TCRAP_Public/070426.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

            Thursday, April 26, 2007, Vol. 10, No. 82

                            Headlines

A U S T R A L I A

AKER OFFSHORE: Members' Final General Meeting Set for May 25
COLEVIC PTY: To Declare First Dividend for Priority Creditors
EVERETT & STEELE: Will Declare Final Dividend on May 25
H COOMBE PROPRIETARY: Commences Wind-Up Proceedings
I&E PTY: Commences Liquidation Proceedings

J T ELLIOTT: Placed Under Voluntary Wind-Up
L VIGOLO & SON: Members Opt to Liquidate Business
LEXICON PTY: Final Meeting Set for May 24
OAKHAM PTY: Members Resolve to Wind Up Firm
RETINA CORP: Members & Creditors to Hold Final Meeting on May 18


C H I N A   &   H O N G  K O N G

ALL AMERICAN: Files for Chapter 11 Protection in Florida
ALL AMERICAN: Case Summary & 40 Largest Unsecured Creditors
ASAT HOLDINGS: Appoints Gabby Ang as North American Sales VP
ASIA TRUST: TRC Chips Counterparty Credit Rating to twBB
BENQ CORP: Posts Sixth Straight Quarterly Loss

BENQ CORP: Eric Yu Still Detained Amidst Insider Trading Probe
BENQ CORP: 250 Mobile Unit Employees Land Siemens Jobs
BERRY PLASTICS: Merger Deal Cues S&P to Hold Junk Credit Rating
BOWA BANK: TRC Cuts Counterparty Rating on External Factors
BUCYRUS INT'L: Moody's Rates US$825MM Secured Term Loan at Ba3

CHINA ENTERTAINMENT: Clancy & Co. Raises Going Concern Doubt
CHINFON COMMERCIAL: TRC Lowers Counterparty Credit Ratings
PETROLEOS DE VENEZUELA: Investing US$10 Billion for 2007
TRW AUTOMOTIVE: Completes Tender Offers of Outstanding Notes
XINAO GAS: 2006 Profit Jumps 40.3% on Increased Gas Projects

* Chinese Banks' Bad Loans Fall to 7.5%; Reforms Successful


I N D I A

BALLY TECHNOLOGIES: Inks US$56-Million Deal with Las Vegas Sands
CADMUS COMMS: Moody's Withdraws Ba3 Corporate Family Rating
CENTURION BANK: To Publish FY 2006-07 Results by June 30
CORPORATION BANK: Board to Meet April 28 to Consider Financials
DECCAN AVIATION: Inks Fund-Raising Deal to Expand Subsidiary

DECCAN AVIATION: Inks Sale-Leaseback Deal with Genesis Lease
DENA BANK: Net Profit Down 66% in Quarter Ended March 31
DHANALAKSHMI BANK: Board Approves Rights Issue
HAYES LEMMERZ: Discloses Rights Distribution to Stockholders
* Moody's Rates Banks After Employing JDA & BFSR Methodologies


I N D O N E S I A

ALCATEL-LUCENT: Posts EUR260-Million Operating Loss for Q1 2007
ALCATEL-LUCENT: Wins Shanghai Contract for IP Service Delivery
ARPENI PRATAMA: Buys New Vessels for US$100 Million
BANK NIAGA: Plans IDR10.15 Per Share Dividend for FY 2006
BANK PERMATA: Unit Launches New Savings Product with School

BAKRIE SUMATERA: Expects Revenue Rise on High Palm Oil Prices
BAKRIE SUMATERA: Plans IDR74 Per Share Dividend for FY 2006
BAKRIE SUMATERA: To Acquire PT Sumbertama for IDR260 Billion
BERLIAN LAJU: S&P Assigns 'BB-' Corporate Credit Rating
GOODYEAR: Closes Amendment & Restatement on Credit Facilities

INCO LTD: Indonesian Unit to Pay US$0.50 Per Share Dividend
INDIKA INTI: Fitch Assigns 'B' Ratings & Says Outlook is Stable
MULIALAND: Major Shareholder Makes Offer for Minority Shares


J A P A N

DAIEI INC: Sumitomo Mitsui & Shinsei Fight for Stake in OMC Card
DAISHI BANK: Fitch Affirms 'C' Individual Rating
FUJI HEAVY: March Global Output Down 4.8%
FURUKAWA ELECTRIC: Sells OCP Stake to Oplink for US$99 Million
HOKUETSU BANK: Fitch Affirms Individual C/D Rating

KEIYO BANK: Fitch Affirms 'C' Individual Rating
KIYO BANK: Fitch Affirms 'D/E' Individual Rating
MITSUBISHI MOTORS: Releases March 2007 & FY 2006 Results
MIZUHO BANK: London Unit Applies Messaging Service
NIKKO CORDIAL: Fiscal Year Profit Drops to JPY98.9 Billion

NIKKO CORDIAL: Citigroup May Fail to Take Full Control
NIPPON GLASS: British Unit Gets Charge Sheet from EU
NOMURA HOLDINGS: Unit to Sell Wanbishi Stake to Toyota
NOMURA HOLDINGS: Finalizes Number of Stock Options to be Issued
SOFTBANK CORP: Unit Reports Record 4Q Profit of JPY15.9 Billion


K O R E A

WOORI BANK: Wants to Raise POSCO Stake to End Takeover Bids
* SoKor's Mobile Firms Fined KRW18 Bil. for Unfair Business Acts


M A L A Y S I A

CLEAR CHANNEL: Raised Bid Prompts S&P to Cut Credit Rating to B+
GULA PERAK: RAM Puts Default Rating on MYR288.82 Million Notes
KL INFRASTRUCTURE: In Talks to Turnover Monorail Assets to SPNB
SATERAS RESOURCES: Bursa Hands Reprimand, Fine for Rules Breach


N E W  Z E A L A N D

A2 CORPORATION: Rolls Out a2 milk(TM) to U.S. Market
ANYING AUCKLAND: Wind-Up Petition Hearing Set for June 7
BANJO HOLDINGS: Names Grant Mackintosh as Liquidator
CELCOTE LTD: Commences Liquidation Proceedings
ELITE HORSE: Taps Kim S. Thompson as Liquidator

K-1 NEW ZEALAND: High Court to Hear Wind-Up Petition on June 7
KAMICARZI AUTOMOTIVE: Court to Hear Wind-Up Petition on June 14
LIBERTY INVESTMENTS: Wind-Up Petition Hearing Set for May 24
NISHIDA YOUNG: Faces Lowndes Jordan's Wind-Up Petition


P H I L I P P I N E S

CENTRAL AZUCARERA: Appoints Sycip Gorres and Velayo as Auditors
MANILA ELECTRIC: Customers Get PHP0.56 Per kWh Refund in May
MANILA ELECTRIC: Philippine Government Plans Divestiture
MARIWASA MANUFACTURING: Posts PHP201.37 Million Net Loss in 2006
PICOP RESOURCES: Reports Third Consecutive Annual Net Losses

SAN MIGUEL: Philippine Government Plans Divestiture


S I N G A P O R E

ADVANCED MICRO: S&P Rates US$1.8 Billion Senior Notes at B-
PETROLEO BRASILEIRO: Will Purchase Tubes from TenarisConfab
REFCO INC: Plan Administrators Object to Grant Thornton's Claims
SEA CONTAINERS: Selects AP Services as Crisis Managers
SEA CONTAINERS: Wants to Implement Non-Insider Retention Plan


T H A I L A N D

KASIKORN BANK: Earns THB3.877 Billion in First Quarter of 2007
KASIKORN BANK: Divests Entire Stake in Phatra Real Estate
THAI-GERMAN PRODUCTS: SET Allows Transfer into Industrials Group
THAI-GERMAN PRODS: Issues 24 Mil. Warrants to Minor Shareholders

     - - - - - - - -

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

AKER OFFSHORE: Members' Final General Meeting Set for May 25
------------------------------------------------------------
A final general meeting will be held for the members of Aker
Offshore Partner Pty Ltd on May 25, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Barry Honey
         Honey & Honey
         Suite 5, 22 Railway Road
         Subiaco, Western Australia
         Australia

                       About Aker Offshore

Located in Western Australia, Australia, Aker Offshore Partner
Pty Ltd provides engineering services.


COLEVIC PTY: To Declare First Dividend for Priority Creditors
-------------------------------------------------------------
Colevic Pty Ltd will declare a first dividend for its priority
creditors on May 23, 2007.

Creditors who cannot prove their debts by May 16, 2007, are
excluded from sharing on the company's dividend distribution.

In a report by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Jan. 20, 2006.

The company's liquidators are:

         B. J. Carter
         P. D. McCluskey
         Ferrier Hodgson (South Australia)
         Level 6, 81 Flinders Street
         Adelaide, South Australia 5000
         Australia

                        About Colevic Pty

Colevic Pty Ltd is a distributor of plastic pipes.  The company
is located in Victoria, Australia.


EVERETT & STEELE: Will Declare Final Dividend on May 25
-------------------------------------------------------
Everett & Steele Pty Ltd, which is in liquidation, will declare
a final dividend on May 25, 2007.

Creditors who cannot prove their debts by May 15, 2007, are
excluded from sharing on the company's dividend distribution.

The company's liquidator is:

         Kim Wallman
         K. S. Wallman & Co
         PO Box 4055
         Wembley, Western Australia 6014
         Australia
         Telephone:(08) 9481 0977
         Facsimile:(08) 9321 0429

                     About Everett & Steele

Everett & Steele Pty Ltd, which is also trading as Perth Meat
Export (Western Australia), is a distributor of packaged frozen
foods.


H COOMBE PROPRIETARY: Commences Wind-Up Proceedings
---------------------------------------------------
On April 3, 2007, the members of H Coombe Proprietary Limited
had their general meeting and decided to voluntarily wind up the
company's operations.

The company's liquidator is:

         S. W. Vine
         200 East Terrace
         Adelaide, South Australia 5000
         Australia

                   About H Coombe Proprietary

Located in South Australia, Australia, H Coombe Proprietary
Limited is an investor relation company.


I&E PTY: Commences Liquidation Proceedings
------------------------------------------
The members of I&E Pty Ltd had their meeting on April 10, 2007,
and resolved to voluntarily wind up the company's operations.

Steven Moore was appointed as liquidator.

The Liquidator can be reached at:

         Steven Moore
         Harris Orchard
         Chartered Accountants

                          About I&E Pty

Located in South Australia, Australia, I&E Pty Ltd is an
investor relation company.


J T ELLIOTT: Placed Under Voluntary Wind-Up
-------------------------------------------
On April 3, 2007, the members of J T Elliott Pty Ltd had their
general meeting and decided to voluntarily wind up the company's
operations.

Philip Rundell was appointed as liquidator.

The Liquidator can be reached at:

         Philip Rundell
         Ferrier Hodgson
         Level 26 BankWest Tower, 108 St
         Georges Terrace
         Perth, Western Australia 6000
         Australia

                        About J T Elliott

Located in Western Australia, Australia, T J Elliott Pty Ltd is
an investor relation company.


L VIGOLO & SON: Members Opt to Liquidate Business
-------------------------------------------------
At an extraordinary general meeting held on April 10, 2007, the
members of L Vigolo & Son Pty Ltd agreed to voluntarily wind up
the company's operations.

The company's liquidator is:

         I. C. Francis
         Taylor Woodings
         Chartered Accountants

                       About L Vigolo & Son

Located in Western, Australia, Australia, L Vigolo & Son Pty Ltd
is a distributor of wheat.


LEXICON PTY: Final Meeting Set for May 24
-----------------------------------------
Lexicon Pty Ltd will hold its final meeting on May 24, 2007, at
10:00 a.m.

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

As previously reported by the Troubled Company Reporter - Asia
Pacific, the company started to wind up its operations on
Sept. 18, 2006.

The Liquidator can be reached at:

         Giuseppe Paolo Graziano
         Hayes Knight (Western Australia) Pty Ltd
         Suite 1, 34 Hasler Road
         Osborne Park, Western Australia 6017
         Australia

                        About Lexicon Pty

Located in South Australia, Australia, Lexicon Pty Ltd is an
investor relation company.


OAKHAM PTY: Members Resolve to Wind Up Firm
-------------------------------------------
The members of Oakham Pty Ltd had their meeting on April 13,
2007, and decided to wind up the company's operations.

Austin Robert Meerten Taylor was appointed as liquidator.

The Liquidator can be reached at:

         Austin Robert Meerten Taylor
         Meertens Chartered Accountants
         Level 10, 68 Grenfell Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8418 8900
         Facsimile:(08) 8232 5077

                        About Oakham Pty

Oakham Pty Ltd is a dealer of lumber and other building
materials.  The company is located in South Australia,
Australia.


RETINA CORP: Members & Creditors to Hold Final Meeting on May 18
----------------------------------------------------------------
The members and creditors of Retina Corp Pty Ltd will have their
final meeting on May 18, 2007, at 10:00 a.m., to receive a
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Will Colwell
         c/o Ferrier Hodgson (Queensland)
         Level 7, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia

                      About Retina Services

Retina Services Pty Ltd, which is also trading as City Eye
Centre, operates offices and clinics for doctors of medicine.
The company is located in Queensland, Australia.


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

ALL AMERICAN: Files for Chapter 11 Protection in Florida
--------------------------------------------------------
All American Semiconductor, Inc., yesterday filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
with the U.S. Bankruptcy Court for the Southern District of
Florida, Miami Division.

The filing includes All American's 33 subsidiaries in the United
States, Canada, Mexico, Europe and Asia.  All American
determined to file for relief under Chapter 11 after extensively
exploring and carefully evaluating all of its options.  All
American believes that the Chapter 11 process provides the best
alternative for maximizing the value of the Company for the
benefit of its stakeholders including suppliers, customers and
employees.

                        First Day Motions

Simultaneous with the filing of its petitions, All American
filed first day motions seeking relief that will enable it to
continue operations during the Chapter 11 process, including
debtor in possession financing from its existing bank group and
the payment of employee related obligations, which All American
expects the Court to grant.  All American expects to continue to
pay its post-petition obligations in the ordinary course.

                             Asset Sale

In addition, All American has filed a motion seeking Court
approval of a procedure for the sale of its businesses as a
going concern to be completed no later than June 8, 2007.  In
that regard, All American has entered into a nonbinding letter
of intent with a third party to acquire substantially all of All
American's and its subsidiaries' assets through a Chapter 11
sale process including Court approved bidding procedures.  The
net proceeds from such proposed sale are not expected to pay in
full the outstanding debt of All American's bank group at the
time of closing of such sale.  The proposed sale is subject to a
number of conditions, including but not limited to: (a) the
potential purchaser's completion of satisfactory due diligence,
(b) the parties entering into a definitive purchase and sale
agreement, (c) approval of the sale by the company's bank group,
(d) approval of the sale by the United States Bankruptcy Court
and (e) other customary conditions, terms and consents.

"The decision to file was a necessary step for our customers,
suppliers, and employees," said Bruce Goldberg, President and
CEO of All American.  "We will continue working with our
suppliers to service our customers throughout the Chapter 11
process in order to maximize the value of All American and its
subsidiaries and to maintain the going concern value of the
Company pending a sale."

                          DIP Financing

To provide All American with liquidity during the sale process,
All American has negotiated a debtor-in-possession financing of
up to US$25 million with its existing bank group, which is also
subject to Bankruptcy Court approval.

All American's decision to file voluntary petitions for relief
under Chapter 11 followed the expiration of its second
forbearance agreement with its lenders which had provided
additional liquidity to the Company in the short term.  Prior to
its Chapter 11 filing, All American explored a variety of
strategic alternatives, including a sale, additional financing,
refinancing or recapitalization.

Squire, Sanders & Dempsey, LLP is acting as bankruptcy and
restructuring counsel and Raymond James & Associates, Inc.
continues to act as financial advisor to All American.

                    Non-Filing of Form 10-K

As previously reported, All American has not completed its year-
end audit and did not file its Form 10-K by April 17, 2007, the
extended due date pursuant to Form 12b-25 which the Company
previously filed with the Securities and Exchange Commission.

                          Delisting

As a result and as previously announced, All American received a
Staff Determination Letter from The NASDAQ Stock Market
providing that, unless the Company requested an appeal of the
Staff determination of its noncompliance with the continued
listing requirements set forth in NASDAQ Market Place Rule
4310(c)(14) by 4:00 p.m. Eastern Time on April 25, 2007, trading
of the Company's common stock would be suspended at the opening
of business on April 27, 2007 and the company's common stock
would be delisted from The NASDAQ Stock Market.  All American
does not plan to request an appeal.

                      About All American

All American Semiconductor, Inc. -- http://www.allamerican.com/
-- (Nasdaq: SEMI) is a Delaware corporation with its principle
place of business in Miami, Florida.  It also maintains
corporate offices for West Coast operations in San Jose,
California.  All American is a distributor of electronic
components manufactured by others.  The company distributes a
full range of semiconductors including transistors, diodes,
memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products.  All American also distributes passive
components such as capacitors, resistors and inductors; and
electromechanical products such as power supplies, cable,
switches, connectors, filters and sockets.  All American also
offers complete solutions for flat panel display products.  In
total, the company offers approximately 40,000 products produced
by approximately 60 manufacturers.  These products are sold
primarily to original equipment manufacturers in a diverse range
of industries such as manufacturers of computers and computer-
related products, networking, satellite, wireless and other
communications products; Internet infrastructure equipment and
appliances; automobiles and automotive subsystems; consumer
goods; voting and gaming machines; defense and aerospace
equipment; and medical instrumentation.  The company also sells
products to contract electronics manufacturers who manufacture
products for companies in all electronics industry segments.

The company has 36 strategic locations throughout North America,
as well as operations in both Asia and Europe.


ALL AMERICAN: Case Summary & 40 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: All American Semiconductor, Inc.
        16115 Northwest 52 Avenue
        Miami, FL 33014

Bankruptcy Case No.: 07-12963

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Palm Electronics Manufacturing Corp.       07-12965

      Aved Industries, Inc.                      07-12966

      Access Micro Products, Inc.                07-12967

      All American A.V.E.D., Inc.                07-12969

      All American Added Value, Inc.             07-12970

      All American IDT, Inc.                     07-12971

      All American Semiconductor of
         Atlanta, Inc.                           07-12972

      All American Semiconductor of
         Chicago, Inc.                           07-12973

      All American Semiconductor of
         Florida, Inc.                           07-12974

      All American Semiconductor of
         Huntsville, Inc.                        07-12976

      All American Semiconductor of
         Massachusetts, Inc.                     07-12977

      All American Semiconductor of
         Michigan, Inc.                          07-12978

      American Semiconductor of
         Minnesota, Inc.                         07-12979

      All American Semiconductor of
         New York, Inc.                          07-12981

      All American Semiconductor of
         Ohio, Inc.                              07-12982

      All American Semiconductor of
         Philadelphia, Inc.                      07-12983

      All American Semiconductor of
         Phoenix, Inc.                           07-12984

      All American Semiconductor of
         Portland, Inc.                          07-12985

      All American Semiconductor of
         Rhode Island, Inc.                      07-12986

      All American Semiconductor of
         Rockville, Inc.                         07-12987

      All American Semiconductor of
         Salt Lake, Inc.                         07-12988

      All American Semiconductor of
         Texas, Inc.                             07-12989

      All American Semiconductor of
         Washington, Inc.                        07-12990

      All American Semiconductor of
         Wisconsin, Inc.                         07-12991

      All American Semiconductor-Northern
         California, Inc.                        07-12993

      All American Technologies, Inc.            07-12995

      All American Transistor of
         California Inc.                         07-12996

      AGD China, Inc.                            07-12997

      All American Semiconductor of
         Canada, Inc.                            07-12998

      AGD Electronics Limited                    07-12999

      AllAmMex Components, S. de R.L. de C.V.    07-13000

      AGD Electronics Asia Pacific Co., Ltd.     07-13001

      AmeriCapital, LLC                          07-13002


Type of Business: The Debtor is a distributor of electronic
                  components manufactured by others.  The
                  company distributes a full range of
                  semiconductors including transistors, diodes,
                  memory devices, microprocessors,
                  microcontrollers, other integrated circuits,
                  active matrix displays and various board-level
                  products.  All American also
                  distributes passive components such as
                  capacitors, resistors and inductors; and
                  electromechanical products such as power
                  supplies, cable, switches, connectors, filters
                  and sockets.  The company also offers complete
                  solutions for flat panel display products.
                  In total, the company offers approximately
                  40,000 products produced by approximately
                  60 manufacturers.  The company has 36
                  strategic locations throughout North America,
                  as well as operations in both Asia and Europe.
                  See http://www.allamerican.com/

Chapter 11 Petition Date: April 25, 2007

Court: Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtors' Counsel: Tina M. Talarchyk, Esq.
                  Squire Sanders & Dempsey LLP
                  1900 Phillips Point West
                  777 South Flagler Drive
                  West Palm Beach, FL 33401-6198
                  Tel: (561) 650-7261
                  Fax: (561) 655-1509

Financial Condition as of Feb. 28, 2007

Total Assets: US$117,634,000

Total Debts:  US$106,024,000

Debtors' Consolidated List of 40 Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
   IXYS                                             US$3,028,095
   3450 Bassett Street
   Santa Clara, CA 95054

   Samsung Semiconductor, Inc.                      US$2,633,838
   3655 North First Street
   San Jose, CA 95134

   AMI Semiconductors                               US$2,086,501
   2300 Buckskin Road
   Pocatello, ID 83201

   Kyocera Industrial Ceramics                      US$1,340,201
   5713 East Fourth Plain Road
   Vancouver, WA 98661

   Optrex America                                   US$1,154,155
   46723 Five Mile Road
   Plymount, MI 48170

   Microsemi Commercial De Macau                    US$1,093,524
   11861 Western Avenue
   Garden Grove, CA 92841

   Powerex, Inc.                                      US$815,073
   P.O. Box 8500
   Philadelphia, PA 19178

   Asahi Kasei Microsystems Co.                       US$690,549
   P.O. Box 374
   San Jose, CA 95103

   Zetex, Inc.                                        US$685,854
   700 Veteran's Memorial Highway
   Hauppauge, NY 11788

   TDK Corporation of America                         US$681,460
   1221 Business Center Drive
   Mt. Prospect, IL 60056

   Fairchild Semiconductor Corp.                      US$681,384
   82 Running Hill Road
   South Portland, ME 04106

   Silicon Image, Inc.                                US$572,966
   1060 East Arques Avenue
   Sunnyvale, CA 94085

   Astec                                              US$503,616
   5810 Van Allen Way
   Carlsbad, CA 92008

   On Semiconductor                                   US$470,069
   5005 East McDowell Road
   Phoenix, AZ 85008

   Smart Power Systems Inc.                           US$455,689
   1760 Stebbins Drive
   Houston, TX 77043

   Semtech Corporation                                US$432,365
   200 Flynn Road
   Camarillo, CA 93012

   BOE-Hydis America Inc.                             US$429,708
   2290 North First Street, SYE 209
   San Jose, CA 95131

   Taiyo Yuden (U.S.A.), Inc.                         US$419,992
   1770 La Coasta Meadows Drive
   San Marcos, CA 92078

   Clare Inc.                                         US$379,294
   78 Cherry Hill Drive
   Beverly, MA 01915

   Omnivision Technologies Inc.                       US$375,735
   1341 Orleans Drive
   Sunnyvale, CA 94089

   Truly Semiconductor Limited                        US$364,099
   2/Floor, Chung Shun Knitting Centre
   Kwai Chung, Hong Kong

   Smart Modular Technologies                         US$299,258
   Northwest 5337
   Minneapolis, MN 55485

   California Micro Devices Corp.                     US$296,300
   490 North McCarthy Boulevard #100
   Milpitas, CA 95035

   Mtron PTI                                          US$292,144
   P.O. Box 630
   Yankton, SD 57078

   Alliance Semiconductor                             US$256,012
   2575 Augustine Drive
   Santa Clara, CA 95054

   APX Technology Corp.                               US$235,567

   Microsemi Corporation                              US$224,886

   Methode Electronics                                US$217,704

   Microsemi Lowell                                   US$215,211

   Mircosemi                                          US$208,974

   United Chemi-Con Inc.                              US$208,687

   Pixelworks, Inc.                                   US$196,452

   Hyundai LCD America                                US$195,632

   AAEON Electronics Inc.                             US$192,053

   Solomon Tech. (USA) Corp.                          US$189,000

   Delta Prod Corp.                                   US$179,199

   Everlight International Corp.                      US$172,023

   Pletronics Inc.                                    US$159,291

   Condor DC Power Supplies                           US$158,897

   Diodes Inc.                                        US$157,641


ASAT HOLDINGS: Appoints Gabby Ang as North American Sales VP
------------------------------------------------------------
Asat Holdings Limited appointed Gabby Ang as vice president of
North American sales, effective on April 24, 2007.  Mr. Ang will
be based in Milpitas, Calif., and report to Joe Martin,
executive vice president of sales and marketing of ASAT
Holdings.

Mr. Ang brings nearly 30 years of senior level sales experience
in the assembly and test industry to ASAT Holdings.  From 2004
to 2006, Mr. Ang served as vice president of sales for Advanced
Semiconductor Engineering (ASE).  He held a similar position
with ASE from 1986 to 1991.  Prior to his most recent employment
with ASE, Mr. Ang served in key sales positions at Advanced
Interconnect Technologies between 1991 and 2004, most recently
as executive vice president of worldwide sales.  Mr. Ang has
also worked in sales positions with Amkor and Interlek/Dynamics.

"Gabby has a successful record of increasing market share and
effectively managing large accounts during his long career in
the semiconductor assembly and test industry and I am confident
he will have an immediate and positive impact on our North
American sales efforts," said Tung Lok Li, acting CEO of ASAT
Holdings Limited.

"The recent move of all manufacturing to China opens several
opportunities for the Company to add new clients and expand
sales to its extensive customer base," said Mr. Ang.  "I look
forward to leveraging my experience and contacts in the
semiconductor assembly and test industry to drive the Company's
future sales."

Mr. Ang holds a Master's in International Management from the
American Graduate School of International Management, and a
Bachelor's of Science in Mechanical Engineering from Tri-State
University.

                          *     *     *

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia and Europe.

                          *     *     *

Standard & Poor's Ratings Services on Dec. 15, 2006, lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'CCC'
from 'B-', reflecting heightened liquidity concerns and
persistent operating losses.


ASIA TRUST: TRC Chips Counterparty Credit Rating to twBB
--------------------------------------------------------
Taiwan Ratings Corp. lowered its long-term counterparty credit
rating on Asia Trust & Investment Corp. to twBB from twBB+ and
affirmed its twB short-term counterparty credit rating.  The
outlook on the long-term rating remains negative.

The rating downgrade reflects the company's weakened
capitalization, providing marginal buffers against increasing
volatility in Taiwan's highly competitive environment.  Asia
Trust's capitalization is thin and weakened by continuous
operating deficits due its scale disadvantages.  Its reported
capital remained at NT$1.8 billion (or 6.5% of total assets) as
at the end of February 2007 according to financial data publicly
available on the Financial Supervisory Commission's website.
However, the company's capital base would be much lower after
adjustment for additional provisioning expenses to cope with
recent challenges from questionable credits.  Asia Trust plans
to inject new capital or merge with a stronger financial
institution, but has yet to set out a clear timetable as of
today.

Asia Trust is unlikely to make effective developments in
restoring its capital base purely based on its stand-alone
efforts.  Reporting losses are likely to continue given its
dwindling business, high weighting of impaired assets, and
intense industry competition.  Because its client profile is
highly sensitive to economic down cycles, Asia Trust's asset
quality remains poor.

Asia Trust's liquidity management is likely to face increasing
challenges, in light of the market's gradual trend of flight to
quality.  The company's trust fund has decreased to NT$22.5
billion at the end of February 2007, from NT$25.8 billion at the
end of December 2006 due to the company's restricted franchise
and uncertain legal status. The company faces increasing
challenges in attracting new trust funds with long maturity.
Trust companies are prohibited from accepting trust funds with
maturity below one month.

The ratings on Asia Trust continue to reflect the company's
restricted business scope, weak profitability, poor asset
quality, and poor capitalization.  Counterbalancing factors
include its fair liquidity, as well as Taiwan's healthy and
stable operating environment.

The negative outlook reflects the expectation that Asia Trust's
financial profile, especially capitalization and funding
profile, is vulnerable to unforeseen external factors.  The
ratings are likely to be lowered if the company's funding
profile incurs significant trust fund outflows, which trigger a
chain reaction by fund holders, and/or its diminishing capital
base cannot be stabilized.  The outlook may be revised to stable
if the company receives a significant injection of capital,
which could comfortably absorb operating deficits and sustain
its capitalization above regulatory requirements, including its
reported capital, before it effectively adjusts its business
profile.


BENQ CORP: Posts Sixth Straight Quarterly Loss
----------------------------------------------
BenQ Corp. posted its sixth straight quarterly loss due to its
ailing mobile phone business, and said it would spin off its
branded business into a new company, Reuters reports.

According to the report, BenQ incurred a net loss of
NTT$1.76 billion for the first quarter ended March 31, 2007,
narrowing sharply from a year-ago loss of NTT$5 billion.

The result, according to Reuters, was wider than an average
forecast for a NTT$1.47 billion loss from four analysts the news
agency surveyed.

BenQ would spin off its branded products business into a
separate company on Sept. 1, Reuters adds.  After the spin-off,
the new company would keep the BenQ name, while the non-branded
business would retain the company's current ticker symbol and be
renamed Jia Da Corp., focusing on the ODM business.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, 2006, after BenQ Corp.'s board decided
to discontinue capital injection into the mobile unit in order
to stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BENQ CORP: Eric Yu Still Detained Amidst Insider Trading Probe
--------------------------------------------------------------
BenQ Corp.'s Chief Financial Officer Eric Yu remains in
detention as part of a probe into insider trading, retracting an
earlier statement from the company that he was released on April
20, China Post reports.

"We gave out the wrong information," BenQ's spokeswoman Daisy
Lee said in an interview with The Post while declining to
elaborate on how the mistake was made.  According to the paper,
Ms. Lee announced last Friday that Mr. Yu was released without
posting bail.

Deputy Prosecutor Chang Chin-fung confirmed in a telephone
interview that indeed Mr. Yu was never released from the
detention center, writes Chinmei Sung and Tim Culpan for The
Post.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, 2006, after BenQ Corp.'s board decided
to discontinue capital injection into the mobile unit in order
to stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BENQ CORP: 250 Mobile Unit Employees Land Siemens Jobs
------------------------------------------------------
BenQ Mobile GmbH & Co, the bankrupt mobile subsidiary of Taiwan-
based BenQ Corp., found new jobs for 850 staff through its two
employment agencies, The Financial Times reports citing
Frankfurter Allgemeine Zeitung as its source.

Around 2,500 out of 3,300 former BenQ Mobile staff transferred
to temporary employment companies after the insolvency filing,
FT relates.  According to the report, roughly 250 workers found
employment at Siemens, the previous owner of the now insolvent
mobile phone unit.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations, high leverage and the competitive nature and
low profitability of the LCD monitor industry.


BERRY PLASTICS: Merger Deal Cues S&P to Hold Junk Credit Rating
---------------------------------------------------------------
Following the merger of Berry Plastics Group Inc. and Covalence
Specialty Materials Holding Corp., Standard & Poor's Ratings
Services took the following rating actions:

     -- S&P affirmed its 'B' corporate credit rating on Berry
        Plastics Holding Corp., a wholly owned subsidiary of
        Berry Plastics Group, which is now the obligor of
        Substantially all the company's debt.

     -- S&P affirmed the 'B+' senior secured debt rating and '1'
        recovery rating on Berry Plastics Holding's US$1.2
        billion term loan C due 2015.  The working name of the
        borrower  had been New Berry Holding at the time the
        ratings were assigned.

     -- S&P affirmed the 'CCC+' subordinated debt rating on
        Berry Plastics Holding's US$265 million 10.25% senior
        Subordinated notes due 2016.  These notes were formerly
        obligations of Covalence Specialty Materials Corp.

     -- S&P raised its rating on Berry Plastic Holding's
        US$750 million second-priority senior secured notes due
        2014 to 'B-' from 'CCC+' and removed the rating from
        CreditWatch where it had been placed with positive
        implications when the transaction was announced.  The
        recovery rating on these notes has been revised to '3'
        from '4'.

     -- S&P withdrew Covalence's corporate credit rating as well
        as the ratings on Berry's and Covalence's former credit
        facilities, which were refinanced.

The outlook is stable.  At the time of the merger, total debt
was about US$2.7 billion.

"The ratings reflect the strength of the merged business and the
potential that the company will improve its highly aggressive
financial profile to acceptable levels within the next couple of
years," said Standard & Poor's credit analyst Liley Mehta.

With more than US$3.2 billion in annual sales pro forma for the
merger, Berry ranks among the largest packaging companies in
North America, with leading positions in both the rigid and
flexible plastic packaging segments.  While primarily domestic
in terms of geographic coverage, the company boasts an
impressive operating footprint with approximately 65
manufacturing facilities throughout the U.S., serving an array
of end markets and customers.  The concentration of customers
has declined somewhat through the merger, and the combined
administrative and manufacturing operations will likely present
opportunities to realize synergies.  However, the large scale of
the businesses to be integrated presents meaningful execution
risk and operating uncertainty until tangible progress is
achieved.

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

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


BOWA BANK: TRC Cuts Counterparty Rating on External Factors
-----------------------------------------------------------
Taiwan Ratings Corp., on April 27, 2007, lowered its long-term
counterparty credit rating on Bowa Bank to twBB from twBBB- and
its short-term rating to twB from twA-3.  At the same time,
Taiwan Ratings Corp. placed its counterparty credit ratings on
CreditWatch with negative implications.

The rating action reflects adverse changes in the external
regulatory and funding environment, which gives several
financially weak financial institution rising challenges to
restore their risk profiles.  In addition, the downgrade
incorporates the pace of Bowa's efforts to rebuild its capital
base, which is slower than our original expectation.  The
CreditWatch placement primarily reflects Taiwan Ratings'
expectation of great uncertainties over the effectiveness of
Bowa's efforts to restore its capital strengths to a manageable
level.

Bowa's reported capital base is likely to reach zero.  This will
result in rising difficulties to meet the regulatory capital
requirement if there is no effective new capital injection over
the short term. Its capital base has been continuously depleted
by the bank's large credit costs, including recently emerged
credit costs from cash card loans and unamortized losses on
impaired assets sales.

The latter part amounted to around NT$5 billion in 2006 and will
likely maintain the same level each year until 2009.  In
comparison, the bank reported a NT$2.66 billion net worth at the
end of February 2007, based on data from the Banking Bureau.
The bank plans to bolster its capitalization through NT$12
billion common equity issuing in 2007, however, the details and
timing remain sketchy.

Bowa's weak financials create uncertainties regarding its
liquidity profile under unexpected event risks.  The bank's
deposit balance shrunk by 16% in the first two months of 2007,
compared with -0.4% for the entire banking industry during the
same period, mainly attributed to the market's pace of flight to
quality.

The resolution of the CreditWatch placement will largely depend
on a substantial and timely rebuilding of Bowa's capitalization
to an acceptable level.  The ratings could be lowered if Bowa
fails to effectively restore its capitalization, which would in
turn trigger regulatory action, and/or its liquidity profile
comes under severe pressure due to a decline in depositor
confidence.  The outlook could be adjusted to stable if Bowa
completes the effective cash injection to a level at least
meeting regulatory requirement, accordingly increasing the
buffer against any unexpectedly adverse event.


BUCYRUS INT'L: Moody's Rates US$825MM Secured Term Loan at Ba3
--------------------------------------------------------------
Moody's Investors Service confirmed the corporate family rating
of Bucyrus International, Inc. at Ba3.  Moody's also assigned
Ba3 ratings to Bucyrus':

    * US$400 million revolving credit facility,
    * EUR50 million revolving credit facility, and
    * US$825 million secured term loan.

Bucyrus' rating outlook is stable.  This action concludes the
ratings review initiated on December 18, 2006.

The aforementioned credit arrangements will be utilized to
finance the acquisition of DBT GmbH, a subsidiary of RAG Coal
International, for US$731 million, primarily in cash, and to
refinance existing debt.  The acquisition significantly
transforms Bucyrus' existing operations, as revenues will
increase approximately 160% over Bucyrus' 2006 sales.  DBT's
product line and its geographic footprint will facilitate
Bucyrus' expansion into markets in which its presence is
currently non-existent or minimal.  Furthermore, the acquisition
of DBT's underground mining machinery product lines enables
Bucyrus to become a more diversified entity.  Historically,
Bucyrus' operations focused on the above-ground mining sector.
Coupled with the opportunities for synergies and the existing
mining and metals upcycle, the combined entity should experience
several years of solid sales and bookings of original equipment
and aftermarket parts, high factory utilization, higher margins,
and healthy operating cash flow.

Moody's estimates that on a pro forma basis at December 31,
2006, Bucyrus' Debt/EBITDA will be approximately 3.4x, the
highest it has been since 2003.  However, Moody's ratings
anticipate that Bucyrus will use its strong cash flow in the
current upcycle to reduce debt fairly quickly.

During 2006, in response to strong demand, Bucyrus commenced a
US$112 million three-phase expansion of its South Milwaukee
manufacturing operations.  The first two phases are essentially
completed and the third phase is expected to be completed by the
first quarter of 2008.  The remaining capex for the expansion is
approximately US$50-60 million.  Moody's believes that operating
cash flow will fund much of the expansion capex but the
expansion capex will limit debt reduction in 2007.  The
expansion will enable Bucyrus to maintain, if not increase, OE
market share in the current upcycle.  While metal and commodity
demand are notoriously cyclical, Moody's expects demand among
the key commodities that drive Bucyrus' results -- coal, copper,
oil sands and iron ore -- will remain strong for at least
several years and propel higher levels of both OE and
aftermarket sales of mining machine sales.  Bucyrus' ratings are
supported throughout the cycle by its high proportion of sales,
historically approximately 70%, of aftermarket parts and
services sales, which tend to be more stable than OE sales and
which help keep the company's installed base of machines
producing at maximum efficiency.  With the acquisition of DBT,
Bucyrus' installed base will increase proportionally, allowing
the company to continue its strategy of minimizing sales
volatility by providing aftermarket parts and services to its
installed base.

These ratings are associated with this rating action:

Rating confirmed:

    * Corporate family rating -- Ba3
    * Probability of Default Rating -- adjusted to Ba3

Ratings assigned:

    * US$400 million five-year revolving credit facility -- Ba3
      (LGD3, 43%)

    * EUR50 million five-year revolving credit facility -- Ba3
      (LGD3, 43%)

    * US$825 million seven-year secured term loan -- Ba3 (LGD3,
      43%)

Rating Withdrawn:

    * Senior secured revolving credit facility (due 2010) -- Ba1
      (LGD2, 18%)

Bucyrus International -- http://www.bucyrus.com/-- is a leading
manufacturer of electric mining shovels, walking draglines and
rotary blasthole drills and provides aftermarket replacement
parts and services for these machines.  For the 12 months ended
Sept. 30, 2006, Bucyrus had sales of US$705 million.  Bucyrus is
headquartered in South Milwaukee, Wisconsin.  DBT has eight
facilities around the world and approximately 3,200 employees.
The company has operations in Brazil, Chile, China and Europe.


CHINA ENTERTAINMENT: Clancy & Co. Raises Going Concern Doubt
------------------------------------------------------------
Clancy & Co., P.L.L.C., expressed substantial doubt about China
Entertainment Group, Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the year ended Dec. 31, 2005.  The auditing firm pointed to the
company's negative working capital and recent losses from
operations, resulting in a net stockholders' deficiency at
December 31, 2005.

As at Dec. 31, 2005, the company's balance sheet showed total
assets of US$3,213,570 and total liabilities of US$3,877,571,
resulting in a shareholders' deficit of US$664,001.

In addition, at Dec. 31 China Entertainment's balance sheet also
reflected strained liquidity with total current assets of
US$3,165,000 and total current liabilities of US$3,877,571.

China Entertainment posted a net loss of US$708,958 on
US$1,231,563 of revenues in the financial year ended Dec. 31,
2005, as compared with a net profit of US$1,148,576 on
US$2,599,721 in 2004.

                          *     *     *

China Entertainment Group, Inc. operates in film, television,
print and music artist management fees comprised of talent
development fees, artist casting, booking and brokering
commissions, and artist promotional fees.  In addition, it also
engages in casino marketing, promotional and junket services are
performed by independently operated Asian companies.

The recent shift by management to focus the Company's efforts to
become the leading casino marketing and promotional service
provider in southern China and Macau represents the Company's
greatest opportunity for rapid growth. Lastly, the Company plans
to leverage its entertainment industry clout and experience to
develop a global media company targeting nearly every
demographic in the southern China region, with a focus on
feature film co-production and development, broadcast television
media, advertising and licensing ventures, film library
acquisition and artist management.

The company's principal executive office is located at Connaught
Road Central, Hong Kong, China.


CHINFON COMMERCIAL: TRC Lowers Counterparty Credit Ratings
----------------------------------------------------------
Taiwan Ratings Corp. lowered on April 24, 2007, its long-term
and short-term counterparty credit ratings on Chinfon Commercial
Bank to twBB+ and twB from twBBB- and twA-3, respectively.  At
the same time, Taiwan Ratings revised the outlook on the long-
term rating to negative.

The rating revision reflects changes in the external regulatory
and funding environments, which have become increasingly
unfavorable to Chinfon's risk profiles, especially as the bank
is under the need take effective measures to restore its
capitalization.  At the same time, the outlook revision also
reflects that Chinfon's credit profile could deteriorate further
in the challenging external environment without effective
capital injection.

Chinfon's re-capitalization plan appears slower than expected,
providing decreasing buffers against market volatility.  While
Chinfon still reported its net worth to assets ratio at 5.1% as
of Dec. 31, 2006 (un-audited figures), its capitalization is
very weak if adjusted for sizeable unamortized losses from the
sale of impaired assets and low loan loss reserve coverage.
Without the invitation of new capital, it remains challenging
for Chiffon to take effective measures in restoring its capital
to an adequate level.

Chinfon's liquidity has gradually eroded along with the market's
recent growing concern over financially weak banks and the
tendency of "flight to quality".  The deposit run of Chinese
banks in January 2007 caused a deposits outflow from Chinfon,
which accounted for around 10% of its total deposits as compared
to Dec 2006, though it still maintains fair liquidity to meet
normal payment needs.  Nonetheless, the bank's liquidity profile
is highly sensitive to any unforeseen change in the external
environment and market confidence.

The ratings continue to factor in Chinfon's weak asset quality
and fair core earnings capacity.

The negative outlook reflects the expectation that the bank's
credit profile is vulnerable to external changes in economic
conditions and market confidence.  In addition, Chinfon is
unlikely to be able to restore its weak capitalization to an
adequate level without effective capital injection.  The ratings
may be downgraded if its asset quality and capitalization
deteriorate further and/or if its liquidity shows signs of
weakening.  Nevertheless, if Chinfon receives a sizeable capital
injection and implements an effective strategy to strengthen its
competitiveness and/or profitability the ratings can be
positively impacted.


PETROLEOS DE VENEZUELA: Investing US$10 Billion for 2007
--------------------------------------------------------
Petroleos de Venezuela S.A. will be investing US$10 billion for
2007, up 70% from last year's US$5.95 billion investments,
Marianna Parraga at El Universal reports.

Based on the financial data disclosed by Petroleos de Venezuela,
most investments will be devoted to gas projects, at US$3.4
billion this year versus US$1.22 billion in 2006.  Overall,
through 2012 the conglomerate is earmarking US$16.19 billion for
investment in gas projects, Ms. Parraga relates.

Ms. Parraga says that the second largest item in the 2007 budget
is intended to maintain and expand production.  Disbursements
for these purposes are estimated at US$2.91 billion.

Finally, supply and marketing investments will increase to
US$1.17 billion from US$4 million in 20006, the same report
continues.

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

                        *    *    *

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


TRW AUTOMOTIVE: Completes Tender Offers of Outstanding Notes
------------------------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., disclosed the expiration of its cash tender
offers for its outstanding:

   -- US$825-million 9-3/8% Senior Notes due 2013,
   -- EUR130-million 10-1/8% Senior Notes due 2013,
   -- US$195-million 11% Senior Subordinated Notes due 2013, and
   -- EUR81-million 11-3/4% Senior Subordinated Notes due 2013.

The tender offers expired at midnight, New York City time, on
April 18.

The settlement for Notes validly tendered and accepted for
payment between the Consent Date of March 23, and the Expiration
Date occurred on April 19, and was funded with cash on hand.
Through the tender offers, the company repurchased a total of:

   -- US$825,218,850 or 99.98% of the aggregate principal amount
      of the 9-3/8% Senior Notes;

   -- EUR121,123,000 or 93.17% of the aggregate principal amount
      of the 10-1/8% Senior Notes;

   -- US$192,909,000 or 98.93% of the aggregate principal amount
      of the 11% Senior Subordinated Notes; and

   -- EUR79,028,000 or 97.27% of the aggregate principal amount
      of the 11-3/4% Senior Subordinated Notes.

As a result of the Note tender transaction, the company expects
to incur related premiums and expenses of US$147 million in the
first quarter of 2007.

                       About TRW Automotive

TRW Automotive -- http://www.trw.com-- with 2005 sales of
US$12.6 billion is among the world's ten largest automotive
suppliers and is one of the top financial performers in the
industry. The company supplies more than 40 major vehicle
manufacturers and 250 nameplates and holds leading positions in
all of its primary product categories.

Headquartered in Livonia,  MI , the company has more than 63,000
employees worldwide, and significant presence in Brazil, China,
Germany and Italy.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the ratings of TRW Automotive Holdings
Inc.'s Issuer Default Rating at 'BB'; Senior secured bank lines
at 'BB+'; Senior unsecured notes at 'BB-'; and Senior
subordinated unsecured Notes at 'B+'

The Troubled Company Reporter - Asia Pacific also reported that
Moody's Investors Service's its Ba2 Corporate Family Rating for
TRW Automotive.


XINAO GAS: 2006 Profit Jumps 40.3% on Increased Gas Projects
------------------------------------------------------------
Xinao Gas Holdings Ltd has recorded a substantial growth in its
2006 results by posting a revenue and profit increase of 65.1%
and 40.3% over last year, Wang Yusou, the company's chairman
said.

The company posted a net profit of CNY483,860,000 on
CNY3,396,536,000 of revenue in the financial year ended Dec. 31,
2006, compared with a Net profit of CNY362,197,000 on
CNY2,056,826 in 2005.

The increase in figures was attributed to the secured gas
projects of the company and acquisitions of large-scale
refueling station in Shanghai, Mr. Wang said in a disclosure
with the Hong Kong Stock Exchange.

The company's balance sheet as at Dec. 31, 2006, showed current
assets of CNY3,070,092,000 and current liabilities of
CNY2,699,439,000.

As at Dec. 31, Xinao's cash on hand was equivalent to
CNY1,567,552,000 and its total debts amounted to
CNY4,022,936,000, which resulted to a net gearing ration, a
ratio of net debt to equity, of 80.3%.

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

            http://bankrupt.com/misc/xinao-2006-results.pdf

                          *     *     *

Xinao Gas -- www.xinaogroup.com/ -- principal activities are
investment in gas pipeline infrastructure and provision of piped
gas.  Other activities include distribution of bottled liquefied
petroleum gas, manufacture of stored value card gas meter and
sourcing of compressed pipeline gas.  The Group also provides
after sale services such as repairs and maintenance in
connection with gas supply.  Operations are carried out in Hong
Kong, the British Virgin Islands and the People's Republic of
China.

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that a lower than expected financial performance and
deteriorating credit metrics for Xinao Gas led Moody's Investors
Service to change its Ba1 corporate family rating and senior
unsecured bond rating to negative from stable.  A rating upgrade
is unlikely in the next 12 months, Moody's said.


* Chinese Banks' Bad Loans Fall to 7.5%; Reforms Successful
-----------------------------------------------------------
The reform of China's banks has been successful overall, but
that reform needs to be expanded further and go deeper in the
future, People Daily reports, citing Tang Shuangning, the vice
chairman of the China Banking Regulatory Commission as saying.

Speaking before the 2007 China Finance Market Forum on April 19,
Mr. Tang said that the reform of China banking industry has
erased some longstanding problems as evidenced by the proportion
of non-performing loans has fallen from between 40% and 50% to
just 7.5%.


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

BALLY TECHNOLOGIES: Inks US$56-Million Deal with Las Vegas Sands
----------------------------------------------------------------
Bally Technologies, Inc. has signed the gaming industry's
largest combined slot, casino management and bonusing systems
deal to date, an agreement with Las Vegas Sands Corp. to provide
an expansive range of Bally technology at nine casino resorts in
Las Vegas, Macau and Singapore.

Upon complete execution, based on successful "go-lives" at
multiple properties, the series of contracts is valued at up to
US$56 million.

The comprehensive agreement covers The Palazzo Resort Hotel
Casino under construction on the Las Vegas Strip, The Venetian
Macao Resort Hotel under construction on the Cotai Strip(TM) in
the People's Republic of China Special Administrative Region of
Macau, six future Las Vegas Sands casinos on the Cotai Strip and
The Marina Bay Sands under construction in Singapore.

"This is a milestone event for Bally as we announce the largest
contract in the Company's 75-year history," said Richard
Haddrill, CEO of Bally Technologies.  "To be the technology
provider of choice for such a progressive company is a role we
take very seriously, and we look forward to working together on
all of these integrated resorts around the world."

The contract includes a full range of Bally Casino Management
Systems (CMS(TM)) / Slot Management Systems (SMS(TM))
technologies, the complete suite of Bally Power Bonusing(TM)
solutions, eTICKET(TM) cashless functionality and interactive
iVIEW(TM) displays for up to 16,000 slot machines.

Already the casino management systems provider at Las Vegas
Sands' The Venetian Resort Hotel Casino on the Las Vegas Strip
and at the Sands Macau, Bally has enhanced its software and
product sets for Las Vegas Sands to accommodate the specific
requirements of the growing Asian market.  Bally CMS/SMS can
support dual currencies, multiple chip sets per table, non-
negotiable chips, premium player programs, chip purchase
vouchers and expanded monetary fields.

With Bally technology dramatically expanding the capabilities of
Las Vegas Sands' universal player's card by linking Las Vegas,
Macau and Singapore resorts, Las Vegas Sands will also enhance
the player experience by deploying Bally Power Winners(TM), a
configurable random progressive jackpot technology that rewards
players using their player's club cards.

"We see this as an endorsement of our technology portfolio and
product road map," said Tom Reilly, Vice President of Sales,
East Region.  "Clearly Las Vegas Sands is a company on the move
and we're proud to be their partner as they develop some of the
most spectacular integrated resorts ever created."

The "go-live" dates for the various Bally technologies will be
staggered over the next two years, with The Venetian Macao
scheduled to open in Summer 2007, The Palazzo later in 2007 and
The Marina Bay Sands in 2009.

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

                            *    *    *

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


CADMUS COMMS: Moody's Withdraws Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service withdrew the Ba3 corporate family
rating of Cadmus Communications Corporation and downgraded the
Cadmus senior subordinated notes rating to B3.

In conjunction with its acquisition of Cadmus, Cenveo
Corporation executed supplemental indentures so that bondholders
of both Cadmus and Cenveo bonds benefit from guarantees from all
domestic subsidiaries of the combined entity and are equally
subordinate to all senior debt.

As such, Moody's views the Cadmus bonds as pari passu with the
B3 rated Cenveo senior subordinate bonds.  Cenveo offered to
purchase the US$125 million outstanding Cadmus senior
subordinated notes.

However, the majority of bondholders did not tender, and
approximately US$105 million of these bonds remain outstanding.

Moody's is also revising the LGD assessments to reflect the
capital structure following this redemption.

The outlook remains negative.

Cadmus Communications Corporation

    - Senior Subordinated Bond Downgraded to B3, LGD5 84%, from
      B1

    - Ba3 Corporate Family Rating Withdrawn

    - Ba3 Probability of Default Rating Withdrawn

Cenveo Corporation

    - B1 Corporate Family Rating Affirmed

    - Senior Subordinated Bond, Affirmed B3, LGD5 84%

    - Senior Secured Bank Credit Facility, Affirmed Ba3, LGD3
      31%

    - Outlook Negative

Headquartered in Richmond, Virginia, Cadmus Communications Corp.
provides end-to-end integrated graphic communications and
content processing services to professional publishers, not-for-
profit societies, and corporations.  Its annual revenue is
approximately US$450 million.  It has operations in India and
the Caribbean Rim.


CENTURION BANK: To Publish FY 2006-07 Results by June 30
--------------------------------------------------------
Centurion Bank of Punjab Ltd informs the Bombay Stock Exchange
that the bank will be publishing the audited results for the
financial year 2006-07 within three months from the end of the
financial year, i.e. before June 30, 2007.

The bank does not intend to separately publish the unaudited
financial results for the last quarter ended March 31, 2007.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the bank gained a net profit of INR335.1 million, or
INR0.23 earnings per share, for the three months ended Dec. 31,
2006.  For FY2005-06, the bank booked a net profit of
INR878 million.

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

On Jan. 31, 2007, Fitch Ratings assigned the bank an individual
rating of  'D'.


CORPORATION BANK: Board to Meet April 28 to Consider Financials
---------------------------------------------------------------
Corporation Bank's board of directors will hold a meeting on
April 28, inter alia, to consider, the audited financial results
of the bank for the fourth quarter and year ended March 31,
2007.

On the April 28 meeting, the board will also be considering
recommending final dividend, if any.

As previously reported in the Troubled Company Reporter - Asia
Pacific, its' board of directors, on March 24, declared an
interim dividend of 40% for the financial year 2006-07.

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as well as
debit and credit cards.

Fitch Ratings gave Corp Bank a 'C' individual rating on June 1,
2005.


DECCAN AVIATION: Inks Fund-Raising Deal to Expand Subsidiary
------------------------------------------------------------
Deccan Aviation Limited is close to finalizing a US$75-US$100
million fund-raising deal with private equity investors, domain-
b.com reported on Friday, citing various reports.

According to domain-b.com, the reports, quoting unnamed airline
sources, said that Deccan Aviation has approached private equity
funds, Blackstone Group and TPG.

The equity infusion is reportedly to fund the expansion of
Deccan Aviation's subsidiary, Air Deccan.  Deccan Aviation owns
98% of the low-cost carrier.

After closing the fund raising, Air Deccan intends to
restructure the company, The Economic Times reports.  The
subsidiary plans to spin-off ancillary businesses into separate
profit centers and will soon hire a consultant to work out the
new organizational structure, the news agency says citing
sources in investment banking circles.

Pursuant to the new structure, Deccan Aviation will be named Air
Deccan, The Times states.

As per initial plans, each of the hived off businesses -- to be
100% subsidiary of the parent brand Air Deccan -- would be run
by independent professionals, including foreign expats, The
Times adds.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation, parent of low-cost carrier
Air Deccan, provides company charters, tourism, medical
evacuation, off-shore logistics and a host of other services.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 23, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.  For the year ended June 30, 2006,
the company posted a net loss of INR3.4 billion on revenues of
INR13.5 billion.


DECCAN AVIATION: Inks Sale-Leaseback Deal with Genesis Lease
------------------------------------------------------------
Genesis Lease Limited signed definitive agreements with Deccan
Aviation Limited for the purchase and leaseback of two new
Airbus A320-200 series aircraft, the Irish leasing firm said on
Friday.

The agreements provide for a 12-year term.  The parties,
however, did not disclose the financial terms of the deal.

The Airbus A320 aircraft are scheduled to be delivered to Air
Deccan in July and September.

According to Genesis Lease, the Airbus A320 aircraft are high
technology, economical and environmentally responsible aircraft.
Fuel burn, emissions and noise footprints are among the best for
aircraft in their size category, the leasing company adds.

Commenting on the transaction, Air Deccan Chief Financial
Officer, Ramki Sundarum, said, "Air Deccan has worked hard to be
an innovator and market leader in low cost travel in India.
These Airbus A320-200 aircraft are a key part of our business
strategy and we look forward to operating them for many years to
come.  We are pleased to be Genesis Lease's first customer in
India and look forward to developing our relationship further."

                   About Genesis Lease Limited

Genesis Lease Limited is a global commercial aircraft leasing
company that is headquartered in Limerick, Ireland.  Genesis
acquires and leases modern, operationally efficient passenger
and cargo jet aircraft to a diverse group of airlines throughout
the world.  Genesis leverages the worldwide platform of GE
Commercial Aviation Services Limited, or GECAS, to service its
portfolio of leases, allowing management to focus on executing
its growth strategy.

                     About Deccan Aviation

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 23, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.  For the year ended June 30, 2006,
the company posted a net loss of INR3.4 billion on revenues of
INR13.5 billion.


DENA BANK: Net Profit Down 66% in Quarter Ended March 31
--------------------------------------------------------
Dena Bank, yesterday, filed with the Bombay Stock Exchange its
audited results for the quarter and year ended March 31, 2007.

For the quarter ended March 31, 2007, the bank posted a net
profit of INR438.00 million, a 66% slide from the
INR1.30 billion booked in the quarter ended March 31, 2006.

The bank's total income, however, increased from INR5.8 billion
for the quarter ended March 31, 2006, to INR6.8 billion in the
latest quarter under review.

The drop in net profit could be attributed to the bank's booking
a big provision and contingencies for the March 2007 quarter --
INR1.5 billion, more than thrice the INR413.2 million booked in
the corresponding quarter in 2006.

According to the bank, the provision and contingencies for the
March 2006 quarter includes provision for non performing assets
of INR1.1 billion

A copy of the bank's financial results for the quarter ended
March 31, 2007, is available for free at:

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

The bank's net profit for the year ended March 31, 2007, almost
tripled to INR2.02 billion from the INR729.9 million for the
year ended March 31, 2006.  Total income has increased from
INR21.99 billion in FY2005-06 to INR25.1 billion for FY 2006-07.

A copy of the bank's financial results for the year ended March
31, 2007, is available for free at:

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

At the meeting yesterday, the bank's board of directors
recommended a dividend of 8% i.e. INR0.80 paisa per equity share
of INR10 each for the financial year 2006-2007.

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.


DHANALAKSHMI BANK: Board Approves Rights Issue
----------------------------------------------
Dhanalakshmi Bank Ltd's informed the Bombay Stock Exchange in a
regulatory filing that its board of directors has approved the
issue of its equity shares on rights basis.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the board met on April 16 to decide on the rights
issue.

During the meeting, the board resolved to authorize a committee
of directors to decide the modalities of the proposed rights
issue.  Among others, the committee will determine the:

   -- quantum of the capital to be raised through the rights
      issue;

   -- share price,

   -- proportion as nearly as circumstances admit to the paid up
      capital of the Bank; and

   -- timing including record date of the issue.

In a separate BSE filing, the bank says that it intends to
publish its audited results for the year ending March 2007
before June 30, 2007.  Hence, the bank does not plan to file its
unaudited results for the quarter ending March 31, 2007.

Dhanalakshmi Bank -- http://www.dhanbank.com/-- is a small
'old' private bank (total assets as at FYE06: INR28.5 bil.) set
up in 1927 in the south Indian state of Kerala.  The bank lends
primarily to the small- and medium-sized enterprises (more than
50% of the total advances).  About 70% of its deposit and
branches are concentrated in Kerala.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 31, 2006, Fitch Ratings assigned the bank an Individual
rating of 'D/E' and a Support rating of '5'.


HAYES LEMMERZ: Discloses Rights Distribution to Stockholders
------------------------------------------------------------
Hayes Lemmerz International, Inc. reported the distribution of
rights in its previously announced US$180 million rights
offering and the execution of a commitment letter for a new
US$495 million senior secured credit facility.

The company is distributing to stockholders of record as of
April 10, 2007, non-transferable subscription rights to purchase
shares of its common stock in connection with the Rights
Offering.  Stockholders on the record date will receive 1.3970
rights for each share of the company's common stock held on the
record date.  Each right entitles the holder to purchase one
share of common stock at a price of US$3.25 per share until 5:00
p.m. Eastern Daylight Time, on May 21, 2007, unless extended by
the company.  Stockholders who receive rights through a bank or
broker will receive instructions for exercising rights from
their bank or broker and may be required to act prior to the
stated expiration time.  Hayes Lemmerz may terminate the Rights
Offering for any reason prior to the expiration time.

The Rights Offering and the related agreements are subject to
the approval of the company's stockholders.  A special meeting
to approve the rights offering and certain other matters is
scheduled to be held on May 4, 2007, at the company's
headquarters in Northville, Michigan.

Hayes Lemmerz also has executed a commitment letter with
Citigroup Global Markets Inc. and Deutsche Bank AG, New York
Branch and Deutsche Bank Securities Inc. to provide new senior
secured credit facilities in an amount of up to US$495 million.
Citigroup and Deutsche Bank will act as joint arrangers and
joint book-runners for the syndication of the new credit
facilities.  The new credit facilities are expected to consist
of a term loan facility of up to US$350 million, which will be
denominated in euros and placed with a subsidiary in Europe, a
revolving credit facility of up to US$125 million and a
synthetic letter of credit facility of up to US$20 million.

The proceeds of the new credit facilities will be used, together
with the proceeds of other financing activities, to refinance
the company's obligations under its Amended and Restated Credit
Agreement dated April 11, 2005.  The refinancing of the Amended
and Restated Credit Agreement and the placement of a portion of
the Company's debt outside the United States are conditions to
the obligation of Deutsche Bank Securities Inc. and SPCP Group,
LLC, an affiliate of Silver Point Capital, L.P., to backstop the
Rights Offering.  Additional proceeds will be used to replace
existing letters of credit and to provide for working capital
and other general corporate purposes, and to pay the fees and
expenses associated with the new credit facilities.

The company and its officers and directors may be deemed to be
participants in the solicitation of proxies from the company's
stockholders in connection with the approval of the Rights
Offering and certain related proposals.  Information about those
officers and directors of the company and their ownership of the
Company's common stock is set forth in the proxy statement for
the special meeting, which was filed with the Securities and
Exchange Commission on April 18, 2007.

Hayes Lemmerz International, headquartered in Northville,
Michigan, is a global supplier of steel and aluminum automotive
and commercial vehicle highway wheels, as well as aluminum
components for brakes, powertrain, suspension, and other
lightweight structural products.  Worldwide revenues approximate
US$2.2 billion.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.

                        *     *     *

In February 2007, Moody's Investors Service lowered HLI
Operating company, Inc.'s ratings:

   * Corporate Family to Caa1 from B3;
   * first lien senior secured to B1 from Ba3;
   * second lien term loan to Caa1 from B3.


* Moody's Rates Banks After Employing JDA & BFSR Methodologies
--------------------------------------------------------------
Moody's Investors Service published on April 24, 2007, the
rating results for banks in India as part of the application of
its refined joint default analysis and updated bank financial
strength rating methodologies.

BFSRs evaluate the stand-alone or intrinsic financial strength
of banks without reference to external support factors.  BFSRs
are the starting point of Moody's bank credit analysis, and are
an important determinant of Moody's bank deposit and debt
ratings.

Moody's then uses its JDA methodology to incorporate the
potential for external support into a bank's local currency
deposit rating.  The potential for external support can reduce
the riskiness of a bank's deposit and debt obligations; however,
such support is often uncertain.  Moody's uses conservative
support assumptions and a limited number of support levels to
ensure that sufficient weight is given to a bank's intrinsic
financial strength in its bank deposit and debt ratings.

Moody's uses deposit ratings to determine bank debt ratings
based on its notching guidelines for bank securities.  Ratings
for foreign currency obligations are determined after
considering Moody's country ceilings for foreign currency
ratings.

The methodologies are being implemented country by country, with
results being announced on a weekly basis.  Results for those
banks with a parent bank located in another country where the
methodologies have not yet been implemented will be concluded at
the same time as the parent.

The majority of Indian Banks have benefited from a one-notch
upgrade of their BFSRs due to their increasingly sound financial
fundamentals and strong franchises, while their local currency
deposit ratings, especially those of majority government-owned
banks, have also benefited from a very high probability of
systemic support in case of need.  Most foreign currency deposit
and debt ratings remain unchanged since they are already
constrained at their respective country ceilings.

The most notable rating change that is mainly driven by systemic
support is that of State Bank of India whose local currency
deposit rating is now rated at A1, which makes it the only
Indian bank rated at the corresponding Indian ceiling for such
deposits.  This specific rating imputes four notches of uplift
for SBI, with a number of other banks rated just below at the A2
and A3 levels, driven mainly by systemic support.

This press release lists the names of issuers in India whose
ratings have been changed, affirmed, or put on review.  To view
all ratings changes and other documents explaining Moody's bank
rating methodologies, please go to
http://www.moodys.com/JDABanks

The specific ratings changes are as follows:

Bank of Baroda - The BFSR is changed to D+ from D.  The Global
Local Currency Deposit Ratings assigned are A3/P-2.  The Foreign
Currency Deposit Rating is unchanged at Ba2.

Bank of India - The BFSR is changed to D+ from D.  The Global
Local Currency Deposit Ratings assigned are A3/P-1.  The Foreign
Currency Deposit Rating is unchanged at Ba2.  The Foreign
Currency Bond Rating for senior, subordinated and junior
subordinated (Upper Tier 2) obligations also is unchanged at
Baa2.  The Foreign Currency Bond Rating for perpetual non-
cumulative subordinated obligations (Hybrid Tier 1) is unchanged
at Baa3.

Canara Bank - The BFSR is changed to D+ from D.  The Global
Local Currency Deposit Ratings assigned are A2/P-1.  The Foreign
Currency Deposit Rating is unchanged at Ba2.  The Foreign
Currency Bond Rating for senior, subordinated and junior
subordinated (Upper Tier 2) obligations also is unchanged at
Baa2.  The Foreign Currency Bond Rating for perpetual non-
cumulative subordinated obligations (Hybrid Tier 1) is changed
to Baa2 from Baa3.

Central Bank of India - The BFSR is changed to D- from E+.  The
Global Local Currency Deposit Ratings assigned are Baa2/P-2.
The Foreign Currency Deposit Rating is unchanged at Ba2.

HDFC Bank Ltd - The BFSR is unchanged at C-.  The Global Local
Currency Deposit Ratings assigned are Baa1/P-2. The Foreign
Currency Deposit Rating is unchanged at Ba2.

ICICI Bank Ltd - The BFSR is unchanged at C-.  The Global Local
Currency Deposit Ratings assigned A2/P-1.  The Foreign Currency
Deposit Rating is unchanged at Ba2.  The Foreign Currency Bond
Rating for senior, subordinated, junior subordinated (Upper Tier
2) and perpetual non-cumulative subordinated (Hybrid Tier 1)
obligations also is unchanged at Baa2.

Industrial Development Bank of India Ltd - The BFSR is unchanged
at D-.  The Global Local Currency Deposit Ratings assigned are
Baa2/P-2.  The Foreign Currency Deposit Rating is unchanged at
Ba2.  The Foreign Currency Bond Rating for senior obligations
also is unchanged at Baa2.

Oriental Bank of Commerce - The BFSR is changed to D+ from D.
The Global Local Currency Deposit Ratings assigned are A3/P-1.
The Foreign Currency Deposit Rating is unchanged at Ba2.

Punjab National Bank - The BFSR is changed to D+ from D.  The
Global Local Currency Deposit Ratings assigned are A2/P-1.  The
Foreign Currency Deposit Rating is unchanged at Ba2.

State Bank of India - The BFSR is changed to C- from D+.  The
Global Local Currency Deposit Rating is changed to A1 from A2.
The Foreign Currency Deposit Rating is unchanged at Ba2.  The
Foreign Currency Bond Rating for senior, subordinated, junior
subordinated (Upper Tier 2) and perpetual non-cumulative
subordinated (Hybrid Tier 1) obligations also is unchanged at
Baa2.

Union Bank of India - The BFSR is changed to D+ from D-.  The
Global Local Currency Deposit Ratings assigned are A3/P-1.  The
Foreign Currency Deposit Rating is unchanged at Ba2.

UTI Bank Ltd - The BFSR is changed to C- from D+.  The Global
Local Currency Deposit Ratings assigned are A3/P-1.  The Foreign
Currency Deposit Rating is unchanged at Ba2.  The Foreign
Currency Bond Rating for senior and subordinated obligations
also is unchanged at Baa2.  The Foreign Currency Bond Rating for
junior subordinated obligations (Upper Tier 2) is changed to
Baa2 from Baa3 and for perpetual non-cumulative subordinated
obligations (Hybrid Tier 1) is changed to Baa2 from Ba1.

All ratings have a stable outlook in line with the outlook of
the country deposit and debt ceilings.

                    About Moody's Bank Ratings

Bank Financial Strength Rating

Moody's Bank Financial Strength Ratings represent Moody's
opinion of a bank's intrinsic safety and soundness and, as such,
exclude certain external credit risks and credit support
elements that are addressed by Moody's Bank Deposit Ratings.
Bank Financial Strength Ratings do not take into account the
probability that the bank will receive such external support,
nor do they address risks arising from sovereign actions that
may interfere with a bank's ability to honor its domestic or
foreign currency obligations.  Factors considered in the
assignment of Bank Financial Strength Ratings include bank-
specific elements such as financial fundamentals, franchise
value, and business and asset diversification.  Although Bank
Financial Strength Ratings exclude the external factors
specified above, they do take into account other risk factors in
the bank's operating environment, including the strength and
prospective performance of the economy, as well as the structure
and relative fragility of the financial system, and the quality
of banking regulation and supervision.

Global Local Currency Deposit Rating

A deposit rating, as an opinion of relative credit risk,
incorporates the Bank Financial Strength Rating as well as
Moody's opinion of any external support.  Specifically, Moody's
Bank Deposit Ratings are opinions of a bank's ability to repay
punctually its deposit obligations.  As such, Moody's Global
Local Currency Bank Deposit Ratings are intended to incorporate
those aspects of credit risk relevant to the prospective payment
performance of rated banks with respect to local currency
deposit obligations, and includes: intrinsic financial strength
and both implicit and explicit external support elements.
Moody's Bank Deposit Ratings do not take into account the
benefit of deposit insurance schemes which make payments to
depositors, but they do recognize the potential support from
schemes that may provide assistance to banks directly.

Foreign Currency Deposit Rating

Moody's ratings on foreign currency bank obligations derive from
the bank's local currency rating for the same class of
obligation.  The implementation of JDA for banks can lead to a
high local currency ratings for certain banks, which could also
produce high foreign currency ratings.  Nevertheless, it should
be reminded that foreign currency deposit ratings are in all
cases constrained by the country ceiling for foreign currency
bank deposits.  This may result in the assignment of a
different, and typically lower, rating for the foreign currency
deposits relative to the bank's rating for local currency
obligations.

Foreign Currency Debt Rating

Foreign currency debt ratings are derived from the bank's local
currency debt rating for the same class of obligation.  In a
similar way to foreign currency deposit ratings, foreign
currency debt obligations may also be constrained by the country
ceiling for foreign currency bonds and notes, however, in some
cases the ratings on foreign currency debt obligations may be
allowed to pierce the foreign currency ceiling.  A particular
mix of rating factors are taken into consideration in order to
assess whether a foreign currency bond rating pierces the
country ceiling.  They include the issuer's global local
currency rating, the foreign currency government bond rating,
the country ceiling for bonds and the debt's eligibility to
pierce that ceiling.

National Scale Rating

National scale ratings are intended primarily for use by
domestic investors and are not comparable to Moody's globally
applicable ratings; rather they address relative credit risk
within a given country.  An Aaa rating on Moody's National Scale
indicates an issuer or issue with the strongest creditworthiness
and the lowest likelihood of credit loss relative to other
domestic issuers.  National Scale Ratings, therefore, rank
domestic issuers relative to each other and not relative to
absolute default risks.  National ratings isolate systemic
risks; they do not address loss expectation associated with
systemic events that could affect all issuers, even those that
receive the highest ratings on the National Scale.


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

ALCATEL-LUCENT: Posts EUR260-Million Operating Loss for Q1 2007
---------------------------------------------------------------
Alcatel-Lucent posted EUR260 million in adjusted operating loss
on EUR3.9 billion in net revenues for the first quarter of 2007.

The company attributed the operating loss to lower revenues, mix
effect as well as investments in WCDMA and in the converged core
portfolio.

"It has been four months since we completed the merger, and we
are making good progress in terms of our integration.  The
technology choices have been finalized and the combined
company's portfolio communicated to our customers," Patricia
Russo, CEO of Alcatel-Lucent said.  "Concerning our cost saving
plans, the net headcount reductions, before recently announced
managed services contract wins, are around 1,900 during the
quarter, 15% of the three-year target of 12,500.  Associated
cost savings will be incorporated in our operating results going
forward."

"We will comment on our outlook for 2007 when we announce
earnings with more detail on May 11," Ms. Russo added.

The quarterly earnings press and analyst conference call will
take place at 1:00 p.m. CET on May 11.

                      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: Wins Shanghai Contract for IP Service Delivery
--------------------------------------------------------------
Alcatel-Lucent has been selected by Shanghai Telecom, a
subsidiary of China Telecom, for its metro area network
expansion and network optimization in the city of Shanghai.
Once complete, subscribers of Shanghai Telecom will be able to
enjoy a broad suite of premium IP-based services with higher
quality and greater flexibility.  This contract was won through
Alcatel Shanghai Bell, Alcatel-Lucent's flagship Chinese
company.

Shanghai Telecom has approximately nine million subscribers
creating a huge demand for advanced data services.  To meet
these requirements and anticipate future growth, Alcatel-Lucent
will provide Shanghai Telecom with a state-of-art IP/MPLS
solution including its 7750 Service Router and 7450 Ethernet
Service Switch.

Once deployed in mid-2007, Shanghai Telecom will be able to
offer IP-based services with the Quality of Service required to
meet service level agreements for Layer 2 Virtual Private LAN
Service as well as Layer 3 IP VPN services, and next-generation
network services in the future.

"Market demand for advanced data services in Shanghai is
increasing at an extremely fast pace," said Zhang Weihua,
Chairman of Shanghai Telecom's board.  "IP/MPLS is the strategic
direction for network transformation and will help us meet the
high expectations of our customers.  We believe Alcatel-Lucent's
premium IP/MPLS solutions and experience in network
transformation will give us a significant advantage as we move
to the next phase of our network infrastructure."

"Alcatel-Lucent's IP solution is gaining tremendous attention
from operators across China," said Frederic Rose, President of
Alcatel-Lucent's Asia Pacific activities.  "This contract
further demonstrates Shanghai Telecom's confidence in our
advanced IP/MPLS solutions as we provide the flexible and
service-rich foundation necessary to expand its offerings in
line with business and subscriber requirements."

Today, major Chinese operators including China Netcom, China
Telecom, China Unicom, and China Mobile have selected Alcatel-
Lucent's IP suite of solutions to optimize their networks
delivering high-performance, carrier-grade data, voice and video
services to their customers.  Alcatel-Lucent's IP/MPLS solutions
are now serving in the production networks of 33 out of 34
Chinese provinces, regions and municipalities. Shanghai Telecom
also joins more than 160 service providers in over 60 countries
who have selected the Alcatel-Lucent IP portfolio.  According to
Ovum-RHK, Alcatel-Lucent was #2 in the IP/MPLS Edge market
segment in Q4 2006, with 19% market share.

                  About Alcatel Shanghai Bell

Alcatel Shanghai Bell is a central enterprise directly managed
by State Asset Supervision and Administration Commission
(SASAC), and the first foreign-invested company limited by
shares in telecommunications industry in China, with extensive
global resources.  The multi-billion dollar telecom technology
leader delivers end-to-end telecommunications solutions and
high-quality services, covering the fixed, mobile networking,
broadband access, intelligent optical networking, multimedia
solutions and network applications.  It also has a key
international R&D centre with full access to Alcatel-Lucent's
global technology pool, developing original technology for use
in China and export to Alcatel-Lucent's customers worldwide. Its
production and manufacturing centre has advanced techniques and
equipments.  Its most extensive sales and support networks cover
China nationwide and more than 50 countries overseas. It is the
only company capable of meeting the global needs of Chinese
customers.  For more information, visit Alcatel Shanghai Bell on
the Internet at external link http://www.alcatel-sbell.com.cn

                      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.


ARPENI PRATAMA: Buys New Vessels for US$100 Million
---------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk plans to buy new vessels untl
JUly 2008, Reuters reports citing AFX Asia.  These include
cargo, bulk carrier, tanker, tugboat, liquefied petroleum gas
carrier, barge and floating crane vessels.

According to the report, the total purchase price amounts to
US$100 million, 70% of which will be financed by bank loans and
the rest from internal cash.

                       About Arpeni Pratama

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport, dry cargoes such as
plywood and agricultural products.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 2, 2006, Fitch Ratings has assigned a final rating of "BB-"
to the US$160 million guaranteed notes due 2013 issued by Arpeni
Pratama Ocean Line Investment B.V. and guaranteed by PT Arpeni
Pratama Ocean Line Tbk -- Arpeni, rated Long-term Foreign and
Local Currency Issuer Default 'BB-'/Stable -- and its
subsidiaries.

This follows the completion of the notes issue and receipt of
documents conforming to information already received.  The notes
are secured by first priority pledges of capital stock of
Arpeni's equity interest in most of its subsidiaries.  The
ratings are not constrained by the "BB-" Country Ceiling of the
Republic of Indonesia.

According to another TCR-AP report on April 24, 2006, Standard &
Poor's Ratings Services has assigned its B+ corporate credit
rating to PT Arpeni.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.

The company intends to use a part of the net proceeds -- about
US$93 million -- for refinancing existing debt, and the balance
for capital expenditure and vessel financing.


BANK NIAGA: Plans IDR10.15 Per Share Dividend for FY 2006
---------------------------------------------------------
PT Bank Niaga Tbk plans to pay IDR10.15 per share dividend for
fiscal year 2006, Reuters reports citing Dow Jones International
News.

According to the report, the payment is scheduled on June 4,
2007 to be paid to shareholders of record on May 16, 2007.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk
-- http://www.bankniaga.com/-- has a license to operate as a
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Feb 06, 2007, that Moody's Investors Service revised the outlook
for PT Bank Niaga Tbk's long-term credit ratings to positive
from stable.  The short-term deposit rating continues to carry
the rating agency's stable outlook while the bank financial
strength rating remains on review for possible upgrade.

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

Additionally, Fitch Ratings has affirmed all the ratings of PT
Bank Niaga Tbk as: Long-term foreign Issuer Default ratings at
'BB-'; Individual at 'C/D'; and Support '4'.

The Outlook for the ratings was revised to Positive from Stable.


BANK PERMATA: Unit Launches New Savings Product with School
-----------------------------------------------------------
PT Bank Permata Tbk's PermataBank Syariah and Yayasan Pendidikan
Islam (YPI) Al-Azhar, a Muslim school, have launched a new
savings product called PermataTabungan Al-Azhar, Reuters
reports.

According to the report, this new product will assist the
school's extra-curriculum programs and expected to reach
customers who want to deal in syariah banking transactions.

                       About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

The Troubled Company Reporter -- Asia Pacific reported on Feb.
06, 2007 that Moody's Investors Service revised the outlook of
PT Bank Permata Tbk's long-term deposit rating to positive from
stable.  The short-term deposit rating continues to carry a
stable outlook while the bank financial strength rating remains
on review for possible upgrade.

Bank Permata's detailed ratings are: foreign currency long-
term/short-term deposit of B2/Not Prime; and bank financial
strength of E+.

Fitch Ratings has affirmed the 'D' Individual and '4' Support
rating of Bank Permata.


BAKRIE SUMATERA: Expects Revenue Rise on High Palm Oil Prices
-------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk predicted that its 2007
revenue will grow at least by 35% due to high price of palm oil
and natural rubber, Reuters reports citing Bisnis Indonesia.

According to the report, the company's revenue last year was
IDR1.18 trillion.

                     About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

Moody's Investors Service has affirmed the B2 senior secured
debt rating for Bakrie Sumatera Plantations Tbk following its
decision to increase the existing bond size of US$110 million by
another US$45 million.  At the same time, Moody's has also
affirmed the B2 corporate family rating for BSP.  The outlook
for all the ratings is stable.


BAKRIE SUMATERA: Plans IDR74 Per Share Dividend for FY 2006
-----------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk plans to pay an amount of
IDR74 per share dividend for the fiscal year 2006, Reuters
reports, adding that no other details were disclosed.

                     About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

Moody's Investors Service has affirmed the B2 senior secured
debt rating for Bakrie Sumatera Plantations Tbk following its
decision to increase the existing bond size of US$110 million by
another US$45 million.  At the same time, Moody's has also
affirmed the B2 corporate family rating for BSP.  The outlook
for all the ratings is stable.


BAKRIE SUMATERA: To Acquire PT Sumbertama for IDR260 Billion
------------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk plans to acquire 100% of PT
Sumbertama Nusapertiwi from PT Grahadura Leidong Prima, Reuters
reports.

According to the report, the planned acquisition will amount to
a total of IDR260 billion.

PT Sumbertama owns 7,229 hectares of oil palm plantations and a
palm oil plant with capacity to process 45 tons of fresh fruit
bunches per hour in Jambi province, the report notes.

                      About Bakrie Sumatera

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

BSP carries Standard & Poor's Ratings Services' 'B' corporate
credit rating.  The outlook is stable.

Moody's Investors Service has affirmed the B2 senior secured
debt rating for Bakrie Sumatera Plantations Tbk following its
decision to increase the existing bond size of US$110 million by
another US$45 million.  At the same time, Moody's has also
affirmed the B2 corporate family rating for BSP.  The outlook
for all the ratings is stable.


BERLIAN LAJU: S&P Assigns 'BB-' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-'
corporate credit rating to Indonesia's PT Berlian Laju Tanker
Tbk, a liquid bulk cargo shipping company.  The outlook is
stable.

At the same time, Standard & Poor's assigned its 'B+' issue
ratings to both the proposed US$200 million seven-year senior
unsecured notes due 2014 and US$125 million five-year
convertible bond due 2012, to be issued by BLT Finance B.V., a
wholly owned subsidiary of BLT.

The proposed senior unsecured notes will be guaranteed by BLT
and its covered subsidiaries, and the convertible bond will be
guaranteed by BLT.

"The proceeds would be used mainly to finance the expansion of
BLT's fleet of vessels," said Standard & Poor's credit analyst
Adrian Chee.  The ratings on the proposed notes are subject to
final documentation.

The ratings on Indonesia-based shipping company PT Berlian Laju
Tanker Tbk reflect the shipping industry's characteristics of
volatile and unpredictable earnings over the cycle, and BLT's
relatively aggressive financial profile.  This is balanced by
the company's satisfactory position as a fairly large tanker
operator with a moderately attractive vessel fleet age, and its
high degree of fixed contract cover.

The notching on the proposed bond issues reflects the expected
large part of on-balance-sheet debt that will remain secured and
high operating lease commitments. In addition, the company's
assets are flagged and owned by subsidiaries in creditor
friendly jurisdictions, which is a precondition from
the banks when lending to BLT.  Thus, in the event of a
bankruptcy, the senior lenders would rank ahead of any debt
issued at the holding level.

BLT has tankers in the key business segments of chemicals, oil,
and gas, and operates primarily in South Asia, Northeast, Asia
and the Middle East.  The tanker-shipping segment is generally
characterized by relatively weak fundamentals and high industry
risk. New tanker vessel deliveries over the coming years could
lead to oversupply, and subsequently pressure freight rates in
the medium term.

BLT's financial profile is aggressive as it is expected to
increase debt to finance its capital expenditure programs.
Although the company's debt to EBITDA was satisfactory at 3.2x
in 2006, it is expected to weaken over the near term as the
company completes its investment program.

BLT's relatively conservative charter policy, however, provides
reasonable earnings stability and downside protection. In 2006,
about 21% of BLT's total revenue was from time charters, while
28% were derived from contracts of affreightment.  The company
is competitive in the small chemical tanker segment, especially
in intra-Asian trades.

The stable outlook on the rating is based on BLT's competitive
market position in the chemical tanker business, the potential
benefits accruing from favorable domestic regulations, and its
relatively stable contract-based earnings.

The ratings on BLT may be raised if the company benefits from
better business diversity and reduced leverage levels, leading
to a sustained improvement in its business and financial risk
profiles, with debt to EBITDA falling below 3x. Conversely, the
outlook or the rating could be negatively affected if the
company demonstrates sustained pressure on its profitability,
resulting in a significant weakening of its credit protection
metrics over an extended period, with debt to EBITDA above 5x
and FFO to debt below 15%.  At the same time, any unanticipated
significant increase in capital expenditure plans or aggressive
acquisitive plans could also place the outlook or ratings under
pressure.


GOODYEAR: Closes Amendment & Restatement on 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:

   - an extension of maturity until 2013, a reduction of the
     applicable interest rate by between 50 and 75 basis points
     and a more flexible covenant package on the company's
     US$1.5 billion asset-based revolving credit facility;

   - an extension of maturity until 2014, a reduction of the
     applicable interest rate by 100 basis points, which will be
     further reduced by 25 basis points if Goodyear's credit
     ratings are 'BB-' and 'Ba3' or higher, and a more flexible
     covenant package on the company's US$1.2 billion second
     lien term loan; and

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

"This refinancing action reduces the company's interest
expense," Richard J. Kramer, president, North American Tire and
chief financial officer, said.  "Creates additional operational
flexibility, extends maturities and helps address the company's
efforts to improve Goodyear's balance sheet.  The company
anticipates 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.


INCO LTD: Indonesian Unit to Pay US$0.50 Per Share Dividend
-----------------------------------------------------------
PT International Nickel Indonesia Tbk, Canada Inco Ltd.'s
Indonesian unit will pay a total US$0.50 per share 2006 final
and extraordinary dividend on May 11, 2007 to shareholders of
record on April 27, 2007.

As reported by the Troubled Company Reporter - Asia Pacific on
April 2, 2007, the Board of Commissioners of International
Nickel Indonesia, recommended that its shareholders approve a
dividend of US$0.50 per share, consisting of a final dividend
for 2006 of US$0.025 per share and extraordinary dividend of
US$0.475 per share.

This dividend, when combined with the interim dividend of
US$0.025 per share paid in December 2006, would amount to a
total dividend of US$0.525 per share for 2006.  This proposed
2006 dividend compares with a total dividend of US$0.11 per
share in 2005, TCR-AP notes.

                        About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used
primarily for manufacturing stainless steel and batteries.  Inco
also mines and processes copper, gold, cobalt, and platinum
group metals.  It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints.  Sulphuric acid and liquid sulphur dioxide are
produced as byproducts.  The company's primary mining and
processing operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INDIKA INTI: Fitch Assigns 'B' Ratings & Says Outlook is Stable
---------------------------------------------------------------
Fitch Ratings has assigned Long-term Foreign and Local Currency
Issuer Default Ratings of 'B' to PT Indika Inti Energi.  The
Outlook for the IDRs is Stable.  At the same time, the agency
has also assigned an expected issue rating of 'B' and an
expected recovery rating of 'RR4' to the proposed US$250 million
senior secured notes due in 2012 issued by Indo Integrated
Energy B.V. and guaranteed by Indika and its 100%-owned
subsidiary PT Indika Inti Corpindo.  The final ratings are
contingent upon receipt of documents conforming to the
information already received.

The ratings reflect Indika's status as a holding company that
derives a major portion of its cash flow from dividends received
from its 46%-owned associate, PT Kideco Jaya Agung, rather than
from its own operations.  Fitch notes that Indika is not the
largest shareholder in Kideco, which is the third largest
coalmining company in Indonesia, given a majority stake of 49%
is owned by South Korea-based Samtan Inc., while the remaining
5% is held by PT Muji Inti Utama, a company unrelated to both
Samtan and Indika.  Kideco will not guarantee the proposed notes
but Indika's shares in Kideco will be pledged as security to the
noteholders.  The ratings also reflect Indika's aggressive
financial profile, which is characterised by high financial
leverage.  Even after adjusting EBITDA to include cash dividends
from associates, Fitch estimates that Indika's Debt/EBITDA ratio
in 2007 will be around 6x.

Fitch expects the dividend flow from Kideco to remain strong,
exceeding US$15m per annum even in the stress scenario that
there is no growth in the current production volume and the
average selling price of coal drops to US$26 per ton from the
US$31 per ton achieved in 2006.  This is due to Kideco's sound
operational capability under a robust Coal Contract of Work,
competitive coal mining costs, strategy of contracting out its
entire production with its well-established customers and
conservative financial leverage with small capital expenditure
requirements.  Also, the agency notes that the shareholder
agreement between Samtan, Indika and Utama provides some
certainty on cash dividends being up-streamed from Kideco, as it
obliges Kideco to pay at least 80% of its net income as
dividends.  In addition, despite its minority stake, Indika is
able to influence Kideco's key decisions, including capex and
financing plans, as the shareholders' agreement requires
approval of at least 60% of the shareholders for these
decisions.  To further reduce the risk of dividend flow
curtailment, the covenants of the proposed notes will require
Indika to exercise this influence to limit the level of Kideco's
external debt.

Indika also derives part of its cash flow from its 100%-owned
subsidiary, Tripatra group, which is involved in Engineering,
Procurement and Construction and Operations and Maintenance
businesses, specifically in the oil and gas sectors.  While
Tripatra is a leading player in Indonesia and has had long term
relationships with global oil majors, its cash flow tends to be
lumpy given the volatility inherent in the businesses.
Tripatra's on-going projects of US$300m, together with projects
under letter of intent of US$120m, provide earnings visibility
until 2008/2009 but prospects beyond that will depend on the
continued robustness of the oil and gas sector in Indonesia.
Fitch also notes that while cashflows from Tripatra are
available to service Indika's debt, Tripatra will not guarantee
the proposed notes, nor will Indika's shares in the Tripatra
entities be pledged as security to the noteholders.

Of the US$250m to be raised from the proposed notes,
approximately US$60m is allocated to be used for the acquisition
of a coal asset in Indonesia, around US$40m for the investment
in minority stakes in power plant projects, and US$118m for
refinancing existing debt.  The remaining US$32m is earmarked
for working capital and general corporate purposes. Fitch views
that the investment risk arising from the planned debt-funded
acquisitions is high, as there is significant uncertainty on the
size and quality of future cash flow from these assets.  The
target for the coalmine acquisition has not been finalised,
while the power assets are still in the development/construction
stages.  However, Fitch acknowledges that a successful
implementation of the new investment plans, which are
complementary to Indika's existing businesses, could result in
greater synergies across the company's major business
activities.

The Stable Outlook reflects Fitch's expectation that dividend
flows from Kideco will remain steady.  A positive rating action
may be taken if Kideco becomes a subsidiary of Indika and/or the
proposed new investments are completed and show a track record
of generating returns similar to Kideco's.  Conversely, a
negative rating action may be taken if the dividend flow from
Kideco is curtailed, the new investments produce weak returns
and/or there are material adverse changes to the terms of the
proposed notes.

The expected recovery rating of 'RR4' assigned to the proposed
notes reflects Fitch's view that the 46% stake in Kideco, the
major asset available to the noteholders in the event of default
by Indika, will likely provide a recovery rate exceeding 30% of
the value of its outstanding debt.  This threshold may be
achieved even if Kideco's reserves of relatively higher
calorific value of 243 million tons as at end 2006 are valued at
a distressed level of US$1.25 per ton.

Indika, established in 2000, is a privately-owned investment
holding company.  Its major investment assets include a 46%
stake in Kideco and a 100% stake in Tripatra.  Kideco, the major
cash flow provider to the holding company, commenced its
commercial operations in 1993, with a 30 year CCOW valid until
2023.  The CCOW, which is structured as a contract between
Kideco and the Indonesian government and ratified by the
Indonesian Parliament, will prevail above other Indonesian laws
and also provide for international arbitration in the event of a
dispute.  Fitch notes that this framework has existed for nearly
25 years, and has withstood considerable political and economic
turmoil in Indonesia.  Tripatra is a leading EPC and O&M service
provider in Indonesia with a focus on energy and infrastructure
projects.


MULIALAND: Major Shareholder Makes Offer for Minority Shares
------------------------------------------------------------
PT Mulialand Tbk's major shareholder PT Muliamustika Tataindah
will make a tender offer for the company's minority
shareholders, Investing Reuters reports.

According to the report, Mulialand's minority share will be
offered at IDR1,450 per share.

                        About PT Mulialand

Headquartered in Jakarta, Indonesia. PT Mulialand Tbk is a
property management company. It is engaged in the development
and management of office buildings. The Company's subsidiaries,
which are engaged in the management of office buildings and
investment service, include PT Sanggar Mustika Ratu, PT Mulia
Persada Pacific, PT Mulia Persada Tatalestari, PT Bumi Mulia
Perkasa Development, PT Tri Dharma Sakti Indah, PT
Muliacemerlang Dianpersada and Mulialand Finance B.V.

As reported by the Troubled Company Reporter - Asia Pacific on
April 20, 2006, Mulialand Tbj had total assets of US$ 141.33
million and shareholders' equity deficit of US$-45.99 million.


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

DAIEI INC: Sumitomo Mitsui & Shinsei Fight for Stake in OMC Card
----------------------------------------------------------------
Daiei Inc. has narrowed bidders for a 31.8% stake in credit card
unit OMC Card Inc. to Sumitomo Mitsui Financial Group and
Shinsei Bank, Reuters reports citing the Nikkei business daily.

Daiei, which owns 52% of OMC, is expected to choose a buyer by
June after Sumitomo and Shinsei make new bids, the Nikkei
reported, Reuters related.

As previously reported in the Troubled Company Reporter-Asia
Pacific, Daiei Inc. plans to sell a 31.8% stake in OMC Card for
as much as JPY80 billion or US$670 million to reduce its
interest-bearing debt.

According to the Nikkei, Reuters noted, eight other companies,
including Credit Saison and GE Capital Group had joined the
first round of bidding.

                           About Daiei

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.


DAISHI BANK: Fitch Affirms 'C' Individual Rating
------------------------------------------------
Fitch Ratings affirms the ratings of Daishi Bank, Ltd:

   * Long-term Foreign and Local Currency Issuer Default
     Ratings: BBB+

   * Short-term - F2

   * Individual Rating - C

   * Support Rating - 2

The rating Outlook remains Stable and the Support Rating floor
of BBB- remains unchanged.

The asset quality of Daishi is gradually improving as the bank
has been constantly writing off the bad loans over the past few
years.  Nevertheless, the bank's profitability remains somewhat
weak due to relatively low net interest margins.  Amid the
sluggish loan demands from the regional corporate sector, the
bank aims to reinforce the sales channel of financial products
through its recent investment in a local securities company, in
an effort to strengthen non-interest revenues.

                        About Daishi Bank

Based in Niigata, Japan, Daishi Bank --
http://www.daishi-bank.co.jp--is engaged in the banking and
leasing businesses. It operates in two main business segments.
The Banking segment is involved in the checking and saving
accounts business, the loan business, the domestic exchange
business and the foreign exchange business, among others.  The
Leasing segment is engaged in the general leasing business.
Through its subsidiaries, the Bank is also engaged in the
valuation of real-estate collateral, the manpower dispatch
business, the monitoring of automatic teller machines, the
computer-related business, the credit guarantee business, the
credit card business and the venture capital business, among
others.  The Daishi Bank has 10 subsidiaries and one associated
company.


FUJI HEAVY: March Global Output Down 4.8%
-----------------------------------------
According to AFX News Limited, Fuji Heavy Industries Ltd.'s
global production was 51,460 vehicles last month, 4.8% fewer
than a year earlier, falling for the third straight month
because of weak production abroad of its B9 Tribeca sport
utility vehicle.

AFX News reported that the company gave this information for
last month, with year-on-year percentage changes:

   * Domestic vehicle output -- up 1.1% at 43,678
   * Domestic car output -- down 2.5% at 29,019
   * Domestic vehicle sales -- up 1.1% at 35,792
   * Domestic car sales -- down 18.4% at 13,653
   * Exports -- up 2.3% at 28,531
   * Overseas output -- down 28.3% at 7,782
   * Global production -- down 4.8% at 51,460

AFX News added that the company also disclosed this information
for the last fiscal year, with year-on-year percentage changes:

   * Domestic vehicle output -- up 3.8% at 484,263
   * Domestic car output -- down 1.3% at 326,372
   * Domestic vehicle sales -- down 0.4% at 245,486
   * Domestic car sales -- down 16.8% at 87,937
   * Exports -- down 1.1% at 340,694
   * Overseas output -- down 14.9% at 103,415
   * Global production -- down 0.1% at 587,678

                   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.  The company makes Subaru
vehicles.

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.


FURUKAWA ELECTRIC: Sells OCP Stake to Oplink for US$99 Million
--------------------------------------------------------------
Oplink Communications, Inc. has signed a definitive agreement
with The Furukawa Electric Co., Ltd. to acquire a majority
interest in Optical Communication Products, Inc.

OCP is a designer and manufacturer of fiber-optic communication
components and subsystems.  The company manufactures a line of
transceivers, transponders, transmitters, receivers, DWDM and
CWDM solutions that address the metro, local, PON and storage
area networking markets.

Under the terms of the agreement, Oplink will acquire all
66,000,000 shares of OCP common stock held by Furukawa,
constituting approximately 58% of OCP's outstanding shares, in
exchange for US$84,150,000 in cash and 857,258 shares of Oplink
common stock.  [Oplink shares trade roughly about US$16 per
share.]  The purchase price values the OCP shares being
purchased at US$1.50 per share, with 85% of the purchase payable
in cash and 15% payable in Oplink common stock (valued at
Oplink's 30-day average closing price).  The closing of the
transaction is subject to customary closing conditions,
including antitrust review.  Oplink has delivered to OCP's board
of directors an offer to acquire the remaining outstanding
shares of OCP at a price of US$1.50 per share in cash, subject
to certain conditions.

The acquisition of OCP is expected to broaden Oplink's portfolio
of offerings and significantly expand its addressable market.
The combination of OCP's expertise in active optical components
and subsystems and Oplink's leadership in passive components and
subsystems will create the industry's leading solution set for
metro and access applications.

"We are excited about the strong strategic fit of our companies
and believe this acquisition will substantially benefit our
combined customers, including Nortel, Cisco, Alcatel, Tellabs
and Huawei, among many others," commented Joe Liu, president and
CEO of Oplink.  "As the market leader in providing components
and subsystems for the access market, which is an important and
growing market with telecom and datacom customers, OCP is a
natural complement to Oplink's metro solutions strength. We
believe the combined companies will make a strong competitive
player and together we have the opportunity for significant
growth in revenue."

                           About Oplink

Incorporated in 1995, Oplink -- http://www.oplink.com/-- is a
provider of design, integration and optical manufacturing
solutions (OMS) for optical networking components and
subsystems.  The Company offers advanced and cost-effective
optical-electrical components and subsystem manufacturing
through its facilities in Zhuhai and Shanghai, China.  In
addition, Oplink maintains a full complement of optical-centric
front-end design, application, and customer service functions at
its headquarters in Fremont, California.  The Company's
customers include telecommunications, data communications and
cable TV equipment manufacturers around the globe.  Oplink is
committed to providing fully customized, photonic foundry
services incorporating its subsystems manufacturing
capabilities.

                 About Furukawa Electric Co. Ltd.

Headquartered in Tokyo, Furukawa Electric Co., Ltd. --
http://www.furukawa.co.jp/-- provides materials, products, and
services across a range of fields, encompassing energy,
electronics, optical and information systems, and automobiles.
The company operates through six business segments:
Telecommunications; Energy and Industrial Products; Metals;
Electronics and Automotive Systems; Light Metals, and Services
and Others.  Furukawa Electric and its subsidiaries manufacture
a range of products, which include optical fibers and cables,
network equipment, bare wires, power cables, plastic products,
copper pipes/stripes, battery products, automotive components
and electrical wires, aluminum products, and cast and forged
products.  The company is also engaged in real estate,
logistics, information and other services.

The Troubled Company Reporter - Asia Pacific reported on
March 20, 2007, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Furukawa Electric Co.
Ltd. to 'BB' from 'BB-' and its senior unsecured debt rating to
'BB+' from 'BB'. The outlook on the long-term corporate credit
rating is positive.


HOKUETSU BANK: Fitch Affirms Individual C/D Rating
--------------------------------------------------
Fitch Ratings affirms the ratings of Hokuetsu Bank, Ltd:

   * Long-term Foreign and Local currency IDRs: BBB-

   * Short-term Foreign and Local currency IDRs: F3

   * Individual Rating: C/D

   * Support Rating- 3

The rating Outlook remains Stable.  Dated subordinated debt is
also affirmed at BB+.  Support rating floor of BB- remains
unchanged.

Hokuetsu's ratings incorporate its relatively weak capital
quality as compared to many of its peers, although its capital
condition is gradually improving, thanks to consistent retained
earnings and conversion of convertible bonds.  Hokuetsu's
profitability has been under pressure from a heavy burden of
credit costs, which absorbed over 70% of operating profit in the
six months to end-September 2006.  Meanwhile, Hokuetsu has a
substantial portion of floating-rate loans and this is
considered to work favourably on the top-line profitability when
the interest rate rises.

                         About Hokuetsu Bank

Headquartered in Niigata, Hokuetsu Bank, Ltd. is a Japan-based
regional retail bank-- http://www.hokuetsubank.co.jp/--The Bank
chiefly offers banking services, including the provision of
deposit, loan, and domestic and foreign exchange services, as
well as the securities and commodities trading, securities
investment and investment trust businesses, among others.
Through its subsidiaries, it is also involved in the leasing
business, the credit guarantee business, the credit card
business, the information processing (IP) business by computers,
the research business for economics and communities and others.
As of June 27, 2006, the Bank had 89 operating locations in the
country, mainly Niigata. The Hokuetsu Bank has six consolidated
domestic subsidiaries.


KEIYO BANK: Fitch Affirms 'C' Individual Rating
-----------------------------------------------
Fitch Ratings affirms the ratings of Keiyo Bank, Ltd:

   * Long-term Foreign and Local Currency IDRs: BBB+

   * Short-term Foreign and Local Currency IDRs: F2

   * Individual Rating: C

   * Support Rating - 3

The rating Outlook remains Stable and the Support Rating floor
of BB- remains unchanged.

Keiyo's ratings reflect its relatively good top-line
profitability which has been generated by a combination of high
lending yield and low overhead costs.  A recent decrease in
credit costs is also contributing to improved profitability.
While the bank has a somewhat high exposure to the small and
medium-sized business sector, net risk-monitored loan to total
lending ratio stood at 2.8% at end-September 2006, which was
comparatively low among the regional banks.

                      About Keiyo Bank

The Keiyo Bank, Ltd. -- http://www.keiyobank.co.jp/-- is a
regional bank based in Chiba Prefecture, Japan.  The bank is
engaged in the provision of personal and corporate banking
services. The Bank operates through two business divisions. The
Financial division provides checking and saving account
services, housing loan, education loan and automobile loan
services, loan simulation services, credit card services,
securities and government bond dealing services, foreign
exchange services, investment trust services, investment trust
saving services and other financial services. The Other division
provides staffing services to its group companies. Headquartered
in Chiba Prefecture, the Bank has six subsidiaries.


KIYO BANK: Fitch Affirms 'D/E' Individual Rating
------------------------------------------------
Fitch Ratings affirms the ratings Kiyo Bank, Ltd:

   * Long-term Foreign and Local Currency IDRs: BBB-

   * Short-term Foreign and Local Currency IDRs: F3

   * Individual Rating: D/E

   * Support Rating - 2

The rating Outlook remains Stable and the Support Rating floor
of BBB- remains unchanged.

Kiyo merged with Wakayama Bank in October 2006 and received
public funds worth JPY 31.5 billion through its parent company,
Kiyo Holdings, in November 2006.  Kiyo's ratings reflect its
relatively poor asset quality with a net RML to tier1 capital
ratio of over 100% (combined with Wakayama Bank) at end-
September 2006, and also its weak capital position.  However,
the decent net profit forecast for March 2007 is expected to
improve the capital standing to some extent.

                      About Kiyo Bank, Ltd.

Kiyo Bank, Ltd. is a Japan-based regional bank based in Wakayama
Prefecture-- http://www.kiyobank.co.jp/-- The Bank's operations
are classified into five business segments: banking, which
offers deposits, loans, foreign exchange, credit guarantee and
financing services; business support and human resource
placement; lease and venture capital; credit cards, and
electronic calculators, featuring software development. The Kiyo
Bank conducts its businesses along with six subsidiaries and one
associated company.


MITSUBISHI MOTORS: Releases March 2007 & FY 2006 Results
--------------------------------------------------------
Mitsubishi Motors Corporation released Tuesday global
production, as well as domestic sales and export results, both
for March 2007 and fiscal year 2006.

Total global production came in at 140,584 units, 5.4% increase
from the year ago period.  Japanese production increased 6.3%
year-on-year to 86,240 units, making the sixth consecutive
months of year-on-year production volume increases.  Overseas
production increased for the first time in sixteen months by
4.0% year-on-year to 54,344 units.

Total vehicle sales in Japan reached 38,451 units, 79.1% of the
March 2006 total.  Registered vehicle sales declined to 13,941
units, or 95.1% of the year ago figure due to slower sales of
Outlander and the Colt series.  Minicar sales came in at 24,510
units, 72.2% year-on-year.  Total sales for passenger cars were
30,383 units, 84.4% of March 2006 level, and commercial vehicle
sales were 8,068 units, 64.0% of the same period last year.

Overseas production for the month totaled 54,344 units, 104.0%
of the year ago period figure.  European production was 5,836
units, or 73.4% of last year's total.  North American production
came in at 8,135 units, a 96.2% year-on-year.  Asian production
totaled 36,391 units, an 8.2% increase from March 2006's levels
due to increase in export of Triton (L200) pickups from
Thailand.

Total exports from Japan were 59,816 units, 24.2% increase over
the pervious period making the fifth consecutive months of year-
on-year volume increases.  Exports to Europe increased to 21,093
units, 118.2% of the same period last year.  Exports to Asia
were 4,239 units, 82.3% of March 2006 levels.  Exports to North
America came in at 13,515 units, up 676.8% last year's figure
due to favorable sales of Outlander and increased shipments of
new Lancer.

             Fiscal Year 2006 (April '06 - March '07)

In fiscal year 2006, global production totaled 1,315,789 units,
95.2% of the levels seen in fiscal year 2005.  Japanese
production came to 775,648 units, 9.9% increase year-on-year due
to the production launch of Outlander for U.S., European and
Chinese markets, strong sales of Lancer in Russia and other
markets, global sales launch of new Pajero and Delica D:5 models
in Japanese market.

Japanese vehicle sales in fiscal year 2006 reached 246,435
units, 3.8% decrease over the year ago period.  Registered
vehicle volume declined 11.1% year-on-year to 75,916 units,
minicar sales were 170,519 units, 99.8% of levels seen last
year.  Passenger car volume slightly increased to 179,702 units,
101.1% of the total for the same period last year, meanwhile
commercial vehicle volume declined to 66,733 units, down 14.9%
over the comparable period last year.

Overseas production in the period dropped to 540,141, or 80.0
percent of the total for the pervious period.  Production in
Europe came in at 80,315 units, a 17.2% increase over the year
ago total due to strong sales of the Colt CZC cabriolet model.
Production in North America increased 4.6% year-on-year to
93,240.  Even though the Asian production recovered in March
2007, total volume for FY06 was 324,974 units, a 30.9% decline
from the same period last year due to economic recessions in
countries such as Indonesia, Malaysia and Taiwan.

Exports from Japan totaled 443,535 units, a 16.8% increase over
the total for fiscal year 2005, marking the second consecutive
years of year-on-year gains.  Exports to Europe increased to
147,207 units, up 9.6% year-on-year due to introduction of new
Pajero and Outlander models, and continuous sales growth in
Russia and Ukraine.  Exports to North America rose to 70,036
units, 186.7% of the year ago total due to the contribution of
new Outlander and new Lancer models.  Finally, exports to Asia
totaled 31,464 units, 83.6% of the previous period total.

                     About Mitsubishi Motors

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

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

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

                          *     *     *

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

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

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


MIZUHO BANK: London Unit Applies Messaging Service
---------------------------------------------------
Mizuho Corporate Bank's London branch has adopted Brussel-based
SWIFTNet's FIN, a store-and-forward messaging service, reports
Maria Bruno-Britz of Bank Systems and Technology.

FIN is a secure, reliable and access-controlled store-and-
forward messaging service.  This service allows financial
establishments to exchange, store and retrieve financial data
securely in more than 200 countries.

Implementation of the global financial messaging organization's
new format began this January and is next generation messaging
platform of SWIFTNet, Britz relates.

                       About Mizuho Bank

Headquartered in Tokyo, Mizuho Bank Ltd. --
http://www.mizuhobank.co.jp/english/-- was established on April
1, 2002, from the merger of Dai-Ichi Kangyo Bank and the retail
operations of Fuji Bank.  It forms the core consumer banking
unit of Mizuho Financial Group, which is the second-largest
financial services company in Japan.

On February 8, 2006, Fitch Ratings upgraded Mizuho Bank's
individual rating to C from C/D.


NIKKO CORDIAL: Fiscal Year Profit Drops to JPY98.9 Billion
----------------------------------------------------------
AFX News Limited reported that Nikko Cordial Corp.'s operating
profit dropped 28.4% to JPY98.9 billion in the fiscal year ended
March 31, 2007, because the cost of the expansion of its staff
and infrastructure exceeded its revenue.

According to the report, the amount in fees Nikko Cordial paid
to other firms for selling the products of its asset management
subsidiary had increased, reflecting the growing value of its
products.

In a statement obtained by AFX News, Nikko said its revenue had
increased 8.5% to JPY516.64 billion on the back of the strong
sales of investment trusts.

For the three months ended March 31, 2007, Nikko Cordial's net
income rose to JPY24.7 billion from JPY17.9 billion a year
earlier, published reports say.

Takahiko Hyuga at Bloomberg News writes that Nikko Citigroup,
the investment-banking venture with Citigroup in Japan, reported
a net loss of JPY62 million in the quarter compared with net
income of JPY5.1 billion a year earlier.

"The accounting scandal hit our investment banking business the
most.  It will take time to get the business back to normal,"
Osamu Morita, Nikko's chief financial officer, said at a
briefing in Tokyo, Mr. Hyuga related.

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


NIKKO CORDIAL: Citigroup May Fail to Take Full Control
------------------------------------------------------
Citigroup Inc. may fail to win full control of Nikko Cordial
Corp. with its US$13.4 billion bid as more shareholders hold out
for a higher offer, Takahiko Hyuga of Bloomberg reports.

The report says that 28% of Nikko shareholders are seeking a
better price.  Citigroup had previously increased its bid to
JPY1,700 and has ruled out another increase.  The bid will
expire today, April 26.

                      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:

   NCC: Individual rating: C/D and Support rating 5
   NCS: Individual C and Support rating 4

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


NIPPON GLASS: British Unit Gets Charge Sheet from EU
----------------------------------------------------
Nippon Sheet Glass Company Limited's British unit, Pilkington
PLC, received a charge sheet from the European Commission,
notifying the company that the Commission believes it took part
in a cartel, Reuters reports.

According to Reuters, two other makers of glass used in the car
industry confirmed they received charge sheets -- Asahi Glass's
AGC Automotive Europe unit and French glass maker Saint Gobain.

The European Commission, in a statement posted on its Web site,
said it has recently sent a Statement of Objections to a number
of undertakings regarding their alleged role in a cartel for car
glass.  The Statement of Objections alleges that the
undertakings concerned may have allocated customers and agreed
on supply quotas and prices for most of the motor vehicle
manufacturers in Europe, thereby restricting competition in the
EEA market in violation of EC Treaty rules outlawing restrictive
business practices (Article 81).

Car glass is made from float glass.  Car glass products consist
of different glass parts such as windscreens, sidelights
(windows for front and rear doors), backlights (rear windows),
quarter lights (small back windows next to rear door windows)
and sunroofs.  Car glass is a kind of safety glass that does not
shatter into sharp pieces on impact (which could be dangerous to
occupants of the vehicle in the event of an accident).  It can
be produced in different shapes, degrees of thickness and
colors.

The preliminary conclusions outlined in the Statement of
Objections are based on the results of inspections carried out
on February 22 and 23, 2005, and on March 15, 2005, on the
Commission's subsequent investigation and on information
supplied under the Commission's Leniency Notice.

Statements of Objections are a formal step in EU antitrust
investigations.  After receiving such statements, companies have
two months to defend themselves in writing.  They can also ask
the Commission to hear their case at an oral hearing, which
usually takes place about one month after the written reply has
been received.  Only after having heard the company's defense
can the Commission take a final decision, which may be
accompanied by fines of up to ten per cent of a company's
worldwide annual turnover.  Sending a Statement of Objections
does not prejudge in any way the final outcome of the procedure.

                        About Nippon Sheet

Headquartered in Tokyo, Japan, Nippon Sheet Glass Company,
Limited -- http://www.nsg.co.jp/-- operates in four business
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display products and others.  Its Glass
Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that Standard & Poor's Ratings Services affirmed
its 'BB+' long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.  At the same time, Standard & Poor's removed the ratings
from CreditWatch, where they were placed on Nov. 1, 2005.


NOMURA HOLDINGS: Unit to Sell Wanbishi Stake to Toyota
------------------------------------------------------
Tokio Marine Capital Co., Ltd. and Nomura Principal Finance Co.,
Ltd., a wholly owned subsidiary of Nomura Holdings, Inc., have
decided that in May 2007, the fund under the management of Tokio
Marine Capital and Nomura Principal Finance will sell its entire
stake in Wanbishi Archives Co., Ltd. to Toyota Industries
Corporation.

                 Overview of Wanbishi Archives

   Company name:      Wanbishi Archives Co.

   Business:          Total Information Management
                      (Secure storage, management, collection
                      and delivery services of corporate
                      documents and digital data)

                      Insurance Service

   Established:       April 1966 (Founded)

   Head office
   address:           Toranomon Towers Office
                      4-1-28 Toranomon
                      Minato-ku, Tokyo

   Representative:    President and Representative Director:
                      Kyoji Hoshikawa

   Capital:           JPY4 billion (as of March 31, 2006)

   Number of
   outstanding stock: 330,000 (as of March 31, 2006)

   Sales:             JPY16.5 billion (Fiscal Year 2005)

                   About Tokio Marine Capital

Tokio Marine Capital (TMC) -- http://www.tmcap.co.jp/-- is a
Tokyo based private equity firm with approximately JPY 70
billion under management for both leveraged buy-out acquisitions
and venture capital investments.

                      About Nomura Holdings

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

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


NOMURA HOLDINGS: Finalizes Number of Stock Options to be Issued
---------------------------------------------------------------
Nomura Holdings, Inc.'s Group Executive Management Committee has
finalized the number of stock acquisition rights to be issued in
conjunction with the Company's stock option plan.

Of the total 47,212 Stock Acquisition Rights planned to be
granted to 414 executives and employees of the Company's
overseas subsidiaries, 46,903 Stock Acquisition Rights will be
granted to the 413 executives and employees who applied.

                   Number of      Number of
   Grantees        Grantees    Grants Per Head      Total
   --------        ---------   ---------------      -----
   Executives and
   Employees of
   the Company's
   Overseas
   Subsidiaries       413          3 to 2,910      46,903

   Total              413                  -       46,903

Key Dates:

   1. May 17, 2006: Resolution at Board of Directors Meeting to
      include as matter to be resolved at Ordinary General
      Meeting of Shareholders

   2. June 28, 2006: Resolution at 102nd Ordinary General
      Meeting of Shareholders

   3. April 12, 2007: Resolution at Group Executive Management
      Committee to issue Stock Acquisition Rights

                      About Nomura Holdings

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

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


SOFTBANK CORP: Unit Reports Record 4Q Profit of JPY15.9 Billion
---------------------------------------------------------------
Yahoo Japan Corp, a unit of Softbank Corp., made a record net
profit for the three months ended March 31, 2007, of
JPY15.9 billion, AFX News Limited reports.  In the fourth fiscal
quarter last year, Yahoo Japan earned JPY12.9 billion.

"We managed to capitalize on a stronger-than-expected fiscal
year-end demand for advertising, allowing us to post better-
than-expected results and a record-breaking performance," Yahoo
Japan president and chief executive Masahiro Inoue said in a
conference attended by AFX News.

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation, with operations in
broadband, fixed-line telecommunications, e-Commerce, Internet,
broadmedia, technology services, finance, media and marketing,
and other businesses.  SoftBank was established on September 3,
1981, and had a market capitalization of approximately
US$32.8 billion at February 28, 2006.

SoftBank's corporate profile includes various other companies
such as Japanese broadband company Cable & Wireless IDC, cable
company BB-Serve, and gaming company GungHo Online
Entertainment.  On March 17, 2006, SoftBank announced its
agreement to buy Vodafone Japan, giving it a stake in Japan's
US$78 billion mobile market.

                          *     *     *

According to the Troubled Company Reporter - Asia Pacific on
April 18, 2006, Standard & Poor's Rating Services agency
affirmed its 'BB-' long-term corporate credit rating on the
company, with negative implications.

Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone K.
K.


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

WOORI BANK: Wants to Raise POSCO Stake to End Takeover Bids
-----------------------------------------------------------
Woori Bank is considering purchasing additional shares in Pohang
Steel Company in a bid to protect the steelmaker against
possible unsolicited takeover bids, sources told Yonhap News.

The bank, along with Nonghyup, each bought a 1% stake in POSCO
last year, the report says, adding that Nonghyup is also
considering raising its stake.

POSCO had been under wide speculations that it will face a
hostile takeover bid from Arcelor Mittal.

The steelmaker, which is more than 70% owned by foreign
investors, had been working to raise its domestic shareholding
to 40%.

                          *     *     *

Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain,
Singapore,Moscow,London, and Dhaka.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


* SoKor's Mobile Firms Fined KRW18 Bil. for Unfair Business Acts
----------------------------------------------------------------
South Korea's telecom regulator fined the nation's three mobile
service providers a combined KRW18 billion (US$19.4 million) for
unfair business practices, Yonhap News reports.

The three mobile firms fined by authorities are:

    * SK Telecom for KRW7.5 billion;
    * KTF Co. for KRW5.8 billion; and
    * LG Telecom for KRW4.7 billion.

Citing a statement from the Korea Communications Commission,
Yonhap News relates that the fine is based on an investigation
in January into illegal provisions of handset subsidies by SK
Telecom Co., KTF Co. and LG Telecom Ltd.

According to the regulator, the competition in the local mobile
communications sector intensified in January as major telecom
companies shelled out subsides to lure new subscribers from
rivals.  The disruption and overheating in the industry brought
by the practice eventually leads to banning subsidies in March
2003, Yonhap News notes.

However, the telecom companies have continued to provide
subsidies to customers illicitly, prompting the government to
periodically levy penalties.




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

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.

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


GULA PERAK: RAM Puts Default Rating on MYR288.82 Million Notes
--------------------------------------------------------------
Rating Agency Malaysia has downgraded the rating of Gula Perak
Berhad's MYR288.82 million Redeemable Convertible Secured Notes
(2003/2008), from C3(s) to D.  The downgrade is premised on the
failure of Gula Perak to meet its coupon payment of
RM17.24 million due on 22 April 2007.

According to RAM's rating definition, a D rating reflects a
situation where the payment of interest and/or repayment of
principal are currently in default or face imminent default,
whether or not formally declared.

Nonetheless, RAM understands that the management has sought the
indulgence of its noteholders for an extension on the coupon
payments dates (due on 22 April 2007 and 22 April 2008) and
redemption date of the RCSN (due on 22 April 2008) to 22 April
2011.  As such, the lenders have yet to call an "Event of
Default" on the RCSN.  RAM will continue to monitor the related
developments and make the appropriate announcements when
necessary.


KL INFRASTRUCTURE: In Talks to Turnover Monorail Assets to SPNB
---------------------------------------------------------------
KL Infrastructure Bhd disclosed with the Bursa Malaysia
Securities Bhd that it is in talks with the Government and Bank
Pembangunan Malaysia Berhad to turnover KL Monorail's assets and
loan liabilities to Syarikat Prasarana Negara Berhad.

The company issued the statement as a response to a query by the
Bursa Securities on a recent news report regarding its exit in
the local monorail business and talks on assets disposal to
Syarikat Prasarana.

KL Infrastructure added that Syarikat Prasarana has since
completed its due diligence audit on KL Monorail, and will make
an appropriate announcement in due course once the terms and
conditions of the exercise have been finalized.

                          *     *     *

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

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

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

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


SATERAS RESOURCES: Bursa Hands Reprimand, Fine for Rules Breach
---------------------------------------------------------------
The Bursa Malaysia Securities Bhd has publicly reprimanded and
imposed a total fine of MYR496,000 on Sateras Resources
(Malaysia) Berhad for breaches of its Listing Requirements.

The provisions breached by Sateras are:

    1. Paragraph 9.23(a) for failure to submit the annual
       reports for the financial years ended March 31, 2005, and
       March 31, 2006, on or before September 30, deadlines.

       Public reprimand and fine of MYR242,000

    2. Paragraph 9.23(b) for failure to submit the annual
       audited accounts for the financial years ended March 31,
       2005, and March 31, 2006, on or before the July 31
       deadlines.

       Public reprimand and fine of MYR254,000

                          *     *     *

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

The Company has been experiencing losses since the Asian
financial crisis in 1997.  At Dec. 31, 2006, the company's
balance sheet showed total assets of MYR160.66 million and total
liabilities amounting to MYR267.83 million.


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

A2 CORPORATION: Rolls Out a2 milk(TM) to U.S. Market
-----------------------------------------------------
A2 Corporation has launched its premium a2 milk(TM) into the
United States market through an exclusive deal with a leading
supermarket chain.

A2 Corporation's United States subsidiary, A2 Milk Company LLC,
in partnership with Original Foods Company LLC, introduced its
a2 milk(TM) product through U.S. supermarket chain, Hy-Vee,
which has stores throughout the Mid-Western states comprising
Nebraska, Iowa, Kansas, Illinois, Missouri, South Dakota, and
Minnesota.

Hy-Vee has sales of more than US$4.6 billion and more than 200
retail stores across the seven Midwestern states, and ranks
among the top 15 supermarket chains in the United States.

Anthony Lawler, CEO of A2 Corporation says the launch of a2
milk(TM) into the United States is a major platform for growth
and follows several years of solid preparation.

"A2 Corporation is very excited to now have its milk product
available in the US market which holds tremendous promise for
revenue growth and for expanding our business in one of the
biggest consumer and beverage markets in the world.  We are also
very pleased to have achieved entry into the lucrative US market
according to the time frame we set last year and look forward to
increasing our share of the market as US consumers develop a
taste for a2 milk(TM)," says Lawler.

Tim Thietje President of The Original Foods Company says that
the company is glad to be the first U.S. based company to
partner with A2 to produce a2 milk(TM) for sale to American
consumers.

"After two years of planning and hard work, The Original Foods
Company is very excited to launch The Original Foods Company a2
milk(TM) into more than 200 Hy-Vee Food and Drug stores across
the Mid-West.  a2 milk(TM) delivers on our mission to sell
premium quality, natural and functional foods, and our close
working relationship with A2 and Hy-Vee supermarkets offers the
opportunity to work with partners that share our vision," says
Thietje.

Lawler also says that the launch of a2 milk(TM) into the US
follows a concerted programme to develop the market which the
company has been working on for some time and which it plans to
extend beyond the Mid-West.  Lawler would also like to thank
Ideasphere Inc. (A2 Corporation's joint venture partner in USA)
whose effort, support and expertise has been critical in the a2
milk (TM) launch.

Cliff Cook, A2 Corporation's Chairman stated that "the company
now knows the US beverages market in detail via consumer and
market studies as well as in depth discussions we've had with
producers, distributors and retailers.  We look forward to
extending a2 milk(TM) beyond the initial select market of the
Mid-West into other parts of the US which provides the best
business environment in the world to grow our product."

New Zealand-based A2 Corporation Ltd. --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products.  The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk.  During the fiscal year ended March 31,
2006, the company acquired A2 Australia Pty Ltd.  In April 2006,
the company reacquired the business of A2 Australia Pty Ltd from
F&N Dairy Investments Limited.  A2 Milk Company LLC provided the
Company with a research basis for launching A2 Milk in the North
American market.

The company suffered net losses of NZ$925,847 and NZ$9,017,633
for the years ended March 31, 2006, and March 31, 2005,
respectively.


ANYING AUCKLAND: Wind-Up Petition Hearing Set for June 7
--------------------------------------------------------
A petition to wind up the operations of Anying Auckland City
Ltd. will be heard by the High Court of Auckland on June 7,
2007.

Manjeet Singh Chawla filed the petition on Feb. 27, 2007.

Manjeet Singh's solicitor is:

         H. M. Lim
         c/o Manjeet Singh Chawla
         Level 6, 5 High Street
         Auckland 1010
         New Zealand


BANJO HOLDINGS: Names Grant Mackintosh as Liquidator
----------------------------------------------------
Banjo Holdings liquidated its business on Feb. 5, 2007, and
Grant MacKintosh was appointed as liquidator.

Mr. MacKintosh can be reached at:

         Grant MacKintosh
         PO Box 794, Hamilton
         New Zealand
         Telephone:(07) 834 6804
         Facsimile:(07) 838 3191


CELCOTE LTD: Commences Liquidation Proceedings
----------------------------------------------
On Feb. 28, 2007, Celcote Ltd. commenced its liquidation of
business and appointed Kim S. Thompson as liquidator.

The Liquidator can be reached at:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6104


ELITE HORSE: Taps Kim S. Thompson as Liquidator
-----------------------------------------------
On Feb. 21, 2007, it was resolved through a special resolution
to wind up the operations of Elite Horse Transport Ltd.

Kim S. Thompson, Chartered Accountant of Hamilton, was appointed
as liquidator.

Ms. Thompson can be reached at:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6104


K-1 NEW ZEALAND: High Court to Hear Wind-Up Petition on June 7
--------------------------------------------------------------
On March 5, 2007, Show Light and Power Limited filed a petition
to wind up the operations of K-1 New Zealand Ltd.

The petition will be heard before the High Court of Auckland on
June 7, 2007, at 10:00 a.m.

Show Light's solicitor is:

         J. B. Murray
         c/o Vallant Hooker & Partners
         19 Blake Street (PO Box 47088)
         Ponsonby, Auckland
         Auckland
         Telephone:(09) 360 0321
         Facsimile:(09) 360 9292


KAMICARZI AUTOMOTIVE: Court to Hear Wind-Up Petition on June 14
---------------------------------------------------------------
Humphry Delautour filed on March 1, 2007, a petition to wind up
the operations of Kamicarzi Automotive Ltd..

The Court will hear the petition on June 14, 2007 at 10:00 a.m.

Humphry Delautour's solicitor is:

         Malcolm Whitlock
         c/o Debt Recovery Group NZ Limited
         149 Ti Rakau Drive
         Pakuranga, Auckland
         New Zealand


LIBERTY INVESTMENTS: Wind-Up Petition Hearing Set for May 24
------------------------------------------------------------
On Feb. 9, 2007, Westpac New Zealand Limited filed a petition to
wind up the operations of Liberty Investments Holdings (NZ) Ltd.

The High Court of Auckland will hear the petition on May 24,
2007, at 10:45 a.m.

Westpac's solicitor is:

         M. M. B. Van Ryn
         c/o Simpson Grierson
         Level 27, 88 Shortland Street
         Auckland
         New Zealand


NISHIDA YOUNG: Faces Lowndes Jordan's Wind-Up Petition
------------------------------------------------------
On May 24, 2007, the High Court of Auckland will hear a petition
to wind up the operations of Nishida Young Pacific Ltd.

Lowndes Jordan filed the petition with the Court on Feb. 27,
2007.

Lowndes Jordan's solicitor is:

         L. M. L. Lim
         c/o Lowndes Jordan
         Level 22, The ANZ Centre
         23-29 Albert Street, Auckland
         New Zealand


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

CENTRAL AZUCARERA: Appoints Sycip Gorres and Velayo as Auditors
----------------------------------------------------------------
Central Azucarera de Tarlac has appointed Sycip Gorres and
Velayo & Co. as its external auditors for the year 2007 in an
organization meeting of the company's board of directors on
April 19, 2007.

In the meeting, the board also elected the company's officers,
as:

   Pedro Cojuangco - President & Chairman of the Board
   Josephine C. Reyes - Vice President & Treasurer
   Jose Cojuangco, Jr. - Vice President
   Ernesto G. Teopaco - Vice President
   Nereo C. Mendoza - Asst. Vice President  and Asst. Treasurer
   Emmanuel G. Gochico - Asst. Vice President
   Arcadio M. Lopez - Secretary
   Fernando C. Cojuangco - Asst. Secretary

Georg Weber-Hoehl, Jose Manuel Lopa, Fulgencio Factoran, Jr. and
Ms. Reyes were elected to the audit committee.

Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.

                     Going Concern Doubt

Belinda B. Fernando, CPA, partner at auditing firm Sycip Gorres
Velayo & Co., points out in an independent auditors report that
the company's ability to continue as a going concern depends on
the successful implementation of its planned initiatives to
increase revenue and reduce costs, the finalization of the
ongoing settlement with creditor banks and the settlement of
intercompany accounts with related parties.

The Troubled Company Reporter - Asia Pacific reported on Feb.
28, 2007 that Central Azucarera's net loss narrowed by 84% to
PHP87.48 million for the fiscal year ended June 30, 2006, from
the PHP548.98-million incurred during the year ended June 30,
2005.


MANILA ELECTRIC: Customers Get PHP0.56 Per kWh Refund in May
------------------------------------------------------------
The Manila Electric Co. is set to refund PHP0.56 per kilowatt-
hour (kWh) in May 2007 to consumers after it implemented a
generation charge adjustment for November and December 2006, the
Philippine Star reports.

The Star relates that MERALCO Head for Utility Economics Ivanna
de la Pea said that the refund stemmed from the "mistake" in
the collection scheme based on the provisional authority granted
by the Energy Regulatory Commission.  The ERC had found a
"technical slip" on its part that prompted MERALCO to submit a
proposal on how to refund the "mistake in collection."

The report explains that the 56-centavo increase was included in
the bills of MERALCO customers under the category "other
charges."  The total amount of adjustments were calculated to
represent November 2006 generation charge adjustment; December
2006 generation charge adjustment; November 2006 system loss
charge adjustment; December 2006 system loss charge adjustment
plus applicable value added taxes.

Ms. Dela Pea, however, clarified the amount of refund would
depend on the consumption of the customers during the period.

In a corporate disclosure to the Philippine Stock Exchange,
Meralco confirmed the refund of PHP0.2806 per kWh for the two
months of Nov. and Dec. 2006.  The company, however, also added
that it has filed a motion for reconsideration of the refund
order.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around
PHP4.7 billion.


MANILA ELECTRIC: Philippine Government Plans Divestiture
--------------------------------------------------------
The Philippine Government hopes to raise at least PHP55 billion
in additional revenues "within the year" from the sale of its
stake in food and beverage giant San Miguel Corp. and Lopez-
controlled Manila Electric Co., according to the Manila
Standard.

The Standard quotes the Philippines' Finance Secretary Margarito
Teves as saying that the government was confident of disposing
the big-ticket items within the year to compensate for the
lower-than-expected tax revenues.

According to the Standard, Secretary Teves adds that the
government aimed to raise PHP50 billion from the sale of its
stake in San Miguel and another PHP5 billion from its direct
interest in electricity giant Meralco.

The report explains that the government hopes to trim the budget
deficit to PHP63 billion or 0.9% of gross domestic product from
an eight-year low of PHP64.8 billion or 1% of GDP last year.

The government, however, incurred a deficit of PHP52 billion in
the first quarter of the year, breaching the PHP45.8-billion
goal by PHP6.2 billion.  The gap in the first three months of
the year was 23.1% lower than the PHP67.6 billion deficit
incurred in the same period last year.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around PHP4.7
billion.


MARIWASA MANUFACTURING: Posts PHP201.37 Million Net Loss in 2006
----------------------------------------------------------------
Mariwasa Manufacturing Corporation reported a net loss of
PHP201.37 million for the year ending December 31, 2006, a
disappointment after the company posted a PHP17.92 million net
income a year earlier.

Gross profit decreased to 17.27% in 2006 compared to 20.98% in
2005 and 18.29% in 2004.  Cost of goods sold increased by 3.71%
this year because of the losses that were incurred, specifically
on repairs and maintenance, when typhoon "Milenyo" struck South
Luzon during the third quarter of 2006.  Power and fuel
consumption also increased by 9.10% due to the net effect of the
price increase on petroleum products during the year.  Without
consideration of the latter facts, the company was able to
reduce direct raw materials cost by 3% due to cost reduction
efforts through sourcing of cheaper good quality raw materials,
and continuous reformulation of product components.

Operating expenses increased to 16.94% from last year's 13.60%
or by 3.34%.  This is attributed to the increase in personnel
cost by 6.39% or about PHP7.5 million due to the merit increase
and distortion that were given as a result of the implementation
of the across-the-board wage order sometime in January and June
of 2006.  Also, significant increase in handling and delivery
cost resulted, about 12.18%, due to the increase as effected on
trucking and shipping rates particularly for the regions of
Visayas and Mindanao and the increase in arrastre expenses that
were being charged on loose cargos.

Advertising expenses blew up to PHP54.02 million in 2006
compared to PHP18.89 million in 2005.  This is due to the
aggressive campaign to promote the company's products, most
especially during the introduction of the anti-bacterial tiles
during the first quarter of 2006.

Increase in other charges to 10.14% from last year's 5.41% is
due to the provision of allowance for inventory obsolescence for
various inventories aging 1 year and over amounting to PHP56.6
million; inventories that was written-off because of the damaged
incurred brought about by the typhoon "Milenyo" amounting to
PHP14.27 million; and the impairment loss on investments
amounting to PHP3.75 million.

Though the company has suffered much losses this year, the Group
is determined to improve its operations by increasing its
production efficiencies and reducing its overall cost,
consolidating and utilizing its capacities, continue downsizing,
expanding potential market to increase revenue, and
strengthening credit control to avert potential bad debts.

As of December 31, 2006, the company had total assets of PHP3.53
billion, and total liabilities of PHP3.57 billion, giving the
company a capital deficiency of PHP38.01 million.

                      Financial Highlights

                          2006     2005     2004     Ave.
                        -------- -------- -------- --------
      Sales growth       -6.34%   -0.62%   11.73%    1.59%
      Return on sales   -11.49%    0.96%   -9.87%    -6.8%
      Return on assets   -5.76%    0.49%   -4.75%   -3.34%
      Return on equity  529.74%   10.65%  -86.50%   151.3%
      Current ratio       0.23     0.23     0.23     0.23
      Debt-equity ratio -93.80    20.88    17.21   -18.57

Sales had dropped by 6.34% in 2006.  The decline is mainly
attributed to the decrease in sales volume due to the continuing
competition with the imported tiles that is dominating the
Philippine market due to lower prices.

To address this concern and improve sales in the coming years,
the company will be working intensely to expand its distribution
networks, improve its brand equity through assertive promotions
and advertisements, and innovative designs in order to maintain
market leadership.

Profitability

The company's return on sales is -11.49% in 2006. This is due to
the net loss that was incurred in 2006 contrary to 0.96% net
income in 2005.

Return on assets is -5.76%, 0.49%, and -4.75% for the years
2006, 2005, and 2004 respectively.

Return on equity is 529.74%, 10.65%, and -86.50% for the years
2006, 2005, and 2004 respectively.

Solvency

The company's current ratio remains the same to 0.23 for the
past three years.  This is still due to the deferral of
principal and interest payments with creditor banks because of
the pending completion of the restructuring agreement that
deemed the long-term obligations demandable.

Negotiations for the said loan restructuring with the concerned
banks have been going on during the year and hopefully to be
completed before the end of 2007. This restructuring is believed
to ease the company's liquidity position in terms of savings on
interest payments.  Aside from the pending negotiation, the
company sees no liquidity problem in the next twelve (12)
months.

The debt-to-equity ratio is -93.80, 20.88, and 17.21, in 2006,
2005, and 2004 respectively.

          Material Changes in the Financial Statements


The following are the summary of items that has material change
in the financial statements:
                               2006     2005    Change
                             -------- -------- --------
Cash and cash equivalents    257,830  128,019     101%
Receivables (net)            125,066  188,761     -34%
Inventories                  323,491  407,354     -21%
Investments                   13,456  17,207      -22%
Accounts payable and
accrued expenses             922,749 783,284       18%

Cash and cash equivalents increased by 101%.  The increase came
mainly from operating activities.  The company has reserved
funds to support pending negotiations on loan restructuring.
Net cash inflows from operating activities amounted to PHP194.88
million. Cash out flow of PHP36.32 million where used to pay for
short-term loans and long-term obligations.

Receivables decreased by 34% as of December 31, 2006.  Sales
performance was affected due to the slackened economic growth as
well as stiff competition from cheap imported tiles resulting to
reduced sales volume, negative growth rate and low product
demand.  Most distributors also took advantage of the discounts
provided by the "Cash-Before-Delivery" (CBD) mode of
payment that has commenced in May 2006.

Inventories decreased by 21%.  This can be attributed to reduced
importation costs and delivery lead time as part of the
improvement in the inventory management program.

Accounts Payable and accrued expenses increased by 18% due to
additional accruals on retirement benefit and delay in the
payment of suppliers.

The company's transactions with its subsidiaries and other
related parties help the company to endure during periods of
inconveniences. There were no new relationships created during
the year with unconsolidated entities.

                       Significant Doubt

Aileen L. Saringan at Sycip Gorres Velayo & Co. raised
significant doubt on Mariwasa's ability to continue as a going
concern citing the company's recurring net losses and capital
deficiency.  Ms. Saringan also said that "in addition, the
parent company and its major subsidiary have not complied with
certain loan covenants with creditor banks."

The company's financials can be obtained for free at:

   http://bankrupt.com/misc/mariwasa2006.pdf

Pasig City, Philippines-based Mariwasa Manufacturing Corporation
-- http://www.mariwasa.com/-- manufactures and sells glazed
ceramic floor tiles in various sizes, colors and designs via a
distribution network that spans the whole archipelago.  The
company has 76 distributors and a significant number of
exclusive distributors nationwide.  Aside from the local market,
Mariwasa tiles also exports to foreign markets such as the
United States and Hong Kong, among others.


PICOP RESOURCES: Reports Third Consecutive Annual Net Losses
------------------------------------------------------------
PICOP Resources, Inc., posted a net loss of PHP31.385 million
for the year ending December 31, 2006, against PHP366.574
million and PHP237.609 million net losses for the years 2005 and
2004, respectively.

                     Results of Operations

Paper operations suffered from low production, mainly due to the
recurring shortages of raw materials, particularly pulpwood
supply.  The unusually long rainy season which made most logging
roads impassable during the year thus affecting the delivery of
pulp logs to the mills coupled with frequent plant equipment
shutdowns due to conversions of the boiler from bunker to coal
was the reason for low productivity.

For timber products, business year 2006 was still a lean year as
most of logging areas operated are now at inner set-ups and with
the unusually long rainy season machine productivity was
affected thus delivery of log input for sawmilling were limited.

Accordingly, sales for year 2006 decreased by 6% from PHP1.541
billion in 2005 to PHP1.444 billion in 2006 and PHP1.698 billion
in 2004.  Cost of sales increased slightly from PHP1.462 billion
in 2005 to PHP1.546 billion in 2006 and was PHP1.572 billion in
2004.

Thus, for the year, the company realized a gross loss of PHP102
million as against a gross profit of PHP79 million in 2005 and
PHP126 million in 2004.

The market for newsprint was stable throughout 2006. There was
no significant movement in prices.

The market for Kraft linerboard, however, was rather weak.  The
transfer of certain locators in export processing zones to
countries with lower costs and the decline in purchases of
appliances have reduced the over-all demand for packaging
products.

Newsprint production for the year was 36,228 MT this was 14%
lower compared to last year's 42,070 MT and 16% lower compared
to year 2004.  Production for linerboard, meanwhile reached
12,754 MT in 2006, or 21% lower than last year and 50% lower
than year 2004.

Significant improvements achieved during the years was the
almost 100% use of local wood specie in the production of
regular
paper products while at the same time maintaining and even
improving the qualities of the products.

The belief of requiring the use of long fiber pulp, which has to
be imported, to produce competitive products has been modified.

Sales for paper products decreased by PHP198 million or 16% as
against 2005 and by 22% or PHP306 million in 2004. Manufacturing
costs of paper products decreased by 10% or PHP130 million in
2006 as against 2005 and 10% or PHP127 million in 2004.  Fuel
and utilities comprise 20% of manufacturing costs in 2006 and
were 22% and 25% in 2005 and 2004 respectively.
Timber revenues increased by PHP101 million or 37% this year as
against 2005 and by PHP52 million or 16% as against 2004.
Total manufacturing cost increased by PHP179 million or 49% this
year as against 2005 and increased by PHP83 million or 18% as
against 2004.

General and Administrative expenses were down to PHP254 million
this year from PHP264 million in 2005 and PHP205 million in
2004. The recognition of gain from debts restructuring of PHP625
million significantly improved results of operations for the
year.  The company registered a net loss of PHP31 million for
year 2006 from PHP367 million in 2005 and PHP238 million in 2004
or 91% lower compared to 2005 and 87% lower compared to year
2004.

The spin off of the paper operation was effected in October 2003
and was done on a staggered basis.  In 2006, the company
transferred PHP452 million worth of property plant and equipment
to NEW PIC in exchange for PHP4.5 million shares with a par
value of PHP100 per share as full payment for the company's
subscription to NEW PIC shares of stocks.  This move will lead
to a more effective organization as the industrial activity is
segregated and treated separately from the other operations of
the company.

                       Financial Position

The increase of due from related companies by PHP24 million or
30% is due to increase in receivables from its affiliates
particularly MBFRTI, the company's marketing and purchasing
agent.  Inventories decreased by PHP184 million or 27% due
mainly to decrease in materials & supplies inventories and paper
products inventories.

Current Portion of biological assets increased by PHP82 million
or 11% mainly due to change in fair value and classification
from non-current to current.  Decrease in prepayments by PHP9
million or 15% was mainly due to application of deferred value-
added tax against this year's VAT payable.

Increase in Investment property pertains to land not used in
operation.  Biological Assets-non current decreased by PHP143
million or 24% due to transfer of some assets to current portion
and decreased in change in fair value.  Other non current assets
increased by PHP32 million or 54% due to increase in deferrals.

Loans payable decreased by PHP29 million or 7% due to decrease
in liabilities under trust receipts.

Trade payables decreased by PHP59 million or 7% mainly due to
payments made on trade transactions with related companies. Due
to related parties increased by PHP38 million or 32% which
represents freight charges.  Current portion of long term debt
decreased by PHP1.092 billion or 98% mainly due to payments and
transfer of some amount to long term debt - non current.
Accrued Expenses and other payables increased by PHP348 million
or 31% due to unpaid charges for light and power and customs
duties on importations payable.  Accrued interest and other
financing charges decreased by PHP39 million or 51% mainly due
to the condonation of interest and penalties as part of the
third restructuring agreement with Land Bank of the Phils.
Long-term debt - non-current increased by PHP546 million or 100%
this is the effect of the approval of the loan agreement with
LBP. As a consequence, portion of the loan was classified as
long term loan non-current.

Pension liability increased by PHP11 million or 25%.  Deferred
income tax liability increased by PHP110 million or 141% mainly
due to the unamortized discount of long term debt of PHP115
million.

Except for additional import and/or trust receipt loans, there
is no plan to raise additional funds from external sources
within the next twelve months.  The company has to operate from
the internally generated funds.  Because of continuing losses,
the company's financial position has been restricted.

Its debt-to equity ratio has gone from 2.84:1 by 2004 to 4.76:1
by end 2005 and 4.74 by end of 2006.

Accordingly, its current ratio has also moved from 0.82:1 at end
2004 to 0.46:1 by end 2005 and .57:1 by end of 2006. Increased
of the current ratio was mainly due to the classification of the
portion of long-term debt to non-current liability.  The
approval of the loan restructuring resulted to the reduction of
accrued interest and other financing charges and also reduction
of the long term debt.

                   Key Performance Indicators

The company's top five (5) key performance indicators are
identified by comparing the current financial results against
prior years (in thousands, PHP):

                            Projection    Actual       Actual
                               2006        2006         2005
                           -----------  -----------  -----------
Revenue and Operating
Results

   Sales                    1,516,174    1,443,975    1,540,700
   Cost of Sales            1,623,290    1,545,990    1,461,613
   Operating Expenses/
   General Admin              193,084     (179,122)     415,250
   Net Loss                   330,600       31,385      366,574

                           Cash Flows

Cash as of December 31, 2006, 2005, and 2004 were PHP6.959
million, PHP4.959 million and PHP13.149 million, respectively.
Cash generated from operation in 2006, 2005 and 2004 was PHP110
million, PHP268 million and PHP66 million, respectively.  The
operating, financing and investing activities during these years
brought about net cash handled in the amount of PHP2.0 million
and PHP6.6 million in 2006 and 2004 respectively and PHP8.2
million deficits for the year 2005.

These cash handlings were done in accordance with tight controls
over sourcing and spending implemented by the company. The cash
balances as of end of these years were conservatively
forecasted.

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

   http://bankrupt.com/misc/picop2006.pdf

                Subsidiary's Going Concern Doubt

The company also discloses that Protacio T. Tacandong at Sycip
Gorres Velayo and Co. raised substantial doubt on Hinatuan
Forest Plantations, Inc., a subsidiary's ability to continue as
a going concern, citing the subsidiary's suspension of its
operations, and deficits amounting PHP8.88 million and PHP8.87
million as of December 31, 2006 and 2005, respectively.

PICOP Resources, Inc., was incorporated in 1952 as Bislig
Industries, Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.
The company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the company
changed hands three more times.  At present, the company is
under the control of TP Holdings, Inc.

The company has two wholly owned subsidiaries, namely New Paper
Industries Corporation and Hinatuan Forest Plantations, Inc.
The financial reports of these subsidiaries are consolidated
with the financial report of the parent company Picop Resources,
Inc.  NPIC was incorporated in the Philippines to buy and sell
pulp, paper, and paper boards of every kind and description, and
the supplies used in the manufacture of thereof.  In 2003, the
parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles,
rights and interests to certain assets and equipment as payment
for the parent company's subscription to the latter's shares of
stock.  This resulted to parent company gaining control of NPIC
by owning 99% of the total voting stocks effective upon issuance
of the shares of stock.  Hinatuan, on the other hand, was formed
to engage in the production of plywood material sourced from its
plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status
and prospects of the company.


SAN MIGUEL: Philippine Government Plans Divestiture
---------------------------------------------------
The government hopes to raise at least PHP55 billion in
additional revenues "within the year" from the sale of its stake
in food and beverage giant San Miguel Corp. and Lopez-controlled
Manila Electric Co., according to the Manila Standard.

The Standard quotes the Philippines' Finance Secretary Margarito
Teves as saying that the government was confident of disposing
the big-ticket items within the year to compensate for the
lower-than-expected tax revenues.

According to the Standard, Secretary Teves adds that the
government aimed to raise PHP50 billion from the sale of its
stake in San Miguel and another PHP5 billion from its direct
interest in electricity giant Meralco.

The report explains that the government hopes to trim the budget
deficit to PHP63 billion or 0.9% of gross domestic product from
an eight-year low of PHP64.8 billion or 1% of GDP last year.

The government, however, incurred a deficit of PHP52 billion in
the first quarter of the year, breaching the PHP45.8-billion
goal by PHP6.2 billion.  The gap in the first three months of
the year was 23.1% lower than the PHP67.6 billion deficit
incurred in the same period last year.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.


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

ADVANCED MICRO: S&P Rates US$1.8 Billion Senior Notes at B-
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.'s.

"At the same time, we assigned our 'B-' rating to the company's
planned sale of US$1.8 billion in senior unsecured convertible
notes due in 2015," said Standard & Poor's credit analyst Bruce
Hyman.  The outlook is negative.

Proceeds of the new issue will be used in part to repay
US$500 million of the company's term loan, and for other
corporate purposes.  The 'B-' issue rating, one notch below the
corporate credit rating, reflects the substantial amount of
secured debt in the capital structure relative to the company's
assets.

The ratings on AMD reflect subpar execution of the company's
business plans in a very challenging market, the company's
highly volatile operating performance and profitability, and
ongoing substantially negative free cash flows, in part offset
by a generally improved product line, expected adequate near-
term liquidity, and expectations that a planned change in
business model will reduce the company's asset intensity and
capital expenditures.  AMD is the second-largest supplier of
microprocessors and is a major supplier of other chips for
personal computers and consumer electronics.

                       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.


PETROLEO BRASILEIRO: Will Purchase Tubes from TenarisConfab
-----------------------------------------------------------
Brazil's state-owned oil company Petroleo Brasileiro SA has
signed a contract to buy tubes from steel tube and equipment
producer TenarisConfab, the latter said in a statement.

Business News Americas relates that the US$172-million contract
involves supplying 204 kilometers of tubes -- ranging from 24-28
inches in diameter -- for Petroleo Brasileiro's Plangas natural
gas project, which aims to increase natural gas supply in
Brazil's southeast region to some 40 million cubic meters per
day by end-2008 from the current 15 million cubic meters per
day.

TenarisConfab will start delivering the tubes in August 2007.
Delivery is expected to end in April 2008, BNamericas states.

                    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: Plan Administrators Object to Grant Thornton's Claims
----------------------------------------------------------------
David S. Rosner, Esq., at Kasowitz, Benson, Torres & Friedman
LLP, in New York, states that in July 2006, Grant Thornton LLP
filed 27 proofs of claim -- Claim Nos. 11393 through 11395 and
Claim Nos. 11527 through 11550 -- against various Debtor
entities, asserting:

   (i) US$242,804 in fees and costs for prepetition services
       rendered as the independent auditor for Refco Inc. and
       its subsidiaries, including Refco Capital Markets, Ltd.;
       and

  (ii) US$2,800,000 in attorneys fees and costs incurred in
       connection with its defense of securities litigation
       actions, including, In re Refco, Inc. Securities
       Litigation, No. 05 Civ. 8626 (GEL) (S.D.N.Y.), and In re
       Refco Capital Markets, Ltd. Brokerage Customer Securities
       Litigation, No. 06-CV-643 (GEL) (S.D.N.Y.).

Grant Thornton also asserted that it holds contingent
unliquidated claims as a result of the Securities Actions.

Grant Thornton further argued that its claims were based on the
terms of its relationship that was memorialized in various
engagement letters or contracts with (i) Refco group Ltd., LLC,
and its subsidiaries, including RCM, and (ii) New Refco Group
Ltd., LLC.

Pursuant to their Chapter 11 Plan, and as of the Effective Date,
the Reorganized Debtors and Marc S. Kirschner, as the then-
Chapter 11 Trustee for Refco Capital Markets, Ltd.'s estate,
established a litigation trust for the pursuit of any and all
Contributed Claims, including litigation claims of the Debtors,
RCM, or their estates.  The Litigation Claims include any and
all claims, rights of action, suits or proceedings that any
Debtor or RCM may hold.

Mr. Rosner states that the Litigation Trust is currently
investigating Grant Thornton in connection with its conduct with
respect to the Debtors and RCM and its relationship and role
with respect to the Debtors' collapse.  The investigation may
lead to the assertion of affirmative claims by the Litigation
Trust against Grant Thornton, he notes.

On March 16, 2007, Grant Thornton filed amended claims -- Claim
Nos. 14458 through 14484 -- to increase the amount of liquidated
damages asserted in each Original Claim to US$4,356,371.

On March 23, RJM, LLC, as Plan Administrator for the Chapter 11
Debtors' cases, and Mr. Kirschner, as the duly appointed Plan
Administrator for the RCM estate, objected to the Original
Claims, seeking entry of an order:

   (i) expressly reserving any and all rights, claims and
       defenses of the estates and their successors to assert
       any and all claims against Grant Thornton; to object to
       and defend against the Claims; and to obtain a full and
       fair litigation of all claims, objections and matters
       relating to Grant Thornton in an appropriate forum;

  (ii) disallowing the Claims for reimbursement of costs and
       expenses to the extent that Grant Thornton seeks
       indemnification for claims, damages, losses, liabilities,
       costs and expenses, incurred in connection with the
       Securities Actions or any other actions; and

(iii) disallowing the Claims to the extent that they assert the
       same liability against multiple Debtor entities,
       including RCM.

After reviewing the Original Claims, the Plan Administrators
have determined that each of those claims have been amended and
superseded by the Amended Claims.

Accordingly, the Plan Administrators ask Judge Drain to disallow
and expunge the Original Claims.

The Plan Administrators believe that Grant Thornton will not be
prejudiced by having their Original Claims disallowed and
expunged, because their Amended Claims will remain on the claims
registry.

Moreover, the Plan Administrators object to and seek entry of an
order with respect to the Amended Claims on the same grounds and
for the same reasons set forth in their First Objection to the
Original Claims.

                         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).


SEA CONTAINERS: Selects AP Services as Crisis Managers
------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to employ AP Services LLC to
provide them certain temporary employees and interim management
to oversee and manage their restructuring efforts.

The Debtors and AP Services executed an engagement letter on
April 12, 2007, for the firm's provision of temporary staff to
the Debtors.  Under the APS Engagement Letter, Laura Barlow will
serve as the Debtors' chief financial officer and chief
restructuring officer, and Craig Cavin will act as the Debtors'
restructuring manager.

Working collaboratively with the Debtors, Ms. Barlow and Mr.
Cavin will oversee the Debtors' evaluation and implementation of
strategic and tactical options through the restructuring
process.

As interim management for the Debtors, Ms. Barlow, Mr. Caving
and any designated Temporary Staff will, among others:

   -- manage the Debtors' financial, treasury and tax functions;

   -- oversee negotiations with potential acquirers of the
      Debtors' assets;

   -- oversee management of the "working group" professionals
      who are assisting the Debtors in the reorganization
      process or who are working for the Debtors' various
      stakeholders to improve coordination of their effort and
      individual work product to be consistent with the Debtors'
      restructuring goal;

   -- work with the Debtors to further identify and implement
      both short-term and long-term liquidity generating
      initiatives;

   -- oversee the Debtors' execution of its planned disposal
      program in respect of various non-core assets;

   -- oversee the Debtors' management of the relationship with
      its stakeholders and their advisers and in meeting its
      requirements to provide information to those stakeholders;

   -- oversee the Debtors' negotiation and restructuring of its
      current indebtedness with its key stakeholders, including
      liaising and negotiating with the different stakeholders;
      and

   -- manage other matters as may be requested by the Debtors
      that fall within APS Services' expertise and that are
      mutually agreeable.

AP Services will also occasionally provide part-time temporary
employees for certain activities related to the administration
of the Debtors' Chapter 11 cases.

AP Services will be paid a monthly fee of GBP75,000 for Ms.
Barlow's services and GBP50,000 for Mr. Cavin's services, Robert
S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, relates.

With respect to any assisting Temporary Staff member, APS
Services will be paid on an hourly rate basis:

            Assisting Member             Hourly Rate
            ----------------           ---------------
            Managing Directors         GBP485 - GBP545
            Directors                  GBP415 - GBP440
            Vice Presidents            GBP315 - GBP360
            Associates                 GBP220 - GBP285

In addition, the Debtors will pay AP Services a success fee, not
to exceed GBP500,000, for the first six-month period of the
engagement at an amount to be agreed between the parties by
May 2, 2007.

The Debtors have paid a GBP100,000 retainer to APS Services, Mr.
Brady says.  It will be applied against fees and expenses
incurred by the firm in connection with the contemplated
services.

Ms. Barlow assures the Court that AP Services does not hold or
represent any interest adverse to the Debtors' estate, and is
deemed a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

                      About Sea Containers

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

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

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 14
and 13; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants to Implement Non-Insider Retention Plan
-------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to implement a non-insider
retention plan, pursuant to Sections 363(b) and 503(c)(3) of the
Bankruptcy Code.

Since the Debtors' filing for bankruptcy, the stresses on the
Debtors' employees have continued to build as the Debtors
downsize their organization, and the workload of the remaining
employees has grown, Robert S. Brady, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, relates.
Moreover, the Debtors' difficult work environment has been
amplified by the additional requirements of running a business
in bankruptcy.

As a result of their financial difficulties, the Debtors no
longer offer their annual bonus programs.  The perceived value
of the Debtors' pension programs has also decreased and those
programs are currently closed to future accrual, Mr. Brady adds.

The circumstances translate to a loss of morale among the
Debtors' employees and instability in the workforce, Mr. Brady
says.

Under the circumstances, the Debtors believe that a more
traditional retention plan for their critical non-insider
employees is appropriate.

After careful consideration and detailed planning, the Debtors
and their compensation consultants, Towers Perrin, structured a
narrowly focused retention plan that identifies certain non-
insider, critical employees.

The Non-Insider Retention Plan provides for retention payments
to the Debtors' eligible non-insider, critical employees based
on the U.K. market but do so within the framework of a
traditional Chapter 11 retention plan, Mr. Brady states.

Under the Retention Plan, the Debtors will make cash payments in
multiple installments to 12 Eligible Employees, ranging from
GBP5,000 to GBP95,000, or approximately US$9,800 to US$186,000.

The Debtors estimate the maximum cost of the Retention Plan to
be about GBP455,000, or US$891,000, plus approximately GBP60,000
in social security costs associated with the payments.

The retention payments, Mr. Brady avers, are aimed at:

   -- narrowing the gap between the Eligible Employees' current
      compensation and market compensation;

   -- rewarding the Eligible Employees for past performance; and

   -- incentivizing the Eligible Employees to remain with the
      Debtors and continue to perform up to the requirements of
      the job.

The Debtors' senior management will also consider these factors
in determining each Eligible Employee's retention payment:

   1. The effectiveness of an Employee's position,

   2. The Employee's knowledge of the Debtors' business,

   3. The Employee's demonstration of teamwork and work ethic,

   4. The need to incentivize an Employee to continue to perform
      at a high level through the Debtors' restructuring
      process, and

   5. The harm suffered by the Debtors if the Employee leaves.

With the exception of three employees who will receive their
entire retention payment on the first installment date, the
Retention Payments will be paid in three installments on:

      (i) October 15, 2007,
     (ii) January 15, 2008, and
    (iii) April 15, 2008.

The Employees who will receive their full retention payment on a
one-time basis are those employees whose current tasks involve
overseeing the outsourcing or elimination of their departments
or whose tasks will be completed prior to subsequent
installments.

Notwithstanding the schedule of payments, the Debtors retain the
discretion to decrease or eliminate payments if any of the
Eligible Employees do not meet their objectives or other
circumstances warrant it.

The proposed cash payments are not guaranteed to any Eligible
Employee, Mr. Brady clarifies, but merely set the upper bound of
any bonus payments.

Furthermore, Eligible Employees who are terminated for cause
will forfeit their right to receive any accrued but unpaid
amounts under the Retention Plan.  For Eligible Employees who
voluntarily terminate their employment with the Debtors or who
are terminated without cause, the Board of Directors of Sea
Containers Ltd. will determine the level of vesting, if any.
Any retention payments forfeited will not become available for
reallocation to other Eligible Employees.

Mr. Brady notes that the 12 Eligible Employees identified by the
Debtors were selected on the basis of the critical nature of the
Employee's job functions to the Debtors' overall restructuring
efforts and the Employee's individual performance within those
critical functions.  Each Eligible Employee has special skills
that relate to, among other things, the Debtors' non-core asset
sales, SCL's financial interest in GE SeaCo, accounting,
payroll, tax planning and reporting, cash flow, human resources
and other operational needs.

              Retained Employee Data Confidential

The critical knowledge and skills the Eligible Employees
possess, which cannot be replaced readily on the open market,
are necessary to maintain ongoing operations and assure
successful completion of the Debtors' restructuring process, Mr.
Brady maintains.  Thus, the Eligible Employees should be
compensated at par with job market standards due to their
significant contribution to the Debtors.

The proposed Retention Plan contains highly confidential
information, Mr. Brady informs the Court, that if exposed, may
be used by the Debtors' competitors to lure the Eligible
Employees away from the Debtors' business by offering enhanced
compensation and bonuses.

Thus, the Debtors seek the Court's authority to file the
Retention Plan under seal so that it may only be made available
to the Court, the U.S. Trustee and the counsel to the Official
Committee of Unsecured Creditors for Sea Containers Ltd., Sea
Containers Services Ltd. and Sea Containers Caribbean Inc.

                       About Sea Containers

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

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

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 14
and 13; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


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

KASIKORN BANK: Earns THB3.877 Billion in First Quarter of 2007
--------------------------------------------------------------
Kasikorn Bank Public Company Limited and its subsidiaries
recorded net operating income of THB3.877 billion for the first
quarter of 2007, increasing from the preceding quarter by
THB448 million or 13.07%.

   * Total interest and dividend income, down by THB392 million
     or 2.70% over the preceding quarter.

   * Interest income from loans decreased by THB134 million in
     this quarter, because the bank reduced its lending rates by
     0.25%.

   * Interest income from Interbank and money market items
     decreased THB360 million, stemming mainly from asset
     allocation from investments in the BoT Repurchase market to
     loans which  generate higher yields.

   * Interest expenses dropped from the previous quarter by
     THB326 million or 5.81%, due largely to a drop in interest
     expenses on short-term borrowing totaling THB236 million,
     or 58.71%, following the redemption of short-term
     debentures.  The bank had sufficient liquidity, due to an
     increase in deposits.  However, the bank was able to
     maintain interest expenses on deposits at the same level,
     by reducing fixed-term deposit rates by 0.25-1.25%.  The
     interest rate reduction therefore helped offset higher
     expenses from the increase in deposits.

   * Non-interest income, up by THB251 million or 6.34% from the
     preceding quarter.

   * Gain on investment up by THB423 million or 1,839.13% from
     the preceding quarter.

   * Total non-interest expenses, down from the preceding
     quarter by THB1.265 billion or 16.30% due mainly to the
     higher promotion and public relation expenses, the bank's
     strategic projects expenses and provision for bonus as a
     result of the bank's strategic projects in the preceding
     quarter.

   * Income tax expense, up from the preceding quarter by
     THB1.593 billion or 2,746.55%, due mainly as a result of
     tax benefit from Ploy Asset Management Company Limited
     liquidation already deregistered from the Ministry of
     Commerce on December 22, 2006 in preceding quarter.

As of March 31, 2007, the bank had total assets of THB942.747
billion, total liabilities of THB848.777 billion and total
shareholders' equity of THB93.971 billion.

Significant changes in the asset side of the bank's balance
sheet includes:

   * Investment in the bond repurchase market with the Bank of
     Thailand, down by THB10.500 billion or 47.30% as the result
     of the bank's liquidity management.

   * Investment (net) up by THB7.954 billion or 7.80%

   * Loans, up by THB7.615 billion or 1.12% due mainly to an
     increase of new loans (after repayment) amounted to
     THB8.616 billion while loan written off amounted to
     THB1.001 billion in this quarter.   In the first quarter of
     2007, net NPLs decreased while gross NPLs slightly
     increased.  The increase was due in part to the bank's more
     rapid, conclusive approach to lingering bad debt to reflect
     the changing economic condition.   Higher gross NPLs were
     also due in part to an increase in new NPLs.

The items in the liabilities and shareholders' equity side
having significant changes are as follows:

   * Deposits, up from the preceding quarter by
     THB22.570 billion or 3.01% due mainly to a growth in fixed
     3 months deposits.

   * Short-term borrowings, down from the preceding quarter by
     THB19.341 billion or 72.66% due to  maturity of short-term
     debentures in this quarter.

   * Shareholders' equity, up by THB5.608 billion or 6.36% as a
     result of operational, net income of THB3.877 million for
     this quarter.

The bank's financials is available for download at:

   http://bankrupt.com/misc/kbankq1.pdf

Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The bank currently carries Moody's Bank financial strength
rating of D+.

On October 24, 2006, the Troubled Company Reporter - Asia
Pacific, reported that Fitch Ratings affirmed the ratings of
Kasikornbank 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.

After the rating action, Kasikorn's ratings are as:

    * Individual C;
    * Support 2;


KASIKORN BANK: Divests Entire Stake in Phatra Real Estate
---------------------------------------------------------
Kasikorn Bank Public Company Limited and its subsidiaries,
Phethai Asset Management Co.,Ltd. and Kasikorn Asset Management
Co., sold their entire stake in Phatra Real Estate PCL to Muang
Thai Life Assurance Co.,Ltd. and Muang Thai Fortis Holding Co.,
Ltd., Kasikorn Bank disclosed to the Stock Exchange of Thailand.

The bank and its subsidiaries sold a total of 309,818,339 shares
-- 16,500,000 ordinary shares and 293,318,339 preferred shares
-- for THB201,381,920.35

Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The bank currently carries Moody's Bank financial strength
rating of D+.

On October 24, 2006, the Troubled Company Reporter - Asia
Pacific, reported that Fitch Ratings affirmed the ratings of
Kasikornbank 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.

After the rating action, Kasikorn's ratings are as follows:

    * Individual C;
    * Support 2;

Fitch Ratings-London/Hong Kong-23 April 2007: Fitch Ratings has
affirmed the Democratic Socialist Republic of Sri Lanka's
foreign and local currency Issuer Default Ratings ("IDRs") of
'BB-' (BB minus) with a Negative Outlook. The Country Ceiling is
affirmed at 'BB-' (BB minus) and the Short-term foreign currency
rating at 'B'.


THAI-GERMAN PRODUCTS: SET Allows Transfer into Industrials Group
----------------------------------------------------------------
The Stock Exchange of Thailand has transferred Thai-German
Products Public Company Limited's securities from the non-
performing group to industrials group (industrial materials &
machinery sector) starting May, 3 2007, the SET says in a
directive to the company.

The Troubled Company Reporter - Asia Pacific reported on
April 13 that the company posted a net profit of THB35,554,060
for the year ended Dec. 31, 2006, a turnaround from the
THB29,468,149 net loss the company posted for the year  ended
Dec. 31, 2005.  The company also had a total shareholders'
equity of THB126,667,262 on total assets of THB1,844,937,566 and
total liabilities of THB1,718,270,304, the TCR-AP report ads.

TGPRO submitted its request for approval to remove the causes of
possible delisting on Apr. 11.  The SET agrees that:

   * TGPRO demonstrated that it has been earning net operating
     profits in 2006 from their core business (the manufacturer
     of stainless products).

   * TGPRO's financial statements ending December 31, 2006 shows
     positive shareholder's equity.

   * The auditor's report has expressed an unqualified opinion
     in financial statements since 2004.

   * TGPRO has demonstrated in a stable financial position and
     continuing robust performance.

   * The Central Bankruptcy has issued an order to terminate the
     Business Rehabilitation of TGPRO on Nov. 30, 2006.

The SET adds that the company's strategic shareholders and nine
persons of who were allotted ESOP warrants by the executive
management confirm to the SET that they would not sell their
securities within one year from the day the company resumes
trading under the industrial materials & machinery sector.

The SET has further limited the selling of their shares not to
exceed 25% during the first six months after the resumption of
trading. Selling of their shares up to an additional 25% is
allowed during the period of the next six months.

To allow the market to work effectively, the SET will
temporarily lift the ceiling and floor limits traded on the main
board on TGPRO's securities on May 3, 2007.

Thai-German Products Public Co., Ltd --
http://www.tgpro.co.th/-- manufactures stainless steel pipe,
tube, and sheet in Thailand under the name "TGPRO" founded by
Pracha Leelaprachakul in 1973.

                      Going Concern Doubt

On Feb. 27, 2007, after auditing the company's consolidated
financial statement for the first half period of 2006, Chaovana
Viwatpanachati at Petisevi & Company, expressed doubt on the
company's ability to continue as a going concern and its ability
to accomplish the remaining rehabilitation plan.


THAI-GERMAN PRODS: Issues 24 Mil. Warrants to Minor Shareholders
----------------------------------------------------------------
Thai-German Products Public Company Limited disclosed with the
Stock Exchange of Thailand that it has issued and offered
24,379,943 non-transferable warrants to the its minor
shareholders.

The warrants were issued on April 10 and has a 39-day term.

Using an exercise ratio of 1 warrant : 1 ordinary share, The
warrant holders shall be entitled to exercise all their rights
to purchase the company's ordinary shares at one time on May 18,
the exercise date.  All unexercised warrants will expire on the
same day.  The company has 24,379,943 reserved shares, which
amounts to 7.51% of total paid-up shares as of Dec. 31, 2006.

Thai-German Products Public Co., Ltd --
http://www.tgpro.co.th/-- manufactures stainless steel pipe,
tube, and sheet in Thailand under the name "TGPRO" founded by
Pracha Leelaprachakul in 1973.

                      Going Concern Doubt

On Feb. 27, 2007, after auditing the company's consolidated
financial statement for the first half period of 2006, Chaovana
Viwatpanachati at Petisevi & Company, expressed doubt on the
company's ability to continue as a going concern and its ability
to accomplish the remaining rehabilitation plan.



                            *********


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.

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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***