TCRAP_Public/070503.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, May 3, 2007, Vol. 10, No. 70

                            Headlines

A U S T R A L I A

ABTAL PTY: Priority Creditors Must Prove Debts by May 18
AMERICAN-CANADIAN OIL: Auditor Raises Going Concern Doubt
GLEN THORNE: Members' Final Meeting Set for May 24
HIH INSURANCE: Ex-Chairman to Stand Trial on Criminal Charges
HIRLANDS PTY: Will Declare Final Dividend on May 25

JESTON PTY: Members & Creditors to Meet on May 24
JOHN KINROSS: Enters Voluntary Liquidation
JPR (QLD): To Declare Dividend for Unsecured Creditors on May 25
PSIVIDA LTD: Non-exec Director Resigns, Announces Board Change
SEAGULL AUSTRALIA: Liquidator to Present Wind-Up Report

SYMBION HEALTH: Moody's Reviews Rating for Possible Downgrade
WOOLBROOK PTY: Members to Hold Final Meeting on June 1


C H I N A   &   H O N G  K O N G

BODY CENTRAL: Undergoes Voluntary Liquidation
CHINA SOUTHERN: Picks Goodrich to Supply Gears for Boeing Planes
DYNAMIC GLOBAL: Posts HK$76.95 Million Loss in 2006
GAIN FIELD: Members' Final Meeting Set for May 31
GIANT BEST: Members' Final General Meeting Set for May 28

HARTCOURT COMPANIES: Posts US$1.3MM Loss in Qtr. Ended Feb. 28
LAND BEST: Members' Final Meeting Set for May 31
MOSAIC CO: Planned Loan Reduction Cues S&P's Positive Outlook
PORTFAITH INTERNATIONAL: Members to Meet on May 28
RICHE MONDE: Members to Hold Final Meeting on May 28

RINOL ASIA PACIFIC: Liquidators Quit Posts
ROAD KING: To Sell US$300 Mil. Bonds to Buy Lands & Finance Debt
ROAD KING: S&P Rates Proposed US$300 Million Bond Issue at BB
SENIOR HOME: Enters Wind-Up Proceedings
SUCCESS INFORMATION: Settles Loan Dispute with Everbright Bank

SUPERIOR ESSEX: Improved EBITDA Cues Moody's to Lift Ratings
TURBO MARK: Members to Hear Wind-Up Report on May 31
WINFIELD LEGEND: Members Final Meeting Set for May 29
YIU FAI: Liquidator to Present Wind-Up Report on May 28
ZTE CORP: Bags US$200 Million Gear Order from Ethiopian Firm


I N D I A

BAUSCH & LOMB: Earns US$14.9 Million in Year Ended Dec. 31, 2006
BPL LTD: Restructuring of NCDs Cues CRISIL to Withdraw Ratings
GENERAL MOTORS: Three Execs Continue Voluntary Salary Reductions
SAMTEL COLOUR: Posts INR249.4MM Net Loss in Qtr. Ended March 31
SAMTEL COLOUR: A. Ganguli and R. Ramnath Cease Director Post

SOUTHERN IRON: Net Profit Up 14% in Quarter Ended March 31, 2007
SPICEJET LTD: Posts INR214 Mil. Net Loss in Qtr. Ended Feb. 28
SPICEJET: Purchases 10 Boeing Aircraft for US$700 Million


I N D O N E S I A

AFC ENTERPRISES: Inks Credit Pact Allowing Repurchase of Stock
ANEKA TAMBANG: 1st Qtr. Profit Rises 719% to IDR1.07 Trillion
AVNET INC: To Build New Integration & Logistics Facility in U.S.
BANK NEGARA: 1Q Net Profit Rises 73.63% to IDR398.77 Billion
GARUDA INDONESIA: Responds to Qantas Holidays' Accusations

HANOVER COMPRESSOR: Earns US$25.4 Million in 1st Quarter 2007
MEDCO ENERGI: Unit Discovers Gas in Galveston, Texas
ORBITAL SCIENCES: Earns US$11.5 Million in Qtr. Ended March 31
PERTAMINA: Signs MOU w/ Korean Firms for Oil & Gas Production
TELKOMSEL: Posts 8% Increase in First Quarter Net Profit


J A P A N

ALL NIPPON: To Outsource Cargo Flights to ABX Air
JAPAN AIRLINES: To Increase Flights to India By September


K O R E A

HYUNDAI CARD: Debut Dollar Bond Priced at US$400 Million
SPATIALIGHT: Receives Delisting Notice from Nasdaq
SPATIALIGHT INC: Inks Agreements to Raise US$15.4MM Financing
TOWER AUTOMOTIVE: Files Chapter 11 Plan & Disclosure Statement
TOWER AUTOMOTIVE: Treatment of Claims Under Chapter 11 Plan

WOORI BANK: Tier-1 Bond Offering Priced at 157bp Over Treasuries


M A L A Y S I A

ARK RESOURCES: Updates Bursa on Default Status as of April 30
EKRAN BERHAD: Securities Commission Extends Plan Filing Deadline
EKRAN BERHAD: Loan Default Reaches MYR62 Million in April 2007
FEDERAL FURNITURE: Disposal of SPV Units Ends Reform Exercise
INTERPUBLIC GROUP: S&P Junks Rating on $525 Mil. Preferred Stock

STAR CRUISES: Names David Chua Ming Huat as New President


N E W  Z E A L A N D

BAYS PLASTERING: Court to Hear Wind-Up Petition on May 7
BEACH HAVEN: To Receive Proofs of Debt Until May 21
COMMERCIAL FLOORING: Faces CIR's Wind-Up Petition
HARRIS FAMILY: Proofs of Debt Must be Filed by July 12
JYRAH MANAGEMENT: Subject to CIR's Wind-Up Petition

NGUNGURU FISHERTON: Receiving Proofs of Debt Until July 12
ROSSMAN PROPERTIES: Wind-Up Petition Hearing Set for May 7
SPORTSCAR WORLD: Court to Hear Wind-Up Petition on May 28
STONE NO. 1: Creditors' Proofs of Debt Due on May 11
WES AIR CONDITIONING: Taps Whittfield & Delden as Liquidators


P H I L I P P I N E S

ACCESS WORLDWIDE: Dec. 31 Balance Sheet Upside-Down by US$1 Mil.
MANILA MINING: Completes Kalayaan Project Documentation
RIZAL COMMERCIAL: Has Paid PHP100 Million Tax Even Before Ruling
TOWER RECORDS: Assumes & Assigns IP Contracts to Caiman Holdings
* Central Bank Says Inflation Eased Significantly in Q1 2007


S I N G A P O R E

ADVANCED MICRO: Affirms B1 Corporate Family Rating
TARGUS GROUP: Moody's Downgrades All Ratings; Outlook Negative


T H A I L A N D

ADVANCE AGRO PCL: Considers Expanding Into 3 Paper Markets
DAIMLERCHRYSLER AG: UAW Doesn't Favor Magna as Chrysler's Buyer
FOUR SEASONS: Court Approves Plan of Privatization Arrangement
OMNOVA SOLUTIONS: Moody's Rates Proposed US$150MM Sr. Loan at B2
POWER-P PCL: Clarifies Revenue Drop in 2nd Quarter of 2006

POWER-P PCL: Explains THB92.91M Profit Decrease for 3Q 2006
POWER-P PCL: SET's SP Sign Remains Pending Amended Statements

     - - - - - - - -

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

ABTAL PTY: Priority Creditors Must Prove Debts by May 18
--------------------------------------------------------
Abtal Pty Ltd, which is in liquidation, requires its priority
creditors to submit their proofs of debt by May 18, 2007.

The company will declare a dividend on June 24, 2007.

The company's liquidator is:

         M. G. McCann
         Grant Thornton
         Level 4, Grant Thornton House
         102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3222 0200

                        About Abtal Pty

Located in Queensland, Australia, Abtal Pty Ltd provides
business services.


AMERICAN-CANADIAN OIL: Auditor Raises Going Concern Doubt
---------------------------------------------------------
Killman, Murrell & Company, P.C. raised substantial doubt about
Australian-Canadian Oil Royalties Ltd.'s ability to continue as
a going concern after auditing the company's financial
statements for the years ended Dec. 31, 2006, and 2005.  The
auditing firm pointed to the company's recurring losses from
operations and its limited capital resources.

For the years ended Dec. 31, 2006, and 2005, the company had
operating revenues of $42,145 and $21,151, respectively.
Revenues were generated from oil and gas.  The company incurred
net losses for 2006 and 2005 of $620,354 and $614,874,
respectively.

The company listed total assets of $1,085,996 and total
liabilities of $345,769, resulting in a total stockholders'
equity of $740,227 as of Dec. 31, 2006.

The company's December 31, 2006, balance sheet showed strained
liquidity with total current assets of $14,181 and total current
liabilities of $345,769.  A large portion of the $1,012,520 in
current assets is $1,000,000 in certificates of deposit, which
are restricted as to use.  The $1,000,000 note payable to bank
and a certificate of deposit were not renewed in 2006.  Cash on
hand as of Dec. 31, 2005 was $3,791, as compared with $2,956 on
hand as of Dec. 31, 2006.

The company plans to meet its operating expenditures from a
private placement of its restricted common stock.  It is seeking
exploration partners on its various oil and gas concessions
located in Australia.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1e24

                   About Australian-Canadian Oil

Australian-Canadian Oil Royalties Ltd. (OTC BB: AUCAF) --
http://www.aussieoil.com/-- purchases, holds and sells both
overriding royalty interests and working interests on an
international and domestic basis in Australia, Canada, and the
U.S.  ACOR's business is related to the principal products of
oil and gas.  The company has continued to be active in working
interests and royalty opportunities both domestically and
internationally.  The business of ACOR during 2006 was to make a
study of available oil and gas development acreage in Australia
and select and apply for the exploration permits on the areas,
which demonstrate a high probability of success with the maximum
rate of return for dollars invested.


GLEN THORNE: Members' Final Meeting Set for May 24
--------------------------------------------------
The members of Glen Thorne Pty Ltd will have their final meeting
on May 24, 2007, at 10:30 a.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

As reported by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Aug. 15, 2006.

The company's liquidator is:

         A. S. R. Hewitt
         Grant Thornton
         Rialto Towers, Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                        About Glen Thorne

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


HIH INSURANCE: Ex-Chairman to Stand Trial on Criminal Charges
-------------------------------------------------------------
HIH Insurance Limited's former chairman, Geoffrey Cohen, was
committed to stand trial on criminal charges of giving
misleading information to shareholders at the HIH annual general
meeting on December 15, 2005.

In a report by Sarah Veysey of BusinessInsurance.com, the
Australian Securities & Investments Commission alleges that at
the AGM, Mr. Cohen made misleading statements about the joint
venture between Allianz Australia Insurance Ltd. and HIH.

Those statements, according to ASIC, related to the effect of
the joint venture on HIH's cash flow and a payment by Allianz to
HIH, Ms. Veysey adds.

Aside from Mr. Cohen, several officers were jailed while many
other former employees have been banned by the Australian
insurance regulator, the report noted.

Ms. Veysey writes that Mr. Cohen had his bail conditions
continued and will appear in the New South Wales Supreme Court
on June 1, 2007.

                       About HIH Insurance

HIH Insurance Limited -- http://www.hih.com.au/-- the holding
company of the HIH Group, was a publicly listed company in
Australia.  Prior to its collapse, the HIH Group was known as
the second largest general insurer in Australia, and had
operations in many other countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.

                          *     *     *

On February 28, 2001, Troubled Company Reporter reported that
Standard & Poor's lowered its insurer financial strength and
counterparty credit ratings on the core operating entities of
HIH Insurance Ltd. (HIH--comprising HIH Casualty and General
Insurance Ltd., and CIC Insurance Ltd.) to triple-'B'-minus from
triple-'B'-plus. The ratings remain on CreditWatch with negative
implications, where they were placed on Sept. 13, 2000.

The ratings action follows HIH's disclosure to the market that a
current review of claims estimates, asset valuations, and
business restructuring may have a material impact on the interim
loss to Dec. 31, 2000. This clarification follows HIH's Dec. 15,
2000, disclosure of a likely operating loss for this period, and
recent market speculation on the magnitude of the loss.

Although HIH has not yet quantified the loss (it expects to
report its interim result on March 16, 2001), Standard & Poor's
believes that the loss will be outside the tolerance of the
triple-'B'-plus/Watch Neg/-- rating assigned to HIH in November
2000. Although the realization of such a loss will have a
detrimental impact on the capital position of the company in the
short term, Standard & Poor's believes a significant proportion
of the loss is attributable to once-off restructuring items and
the treatment of intangible items. As such, the outlook for the
profitability of the ongoing operations is more favorable in the
medium term.

The ratings remain on CreditWatch negative pending finalization
of the amount and composition of the half-year result, the
outcome of the strategic review currently underway, and the
extent to which the strategic review results in a supportive
capital position.

Ratings lowered, remain on CreditWatch with negative
implications:

                                  To               From

HIH Insurance Ltd.               Not Rated

HIH Casualty and General
Insurance Ltd.

      Insurer financial
      strength rating           BBB-/Watch Neg    BBB+/Watch Neg

      Counterparty
      credit rating             BBB-/Watch Neg/   BBB+/Watch Neg

      Euro floating-rate
      subordinated bonds        BB/Watch Neg      BBB-/Watch Neg

CIC Insurance Ltd.

      Insurer financial
      strength rating           BBB-/Watch Neg    BBB+/Watch Neg

      Counterparty
      credit rating             BBB-/Watch Neg/   BBB+/Watch Neg

FAI General Insurance Co. Ltd.

     Insurer financial
     strength rating            BBB-/Watch Neg    BBB+/Watch Neg

     Counterparty
     credit rating              BBB-/Watch Neg/-- BBB+/Watch Neg

HIH Insurance (Asia) Ltd.

     Insurer financial
     strength rating            BBB-/Watch Neg    BBB+/Watch Neg

     Counterparty
     credit rating              BBB-/Watch Neg/-- BBB+/Watch Neg

HIH WorkAble Ltd.

     Insurer financial
     strength rating            BBB-/Watch Neg    BBB+/Watch Neg

     Counterparty
     credit rating              BBB-/Watch Neg/-- BBB+/Watch Neg


HIRLANDS PTY: Will Declare Final Dividend on May 25
---------------------------------------------------
Hirlands Pty Ltd will declare a final dividend for its creditors
on May 25, 2007, to the exclusion of those who will not be able
to prove their debts by May 11.

The company's deed administrator is:

         K. E. Barnet
         Bentleys MRI Chartered Accountants
         GPO Box 740, Brisbane Queensland 4001
         Australia

                       About Hirlands Pty

Hirlands Pty Ltd is engaged in the trucking business, except
local.  The company is located in Queensland, Australia.


JESTON PTY: Members & Creditors to Meet on May 24
-------------------------------------------------
Jeston Pty Ltd will hold a joint meeting for its members and
creditors on May 24, 2007, at 9:30 a.m.

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

Mr. McVeigh can be reached at:

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

                        About Jeston Pty

Located in Victoria, Australia, Jeston Pty Ltd provides business
services.


JOHN KINROSS: Enters Voluntary Liquidation
------------------------------------------
At a general meeting held on April 4, 2007, the members of John
Kinross & Co Pty Ltd agreed to voluntarily liquidate the
company's business.

David Michael Stimpson and Terry Grant van der Velde were
appointed as liquidators.

The Liquidators can be reached at:

         David Michael Stimpson
         Terry Grant Van Der Velde
         c/o SV Partners Pty Ltd
         Insolvency Accountants and Risk Managers
         Web site: http://www.svpartners.com.au

                       About John Kinross

John Kinross & Co Pty Ltd is a distributor of furniture and
fixtures.  The company is located in Queensland, Australia.


JPR (QLD): To Declare Dividend for Unsecured Creditors on May 25
----------------------------------------------------------------
JPR (Queensland) Pty Ltd will declare a final dividend for its
unsecured creditors on May 25, 2007.

Unsecured claims that are not admitted by May 4, 2007, are
excluded from the company's dividend distribution.

The company's liquidators are:

         Terry Grant Van Der Velde
         Paul Desmond Sweeney
         c/o SV Partners Pty Ltd
         Insolvency Accountants and Risk Managers
         Web site: http://www.svpartners.com.au

                        About JPR (Qld)

Jpr (Queensland) Pty Ltd is involved with non-residential
construction.


PSIVIDA LTD: Non-exec Director Resigns, Announces Board Change
--------------------------------------------------------------
pSivida Limited disclosed that Dr. Roger Aston, who joined the
company's Board of Directors as a Non-executive Director in
December 2006 has resigned to focus on other activities
including his role as the CEO of his new Australian-based
company, HalcyGen Pharmaceuticals Limited.

Dr. Aston was previously a Director and Co-Founder of pSivida
and stepped down in 2005 in order to pursue other activities.
Dr. Aston rejoined the pSivida Board in December 2006 to assist
the Company in an important period in its development.

pSivida Non-executive Chairman Dr. David Mazzo said, "Dr. Aston
has been an important participant in bringing pSivida into a new
phase of development and the Company thanks Dr. Aston for his
significant contribution."

Dr. Aston said, "I am satisfied that pSivida is now well placed
to capitalize on its technology and intellectual property base.
I believe the Company's existing partnerships provide a solid
long-term foundation for the company to grow its business."

                          About pSivida

pSivida Limited -- http://www.psivida.com/-- is an Australian
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarters is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors, which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

For the half-year ended Dec. 31, 2006, the company incurred
negative operating cash flow of AU$13,681,000 and a net loss of
AU$100,742,000.

                       Going Concern Doubt

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of Oct. 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default, the noteholder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


SEAGULL AUSTRALIA: Liquidator to Present Wind-Up Report
-------------------------------------------------------
A joint meeting will be held for the members and creditors of
Seagull Australia Pty Ltd on May 24, 2007, at 11:30 a.m.

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

Mr. McVeigh can be reached at:

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

                     About Seagull Australia

Located in Victoria, Australia, Seagull Australia Pty Ltd is a
distributor of durable goods.


SYMBION HEALTH: Moody's Reviews Rating for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed the Ba1 issuer rating of
Symbion Health Limited on review for possible downgrade.

"The action follows the company's announcement that it has
received an ownership proposal from a consortium comprising
Healthscope Limited (unrated) and private equity investors,"
says Peter Fullerton, a Moody's AVP/Analyst.

The review for downgrade reflects the material uncertainty
regarding the future financial and operating profile of Symbion
and the consolidated entity, should the proposal proceed as
announced.

"The review will focus on the likely asset composition of the
consolidated group, should the acquisition proceed," says
Fullerton, adding, "It will also consider the potential for the
divestment of Symbion's pharmacy and consumer businesses to
private equity investors."

"The review will further focus on the likely financial profile
of the merged group, incorporating the funding structure which
would potentially include additional debt," says Fullerton.

Moody's notes the presence of change-of-control provisions in
Symbion's bank facility agreement, as well as financial
covenants, which would potentially restrict further indebtedness
at Symbion.

Symbion Health Limited, headquartered in Melbourne, is a
diversified Australian domestic health care business. Most of
its earnings derive from the provision of pathology and
diagnostic imaging services. It also manufactures and markets
vitamin and mineral supplements (consumer nutriceuticals). In
addition, it operates a wholesale medical products distribution
network, focusing on the distribution of prescription drugs to
pharmacies and hospitals.

                           About Symbion

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions. Symbion Pathology owns and
operates private pathology practices, providing pathology
services to healthcare professionals and their patients. Symbion
Medical Centers provides local communities with healthcare and
family medicine. Symbion Imaging provides imaging services to
patients on the eastern seaboard of Australia. Symbion Pharmacy
Services supplies a line of pharmaceuticals and associated
products to pharmacies. Symbion Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).


WOOLBROOK PTY: Members to Hold Final Meeting on June 1
------------------------------------------------------
A final meeting will be held for the members of Woolbrook Pty
Ltd on June 1, 2007, at 10:00 a.m.

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

The company commenced liquidation proceedings on Sept. 15, 2006.

The company's liquidator is:

         Mark Pearce
         Pearce & Heers
         Insolvency Accountants
         Telephone:(07) 3221 0055

                       About Woolbrook Pty

Located in Queensland, Australia, Woolbrook Pty Ltd is an
investor relation company.



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

BODY CENTRAL: Undergoes Voluntary Liquidation
---------------------------------------------
On April 16, 2007, the shareholders of Body Central Limited met
and decided to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt by May 28,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Brian Jackson
         12th Floor, China Merchants Tower
         168-200 Connaught Road Central
         Hong Kong


CHINA SOUTHERN: Picks Goodrich to Supply Gears for Boeing Planes
----------------------------------------------------------------
China Southern Airlines Co. has selected Goodrich Corp. to
supply wheels and electrical brakes for the airline's Boeing 787
Dreamliner aircraft, Phoenix Business Journal reports.

According to the report, the Chinese airline has 10 aircraft on
order and is scheduled to take delivery next year.

"We are very pleased to be selected by China Southern to supply
wheels and electric brakes for the airline's new fleet of
Dreamliners," Brian Brandewie, president of Goodrich's aircraft-
wheels and brakes division, was quoted by the Journal as saying.
"We look forward to working with China Southern as we support
them in the launch of this successful aircraft."

The financial terms of the supply deal were not disclosed.

                          *     *     *

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

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


DYNAMIC GLOBAL: Posts HK$76.95 Million Loss in 2006
---------------------------------------------------
Dynamic Global Holdings Ltd posted a HK$76.95 million net loss
on HK$20.21 million of turnover in the financial year ended Dec.
31, 2006, compared with a HK$97.79 million net loss on turnover
of HK$30.92 million in 2005.

As of Dec. 31 2006, the company's balance sheet reflected
strained liquidity with HK$215.86 million in current assets,
available to pay HK$422.71 million in current liabilities.

Dynamic Global's balance sheet as at Dec. 31 also showed total
assets of HK$347.28 million and total liabilities of HK$422.71
million resulting in a capital deficiency of HK$75.43 million.

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

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

                          *     *     *

China based Dynamic Global Holdings Ltd's principal investments
are port development; transport & warehouse operations; property
& hotel development; trading & high technology product
development.  In addition, it runs passenger coach services in
the northeast region of the PRC.  Trading subsidiaries have been
set up in major coastal cities in the PRC to maximize trading
opportunities.


GAIN FIELD: Members' Final Meeting Set for May 31
-------------------------------------------------
Gain Field Limited will hold a final meeting for its members on
May 31, 2007, at 11:00 a.m.

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

The meeting will be held in Room 1009, 10th Floor of K. Wah
Centre at 191 Java Road in North Point, Hong Kong.


GIANT BEST: Members' Final General Meeting Set for May 28
---------------------------------------------------------
The members of Giant Best Trading Limited will have their final
general meeting on May 28, 2007, at 11:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held on the 21st Floor of Fee Tat Commercial
Centre at No. 613 Nathan Road in Kowloon, Hong Kong.


HARTCOURT COMPANIES: Posts US$1.3MM Loss in Qtr. Ended Feb. 28
--------------------------------------------------------------
The Hartcourt Companies Inc. reported a net loss of US$1,383,721
for the third quarter ended Feb. 28, 2007, compared with a net
loss of US$1,500,454 for the same period ended Feb. 28, 2006.

The company reported US$0 revenues during the quarters ended
Feb. 28, 2007, and 2006, following the company's entry into a
definitive agreement to sell its IT distribution business.  Said
business has been classified as discontinued operations for the
three months ended Feb. 28, 2007, and 2006.

Loss from discontinued operations for the three months ended
Feb. 28, 2007, was US$1,048,625, compared with loss from
discontinued operations of US$1,485,831 for the same period
ended Feb. 28, 2006.

At Feb. 28, 2007, the company's balance sheet showed
US$1,930,732 in total assets, US$983,337 in total liabilities,
and US$947,395 in total shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Feb. 28, 2007, are available
for free at http://researcharchives.com/t/s?1e1c

                     Discontinued Operations

On Feb. 26, 2007, the company entered into a definitive
agreement with Shanghai Shiheng Architecture Consulting Co. Ltd.
to sell its 100% equity interest in Shanghai Jiumeng Information
Technology Co. Ltd.

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.

Kabani & Company, Inc., in Los Angeles, Calif., raised
substantial doubt about The Hartcourt Companies, Inc.'s ability
to continue as a going concern after auditing their consolidated
financial statements for the year ended May 31, 2006.  The
auditor pointed to the company's negative cash flow from
operations and accumulated deficiencies.


LAND BEST: Members' Final Meeting Set for May 31
------------------------------------------------
A final meeting will be held for the members of Land Best
Development Limited on May 31, 2007, at 10:00 a.m. on the 3rd
Floor of Chinachem Tower at 34-37 Connaught Road in Central,
Hong Kong.

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


MOSAIC CO: Planned Loan Reduction Cues S&P's Positive Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to positive from negative.  S&P affirmed all the
ratings, including the 'BB' corporate credit rating.

"The outlook change followed Mosaic's announcement that it plans
to apply US$250 million of cash generated from strong recent
business conditions to voluntarily reduce term loan balances,"
said Standard & Poor's credit analyst Cynthia Werneth.  "It also
incorporates our expectation that management will be able to
follow through on its commitment to further strengthen the
company's financial profile in the near term given the robust
conditions in global agricultural markets.  Also important is
the fact that Mosaic has sharply reduced the brine inflow at its
Esterhazy, Saskatchewan, potash mine."

Plymouth, Minnesota-based Mosaic is a leading global producer of
phosphate and potash fertilizer and feed, with annual sales of
more than US$5 billion.

"We could raise ratings within the next two years if continued
strong agricultural market conditions enable the company to
generate cash for additional debt reduction and financial
policies remain supportive of somewhat higher credit quality,"
Ms. Werneth said.  "Factors that could constrain the ratings
include an unexpected deterioration in fertilizer market
conditions, significant weather-related or other operating
disruptions, developments that forestall the expected reduction
of debt, and the failure to resolve internal control
weaknesses."

Plymouth, Minn.-based Mosaic Company -- http://www.mosaicco.com/
-- is a producer of phosphate and potash combined, as well as
nitrogen and animal feed ingredients.  The company operates its
business through four business segments.  The Phosphates segment
operates mines and concentrates plants in Florida that produce
phosphate fertilizer and feed phosphate, and concentrates plants
in Louisiana that produce phosphate fertilizer.  The Potash
segment mines and processes potash in Canada and the United
States.  The Offshore segment consists of sales offices,
fertilizer blending and bagging facilities, port terminals and
warehouses in several countries, as well as production
facilities in Brazil, China and Argentina.  The Nitrogen segment
includes activities related to the North American distribution
of nitrogen products that are marketed for Saskferco Products
Inc. as well as nitrogen products purchased from third parties.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its ratings on The
Mosaic Co.'s US$450 million revolving credit facility and US$50
million term loan A, both maturing in 2010, to 'BB' with a
recovery rating of '2' from 'BB+' with a recovery rating of '1'
and removed them from CreditWatch, where they had been placed
with negative implications on Nov. 10, 2006.


PORTFAITH INTERNATIONAL: Members to Meet on May 28
--------------------------------------------------
A final general meeting will be held for the members of
Portfaith International Industrial Limited on May 28, 2007, at
10:00 a.m.

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

The meeting will be held on the Ground Floor at 218 Cheung Sha
Wan Road in Shamshuipo, Kowloon.


RICHE MONDE: Members to Hold Final Meeting on May 28
----------------------------------------------------
The members of Riche Monde Orient Limited will have their final
meeting on May 28, 2007, to hear the report of Thomas Andrew
Corkhill, the company's liquidator, about the company's wind-up
proceedings and property disposal.

The meeting will be held on the 8th Floor of Gloucester Tower,
The Landmark at 15 Queen's Road in Central, Hong Kong.


RINOL ASIA PACIFIC: Liquidators Quit Posts
------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton Rinol Asia
ceased to act as liquidators of Pacific (Holdings) Limited on
April 18, 2007.

The former Liquidators can be reached at:

         Desmond Chung Seng Chiong
         Roderick John Sutton
         14th Floor Hong Kong Club Building
         3A Chater Road
         Hong Kong


ROAD KING: To Sell US$300 Mil. Bonds to Buy Lands & Finance Debt
----------------------------------------------------------------
Road King Infrastructure Ltd. will issue US$300 million of bonds
for the purpose of buying real estate properties and refinancing
debts, Bloomberg News reports.

The company has employed the services of JPMorgan Chase & Co.
and DBS Group Holdings Ltd. to sell the bonds, which includes
US$200 million seven-year fixed-rate notes and US$100 million
five-year floating-rate notes, the report adds.

Citing a statement sent by the company via e-mail to its
investors, Patricia Kouof Bloomberg writes that Road King plans
to meet investors between May 2 and May 4 for the bond sale.

The Troubled Company Reporter - Asia Pacific reported on May 1,
2007, that both Standard & Poor's and Moody's Investors Service
downgraded the ratings of Road King's debt, reflecting concern
over its rising property investments.

                          *     *     *

Road King Infrastructure Limited -- http://www.roadking.com.hk/
-- is a publicly listed company in Hong Kong with its core
business in the investment, development, operation and
management of toll roads and bridges in China.  Road King has a
toll road investment portfolio comprising over 20 toll roads and
bridges spanning approximately 1,100 kilometers in 8 provinces
of China.  In 2004, Road King entered the property development
business in China and the developing property projects have
reached total gross floor area of 1.6 million square meters.

Fitch Ratings on Jan. 30, 2007, put Road King's 'BB+' Long-term
Issuer Default rating on Rating Watch Negative.  The rating
action follows the announcement by Road King that it has signed
a new acquisition agreement with China's Sunco Group.

The company also carries Moody's Investors Service Ba1 corporate
family rating.  On May 1, 2007, Moody's downgraded the senior
unsecured rating on Road King Infrastructure Finance (2004)
Ltd's bonds to Ba2 from Ba1.  The outlook for the ratings is
negative.

In addition, Standard & Poor's Ratings Services lowered its
corporate credit rating on Road King Infrastructure Ltd. to BB
from BB+.  The rating was also removed from CreditWatch, where
it had been placed with negative implications on Jan. 26, 2007,
following RKI's announcement that it planned to increase its
stake in a Chinese property developer, Sunco Binhai Land Ltd.,
(Sunco A) to 90% and the possible acquisition of 100% of Sunco
Real Estate Investment Ltd. (Sunco B).  The outlook is stable.


ROAD KING: S&P Rates Proposed US$300 Million Bond Issue at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB' rating
to a proposed issue of US$300 million senior unsecured notes by
Road King Infrastructure Finance (2007) Ltd.  Road King
Infrastructure Ltd. will unconditionally and irrevocably
guarantee the proposed notes, which comprise a fixed rate tranch
due 2014 and a floating rate tranch due 2012.

The net proceeds will be used to refinance existing debt and
acquire land, and to pay outstanding land premiums due by Suzhou
Sunco Property Ltd., a subsidiary of RKI.

Standard & Poor's estimates that RKI's higher-priority debt--
i.e. where creditors have a higher priority than the holders of
the proposed bond--accounts for less than 15% of total assets.
If this threshold is breached, the issue rating on the proposed
bond could become one notch lower than the corporate credit
rating on RKI, in accordance with Standard & Poor's issue rating
criteria.  The issue rating could be lowered if RKI's audited
consolidated total assets are significantly lower than expected
or RKI increases its use of priority debt.

                          *     *     *

Road King Infrastructure Limited -- http://www.roadking.com.hk/
-- is a publicly listed company in Hong Kong with its core
business in the investment, development, operation and
management of toll roads and bridges in China.  Road King has a
toll road investment portfolio comprising over 20 toll roads and
bridges spanning approximately 1,100 kilometers in 8 provinces
of China.  In 2004, Road King entered the property development
business in China and the developing property projects have
reached total gross floor area of 1.6 million square meters.


SENIOR HOME: Enters Wind-Up Proceedings
---------------------------------------
At an extraordinary general meeting held on April 17, 2007, the
members of Senior Home Limited agreed to wind up the company's
operations.

Ng Kwok Wai and Lui Chi Kit were appointed as liquidators.

The Liquidators can be reached at:

         Ng Kwok Wai
         Lui Chi Kit
         Unit A, 14th Floor, JCG Building
         16 Mongkok Road, Mongkok
         Hong Kong


SUCCESS INFORMATION: Settles Loan Dispute with Everbright Bank
--------------------------------------------------------------
Success Information Industry Group Co. and the Shenzhen Caitian
Sub-branch of China Everbright Bank have agreed to settle a
lawsuit filed in Shenzhen Intermediate People's Court relating
to a loan dispute, Reuters reports.

According to the report, Success Info agreed that it will repay
China Everbright Bank the loan principal of CNY80 million, and
the bank will have first priority to purchase the company's
holdings of 6,634,880 shares in China Unionpay Co., Ltd, which
it impawned before.

Success Info will also pay the court fee of CNY416,628.79 and
the property reservation fee of CNY300,520, Reuters adds.

                          *     *     *

Success Information Industry Group Co., Ltd. --
http://www.000517.com/-- is mainly engaged in the digital video
broadcasting (DVB), wireless digital telecommunications and
utility metering industries.

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that the company has a capital deficiency of
US$14.29 million, on total assets of US$99.92 million.


SUPERIOR ESSEX: Improved EBITDA Cues Moody's to Lift Ratings
------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Superior Essex Communications LLC and changed the outlook to
positive.

Moody's upgraded these ratings:

    - Corporate Family Rating to B1 from B2;
    - Probability of Default Rating to B1 from B2;

Moody's affirmed this rating:

    - US$257.1MM, 9.0% Senior Unsecured Notes due 2012, B3
      (LGD5,78%) from (LGD5, 76%);

The upgrade in the Corporate Family Rating follows the recent
strong financial performance (all figures in accordance with
Moody's standard analytical adjustments) of the company, which
has been characterized by moderating leverage, strong interest
coverage and materially improved EBITDA.  Debt/EBITDA has
decreased to approximately 2.6 times at the end of 2006 from 4.3
times at the end of 2005. This decrease has been driven mainly
through EBITDA that has increased from US$96 million to US$163
million from 2005 to 2006.  At the end of 2006, interest
coverage measured as EBIT/Interest expense was strong at 3.5
times.

Factors constraining the B1 Corporate Family Rating are
Superior's seasonal and volatile business environment, negative
free cash flow because of increases in copper costs and the
impact on working capital, and the high commodity price content
in its products.  The company benefits from its leading market
positions, strong capacity utilization due to firm global
product demand, good liquidity and material barriers to entry.

The positive outlook reflects the expectation of a stable macro
economic environment allowing Superior to maintain its moderate
leverage and strong interest coverage.  It is Moody's belief
that absent a significant increase in copper pricing, free cash
flow could normalize in 2007 and that FCF/debt could equal or
exceed 10%.

Headquartered in Atlanta, Georgia, Superior Essex Communications
LLC -- http://www.superioressex.com/-- is a manufacturer of
data communications, cables magnet wire, winding wire and
electrical insulations.  The company has operations in China,
Mexico, and France.

The Troubled Company Reporter - Asia Pacific reported that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the B2 Corporate Family Rating for Superior Essex
Communications LLC, as well as the B3 rating on the company's
US$257.1 Million 9.% Senior Unsecured Notes due 2012.  Those
debentures were assigned an LGD5 rating suggesting noteholders
will experience a 76% loss in the event of default.


TURBO MARK: Members to Hear Wind-Up Report on May 31
----------------------------------------------------
The members of Turbo Mark International Limited will meet on
May 31, 2007, at 11:30 a.m., to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held in Room 1009 on the 10th Floor of K.
Wah Centre at 191 Java Road in North Point, Hong Kong.


WINFIELD LEGEND: Members Final Meeting Set for May 29
-----------------------------------------------------
The members of Winfield Legend Limited will have their final
meeting on May 29, 2007, at 4:00 p.m., to hear the liquidator's
report about the company's wind-up proceedings and property
disposal.

The meeting will be held in Suites 1403-4 on the 14th Floor of
Nan Fung Tower at 173 Des Voeux Road in Central, Hong Kong.


YIU FAI: Liquidator to Present Wind-Up Report on May 28
-------------------------------------------------------
Yiu Fai Knitting Factory Limited will hold a final meeting for
its members on May 28, 2007, at 10:00 a.m.

The meeting will be held in Flat F on the 9th Floor of the Wong
King Industrial Building at 2 Tai Yau Street in San Po Kong,
Kowloon.

Fan King Kit, Terence, the company's liquidator, will present a
report about the company's wind-up proceedings and property
disposal at the meeting.


ZTE CORP: Bags US$200 Million Gear Order from Ethiopian Firm
------------------------------------------------------------
ZTE Corp won a US$200 million three-year contract to supply
equipment to state-owned Ethiopian Telecommunications Corp, the
company said in a statement with the Shenzhen Stock Exchange.

According to the disclosure, ZTE will supply mobile-phone
network equipment using code division multiple access technology
to ETC.  ZTE will also help in the construction of the first
phase of fibre transmission backbone, expansion of mobile phone
services and the expansion of wireless telephone operations in
the African nation.

ZTE will install 1.2 million mobile telephone lines in
Ethiopia's capital Addis Ababa and eight other towns, the
disclosure added.

The Troubled Company Reporter - Asia Pacific on March 22, 2007,
reported that ZTE Corp has signed a US$1.5 billion loan deal
with Ethiopian Telecommunications for the upgrading of its
telephone network.

In addition, the TCR-AP, citing Forbes, said that in September
2006, ETC signed a memorandum of understanding with ZTE Corp,
Huawei Technologies Co, and Chinese International
Telecommunication Construction Corporation, to undertake
expansion projects worth US$2.4 billion, effective for four
years.

                          *     *     *

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

The group operates both in the domestic and international
market.

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



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

BAUSCH & LOMB: Earns US$14.9 Million in Year Ended Dec. 31, 2006
----------------------------------------------------------------
Bausch & Lomb Incorporated reported net income of US$14.9
million on net sales of US$2.29 billion for the year ended
Dec. 31, 2006, compared with net income of US$19.2 million on
net sales of US$2.35 billion for the year ended Dec. 31, 2005.

Results for 2006 include charges, primarily in Europe,
associated with the MoistureLoc recall for product manufactured
and sold in 2006.  These charges reduced full-year 2006 earnings
before income taxes by US$26.7 million and net income by US$19.6
million, of which approximately US$19.1 million is associated
with sales returns and other reductions to reported net sales.

The company reported operating income of US$114 million in 2006,
compared to operating income of US$283.5 million in 2005.  The
main reason for the decline in operating income was a US$112.7
million decrease in regional segment income, and the increase in
operating costs from the research and development segment and
the global operations and engineering segment.

Research & Development segment operating costs increased 11
percent in 2006, reflecting higher spending in support of
projects in late-stage development.  Global Operations &
Engineering segment operating costs increased 21 percent,
primarily reflecting unfavorable manufacturing variances
resulting from lower than planned production of vision care
products as a result of the MoistureLoc recall, costs associated
with the implementation of new automated manufacturing platforms
for one-day contact lenses and changes in foreign currency
exchange rates.

Interest and investment income was US$31 million in 2006,
compared to US$20 million in 2005.  The increase in 2006
compared to 2005 was principally attributable to higher average
interest rates, and higher average investment balances due to
incremental borrowing to fund the repatriation of offshore
profits late in 2005 under the American Jobs Creation Act of
2004 (AJCA).

Interest expense was US$72 million in 2006, compared to US$53
million in 2005.  Although total short- and long-term borrowings
decreased US$160 million during 2006, average borrowings were
higher in 2006 than 2005, because the company borrowed offshore
to fund its repatriation program under the AJCA.  Additionally,
as a result of the company's not filing its financial reports in
2006 on time, the company obtained waivers on its bank and
public debt, resulting in the company paying fees in the form of
incremental interest to the debt holders.

At Dec. 31, 2006, the company's balance sheet showed US$3.27
billion in total assets, US$1.86 billion in total liabilities,
US$17.2 million in minority interest, and US$1.39 billion in
total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1e21

                        MoistureLoc Recall

On May 15, 2006, the company announced a voluntary recall of its
MoistureLoc lens care solution.  The decision was made following
months of investigation into an increase in fungal infections
among contact lens wearers in the United States and certain
Asian markets.  The company's decision to recall the product
represented a subsequent event occurring prior to filing its
2005 Annual Report on Form 10-K, but related to product
manufactured and sold in 2005.  In accordance with GAAP, the
company recorded certain items associated with the recall in its
2005 financial results.

                Liquidity and Financial Resources

Cash and cash equivalents decreased from US$721 million at the
end of 2005 to US$500 million at the end of 2006, while total
outstanding debt decreased from US$992 million at Dec. 31, 2005,
to US$833 million at Dec. 31, 2006.

The company generated cash of US$125 million from operating
activities in 2006, compared to US$239 million in 2005.  Higher
cash payments for expenditures associated with the MoistureLoc
recall, and higher interest and tax payments were the primary
drivers of the decrease in operating cash flow.

In 2006, the company used US$157 million for investing
activities, primarily capital spending and acquisitions,
compared to cash used used for investing activities of US$353
million in 2005.

The company used US$198 million in 2006 for financing
activities. This primarily reflected debt repayment of US$162
million, mainly associated with debt repurchased as a result of
a tender offer the company completed in June.  On a net basis,
the company generated US$342 million in 2005 through financing
activities.

                        About Bausch & Lomb

Based in Rochester, New York, Bausch & Lomb Inc. --
http://www.bausch.com-- is engaged in the development,
manufacture and marketing of eye health products.  Its core
businesses include soft and rigid gas permeable contact lenses
and lens care products, and ophthalmic surgical and
pharmaceutical products.  The company is organized into three
geographic segments: the Americas; Europe, Middle East and
Africa, and Asia (including operations in Australia, China, Hong
Kong, India, Japan, Korea, Malaysia, the Philippines, Singapore,
Taiwan and Thailand.  Its additional operating segments, which
are managed on a global basis, are the Research, Development and
Engineering organization and the Global Supply Chain
Organization. In each geographic segment, Bausch & Lomb markets
products in five product categories: contact lenses, lens care
products, ophthalmic pharmaceuticals, cataract and vitreoretinal
surgery, and refractive surgery.

Bausch has been plagued with problems ranging from accounting
irregularities at foreign subsidiaries to failure to file its
financial results on time.

The company is also facing several class action suits after
several consumers sustained severe damage to their eyes as a
result of using Bausch & Lomb's ReNu with MoistureLoc contact
lens solution.


BPL LTD: Restructuring of NCDs Cues CRISIL to Withdraw Ratings
--------------------------------------------------------------
Credit Rating Information Services of India Ltd withdrew on
May 1, 2007, its ratings on BPL Limited's Non Convertible
Debenture and Fixed Deposit programmes:

   INR600 Million Non-Convertible Debenture Programme:  D
   INR210 Million Non-Convertible Debenture Programme:  D
   Fixed Deposit Programme:  FD

Debentures rated 'D' by CRISIL are in default and in arrears of
interest or principal payments or are expected to default on
maturity.  The debentures are extremely speculative and returns
from these debentures may be realized only on reorganisation or
liquidation.  The FD rating also indicates that the issue is
either in default or is expected to be in default upon maturity.

CRISIL's withdrawal of the ratings follows the restructuring of
the NCDs under the scheme of arrangement sanctioned by the
Kerala High Court on Aug. 23, 2005.

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

In 2005, the company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL sold off its dry cell business --
which operated through its subsidiary BPL Soft Energy Systems --
in a INR67 crore deal including liabilities to the Khaitans of
Eveready Industries.


GENERAL MOTORS: Three Execs Continue Voluntary Salary Reductions
----------------------------------------------------------------
General Motors Corporation disclosed last week in a regulatory
filing with the Securities and Exchange Commission the changes
in the base salary of certain of the company's key executives.

According to GM, the base salary of the company's chief
executive officer, G. Richard Wagoner, Jr., was US$2.2 million
at the beginning of 2006, and that Mr. Wagoner has not received
a base salary increase for over four years.

Meanwhile, GM says it vice chairmen, Frederick A. Henderson,
Robert A. Lutz, and J. M. Devine, had base salaries of
US$1.55 million at the beginning of 2006.  The salary was
established for Messrs. Lutz and Devine in January 2003 and for
Mr. Henderson at the time he was promoted to the position of
Vice Chairman and Chief Financial Officer on Jan. 1, 2006.

In addition, GM notes that the base salary for the company's
executive vice president for law & public policy, Thomas A.
Gottschalk, was US$1.0 million at the beginning of 2006.

Further, the base salary for the company's group vice president
for global manufacturing and labor relations, G. L. Cowger, was
increased to US$900,000 on Nov. 1, 2006; it had been 33 months
since his last base salary increase.

Effective March 1, 2006, Messrs. Wagoner, Henderson, Lutz,
Gottschalk, and Devine voluntarily reduced their salaries in
support of the GMNA Turnaround Plan.

The Executive Compensation Committee of GM's Board of Directors
considered that salary reductions among top leaders are unusual
and the magnitude of the reductions for GM's executive officers
would substantially exceed the few reductions that had taken
place at other companies.  However, the Committee supported
their voluntary actions.

Mr. Wagoner reduced his salary by 50 percent to US$1,100,000;
Messrs. Henderson, Lutz, and Devine by 30 percent to
US$1,085,000; and Mr. Gottschalk by 10 percent to US$900,000.

Messrs. Wagoner, Henderson, and Lutz recently reviewed the
matter and, in support of the continued turnaround plan for GM,
again decided that beginning March 1, 2007, they will continue
voluntary salary reductions.  The Committee agreed with the
approach.

Mr. Wagoner's salary will be US$1.65 million, 25 percent less
than his January 1, 2006 base salary of US$2.2 million.  The
salaries of Messrs. Henderson and Lutz will be US$1.318 million,
15 percent less than their January 1, 2006 base salaries of
US$1.55 million.

                   2007 Long-Term Incentive Plan

The Compensation Committee is proposing a long-term incentive
plan for GM's executives with these key features:

   -- New authorized share pool of 16 million shares is
      approximately 2.82 percent of common shares outstanding;

   -- No more than 1.5 million of the 16 million shares
      requested will be granted as Restricted Stock Units;

   -- Performance awards, generally linked to three-year
      performance measures, to be settled in cash only;

   -- Plan term of five years;

   -- Commitment to limit aggregate annual grants of stock
      options and RSUs to less than 1 percent;

   -- No repricing of options without stockholder approval;

   -- Three-year, ratable vesting on stock option awards,
      subject to the Committee's review;

   -- Three-year vesting on time-based RSU awards;

   -- Plan is administered by the Committee, composed of only
      Independent Directors;

   -- No discounted options;

   -- "Double-trigger" Change in Control benefits; and

   -- Shares surrendered, expired, or returned to the
      Corporation to satisfy the exercise price or tax
      withholding obligations for stock options cannot be
      reissued, i.e., no liberal share accounting provisions.

The proposal, along with other matters, will be voted upon by
GM's shareholders at an annual meeting at 9:00 a.m. local time
on Tuesday, June 5, 2007, at the Hotel du Pont, 11th and Market
Streets, in Wilmington, Delaware.

Holders of record of GM Common Stock, USUS$12/3 par value, at
the close of business on April 9, 2007, are entitled to vote at
the meeting.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India,  Mexico, and its vehicles are sold
in 200 countries.

                            *    *    *

Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the US machinery
and equipment, and special tools of GM and Saturn Corporation.


SAMTEL COLOUR: Posts INR249.4MM Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
Even with bigger revenues, Samtel Colour Ltd posted a net loss
of INR249.4 million in the quarter ended March 31, 2007,
compared to the INR9.6-million net profit booked in the
corresponding quarter last year.

The company's total income soared 49% from INR1.75 billion in
the three months ended March 31, 2006, to INR2.61 billion in the
March 2007 quarter.  Operating expenses, however, increased more
(71%) -- from INR1.54 billion in the March 2006 quarter to
INR2.63 billion in the latest quarter under review.

Despite increased sales, the company is passing through
liquidity tightness because of delay in ramping up of two new
manufacturing lines and insufficient accruals, the company noted
in a filing with the Bombay Stock Exchange.

The company also informed BSE that it has decided to restructure
its debts and has submitted a proposal for Corporate Debt
Restructuring under the CDR guidelines issued by the Reserve
Bank of India.  The proposal is under evaluation by the lenders.

For the year ended March 31, 2007, the company posted a net loss
of INR350.7 billion.  In the prior financial year, the company
booked a net profit of INR8.3 million.

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

    http://www.samtelgroup.com/samtelnew/sc-qt-results.jsp

Headquartered in New Delhi, India, Samtel Colour Ltd --
http://www.samtelgroup.com/-- manufactures a range of display
devices like television picture tubes, tubes for avionics,
medical and industrial applications, glass parts for picture
tubes, components for tubes like deflection yokes and
engineering services.  The company's manufacturing facility
has a production capacity of approximately 6.2 million tubes per
annum.  The deflection yoke division of Samtel Color
manufactures DYs for color picture tubes.  The division supplies
its products to the color picture tube division, as well as some
television manufacturers in India.  The division also
manufactures deflection yokes for export to tube and television
manufacturers in South East Asia.  The electron devices division
of Samtel Color is a manufacturer of electron guns for color
picture tubes.  The Company also manufactures glass for
television and display tubes.  Through Samtel Electron Devices
GmbH, the company manufactures professional cathode ray tube.

As reported by the Troubled Company Reporter - Asia Pacific on
June 30, 2006, ICRA Limited downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the company's income and profits.


SAMTEL COLOUR: A. Ganguli and R. Ramnath Cease Director Post
------------------------------------------------------------
Samtel Color Ltd informed the Bombay Stock Exchange that two of
the company's directors have ceased their post.

Amla Ganguli resigned as director effective Feb. 2, 2007.

Renuka Ramnath, Nominee Director, ICICI Venture Fund Management
Co. Ltd, has ceased to be a Nominee Director because ICICI
Venture withdrew its nomination through a letter dated April 14,
2007, the company relates.

Headquartered in New Delhi, India, Samtel Colour Ltd --
http://www.samtelgroup.com/-- manufactures a range of display
devices like television picture tubes, tubes for avionics,
medical and industrial applications, glass parts for picture
tubes, components for tubes like deflection yokes and
engineering services.  The company's manufacturing facility
has a production capacity of approximately 6.2 million tubes per
annum.  The deflection yoke division of Samtel Color
manufactures DYs for color picture tubes.  The division supplies
its products to the color picture tube division, as well as some
television manufacturers in India.  The division also
manufactures deflection yokes for export to tube and television
manufacturers in South East Asia.  The electron devices division
of Samtel Color is a manufacturer of electron guns for color
picture tubes.  The Company also manufactures glass for
television and display tubes.  Through Samtel Electron Devices
GmbH, the company manufactures professional cathode ray tube.

As reported by the Troubled Company Reporter - Asia Pacific on
June 30, 2006, ICRA Limited downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB assigned earlier.
LBB is the inadequate-credit-quality rating assigned by ICRA.
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the Company's income and profits.


SOUTHERN IRON: Net Profit Up 14% in Quarter Ended March 31, 2007
----------------------------------------------------------------
Southern Iron & Steel Company Limited posted a net profit of
INR418.33 million for the quarter ended March 31, 2007, up 14%
from the INR367.54-million profit recorded in the corresponding
period in 2006.

The company's sales, net of excise duty, grew 39% from INR1.56
billion in the quarter ended March 31, 2006, to INR2.43 billion
in the latest quarter under review.  Operating expenses grew 47%
to INR1.76 billion in the March 2007 quarter, bringing an
operating profit of INR666.34 million.

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

               http://ResearchArchives.com/t/s?1e5b

For the year ended March 31, 2007, the company's net profit
increased 33% to INR550.48 million from the INR412.67 million
gained in the year ended March 31, 2006.  Compared to the prior
financial year, the company's total income soared 43% to INR7.19
billion.

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

               http://ResearchArchives.com/t/s?1e5c

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The Company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and May 17,
2008.


SPICEJET LTD: Posts INR214 Mil. Net Loss in Qtr. Ended Feb. 28
--------------------------------------------------------------
For the three months ended Feb. 28, 2007, SpiceJet Limited
posted a net loss of INR213.7 million on total revenues of
INR2.78 billion.  In the same period in 2006, the airline booked
a net profit of INR43.01 million on revenues totaling INR1.51
billion.

Despite revenues growing by 84%, the airline booked a net loss
because of expenditures that soared by 108%.  The company's
expenditures jumped from INR1.41 billion in the February 2006
quarter to INR2.94 billion in February 2007 quarter, which
brought an operating loss of INR158.32 million.

The expenditures in the February 2007 quarter is comprised of:

   Operating Expense: INR2.32 billion
   Staff Cost: INR222.95 million
   Rent: INR12.96 million
   Legal, Professional & Consultancy Expenses: INR19.90 million
   Others: INR354.76 million

A copy of the company's financial results for the quarter ended
Feb. 28, 2007, is available for free at:

            http://ResearchArchives.com/t/s?1e5f

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of May
31, 2006, the company operated over 60 daily flights covering 13
destinations, including eight Boeing 737-800 aircraft. SpiceJet
has integrated with various travel related Websites, such as
indiatimes, makemytrip, travelguru and cleartrip.  The company
has launched a co-branded credit card with State Bank of India
in association with MasterCard.  In fiscal 2006, SpiceJet
entered into a sale and lease back agreement with Babcock &
Brown Aircraft Management along with its partner Nomura Babcock
& Brown Co. Ltd. covering 16 Boeing 737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.


SPICEJET: Purchases 10 Boeing Aircraft for US$700 Million
---------------------------------------------------------
SpiceJet Limited has ordered 10 new Boeing 737-800/900 ER
aircraft, which order is valued at around US$700 million at list
prices.  The aircraft will be delivered from year 2009 through
2011.

SpiceJet's board of directors approved the acquisition on
April 24, 2007.

The move completes the company's acquisition plan for 30
aircraft, which the company believes will go a long way to
augment its network in the country.  The company asserts the
acquisition plan would "greatly assist in fulfilling its vision
of being India's most preferred Low Cost Carrier."

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.


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

AFC ENTERPRISES: Inks Credit Pact Allowing Repurchase of Stock
--------------------------------------------------------------
AFC Enterprises Inc. amended its Credit Agreement, dated May 11,
2005, for the second time.  The amendment modifies the
restrictions in the 2005 Credit Facility on AFC's ability to
repurchase stock in order to increase permitted repurchases.  As
a result, the 2005 Credit Facility now allows AFC to repurchase
stock up to the full amount of stock permitted under its board-
approved multi-year stock repurchase program.

As of Feb. 25, 2007, the company had approximately US$44.8
million remaining under this stock repurchase program.

Although there can be no assurance as to the number of shares
the company will repurchase, the amendment provides AFC
additional flexibility to continue periodic repurchases of AFC
shares of common stock on the open market in accordance with the
company's stock repurchase program.

For more information, contact:

   a) for Investor inquiries:
      Cheryl Fletcher
      Director
      Finance & Investor Relations
      Tel: (404) 459-4487

   b) for Media inquiries:
      Alicia Thompson
      Vice President
      Popeyes Communications & Public Relations
      Tel:(404) 459-4572

The amendment terms were described in the company's Form 8-K
filed with the United States Securities and Exchange Commission
on April 30, 2007, a copy of which is available for free at:

               http://ResearchArchives.com/t/s?1e34

                      About AFC Enterprises

AFC Enterprises Inc. -- http://www.afce.com/-- engages in the
development, operation, and franchising of quick-service
restaurants.  It operates and franchises nearly 1,900 Popeyes
locations in the U.S. and in more than two dozen other
countries.  The restaurants feature Cajun-style fried chicken
that is typically served with buttermilk biscuits and a variety
of sides, including Cajun rice, cole slaw, mashed potatoes, and
French fries.  Customers can also select items like chicken
sandwiches, chicken strips, and fried fish and shrimp.  The
company owns about 55 locations and franchises the rest.  AFC
Enterprises was founded in 1972 and is headquartered in Atlanta,
Georgia.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 1, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the restaurant sector,
the rating agency revised its Corporate Family Rating for AFC
Enterprises Inc. from B1 to B2.

Additionally, Moody's affirmed its B1 ratings on the company's
US$190 million Guaranteed Senior Secured Term Loan B Due 5/2011
and US$60 million Guaranteed Senior Secured Revolver Due 5/2010.
Moody's assigned the debentures an LGD3 rating suggesting
lenders will experience a 31% loss in the event of default.


ANEKA TAMBANG: 1st Qtr. Profit Rises 719% to IDR1.07 Trillion
-------------------------------------------------------------
PT Aneka Tambang Tbk disclosed unaudited consolidated net profit
of IDR1.07 trillion and earnings per share of IDR562.62 for the
first quarter of 2007.

President Director Dedi Aditya Sumanagara said: "We are
delighted with our first quarter results.  We are creating huge
profits from these unprecedented high nickel prices.  However,
we recognize the increase is also due to the commercial
operations of our new ferronickel smelter, FeNi III that boosted
nickel output by 61% to 4,353 tonnes.  The timing of our
expansion couldn't have been better.  We're going to concentrate
on cost reduction and growth investment and look forward to a
fantastic 2007".

                             Net Sales

Antam's net sales increased 324% to IDR2,386 billion, more
revenue than Antam has ever made in a single quarter before, and
more than the annual revenues Antam earned per year from 2003
and earlier.  The IDR1.82 trillion surge in revenues is largely
due to increased ferronickel and nickel ore sales volumes and
prices.

All of Antam's products had higher, and in most cases
significantly higher sales revenues.  The biggest contributor to
the increase in revenues was ferronickel, which earned an
additional IDR866 billion, or 440%, resulting in IDR1.06
trillion of revenues.  Nickel ore contributed an additional
IDR860 billion, or 355% increase, resulting in IDR1.10 trillion
of revenues.  Gold sales increased 110% to IDR143 billion, while
sales of silver, the byproduct of gold production, rose 150% to
IDR20 billion.  Bauxite ore revenues rose marginally to IDR47
billion.

Nickel ore and ferronickel contributed 46% and 45% of first
quarter revenues, with gold, bauxite ore and silver contributing
6%, 2% and 1% respectively.  Iron sands and precious metals
refinery services both contributed negligible amounts to Antam's
net sales.  The contribution of Antam's ferronickel increased
from 35% in the first quarter of 2006 and as a result Antam
increased sales from processing activities, a key strategy of
the company to increase value creation.

A greater share of revenues came from abroad, as Antam's exports
contributed 97% of net sales up from 89% in 2006. Antam's
ferronickel, which is basically 20% nickel and 80% iron, is
exported in the form of high or low carbon shot and ingot, to
stainless steel mills in Europe and North Asia.  In the first
quarter, almost half of Antam's net sales were from four
customers.  Two of Antam's long-term ferronickel customers
accounted for the largest portion of net sales, with IDR540
billion from Yieh United Steel CoIDR. of Taiwan and IDR420
billion from Posco of Korea.  Mitsui & Co. Ltd of Japan bought
IDR103 billion of Antam's saprolite nickel ore and Standard Bank
London bought IDR103 billion of Antam's gold.  In first quarter
Antam was able to find new customers in China for an additional
2 million wmt of nickel ore.  In a tender held in February, over
80 companies participated and 3 winning bidders were selected
for the one year contracts.

                           Gross Profit

Antam's net sales increased at a greater pace than the cost of
sales, resulting in a 711% increase of gross profit to IDR1,501
billion, resulting in a wider gross margin of 63% compared to
33%.

                        Operating Expenses

Antam's operating expenses increased 109% to IDR77 billion,
representing a small segment of Antam's overall costs.  The main
reasons for the increase were the 56% increase in general and
administration expenses to IDR53 billion and due to the
exploration expense increasing from IDR0.2 billion to IDR21
billion.  General and administration expenses increased due to
the 50% increase to IDR24 billion for salaries and benefits for
employees, commissioner and directors as well as Other expenses.

                         Operating Income

With a comparatively smaller increase of operating expenses,
Antam's operating income surged almost 10 times, or 863%, to
IDR1,424 billion, resulting in a wider operating margin of 60%
compared to 26%.

                 Other Income, Tax and Net Income

Antam's Other Income increased 192% to IDR108 billion due to a
123% increase to IDR98 billion of other, one-off types of
income, and a foreign exchange gain of IDR17 billion, compared
to a foreign exchange loss of IDR7 billion in 2006.

Antam's profit before income tax increased 728% to IDR1,532
billion and following deduction of the 30% income tax and a
negligible amount for minority interests, Antam's net income
increased 719% to IDR1.07 trillion.  Antam's net margin of 45%
widened significantly compared to the 23% of first quarter 2006.

                        Financial Structure

Antam's financial structure improved as the company's assets
were largely financed by Antam's retained earnings, which grew
100% to IDR4.37 trillion on the back of surging cash flows.
Antam lowered its long-term debt net of current maturities by
50% to IDR890 billion.

                  Working Capital and Liquidity

Antam's working capital more than doubled to IDR3.06 trillion
from IDR1.45 trillion.  However, as the rate of increase of
current liabilities was greater than current assets, Antam's
liquidity decreased to 3.67 times from 4.76 times, although
Antam was more than capable of covering current

                      About Aneka Tambang

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


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

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

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

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

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

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

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

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

                         About Avnet Inc.

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

                          *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BANK NEGARA: 1Q Net Profit Rises 73.63% to IDR398.77 Billion
------------------------------------------------------------
PT Bank Negara Indonesia Tbk.'s first quarter net profit
increased 73.63% to IDR398.77 billion from IDR229.67 billion in
the same period last year, partly due to the contribution of its
sharia division, the Jakarta Post reports citing news portal
detik.com

According to the report, the bank's operating profit of
IDR558.48 billion helped the leverage net profit, despite a drop
in net interest income to IDR1.53 trillion from IDR1.78 trillion
a year earlier.

The bank's assets stood 18.4% higher at IDR175.3 trillion as of
the end of March compared to same date last year.

                        About Bank Negara

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

As reported in the Troubled Company Reporter - Asia Pacific on
April 20, 2007, that Standard & Poor's Ratings Services has
raised the long-term  counterparty credit ratings to 'BB-' from
'B+' on Indonesia's PT  Bank Negara Indonesia (Persero) Tbk.
The outlook is stable.  At the same time, the Bank Fundamental
Strength Rating of the bank remains unchanged at 'D'.

Moody's Investors Service revised the outlook from positive to
stable the ratings of PT Bank Negara Indonesia's senior debt and
foreign currency long-term deposit ratings to positive from
stable. The bank's short-term deposit rating and long-term
subordinated debt rating continue to carry the rating agency's
stable outlook and the bank financial strength rating a positive
outlook.  The bank's detailed ratings are: senior/subordinated
debt of Ba3/Ba3; foreign currency long-term/short-term deposit
of B2/Not Prime; and bank financial strength of E.

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


GARUDA INDONESIA: Responds to Qantas Holidays' Accusations
----------------------------------------------------------
PT Garuda Indonesia asserts it has complied with Australian
safety standards for as long as its 38-plus year history in
operation as Indonesia's national carrier.

The company is responding to the statement made by Qantas
Holidays questioning the safety record of the Indonesian
airline.  Qantas Holidays warned agents that "Garuda was
assessed as being a category 2 airline which is defined as the
airline has met minimal requirements of civil aviation
regulations but some requirements have not been implemented."

When asked about the validity of this, a Qantas Holidays
spokesperson responded by saying that they had only passed on
the advisory issued by the Indonesian Directorate General of
Civil Aviation, the U.S. Federal Aviation Administration, and
DFAT (Department of Foreign Affairs and Trade) without adding
any opinion from the company.

Garuda Indonesia pointed out that in the very report that was
referenced by Qantas Holidays, Garuda Indonesia was noted as
having complied with and "met minimum requirements of civil
aviation standards."

The Indonesian airline said that they are not only an
international airline with a recorded 38 years of unmarred
service on Australian routes, but "Garuda Indonesia welcomes the
recent safety audit carried out by the Indonesian Aviation
Authorities and will continue to work with them to forward the
cause of air safety in Indonesia."

Garuda Orient Holidays product manager Nick Deacock accused
Qantas Holidays of sabotaging Garuda's reputation because of
their status as a competitor to the Bali route.  "Personally I
feel it is irresponsible," said Mr. Deacock.  "It's obviously
intended to affect Qantas' competitor to Bali."

The Garuda has also confronted the Australian airline wholesaler
but have received no response as yet.  As NSW/ACT Sales Manager
Kerry Timms said: "Garuda Indonesia is still waiting for a
response by Qantas Holidays regarding the recent advice they
have distributed through the industry."

                      About Garuda Indonesia

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

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

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

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

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


HANOVER COMPRESSOR: Earns US$25.4 Million in 1st Quarter 2007
-------------------------------------------------------------
Hanover Compressor Company reported financial results for the
quarter ended March 31, 2007.

First quarter 2007 revenue increased to US$473.2 million, a 27%
increase over first quarter 2006 revenue of US$372.8 million.
Net income for the first quarter 2007 was US$25.4 million, or
US$0.23 earnings per share, compared with net income of US$22.4
million, or US$0.22 earnings per share, in the first quarter
2006.

EBITDA from continuing operations for the first quarter 2007 was
a record US$117.6 million, a 13% increase over first quarter
2006 EBITDA of US$104.2 million.  The first quarter 2006 EBITDA
included a US$28.4 million gain on the sale of amine rental
assets and a US$5.9 million charge related to debt
extinguishment costs.

"Hanover's strong start to the year was undeIDRinned by
significant improvements in profitability in our Eastern
Hemisphere business," said John Jackson, President and CEO. "We
remain focused on running our business and continue to be
enthusiastic about the benefits of the anticipated merger with
Universal Compression Holdings, Inc., which we still expect to
close in the third quarter of 2007.  We continue to see strong
fabrication backlog and robust activity across our service
lines, providing a high degree of visibility going forward."

                 Summary of Business Line Results

                         U.S. Rentals
                        (in thousands)


                            Three months ended
                                 March 31,
                            --------------------
                                                      Increase
                                                     (Decrease)
                              2007       2006
                            ---------  ---------     -----------
    Revenue               US$  99,636  US$  91,643            9%
    Operating expense          38,877       38,091            2%
                             ---------  ----------
    Gross profit          US$  60,759  US$  53,552           13%
    Gross margin                   61%          58%           3%


U.S. rental revenue, gross profit and gross margin increased
during the quarter ended March 31, 2007, compared to the quarter
ended March 31, 2006, due primarily to an improvement in market
conditions that has led to an improvement in pricing.

                      International Rentals
                         (in thousands)

                            Three months ended
                                 March 31,
                            --------------------
                                                       Increase
                              2007       2006         (Decrease)
                            ---------  ---------      ----------
    Revenue            US$  67,291  US$  62,506           8%
    Operating expense       23,305       21,332           9%
                          ---------  ---------
    Gross profit       US$  43,986  US$  41,174           7%
    Gross margin                65%          66%        (1)%


During the first quarter of 2007, international rental revenue
and gross profit increased, compared to the first quarter of
2006, primarily due to increased rental activity in Brazil.
Gross margin decreased primarily due to higher repair and
maintenance costs in Argentina and lower revenue in Nigeria due
to local civil unrest.


                Parts, Service and Used Equipment
                        (in thousands)

                                 Three months ended
                                      March 31,
                                --------------------

                                                       Increase
                                  2007       2006     (Decrease)
                                ---------  ---------  ----------
    Revenue                US$  81,340  US$  49,271          65%
    Operating expense           66,845       41,062          63%
                                ---------  ---------
    Gross profit           US$  14,495  US$   8,209          77%
    Gross margin                    18%          17%          1%

Parts, service and used equipment revenue and gross profit for
the quarter ended March 31, 2007 were higher than the quarter
ended March 31, 2006 primarily due to higher installation
revenues and used rental equipment sales during the current
quarter.  Gross margin was higher in the first quarter of 2007
due to an increase in installation revenues at higher margins.

Parts, service and used equipment revenue includes two business
components: (1) parts and service and (2) used rental equipment
sales and installation revenues.  For the quarter ended March
31, 2007, parts and service revenue was US$47.3 million with a
gross margin of 24%, compared to US$42.9 million and 26%,
respectively, for the quarter ended March 31, 2006.
Installation revenue and used rental equipment sales for the
quarter ended March 31, 2007 was US$34.0 million with a gross
margin of 9%, compared to US$6.4 million with a (44%) gross
margin for the quarter ended March 31, 2006.  The increase in
sales and gross margin was primarily due to the completion of
installation projects in the first quarter of 2007 with improved
gross margins primarily due to US$3.0 million of cost overruns
on installation jobs recorded in the first quarter of 2006 that
did not reoccur in 2007.  Our installation revenue and used
rental equipment sales and gross margins vary significantly from
period to period and are dependent on the exercise of purchase
options on rental equipment by customers and timing of the
start-up of new projects by customers.

            Compressor and Accessory Fabrication
                     (in thousands)

                                 Three months ended
                                      March 31,
                                 -------------------




                                                   Increase
                              2007       2006     (Decrease)
                            ---------  ---------  ----------
    Revenue             US$  78,708  US$  54,691          44%
    Operating expense        63,245       46,693          35%
                            ---------  ---------
    Gross profit        US$  15,463  US$   7,998          93%
    Gross margin                 20%          15%          5%


For the quarter ended March 31, 2007, compression and accessory
fabrication revenue, gross profit and gross margin increased
primarily due to improved market conditions that led to higher
sales levels, better pricing and an improvement in operating
efficiencies.

         Production and Processing Equipment Fabrication
                          (in thousands)

                                Three months ended
                                     March 31,
                                --------------------

                                                      Increase
                                 2007       2006     (Decrease)
                               ---------  ---------  ----------
    Revenue               US$ 133,238  US$  78,619          69%
    Operating expense         111,538       68,963          62%
                               ---------  ---------
    Gross profit          US$  21,700  US$   9,656         125%
    Gross margin                   16%          12%          4%


Production and processing equipment fabrication revenue, gross
profit and gross margin for the quarter ended March 31, 2007
increased over the quarter ended March 31, 2006, primarily due
to an increase in revenue and improved operating results at
Belleli.  Belleli's revenue and gross profit increased for the
quarter ended March 31, 2007 compared to the same period in 2006
due to improved market conditions. During the quarter ended
March 31, 2007, Belleli's revenue increased US$55.4 million to
US$97.6 million and gross profit increased US$8.6 million to
US$12.4 million compared to the quarter ended March 31, 2006.

                         Capital and Other

Hanover had capital expenditures of approximately US$73 million
in the first quarter of 2007, compared to approximately US$58
million in the first quarter of 2006.  At March 31, 2007, the
Company had approximately US$1.38 billion in debt and
compression equipment lease obligations, compared to US$1.49
billion at March 31, 2006.

Hanover's fabrication backlog was US$772.5 million on March 31,
2007, compared to approximately US$807.6 million at December 31,
2006 and US$660.4 million at March 31, 2006.  As of March 31,
2007, compression and accessory fabrication backlog was US$354.0
million compared to US$200.5 million at March 31, 2006.
Production and processing equipment fabrication backlog was
US$418.5 million at March 31, 2007, compared to US$459.9 million
at March 31, 2006, including Belleli's backlog of US$321.0
million and US$388.2 million at March 31, 2007 and 2006,
respectively.

Total compression horsepower at March 31, 2007 was approximately
3,335,000, consisting of approximately 2,433,000 horsepower in
the United States and approximately 902,000 horsepower
internationally.

                 Compression HP Utilization Rate

   Date                 U.S.     International      Total
   --------------     --------  ---------------  -----------
   March 31, 2007        83%          96%            87%
   Dec.  31, 2006        84%          97%            87%
   March 31, 2006        83%          98%            87%

                 About Hanover Compressor Company

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

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

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

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

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

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

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


MEDCO ENERGI: Unit Discovers Gas in Galveston, Texas
----------------------------------------------------
PT Medco Energi Internasional's unit Medco Energi US LLC has
found gas in federal waters about 75 miles southwest of
Galveston, Texas, Forbes reports.

According to the report, Medco Energi US plans to install a
caisson and pipeline in order to redirect the flow of the gas to
a nearby facility in Brazos block 451.  The initial production
is expected in 90-120 days.

Medo Energi US holds a 60% working interest and is also the
operator of the project, the report adds.

                        About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Medco Energi.  The outlook
remains negative.  According to S&P, the negative outlook on
Medco reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

In a TCR-AP report on Aug. 16, 2006, Moody's Investors Service
changed the outlook on Medco Energi's ratings to negative from
stable.  The ratings affected by the outlook change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


ORBITAL SCIENCES: Earns US$11.5 Million in Qtr. Ended March 31
--------------------------------------------------------------
Orbital Sciences Corporation reported net income of US$11.5
million for the first quarter ended March 31, 2007, compared
with net income of US$8.8 million for the same period ended
March 31, 2006.

Orbital's first quarter revenues increased 19% to US$228.2
million in 2007, compared to US$192.2 million in 2006.  The
increase was primarily due to a 21% increase in satellites and
space systems segment revenues largely driven by contract
activity on NASA's Orion program which began in late 2006.

The company's first quarter operating income rose 10% to
US$17.5 million in 2007, as compared to US$16 million in 2006.
This growth was primarily due to a 38% increase in satellites
and space systems segment operating income that was mainly
attributable to the Orion program, in addition to growth in the
segment's other product lines.

Commenting on Orbital's first quarter 2007 results, Mr. David W.
Thompson, chairman and chief executive officer, said, "Orbital
began 2007 with solid financial results in the first quarter,
posting strong revenue growth in each of our three reporting
segments.  The ramp-up of contract activity on NASA's Orion
human spacecraft program and expansion of commercial satellite
manufacturing work led the growth in the quarter."  Mr. Thompson
added, "With exceptional new order volume during the quarter,
which was highlighted by three firm commercial satellite awards,
we continue to be very optimistic about Orbital's outlook for
2007."

Interest expense for the first quarter of 2007 decreased to
US$1.1 million compared to US$3.1 million in the first quarter
of 2006 as a result of the company's December 2006 debt
refinancing transaction.  Interest and other income increased to
US$3 million in the first quarter of 2007, compared to US$2.4
million in the first quarter of 2006, attributable to higher
interest income on short-term cash investments.

The company reported free cash flow of US$3.9 million for the
first quarter of 2007.  Orbital's unrestricted cash balance was
US$207.1 million as of March 31, 2007.

At March 31, 2007, the company's balance sheet showed
US$750.4 million in total assets, US$337 million in total
liabilities, and US$413.4 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?1e3c

                      Operational Highlights

In the first quarter of 2007, Orbital carried out two major
space missions and delivered several other rocket and satellite
systems for future deployment.  In March, Orbital successfully
launched two missile defense-related target vehicles, including
an aircraft-launched SRALT mission and a Minotaur II target
vehicle in support of advanced sensor testing by the U.S.
Missile Defense Agency.  The company also delivered two
satellites for upcoming space missions, consisting of NASA's AIM
atmospheric science satellite that is due to be launched in late
April and the space agency's Dawn spacecraft, Orbital's first
planetary mission that is scheduled for a late June launch.  The
company delivered two Orbital Boost Vehicle missile defense
interceptors during the quarter as well.

                      About Orbital Sciences

Orbital Sciences Corp. (NYSE: ORB) -- http://www.orbital.com/--  
develops and manufactures small rockets and space systems for
commercial, military and civil government customers.  The
company's primary products are satellites and launch vehicles,
including low-orbit, geosynchronous-orbit and planetary
spacecraft for communications, remote sensing, scientific and
defense missions; ground- and air-launched rockets that deliver
satellites into orbit; and missile defense systems that are used
as interceptor and target vehicles.  Orbital also offers space-
related technical services to government agencies and develops
and builds satellite-based transportation management systems for
public transit agencies and private vehicle fleet operators.

The company also has operations in Indonesia.

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services assigned its 'B+' rating to
the US$143.8 million 2.4375% convertible subordinated notes due
2027 of Orbital Sciences Corp.

The TCR reported on Oct. 3, 2006, that Moody's Investors
Service, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology, confirmed its Ba2 Corporate Family Rating for
Orbital Sciences Corporation and its Ba3 rating on the company's
9% Senior Notes due 2011.  Moody's assigned those debentures an
LGD4 rating suggesting noteholders will experience a 61% loss in
case of default.


PERTAMINA: Signs MOU w/ Korean Firms for Oil & Gas Production
-------------------------------------------------------------
PT Pertamina (Persero) will sign a memorandum of understanding
with Korea National Oil Corporation and SK Corp. for oil and gas
exploration and production in Indonesia and other countries, the
Jakarta Post reports.

According to the report, this information was disclosed by KNOC
exploration manager Sukyeon Hwang after a meeting with senior
officials from the Energy and Mineral Resources Ministry.  The
meeting was held during a three-day visit by a South Korean
business delegation, which comprises 190 senior executives
representing major South Korean companies.

                       About PT Pertamina

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

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

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

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


TELKOMSEL: Posts 8% Increase in First Quarter Net Profit
--------------------------------------------------------
PT Telekomunikasi Selular Tbk reported an 8% increase in first
quarter net profit to under IDR3 trillion compared to last
year's IDR2.79 trillion due to a rise in subscriber's numbers,
Reuters reports.

According to the report, average revenue per user fell 10% from
a year ago, as the firm penetrated more low-income groups.  The
company's revenue climbed 26% to IDR8.2 trillion but a sharp
increase in operating expenses cut its earnings before interest,
tax, depreciation and amortization margin to 69% from 73%, the
report adds.

                         About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, an
internationally, through 259 international roaming partner in 53
countries as of June 2006.  The company provides its subscribers
with the choice between two prepaid cards-simPATI and kartuAs of
a pre-paid simPATI service, or the post-paid kartuHALO service,
as well as a variety of value-added services and programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

ALL NIPPON: To Outsource Cargo Flights to ABX Air
-------------------------------------------------
ABX Air has entered into an ACMI Agreement to operate two
767-200 aircraft for All Nippon Airways Co.  The two-year
agreement, with an option for annual renewals, begins May 15,
2007. It will support ANA's cargo operations throughout the
Asian market including Japan, China and Thailand. ABX Air had
announced on February 8 that it was in discussions with ANA.

This watershed agreement marks the first time the Japanese Civil
Aviation Bureau has approved a foreign carrier to conduct cargo
aircraft operations on behalf of a Japanese airline.

Revenue from this ACMI Agreement is expected to be approximately
$22 million on an annualized basis for the two aircraft.

"We are honored to have been granted this authority and are
excited at the prospect of entering the Asian market," President
and CEO Joe Hete said.  "The Asian economy is the fastest
growing market in the world, and this agreement underscores
ABX's commitment to grow its presence as an international
provider of aircraft and aircraft-related services."

ABX Air is a cargo airline that operates out of Wilmington,
Ohio, and 17 hubs throughout the United States.  In addition to
providing airlift capacity and sort facility staffing to DHL,
ABX Air provides charter, maintenance and package handling
services to a diverse group of customers. ABX is the largest
employer in a several-county area in southwestern Ohio.

                     About All Nippon Airways

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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

                          *     *     *

Moody's Investors Service, on April 19, 2007, placed the Ba1
senior unsecured debt ratings of All Nippon Airways Co., Ltd.
under review for possible upgrade.

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

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

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


JAPAN AIRLINES: To Increase Flights to India By September
---------------------------------------------------------
The Economic Times reports that Japan Airlines will increase its
flight to India starting this September.

According to the report, Japan's Minister of Land Infrastructure
and Transport Tetsuzo Fuyushiba had a meeting with India's
Minister of Tourism and Culture Ambika Soni to put a system in
place so that visas are easily available to the Japanese
visiting India.  The Japanese government wants to promote
tourism and cultural ties between the two countries.

The Economic Times notes that Japan is one of India's top
tourism generating market.

                      About Japan Airlines

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

                          *     *     *

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

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

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


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

HYUNDAI CARD: Debut Dollar Bond Priced at US$400 Million
--------------------------------------------------------
Hyundai Card Company priced a debut US$400 million three-year
corporate FRN at par, at 43bp over three-month Libor, Finance
Asia reports.

According to the report, initial price guidance was at 45bp-50bp
over Libor, and tightened to 43bp-45bp.  Barclays Capital,
Morgan Stanley, the Royal Bank of Scotland and UBS managed the
deal, the report says.

                        About Hyundai Card

Headquartered in Seoul, Korea, Hyundai Card Company is Korea's
biggest credit card company.  The Hyundai Card Company has a
partnership with Hyundai Capital and is sponsored by Hyundai Kia
Automotive Group.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 31, 2007, that Fitch Ratings assigned a Long-term foreign
currency Issuer Default rating of 'BBB' to Hyundai Card Company.
Other ratings assigned include:

   -- a Short-term foreign currency rating of 'F2',

   -- an Individual rating of 'C', and

   -- a Support rating of '3'.

The Outlook on the ratings is Stable.


SPATIALIGHT: Receives Delisting Notice from Nasdaq
--------------------------------------------------
SpatiaLight Inc. confirmed that on April 20, 2007 it received a
notice from the NASDAQ Stock Market that it does not meet the
requirements for continued listing under Marketplace Rule
4310(c)(4) because the company's common stock has closed below
the minimum $1 per share for 30 consecutive trading days.
Unless the closing bid price for shares of the company's common
stock exceeds $1 per share for 10 consecutive trading days prior
to Oct. 17, 2007, the staff of the NASDAQ may notify the company
that the Common Stock will be delisted from the NASDAQ Capital
Market.

SpatiaLight also indicated that it received on April 27, 2007 a
NASDAQ Staff Determination letter that the company has failed to
meet the NASDAQ Marketplace Rule 4310(c)(8)(C) requirements for
the market value of publicly held shares and would be delisted
from the NASDAQ Capital Market unless a request for an appeal
hearing is made by May 4, 2007.

The company will request such an appeal hearing and present its
case by disclosing to the hearing board confidential information
for bringing the company into compliance and plans to maintain
future compliance.  The anticipated hearing date will be no
earlier than June 2007.  Until a determination is made on the
appeal, the company's common stock will be traded on the NASDAQ
Capital Market under the HDTV symbol.

                        Going Concern Doubt

Odenberg, Ullakko, Muranishi & Co. LLP expressed substantial
doubt about SpatiaLight, Inc.'s ability to continue as a going
concern after it audited the company's financial statements for
the years ended Dec. 31, 2005 and 2004.  The auditing firm
pointed to the company's recurring operating losses, negative
cash flows from operations, negative working capital position
and stockholders' deficit.

A full-text copy of the company's financial statements for the
period ended June 30, 2006, is available for free at
http://ResearchArchives.com/t/s?1078

                         About SpatiaLight

SpatiaLight, Inc. -- http://www.spatialight.com/-- founded in
1989, manufactures high-resolution Liquid Crystal on Silicon
microdisplays for use in high definition televisions and other
display applications.  The company manufactures its products at
its facility in South Korea.


SPATIALIGHT INC: Inks Agreements to Raise US$15.4MM Financing
-------------------------------------------------------------
SpatiaLight Inc. has entered into agreements, which provide the
company with up to US$15.4 million of financing.

"The company is pleased to have this funding in place," Dr.
David Hakala, SpatiaLight's chairman and chief executive
officer, said.  "The company's objectives to grow the company
both from a revenue perspective as the company bring on new
customers and from a product category perspective with the
company's new product developments and introductions.  The
funding provided by this agreement will assure the execution of
these programs in achieving the company's business goals.  This
agreement allows the company to focus on the tasks required for
success rather than constantly working on financing."

"This funding will ensure the company's ability to successfully
complete the developments of key projects with respect to the
company's exciting new micro-projector and near-to-eye head
mounted display product lines," Dr. Michael Jin, SpatiaLight's
chief technology officer added.  "Well as provide for the
technical sales support for the company's existing T-3
microdisplay rear projection TV product line as the company
expands its customer base in this segment."

On April 26, 2004, the company entered into an Equity Credit
Agreement with six institutional investors, (i) Southridge
Partners LP, (ii) Southshore Capital Fund Ltd., (iii) Pierce
Diversified Strategy Master Fund LLC, ENA, (iv) Enable
Opportunity Partners LP, (v) Enable Growth Partners LP, and (vi)
Iroquois Master Fund Ltd. effective as of April 24, 2007 under
which the company may elect and the investors are required to
purchase from time to time, over a period of 18 months, shares
of the company's Common Stock having an aggregate market value
of US$15.4 million.  The first US$3.7 million in Common Stock to
be sold, pursuant to the Equity Credit Agreement will be priced
at 100% of the market value on the dates of sale.

The balance of the shares of Common Stock may be sold under the
Equity Credit Agreement only after approval by the company's
stockholders, and will be sold at 95% of the market value on the
dates of sale.  No warrants are to be issued pursuant to the
Equity Credit Agreement transactions.

In consideration for this financing, SpatiaLight entered into a
Waiver, Rescission and Settlement Agreement effective as of
April 24, 2007 with six institutional investors that were
parties to the Securities Purchase Agreement and Registration
Rights Agreement dated Nov. 28, 2006, and the Securities
Purchase Agreement and Waiver Agreement dated Feb. 23, 2007.
Under the terms of the Settlement Agreement the investors:

   a) released disputed claims under both the November 2006 and
      February 2007 Financings;

   b) returned for cancellation Warrants to purchase 4.8 million
      shares of the company's common stock, that were issued in
      the November 2006 Financing; and

   c) entered into an Escrow Agreement pursuant to which the
      company will issue into Escrow, from time to time, an
      unspecified number of shares of its common stock, and the
      investors will deliver into Escrow 4,002,307 shares of the
      company's common stock issued pursuant to the November
      2006 and February 2007 financings for resale, all having
      an aggregate market value of US$4,354,387.

"This restructuring of the company's prior two financings
eliminates the company's registration and liquidated damage
obligations and eliminates all restrictions on future financings
from these prior agreements, well as returns 4.8 million
warrants to the company and delivers 4 million shares of the
company's common stock into escrow," Dr. Hakala said.  "It will
be at the company's option as to whether to use the equity line
provided under this agreement or to find other financing sources
if they are deemed to be more desirable to the company."

All of the new shares of Common Stock to be sold pursuant to
the Equity Agreement or issued pursuant to the Waiver,
Rescission, and Settlement Agreement are registered pursuant to
the company's Registration Statement on Form S-3, which was
declared effective by the U.S. Securities and Exchange
Commission on Feb. 14, 2007.

                      Going Concern Doubt

Odenberg, Ullakko, Muranishi & Co. LLP expressed substantial
doubt about SpatiaLight, Inc.'s ability to continue as a going
concern after it audited the company's financial statements for
the years ended Dec. 31, 2005 and 2004.  The auditing firm
pointed to the company's recurring operating losses, negative
cash flows from operations, negative working capital position
and stockholders' deficit.

A full-text copy of the company's financial statements for the
period ended June 30, 2006, is available for free at
http://ResearchArchives.com/t/s?1078

                         About SpatiaLight

SpatiaLight, Inc. -- http://www.spatialight.com/-- founded in
1989, manufactures high-resolution Liquid Crystal on Silicon
microdisplays for use in high definition televisions and other
display applications.  The company manufactures its products at
its facility in South Korea.


TOWER AUTOMOTIVE: Files Chapter 11 Plan & Disclosure Statement
--------------------------------------------------------------
Tower Automotive Inc. has filed its Chapter 11 Plan and
accompanying Disclosure Statement with the U.S. Bankruptcy Court
for the Southern District of New York.  The filing also includes
the sale agreement for substantially all of Tower's assets to an
affiliate of Cerberus Capital Management L.P.  The company
expects to close a sale transaction by July 31, 2007, following
the completion of a competitive bidding process as outlined in
the sale agreement, and Court approval of both the Plan and sale
transaction.

The Plan provides for:

   a) payment in full of secured claims, including obligations
      under Tower's Debtor-in-Possession credit facility and
      second lien loan facility;

   b) payment in full of administrative and priority claims;

   c) assumption of the company's pension plan; and

   d) partial recovery for certain unsecured creditors.

To strengthen its financial position and realize opportunities
for profitable, long-term future operations, during the
reorganization process, Tower implemented a sweeping
restructuring, closing or selling 16 manufacturing plants and
consolidating production into existing facilities to improve
productivity, negotiating settlements with all 10 U.S.-based
labor unions, selling non-core businesses and diversifying its
customer base with international automakers.  As a result, Tower
expects that more than half of the restructured company's
revenue will come from its international operations.

The proposed sale will be subject to higher and better bids.  A
Court-approved marketing process is being conducted pursuant to
which qualified parties must submit competing bids to purchase
Tower by June 20, 2007.  If qualified and competing bids are
received by that date, the company will conduct an auction on
June 25, 2007 to determine the highest and best bid.  The
company would then ask the Bankruptcy Court to confirm Tower's
Plan of Reorganization and approve the transaction, with a
closing to occur by July 31, 2007.


                    About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


TOWER AUTOMOTIVE: Treatment of Claims Under Chapter 11 Plan
-----------------------------------------------------------
Rousel/kawat

Tower Automotive, Inc., and its debtor-affiliates, delivered
their Joint Plan of Reorganization and accompanying Disclosure
Statement to the U.S. Bankruptcy Court for the Southern District
of New York on May 1, 2007.

The Reorganization Plan provides for the (i) payment in full of
secured claims, including obligations under Tower's DIP credit
facility and second lien loan facility, as well as payment in
full of administrative and priority claims, (ii) assumption of
the company's pension plan, and (iii) partial recovery for
certain unsecured creditors.

The Plan also incorporates the previously announced sale
agreement for substantially all of Tower's assets to TAC
Acquisition Company, LLC, an affiliate of Cerberus Capital
Management, L.P.  Tower expects to close the sale transaction by
July 31, 2007, after the completion of a competitive bidding
process as outlined in the Sale Agreement with Cerberus, and
Court approval of both the Plan and Sale Transaction.

Qualified parties must submit competing bids to purchase Tower
by June 20, 2007.  If qualified and competing bids are received
by that date, the company will conduct an auction on June 25.
Following the auction, Tower would then ask the Court to confirm
its Plan and approve the Sale transaction.

               Classification & Treatment of Claims

Under the Plan, all Claims against Tower, other than
Administrative Claims, DIP Facility Claims and Priority Tax
Claims, are divided into nine separate classes.  Tower believes
this complies with the requirements of the Bankruptcy Code.

       Class    Description
       -----    -----------
         1      Other Priority Claims
         2      Other Secured Claims
         3      Second Lien Claims
         4      R.J. Tower Bondholder Claims
         5      R.J. Tower General Unsecured Claims
         6      5.75% Convertible Senior Note Claims
         7      Other General Unsecured Claims
         8      Trust Related Claims
         9      Common Equity Interests

Classes 1, 2, and 3 are unimpaired and are deemed to accept the
Plan.  Classes 4, 5, 6, and 7 are impaired and are entitled to
vote on the Plan.  Classes 8 and 9 are impaired; will receive no
distribution under the Plan; and are deemed to have rejected the
Plan without voting.

Each Holder of Allowed Claims in Classes 1 and 2 Claims will
receive full cash payments on the effective date of the Plan
from the Post-Consummation Trust Priority Account.  On or as
soon as practicable after the Plan Effective Date, all remaining
Cash in the Second Lien Collateral Account will be returned to
the Second Lien Agent for the Pro Rata benefit of the Second
Lien Lenders, and the Second Lien Facility will be terminated.

Each Holder of an Allowed Class 3 Claim will receive a full cash
payment from TAC Acquisition, pursuant to the terms of TAC
Acquisition's purchase agreement with Tower.

Each Holder of an Allowed Class 4 Claim will receive its Pro
Rata share of the R.J. Tower Bondholder Primary Recovery and the
R.J. Tower Bondholder Secondary Recovery.  The Post-Consummation
Trust will not make distributions to holders of Class 4 Claims
until all Post-Consummation Trust Senior Claims payable by the
Post- Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

Each Holder of an Allowed Class 5 Claim will receive its Pro
Rata share of the R.J. Tower General Unsecured Claim Primary
Recovery and the R.J. Tower General Unsecured Claim Secondary
Recovery.  The Post-Consummation Trust will not make
distributions to holders of Class 5 Claims until all Post-
Consummation Trust Senior Claims payable by the Post-
Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

On the Plan Effective Date, the Class 6 5.75% Convertible Senior
Notes will be cancelled automatically without any further order
of the Court or the Debtors or the Indenture Trustee for the
5.75% Convertible Senior Notes.  Each Holder of an Allowed Class
6 5.75% Convertible Senior Note Claim will receive a Pro Rata
distribution of the Class 6 Recovery.  The Post-Consummation
Trust will not make distributions to holders of Class 6 Claims
until all Post-Consummation Trust Senior Claims payable by the
Post-Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

The Class 7 General Unsecured Claims, on the other hand, will be
cancelled and each Holder of an Allowed Class 7 General
Unsecured Claim will receive a Pro Rata distribution of the
Class 7 Recovery.  The Post-Consummation Trust will not make
distributions to holders of Class 7 Claims until all Post-
Consummation Trust Senior Claims payable by the Post-
Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post- Consummation Trust Senior Claims.

The 6.75% Trust Preferred Securities will be cancelled and
Holders of Class 8 Trust Related Claims will receive no
distribution on account of their Claims.

In addition, all Class 9 Equity Interests will be deemed
cancelled, and will be of no further force and effect, whether
surrendered for cancellation or otherwise, and there will be no
distribution to the Holders of Class 9 Equity Interests.

                      Administrative Claims

Each Holder of an Allowed Working Capital Administrative Claim
will be paid in the ordinary course of business the full unpaid
amount of the Claim in cash by TAC Acquisition, or other
entities designated by Cerberus or other entities as may be
designated the successful bidder or successful bidders at the
conclusion of an auction pursuant to the Cerberus Term Sheet.

Each Holder of an Allowed Other Administrative Claim will be
paid the full-unpaid amount of the Claim in cash by the Post-
Consummation Trust Plan Administrator, out of a Post-
Consummation Trust Priority Account.

Holders of Working Capital Administrative Claims based on
liabilities incurred by a Debtor in the ordinary course of its
business will not be required to file or serve any request for
payment of the Working Capital Administrative Claims.

                       DIP Facility Claims

Allowed DIP Facility Claims will be paid in full in cash on the
Plan Effective Date.

                       Priority Tax Claims

On the later of the Plan Effective Date or the date on which a
Priority Tax Claim becomes an Allowed Priority Tax Claim, each
Holder of an Allowed Priority Tax Claim due and payable on or
before the Plan Effective Date will receive on account of the
Claim, cash in an amount equal to the amount of the Allowed
Priority Tax Claim, which amounts will be payable by the Post-
Consummation Trust out of the Post-Consummation Trust Priority
Account.

                Allowed Secondary Liability Claims

The classification and treatment of Allowed Claims under the
Plan take into consideration all Allowed Secondary Liability
Claims.

On the Effective Date, Allowed Secondary Liability Claims
arising from or related to any Debtor's joint or several
liability for the obligations under any (a) Allowed Claim that
is being reinstated under the Plan or (b) Executory Contract or
Unexpired Lease that is being assumed or deemed assumed by
another Debtor or under any Executory Contract or Unexpired
Lease that is being assumed by and assigned to another Debtor or
any other Entity, will be reinstated.

Except as otherwise provided, Holders of Allowed Secondary
Liability Claims will be entitled to only one distribution in
respect of the underlying Allowed Claim from the Substantively
Consolidated Debtors and only one distribution in respect of the
underlying Allowed Claim from the International Holding Company
Debtors.  No multiple recovery on account of any Allowed
Secondary Liability Claim will be provided or permitted.

               Intercompany and Subordinated Claims

All Intercompany Claims and Subordinated Securities Claims will
be cancelled as of the Plan Effective Date, and Holders of these
Claims will not receive a distribution under the Plan in respect
of the Claims.

                           Pension Plan

R.J. Tower, a wholly owned subsidiary of Tower, Inc., currently
sponsors and maintains one defined benefit pension plan known as
The Tower Automotive Consolidated Pension Plan.

The Plan provides that TAC Acquisition intends to assume the
Pension Plan on an on-going basis and will be liable to fund the
Pension Plan in accordance with the minimum funding standards
under the Internal Revenue Code and ERISA; pay all required PBGC
insurance premiums; and continue to administer and operate the
Pension Plan in accordance with the terms of the Pension Plan
and provisions of ERISA.

TAC Acquisition and all members of its controlled group will be
obligated to pay the contributions necessary to satisfy the
minimum funding standards under Section 412 of the Internal
Revenue Code and Section 302 of ERISA.

PBGC has filed an estimated contingent claim in the Debtors'
Chapter 11 Cases against each Debtor for unfunded benefit
liabilities owed to the Tower Automotive Pension Plan and the
Tower Automotive UAW Retirement Income Plan for US$182,900,000
and US$7,700,000.  PBGC has also filed unliquidated claims for
statutory premiums owed to PBGC and minimum funding
contributions owed to each of the Pension Plans.  Upon the
closing on the sale of the Debtors' assets to TAC Acquisition,
and upon the Purchaser's continuation of the Pension Plan, PBGC
will withdraw its claims against the Debtors' bankruptcy
estates.

                              Trusts

Two trusts, the Post-Consummation Trust and the Unsecured
Creditors Trust, will be established for the primary purpose of
liquidating Trust assets with no objective to continue or engage
in the conduct of a trade or business, except to the extent
reasonably necessary to, and consistent with, the liquidating
purpose of the Trust.

A. Post-Consummation Trust

The Debtors will transfer to the Post-Consummation Trust all of
their rights, title and interests in "Remaining Assets".  Any
attorney client privilege, work product privilege, or other
privilege or immunity attaching to any documents or
communications -- whether written or oral -- transferred to the
Post-Consummation Trust will vest in the Post-Consummation Trust
and its representatives.

The Debtors, in consultation with the Official Committee of
Unsecured Creditors, will designate the initial Post-
Consummation Trust Plan Administrator.

Cash in the Post-Consummation Trust Priority Account will be
applied in accordance with the terms of the Post-Consummation
Trust Budget:

    (1) to the fees, costs, expenses -- each in amounts not to
        exceed amounts approved pursuant to the Post-
        Consummation Trust Budget -- and liabilities of the
        Post-Consummation Trust Plan Administrator;

    (2) to satisfy any other administrative and Wind-Down
        Expenses of the Post-Consummation Trust; and

    (3) to the distributions provided for pursuant to the Plan.

The Post-Consummation Trust Plan Administrator, after the Plan
Effective Date, will pay US$2,000,000 out of the Post
Consummation Indemnity Account pursuant to the terms of an ERISA
Settlement Agreement, it being understood that any refund paid
to the Debtors under the ERISA Settlement Agreement up to
US$2,000,000 will be returned to the Post-Consummation Indemnity
Account.

The Post-Consummation Trust will also establish a Retained
Professional Escrow Account and reserve the amounts necessary to
ensure the payment of all Accrued Professional Compensation.

All other actions, along with any associated recoveries,
proceeds and settlements, will remain the property of the
Debtors' estates, and will be devised to the Post-Consummation
Trust, provided, no Acquired Assets or Residual Chapter 5 Claims
will be devised to the Post-Consummation Trust.

Chapter 5 Claims refer to any and all avoidance, recovery,
subordination or other actions or remedies that may be brought
on behalf of the Debtors or their estates under the Bankruptcy
Code or applicable non-bankruptcy law, including actions or
remedies under Sections 510, 542, 543, 544, 545, 547, 548, 549,
550, 551, 552, 553(b) and 724(a) of the Bankruptcy Code.

B. Unsecured Creditors Trust

On the Plan Effective Date, TAC Acquisition will transfer to the
Unsecured Creditors Trust the Cash portion of the Unsecured
Creditors Trust Assets -- US$10,000,000 Unsecureds Claim Payment
and a US$2,000,000 Unsecureds Funds Payment.  Residual Chapter 5
Claims will be deemed to be transferred to the Unsecured
Creditors Trust free and clear of all Claims and Interests
pursuant to the terms of the Confirmation Order.

The Creditors Committee will designate the initial Unsecured
Creditors Trust Plan Administrator.

The Post-Consummation Trust and the Post-Consummation Trust Plan
Administrator will reasonably cooperate with the Unsecured
Creditors Trust and the Unsecured Creditors Trust Plan
Administrator to facilitate the administration of the Trusts,
including, but not limited to the sharing of information related
to Claims and any Disputed Claims Reserve.

            Cancellation of Notes and Equity Interests

On the Plan Effective Date, except to the extent otherwise
provided, all notes, stock, instruments, certificates, and other
documents evidencing the 5.75% Convertible Senior Note Claims,
the 6.75% Trust Convertible Subordinated Debenture Claims, the
9.25% Senior Euro Note Claims, the 12% Senior Note Claims, and
Equity Interests will be cancelled, and the obligations of the
Debtors or in any way related to the documents will be
discharged.

Any indenture, including the 5.75% Convertible Senior Note
Indenture, the 6.75% Trust Convertible Subordinated Debenture,
the 9.25% Senior Euro Note Indenture and the 12% Senior Note
Indenture will be deemed to be canceled, as permitted by Section
1123(a)(5)(F) of the Bankruptcy Code, and the obligations of the
Debtors will be discharged.  The 5.75% Convertible Senior Note
Indenture, the 9.25% Senior Euro Note Indenture and the 12%
Senior Note Indenture will continue in effect solely for the
purposes of:

    (i) allowing Holders of the 5.75% Convertible Senior Note
        Claims, the 9.25% Senior Euro Note Claims and the 12%
        Senior Note Claims to receive distributions under the
        Plan; and

   (ii) allowing and preserving the rights of the Indenture
        Trustees under the 5.75% Convertible Senior Note
        Indenture, the 9.25% Senior Euro Note Indenture and the
        12% Senior Note Indenture to:

         -- make distributions in satisfaction of Allowed 5.75%
            Convertible Senior Note Claims, the 9.25% Senior
            Euro Note Claims and the 12% Senior Note Claims;

         -- exercise their charging liens against any
            distributions; and

         -- seek compensation and reimbursement for any fees and
            expenses incurred in making distributions.

                     Dissolution of Committee

Effective no later than 30 days after the Plan, Effective Date
if no appeal of the Confirmation Order is then pending, and so
long as the Trusts have been established, the Committee will
dissolve with respect to the Debtors and its members will be
released and discharged from all further authority, duties,
responsibilities and obligations relating to the Chapter 11
Cases.

However, the Committee and its Retained Professionals will be
retained with respect to (i) applications filed pursuant to
Sections 330 and 331 of the Bankruptcy Code, (ii) motions
seeking the enforcement of the provisions of the Plan and the
transactions contemplated under the Plan or the Confirmation
Order and (iii) pending appeals.

                       Liquidation Analysis

The Debtors believe that the Plan meets the "best interest of
creditors" test as set forth in Section 1129(a)(7) of the
Bankruptcy Code.  There are Impaired Classes with respect to
each Debtor, certain of which are contemplated to receive
recoveries under the Plan.  The Debtors believe that the members
of each Impaired Class will receive at least as much as they
would if the Debtors were liquidated under Chapter 7 of the
Bankruptcy Code.

            Summary of Hypothetical Liquidation Values
                Substantively Consolidated Debtors
                       As of March 31, 2007

                              Hypothetical Recovery Value

                               Low             High
                               ---             ----
Asset Type:
Cash and Equivalents    US$240,593  100%    US$240,593  100%
Accounts Receivable     41,530,738   61%    51,974,440   76%
  Inventory             30,890,230   72%    39,240,267   91%
  MRO                      808,012    5%     2,424,036   15%
  Tooling               18,739,785  100%    20,821,984  100%
  PP&E                 118,604,044   27%   216,135,105   49%
  Prepaid Expenses             -      0%       403,583   10%
  Other Non-Cur. Assets        -      0%             -    0%

                         -----------           -----------
Total                   US$210,813,402          US$331,240,007
                         ===========           ===========
Less:
  Liquidation Costs      (10,142,524)          (16,741,498)
  Chap. 7 Trustee Fees    (6,324,402)           (9,937,200)
  Runoff Costs           (71,000,000)          (54,000,000)
  Professional Fees      (21,000,000)          (17,000,000)
                         -----------           -----------
Total Distributable
  Value                 US$102,348,476          US$233,561,308
                         ===========           ===========

The Liquidation Analysis reflects the estimated cash proceeds,
net of liquidation related costs that would be realized if the
Debtors were to be liquidated in accordance with Chapter 7.  The
Debtors prepared the Liquidation Analysis, with the assistance
of FIT Consulting, Inc., Lazard Freres & Co., LLC, and other
professionals, and in a manner consistent with the consolidated
legal structure of the Plan.

The Debtors believe the Liquidation Analysis and the conclusions
set forth in the Analysis are fair and accurate, and represent
management's best judgment with regard to the results of a
Chapter 7 liquidation of the Debtors.

A full-text copy of the Debtors' Liquidation Analysis is
available for free at http://ResearchArchives.com/t/s?1e63

                      Plan Must be Approved

The Debtors urge creditors entitled to vote to accept the Plan.
The Creditors Committee also urges the Holders of Class 4 R.J.
Tower Bondholder Claims, Class 5 R.J. Tower General Unsecured
Claims, Class 6 5.75% Convertible Senior Note Claims and Class 7
Other General Unsecured Claims to vote to accept the Plan and to
evidence their acceptance by timely completing and returning
their Ballots.

The Debtors will file Plan Supplements on or before July 2,
2007.  Upon filing, the Plan Supplement will be made available
on the Voting Agent's Web site at http://www.bsillc.com

A full-text copy of Tower's Disclosure Statement is available
for free at http://ResearchArchives.com/t/s?1e61

A full-text copy of Tower's Plan is available for free at:

           http://ResearchArchives.com/t/s?1e62

                      About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
very major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia,
Nissan, Toyota, Volkswagen and Volvo.  Products include body
structures and assemblies, lower vehicle frames and structures,
chassis modules and systems, and suspension components.  The
company has operations in Korea, Spain and Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


WOORI BANK: Tier-1 Bond Offering Priced at 157bp Over Treasuries
----------------------------------------------------------------
Woori Bank's US$1 billion Reg-S, 144a, hybrid tier-1 bond
offering priced at the tight end at 157bp over Treasuries,
Finance Asia reports.

According to the report, the deal was handled by ABN AMRO,
Credit Suisse, Deutsche Bank, HSBC, Merrill Lynch and Woori
Investment and Securities.

Finance Asia relates that final guidance came in at 157bp-159bp
over 10-year Treasuries, after an initial guidance in the area
of 160bp.  The Baa2/BBB/BBB+ 30-year non-call-10 bond priced at
par with a coupon of 6.208% semiannual, (30/360 to first call,
FRN after), and an order book four times subscribed at over US$4
billion, the report says.

                         About Woori Bank

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.


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

ARK RESOURCES: Updates Bursa on Default Status as of April 30
-------------------------------------------------------------
Ark Resources Bhd and its subsidiaries disclosed with the Bursa
Malaysia Securities Bhd its status on default payments to
several lenders as of April 30, 2007:

  Lender                   Borrower              Amount Claimed
  ------                   --------              --------------
  Bank Simpanan Nasional   Lankhorst Track            MYR72,160

  Bumiputra Commerce       Lankhorst Pancabumi       10,974,496
  Bank Berhad              Contractors S/B           23,052,316
                                                      3,474,192
                                                      1,723,719
                                                     22,797,719

  Danaharta Urus           Lankhorst Pancabumi       452,005.12
  Sdn Bhd                  Contractors S/B

  Southern Bank Bhd        Lankhorst Pancabumi        2,580,170
                           Contractors S/B

  Malayan Banking Bhd      Lankhorst Pancabumi       13,366,474
                           Contractors S/B

  Danaharta Urus           Port Dickson Sepang       11,118,722
  Sdn Bhd                  Quarry S/B

  Southern Bank Bhd        Port Dickson Sepang          197,939
                           Quarry S/B

  Affin-ACF Finance Bhd    Lankhorst M&E S/B            136,115

Ark and it subsidiaries have been granted an extension of the
Restraining Order by the Kuala Lumpur High Court up to May 3,
2007, the company points out.

In addition, Ark said that its debts will be addressed under a
Proposed Corporate Restructuring to be undertaken by the
company.

                          *     *     *

ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category -- which includes
the implementation of a regularization plan -- or face delisting
procedures.  Currently, ARK Resources is under the protection of
a Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of Dec. 31, 2006, Ark's total assets amounted to MYR32.38
million and total liabilities aggregated to MYR232.91 million,
resulting to a shareholders' deficit of MYR200.53 million.


EKRAN BERHAD: Securities Commission Extends Plan Filing Deadline
----------------------------------------------------------------
Ekran Bhd disclosed with the Bursa Malaysia Securities Bhd that
it has obtained from the Securities Commission a waiver to
submit a regularization plan as previously required.

As reported by the Troubled Company Reporter - Asia Pacific on
March 21, 2007, Ekran asked the bourse to extend its plan-filing
deadline to April 30, 2007, and was granted by the bourse.

In a letter to the company, the Bursa Securities said, "its
decision is without prejudice to its right to proceed to suspend
the trading of the securities of the company and to commence
delisting procedures in the event that certain conditions are
not fulfilled by December 31, 2007."

                          *     *     *

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


EKRAN BERHAD: Loan Default Reaches MYR62 Million in April 2007
--------------------------------------------------------------
Ekran Bhd disclosed in a filing with the Bursa Malaysia
Securities Bhd its payment default status to four lenders as of
April 2007:

      Lenders                         Claimed Amount
      -------                         --------------
      Pengurasan Danaharta          MYR28,426,953.08
      National Sdn Bhd

      Danaharta Managers                1,217,535.25
      Sdn Bhd

      Danaharta Urus                   29,535,045.28
      Sdn Bhd

      AmBank Berhad                     3,079,661.39
      (Arab Malaysian Bank Berhad)      Plus interest

According to the company, negotiations for full and final
settlement with these debts are in progress.

                          *     *     *

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
company's operations are mainly concentrated in Malaysia, China
and the Philippines.

Ekran has been classified as an affected listed issuer under
Amended Practice Note 17, when the auditors have expressed a
disclaimer opinion on the company's audited financial report for
the financial year ended June 30, 2005, and for defaulting on
various credit facilities.


FEDERAL FURNITURE: Disposal of SPV Units Ends Reform Exercise
-------------------------------------------------------------
Federal Furniture Holdings Bhd has completed the implementation
of its restructuring exercise that was commenced on June 2004,
after the disposal of two special purpose vehicles incorporated
to implement and carry out its plan.

In a disclosure with the Bursa Malaysia Securities Bhd on
April 30, the company said that it has disposed all its interest
in wholly owned subsidiary companies, Bumper Wood Sdn Bhd and
Paramount Wood Sdn Bhd.

In this regard, Bumper Wood has issued MYR35.322 million nominal
value RSLS-SPV1 to the Affected Secured Lenders while Paramount
Wood has issued MYR18.21 million nominal value RSLS-SPV2 to the
SPV2 lenders, the statement said.

The Troubled Company Reporter - Asia Pacific on April 4, 2007,
reported that Malaysia's Securities Commission has approved the
extension asked by Federal Furniture to complete the
implementation of its various plan proposals until Sept. 13.

                          *     *     *

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
proposed a capital reduction, a share premium reduction, rights
issue with warrants and a debt settlement scheme with some of
its financial institution lenders to restructure and settle a
substantial part of its total bank borrowings.  On July 5, 2006,
the Company submitted its Regularization Plan to Bursa Malaysia
Securities Berhad for approval.

Federal Furniture Holdings Bhd's unaudited balance sheet as of
Dec. 31, 2006, showed total assets of MYR135.78 million and
total liabilities of MYR153.46 million, resulting in a
shareholders deficit of MYR17.67 million.


INTERPUBLIC GROUP: S&P Junks Rating on $525 Mil. Preferred Stock
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'CCC' rating to
the $525 million 5-1/4% Series B cumulative convertible
perpetual preferred stock of The Interpublic Group of Cos. Inc.

The new rating is three notches below the 'B' corporate credit
rating on the company.  The securities were originally issued in
a Rule 144A private placement on Oct. 24, 2005.  Interpublic
recently filed a registration statement with the SEC that will
enable securityholders to resell their shares.

"The positive outlook on Interpublic's ratings reflects the
company's progress in resolving its internal control problems
and its recent success in stemming revenue and EBITDA declines,"
said Standard & Poor's credit analyst Deborah Kinzer, "although
we expect margins and cash flow to remain weak in the
intermediate term."

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies. Major global brands include Draft FCB Group,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM, Octagon, Universal McCann and Weber Shandwick.
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, Panama, Spain, Thailand, the United States and
Venezuela, among others.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings assigned a rating of 'B/RR4' to Interpublic Group's
US$400 million 4.25% convertible senior unsecured notes due
March 15, 2023.  The new notes rank pari passu with other senior
unsecured indebtedness of the company.  The Outlook remains
Negative.

IPG's ratings are:

     -- Issuer default rating (IDR) 'B';

     -- Enhanced liquidity facility notes 'B/RR4';

     -- Senior unsecured notes (including the new convertible
        senior unsecured notes) 'B/RR4';

     -- Cumulative convertible perpetual preferred stock
       'CCC/RR6';

     -- Mandatory convertible preferred stock 'CCC/RR6'.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service assigned a Ba3 senior unsecured debt
rating to Interpublic Group of Companies, Inc.'s new US$250
million floating rate notes due 2010.  The Ba3 rating reflects a
loss given default of about 66% given the company's all-bond
debt capital structure.  The rating outlook is negative.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services said that its ratings on The
Interpublic Group of Cos. Inc., including the corporate credit
rating of 'B', remain on CreditWatch with negative implications,
where they were placed on March 22, 2006.  The CreditWatch
update followed the news that Wal-Mart Stores Inc. has decided
to place under review its business with one of Interpublic's
advertising agencies, although other Interpublic units may pitch
for the business.  The New York-based global advertising agency
holding company had approximately US$2.2 billion in debt
outstanding at Sept. 30, 2006.


STAR CRUISES: Names David Chua Ming Huat as New President
---------------------------------------------------------
Star Cruises Ltd has appointed David Chua Ming Huat as president
effective May 1 to replace Tan Sri Lim Kok Thay, Reuters
reports.

Mr. Tan will remain in office as chairman and chief executive,
the report adds.

According to Reuters, before his appointment, Mr. Chua served as
chief operating officer of Genting Berhad, a large shareholder
of Star Cruises.

                          *     *     *

Star Cruises Limited -- http://www.starcruises.com/-- is a
Company publicly listed in Hong Kong and is a core member of the
Genting Group and 36.1% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  Star Cruises operates 22
ships with 35,000 lower berths under five main brands:  Star
Cruises and Cruise Ferries, which service Asia Pacific, and
three brands under NCL.  The company also has operations in
Malaysia.

Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications.

In addition, Moody's Investors Service confirmed the B1
corporate family rating of Star Cruises Limited.  The rating
outlook is stable.  This concludes the ratings review initiated
on January 25, 2007.


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

BAYS PLASTERING: Court to Hear Wind-Up Petition on May 7
--------------------------------------------------------
The High Court of Hamilton will hear a petition to wind up the
operations of Bays Plastering 2004 Ltd. on May 7, 2007, at
10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on
March 27, 2007.

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         Telephone:(07) 959 0373
         New Zealand


BEACH HAVEN: To Receive Proofs of Debt Until May 21
---------------------------------------------------
Beach Haven Developments Ltd. will proofs of debt from its
creditors until May 21, 2007.

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

The company's liquidator is:

         Boris van Delden
         Peri Micaela Finnigan
         McDonald Vague
         PO Box 6092, Wellesley Street Post Office
         Auckland, New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz
         Telephone:(09) 306 3338


COMMERCIAL FLOORING: Faces CIR's Wind-Up Petition
-------------------------------------------------
On April 3, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Commercial Flooring
Contractors Ltd.

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

The CIR's solicitor is:

         R. J. Collins
         Elvidge & Partners
         corner of Raffles and Bower Streets, Napier
         New Zealand


HARRIS FAMILY: Proofs of Debt Must be Filed by July 12
------------------------------------------------------
The creditors of Harris Family Investments Limited are required
to file their proofs of debt by July 12, 2007, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on April 12, 2007.

The company's liquidators are:

         Vivian Fatupaito
         Richard Dale Agnew
         PricewaterhouseCoopers
         Level 8, PricewaterhouseCoopers Tower
         188 Quay Street
         Auckland, New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


JYRAH MANAGEMENT: Subject to CIR's Wind-Up Petition
---------------------------------------------------
On March 12, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Jyrah Management
Consultants Ltd.

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

The CIR's solicitor is:

         R. J. Collins
         c/o Elvidge & Partners
         corner of Raffles and Bower Streets, Napier
         New Zealand


NGUNGURU FISHERTON: Receiving Proofs of Debt Until July 12
----------------------------------------------------------
Ngunguru Fisherton Ltd. requires its creditors to prove their
debts by July 12, 2007.

Creditors who cannot prove their debts by the due date will be
excluded from sharing in the company's dividend distribution.

The company's liquidators are:

         Vivian Fatupaito
         Richard Dale Agnew
         PricewaterhouseCoopers
         Level 8, PricewaterhouseCoopers Tower
         188 Quay Street
         Auckland, New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


ROSSMAN PROPERTIES: Wind-Up Petition Hearing Set for May 7
----------------------------------------------------------
An application to wind up the operations of Rossman Properties
Ltd. was filed by the Commissioner of Inland Revenue on
March 22, 2007.

The petition will be heard before the High Court of Hamilton on
May 7, 2007, at 10:45 a.m.

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         Telephone:(07) 959 0373
         New Zealand


SPORTSCAR WORLD: Court to Hear Wind-Up Petition on May 28
---------------------------------------------------------
A petition to wind up the operations of Sportscar World Ltd.
will be heard before the High Court of New Plymouth on May 28,
2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
March 14, 2007.

The CIR's solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         Telephone:(07) 959 0373
         New Zealand


STONE NO. 1: Creditors' Proofs of Debt Due on May 11
-----------------------------------------------------
The creditors of Stone No. 1 Ltd. are required to file their
proofs of debt by May 11, 2007, to be included in the company's
dividend distribution.

The company's liquidator is:

         M. Lamacraft
         c/o Meltzer Mason Heath, Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


WES AIR CONDITIONING: Taps Whittfield & Delden as Liquidators
-------------------------------------------------------------
On April 11, 2007, John Trevor Whittfield and Boris van Delden
were appointed as liquidators of Wes Air Conditioning Ltd.

Messrs. Whittfield and van Delden require the company's
creditors to file their proofs of debt by May 25, 2007.

The Liquidators can be reached at:

         John Trevor Whittfield
         Boris van Delden
         McDonald Vague, Wellesley Street
         PO Box 6092 Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


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

ACCESS WORLDWIDE: Dec. 31 Balance Sheet Upside-Down by US$1 Mil.
----------------------------------------------------------------
Access Worldwide Communications Inc. reported total
stockholders' deficit of US$1,180,464 as of Dec. 31, 2006.  The
company listed total assets of US$14,859,608 and total
liabilities of US$16,040,072 in its balance sheet as of Dec. 31,
2006.

Unrestricted cash and restricted cash as of Dec. 31, 2006, were
US$2,836,980 and US$123,000, respectively, as compared with
US$1,755,926 and US$314,000, respectively, as of Dec. 31, 2005.

For the years ended Dec. 31, 2006, and 2005, the company
generated revenues of US$27,711,626 and US$14,809,486,
respectively.  The company had a net income of US$2,886,072 for
the year 2006 as compared with a net loss of US$4,680,724 for
the year 2005.

The company's primary source of liquidity has been cash flows
from operations, supplemented by borrowing under its note
payable and funding from the issuance of convertible debt via
private placements.  For the year ended Dec. 31, 2006, and 2005,
the company had a positive working capital of US$4,131,572 and a
negative working capital of US$4,095,879, respectively.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1e22

                      About Access Worldwide

Headquartered in Arlington, Virginia, Access Worldwide
Communications Inc. (OTCBB: AWWC) -- http://www.accessww.com/--  
provides sales, communication and medical education services.
The Company has about 700 employees in offices throughout the
United States and the Philippines.


MANILA MINING: Completes Kalayaan Project Documentation
-------------------------------------------------------
Manila Mining Corporation and its joint venture partner, Anglo
Investments BV have completed the execution of all agreements in
relation to the implementation of the Kalayaan Project, namely
the Shareholders' Agreement and the Technical Services Operating
Agreement, Manila Mining said in a regulatory disclosure to the
Philippine Stock Exchange.

The company has assigned to its wholly owned subsidiary,
Kalayaan Copper-Gold Resources, Inc, about 284 hectares out of
the 2,463 hectares of MMC's Renewed Exploration PErmit.

Having completed the documentation, the partners are now
proceeding to actual groundwork.

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

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


RIZAL COMMERCIAL: Has Paid PHP100 Million Tax Even Before Ruling
----------------------------------------------------------------
Media reports came out last week that the Supreme Court has
affirmed its 2006 decision ordering Rizal Commercial Banking
Corp. (RCBC) to settle its tax liability due to the government.

RCBC clarified in a regulatory filing with the Philippine Stock
Exchange that the bank has paid the PHP100 million in taxes even
before the high court ruled on the case.  The bank also says
that it has done the same for taxes for the years 2004 and 2005.

RCBC also says that the case also involves an industry issue on
documentary stamp taxes on Special Savings Accounts, but this,
however, affects all banks.

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the bank's foreign exchange exposure.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 30, 2007 that Moody's Investors Service, on March 29,
2007, affirmed Rizal Commercial Banking Corp's E+ bank financial
strength rating as well as its Ba3 senior unsecured debt, B3
preferred stock and B1/NP long-term short-term deposit ratings.
The outlook for all ratings is stable.

On Nov. 2, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings has assigned a final rating
of B- to Rizal Commercial Banking Corporation's hybrid issue
of up to US$100 million.  The rating action follows the receipt
of final documents conforming to information previously
received.

The Troubled Company Reporter - Asia Pacific reported on
October 24, 2006, that Standard & Poor's Ratings Services
assigned its CCC rating to Philippines' Rizal Commercial Banking
Corp's (RCBC; B/Stable/B) US$100 million non-cumulative step-up
callable perpetual capital securities.


TOWER RECORDS: Assumes & Assigns IP Contracts to Caiman Holdings
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave MTS
Inc. dba Tower Records and its debtor-affiliates authority to
assume certain of their executory contracts and assign them to
Caiman Holdings, Inc.

Pursuant to a purchase agreement in which Caiman Holdings
purchased the Debtors' intellectual property assets, the Debtors
have agreed to assume certain intellectual property executory
contracts identified by Caiman, a list of which can be accessed
for free at http://researcharchives.com/t/s?1e09

The contract list constitutes a universe of contracts from which
Caiman will select.  Caiman may not choose, at the present time,
to have the Debtor assume and assign all of the contracts
listed.

Based in West Sacramento, California, MTS Inc., dba Tower
Records -- http://www.towerrecords.com/-- is a retailer of
music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company and its affiliates previously
filed for chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del.
Lead Case No. 04-10394).  The Court confirmed the Debtors' plan
on March 15, 2004.

The company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The company has stores in the
United Kingdom, the Philippines and Colombia.


* Central Bank Says Inflation Eased Significantly in Q1 2007
------------------------------------------------------------
In its Inflation Report covering the period January to March
2007, the Philippines' central bank, Bangko Sentral ng Pilipinas
said inflation eased significantly in the first quart of 2007.

According to the report, the continued downtrend in inflation
was supported by generally stable prices for major food items,
the strengthening of the peso and the subsiding base effects of
the Reformed Value Added Tax on CPI.   At the same time, demand-
based price pressures have remained moderate given the modest
pace of improvement in overall demand conditions.

Domestic interest rates sustained their downtrend during the
quarter while the Philippine peso continued to strengthen
against the dollar, BSP observes.  Alongside improving economic
prospects, the current liquidity growth contributed to lower
domestic interest rates.  BSP believes the peso has continued to
draw strength from the surge in foreign exchange inflows and the
country's solid macroeconomic fundamentals.

The full text of the Inflation Report is available for free at
the BSP Web site:

   http://www.bsp.gov.ph/publications/regular_inflation.asp

Among the highlights of the Inflation Report are:

   -- The global economic momentum continued with a gradual
      rebalancing in the composition of global growth.  The pace
      of growth in Japan and emerging Asia continued to pick up
      while the economic expansion in the Euro Area strengthened
      significantly.  Likewise, the United States economy has
      continued to expand despite the cooling in the housing
      sector.  Against this backdrop, major central banks opted
      to keep their policy settings steady.

   -- The Monetary Board kept the BSP's policy interest rates
      unchanged in Q1 2007.  The Monetary Board was of the view
      that there were sufficient grounds for caution in the
      monetary stance.  Latest inflation profiles suggested a
      benign inflation environment for the rest of the year,
      while reduced supply-side pressures and moderate
      improvements in demand conditions contributed to the
      abatement of underlying price pressures.

   -- Baseline forecasts by the BSP show a declining inflation
      profile.  In the absence of further adverse shocks,
      emerging estimates for 2007 indicate that average
      inflation may fall below the 4.0-5.0 percent target range.
      Meanwhile, the 2008 average inflation is likely to settle
      at the low-end of the 4.0 percent 1.0 percentage point
      target for 2008.

                          *     *     *

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

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

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

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


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

ADVANCED MICRO: Affirms B1 Corporate Family Rating
--------------------------------------------------
Moody's Investors Service affirmed AMD's B1 corporate family
rating while revising to Ba2 from Ba3 the ratings on both the
currently secured US$390 million notes due 2012 (2012 Note) and
the US$1.7 billion remainder of the original US$2.5 billion term
loan due 2013.  This revision reflects AMD' recent issuance of
US$2.2 billion of senior convertible notes due 2014 (not rated
by Moody's) and the concurrent US$500 million repayment of the
bank term loan.  The rating outlook remains negative.

In line with Moody's loss given default methodology, the 2012
Note and bank term loan ratings are raised by one notch to Ba2
with a corresponding LGD2 assessment as a result of the
incremental US$2.2 billion junior capital below it.

Moody's believes it is likely that the 2012 Note will become
unsecured in the near future.  Since AMD's secured debt as
defined is below US$2.5 billion, AMD, as stated in its 8K filing
of April 24, 2007, has the ability to release collateral that
currently benefits the 2012 note.  To the extent that the 2012
Note loses its collateral interest, its rating would be lowered
to B2 with a corresponding LGD5 assessment while the bank term
loan would likely be raised to Ba1 and LGD2 assessment.

Moody's changed the ratings outlook to negative from stable on
April 23, 2007.  The action reflects AMD's higher financial
leverage, the company's weaker than expected operating
performance in the last three quarters, and Moody's expectations
that the next couple of quarters will remain very challenging
even though the company plans to reduce costs and preserve
liquidity while at the same time rolling out its new product
platform dubbed Barcelona in the third quarter of 2007.

Ratings/assessments revised:

    * US$390 million secured notes due August 2012
      from Ba3 (LGD 3, 38%) to Ba2 (LGD 2, 22%)

    * US$2.5 billion senior secured term loan due 2013
      from Ba3 (LGD 3, 38%) to Ba2 (LGD 2, 22%)

Ratings/assessments affirmed:

    * Corporate family rating B1;
    * Probability-of-default rating B1;
    * Rating Outlook Negative

                       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.


TARGUS GROUP: Moody's Downgrades All Ratings; Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded all ratings of Targus Group
International, Inc. including the corporate family rating to
Caa1 and the rating outlook is negative.  The rating downgrade
was prompted by Moody's concern regarding the sufficiency of the
revolving credit facility given the company's potential working
capital needs over the next four quarters, its weak operating
profitability, and its high interest burden. The negative
outlook recognizes that the ratings could again fall if
operating performance does not meaningfully improve or liquidity
concerns deepen.

Ratings downgraded are:

    - US$230 million first-lien secured bank facilities to B2
      (LGD-2, 25%) from Ba3;

    - US$85 million second-lien secured term loan to Caa2
      (LGD-4, 69%) from B3;

    - Corporate family rating to Caa1 from B2;

    - Probability of Default Rating to Caa1 from B2.

The Caa1 corporate family rating of Targus reflects the high
fixed charge burden relative to Moody's medium-term expectations
for ongoing EBITDA, our belief that compliance will be tight as
bank loan covenants start to tighten in December 2007, and
Moody's concern about liquidity availability relative to working
capital that has proven to be volatile.  Important quantitative
credit metrics, such as leverage, interest coverage, free cash
flow, and scale, are consistent with a low-rated issuer.
Potentially offsetting these risks are the revenue diversity
from a worldwide geographic footprint, three separate
distribution channels (retailers, original equipment
manufacturers, and computer distributors), and two product
categories (notebook cases and computer accessories) and the
favorable growth trends for notebook cases and computer
accessories as global notebook computer unit sales continue to
rapidly increase.

The negative rating outlook recognizes that immediate concerns
about financial performance would place downward pressure on the
ratings over the next 12 to 18 months, given the challenges in
meaningfully improving from current levels operating
performance, free cash flow, and credit metrics.  Ratings will
decline if outflows for cash interest expense, capital
expenditures, and working capital cause continued free cash flow
deficits and permanent revolving credit facility utilization or
if collateral value declines.  Given the negative outlook,
Moody's currently believes that an upgrade is unlikely.

Targus Group International, Inc, headquartered in Anaheim,
California, designs, develops, and distributes notebook computer
cases and computer accessories.  The company sells its products
to original equipment manufacturers, third-party distributors,
and retailers worldwide.  Targus generated revenue of USUS$432
million for the twelve months ending June 30, 2006.

Targus has operations in the Asia Pacific, specifically in
Australia & New Zealand, China, Hong Kong, Japan, Korea, and
Singapore.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services revised its rating outlook on
laptop case and computer accessory provider Targus Group
International Inc. to negative from stable.

Ratings on the company, including the 'B' corporate credit
rating, were affirmed.

Moody's Investors Service downgraded all ratings of Targus Group
International, Inc. including the first-lien secured bank loan
to B2 and the second-lien secured bank loan to Caa1.  The
ratings downgrades are prompted by the decline in operating
margin over the past year that has caused substantial
deterioration in credit metrics.  Operating profit has risen at
a much slower pace than revenue as the company has written off
obsolete inventory, one of the company's major customers has
transitioned to a consignment relationship, and the company
ended up paying for unplanned air freight and repackaging costs
in order to meet retailer deadlines for new products.  The
rating outlook is revised to negative from stable.

These are the ratings downgraded:

   * USUS$230 million first-lien secured bank facilities to B2
     from B1,

   * USUS$85 million second-lien secured term loan to Caa1 from
     B3,

   * Corporate family rating to B2 from B1.



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

ADVANCE AGRO PCL: Considers Expanding Into 3 Paper Markets
----------------------------------------------------------
Advance Agro Public Co. Ltd. sees great potential in the
European, Middle Eastern and Indian markets and is considering
plans to open an office in these countries in three to five
years, the company's regional senior executive vice-president
Thirawit Leetavorn told Chan Ching Thut of The Star Online.

Advance Agro currently makes paper under the Double A brand in
80 countries.  It has offices in 10 of these countries, and only
agents in the rest.  Its factory in Thailand produces 500,000
tonnes of paper a year, and it has no plans to open more
factories in the country.

According to The Star Online, Mr. Thirawit said the company
would consider the possibility of setting up factories in other
markets, but the focus is on developing its mill in Thailand.
"The rate of expansion is enough to meet demand. At the moment,
we are running at full capacity but we also doing a feasibility
study on future expansion," the report quotes him as saying.

Mr. Thirawit, the report relates, said that Thailand and
Malaysia had potential for growth due to their low consumption
of paper per annum.  In Thailand, the consumption is only 12kg
per person per annum, while it is only 14kg per person for every
year.  Mr. Thirawit considers these markets to be untapped, Chan
Ching Thut relates.

Advance Agro Public Company Limited --
http://www.advanceagro.com/-- is a pulp and paper manufacturer
and distributor.  It markets its products under the brand name
Double A.  The company also distributes its products through
Double A Copy Center with over 1,500 branches in Thailand and
overseas and Double A Stationery with approximately 100 shops
nationwide.  In addition, Advance Agro operates three power
plants.  Headquartered in Prachinburi Province, the company has
a branch office in Bangkok. Advance Agro is comprised of a
number of subsidiaries.

The Troubled Company Reporter - Asia Pacific reported on Jan. 5,
2006, that Advance Agro Public Co. Ltd. received from Standard &
Poor's Rating Services a B- rating, an upgrade from the previous
CCC rating to its US$250 million 11 percent bonds due 2012.  At
the same time, the issue rating on Advance Agro Capital B.V.'s
US$48.7 million 13 percent notes due 2007 was also raised to 'B-
' from 'CCC'. The ratings were removed from CreditWatch, where
they were placed with positive implications on Nov. 29, 2005.

The Troubled Company Reporter - Asia Pacific reported on
March 13, 2007, that Moody's Investor Services changed to
positive from stable the outlook for both Advance Agro Public
Company Limited's B3 corporate family rating and the senior
unsecured bond ratings on its notes due in 2007 and 2012.


DAIMLERCHRYSLER AG: UAW Doesn't Favor Magna as Chrysler's Buyer
---------------------------------------------------------------
United Auto Workers President Ron Gettelfinger has denied
reports that the union endorsed Magna International Inc. as its
preferred buyer for DaimlerChrysler AG's Chrysler Group, adding
that the UAW maintains its stand against the unit's sale, John
D. Stoll for Dow Jones Newswires writes.

According to the report, Mr. Gettelfinger explained that the
Detroit News misquoted Canadian Auto Workers representative
Jerry Dias as saying the UAW was on board with such a plan.  Mr.
Gettelfinger further said the union isn't playing favorites and
hasn't expressed support for Magna or any of Chrysler's
potential buyers.  The UAW and CAW are not affiliated although
they both represent Chrysler workers in North America.

The TCR-Europe reported on April 24 that DaimlerChrysler's top
leaders, including Chief Executive Dieter Zetsche, plans to meet
with labor groups, who plan to ask about the company's strategic
review of Chrysler and the status of talks with three other
groups, WSJ reveals.  Mr. Zetsche faces pressure from
shareholders who are concerned that Chrysler, with its
$18 billion unfunded health-care liabilities and recent
operating losses, is pulling down the company's profitable
Mercedes-Benz luxury-car business.

The UAW, however, is not taking things lying down.

"We have established what we refer to as a war room where we
have our people taking a look and monitoring every conceivable
situation at Daimler," Mr. Gettelfinger said.  "We have publicly
[and] repeatedly said that we feel like we could make the case
why DaimlerChrysler should keep the Chrysler Group."

                      About DaimlerChrysler

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

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

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

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

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


FOUR SEASONS: Court Approves Plan of Privatization Arrangement
--------------------------------------------------------------
Four Seasons Hotels Inc. disclosed that the Ontario Superior
Court of Justice has issued a final order approving the plan of
arrangement pursuant to Four Seasons be taken private by
affiliates of Cascade Investment L.L.C., Kingdom Hotels
International, and Isadore Sharp.

Under the terms of the transaction, which remains subject to the
satisfaction or waiver of conditions specified in the
acquisition agreement, including Ministerial approval under the
Investment Canada Act, holders of Limited Voting Shares will
receive $82 cash per share.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
the company received an offer to take Four Seasons private at
US$82 per share, or an enterprise value of US$3.7 billion.   The
proposed capital structure included US$750 million in debt
financing and the contribution of new equity into the company,
net of the company's existing cash balances.

The offer to purchase Four Seasons was received from CEO Isador
Sharp and Triples Holdings Limited, the controlling shareholder
in Four Seasons, together with Kingdom Hotels International,
which is owned by Prince Alwaleed Bin Talal Bin Abdulaziz
Alsaud, and Cascade Invesment LLC, which is owned by Bill Gates.
Four Seasons' board has established a committee of directors to
consider the proposed transaction.

The company anticipated that the transaction would be completed
early in the second quarter of 2007.

Based in Toronto, Canada, Four Seasons Hotels Inc. --
http://www.fourseasons.com/-- manages luxury hotels and
resorts. It has a portfolio of 70 luxury hotels and resort
properties with approximately 17,300 guest rooms. They are
operated under the brand name Four Seasons in 31 countries in
North America, the Caribbean, Europe, Asia, Australia, the
Middle East and South America. Four Seasons has two operating
segments, management operations and ownership operations. Under
management operations, the Company generally oversees all
aspects of the day-to-day operations of the hotels and resorts.
In addition, it also provides advice on information technology
systems, renovation of hotels, resorts and residencies.

Four Seasons has properties in Thailand, the United Kingdom, and
Costa Rica.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its corporate credit
rating on Four Seasons Hotels, Inc. to 'BB+' from 'BBB-'.  The
ratings remain on CreditWatch with negative implications, where
they were placed on Nov. 6, 2006.


OMNOVA SOLUTIONS: Moody's Rates Proposed US$150MM Sr. Loan at B2
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to OMNOVA
Solutions Inc.'s proposed $150 million guaranteed senior secured
term loan due 2014.  The term loan proceeds will partially
refinance the $165 million of outstanding senior secured notes
due 2010 that OMNOVA recently issued a tender offer for.  The
rating outlook remains positive.

A summary of the ratings:

OMNOVA Solutions Inc.

Rating assigned:

  * US$150mm Gtd Sr Sec Term Loan Facility due 2014 -- B2,
    LGD3, 48%

Ratings affirmed:

  * Corporate family rating -- B2
  * Probability of default rating -- B2
  * $165mm 11.25% Sr Sec Global Notes due 2010 -- B3, LGD4, 64%

The ratings reflect the diversity of the company's end-markets
and customer base, and leading market shares within its niche
markets.  OMNOVA's financial performance has been improving over
the last two years and its leverage was reduced by the debt
reduction that accompanied the divestiture of the GenFlex
Building Products business.  The proposed refinancing will
further strengthen its credit metrics by reducing interest
expense.  Nevertheless, the company's cash flow has been and is
expected to remain modest in 2007, a limiting factor in the
rating.  In addition, OMNOVA's product line is largely
commodity-like and the company is exposed to volatile raw
materials, which can materially impact profit margins, and to
the US housing market, which has recently weakened.

Moody's last rating action on OMNOVA's ratings was to move the
outlook to positive in November 2006.  The positive outlook
reflects Moody's expectation that the firm will continue to
improve its credit metrics, achieve top line growth and benefit
from moderating prices for its key raw materials and improving
EBITDA margins.  OMNOVA's ratings would likely be moved up if
industry conditions were supportive of an upgrade and OMNOVA was
able to sustain recent margins, reduce debt, make progress in
managing working capital, and generate free cash flow greater
than US$20 million per year.

OMNOVA manufactures decorative and functional surfaces, emulsion
polymers and specialty chemicals.  The company operates in two
business segments, Decorative Products (approximately 37% of
2006 consolidated sales, excluding the divested building
products business), which makes commercial wallcoverings, coated
fabrics and decorative laminates, and Performance Chemicals,
which offerings include binders, coatings and adhesives for the
paper and carpet industries.  OMNOVA is the second-largest
producer of styrene butadiene latex in North America.
Headquartered in Fairlawn, Ohio, OMNOVA was formed when it was
spun-off from GenCorp in 1999.  Revenues from continuing
operations were US$694 million for the LTM ended February 28,
2007.

OMNOVA Solutions Inc. - http://www.omnova.com-- is a producer
of emulsion polymers and specialty chemicals, decorative and
functional surfaces and single-ply roofing systems for a variety
of commercial, industrial and residential end uses. OMNOVA
operates in three business segments: Performance Chemicals,
Decorative Products and Building Products. During the fiscal
year ended November 30, 2005 (fiscal 2005), revenue from
Performance Chemicals segment, Decorative Products segment and
Building Products segment represented approximately 55.9%, 29.9%
and 14.2%, respectively. The company has over 1,800 customers
that rely on over 1,000 OMNOVA products. OMNOVA utilizes 15
manufacturing, development and design facilities in North
America, Europe and Asia to service its broad customer base

The company has operations in China and Thailand.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed the credit ratings for OMNOVA Solutions Inc.:

   -- Issuer Default rating at B+;
   -- Senior secured credit facility at BB+/RR1; and
   -- Senior secured notes at B+/RR4.

The Rating Outlook is Stable.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services raised its ratings on
performance chemicals and decorative products manufacturer
OMNOVA Solutions Inc.  The corporate credit rating was raised to
'B+' from 'B'.  The outlook is stable.


POWER-P PCL: Clarifies Revenue Drop in 2nd Quarter of 2006
----------------------------------------------------------
Power-P Public Company Limited issued a letter on April 24
addressed to the President of the Stock Exchange of Thailand
explaining the THB64.68 million decrease in total revenue and
THB15.02 million increase in total expenses in the second
quarter of 2006.

According to the Company's interim financial statement for that
period, the Company had total revenue of THB102.14 million and
net loss of THB56.63 million as compared with the same period in
2005 where it had a total revenue of THB166.82 million and net
profit of THB23.07 million.

The Company cited five reasons for these changes:

   (1) Revenue from construction decreased by THB57.59 million;

   (2) Cost of service decreased by THB18.37 million;

   (3) Increase in selling and administrative expenses of
       THB33.13 million;

   (4) Fixed assets depreciated by THB1.47 million; and

   (5) Interest expenses increased by THB1.73 million.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.

The company is currently undergoing debt restructuring.


POWER-P PCL: Explains THB92.91M Profit Decrease for 3Q 2006
-----------------------------------------------------------
Power-P Public Company Limited issued a letter on April 24
addressed to the President of the Stock Exchange of Thailand
clarifying the THB15.73 million decrease of revenue in the year
2006, as reported in its Interim Financial Statement for the
period.

The Company had a total revenue of THB241.22 million for the
year 2006, as compared with the THB256.95 million total revenue
in 2005.  The Company's net loss also decreased from THB50.35
million in 2005 to THB18.10 million in 2006.  The report also
revealed that the Company's total expenses increased by THB59.39
million in 2006.

The letter cited six reasons for the decrease of its revenue:

   (1) The Company gained THB69.2 million from the disposal of
       fixed assets, because it recognized revenue from
       transferring them to a bank to settle debt;

   (2) Revenue from construction decreased by THB54.71 million;

   (3) Cost of service decreased THB2.66 million;

   (4) Decrease in selling and administrative expenses of
       THB54.24 million;

   (5) Fixed assets depreciated by THB2.49 million; and

   (6) Interest expenses increased by THB11.35 million.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.

The company is currently undergoing debt restructuring.


POWER-P PCL: SET's SP Sign Remains Pending Amended Statements
-------------------------------------------------------------
The Securities Exchange of Thailand's Suspension sign against
Power-P Public Company Ltd. remains in place.  The company is
not allowed to trade its securities until it submits amended
financial statements for the period ended September 30, 2006,
and for the year ended 2006, or until it has proven that it is
unnecessary to make amendments to these statements.

The SP sign was posted by the SET against the Company for
failing to timely submit its financial statements for those
periods within the specified deadlines of November 14, 2006, and
March 1, 2007, respectively.

The Company had already submitted the required financial
statements.  However, the SET opted to keep the sign in place
after the auditor gave adverse opinions that the statement did
not convey fairly the Company's financial position, its result
of operations, and its cash flows for the year ended 2006 in
accordance with generally accepted accounting principles.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.

The company is currently undergoing debt restructuring.


                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching 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.

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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***