiwan Mobile Co. Ltd.
     
Despite the industry's stable outlook, the operating environment
is changing fast, with tariff reductions taking effect this
month and the next generation of wireless technology set to
launch in the second half of this year, sparking a potential
bidding war for licenses.


=========
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BALLY TECHNOLOGIES: Extends Deal with NY Lottery Through 2010
-------------------------------------------------------------
Bally Technologies Inc. has signed a contract extension with the
New York Lottery, keeping the company's revenue-share machines
-- currently more than 6,300 statewide -- in operation through
at least Dec. 31, 2010.

Bally is currently the highest-performing vendor on a per-
machine win basis statewide, covering eight gaming facilities.  
Game performance has been boosted statewide by the recent
introduction of more than 150 Hot Shot Progressive(TM) units,
along with Quick Hits(TM), Fireball Frenzy(TM) and American
Original(TM).

Bally is also benefiting by the recent opening of the Gotham
Palace section of Empire City at Yonkers Raceway in suburban New
York City.  This new phase added 1,400 total machines and
brought the total at Empire City to 5,478, of which 2,823 are
from Bally.  All of the Bally machines at Empire City are
presented in a wide-screen video format, both upright and
CineVision(TM) on the award-winning ALPHA Elite(TM) series of
cabinets.

Headquartered in Las Vegas, Bally Technologies, Inc., --
http://www.BallyTech.com/-- designs, manufactures, operates and  
distributes advanced gaming devices, systems and technology
solutions worldwide.  Bally's product line includes reel-
spinning slot machines, video slots, wide-area progressives and
Class II, lottery and central determination games and platforms.  
Bally also offers an array of casino management, slot
accounting, bonusing, cashless and table management solutions.
The company also owns and operates Rainbow Casino in
Vicksburg,Miss.  Bally Technologies' has operations in Macau,
China and India.

                        *    *    *

As reported in the Troubled Company Reporter on April 10, 2007,
Standard & Poor's Ratings Services revised its CreditWatch
implication on its ratings for Bally Technologies Inc. to
developing from negative.  The corporate credit rating on the
company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


SABERO ORGANICS: CRISIL Reaffirms 'D' Rating on Debenture Issue
---------------------------------------------------------------
Credit Rating Information Services of India Ltd has reaffirmed
the 'D' rating of Sabero Organics Gujarat Ltd's INR40 million
17.5% Non-Convertible Debenture Issue.

CRISIL's rating on Sabero's non-convertible debenture issue
continues to indicate that the instrument is in default.  Sabero
is now negotiating for a one-time settlement with the investors,
and the outcome is awaited.

The company reported a profit after tax of INR1.8 million on a
turnover of INR1.38 billion, for the year ended March 31, 2006.
Sabero's net worth has also improved to INR405 million as on
March 31, 2006, from INR177 million as on March 31, 2002.

                        About the Company

Sabero was incorporated in the year 1991.  In agrochemicals,
Sabero has a good presence in mancozeb and monocrotophos, one of
the largest-selling insecticides in India.  Sabero also
manufactures products such as acephate, chlorpyriphos,
dichlorvos and profenofos.


SYNDICATE BANK: To Publish FY2006-07 Results Before June 30
-----------------------------------------------------------
Syndicate Bank will publish its audited financial statements for
the financial year ended March 31, 2007, before June 30, the
bank informs the Bombay Stock Exchange in a regulatory filing.

In that regard, the bank will not be publishing unaudited
results for the quarter ended March 31, 2007.

For the year ended March 31, 2006, the bank recorded a net
profit of INR5.4 billion on total income of INR46.4 billion.
As previously reported in the Troubled Company Reporter - Asia
Pacific, the bank posted a net profit of INR2.3 billion in the
quarter ended Dec. 31, 2006, a 20% increase from the
INR1.879 billion booked in the corresponding quarter in 2005.

Syndicate Bank Ltd  -- http://syndicatebank.in/-- provides a    
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

Syndicate Bank carries Fitch Ratings' D individual rating since
June 1, 2005.


TATA MOTORS: Bags Delhi Transport Order for 500 Buses
-----------------------------------------------------
Tata Motors has bagged an order from the Delhi Transport
Corporation for 500 non-AC state-of-the-art low-floor, CNG
propelled buses.  The company has won the order participating in
a global tender floated by DTC, matching world-class
specifications and standards.

The 500 DTC buses, to be manufactured at Tata Motors' Lucknow
center and delivered from the second half of 2007, will be rear
engine driven, besides being fitted with automatic transmission
and full pneumatic suspension.

The buses are suitable for running on the routes of proposed Bus
Rapid Transit System, and are expected to contribute to
transforming the city traffic system well in time for the
Commonwealth Games.

This is the single largest order for fully built low-floor buses
received by Tata Motors till date.  Tata Motors was the first in
India to launch modern low-floor and semi low-floor buses in
2005.  The buses are also easily accessible to people with
physical challenges.

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly    
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


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

ALCATEL-LUCENT: Chosen by Hoteis Real to Supply VOIP Base
---------------------------------------------------------
Alcatel-Lucent has been selected by Hoteis Real Portugal to
supply a new Voice over IP communications infrastructure that
will provide guests with a new dimension of luxury hospitality
and a new level of service, transforming the customer
experience.

The new network, part of a competitive transformation within
Hoteis Real, will help take superior customer service to the
next level.  To this end, Alcatel-Lucent's solution provide
guests a unique communication experience, which ensures the
integration of new hospitality concepts, such as voice and text
messaging to in-hotel wireless phones and a virtual concierge
available through in-room phones.  A guest room phone can become
an extended multi-purpose interface where Hotel Grand Real Villa
It lia guests have location-based information at their
fingertips via IP phones.  The phones will display up-to-date
information on anything from guest welcome and hotel board
presentation, leisure activities, news, navigational maps or
weather, and provide mobility for the in-room guest.

The fully-integrated communications infrastructure will also
enable the hotel to offer guests services such as IP telephony,
Wireless LAN, and High-Speed Internet Access.  In addition, the
new communications infrastructure provides the hotel management
with the necessary back office systems and front office
applications to deliver superior customer service.

Alcatel-Lucent's solution includes OmniSwitch and OmniAccess
switches to support Wi-Fi, data and VoIP, LAN telephony, XML
hospitality added value applications and Fortinet security
solutions.

"Our guests expect the luxury our hotels have come to offer.  In
taking customer service to the next level, we recognized we
needed to transform the customer experience, and embraced
technology to do so," said Joao Melchior, Technical Services
Director of Hoteis Real.  "Though our exclusive communications
system, will give guests access to all the information needed
for their visit to the hotel, surrounding area, leisure plans,
etc., without having to leave the room, adding to a new
dimension of luxury hospitality."

"Hoteis Real distinguishes itself in its industry by providing
luxury accommodations in combination with world class business
services.  They truly understand that today's new generation of
traveller is accustomed to operating in an always-on
communications environment," said Nuno Almeida Carvalho,
Enterprise and Vertical Markets General Manager for Alcatel-
Lucent in Portugal.  "We are proud to partner with Hoteis Real
to provide a complete communications network designed from the
ground-up which will accommodate the needs of its high calibre
business travellers, while helping Hoteis Real to ensure guest
satisfaction, loyalty and repeat business." added Lucent spokesperson>.  

For additional information about Alcatel-Lucent's enterprise
products, please go to: http://www1.alcatel-
lucent.com/enterprise/en/products/index.html

                   About Hoteis Real Portugal

Hoteis Real Portugal is a traditional Portuguese hotel group
that has offered versatile, innovative and top quality solutions
since 1994.  Among other details which really make the
difference, Hoteis Real have a particularly wide range of
services which combine the needs of business people with those
of leisure travellers, enabling guests to take full advantage of
both aspects in one trip. They are also distinguished by their
elegant decor, combined with the comfort of welcoming, charming
atmospheres.  A stay in one of the Group's hotels will always be
a unique and memorable experience, during which guests will
discover those precious small details on every visit that really
makes a difference.

                       About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


BANK NEGARA: S&P Raises Long-Term Credit Ratings to 'BB-'
---------------------------------------------------------
Standard & Poor's Ratings Services has raised the long-term
counterparty credit ratings to 'BB-' from 'B+' on Indonesia's PT
Bank Negara Indonesia (Persero) Tbk.  The outlook is stable.  

At the same time, the Bank Fundamental Strength Rating of the
bank remains unchanged at 'D'.

The rating has been raised to incorporate expected extraordinary
support from the Indonesian government due to the bank's
systemic importance in the country.  Standard & Poor's believes
the government is likely to have the willingness and capability
to provide extraordinary support in the event the bank encounter
distress.

Extraordinary government support refers to specific actions--
recapitalization, liquidity support, or the purchase of problem
assets--that would prevent banks, including private sector
banks, from failing.  Standard & Poor's recognizes that the
willingness of the government of Indonesia to support
systemically important banks in their systems, and defines these
two governments as "interventionist."  "Interventionist" is
defined by Standard & Poor's as a government that is highly
likely to intervene directly and rescue failing banks, compared
with "supportive" and "support uncertain" governments.

BNI is a systemically important bank as it is the third largest
with 10.5% market share in deposits and 8.4% in loans.

                         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.


FOSTER: Unit Wins Contract for Gasification Complex Expansion
-------------------------------------------------------------
Foster Wheeler Italiana S.p.A., the Milan-based subsidiary of
Foster Wheeler Ltd. that is part of its Global Engineering and
Construction Group, was awarded a contract by ERG Raffinerie
Mediterranee for engineering, procurement assistance and
construction management services for the expansion of the
integrated gasification combined cycle complex at ERGMED's
Priolo refinery in Sicily.

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

Foster Wheeler, in a joint venture, designed and built the
original IGCC plant, which transforms refinery residues into
synthesis gas, which is burned to produce more than 550
megawatts of electricity.  Completed in 2000, this was the first
IGCC plant in the world to use asphalt as a feedstock, and has
since demonstrated excellent reliability and performance.

As part of the expansion of the IGCC complex, a third gasifier
will be added.  The new gasifier will use gasification
technology licensed by General Electric, which company acquired
the Texaco technology used in the two existing gasifiers.

Associated facilities will be added to the existing gasifiers
and new pressure swing absorption and membrane packages will be
installed in order to produce 20,000 nominal cubic meters per
hour of hydrogen.  With the addition of the third train, the
total gasification capacity will be 146.5 tonnes per hour.  The
project is expected to reach mechanical completion by the second
quarter of 2009.

"We are extremely pleased to be awarded this project," said
Marco Moresco, chief executive officer of Foster Wheeler's
Italian operating unit.  "This award allows us to continue to
build on our excellent and long-standing relationship with ERG
and to consolidate our position as a leading player in
gasification technology and IGCC plant design."

"We have awarded this important project, a key investment for
the ERG Group, to Foster Wheeler because its expertise in
gasification technology and its management capabilities are
renowned worldwide," said Prof.  Giuseppe Gatti, president, ERG
Power & Gas.

                       About Foster Wheeler

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

                          *     *     *

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

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


INDOFOOD: Hikes Stake in Pacsari to 90% After US$25MM Equity Buy
----------------------------------------------------------------
PT Indofood Sukses Makmur Tbk bought an additional 35% stake in
Pacsari Pte. on April 2 for US$25.6 million, raising its stake
holding to 90% from 55%, The Wall Street Journal says.

According to the report, Indofood's acquisition of Pacsari is
beneficial to the company and its respective shareholders.

                      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.


PERTAMINA: To Apply Long-Term Contracts for Oil Import
------------------------------------------------------
PT Pertamina (Persero) will apply long-term contracts, which is
still presently examined for utilization, to import oil for
domestic need, Tempo Interactive reports.  However, there is
still no confirmation to the contract application.

Currently, the company is buying half of the oil required from
the spot market, while the rest will be bought through three-
month contracts, the report notes.

According to Tempo, if Pertamina would use the spot markets, it
can buy as much oil as it needs but if it's not a requirement
then the company would not make any purchase.

The report points out that long-term contracts would only be
beneficial to Pertamina if it would purchase oil in large
amounts because prices are negotiable.

                         PT Pertamina

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

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

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

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


PERTAMINA: May Receive Up to 15% Stake From Oil and Gas Firms
-------------------------------------------------------------
PT Pertamina (Persero) may receive up to 15% stake from oil and
gas firms for every new exploration block awarded by the
government, as a requirement, Reuters says.  

According to the report, no rule exists under the current
upstream regulations that make private firms to offer stakes to
Pertamina compulsory.

Foreign oil and gas companies that operate in Indonesia have
production sharing agreements with Indonesia including U.S firms
Chevron Corp., Exxon Mobil Corp. and France's Total SA, the
report notes.

Reuters adds that Exxon Mobil Indonesia Vice President Maman
Budiman commented that they don't know yet what the proposal is.
But participating interest in the new block is fine, as long as
it is under a business deal.

                          PT Pertamina

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

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

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

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


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

ALL NIPPON: Moody's Reviews Ba1 Ratings For Possible Upgrade
------------------------------------------------------------
Moody's Investors Service, on April 19, placed the Ba1 senior
unsecured debt ratings of All Nippon Airways Co., Ltd. under
review for possible upgrade.  

The rating action reflects ANA's high and stable profitability
despite the ongoing price hikes of aircraft fuel, as well as
Moody's view that the company's financial flexibility is likely
to be further improved by its recently announced asset
disposition related to its hotel business.

In its review, Moody's will assess the execution of ANA's
current mid-term business strategy and the company's financial
policy to manage the capital expenditure planned for its
aircraft fleet.

ANA's operating profit for the nine months from April to
December 2006 increased to JPY92 billion from JPY 90 billion for
the same period of the previous year.  The operating profit for
the fiscal year ending March 2007 is projected to be a record
high for the company.  ANA's rationalized aircraft fleet
management, increased passenger unit prices and reduced various
operational costs have led to the high profitability, offsetting
the high fuel prices.  Moody's believes that revenue growth from
the stable domestic passenger business is one of the core
factors behind ANA's stably high operating performance.

ANA has also announced, on April 13, 2007, that in June this
year it will transfer the shares and assets of its 14
subsidiaries relating to ANA group's owned and leased hotels to
a third party.  The total transfer price is set at
JPY281 billion.  IHG ANA Hotels Group Japan, a joint subsidiary
of Intercontinental Hotel Group and ANA, will continue to
operate and manage the 30 Japanese domestic hotels in its
portfolio, including the 13 hotels whose assets will have been
transferred.

ANA's ongoing business strategy, disclosed February 2006,
includes a plan for intensive capital expenditure on aircraft
fleet restructuring, targeting a cost-effective fleet composed
mainly of small and mid-sized new aircraft by fiscal 2009, in
order to cope with the planned re-expansion of landing slot
capacity at Tokyo International Airport in 2010.  Moody's views
that the hotel asset disposition, as well as the JPY100 billion
in total commitment lines agreed to in January this year with 15
domestic banks, are likely to contribute to improve the
company's financial flexibility.

All Nippon Airways Co., Ltd., headquartered in Tokyo, is Japan's
second-largest airline company in revenue terms.


ALL NIPPON: To Operate Charter Flights to Chinese Cities
--------------------------------------------------------
All Nippon Airways will operate charter flights between Chinese
and Japanese cities from August to November when the two
countries mark a diplomatic milestone, People's Daily Online
reports citing Xinhua News Agency.

Japan and China will mark their 35th anniversary of the
normalization of diplomatic ties by holding cultural and sports
exchange activities this year, according to the report.

The report notes that the Japanese airline's figures show the
number of people flying between China and Japan is increasing
each year.

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 airline 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.


AMERICAN AIRLINES: Inks Card Processing Service Pact with NOVA
--------------------------------------------------------------
American Airlines has entered into a multi-year credit card
processing services agreement with NOVA Information Systems for
the latter's domestic bankcard business.  

In addition to performing all clearing and settlement functions,
NOVA will provide a full range of services, including customer
support and charge back processing.

"We were impressed with the expertise and professionalism of the
NOVA organization as well as their vision for a global
processing solution," said Marc Sullivan, managing director,
Revenue Accounting and Control, American Airlines.  "We are
confident that NOVA will provide excellent service, and we look
forward to building a lasting relationship."

NOVA and euroConex, its European affiliate, currently provide
processing services to 87 airlines worldwide, with more than 40
airlines operating in the United States.  NOVA has made
significant investments in technology and resources to enable it
to accommodate the needs of international merchants.

"We are proud that American Airlines, the world's largest
airline, selected NOVA as its processing partner," said Stuart
C. Harvey, Jr., president, NOVA.  "Our experience in serving
more than 80 airlines worldwide translates to an understanding
of the unique processing requirements for the industry."

                         About NOVA

NOVA Information Systems -- http://www.novainfo.com/-- a leader  
in the payment processing industry is a wholly owned subsidiary
of U.S. Bancorp (NYSE:USB). Combined, NOVA and its affiliates
First Horizon Merchant Services, euroConex and Elan provide
global merchant processing services to financial institutions
and clients in the United States, Canada, and Europe. NOVA
offers integrated payment processing services to more than
1,000,000 merchants worldwide.

                   About American Airlines

American Airlines -- http://www.AA.com/-- is the world's  
largest airline.  American, American Eagle and the
AmericanConnection regional airlines serve more than 250 cities
in over 40 countries with more than 3,800 daily flights.  
American Airlines flies to Belgium, Brazil, Japan, among others.  
The combined network fleet numbers more than 1,000 aircraft.  
American Airlines is a founding member of the oneworld Alliance,
whose members serve more than 600 destinations in over 135
countries and territories.

At Dec. 31, 2005, AMR Corporation's equity deficit doubled to
US$1.478 billion from a US$581 million deficit from Dec. 31,
2004.

The company also operates in Japan-Osaka, Nagoya and Narita.

                           *     *     *

Standard & Poor's Ratings Services, effective June 6, 2006,
placed its ratings on AMR Corp. (B-/Watch Pos/B-3) and
subsidiary American Airlines Inc. (B-/Watch Pos/--) on
CreditWatch with positive implication.


COSMO OIL: Moody's Reviews Ba1 Rating For Possible Upgrade
----------------------------------------------------------
Moody's Investors Service, on April 18, placed under review for
possible upgrade the Ba1 senior unsecured debt rating and issuer
rating of Cosmo Oil Co., Ltd. (Cosmo).  

The rating review is prompted by Moody's expectation that Cosmo
will likely be able to maintain the stability of its operating
performance and capital structure, despite a rather difficult
business environment, over the intermediate term through
successful business diversification.

In the review, Moody's will focus on Cosmo's plans for future
capital expenditure and the implications on its business risks
of its strategy for future product mix.  The rating agency will
also focus on the company's financial policy going forward.

Moody's notes that recent rises in crude oil prices are causing
decreased product demand -- which is encouraging the Japanese
industrial sector to convert from oil to other energy sources
and is decreasing the size of the gasoline market as drivers
move to use less gasoline and the use of energy-efficient
vehicles spreads.

In the fiscal year ended March 2007 Cosmo several times lifted
the wholesale prices of gasoline and other petroleum products
due to higher crude oil costs and weakening of the yen.  While
in Moody's view this was not enough for Cosmo to have adequate
profitability in its R&M activities, nevertheless, the rating
agency believes Cosmo is likely to post relatively stable
earnings in the fiscal year end of March 2007, mainly due to
greater contribution from the E&P division.

Furthermore, Cosmo is strengthening its ability to manage its
operating volatility by upgrading its refining units, thus
enhancing its chemical business.  Moody's views that these
efforts should allow Cosmo to stabilize its operating
performance in the intermediate term.

Cosmo has continually strengthened its capital structure, mainly
by increasing its equity while maintaining its total debt.  The
total debt to total capitalization ratio improved to 61.8% in
March 2006 from 73% two years earlier.  Moody's expects its
total debt to total capitalization ratio will stay at about 60%
for the current fiscal year.

Cosmo Oil Co., Ltd., headquartered in Tokyo, is a major oil
refiner and distributor in Japan.


EDDIE BAUER: BDO Seidman Removes Going Concern Doubt
----------------------------------------------------
Eddie Bauer Holdings, Inc. disclosed that, after the refinancing
completion of its outstanding debt on April 4, 2007, BDO Seidman
LLP, its independent auditor, removed the explanatory paragraph
with respect to the company's ability to continue as a going
concern from its audit opinion on the company's Financial
Statements for fiscal year ended Dec. 30, 2006.

Amended Financial Statements for the fiscal year ended
Dec. 30, 2006 along with this revised opinion thereon were filed
with the Securities and Exchange Commission on a Form 8-K on
April 17, 2007.

As reported in the Troubled Company Reporter on April 5,
2007,BDO Seidman raised substantial doubt about Eddie Bauer
Holdings Inc.'s ability to continue as a going concern after
auditing the company's financial statements for the years ended
Dec. 31, 2006 and 2005.  The auditing firm pointed to the
company's ability to refinance its term loan to avoid an event
of default related to the failure of the company in meeting its
financial covenants in one or more future interim periods.

The successor company had a net loss of US$211.4 million on
total revenues of US$1 billion for the year ended Dec. 31, 2006.  
For the six month-period ended Dec. 31, 2005, the successor
company had a net loss of US$22.8 million on total revenues of
US$593.7 million.  The predecessor company had a net income of
US$60.9 million on total revenues of US$465.7 million for the
six month-period ended July 2, 2005.

The company listed total assets of US$855.9 million and total
liabilities of US$509.3 million, resulting to total
stockholders' equity of US$346.6 million as of Dec. 31, 2006.

                         About Eddie Bauer

Headquartered in Redmond, Washington, Eddie Bauer Holdings, Inc.
-- http://www.eddiebauer.com/-- is a specialty retailer that  
sells casual sportswear and accessories for the "modern outdoor
lifestyle."  Established in 1920 in Seattle, Eddie Bauer
believes the Eddie Bauer brand is a nationally recognized brand
that stands for high quality, innovation, style, and customer
service.  

The company also participates in joint venture partnerships in
Japan and Germany and has licensing agreements across a variety
of product categories.  Eddie Bauer employs approximately 10,000
part-time and full-time associates in the United States and
Canada.

The Troubled Company Reporter - Asia Pacific reported on
March 23, 2007, that Moody's Investors Service confirmed its B2
Corporate Family Rating for Eddie Bauer, Inc. and its B2 rating
on the company's US$225 million term loan, in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology for the U.S. and Canadian
Retail sector.  In addition, Moody's assigned an LGD4 rating to
those notes, suggesting note holders will experience a 55% loss
in the event of a default.


JAPAN AIRLINES: To Increase Flights From Haneda
-----------------------------------------------
Japan Airlines plans to increase the number of late-night and
early-morning international charter flights from Tokyo's Haneda
Airport to about 300 this fiscal year, about 70% more than the
previous fiscal year, The Yomiuri Shimbun reports citing company
sources.

According to the report, the airline believes it can expect a
stable demand for those flights departing or arriving at Haneda
from 11 p.m. to 6 a.m. for Seoul, Honolulu and other
destinations.

The airline also will run transit charter flights to Honolulu
and begin flights to and from Macao, Guam and Ulan Bator, The
Yomiuri Shimbun adds.  Charter flights are the only
international flights allowed to use Haneda Airport during night
hours.

                       About Japan Airlines

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

                          *     *     *

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

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

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


NIKKO CORDIAL: OKs to Alterations in Prior Agreement
----------------------------------------------------
Nikko Cordial Corporation and Daishin Securities Co., Ltd.
signed an agreement last April 12, 2007 to partially modify its
business and capital alliance agreement.

Under the terms of the modified agreement, the restriction on
the disposition of the company's shares by Daishin Securities
will be removed, allowing Daishin to tender the company's shares
in the tender offer by Citigroup Japan Investments LLC, to which
it has expressed its support, and the obligation to acquire the
company's shares will be waived.

Both companies signed a business alliance agreement and capital
alliance agreement last August 28, 2006 and October 16, 2006
respectively, and have been striving to build a partnership in
Japan and Korea.

                     About Nikko Cordial

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

                        *     *     *

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

The ratings are as follows:

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

Nikko Cordial Securities: Individual C and Support rating 4.

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


NIPPON MINING: Moody's Reviews Ba2 Rating for Possible Upgrade
--------------------------------------------------------------
Moody's Investors Service placed under review for possible
upgrade the Ba2 euro medium term note program rating of Nippon
Mining Holdings, Inc.  

The rating review reflects Nippon Mining Holdings' having
enhanced its earnings stability and capital structure through
diversification into non-ferrous metal businesses via subsidiary
Nippon Mining & Metals Company, Ltd., despite a rather difficult
business environment.  

The rating continues to reflect the structural subordination of
Nippon Mining Holdings' credits to its operating subsidiaries.

According to the company's Medium Term Management Plan for
Fiscal 2007 - 2009, which was recently announced, Nippon Mining
Holdings' capital expenditures and investments will total JPY435
billion.

In the review, Moody's will focus on Nippon Mining Holdings'
plans for future capital expenditure -- including how it will
manage its financial profile -- reflecting the sizable increase
in investment called for in its capital strategy.

Moody's notes that the oil refining and marketing business in
Japan, which comprises the bulk of Nippon Mining Holding's
earnings through subsidiary Japan Energy, is facing severe
competition among domestic and foreign-affiliated companies and
downward product demand.  Rises in crude oil prices are causing
decreased product demand -- which is encouraging the industrial
sector to convert from oil to other energy sources and is
decreasing the size of the gasoline market as drivers move to
use less gasoline and the use of energy-efficient vehicles
spreads.

However, Nippon Mining & Metals is currently performing well due
to past rationalization and improved margins resulting from
demand growth for non-ferrous metals, raising its consolidated
operating profit.  Moody's believes Nippon Mining Holdings is
likely to continue to see profit contributions from Nippon
Mining & Metals over the intermediate term as it maintains its
position as one of Japan's leading non-ferrous metals companies.

Nippon Mining Holdings' total debt to total capitalization ratio
improved to 60.3% at the end of FY2005 from 78.6% in FY2003.
Moody's expects the company to further improve its capital
structure in FY2006.

Nippon Mining Holdings, Inc., headquartered in Tokyo, is the
holding company of Japan Energy, which is a major oil refiner
and distributor in Japan, and of Nippon Mining & Metals, which
is one of Japan's largest non-ferrous metal companies.


NOVOLIPETSK STEEL: Shareholders' Meeting Slated for June 5
----------------------------------------------------------
OJSC Novolipetsk Steel will hold its Annual General
Shareholders' Meeting on June 5.

The annual general meeting of the company's shareholders will
discuss:

   1. approval of the company's 2006 annual report; annual
      financial statements, including statement of income,
      allocation of profit (including dividend payment) and
      losses for the financial year 2006;

   2. election of members to the company's Board of Directors;

   3. election of company president (Chairman of the
      Management Board);

   4. election of members to the company's Internal Audit
      Commission;

   5. approval of company auditor;

   6. approval of revised corporate documents:

         6.1. company charter
         6.2. regulations of the Board of Directors
         6.3. NLMK dividend policy

   7. approval of related party transaction; and

   8. payment of remuneration to the members of the Board of
      Directors.

The company's Board of Directors has recommended that the
general shareholders' meeting approve a decision to declare cash
dividends for 2006 on ordinary issued shares in the amount of
RUR3 per ordinary share.  Taking into account previous interim
dividend payments for the first half of 2006 of RUR1.5 per
ordinary share, the Board of Directors recommends paying an
additional RUR1.5 per ordinary share.

The list of persons entitled to participate in the annual
general meeting of the company's shareholders will be prepared
on the basis of the NLMK Shareholders' Register as of 12:00 a.m.
on April 17.

                        About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The Troubled Company Reporter - Asia Pacific reported on
December 6, 2006 that Standard & Poor's Ratings Services said
that its ratings and outlook on Russian steelmaker OJSC
Novolipetsk Steel (NLMK; BB+/Stable/--; Russia national scale
'ruAA+') are unchanged by the announcement of NLMK's acquisition
of a 50% share in a joint venture with Duferco Group for US$850
million.


SANYO ELECTRIC: Selling Semiconductor Business
----------------------------------------------
AFX News Limited, citing the Financial Times, reports that Sanyo
Electric Co. has started the process of selling its
semiconductor operations.  Bidders are expected to submit
expressions of interest at the end of the month.

According to the report, the Times related that Goldman Sachs
has sent letters to large private equity groups such as
Blackstone, Carlyle, Cerberus, KKR, Permira and TPG; and
semiconductor companies such as Elpida, Renesas, Rohm, Hynix,
and Infineon, inviting them to bid for Sanyo's business, which
could fetch a few billion dollars.

                    About Sanyo Electric

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

                          *     *     *

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

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


SANYO ELECTRIC: Unit Starts Full-Scale Production in Hungary
------------------------------------------------------------
The Budapest Sun reports that full-scale production has started
at the Sanyo Hungary Kft air conditioning plant at Dorog, 40
kilometers northwest of Budapest.

According to the report, Sanyo Hungary Kft, a subsidiary of the
Japan-based Sanyo Electric Co Ltd, began production of
commercial multi-air conditioning indoor units on Dec. 1, 2006.  
The company has 110 employees working at the new plant.

Akira Kan, Executive Officer Sanyo Electric Co Ltd, Head of
Commercial Business Group, told the Sun: "Sanyo has expanded the
business of a wide range of environmentally-friendly products in
the European market, based on our 'Think GAIA' vision."

                    About Sanyo Electric

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

                          *     *     *

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

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


USINAS SIDERURGICAS: Unit to Build Espirito Santo Bridge
--------------------------------------------------------
Usiminas Mecanica, the construction unit of Usinas Siderurgicas
de Minas Gerais, said in a statement that it has won a BRL51-
million construction contract for a bridge in Espirito Santo.

Business News Americas relates that construction works for the
project will start this month.

Usiminas Siderurgicas said in a statement that the project is
expected to be completed in one year.  About 2,050 tons of its
metallic structures will be used in the project.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on Jan. 3,
2007, that Standard & Poor's Ratings Services revised its
outlook on Brazil-based steelmaker Usinas Siderurgicas de Minas
Gerais S.A., aka Usiminas, to positive from stable.  Standard &
Poor's also said that it affirmed its 'BB+' local and foreign
currency corporate credit ratings on Usiminas.


YAMAGUCHI BANK: S&P Ups Fundamental Strength Rating to C+ From C
----------------------------------------------------------------
Standard & Poor's Ratings Services, on April 19, raised its Bank
Fundamental Strength Rating on Yamaguchi Bank Ltd. to 'C+' from
'C' based on the improvement in the consolidated financial
profile of the bank's holding company, Yamaguchi Financial
Group.  

At the same time, Standard & Poor's affirmed its 'BBB+' long-
term counterparty credit rating and stable outlook on the rating
on the bank.

As the core banking subsidiary in Yamaguchi Financial Group,
Yamaguchi Bank holds about 60% of the group's assets.  After
Standard & Poor's lowered the bank's Bank Fundamental Strength
Rating in December 2005 on its agreement to consolidate with
Momiji Holdings Inc., the quality of Yamaguchi Bank's assets and
capitalization levels in terms of the group's net NPL ratio and
Tier 1 capitalization ratio has improved.

In the third quarter of fiscal 2006 (September to December
2006), under unified standards for NPL disposals and
provisioning, the group recorded about JPY48 billion in credit
costs.  This level of credit costs has already been incorporated
into the rating as part of the cost burden for the
consolidation.

In addition, diffusion of Yamaguchi Bank's provisioning
standards, which are more conservative than that of Momiji
Holdings, throughout the newly consolidated group would boost
its financial profile.

The long-term counterparty credit rating on Yamaguchi Bank was
affirmed based on the improvement in the bank's fundamental
credit quality, and reduced reliance on government support as a
factor underpinning the rating.  Government support had been
incorporated to a much larger extent in the bank's credit rating
compared to that on other banks when Standard & Poor's lowered
the BFSR on Yamaguchi Bank in December 2005.


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

ACTUANT CORP: Earns US$18.9 Million in Second Quarter 2007
----------------------------------------------------------
Actuant Corporation reported net earnings of US$18.9 million for
the second quarter ended Feb. 28.  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 U.S. 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.

At Feb. 28, 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.


DRESSER INC: S&P Junks Proposed US$750-Million Facilities
---------------------------------------------------------
Standard and Poor's Ratings Services affirmed its 'B' corporate
credit rating on oilfield products manufacturer Dresser Inc.,
based on the expectation that the company's debt leverage will
improve, following its acquisition, to levels consistent with
the ratings over the medium term.  The outlook is negative.

At the same time, the ratings on Dresser were removed from
CreditWatch with developing implications, where they were placed
on March 12.

Standard & Poor's also assigned:

   -- its 'B' rating and '2' recovery rating (indicating the
      expectation of substantial (80%-100%) recovery of
      principal in the event of a payment default) to Dresser's
      proposed US$1.3 billion first-lien bank facilities; and

   -- its 'CCC+' rating and '5' recovery rating (indicating the
      expectation of negligible (0%-25%) recovery of principal
      in the event of a payment default) to Dresser's proposed
      US$750 million second-lien bank facilities.

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

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

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

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

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

                           *     *     *

Moody's Investors Service downgraded Dresser, Inc.'s ratings.  
Moody's said the rating outlook is negative.Dresser's Corporate
Family Rating was downgraded to B1 from Ba3.  The rating for the
company's Senior Secured Tranche C Term Loan maturing 2009 was
downgraded to B1 from Ba3.  Moody's also downgraded the rating
for the company's Senior Unsecured Term Loan maturing 2010 to B2
from B1.  The company's Senior Subordinated Notes maturing 2011
was downgraded to B3 from B2.


MAGNACHIP SEMICON: Moody's Pares Corporate Family Rating to B2
--------------------------------------------------------------
Moody's Investor Service downgraded MagnaChip Semiconductor
LLC's corporate family rating to B2 from B1.  At the same time,
Moody's has downgraded the following debt ratings as issued by
MagnaChip Semiconductor Finance Co (US) and MagnaChip
Semiconductor SA:

   1) US$100 million 5-year senior secured credit revolver to B1
      from Ba3

   2) US$500 million aggregate floating- and fixed-rate second
      priority senior secured notes due 2011 to B2 from B1

   3) US$250 million senior subordinated notes due 2014 to Caa1
      from B3

The outlook for the ratings is negative.  This concludes the
review for possible downgrade commenced on February 1, 2007.

"The downgrade has been prompted by MagnaChip's weaker than
expected operating performance and its high financial leverage,"
says Ken Chan, a Moody's AVP/Analyst, adding, "These are the
results of a product gap with major competitors, and market
share loss in certain business segments."

The projected key financial profile over the next one to two
years -- with adjusted total debt/EBITDA of around 6-8x and
EBITDA/interest of around 2.0-2.5x -- are more consistent with
mid-to-low B rated regional peers.

However, MagnaChip is positioned at the B2 level given its
optimal capital structure with a long debt maturity profile (due
in 2011 and 2014), which means less periodic debt servicing
requirements. It had US$89 million of cash as of December 2006,
and maintains an un-drawn secured credit line of around US$100
million as back-up liquidity. Moody's also gives credit to
MagnaChip's light capex business model and flexibility.

"There are various execution risks involved in achieving the
company's projected sales growth in 2007 - which depend upon
gaining market share and customer confidence so it can secure
orders for its higher-margin products," says Chan, also Moody's
lead analyst for MagnaChip, adding, "Moreover, a track record of
sustainable R&D capability, ability to churn out new designs and
also product development are critical for the longer term
success of the company."

Other operational challenge includes the need to narrow the
technology gap with other industry leaders in a competitive
operating environment, as well as weathering seasonal volatility
in the broader semiconductor industry.

The negative outlook reflects Moody's concerns that the
company's financial performance may continue to come under
pressure in the near term.  The negative outlook also considers
the company's execution risk in gaining market share and
capitalizing it into cash flow over the next 12-18 months.

The possibility of a rating upgrade is remote, given the current
negative outlook.  However, the rating outlook could stabilize
if MagnaChip demonstrates its ability to gain meaningful market
share in both the complementary metal-oxide semiconductor image
sensors (CIS) and display driver integrated circuits (DDI)
divisions, such that its profitability and cash generation
improve.  The credit metrics that Moody's would look for in this
regard include adjusted debt/EBITDA trending below 6x and
EBITDA/interest in excess of 2.0-2.5x.

On the other hand, if the company fails to execute its business
plans which weakens its balance sheet liquidity and financial
performance -- such that EBITDA/interest fall below 1.2-1.5x
over the cycle -- would pressure the ratings.

MagnaChip Semiconductor LLC, headquartered in Korea, designs,
develops and manufactures mixed-signal and digital multimedia
semiconductors. It also focuses on complementary metal-oxide
semiconductor image sensors and flat panel display drivers. It
was the system integrated circuit division of Hynix before its
carve-out acquisition by financial sponsors, including CVC,
Francisco Partners and CVC Asia Pacific in October 2004.


PANTECH CO: Creditors Commence Debt Reform Program
--------------------------------------------------
Pantech Co. Ltd and its affiliate Pantech&Curitel Communications
Inc., have started a creditor-led debt rescheduling program
worth KRW1.28 trillion.  The scheme is expected to rescue the
two companies from possible bankruptcy, Yonhap News reports,
citing a statement from the Korea Development Bank.

Yonhap, citing the bank's statement, relates that the companies'
creditors agreed to allow Pantech and Pantech&Curitel., to defer
repayment of their debt worth KRW1.16 trillion until the end of
2011.

In addition, both companies have been cleared to raise KRW120
billion in fresh funds and will swap as much as 62% of the debt
into new equity.

Pantech and the affiliate welcomed their creditors' decision and
said, in a joint statement, "they will make their utmost effort
to regain profitability, the report says.

                          *     *     *

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/-- manufactures mobile phones.   
Pantech's products are mainly global system for mobile
communication and code division multiple access phones.  The
company markets its products internationally, and supplies
Motorola as an original equipment manufacturer and original
design manufacturer.  It has seven subsidiaries involved in the
information technology and telecommunication sectors, and
operates in Argentina and Russia, among other countries.

According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.

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


TRIGEM COMPUTER: Black Crystal Design Wins Intel's Challenge
------------------------------------------------------------
South Korea's TriGem Computer Inc. has won the grand price in
the Intel Core Processor Challenge by featuring its Home Theater
Lluon "Black Crystal" design.

Intel, in a press release, said the US$1 million challenge was a
contest designed to spur industry innovation in new, stylish and
high-performing PC designs based on the Intel Viiv processor
technology featuring Intel Core 2 Duo processors.

TriGem will receive up to US$300,000 to help offset the costs of
enabling the mass production of its grand-prize winning system
and up to US$400,000 for co-marketing and promotional activities
with Intel around the winning system.  The first runner-up
winner, Mesiro, will receive up to US$300,000 to help offset the
costs of enabling the mass production of its winning system.

Bringing expertise in technology, design and style, the panel of
judges for the finalist submissions consisted of IDEO Founder
and Chairman David Kelley; Ziff Brothers Investments Senior Vice
President, Technology Strategy Michael Miller; Intel President
and CEO Paul Otellini; and GQ magazine Associate Editor Kevin
Sintumuang.

                        About the Company

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/-- manufactures desktop PCs,  
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.

The Troubled Company Reporter - Asia Pacific reported on June
20, 2005, that the Suwon District Court has authorized TriGem's
receivership and gave it a chance to revive its operations.  The
Suwon Court then appointed the Company's former president and
chief executive officer Park Il-hwan as supervisor.

Mr. Park, also as TriGem's Foreign Representative, filed a
chapter 15 petition on Nov. 3, 2005, with the United States
Bankruptcy Court for the Central District of California (Bankr.
C.D. Calif. Case No. 05-50052), seeking recognition of TriGem's
case pending under the Corporate Reorganization Act in Korea as
a foreign main proceeding.  Charles D. Axelrod, Esq., at Stutman
Treister & Glatt, P.C., represents the Foreign Representative in
the U.S.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy
News, Issue No. 3 Bankruptcy Creditors' Service, Inc., 215/945-
7000).


WOORI BANK: Moody's Assigns Baa2 to Proposed Hybrid Tier 1 Issue
----------------------------------------------------------------
Moody's Investors Service has on April 18, 2007, assigned a Baa2
rating to Woori Bank's proposed hybrid Tier 1 securities.  The
rating outlook is positive, in line with the sovereign outlook.

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

The ratings do not incorporate any potential rating changes that
may take place as a result of the announcement of February 21
that Moody's will review all bank ratings worldwide in
conjunction with the implementation of Joint Default Analysis
(JDA) for banks and the updated Bank Financial Strength Rating
(BFSR) methodology.

"The rating is underpinned by the subordination and equity
characteristics of the securities as well as Woori's relatively
healthy financial condition, as reflected in its D+ bank
financial strength rating," says Beatrice Woo, a Moody's
VP/Senior Credit Officer.

Under the terms of the securities, the instruments are non-
cumulative and mature in 2037 with automatic 30-year extensions
if they are not redeemed.  Interest deferral is optional if the
bank does not pay or declare common dividends in the preceding
year, but mandatory if the bank is designated - by the
regulators - as a non-performing financial institution.

"If a deferral is implemented, such provision, while not legally
constituting an event of default, could result in payment terms
appreciably different from those for senior securities," says
Ms. Woo.

"This distinction and the ranking of the securities in
liquidation -- after subordinated debt, but before common shares
and junior preference shares -- are reflected in the two-notch
rating differential between Woori's A3 senior obligations and
this issue," says Woo.

The instrument will have sufficient equity-like features to
allow it to receive Basket "B" treatment (25% equity and 75%
debt) for financial leverage purposes (please refer to Moody's
Rating Methodology "Refinements to Moody's Tool Kit:
Evolutionary, not Revolutionary," February 2005).

The Basket B allocation is based on the following rankings for
the three dimensions of equity:

   No Maturity: Moderate -- The instrument is moderate from the
   point of view of its ability to replicate equity.  Although
   the securities have a 30-year maturity with automatic 30-year
   extensions if they are not redeemed, they are callable in
   cash after 10 years with redemption subject to regulatory
   approval.  The ranking given takes into consideration the
   benefit of regulatory oversight.

   No Ongoing Payments: Weak -- The instrument is weak with
   regard to its ability to replicate equity.  Woori Bank may
   choose, at its discretion, to skip an interest payment, but
   only if it has not declared or paid any common dividends
   during the twelve month period immediately preceding any
   interest payment date.  The interest payments are non-
   cumulative for investors.

   Loss Absorption: Moderate -- The instrument is moderate with
   regard to its ability to replicate equity, given its ranking
   as a junior instrument in the capital structure, ahead only
   of common equity and junior preference shares.

Woori Bank was established on December 31, 1998, as a result of
a merger between Commercial Bank of Korea and Hanil Bank.  Since
April 2, 2001, it has been a subsidiary of Woori Financial
Group, Korea's first financial holding company. It is now the
country's third largest financial group.

The Korea Deposit Insurance Corporation now holds 77.97% of
Woori Financial Group following an initial public offering in
June 2002 and subsequent sales.  Woori Bank is the second
largest commercial bank in the domestic Korean banking industry.
It had total assets on a consolidated basis of KRW168.7 trillion
as of December 31, 2006.

The other ratings of the bank are foreign currency
senior/subordinated debt of A3/Baa1; foreign currency short-term
debt of Prime-1; and foreign currency long-term/short-term
deposit of A3/Prime-2.  The outlook is positive for the long-
term ratings and stable for all other ratings.


WOORI BANK: Fitch Hands BBB+ on Planned Hybrid Tier 1 Notes
-----------------------------------------------------------
Fitch Ratings has assigned Woori Bank's planned Hybrid Tier 1
notes an expected rating of BBB+.  The final rating is
contingent upon receipt of final documents conforming to
information already received.

Fitch's rating on the issue is linked to Woori's Long-term
Issuer Default rating of A-, which is in line with the agency's
general notching policy for hybrid Tier 1 notes of higher rated
entities.

Woori's ratings take into account its substantial franchise (as
Korea's second largest bank with 13% of system-wide assets), as
well as its good operating performance and solid balance sheet.

With a very aggressive 35% level of loans growth in 2006,
Woori's net interest margins declined to 2.61% from 2.97% in
2005.  This, however, was somewhat offset by a slightly better
non-interest income performance and improved efficiency due to
greater economies of scale. As such, Woori's pre-provision
return on average assets came in at a still very satisfactory
1.72% versus 1.80% in 2005.  Meanwhile its net RoAA also came in
at a good 1.22% versus 1.33% in 2005, with the write-back of
losses on formerly problematic credits such as LG Card, Hyundai
Corp. and Ssangyong being more than offset by additional
provisioning (due to stricter regulatory requirements) and a
higher, more normalised tax charge.

With a low level of new non-performing loans incurred, as well
as some write-offs and the bank's very strong loans growth,
Woori's NPLs ratio declined to 0.96% at end-2006 (from 1.23% at
end-2005) and were well reserved for with a 148% coverage ratio.
Precautionary loans also fell to 0.9% from 1.8% at end-2005.  
Meanwhile, capitalization declined slightly on the back of the
strong loans growth but remained satisfactory with Tier-I and
total capital asset ratios of 7.13% and 11.60% respectively at
end-2006 (versus 8.09% and 11.65% at end-2005). Fitch
understands that the planned hybrid Tier 1 issue is mainly aimed
at boosting its Tier 1 up to its target of 8%.

The Outlook on Woori's ratings is Stable.  This is despite the
bank's quite favourable robust operating performances in the
recent two years, and reflects uncertainty over the bank's
privatization.  Fitch's view is that this is necessary to cement
the bank's commercial orientation, particularly in view of
increasing competition in the banking sector. Fitch is also
somewhat concerned about Woori's aggressive loans growth over
2006. It is noted that in March 2007, Mr. Hwang, Young Ki, was
replaced as the CEO of both Woori and its holding company by Mr.
Park, Hae-Choo in the case of Woori (formerly CEO of LG Card)
and by Mr. Park, Byung-Won in the case of the holding company
(formerly Vice Minister of Ministry of Finance & Economy).  As a
result of this, the bank may well take a more conservative
stance in terms of loans growth going forward.

Woori (formerly Hanvit Bank) was created in January 1999, from
the merger of two of Korea's large commercial banks, Commercial
Bank of Korea and Hanil Bank.  The bank is the dominant
subsidiary of Woori Financial Holdings, which is in turn 78%
owned by Korea Deposit Insurance Corp.

                          *     *     *

Woori carries Moody's Investors Service's 'D+' Bank Financial
Strength Rating.


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

FOAMEX INT'L: John Johnson Returns as Chief Executive Officer
-------------------------------------------------------------
Foamex International Inc.'s board of directors has named John G.
Johnson, Jr., as chief executive officer and a member of the
board, effective immediately.  Ray Mabus has resigned from his
position as ceo and chairman of the board of directors in order
to return to his home in Mississippi.

The company also appointed Eugene I. Davis as non-executive
chairman of the board of directors, effective immediately.  

"On behalf of the Board, I would like to welcome Jack back to
Foamex," Mr. Davis said.  "Jack is a proven leader who brings to
Foamex an ideal combination of skills and experience, having led
the company at a time when it enjoyed then historic levels of
profitability and growth.  The company is confident that Foamex
will greatly benefit from his intimate knowledge of the company
and industry experience as the company continues to focus on
driving shareholder value through growth and de-leveraging."

"Foamex is an established leader in the polyurethane foam
manufacturing industry, and I am very pleased to be returning to
the company," Mr. Johnson said.  "I look forward to leading
Foamex through its next phase of growth and implementing its
strategic vision of being a market-focused provider of
polyurethane foam-based solutions and specialty comfort
products.  I am excited by this opportunity and look forward to
working with the entire Foamex team to realize the enormous
potential that exists at Foamex."

"The company would like to thank Ray for his significant
contributions to Foamex over the past seven years," Mr. Davis
said.  "Most recently, stepping in as chief executive to lead
Foamex through the successful completion of its financial
restructuring.  The proof of his efforts is evident in the
results with Foamex emerging from bankruptcy having paid
creditors in full and preserving value for equityholders.  The
company recognizes that commuting from Mississippi imposed
substantial sacrifices on Ray and his family and understands his
desire to return home now that Foamex has emerged so
successfully from chapter 11.  On behalf of the entire Board, we
wish him well."

Most recently, Mr. Johnson has been running his own management
consulting business specializing in turnaround initiatives.
Mr. Johnson currently serves as the non-executive chairman of
GenTek Inc.  He has been the lead director of Thermadyne
Holdings for the last three years, but will be relinquishing
this post to devote his time and efforts to Foamex.  Mr. Johnson
served as president and ceo of Foamex in from 1999 to 2001.  
Prior to joining Foamex, Johnson was president and chief
executive officer of Safety-Kleen Corp., an environmental
services company, from 1995 to 1997.  Mr. Johnson also served as
president, chief operating officer and director of Safety-Kleen
Corp. from 1993 to 1995.  From 1982 to 1992, Mr. Johnson held
several executive positions with the ARCO Chemical Company,
including senior vice president and director of ARCO Chemical
Company and president of ARCO Chemical Americas beginning in
1987.  Mr. Johnson began his career with the Atlantic Richfield
Company in 1958.

Eugene I. Davis, 52, has been a director of the company since
February 2007.  Mr. Davis has been chairman and chief executive
officer of PIRINATE Consulting Group, LLC, a privately-held
consulting firm specializing in turn-around management, merger
and acquisition consulting, hostile and friendly takeovers,
proxy contests and strategic planning advisory services for
domestic and international public and private business entities,
since 1997. Prior to forming PIRINATE in 1997, Mr. Davis served
as president, vice-chairman and director of Emerson Radio Corp,
and chief executive officer and vice-chairman of Sport Supply
Group, Inc. Mr. Davis began his career as an attorney and
international negotiator with Exxon Corporation and Standard Oil
Company and as a partner in two Texas-based law firms where he
specialized in corporate/securities law, international
transactions and restructuring advisory.  Mr. Davis is a
director of Knology, Inc., PRG-Schultz International, Inc.,
Silicon Graphics, Inc. and American Commercial Lines Inc. Mr.
Davis is also chairman of the board of directors of Atlas Air
Worldwide Holdings, Inc.

                    About Foamex International

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

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned its 'B' rating to
Foamex L.P.'s (D/--/--) proposed US$425 million senior secured
term loan B, based on preliminary terms and conditions.  At the
same time, the rating agency assigned a '2' recovery rating,
indicating  the likelihood of a substantial (80%-100%) recovery
of principal in the event of a payment default.
     
Standard & Poor's also assigned a 'CCC+' rating to the proposed
US$175 million senior secured second-lien credit facility
(expected to be downsized from the previously proposed US$190
million), based on preliminary terms and conditions.  The rating
agency assigned a '5'recovery rating to the senior secured
second-lien credit facility, indicating the likelihood of a
negligible (0%-25%) recovery of principal in the event of a
payment default.  The bank loan ratings assume that other
conditions precedent to the bank facility becoming effective are
satisfied; the ratings are subject to review once final
documentation is received.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service has assigned a B2 corporate family and
probability of default ratings on Foamex L.P.  Concurrently,
Moody's has assigned a B1 rating to the company's US$425 million
first lien senior secured Term Loan B and a Caa1 rating to its
US$190 million second lien senior secured term loan (expected to
be downsized to US$175 million).  The ratings outlook is stable.

Moody's assigned these ratings:

   -- Senior Secured Bank Credit Facility, Assigned a range of
      37 - LGD3 to B1; and

   -- Senior Secured Bank Credit Facility, Assigned a range of
      84 - LGD5 to Caa1;


PROTON HOLDINGS: Former PM Wants Management Revamp
--------------------------------------------------
Malaysia's former Prime Minister Tun Dr. Mahathir Mohamad wants
Proton Holdings Bhd's current management to be replaced because
of its relatively poor performance, Bernama News reports.

Speaking before the 6th Perdana Discourse Series on "Media and
National Development", Dr. Mahathir has cited several instances
where the current management of the national car manufacturer
has erred.

According to Dr. Mahathir, currently 70% of Proton's dealers
were facing poor sales.  To overcome this slump, the management
decided to sell other makes of cars, but this decision,
according to the former state head, would eventually kill Proton
as the sale of its brand would decline.

In addition, poor sales and the current automotive environment
in the country made Proton unattractive for partnership with
other companies than it was before, Bernama News relates, citing
Dr. Mahathir.

Dr. Mahathir also stressed that if the government wished to sell
its stake in Proton, then it should be sold to locals instead of
foreigners.

                     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.


TAP RESOURCES: Bursa Defers Delisting Until Plan Outcome
--------------------------------------------------------
The Bursa Malaysia Securities Bhd decided to defer the delisting
of Tap Resources Bhd's securities and wait for the outcome of
its regularization plan filing with the Securities Commission.

As reported by the Troubled Company Reporter - Asia Pacific on
Feb. 22, 2007, Bursa Securities has commenced a suspension and
delisting procedure on the company's securities after denying
its request to extend the plan-filing deadline.

"After having considered all facts and circumstances of the
matter and the fact that TAP had on April 11, 2007, submitted
its regularization plan to the commission for approval, Bursa
Securities has decided to await the outcome of the company's
submission," the bourse said.

                      About the Company

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

The company is classified under the PN17 category because, for
the nine months ended January 31, 2006, its shareholders' equity
on a consolidated basis is equal to or less than 25% of the
issued and paid up capital of the Company and such shareholders
equity is less than the minimum issued and paid up capital as
required under paragraph 8.16A (1) of the Listing Requirements
of Bursa Malaysia Securities Berhad, plus it has a default in
payments and is unable to provide a solvency declaration.


* Central Bank Issues New Directive to Secure Stakeholders
----------------------------------------------------------
Malaysia's central bank has issued a revised capital framework
for banks and insurers to promote greater protection for the
various stakeholders, particularly depositors and policy
holders, Reuters reports.

In a statement cited by Reuters, Bank Negara said that the
capital framework for banks, based on the standardized
approaches under Basel II, would take effect on Jan. 1, 2008.

"The standardized framework sets capital requirements by
assigning predetermined risk weights to the various types of
exposure," the statement said.

Moreover, Bank Negara will take into effect the revised capital
framework for insurers from Jan. 1, 2009, which is designed to
further enhance the existing solvency framework by establishing
more transparent and risk-adjusted capital and valuation
requirements that reflect all major financial risks of insurers,
Reuters relates.

The revised capital framework for both banks and insurers,
Reuters says, will be implemented on a trial basis beginning
this month.

Reuters notes that Bank Negara will commence a supervisory
review and will formulate an enhanced disclosure requirement on
the capital strengths of the banks and insurers.


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

BANCO DE ORO: S&P Raises Credit Rating to BB- From B+
-----------------------------------------------------
Standard & Poor's Ratings Services, on April 19, raised the
long-term counterparty credit ratings to 'BB-' from 'B+' on
Banco De Oro Universal Bank and Equitable PCI Bank Inc.  The
outlook is stable.

Both banks' Bank Fundamental Strength Ratings remain unchanged
at 'D'.

The rating has been raised to incorporate expected extraordinary
support from the Philippine government due to the banks'
systemic importance in the country.  Standard & Poor's believes
the government is likely to have the willingness and capability
to provide extraordinary support in the event the banks
encounter distress.

Extraordinary government support refers to specific actions --
recapitalization, liquidity support, or the purchase of problem
assets -- that would prevent banks, including private sector
banks, from failing.  Standard & Poor's recognizes that the
willingness of the government of the Philippines to support
systemically important banks in their systems, and defines the
Philippine government as "interventionist."

"Interventionist" is defined by Standard & Poor's as a
government that is highly likely to intervene directly and
rescue failing banks, compared with "supportive" and "support
uncertain" governments.

The rating agency considers BDO to be a systemically important
bank as it will become the second-largest bank in the
Philippines, after its expected merger with EPCI.  On a pro
forma basis, the merged market share of BDO-EPCI would be an
estimated 15.8% in deposits and 12.4% in loans.  Standard &
Poor's expects BDO and EPCI to get the necessary approvals to
complete the merger and be the second largest in the country.


CHIQUITA BRANDS: Amends Fernando Aguirre's Employment Contract
--------------------------------------------------------------
Chiquita Brands International, Inc. and Fernando Aguirre, the
company's Chairman and Chief Executive Officer, on April 15,
2007, entered into a letter agreement renewing, with certain
modifications, Mr. Aguirre's 2004 employment agreement, which
expired on Jan. 11, 2007.

As amended by the Letter Agreement, Mr. Aguirre's employment
agreement provides that his employment will continue on an "at
will" basis, and that his annual base salary and annual target
bonus will be set by the Compensation & Organization Development
Committee of the Company's Board of Directors from time to time.  
Mr. Aguirre's annual base salary, effective as of Jan. 1, 2007,
has been set at US$900,000 and his target bonus at 130% of
annual base salary.  The Letter Agreement provides that benefits
otherwise payable to Mr. Aguirre upon termination of employment
may be modified in advance by the Company's Board of Directors
under certain circumstances.  Except as provided in the Letter
Agreement, the terms of Mr. Aguirre's 2004 employment agreement
are renewed in their entirety.

Pursuant to the Letter Agreement, Mr. Aguirre also has been
granted a restricted stock award for shares having a value of
US$1,200,000 that vest in equal annual installments over a
three-year period.  The Letter Agreement further provides that
Mr. Aguirre will be eligible for an additional restricted stock
grant with a targeted value of US$1,600,000, subject to approval
by the Compensation Committee.  The Letter Agreement also
recites that his previously granted target long-term incentive
program (LTIP) award opportunity for the 2007-2009 performance
period under the Chiquita Stock and Incentive Plan is
US$1,600,000.

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'.


METROPOLITAN BANK: S&P Raises Credit Rating to BB- From B+
----------------------------------------------------------
Standard & Poor's Ratings Services, on April 19, raised the
long-term counterparty credit rating to 'BB-' from 'B+' on
Metropolitan Bank & Trust Co.  The outlook is stable.

At the same time, Bank Fundamental Strength Rating of Metrobank
remains unchanged at 'D'.

The rating has been raised to incorporate expected extraordinary
support from the Philippine government due to the bank's
systemic importance in the country.  Standard & Poor's believes
the Philippine government is likely to have the willingness and
capability to provide extraordinary support in the event the
bank encounters distress.

Extraordinary government support refers to specific actions --
recapitalization, liquidity support, or the purchase of problem
assets -- that would prevent banks, including private sector
banks, from failing.  Standard & Poor's recognizes that the
willingness of the government of the Philippines to support
systemically important banks in their systems, and defines these
two governments as "interventionist."

"Interventionist" is defined by Standard & Poor's as a
government that is highly likely to intervene directly and
rescue failing banks, compared with "supportive" and "support
uncertain" governments.

S&P believes Metrobank in the Philippines is systemically
important as it is the largest bank with 16.4% market share in
deposits and 11.4% in loans.


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

SCOTTISH RE: Provides Update on MassMutual & Cerberus Deal
----------------------------------------------------------
Scottish Re Group Limited has provided an update with respect to
the closing of its proposed transaction with MassMutual Capital
Partners LLC and affiliates of Cerberus Capital Management,
L.P., whereby each will invest US$300 million into the company,
resulting in a total new equity investment of US$600 million.  
MassMutual Capital and Cerberus will have a controlling voting
equity interest in the company after the closing.

Scottish Re has received notice that the Delaware Department of
Insurance approval hearing for the transaction is scheduled for
April 26, 2007.  Upon receiving final regulatory approval from
the Delaware Department of Insurance, as well as the NASD and
South Carolina Department of Insurance, all regulatory approvals
needed to close the transaction will have been received.

Paul Goldean, Scottish Re's chief executive officer, noted, "The
regulatory approval process is proceeding as planned and we look
forward to closing the transaction during the first part of May
2007."

                      About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities

                          *     *     *

Troubled Company Reporter - Asia Pacific reported on March 7,
2007, that Standard & Poor's Ratings Services said that its
ratings on Scottish Re Group Ltd. (B/Watch Dev/--) and
affiliated operating companies remain on CreditWatch with
developing implications following the announcement by the
company that the shareholders have approved the transaction by
which MassMutual Capital Partners LLC and affiliates of
Cerberus Capital Management L.P. would provide an equity
infusion of US$600 million in a transaction to close in the
second quarter of 2007.

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt, which is rated at Ba3 and preferred stock rated
at B2.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement, which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, due to concerns
regarding the company's ability to repay US$115 million of
senior convertible notes that are expected to be put to the
company on Dec. 6.  Ratings on Rating Watch Negative include the
company's BB issuer default rating and the BB- rating on its
4.5% USUS$115 million senior convertible notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


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

                      Intercompany Funding

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

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

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

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

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

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

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

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

                        Funding Details

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

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

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

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

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

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

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

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

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

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

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

                      About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB)-- http://www.seacontainers.com/-- provides passenger and  
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

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

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


SPECTRUM BRANDS: Shareholders Tender US$347 Million in Swap
-----------------------------------------------------------
Spectrum Brands, Inc. disclosed:

   (i) the expiration, as of Midnight, New York City
       time, on April 13, 2007, of the exchange offer for all of  
       the company's outstanding 8-1/2% Senior Subordinated
       Notes due 2013; and

  (ii) the acceptance of the Existing Notes that were validly
       tendered prior to the expiration of the Exchange Offer.

As of Midnight, New York City time, on April 13, 2007, a total
of US$347,127,000 in principal amount of the Existing Notes,
representing 99.18% of the aggregate outstanding principal
amount of Existing Notes were tendered in the Exchange Offer.  

Approximately US$2,296,000 in additional principal amount of the
Existing Notes, representing approximately 0.66% of the
aggregate outstanding principal amount of Existing Notes, was
validly tendered in the Exchange Offer following the expiration
of the consent solicitation on March 29.  Holders tendering
after March 29, whose Existing Notes have been accepted by the
company, will promptly receive US$950 in principal amount of
Variable Rate Toggle Senior Subordinated Notes due 2013.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products  
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.  
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Apr. 3,
2007, Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Atlanta, Georgia-based Spectrum Brands
Inc.'s planned US$1.6 billion senior secured bank financing,
which includes a US$1.55 billion first-lien term loan B and a
US$50 million first-lien letter of credit facility both maturing
in 2013.  A portion of the term loan can be denominated in Euros
and Canadian dollars.  The facilities are rated 'CCC+' (at the
same level as the corporate credit rating of Spectrum Brands)
with a recovery rating of '2', indicating the expectation of
substantial (80% to 100%) recovery of principal in the event of
a payment default.

S&P also assigned a 'CCC-' rating to Spectrum Brands' planned
US$350 million variable rate toggle senior subordinated notes
due 2013.  The senior subordinated note offering will be an
exchange offer for the company's existing US$350 million senior
subordinated notes due 2013.  The new notes will be issued
pursuant to Section 3(a)(9) of the Securities Act of 1933 and
will retain the same registered status as the existing notes.

Fitch Ratings affirmed the ratings of Spectrum Brands, Inc. as:

    -- Issuer default rating 'CCC';
    -- Senior secured bank facility 'B/RR1';
    -- Senior subordinated debentures 'CCC-/RR5'.

The rating outlook has been revised to negative from stable.
Approximately US$2.38 billion of debt is covered by these
actions.

Moody's Investors Service confirmed Spectrum Brands Inc.'s B3
Corporate Family Rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


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

DAIMLERCHRYSLER AG: Chrysler's Revenues Plummet Amid Sale Talks
---------------------------------------------------------------
DaimlerChrysler AG's Feb. 14 announcement that it is putting
Chrysler Group on the block has triggered a decline in the
ailing unit's sales, Steven Landry, Chrysler's vice president
for sales and field operations, told The Associated Press in an
interview.

According to the report, Chrysler's revenues dropped 8.3 percent
in February 2007, compared with its February 2006 numbers.  The
unit reported a 1 percent rise in its January 2007 sales from
the same month last year.  March sales showed a 4.6 percent dip
although Mr. Landry claims that the division exceeded internal
goals by 1 percent.  Overall, Chrysler's revenues for the first
quarter of 2007 were down 4 percent from the same period in
2006.

Concurrently, two Magna International Inc. directors said
reports that the auto parts maker has submitted a joint tender
with a partner for Chrysler are premature as Magna's board has
yet to receive a proposal from its management, The Star relates.
Magna had issued a statement that it is mulling over options
regarding a possible Chrysler purchase.

Meanwhile, Tracinda Corp.'s US$4.5-billion bid to acquire
Chrysler, which is significantly lower than its rivals, could
unravel unless it finds a way to negotiate with DaimlerChrysler
soon, The Financial Times states.

DaimlerChrysler has so far ignored Tracinda's offer not only
because of its considerably smaller offer, but also due to the
investment firm's demand for exclusive negotiations with the
automaker.  Plus, billionaire Kirk Kerkorian, who controls
Tracinda, has had a long and adverse relationship with the
German company, made worse by his lawsuit alleging that Daimler
paid too little when it acquired Chrysler in 1998, FT observes.

The TCR-Europe reported on April 13 that DaimlerChrysler
executive Ruediger Grube, a management-board member and head of
strategy, is presently negotiating with all Chrysler bidders,
with the exception of billionaire Kirk Kerkorian's Tracinda
Corp.

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

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: 2nd-Round Bids Expected for Chrysler, WSJ Says
---------------------------------------------------------------
As moves for possible sale of DaimlerChrysler AG's Chrysler
Group get clearer, bidders interested in the automaker's U.S.
unit are expected to submit a second round of offers within the
next week or so, Gina Chon of The Wall Street Journal reports,
citing people familiar with the matter.

Afterwards, WSJ relates, DaimlerChrysler will likely narrow it
down to two bidders and then eventually choose one leading
candidate in early May.

Last week, WSJ said DaimlerChrysler executive Ruediger Grube, a
management-board member and head of strategy, was negotiating
with all Chrysler bidders, with the exception of billionaire
Kirk Kerkorian's Tracinda Corp.

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

The TCR-Europe reported on April 11 that DaimlerChrysler had
received a new offer of up to US$4.5 billion in cash from
Tracinda Corp., an investment firm owned by billionaire Kirk
Kerkorian.

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

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

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

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

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

                      About DaimlerChrysler

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

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

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

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

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


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

AUSTRALIA

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


CHINA AND HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


SOUTH KOREA

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


THAILAND

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




                            *********

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

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

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


                            *********


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