TCRAP_Public/070425.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Wednesday, April 25, 2007, Vol. 10, No. 81

                            Headlines

A U S T R A L I A

ALLIANCE ATLANTIS: Canadian Regulator Clears CanWest Takeover
ARMOR HOLDINGS: Earns US$36 Million for First Quarter 2007
ASSET FURNITURE: Joint Meeting Set for May 25
CROWN CASTLE: To Unveil First Quarter 2007 Results May 2
DOSEC PTY: Shareholders Tap Alex Koutzoumis as Liquidator

ELECTRUCK PTY: Members & Creditors to Meet on May 25
HHA PTY: Final Meeting Set for May 29
ISLAY VALE: Shareholders Opt to Liquidate Business
LUMINATE SOFTWARE: Members Resolve to Wind Up Firm
R & S WALKER: Members' Final Meeting Set for May 25

SILSOE PTY: Members' General Meeting Set for May 21
TESA NEW LABOUR: Liquidator to Present Wind-Up Report on May 29


C H I N A   &   H O N G  K O N G

ASIAPAC DEVELOPMENT: Liabilities Prompts Wind-Up
BANK OF CHINA: To Pour CNY10BB Into Services, Internal Control
BANKERS TRUST: Members' Final Meeting Set for May 23
BT BROKERAGE: Members to Hold Final Meeting on May 23
CHINA PROPERTIES: Moody's Rates US$300 Million Bonds at (P)B1

CHINA RECYCLING: Losses Prompt Zhong Yi's Going Concern Doubt
GOLD-FACE ENTERPRISES: Inability to Pay Debts Prompt Wind-Up
GOLD PROFIT: Names Lam Ying Sui as Liquidator
JIANGXI COPPER: Earns CNY857.9 Million in 2007 First Quarter
MERIDIAN GATE: Undergoes Liquidation Proceedings

MESTRO LIMITED: Creditors Proofs of Debt Due on May 22
PARKSON RETAIL: Buys 49% Stake in Anshan Tianxing for CNY280MM
SHANGDONG ZHOUYUAN: Kempisty & Co. Raises Going Concern Doubt
TCL CORP: Looks to Expand Indian Operations
TITAN PETROCHEMICALS: Sells Taurus to Korea Line for US$41 Mil.

XINHUA FINANCE: Moody's Lifts Corporate Family Rating to B1


I N D I A

AFFILIATED COMPUTER: Darwin Deason Raises Bid to US$62 per Share
BHARTI AIRTEL: Ties Up With Nortel; To Focus on SMB Segment
BHARTI AIRTEL: To Release Year End Financial Results on Friday
BPL LTD: Seeks Shareholders' Approval on PCB Business Transfer
DENA BANK: Finance Ministry Okays Merger with Canara Bank

GENERAL MOTORS: Wagoner Sees Hope Despite Delay in Delphi's Exit
TATA MOTORS: May Build Car Manufacturing Plant in Eqypt


I N D O N E S I A

ALCATEL-LUCENT: Selected by Kordia(TM) to Enhance IP Network
ALCATEL-LUCENT: To Provide VoIP Services in Korea
CORUS GROUP: Unit Appoints Richard Freeman as Business Manager
FREEPORT-MCMORAN: To Meet Output Target Regardless of Strike
GOODYEAR TIRE: Closes Refinancing on Three Credit Facilities


J A P A N

DAIEI INC: Posts Profits Despite Sales Decline
FUJI HEAVY: Expects JPY6.5 Billion Net Loss for Fiscal Year 2006
NIKKO CORDIAL: Sues Three Ex-Officers for JPY3.3 Billion
* Fiscal Consolidation Progress Cues S&P to Lift Japan's Ratings


K O R E A

DURA AUTOMOTIVE: Inks Technical Alliance with Aditya Auto
LYONDELL CHEMICAL: Fitch Keeps B Rating on Subordinated Notes
SC FIRST BANK: Plans to Sell US$1.25 Billion Mortgage Bonds
SC FIRST BANK: 2006 Earnings Up on Service and Interest Fees


M A L A Y S I A

MBF CORP: OSK Ends Share Purchase Talks in Insurance Arm
SHAW GROUP: Gary Graphia Named as Corporate Development EVP
SUREMAX GROUP: Eon Bank Wants Payment of MYR1.77 Million Debt
TALAM CORP: Unit to Sell Land and Hospital for MYR63.5 Million


N E W  Z E A L A N D

CLEAR CHANNEL: Raised Bid Prompts S&P to Cut Credit Rating to B+
CLEAR CHANNEL: Sells TV Group to Providence for US$1.2 Billion


P H I L I P P I N E S

LODESTAR INVESTMENT: 2006 Bal. Sheet Upside Down By PHP598,853
MAGNUM HOLDINGS: MCJ & Co Raises Going Concern Doubt
ZEUS HOLDINGS: Punongbayan & Araullo Raises Going Concern Doubt


S I N G A P O R E

ADVANCED MICRO: Posts US$611MM Net Loss in Qtr. Ended March 31
ADVANCED MICRO: Prices US$2 Billion Senior Notes Offering
ADVANCED MICRO: Fitch Revises Outlook to Negative
ADVANCED MICRO: Weak First Quarter Cues Moody's Negative Outlook
ADVANCED MICRO: Subpar Business Cues S&P to Lower Rating to B

AUDRICH INTERNATIONAL: Proofs of Claim Deadline Set on May 4
INTERNATIONAL DRILLING: Pays Dividend to Creditors
PETROLEO BRASILEIRO: Gas Production Unaffected by Strike
PETROLEO BRASILEIRO: Brazil March Oil & Gas Output Up By 3.2%
PETROLEO BRASILEIRO: Booard Okays Golar to Shuttle Gas

REFCO INC: Marc Kirschner Discharges Duties as RCM Trustee
TROPICAL CORPORATION: Pays Dividend to Creditors


T H A I L A N D

BANK OF AYUDHYA: Expects THB42 Billion Rise in Loans in 2007
KRUNG THAI: Net Income Decreases 5% to THB4.4 Bil. in First Qtr.
SIAM CITY BANK: Earns THB204.60 Million in 2007 First Quarter
SIAM COMMERCIAL: Earns THB3.6 Billion in 2007 First Quarter
TMB BANK: Earns THB158.55 Million in 2007 First Quarter

TMB BANK: Delays US$1 Billion Rights Issue

* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ALLIANCE ATLANTIS: Canadian Regulator Clears CanWest Takeover
-------------------------------------------------------------
Alliance Atlantis Communications Inc. and CanWest Global
Communications Corp. disclosed that the Plan of Arrangement
pursuant to which AA Acquisition Corp. would acquire all of the
outstanding shares of Alliance Atlantis for US$53.00 cash per
share has cleared Canadian Competition Bureau review.

                      About CanWest Global

CanWest Global Communications Corp. owns Global Television
Network, and holds substantial interests in Canada's largest
publisher of daily newspapers, and conventional television, out-
of-home advertising, specialty cable channels, web sites and
radio stations and networks in Canada, New Zealand, Australia,
Turkey, Singapore, the United Kingdom and the United States.

                     About Alliance Atlantis

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

                         *     *     *

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

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


ARMOR HOLDINGS: Earns US$36 Million for First Quarter 2007
----------------------------------------------------------
Armor Holdings Inc. released its financial results for the first
quarter ended March 31, 2007.

Armor Holdings posted US$36.0 million in net profit on
US$889.2 million in net revenues for the first quarter of 2007,
compared with US$41.4 million in net profit on US$445.4 million
in net revenues for the same period in 2006.

Current quarter results include a long-term performance based
compensation charge related to a long-term performance based
award approved by our Board of Directors in the first half of
2005.

"Our business continues to expand, as the first quarter
financial results indicate better than anticipated sales and
earnings were driven primarily by outperformance from our ground
vehicle armoring operations, which benefited from the ongoing
demand for armor components, supplemental equipment and spare
parts for the military tactical truck fleet," said Robert R.
Schiller, President & COO.  "Additionally, our OEM truck
business continued to achieve targeted rates of production, and
we received significant awards in each product category of our
soldier equipment business."

                     2007 Financial Guidance

The company reiterates anticipated fiscal 2007 financial
performance:

   -- revenues of US$3.4 billion to US$3.6 billion; and

   -- 2007 free cash flow of approximately US$100 million, which
      excludes around US$20 million from the long-term
      performance based compensation award and includes US$100
      million to US$120 million of capital expenditures for
      expansion of medium vehicle capacity and a ramp up of
      capability to implement LTAS for the FMTV, expanded
      ballistic materials manufacturing capability and
      additional capacity for production of the M1151/52 and
      certain soldier equipage products.

The company is revising fiscal 2007 earnings per share guidance,
to include the impact of the long-term performance based
compensation charge previously discussed:

   -- fully diluted earnings per share of US$4.29 to US$4.69,
      which reflects an estimated long-term performance based
      compensation charge of US$0.51 for the full year.

      Excluding this charge, the Company's full year guidance
      would have been unchanged from the previously provided
      range of US$4.80 to US$5.20; and

   -- second quarter 2007 diluted earnings per share of US$0.73
      to US$0.78, which includes an estimated US$0.15 after tax
      charge for the long-term compensation award as previously
      explained.  Excluding this charge, the Company's second
      quarter guidance would have been US$0.88 to US$0.93.

                      About Armor Holdings

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

                          *     *     *

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


ASSET FURNITURE: Joint Meeting Set for May 25
---------------------------------------------
The members and creditors of Asset Furniture & Hardware Pty Ltd
will have a joint meeting on May 25, 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:

         B. Kijurina
         Smith Hancock
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


CROWN CASTLE: To Unveil First Quarter 2007 Results May 2
--------------------------------------------------------
Crown Castle International Corp. will release its first quarter
2007 results on May 2, 2007, after the market closes.

In conjunction with the release, Crown Castle has scheduled a
conference call for Thursday, May 3, 2007 at 10:30 a.m. Eastern
Time.  

                        About Crown Castle

Based in Chatswood, Australia, Crown Castle International Corp.
-- http://www.crowncastle.com/-- engineers, deploys, owns and  
operates shared wireless infrastructure, including extensive
networks of towers.  Crown Castle offers wireless communications
coverage to 68 of the top 100 United States markets and to
substantially all of the Australian population.  Crown Castle
owns, operates and manages over 10,600 and over 1,300 wireless
communication sites in the U.S. and Australia, respectively.

                          *     *     *

Crown Castle carries B1 Corporate Family, B1 Senior Secured,
SGL-2 Liquidity, B1 Probability-of-Default ratings from Moody's
Investor Service.  The company also carries a Loss-Given-Default
assessment of LGD 3 (43%) on the senior secured facility.  The
outlook remains stable.

The company also carries 'BB' corporate credit rating, on
CreditWatch with negative implications, from Standard & Poor's
Ratings Services.


DOSEC PTY: Shareholders Tap Alex Koutzoumis as Liquidator
---------------------------------------------------------
At an extraordinary general meeting held on April 11, 2007, the
shareholders of Dosec Pty Ltd agreed to voluntarily wind up the
company's operations and appointed Alex Koutzoumis as the
company's liquidator.

The Liquidator can be reached at:

         A. Koutzoumis
         Holden & Bolster Avenir Pty Ltd
         Level 31, Australia Square
         264-278 George Street
         Sydney, New South Wales 2000
         Australia


ELECTRUCK PTY: Members & Creditors to Meet on May 25
----------------------------------------------------
The members and creditors of Electruck Pty Limited will have
their final meeting on May 25, 2007, at 10:00 a.m. to receive
the liquidator's report about the company's wind-up proceedings
and property disposal.

The company's liquidator is:

         A. G. McGrath
         c/o McGrathNicol
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia


HHA PTY: Final Meeting Set for May 29
-------------------------------------
HHA Pty Limited will hold a final meeting on May 29, 2007, to
receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Craig Anthony Ransley
         PO Box 694, Newcastle
         New South Wales 2300
         Australia


ISLAY VALE: Shareholders Opt to Liquidate Business
--------------------------------------------------
On April 11, 2007, the shareholders of Islay Vale Proprietary
Limited had their meeting and passed a resolution liquidating
the company's business.

Geoffrey N. Adcock was appointed as liquidator.

The Liquidator can be reached at:

         G. N. Adcock
         Level 4, 222 Clarence Street
         Sydney, New South Wales 2000
         Australia


LUMINATE SOFTWARE: Members Resolve to Wind Up Firm
--------------------------------------------------
At a general meeting held on April 10, 2007, the members of
Luminate Software Of Australia Pty Ltd agreed to voluntarily
wind up the company's operations.

Albert J. Cachia was appointed as liquidator.

The liquidator can be reached at:


         Albert J. Cachia
         c/o Bartlett & Cachia
         Chartered Accountants
         Level 1, 13 Victoria Street
         Wollongong, New South Wales 2500
         Australia


R & S WALKER: Members' Final Meeting Set for May 25
---------------------------------------------------
The members of R & S Walker (Goulburn) Pty Ltd will have their
final meeting on May 25, 2007, at 10:30 a.m., to receive a
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988


SILSOE PTY: Members' General Meeting Set for May 21
---------------------------------------------------
The members of Silsoe Pty Ltd will have their general meeting on
May 21, 2007, at 2:00 p.m. to hear the liquidator's report about
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Neil Edgar Brackenbury
         Brackenbury Green & Associates
         147 George Street, Quirindi
         Australia


TESA NEW LABOUR: Liquidator to Present Wind-Up Report on May 29
----------------------------------------------------------------
Tesa New Labour Hire Pty Limited will hold a final meeting on
May 29, 2007, in the 1st Floor at 25 Bolton Street in Newcastle,
Australia.

Craig Anthony Ransley, the appointed liquidator, will present a
final report about the company's wind-up proceedings and
property disposal.

Mr. Ransley can be reached at:

         Craig Anthony Ransley
         PO Box 694, Newcastle
         New South Wales 2300
         Australia


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

ASIAPAC DEVELOPMENT: Liabilities Prompts Wind-Up
------------------------------------------------
On April 16, 2007, the members of Asiapac Development Limited
passed a resolution winding up the company's operations due to
its inability to pay its debts.

Man King Shing was appointed as liquidator.

The Liquidator can be reached at:

         Man King Shing
         1301 Eton Tower
         8 Hysan Avenue, Causeway Bay
         Hong Kong


BANK OF CHINA: To Pour CNY10BB Into Services, Internal Control
--------------------------------------------------------------
Bank of China plans to invest CNY10 billion "in the near term,"
to improve services and internal controls, China Knowledge
reports, citing the bank's vice president, Zhu Min.

In addition, Mr. Zhu said that the bank and its partner Temasek
Holdings have begun making loans to small-and medium-sized
enterprises at trial locations in the provinces of Jiangsu,
Zhejiang and Fujian.

The trials should be completed in September, Mr. Zhu was quoted
as saying but did not provide details about the size of the
project, the report says.

                          *     *     *

Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has
presence in all major continents.  The company offers financial
services through its global network of over 560 overseas offices
in 25 countries and regions.  In Hong Kong and Macao, Bank of
China is one of the local note issuing banks.  Traditional
commercial banking constitutes the majority of Bank of China's
business, which is composed of corporate banking, retail banking
and banking with financial institutions.  The company has
branches in Singapore, Japan, Kazakhstan, London, Grand Cayman,
and the United States.

Moody's Investors Service gave the bank a bank financial
strength rating of D- on January 16, 2004.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the bank's D individual rating on December 14,
2006.


BANKERS TRUST: Members' Final Meeting Set for May 23
----------------------------------------------------
Bankers Trust Securities (Pacific) Limited will hold a final
meeting for its members on May 23, 2007, at 10:30 a.m.

The meeting will be held on the 35th Floor, One Pacific Place at
88 Queensway, Hong Kong.

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

Lai Kar Yan (Derek) and Darach E. Haughey are the company's
liquidators.


BT BROKERAGE: Members to Hold Final Meeting on May 23
-----------------------------------------------------
A final meeting will be held for the members of BT Brokerage
Nominees Limited on May 23, 2007, at 10:00 a.m.

The meeting will be held on the 35th Floor, One Pacific Place at
88 Queensway, Hong Kong.

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


CHINA PROPERTIES: Moody's Rates US$300 Million Bonds at (P)B1
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time provisional
corporate family rating of (P)B1 to China Properties Group
Limited.  

At the same time, Moody's has assigned a provisional bond rating
of (P)B1 to its proposed US$300 million senior unsecured 7-year
bonds, the proceeds of which will be used to finance existing
projects and potentially acquire new properties, including those
under the options from the major shareholder Mr. Wong Sai Chung.

The provisional status of the ratings will be removed upon the
successful completion of the bond issue.

"The assigned (P)B1 rating is based upon China Properties'
competitive business model, which seeks to maintain competitive
costs and build a stable recurring rental income portfolio in
major, economically strong Chinese cities," says Peter Choy a
Moody's Vice President and Senior Credit Officer.

"The rating further reflects the low land premium liabilities as
substantial payments have already been made for land for
existing projects; the company's fairly good liquidity position;
and its good track record of its residential project in
Shanghai," adds Choy.

"On the other hand, the rating is constrained by the company's
lack of geographic diversity, small size and minimal standby
alternative liquidity," says Choy.

"Furthermore, China Properties could face cash flow volatility
due to its complete reliance over the next 2 years on its
Shanghai Cannes project for cash flow generation," says Choy,
adding, "Its investment in Shanghai Concord City Phase 2 will be
mainly debt funded and no rental contribution is expected until
its completion in 2008/2009."

But Moody's takes some comfort from China Properties' track
record in managing development projects, such as Shanghai
Cannes, and its plans to maintain moderate debt leverage.

The rating also reflects concerns over corporate governance in
relation to transactions with its parent.  Although Moody's
understands that measures have been installed to strengthen
vigilance over related-party transactions, their effectiveness
remains to be seen.

China Properties' property locations are similar to those of
Shanghai Real Estate (SRE) and Lai Fung Holdings Limited (Lai
Fung), both rated B1.  Their size and debt leverage are
comparable over the next 2 to 3 years, though SRE and Lai Fung
have larger contracted land banks that will support growth in
property development revenue.

By contrast, China Properties focuses less on geographic
expansion and only has one development project in Shanghai.  On
the other hand, it balances its business by targeting well-
located investment properties in downtown Shanghai and Beijing
and which will offer stable recurring cash flow.

The stable outlook reflects Moody's expectation that China
Properties will complete its project in Shanghai and maintain
reasonable cash holdings levels during the next 2 years.  
Moreover, it is not expected to acquire projects beyond its
financial means, and is expected to maintain its policy of low
land costs and low debt leverage.

The prospects for rating improvements for China Properties are
limited by relatively high execution risk over the next 24
months, as the company's financial profile will be driven by
achievement of sale of its development properties at Shanghai
Cannes as expected amidst a challenging regulatory environment.  
Rating improvements will also depend on the successful
completion and leasing of its investment properties at Shanghai
Concord City, within budget and on schedule.

Nevertheless, upward rating pressure could emerge if the company
can establish a track record of recurring rental income, good
corporate governance and an improved financial profile.

Downward rating pressure could emerge if:

    (1) it fails to complete Shanghai Concord City Phase 2
        within budget and according to schedule; or

    (2) group liquidity deteriorates due to a slowdown in
        property sales, aggressive acquisitions of land and /or
        projects, or material increases in debt occur, or the
        Chinese government implements additional austerity
        measures.

Such events will be reflected in delays in its property projects
as well as deteriorations in cash balances and credit metrics,
such as OCF + interest/interest below 2-3x; or Adjusted debt to
capitalization beyond 40% on a consistent basis.

Incorporated in Grand Cayman, China Properties Group Limited
(China Properties) listed on the Hong Kong Stock Exchange in
February 2007.  It is 74.7% owned by Mr. Wong Sai Chung, is also
the owner of a private conglomerate, Pacific Concord Holding
Limited.  China Properties has two property projects in Shanghai
that have a total Gross Floor Area of 2.4 million sq. meters.


CHINA RECYCLING: Losses Prompt Zhong Yi's Going Concern Doubt
-------------------------------------------------------------
Zhong Yi (Hong Kong) C.P.A. Company Limited raised substantial
doubt about China Recycling Energy Corporation's ability to
continue as a going concern citing China Recycling's substantial
losses after auditing the company's financial statements as of
Dec. 31, 2006.  

The company, formerly China Digital Wireless Inc., posted a net
loss of US$3,463,371 for the year 2006, versus an earlier year-
net income of US$1,811,107.  Total revenues for the year 2006
were US$2,889,436, versus total revenues for the year 2005 of
US$20,419,022.

As of Dec. 31, 2006, the company posted US$4,464,612 in total
assets, US$1,117,975 in total current liabilities, and
US$3,346,637 in total stockholders' equity.  Accumulated deficit
in 2006 was US$2,512,696, as compared with retained earnings in
2005 of US$8,084,922.

The company's cash balance decreased from US$3,578,367 as of
Dec. 31, 2005, to US$252,000 as of Dec. 31, 2006.  This decrease
in cash and cash equivalents was primarily due to the decrease
in the collection of accounts receivable.  At Dec. 31, 2006, and
2005, the company's net working capital was US$9,877,040 and
US$3,346,637, respectively.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1db4

                       About China Recycling

China Recycling Energy Corporation (OTC BB: CREG) currently
provides information services, cellular phone distribution and
advertising  services through its Chinese operating  
subsidiaries.  In 2006 and in the first quarter of 2007, the
company also began to engage in recycling  energy  business,
providing energy saving and recycling products and services.  On
March 8, 2007, China Digital Wireless Inc. changed its name to
China Recycling Energy Corporation.  Its subsidiaries are Sifang
Holdings Co., Ltd., Sifang Holdings Co., and Shanghai TCH Data
Technology Co., Ltd.


GOLD-FACE ENTERPRISES: Inability to Pay Debts Prompt Wind-Up
------------------------------------------------------------
The members of Gold-Face Enterprises Limited had their general
meeting on April 4, 2007, and decided to voluntarily wind up the
company's operations due to its inability to pay its debts.

Stephen Liu Yiu Keung and Robert Armor Morris were appointed as
liquidators.

The Liquidators can be reached at:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         18th Floor, Two International Finance Centre
         8 Finance Street, Central
         Hong Kong


GOLD PROFIT: Names Lam Ying Sui as Liquidator
---------------------------------------------
At an extraordinary general meeting held on April 12, 2007, the
members of Gold Profit Industries Limited appointed Lam Ying Sui
as the company's liquidator.

The company commenced its liquidation proceedings on that same
day.

The company's Liquidator can be reached at:

         Lam Ying Sui
         Room 1005, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


JIANGXI COPPER: Earns CNY857.9 Million in 2007 First Quarter
------------------------------------------------------------
Jiangxi Copper Company Ltd posted a net profit of CNY857,933,765
on CNY7,908,463,186 of revenues in the first quarter ended March
31, 2007, compared with a net profit of CNY919,457,504 on
CNY4,570918,892 of revenues in the same period in 2006.

According to the company's statement with the Hong Kong Stock
Exchange, the increase in the company's revenue was fueled by
bigger sales and increase in the prices of its products.

At March 31, 2007, the company's balance sheet showed total
current assets of CNY9,135,974,918 and total current liabilities
of CNY4,067,558,277.

In addition, At March 31, total assets of the company reached
CNY18,697,734,523 and total liabilities aggregated to
CNY4,985,704,747 resulting to a shareholders' equity of
CNY13,712,029,777.

A full text-copy of the company's financial statement in the
first quarter ended March 31 can be viewed for free at:

             http://bankrupt.com/misc/jiangxi-1q-results.pdf

                          *     *     *

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+.


MERIDIAN GATE: Undergoes Liquidation Proceedings
------------------------------------------------
On April 13, 2007, the members of Meridian Gate Limited had
their meeting and agreed to liquidate the company's business.

Chiu Wai Hon and Lau Wai Ming were appointed as liquidators.

The Liquidators can be reached at:

         Chiu Wai Hon
         Lau Wai Ming
         Rooms 603-4, 6th Floor
         Hang Seng Wanchai Building
         200 Hennessy Road, Wanchai
         Hong Kong


MESTRO LIMITED: Creditors Proofs of Debt Due on May 22
------------------------------------------------------
The creditors of Mestro Limited are required to file their
proofs of debt by May 22, 2007, to be included in the company's
dividend distribution.

The company started to wind up its operations on April 13, 2007.

The company's liquidator is:

         Yeh King Yeung Albrecht Carl
         23rd Floor, Wing Hang Finance Centre
         60 Gloucester Road
         Wanchai, Hong Kong


PARKSON RETAIL: Buys 49% Stake in Anshan Tianxing for CNY280MM
--------------------------------------------------------------
Parkson Retail Group Ltd is acquiring the remaining 49% stake in
Anshan Tianxing Parkson Shopping Centre Co. Ltd. held by its
Chinese partner Anshan Tianxing International Properties
Development Co Ltd.

The company owns 51% in the shopping center.  

In a statement with the Hong Kong Stock Exchange, Parkson said
that Grand Parkson Retail Group Ltd, a wholly owned subsidiary,
will take the remaining stake not owned by the company in the
store for a cash consideration of CNY280 million.

In addition, the unit will also acquire 100% interest in the
42,574 square meter land where the store is located for
CNY450 million.

On April 12, 2007, the Troubled Company Reporter - Asia Pacific
reported that Parkson Retail planned to sue Anshan Tianxing for
failing to repay around CNY70 million in loans.

According to TCR-AP, Anshan Parkson in November 2005 provided
interest-bearing loans to Anshan Tianxing totaling
CNY70 million, but Anshan Tianxing failed to repay the loans,
which matured on September 2006.

                          *     *     *

Parkson Retail Group Limited is listed on the Hong Kong Stock
Exchange.  It is one of the largest national retailers in China,
operating 23 self-owned and 15 managed stores in over 26 cities.  
For the year ended 2005, revenues were CNY1.2 billion while net
income was CNY248 million.

On Dec. 4, 2006, Moody's Investors Service affirmed Parkson
Retail Group Ltd's Ba1 senior secured bond rating following the
successful closing of its US$200 million bond issuance.  The
rating's provisional status was removed.  The rating outlook is
stable.

On Nov. 8, 2006, Standard & Poor's assigned its BB long-term
corporate credit rating to Parkson Retail Group Ltd.  The
outlook is stable.


SHANGDONG ZHOUYUAN: Kempisty & Co. Raises Going Concern Doubt
-------------------------------------------------------------
Kempisty & Company, in New York, expressed substantial doubt
about Shangdong Zhouyuan Seed and Nursery Co. Ltd.'s ability to
continue as a going concern after auditing the company's
financial statements for the year ended Dec. 31, 2006.  The
auditing firm pointed to the company's net losses for the years
ended Dec. 31, 2006, and 2005, accumulated deficit of
US$1,792,706 at Dec. 31, 2006, and default on bank loans and
interest payments totaling US$1,501,979 as of Dec. 31, 2006.

Shangdong Zhouyuan Seed and Nursery Co. Ltd., formerly Pingchuan
Pharmaceuticals Inc., reported a net loss of US$347,706 on total
revenue of US$424,709 for the year ended Dec. 31, 2006, compared
with a net loss of US$256,354 on total revenue of US$644,145 for
the year ended Dec. 31, 2005.

At Dec. 31, 2006, the company's balance sheet showed
US$3,635,854 in total assets, US$2,571,682 in total liabilities,
US$430,013 in minority interest, and US$634,159 in total
stockholders' equity.

The company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with US$473,449 in total current assets
available to pay US$2,571,682 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1d9b  

           Default on Bank Loans and Interest Payments

The company is currently in default with respect to principal
and interest payments due on $1.3 million in obligations to the
Agricultural Bank of China.  The company's current financial
situation does not permit it to satisfy the debt as written.  
The company has been in negotiations with the Bank regarding a
restructuring of the debt.  

                     About Shandong Zhouyuan

Shandong Zhouyuan Seed & Nursery Co. Ltd., formerly Pingchuan
Pharmaceuticals Inc., is primarily engaged in the sale of
medical equipment and the provision of consultation services in
the pharmaceutical business.  


TCL CORP: Looks to Expand Indian Operations
-------------------------------------------
TCL Corp Ltd plans to expand its business in India, through its
wholly owned subsidiary, TCL India Holdings Pvt Ltd., by
doubling its branches, dealers' network and after-sales-service
centers by 2010, The Hindu reports.

According to the report, the Indian unit, as part of the
expansion plan, will restructure its small appliance business by
evaluating and studying the market structure of these products.

After the evaluation, the company would look at either including
or deleting any product from its product portfolio, The Hindu
relates, citing Warren Wang, managing director of the company,
as saying.

The Hindu notes that TCL India had last year sold 500,000 color
televisions, 50,000 air-conditioners and 100,000 DVD-players and
earned revenue of IRS400 crore and it hoped to touch IRS500
crore during the current year.

                          *     *     *

Headquartered in Guangdong Province, China, TCL Corporation --
http://www.tcl.com-- Corporation is principally engaged in the  
manufacture of TV sets and handset products.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication.

Xinhua Far East China Ratings downgraded on April 7, 2006, the
domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.


TITAN PETROCHEMICALS: Sells Taurus to Korea Line for US$41 Mil.
---------------------------------------------------------------
Titan Petrochemicals Group Limited sold Titan Taurus, a single
hulled Very Large Crude Carrier, to Korea Line Corp. for
US$41 million, representing an unaudited gain of approximately
US$7.88 million.

"To reduce our exposure to the volatile VLCC market, we
announced on March 28 that we would convert four VLCCs to be
used as floating storage and sell three VLCCs this year.  As
part of this plan we are announcing the sale of Titan Taurus,"
Mr. Barry Cheung, Chief Executive of Titan, said.

"With the increased age, maintenance costs for the VLCC are
high. This disposal gives us a good opportunity to realize the
residual value of the vessel as well.  Overall, it is part of
our growth strategy to diversify and improve the quality of
earnings going forward," he added.

After the disposal of Titan Taurus, the Group's transportation
division will operate nine VLCCs, with a total combined capacity
of over 2.43 million dwt.

                          *     *     *

Titan Petrochemicals Group Ltd is an Asian integrated oil
logistics, distribution and supply services provider.  It was
listed on the Hong Kong Stock Exchange in 2002.  Headquartered
in Hong Kong, its operations are spread over Singapore, Malaysia
and China. It manages 25 tankers and has on-shore storage
facilities in Guangdong, Fujian and Shanghai.
On March 29, 2007, Moody's Investors Service affirmed the B1
corporate family rating of Titan Petrochemicals Group Ltd and
its senior unsecured bond rating of B2.  This follows Titan's
announcement of its fiscal year 2006 results, which show a 9.5%
increase in sales but a marked decline in net income by 67%.

On May 4, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Standard & Poor's Ratings Services revised its
outlook on Titan Petrochemicals Group Ltd. to negative from
stable.  At the same time, it affirmed the "BB-" long-term
corporate credit rating on Titan.  The "B+" issue rating on the
company's senior unsecured notes was also affirmed.


XINHUA FINANCE: Moody's Lifts Corporate Family Rating to B1
-----------------------------------------------------------
Moody's Investors Service upgraded Xinhua Finance Limited's
corporate family rating and senior unsecured bond rating to B1
from B2.  This concludes the review for possible upgrade, which
began on March 15, 2007.  The outlook for both ratings is
stable.

"The proceeds raised from the IPO of Xinhua Finance Media, a
51.3% owned subsidiary of XFL, has strengthened the group's
liquidity," says Renee Lam, Moody's lead analyst for the
company.  "The automatic conversion of all of the outstanding
convertible preferred shares and convertible loans into Class A
common shares under XFM has also improved the group's adjusted
leverage," says Lam.

"Moody's also acknowledges the ongoing positive developments in
XFL's operational performance with FY06 operating results
slightly ahead of expectations," adds Lam.

Following XFM's IPO, XFL's interest in XFM was diluted from
around 51.3% to 39.64% as at March 31, 2007 and to 36.9% on a
fully diluted basis in 5 years.  Accordingly, Moody's will pro-
ratably consolidate XFM accounts despite the fact that XFL will
continue to fully consolidate XFM to its financials in view of
its board and management control as it holds 85.4% of the voting
rights.  The key credit metrics under the two scenarios would
have no material difference from each other.

The stable outlook reflects Moody's expectation that XFL will
execute its business plan as planned and maintain its
competitiveness in the near to medium term.

Upward rating pressure is limited over the near term given XFL's
appetite to look for growth opportunities through acquisitions.  
The rating would experience upward rating pressure over time if
XFL:

    1) establishes a longer track record in integrating its new
       acquisitions and achieves its projected results; and/or

    2) improves its operating and financial profile, such that
       it achieves positive free cash flow and EBITDA/interest
       coverage exceeds 4.0x - 5.0x on a sustained basis.

On the other hand, downward rating pressure could emerge if:

    1) the company loses its unique strong position in China's
       financial markets;

    2) its agreement with China Development Research Foundation
       (CDRF) and exclusive agreement with Xinhua News Agency
       are revoked; and/or

    3) laws and regulations change, such that its business is
       adversely impacted.

In addition, evidence of cash leakage -- through aggressive
dividend payouts or other forms of inter-group transactions --
would also be negative for the rating.  The key credit metrics
that Moody's would consider for a downgrade include adjusted
debt/EBITDA exceeding 4.5x -- 5.0x, and EBITDA/interest coverage
falling below 2.5x -- 3.0x on a sustained basis.

Xinhua Finance Limited (XFL) was listed on the Mothers Board of
the Tokyo Stock Exchange in October 2004 after its incorporation
as the holding company of Xinhua Financial Network (XFN).  The
latter was incorporated and registered in Hong Kong in 1999.  
XFL is an integrated provider of indices, ratings, financial
news, investor relations, and distribution and media especially
in regard to China.  It has 20 offices and 20 news bureaus
across Asia, Australia, North America and Europe.  It covers key
Chinese and international markets.


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

AFFILIATED COMPUTER: Darwin Deason Raises Bid to US$62 per Share
----------------------------------------------------------------
Affiliated Computer Services Inc. has received a revised
proposal from Darwin Deason, chairman of the board of ACS, and
Cerberus Capital Management LP, to acquire, for a cash purchase
price of US$62 per share, all of the outstanding shares of the
company's common stock, other than certain shares and options
held by Mr. Deason and members of the company's management team
that would be rolled into equity securities of the acquiring
entity in connection with the proposed transaction.

Mr. Deason's original offer was US$59.25 per share.

A special committee of independent directors formed by the board
of directors to evaluate the company's strategic alternatives,
including the proposal from Mr. Deason and Cerberus, expects to
make a recommendation to the board after its consideration of
all strategic alternatives, including the proposal and all
others received, in due course.  The special committee continues
to have concerns about the Deason/Cerberus proposal and the sale
process that it outlines, particularly with regard to the
unchanged exclusivity arrangement that the independent directors
asked to be voided on March 21, 2007.  The special committee has
written a letter to Mr. Deason seeking clarification with
respect to several issues of concern.

                About Cerberus Capital Management

Headquartered in New York City, and established in 1992,
Cerberus Capital Management LP is one of the world's leading
private investment firms with approximately US$25 billion of
capital under management in funds and accounts.  Through its
team of investment and operations professionals, Cerberus
specializes in providing both financial resources and
operational expertise to help transform its portfolio companies
into industry leaders for long-term success and value creation.  
Cerberus has offices in Los Angeles, Chicago and Atlanta, well
as advisory offices in London, Baan, Frankfurt, Tokyo, Osaka and
Taipei.

                About Affiliated Computer Services

Headquartered in Dallas, Texas, Affiliated Computer Services
Inc. (NYSE: ACS) -- http://www.acs-inc.com/-- is a FORTUNE 500   
company.  It provides business process outsourcing and
information technology solutions to world-class commercial and
government clients.  The company has operations in India,
Guatemala, Ireland, Philippines, Poland, and Singapore, among
others.

                          *     *     *

In March 2007, Fitch Ratings placed Affiliated Computer Services
Inc. on Rating Watch Negative after the proposed offer from
Darwin Deason, founder and current chairman of ACS, and Cerberus
Capital Management L.P. to acquire the company in a leveraged
buyout transaction valued at US$8.2 billion, including existing
debt.

Ratings affected were (i) Issuer Default Rating 'BB'; (ii)
Senior secured revolving credit facility at 'BB'; (iii) Senior
secured term loan at 'BB'; and (iv) Senior notes at 'BB-'.


BHARTI AIRTEL: Ties Up With Nortel; To Focus on SMB Segment
-----------------------------------------------------------
Bharti Airtel Limited has joined hands with Nortel Networks to
provide broadband to smaller businesses in India, Reuters
reported on Monday.  Pursuant to the deal, equipment
manufacturer Nortel would provide the hardware and security
solutions, the news agency said citing a Bharti statement.

Bharti reportedly made the move to take advantage of the
remarkable growth in the small and medium businesses segment in
the country.

According to The Press Trust of India, Bharti has in fact drawn
up plans to focus on the SMB segment.

The SMB segment was witnessing a strong growth and the company
has decided to offer voice, mobility, data and bandwidth
services to these customers under one roof, PTI quotes company
President and CEO Manoj Kohli as saying.

The company intends to focus on the segment for the next three
to five years, Mr. Kohli told PTI without disclosing financial
details.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.     
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.


BHARTI AIRTEL: To Release Year End Financial Results on Friday
--------------------------------------------------------------
Bharti Airtel Limited will disclose results for its fourth
quarter and full year ended March 31, 2007, on Friday, April 27,
2007.  Post intimation of results to the Stock Exchanges, the
same will be available on the company's website and to mobile
phone users.

A detailed results pack will be available on:

                 http://www.bhartiairtel.in  

Contents of detailed results pack will be:

   a. Quarterly report

   b. Media release

   c. Published results (stock exchange filing & newspaper
      publication)

   d. Key performance indicators

   e. Transcript of earnings call (to be made available on May
      1st, 2007)

   f. Audio webcast of earnings call

Highlights of the results will be made available to mobile phone
users through SMS and WAP.  To access highlights using SMS, type
'Bharti' and send it to 6388 or 646.  To access results using
WAP in English, log on to Airtel Live portal
(http://live.airtelworld.com)from a WAP enabled phone.

Airtel subscribers can hear the results in English by dialing
2255 from their mobile phones.

Bharti Airtel Limited will conduct an earnings call for
interested parties.  Sunil Bharti Mittal, Chairman and Group CEO
and Akhil Gupta, Lead Director - Telecom will present an
overview on the performance of the company.  Also, present would
be other senior members of the management to respond to queries
of the participants.  The call will take place at 2:30 p.m. IST
(5:00 p.m. in Singapore and Hong Kong, 10:00 am in UK and 5:00
a.m. in USA {Eastern Zone}) on Friday, April 27, 2007.

A live audio webcast of the event will be available at
http://www.bhartiairtel.inand http://www.airtel.in

A replay of the conference call will also be available one-hour
post the conference call, until May 2, 2007, 6:00 p.m (IST).  
The recorded webcast would also be available till the time of of
the company's next quarterly release.  The transcript would be
available on May 1, 2007, 6:30 p.m. (IST) at
http://www.bhartiairtel.in

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.     
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.


BPL LTD: Seeks Shareholders' Approval on PCB Business Transfer
--------------------------------------------------------------
BPL Ltd informs the Bombay Stock Exchange that it will ask
members to consider approval of the transfer of its printed
circuit board business and lease certain plant and machinery and
immovable assets, to a proposed joint venture company

As reported in the Troubled Company Reporter - Asia Pacific on
Apr. 9, 2007, the company's board of directors had approved the
transfer of its PCB business.

Specifically, the company will ask its members to approve, by
way of postal ballots, these special resolutions:

   1. To sell or transfer the PCB Business of manufacture and
      sale of single sided bare-board printed circuit boards
      as a going concern net of certain receivables and
      liabilities as may be mutually agreed upon, along with
      certain specified plant and machinery and employees, to
      the proposed joint venture company with CIPSA-RIC India
      Pvt Ltd, for a consideration equivalent to INR2,75,00,000;
      and for lease of certain specified plant and machinery and
      immovable assets at a monthly consideration of INR7 lakhs
      for a period of 60 months from a date to be agreed,
      extendable for a further period of two years on mutually
      agreeable terms, subject to necessary approvals.

   2. To invest by way of subscription, purchase or otherwise,
      in the equity share capital of the joint venture -- CIPSA-
      BPL Monocara Pvt Ltd -- up to a sum not exceeding INR2.75
      crore despite that the aggregate of the investments so far
      made, securities provided, loans or guarantees so far
      given by the company along with the proposed investment
      exceed the limit as specified under Sub-section (1) of
      Section 372A of the Companies Act, 1956, subject to
      necessary provisions and approvals.

   3. To offer, issue, and allot in one or more tranches through
      a preferential allotment or private placement basis
      exclusively to Electro Investment Pvt Ltd, up to 15,00,000
      equity shares of INR10 each at a premium to be determined
      in accordance with Securities and Exchange Board of India
      Guidelines and on such terms and conditions as the board
      may deem fit and that the board be authorized to finalize
      all incidental matters in accordance with all applicable
      laws, rules and regulations.

BPL has appointed K. T. Vijayakrishna, Practising Company
Secretary, as the Scrutinizer for conducting the postal ballot
process.

The completed postal ballot should reach the Scrutinizer on or
before May 14, 2007.  The Scrutinizer will submit his report to
the company chairman after completion of the scrutiny and the
chairman will announce the results of the Postal ballot on May
21.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

Last year, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

                          *     *     *

On Jan. 5, 2006, CRISIL Ratings reaffirmed the 'D' and 'FD'
ratings on BPL Limited's non-convertible and fixed deposit
programmes.  The ratings indicate that the company continues to
be in default on its rated debt.

As reported in the Troubled Company Reporter - Asia Pacific on
March 16, 2007, BPL's auditors not in its limited review report
that the company defaulted on the payment of interest to
consortium lenders.  According to the auditors, BPL's overdue
interest as of Dec. 31, 2006, totaled INR1,044 lakhs.


DENA BANK: Finance Ministry Okays Merger with Canara Bank
---------------------------------------------------------
India's Finance Ministry has approved the proposal to merge
Canara Bank with Dena Bank, reports say.

The Finance Ministry is in favor of the deal and looks at the
merger as a way to help Dena Bank strengthen its balance sheet,
myiris.com relates.  The merger however, still needs the
approval of the Reserve Bank of India.

Canara Bank is strong in the south and has a network of 2,542
branches while Dena with its 1,050 branches is strongest in
Gujarat and in the state of Chattisgarh, where Canara isn't
particularly strong, moneycontrol.com notes.

According to NDTV, Canara's strong asset base of INR1,053
billion will help shore up Dena's smaller balance sheet of
INR290 billion, and improve the quality of its loan book.

RBI's approval, however, seems not easy to obtain, according to
NDTVProfit.com, citing that RBI is still not convinced with the
synergies between the two banks.

RBI "is not convinced of the rationale behind the merger and is
inclined to give Dena Bank a chance to restructure itself
independently," NDTV states.

Even with the news on the Finance Ministry's approval, Dena and
Canara did not disclose talks about a proposed merger.

If the two banks proceed with the merger, they will create the
India's third largest bank after State Bank of India and ICICI
Bank, NDTV says.

                        About Canara Bank

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse     
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.

Fitch Ratings gave Canara Bank an individual rating of 'C/D' on
Nov. 9, 2006.

                        About Dena Bank

Headquartered in Mumbai, Dena Bank -- http://www.denabank.com/   
-- is principally engaged in the provision of a range of
financial and banking solutions.  It offers both retail banking
and corporate banking services.

On March 16, 2007, Fitch affirmed the bank's 'D/E' Individual
Rating and '4' Support Rating.


GENERAL MOTORS: Wagoner Sees Hope Despite Delay in Delphi's Exit
----------------------------------------------------------------
General Motors Corp.'s chief executive officer Rick Wagoner
remains positive that Delphi Corp. can emerge from bankruptcy
despite the delay caused by a prospective investor's likely
rejection of a deal to invest US$3.4 billion in the bankrupt
auto parts supplier.

"We're optimistic," Mr. Wagoner was quoted as saying by Jeff
Green of Bloomberg News in an interview in Shanghai Friday last
week.

GM Chief Financial Officer Fritz Henderson was also cited by Mr.
Green as saying that "GM is . . . committed to being part of
trying to find a solution to Delphi's exit."

GM, Bloomberg says, spun Delphi off in 1999 and still uses the
company as a source for air bags, anti-lock brakes, steering
components, air conditioners and other parts.  The automaker
agreed as part of the spinoff to cover retirement costs for
former GM union workers if Delphi could not afford the expenses,
the source adds.

Free press business writer Katie Merx relates that Delphi's key
investor, Cerberus Capital Management LP, is expected to
withdraw its plan to invest in Delphi after the two sides
disagreed on how much the auto supplier would be worth when it
emerges from Chapter 11 protection.

In a press statement dated April 19, 2007, Delphi confirmed that
it anticipates negotiating changes to an equity purchase and
commitment agreement it entered into in December 2006 with its
plan investors -- affiliates of Appaloosa Management LP,
Cerberus, and Harbinger Capital Partners Master Fund I Ltd., as
well as Merrill Lynch & Co. and UBS Securities LLC.

Delphi said it also anticipates negotiating an amendment to a
related plan framework support agreement it also entered into in
December 2006, with the plan investors and GM, which outlined
the expected treatment of the company's stakeholders in its
anticipated plan of reorganization.

According to Delphi, any changes would be primarily as a result
of addressing differences in views regarding the company's
reorganization enterprise value among the Plan Investors, GM,
the company's statutory creditors' and equity committees and the
Company.

Delphi said it expects that under amended framework agreements,
Appaloosa, Harbinger, Merrill Lynch and UBS will continue to
participate as Plan Investors (together with possible additional
investors that may include members of the Statutory Committees),
and that Cerberus may participate in the company's exit
financing, as part of a competitive process, but not as a plan
investor.

Delphi is also hopeful that GM will support amended framework
agreements and will be a party to any revised Plan Framework
Support Agreement.

                        About Delphi Corp.

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier  
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  The company filed for
chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case
No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons, Esq.,
and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.  
Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official
Committee of Unsecured Creditors.  As of Aug. 31, 2005, the
Debtors' balance sheet showed US$17,098,734,530 in total assets
and US$22,166,280,476 in total debts.  Delphi's exclusive plan-
filing period expires on July 31, 2007.

                    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.


TATA MOTORS: May Build Car Manufacturing Plant in Eqypt
-------------------------------------------------------
Tata Motors Limited may soon put up a car manufacturing plant in
Egypt, Kalpana Pathak, writing for the Business Standard, said
yesterday.

According to the Business Standard, Tata Motors held talks with
a "high-level" Egyptian delegation, which is visiting India for
an investment and tourism drive.

The car manufacturer is reportedly interested in setting up the
car plant, and in investing in petroleum and gas in Eqypt.

"Egypt is a big transport market for Tata Motors," Mr. Pathak
said.  "In March 2006, after a comprehensive market analysis,
Tata Motors decided to re-enter Egypt."

Tata Motors has recently launched its popular mini truck, Tata
Ace, in Nepal.  The Tata Ace being launched in Nepal is
specially configured to negotiate hilly terrains, the company
said in a press release.

Tata Motors and its distributor, Sipradi Trading, have set up of
a distribution company for Tata commercial vehicles.  The new
company, Sipradi Auto Parts Pvt. Ltd., will begin with a network
of 71 authorised parts outlets across the country and a
corporate showroom at Kathmandu.

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

                          *     *     *

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

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


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

ALCATEL-LUCENT: Selected by Kordia(TM) to Enhance IP Network
------------------------------------------------------------
Alcatel-Lucent revealed that Kordia(TM), a leading provider of
customized broadcast and telecommunications network services in
Asia-Pacific, has selected Alcatel-Lucent's portfolio of
IP/MPLS-based and optical networking solutions to enhance its
New Zealand-wide IP network.

Kordia(TM)'s digital microwave and fibre optic networks span the
length and breadth of New Zealand, linking New Zealand's major
cities, towns and rural centres and forming the backbone of the
country's TV and radio broadcast system.  Kordia(TM)'s IP
network overlays this foundation network, enabling Kordia to
provide both transparent layer-2 Ethernet and layer-3 virtual
private networks to broadcasters, service providers and
businesses.

"The Alcatel-Lucent solution super-charges our IP network and
enables us to expand the converged services we can offer," said
Kordia(TM)'s Networks General Manager, Derek Nielsen.  "Our
business depends on us being able to deliver quality of service
guarantees that ensure our customers' mission-critical traffic
is prioritized and managed according to strict quality
standards.  Our customers, including broadcasters, have the
flexibility to choose the quality of service they require for
each application, from 'best-effort' services such as high-speed
Internet, to services that demand high-bandwidth and low-latency
such as voice and video-over-IP."

Alcatel-Lucent is supplying Kordia(TM) with its industry-leading
7750 Service Router, 7710 Service Router and 7450 Ethernet
Service Switch to address its service routing requirements, as
well as its data-aware Optical Multi-Service Node optical
networking systems to deliver resilient, carrier-class Ethernet
services over Kordia(TM)'s existing network infrastructures.
Alcatel-Lucent's leading IP router and service switch solution
will enhance Kordia(TM)'s ability to deliver converged services
including quality-controlled voice, video and data across its IP
and MPLS-based infrastructure.

"Kordia(TM)'s approach to delivering mission-critical services
over its existing infrastructure is among the most innovative in
the world, said Fr,d,ric Rose, president of Alcatel-Lucent's
activities in Asia-Pacific.  "These deployments will further
enhance Kordia(TM)'s ability to offer customers the most
advanced converged services and applications."

                      About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


ALCATEL-LUCENT: To Provide VoIP Services in Korea
-------------------------------------------------
Alcatel-Lucent has been selected by Korea Telecom, the country's
largest communications service provider, as a large-scale IP-PBX
supplier for providing high quality VoIP services and business
communications services for Korean enterprises.  The selection
was announced after Alcatel-Lucent's successful completion of
rigorous benchmark testing by KT.

KT will now offer advanced IP-PBX solutions and handsets to
provide a variety of customized multimedia services and
applications for VoIP services targeting business customers.
Alcatel-Lucent will supply IP-based OmniPCX Enterprise private
switching systems, IP telephone handsets, and mobile Internet
telephone handsets to KT's customers that need to deploy large
scale IP-PBX solutions.

The advanced solution will transform communications for KT's
business customers, delivering services such as multimedia
caller ID, customized ring back tone, multimedia message and
groupware, along with VoIP, video phone and conferencing.  In
addition, the IP-PBX solution supports unified communications
and drives improved productivity and teamwork with applications
that cost effectively improves business processes.

The Session Initiation Protocol-based OmniPCX Enterprise can
accommodate up to 5,000 lines per node while interoperating with
KT's proxy server.  It will help KT generate new revenues by
providing a broad range of value-added multimedia services for
business customers in the near future.

"We are honored to be selected as the first supplier in Korea to
provide SIP-based large-scale IP-PBX solutions for KT and their
customers.  This is a significant achievement for us," said John
Yang, President of Alcatel-Lucent's activities in Korea.  "We
are dedicated to supporting KT in providing business customers
with reliable and scalable IP solutions that competitively
transform their networks, their services and fundamentally,
their businesses."

Alcatel-Lucent IP-PBX solutions have been deployed currently by
leading service providers such as France Telecom, Telefonica,
Deutsche Telecom and NTT Communications, as well as global
companies including IBM and Nestle.  The Ministry of Health and
Welfare, the Korea Labor Welfare Organization, and the Supreme
Court of Korea have also selected these solutions.

                            About KT

From wireline and wireless telephony, high-speed Internet data
to satellite communications, KT covers extensive services that
are essential to the information and backbone.  KT puts focus of
R&D strategy on broadband IP, wire/wireless integration and
e.Portal to create the future values and become a world class
company.  KT has put forward a new vision of 'The Value
Networking Company' with an aim to emerge as one of the world's
leading companies in the 21st century.  This new vision embodies
a strong commitment to maximizing customer value and pursuing
corporate growth by optimizing customized solution offerings.
From 2006, KT WiBro will make it possible for users to access
Internet anywhere, anytime at a speed of 1 Mbps by using a
portable device.  This means that users will be able to enjoy
the same speed as wired Internet access while on the move.  For
more information, visit KT on the Internet: external link
http://www.kt.co.kr

                      About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


CORUS GROUP: Unit Appoints Richard Freeman as Business Manager
--------------------------------------------------------------
Corus Group' business unit division, Corus Tubes, has appointed
Richard Freeman as its new business development manager.

Mr. Freeman will be based in Corby and will oversee the
company's international business development, as well as
enhancing relationships with its growing global client base in
the oil and gas industry.

A member of the Institute of Mechanical Engineers, Mr Freeman
graduated from the University of Leicester with a first class
honors degree in engineering.  Following graduation, he worked
for a number of companies in the process industry as a design
engineer where he gained invaluable knowledge of practical
engineering, the design process and project management.

Mr. Freeman joined Corus Tubes in 2004 as a development engineer
where his extensive engineering background and expertise
complemented the commercial resource to utilise key research and
marketing opportunities within the oil and gas industry.  In
particular, he played a major role in the development of Corus
Tubes pipe-in-pipe capabilities at the company's site in
Hartlepool.

Corus Tubes commercial manager Andy Townson, said: "I am
delighted to welcome Richard to the management team.  Having
worked with the company for three years, he has in-depth
knowledge of our products, services and capabilities.   He
brings outstanding credentials to Corus Tubes and will be a
vital member of our team.

"We are experiencing strong growth and high demand for our
innovative pipeline products and services and Richard will play
a key role in ensuring we continue to deliver on our promise to
meet high standards of service and product quality."

Mr. Freeman said: "Corus Tubes is committed to being a
pioneering leader of pipeline solutions, with an excellent track
record in establishing and developing long term relationships
with its clients.  I look forward to driving the business
forward, both nationally and internationally."

                       About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
oninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products.  Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Apr 23, 2007, 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.

Standard & Poor's Ratings Services kept its 'BB' long-term
corporate credit rating on U.K.-based steelmaker Corus Group PLC
on CreditWatch with developing implications, after the
completion of the auction process, during which India-based
steel manufacturer Tata Steel Ltd. offered the highest bid of
608 pence per share.

This values the company at GBP5.75 billion, up from the 455
pence per share of the initial bid.At the same time, the 'BB+'
ong-term debt rating on Corus' EUR700 million senior secured
bank loan and the 'BB-' unsecured debt ratings on Corus remain
on CreditWatch with developing implications.  The 'B' short-term
corporate credit rating remains on CreditWatch with positive
implications.

All ratings were placed on CreditWatch on Oct. 18, 2006,
following the disclosure of an initial bid by Tata Steel.

At the same time, Moody's Investors Service placed Corus Group
plc's Ba2 Corporate Family and other ratings under review.


FREEPORT-MCMORAN: To Meet Output Target Regardless of Strike
------------------------------------------------------------
Freeport-McMoRan Copper & Gold, Inc. said that it will meet its
copper and gold output target this year despite the four-day
strike that slashed its production, Reuters reports.

The Troubled Company Reporter - Asia Pacific reported on Apr 23,
2007, that Freeport-McMoRan's Grasberg copper mine was operating
below capacity due to the strike with mines are running at 20%
capacity, while the underground mine at 60% capacity but below
optimal conditions.  

As reported in yesterday's Troubled Company Reporter - Asia
Pacific, the strike ended Saturday after the company agreed to
increase the salary of its workers.

The company expects its output for this year to reach
1.1 billion pounds of copper 1.8 million troy ounces of gold,
the report points out.

                      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: Closes Refinancing on Three Credit Facilities
------------------------------------------------------------
The Goodyear Tire & Rubber Company has closed on an amendment
and restatement of three of its credit facilities.  Significant
changes to the amended and restated agreements include:

   * With respect to the company's US$1.5 billion asset-based
     revolving credit facility, an extension of its maturity
     until 2013, a reduction of the applicable interest rate by
     between 50 and 75 basis points (depending on availability
     of undrawn amounts) and a more flexible covenant package.

   * With respect to the company's US$1.2 billion second lien
     term loan, an extension of its maturity until 2014, a
     reduction of the applicable interest rate by 100 basis
     points (to be further reduced by 25 basis points if
     Goodyear's credit ratings are BB- and Ba3 or higher) and a
     more flexible covenant package.

   * With respect to the company's EUR505 million European
     credit facility, the conversion of the EUR155 million term
     loan portion of the existing facility to a revolving
     facility, an extension of its maturity until 2012, a
     reduction of the applicable interest rate by 75 basis
     points (as compared to the existing European revolving
     facility) and 37.5 basis points (as compared to the
     existing European term loan) and a more flexible covenant
     package.

"This refinancing action reduces our interest expense, creates
additional operational flexibility, extends maturities and helps
address our efforts to improve Goodyear's balance sheet,"
Richard J. Kramer, president, North American Tire and chief
financial officer, said.  "We anticipate annualized interest
expense savings of US$15 million to US$20 million."

          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.


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

DAIEI INC: Posts Profits Despite Sales Decline
----------------------------------------------
The Asahi Shimbun reported that Daiei Inc. posted profits from
its mainstay supermarket operations for the year ended February,
despite sales falling below the JPY1 trillion-mark for the first
time in 28 years.

According to the Asahi Shimbun, "[t]he company posted a parent-
only operating profit of JPY4.1 billion, compared with a loss of
JPY6.1 billion the previous year.  The parent-only sales were
JPY869.8 billion, down 26%."

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through    
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei.  Marubeni now holds a 44.6% stake in
the company.

A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Daiei, as a result, cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


FUJI HEAVY: Expects JPY6.5 Billion Net Loss for Fiscal Year 2006
----------------------------------------------------------------
Fuji Heavy Industries Ltd. revised its performance projection on
non-consolidated basis for Fiscal Year ended March 31, 2007.

The company previously projected, on a non-consolidated basis,
net income of JPY14 billion on JPY950 billion net sales and
JPY31 billion ordinary income.  Fuji's revised projection shows
a JPY6.5 billion net loss on JPY960 billion net sales and JPY27
billion ordinary income.  For the fiscal year ended March 31,
2006, the company earned JPY10.2 billion.

Though net sales was slightly increased compared to the previous
projection mainly because of yen depreciation in exchange rate,
in terms of ordinary income and net income, the company said it
revised its projection according to these factors:

   Deterioration of sales volume and mixture    (JPY70,000,000)
   Gain on foreign exchange                      JPY30,000,000
   Valuation allowance for deferred tax asset  (JPY205,000,000)

Since the introduction of the accounting for financial
instruments, Fuji has conservatively recorded impairment losses
on its investments in subsidiaries.  In accordance with the
company's accounting policy, it recognized deferred tax assets
for the resulting deductible temporary difference between the
carrying amounts of its investments in subsidiaries and their
respective tax bases, since it considered those deferred tax
assets to be fully realizable through a tax-planning strategy
such as regional integration or reorganization of domestic
distributor subsidiaries as provided in its revised Fuji Dynamic
Revolution-1 management plan.

However, pursuant to the company's new mid-term management plan
announced in February, it re-evaluated the tax-planning strategy
including the possibility of regional integration or
reorganization and the timing of related tax deductions, and
have concluded the scheduling of the reversal of deductible
temporary differences related to impairment losses on
investments in subsidiaries became no longer feasible.  As a
result, a valuation allowance against those deferred tax assets
of JPY19.9 billion has been recognized.

The increase in income tax-deferred -- JPY19.9 billion -- for
the current year reflects this one-time provision for valuation
allowance.  

On a consolidated basis, Fuji maintains its previous projection
of JPY30 billion net income on net sales of JPY1.5 trillion and
ordinary income of JPY42 billion.

                  About Fuji Heavy Industries

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp/-- is a manufacturing company engaged in  
the production, sale, repair and leasing of automobile and
transportation-related products.

In June 2005, Standard & Poor's Ratings Services lowered its
long-term credit rating on Fuji Heavy Industries Ltd. to 'BB+'
from 'BBB-' based on diminished prospects for a recovery in
profitability and cash flow over the near term along with
intensifying competition in the global auto industry.  


NIKKO CORDIAL: Sues Three Ex-Officers for JPY3.3 Billion
--------------------------------------------------------
Nikko Cordial Corporation has filed a civil suit in the Tokyo
District Court naming three former executives of the company,
Junichi Arimura, the former president and chief executive
officer; and Hirofumi Hirano and Hajime Yamamoto, the former
Group executive officers, as defendants.

The company seeks compensation from these officers jointly in an
aggregate amount of JPY3.3 billion together with the interest on
the amount at an annual rate of 5% for the period following the
date of the service of the complaints until payment is made in
full, in view of the details set out under the recommendations
of Responsibility Pursuit Committee presented to the Company's
board of directors.

             Reasons for Instituting Compensation Suit

According to the Company, "Nikko Principal Investments, Japan,
Ltd., a subsidiary of the Company, made its subsidiary, NPI
Holding, Inc., to issue exchangeable bonds to NPI and falsified
the issue date of the EBs in NPI's accounting books and recorded
valuation gain from the EBs, which should have never been
booked.  As a result, the Company's annual and semi-annual
securities reports, which include false information on important
matters were prepared and submitted.

"The Company has determined that the three individuals should
bear the responsibilities for their negligent conducts as
President & CEO, or Group Executive Officers; Mr. Hirano for
falsifying the issue date of the EBs, Mr. Yamamoto for preparing
and submitting the improper annual and semi-annual securities
reports, and Mr. Arimura for failing to properly supervise and
monitor the conducts of Mr. Hirano and Mr. Yamamoto, among other
things."

Kyodo News reported that the suit was filed in light of
recommendations made by Nikko Cordial's in-house panel, which
was tasked with finding out who was responsible for the
accounting fraud that prompted the brokerage to correct its
group financial statements for 2004 and 2005 in December 2006.

                       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.


* Fiscal Consolidation Progress Cues S&P to Lift Japan's Ratings
----------------------------------------------------------------
Standard & Poor's Ratings said that it had raised its foreign
and local currency long-term sovereign ratings on Japan to 'AA'
from 'AA-'. The short-term foreign and local currency ratings
were affirmed at 'A-1+' and the outlook on the long-term ratings
is stable.

"The upgrade is based on Japan's progress in fiscal, monetary,
and structural fronts," said Standard & Poor's credit analyst
Takahira Ogawa.

Japan's general government deficit is expected to fall to 5.0%
of GDP in fiscal 2007 (ending March 31, 2008), from 8.2% of GDP
in fiscal 2002, due to the government's steady fiscal-
consolidation efforts.  The general government primary deficit
is expected to improve to 0.2% of GDP in fiscal 2007, from
4.2% in fiscal 2003.

"Policymakers have been triply challenged to consolidate fiscal
accounts and to restructure the private sector without restoking
deflationary pressure," said Mr. Ogawa. "Our assessment is that
they are meeting the test.  We expect the ratio of general
government debt (including the social security debt and
government bonds for the Financial Loan Program) net of good-
quality fiscal assets to GDP, to stabilize at 133% by fiscal
year 2012.  The major banks have been restored to good health,
with the banking sector's non-performing loans falling to 2.7%
of the total portfolio as of Sept. 30, 2006."

"At the same time, Bank of Japan has successfully exited its
zero interest-rate policy and massive quantitative easing by
raising its policy rates by a quarter point twice to 0.5%--in
July 2006 and February 2007 -- and by winding down its holdings
of excess bank reserves. The economy is set to grow about 2% in
real terms for the next few years, being twice the level
achieved in the decade to 2004.  In addition, we expect the GDP
deflator to remain in positive territory for the forecast
period," Mr. Ogawa added.

In addition to these recent developments, a strong net external-
asset position and the yen's key international currency position
provide the government with ample external liquidity and good
access to global capital markets.  Japan is the world's largest
net external creditor in absolute terms with estimated net
assets of US$2.0 trillion (218% of current account receipts) at
the end of 2006. Its current gold and foreign exchange reserves
of US$940 billion are second only to China's. Standard & Poor's
expects continued current account surpluses to further enhance
Japan's net external-asset position in the coming years.

In the medium term, Japan faces demographic problems similar to
most OECD countries.  About 70% of its JPY86 trillion (17% of
GDP) social security budget in fiscal 2004 was channeled to
programs for the aged. The total social security budget will
increase to 26% of GDP by fiscal 2025 on current trends.  
Although the country has successfully reformed its defined-
benefit pension fund system in 2004 -- by extending the period
before benefits are paid, increasing members' contributions, and
reducing the amount of payouts -- more adjustments are necessary
for the long-term sustainability of the system.

The stable outlook is based on the expectation that the current
government will continue its public sector reform.  Faster
progress than expected could improve the outlook on the
sovereign ratings on Japan.

Conversely, downward pressure on the ratings could arise if the
government's fiscal-consolidation efforts stall.


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

DURA AUTOMOTIVE: Inks Technical Alliance with Aditya Auto
---------------------------------------------------------
DURA Automotive Systems, Inc. entered into a technical alliance
with Aditya Auto Products and Engineering Pvt. Ltd., based in
Bangalore, India, to bring new automotive technologies to the
growing domestic Indian and Asian markets.  DURA will supply
technology to Aditya for the manufacture of products such as
pedals, parking brakes, shifters and spare tire carriers.  
Aditya will produce the parts and provide local support to
automotive OEMs in the region.  DURA and Aditya anticipate that
the alliance will commence manufacturing of DURA components in
India by the first quarter of 2008.

"Establishing a manufacturing presence in India is a key
component of our global growth strategy, which is designed to
leverage DURA technology investments and provide local support
to customers anywhere in the world," Larry Denton, DURA
Automotive's chief executive officer said.  "The DURA and Aditya
partnership opens significant opportunities for us in fast-
growing automotive markets."

By 2012, India is projected to be the seventh largest automobile
producer in the world.  The establishment of the alliance in
Bangalore, a major Indian market, also provides access to
neighboring Asian markets.

"Our alliance brings together Aditya's expertise in designing
and manufacturing systems with DURA's world-class technology to
meet the requirements of leading automakers in this region," C.
Jayaraman, Aditya's managing director and chief executive
officer, said.  "Combining our strengths will better position us
to participate in India's growing domestic automotive market and
beyond."

DURA will contribute designs, intellectual property and
technical resources.  Under the terms of the agreement, the
alliance is planned to become a joint venture in three years and
when certain milestones are achieved.  Once initiated, the joint
venture will operate under the name Aditya DURA Pvt. Ltd.

DURA currently has a presence in 16 countries with 69 locations,
including its manufacturing facilities, technology and customer
service centers, and joint venture companies.

                        About Aditya Auto

Headquartered in Bangalore, India, Aditya Auto Products &
Engineering India Private Limited -- http://www.adityaauto.com/
-- is a privately owned and professionally managed organization,
engaged in the business of design & manufacture of systems & sub
systems to meet the requirements of the growing automobile
industry.  Beginning as Autarky Auto in April 1989 and
established as Aditya Auto Products in February 1999, the
company works closely with leading Automotive OEMs & Global tier
1 industries, both in India and the rest of the world.

                 About DURA Automotive Systems Inc.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.  
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on May 23,
2007.


LYONDELL CHEMICAL: Fitch Keeps B Rating on Subordinated Notes
-------------------------------------------------------------
Fitch Ratings affirmed Lyondell Chemical Company's Issuer
Default Rating at 'BB-'.  In addition, Fitch affirmed these
ratings for the company:

   -- Senior secured credit facility and term loan at 'BB+';
   -- Senior secured notes at 'BB+';
   -- Senior unsecured notes at 'BB-';
   -- Senior subordinated notes at 'B'.

At the same time, Fitch lowered the rating of Lyondell's
$100 million, 10.25% debentures due 2010 and $225 million, 9.8%
debentures due 2020 to 'BB-' from 'BB+'.

Approximately $5 billion of debt is covered by these actions and
the Rating Outlook remains Positive.

The two-notch downgrade of the Lyondell debentures reflects its
junior ranking to existing secured debt and equal ranking with
existing and future senior unsecured debt.  Under the indentures
for these debentures, it is required that the debentures be
equally and ratably secured with any debt that is secured by
certain manufacturing plants.  There are currently no qualifying
manufacturing plants securing other debt and therefore the
debentures are unsecured.

The rating affirmation of Lyondell's other ratings is supported
by better than expected cash generation from operations and debt
repayment.  In addition, Fitch expects debt reduction to
continue and potentially accelerate later in 2007 with a
successful completion of the pending sale of its Inorganics
business.  The recent tender for its outstanding 11-1/8% senior
secured notes and consent solicitation for the 10-1/2% senior
secured notes illustrates Lyondell's strong effort to repay debt
early instead of allowing cash to build and repay maturities as
they come due as well as improve its financial flexibility.  The
ratings also consider Lyondell's size, high integration of
businesses, liquidity, and access to capital markets.

The Positive Outlook reflects the likelihood that Lyondell will
be able to accelerate its debt reduction efforts in the next 12-
18 months.  Additionally, supply/demand fundamentals continue to
be favorable for most of Lyondell's products.  Fitch also
expects energy and raw material prices will continue to be
volatile although these prices on average are expected to trend
lower. Continued strong operations from petrochemical and
refining operations are likely to offset other cyclical
businesses within the portfolio.

Lyondell holds leading global positions in propylene oxide and
derivatives, plus TiO2, as well as leading North American
positions in ethylene, propylene, polyethylene, aromatics,
acetic acid, and vinyl acetate monomer.  The company also has
substantial refining operations located in Houston, Tex.  The
company benefits from strong technology positions and barriers
to entry in its major product lines.  Lyondell owns 100% of
Equistar; 70.5% directly and 29.5% indirectly through its wholly
owned subsidiary Millennium.  In 2006, Lyondell and subsidiaries
generated
$2.55 billion of EBITDA on $22.2 billion in sales.

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's  
third-largest independent, publicly traded chemical company.  
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.  In the Asia-Pacific, the company has
locations in Australia, China, Japan, Korea, New Zealand,
Singapore and Taiwan

                           *     *     *

Fitch Ratings affirmed Lyondell Chemical Company's issuer
default rating at 'BB-'; senior secured credit facility at
'BB+'; and senior secured notes and debentures at 'BB+'.  At the
same time,  Fitch downgraded Lyondell's senior subordinated
notes rating to 'B' from 'B+' and assigns a 'BB+' rating to
Lyondell's US$800  million senior secured revolving credit
facility and US$2.65 billion senior secured term loan.


SC FIRST BANK: Plans to Sell US$1.25 Billion Mortgage Bonds
-----------------------------------------------------------
Standard Chartered First Bank Korea Ltd. plans to sell
US$1.25 billion of bonds backed by Korean mortgages, Bloomberg
News reports, citing an e-mailed statement by Standard Chartered
Plc.

According to the statement, the bonds will be sold in euros and
dollars, adding that some US$1.165 billion of the debt will
carry top ratings of Aaa from Moody's Investors Service and AAA
from Standard & Poor's and Fitch Ratings, Bloomberg notes.  

The mortgages have an original loan to value of 54% and the
notes will be sold through Korea First Mortgage No. 7, a company
created to issue the debt and finance the mortgages, Neil Unmack
of Bloomberg writes.

Standard Chartered will handle the bond sale, which should be
completed in May.

                          *     *     *

Standard Chartered First Bank Korea Ltd. --
http://www.scfirstbank.com/ -- is a commercial bank that offers  
a wide range of financial services.  The company's offerings
include loans, deposits, credit card, trust accounts, financial
derivative transactions, corporate banking, consumer banking,
and investment banking services.  SC First Bank is the sixth
largest commercial bank in Korea with total assets of KRW60.2
trillion as of March 31, 2006.  Through its nationwide network
of 404 branch offices, SC First Bank serves some 3.5 million
clients in Korea.

Moody's Investors Service gave SC First Bank a bank financial
strength rating of 'D+'.

Fitch Ratings gave the bank a C individual rating.


SC FIRST BANK: 2006 Earnings Up on Service and Interest Fees
------------------------------------------------------------
Standard Chartered First Bank Korea Ltd.'s earnings for 2006
more than doubled as compared from a year earlier on increased
service fee and interest incomes, Yonhap News says,

Citing the bank's statement, Yonhap notes that the bank net
income rose to KRW154.6 billion, approximately US$164.4 million,
last year, up 136.6% from a year earlier, while its revenue
increased 18.8% year-on-year to KRW1.22 trillion and operating
profit rose 169% to 254.8 billion won.

"Last year's strong earnings resulted from a rise in commission
and interest incomes from lending to small and medium-sized
companies and wealth management," a bank official told the
newspaper.

                          *     *     *

Standard Chartered First Bank Korea Ltd. --
http://www.scfirstbank.com/ -- is a commercial bank that offers  
a wide range of financial services.  The company's offerings
include loans, deposits, credit card, trust accounts, financial
derivative transactions, corporate banking, consumer banking,
and investment banking services.  SC First Bank is the sixth
largest commercial bank in Korea with total assets of KRW60.2
trillion as of March 31, 2006.  Through its nationwide network
of 404 branch offices, SC First Bank serves some 3.5 million
clients in Korea.

Moody's Investors Service gave SC First Bank a bank financial
strength rating of 'D+'.

Fitch Ratings gave the bank a C individual rating.


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

MBF CORP: OSK Ends Share Purchase Talks in Insurance Arm
--------------------------------------------------------
MBf Corp Bhd disclosed with the Bursa Malaysia Securities Bhd
that OSK Holdings Bhd will cease the negotiations on the
proposed 49% share purchase agreement in QBE Insurance
(Malaysia) Bhd, a unit of MBf.

"OSK will not be proceeding to commence due diligence and to
finalize the proposed acquisition," MBf told the bourse.

The Troubled Company Reporter - Asia Pacific reported on March
16, 2007, that MBf had accepted an offer from the OSK Securities
to acquire 49% equity interest in its insurance unit for MYR87
million.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.

The Group operates in three main areas, namely, Malaysia,
Indonesia and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


SHAW GROUP: Gary Graphia Named as Corporate Development EVP
-----------------------------------------------------------
The Shaw Group Inc. reported that Gary P. Graphia, recently
named Executive Vice President by Shaw Group's Board of
Directors, would assume a newly established senior executive
position of Executive Vice President - Corporate Development and
Strategy.  In this new role, Mr. Graphia will assume
responsibility over the following areas: Mergers and
Acquisitions, Shaw Capital, Strategic Markets, Risk Management,
Safety, QA/QC, Corporate Communications, and Sales and
Marketing.  He will also oversee and serve on the company's
Project Risk, Claims, and Sarbanes-Oxley Committees.

Mr. Graphia joined Shaw Group in August 1999 as Corporate
Secretary and General Counsel and in January 2007, he was named
Executive Vice President, Chief Legal Officer and Corporate
Secretary.  Since joining Shaw Group, Mr. Graphia has presided
over the legal and corporate affairs of the company, working
closely with management and the board.  He has overseen the
growth of the Legal Department from 3 attorneys to 42
professionals, including 24 attorneys.

Over the years, the company has completed three major
acquisitions -- including Stone & Webster in 2000; IT Group in
2002; and most recently, a 20% equity interest in Westinghouse
in October 2006; as well as, numerous smaller transactions,
including acquisitions, divestitures, and joint ventures.

In addition, the company has completed seven public capital
markets transactions totaling over $2.7 billion dollars, and
three increases to its bank credit facilities, the most recent
being to increase the facility to $850 million.

Shaw Group also disclosed that Cliff S. Rankin would join Shaw
Group as General Counsel and Corporate Secretary beginning
May 7, 2007.  Mr. Rankin joins Shaw Group from the Houston law
firm of Vinson & Elkins LLP, where he was employed for 15 years
and has been a partner since 2001.  At Vinson & Elkins, Mr.
Rankin specialized in representing corporate clients and
financial institutions in a variety of complex transactional
matters including construction, acquisitions, project finance
and development, and structured and commercial finance.

Shaw Group further disclosed that Richard F. Gill, Executive
Vice President and Chairman of Shaw's Executive Committee, who
had been serving as acting President of the Power Group, has
officially been named to that position.  Mr. Gill will be
relocating to Shaw Group's Charlotte, North Carolina office.  
Charlotte is headquarters for the senior management within the
Fossil and Nuclear Divisions of the Power Group.  Mr. Gill's
move will facilitate increased opportunities for collaboration
within the Power Group, and allow for more rapid decision
making.  Shaw Group believes that Mr. Gill's relocation will
allow it to further strengthen its leadership position within
the power industry.

Within the Power Group, David L. Brannen will join Shaw Group on
April 16, 2007 as Executive Vice President, working directly
with Mr. Gill.  Mr. Brannen's focus will be engineering
execution and project management processes.  Over the past five
years, Mr. Brannen has been a consultant to engineering and
testing services companies, primarily providing services to
telecommunications and power utilities markets.  As an
independent consultant, he participated in the cost and schedule
analysis of the Hanford Waste Treatment project, a major nuclear
waste management project sponsored by the U.S. Department of
Energy.  The Hanford team was made up of industry experts from
throughout the nuclear industry.  Previously, Mr. Brannen served
in numerous executive, managerial, and project capacities with
Bechtel International over an extensive and successful 35-year
career.

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.


SUREMAX GROUP: Eon Bank Wants Payment of MYR1.77 Million Debt
-------------------------------------------------------------
Suremax Group Bhd and its wholly owned subsidiary, Suremax
Builders Sdn. Bhd., received a notice from Eon Bank Bhd
demanding a sum of MYR1,770,653.20 plus interest due as at
April 23, 2007.

The notice, as issued by Messrs. Shearn Delamore & Co. on
April 23, states that in the event Suremax and its unit fail to
make payment within twenty-one days from the date the notice was
served, the two companies will be deemed to be in default and
appropriate action will be taken without further notice for its
wind-up.

Suremax and its unit will be seeking legal advice from its
solicitors on the next course of action.

                          *     *     *

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

                         Going Concern

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

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


TALAM CORP: Unit to Sell Land and Hospital for MYR63.5 Million
--------------------------------------------------------------
Talam Corp. Bhd.'s wholly owned unit, Pandan Indah Medical
Management Sdn Bhd, has entered into a sale purchase agreement
with Hospital Pantai Sdn Bhd to dispose a leasehold land asset
and a hospital for MYR63.5 million.

The leasehold land together with a hospital office building of 6
floors and a medical officers' block of 3 floors is held under
PM 1038, Lot 2374, Mukim of Empangan, District of Ulu Langat,
State of Selangor.

According to Talam, the proposed disposal is in the best
interest of the company, as the gains from the disposal will be
used to pare down the borrowing of the Group.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the group are carried out in Malaysia and China.

The Troubled Company Reporter - Asia Pacific reported on Sept.
11, 2006, that based on the Audited Financial Statements of
Talam Corporation for the financial year ended January 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.

In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.


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

CLEAR CHANNEL: Raised Bid Prompts S&P to Cut Credit Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.

The downgrade and continuing negative CreditWatch implications
are based on the company's confirmation that the private equity
consortium jointly led by Bain Capital Partners LLC and
Thomas H. Lee Partners L.P. has raised its offer for the company
to US$39.00 per share, from its previous bid of US$37.60.  The
proposed total transaction value is now approximately US$27.1
billion, assuming the inclusion of roughly US$7.7 billion of
existing debt.

"The downgrade stems from our conclusion that if the proposed
transaction goes through, credit measures will be heavily
burdened by buyout debt," said Standard & Poor's credit analyst
Michael Altberg.  "Although the company has not announced
specific financing terms of the new capital structure, we would
expect a marked increase in leverage if the deal is
consummated."

As Standard & Poor's gets the opportunity to review the proposed
capital structure and the financial and operating strategies of
the new owners, it could further lower the ratings.  If the deal
is not approved by shareholders, Standard & Poor's would revisit
the rating at that time.

The merger is subject to approval by Clear Channel's
shareholders and needs two-thirds approval to pass, with
abstentions counting against the deal.  A shareholder vote has
been scheduled for May 8, 2007.

S&P will continue to monitor developments surrounding the
proposed merger and will review the business and financial
strategies, as well as post-transaction liquidity, in
determining the new rating.

               About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media    
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.


CLEAR CHANNEL: Sells TV Group to Providence for US$1.2 Billion
--------------------------------------------------------------
Clear Channel Communications Inc. has agreed to sell its
Television Group to Providence Equity Partners Inc. for
approximately US$1.2 billion.

The sale includes 56 television stations, including 18 digital
multicast stations, located in 24 markets across the United
States.  Also included in the sale are the stations' associated
Web sites, the Television Operations Center, and Inergize
Digital Media, which manages the Television Group's online and
wireless initiatives.  The transaction is expected to close in
the fourth quarter of 2007, subject to regulatory approvals and
other customary closing conditions.

"The stations and management of Clear Channel Television have
established an outstanding record of achievement, innovation and
community service in broadcasting and web development"
Commenting on the transaction, Mark Mays, Chief Executive
Officer of Clear Channel said.  "While we will miss the
important role they have played in the Clear Channel family, we
are excited that they will be partnered with Providence Equity
to continue to pursue growth opportunities in the rapidly
changing media environment."

"This is a rare opportunity to acquire a premier collection
of broadcast television stations with strong positions in many
attractive markets across the United States," said Al Dobron, a
Managing Director of Providence Equity.  "We are pleased to
again partner with Sandy DiPasquale to create value at these
local broadcasting stations and identify additional potential
high-quality television opportunities."

"These are well run, quality television stations," said Sandy
DiPasquale, a veteran broadcast executive and the President and
CEO of BlueStone Television.  "I look forward to continuing my
partnership with Providence Equity and working with the talented
CCTV employees to build on their success integrating broadcast
and internet services to serve their communities."

The Television Group currently consists of ten CW, eight FOX,
seven NBC, six ABC, six CBS, four My Network TV, two NBC Weather
Plus, two Telemundo, five independent stations, and six stations
affiliated with Clear Channel's Variety Television Network.   
A chart of the individual broadcast properties, by location and
network affiliation, is attached below.

Clear Channel estimates net proceeds after-tax and after
customary transaction costs will be approximately $1.1 billion
for the Television Group.  Information on the treatment of tax
loss carry forwards relative to this sale is provided below.

                     Tax Loss Carry Forwards

The Company plans to utilize its capital loss carry forward to
offset the related capital gain on the transactions.  A portion
of the gain will be considered ordinary gain, not capital gain,
due to depreciation and amortization recapture, and will be
taxed as ordinary income.

There can be no assurance that any of the divestures
contemplated in this release will actually be consummated and
therefore the Company may not receive the proceeds estimated
herein.  Furthermore, there can be no assurance that the Company
will be able to utilize tax loss carry forwards to offset
capital gains as contemplated in this release.  

                  Sales Not Contingent Upon Merger

All sales and contemplated future divestitures mentioned in this
release are not contingent upon the completion of the separate
merger proposal for Clear Channel Communications, Inc.

                   Update On Radio Divestitures

The company reported that it was also attempting to divest 448
radio stations in 88 markets.  At preset, the company has
entered definitive agreements to sell 161 radio stations in 34
markets for a total consideration of approximately $331 million.  
The company expects these transactions to close during the
second half of 2007.  The company estimates net proceeds after-
tax and after customary transaction costs for these 161 stations
will be approximately US$300 million.  Information on the
treatment of tax loss carry forwards relative to these sales is
provided below.   

The company continues to pursue the divestiture of 287 radio
stations in 54 markets.  These remaining stations that are
not under definitive agreement had OIBDAN* of approximately
$54 million in 2006.  There can be no assurance that any or all
of these stations will ultimately be divested and the Company
reserves the right to terminate the sales process at any time.

OIBDAN is defined as Operating Income before Depreciation &
Amortization, Non-Cash Compensation Expense and Gain on
Disposition of Assets - Net.  Since OIBDAN is not a measure
calculated in accordance with GAAP, it should not be considered
as a substitute for operating income or net income.

               About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.


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

LODESTAR INVESTMENT: 2006 Bal. Sheet Upside Down By PHP598,853
--------------------------------------------------------------
Lodestar Investment Holdings Corporation disclosed that as of
Dec. 31, 2006, it had a capital deficiency of PHP598,853.  

With virtually no operations, the company didn't report any
profit and loss statements for the year.

The company's financials are available for free at:

         http://bankrupt.com/misc/lodestar2006.pdf

Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation (LIHC) was originally incorporated as a
mining and natural resources exploration company. Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991.  On Oct. 3, 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

LIHC plans to reengineer the company to enhance shareholders'
value and improve operations. It will undertake a number of
capital-raising activities, which include but not limited to:
(a) a call of subscriptions receivable up to P8 million; (b)
second public offering of P50 million to P88 million; (c) debt-
equity conversion of up to P30 million; and (d) share-for-share
or share-for-asset swaps from P112 million to P150 million.  The
company is likewise interested in acquiring at least a
"significant minority" interest in other businesses and pursuing
prospective investments, particularly in the Internet Service
Provider and Business to Business Portal services.


MAGNUM HOLDINGS: MCJ & Co Raises Going Concern Doubt
----------------------------------------------------
Napoleon Calderon at MCJ & Co. raised significant doubt on the
company's ability to continue as a going concern, citing the
company's:

    * losses of PHP920,708 and capital deficit of
      PHP4.82 million for the year ended Dec. 31, 2006;

    * losses of PHP788,695 and capital deficit of
      PHP3.90 million for the year ended Dec. 31, 2005; and

    * losses of PHP691,286 and capital deficit of
      PHP3.11 million for the year ended Dec. 31, 2004.

The company explains that the losses were attributed primarily
to the poor trading conditions caused by financial instability
affecting the region as well as representing the cost of
maintaining and safeguarding the company's assets and resources.  
As of balance sheet date, there is no sign of a favorable market
condition.

The company is dependent on the continuing support of its major
stockholders, Sagarmatha, Inc.  The company has taken the
cautious stance in 2006 and 2005 due to political uncertainties.  
Depending on how political events will finally unfold, the
company will trade securities to full trading operation
immediately upon generating the funds that would be derived from
the issuance of the remaining 14,960,000 unissued shares.

The operations of the company has been suspended since August
2000.  The suspension is for minimizing the losses occasioned by
unfavorable business conditions.  Henceforth, the losses
sustained by the company purely represents suspended operations
cost and expenses of a going concern.

Total assets increased by 22% or PHP0.01 million from PHP0.04
million in 2005 to PHP0.05 million in 2006.  The increase is due
to additional advances made by a stockholder.

Total expenses for the year increased by 17% or PHP0.13 million
due to interest charges on advances and fines and penalties
imposed due to non-submission of reports to government agencies.

The company's financials are available for free at:

   http://bankrupt.com/misc/magnum2006.pdf

Pasig City, Philippines-based Magnum Holdings, Inc., formerly
known as Summit Minerals, Inc., was originally organized to
engage in mining exploration.  On February 24, 1994, the
Securities and Exchange Commission approved the change in the
company's primary purpose to that of a holding company and the
change in its corporate name to Magnum Holdings, Inc.


ZEUS HOLDINGS: Punongbayan & Araullo Raises Going Concern Doubt
---------------------------------------------------------------
After reviewing Zeus Holdings Inc.'s annual financials, Mailene
Sigue-Bisnar at Punongbayan & Araullo, the company's independent
auditors, raised a significant doubt on the company's ability to
continue as a going concern, citing that:

   * the company incurred net losses of PHP498,490, PHP554,657
     and PHP421,293 for the years 2006, 2005 and 2004,
     respectively;

   * the company has a capital deficiency of PHP1.28 million,
     PHP0.78 million and PHP1.75 million as of Dec. 31, 2006,
     2005 and 2004 respectively.

According to the company, it is in the process of finding other
means and resources to address liquidity and capital deficiency
problems by way of infusion of property or cash by new investors
or introduction of new business to the company.  Where
opportunity permits, the company is also considering going into
consumer based or consumer-related businesses.  However, given
the present economic conditions and cautious market sentiment,
the company is exercising prudence in embarking on its
investment activities.

For the year ended December 31, 2006, cash decreased by 20% from
PHP52,431 as of December 31, 2005 to PHP41,871, to fund
operating expenses.   Increase in total assets, from PHP140,684
in prior year to PHP168,110 as of the period, is attributable to
43% increase in input value added tax mainly due to purchases
and payment of listing fee. Advances from affiliates increased
by 226% compared to last year to settle operating expenses.

During the year, operating expenses decreased by 10% due to
lower volume of AGM Reports reproduced, special audit was
conducted on inter-company advances for the conversion of
advances to additional paid-in capital, and out-of pocket
expenses during audit.

Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business.  After 15 years, the company
diversified into other businesses and closed its garment
operations.  It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company.  Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.


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

ADVANCED MICRO: Posts US$611MM Net Loss in Qtr. Ended March 31
--------------------------------------------------------------
Advanced Micro Devices Inc. reported a net loss of
US$611 million on net revenue of US$1.2 billion for the first
quarter ended March 31, 2007, compared with net income of
US$185 million on net revenue of US$1.3 billion for the same
period ended March 26, 2006.  The results for the first quarter
of 2007 include ATI acquisition-related and integration charges
of US$113 million and employee stock-based compensation expense
of US$28 million.  

The decline in revenue was primarily due to a US$568 million
decline in net revenue from the Computing Solutions segment,
which includes what the company previously called the
Computation Products and Embedded Products segments as well as
the chipset business acquired with ATI.  Year-over-year server
and desktop processor unit shipments and revenues declined
significantly, while mobile processor unit shipments and revenue
increased significantly.  

First quarter Graphics segment revenue of US$197 million
increased 19 % from the fourth quarter of 2006, primarily due to
a full quarter of operations.  Graphics segment had no revenues
for the first quarter of 2006.

Consumer Electronics segment revenue, including a full quarter
of operations, was down sequentially to US$118 million, from
US$120 million in the fourth quarter of 2006.  On a full quarter
comparative basis, video processor unit shipments into the
digital TV market increased in the seasonally down quarter while
handheld processor unit shipments and game console revenue
decreased.

First quarter 2007 gross margin was 31 %, excluding stock-based
compensation expense and acquisition-related charges, compared
to 59 % in the first quarter of 2006.  The decrease from the
prior quarter was largely due to significantly lower
microprocessor unit shipments, lower microprocessor average
selling prices, and the inclusion of the former ATI operations,
which generally have lower-margin products, for the entire
quarter.

AMD reported an operating loss of $504 million for the first
quarter ended March 31, 2007, compared with operating income of
US$259 million for the same period ended March 26, 2006,
primarily due to a decrease in gross margin, and an increase in
research and development expenses, marketing, general and
administrative expenses, and amortization of acquired intangible
assets and integration charges.

"After more than three years of successfully executing our
customer expansion strategy and significantly growing our unit
and revenue base, our first quarter performance is disappointing
and unacceptable," said Robert J. Rivet, AMD's chief financial
officer.  "We are aggressively addressing the issues that led to
our significant revenue decline.  We are aligning our business
model, capital expenditures and cost structure with the goal of
accelerating our return to profitability.  Lastly, our customer
relationships remain solid, reflecting their confidence in our
strategic direction, current and new products, and technology
roadmaps."

At March 31, 2007, the company's balance sheet showed
US$12.7 billion in total assets, US$7.2 billion in total
liabilities, $303 million in minority interest in consolidated
subsidiaries, and $5.2 billion in total stockholders' equity.

                       About Advanced Micro

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc. -- http://www.amd.com/-- designs and manufactures  
microprocessors and other semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.


ADVANCED MICRO: Prices US$2 Billion Senior Notes Offering
---------------------------------------------------------
Advanced Micro Devices, Inc. disclosed the pricing of $2 billion
aggregate principal amount of 6.00% Convertible Senior Notes due
2015 in a private placement to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as
amended.  AMD granted to the initial purchasers a 30-day option
to purchase up to $200 million aggregate principal amount of
additional notes to cover over-allotments.

Interest on the notes will be paid semiannually on May 1 and
November 1 at a rate of 6.00% per year.  Upon the occurrence of
certain events, the notes will be convertible into cash up to
the principal amount, and if applicable, shares of common stock
in respect of any conversion value above the principal amount,
based on an initial conversion rate of 35.6125 shares of common
stock per $1,000 principal amount of notes, which is equivalent
to an initial conversion price of $28.08 per share.  This
initial conversion price represents a premium of 100% relative
to the last reported sale price on April 23, 2007 of AMD's
common stock of $14.04 per share.  Holders of the notes may
require AMD to repurchase the notes for cash equal to 100% of
the principal amount to be repurchased plus accrued and unpaid
interest upon the occurrence of certain designated events.

In connection with the offering, AMD entered into a capped call
transaction which is intended to reduce the potential dilution
to AMD's common stockholders upon any conversion of the notes.  
The capped call transaction will have a strike price that
matches the conversion price of the convertible notes and the
cap price in the capped call transaction will be $42.12 per
share.  AMD has been advised that, in connection with
establishing the capped call transaction, the counterparty or
its affiliates expect to enter into various derivative
transactions with respect to AMD's common stock and/or purchase
AMD's common stock in secondary market transactions concurrently
with or shortly after the pricing of the notes.  The
counterparty or its affiliates may also enter into or unwind
various derivative transactions with respect to AMD's common
stock and purchase or sell AMD's common stock in secondary
market transactions following the pricing of the notes (and are
likely to do so during any observation period relating to the
conversion of a note).

AMD estimates that the net proceeds from the offering will be
approximately $1,972 million (or approximately $2,169 million if
the initial purchasers exercise their over allotment option in
full) after deducting discounts, commissions and estimated
offering expenses.  AMD intends to use a portion of the net
proceeds of the offering to pay the cost of the capped call
transaction.  If the initial purchasers exercise their option to
purchase additional notes, AMD expects to use a portion of the
net proceeds from the sale of additional notes to enter into an
additional capped call transaction.  AMD expects to use at least
$500 million of the remaining net proceeds of the offering to
repay a portion of the term loan AMD entered into with Morgan
Stanley Senior Funding, Inc. to finance a portion of the
purchase price of, and expenses related to, the acquisition of
ATI Technologies Inc. AMD expects to use any amounts not applied
to the repayment of the term loan for general corporate
purposes, including working capital and capital expenditures.

                       About Advanced Micro

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc. -- http://www.amd.com/-- designs and manufactures  
microprocessors and other semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.


ADVANCED MICRO: Fitch Revises Outlook to Negative
-------------------------------------------------
Fitch has changed the Rating Outlook on Advanced Micro Devices
Inc. to Negative and affirmed these ratings:

    -- Issuer Default Rating at 'B'; and
    -- Senior Secured Term Loan B Facility at 'BB-/RR2'.

Fitch has downgraded the 7.75% senior notes due 2014 to
'CCC+/RR6' from 'BB-/RR2', due to potential loss of security and
lower recovery prospects, as the indenture and collateral trust
agreement permit AMD to remove the collateral securing this
tranche of debt.

In addition, Fitch expects to rate AMD's US$2.0 billion 6%
senior unsecured convertible notes due 2015, issued today under
Rule 144A, at 'CCC+/RR6'.  Initial purchasers also have a 30 day
option to purchase up to US$200 million of additional notes.  
The company plans to use the net proceeds to repay at least
US$500 million of outstanding Term Loan B balances, fund the
purchase of a capped call option intended to limit potential
dilution, and for general corporate purposes.

Fitch's actions affect approximately US$5.3 billion of pro forma
total debt, assuming AMD reduces US$500 million of the Term Loan
B.

The revision of the Outlook reflects Fitch's expectations that
AMD's operating performance will remain challenged over the
intermediate-term.  AMD's profitability continues to be
pressured by meaningfully lower than anticipated microprocessor
unit shipments and intensified competitive pressure from Intel
Corp., driven by a combination of Intel's manufacturing
advantage and strong operating momentum following its product
portfolio refresh in the third quarter of 2006.

As a result, AMD's revenues declined more than 30% sequentially
and gross profits dropped 46% to a Fitch-estimated 31% for the
seasonally weak first quarter ended March 31, 2007 from 40% for
the fourth quarter of 2006.  While AMD's planned cost reduction
efforts (headcount reductions, facility sales, and lower
discretionary spending) should yield modestly positive results
throughout the year, Fitch believes solid market acceptance of
AMD's refreshed product portfolio in the second half of 2007 and
realization of strong unit shipment from recent design wins with
previously under-penetrated original equipment manufacturers
will be critical to the company ability to internally fund a
significant portion of its substantial ongoing capital spending
and investments in research and development.  Therefore, a lack
of meaningful improvement in profitability and additional market
share losses could result in negative rating actions.

AMD's liquidity is adequate and has improved from the US$2.0
senior unsecured convertible debt placement, which should
increase cash balances to approximately US$2.7 billion from
US$1.2 billion as of March 31, 2007 (pro forma for the
anticipated US$500 million reduction in Term Loan B balances).  
Fitch believes AMD's plans to reduce capital expenditures by
US$500 million in 2007, monetize its remaining investment in
Spansion Inc., sell 200mm manufacturing equipment, and collect
on grants and subsidies associated with its investments in
Dresden, Germany throughout the year will enable AMD to maintain
adequate liquidity through the near-term.  Longer-term, while
recognizing the company's need to continue upgrading its
manufacturing capabilities to compete with Intel's lower unit
cost structure and reliably serve a growing OEM customer base,
Fitch believes the company is likely to curtail capital spending
further, potentially by pursuing a more asset-light
manufacturing model.

Despite the aforementioned revenue decline during the first
quarter and a likely non-recurring significant reduction in
accounts receivable balances, AMD has experienced more rapid
than anticipated erosion of financial flexibility as the company
burned approximately US$375 million cash for the quarter.  While
Fitch continues to anticipate negative free cash flow for 2007,
AMD's failure to curb significant cash burn over the next
several quarters could result in further negative rating
actions.

The Recovery Ratings continue to reflect Fitch's belief that AMD
would be reorganized rather than liquidated in a bankruptcy
scenario, given Fitch's estimates that AMD's current
reorganization value of US$2.3 billion is meaningfully higher
than its projected liquidation value of US$1.2 billion.  In
estimating reorganization, Fitch assumes a 5 times (x) multiple
and 50% stress to AMD's EBITDA for the latest 12 months ended
March 31, 2007 of approximately US$933 million (pro forma for
the ATI acquisition).  Fitch arrives at an adjusted
reorganization value of US$2.0 billion after subtracting
administrative and cooperative claims.  Based upon these
assumptions, the senior secured debt, including the US$1.7
billion Term Loan B (pro forma for the assumed repayment of
US$500 million) recovers approximately 68%.  While this results
in an 'RR3' (51-70% recovery) rating in Fitch's recovery model,
Fitch considers the potential for incremental Term Loan
reductions and improved profitability, thereby increasing
adjusted reorganization value going forward and, therefore,
maintains an 'RR2' rating on the Term Loan B.  Minimal recovery
would be available for the senior unsecured debt, including the
US$390 million 7.75% senior notes due 2014.  As a result, the
estimated 5% recovery results in an 'RR6' rating for all of the
senior unsecured debt.

The ratings continue to be supported by AMD's:

    -- meaningfully higher share of the MPU market, which Fitch
       believes remains at approximately 20% versus less than
       10% historically;

    -- expectations for the ability to provide platform products
       to the marketplace and additional revenue growth
       opportunities from the acquisition of ATI Technologies;
       and

    -- strengthened and expanding relationships with original
       equipment manufacturers, including Dell Inc. (rated
       'A/F1' on Rating Watch Negative by Fitch).

Ratings concerns center on:

    -- significant product technology risk associated with the
       MPU market, potentially resulting in meaningful share
       shifts between AMD and Intel going forward, as well as
       continued cyclical operating results;

    -- Intel's meaningful manufacturing technology advantage
       over AMD, driven by capital expenditures consistently in
       excess of US$5 billion, forcing AMD to aggressively
       upgrade manufacturing facilities; and

    -- AMD's limited financial flexibility due to high debt
       levels coupled with significant spending requirements on
       capital equipment, R&D investments, and marketing
       initiatives.

Pro forma for the aforementioned debt issuance and anticipated
reduction of the Term Loan B, total debt was US$5.3 billion at
March 31, 2007 and consisted of:

    i) US$893 million Fab 36 Secured Term Loan due 2011

   ii) US$1.7 billion senior secured Term Loan B facility due
       2013;

  iii) US$2.0 billion senior unsecured convertible notes due
       2015;

   iv) US$390 million senior unsecured notes due 2014; and

    v) other debt, including capital leases, of approximately
       US$320 million.


ADVANCED MICRO: Weak First Quarter Cues Moody's Negative Outlook
----------------------------------------------------------------
Moody's Investors Service changed the outlook for Advanced Micro
Devices, Inc. to negative from stable.

The action reflects AMD's reduced financial flexibility
following the company's weaker than expected operating
performance in the first quarter of 2007 and Moody's
expectations that the next couple of quarters will remain very
challenging even though the company plans to reduce costs and
preserve liquidity while at the same time rolling out its new
product platform dubbed Barcelona in the third quarter of 2007.

AMD's ratings could come under downward pressure to the extent
that product launches are delayed, if it experiences operating
losses in the second half of 2007, or if cash levels fall below
$1 billion.  Alternatively, a stabilization of its ratings
outlook could emerge if AMD is able to make steady progress
towards sustainable free cash flow from operations, which would
enhance financial flexibility that is critical in the capital
intensive and volatile microprocessor segment.

The company ended the first quarter of 2007 with US$1.17 billion
of cash, slightly above the minimum level of US$1 billion that
Moody's had previously outlined would be a trigger to downwards
rating pressure.  Moody's notes that the company benefited in
the first quarter from very effective working capital
management, particularly the collection of trade receivables
that represented nearly a US$500 million source of cash, which
we do not believe will be repeated over the next few quarters.  
Absent this success, Moody's believes the company's cash
balances would have fallen below $1 billion.

While the company's position in the server, desktop and notebook
business segments remains good, it lost an estimated 5% of share
in the overall microprocessor unit market share in the first
quarter after having reached an all time high of about 25% as of
year end 2006.  Although the company believes it is on track to
begin shipping products under its new product platform known as
Barcelona in the third quarter of 2007 for the server, desktop,
and mobile markets using 65 nanometer process technology, AMD
remains about one year behind Intel in introducing 45 nanometer
product.

To the extent that AMD is able to ship increasing volumes of
this more cost effective product, it would help to improve the
company's gross margins, however this potential benefit could be
muted as Intel begins to ship 45 nanometer product in the fourth
quarter of 2007.  Moody's recognizes that while the process
technology node by itself is not the sole determinant of product
competitiveness, it does create differences in manufacturing
costs and the ability to be aggressive in pricing.  In AMD's
case, Moody's believes this represents continued exposure to
aggressive pricing actions by Intel that could continue to
result in operating losses and the use of cash.  The exposure,
while not new, is more sensitive given the company's reduced
cash balances and the likelihood in Moody's view that AMD will
continue to consume cash over the near term.

Positively, management is implementing urgent efforts to reduce
its cost structure and to improve the company's overall
operating efficiency through a combination of hiring restraints,
more rigid discretionary cost controls, and a slight push out of
its capital expenditure program.  Specifically:

    (1) the company has reduced its capital spending plan in
        2007 from US$2.5 billion to US$2.0 billion and

    (2) the company is effectively freezing new hires except in
        very selected areas, with the expectation that operating
        expenses will decline by approximately US$100 million
        annually and headcount will decline by approximately 500
        or 3% by year end 2007.

While these actions are moderately helpful in the near term, any
delay in ramping efficient production volumes of near-leading
edge microprocessor product would negatively impact the
company's overall scale of operations, which is a critical
success factor given the highly capital intensive nature of the
business.

As a result, Moody's anticipates that AMD will be more
challenged than previously anticipated to internally fund the
build out of its 300 millimeter production capacity, which is
essential to AMD keeping pace with manufacturing cost reduction
and process node advances, while at the same time maintaining
strong balance sheet liquidity and reducing debt levels.

As Moody's commented in previous reports, to the extent that
secured debt declines to below a certain level, the security
package benefiting the $390 million senior note holders would be
released.  Absent any other change, such collateral release
would cause the then unsecured senior note rating to decline by
up to two notches from its existing Ba3 level, reflecting its
more junior position in AMD's capital structure.

Advanced Micro Devices, Inc., headquartered in Sunnyvale,
California, designs and manufactures microprocessors and other
semiconductor products.


ADVANCED MICRO: Subpar Business Cues S&P to Lower Rating to B
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Advanced Micro Devices Inc. to 'B' from 'B+'.  The
outlook is negative.

"The action reflects recent subpar execution of its business
plans, as well as marketplace challenges which were
significantly more severe than had previously been expected,"
said Standard & Poor's credit analyst Bruce Hyman.  This
resulted in substantially lower profitability and cash flows,
expected to continue over the intermediate term.

Ratings on AMD continue to reflect aggressive competitive
conditions, highly volatile operating performance and
profitability, and ongoing substantially negative free cash
flows, in part offset by a generally improved product line,
anticipated adequate near-term liquidity, and expectations that
a planned change in business model will reduce the company's
asset intensity and capital expenditures.

Sunnyvale, California-based AMD is the second-largest supplier
of microprocessors and is a major supplier of other chips for
personal computers and consumer electronics.

AMD did not balance anticipated growth in sales to brand-name PC
makers against commitments to support its distributors in the
second half of 2006 and into 2007.  Branded PC sales proved to
be below expectations, while subsequent price discounts to the
distributors were not able to recapture the company's share loss
in that market, which may take time to recover.  Resulting March
2007 quarter revenues were US$1.2 billion, well below initial
expectations of US$1.6 billion- US$1.7 billion, and also well
below the US$2.0 billion reported in the year-ago quarter, pro
forma for the acquisition of ATI.  As OEM and distributor
inventories rebalance in coming months, the company expects
revenues in the June 2007 quarter to be flat to slightly above
March levels.  AMD's March 2007 quarter EBITDA was negative
US$144 million, versus pro forma US$500 million in the year-ago
quarter.

The negative outlook reflects the significant challenges that
AMD faces in recovering its market position, restoring its
profitability from currently depressed levels, and stabilizing
its cash flows notwithstanding a continued technology lag, while
financial metrics are expected to be quite weak for the rating
over the intermediate term.  If the company is not able to
execute those plans, the ratings could be lowered by early 2008.  
The outlook could be revised to stable over the intermediate
term should the company's product plans and marketplace
performance result in a rebound of EBITDA that supports the
company's debt levels, and as progress is made on its asset-
light manufacturing strategy.


AUDRICH INTERNATIONAL: Proofs of Claim Deadline Set on May 4
------------------------------------------------------------
Audrich International (Pte) Ltd., which is in wind-up
proceedings, requires its creditors to file their proofs of
claim by May 4, 2007.

Creditors who fail to file their proofs of claim by the
deadline will be excluded on the company's dividend distribution

The company's liquidator is:

         Chan Wang Ho
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


INTERNATIONAL DRILLING: Pays Dividend to Creditors
--------------------------------------------------
International Drilling Supply Pte Ltd., which is in liquidation,
has paid the first and final dividend to its creditors on Aril
11, 2007.

The company paid 94.7% to all received claims.

The liquidator can be reached at:

         Chan Wang Ho
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PETROLEO BRASILEIRO: Gas Production Unaffected by Strike
--------------------------------------------------------
Xinhua News reports that Brazilian state-run oil company
Petroleo Brasileiro SA denied that protesters interrupted its
natural gas production in Bolivia.

Xinhua News relates that strikers demanding for a share in the
revenues obtained from the exploitation of the San Alberto field
occupied gas pumping stations and threatened to interrupt
production in Gran Chaco, from which most of the 26 million
cubic meters of natural gas was imported by Brazil every day.

The strikers also want a share in the revenues from the
Margarita natural gas field, which is operated by Repsol YPF,
Agence France-Presse says.

Juan Karita of The Associated Press emphasizes that neighboring
provinces within Tarija, Bolivia, dispute ownership of the
Margarita field, which is still in its exploration and
development stage but potentially one of the nation's largest.  

According to Agence France-Presse, the stations are run by Royal
Dutch Shell subsidiary Transredes.  Protesters also occupied
another installation operated by Petroleo Brasileiro.

The demonstrations in Gran Chaco destroyed part of the pipeline
system that transports natural gas from Bolivia to Brazil,
reducing by 20% the product supply to the Brazilian and
Argentine markets, Xinhua News says, citing Bolivia's state-
owned oil firm Yacimientos Petroliferos Fiscales Bolivianos.  
According to YPFB, the production in the San Alberto field
declined to 3.4 million cubic meters of natural gas per day from
10 million cubic meters of natural gas per day.

AFP underscores that Bolivian officials disclosed a drastic
rationing of natural gas supplies to Argentina, and smaller cuts
in exports to Brazil.  Planning and Development Minister Gabriel
Loza said that supplies to Sao Paulo and Santos will be
decreased to 24 million cubic meters from 24.6 million cubic
meters a day, while exports to the Cuiaba, which received 1.2
million cubic meters daily, will be suspended.

However, Petroleo Brasileiro told Xinhua News that the volume of
natural gas imports from Bolivia is at a regular level.

Juan Karita of the AP reports that the government said the
Bolivian military took control of the natural gas pipeline.

                    About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/-- was founded in  
1953.  The company explores, produces, refines, transports,
markets, and distributes oil and natural gas and power to
various wholesale customers and retail distributors in Brazil.  
Petrobras has operations in China, India, Japan, and Singapore.
Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's Investors Service.

Fitch Ratings assigned BB+ ratings on Petroleo Brasileiro's
US$400 million 9% senior unsecured notes due April 1, 2008;
US$750 million 9.125% senior unsecured notes due July 2, 2013;
US$650 million 7.75% senior unsecured notes due Sept. 15, 2014;
and US$750 million 8.375% senior unsecured notes due Dec. 10,
2018.

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


PETROLEO BRASILEIRO: Brazil March Oil & Gas Output Up By 3.2%
-------------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras reported Brazil's average
oil and natural gas production in March was 2,085,621 barrels of
oil equivalent per day, 3.2% more than a year ago.

Added to production in the fields located overseas, the
company's total volume averaged 2,314,759 barrels of oil
equivalent (boe) per day, a 1.4% increase over the same month
last year.

Oil production in Brazilian fields averaged 1,810,949 barrels,
3.7% more than in March 2006. Of total production, 87% was
lifted from fields located in the Campos Basin.

Meanwhile, Brazilian natural gas production remained nearly
unchanged compared to February, at some 44 million cubic
meters/day.

Total production (oil & gas) in the eight countries where
Petrobras has assets in operation, was 229,138 boe, 3% less than
February, due to the labor strike which took place at the
community where the Production Unit is located in Ecuador.  Oil
production overseas, in March, capped-out at 119,926 barrels per
day. Gas production, on the other token, topped at 18.6 million
cubic meters per day.

                    About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/-- was founded in  
1953.  The company explores, produces, refines, transports,
markets, and distributes oil and natural gas and power to
various wholesale customers and retail distributors in Brazil.  
Petrobras has operations in China, India, Japan, and Singapore.
Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's Investors Service.

Fitch Ratings assigned BB+ ratings on Petroleo Brasileiro's
US$400 million 9% senior unsecured notes due April 1, 2008;
US$750 million 9.125% senior unsecured notes due July 2, 2013;
US$650 million 7.75% senior unsecured notes due Sept. 15, 2014;
and US$750 million 8.375% senior unsecured notes due Dec. 10,
2018.

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


PETROLEO BRASILEIRO: Booard Okays Golar to Shuttle Gas
------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras' board approved the hiring
of Golar LNG Ltd. for the chartering of vessels for the
Liquefied Natural Gas terminals in the Guanabara Bay, in Rio de
Janeiro, and Pacem, in Ceara.

There will be two Floating Regasification and Storage Vessels,
which may also be used to shuttle LNG.  One of the units will be
capable of regasifying up to 14 million cubic meters of gas per
day, while the other, up to 7 million. Both may operate at any
one of the terminals. The first one is expected to go online in
the first half of 2008.  The two vessels will be chartered for
$90 million per year, including operation expenses.

On April 25, Petrobras' Gas & Energy director, Ildo Sauer, will
sign a Letter of Commitment with Golar, which will contain the
chartering agreement's terms and conditions.  The ceremony will
be held in Barcelona, during the 15th International Conference &
Exhibition on Liquefied Natural Gas, the world's biggest
gathering on this theme.

The project marks the company's debut and Brazil's insertion in
the LNG market and attends to Petrobras' strategic objectives:

   -- boost Brazilian natural gas market flexibility to supply
      thermoelectric generation needs,

   -- diversify the input's provision sources, and

   -- anticipate this market's development.

The vessels will be moored to an island-type pier in the
Guanabara Bay, and to an existing pier in Pac,m. Both will be
installed in sheltered waters, near the transportation network
and the consumer markets.  A pipeline will connect the pier to
the continent, where natural gas transportation will be
integrated to Petrobras' gas pipeline system.  The vessels will
be supplied by supplier ships.

Essentially aimed at a flexible thermoelectric plant demand, the
Guanabara Bay Terminal will be located near three major
thermoelectric plants (Barbosa Lima Sobrinho, Leonel Brizola,
and Mario Lago).  The Pecem Terminal, meanwhile, in addition to
supplying thermoelectric plants (TermoFortaleza, TermoCear , and
Jesus Soares Pereira), Will also serve part of the Northeastern
Brazil's industrial market.

                  Brazil's Natural Gas Market

The natural gas sector has been growing rapidly in Brazil, and
currently accounts for 9.3% of the Brazilian energy matrix.  
Petrobras is confident in this growth and estimates that by 2011
gas will cap at 11% of the matrix, as the Brazilian market has
room for major expansions in this sector.  The sector is
composed of a flexible demand, associated to electric power
generation, and a firm demand, represented by the industrial,
commercial, vehicular and residential consumption areas.

According to National Electric Energy Agency data, nearly 80% of
the installed electric energy generation capacity in Brazil is
based on the hydroelectric system (about 73 thousand MW).  To
support the Brazilian economy's growth, hydroelectric generation
is complemented by thermoelectric generation, the installed
capacity of which currently represents about 20% of the matrix
(some 20.4 thousand MW), using several types of fuel, such as
nuclear, coal, and natural gas.

The LNG Project is the best technical and economic solution
Petrobras found to make gas supply flexible, both in the short
and long-terms, making natural gas available to Southeastern and
Northeastern Brazil and ensuring Thermoelectric Plant
reliability. It allows input purchase modulation, based on
demand evolution, since the trend of greater thermoelectric
plant use during the Brazilian dry season (May to October) is
concomitant with the lowest demand for NLG in the international
market.

                   About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/-- was founded in  
1953.  The company explores, produces, refines, transports,
markets, and distributes oil and natural gas and power to
various wholesale customers and retail distributors in Brazil.  
Petrobras has operations in China, India, Japan, and Singapore.
Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's Investors Service.

Fitch Ratings assigned BB+ ratings on Petroleo Brasileiro's
US$400 million 9% senior unsecured notes due April 1, 2008;
US$750 million 9.125% senior unsecured notes due July 2, 2013;
US$650 million 7.75% senior unsecured notes due Sept. 15, 2014;
and US$750 million 8.375% senior unsecured notes due Dec. 10,
2018.

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


REFCO INC: Marc Kirschner Discharges Duties as RCM Trustee
----------------------------------------------------------
Marc S. Kirschner, as Chapter 11 trustee and duly appointed Plan
Administrator of Refco Capital Markets Ltd.'s estate, obtained
the Court's authority to assign any and all of his remaining
rights, powers and duties to the RCM Plan Administrator, leaving
him as the sole party acting on behalf of and administering the
RCM estate.

The Court also authorized Mr. Kirschner to:

   (i) discharge his duties as RCM Trustee;

  (ii) release and terminate the duty to obtain and maintain
       the RCM Trustee's surety bonds by Hartford; Fidelity &
       Deposit/Zurich; Federal (Chubb), and Safeco; and

(iii) release and terminate the restrictions on the Restricted
       Accounts.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
relates that by notice dated April 10, 2006, the U.S. Trustee
appointed Mr. Kirschner as RCM Trustee, subject to a bond under
Section 322.  The Court subsequently approved the appointment of
the RCM Trustee, requiring him to post a US$1,000,000,000 bond.  
The Bond was later reduced to US$156,500,000, subject to
segregation of a substantial portion of RCM's cash into
restricted accounts.

The RCM Trustee then (a) obtained the Bond for US$156,500,000,
and (b) created the Restricted Accounts with US$800,500,000 in
cash invested as required by Section 345.  The annual premium
for the Bond was US$762,938 and was fully earned.  The Bond
expires on April 19, 2007.

              Post-Effective Date Management of RCM

Given the assignment of the RCM Trustee's role and duties to the
RCM Administrator, the RCM Trustee's work for the RCM estate has
concluded, Mr. DeSieno tells Judge Drain.

Mr. DeSieno states that the Plan Confirmation Order left the RCM
Trustee in charge of the RCM estate, although it required him to
enter into a December 2006 RCM Administration Agreement with the
RCM Administrator.

Specifically, Mr. DeSieno says, the RCM Administration Agreement
enumerates the RCM Administrator's powers and responsibilities,
which include liquidating RCM's assets, paying RCM's expenses,
investing RCM's cash, calculating and paying distributions to
creditors of RCM, and dissolving and winding up RCM.

Mr. DeSieno states that the Plan, the Confirmation Order, and
the
RCM Administration Agreement do not require continued
maintenance of the Bond or the Restricted Accounts by the RCM
Trustee or the RCM Plan Administrator.  However, he says, in
accordance with the RCM Administration Agreement, the RCM
Administrator has obtained professional liability insurance for
US$5,000,000.

                  Distributions from RCM Estate

Mr. DeSieno states that the assets of the RCM estate have been
significantly reduced as a consequence of making distributions
and other court-approved and ordinary course payments.

During the RCM Trustee's appointment, Mr. DeSieno relates, the
RCM estate had US$2,054,000,000 in assets.  At the time of the
Plan Confirmation, the RCM estate held approximately
US$2,500,000,000 in assets, of which US$1,800,000,000 was cash
or cash equivalents, and the remainder in securities.

As of March 1, 2007, the RCM estate held about US$920,000,000 in
liquid and illiquid assets, of which US$13,900,000 is in the RCM
Wind-Down Reserves pursuant to the Plan.

Since his appointment, Mr. DeSieno notes, the RCM Trustee has
distributed from the RCM estate:

   (a) US$56,400,000 in fees and expenses of estate
       professionals, of which US$1,000,000 was paid to the RCM
       Trustee;

   (b) US$84,400,000 to JPMorgan Chase Bank, N.A., pursuant to a
       Court-approved settlement agreement; and

   (c) US$1,475,767,317 to RCM creditors between Dec. 27 and 28,
       2006.

Furthermore, the Court authorized a second interim distribution
to RCM creditors, aggregating US$428,000,000.

Mr. DeSieno says various estate professionals have also filed
final applications for payment of fees and reimbursement of
expenses, which will result in additional disbursements from the
RCM estate.

To date, the RCM estate has contributed approximately
US$16,000,000 into an administrative expense reserve to fund the
administration of the Plan, including compensation of
administrative professionals.

Assuming the payments are made under the Second Distribution and
final fee applications, the RCM estate will have remaining
assets exceeding US$450,000,000, Mr. DeSieno says.

The remaining RCM assets will now be administered by the RCM
Administrator following the approval of the Motion, Mr. DeSieno
states.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or     
215/945-7000).


TROPICAL CORPORATION: Pays Dividend to Creditors
------------------------------------------------
Tropical Corporation Pte Ltd., which is in liquidation, has paid
the first and final dividend to its creditors on April 11, 2007.

The company paid 0.725% to all received claims.

The liquidator can be reached at:

         Chan Wang Ho
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

BANK OF AYUDHYA: Expects THB42 Billion Rise in Loans in 2007
------------------------------------------------------------
Bank of Ayudhya PCL expects its net lending to grow this year by
THB42 billion, or 9.3%, as a result of operational reforms
following a partial acquisition by General Electric earlier this
year, Dow Jones reports.

The report says that consumer loans, mainly mortgage lending,
which makes up about 15% of the bank's total lending, will be a
growth driver this year, bank President and Chief Executive Tan
Kong Khoon told a press conference.

Yahoo Singapore reports that the bank, which had outstanding
loans of US$12.5 billion at the end of December, would focus on
high-yielding loans to small and medium firms and retail
customers, chief financial officer Janice Van Ekeren told
reporters.

Dow Jones adds that the bank also aims to boost its return on
equity ratio to 20% by 2010, according to Tan.   Its current
return on equity ratio is around 3.8%, as the bank's bottom line
last year was weighed down by loan-loss provisions, part of
adjustments made to meet a new accounting standard required by
the Bank of Thailand.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on January
16, 2007 that Moody's Investors Service upgraded the Bank of
Ayudhya Public Co Ltd's bank financial strength rating to "D-"
from "E+".

The Troubled Company Reporter - Asia Pacific reported that on
Jan. 12, 2007, Fitch Ratings upgraded Bank of Ayudhya Public
Company Limited's Foreign currency subordinated debt rating to
BB+ from BB; and Individual rating to C/D from D.


KRUNG THAI: Net Income Decreases 5% to THB4.4 Bil. in First Qtr.
----------------------------------------------------------------
Krung Thai Bank Public Company Limited posted a THB4,408,385,779
net income for the quarter ending March 31, 2007, a 5% decrease
from the THB4,644,931,942 net income it posted a year earlier.

For the period in review, the bank recorded a 13% rise in total
interest and dividend income to THB17,386,324,659, but also a
65% increase in total interest expense to THB6,620,708,745,
giving it a THB10,765,615,914 net interest and dividend income,
a 6% decrease from the THB11,414,220,820 net interest and
dividend income it recorded a year earlier.

As of March 31, 2007, the bank has total assets of
THB1,234,480,751,602 and total liabilities of
THB1,138,989,759,789.

Krung Thai Bank's financials is available for free at:

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

                      and

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

                      About Krung Thai Bank

Headquartered in Bangkok, Thailand, Krung Thai Bank Public
Company Limited -- http://www.ktb.co.th/-- began its operation  
on March 14, 1966, through the merger of business between the
Agricultural Bank Limited and the Provincial Bank Limited with
the Ministry of Finance as its major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 23, 2006, affirmed the C/D individual rating
of Krung Thai Bank and removed them from Rating Watch Negative
on which they were placed on September 20, 2006 following the
military coup.  The outlook on their ratings is now stable.

The Troubled Company Reporter - Asia Pacific reported on Oct.
06, 2006 that Moody's has reinstated the Ba1 rating previously
assigned to Krung Thai Bank Public Company Ltd's (KTB, D-
/Baa1/P-2) Hybrid Tier 1 securities being issued via its
Singapore branch.  The rating outlook is stable.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned on September 11,
2006, its BB+ rating to the proposed perpetual, non-cumulative,
hybrid Tier-I securities by Krung Thai Bank Public Co. Ltd
(BBB/Stable/A-2).


SIAM CITY BANK: Earns THB204.60 Million in 2007 First Quarter
-------------------------------------------------------------
Siam City Bank disclosed to the Stock Exchange of Thailand that
it had a consolidated net profit of THB204.597 million for the
first quarter of 2007, against a THB1.266 billion net profit a
year earlier.

The profit decline was attributable to an additional loan loss
reserve of THB1.810 billion that will be implemented by year
end.  

Unreviewed operating results of the bank and subsidiaries showed
that a total profit before loan loss reserve and corporate
tax of THB2.015 billion, a increase of THB120 million or 6% when
compared to THB1.895 billion in the same period in 2006.  

Siam City Bank's profit and loss statements are available for
free at http://bankrupt.com/misc/scbq1.pdf

Reuters reports that the bank is more optimistic that it will
surpass its first quarter results in the second quarter.  SCB
Executive Vice President Rathian Srimongkol said that "The
second quarter should be higher than the previous quarter as we
have already set aside loan-loss reserves to meet new accounting
rules."

Reuters adds that bank president Chaiwat Utaiwan had expressed
his expectations that full-year 2007 earnings would top 2006's
THB4.26 billion due to plans to attract more retail customers
and increase fee income.

                      About Siam City Bank

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

Operations are carried out primarily in Thailand.

The Troubled Company Reporter - Asia Pacific reported that On
October 19, 2006, Fitch assigned these ratings to Siam City
Bank: Long-term foreign currency Issuer Default rating of BB;
and Short-term foreign currency rating of B;

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

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


SIAM COMMERCIAL: Earns THB3.6 Billion in 2007 First Quarter
-----------------------------------------------------------
The Siam Commercial Bank PCL posted a net profit of THB3.699
billion for the first quarter of 2007, THB2.495 billion higher
than the previous quarter, indicating a growth rate of 207% and
is THB523 million lower than the net income posted for the first
quarter of 2006.

Loan growth was outstanding compared to the market, with an
increase of THB17.857 billion from 4Q06 mainly contributed by
loans for SMEs (6.1% ytd) and hire purchase businesses (10.2%
ytd). Together with a rising net interest margin to reach 3.54%,
net interest and dividend income grew by 4.2% qoq, with non-
interest income increasing at 2.0% qoq.

Vichit Suraphongchai, Chairman of the Executive Committee,
observed that in the past quarter, "The bank was able to grow
despite the uncertainties of domestic economic conditions,
reflecting SCB strengths and our readiness for dealing with
competition and change. Going forward to the remainder of 2007,
SCB will maintain its strategies for increasing SME and hire
purchase loans, as well as for maintaining the Bank's leading
position in the retail banking business.  The bank will also
increase risk management and credit quality schemes in order to
maintain the quality of its loan growth."

SCB President Kannikar Chalitaporn noted that 1Q7 performance
was satisfactory, with net interest margin improving to 3.54%.  
Additionally, non-interest income grew from foreign exchange
gains and other income from subsidiaries.  The SCB President
also pointed out that for the first quarter of 2007, "SCB (bank
only) set aside a general reserve of THB900 million, reflecting
the current market situation.  At the end of 1Q07 net NPLs stood
at THB23,428 million, or 3.4% of total loans, and the bank will
continue its policy of decreasing NPL levels even further."

Operating profit (excluding allowance for doubtful accounts,
income tax and minority interest in subsidiaries) before review
by independent auditors for the first quarter of 2007 was
THB6.224 billion, an increase of 0.3% qoq from THB6.207, with a
3.4% yoy growth of THB204 million.

Net profit was reported at THB3,699 million, an increase of
THB2,495 million or 207.3% qoq, mainly from a one-time set aside
for doubtful accounts in line with new Bank of Thailand's
accounting regulations in the fourth quarter of 2006 amounting
to THB5.100 billion.  In terms of yearly comparison, net profit
in 1Q07 decreased by 12.4%, due to a higher general reserve
allowance.

Net interest and dividend income in 1Q07 was THB8.755 billion,
an increase of 4.2% from the previous quarter and an increase of
15.9% from the corresponding period last year.

Interest income from loans increased by THB179 million
(approximately 1.6% qoq) to THB11.142 billion due to loan
expansion in many areas.  Interest income from interbank and
money markets decreased by THB268 million (12.7% qoq) to
THB1.839 billion, in line with low interest rate conditions.

Hire purchase and financial lease income rose by THB152 million
(16.7% qoq) to THB1.059 billion from business expansion.

Interest and dividend income from investment increased by THB136
million (14.9% qoq) to THB1.048 million, including to THB322
million in dividend income from the Vayupak Fund 1.

Interest expenses were THB6.333 billion, a decrease of 2.3% qoq,
mostly from a reduction in deposit cost of approximately THB216
million (3.8% qoq) to THB5.442 billion.  This was accompanied by
a declining interest rate trend for fixed deposits, from around
3.5-5.0% during end-2006, to approximately 3.25-3.5% by the end
of first quarter 2007.  Interest expenses on long term borrowing
decreased approximately 21.2% qoq and interest on interbank and
money markets grew 71.7% qoq due to internal liquidity
management.

Better interest and dividend income growth than compared to
interest expenses raised net interest margin to 3.54% in 1Q07
from 3.39% in 4Q06.  On a yoy basis, NIM decreased from 3.69% in
1Q06.  Excluding the dividend from the Vayupak Fund 1, NIM stood
at 3.41% at the quarter ended March 2007.

Non-interest income from operating businesses for this quarter
was THB5.301 billion, an increase of THB191 million from
THB5.110 billion in 4Q06 (or 3.7% qoq). Details include:

   - Fee & service income decreased by THB66 million or 1.9% qoq
     to THB3.423 billion, mostly from lower fees of its
     securities-related subsidiary.  However, fee and service
     income for the bank remained favorable.

   - Gain on exchange increased THB107 million (16.1% qoq) to   
     THB771 million, as a result of higher business transactions
     from exchange and derivatives.

   - Profit sharing from affiliated companies was THB89 million,
     down by THB22 million (20.2% qoq) as a result of a drop in
     performances by those companies.

   - Other income increased by THB173 million to
     THB1.019 billion (20.5% qoq), due to an increase in other
     income from subsidiaries, gains from selling assets, and
     NPA sales.

The bank reported a gain on investment of THB178 million, a
decrease of THB81 million (31.3% qoq), as a result of market
situation.  In all, total non-interest income was THB5.479
billion, an increase of THB110 million (2.0% qoq).

On a yearly basis, non-interest income (from operations) also
rose by 425 million or 8.7%, with mixed results from a rise of
THB98 million in gains on exchange, an increase of THB471
million in other income. With a drop by THB234 million from
investment income, total non-interest income grew by THB191
million (3.6% yoy).

Non-interest expenses in the quarter increased by THB444 million
(5.9% qoq) to THB8.010 billion from THB7.566 billion in 4Q06.

Key factors were:  

   - Personnel expenses increased by THB644 million (27.6% qoq)
     to THB2.978 billion, directly from cash and deferred
     bonuses as well as yearly salary increase expenses.

   - Premise and equipment expenses increased by THB44 million
     (or 2.6% qoq) to THB1.713 billion due to network expansion
     and system development.

   - Taxes and duties rose by THB72 million (13.8% qoq) to
     THB592 million along with higher interest income.

   - Fee and service expenses dropped by THB96 million (13.4%
     qoq) to THB616 million, mainly from a reduction in advisory
     fees.

   - Other expenses decreased by THB284 million (18.0% qoq) to
     THB1.297 billion, as a result of reduced marketing
     expenses, and higher expenses from a subsidiary that were
     in line with its business expansion.

Compared to the same quarter last year, non interest expenses
increased by THB1.186 billion, as premises and equipment
expenses rose THB124 million, taxes and duties rose THB146
million, fee and service expenses rose THB62 million, and other
expenses were up THB709 million, most of which were for business
network extension and marketing activities.

Cost to income ratio was up 56.3% this quarter from 54.9% last
quarter, and up 53.1% from a year earlier.

The bank set aside THB900 million in this quarter as general
reserve for the bank only basis.  The provision was THB1.032
billion in 1Q07 for the consolidated basis.

                         Balance Sheet

As of March 31, 2007, the bank (consolidated basis) reported
total assets of THB1.077 trillion, with a THB45.746 billion
increase (4.4% qoq) from THB1.032 trillion at the end of 2006.

As of March 31, 2007, total loans outstanding were THB765.494
billion, an increase of THB17.857 billion or 2.4% from
THB747.637 billion at the end of 2006.  Loans written-off
totaled THB607 million in 1Q07.

Good loans expanded by THB18.086 billion (or 2.6% qoq) while
loans under the Special Assets Group dropped by THB229 million
or 0.4% qoq.

Loan growth was broad-based.  Notably, Business Banking loans
(or loans for SMEs) increased by THB9.284 billion or 6.1% qoq,
and loans for hire purchase rose by THB5.305 billion (10.2%
qoq).

Corporate Banking loans grew THB2.517 billion (1.0% qoq) and
housing loans increased by THB4.498 billion (2.4% qoq), in
contrast with other loans that decreased by THB3.519 billion
(7.9% qoq).

At the end of March 2007, deposits stood at THB813.183 billion,
up by THB21.101 billion (or 2.7% qoq) from THB792.081 billion at
end-2006, due to the bank's deposit campaigns, an increase in
deposits from the Business Cash Management, and higher deposits
from high-networth clients.  In comparison, fixed, demand, and
savings deposits increased by 1.8%, 3.5%, and 3.7% respectively.
As a result, the proportion of savings deposit was 41.4% as of
the end of 1Q07, against 41.0% at end-2006.

As of March 31, 2007, the loans to deposits ratio for the
consolidated basis stood at 94.1%, a slight decline from 94.4%
as of end-2006. On a Bank-only basis, the ratio was reported at
87.8% at 1Q07, a drop from 88.1% at 4Q06.

Investments totaled THB121.471 billion, an increase of 25.3%
from end-2006, or THB24.514 billion.  Short-term investment
increased by THB25.291 billion (107.9% qoq) from debt instrument
investment, while long-term investment decreased by THB883
million and investment in associated companies increased by
THB106 million.

Borrowings stood at THB30.438 billion, a decrease of THB14.524
billion (32.3% qoq) due to a decrease of THB7.782 billion in
short-term borrowings, and a drop of THB6.742 billion in long-
term borrowings from bond maturity.

As at March 31, 2007, shareholder equity stood at THB104.591
billion, an increase of THB4.031 billion from end-2006
attributed to a net profit in 1Q07 of THB3.699 billion and gain
from revaluation in securities of THB312 million in line with
the market situation.

Book value per share at the end of 1Q07 was THB30.77 (ordinary
and preferred shares at the end of March 2007 totaled 3,399
million shares), up from THB29.58 as of December 2006.

Total capital funds (tier 1 and tier 2) as at March 31, 2007
were THB99.151 billion or 13.9% of total risk assets, 11.1% of
which (or THB78.916 billion) was tier 1 capital.

As at March 31, 2007, net non-performing loans (net NPLs) were
THB23.428 billion or 3.4% of total loans, an increase by THB748
million from THB22.680 billion (3.4%) at the end of 2006.
However, the bank has already set aside adequate allowance for
the increasing amount of NPLs.  In terms of gross NPLs, the net
amount was THB54.515 billion of 7.6% as of 1Q07.

NPLs of the bank together with Chatuchak Assets Management Co.,
Ltd. and Siam Commercial Leasing PCL stood at THB25.585 billion,
or 3.5% of total loans. Gross NPLs were THB61.489 billion, or
8.0% at the end of March 2007.

Allowance for doubtful accounts at the end of 1Q07 stood at
THB48.383 billion, an increase of THB442 million from THB47.941
billion at end-2006 mainly from a net increase of provision from
the bank's prudent policy and bad debt write offs.

The banks financials can be downloaded for free at:

   http://bankrupt.com/misc/SCBfinancialsQ1.pdf

Headquartered in Bangkok, Thailand's fourth largest commercial
bank, Siam Commercial Bank PCL - http://www.scb.co.th/--  
provides a wide variety of personal and business banking
options, including funds management, loan and investment
services, foreign currency exchange, and more. The bank has more
than 500 branches countrywide, with branches in Hong Kong,
Cambodia, Singapore, and Laos.  The bank had total assets worth
THB814 billion as of December 31, 2005.

The Troubled Company Reporter - Asia Pacific reported that on
September 19, 2006, Fitch Ratings Services placed the C
individual rating of Siam Commercial Bank on Rating Watch
Negative pending a resolution of the political crisis that
triggered the coup in Thailand.

On March 31, 2006, The Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service placed Siam Commercial
Bank Public Company Limited's bank financial strength rating of
"D+" on review for possible upgrade.


TMB BANK: Earns THB158.55 Million in 2007 First Quarter
-------------------------------------------------------
TMB Bank Public Co. Ltd registered a net profit of THB158.55
million for the quarter ending March 31, 2007, down 93% from
THB2.12 billion for the quarter ending March 31, 2006, but a
turn around from the net loss of THB17.00 billion recorded in
the previous quarter.

For the period in review, net interest and dividend income
amounted to THB3.82 billion, decreasing 3% year-on-year due to
the fact that interest income increased by 20.5%, from rising
interest rates, while interest expense increased by 43.6%
from increasing cost of fund.

For the first quarter, net interest margin slightly increased to
2.1% from 2.0% in the previous quarter due to decreasing funding
cost, but decreased from 2.2% in the same quarter of last year.

For 1Q07, the Bank recorded non-interest income of THB1.78
million, up by THB1.20 million or 208% from 4Q06.

In comparison to the same quarter of last year, the bank's non-
interest income increased by 21% due to increasing consumer-
related fee income and gain on exchange rate from the higher
transactions.

For 1Q07, the bank recorded non-interest expenses of THB4.20
billion, decreased by THB5.40 billion or 56.2% from 4Q06.  In
comparison to 1Q06, the bank's non-interest expenses increased
by 30.9%, as a result of loss on provision of obligation
THB351.00 million and loss on sale of assets of THB271.00
million, together with an increase in business-related
expenses.

Financial position of the bank, (in millions, THB):

                                              Change
                        Mar. 07  Dec. 06   Amount   %
                        -------  -------  ------- -------
Total assets            697,674  748,380  (50,706)  (6.8)
Total liabilities       649,701  701,219  (51,518)  (7.3)
Shareholder's equity     47,973   47,161      812    1.7

Compared to year ended 2006, good bank loan slightly decreased
from reduction in corporate and SME segments while NPL dropped
to THB51.24 billion from the NPL sales and write-offs.

As of 31 March 2007, non-performing loans according to the Bank
of Thailand's new regulations amounted to THB51.24 billion, a
decline from THB56.09 billion at the end of 2006.

The bank's financials are available for download at:

   Profit and Loss Statements:
       http://bankrupt.com/misc/tmbPL.pdf

   Balance Sheets:
       http://bankrupt.com/misc/TMBBS.pdf

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders   
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's
US$200 million hybrid Tier 1 securities a 'BB' rating.


TMB BANK: Delays US$1 Billion Rights Issue
------------------------------------------
TMB Bank PCL would delay its US$1 billion rights issue slightly
from June pending talks with Singapore's DBS Bank, Reuters
reports.

Reuters says that TMB would talk to DBS Bank about raising its
holding in TMB to about 20% from 16%, TMB Bank Chairman
Somchainuk Engtrakul said.  The length of the delay was not
disclosed.

The Troubled Company Reporter - Asia Pacific reported on Mar.
27, 2007 that the bank planbed to issue bonds worth up to US$1
billion and offered in baht or foreign currencies.  The report
notes that the bank, which is 31.18% owned by the Finance
Ministry and 16.1% by Singapore's DBS Bank, told the stock
exchange that the proceeds would be used to expand its
business.  However, it did not indicate when the bonds would be
issued.

Mr. Somchainuk now says that the Thai Finance Ministry planned
to reduce its holding down to 25% after the capital-raising
exercise, according to the report.

The Troubled Company Reporter - Asia Pacific reported that
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders   
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's
US$200 million hybrid Tier 1 securities a 'BB' rating.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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





                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Azela Jane Taladua, 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 ***