TCRAP_Public/070423.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Monday, April 23, 2007, Vol. 10, No. 79

                            Headlines

A U S T R A L I A

AUSTRALIAN & NZ HEALTH: Members to Hear Wind-Up Report
AUSTRALIAN LASER: To Declare Final Dividend on May 30
BONNIE PTY: Names Edward Angyalosy as Liquidator
CHESTER HILL: Members to Hold Final Meeting on May 18
CLASSIC RENDERING: Members & Creditors to Meet on May 18

CLINICAL DATA: Names James P. Shaffer as PGxHealth Division VP
CONSTELLATION BRANDS: Earns US$331.9 Mil. on Year Ended Feb. 28
CONSTELLATION BRANDS: Peter Soderberg Joins Board of Directors
FINANCIALS GROUP: Liquidator to Present Wind-Up Report on May 17
FLINSEA PTY: Creditors' Proofs of Debt Due on May 10

GROUP SITE: Undergoes Wind-Up Proceedings
L & W INVESTMENTS: Members' Final Meeting Set for May 18
MPGS DESIGN: Joint Meeting Set for May 18
PROJECT REALTY: Federal Court Issues Wind-Up Order
SHENNEN PUBLISHING: Members and Creditors to Meet on May 14

SIGNWAREHOUSE AUSTRALIA: Supreme Court Enters Wind-Up Order
STEALTH SECURITY: Members & Creditors to Meet on May 18


C H I N A   &   H O N G  K O N G

CHINA EASTERN: Posts CNY2.78 Bil. Net Loss in Fiscal Year 2006
CHINA PROPERTIES: S&P Rates Proposed US$300 Million Notes at B+
CYBERPASS LIMITED: Members' Final Meeting Set for April 20
CYPRESS SHIPPING: Proofs of Debt Due on May 21
IMAGE ASSOCIATES: Members' Final Meeting Set for May 21

JIANGXI COPPER: Eyes 25% Increase in Refined Copper Output
MEGA-CARE PHARMACEUTICAL: Commences Liquidation Proceedings
ON SKY: Wind-Up Petition Hearing Set for May 16
PANVA GAS: Obtains US$25 Million Loan from HKCG
SHAW GROUP: Unit Inks Agreement with China's Liaoning Huajin

SUNVILLE INVESTMENT: Court to Hear Wind-Up Petition on May 23
TOPVILLE INDUSTRIAL: Wind-Up Petition Hearing Set for May 23
WELDSTONE ASIA: Proofs of Debt Due on May 20
WORLD PACIFIC: Court to Hear Wind-Up Petition on June 13
ZTE CORP: 2006 Profit Dips 40% to Rising Costs and Lower Sales

* Chinese Banks Warned on Rising Non-Performing Loans


I N D I A

ALLAHABAD BANK: Posts 30% Increase in Business for FY2006-07
ALLAHABAD BANK: Raises Prime Lending Rate to 13.25%
BRITISH AIRWAYS: Cabin Crew Union Accepts Airline's Proposal
EASTMAN KODAK: Board Elects Dolores Kruchten as Vice President
GENERAL MOTORS: Cuts Jobs in Belgium, Plans Growth in Asia

ICICI BANK: Regulator Approves Sangli Bank Merger
ICICI BANK: Board to Consider Annual Results on Apr. 28 Meeting
IMAX CORP: Inks Theatre Systems Installation Pact with Muvico
ITI LTD: Interest Payment Delay Prompts CARE's D Rating


I N D O N E S I A

AVNET INC: Breaks Ground on 228,000-Square-Foot Arizona Facility
CORUS GROUP: Fitch Retains Rating Watch Negative on BB- IDR
BANK MANDIRI: First Quarter 2007 Net Profit Ups to IDR1.03 Tril.
EXCELCOMINDO: AIF Indonesia Sells 7.4% Stake to TM International
FREEPORT-MCMORAN: Mine Operation Below Capacity Due to Protest

GOODYEAR TIRE: 4% Senior Notes Convertible until June 29, 2007
HANOVER: Set to Release First Quarter 2007 Results on May 1


J A P A N

AOZORA BANK: Pursuing Mergers & Acquisitions to Boost Earnings
AOZORA BANK: Still Eyed by Cerberus
ASAHI LIFE: Moody's Reviews Ba3 Rating and May Upgrade
MITSUBISHI MOTORS: Introduces New Next-Generation Diesel Engine
NIKKO CORDIAL: Orbis Won't Sell Stake at JPY1,700 Per Share


K O R E A

DAEGU BANK: Earns KRW73.5 Billion in 2007 First Quarter
HYUNDAI MOTOR: Invests US$40 Million for India R&D Unit
PUSAN BANK: First Quarter Earnings Jump 59.5% to KRW76.2 Billion
* SoKor, U.S. to Partner in Semiconductor Tech. Development


M A L A Y S I A

AVANGARDE RESOURCES: Bursa to Delist Securities on May 4
MALAYSIA AIRLINES: eTicketing Service to Start in September
SATERAS RESOURCES: Posts MYR2.72MM Net Loss in Qtr Ended Dec. 31


N E W  Z E A L A N D

BLIS TECHNOLOGIES: Revises Distribution Pact with Pharmabroker
CER GROUP: Commences Share Purchase Plan


P H I L I P P I N E S

MANILA MINING: Post PHP112.3 Million Net Loss for 2006
PHILIPPINE NATIONAL BANK: Earns PHP820 Million in 2006
PILIPINO TELEPHONE: Earns PHP10.08 Billion for 2006
PRIME MEDIA: Sycip Gorres Velayo Raises Going Concern Doubt
UNION BANK: Net Income Down to PHP2.51 Billion in 2006


S I N G A P O R E

CHINA AVIATION: Nets EUR170.6 Million from Sale of Shares
COMPACT METAL: Annual General Meeting Scheduled on April 24
SEAGATE TECH: Earns US$212 Million in Quarter Ended March 30
SEAGATE TECHNOLOGY: Deutsche & AG Edwards Reaffirms "Buy" Rating
SEAGATE TECHNOLGY: Robert W Baird & UBS Keeps "Neutral" Rating

     - - - - - - - -

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

AUSTRALIAN & NZ HEALTH: Members to Hear Wind-Up Report
------------------------------------------------------
The members of Australian and New Zealand Health Management
Network Limited will have their final 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 company's liquidator is:

         Murray C. Smith
         McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2601
         Webs site: http://www.mcgrathnicol.com

                About Australian and New Zealand

Australian and New Zealand Health Management Network Limited
operates vocational schools.  The company is located in New
South Wales, Australia.


AUSTRALIAN LASER: To Declare Final Dividend on May 30
-----------------------------------------------------
The Australian Laser Clinic Pty Ltd, which is in liquidation,
will declare a first and final dividend on May 30, 2007.

Creditors are required to file their proofs of debt by May 16,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Pino Fiorentino
         Hamiltons Chartered Accountants
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9232 6611
         Facsimile:(02) 9232 6166

                   About The Australian Laser

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


BONNIE PTY: Names Edward Angyalosy as Liquidator
------------------------------------------------
On March 30, 2007, the shareholders of Bonnie Pty Ltd passed a
resolution winding up the company's operations.

Edward Angyalosy was appointed as liquidator.

Mr. Angyalosy can be reached at:

         Edward Angyalosy
         John Havas & Associates Pty Ltd
         Suite 45/47 Neridah Street
         Chatswood, New South Wales 2067
         Australia

                        About Bonnie Pty

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


CHESTER HILL: Members to Hold Final Meeting on May 18
-----------------------------------------------------
The members of Chester Hill Bowling and Recreation Club Limited
will have their final meeting on May 18, 2007, at 12:00 p.m., to
receive the liquidator's report regarding the company's wind-up
proceedings and property disposal.

As reported in the Troubled Company Reporter - Asia Pacific, the
company commenced liquidation proceedings on Nov. 30, 2005.

The company's liquidator is:

         R. G. Tolcher
         Lawler Partners Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia

                       About Chester Hill

Chester Hill Bowling & Recreation Club Ltd operates bowling
centers.  The company is located in New South Wales, Australia.


CLASSIC RENDERING: Members & Creditors to Meet on May 18
--------------------------------------------------------
A final meeting will be held for the members and creditors of
Classic Rendering Pty Limited on May 18, 2007,at 11:30 a.m.

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

In a report by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on April 3, 2006.

The company's liquidator is:

         S. W. Free
         Lawler Partners Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia

                     About Classic Rendering

Classic Rendering Pty Limited is a distributor of durable goods.  
The company is located in New South Wales, Australia.


CLINICAL DATA: Names James P. Shaffer as PGxHealth Division VP
--------------------------------------------------------------
Clinical Data Inc. has appointed James P. Shaffer Vice
President, Sales and Marketing, for the company's PGxHealth
division, the provider of Therapeutic Diagnostics and its
PGxPredict line of pharmacogenetic tests.

Mr. Shaffer comes to Clinical Data from New River
Pharmaceuticals Inc., which recently announced that it is the
subject of a tender offer from Shire plc, where he served as
Vice President, Sales & Marketing.

Previously, Mr. Shaffer served at Prestwick Pharmaceuticals
since 2004 as Senior Director, Commercial Operations where he
was instrumental in launching that company's first CNS drug in
the U.S.  Prior to that, Mr. Shaffer worked at InterMune as
National Sales Director.  He has also held positions at
GlaxoSmithKline Inc. and Merck Human Health Division. Shaffer
holds an M.B.A. in marketing from Ohio State University.

"We are delighted that Jim has joined Clinical Data in this
important new role," Drew Fromkin, President and CEO of Clinical
Data, said.  His experience in launching new specialty products
to providers and accelerating product adoption brings a critical
skill set to PGxHealth.  His experience in this area will be
instrumental in building awareness among physicians of our
strong and growing portfolio of pharmacogenetic tests as the
Company enters its next phase of growth.  We are excited to have
attracted a professional of Jim's caliber to execute on a
strategy to build physician and patient awareness of these and
future PGxPredict tests."

"I am excited to become a part of Clinical Data and the
PGxHealth team as they continue to introduce novel
pharmacogenetic tests into the market and emerge as a leader in
this new and exciting area," Mr. Shaffer commented.  I look
forward to shaping and executing on the Company's strategies
designed to build awareness and drive adoption of our
pharmacogenetic tests among providers, patients and supporting
groups."

The Company's FAMILION(R) test, launched in 2004, is intended
for individuals with suspected Familial Long QT Syndrome,
Brugada Syndrome, Short QT Syndrome, or related syndromes, or
for family members of individuals who have previously tested
positive for a genetic variant associated with one of these
conditions.

                        About Clinical Data

Headquartered in Newton, Massachusetts Clinical Data Inc.
(NASDAQ: CLDA) -- http://www.clda.com/-- provides comprehensive  
molecular and pharmacogenomics services as well as genetic
tests.  The Company has operations in the U.K., France, the
Netherlands, Italy and Australia.

                        Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Clinical
Data Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the fiscal year
ended March 31, 2006.  The auditing firm pointed to the
Company's accumulated deficit, negative cash flows from
operations and the expectation that the company will continue to
incur losses in the future.


CONSTELLATION BRANDS: Earns US$331.9 Mil. on Year Ended Feb. 28
---------------------------------------------------------------
Constellation Brands Inc. posted US$331.9 million in net profit
on US$6.4 billion in net revenues for the financial year ended
Feb. 28, 2007, compared with US$325.5 million in net profit on
US$5.7 billion in net revenues for the financial year ended
Feb. 28, 2006.

The company posted US$70.2 million in net profit on
US$1.4 billion in net revenues for the fourth quarter ended
Feb. 28, 2007, compared with US$58.2 million in net profit on
US$1.3 billion in net revenues for the fourth quarter ended Feb.
28, 2006.

"While we had a solid year of organic net sales growth, our
earnings performance was somewhat challenged by competitive
conditions in the U.K. market," Richard Sands, Constellation
Brands chairman and chief executive officer, said.  "However,
the Constellation Brands business remains fundamentally sound
and we were able to achieve several long-term strategic goals
throughout the year, including the acquisition and integration
of Vincor, formation of the Crown Imports beer joint venture,
initiation of the SVEDKA Vodka acquisition and refining the
organizational and operational structure of our wine business."  

"To address the weakness experienced in the U.K., we are setting
in motion initiatives to grow our business there in under-
developed routes-to-market and channels while expanding our
presence in other European markets. We are also taking steps to
maximize operating efficiencies and achieve increased
profitability in the U.K. We always take a long-term view and we
are confident in our ability to capture growth opportunities and
create value over the long term."

As of Feb. 28, 2007, Constellation Brands had US$9.4 billion in
total consolidated assets, US$6 billion in total consolidated
liabilities, and US$3.4 billion in total shareholders' equity.

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and  
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Canada, Australia, Japan,
and New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program.  Moody's revised its
outlook to stable from negative.

Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.

Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.



CONSTELLATION BRANDS: Peter Soderberg Joins Board of Directors
--------------------------------------------------------------
Constellation Brands Inc.'s Board of Directors authorized an
increase in board positions from seven to eight, and approved
Peter H. Soderberg, 60, to fill the new board seat effective
April 4, 2007.  

Mr. Soderberg is currently president and Chief Executive Officer
of Batesville, Indiana-based Hillenbrand Industries Inc., a
public holding company for two major operating businesses
serving the healthcare and funeral services industries.

"With tremendous manufacturing, marketing and operational
experience in the consumer products, business-to-business and
service industry sectors, Peter will be a valued addition to the
Constellation Brands board and we look forward to the
contributions he will make and the guidance he will provide,"
said Richard Sands, Constellation Brands chairman and chief
executive officer.  "It has been our desire to increase the
number of directors as the company grows, and we believe the
time is right to add another voice to our strategic business
analysis and decision making capabilities."

Prior to joining Hillenbrand in 2006, Mr. Soderberg was with
privately held Welch Allyn Inc. from 1993 to 2006, rising to
president and chief executive officer of the New York-based
medical equipment manufacturer in 2000.  Mr. Soderberg spent 23
years at Johnson & Johnson in various management positions,
mostly in consumer products, and he also founded a venture
capital business, Princeton Entrepreneurial Resources.  He
earned a bachelor's degree in engineering from Yale University.
Mr. Soderberg is currently on the boards of the Advanced Medical
Technology Association, the Syracuse Symphony Orchestra,
Greatbatch, Inc., as well as Hillenbrand.

                   About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE:STZ, ASX:CBR) -- http://www.cbrands.com/-- produces and  
markets beverage alcohol brands with a broad portfolio across
the wine, spirits and imported beer categories.  The company
also operates in the United Kingdom, Canada, Australia, Japan,
and New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on March 5, Moody's
lowered the company's corporate family rating and probability of
default rating to Ba3 from Ba2 after the company reported a new
US$500 million share repurchase program.  Moody's revised its
outlook to stable from negative.

Standard & Poor's Ratings Services lowered its ratings on
Constellation Brands, including its corporate credit and bank
loan ratings to 'BB-' from 'BB', with a stable outlook.

Fitch Ratings has downgraded Constellation Brands' issuer
default rating, bank credit facility, and senior unsecured notes
to 'BB-' from 'BB'.


FINANCIALS GROUP: Liquidator to Present Wind-Up Report on May 17
----------------------------------------------------------------
The Financials Group Pty Limited will hold a final meeting for
its members and creditors on May 17, 2007, at 11:00 a.m.

R. L. Duggan, the company's appointed liquidator, will present a
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         R. L. Duggan
         Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia

                     About Financials Group

Financials Group Pty Limited provides services to insurance
agents and brokers.  The company is located in New South Wales,
Australia.


FLINSEA PTY: Creditors' Proofs of Debt Due on May 10
----------------------------------------------------
Flinsea Pty Ltd, which is in liquidation, will declare a first
and final dividend on May 25, 2007.

Creditors who cannot prove their debts by May 10, 2007, are
excluded from the company's dividend distribution.

The company's liquidator is:

         J. Melluish
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia

                       About Flinsea Pty

Located in New South Wales, Australia, Flinsea Pty Ltd operates
repair shops.


GROUP SITE: Undergoes Wind-Up Proceedings
-----------------------------------------
At an extraordinary general meeting held on April 3, 2007, the
members of Group Site Services Pty Limited agreed to voluntarily
wind up the company's operations.

Daniel I. Cvitanovic was appointed as the company's liquidator
at the creditors' meeting held later that day.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Daniel I. Cvitanovic Chartered Accountant
         Shop 5, Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia

                        About Group Site

Group Site Services Pty Limited is a distributor of security
systems services.  The company is located in New South Wales,
Australia.


L & W INVESTMENTS: Members' Final Meeting Set for May 18
--------------------------------------------------------
L & W Investments Pty Limited will hold a final meeting for its
members on May 18, 2007, at 10:00 a.m.

The meeting will be held at 54 Beechwood Avenue Greystanes, in
New South Wales 2145, Australia.

Barry R. Cook, the company's liquidator, will present a report
about the company's wind-up proceedings and property disposal.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the company started to wind up its operations on
Aug. 14, 2006.

                    About L & W Investments

L & W Investments Pty Limited is a distributor of construction
machineries and equipments.  The company is located in New South
Wales, Australia.


MPGS DESIGN: Joint Meeting Set for May 18
-----------------------------------------
The members and creditors of MPGS Design Pty Limited will have a
joint meeting on May 18, 2007, at 11:30 a.m. to receive the
company's wind-up report and property disposal.

The company's liquidator is:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                        About MPGS Design

MPGS Design Pty Limited is a distributor of non-durable goods.  
The company is located in New South Wales, Australia.


PROJECT REALTY: Federal Court Issues Wind-Up Order
--------------------------------------------------
The Federal Court of Australia issued an order on March 23,
2007, winding up the operations of Project Realty Group Pty
Limited.

Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         c/o Nichols & Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9299 2289
         Facsimile:(02) 9299 2239
         e-mail: mail@bankrupt.com.au

                      About Project Realty

Located in New South Wales, Australia, Project Realty Group Pty
Limited is involved with real estate agents and managers.


SHENNEN PUBLISHING: Members and Creditors to Meet on May 14
-----------------------------------------------------------
The members and creditors of Shennen Publishing & Publicity Co
Pty Limited will have a meeting on May 14, 2007, at 4:30 p.m.

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

   -- receive the liquidator's final receipts and payments;

   -- receive formal notice of the end of the administration;
      and

   -- discuss other business that may be considered with the
      foregoing.

The company's liquidator is:

         Morgan Lane
         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 Shennen Publishing

Shennen Publishing & Publicity Co Pty Ltd is engaged in the
publishing and printing periodicals.  The company is located in
New South Wales, Australia.


SIGNWAREHOUSE AUSTRALIA: Supreme Court Enters Wind-Up Order
-----------------------------------------------------------
On March 27, 2007, the Supreme Court of New South Wales entered
an order to wind up the operations of Signwarehouse Australia
Pty Ltd.

Roderick Mackay Sutherland was appointed as liquidator.

The Liquidator can be reached at;

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

                 About Signwarehouse Australia

Signwarehouse Australia Pty Ltd is a distributor of industrial
supplies.  The company is located in Western Australia,
Australia.


STEALTH SECURITY: Members & Creditors to Meet on May 18
-------------------------------------------------------
The members and creditors of Stealth Security Pty Limited will
have their final meeting on May 18, 2007, at 10:30 a.m., to hear
a report about the company's wind-up proceedings and property
disposal.

In a report by the TCR-AP, the company began to wind up its
operations on Aug. 15, 2005.

The company's liquidator is:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                     About Stealth Security

Stealth Security Pty Limited is s distributor of durable goods.  
The company is located in New South Wales, Australia.


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

CHINA EASTERN: Posts CNY2.78 Bil. Net Loss in Fiscal Year 2006
--------------------------------------------------------------
China Eastern Airlines Corp Ltd incurred a net loss of
CNY2.78 billion in 2006, compared to a net profit of
CNY60.47 million a year earlier, China Knowledge reports, citing
an announcement from the airline.

The net loss, calculated under Chinese accounting standards, was
a result of high jet fuel prices earnings despite higher
passenger traffic, the report says.

China Airline's core business revenue in 2006 rose 39% year-on-
year to 36.806 billion, but core business costs rose by a much
bigger 49.04% to 34.053 billion, the report adds.  China
Knowledge also notes that jet fuel consumption costs for 2006
climbed 52.56% year-on-year to CNY13.534 billion.

The airline's announcement, according to the report, reveals
that it carried 35.04 million passengers in 2006, up 44.25%
year-on-year, and 877,720 tons of mail and cargo, up 13.18%.

Passenger load factor in 2006 was 71.34%, up 1.95 percentage
points from a year earlier, while the overall load factor was up
0.99 percentage point at 62.64%.

China Knowledge notes that under international accounting
standards, the airline's net loss in 2006 was CNY3.313 billion
compared with a net profit of CNY467.31 million in 2005.

                          *     *     *

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal  
activity is operation of domestic and international commercial
air transportation.  The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly.  Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

On April 28, 2006, Fitch Ratings downgraded China Eastern's
Foreign Currency and Local Currency Issuer Default Ratings to B+
from BB-.  The outlook on the IDRs is stable.


CHINA PROPERTIES: S&P Rates Proposed US$300 Million Notes at B+
---------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B+' long-term
corporate credit rating to China Properties Group Ltd.  At the
same time, S&P assigned its 'B+' issue rating to the company's
proposed issue of seven-year US$300 million senior unsecured
notes.

The outlook on the long-term corporate credit rating is stable.

As priority debt at CPG's onshore subsidiary level accounts for
less than 5% of its total asset size, the issue rating is not
notched below the rating on the company.  CPG intends to use the
proceeds of the proposed bond to expand its land bank, as well
as to contribute to the development costs of new and existing
projects.

Standard & Poor's credit analyst Bei Fu said the rating on CPG
reflects its:

    * limited track record;

    * project concentration risk;

    * volatile financial performance; and

    * thin cash flow  protection.

Bei Fu adds that the company is exposed to regulatory risk as
well as competitive and cyclical conditions in the Chinese real-
estate industry."  

These weaknesses are tempered by the strategic location of CPG's
projects, potential stable recurring income from a commercial
project, Shanghai Concord City, and a fairly clear land bank
replenishment plan.

By the end of 2006, CPG had completed the development of about
740,000 square meters in total gross floor area, mostly from a
single residential project, Shanghai Cannes.  Although CPG has
the option to expand beyond its home market in Shanghai, it has
yet to prove its execution ability in new markets.  Any major
delay or cost over-runs to Shanghai Cannes or Shanghai Concord
City will have a significant impact on CPG's future financial
performance.

These risks are heightened for Shanghai Concord City as it is
CPG's first large-scale commercial project.

The stable outlook reflects Standard & Poor's expectation that
sales and the completion of remaining residential units at
Shanghai Cannes, and the completion and leasing of Shanghai
Concord City, will happen as scheduled.


CYBERPASS LIMITED: Members' Final Meeting Set for April 20
----------------------------------------------------------
The members of Cyberpass Limited will have their final meeting
on April 20, 2007, at 10:00 a.m. to receive a report about the
company's wind-up proceedings and property disposal.

The meeting will be held in Room 1209, Wayson Commercial
Building at 28 Connaught Road West, Hong Kong.

The company's liquidator is:

         Le, Christopher Allan Wan Keung
         38 Tai Tam Road, Tower 1
         Pacific View
         Hong Kong


CYPRESS SHIPPING: Proofs of Debt Due on May 21
----------------------------------------------
Cypress Shipping Company Limited, which is in voluntary wind-up,
requires its creditors to file their proofs of debt by May 21,
2007.

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

The company's liquidator is:

         Lau Wing Pan
         Room 303, 3rd Floor
         Golden Gate Commercial Building
         Austin Road, Tsim Sha Tsui
         Kowloon, Hong Kong


IMAGE ASSOCIATES: Members' Final Meeting Set for May 21
-------------------------------------------------------
The members of Image Associates Limited will have their final
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 on Unit A at 19th Floor, Chun Wo
Commercial Centre, 23-29 Wing Wo Street in Central, Hong Kong.

Shum Lap Chi is the company's liquidator.


JIANGXI COPPER: Eyes 25% Increase in Refined Copper Output
----------------------------------------------------------
Jiangxi Copper Ltd aims to produce 25% more, about 550,000 tons,
of refined copper in 2007, from 440,000 tons in 2006, reports
say, citing the company's Chairman Li Yi Huang.

The company, through its newly expanded Guixi smelter, has
already started gradual expansion, China Knowledge reports
quoting Chairman.

Guixi, a CNY3.64 billion smelter, will have an annual capacity
of 300,000 tons of refined copper when it becomes fully
operational by the end of the year, China Knowledge notes.  It
is expected to begin partial production by June.

On completion of the plant, Jiangxi Copper's capacity would
reach 700,000 tons a year, the Knowledge says, citing Mr. Li.

                          *     *     *

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.  
Jiangxi Copper is a constituent of the Xinhua/ FTSE China 200
Index.  As of market close on April 28, 2006, its total market
capitalization and investable capitalization were CNY17.5
billion and CNY3.5 billion respectively.

On July 18, 2006, Xinhua Far East China Ratings has commented
that the likelihood of downward surprises on the issuer rating
for Jiangxi Copper Co., Ltd. was increasing and changed the
Company's rating outlook to negative from stable.  Its issuer
credit rating remains BB+.


MEGA-CARE PHARMACEUTICAL: Commences Liquidation Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on April 16, 2007, the
members of Mega-Care Pharmaceutical (Holdings) Limited resolve
to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt by May 30,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Tam Chi Chung
         Room 804, Cheong K. Building
         Des Voeux Road, Central
         Hong Kong


ON SKY: Wind-Up Petition Hearing Set for May 16
-----------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of On Sky Holdings Limited on May 16, 2007, at
9:30 a.m.

Kwan Lai Yan Keywiof filed the petition against the company on
March 14, 2007.


PANVA GAS: Obtains US$25 Million Loan from HKCG
-----------------------------------------------
Panva Gas Holdings Limited disclosed with the Hong Kong Stock
Exchange that it entered into a loan agreement with The Hong
Kong & China Gas Company on April 19, 2007.

Under the unsecured loan agreement, The Hong Kong & China Gas
Company will advance US$25 million, or approximately
HK$195 million, to Panva.  The loan bears an interest of
12-month HIBOR plus 1.25% per annum.

"The loan is one of the steps in improving the Group's financial
position and liquidity," Panva said.

                          *     *     *

Panva Gas, listed on the Hong Kong Stock Exchange, is primarily
engaged in the downstream selling and distribution of LPG and
natural gas in Mainland China.  Its main operations include the
sale of LPG in bulk and cylinders, the provision of piped
natural gas, the construction of gas pipelines and, to a lesser
extent, the sale of LPG household appliances.

Moody's Investors Service, on March 8, 2007, has upgraded Panva
Gas Holdings' corporate family rating and senior unsecured bond
rating to Ba1 from Ba2.  This concludes the review for possible
upgrade, which began on December 4, 2006.

The outlook for both ratings is positive.

Standard & Poor's Ratings Services on March 9, 2007, said that
it had raised its foreign currency long-term corporate credit
rating on Panva Gas Holdings Ltd to BB+ from BB.  The outlook is
positive.

At the same time, Standard & Poor's also raised the foreign
currency issue ratings on Panva's US$50 million convertible
bonds due 2008 and US$200 million senior unsecured notes due
2011 to BB+ from BB.  All the ratings were removed from
CreditWatch, where they had been placed with positive
implications on Dec. 5, 2006.


SHAW GROUP: Unit Inks Agreement with China's Liaoning Huajin
------------------------------------------------------------
The Shaw Group Inc.'s technology from its Shaw Stone & Webster
unit has been selected for the Liaoning Huajin Chemicals Corp.'s
new ethylene plant in China, the Houston Chronicle reports
citing The Associated Press.

The plant, with a planned capacity of 450,000 metric tones, will
be part of the Liaoning Huajin's existing petrochemical facility
in Panjin City, Liaoning Province, in China, the report says.

Under the agreement, Shaw will provide the engineering and
design for key components, as well as proprietary equipment,
technical services and training.

The value of the contract has not been disclosed, the Chronicle
notes.

                          *     *     *

Headquartered in Baton Rouge, LA, The Shaw Group Inc. --
http://www.shawgrp.com-- is a global provider of services to  
the environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure (E&I); Energy &
Chemicals (E&C); Maintenance, and Fabrication, Manufacturing &
Distribution (F&M).  In January 2005, the company sold
substantially all of the assets of its Shaw Power Technologies,
Inc. and Shaw Power Technologies International, Ltd. units to
Siemens Power Transmission and Distribution Inc., a unit of
Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
Oct. 2006.  The outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SUNVILLE INVESTMENT: Court to Hear Wind-Up Petition on May 23
-------------------------------------------------------------
Yeung Man Loong Maxly filed a petition to wind up the operations
of Sunville Investment Company Limited on March 21, 2007.

The Court is scheduled to hear the petition on May 23, 2007, at
9:30 a.m.

Mr. Yeung's solicitor can be reached at:

         S. K. Wong & Co.
         9th Floor, Grand Building
         15-18 Connaught Road Central
         Hong Kong


TOPVILLE INDUSTRIAL: Wind-Up Petition Hearing Set for May 23
------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Topville Industrial Company Limited on May 23,
2007, at 9:30 a.m.

Yeung Man Loong Maxly filed the petition against the company on
March 21, 2007.

Mr. Yeung's solicitor can be reached at:

         S. K. Wong & Co.
         9th Floor, Grand Building
         15-18 Connaught Road Central
         Hong Kong


WELDSTONE ASIA: Proofs of Debt Due on May 20
--------------------------------------------
On April 10, 2007, the creditors of Weldstone Asia Co. Limited
passed a special resolution winding up the company's operations.

Heinz Jurgen Maria Krahn, the appointed liquidator, requires the
company's creditors to file their proofs of debt by May 20,
2007, to be included in the company's dividend distribution.

The Liquidator can be reached at:

         Heinz Jurgen Maria Krahn
         Im Rapsfeld 49, 50933 Koln,
         Cologne, Germany


WORLD PACIFIC: Court to Hear Wind-Up Petition on June 13
--------------------------------------------------------
On April 11, 2007, Ho Ho Ming filed a petition to wind up the
operations World Pacific Scaffolding Works Limited.

The petition will be heard before the High Court of Hong Kong on
June 13, 2007, at 9:30 a.m.


ZTE CORP: 2006 Profit Dips 40% to Rising Costs and Lower Sales
--------------------------------------------------------------
ZTE Corp's fiscal year 2006 net profit fell 40% to
CNY767 million from the CNY1.29 billion it recorded in 2005,
mainly due to higher costs and a drop in sales in China and
Africa, Forbes reports.

The report, citing the company's statement, noted that ZTE's
sales costs rose to CNY15.25 billion last year from
CNY14.1 billion a year earlier, while research and development
costs jumped to CNY2.83 billion from CNY1.96 billion.

ZTE's overall revenue rose to CNY23.03 billion last year from
CNY21.58 billion in 2005.

However, the company's sales on the mainland, which accounted
for the bulk of overall revenue, dropped 7.7% year-on-year to
CNY12.8 billion while sales in Africa fell 9.6% to CNY2.56
billion, Forbes relates.

Sales in Asia excluding China surged 26% to CNY5.75 billion,
helping offset the fall in sales in China and Africa.

Forbes relates, that the drop of sales in China was attributed
by the company to the decision of telecom operators to shift
their focus and investments to third-generation services from
CDMA and personal handyphone system networks.

According to ZTE's chairman Hou Weigui, carriers increased their
investments in transmission setup to enable speedy network
rollouts as would be required in the coming 3G era.

The company has already submitted "many tenders in its bid to
win telecom equipment supply contracts for the third-generation
mobile network that China Mobile Communications Corp plans to
roll out in the mainland." president Yin Yimin said.

"We have so far won about 50% of the tenders that we have
submitted and these supply contracts are worth between CNY2
billion to CNY3 billion," he said.

                          *     *     *

Headquartered in Shenzhen, China, ZTE Corp's --
http://www.zte.com.cn/-- principal activities are the  
production and sale of general system and communication terminal
equipment.

The group operates both in the domestic and international
market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
outlook is stable.


* Chinese Banks Warned on Rising Non-Performing Loans
--------------------------------------
China must prevent resurgence in non-performing loans after a
ballooning trade surplus left the financial system flooded with
cash, Bloomberg News notes, citing the China Banking Regulatory
Commission's statement.

In the statement, Tang Shuangning, CBRC's vice-chairman said
"Excessive liquidity, coupled with foreign exchange reserves
that are too high, underscores the need for preventing large
economic fluctuations."

In addition, the People's Bank of China has ordered banks to set
aside more money as reserves six times in less than a year to
remove funds from the financial system as foreign exchange
reserves surged to US$1.2 trillion, Bloomberg says.  New yuan
lending jumped 41% last year, exceeding a central bank target.

"We'll start to see rising bad loans at Chinese banks in the
second half as the payback to superior loan growth last year,"
Kent Yau, an economist at Core Pacific-Yamaichi International in
Hong Kong, told Bloomberg.  "Further tightening by the central
bank could make borrowers default sooner rather than later."

The CBRC statement didn't offer any detailed suggestions on how
to control bad loans, the report notes.


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

ALLAHABAD BANK: Posts 30% Increase in Business for FY2006-07
------------------------------------------------------------
Allahabad Bank disclosed in its provisional/unaudited business
results filed with the Bombay Stock Exchange that business grew
29.7% to INR101,925 crore on March 31, 2007, from INR78,561
crore on March 31, 2006.

As of March 31, 2007, the bank posted total deposits of
INR59,545 crore, a 22.8% increase from the INR48,500 crore
booked last year.

The bank's gross credit increased 40.98% to INR42,380 crore on
March 31, 2007.

The bank made a significant improvement on its non-performing
assets from 3.94% on March 31, 2006, to 2.6% on March 31, 2007.

Allahabad Bank -- http://www.allahabadbank.com/-- is a public    
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


ALLAHABAD BANK: Raises Prime Lending Rate to 13.25%
---------------------------------------------------
Allahabad Bank revised its Benchmark Prime Lending Rate by 75
basis points from the present rate of 12.50% to 13.25% with
effect from April 2, 2007, in order to meet the rising cost of
fund.

Due to the change in the BPLR, the revised interest rates are
applicable on all existing and future working capital and term
loans, which are linked to BPLR.  However, the increase in
Benchmark PLR will not be applicable to Home Loan limit up to
INR10 lacs.

Allahabad Bank -- http://www.allahabadbank.com/-- is a public    
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


BRITISH AIRWAYS: Cabin Crew Union Accepts Airline's Proposal
------------------------------------------------------------
British Airways has reached an agreement with its cabin crew
union, resolving pay, pensions and other employment issues, The
Associated Press reports, citing the Transport and General
Workers Union.

According to AP, the crew had planned to hold demonstrations
earlier this year over a number of issues -- pay and pensions,
sickness absence policy and staffing levels.  Because of this,
British Airways had canceled flights.  However, the crew decided
to postpone the strikes.

The union told AP that 11,000 cabin crew-members have approved
an accord that allows an 18.75% boost in pay for pension
purposes and accepted changes to help deal with the 2.1 billion
pound deficit in the airline's pension plan.

"This is a good result for our members, BA [British Airways] and
the traveling public.  We welcome the direct involvement cabin
crew representatives will now have with BA Chief Executive
Willie Walsh," Jack Dromey, the union's deputy general
secretary, commented to AP.

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

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


EASTMAN KODAK: Board Elects Dolores Kruchten as Vice President
--------------------------------------------------------------
Eastman Kodak Company's Board of Directors has elected Dolores
K. Kruchten as the company's Vice President, effective
immediately.

Ms. Kruchten was appointed General Manager, Document Imaging and
Vice President, Graphic Communications Group in January 2007.

Ms. Kruchten joined Kodak in 1981, and has worked in site
engineering, manufacturing, research and development,
acquisitions, and information technology systems.  Prior to
leading the Document Imaging business, she was General Manager,
Global Services, Graphic Communications Group, where she led the
integration of six service businesses into a single organization
with some US$570 million in revenue.

In 2003, Ms. Kruchten was named Worldwide General Manager,
Document Products & Services, and Vice President, Commercial
Imaging Group, where she led a global organization that included
R&D, product manufacturing, sales, service, and marketing of
production scanners, media, and traditional products.

Ms. Kruchten earned a Bachelor of Technology Degree in
Mechanical Engineering from Rochester Institute of Technology in
1987.  She has been a finalist for several business leadership
recognitions, including the Jane Lanphear Legacy Award and the
Stevie Awards for Women Business Executive of the year.  She
lives in Rochester, New York.

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company is committed to a digitally
oriented growth strategy focused on four businesses: Digital &
Film Imaging Systems - providing consumers, professionals, and
cinematographers with digital and traditional products and
services; Health -- supplying the medical and dental professions
with traditional and digital imaging and information systems, IT
solutions, and services; Graphic Communications - providing
customers with a range of solutions for prepress, traditional
and digital printing, document scanning, and multi-vendor IT
services; and Display & Components - supplying original
equipment manufacturers with imaging sensors as well as
intellectual property and materials for the organic light-
emitting diode and LCD display industries.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                        *     *     *

In February 2007, Moody's Investors Service said it is
continuing its review on Eastman Kodak's ratings for possible
downgrade including Corporate Family Rating at B1, Senior
Unsecured Rating at B2, and Senior Secured Credit Facilities at
Ba3.


GENERAL MOTORS: Cuts Jobs in Belgium, Plans Growth in Asia
----------------------------------------------------------
General Motors Corp. will cut 1,400 jobs in Antwerp, Belgium as
it shifts the production of Astra compact cars to plants in
Germany, Poland, Sweden and the United Kingdom by 2010,
published reports say.

Carl-Peter Forster, president of GM Europe, described the
decision as "extraordinarily difficult" but said it was part of
the company's restructuring activities in Western Europe, Joseph
White and Stephen Power of The Wall Street Journal report.

The Detroit Free Press says the move will see GM investing
EUR3.1 billion in developing the Astra and related models in the
other plants.

Astra, WSJ notes, is GM's best-selling vehicle in Europe,
accounting for nearly 25% of its annual vehicle sales in the
region.  However, intense competition from cheaper Asian rivals
affected demand for the model.

                          Asian Growth Plans

The job cuts in Belgium came on the same day GM disclosed
ambitious growth plans in India and China indicating its intent
to keep shifting resources to the East and away from the mature
markets in the U.S. and Western Europe, Messrs. White and Power
report.

WSJ notes that the move illustrates GM Chief Executive Officer
Rick Wagoner's strategy of banking on growth in Asia and Eastern
Europe to offset the impact on GM of its losses in its key North
American auto operations.

According to WSJ, GM plans to double production capacity in
China to one million units by 2010.  Mr. Wagoner also revealed
plans to make India a production hub for the company to sell
cars worldwide adding that the country could "emerge as the
second-fastest growing automotive market in the world," a report
by the WSJ says.

Speaking separately to reporters in Korea, GM's Vice Chairman
and Chief Financial Officer Frederick Henderson also said the
company remains interested in a possible tie-up with Malaysia's
Proton Holdings Bhd., as it has greater access to the growing
Indonesian and Southeast Asian market, WSJ relates.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the  
world's largest automaker and has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 284,000
people around the world.  It has manufacturing operations in
33 countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  GM sells cars and
trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and
Vauxhall.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

In November 2006, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the US$1.5 billion secured term loan of
General Motors Corp.


ICICI BANK: Regulator Approves Sangli Bank Merger
-------------------------------------------------
The Reserve Bank of India has approved the scheme of
amalgamation between ICICI Bank Ltd. and Sangli Bank Ltd, the
regulatory authority disclosed in a press release dated Apr. 18,
2007.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, the merger provided for the share exchange of 100 equity
shares of ICICI Bank for every 925 equity shares of SBL.

Pursuant to the scheme, ICICI is expected to issue 3.46 million
equity shares of INR10 each face value against SBL's 31.96
million equity shares of the face value of INR10 each.  The new
shares to be issued would be listed at the Bombay Stock Exchange
and the National Stock Exchange of India Ltd.

Consequent to the amalgamation, RBI says all the branches of SBL
will function as branches of ICICI Bank from April 19.

The bank has yet to fix the record date to determine the
shareholders of SBL who would be eligible for the shares of
ICICI in exchange of their shares of SBL.

ICICI Bank's shareholders approved the scheme at the bank's
extraordinary general meeting on Jan. 20.

India-based ICICI Bank Ltd -- http://www.icicibank.com-- is a   
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  As of March 31, 2006, ICICI
Bank had a network of over 614 branches and extension counters
across India.

                          *     *     *

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

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


ICICI BANK: Board to Consider Annual Results on Apr. 28 Meeting
---------------------------------------------------------------
ICICI Bank Ltd's board of directors will hold a meeting on April
28, 2007, inter alia, to consider the audited annual accounts
for the financial year ended March 31, 2007.

During the meeting, the board will also contemplate
recommendation of dividend on preference and equity shares for
the financial year.

For the financial year ended March 31, 2006, the bank recorded a
net profit of INR25.4 billion on total revenue of INR187.7
billion.

India-based ICICI Bank Ltd -- http://www.icicibank.com-- is a   
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  As of March 31, 2006, ICICI
Bank had a network of over 614 branches and extension counters
across India.

                          *     *     *

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

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


IMAX CORP: Inks Theatre Systems Installation Pact with Muvico
-------------------------------------------------------------
IMAX Corporation and Muvico Theaters, Inc., has entered into a
joint venture agreement for the installation of three IMAX(R)
theatre systems at multiplexes in Florida and New Jersey,
including the high profile Xanadu project at the Meadowlands in
East Rutherford, New Jersey, across the river from New York
City.  The announcement marks the second multiple IMAX theatre
joint venture commitment this year, advancing IMAX's joint
venture strategy, which was put in place to supplement the
growth of its theatre network through partnerships with key
commercial exhibitors.

Under the terms of the agreement, the first IMAX theatre is
expected to open at the Baywalk 20 in St. Petersburg, Florida,
in time for the May 4th release of Spider-Man 3.  The second
system will be installed at the Parisian 20 multiplex in West
Palm Beach, Florida and is expected to open in time for the July
13 release of Harry Potter and the Order of the Phoenix.  The
third IMAX theatre is scheduled to be installed in 2008 as part
of a new multiplex in the highly-anticipated Xanadu complex in
East Rutherford, NJ.

"Muvico Theaters operates some of the top performing multiplex
locations in North America and we are delighted with their
decision to get into the IMAX theatre business," said IMAX's Co-
Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J.
Wechsler.  "Our joint venture strategy is gaining traction in
North America, as IMAX DMR(R) releases such as 300 continue to
deliver strong box office performances and leading exhibitors
continue to realize the potential of the IMAX theatre business."

"A big part of our strategy is to offer a premium movie
experience that people can't get at home or in any other type of
theatre and IMAX furthers that objective," said Michael Whalen,
President and CEO of Muvico Theaters.  "With major event movies
like Spider-Man 3 and Harry Potter and the Order of the Phoenix
coming out in IMAX's immersive format in the coming months, we
feel strongly that now is the right time to enter the IMAX
theatre business."

The new IMAX theatres will be capable of playing Hollywood event
films that have been digitally re-mastered into IMAX's format,
as well as original IMAX productions in 2D and IMAX(R) 3D.
IMAX's 2007 film slate already includes three of the year's most
anticipated releases, with 300, which opened to sellout shows at
IMAX theatres worldwide starting on March 9; Spider-Man 3, which
opens May 4; and Harry Potter and the Order of the Phoenix,
which opens July 13.

The Meadowlands Xanadu (also known as the Xanadu Project) will
be a retail and entertainment complex in the Meadowlands Sports
Complex in New Jersey.  It will be the largest retail and
entertainment complex in New Jersey, and will include 4.8
million square feet of entertainment, sports, retail, office,
and hotel space.

                    About Muvico Theaters

Muvico Theaters, Inc. was founded in 1984 and currently operates
228 screens in 12 theatres across the USA. Muvico Theaters'
average number of screens per location is 19.5, the highest in
the industry.  Its strategy is to develop, acquire and operate
state-of-the-art megaplex theaters in entertainment centers in
mid-sized metropolitan markets and suburban growth areas of
larger metropolitan markets in any suitable location.

                          About IMAX

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

In March 2007, Standard & Poor's Ratings Services affirmed its
ratings, including the 'B-' corporate credit rating, on IMAX
Corp. and removed them from CreditWatch, where they were placed
on March 10, 2006, with developing implications.


ITI LTD: Interest Payment Delay Prompts CARE's D Rating
-------------------------------------------------------
Credit Analysis & Research Ltd. has revised the rating assigned
to the 'L' series long term bond issue of ITI Limited to CARE D
(SO) [Single D (Structured Obligation)] from CARE AAA (SO)
[Triple A (Structured Obligation))] with Credit Watch.

The rating revision takes into account the delay in the interest
payment of the above said bond issue.  It may also be noted that
the above default has occurred despite the bonds being backed by
an unconditional and irrevocable guarantee from the Department
of Telecommunications, Government of India vide letter No.U-
48019-2/2003-FAC dated March 15, 2004, and a Structured
Payment Mechanism stipulated by CARE.

The SPM stipulates invocation of guarantee 15 days before the
due date in case of non-availability of sufficient funds in the
designated account.  However, the guarantee had not been invoked
despite non-availability of funds in the account.

CARE would continuously monitor the status of debt service
payments of the bond issue and would take suitable rating
action(s) as and when required.


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

AVNET INC: Breaks Ground on 228,000-Square-Foot Arizona Facility
----------------------------------------------------------------
Avnet, Inc., broke ground on a new integration and logistics
facility in Chandler, Arizona.  Ryan Companies US, Inc. will
develop and construct the approximately 228,000-square-foot
facility in the flex-industrial complex at Chandler Freeways
Business Park and lease it back to Avnet.  The building is
scheduled for occupancy in May 2008.  The facility will house a
state-of-the-art integration center capable of building and
shipping approximately 700,000 systems annually, in addition to
a new warehouse dedicated to integration activities.

"Avnet's integration services team, which customizes computing
hardware and software in thousands of possible configurations,
has been growing steadily in the Phoenix metro area," said Fred
Cuen, president, Avnet Technology Solutions, Americas.  
"Increasing demand for Avnet's higher-end technology integration
services, such as complex server configurations and software
customization, drove our need for additional floor space, power
and network capabilities."

Avnet's new facility in Chandler will roughly double the
company's Americas integration capacity, supporting continued
growth in the region while providing improved flexibility to
quickly and effectively adapt to high-end configuration
requirements.

A dedicated warehouse supports Avnet's goal of providing rapid
completion of integrated solutions for customers.  "As
globalization of our business continues, Avnet's expertise in
logistics has become even more valuable to our customers
worldwide.  Supporting both our customers' integration and
logistics needs under one roof allows us to deliver better
service faster and at a lower overall cost," said Jim Smith,
president, Avnet Logistics.

The new facility will also support the integration and
distribution operations of Avnet's recently acquired Access
Distribution business.  The facility is located near Avnet's
existing North American flagship distribution center in
Chandler, providing the company with improved access to shared
resources, transportation and facilities.

"We enjoyed working with Avnet previously on their Technology
Solutions building at the ASU Research Park," said Chuck
Carefoot, vice president of construction for Ryan Companies US,
Inc.  "It seemed a natural fit for Avnet to look nearby to the
Chandler Freeways Business Park for their integration and
logistics facility."

Located on a 13.11-acre site just south of SR 202 and east of
I-10, Avnet's building will include a 183,061-square-foot first
floor to be used as an integration and logistics facility, and a
46,679-square-foot second floor for office space.  The project
also includes parking for 479 cars, a recessed truck dock
accommodating 14 truck bays, two drive-in dock doors, and a
secured dockyard with guardhouse and motorized gates.

Ryan expects to receive the shell-building permit later this
month, and is managing all permits and approvals for the
project.  Balmer Architectural Group is the architect for the
project.  Bill Littleton of Colliers International served as
broker.

                  About Ryan Companies US

Ryan Companies US, Inc. is a leading national commercial real
estate firm offering integrated design-build construction and
development as well as asset, property and facilities management
services to customers.  In addition to its Phoenix office, Ryan
has offices in Minneapolis, Chicago, San Diego, Tampa, Cedar
Rapids, Davenport and Des Moines, Iowa.

                      About Avnet Inc.

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

                        *     *     *

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


CORUS GROUP: Fitch Retains Rating Watch Negative on BB- IDR
-----------------------------------------------------------
Fitch Ratings said that Corus Group Plc's Issuer Default 'BB-'
and Short-term 'B' ratings remain on Rating Watch Negative
following the completion of its takeover by India-based Tata
Steel Limited, and announcement on April 17 about its funding
for the transaction.  The 'B+' ratings on CS's EUR800-million
7.5% senior notes and Corus Finance Plc's GBP200 million 6.75%
guaranteed bonds also remain on RWN.

Funding for the takeover will include US$4.1 billion of equity
and US$6.14 billion of non-recourse debt at the acquisition
vehicle -- Tata Steel U.K. Limited -- plus US$2.66 billion of
quasi-equity/long-term capital funding at the Tata Steel Asia
Singapore level.  Based on the disclosed level of non-recourse
debt to be serviced from CS's cash flows, Fitch estimates gross
leverage of approximately 4.0x based on CS's 12 months ended
Sept. 30, 2006, EBITDA, which would be comparatively high for
the current 'BB-' rating.

Fitch does, however, recognize several potential mitigating
factors and will not resolve the RWN until it has held
discussions with Tata Steel management on a number of issues.  
The agency expects to hold a meeting with the company in early
May to discuss among other issues the financial projections for
CS, the potential synergies and operational benefits that Tata
Steel could provide to CS, the nature of the funding to be
raised by Tata Steel Asia Singapore, and the level of financial
support that Tata Steel could be expected to provide in the
event of financial difficulties at CS.

CS's ratings were placed on RWN on Oct. 20, 2006 following
initial disclosure of the non-recourse nature of a portion of
Tata Steel's acquisition financing arrangements.  Previously, on
Oct. 18, 2006, Fitch had assigned a Rating Watch Positive on the
expectation that a combined CS / Tata Steel would have a
stronger operational profile and higher margins compared to CS
on a standalone basis.

Following the acquisition of CS, Tata Steel is the world's
fifth-largest steel producer based on combined 2005 output of
23.5 million tons.


BANK MANDIRI: First Quarter 2007 Net Profit Ups to IDR1.03 Tril.
----------------------------------------------------------------
PT Bank Mandiri Tbk's first-quarter net profit doubled to
IDR1.03 trillion from IDR510 billion a year ago, Reuters
reports.

According to the report, the increase was due to strong net
interest growth, which rose 63.3% to IDR3.8 trillion, and
increasing amounts of low-cost funds that helped widen interest
margin.

Furthermore, the bank's net non-performing loans lowered to 4.7%
in March from 5.9% at the end of last year, the report adds.

                        About Bank Mandiri

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

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

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

Fitch Ratings has affirmed these ratings of Bank Mandiri: Long-
term foreign and local currency Issuer Default ratings at 'BB-',
Short-term rating at 'B', National Long-term rating at
'AA(idn)', Individual at 'D', and Support at '4'.  The Outlook
for the ratings was revised to Positive from Stable.


EXCELCOMINDO: AIF Indonesia Sells 7.4% Stake to TM International
----------------------------------------------------------------
Telekom Malaysia Bhd's subsidiary TM International will acquire
an additional 7.4% stake in PT Excelcomindo Pratama Tbk from AIF
Indonesia Ltd., FactSet Mergerstat reports

According to the report, the stock purchase agreement, which is
valued at US$113 million, will increase TM International's stake
in Excelcomindo to almost 67%.

According to The Edge Daily, the deal is expected to close on
May 19.

                    About Excelcomindo Pratama

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

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

                          *     *     *

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

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

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


FREEPORT-MCMORAN: Mine Operation Below Capacity Due to Protest
--------------------------------------------------------------
Freeport-McMoRan Copper and Gold's Grasberg copper mine is
operating below capacity due to the current strike, Reuters
reports.

The Troubled Company Reporter - Asia Pacific on Apr 19, 2007,
thousands of workers at Freeport-McMoRan Copper & Gold, Inc.'s
Grasberg mine in Indonesia left their posts to join a protest
rally, various reports say.

According to TCR-AP, workers gathered at the parliament in the
town of Timika for the three-day rally that started Wednesday.  
Protesters demand fair career opportunities for native workers,
improved recruiting, and better pensions.

Currently the mines are running at 20% capacity, while the
underground mine at 60% capacity but below optimal conditions.  
Ores are no longer coming out of the mines and clear water an be
seen around the mills, indicating milling activities have also
come to a halt, Reuters notes.

Minister Purnomo Yusgiantoro said that Freeport's state revenue
can clearly be affected by the strike due to the decrease in the
company's production even if operations are still going on.

                      About Freeport-Mcmoran

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

The company has operations in Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 12, 2007, that Fitch Ratings has changed the Rating
Outlook to Positive for Freeport-McMoRan Copper & Gold following
the completion of US$5.76 billion in equity financings.  Net
proceeds in the amount of US$5.6 billion will be used to repay
borrowings under the secured term loans used to finance, in
part, the acquisition of Phelps Dodge Corporation.

The company carries these ratings from Fitch: Issuer Default
Rating at 'BB'; US$500 million PT Freeport Indonesia/FCX Secured
Bank Revolver at 'BBB-'; US$1 billion Secured Bank Revolver at
'BB'; US$2.5 billion Secured Bank Term Loan A at 'BB';
US$7.5 billion Secured Bank Term Loan B at 'BB'; Existing Notes
to be secured at 'BB'; 7% convertible notes due 2011 at 'BB-';
FCX Unsecured Notes due 2015 and 2017 at 'BB-'; and FCX
Convertible Preferred Stock at B+.


GOODYEAR TIRE: 4% Senior Notes Convertible until June 29, 2007
--------------------------------------------------------------
Goodyear Tire & Rubber Company's 4.00% Convertible Senior Notes
due June 15, 2034, are now convertible at the option of the
holders and will remain convertible through June 29, 2007, the
last business day of the current fiscal quarter.

The notes became convertible because the last reported sale
price of the company's common stock for at least 20 trading days
during the 30 consecutive trading-day period ending on April 17,
2007, was greater than 120 percent of the conversion price in
effect on such day.  The notes have been convertible in previous
fiscal quarters.

The company will deliver shares of its common stock or pay cash
upon conversion of any notes surrendered prior to June 29, 2007.
If shares are delivered, cash will be paid in lieu of fractional
shares only.  Issued in June 2004, the notes are currently
convertible at a rate of 83.0703 shares of common stock per
US$1,000 principal amount of notes, which is equal to a
conversion price of US$12.04 per share.

There is approximately US$350 million in aggregate principal
amount of notes outstanding.

If all outstanding notes are surrendered for conversion, the
aggregate number of shares of common stock issued would be
approximately 29 million.  The notes could be convertible after
June 30, 2007, if the sale price condition described above is
met in any future fiscal quarter or if any of the other
conditions to conversion set forth in the indenture governing
the notes are met.

Goodyear is one of the world's largest tire companies. The
company manufactures tires, engineered rubber products and
chemicals in more than 90 facilities in 28 countries around the
world. Goodyear employs more than 75,000 people worldwide.  For
more information about Goodyear go to
http://www.goodyear.com/corporate.

            About The Goodyear Tire & Rubber Company

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

                          *     *     *

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

The Goodyear Tire & Rubber Company's Issuer Default Rating at
'B'; US$1.5 billion first-lien credit facility at 'BB/RR1';
US$1.2 billion second-lien term loan at 'BB/RR1'; US$300 million
third-lien term loan at 'B/RR4'; US$650 million third-lien
senior secured notes at 'B/RR4'; and Senior unsecured debt at
'CCC+/RR6'.

Fitch also affirmed the rating on Goodyear Dunlop Tires Europe
B.V.'s EUR505 million European secured credit facilities at
'BB/RR1'.

Fitch also revised the Rating Outlook to Positive from Stable.

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

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

S&P also assigned these ratings to Goodyear Tire & Rubber Co.:
US$1.5 billion asset-backed rev. credit facility at BB with
Recovery rating of 1; and US$1.2 billion second-lien term loan
at B+ with Recovery rating of 2.

Goodyear Dunlop Tires Europe B.V.'s EUR350 million revolving
credit facility carries S&P's BB- ratings and Recovery rating of
1.  Goodyear Dunlop Tires Germany GmbH's EUR155 million
revolving credit facility is rated BB- with Recovery rating of
1.

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

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


HANOVER: Set to Release First Quarter 2007 Results on May 1
-----------------------------------------------------------
Hanover Compressor Company disclosed that it will release its
first quarter 2007 earnings result on Tuesday, May 1, 2007
before market open by public distribution through Business Wire
and the Hanover website.

The company has also scheduled a Teleconference on Tuesday, May
1, 2007 at 11 a.m. EDT hosted by Stephen York, Vice President,
Investor Relations and Technology.  Speakers will be John E.
Jackson, President and CEO, and Lee E. Beckelman, Senior Vice
President and CFO.

To access the call, United States and Canadian participants
should dial (800) 289-0494. International participants should
dial (913) 981-5520 at least 10 minutes before the scheduled
start time. Please reference Hanover conference call number
8617194.

A Live Webcast will be available in listen-only mode via the
Company's website.

For those unable to participate, a Webcast Replay will be
available from 1:30 p.m. EDT on Tuesday, May 1, until 1:30 p.m.
EDT Tuesday, May 8, 2007.  To listen to the replay, please dial
888-203-1112 in the U.S. and Canada, or 719-457-0820
internationally and enter access code 8617194.

                     About Hanover Compressor

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

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

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

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

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

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

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


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

AOZORA BANK: Pursuing Mergers & Acquisitions to Boost Earnings
--------------------------------------------------------------
The Wall Street Journal reported last week that Aozora Bank Ltd.
will pursue mergers and acquisitions to reduce its capital,
expand its operations, and boost its earnings.  Journal reporter
Atsuko Fukase interviewed Federico J. Sacasa, Aozora Bank's
senior managing executive officer in Tokyo.

"M&A is one way" to reduce the capital, Mr. Sacasa told Mr.
Fukase.

The Journal notes that Aozora Bank has a Tier 1 capital ratio of
18.52% and Tier 1 capital consists of a bank's core equity
capital, such as common and preferred stock.

Mr. Sacasa admitted to Mr. Fukase that finding potential
acquisition targets is proving difficult.

As reported in the Troubled Company Reporter - Asia Pacific on
March 29, 2007, Mr. Sacasa and he will be named president and
chief operating officer after the bank's annual shareholders
meeting in June 2007.

David Hackett, Aozora's chief financial officer, related to Mr.
Fukase that: "In the absence of an M&A, we are considering a
share buyback and high dividend [to reduce the Tier 1 capital]."

                        About Aozora Bank

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

                          *     *     *

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

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

                        About Aozora Bank

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

                          *     *     *

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

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


AOZORA BANK: Still Eyed by Cerberus
-----------------------------------
The Cerberus Group is still eyeing Aozora Bank in an effort to
cement its position in Japan, Mayumi Negishi of The Japan Times
reports citing Aozora Bank's director James Danforth Quayle.

"We may never sell Aozora.  There's always the possibility of
other options beyond the sale to enhance the value for the
shareholders and to make the bank profitable," Mr. Quayle told
Negishi in an interview earlier this week.

Cerberus applied last week for FSA Approval of its proposed
purchase of Aozora.  Regulators will examine the group's
business plans along with its ability to contribute to Japan's
banking industry.

According to the report, Mr. Quayle and other officials will be
"working diligently and as positively" with regulators and all
sectors of the country's community.

The group, Negishi added, still sees a need to change some
aspects of Aozora's management, with the group planning to
expand Aozora's loan assets and businesses in the long term.
Cerberus plans to change Aozora slowly by discussing each change
fellow stakeholders Tokio Marine & Fire Insurance Co., Orix
Corp. and regional banks.

Mr. Quayle is positive that Aozora will survive this
transformation and "when the economy turns around, it will be in
a very strong position a few years down the road," the daily
added.

                      About Aozora Bank

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

The Troubled Company Reporter - Asia Pacific reports that Fitch
Ratings, on October 23, 2006, affirmed at 'C' and '3' the bank's
individual and support ratings, respectively.  The outlook on
the ratings is stable.


ASAHI LIFE: Moody's Reviews Ba3 Rating and May Upgrade
------------------------------------------------------
Moody's Investors Service on April 5, 2007 has placed the Ba3
insurance financial strength rating of Asahi Mutual Life
Insurance Company review for possible upgrade.  The rating
action is prompted by Asahi Life's improving operating
performance and capital base.

                       About Asahi Mutual

Headquartered in Tokyo, Japan, Asahi Mutual Life Insurance  
Company -- http://www.asahi-life.co.jp/-- is a Japanese life
insurance Company that focuses on individual life insurance.
The Group also sells non-insurance products provided by its
partners.  The Group also provides investment trust products
mainly consist of Japanese equity.  It reported total assets of  
JPY6.3 trillion as of September 2006.


MITSUBISHI MOTORS: Introduces New Next-Generation Diesel Engine
---------------------------------------------------------------
Mitsubishi Motors Corporation said it will bring forward the
introduction of a next-generation 2.0-liter class diesel engine
to the European market where demand for such engines is growing.

Currently under development, the new diesel engine is to go into
production at the Kyoto Powertrain Plant in early 2009, one year
earlier than scheduled and following its introduction in Europe
will be phased into other markets.

Being developed jointly with Mitsubishi Heavy Industries, the
new diesel engine is a key element in Mitsubishi Motors' efforts
to lower CO2 and other greenhouse gas emissions.  Features
contributing to the new engine's class-topping power output and
Euro 5* emissions performance include a new high-efficiency
turbocharger and high-efficiency combustion characteristics that
stem from the application of own analytic technology of
Mitsubishi Heavy Industries and Mitsubishi Motors.  (Emission
standards due to come into force in Europe in 2009. Euro 5
standards feature tighter regulation of particulate matter and
NOx emissions than the current Euro 4.)

The new diesel engine is positioned, alongside its electric
vehicle technology, as a core element in the "Mitsubishi Motors
Environment Initiative Program 2010".  Bringing forward the
market introduction of this next-generation diesel engine will
allow the company to meet the needs of the growing number of
environment-conscious customers.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few   
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Standard & Poor's Ratings Services raised its
long-term corporate credit and senior unsecured debt ratings on
Mitsubishi Motors Corp. to B- from CCC+, reflecting progress in
the company's revitalization efforts and reduced downside risks
in its earnings and financial profile.  S&P said the outlook on
the long-term rating is stable.

As reported by the TCR-AP on Aug. 4, 2006, Rating & Investment
Information Inc. upgraded its issuer rating on Mitsubishi Motors
Corp. from CCC+ to B with a stable outlook and its commercial
paper rating from C to B, and has removed the rating from its
monitor at the same time.

In July 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors' senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


NIKKO CORDIAL: Orbis Won't Sell Stake at JPY1,700 Per Share
-----------------------------------------------------------
Nikko Cordial Corp.'s major shareholder Orbis Investment
Management, will not tender its Nikko shares at the JPY1,700 per
share being offered by Citigroup, Reuters reports.

As previously reported by the Troubled Company Reporter - Asia
Pacific on April 17, 2007, Citigroup, which holds a 4.9% stake
in Nikko Cordial, launched a US$13.35 billion tender offer early
this year for the remaining shares of the Japanese brokerage
firm.

Orbis, according to the report, wants to sell its entire Nikko
stake at JPY1,900 per share and added that 29% of its shares are
now on offer at JPY1,900.

This development puts pressure on Citigroup to raise its offer
to buy out Nikko.  Citigroup was not immediately available for
comment, the report relates.

    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:

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
NikkoCordial for falsifying its annual financial statements for
the business year ended March 30, 2005, declaring JPY14 billion
in false profits, and using them to procure money from the
market.


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

DAEGU BANK: Earns KRW73.5 Billion in 2007 First Quarter
-------------------------------------------------------
Daegu Bank posted record-high quarterly earnings of
KRW73.5 billion in the first three months of 2007, compared with
KRW71.6 billion in the same period in 2006, Yonhap News, citing
the bank's regulatory filing.

Revenue increased 22.1% on-year to KRW437.2 billion, with
operating income gaining 2.3% to total KRW99.8 billion, the
bank's statement revealed.

Yonhap notes that as of the end of March, the lender's bad loan
ratio came to 0.7%, and its capital adequacy ratio stood at
11.4%.

Daugu's total assets amounted to KRW23.5 trillion, up 11.3% on-
year.

                          *     *     *

Daegu Bank -- http://www.dgb.co.kr/index.jsp-- provides various  
services such as commercial banking, foreign exchange,
certificate of deposits, securities trading, and trust accounts.  
The bank operates its business primarily in Daegu area.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Apr.
24, 2006, that Fitch Ratings has upgraded Korea-based Daegu
Bank's Individual rating to "B/C" from "C".  At the same time,
the agency also affirmed the bank's Support rating of "2".

Moody's Investors Service gave Daegu Bank a 'D' Bank Financial
Strength Rating effective on March 30, 2006.


HYUNDAI MOTOR: Invests US$40 Million for India R&D Unit
-------------------------------------------------------
Hyundai Motor Co. plans to invest US$40 million to develop its
research and development center in southern India by 2009 and
increase its staff by eight times, Reuters report, citing H.S.
Lheem, managing director of the wholly owned Indian unit.

According to H.S. Lheem, the planned investment of the mother
company will double their number of engineers to 200 by the end
of the fiscal year to March 2008 and have 800 engineers at its
Hyderabad centre a year later.

The company, according to the report, is also building a second
plant in Chennai to double capacity to 600,000 units a year by
the end of 2007.

Hyundai, India's second-biggest carmaker, sold 299,513 vehicles
in 2006, up 18.5% over the previous year, Reuters notes.

                          *     *     *

Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the  
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung has been indicted early in May 2006 for fraud
charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

On Feb. 5, a South Korean court handed down the sentence to Mr.
Chung for illegally raising US$110 million in slush funds and
bribing government officials.  Mr. Chung has been released on
bond and continues to run the auto conglomerate.


PUSAN BANK: First Quarter Earnings Jump 59.5% to KRW76.2 Billion
----------------------------------------------------------------
Pusan Bank recorded a 59.5% jump of its first-quarter earnings
by posting KRW76.2 billion in 2006 as compared with KRW47.79
billion of earnings posted in the same period in 2006, Yonhap
News says, citing the bank's regulatory filing.

The bank's revenue gained 7.07% on-year to KRW406 billion, and
operating profit surged 55.87% to KRW106.20 billion, the report
adds.

Pusan's return on assets and equity stood at 1.41% and 23.89%,
respectively.  The bad-loan ratio was 0.79% and its capital
adequacy ratio reached 11.94%.

                        About Pusan Bank

Pusan Bank -- http://www.pusanbank.co.kr/-- provides retail  
banking services including telephone banking, savings deposits,
personal and business loans, credit card financing, foreign
currency exchanges, and wire transfer services.  The bank mainly
serves Pusan metropolitan area through its network of branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on March
1, 2007, that Moody's Investors Service maintained a D bank
financial strength rating with a positive outlook.


* SoKor, U.S. to Partner in Semiconductor Tech. Development
-----------------------------------------------------------
South Korean companies and U.S. universities will work together
to jointly develop semiconductor-related technologies, Yonhap
News says, citing a statement from The Ministry of Commerce
Industry and Energy.

According to the report, the government has signed a memorandum
of understanding with Stanford, the University of California at
Berkeley and the University of Texas to cooperate in the design
and production of new computer chips and manufacturing
equipment.

Under the agreement, the MOU needs KRW21.8 billion funding from
this year to 2011, with the South Korean government footing
KRW10 billion of the total, while the Texas state government
will contribute KRW5.4 billion and the rest will come from
private companies taking part in the various development
projects, Yonhap notes.

South Korean companies are to be picked in July, where Samsung
Electronics and Hynix Semiconductor's are expected to
participate along with smaller companies, the report adds.

"South Korea is a leader in memory chips, but is behind in such
areas a designing non-memory semiconductors, production of
parts, and in the manufacturing machine sector," Vice Minister
Oh Young-ho was quoted by Yonhap as saying.  The MOU will be
beneficial as both countries are good at different areas, Yonhap
notes.

South Korea's global market share in non-memory chips stands at
2% while its self-sufficiency in chip manufacturing machines
stood at 18% in 2006, with imports of these products reaching
US$5 billion.  It also imported half of all parts and material
used to make chips totaling US$2 billion.  Thus, ff all goes
well, self-sufficiency in manufacturing machines will rise to
50% while the percentage of parts and materials could reach 75%,
Vice Minister Oh Young-ho, told Yonhap.

In addition, Vice Minister Oh said that U.S. schools and
companies will benefit from fresh investments and be able to
gain access the South Korean market.

"While most manufacturing machines and parts are now imported
from Japan, such joint efforts could induce South Korean
companies to switch where they buy machines and parts," he said.


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

AVANGARDE RESOURCES: Bursa to Delist Securities on May 4
--------------------------------------------------------
The Bursa Malaysia Securities Berhad said that the securities of
Avangarde Resources Berhad will be de-listed and removed from
its Official List at 9.00 a.m. on May 4, 2007.

According to the bourse, it had already disallowed the appeal
filed by the company against its previous decision to de-list
the Avangarde's securities.

The bourse also clarified that the Court Order obtained by
Sateras for an interim stay of all proceedings against the
company for a period of six months do not include its delisting
decision.

Bursa Securities also stressed that Avangarde's securities may
remain deposited with Bursa Depository notwithstanding the
delisting action.  Shareholders of the company who intend to
withdraw their securities in the form of physical certificates
can withdraw with the Bursa Depository at anytime after the
securities had been officially delsited.

Shareholders can contact any Participating Organisation of Bursa
Securities and/or Bursa Securities' General Line at 03-2034 7000
for further information on the withdrawal procedures.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR20.349 million and total liabilities of
MYR147.824 million, resulting into a stockholders' deficit of
MYR127.475 million.


MALAYSIA AIRLINES: eTicketing Service to Start in September
-----------------------------------------------------------
Malaysia Airlines will roll out its electronic ticketing by
September this year with the completion of its customer
airlines' check-in system cutover to the new departure control
system, Asia Pulse reports, citing the airline's statement.

"We are on track to be eTicketing-capable by Sept 21," the
airline's senior general manager for transition management, Dr.
Amin Khan, said in a statement.

Asia Pulse relates that the cutover for the customer airlines
represented phase one of national flag carrier's MYR400 million
Passenger Services System roll-out to upgrade all information
technology infrastructure to facilitate the airline's move to
the International Air Transport Association standard eTicketing.

This, according to the report, allows the airline, including Jet
Airways, Royal Brunei and Kuwait Airways, which are served by
MAS as ground handling agent, to check in eTicket passengers
along with paper ticket passengers.

The eTicketing service is expected to bring many benefits to
Malaysia Airlines, Dr. Amin said.

"In addition to initial savings of RM20 million as we replace
the paper tickets, eTickets are cheaper to process, provide
higher levels of customer service and are easier to sell through
different channels."

                          *     *     *

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


SATERAS RESOURCES: Posts MYR2.72MM Net Loss in Qtr Ended Dec. 31
----------------------------------------------------------------
Sateras Resources Bhd posted a net loss of MYR2.72 million on
MYR677,000 of revenues in the third quarter ended Dec. 31, 2006,
as compared with a net loss of MYR2.94 million on MYR648,000 of
revenues in the same period in 2005.

Sateras recorded accumulated losses of MYR416.8 million.

As of Dec. 31, 2006, the company's unaudited balance sheet
showed strained liquidity with current assets of MYR114.89
million available to pay current liabilities of
MYR250.41 million.

At Dec. 31, 2006, the company's balance sheet also showed total
assets of MYR160.66 million and total liabilities amounting to
MYR267.83 million.

A full text-copy of the company's financial results for the
third quarter ended Dec. 31, 2006, can be viewed for free at:

            http://bankrupt.com/misc/sateras-3q-results.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.


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

BLIS TECHNOLOGIES: Revises Distribution Pact with Pharmabroker
--------------------------------------------------------------
BLIS Technologies Ltd has signed a distribution and marketing
agreement with Pharmabroker Sales Ltd, which pact BLIS considers
as "significant."

"We have had a standard distribution arrangement with
Pharmabroker, since January 2002" BLOS CEO Barry Richardson
says, "but we wanted to further leverage their sales and
marketing expertise in New Zealand by expanding the distribution
agreement into a more expansive sales and marketing agreement."

The revised deal will see Pharmabroker effectively take over the
sales and marketing of all the BLIS products in New Zealand.

According to Mr. Richardson, Pharmabroker is a very effective
marketing company, which has a proven record of building retail
brands in pharmacies throughout New Zealand."

Pharmabroker Managing Director Jim Davis understands his
customers in ways that would take us years to achieve, Mr.
Richardson adds.

Mr. Richardson has indicated that the revised agreement is part
of a broader strategic plan for BLIS.  By improving retail sales
through this distribution and marketing agreement with
Pharmabroker, the company expects to free up resources so it can
focus on international segments and building longer-term
relationships with multi-national corporations.

                    About Pharmabroker Sales

Pharmabroker is a privately held Auckland based company that
represents a number of well known local and international brands
in New Zealand including Colgate Oral Care, Grans Remedy, Eye-q,
Zyrtec, Buccaline and No Jet Lag. Pharmabroker provides New
Zealand coverage of retail pharmacy, Health food and medical
channels.

                    About BLIS Technologies

BLIS Technologies Limited (NZX: BLT) became listed on the New
Zealand Stock Exchange in July 2001 and was formed to
commercialise BLIS (bacteriocin-like inhibitory substances),
hence the company's name, BLIS Technologies Ltd.  The company
has acquired the rights to the collection of an extensive range
of BLIS producing organisms and is developing new products for
use in the control of undesirable bacterial infections, which
includes dental caries control, the prevention and treatment of
ear and throat infections, and skin infections.

                      Going Concern Doubt

Deloitte -- the company's auditors -- in forming its unqualified
opinion, raised fundamental uncertainty on the company's ability
to continue as a going concern.

BLIS recorded a net deficit of NZ$1,107,851 for the year ended
March 31, 2006 (2005: 1,336,319), and has cash and short-term
deposits of NZ$201,850 on hand at March 31, 2006.  The company
has raised additional capital of NZ$200,000 by way  of a private
placement of 2 million ordinary shares at NZ$0.10 per share.  
The company has prepared a business plan and budget, which
indicate that available cash reserves combined with cash
generated as a result of the private placement, are sufficient
for a period of at least 12 months from the date these financial
statements were approved by the board of directors.

While the directors are confident in the company's ability to
continue as a going concern, there is significant uncertainty as
to whether the company will be able to achieve a positive
operating cash flow position within the timeframe set out in the
Board of Directors' plans prior to utilization of available cash
resources, and continue as a going concern and therefore,
whether they will be able to pay their debts as and when they
become due and payable.

In addition, the company may have to provide for further
liabilities that might arise, and to reclassify non current
assets and liabilities as current assets and liabilities.


CER GROUP: Commences Share Purchase Plan
----------------------------------------
CER Group Limited has launched a share purchase plan allowing
shareholders to subscribe up to NZ$5,000 of CER ordinary shares
without brokerage and transaction costs, the company says in an
April 19 filing with the New Zealand Stock Exchange.

The company fixed May 4, 2007, as the record date for the Share
Purchase Plan.  Only those who are shareholders of CER Group as
at 5:00 p.m. on the Record Date, and who are resident in New
Zealand, are eligible to participate in the Plan.  The price at
which shares will be issued under the SPP has been set at 7
cents per share.

"Eligible shareholders should expect to receive an offer
document containing further details of the SPP shortly after the
Record Date," the company states.

According to the NZX filing, all funds raised in the SPP will be
used to invest in the resources the CER Group's board of
directors selects, to assist the development and growth of the
company's business.  The resources will primarily comprise
management, financial support, consultancy and other skills
considered necessary to add value to the Group's existing
businesses and to appraise other businesses for their potential
as acquisitions.

"We wish to strengthen our relationship with our nearly 4,800
current shareholders by providing them with this opportunity to
more fully participate in CER Group's future growth plans,"
Group Managing Director David Warrick says.

                         About CER Group

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified   
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       Going Concern Doubt

On Feb. 27, 2006, upon completion of its audit on the company's
financial statements, KPMG -- the company's independent auditors
-- raised fundamental uncertainties on the company's ability to
continue as a going concern, the validity of which is dependent
upon "many factors both within and external to the control of
the directors."

                          *     *     *

The group suffered net losses of NZ$1.03 million and
NZ$1.34 million for the years ended December 31, 2005, and 2004,
respectively.  The group's December 2006 year loss narrowed to
NZ$53,000.


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

MANILA MINING: Post PHP112.3 Million Net Loss for 2006
------------------------------------------------------
Manila Mining Corporation reported a net loss of
PHP112.3 million for the year ended December 31, 2006, 24% lower
than the net loss reported a year earlier.

In the fourth quarter of 2006, the company made a 1:2 stock
rights offering of 59.67 billion common shares at PHP0.015 per
share which was fully subscribed.  The proceeds supported the
increase in the company's authorized capital stock from
PHP1.2 billion to PHP1.8 billion, which was approved by the
Securities and Exchange Commission on November 30, 2006.

During the year, an interest income amounting to PHP1.34 million
was realized from the deposit accounts in relation to the SRO.  
The income, however, was offset against other financing charges,
hence no income appears in the income statement.  Last year's
other operating income amounted to PHP375,000 arising from a
sale of marketable securities.  The were no other source of
revenue due to non operation.

Expenses during the year amounted to PHP108.64 million,
representing salaries of the remaining employees and
administrative costs (including impairment loss, depreciation
expense and amortization of tailings pond no. 7).  The recorded
expenses for 2006 were lower against 2005 due to the decrease in
depreciation expense.  

The Troubled Company Reporter - Asia Pacific reported that after
auditing Manila Mining's annual report for the year ended
December 31, 2005, Rodelio A. Acosta, of Isla Lipana & Co.,
raised substantial doubt on the company's ability to continue as
a going concern, noting the company's continued losses from
operations that resulted to a deficit of PHP936,543,157 and
working capital deficiency of PHP729,068,305 in 2005.

J. Carlitos G. Cruz at Sycip Gorres Velayo and Co. now says that
the company's pre-emptive rights offering has mitigated the
going concern uncertainty.

The company, however, still reported a three-year consecutive
net losses of PHP112.7 million, PHP147.4 million and PHP126.9
million for the year ended December 31, 2006, 2005 and 2004,
respectively.

The company's financials can be obtained free-of-charge at:

          http://bankrupt.com/misc/manilamining.pdf

Manila Mining Corporation -- http://www.manilamining.com/-- was  
incorporated primarily to carry out the business of mining,
milling, concentrating, converting, smelting, treating,
preparing for market, manufacturing, buying, selling, exchanging
and otherwise producing and dealing in precious and semi-
precious metals, ores, minerals and their by-products.  The
company is an affiliate of Lepanto Consolidated Mining Company.  
It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations
in July 2001, the company produced gold bullion through a
Carbon-In-Pulp (CIP) Plant.


PHILIPPINE NATIONAL BANK: Earns PHP820 Million in 2006
------------------------------------------------------
Philippine National Bank and its subsidiaries reported a net
income of PHP820 million for 2006, 30.6% higher than the
PHP628 million posted a year earlier, the bank says in its
financials.

This is the fourth straight solid year of income for the bank.

Net interest margin reached PHP5.3 billion, PHP111.0 million
higher than PHP5.2 billion last year.  Fee-based and other
income increased by PHP1.7 billion from PHP6.4 billion to PHP8.1
billion due to higher trading and investments gains, increase in
remittance volume and alignment of bank's service fee with
market rates.

Administrative and other operating expenses increased by PHP2.7
billion from PHP8.9 billion to PHP11.6 billion mainly due to
higher provision for impairment and credit losses.

Provision for income tax was PHP933 million for 2006 and PHP1.9
billion for 2005.

               Financial Condition, 2006 vs. 2005

As of December 31, 2006, the group's consolidated resources
reached PHP243.5 billion, PHP20.8 billion or 9.4% higher from
the PHP222.7 billion level as of year-end 2005.  The growth in
resources was fueled by the increase in customer deposits
and proceeds from the PHP5.5 billion subordinated notes issued
as tier 2 capital on August 10, 2006.

Significant changes were registered in the following accounts:

   * Cash and Other Cash Items decreased by P850 million from
     PHP5.7 billion to PHP4.8 billion.  The level of cash is
     based on the limits set under existing bank policies.

   * Due from Bangko Sentral ng Pilipinas increased by
     PHP8.9 billion from PHP3.7 billion to PHP12.6 billion,
     partly due to the additional reserve requirement resulting
     from the increase in deposit liabilities.

   * Due from Other Banks decreased by PHP1.9 billion from
     PHP5.5 billion to PHP3.6 billion. The decrease pertains to
     accounts with various foreign banks.

   * Securities Held Under Agreements to Resell was higher by
     PHP3.4 billion, from PHP12.3 billion to PHP15.7 billion on
     account of lending to BSP only.

   * Receivables from Special Purpose Vehicle (SPV) represents
     the present value of the note received by Parent Company
     from the sale of the first pool of Non-Performing Assets
     to an SPV on December 29, 2006.

   * Securities at Fair Value Through Profit or Loss increased
     by PHP180 million from PHP1.3 billion to PHP1.1 billion on
     account of higher investments in government securities.

   * Available for Sale Investments increased by PHP2.6 billion
     from PHP40.2 billion to PHP42.8 billion due to additional
     investments in government securities.

   * Held to Maturity Investments decreased by PHP3.7 billion,
     from PHP5.3 billion to PHP1.6 billion on account of
     matured/redeemed government bonds.

   * Loans and Receivables increased by PHP3.5 billion from
     PHP80.1 billion to PHP83.6 billion mainly due to new loan
     releases partly offset by accounts sold under SPV in
     December 2006.

   * Investment in Subsidiaries went up by PHP118 million, from
     PHP684 million to PHP802 million due to share in net
     earnings and equity adjustments of an associate.

   * Investment properties decreased by PHP2.0 billion from
     PHP26.9 billion to PHP24.9 billion mainly due to the sale
     of properties including those sold under SPV in December
     2006.

   * Other Resources increased by PHP2.9 billion, from
     PHP8.8 billion to PHP11.7 billion mainly due to
     reclassification of non-performing loans to be sold to SPV
     in 2007.

The consolidated liabilities increased by 9.5% or PHP19.0
billion from PHP199.7 billion to PHP218.7 billion.  Material
changes in liability accounts are as follows:

   * Total deposits grew by PHP13.9 billion from
     PHP167.8 billion to PHP181.7 billion.  By deposit mix,   
     demand and savings increased by PHP2.0 billion and
     PHP12.6 billion while time deposit slightly decreased by
     PHP737 million.

   * Bills and Acceptances Payable decreased by PHP2.2 billion,
     from PHP13.2 billion to PHP11.0 billion mainly due to
     payment of obligations.

   * Subordinated Debt increased by PHP5.4 billion, from
     PHP3.0 billion to PHP8.4 billion.  On August 10, 2006, the
     bank issued PHP5.5 billion unsecured subordinated notes
     which qualify as tier 2 capital to boost its capital
     adequacy ratio.

   * Other Liabilities increased by PHP1.7 billion, from
     PHP11.1 billion to PHP12.8 billion due to the increase in
     Manager's Check and Demand Drafts Outstanding by
     PHP1.5 billion from PHP473 million to PHP2.0 billion on
     account of checks payable pending negotiation.

The bank's capital funds stood at PHP24.8 billion in 2006,
higher by PHP1.9 billion compared to PHP22.9 billion in 2005
attributed to the PHP820 million net income for the year and
PHP1.0 billion additional revaluation increment on properties.

                   Key Performance Indicators

The capital adequacy ratio of the group (covering credit risks)
computed based on BSP regulations as of December 31, 2006 and
2005 were 19.6% and 17.1%, respectively.

PNB's asset quality dramatically improved in 2006 due to the
sale of PHP11.7 billion in non-performing assets, a first
tranche of a total sale of PHP19.3 billion.  The sale of the
second tranche is expected to be completed on the early part of
2nd quarter for a total consideration of PHP7.6 billion.  As a
result of the sale, nonperforming loans was reduced by PHP15.6
billion.

Profitability as of the year end of 2006 and 2005:

                                       December 31,
                                      2006      2005
                                     ------    ------
           Return on equity           3.44%     2.59%
           Return on assets           0.35%     0.28%
           Net interest margin        3.78%     3.93%

The ratio of liquid assets to total assets were 42.3% and 38.5%
as of December 31, 2006 and 2005, respectively.  The bank is in
compliance with liquidity and legal reserve requirements for
deposit liabilities and deposit substitutes.

The ratio of total operating expenses (excluding provision for
losses) to the total operating income for December 31, 2006 and
2005 were 66.1% and 74.0%, respectively.

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

              http://bankrupt.com/misc/PNB.pdf

Philippine National Bank -- http://www.pnb.com.ph/-- is the  
Philippine's first universal bank established on July 22, 1916.  
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006 that Moody's Investors Service has revised the
outlook of Philippine National Bank's foreign currency long-term
deposit rating of B1, local currency senior debt rating of Ba2,
and local currency subordinated debt rating of Ba3 to stable
from negative.

The outlook for PNB's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E remains
stable.

The Troubled Company Reporter - Asia Pacific reported on Nov. 1,
2006 that Fitch Ratings affirmed Philippine National Bank's
Individual rating at 'E' and Support rating '3' after a review
of the bank.

The Troubled Company Reporter - Asia Pacific reported that
Standard and Poor's Ratings Services has given PNB 'B' Short-
Term Foreign Issuer Credit and Short-Term Local Issuer Credit
Ratings, as well as 'B-' Long-Term Foreign Issuer Credit and
Long-Term Local Issuer Credit Ratings effective as of April 26,
2006.


PILIPINO TELEPHONE: Earns PHP10.08 Billion for 2006
---------------------------------------------------
Pilipino Telephone Corporation recorded a net income of
PHP10.079 billion in 2006, compared to a net income of
PHP13.459 billion in 2005 due mainly to the full amortization of
the debt discount in connection with the full payment of
Piltel's debt on December 4, 2006, the company said in its
financials.

Piltel's net revenues decreased by 20.6% to PHP12.423 billion in
2005 from PHP15.651 billion in 2004, with the cellular business
registering a decline from 2004 net revenues of 23.7% or
PHP3.513 billion.  Fixed line net revenues decreased by 5.5% or
PHP44.9 million in 2005 from PHP811.4 million in 2004.

Piltel derives its revenues from two business segments, cellular
and fixed line services.  The cellular service consists of the
prepaid GSM service Talk 'N Text, which runs on Smart's GSM
network and a lease line service making use of Piltel's
remaining AMPS/CDMA network. The fixed line service consists of
the RTS and E.O. 109 exchanges in selected parts of Luzon and
Mindanao.

Cellular

Revenues and Other Income.  Piltel's net revenues from its
cellular business increased by 5.4% to PHP11.937 billion in 2006
from PHP11.327 billion in 2005, with the increase fuelled by the
growth in the Talk 'N Text subscriber base.

Piltel offers a prepaid GSM service, Talk 'N Text, which
operates on the network of Smart under an Omnibus Service
Agreement.  GSM revenues of PHP11.934 billion in 2006 accounted
for 94.1% of Piltel's total revenues compared to a contribution
of 91.1% in 2005.  GSM revenues in 2006 were higher than the
revenues in 2005 due mainly to the growth in subscriber base.

GSM net service revenues increased by 12.3% to PHP10.872 billion
in 2006 from PHP9.682 billion in 2005 due mainly to the 39.9%
increase in subscriber base.  The decrease in interconnection
expense and cost of pre-loaded airtime also contributed to the
improvement of net service revenues. Starting June 2005, pre-
load has been reduced to PHP1 and 50 free text messages.  The
increase in the non-service revenues to PHP625.3 million in 2006
from PHP600.0 million in 2005 resulted mainly from the increase
in sales volume to 4.6 million in 2006 from 3.6 million in 2005.  
SIM sales comprised 94.5% and 94.1% of total sales in 2006 and
2005, respectively.

Other income of PHP436.1 million in 2006 pertained mostly to co-
location income from Smart.  In 2005, the account consisted of
co-location income from Smart, as well as the reversal of prior
years' provision for NTC fees to align with the assessments
received in 2005.

Cellular service revenues from Piltel's prepaid GSM service
consist of:

   a. revenues derived from actual usage of the network of Smart
      by Talk 'N Text subscribers and any unused peso value of
      expired prepaid cards or electronic airtime loads, net of
      value-added tax , discounts given to dealers, the cost of
      pre-loaded airtime and content provider costs in relation
      to VAS; and

   b. revenues from incoming calls and messages to Talk 'N
      Text's subscribers, net of interconnection expenses;
      both net of Smart's share of revenues after             
      interconnection expenses. Proceeds from sale of handsets
      and SIM packs to subscribers are recognized as non-service
      revenues.

As of December 31, 2006, the company has total assets of
PHP17.00 billion, and total liabilities of PHP2.440 billion,
giving it a total equity of PHP14.570 billion.

Data

Revenues from data services, which include all SMS or text-
related services ranging from ordinary text to enhanced services
from Smart zedTM, increased to PHP6.975 billion in 2006, an
increase of 36.3%, from PHP5.118 billion in 2005.  Cellular data
accounted for 64.2% and 52.9% of GSM revenues in 2006 and 2005,
respectively.

Text messaging-related services contributed revenues of PHP6.396
billion in 2006, an increase of 38.4%, compared to PHP4.621
billion in 2005, and accounted for 91.7% of the total cellular
data revenues in 2006.  The increase in revenues from text
messaging-related services resulted mainly from the ongoing
"bucket promotions" which commenced in March 2005.  Text
messaging revenues from this promotion totaled PHP3.886 billion
in 2006.  VAS contributed revenues of PHP579.1 million in 2006,
increasing by PHP81.5 million, or 16.4% from PHP497.6 million in
2005.

Voice

Revenues from voice services, which include all voice traffic,
decreased to PHP3.897 billion in 2006, or 14.6% decrease from
PHP4.563 billion in 2005 as revenues continued to shift to
data.  Voice revenues contributed 35.8% of GSM revenues for 2006
compared to 47.1% in 2005.

Subscribers

The Talk 'N Text subscriber base increased by 1,989,954, or
39.9% from 4,984,425 as of December 31, 2005 to 6,974,379 as of
December 31, 2006.

Average Revenue Per User

Gross ARPU of Talk 'N Text subscribers declined by 12.1% to
PHP226 in 2006 from PHP257 in 2005. The decline was attributable
to a decrease in the average outgoing voice revenue and
interconnection revenue per subscriber in 2006.

Interconnection revenues for the year decreased by 3.3% despite
the 39.9% increase in subscriber base.  On a net basis, ARPU for
2006 decreased to PHP194, 8.5% down from PHP212 in 2005.

Churn

The average monthly churn rate for Talk 'N Text subscribers for
the year 2006 was 3.3%, lower than the 5.5% churn rate for the
year 2005.  The improvement in churn rate can be attributed to
the introduction of promotions geared towards subscriber
retention, such as the low denomination top-up Talk 'N Text Load
"All Text". Moreover, the churn rate for 2005 reflects the
effect of the termination of "SIM-swapping" activities in May
2005.

AMPS/CDMA Services

Piltel leases out AMPS/CDMA telephone lines to a few corporate
subscribers. In 2006, net revenues from this service amounted to
PHP3.5 million from PHP3.3 million in 2005.

Expenses

Total expenses increased by PHP4.512 billion or more than 300%
to PHP5.907 billion in 2006 from PHP1.395 billion in 2005 due
primarily to the financing cost of PHP3.517 billion in
2006 compared with the financing gain of PHP1.203 billion in
2005, as well as the impairment loss on investment properties of
PHP247.3 million.

Amortization of debt discount and debt prepayment costs
increased by more than 500% to PHP4.120 billion in 2006 from
PHP686.5 million in 2005.  The expense in 2006 includes the
difference between the carrying amount of the restructured debt
at the time of prepayment and the amount paid to the creditors
amounting to PHP3.617 billion in 2006.  Piltel's restructured
debts were fully prepaid on December 4, 2006.

Interest expense decreased by 22.3% to PHP732.0 million in 2006
from PHP942.2 million in 2005 due also to the prepayment of
Piltel's restructured debt in 2006.

Cost of handsets and SIM packs sold decreased by 24.4% to
PHP708.3 million in 2006 from PHP937.1 million in 2005 due
mainly to lower average selling price of handsets. Sales volume
in 2006 and 2005 were 4.6 million and 3.6 million, respectively.

Depreciation and amortization increased by 10.1% to PHP507.8
million in 2006 from PHP461.4 million in 2005 due mainly to the
depreciation charges on additional GSM capital expenditures.

Selling and promotions decreased by 23.2% to PHP433.2 million in
2006 from PHP564.3 million in 2005 due to continuing efforts to
refocus on usage revenue generation by doing on-the-ground
selling and promotion activities that are more targeted
marketing as against the more traditional television and radio
advertising.

Loss on fair value adjustments of PHP247.3 million in 2006
resulted from an appraisal performed by an independent firm of
appraisers on Piltel's investment properties.  The investment
properties consisted mainly of land and buildings rented out to
Smart.

Maintenance increased by 59.9% to PHP144.9 million in 2006 from
PHP90.6 million in 2005 due mainly to higher maintenance
expenses for the fixed line exchanges and the GSM cellsites.

Taxes and licenses decreased by 54.6% to PHP118.7 million in
2006 from PHP261.4 million in 2005 due mainly to lower real
property taxes.

Professional and other service fees increased by 3.1% to PHP89.0
million in 2006 from PHP86.3 million in 2005 due mainly to
higher consultancy fees.

Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides cellular mobile telephone service provider,
as well as provides fixed line telephone services and paging
services to Filipino customers.  In the past seven years, Piltel
was on the brink of bankruptcy with its seemingly insurmountable
debt, continuous losses, outmoded service and dwindling
subscriber base.

It is currently working out a debt restructuring program.

As of December 31, 2006, PilTel acknowledges that it has not
complied with the terms of convertible bonds with a principal
amount of US$0.7 million -- approximately US$0.9 million
redemption price at the option of the holders.  Accordingly, the
amount was presented as part of the current portion of interest-
bearing financial liabilities.

However, PilTel says that default on and acceleration of its
unrestructured indebtedness does not create a cross-default
under its restructured indebtedness.


PRIME MEDIA: Sycip Gorres Velayo Raises Going Concern Doubt
-----------------------------------------------------------
Aris C. Malantic at Sycip Gorres Velayo & Co., on April 13,
2007, raised significant doubt on Prime Media Holdings, Inc.'s
ability to continue as a going concern, citing that the company
incurred net losses in 2006 and prior years and had a capital
deficiency of PHP828.36 million as of December 31, 2006.

As of December 31, 2006, the company had total assets of
PHP62.21 million and total liabilities of PHP890.57 million.

The company also reported a net loss of PHP1.04 million on total
income of PHP14.96 million and total expenses of PHP15.64
million.

The company's financials are available for free at:

     http://bankrupt.com/misc/PRIM_17A_Apr2007.pdf

Makati City, Philippines-based Prime Media Holdings, Inc.
(formerly First E-bank Corporation), was incorporated in the
Philippines and is listed in the Philippine Stock Exchange.  On
December 6, 2002, the company's board of directors approved the
amendment of its articles of incorporation to change its primary
purpose from a development bank to a holding company, which
would hold investments in media industry.  The Securities and
Exchange Commission approved the amendment on October 1, 2003.


UNION BANK: Net Income Down to PHP2.51 Billion in 2006
------------------------------------------------------
Union Bank of the Philippines posted a net income of
PHP2.51 billion for the year ending Dec. 31, 2006, 8.81% or
PHP0.24 billion lower than the PHP2.76 billion registered in
2005, according to the bank's financials.

This was due to the higher net interest income being more than
offset by much higher operating expense brought about by the
acquisition of International Exchange Bank, .

Interest income improved by 38.47% to PHP8.58 billion in 2006
from PHP6.19 billion in 2005 primarily due to the increase in
earnings assets by 57.44% to PHP143.21 billion in 2006 from
PHP90.96 billion in 2005.

Interest income on loans and receivables grew to PHP3.33 billion
in 2006, 146.93% higher than PHP1.35 billion in 2005 as a result
of increased average levels of outstanding loans and receivables
due to the merger with the former iBank.  Average volume of
deposits with other banks grew coupled with an increase in
average yields on these investments, thereby increasing interest
income on deposits with other banks to PHP1.23 billion in 2006
from previous year's PHP0.61 billion. Higher average yields on
interbank loans receivables accounted for the improvement in
interest income on interbank loans receivables by 16.13%, from
PHP0.85 billion in 2005 to PHP0.99 billion in 2006.  On the
other hand, interest income on investment securities declined by
10.40% to PHP3.03 billion in 2006 from PHP3.38 billion in 2005
mainly due to declining average yields for these securities.

Interest expense amounted to PHP4.33 billion in 2006, 49.25%
higher than previous year's PHP2.90 billion driven primarily by
a 40.93% increase in interest expense on deposit liabilities,
from PHP2.27 billion in 2005 to PHP3.20 billion in 2006 due to
an increase in average deposit levels despite the decline in
average deposit cost.  Interest expense on bills payable and
other borrowings was higher by 79.28%, to PHP1.13 billion in
2006 from PHP0.63 billion end-2005 level, as a result of
increased average levels of borrowings combined with an increase
in average borrowing cost.

As a result of the foregoing, total operating income increased
by 19.94% to PHP7.45 billion in 2006 from PHP6.21 billion in
2005 primarily due to the improvement of net interest income by
28.98%, to PHP4.25 billion in 2006 from PHP3.29 billion in 2005
considering that the balance sheet spread continued to narrow
down.

Service charges, fees and commissions increased by 98.82% from
PHP0.36 billion in 2005 to PHP0.72 billion in 2006 as a result
of expansion in deposit and loan levels as well as trust
activities, increase in fees generated on branch-related, loan-
related, credit card-related and GSIS e-card transactions, and
higher number of corporate clients for bills payments. Foreign
exchange gains likewise increased by 100.63% to PHP0.34 billion
in 2006 from PHP0.17 billion in 2005 as the Bank was able to
profit from USD-PHP movements.

Miscellaneous income was 44.34% higher at PHP0.53 billion in
2006 from previous year's PHP0.37 billion driven primarily by
higher gains on sale of acquired assets and rentals on bank
premises.

On the other hand, gains from trading of financial assets at
FVPL and investment securities dropped by 12.69% to PHP1.57
billion in 2006 from PHP1.80 billion end-2005 levels as the
movements in the market did not present much trading opportunity
to the Bank. Lower valuation on the Bank's investment properties
resulted to lower gains on appreciation of investment properties
by 84.57%, to PHP0.03 billion in 2006 from PHP0.21 billion end-
2005 levels.

Total operating expenses amounted to PHP4.60 billion in 2006,
50.31% higher than PHP3.06 billion in 2005. Compensation and
fringe benefits rose to PHP1.55 billion in 2006, 44.79% higher
than PHP1.07 billion in 2005 primarily due to the annual salary
increases, employee promotions and increase in employee fringe
benefits and provision, in addition to the manpower absorbed
from the former iBank.

Taxes and licenses increased to PHP0.56 billion in 2006 from
2005 level's PHP0.27 billion as a result of the increased
gross receipts tax (GRT) rate, rationalization of documentary
stamp tax (DST) and additional documentary stamp tax paid in
view of the issuance of the former iBank unsecured subordinated
debt.  Provision for impairment and credit losses decreased to
P0.36 billion in 2006 from P0.41 billion in 2005 due to lower
provisions booked as loans acquired from the former iBank were
fully reserved and did not require additional provision for
impairment and credit losses.  Depreciation and amortization
grew by 173.62% to PHP0.40 billion in 2006 from the previous
year's PHP0.14 billion primarily due to the depreciation of the
owner-occupied portions of the Bank's new head office building
at UBP Plaza in Ortigas starting 2006 and the additional
depreciation on the bank premises and office and computer
equipment acquired from the former iBank.  Occupancy costs grew
by 66.93% to PHP0.32 billion in 2006 from 2005's PHP0.19 billion
as a result mainly of the additional rental expense on former
iBank's branches and ATM offsites.  Miscellaneous expense
likewise was up by 44.02% to PHP1.41 billion in 2006 from
PHP0.98 billion in 2005 driven primarily by the following:

   1. more marketing costs in line with account acquisition and
      retention;
   2. higher litigation expenses incurred in an effort to
      promptly convert non-performing assets to earning assets;
   3. more travel-related expenses in line with the business
      expansion and gasoline price hike;
   4. higher deposit insurance premiums and central bank
      supervision fees in view of the increase in the bank's
      deposit and asset base; and
   5. higher security, clerical, messengerial and janitorial   
      expenses in view of wage increases of these personnel and
      branch expansion.

Provision for income tax decreased to PHP0.33 billion in 2006,
15.49% lower than previous year's PHP0.39 billion due to the
set-up in 2006 of additional deferred tax assets on the
provision for bonus and reversal of deferred tax liabilities.

Statement of Condition

The bank's total resources grew by 71.29% to PHP183.19 billion
in 2006 from PHP106.95 billion in 2005 with the acquisition of
the former iBank.

Cash and other cash items amounted to PHP3.11 billion in 2006,
217.14% higher than PHP0.98 billion in 2005 driven primarily by
higher deposit levels.  Due from BSP increased by 332.99% to
PHP12.81 billion in 2006 from the previous year's PHP2.96
billion primarily due to higher reserves required by increased
deposit levels and sale of peso investment securities.

Due from Other Banks likewise rose to PHP2.79 billion in 2006
from the previous year's PHP1.69 billion mainly as a result of
the disposal of dollardenominated investment securities.

Interbank loans receivables grew by 44.24% from PHP44.97 billion
in 2005 to PHP64.87 billion in 2006 in an effort to maximize the
bank's earnings from its excess liquidity through overnight
placements and placements with foreign banks.

Financial assets at fair value through profit or loss (FVPL)
dropped by 89.54% to PHP0.07 billion in 2006 from PHP0.68
billion in 2005 in view of lower mark-to-market valuations for
forward transactions and sale of these securities. Available-
for-sale investments also declined by 15.63% to PHP15.99 billion
in 2006 from end-2005's PHP18.96 billion as the Bank disposed
these investments in view of favorable market conditions. Held-
to-maturity investments (HTM) amounted to PHP16.20 billion in
2006, 29.56% higher than PHP12.50 billion end-2005 levels in
view of the shifting of funds from lower yielding interbank
loans to higher yielding HTM securities.

Loans and receivables went up by 220.93% to PHP44.52 billion in
2006 vis-.-vis 2005's PHP13.87 billion driven primarily by
higher accounts receivables from cardholders and the acquisition
of loan portfolio extended by the former iBank.
In view of the acquisition of the former iBank, bank premises,
furniture, fixtures and equipment amounted to PHP2.90 billion in
2006, 20.31% higher than 2005's PHP2.41 billion while investment
properties increased by 41.01% to PHP7.35 billion in 2006 from
PHP5.21 billion in 2005.

Sale of assets held-for-sale resulted to a drop by 69.30% to
PHP0.25 billion in 2006 from PHP0.82 billion in 2005.

Other resources rose by 135.89% to PHP4.45 billion in 2006 from
PHP1.89 billion end-2005 level as a result mainly of increases
in returned checks and other cash items and deferred tax assets.

Total liabilities stood at PHP163.29 billion in 2006, 84.61%
higher than previous year's PHP88.45 billion due primarily to
the 92.25% increase in deposit levels to PHP115.98 billion in
2006 from PHP60.33 billion end-2005 level. Demand deposits rose
to PHP49.19 billion in 2006 from PHP13.62 billion in 2005 in
line with the Bank's continuing efforts to generate low-cost
deposits. Time deposits increased by 139.63% to PHP46.75 billion
in 2006 from 2005's PHP19.51 billion due primarily to the
shifting of various power savings accounts to higher yielding
time deposits and acquisition of time deposits from the former
iBank.

As a result, savings account dropped by 26.28%to PHP20.05
billion in 2006 from the previous year's PHP27.20 billion.

Bills and acceptances payable amounted to PHP22.13 billion in
2006, 62.61% higher than PHP13.61 billion in 2005 due to
increased interbank borrowing to fund investment opportunities.
Despite the continuingappreciation of the peso, bonds payable
increased by 11.81% from PHP6.63 billion in 2005 to PHP7.42
billion in 2006 with the assumption of the unsecured
subordinated debt issued by the former iBank in the first
quarter of 2006. Manager's checks and demand drafts increased
went up by 17.40% to PHP2.19 billion in 2006 from PHP1.86
billion in 2005 in view of higher volume of outstanding check
payments.

Accrued interest payable grew by 222.01% to PHP1.16 billion in
2006 from the previous year's PHP0.36 billion due to increased
interest accruals brought about by the Bank's assumption of the
former iBank's unsecured subordinated debt.  Accrued taxes and
other expenses payable increased by 26.57% to PHP0.89 billion in
2006 from PHP0.70 billion driven primarily by the increase in
gross receipts as a result of the merger with the former iBank
and the full-year impact of the increase in gross receipts tax
which was implemented in November 2005.  Other liabilities
increased to PHP13.53 billion in 2006 from PHP4.96 billion in
2005 as a result of increases in bills purchased, cash letters
of credit, payment orders payable and deferred tax liabilities.

The bank's net income for the year increased surplus by 14.71%
to PHP12.66 billion.  Net unrealized gains decreased by 76.61%
to PHP0.07 billion due to mark-to-market losses arising from
unfavorable movements of bond prices on these investments in the
capital market.

The bank registered a return on average equity (ROE) of 13.5% in
2006 and a return on average assets of 1.8%, comparing favorably
with the industry average of 11.5% and 1.3%, respectively. The
bank's nonperforming loans ratio (inclusive of interbank loans
receivables) stood at 4.9% in 2006 vis-.-vis 6.9% in 2005 and
5.7% industry average.  NPL cover was lower at 70.3% in 2006
from last year's 81.4%.

Lower net income resulted to lower earnings per share at PHP4.56
in 2006 from PHP5.00 in 2005.  The bank's capital adequacy ratio
dropped significantly to 17.1% in 2006 from 2005's 46.0% as a
result of the decrease in qualifying capital with the booking of
goodwill in connection with the merger and increase in risk-
weighted assets in view of the risk profile of the assets
acquired by Union Bank from the former iBank.

Key performance indicators of the bank are as follows:

                              Dec. 2006        Dec. 2005
                              ---------        ---------

Capital to Risk Assets           17.1%             46.0%
Return on Average Assets          1.8%              2.6%
Return on Average Equity         13.5%             15.9%
Non-Performing Loan Ratio         4.9%              6.9%
Non-Performing Loan Cover        70.3%             81.4%
Cost-Income Ratio                61.8%             49.3%

Union Bank's financials are available for free at:

    http://bankrupt.com/misc/unionbankofthephilippines.pdf


                        About Union Bank

Union Bank of the Philippines -- http://www.unionbankph.com/--   
offers a wide range of products and services to both corporate
and individual clients.  Its core businesses are payment
services, corporate cash management foreign exchange, capital
markets, corporate finance and consumer finance.  It is also
engaged in investment management, trust banking, insurance
brokerage, currency brokerage, private banking, pre-need
products marketing, investment banking and financial advisory
and real property development and marketing via Union
Properties, Inc.

Fitch Ratings affirms Union Bank of the Philippines' ratings at
individual C/D and support 4 after a review of the bank.

Moody's Investors Service gave UnionBank a Ba3 senior unsecured
debt and long-term bank deposits ratings effective May 25, 2006.


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

CHINA AVIATION: Nets EUR170.6 Million from Sale of Shares
---------------------------------------------------------
China Aviation Oil (Singapore) Corp. Limited disclosed in a
filing with the the Singapore Stock Exchange that on April 17,
it successfully sold 3,502,923 registered voting shares of Class
C of Par Value EUR1.20 each in Compania Logistica de
Hidrocarburos clh, S.A. for an aggregate consideration of
EUR171 million.

According to the report, the company net EUR170,680,500 after a
EUR319,500 deduction due to transaction cost.  The expected net
proceeds are totaled to about EUR148 million after all
miscellaneous costs will be paid.

Parts of the net proceeds will go to the accelerated repayment
of the company's outstanding principal and interest of
approximately US$73.3 million, which under its creditors
arrangement.  The original maturity of the debts extends until
2011, the report notes.

China Aviation accelerated repayment will result to a generating
of substantial interest.

              About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel  
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 10, 2006, the company is currently working with an
insolvent balance sheet, with a US$390.07 million shareholder's
deficit on total assets of US$211.96 million.


COMPACT METAL: Annual General Meeting Scheduled on April 24
-----------------------------------------------------------
Compact Metal Industries Ltd's thirty-second annual general
meeting will be held on tomorrow, April 24, 2007, at 2;30 p.m.,
at 120 Pioneer Road, #01-03 in Singapore.

The purpose of the meeting will be:

As Ordinary Business

   * To receive and adopt the Directors' Report and the Audited
     Accounts for the fi nancial year ended 31 December 2006,
     together with the Auditors' Report thereon.

      -- To approve payment of Directors' fees.

      -- To re-elect Mr Tan Hua Joo as Director

      -- To re-elect Mr Chng Beng Hua as Director

      -- To re-appoint Mr Richard Ng Chze Keong as Director
         under Section 153(6) of the Companies Act, Cap. 50, to
         hold office until the next Annual General Meeting of
         the Company.

      -- To appoint Mr Chng Gim Huat as Director under Section
         153(6) of the Companies Act, Cap. 50, to hold office
         until the next Annual General Meeting of the Company.

   * To re-appoint Messrs KPMG as auditors and to authorise the
     Directors to fi x their remuneration.

   * To transact any other business that may be transacted at an
     Annual General Meeting.

As Special Business

   * To consider and, if thought fit, to pass these resolutions
     as ordinary resolutions with or without modifications:

"That pursuant to Section 161 of the Companies Act, Chapter 50
and the Listing Manual of the Singapore Exchange Securities
Trading Limited, authority be and is hereby given to the
Directors to issue shares in the capital of the Company at any
time and upon such terms and conditions and for such purposes
and to such persons as the Directors may in their absolute
discretion deem fi t provided that:-

   * the aggregate number of shares to be issued pursuant to
     this Resolution does not exceed 50 per cent. (50%) of the
     issued shares in the capital of the Company

   * for the purpose of determining the aggregate number of
     shares that may be issued under sub-paragraph (a)
     above, the percentage of issued shares shall be calculated
     based on the number of issued shares in the capital of the
     Company at the time this Resolution is passed, after
     adjusting for:

      -- new shares arising from the conversion or exercise of
         any convertible securities;

      -- new shares arising from exercising share options or
         vesting of share awards outstanding or subsisting at
         the time of the passing of this Resolution; and

      -- any subsequent consolidation or subdivision of shares;
         and

   * unless revoked or varied by the Company in general meeting,
     the authority conferred by this Resolution shall continue
     in force until the conclusion of the next Annual General
     Meeting of the Company or the date by which the next Annual
     General Meeting of the Company is required by law to be
      held, whichever is the earlier."

                      About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on Compact
Metal's ability to continue as a going concern, citing reasons
that include: the group's and company's current liabilities that
exceeded their current assets by SGD81.96 million and SGD78.82
million, respectively, as of December 31, 2005; the group's and
company's recorded net liabilities attributable to equity
holders of the parent of SGD43.10 million and US$43.83 million,
respectively, as of December 31, 2005; and the group's recorded
recurring losses with net losses attributable to equity holders
of the parent of US$24.09 million for the year ended Dec. 31,
2005.


SEAGATE TECH: Earns US$212 Million in Quarter Ended March 30
------------------------------------------------------------
Seagate Technology reported revenue of US$2.8 billion, GAAP net
income of US$212 million, and diluted net income per share of
US$0.37 for the quarter ended March 30, 2007.

Net income and diluted net income per share includes
approximately US$62 million of charges associated with recent
acquisitions.  Excluding these charges, non-GAAP net income and
diluted net income per share were US$274 million and US$0.47.

For the nine months ended March 30, 2007 Seagate reported
revenue of US$8.6 billion, GAAP net income of US$371 million and
diluted net income per share of US$0.62.  Net income and diluted
net income per share include charges of approximately US$219
million associated with recent acquisitions and US$19 million
for the early retirement of the 8% notes.  Excluding these
charges, non-GAAP net income and diluted net income per share
were US$609 million and US$1.02.

"We are disappointed in our results for the March quarter," said
Bill Watkins, Seagate chief executive officer.  "We clearly
miscalculated the market, and in this unusually challenging
environment failed to deliver the projected results.  However,
it is worth noting that the fundamentals of our business and
that of the industry remain solid.  Seagate's revenue remained
strong, our balance sheet is healthy, and we continued to
generate cash for ongoing investments in the capital and R&D
required for growth.  We are operating at the kind of scale that
will allow us to continue to innovate while driving down costs,
and thus exercise a great deal of market flexibility.  Moving
forward, we will align spending with the current outlook, and
continue to drive the cost improvements necessary to thrive in
this environment."

                         Business Outlook

For fiscal year 2007, Seagate now expects US$11.3-US$11.4
billion in revenue and US$0.92-US$0.96 GAAP diluted net income
per share.  Including Maxtor's operating result but excluding
approximately US$247 million of expected acquisition related
costs, and US$19 million of fees associated with the early
redemption of the 8% notes, non-GAAP diluted net income per
share is expected to fall within the range of US$1.37-US$1.41.

For the June quarter, Seagate expects to report revenue of
US$2.65-US$2.75 billion, and GAAP diluted net income per share
of US$0.29-US$0.33.  Excluding approximately US$28 million of
expected acquisition related costs, Non-GAAP diluted net income
per share for the June quarter is expected to fall within the
range of US$0.34-US$0.38.

This guidance does not include the impact of any future
acquisitions, stock repurchases or restructuring activities the
company may undertake.

                  Dividend and Stock Repurchase

The company has declared a quarterly dividend of US$0.10 per
share to be paid on or before May 18, 2007 to all common
shareholders of record as of May 4, 2007.

During the quarter ended March 30, 2007, the company took
delivery of approximately 22.6 million of its common shares
related to its share repurchase plan.  The average price of the
shares delivered to the company in the March quarter was
US$26.26.  The company has authorization to purchase
approximately US$1.175 billion of additional shares under the
current stock repurchase program.

                    About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets  
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Thailand and Singapore.

                          *     *     *

Moody's Investors Service confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed the company's Corporate Family Rating at Ba1
and SGL Rating of 1.  Moody's upgraded its rating on Seagate
Technology HDD Holdings' US$400 million senior notes 8%, due
2009 to Ba1.


SEAGATE TECHNOLOGY: Deutsche & AG Edwards Reaffirms "Buy" Rating
----------------------------------------------------------------
Analysts at Deutsche Bank Securities and A.G. Edwards & Sons
have reiterated their "buy" recommendation on Seagate
Technology's shares, Newratings.com reports.

Newratings.com relates that Deutsche Bank analysts reduced their
target price on Seagate Technology to US$26 from US$30.

Meanwhile, A.G. Edwards analysts decreased their target price on
Seagate Technology's shares to US$28 from US$33.

                   About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets  
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Thailand and Singapore.

                          *     *     *

Moody's Investors Service confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed the company's Corporate Family Rating at Ba1
and SGL Rating of 1.  Moody's upgraded its rating on Seagate
Technology HDD Holdings' US$400 million senior notes 8%, due
2009 to Ba1.


SEAGATE TECHNOLGY: Robert W Baird & UBS Keeps "Neutral" Rating
--------------------------------------------------------------
Robert W Baird and UBS analysts have retained their "neutral"
rating on Seagate Technology, Newratings.com reports.

Newratings.com relates that Robert W analysts reduced their
estimates for Seagate Technology, setting the target price at
US$21 from US$25 per share.

Robert W analysts said in a research note that Seagate
Technology reported its third quarter 2007 earnings per share
short of the reduced consensus expectation due to adverse
pricing trends in high-cap desktop products.

The analysts told Newratings.com that Seagate Technology reduced
its revenue and earnings per share guidance for fourth quarter
2007 and fiscal year 2007 significantly short of the consensus
due to a drop in unit demand resulting from seasonality and
continued competitive pricing trends.  The earnings per share
estimates for fiscal year 2007 was reduced to US$1.38 from
US$1.60, while estimates for fiscal year 2008 was decreased to
US$2.10 from US$2.35.

Meanwhile, UBS analysts reduced their estimates for Seagate
Technology, bringing down the target price to US$23 from US$26.

The analysts said in a research notes that Seagate Technology
reported its third quarter 2007 non-GAAP earnings per share
short of the estimates.  

The downward revision in the earnings per share estimates
indicates a weaker market for the desktop consumer PCs and a
more challenging competitive environment, Newratings says,
citing the analysts.

Earnings per share estimates for Seagate Technology this year
declined to US$1.40 from US$1.66, while estimates for next year
dropped to US$2.16 from US$2.55.

                   About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets  
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Thailand and Singapore.

                          *     *     *

Moody's Investors Service confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed the company's Corporate Family Rating at Ba1
and SGL Rating of 1.  Moody's upgraded its rating on Seagate
Technology HDD Holdings' US$400 million senior notes 8%, due
2009 to Ba1.




                            *********

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 ***