TCRAP_Public/070508.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  

             Tuesday, May 8, 2007, Vol. 10, No. 90

                            Headlines

A U S T R A L I A

ANSELL LIMITED: Acquires Brazil Condom Manufacturer
AUSTRALIAN MICRO: Placed Under Voluntary Liquidation
BRIGHTPOINT INC: Earns US$35.6 Million in Year Ended December 31
ELECTRONICS AUSTRALIA: Placed Under Voluntary Wind-Up
GENERAL CABLE: Names Mark Thackeray as North American Senior VP

HUDSON HIGHLAND: Analysts Keep "Outperform" Rating on Shares
JAYHALL PTY: Liquidator to Present Wind-Up Report on June 1
JEAN MORTON: Commences Liquidation Proceedings
JOYNER GOLF: Appoints Erskine and Goodin as Liquidators
LITTLE TREASURES: Final Meeting Set for May 31

MERCHANT PACIFIC: Members & Creditors to Meet on June 1
OLD MECAL: Taps Ian Cattanach as Liquidator
S. & R. FASHIONS: Joint Meeting Set for June 1
WILSON TRANSFORMERS: Final Meeting Set for June 4


C H I N A   &   H O N G  K O N G

ALLIED INDUSTRIAL: Creditors' Proofs of Debt Due on June 3
BANK OF TAIWAN: Moody's Cuts BFSR to D+ on New Methodologies
B.M. OPTICAL: Receiving Proofs of Debt Until June 3
DAILY TRADING: Liquidators Quit Posts
EUROPOINT WATCH: Creditors' Meeting Set for May 17

GOLDEN CITY: Wind-Up Petition Hearing Set for May 16
GREENTOWN CHINA: Moody's Keeps Ba2 Ratings with Stable Outlook
HAINAN AIRLINES: Plans St. Petersburg-Beijing Route in June
LAU AND CHENG: Placed Under Voluntary Liquidation
NINGBO BIRD: Expects 1st Half Loss on Mobile Phone Competition

PAK MIU: Appoints Stella Miu Har Cheng as Liquidator
PANVA GAS: Plans Name Change After 45% Stake Sale
PERFECT PARADISE: Names Chan Kit Wang as Liquidator
SHANGHAI REAL: Plans to Raise HK$2 Billion Through Spin Off
SHIMAO PROPERTY: Seeks to Gain US$716 Million on Share Sale

SUNVILLE INVESTMENT: Wind-Up Petition Hearing Re-Set to May 9
YOKON INTERNATIONAL: Subject to MGA's Wind-Up Petition


I N D I A

AES CORP: Unit Faces Nasdaq Delisting Due to Late 10-K Filing
IFCI LTD: Earns INR6.68 Million in Quarter Ended March 31
IFCI LTD: Board Wants Foreign Holding Increased to 74%
INDIAN OVERSEAS BANK: Gov't. Names N. Sridharan as Director
JAMMU & KASHMIR: Earns INR453 Million in Qtr. Ended March 31


I N D O N E S I A

ALCATEL-LUCENT: To Give First Quarter 2007 Results on May 11
BANK DANAMON: Moody's Upgrades BFSR to D with Positive Outlook
BANK INTERNASIONAL: Moody's Upgrades BFSR to D from E+
BANK LIPPO: Moody's Upgrades BFSR to D from D-
BANK MANDIRI: Moody's Upgrades BFSR to D- from E+

BANK NEGARA: Urged to Close London Branch
BANK NEGARA: Moody's Upgrades BFSR to D- from E
BANK NIAGA: Moody's Upgrades BFSR to D from E+
BANK PERMATA: Moody's Upgrades BFSR to D- from E+
BANK RAKYAT: Moody's Upgrades BFSR to D+ from D

BANK TABUNGAN: Moody's Upgrades BFSR to D- from E
EUROPCAR GROUPE: Moody's Holds Low-B Ratings on EUR805 Mln Notes
EUROPCAR GROUPE: S&P Affirms BB- Rating with Stable Outlook
GARUDA INDONESIA: Court Orders Payment of IDR660MM to Suciwati
METSO CORPORATION: 2007 First Quarter Net Sales Up 27%

NRG ENERGY: Fitch Says Common Dividend Plan Won't Affect Ratings
NRG ENERGY: S&P Lifts Rating on US$4.7-Bil. Unsecured Bonds to B
PAN INDONESIA: Moody's Upgrades BFSR to D from D-
PERTAMINA: Partners with Petrochina for Oil Explorations


J A P A N

JAPAN AIRLINES: Adds Additional Flight to Ho Chi Minh in June
J. CREW: Board Names Heather Reisman as Director
J. CREW: Unit Makes $25 Million Prepayment Under Credit Pact
KOBE STEEL: Earns JPY242.9 Billion in Fiscal Year 2006
MILLIPORE CORP: UBS Maintains Buy Rating on Firm's Shares

NORTHWEST AIRLINES: Pilots Union Condemns CEO's $26.6 Mil. Bonus


K O R E A

BOWATER INC: Weak Earnings Cue S&P's Negative Outlook
CITIBANK KOREA: Moody's Changes BFSR to C- from D+
ELECTRONIC DATA: Earns US$164 Million in Quarter Ended March 31
HANA BANK: Moody's Changes BFSR to C from D+
INDUSTRIAL BANK OF KOREA: Moody's Changes BFSR to D+ from D-

JEONBUK BANK: Moody's Changes BFSR to D+ from D-
KOOKMIN BANK: Moody's Changes BFSR to C from D+
KOREA DEVELOPMENT BANK: Moody's Changes BFSR to D from D-
KOREA EXCHANGE BANK: Moody's Changes BFSR to C- from D
LG CARD: Earns KRW865.4 Billion in 2007 First Quarter

MILACRON INC: Shareholders Approve 1-for-10 Reverse Stock Split
NATIONAL AGRICULTURAL: Moody's Changes BFSR to D from D-
PUSAN BANK: Moody's Changes BFSR C- from D
SCHEFENACKER PLC: Bondholder Deal Rids EUR200 Million Debt
SHINHAN BANK: Moody's Changes BFSR C from D+

STANDARD CHARTERED: Moody's Says BFSR Remains Unchanged at D+
SUHYUP BANK: Moody's Places E+ Rating on Review
WOORI BANK: Moody's Changes BFSR C from D+


M A L A Y S I A

CIMB BANK: Strength Rating Up to D+ on Moody's New Methodology
HONG LEONG: Change in Moody's Methodologies Cue BFSR Hike to C-
MALAYAN BANKING: Moody's Keeps BFSR at C Despite New Methodology
PUBLIC BANK: Financial Strength Stays at C Amid Moody's Changes
STANDARD CHARTERED (M): Moody's New Methodologies Lift FSR to C-

TALAM CORP: Court Orders Wind-Up of Noble Rights
TENGGARA OIL: Payment Default as of April 30 Reaches MYR29 Mil.
TRIPLC BERHAD: Earns MYR964,000 in Quarter Ended February 27
TRIPLC BERHAD: Securities Commission Rejects Reform Plan


N E W  Z E A L A N D

AUTOMOTIVE MACHINING: Court to Hear Wind-Up Petition on May 17
CENTRAL PAINTING: Receiving Proofs of Debt Until July 19
INGENIUM DESIGN: Faces CIR's Wind-Up Petition
JOHN'S PIZZA: Subject to CIR's Wind-Up Petition
KARAHIPI CORPORATION: Creditors' Proofs of Debt Due on May 31

KELMARNA AVENUE: May 18 Fixed as Last Day for Receiving Claims
KOWHAI HOLDINGS: Undergoes Liquidation Proceedings
LHASA No.40: Names Chilcott and Chatfield as Liquidators
NETWORK REALTY: Wind-Up Petition Hearing Set for May 14
VINCENT PROPERTY: Wind-Up Petition Hearing Set for May 14


P H I L I P P I N E S

APC GROUP: Unit Files for Exploration Permit
BANK OF THE PHIL. ISLANDS: Earns PHP2.6B in 2007 First Quarter
DIGITAL TELECOMMS: Posts Third Consecutive Annual Net Loss
FIRST ABACUS: Punongbayan & Araullo Raises Going Concern Doubt
NATIONAL CONSTRUCTION: Gets Nod to Continue SLEX Operations

NATIONAL CONSTRUCTION: Projects PHP200M Net Income in 2007
NATIONAL CONSTRUCTION: Settles Marubeni Debt After 26 Years


S I N G A P O R E

ARGOS STEEL: Proofs of Claim Deadline Set on May 23
E-BRILLIANT: Proofs of Claim Deadline Set on May 18
PETROLEO BRASILEIRO: Petroleos de Venezuela Ends Storage Pact
PETROLEO BRASILEIRO: Workers to Hold Strikes on Pay Issues
SENDO SINGAPORE: Pays Dividend to Creditors

WCM BETEILIGUNGS: CURA Seniorencentrum Buys 71.8% Maternus Stake


T H A I L A N D

BANGKOK BANK: Moody's Retains D+ Financial Strength Rating
BANK OF AYUDHYA: Moody's Affirms D- Financial Strength Rating
DAIMLERCHRYSLER: Chrysler April Sales Up 17%
GOV'T HOUSING: Moody's Holds E+ Financial Strength Rating
KASIKORN BANK: Moody's Retains D+ Financial Strength Rating

KRUNG THAI BANK: Re-elects Directors and Appoints Auditor
KRUNG THAI BANK: To Lend THB2MM for Environmental Conservation
KRUNG THAI BANK: Moody's Assigns D- Financial Strength Rating
KUANG PEI SAN: Re-Elects Three Directors and Appoints Auditors
PRASIT PATANA PCL: Re-Elects 5 Directors, 2 Auditors for 2007

SIAM CITY BANK: Moody's Retains D Financial Strength Rating
SIAM COMMERCIAL BANK: Moody's Hold D+ Financial Strength Rating
STANDARD CHARTERED BANK: Still Carries Moody's D+ BFS Rating
TMB BANK: Moody's Affirms B- Financial Strength Rating
UNITED OVERSEAS BANK: Moody's Retains D Fin'l Strength Rating

* THAILAND: 10-Year Bonds Dish Out 8.7% Return for Investors


* BOND PRICING: For the Week 30 April to 4 May 2007

     - - - - - - - -

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

ANSELL LIMITED: Acquires Brazil Condom Manufacturer
---------------------------------------------------
Ansell Limited disclosed last week that it has acquired Fabrica
de Artefatos de Latex Blowtex Ltda of Brazil.  Terms of the
transaction were not disclosed.

Blowtex is a leading player in Brazil's attractive retail condom
market, with sales of around US$10 million and a manufacturing
facility near Sao Paulo. It has steadily grown to approximately
20% of the Brazilian retail market giving it the third largest
share in the country.

Scott Papier, Ansell's Vice President and Regional Director of
the America's Consumer Division, commented; "Brazil is the fifth
largest condom market in the world, equal to the United Kingdom,
with a youthful population and double digit growth rates.
Blowtex is a well regarded brand and has major share strength in
a number of regions of the country and we look forward to
developing their business even more quickly."

Doug Tough, Ansell's CEO, then said; "As per our strategy,
Ansell continues to look for bolt on acquisitions in countries
where we are not represented. Blowtex fulfils all the criteria;
strong and respected brands, solid market share, entrepreneurial
and innovative management with efficient manufacturing and the
opportunity to extend marketing reach, thereby allowing for
significant growth potential. We welcome the Blowtex team to
Ansell."

Rustom Jilla, Ansell's CFO, noted that the acquisition was
expected to be earnings per share neutral for the remainder of
F'07 and accretive from F'08 onwards.
                           
                           About Ansell

Based in Melbourne, Australia, Ansell Limited --
http://www.ansell.com/-- is a global provider of healthcare  
barrier protective products, primarily gloves and condoms.

The Troubled Company Reporter - Asia Pacific reported on
September 5, 2006 that Moody's Investors Service upgraded the
issuer and senior unsecured ratings of Ansell Limited to Baa3
from Ba1.  The outlook is stable.


AUSTRALIAN MICRO: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on April 17, 2007, the
members of Australian Micro Design Technologies Pty Ltd agreed
to voluntarily wind up the company's operations.

Stan Traianedes was appointed as liquidator at the creditors'
meeting held later that day.

Mr. Traianedes can be reached at:

         Stan Traianedes
         McLean Delmo Hall Chadwick
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Australian Micro

Located in Victoria, Australia, Australian Micro Design
Technologies Pty Ltd is a distributor of electrical industrial
apparatus.


BRIGHTPOINT INC: Earns US$35.6 Million in Year Ended December 31
----------------------------------------------------------------
Brightpoint Inc. reported net income of US$35.6 million for the
year ended Dec. 31, 2006, compared with net income of
US$10.4 million for the year ended Dec. 31, 2005.  Results of
operations for 2005 included a loss from discontinued operations
of US$21.5 million relating primarily to Brightpoint France,
which was sold on Dec. 16, 2005.

Total revenue was US$2.4 billion for the year ended
Dec. 31, 2006, which represents growth of 13% compared to total
revenue of US$2.1 billion for the year ended Dec. 31, 2005.  

Operating income from continuing operations increased to
US$48.4 million in 2006 from US$44.4 million in 2005.  The
increase in operating income was due to an US$18.9 million
increase in gross profit, partly offset by a US$15.8 million
increase in selling, general and administrative expenses.  
Operating income also improved due to the US$900,000 facility
consolidation charge during 2005 that did not recur during 2006.

Cash and cash equivalents were US$54.1 million at Dec. 31, 2006,
a decrease of US$49.5 million from Sept. 30, 2006.  Liquidity
(unrestricted cash and unused borrowing availability) was
approximately US$129.8 million as of Dec. 31, 2006, compared to
US$202 million as of Sept. 30, 2006.  

At Dec. 31, 2006, the company's balance sheet showed
US$778.3 million in total assets, US$583.5 million in total
liabilities, and US$194.8 million in total shareholders' 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?1e5d

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of  
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *    *    *

As reported in the Troubled Company Reporter on Feb. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Plainfield, Indiana-based Brightpoint Inc. and
revised the outlook to negative from stable.  The actions
followed the company's recent report that it has agreed to
acquire Dangaard Telecom A/S for approximately $308 million in
stock.


ELECTRONICS AUSTRALIA: Placed Under Voluntary Wind-Up
-----------------------------------------------------
On April 18, 2007, the members of Electronics Australia Pty Ltd
met and resolved to voluntarily wind up the company's
operations.

Paul Vartelas was appointed as liquidator at the creditors'
meeting held later that day.

         Paul Vartelas
         B. K. Taylor & Co.
         8th Floor, 608 St Kilda Road
         Melbourne, Australia

                  About Electronics Australia

Electronics Australia Pty Ltd is a distributor of electrical
appliances like television and radio sets.  The company is
located in Victoria, Australia.


GENERAL CABLE: Names Mark Thackeray as North American Senior VP
---------------------------------------------------------------
General Cable Corp. has appointed Mark A. Thackeray as Senior
Vice President of North American Operations.  The company also
named appointed him to the Leadership Team.

Mr. Thackeray, formerly Vice President of Supply Chain, will
replace Larry E. Fast, who plans to retire from General Cable in
June of 2007.  Mr. Thackeray will report to Gregory B. Kenny,
President and Chief Executive Officer of General Cable.

"Over the past nine years since joining our Company, Larry Fast
has built a superb Operations organization," Mr. Kenny said. "I
would match our team against the best manufacturers in North
America as evidenced by our strong plant performance and
numerous INDUSTRYWEEK Best Plants awards over the past five
years.  Larry's vision for Manufacturing Excellence will
continue to guide our operations team to even higher levels of
performance."

"Mark has proven to be an outstanding leader and has tackled
numerous projects to bring manufacturing and logistics expertise
to our operations all over the world," Mr. Kenny continued.
"I look forward to many years of Mark's counsel and leadership,
and his high expectations and execution of continuous
improvement."

Since joining General Cable in 2001, Mr. Thackeray has served as
Vice President of Advanced Manufacturing Engineering, Vice
President of Manufacturing for our Communications and Assembly
plants, and most recently served as Vice President of Supply
Chain.  

Mr. Thackeray holds a bachelor's degree in Industrial &
Systems Engineering from the Georgia Institute of Technology and
has a Master of Business Administration from Xavier University.
He is also a certified Six Sigma Champion.  Prior to joining
General Cable in April 2001, he was President of Cincinnati
Industrial Consulting, a consulting firm that specialized in
operations and process improvement technology using Lean and Six
Sigma methodologies.

Mr. Thackeray was Vice President of R.D. Garwood Inc., a leading
supply chain and operations consulting firm, from August 1996
through January 1998.

He has also held numerous manufacturing operations and plant
manager positions during his career, including serving as
Operations Manager for Tomkins Industries.

                       About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes    
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).  
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

Moody's Investors Service's confirmed the B1 Corporate Family
Rating for General Cable Corporation, as well as the B2 rating
on the company's US$285 million 9.5% senior unsecured notes due
2010.  Those debentures were assigned an LGD4 rating suggesting
that creditors will experience a 70% loss in the event of a
default.

Standard & Poor's Rating Services revised its outlook on General
Cable Corp. to positive from stable, and affirmed the 'B+'
corporate credit rating, the 'BB' secured bank loan rating, and
the 'B' senior unsecured debt rating.  The revised outlook
reflects improved financial leverage metrics stemming from
improved profitability and reduced debt.


HUDSON HIGHLAND: Analysts Keep "Outperform" Rating on Shares
------------------------------------------------------------
Robert W. Baird analysts have kept their "outperform" rating on
Hudson Highland Group's shares, Newratings.com reports.

Newratings.com relates that the target price for Hudson
Highland's shares was set at US$19.

The analysts said in a research note published on May 3 that
Hudson Highland reported its results for the first quarter 2007
ahead of the estimates in all regions.

The analysts told Newratings.com that Hudson Highland's
performance in North America appears "to be stabilizing."  
Profit increase in its European and Asia Pacific operations in
the first quarter 2007 was strong.

Hudson Highland's second quarter guidance seems robust,
Newratings.com states, citing Robert W. Baird.

                         About Hudson Highland

Headquartered in New York, New York, Hudson Highland Group, Inc.
(Nasdaq: HHGP)-- http://www.hhgroup.com/-- is a provider of  
permanent recruitment, contract professionals and talent
management services worldwide.  From single placements to total
outsourced solutions, Hudson helps clients achieve greater
organizational performance by assessing, recruiting, developing
and engaging the best and brightest people for their businesses.  
The company employs more than 3,600 professionals serving
clients and candidates in more than 20 countries including
Argentina, Australia, Belgium, Brazil, and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Moody's Investors Service assigned a Ba2 rating to the company's
US$7,500,000 Income Notes Due 2042.


JAYHALL PTY: Liquidator to Present Wind-Up Report on June 1
-----------------------------------------------------------
Jayhall Pty Ltd will hold a meeting for its members and
creditors on June 1, 2007, at 10:00 a.m.

Rod Slattery, the appointed liquidator, will give a report about
the company's wind-up proceedings and property disposal at the
meeting.

The Liquidator can be reached at:

         Rod Slattery
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                        About Jayhall Pty

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


JEAN MORTON: Commences Liquidation Proceedings
----------------------------------------------
On April 20, 2007, the members of Jean Morton Pty. Limited met
and agreed to wind up the company's operations.

Anthony John Mitchem was appointed as liquidator.

                        About Jean Morton

Located in Victoria, Australia, Jean Morton Pty Limited is an
investor relation company.


JOYNER GOLF: Appoints Erskine and Goodin as Liquidators
-------------------------------------------------------
At a general meeting held on April 17, 2007, the members of
Joyner Golf Management Pty Ltd agreed to liquidate the company's
business.

Robyn Erskine & Peter Goodin, of Brooke Bird & Co. were
appointed as liquidators.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Insolvency Practitioners
         471 Riversdale Road, Hawthorn East 3123
         Australia

                       About Joyner Golf

Located in Victoria, Australia, Joyner Golf Management Pty Ltd
provides business services.


LITTLE TREASURES: Final Meeting Set for May 31
----------------------------------------------
A final meeting will be held for the members and creditors of
Little Treasures Holdings Pty Ltd on May 31, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Laurence A. Fitzgerald
         BDO Kendalls Business Recovery
         & Insolvency (Victoria) Pty Ltd
         Chartered Accountants
         Level 30, Rialto Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Little Treasures

Little Treasures Holdings Pty Ltd, which is also trading as
Melrose Drive Little Treasures, provides child-day care
services.  The company is located in Victoria, Australia.


MERCHANT PACIFIC: Members & Creditors to Meet on June 1
-------------------------------------------------------
The members and creditors of Merchant Pacific Finance Pty Ltd
will meet on June 1, 2007, at 10:00 a.m., to receive a report
about the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Rod Slattery
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Merchant Pacific

Located in Victoria, Australia, Merchant Pacific Finance Pty Ltd
is an investor relation company.


OLD MECAL: Taps Ian Cattanach as Liquidator
-------------------------------------------
On April 20, 2007, the members of Old Mecal Pty Ltd met and
resolved to voluntarily liquidate the company's business.

Ian Cattanach was appointed as liquidator.

                        About Old Mecal

Old Mecal Pty Ltd provides engineering services.  The company is
located in Victoria, Australia.


S. & R. FASHIONS: Joint Meeting Set for June 1
----------------------------------------------
The members and creditors of S. & R. Fashions (Australia) Pty.
Limited will have their joint meeting on June 1, 2007, at
4:00 p.m. to hear the report of Barry Keith Taylor, the
company's liquidator, about the company's wind-up proceedings
and property disposal.

Members and creditors may inspect Mr. Taylor's accounts of
receipts and payments at his office.

Mr. Taylor can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                     About S. & R. Fashions

Located in Victoria, Australia, S. & R. Fashions (Australia) Pty
Limited provides business services.


WILSON TRANSFORMERS: Final Meeting Set for June 4
-------------------------------------------------
A final meeting will be held for the members and creditors of
Wilson Transformers (Tasmania) Pty Ltd on June 4, 2007, at
9:15 a.m.

Peter Goodin, the company's liquidator, will give a report about
the company's wind-up proceedings and property disposal at the
meeting.

Mr. Goodin can be reached at:

         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         East Hawthorn, Victoria 3123
         Australia
         Telephone: 9882 6666

                    About Wilson Transformers

Wilson Transformers (Tasmania) Pty Ltd is a distributor of
specialty transformers.  The company is located in Tasmania,
Australia.


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

ALLIED INDUSTRIAL: Creditors' Proofs of Debt Due on June 3
----------------------------------------------------------
The creditors of Allied Industrial Limited are required to file
their proofs of debt by June 3, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

         Rod Sutton
         c/o Ferrier Hodgson Limited
         14th Floor, Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


BANK OF TAIWAN: Moody's Cuts BFSR to D+ on New Methodologies
------------------------------------------------------------
Moody's Investors Service, on May 4, 2007, published the rating
results for banks in Taiwan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the new methodologies, Bank of Taiwan's financial strength
rating was changed to D+ from C-.  The Long-Term Foreign and
Local Currency Deposit Ratings were upgraded to Aa3 from A1.  
The Short-Term Foreign and Local Currency Deposit Ratings remain
unchanged at Prime-1.  The outlook for all ratings is stable.

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

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

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

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

Based on this framework, the implementation of the JDA
methodology has led to the upgrade in the local currency deposit
ratings of several Taiwanese banks, mainly due to systemic
support.  Moody's assesses systemic support levels for banks in
Taiwan using its high country support guideline.  This guideline
takes into consideration the historic evidence of support for
banks, in addition to the size, strength and the degree of
fragmentation of the Taiwanese banking system.  The average
ratings uplift from the stand-alone baseline credit assessment
implied by the BFSR for all rated banks in Taiwan due to
systemic support was 3.6 notches.

In particular, wholly owned government policy banks received the
most uplift.  However, the ratings of both Bank of Taiwan and
Land Bank of Taiwan had already incorporated considerable
systemic support.  Their ratings were upgraded by only one and
two notches, respectively.  Their deposit ratings are now equal
to Taiwan's Local Currency Deposit Ceiling of Aa3.

In connection with the JDA rollout for rated banks, issuer
ratings for financial holding companies in Taiwan are
accordingly and mostly adjusted upwards.  In principle, bank-
dominated financial holding companies' ratings were one-notch
down from those of their bank subsidiaries, given Taiwan's high-
support stance towards the financial sector.

Extra notching (i.e. at most 2 notches for Taiwan), however, was
considered for those financial holding companies which either
show relatively high leverage or may provide financial support
to weaker or growing non-bank subsidiaries important to the
group in terms of business scale or earnings.


B.M. OPTICAL: Receiving Proofs of Debt Until June 3
---------------------------------------------------
B.M. Optical International Company Limited will declare an
intended dividend.

Creditors are required to file their proofs of debt by June 3,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Rod Sutton
         c/o Ferrier Hodgson Limited
         14th Floor, Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


DAILY TRADING: Liquidators Quit Posts
-------------------------------------
Cheng Chung Por Gordon and Ngan Lin Chun Esther quit as the
liquidators of Daily Trading Limited on April 28, 2007.

The former Liquidators can be reached at:

         Cheng Chung Por Gordon
         Ngan Lin Chun Esther
         1902 MassMutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


EUROPOINT WATCH: Creditors' Meeting Set for May 17
--------------------------------------------------
The creditors of Europoint Watch and Jewellery Limited will have
a meeting on May 17, 2007, at 10:30 a.m., in the 3rd Floor of
Chinachem Tower at 34-37 Connaught Road in Central, Hong Kong.

Fung Lak and Wong Man Chung, Francis are the company's
creditors.


GOLDEN CITY: Wind-Up Petition Hearing Set for May 16
----------------------------------------------------
A petition to wind up the operations of Golden City Toys Company
Limited will be heard before the High Court of Hong Kong on
May 16, 2007, at 9:30 a.m.

The petition was filed by MGA Entertainment Inc. on Jan. 29,
2007.

MGA Entertainment's solicitor is:

         William W. L. Fan & Co.
         Room 507, 5th Floor
         77 Des Voeux Road Central
         Hong Kong


GREENTOWN CHINA: Moody's Keeps Ba2 Ratings with Stable Outlook
--------------------------------------------------------------
Moody's Investors Service affirmed Greentown China Holdings
Limited's Ba2 corporate family rating and senior unsecured bond
rating.  The ratings outlook is stable.

This affirmation follows Greentown's raising of around
HK$2.3 billion in a new equity issuance.

"While the share placement will improve the company's capital
structure and enhance its liquidity profile, Moody's expects
Greentown will continue to draw on additional debt over the
near-to-medium term to fund its ongoing capital needs, given its
rapid expansion pace," says Kaven Tsang, Moody's lead analyst
for Greentown.

"The company's adjusted debt/capitalization is expected to stay
at around 45-50% over the medium term, a level that is
consistent with its Ba-rated property peers," says Tsang.

The core driver for upward rating pressure remains the company's
ability to execute successfully its business plan, an
achievement that would lead to the establishment of a
sustainable track record in planned sales and demonstrate strong
financial discipline.

On the other hand, downgrade pressure may emerge if the
expansion proves too aggressive and is not accompanied by a
correspondent increase in cash inflows, such that adjusted
debt/capitalization consistently exceeds 50%, or operating cash
flow interest coverage falls under 4x.

Greentown China Holdings Limited is one of the major property
developers in China with a primary focus on Hangzhou and
Zhejiang Province.  It currently has land banks in 19 cities in
China and an attributable gross floor area of around nine
million square meters. Greentown listed on the Hong Kong Stock
Exchange in July 2006.


HAINAN AIRLINES: Plans St. Petersburg-Beijing Route in June
-----------------------------------------------------------
Hainan Airlines is planning to launch regular flights between
St. Petersburg and Beijing starting on June 10, TMC Net News
reports, citing Pulkovo Airport's press statement.

According to the statement, the flights will be made on a Boeing
767-300 once per week on Sundays.

                          *     *     *

Hainan Airlines Company Ltd's principal activities are providing
domestic aeronautic transportation to passengers and cargoes,
domestic business chartering services, aeronautic maintenance
and services, air traveling and on-board food supply.  Other
activities include manufacturing aeronautic field equipment and
components, plane and landing equipment, selling of plane
ticket, cargo & other related services, providing repair
services, development of hotels and managing properties.

On Oct. 31, 2005, Xinhua Far East China Ratings gave the company
a 'CC' issuer credit rating.


LAU AND CHENG: Placed Under Voluntary Liquidation
-------------------------------------------------
The shareholders of Lau and Cheng Investment Limited passed a
resolution winding up the company's operations on April 27,
2007.

Creditors are required to file their proof of debt by June 8,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Stella M.H. Cheng
         1712 Tower One, Times Square
         1 Matheson Street
         Hong Kong


NINGBO BIRD: Expects 1st Half Loss on Mobile Phone Competition
--------------------------------------------------------------
Ningbo Bird said that it expects to make a loss for the first
half of this year, citing heated competition in the mobile phone
market and its simplified product structure as the reason for
the incoming loss.

The company made the announcement after a preliminary accounting
report from its financial department was submitted.

Ningbo Bird earlier announced a loss of CNY19.33 million in the
first quarter of 2007, compared with a net income of
CNY31.2 million in the first quarter of 2006.

According to a report from the Bloomberg News, the company's
sales fell 51% to US$130 million in the first quarter from
US$273 million a year earlier amid strong competition with Nokia
Oyj and Motorola Inc.  The world's two largest handset makers
have added customers in China by introducing more handsets
priced under US$130 for consumers in smaller towns and rural
areas, the report said.

                          *     *     *

Based in Ningbo, Zhejiang Province, Ningbo Bird Co., Ltd. --
http://www.birdintl.com/main.html-- is principally engaged in  
the development, manufacture and sale of mobile communications
products.  The company offers mobile phones and accessories,
communications system equipment, personal digital assistants
(PDAs), office equipment and other electronics products, under
the brand name of Bird.  The company also exports its products
to over 60 countries, including the United States, Mexico,
Argentina, and France, among others.  

Xinhua Far East China Ratings gave the company a BB- issuer
credit rating on April 5, 2006.


PAK MIU: Appoints Stella Miu Har Cheng as Liquidator
----------------------------------------------------
At a meeting held on April 27, 2007, the shareholders of Pak Miu
Investment Company Limited passed a resolution winding up the
company's operations and Stella Miu Har Cheng was appointed as
liquidator.

Ms. Cheng requires the company's creditors to file their proofs
of debt by June 8, 2007.

Ms. Cheng can be reached at:

         Stella M.H. Cheng
         1712 Tower One, Times Square
         1 Matheson Street
         Hong Kong


PANVA GAS: Plans Name Change After 45% Stake Sale
-------------------------------------------------
Panva Gas Holdings Ltd. (1083.HK) has proposed changing its name
to Towngas China Co., after selling a 45% stake to Hong Kong &
China Gas Co., which is known as Towngas, Dow Jones reports,
citing a company's statement.

According to the company, the proposed change of name is to
align its image and better identify the change in management and
its substantial shareholders.

Dow Jones, however, says that the change of company name still
requires the approval of Panva Gas' shareholders.  The statement
didn't say when the change would become effective.

As reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2007, Panva Gas completed the sale of HK$3.23 billion
worth of new shares, or a 45% stake, to Hong Kong & China Gas
Co., better known as Towngas.  The TCR-AP added that Alfred
Chan, managing director of Towngas, replaced Ou Yaping as
chairman of Panva Gas.

In addition, Towngas has also appointed three other
representatives to Panva's board of directors, which now
comprises 11 people, the TRC-AP said.

                          *     *     *

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

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

The outlook for both ratings is positive.

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

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


PERFECT PARADISE: Names Chan Kit Wang as Liquidator
---------------------------------------------------
On April 23, 2007, the shareholders of Perfect Paradise Finance
Limited passed a resolution winding up the company's operations
and Chan Kit Wang was appointed as liquidator.

Creditors are required to file their proofs of debt by June 8,
2007, to be included in the company's dividend distribution.

The Liquidator can be reached at:

         Chan Kit Wang
         Rooms 604-7, Dominion Centre
         43-59 Queen's Road East
         Hong Kong


SHANGHAI REAL: Plans to Raise HK$2 Billion Through Spin Off
-----------------------------------------------------------
Shanghai Real Estate Ltd. may spin off its unit, China New Town
Development, in the third quarter of this year, to raise about
HK$2 billion, Reuters says, citing a report from The Hong Kong
Economic Times.

According to the report, Citigroup had been appointed by the
company to sponsor of the issue.  The Times did not identify its
source, Reuters notes.

The Times added that the unit would be listed either on the
stock exchange in Hong Kong or in Singapore without giving
further listing details, the news agency relates.

                          *     *     *

Located at Wanchai, Hong Kong, Shanghai Real Estate Ltd --
http://www.sre.com.cn/-- was established in 1993 and was listed  
on the Hong Kong Stock Exchange in 1999.  The Company's primary
activity is nonresidential building operation.  SRE also leases
nonresidential buildings.

On Feb. 12, 2007, Standard & Poor's Ratings Services said that
it has revised its outlook on the long-term corporate credit
rating on Shanghai Real Estate Ltd to negative from stable.

At the same time, it affirmed the 'BB-' rating on the company
and the 'BB-' senior unsecured issue rating on its US$200
million 8.625% notes due 2013.

On Jan. 24, 2007, the Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service says the enforcement of
the land appreciation tax, recently announced by China's State
Tax Bureau, will have no immediate rating impact on Shanghai
Real Estate Ltd.

The company currently carries a B1/stable rating from Moody's.


SHIMAO PROPERTY: Seeks to Gain US$716 Million on Share Sale
-----------------------------------------------------------
Shimao Property Holdings Ltd along with its institutional
shareholder, Gemfair Investments Ltd, are raising up to
US$716 million through a share sale, according to a term sheet
obtained by Reuters.

Citing the term sheet, Reuters relates that Shimao is selling
218.5 million shares while Gemfair Investments is selling
87.4 million shares in a price range of HK$17.88 to HK$18.27.

That range, according Reuters, represents a 3 to 5.1% discount
to Shimao's closing share price of HK$18.84 on last Friday, the
report notes.

Morgan Stanley will handle the offering.

                          *     *     *

Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- is a large-scale developer of real estate projects in China,
specializing in high-end developments in prime locations.  The
company's business portfolio comprises the development of
residential properties, retail properties, offices and hotels.  
The company has 15 projects at various stages of development
located in Shanghai, Beijing, Harbin, Wuhan, Nanjing, Fuzhou,
Kunshan, Changshu, Shaoxing and Wuhu.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services on November 8, 2006, assigned
its BB+ long-term corporate credit rating to China-based Shimao
Property Holdings Ltd.  The outlook is stable.


SUNVILLE INVESTMENT: Wind-Up Petition Hearing Re-Set to May 9
-------------------------------------------------------------
The High Court of Hong Kong rescheduled the wind-up hearing of
Sunville Investment Company Limited from May 23, 2007, to May 9.

Yeung Man Loong Maxly filed the petition with the High Court of
Hong Kong on March 21, 2007.

Yeung Man's solicitor is:

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


YOKON INTERNATIONAL: Subject to MGA's Wind-Up Petition
------------------------------------------------------
On Jan. 29, 2007, MGA Entertainment Inc. filed a wind-up
petition against Yokon International Limited.

The High Court of Hong Kong will hear the petition on May 16,
2007, at 9:30 a.m.

MGA Entertainment's solicitor is:

         William W. L. Fan & Co.
         Room 507, 5th Floor
         77 Des Voeux Road Central
         Hong Kong


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

AES CORP: Unit Faces Nasdaq Delisting Due to Late 10-K Filing
-------------------------------------------------------------
The AES Trust VII, a subsidiary of the AES Corporation, received
a written notification from The Nasdaq Stock Market on May 1,
2007, stating that the Trust VII's Trust Convertible Preferred
Securities (OTCCB symbol: AESRO) will be delisted from the OTC
Bulletin Board effective May 3, 2007, due to non-compliance with
NASD Rule 6530 as a result of the company's failure to timely
file its annual report on Form 10-K for the year ended Dec. 31,
2006.

The decision to delist the Convertible Preferred Securities was
made following a telephonic hearing by the company before the
Hearings Department of the Nasdaq Stock Market on April 27,
2007.   The company has not determined whether it will cause a
Form 211 to be filed to list the Convertible Preferred
Securities on the OTC Bulletin Board after it has filed its
annual report on Form 10-K with the U.S. Securities Exchange
Commission.

AES Corporation -- http://www.aes.com/-- is a global power    
company.  The company operates in South America, Europe, Africa,
Asia, and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has presence in India, China, and Sri Lanka.

                        *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on the company's loans and bond debt
obligations including the B1 rating on its senior unsecured
notes 7.75% due 2014, which was also given an LGD4 loss-given
default rating, suggesting noteholders will experience a 55%
loss in the event of a default.


IFCI LTD: Earns INR6.68 Million in Quarter Ended March 31
---------------------------------------------------------
IFCI Limited turns around with a net profit of INR6.68 billion
in the quarter ended March 31, 2007, from the net loss of
INR11.1 million in the same quarter last year.

The company's income totaled INR10.94 billion in the March 2007
quarter, a 41% jump from the INR7.77 billion earned a year ago.  

"We have focused our attention on recoveries, reducing the cost
of our borrowings and unlocking the value of our investments,
IFCI Chief Executive Officer R. M. Malla told the Economic Times
in an interview.

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?1e9c

For the year ended March 31, 2007, IFCI recovered with a net
profit of INR8.98 billion from the net loss of INR741 million
posted in the prior financial year.

Revenues soared 85% from the INR11.05 billion total income
booked in the year ended March 31, 2006, to INR20.47 billion in
FY2006-07.

The company's non-performing assets has reportedly been reduced
to zero while gross NPAs are now at INR6,500 crore.

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?1e9d

IFCI Limited -- http://www.ifciltd.com/-- is established to     
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
April 3, 2007, Credit Analysis & Research Ltd. retained a CARE D
rating to IFCI's Long & Medium Term Debt aggregating INR91.36
crore.  The amount represents the outstanding non-restructured
amount under the Bonds series, which have been rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


IFCI LTD: Board Wants Foreign Holding Increased to 74%
------------------------------------------------------
IFCI Ltd's board of directors passed an enabling resolution to
increase the foreign investment holding limit in the company up
to 74% of equity capital, a filing with the Bombay Stock
Exchange reveals.

"The decision would give clarity about the headroom up to which
a strategic foreign investor would be able to pick up stake in
the company," the Press Trust of India quotes an unnamed source
of saying.  "Under the existing provisions, a foreign investor
can take stake up to 24% in the company," PTI relates.

The proposed increase is still subject to the approval of the
Reserve Bank of India, Securities and Exchange Board of India
and IFCI's shareholders, among others.

As previously reported in the Troubled Company Reporter - Asia
Pacific, IFCI wants to raise as much as US$250 million by
selling up to 26% fresh equity to a foreign investor and has
tapped Ernst & Young to help the company look for a strategic
investor.

Citigroup and Lehman Brothers are leading the race to acquire a
26% strategic stake in IFCI Ltd., TCR-AP says citing a Reuters
report.

In a May 4 report, India Infoline said that reports suggest that
about 14 funds and institutions, including eight foreign ones,
are keen on picking up a strategic stake in the company.  A few
institutions are willing to acquire a majority stake of 51% in
IFCI, the news agency adds.

IFCI Limited -- http://www.ifciltd.com/-- is established to     
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
April 3, 2007, Credit Analysis & Research Ltd. retained a CARE D
rating to IFCI's Long & Medium Term Debt aggregating INR91.36
crore.  The amount represents the outstanding non-restructured
amount under the Bonds series, which have been rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


INDIAN OVERSEAS BANK: Gov't. Names N. Sridharan as Director
-----------------------------------------------------------
Indian Overseas Bank informs the Bombay Stock Exchange that the
Government of India, by its notification dated April 20, 2007,
appointed Natesan Sridharan as Workmen Employee Director of the
bank.

Mr. Sridharan, who replaces Sankaran Srinivasan, will work under
his new post for a period of three years or until his successor
is duly appointed or until he ceases to be a workmen employee of
the bank, whichever is earlier.  Mr. Srinivasan resigned from
the Workmen Director Employee post on April 19.

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking    
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five
full-fledged branches overseas: two in Hong Kong, and one each
in Singapore, Seoul and Sri Lanka.  The Bank also had an
extension counter in Sri Lanka and a remittance center in
Singapore.

The bank carries Standard & Poor's Ratings Services' 'C' Bank
Fundamental Strength Rating.

Fitch gave the bank a 'D/E' Individual Rating on June 1, 2005.


JAMMU & KASHMIR: Earns INR453 Million in Qtr. Ended March 31
-------------------------------------------------------------
Jammu & Kashmir Bank Ltd almost doubled its net profit to
INR452.80 million in the quarter ended March 31, 2007, compared
to INR227.90 million profit booked in the quarter ended
March 31, 2006.  The bank's total income increased from
INR4.94 billion for the quarter ended March 31, 2006, to
INR5.75 billion in March 2007 quarter.

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

               http://ResearchArchives.com/t/s?1e9f

For the year ended March 31, 2007, the bank's net profit grew to
INR2.74 billion from the INR1.77 billion profit booked in the
prior fiscal year.  Total income increased from INR18.17 billion
for the year ended March 31, 2006, to INR20.60 billion for the
year ended March 31, 2007.

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

               http://ResearchArchives.com/t/s?1ea0

The bank informs the Bombay Stock Exchange that its board of
directors, at a meeting held on May 7, has recommended 115%
dividend (i.e. Eleven Rupees & Fifty Paisa per share) to
shareholders for the year 2006-07.

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank    
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a 'D' individual rating
on June 1, 2005.


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

ALCATEL-LUCENT: To Give First Quarter 2007 Results on May 11
------------------------------------------------------------
Alcatel-Lucent will publish its first quarter 2007 results on
May 11, 2007.  The press release will be sent at 7:45 a.m. CET.

Patricia Russo, CEO of Alcatel-Lucent, will present the first
quarter 2007 results during a live audio webcast for media and
journalists, which will be held at 9:30 a.m. CET.

This conference will be available at:

          http://www.alcatel-lucent.com/1q2007/press

For those interested, dial-in instructions are:

From the USA:              (800) 230-1085
From other countries:    + 1 (612) 234-9960

The conference call will be available for digital replay from
May 11, 2007, at 2:45 p.m. CET, ending on May 25, 2007 at 12:00
p.m. CET at these call in numbers:

From the USA: (800) 475-6701
access code: 872765

From other countries: + 1 (320) 365-3844
access code: 872765

The analyst's conference call will begin at 1:00 p.m. CET.

A live audio webcast accompanied by a slide presentation will be
available at http://www.alcatel-lucent.com/1q2007/

Dial-in instructions are:

From the USA:              (888) 428-4480
From other countries:    + 1 (612) 332-0107

The conference call will be available for digital replay from
May 11, 2007at 5:00PM CET, ending on May 25, 2007 at 12:00AM CET
at these call in numbers:

From the USA: (800) 475-6701
access code: 870759

From other countries: + 1 (320) 365-3844
access code: 870759

                       About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                          *     *     *

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

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

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


BANK DANAMON: Moody's Upgrades BFSR to D with Positive Outlook
--------------------------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Danamon Indonesia Tbk as part of the
application of its refined joint default analysis and updated
bank financial strength rating methodologies.

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

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

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

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

The specific ratings changes are as follows:

      * BFSR is changed to D with a positive outlook from D-

         -- This action also concludes a review for possible
            upgrade on the BFSR initiated on July 4, 2006

      * Foreign Currency Deposit Ratings are unchanged at B2/Not
        Prime

      * Foreign Currency Debt Rating for subordinated
        obligations is unchanged at Ba3.

      -- Foreign Currency Deposit and Foreign Currency Debt
         Ratings have positive outlooks in line with the outlook
         on the country's sovereign ratings outlook

                      About Bank Danamon

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The bank also   
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is  
supported by 86 domestic branch offices, 325 domestic supporting  
branch offices, 25 domestic cash office, 739 supporting branches  
for DSP, six personal banking branch offices, 10 syariah branch  
offices and one overseas branch.


BANK INTERNASIONAL: Moody's Upgrades BFSR to D from E+
------------------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Internasional Indonesia Tbk as part of the
application of its refined joint default analysis and updated
bank financial strength rating methodologies.

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

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

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

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

The specific ratings changes are as follows:

      * BFSR is changed to D from E+.

         -- This action also concludes a review for possible
            upgrade on the BFSR initiated on July 4, 2006.

      * Foreign Currency Deposit Ratings are unchanged at B2/Not
        Prime.

      * Foreign Currency Issuer Rating and Foreign Currency Debt
        Rating for subordinated obligations are unchanged at
        Ba3

      -- Foreign Currency Deposit and Foreign Currency Debt
         Ratings have positive outlooks in line with the outlook
         on the country's sovereign ratings outlook

                   About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.


BANK LIPPO: Moody's Upgrades BFSR to D from D-
----------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Lippo Bank Tbk as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

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

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

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

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

The specific ratings changes are:

   * BFSR is changed to D from D-. The Foreign Currency Deposit
     Ratings are unchanged at B2/Not Prime.

   * Foreign Currency Issuer Rating and Foreign Currency Debt
     Rating for subordinated obligations are unchanged at Ba3

   -- Foreign Currency Deposit and Foreign Currency Debt Ratings
      have positive outlooks in line with the outlook on the  
      country's sovereign ratings outlook

                       About Bank Lippo

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:    
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four-payment service
offices nationwide.


BANK MANDIRI: Moody's Upgrades BFSR to D- from E+
-------------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Mandiri as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

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

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

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

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

The specific ratings changes are:

   * BFSR is changed to D- from E+.

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on August 1, 2006.

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime.

   * Foreign Currency Debt Rating for senior and subordinated
     obligations is unchanged at Ba3

   -- Foreign Currency Deposit and Foreign Currency Debt Ratings
      have positive outlooks in line with the outlook on the  
      country's sovereign ratings outlook

                        About Bank Mandiri

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


BANK NEGARA: Urged to Close London Branch
-----------------------------------------
PT Bank Negara Indonesia is urged by Head of the Supreme Audit
Agency Anwar Nasution to close their branch office in London
since records shows that between 2001 and 2005, the branch only
caused problems for the head office, Tempo Interactive reports.

According to the report, the records are based on the
unsatisfactory BPK Examination Results Summary Semester II/2006.

BPK once questioned the deposit agreement between BNI London and
Rio Tinto European Holdings with outstanding amounting to
US$43.8 million.  BPK also questioned the promissory notes
purchase of Parmalat Participacoes Do Brasil Ltd amounting to
US$2 million and SR Gent's credit facility with 13 million pound
sterling outstanding, the report recounts.

The monetary authority in UK has even asked the BNI London
branch to close, the report adds.

                        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'.


BANK NEGARA: Moody's Upgrades BFSR to D- from E
-----------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Negara Indonesia (Persero) Tbk as part of
the application of its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

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

The specific ratings changes are:

   * BFSR is changed to D- from E

      -- The Foreign Currency Deposit Ratings are unchanged at
         B2/Not Prime

   * Foreign Currency Debt Rating for subordinated obligations
     is unchanged at Ba3

   -- Foreign Currency Deposit and Foreign Currency Debt Ratings
      have positive outlooks in line with the outlook on the  
      country's sovereign ratings outlook

                       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
as 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.


BANK NIAGA: Moody's Upgrades BFSR to D from E+
----------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Niaga Tbk as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

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

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

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

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

The specific ratings changes are:

   * BFSR is changed to D from E+

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on July 4, 2006.

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime.

   * Foreign Currency Issuer Rating and Foreign Currency Debt
     Rating for subordinated obligations are unchanged at Ba3

   -- Foreign Currency Deposit and Foreign Currency Debt Ratings
      have positive outlooks in line with the outlook on the  
      country's sovereign ratings outlook

                         About Bank Niaga

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


BANK PERMATA: Moody's Upgrades BFSR to D- from E+
-------------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Permata Tbk's as part of the application of
its refined joint default analysis and updated bank financial
strength rating methodologies.

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

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

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

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

The specific ratings changes are:

   * BFSR is changed to D- with a positive outlook from E+

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on July 4, 2006

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime

   -- Foreign Currency Deposit and Foreign Currency Debt Ratings
      have positive outlooks in line with the outlook on the  
      country's sovereign ratings outlook

                       About Bank Permata

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


BANK RAKYAT: Moody's Upgrades BFSR to D+ from D
------------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Rakyat Indonesia (Persero) Tbk's as part of
the application of its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

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

The specific ratings changes are:

   * BFSR is changed to D+ from D-

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on July 4, 2006.

   * Global Local Currency Deposit Ratings assigned are
     Baa2/Prime-3

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime

   * Foreign Currency Debt Rating for subordinated obligations
     is unchanged at Ba3

   -- Foreign Currency Deposit and Foreign Currency Debt Ratings
      have positive outlooks in line with the outlook on the  
      country's sovereign ratings outlook

                       About Bank Rakyat

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- clients services  
comprise Savings, Credits and Syariah.  In addition, the bank
divides its financial and business services into three groups:
Business Services, consisting of bank guarantees, bank
clearance, automatic teller machines and safe deposit boxes;
Financial Services, consisting of bill payments, CEPEBRI,
INKASO, deposit acceptance, online transactions and transfers,
and Other Services, consisting of tax and fine payments,
donations, Western Union and zakat contributions.  During the
year ended December 31, 2005, the bank had one branch office in
Cayman Islands and two representative offices in New York and
Hong Kong, respectively


BANK TABUNGAN: Moody's Upgrades BFSR to D- from E
-------------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Rakyat Indonesia (Persero) Tbk's as part of
the application of its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

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

The specific ratings changes are:

   * BFSR is changed to D- from E

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime.

   -- Foreign Currency Deposit and Foreign Currency Debt Ratings
      have positive outlooks in line with the outlook on the  
      country's sovereign ratings outlook

                       About Bank Tabungan

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank  
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.


EUROPCAR GROUPE: Moody's Holds Low-B Ratings on EUR805 Mln Notes
----------------------------------------------------------------
Moody's Investors Services affirmed the B1 rating of the
EUR430 million senior subordinated secured notes and the
B2 rating of the EUR375 million subordinated notes of Europcar
Groupe S.A., which have been increased from an original face
value of EUR300 million and EUR250 million, respectively.

The proceeds of the increase of the debt instruments will be
applied to finance the acquisition of the European businesses of
US car rental group Vanguard (rated B1).  The last rating action
was on February 23 when the ratings were confirmed and the
outlook was changed to negative.  As the confirmation of
Europcar's Ba3 Corporate Family Rating with a negative outlook
has incorporated the increased debt amount, it has no further
impact on the ratings.

These ratings were affirmed:

   -- EUR430 million senior subordinated secured Floating Rate
      Notes, affirmed at B1 (Loss Given Default Assessment
      LGD4, 68%).

   -- EUR375 million senior subordinated unsecured notes,
      affirmed at B2 (Loss Given Default Assessment LGD6, 93%).

                      About Europcar Groupe

Headquartered in Paris (France), Europcar is one of the leading
European rental car companies with reported sales of EUR1.3
billion in 2005.  Worldwide locations include Indonesia,
France, and Uruguay.


EUROPCAR GROUPE: S&P Affirms BB- Rating with Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on France-based European car rental firm
Europcar Groupe S.A.  The outlook is stable.

At the same time, Standard & Poor's affirmed its 'BB' debt
rating on Europcar's proposed increased EUR350 million senior
secured revolving credit facility.  The recovery rating of '1'
on the RCF was also affirmed, indicating our expectation of full
recovery of principal in the event of a payment default.

The rating on the proposed increased EUR430 million subordinated
secured floating-rate notes has been affirmed at 'B+', one notch
below the corporate credit rating.  The recovery rating of '3'
was also affirmed, indicating our expectation of meaningful
recovery of principal for the FRN holders in the event of a
payment default.  The rating on the proposed increased EUR375
million subordinated unsecured notes has been affirmed at 'B',
two notches below the corporate credit rating.

The affirmations reflect our assessment of the proposed
financing arrangements supporting Europcar's acquisition of the
European businesses of Vanguard Car Rental Holdings LLC.

"Standard & Poor's considers the acquisition of Vanguard as
slightly positive for Europcar's business profile, as it
increases the group's diversification in Western Europe," said
Standard & Poor's credit analyst Anna Stegert. "Integration will
be challenging, however, and will be closely monitored."

Europcar has global presence outside Western Europe, primarily
through franchisees, but still remains absent from the key U.S.
market.  The strategic partnership with Vanguard in the U.S. is
therefore likely to yield some benefits in terms of market
coverage in the longer term.

The group has gained significant market share from the
acquisition, but competition from the other two leading European
market participants, U.S.-based Hertz Corp. and U.K.-based Avis
Europe PLC, remains fierce.  The industry is also highly asset
intensive, and demand remains essentially discretionary in
nature.

"Europcar's credit metrics are not expected to improve
considerably over the intermediate term, as any positive
developments in the operating environment resulting in business
growth will also result in an increased fleet funding
requirement," Ms. Stegert added.

As a result, gross debt reduction will only be achievable
through a reduction in fleet or the issuance of further equity,
neither of which we presently view as likely.

Downward pressure would arise if credit metrics weaken from
expected levels.  The ratings assume adjusted funds from
operations to net debt of between 12% and 15% over the cycle,
and adjusted net debt to capital of about 80%.  No further debt-
financed acquisitions are factored into the ratings.   Rating
upside potential is limited by the expected slow progress in
debt reduction over the medium term.

                      About Europcar Groupe

Headquartered in Paris (France), Europcar is one of the leading
European rental car companies with reported sales of EUR1.3
billion in 2005.  Worldwide locations include Indonesia,
France, and Uruguay.


GARUDA INDONESIA: Court Orders Payment of IDR660MM to Suciwati
--------------------------------------------------------------
Central Jakarta District Court partly approved lawsuit against
PT Garuda Indonesia by Suciwati, wife of rights activist Munir
Thalib, who was poisoned to death during his flight from Jakarta
to Amsterdam in 2004, the Jakarta Post reports.

According to the report, panel of judges ordered the company to
pay IDR660 million from IDR4 billion demanded by her.

However, the court rejected Suciwati's demand that they have to
order the airline to carry out an audit, which greatly
dissatisfied Suciwati since an audit is the most important thing
in the lawsuit so accidents same as her husband's would never
occur again, the report adds.

                      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.


METSO CORPORATION: 2007 First Quarter Net Sales Up 27%
------------------------------------------------------
Metso Corporation reported Earnings before interest, tax,
and amortization of EUR121.9 million or 8.9% of net sales
for the first quarter ended March 31, 2007, compared with
EUR99.9 million and 9.3% in the first quarter of 2006.

Net sales were EUR1,366 million, a 27% increase from the same
period in 2006.  Operating income was EUR108.4 million, or 8.9%
of net sales, dropping 0.9% compared with the first quarter of
2006.  Earnings per share were EUR0.50 as opposed to EUR0.47 the
prior year.

"Metso's January - March order intake was strong, and our order
backlog has further strengthened from the record-high year-end
figures," Metso President and CEO Jorma Eloranta said.  This,
together with the continuing favorable market outlook, gives us
confidence about the rest of the year and beyond.

Eloranta notes that Metso's financial performance was solid
despite seasonal factors that are typical for the first quarter.

"Our net sales grew significantly over the same period in 2006.  
Much of the growth is due to our expanded business scope, i.e.
the acquisition of the Pulping and Power businesses, but even
organically we delivered some 10% growth.  Also our operating
profit improved on the first quarter of 2006."

Eloranta says that Metso's outlook for 2007 continues to be
favorable.  "The financial performance for the rest of the year
is expected to be stronger than in the first quarter of 2007.  
Furthermore, we repeat our estimate that our net sales will grow
by more than 20% on 2006 and that the operating profit will
clearly improve."

                       Short-term outlook

The favorable market outlook for Metso's products and services
is expected to continue for the rest of 2007.

Metso Paper's market situation is estimated to continue much the
same as in the year's first quarter.  The demand for paper,
board and tissue machines and for fiber lines is expected to be
satisfactory.  The demand for power plants is estimated to be
good.  Also the demand for Metso Paper's aftermarket services is
expected to remain satisfactory.

Metso Minerals' favorable market outlook is expected to
continue.  The demand is anticipated to remain at the first
quarter's excellent level in the mining and metals recycling
industries, and at a good level in the construction industry.  
The demand for aftermarket services is expected to remain
excellent.

Metso Automation's market outlook in the pulp and paper customer
segment is estimated to be good. In the power, oil and gas
industries, the demand is expected to be good in process
automation systems and excellent in flow control systems.

It is estimated that Metso's financial performance for the rest
of the year will be stronger than in the first quarter.  Metso's
net sales in 2007 are estimated to grow by more than 20% on
2006, thanks to the strong order backlog, continuing favorable
market situation and the expanded business scope.

The operating profit in 2007 is estimated to clearly improve.  
It is estimated that the operating profit margin in 2007 will be
slightly below Metso's target, which is over 10%.  This is
primarily due to the high first-year amortization of intangible
assets, integration costs and only partially materializing
synergy benefits related to the acquisition of the Pulping and
Power businesses.

The estimates concerning financial performance are based on
Metso's current structure, order backlog and market outlook.

                         About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj
--http://www.metso.com/-- is a global engineering and  
technology corporation with 2005 net sales of around    
EUR4.2billion.  Its 22,000 employees in more than 50 countries
serve customers in the pulp and paper industry, rock and
minerals processing, the energy industry, and selected other
industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.

                          *     *     *

As of Feb. 9, Metso Oyj carried Standard and Poor's Ratings
Services' 'BB+' long-term and 'B' short-term corporate credit
ratings and 'BB' senior unsecured debt rating.


NRG ENERGY: Fitch Says Common Dividend Plan Won't Affect Ratings
----------------------------------------------------------------
According to Fitch Ratings, NRG Energy Inc.'s (NRG; Issuer
Default Rating [IDR] 'B', with a Stable Rating Outlook)
announcement Wednesday that it plans to pay a common dividend
beginning 2008 through the creation of a holding company
structure does not immediately affect the company's ratings or
rating Outlook.

As proposed, NRG would create a parent holding company that
would issue up to US$1 billion in debt, the proceeds from which
would be used to pay down the existing Term Loan B at the
operating company level.  On a consolidated basis, NRG's total
debt outstanding is expected to remain unchanged at
approximately US$8.8 billion.  The new holding company debt
would be structurally subordinated to the existing operating
company debt.  By reducing debt at the operating company level,
NRG believes it will have sufficient room under the restricted
payments basket to pay a common dividend of approximately $150
million annually.

Fitch is in the process of reviewing NRG's ratings, including an
updated recovery analysis based on recent forward commodity
prices, which may result in more robust valuations for NRG's
merchant generation portfolio.  In Fitch's view, the reduction
of the Term Loan B could improve the ratings of the unsecured
bonds. The current ratings of NRG are supported by its hedged
base-load capacity and relatively diverse generation portfolio.  
As described in Fitch's 'U.S. Power and Gas 2007 Outlook', the
outlook for competitive generation has improved, and this should
benefit NRG.

                     About NRG Energy, Inc.

NRG Energy, Inc. (NYSE: NRG) -- http://www.nrgenergy.com/--  
presently owns and operates a diverse portfolio of power-
generating facilities, primarily in Texas and the Northeast,
South Central and Western regions of the United States.  Its
operations include baseload, intermediate, peaking, and
cogeneration facilities, thermal energy production and energy
resource recovery facilities.  NRG also has ownership interests
in generating facilities in Australia and Germany.


NRG ENERGY: S&P Lifts Rating on US$4.7-Bil. Unsecured Bonds to B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s US$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed US$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.  In
addition, Standard & Poor's affirmed the 'B+' corporate credit
rating on NRG and affirmed the 'BB-' rating on NRG's US$3.148
billion term loan B; the 'CCC+' rating on the company's
preferred stock, and the 'B-2' short-term rating.  The outlook
on all ratings is stable.  The proceeds of the term loan B can
only be used to pay down the
existing term loan B debt at NRG, creating room for the planned
dividends under the restricted payments basket of the unsecured
bond indenture.

"The raised rating on NRG's senior unsecured bonds is a result
of our asset coverage test," said Standard & Poor's credit
analyst Swami Venkataraman.  "The term loan B at NHI is rated
'B-', reflecting its subordination to more than US$8.6 billion
of debt at NRG."

These rating actions follow NRG's announcement that it will
create a new holding company to facilitate the payment of a
common dividend of US$100 million-US$150 million per year
starting in the first quarter of 2008.  NHI will borrow up to
US$1 billion from the term B market and pay the net proceeds to
NRG as an equity contribution.  NRG will use the net proceeds to
prepay portion of its existing term B loan, resulting in no
change to the company's consolidated debt levels.  

On completion, the restricted payments capacity under NRG's
unsecured bond indentures will increase by an amount equal to
the equity contribution from the holding company to NRG.  The
recovery rating of '5' on NHI's debt reflects its negligible
recovery prospects since lenders are secured only by the equity
interest in NRG and are effectively subordinated to all debt at
NRG, including the US$4.7 billion unsecured bonds.  If the
funding occurs, Standard & Poor's expect to raise the rating on
the remaining  US$2.148 billion NRG term loan B to 'BB' from
'BB-', reflecting the greater overcollateralization of the term
loan by NRG's assets and related stronger recovery in the event
of a default.

                     About NRG Energy, Inc.

NRG Energy, Inc. (NYSE: NRG) -- http://www.nrgenergy.com/--  
presently owns and operates a diverse portfolio of power-
generating facilities, primarily in Texas and the Northeast,
South Central and Western regions of the United States.  Its
operations include baseload, intermediate, peaking, and
cogeneration facilities, thermal energy production and energy
resource recovery facilities.  NRG also has ownership interests
in generating facilities in Australia and Germany.


PAN INDONESIA: Moody's Upgrades BFSR to D from D-
-------------------------------------------------
Moody's Investors Service published the rating results for
Indonesia's PT Bank Rakyat Indonesia (Persero) Tbk's as part of
the application of its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

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

The specific ratings changes are:

   * BFSR is changed to D with a positive outlook from D-

   * Foreign Currency Deposit Ratings are unchanged at B2/Not
     Prime

   -- Foreign Currency Deposit and Foreign Currency Debt Ratings
      have positive outlooks in line with the outlook on the  
      country's sovereign ratings outlook


PERTAMINA: Partners with Petrochina for Oil Explorations
--------------------------------------------------------
PT Pertamina and Petrochina's partnershp for Oil Exploration in
the Sukowati 6 oil field in Bojonegoro district began on April 4
after receiving a receipt of an environmental impact analysis
license from the Environment Ministry that would be completed in
the next two months, Antara News reports.

According to the report, during the Sukowati 6 oil field
exploration, Pertamina and Petrochina will provide each family
living near the location with IDR40,000 in financial assistance
per month.

Pertamina and Petrochina-East Java is still waiting for a
similar license for explorations in the Sukowati 7 and Sukowati
8 oil fields.  The three Sukowati oil wells is estimated to
produce 3,000 barrels of oil per day, the report notes.

                       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.


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

JAPAN AIRLINES: Adds Additional Flight to Ho Chi Minh in June
-------------------------------------------------------------
Japan Airlines International Company, Limited will add a
Saturday flight between Tokyo and Ho Chi Minh City beginning
June 2 in response to popular demand, reports Vietnam News.

JAL currently offers five flights per week between the two
cities on Mondays, Tuesdays, Thursday, Fridays, and Sundays.
Including code shares, JAL will offer 35 flights per week on six
routes between Japan and Viet Nam, serving four cities in Japan
and Hanoi and HCM City in Vietnam.

Last month JAL increased the number of flights on the Tokyo -
Hanoi sector from two to three per week.

                           About JAL

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.


J. CREW: Board Names Heather Reisman as Director
------------------------------------------------
J. Crew Group Inc.'s Board of Directors has unanimously voted to
appoint Heather Reisman as a director, effective on May 15,
2007. The company has not yet determined the committee or
committees on which Ms. Reisman will serve.

In exchange for her services as a Director in 2007, Ms. Reisman
will be entitled to receive these compensation pro-rated based
upon the effective date of her appointment:

   1) an annual cash retainer of $35,000;

   2) an additional cash payment of $2,000 for each Board
      meeting attended in person; and

   3) non-qualified stock options to purchase 5,500 shares of
      the company's common stock to be granted on June 12, 2007.

The stock options will have an exercise price equal to fair
market value on the grant date, will vest, subject to continued
services as a Director, in three equal annual installments
beginning on the first anniversary of the grant date and will
have a seven year term.

In addition, as a new Director, Ms. Reisman will also be
entitled to receive additional non-qualified stock options to
purchase 5,000 shares of the company's common stock to be
granted as soon as reasonably practicable after joining the
company's Board of Directors.  She will also be required to
purchase a minimum of 2,500 shares of the company's common stock
in the open market within a reasonable amount of time after
joining the Board of Directors.

Following the appointment of Ms. Reisman, Richard Boyce tendered
his resignation as a member of the Board of Directors, effective
May 15, 2007.  

At the time of his resignation, Mr. Boyce did not serve on any
committee of the Board of Directors.  J. Crew Group states that
Mr. Boyce's departure was not caused by any disagreement with
the company on any matter related to the company's operations,
policies or practices.

New York City-based J. Crew Group Inc. (NYSE: JCG) --
http://www.jcrew.com/-- is a nationally recognized multi-
channel retailer of women's and men's apparel, shoes and
accessories.  As of March 13, 2007, the company operates 178
retail stores, the J. Crew catalog business, jcrew.com, and 51
factory outlet stores. The Company also operates in Japan.

The Troubled Company Reporter reported on Oct. 13, 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 US and Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for J. Crew
Operating Corporation and its Ba3 rating on the company's
$250 million term loan.  In addition, Moody's assigned an LGD4
rating to notes, suggesting noteholders will experience a 58%
loss in the event of a default.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services revised its outlook on
specialty apparel retailer J. Crew Group Inc. to positive from
stable.  The 'B+' corporate credit rating was affirmed.


J. CREW: Unit Makes $25 Million Prepayment Under Credit Pact
------------------------------------------------------------
J. Crew Group Inc. disclosed in a regulatory filing with the
Securities and Exchange Commission that on April 30, 2007, its
affiliate, J. Crew Operating Corp., made a $25 million voluntary
prepayment under a credit and guaranty agreement.

The Credit Agreement has been entered into by and among J. Crew
Operating Corp., J. Crew Group Inc., and certain of J. Crew
Operating Corp.'s direct and indirect subsidiaries, together
with Goldman Sachs Credit Partners L.P. and Bear, Stearns & Co.
Inc. as joint lead arrangers and joint bookrunners, Goldman
Sachs Credit Partners L.P. as administrative agent and
collateral agent, Bear Stearns Corporate Lending Inc. as
syndication agent and Wachovia Bank, National Association as
documentation agent.

New York City-based J. Crew Group Inc. (NYSE: JCG) --
http://www.jcrew.com/-- is a nationally recognized multi-
channel retailer of women's and men's apparel, shoes and
accessories.  As of March 13, 2007, the company operates 178
retail stores, the J. Crew catalog business, jcrew.com, and 51
factory outlet stores. The Company also operates in Japan.

The Troubled Company Reporter reported on Oct. 13, 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 US and Canadian Retail sector, the rating
agency confirmed its Ba3 Corporate Family Rating for J. Crew
Operating Corporation and its Ba3 rating on the company's
$250 million term loan.  In addition, Moody's assigned an LGD4
rating to notes, suggesting noteholders will experience a 58%
loss in the event of a default.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services revised its outlook on
specialty apparel retailer J. Crew Group Inc. to positive from
stable.  The 'B+' corporate credit rating was affirmed.


KOBE STEEL: Earns JPY242.9 Billion in Fiscal Year 2006
------------------------------------------------------
Kobe Steel Limited, disclosed full-year results for the year
ending March 31, 2007.

Operating Results Japan's economy gradually expanded in fiscal
2006, ended March 31, 2007. With corporate earnings at high
levels, private-sector capital investment increased and personal
spending went up, spurred by higher workers' incomes. The world
economy grew, centered on China and other Asian countries.

                    Results for Fiscal Year 2006

   * Kobe Steel's consolidated net sales in fiscal 2006 rose
     JPY242.9 billion to JPY1,910.2 billion, in comparison to  
     the same period last year.

   * Operating income decreased JPY11.7 billion to JPY208.6   
     billion, as inventory valuation under the average method in
     fiscal 2005 had pushed up profits higher for that year. In
     addition, from fiscal 2006 machinery and equipment
     depreciation was changed from the straight -line method to
     the declining-balance method, which increased the     
     depreciation burden.

   * Kobe Steel posted an ordinary income of JPY183.2 billion, a
     year-on-year gain of JPY6.3 billion compared to last year,
     owing to higher profits from equity- valued affiliates.

   * Net income was JPY109.6 billion, an increase of 29.7% from
     last fiscal year's JPY84.5 billion. This results from the
     extraordinary loss consisting of loss on impairment of
     fixed assets and expenses for environmental measures.
                        

                       Results by Business Segment

   * Iron & Steel

     Sales increased 9.5% to JPY830.6 billion, but operating
     income went down JPY36.3 billion to JPY94.5 billion.  The
     increase follows the high domestic and overseas demand for
     steel products and welding consumables used in the
     manufacturing industries specifically shipbuilding and
     automotive industries.  

   * Wholesale Power Supply

     The Shinko Kobe Power Station is capable of generating and
     supplying a maximum of 1.4 million kilowatts of
     electricity. In this segment, sales rose 2.5% to JPY66.8
     billion, as higher coal prices were offset by higher
     electricity unit prices. Operating income decreased JPY1.5
     billion to JPY18 billion, due to an increase in facility  
     maintenance costs to ensure stable operation.

   * Aluminum & Copper

     Sales increased 30.3% to JPY397.3 billion, as compared to
     last year's JPY304.9 billion.  Operating income increased  
     JPY11.3 billion to JPY34.6 billion as the effect of
     inventory valuation, propped up by high raw material
     prices.  This results from the strong demand for copper
     strip for automotive electrical parts and in the overseas
     market, shipments of copper tube.  Also, aluminum blanks
     and substrates used in hard disks, were also brisk.  

   * Machinery

     Kobe Steel reported an increase in sales of 8.4% to
     JPY280.9 billion year-on-year.  This results from the
     improving domestic and overseas sales for compressors,
     rolling mills, plastics processing machinery and pressure
     vessels respectively.  Operating income increased JPY11.7
     billion to JPY22.1 billion.

   * Construction Machinery

     Construction machinery segment sales are up 25.7% to
     JPY285.3 billion which resulted from the domestic demand
     for hydraulic excavators was brisk.  The overseas market
     was also strong.  The crane business was also robust,
     centered on the Middle East and Southeast Asia.  Operating
     income increased JPY5.9 billion to JPY14.8 billion.

   * Real Estate

     As the number of condominium completions went down, segment
     sales decreased 12.5% to JPY41.3 billion, in comparison to  
     the same period last year. Operating income increased  
     slightly to JPY5.3 billion due to cost improvements.

   * Electronic Materials & Other Businesses

     Segment sales rose 4.0% to JPY63.5 billion compared to the
     previous fiscal year.  Operating income decreased JPY3.1
     billion to JPY14.3 billion due to the slumping demand for  
     target material.

A copy of Kobe Steel's financial results for the fiscal year
2006, is available for free at:

           http://www.kobelco.co.jp/english/ir/index.html

                           About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,  
Limited -- http://www.kobelco.co.jp/english/corp/index.html--   
is one of Japan's leading steel makers, as well as the top  
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.

Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.

As the Troubled Company Reporter - Asia Pacific reported on May
31, 2006, Fitch Ratings has upgraded the long-term foreign and
local currency Issuer Default Ratings of Japanese steel-maker
Kobe Steel to BB+ from BB.  At the same time, the agency
affirmed Kobelco's short-term IDR at B.  The outlook on the
ratings is positive.


MILLIPORE CORP: UBS Maintains Buy Rating on Firm's Shares
---------------------------------------------------------
Newratings.com reports that UBS analysts have kept their "buy"
rating on Millipore Corp.'s shares.

According to Newratings.com, the target price for Millipore's
shares was increased to US$87 from US$85.

The analysts said in a research note published on May 3 that
Millipore's first quarter 2007 sales and pro forma earnings per
share were ahead of the estimates and the consensus.

UBS told Newratings.com that the sequential increase in selling,
general and administrative expenses in the first quarter 2007
were offset by a sustainable tax rate, increased gross margins
and sales growth.

Newratings.com relates that the earnings per share estimate for
2007 was increased to US$3.45 from US$3.40, while the estimate
for 2008 was raised to US$4.05 from US$4.01, to reflect higher
margins and the first quarter advantage.

Meanwhile, Robert W. Baird analysts have maintained their
"neutral" rating on Millipore's shares.  The target price was
decreased to US$76 from US$78, Newratings.com notes.

The Robert W. Baird analysts said in a research note published
on May 3 that Millipore's first quarter 2007 sales and pro forma
earnings per share were "broadly in-line with the estimates."

The analysts told Newratings.com that though Millipore's first
quarter sales composition wasn't what the company planned, it is
expected to revert in the second half.

The earnings per share estimate for this year was increased to
US$3.37 from US$3.36, while the earnings per share estimate for
next year was reduced to US$4.00 from US$4.06 to indicate higher
costs/investment level.

Headquartered in Billerica, Massachusetts, Millipore Corporation
-- http://www.millipore.com/-- is a bioprocess and bioscience  
products and services company.  The Bioprocess division offers
solutions that optimize development and manufacturing of
biologics.  The Bioscience division provides high performance
products and application insights that improve laboratory
productivity.  The company has worldwide offices in Japan,
Austria, and Argentina, among others.

The Troubled Company Reporter - Asia Pacific reported on October
13, 2006, that Moody's Investors Service's confirmed its Ba1
Corporate Family Rating for Millipore Corporation.


NORTHWEST AIRLINES: Pilots Union Condemns CEO's $26.6 Mil. Bonus
----------------------------------------------------------------
Leaders of the Northwest Airlines Corp. unit of the Air Line
Pilots Association condemned NWA CEO Doug Steenland's decision
to reward himself with a $26.6 million bonus during a time when
employees have taken 40% pay cuts for the next five years in an
effort to help the company emerge from bankruptcy.

"Mr. Steenland grossly overreached and missed another
opportunity to share the gain with the employees whose excessive
concessions funded the airline's turn around," Capt. Dave
Stevens, chairman of the Northwest Airlines unit of the Air Line
Pilots Association, said.  "His compensation will be increased
to $26.6 million while pilot payroll was slashed by more than
50% in bankruptcy causing morale to plummet.  Employees expect a
fair return, not 20 cents on the dollar while executives receive
millions in pay and equity."

Mr. Steenland's ability to profit from Northwest's bankruptcy
comes soon after Northwest pilots agreed to give $358 million
annually (included a 23.9% pay cut) during the next five years
to help the company avoid liquidation.  This sacrifice was in
addition to the $265 million (including a 15% pay cut) annual
concession Northwest pilots gave in December 2004.  Northwest
pilots' total concession of $623 million a year totals over
$4 billion through 2011.

"It is incredible that the CEO profits from Northwest's
bankruptcy at the expense of pilots, other employees and
stakeholders," Bob Elflein, secretary treasurer of the Northwest
Airlines unit of the Air Line Pilots Association, said.  
"Northwest management's mantra seems to be 'we will reap the
gain while labor bears the pain.'"

In January 2006, Northwest management and its "experts"
testified in Bankruptcy Court that severe labor cost reductions
were necessary in order to save the company from liquidation.  
ALPA vehemently argued management's projections stating that
management was overreaching in its demands.  Today, Northwest
Airlines is profitable once again and is far exceeding the grim
business plan that management portrayed in Bankruptcy Court.

"Management must recognize and reward the employees with an
equitable share in the company's success.  To disregard our
legitimate concerns is a recipe for continued labor unrest,"
Capt. Ray Miller, vice chairman of the Northwest Airlines unit
of ALPA, said.  "Pennies on the dollar from profit and success
sharing programs are grossly inadequate compensation for our
draconian 40% pay cuts and onerous work rules.  Continued pilot
concessions based on the Chapter 11 business plan that has
already been far exceeded is absolutely unacceptable."

Founded in 1931, the Air Line Pilots Association or ALPA --
http://www.alpa.org/and http://www.nwaalpa.org/-- is the  
world's largest pilot union, representing 60,000 pilots at 40
airlines in the United States and Canada.  ALPA represents
approximately 5,300 active and furloughed NWA pilots.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.

                           Plan Update

On Jan. 12, 2007 the Debtors filed with the Court their Chapter
11 Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  The hearing to
consider confirmation of the Debtors' Plan is set for May 16,
2007.

In July 2006, Northwest Airlines Corp. unit Northwest Airlines
Inc. reached a tentative concessionary contract agreement with
its flight attendants' union.  Standard & Poor's Ratings
Services affirmed its 'D' corporate credit ratings on both
entities, which are determined by the companies' bankruptcy
status.


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

BOWATER INC: Weak Earnings Cue S&P's Negative Outlook
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Greenville; South Carolina-based Bowater Inc. to negative from
stable.  All ratings, including the company's 'B+' corporate
credit rating, were affirmed.

"The outlook revision reflects weaker-than-expected earnings and
cash flow stemming from difficult newsprint market conditions,
softer pricing for coated and specialty papers, ongoing
operating losses for lumber, and elevated costs," said Standard
& Poor's credit analyst Pamela Rice.

Standard & Poor's had expected Bowater's credit measures to
improve modestly in 2007 as the company used asset-sale proceeds
to reduce debt and reduced costs to offset lower prices.  
However, industry supply discipline in North America has not
kept pace with demand declines, so prices remain under pressure.  
As a result, Bowater's debt, including debt-like obligations,
remains very high at $2.7 billion, and debt leverage for the 12
months ended March 31, 2007, rose to 7.4x from 6.7x at year-end
2006.

Although S&P stated in January 2007 that the proposed merger
between Bowater and Abitibi-Consolidated Inc. (B+/Negative/--)
could result in a 'B+' corporate credit rating and a stable
outlook for the new company, S&P also expressed some caution
that weaker newsprint market conditions during the protracted
merger closing period would expose the ratings and outlook to
further pressure.

"The ratings on Bowater reflect the company's high debt burden;
cyclical, mature, and oversupplied markets; and enduring input
cost pressures," Ms. Rice said.  "Still, the company maintains
leading market positions in newsprint and coated groundwood
paper, has undertaken vigorous cost reduction efforts, and has
valuable timberland holdings."

The outlook is negative.  Although market conditions should
improve seasonally in the near term, S&P remain concerned about
Bowater's profitability and inability to reduce its heavy debt
burden.  S&P could lower the ratings if the company is unable to
strengthen its earnings and cash flow with cost improvement
efforts, or if market conditions worsen.  S&P could revise the
outlook to stable if Bowater is able to reduce debt beyond
expectations or if it merges with Abitibi, and S&P believe the
combined entity's credit risk profile will support the current
ratings over the intermediate term.

                       About Bowater Inc.

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint  
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.


CITIBANK KOREA: Moody's Changes BFSR to C- from D+
--------------------------------------------------
Moody's Investors Service published the rating results for
Citibank Korea Inc, in Korea, as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to C- from D+.  

      * Global Local Currency Deposit Ratings assigned are
        Aa3/Prime-1.

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2.

      * Foreign Currency Debt Rating for subordinated
        obligations is unchanged at A1.

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings which carry a positive outlook.


ELECTRONIC DATA: Earns US$164 Million in Quarter Ended March 31
---------------------------------------------------------------
Electronic Data System Corp. reported a net income of US$164
million first quarter ended March 31, 2007, versus a net income
of US$24 million for the first quarter ended March 31, 2006.

First quarter revenues increased to US$5.2 billion from
US$5.1 billion in the year-ago quarter.  First quarter revenue
decreased on an organic basis, which excludes the impact of
currency fluctuations, acquisitions and divestitures.

"EDS recorded another successful quarter as we continued to
improve our operational performance and further strengthen our
financial position," said Mike Jordan, EDS chairman and chief
executive officer.  "As EDS continues to broaden its base and
capabilities -- as well as reposition the business and develop
attractive segments -- our ability to provide effective business
solutions to our clients continues to expand."

"EDS' continued improvement in earnings reflects traction in our
key initiatives," said president and chief operating officer Ron
Rittenmeyer.  "Despite what appear to be softer market
conditions, EDS' signings were solid.  The quarter reflected
specific expansion activities in our Best Shore delivery
network; marked increases in quality assurance metrics; and,
most significantly, momentum and strength in our applications
business where we continue to grow."

EDS signed US$3.4 billion in contracts in the first quarter of
2007 versus US$10 billion in the year-ago quarter, which
included US$3.6 billion with General Motors and US$3.9 billion
with the U.S. Department of the Navy.  EDS signed seven deals in
the first quarter of 2007 with contract values greater than
US$100 million with clients in the communications, consumer
goods and retail, financial services, and manufacturing
industries.

Free cash flow was US$8 million outflow in the first quarter
versus US$38 million outflow for the year-ago period.

As of March 31, 2007, the company listed total assets valued at
US$17.8 billion, total liabilities of US$9.6 billion, and
minority interest of US$385 million, resulting in a total
stockholders' equity of US$7.9 billion.

Cash, cash equivalents and marketable securities as of March 31,
2007, were US$2.8 billion and US$45 million, respectively.

                  First Quarter Results by Segment

* Americas

First quarter revenue was US$2.62 billion, up compared to the
prior-year period.  Operating profit was US$405 million, up from
US$337 million in the prior-year period.

* EMEA

First quarter revenue was US$1.45 billion, down from the prior-
year period, and down on an organic basis.  Operating profit was
US$179 million, up from US$178 million in the prior-year period.

* Asia-Pacific

First quarter revenue was US$409 million, up from the prior-year
period, primarily due to MphasiS revenues.  Operating profit was
US$38 million, up from US$24 million in the prior-year period.

* U.S. Government

First quarter revenue was US$623 million, down from the prior-
year period.  Operating profit was US$122 million, up from US$43
million in the prior-year period.

                      2007 Updated Guidance

The company reaffirms prior revenue guidance of US$22 billion to
US$22.5 billion, free cash flow guidance of US$1 billion to
US$1.1 billion, and total contract value guidance of US$23
billion-plus.

For the second quarter of 2007, EDS currently expects revenue of
US$5.3 billion to US$5.5 billion.

                          About EDS Corp.

Headquartered in Plano, Texas, EDS Corp. -- http://www.eds.com/  
-- is a global technology services company delivering business
solutions to its clients.  EDS founded the information
technology outsourcing industry more than 40 years ago.  EDS
delivers a broad portfolio of information technology and
business process outsourcing services to clients in the
manufacturing, financial services, healthcare, communications,
energy, transportation, and consumer and retail industries and
to governments around the world.

EDS has locations in Australia, China, Hong Kong, India, Japan,
Malaysia, Singapore, Taiwan, Thailand and South Korea.

                          *     *     *

EDS Corp.'s 7-1/8% Notes due 2009 carry Moody's Investors
Service's Ba1 rating.


HANA BANK: Moody's Changes BFSR to C from D+
--------------------------------------------
Moody's Investors Service published the rating results for Hana
Bank, in Korea, as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to C from D+.

      * Global Local Currency Deposit Ratings assigned are
        A1/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and for subordinated obligations
        to A2 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.


INDUSTRIAL BANK OF KOREA: Moody's Changes BFSR to D+ from D-
------------------------------------------------------------
Moody's Investors Service published the rating results for
Industrial Bank of Korea as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to D+ from D-

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and that for subordinated
        obligations to A1 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.


JEONBUK BANK: Moody's Changes BFSR to D+ from D-
------------------------------------------------
Moody's Investors Service published the rating results for
Jeonbuk Bank as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to D+ from D-

      * Global Local Currency Deposit Ratings assigned are
        A3/Prime-1

      * Foreign Currency Long Term Deposit Ratings are changed
        to A3 from Baa2

      * Foreign Currency Short Term Deposit Ratings are
        unchanged at Prime-2.

The outlook for all ratings is stable


KOOKMIN BANK: Moody's Changes BFSR to C from D+
-----------------------------------------------
Moody's Investors Service published the rating results for
Kookmin Bank as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to C from D+

      * Global Local Currency Deposit Ratings assigned are
        Aa3/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and for subordinated obligations
        to A1 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.


KOREA DEVELOPMENT BANK: Moody's Changes BFSR to D from D-
---------------------------------------------------------
Moody's Investors Service published the rating results for Korea
Development Bank as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to D from D-

      * Global Local Currency Deposit Ratings assigned are
        Aa1/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to Aa3 from A3

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

The Aa3 debt rating pierces Korea's country ceiling for foreign
currency debt and is determined by the bank's Aa1 local currency
rating, Korea's A3 foreign currency government bond rating,
Korea's A1 country ceiling for foreign currency bonds and the
debt's eligibility to pierce the ceiling.  

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.


KOREA EXCHANGE BANK: Moody's Changes BFSR to C- from D
------------------------------------------------------
Moody's Investors Service published the rating results for Korea
Exchange Bank as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to C- from D

      * Foreign Currency Long Term Deposit Rating is changed to    
        A3 from Baa2

      * Foreign Currency Short Term Deposit Rating is unchanged
        at Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A2 from Baa2 and for subordinated obligations
        to A3 from Baa3

      * Foreign Currency Short Term Debt Rating is changed to  
        Prime-1 from Prime-2

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.  These
actions also concluded a review for possible upgrade on the
foreign currency long-term ratings and BFSR initiated on
November 29, 2006.


LG CARD: Earns KRW865.4 Billion in 2007 First Quarter
-----------------------------------------------------
LG Card Co.'s first-quarter earnings surged 144.8% from a year
ago due to one-off gains from reduced corporate tax, Yohap news
reports.

According to the report, Net profit came to KRW865.4 billion won
in the January-March period, compared with KRW353.6 billion won
a year ago.

                       About LG Card Co.

Headquartered in Seoul Korea, LG Card Co.
-- http://www.lgcard.com/-- provides installment finance  
services and credit card, as well as leasing services to credit
worthy companies while acquiring valuable assets from merchant
banks and leasing firms.  LG Card also finances families wishing
to purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further KRW1-
trillion bailout in late 2004.  Creditors are hoping to recover
the bailout amount through a sale of the credit card issuer.


MILACRON INC: Shareholders Approve 1-for-10 Reverse Stock Split
---------------------------------------------------------------
Shareholders of Milacron Inc. approved Wednesday, May 2, a
1-for-10 reverse stock split of both the company's common stock
and 4% preferred stock.  

Currently Milacron has approximately 56 million shares of common
stock outstanding.  Upon completion of the reverse stock split,
the company will have approximately 5.6 million common shares
outstanding.  Including Milacron's 6% convertible preferred
stock on an "as converted" basis, Milacron has approximately 113
million fully diluted shares, which will become approximately
11.3 million shares.  There are 60,000 shares of 4% preferred
stock outstanding, which will become 6,000 shares.  Common
stockholders otherwise entitled to receive fractional shares as
a result of the reverse stock split will receive a cash payment
in lieu thereof.  Fractional shares of Milacron's 4% preferred
stock will be issued to qualified holders.

The purpose of the reverse stock split is to increase the market
price of Milacron's common shares in order to comply with the
minimum share price rule of the New York Stock Exchange.  It
will likely take up to two weeks to complete the necessary
filings to effect the split.

At the annual meeting, shareholders elected Donald R. McIlnay,
senior vice president, president Industrial Tools Group and
Emerging Markets of The Stanley Works, a director to a three-
year term.  The following directors, nominated by Glencore
Finance AG, the majority holder of Series B 6% preferred stock,
were elected: Steven N. Isaacs, chairman and managing director
of Glencore; Mark R. Jacobson, managing partner of Ethemba
Capital LLP; Eric Schneider, president and chief executive
officer of Redwood Custom Communications Inc.; Thomas T.
Thompson, former managing director and partner of Imperial
Capital; and Brent C. Williams, managing director of Chanin
Capital.  In addition, shareholders ratified the appointment of
Ernst & Young LLP as independent auditors of the company for
fiscal year 2007.

Final, certified vote counts will be posted on Milacron's
website as soon as they are available and will be included in
the company's 10-Q filing for the second quarter.

                      About Milacron Inc.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- is a leading global manufacturer  
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in: North America, Europe, and Asia.  Milacron's
annual revenues approximated US$805 million over the last twelve
months.

The company has an office in South Korea, and joint ventures in
China and India.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 2, 2007,
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Milacron Inc., to developing from
negative.  At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'CCC+' corporate credit
rating.

Moody's Investors Service affirmed the Caa1 corporate family
ratings of Milacron Inc. and the Caa1 rating of the company's
US$225 million of 11.5% guaranteed senior secured notes due
2011.


NATIONAL AGRICULTURAL: Moody's Changes BFSR to D from D-
--------------------------------------------------------
Moody's Investors Service published the rating results for
National Agricultural Cooperative Federation as part of the
application of its refined joint default analysis and updated
bank financial strength rating methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to D from D-

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Issuer rating and Foreign Currency Debt Rating for
        senior obligations are changed to A2 from A3

      * Foreign Currency Debt Rating for subordinated
        obligations is changed to A3 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook


PUSAN BANK: Moody's Changes BFSR C- from D
------------------------------------------
Moody's Investors Service published the rating results for Pusan
Bank as part of the application of its refined joint default
analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to C- from D

      * Global Local Currency Deposit Ratings assigned are
        A2/Prime-1

      * Foreign Currency Long Term Deposit Ratings are changed
        to A3 from Baa2

      * Foreign Currency Short Term Deposit Ratings are
        unchanged at Prime-2

      * Foreign Currency Debt Rating for subordinated
        obligations is changed to A3 from Baa3

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook


SCHEFENACKER PLC: Bondholder Deal Rids EUR200 Million Debt
----------------------------------------------------------
Schefenacker Plc has successfully concluded its refinancing
after bondholders have agreed to the modified refinancing
proposal presented on April 5.

"A resolution was passed which effectively removes EUR200
million of debt from the balance sheet and significantly reduces
the amount of our cash that has to be used to pay interest. This
result is a massive step along the way to restoring the groups'
finances and allows us to refocus on the development of our
business," said Stephen Taylor, CEO of Schefenacker.

As a result of the refinancing, senior creditors now holding
70% of the Group's equity have agreed to a substantial reduction
of their cash interest payments and have also contributed EUR35
million of fresh money to the company.  Bondholders have agreed
to exchange their Bond against a EUR7.5 million cash payment, a
5% equity stake and additional warrants that if exercised could
increase that stake to around 15%.

Dr. Alfred Schefenacker has contributed EUR20 million of fresh
money and his personal equity stake in Schefenacker-subsidiary
Engelmann.  In addition Dr. Schefenacker has cancelled over
EUR100 million of shareholder loans and will retain 25 % of the
Group's equity.  Schefenacker's main customers have expressed
their support to the refinancing and new shareholder structure.

"I would specifically like to thank our customers and our
employees who have supported the management in the difficult
negotiations over the past months", said acting CEO Stephen
Taylor.  "Together we have kept the company on track and set a
restructuring pace that is already showing effect in a solid
first quarter performance."

Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German automotive parts supplier
Schefenacker AG to 'SD' (selective default) from 'CCC-'.  

At the same time, the rating was removed from CreditWatch, where
it had been placed with negative implications on Sept. 12, 2006,
following the company's announcement that it had appointed
financial-restructuring experts.

                       About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--   
develops, produces and supplies rear vision systems, lighting  
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27  
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.


SHINHAN BANK: Moody's Changes BFSR C from D+
--------------------------------------------
Moody's Investors Service published the rating results for
Shinhan Bank as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to C from D+

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3, for subordinated obligations to
        A2 from Baa1 and for Hybrid Tier 1 securities to A3 from
        Baa2

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook


STANDARD CHARTERED: Moody's Says BFSR Remains Unchanged at D+
-------------------------------------------------------------
Moody's Investors Service published the rating results for
Standard Chartered First Bank Korea Limited as part of the
application of its refined joint default analysis and updated
bank financial strength rating methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is unchanged at D+ but the outlook was revised to
        positive from stable

      * Global Local Currency Deposit Ratings assigned are
        A2/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
  A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A2 from A3 and for subordinated obligations
        to A3 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings and the BFSR, which carry positive
outlooks.


SUHYUP BANK: Moody's Places E+ Rating on Review
-----------------------------------------------
Moody's Investors Service published the rating results for
Suhyup Bank as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * E+ BFSR is placed on review for possible upgrade

      * Global Local Currency Deposit Ratings assigned are
        A3/Prime-1 with the former placed on review for possible
        upgrade, in line with the BFSR review

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations of
        A3 and for subordinated obligation of Baa1 are placed on
        review for possible upgrade

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings, which are not on review, have a stable outlook.
The review is to consider the bank's progress in enhancing its
economic solvency.


WOORI BANK: Moody's Changes BFSR C from D+
------------------------------------------
Moody's Investors Service published the rating results for
Suhyup Bank as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies.

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

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

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

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

The updated BFSR methodology has led to BFSR upgrades for most
of the Korean banks rated by Moody's, reflecting their improving
financial fundamentals and evolving franchises.  Moody's
assesses systemic support levels to banks in Korea using its
high country support guideline.  This guideline takes into
consideration the historic evidence of support for banks, in
addition to the size, strength and the degree of fragmentation
of the Korean banking system.  Based on this framework, the
implementation of the JDA methodology also led to the upgrade of
deposit and/or debt ratings for most Korean banks.

The specific ratings changes are:

      * BFSR is changed to C from D+

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3, for subordinated obligations to
        A2 from Baa1 and for Hybrid Tier 1 securities to A3 from
        Baa2

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.


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

CIMB BANK: Strength Rating Up to D+ on Moody's New Methodology
--------------------------------------------------------------
Moody's Investors Service, on May 4, 2007, published the rating
results for banks in Malaysia as part of the application of its
refined joint-default analysis and updated bank financial
strength rating methodologies.

Accordingly, with the new methodology, CIMB Bank Berhad's bank
financial strength rating was upgraded to D+ with a stable
outlook from D- with a positive outlook.  The foreign currency
deposit ratings are unchanged at A3/P-1.  The foreign currency
debt rating for subordinated obligations is unchanged at Baa1.

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

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

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

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


HONG LEONG: Change in Moody's Methodologies Cue BFSR Hike to C-
---------------------------------------------------------------
Moody's Investors Service, on May 4, 2007, published the rating
results for banks in Malaysia as part of the application of its
refined joint-default analysis and updated bank financial
strength rating methodologies.

With the new methodology, Hong Leong Bank Berhad's BFSR is
upgraded to C- from D+.  The Global Local Currency Deposit
Ratings assigned are A2/P-1.  The foreign currency deposit
ratings are upgraded to A3/P-1 from Baa1/P-2.  The foreign
currency debt rating for subordinated obligations is upgraded to
A3 from Baa2.

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

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

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

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


MALAYAN BANKING: Moody's Keeps BFSR at C Despite New Methodology
----------------------------------------------------------------
Moody's Investors Service, on May 4, 2007, published the rating
results for banks in Malaysia as part of the application of its
refined joint-default analysis and updated bank financial
strength rating methodologies.

With the new methodology, Moody's handed Malayan Banking Berhad
a Global Local Currency Deposit Ratings of A1/P-1.  The foreign
currency debt rating for subordinated obligations, including the
subordinated sukuk certificates issued by MBB Sukuk Inc, is
upgraded to A3 from Baa1 and constrained by the country ceiling.  
The BFSR and foreign currency deposit ratings are unchanged at
C/A3/P-1.

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

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

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

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


PUBLIC BANK: Financial Strength Stays at C Amid Moody's Changes
---------------------------------------------------------------
Moody's Investors Service, on May 4, 2007, published the rating
results for banks in Malaysia as part of the application of its
refined joint-default analysis and updated bank financial
strength rating methodologies.

With the new methodology, Public Bank Berhad's was assigned a
Global Local Currency Deposit Ratings of A1/P-1.  The foreign
currency debt rating for subordinated obligations is upgraded to
A3 from Baa1 and constrained by the country ceiling.  The
foreign currency rating for preferred stock is upgraded to A3
from Baa2.  The BFSR and foreign currency deposit ratings are
unchanged at C/A3/P-1.

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

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

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

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


STANDARD CHARTERED (M): Moody's New Methodologies Lift FSR to C-
----------------------------------------------------------------
Moody's Investors Service, on May 4, 2007, published the rating
results for banks in Malaysia as part of the application of its
refined joint-default analysis and updated bank financial
strength rating methodologies.

With the new methodology, Standard Chartered Bank Malaysia
Berhad's bank financial strength rating is upgraded to C- from
D+.  The foreign currency deposit ratings are unchanged at A3/P-
1.

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

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

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

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


TALAM CORP: Court Orders Wind-Up of Noble Rights
------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 5, 2007, that the wind-up petition filed against Noble
Right Sendirian Bhd, a subsidiary of Talam Corp Bhd, was heard
on Feb. 27, 2006.

According to the TCR-AP, the Petitioner Tan Hooi Leong, alleged
that Noble Right is indebted in the sum of MYR233,589.18
together with interest of 8% per annum pursuant to a Kuala
Lumpur high Court's judgment on March, 28, 2006.

In an update, Talam Corp disclosed with the Bursa Malaysia
Securities Bhd that the Kuala Lumpur High Court on April 25,
2007, ordered for the wind-up of Noble Rights.

Specifically, the Kula Lumpur High Court ordered for:

    a. Noble Rights to be wound up under the Companies Act,
       1965.

    b. the Official Receiver to be appointed as the liquidator
       of the respondent.

    c. the Petitioner, Tan Hooi Leng, trading as Pembinaa Khas
       is allowed a legal costs for the winding up petition
       which is to be taxed by an appropriate officer of the
       court.

The TCR-AP on March 20, 2007, noted that the Assistant Official
Reciever in the Cawangan Wilayah Persekutuan, Tingkat 7 & 8,
Kompleks Pertama, Jalan Tuanku Abdul Rahman, in 50100 Kuala
Lumpur was appointed as the company's provisional liquidator.

                          *     *     *

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

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

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


TENGGARA OIL: Payment Default as of April 30 Reaches MYR29 Mil.
---------------------------------------------------------------
Tenggara Oil Bhd disclosed with the Bursa Malaysia Securities
Bhd its status of default to various credit facilities as of
April 30, 2007.

According to the disclosure, Tenggara and its subsidiary
companies -- Tenggara Lubricant Sdn Bhd, and Tenggara Concrete
Sdn Bhd -- have been unable to pay the amount of principal and
interest in respect of its credit facilities.

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB              MYR5,540,491.71
   (Southern Bank Berhad)

   CIMB Bnk Bhd               TOB                 1,130,036.24
   (Bumiputra-Commerce Bank
   Bhd)

   Malayan Banking Bhd        TLSB                8,393,869.18

   Malayan Banking Bhd        TLSB                1,526,737.78

   Malayan Banking Bhd        TCSB               12,674,259.54
                                                 -------------
   Total:                                     MYR29,265,394.45

                          *     *     *

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.

The Company is headquartered in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.


TRIPLC BERHAD: Earns MYR964,000 in Quarter Ended February 27
------------------------------------------------------------
Triplc Bhd posted a net profit of MYR964,000 on MYR33.66 million
of revenues in the third quarter ended Feb. 27, 2007, as
compared with a net profit of MYR1.14 million on MYR25.30
million of revenues in the same period in 2006.

As of Feb. 27, 2007, the company's unaudited balance sheet
reflected strained liquidity with current assets of MYR192.53
million, available to pay current liabilities of MYR217.78
million.

Triplc Bhd's balance sheet as at Feb. 27, also showed total
assets aggregating to MYR318.43 million and total liabilities
amounting to MYR296.46 million.  Shareholders' equity in the
company totaled MYR21.97 million.

A full text-copy of the company's financial statement for the
third quarter ended Feb. 27, 2007, can be viewed for free at:

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

                          *     *     *

TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian-
based provider of property development, construction and related
project management services.  The Company operates in four
segments: property development, which is engaged in the
development of residential and commercial properties; property
construction, which is involved in the construction of
commercial properties; manufacturing and trading, engaged in the
manufacturing and trading of plywood, blockboard and timber
products, and others, which is engaged in investment holding and
investment of property.

On May 8, 2006, the company has been classified as an affected
listed issuer of the Amended Practice Note 17 category of the
Bursa Malaysia Securities Bhd.  Accordingly, as stipulated in
the listing requirements of the bourse, the company is required
to submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.


TRIPLC BERHAD: Securities Commission Rejects Reform Plan
--------------------------------------------------------
AmInvestment Bank Bhd, acting as Triplc Bhd's merchant bank,
said that the Securities Commission has rejected the company's
reform plan proposals aimed at regularizing its financial and
operational status.

In a letter dated May 3, 2007, the Securities Commission
informed Triplc that it rejected the proposed capitalization and
proposed disposal due to these reasons:

    (i) The uncertainty over the future viability of TRIplc's
        core business due to, inter-alia, that TRIplc has been
        reporting losses for the financial years ended May 31,
        2001, to 2005; is dependent on a single project; and
        future profit margins expected to be marginal.

   (ii) After the Proposals, TRIplc would still have remaining
        accumulated losses of MYR184.7 million.

  (iii) The Proposed Capitalization benefits certain parties who
        have controlling interest in the Company.

Triplc will appeal the Securities Commissions' decision within
thirty days from the date of the commission's letter.

                          *     *     *

TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian-
based provider of property development, construction and related
project management services.  The Company operates in four
segments: property development, which is engaged in the
development of residential and commercial properties; property
construction, which is involved in the construction of
commercial properties; manufacturing and trading, engaged in the
manufacturing and trading of plywood, blockboard and timber
products, and others, which is engaged in investment holding and
investment of property.

On May 8, 2006, the company has been classified as an affected
listed issuer of the Amended Practice Note 17 category of the
Bursa Malaysia Securities Bhd.  Accordingly, as stipulated in
the listing requirements of the bourse, the company is required
to submit a regularization plan to relevant authorities which is
aimed at stabilizing the company's financial condition.


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

AUTOMOTIVE MACHINING: Court to Hear Wind-Up Petition on May 17
--------------------------------------------------------------
On Feb. 1, 2007, Accident Compensation Corporation filed a wind-
up petition against Automotive Machining Services Ltd.

The petition will be heard before the High Court of Auckland on
May 17, 2007, at 10:00 a.m.

Accident Compensation's solicitor is:

         Dianne S. Lester
         c/o Maude & Miller
         2nd Floor, McDonald's Building
         Cobham Court, Porirua City
         New Zealand


CENTRAL PAINTING: Receiving Proofs of Debt Until July 19
--------------------------------------------------------
Vivian Judith Fatupaito and Colin Thomas McCloy, as liquidators
of Central Painting & Decorating Ltd., are requiring the
company's creditors to file their proofs of debt by July 19,
2007.

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

The Liquidators can be reached at:

         Vivian Judith Fatupaito
         Colin Thomas McCloy
         c/o PricewaterhouseCoopers
         Level 8, PricewaterhouseCoopers Tower
         188 Quay Street, Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


INGENIUM DESIGN: Faces CIR's Wind-Up Petition
---------------------------------------------
A petition winding up the operations of Ingenium Design Group
Ltd. was filed by the Commissioner of Inland Revenue on
March 16, 2007.

The petition will be heard before the High Court of Tauranga on
May 14, 2007, at 10:45 a.m.

The CIR's solicitor is:

         Eleanor M. Duncan-Sittlington
         Telephone:(07) 959 0373

Please direct all enquiries to C. D. Astrella at:
         
         C. D. Astrella
         Telephone:(07) 959 0225


JOHN'S PIZZA: Subject to CIR's Wind-Up Petition
-----------------------------------------------
On March 20, 2007, the Commissioner of Inland Revenue filed a
petition winding up the operations of John's Pizza Bases Ltd.

The petition will be heard before the High Court of Rotorua on
May 14, 2007, at 10:45 a.m.

The CIR's solicitor is:

         M. Duncan-Sittlington
         Telephone:(07) 959 0373

Please direct all enquiries to L. James at:

         L. James
         Telephone:(07) 927 5274


KARAHIPI CORPORATION: Creditors' Proofs of Debt Due on May 31
-------------------------------------------------------------
On April 18, 2007, the shareholders of Karahipi Corporation Ltd.
appointed Leicester Jac Forbes Gouwland as the company's
liquidator.

Mr. Gouwland requires the creditors to file their proofs of debt
by May 31, 2007.

The Liquidator can be reached at:

         Leicester Jac Forbes Gouwland
         Christmas Gouwland & Co
         PO Box 106090, Auckland
         New Zealand
         Telephone:(09) 309 1799
         Facsimile:(09) 307 3113

For enquiries, just contact:

         Doug Ellison
         Direct Dial:(09) 302 6185


KELMARNA AVENUE: May 18 Fixed as Last Day for Receiving Claims
--------------------------------------------------------------
On April 11, 2007, Laurence George Chilcott and Peter Charles
Chatfiel were appointed as liquidators of Kelmarna Avenue Ltd.

Messrs. Chilcott and Chatfiel are receiving creditors' proofs of
debt until May 18, 2007.

The Liquidators can be reached at:

         Laurence George Chilcott
         Peter Charles Chatfiel
         Smith Chilcott Bertelsen Harry
         Chartered Accountants
         Level 11, Shortland Tower One
         51-53 Shortland Street
         PO Box 5545, Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


KOWHAI HOLDINGS: Undergoes Liquidation Proceedings
--------------------------------------------------
On March 29, 2007, it was resolved through a special resolution
that Kowhai Holdings (Eltham) Ltd. should be liquidated.

James Gregory Eden was appointed as liquidator.

Mr. Eden can be reached at:

         James Gregory Eden
         Staples Rodway Taranaki Limited
         109-113 Powderham Street
         New Plymouth
         New Zealand
         Telephone:(06) 758 0956
         Facsimile:(06) 757 5081


LHASA No.40: Names Chilcott and Chatfield as Liquidators
--------------------------------------------------------
The shareholders of Lhasa No.40 Ltd. appointed Laurence George
Chilcott and Peter Charles Chatfield as the company's
liquidators on April 11, 2007.

The creditors are required to file their proofs of debt by
May 18, 2007, to be included in the company's dividend
distribution.

The Liquidators can be reached at:

         Laurence George Chilcott
         Peter Charles Chatfield
         Smith Chilcott Bertelsen Harry
         Chartered Accountants
         Level 11, Shortland Tower One
         51-53 Shortland Street
         PO Box 5545, Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


NETWORK REALTY: Wind-Up Petition Hearing Set for May 14
-------------------------------------------------------
The High Court of Rotorua will hear a petition to wind up the
operations of Network Realty Ltd. on May 14, 2007, at 10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on
March 23, 2007,

The CIR's solicitor is:

         Eleanor M. Duncan-Sittlington
         Telephone:(07) 959 0373

Please direct all enquiries to C. D. Astrella at:
         
         C. D. Astrella
         Telephone:(07) 959 0225


VINCENT PROPERTY: Wind-Up Petition Hearing Set for May 14
---------------------------------------------------------
A petition to wind up the operations of Vincent Property Trust
Ltd. will be heard before the High Court of Tauranga on May 14,
2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
March 23, 2007, at 10:45 a.m.

The CIR's solicitor is:

         Eleanor M. Duncan-Sittlington
         Telephone:(07) 959 0373

Please direct all enquiries to C. D. Astrella at:
         
         C. D. Astrella
         Telephone:(07) 959 0225


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

APC GROUP: Unit Files for Exploration Permit
--------------------------------------------
APC Group, Inc.'s disclosed in a filing with the Philippine
Stock Exchange that its fully-owned subsidiary, APC Mining
Corporation, has filed for an exploration permit with the
Department of Environment and Natural Resources in the Province
of Palawan covering an area of 2,660 hectares situated in
Barangay Rio Tuba in the Municipality of Bataraza in Southern
Palawan, APC Group.

The area is adjacent to the nickel producing mines of Rio Tuba
Nickel Mining Corporation and is estimated to contain about 11.5
million MT of ore with an average 2.35% Ni.  APC Mining has so
far filed for seven exploration permits in the provinces of
Zambales, Misamis Oriental and Palawan bringing aggregate area
applied to 22,461 hectares basically containing chromite and
nickel.

APC Mining will conduct exploration activities and will apply
for a Mineral Production Sharing Agreement with the DENR once
the exploration works prove the presence of mineable deposits at
commercial quantities for all the areas applied for.
We trust the foregoing is in order.

APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines.  The company is 46.6% owned by
Belle Corporation.  APC has investments in telecommunications, a
cement project, and manpower outsourcing businesses.

The Troubled Company Reporter - Asia Pacific reported that the
company had a capital deficiency as of September 30, 2006 and
December 31, 2005 amounting to PHP8.89 billion and  PHP8.70
billion respectively.  


BANK OF THE PHIL. ISLANDS: Earns PHP2.6B in 2007 First Quarter
--------------------------------------------------------------
Bank of the Philippine Islands recorded a net income of PHP2.6
billion in the first quarter of 2007, ABS-CBN News reports.

According to ABS-CBN, BPI said that its first quarter net income
included a PHP416 million non-recurring gain on the sale of a
real estate property of an insurance subsidiary.

For the quarter, revenue rose 26%, return on equity grew 20.2%,
and the bank's return on assets improved 2.3%, the report adds.

The bank's press release and financials are available for free
at http://bankrupt.com/misc/bpi1q.pdf

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is   
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The Bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

The Troubled Company Reporter - Asia Pacific reported that on
Nov. 2, 2006, Moody's Investors Service revised the outlook of
the Bank of the Philippine Islands' foreign currency long-term
deposit rating of B1 to stable from negative.  The outlook for
BPI's foreign currency Not-Prime short-term deposit rating and
bank financial strength rating of C- remains stable.


DIGITAL TELECOMMS: Posts Third Consecutive Annual Net Loss
----------------------------------------------------------
Digital Telecommunications Philippines Inc. recorded a net loss
of PHP963 million in 2006, despite higher costs, parent firm JG
Summit Holdings reported, attributing the reduction to "strict
money management", the Philippine Daily Inquirer reports.

According to the company's 2005 annual report, it posted net
losses of PHP1.76 billion and PHP2.05 billion for the years
ending Dec. 31, 2005 and 2004, respectively.

The Inquirer relates that Digitel's service revenue fell 8% to
PHP7.6 billion from PHP8.3 billion, JG Summit said in a
disclosure to the Philippine Stock Exchange.  Fixed-line service
provided 58.3% of revenue, down from 60.2% in 2005 and 73.2% in
2004. The contribution of mobile services grew to 36.9% in 2006
from 35.6% in 2005 and 21.9% in 2004.

The Inquirer adds that the Internet-based business remained the
smallest contributor at 4.8% of the total revenue, almost
unchanged from 4.2% in 2005 and 4.9% in 2004.

According to the report, JG Summit Holdings said Digitel had
tightly controlled its operating and network-related spending to
offset high financing costs.

Digital Telecommunications Philippines, Inc. --
http://www.digitelone.com-- is a provider of wirelines in the  
Philippines.  DIGITEL's voice products and services include the
provisioning of local call, national and international toll
services, enhanced through DIGITEL's suite of value added
services, payphones and prepaid phone cards.  DIGITEL offers a
range of products and services to its customers, which includes
DIGITEL Choice Plans, international direct dialing (IDD)
Services, national direct dialing (NDD) Services, Pakikisama
Rate, 108/109 Operator-Assisted Services, Domestic 1-800 Toll
Free Services, Domestic 1-900 Premium Services, Digikard Phone
Cards, DGMax IDD Prepaid Card, DGTxt Services, Payphone
Services, GAS Internet Prepaid Card, NETDirect Pay-Per- Use
Internet, NETVantage asymmetric digital subscriber line (ADSL),
Internet Data and Broadband Services.


FIRST ABACUS: Punongbayan & Araullo Raises Going Concern Doubt
--------------------------------------------------------------
Lilian S. Linsangan at Punongbayan & Araullo raised significant
doubt on First Abacus Financial Holdings' ability to continue as
a going concern, citing:

   * the group's incurred losses of PHP82.9 million and
     PHP107.0 million for the years ended December 3, 2005 and
     2004, respectively;

   * the group's deficit of PHP826.8 million, PHP850.1 million
     and PHP767.1 million as of Dec. 31, 2006, 2005 and 2004,
     respectively.

For 2006, the company reported a net income of PHP23.3 million,
due to the robust performance of the financial stock market,
aided in great part by the series of deals which the company and
its affiliates realized in 2006.

In 2006, the group generated total revenues of PHP278.0 million,
a 70% increase against the PHP163.0 million recorded in 2005.  
The company, accordingly, recorded a slight increase in costs
and expenses, amounting to PHP246.8 million, against PHP238.2
million in 2005.

As of Dec. 31, 2006, the group's assets amounted to PHP2.0
billion from PHP1.7 million as of Dec. 31, 2005 due to the
additional purchase of financial assets avaialble for sale and
at fair value through profit and loss amounting to PHP138.4
million; the increase in total receivables amounting to PHP122.8
million due to accrual of some fees and interest, partially
offset by the slight decrease in investment properties due to
depreciation of PHP2.3 million.  

Total liabilities increased by PHP190 million to PHP1.8 million
as of Dec. 31, 2006, due to increased borrowings, recorded
short-term payables to trade customers, stockholders and other
parties.

The increase in the stockholders' equity was due to the result
of the operations for 2006 amounting to PHP23.2 million and the
changes in fair value of available for sale financial assets
amounting to PHP40.0 million.

The company's financials for 2006 is available for download at:

   http://bankrupt.com/misc/FirstAbacus2006.pdf

Headquartered in Ortigas Pasig, Philippines, First Abacus
Financial Holdings is an investment holding company.  Through
its subsidiaries, the company is engaged in stockbroking
activities, investment banking, real estate business and other
financial services. The company's market for its financial
products and services include both retail and institutional
customer base.


NATIONAL CONSTRUCTION: Gets Nod to Continue SLEX Operations
-----------------------------------------------------------
Philippine National Construction Corp. disclosed to the
Philippine Stock Exchange that it has received a Toll Operation
Certificate issued by the Toll Regulatory Board for the
Operation and Maintenance of the South Luzon Expressway.

The said authority from the TRB, pursuant to its powers under
its charter will allow PNCC to operate and maintain the SLEX,
and to collect toll fees,in the interim, after its franchise to
operate and maintain the said Expressway expires on April 30,
2007.  The effective date of the TOC commenced on May 1, 2007 .

According to the Manila Bulletin, PNCC is currently requesting
Congress for a 25-year extension of its Franchise to develop
more tollroads and arterial linkages from Carmen, Pangasinan to
Lucena, Quezon.   

Headquartered in Mandaluyong City, Philippine National
Construction Corporation -- http://www.pnccweb.net/-- is a  
government-owned and controlled corporation whose principal
business activities include construction, real estate
development, and operation and maintenance of the North and
South Luzon Tollways.  It is the government's main partner in
infrastructure development and construction projects.  Also, it
is the sole operator and franchise-holder of the North and South
Luzon Tollways and has entered into several joint venture
agreements to upgrade and expand said expressways.  Among the
construction projects that are in its pipeline are the Rizal
Avenue Bridge, the DENR Environment Center, the Central Business
Park Package 1 (SM Project), and SLT Rehab (Nichols-Alabang).  
The company's revenues are derived mostly from construction
projects and the collection of tollway fees.

The Troubled Company Reporter - Asia Pacific reported on May 31,
2006, that the company posted a net loss for the three months
ended March 31, 2006, equal to PHP508.26 million -- PHP136.73
million or 21.20% lower than the PHP644.99 million loss recorded
in the corresponding period in 2005.

The TCR-AP also noted that the company is involved in continuing
litigations relating to labor and civil cases.  Both the
management and its legal counsels believe that the final
resolutions of these claims will have a material effect on the
company's financial position, the TCR-AP said.

The Troubled Company Reporter - Asia Pacific reported on August
30, 2006 that Philippine National Construction Corporation has
submitted a Joint Motion for Judgment Based On Compromise to the
Supreme Court as part of the company's total restructuring plan
where it projects a net income of about PHP200 million in 2007
after suffering income losses for the past 30 years of its
franchise period.

The plan covers:

   1. Debt Settlement

      (a) Philippine National Bank -- PNCC owes PNB
          PHP2.4 billion, the interest of which have resulted in
          audited net income losses.  The PNCC is now in an
          advanced state of negotiations with PNB to finally
          resolve six years of arrearages.  The settlement will
          result in substantial reduction in debt and interest
          charges;

      (b) Radstock Securities -- The PNCC has also asked the
          Supreme Court for an approval of its settlement with
          Radstock stemming from the Regional Trial Court of
          Mandaluyong decision to award Radstock PHP13 billion
          in 2002 plus interest;

      (c) Bureau of Treasury -- The PNCC has proposed a long
          term restructuring of its PHP5.6 billion obligation to
          the Bureau of Treasury;

   2. Organizational right-sizing

      This is in line with PNCC's program to phase out
      unprofitable divisions and service lines and stick to the
      core business of developing tollways.

   3. Franchise extension

      The PNCC is currently requesting Congress for a 25-year
      extension of its Franchise to develop more tollroads and
      arterial linkages from Carmen, Pangasinan to Lucena,
      Quezon.

This financial turnaround will benefit not only the National
Government and the government corporations, which own
approximately 90% of the company, but likewise with an estimated
5,000 public shareholders.


NATIONAL CONSTRUCTION: Projects PHP200M Net Income in 2007
----------------------------------------------------------
The Philippine National Construction Corporation expects to earn
a net income of about PHP200 million in 2007 after suffering
massive losses for the past thirty years of its franchise
period, the Manila Bulletin reports.

The Bulletin states that PNCC Spokesperson Maridel Tacardon said
that PNCC suffered a loss of P2.09 billion in 2005 based on the
audited report by the Commission on Audit.

Atty. Tacardon said that the projected financial turn-around
will be achieved by a combination of decisive measures in total
corporate restructuring, particularly reduction of debt,
resolution of long standing legal cases, drastic right sizing of
the organization, and reduction in corporate expenses, the
Bulletin relates.

According to the Bulletin, PNCC is now in an advanced state of
negotiations with PNB to finally resolve six years of
arrearages.  The settlement will result in substantial reduction
in debt and interest charges.

The report also says that the firm has also asked the Supreme
Court for an approval of its settlement with Radsstock stemming
from the Regional Trial Court decision to award Radstock PHP13
billion in 2002 plus interest.  PNCC has, furthermore, proposed
a long term restructuring of its PHP5.6 billion obligation to
the Bureau of Treasury.

The report adds that PNCC has entered into an amicable
settlement with its seven labor unions wherein the latter will
benefit from enhanced separation and retirement packages.  This
is in line with PNCC's program to phase out unprofitable
divisions and service lines and stick to the core business of
developing tollways.

Headquartered in Mandaluyong City, Philippine National
Construction Corporation -- http://www.pnccweb.net/-- is a  
government-owned and controlled corporation whose principal
business activities include construction, real estate
development, and operation and maintenance of the North and
South Luzon Tollways.  It is the government's main partner in
infrastructure development and construction projects.  Also, it
is the sole operator and franchise-holder of the North and South
Luzon Tollways and has entered into several joint venture
agreements to upgrade and expand said expressways.  Among the
construction projects that are in its pipeline are the Rizal
Avenue Bridge, the DENR Environment Center, the Central Business
Park Package 1 (SM Project), and SLT Rehab (Nichols-Alabang).  
The company's revenues are derived mostly from construction
projects and the collection of tollway fees.

The Troubled Company Reporter - Asia Pacific reported on May 31,
2006, that the company posted a net loss for the three months
ended March 31, 2006, equal to PHP508.26 million -- PHP136.73
million or 21.20% lower than the PHP644.99 million loss recorded
in the corresponding period in 2005.

The TCR-AP also noted that the company is involved in continuing
litigations relating to labor and civil cases.  Both the
management and its legal counsels believe that the final
resolutions of these claims will have a material effect on the
company's financial position, the TCR-AP said.

The Troubled Company Reporter - Asia Pacific reported on August
30, 2006 that Philippine National Construction Corporation has
submitted a Joint Motion for Judgment Based On Compromise to the
Supreme Court as part of the company's total restructuring plan
where it projects a net income of about PHP200 million in 2007
after suffering income losses for the past 30 years of its
franchise period.

The plan covers:

   1. Debt Settlement

      (a) Philippine National Bank -- PNCC owes PNB
          PHP2.4 billion, the interest of which have resulted in
          audited net income losses.  The PNCC is now in an
          advanced state of negotiations with PNB to finally
          resolve six years of arrearages.  The settlement will
          result in substantial reduction in debt and interest
          charges;

      (b) Radstock Securities -- The PNCC has also asked the
          Supreme Court for an approval of its settlement with
          Radstock stemming from the Regional Trial Court of
          Mandaluyong decision to award Radstock PHP13 billion
          in 2002 plus interest;

      (c) Bureau of Treasury -- The PNCC has proposed a long
          term restructuring of its PHP5.6 billion obligation to
          the Bureau of Treasury;

   2. Organizational right-sizing

      This is in line with PNCC's program to phase out
      unprofitable divisions and service lines and stick to the
      core business of developing tollways.

   3. Franchise extension

      The PNCC is currently requesting Congress for a 25-year
      extension of its Franchise to develop more tollroads and
      arterial linkages from Carmen, Pangasinan to Lucena,
      Quezon.

This financial turnaround will benefit not only the National
Government and the government corporations, which own
approximately 90% of the company, but likewise with an estimated
5,000 public shareholders.


NATIONAL CONSTRUCTION: Settles Marubeni Debt After 26 Years
-----------------------------------------------------------
The Philippine National Construction Corp. is finally settling
an old debt incurred by its predecessor Construction and
Development Corporation of the Philippines, Federico Pascual,
Jr. writes for the ABS-CBN News.

Mr. Pascual relates after a bruising battle in and out of court,
PNCC finally threw in the towel and entered into a compromise
agreement with Radstock Securities Ltd, the company that
acquired Marubeni's collectibles from it.

The report says that the compromise was forged after the Supreme
Court refused to dismiss a collection case PNCC had lost in the
lower courts.  The two parties filed for SC approval.  The High
Court sent it to the Commission on Audit for review, twice.  
Twice, too, the COA approved the compromise deal, the second
time in a unanimous en banc decision.

The report continues to add that the SC then remanded the
compromise to the Court of Appeals, which had been involved in
hearing the collection case - after dismissing PNCC's effort to
halt trial. The CA approved the deal in late February.

Headquartered in Mandaluyong City, Philippine National
Construction Corporation -- http://www.pnccweb.net/-- is a  
government-owned and controlled corporation whose principal
business activities include construction, real estate
development, and operation and maintenance of the North and
South Luzon Tollways.  It is the government's main partner in
infrastructure development and construction projects.  Also, it
is the sole operator and franchise-holder of the North and South
Luzon Tollways and has entered into several joint venture
agreements to upgrade and expand said expressways.  Among the
construction projects that are in its pipeline are the Rizal
Avenue Bridge, the DENR Environment Center, the Central Business
Park Package 1 (SM Project), and SLT Rehab (Nichols-Alabang).  
The company's revenues are derived mostly from construction
projects and the collection of tollway fees.

The Troubled Company Reporter - Asia Pacific reported on May 31,
2006, that the company posted a net loss for the three months
ended March 31, 2006, equal to PHP508.26 million -- PHP136.73
million or 21.20% lower than the PHP644.99 million loss recorded
in the corresponding period in 2005.

The TCR-AP also noted that the company is involved in continuing
litigations relating to labor and civil cases.  Both the
management and its legal counsels believe that the final
resolutions of these claims will have a material effect on the
company's financial position, the TCR-AP said.

The Troubled Company Reporter - Asia Pacific reported on August
30, 2006 that Philippine National Construction Corporation has
submitted a Joint Motion for Judgment Based On Compromise to the
Supreme Court as part of the company's total restructuring plan
where it projects a net income of about PHP200 million in 2007
after suffering income losses for the past 30 years of its
franchise period.

The plan covers:

   1. Debt Settlement

      (a) Philippine National Bank -- PNCC owes PNB
          PHP2.4 billion, the interest of which have resulted in
          audited net income losses.  The PNCC is now in an
          advanced state of negotiations with PNB to finally
          resolve six years of arrearages.  The settlement will
          result in substantial reduction in debt and interest
          charges;

      (b) Radstock Securities -- The PNCC has also asked the
          Supreme Court for an approval of its settlement with
          Radstock stemming from the Regional Trial Court of
          Mandaluyong decision to award Radstock PHP13 billion
          in 2002 plus interest;

      (c) Bureau of Treasury -- The PNCC has proposed a long
          term restructuring of its PHP5.6 billion obligation to
          the Bureau of Treasury;

   2. Organizational right-sizing

      This is in line with PNCC's program to phase out
      unprofitable divisions and service lines and stick to the
      core business of developing tollways.

   3. Franchise extension

      The PNCC is currently requesting Congress for a 25-year
      extension of its Franchise to develop more tollroads and
      arterial linkages from Carmen, Pangasinan to Lucena,
      Quezon.

This financial turnaround will benefit not only the National
Government and the government corporations, which own
approximately 90% of the company, but likewise with an estimated
5,000 public shareholders.


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

ARGOS STEEL: Proofs of Claim Deadline Set on May 23
---------------------------------------------------
Argos Steel Structure (S) Pte Ltd., which is in liquidation,
requires its creditors to file their proofs of  
claim by May 23, 2007.  

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

The company's liquidator is:

        K C Yin & Co
        Certified Public Accountants
        100 Tras Street
        #16-01 Amara Corporate Tower
        Singapore 079027


E-BRILLIANT: Proofs of Claim Deadline Set on May 18
---------------------------------------------------
E-Brilliant Pte Ltd., which is in wind-up
proceedings, requires its creditors to file their proofs of
claim by May 18, 2007.

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

The company's liquidator is:

         Moey Weng Foo
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PETROLEO BRASILEIRO: Petroleos de Venezuela Ends Storage Pact
-------------------------------------------------------------
Petroleos de Venezuela S.A. terminated May 1 an oil storage
accord with Brazil's Petroleos de Brasileiro in Borco terminal
in the Bahamas, Reuters reports.  

The same report says Petroleo Brasileiro was given a final
evictin notice to leave the 1.4 million barrels of oil storage
facility.  The storage terminal will be up for sale.

El Universal says the agreement was terminated without cause.

                About Petroleos de Venezuela

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

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

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


PETROLEO BRASILEIRO: Workers to Hold Strikes on Pay Issues
----------------------------------------------------------
Oil workers union Federacao Unica dos Petroleiros said in a
statement that Brazilian state-run oil firm's unionized
employees will launch a series of demonstrations to force
changes to salary and promotion structures.

FUP Communications Manager Jose Maria Rangel explained to
Business News Americas, "We have 24-hour strikes planned for
May 3, May 8 and May 10 at different Petrobras [Petroleo
Brasileiro] units."

BNamericas relates that Petroleo Brasileiro had failed to
finalize promotions and pay hike deal with FUP in 2003.

According to BNamericas, output at Petroleo Brasileiro won't be
affected, as employees will take turns to protest.

Mr. Rangel told BNamericas, "We plan to warn Petrobras not
affect production."

The plants Reduc in Rio de Janeiro, Regap in Minas Gerais, and
36 platforms are on strike on May 3.  Strikes planned for other
units on May 8 and May 10, BNamericas says, citing Mr. Rangel.

A Petroleo Brasileiro spokesperson told BNamericas that the
negotiation process continues.  The company sent on April 27 a
new proposal to FUP.

However, Mr. Rangel commented to BNamericas, "Petrobras'
proposal was unacceptable to FUP workers."

Petroleo Brasileiro had set a new meeting with the workers for
May 4, the spokesperson told BNamericas.

                About Petroleos de Venezuela

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

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

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


SENDO SINGAPORE: Pays Dividend to Creditors
-------------------------------------------
Sendo Singapore Pte Ltd., which is in liquidation,
has paid the first and final dividend to its creditors on May
10, 2007.

The company paid 1.0954 per % to all received claims.

The liquidator can be reached at:

         Timothy James Reid
         Ferrier Hodgson
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


WCM BETEILIGUNGS: CURA Seniorencentrum Buys 71.8% Maternus Stake  
----------------------------------------------------------------
CURA Seniorencentrum GmbH has become a new majority partner of
MATERNUS-Kliniken AG, effective April 26, after it acquired WCM
Beteiligungs- und Grundbesitz-AG's 71.8% stake in the German
nursing home.

Michael Frege, the insolvency administrator for WCM, has sold
the Maternus stake, which is valued at around EUR28 million, to
Cura, The Financial Times reports citing Borsen Zeitung as its
source.

According to the report, WCM may have used the proceeds of the
acquisition to repay debts owed to major creditor HSH Nordbank
AG.

Mr. Frege disclosed that he is still looking into WCM's
remaining investments and the losses that it has carried
forward, FT relates.

                      Preliminary Agreement

On March 22, WCM Beteiligungs- und Grundbesitz-AG, WCM
Beteiligungs- und Verwaltungs GmbH & Co KG and WCM Beteiligungs-
und Verwaltungs GmbH concluded a preliminary agreement to sell
close to a 71.5% stake in MATERNUS-Kliniken AG and a 95% stake
in YMOS AG to CURA Kurkliniken, Seniorenwohn-und Pflegeheime
Aktiengesellschaft.

Furthermore the stake MEDICO Grundstuecksgesellschaft mbH & Co
Bayerwald Klinik KG indirectly held by WCM Beteiligungs- und
Verwaltungs GmbH will also be sold.

In the preliminary agreement, the right to terminate the
contract in favor of the bankruptcy administrator has been
agreed.  The preliminary contract is subject to approval by the
executive boards of the contracting parties.

WCM applied for insolvency on Nov. 8, 2006, as a result of the
extraordinary termination of the loan agreement by HSH Nordbank.
The District Court of Frankfurt (Main) opened bankruptcy
proceedings against the company on Nov. 21, 2006.

                          About WCM AG

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests  
in other real estate investment, management, and development
companies, as well as in the nursing homes and a packaging
maker.  The group owns 80% of Klockner-Werke AG, which also
operates in Austria, Czech Republic, Denmark, France, the United
Kingdom, Italy, Netherlands, Spain, Switzerland, Australia,
Brazil, India, Japan, Mexico, Russian Federation, Singapore, and
the U.S.A.

WCM has been posting consecutive annual net losses since 2002:
EUR849 million in 2002; EUR315 million in 2003; EUR163 million
in 2004; and EUR44 million in 2005.


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

BANGKOK BANK: Moody's Retains D+ Financial Strength Rating
----------------------------------------------------------
Moody's Investor Services said on May 4 that it was retaining
Bangkok Bank PCL's bank financial strength and foreign current
deposit ratings of D+ and Baa1/P-2, respectively.

Moody's also changed its foreign currency debt rating for
subordinated obligations for Bangkok Bank PCL (Hong Kong) from
Baa1 to Baa2.

Moody's assigned a stable outlook for all ratings.

Headquartered in Bangkok Bangkok Bank PCL --
http://www.bangkokbank.com/-- is Thailand's largest bank, with  
total assets of THBB1.498 trillion (US$39 billion) at end-June
2006.


BANK OF AYUDHYA: Moody's Affirms D- Financial Strength Rating
-------------------------------------------------------------
Moody's Investor Services said on May 4 that it affirmed it its
D- bank financial strength rating for Bank of Ayudhya.  Moody's
also retained its Baa3/P-3 rating for the Bank's foreign
currency deposit.

Moody's gave a stable outlook for its ratings.

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


DAIMLERCHRYSLER: Chrysler April Sales Up 17%
--------------------------------------------
DaimlerChrysler AG has reported that April 2007 sales for U.S.-
based Chrysler Group outside North America were up 17% over the
same month last year and marked the best April in 10 years as
sales in the Middle East, Northern Africa and Russia nearly
doubled those from April 2006.

The company experienced an unprecedented 23 consecutive months
of year-over-year sales gains and year-to-date sales increased
14 percent over the same period in 2006.  New vehicles fueled
the growth of Dodge and Jeep brand sales.

April 2007 was a strong start for the second quarter with
Chrysler Group sales outside North America up 17 percent over
the same month last year, and a 23rd consecutive month of year-
over-year sales growth.  The Company's sales outside North
America for the month reached 18,289 units and marked the best
April in 10 years.  Year-to-date, sales grew 14 percent over the
same period in 2006, and total sales through April were 70,859
units.

While the key European and South American markets continued to
do well, a key contributor to this month's growth were the sales
increases seen in newer, fast-growing markets.  In the Middle
East and Northern Africa region, sales jumped 97 percent (1,871
units) when compared to April 2006, and were up 62 percent year-
to-date (5,816 units).  Sales in Russia also grew at a
significant pace as April sales climbed 95 percent over the same
month last year, and year-to-date sales were up 93 percent.

"The expansion of the Dodge brand has been a catalyst for the
growth we've seen in both mature and emerging markets outside
North America," said Thomas Hausch, vice president, Chrysler
Group International Sales.  "In both Western and Eastern Europe,
as well as the Middle East, Dodge vehicles have been the top-
selling Chrysler Group products, telling us that there is
increasing demand around the world for this distinctly American-
styled brand.  But Dodge is only one part of the sales success
story.  We have also seen strong sales for new Chrysler and Jeep
vehicles that have been developed from the ground up for global
customers, and they are helping to boost sales and
profitability."

The fuel-efficient, yet powerful Dodge Caliber has been the
highest volume Chrysler Group vehicle outside North America in
2007, and the brand continued to lead new sales growth.  Some of
the historic favorites, like Jeep Grand Cherokee and Chrysler
300C, continued to rank among the Company's top-selling
products.  New vehicles, such as Jeep Compass and Chrysler
Sebring are making their way into dealerships in all of the key
markets and sales are picking up for those as well.

"The growth potential and importance of markets outside North
America have been identified as key factors in Chrysler Group's
Recovery and Transformation Plan," Mr. Hausch said.  "We will
continue to put energy behind strategic growth in these markets
and find ways to reach customers whose needs identify with the
vehicles that we have available.  We have also worked to ensure
that once a customer purchases a Chrysler Group vehicle, that
their experience with both the vehicle and the dealership
service is a positive one.  This will remain a priority as we
develop new vehicles, expand our operations and evaluate new
opportunities and potential business partners."

Chrysler Group sells and services vehicles in more than 125
countries around the world, and Chrysler Group sales outside
North America currently account for approximately 8 percent of
the Company's total global sales.  Vehicles available range
across all three Chrysler Group brands, with limited
availability on some trucks and SUV models.  The Company's
operations outside North America have been experiencing year-
over-year sales increases since 2004, and will continue to
increase the number of product offerings, powertrain options and
RHD availability through 2007.

Concurrently, Chrysler Group's April 2007 U.S. sales rose by
2 percent with the Jeep brand up 29 percent led by Jeep Wrangler
and Jeep Patriot; the Chrysler and Dodge minivans up 10 percent
with momentum from "National Minivan Month" in April; the five-
star crash test-rated Dodge Ram pick up rising 2 percent in
competitive segment; and the Chrysler Sebring sedan increasing
by 56 percent.

Inventory was down by 18 percent and more than 100,000 units.  
Chrysler Group reported sales for April 2007 of 193,104 units;
up 2 percent compared to April 2006 with 190,095.

"Chrysler Group increased sales in April based on a solid retail
performance -- despite two less selling days than in the
previous year and a challenging market environment," said Steven
Landry, executive vice president, NAFTA Sales, Global Marketing,
Service and Parts.  "Driven by the continuously strong Jeep
Wrangler and the new Jeep Patriot, sales for the Jeep brand were
up significantly by 29 percent."

With the continued pressure on gas prices Chrysler Group's
incentives in May will focus on the company's full line of cars
and small and compact SUVs with the launch of the 'Maximize Your
Miles' program.  The program will communicate the vehicle's fuel
economy message across all three Chrysler Group brands.  A key
part of it will be low-rate finance and additional bonus cash,
which will give customers a great package.

Chrysler Group finished the month with 482,786 units of
inventory, or a 60-day supply.  Inventory is down by 18 percent
compared to April 2006 when it was at 586,263 units.

Meanwhile, DaimlerChrysler Canada has disclosed that April 2007
marks the ninth consecutive month of sales growth following a
monthly increase in revenues since August 2006.  Monthly sales
were up 6.2 per cent while year-to-date sales rose 4.3 per cent.  
A total of 22,514 vehicles were sold in April, an increase of
6.2 per cent over April 2006.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
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 locations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam and Australia.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

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.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


GOV'T HOUSING: Moody's Holds E+ Financial Strength Rating
---------------------------------------------------------
Moody's Investor Services retained its bank financial strength
rating of E+ for Government Housing Bank of Thailand. The bank's
foreign currency deposit rating of Baa1/P-2 was also unchanged.

The outlook for all ratings is stable.

The Government Housing Bank -- http://www.ghb.co.th/-- was  
established in 1953 as the Ministry of Finance's wholly owned
financial institution with the purpose of providing mortgage
loans to low-and medium-income persons.  In addition to
providing mortgage loans for the purchase of lands, houses,
construction, and renovation, the Bank also act as a real estate
developer.


KASIKORN BANK: Moody's Retains D+ Financial Strength Rating
-----------------------------------------------------------
Kasikorn Bank PCL still carries Moody's Investor Services' bank
financial strength rating of D+, and the foreign currency
deposit ratings of Baa1/P-2, according to the announcement on
Moody's website dated May 4.

Moody's also changed the foreign currency debt rating for
subordinated obligations for Kasikorn Bank PCL (Cayman Island)
from Baa1 to Baa2.

Moody's assigned a stable outlook for all ratings.

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


KRUNG THAI BANK: Re-elects Directors and Appoints Auditor
---------------------------------------------------------
Krung Thai Bank PCL has reelected four directors for another
term, appointed a company auditor for the year 2007 and approved
certain resolutions on its 14th Ordinary Annual General Meeting
held on April 27.

In a letter to the President of the Stock Exchange of Thailand,
the Company listed the following as the re-elected directors:

    * Mr. Suparut Kawatkul
    * Mr. Chaiyawat Wibulswasdi
    * Mr. Santi Vilassakdanont
    * Mr. Phachara Yutidhammadamrong

The Meeting elected the Office of the Auditor General of
Thailand to be the Bank's Auditor, and fixed the 2007 audit fee
at THB4.4 million.

In the meeting, the shareholders approved the appropriation of
the company's net profit and dividend payment in 2006 as:

    * Legal Reserve               THB703,897,550.49
    * Preferred share dividends       THB3,654,750.00
      (THB0.6645 per share)
    * Ordinary share dividends    THB5,701,671,990.00
      (THB0.51 per share)
    * Dividend/Net profit         40.53%

The amounts will be paid next Monday to the Bank's shareholders
whose names were listed in the register book on April 9.

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

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


KRUNG THAI BANK: To Lend THB2MM for Environmental Conservation
--------------------------------------------------------------
Krung Thai Bank PCL plans to make loans this year with a credit
limit of THB2 million to the local administration agencies,
state enterprises and private organization for purposes of
environmental conservation.

The Bank is party to a memorandum of understanding with the
Comptroller General's Department, under which it is the only
bank authorized by the Environmental Management Fund to manage
the government's and private sector's loan funds.

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

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


KRUNG THAI BANK: Moody's Assigns D- Financial Strength Rating
-------------------------------------------------------------
Moody's Investor Services assigned a D- bank financial strength
rating for Krung Thai Bank PCL, and local currency deposit
ratings of A3/P-1, according to an announcement in Moody's
website dated May 4.

Moody's also retained its Baa1 foreign currency deposit rating
for long-term deposite note/CD program for Krung Thai Bank PCL,
Singapore Branch. Moody's changed its foreign currency rating
for preferred stock for Krung Thai Singapore from Ba1 to Baa3.

Outlook for all ratings is stable.

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

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


KUANG PEI SAN: Re-Elects Three Directors and Appoints Auditors
--------------------------------------------------------------
Kuang Pei San Food Products PCL re-elected three directors,
added one new director and assigned two auditors to the Company
for the year 2007 in a shareholders' meeting which took place on
April 26, 2007.

According to a letter submitted to the President of the Stock
Exchange of Thailand, the Company elected:

    * Mr. Thanadsri Svasti
    * Mr. Yongyut Wichaidit
    * Mrs. Chutima Tohtubtiang
    * Mr. Taweesak Naraipratan

The remuneration for the Directors for the year 2007 was agreed
to be THB4.2 million.

The meeting assigned the following accountants from S.K.
Accountant Services Co. Ltd. as auditors for the year 2007, with
annual wages of THB635,000:

    * Mr. Ampol Chamnongwat       License no. 4663
    * Ms. Wanraya Puttasatien     License no. 4387

Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.

As of December 31, 2006, the company had a shareholders' equity
deficit of THB408,269,091.16 on total assets of
THB568,886,989.98 and total liabilties of THB977,156,081.14.

                       Significant Doubt

The Troubled Company Reporter - Asia Pacific reported on April
10, 2007 that Wanraya Puttasatiean at S.K. Accountant Services
Company Limited, the company's independent auditors, raised
significant doubt on the company's ability to continue as a
going concern, citing that:

   * the company's net losses of THB96,434,952.69 for the year
     ending December 31, 2006, and THB90,483,711.38 reported a   
     year earlier;

   * the company's insolvency, and

   * the company's illiquidity as of December 31, 2006, when    
     current liabilities exceeded current assets by
     THB764.52 million


PRASIT PATANA PCL: Re-Elects 5 Directors, 2 Auditors for 2007
-------------------------------------------------------------
Prasit Patana PCL re-elected five directors into its Board, as
well as appointed four Company auditors for the year 2007 during
their annual shareholders' meeting held last April 26.

In a letter addressed to the President of the Stock Exchange of
Thailand dated April 27, Prasit Patana lists this individuals as
reelected directors:

    * Mr. Wichai Thongtang
    * Mr. Att Thongtang
    * Dr.  Sathian Limphongpand
    * Mr. Taratorn Premsoontorn
    * Mr. Nuttawut Phowborom

During the meeting, the shareholders agreed on the directors'
remuneration in the amount of THB2.3 million.

The letter also listed the following as the auditors for 2007,
all from KPMG Phoomchai Audit Co.:

    * Mr. Ekkasit Chuthamsatid     Registration No. 4195
    * Ms. Kalyar Chaivorapongsa    Registration No. 3460
    * Mr. Charoen Phosamritlert    Registration No. 4068
    * Mr. Nirand Lilamethwat       Registration No. 2316

The shareholders agreed on THB1.38 million as remuneration for
the auditors.

Prasit Patana Public Company Limited --
http://www.phyathai.com/-- operates Phaya Thai I II and III  
Hospitals, Phaya Thai Sriracha Hospital, Phaya Thai Phuket
Hospital, Phaya Thai Ubon Hospital and Ake Udon Hospital.  The
company also operates three Universities, one of which as a
joint venture with the Dulwich College of the United
Kingdom.  The company also has diversified its business into
hotel operations.

The Troubled Company Reporter - Asia Pacific reported on March
28, 2007 that Prasit Patana's securities will be removed from
the trading board and transferred into the Non-Performing Group,
after the company posted a THB47 million net loss for the year
ending December 31, 2006.


SIAM CITY BANK: Moody's Retains D Financial Strength Rating
-----------------------------------------------------------
Moody's Investor Services published a report in its website on
May 4 outlining its ratings for Siam City Bank PCL. The
publication discloses the following ratings for Siam City Bank:

    * The bank financial strength rating remains at D.

    * The long-term foreign currency deposit rating is changed
      from Baa2 to Baa3.

    * Short-term foreign currency deposit rating is unchanged at
      P-3.

Moody's changed its Baa3 Foreign Currency Debt rating for senior
unsecured MTN for Siam City Bank PCL (Cayman Island) to Baa2.
Foreign currency debt rating for subordinate MTN obligations is
changed from Ba1 to Baa3. The foreign currency debt rating for
other short-term obligations remains at P-3.

Outlook for all ratings is stable.

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


SIAM COMMERCIAL BANK: Moody's Hold D+ Financial Strength Rating
---------------------------------------------------------------
Moody's Investor Services published a report in its website on
May 4 outlining its ratings for Siam Commercial Bank PCL.

Moody's gave the following ratings for SCB:

    * D+ bank financial strength rating with a positive outlook.

    * Baa1/P-2 long-term foreign currency deposit rating with a
      stable outlook.

    * Local currency deposit ratings are assigned A3/P-1 with a
      positive outlook.

                About Siam Commercial Bank

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal     
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.  
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.


STANDARD CHARTERED BANK: Still Carries Moody's D+ BFS Rating   
------------------------------------------------------------
Moody's Investor Services announced on its website on May 4 its
ratings for Standard Chartered Bank (Thai) PCL in which its
previous ratings remain unchanged.

Moody's assigned these ratings to Standard Chartered Bank:

    * D+ bank financial strength rating.
    * Baa1/P-2 foreign currency deposit ratings.
    * A3/P-1 local currency deposit ratings.
    * A3/P-2 foreign currency issuer rating.
    * A3/P-1 local currency issuer rating.

Moody's assigned a Stable outlook for all ratings.

Based in Bangkok, Thailand, Standard Chartered Bank (Thai) PCL
(the Bank) is a Thailand-based commercial bank that provides a
wide range of banking services to individual and corporate
customers. Its consumer banking offers personal loan services
such as credit card services, installment loan, personal line of
credit, wealth management, as well as commercial loan for small
and medium sized enterprises (SMEs). Its wholesale banking
provides financial services such as lending, cash management,
trade finance, custodian and other related services for local,
global and commodity corporate, as well as financial
institutions.


TMB BANK: Moody's Affirms B- Financial Strength Rating
------------------------------------------------------
Moody's Investor Services made an announcement in its website on
May 4 affirming its previous bank financial strength and foreign
currency deposit ratings for TMB Bank PCL.

Moody's retained the following ratings for TMB:

    * BSFR is at D-.
    * Foreign currency deposit ratings remains at Baa2/P-2.

Moody's also chose not to change the Ba2 foreign currency rating
for preferred stock (hybrid securities) assigned to TMB Bank PCL
(Cayman Island).  

Outlook for all ratings is stable.

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


UNITED OVERSEAS BANK: Moody's Retains D Fin'l Strength Rating
-------------------------------------------------------------
United Overseas Bank (Thai) PCL's bank financial strength rating
from Moody's Investor Services remains unchanged at D, according
to the announcement in the Moody's website on May 4.

Moody's also retained its Baa1/P-2 foreign currency deposit
rating for UOB. A stable outlook has been assigned for all
ratings.

United Overseas Bank (Thai) Public Company Limited -
http://www.uob.co.th/index_th.htm-- is set to bring financial  
services to new heights for our customers in Thailand. With 154
branches and over 300 ATMs nationwide, we offer both consumer
and corporate banking customers a wide array of products and
services ranging from personal financial services to
institutional banking, investment banking and treasury services.
It is the eighth largest commercial bank in Thailand, with a
total assets of THB206 billion as at 31 March 2006.

As part of the UOB Group's extensive network of 503 offices in
18 countries and territories, UOB Thai is well-positioned to
become a significant player in the Thai banking and financial
industry.


* THAILAND: 10-Year Bonds Dish Out 8.7% Return for Investors
------------------------------------------------------------
Thailand is the highest among 10 Asian debt markets that have
been tracked by HSBC Holdings, a Bloomberg News report says.
This year, the report relates, the country's bonds gave
investors an average return of 8.7%.

On Friday, Thai 10-year bonds gained for the fifth week on
speculation that the Bank of Thailand's reduction of debt sale
frequency will trigger an increase of demand from investors.

According to Bloomberg, the yield on the bonds decreased to a
42-month low on prospects that the Central Bank will reduce
interest rates in order to encourage economic growth as
inflation cools. Deutsche Bank also said that the yield for the
5% note, due in May 2017, fell one basis point to 3.79% in
Bangkok. The yield dropped seven basis points last week, and its
price increased on Friday by 86 satang per THB1000 face amount.
A full percentage point decline in yields has been experienced
so far this year, the Central Bank told Bloomberg news. With
fewer sales, it said, trading volume in the secondary bond
market is likely to go up.

Investors submitted bids Friday for 3.11 times the worth of the
91-day bills sold that day, which has been valued to THB4
billion, comparing with 2.9 times at the April 27 sale.


* BOND PRICING: For the Week 30 April to 4 May 2007
---------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----


AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.85
Alinta Networks                5.750%  09/22/10     AUD     6.62
APN News & Media Ltd           7.250%  10/31/08     AUD     5.02
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.75
Arrow Energy NL               10.000%  03/31/08     AUD     2.00
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.45
Becton Property Group          9.500%  06/30/10     AUD     0.80
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     9.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     9.00
Cardno Limited                 9.000%  06/30/08     AUD     5.60
CBH Resources                  9.500%  12/16/09     AUD     0.39
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.35
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.60
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.45
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.90
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.25
Fletcher Building Ltd          7.550%  03/15/11     NZD     8.20
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.53
Geon Group                    11.750%  10/15/09     NZD    12.35
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.50
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.00
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.50
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.70
Infratil Ltd                   8.500%  11/15/15     NZD     8.20
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.24
Metal Storm                   10.000%  09/01/09     AUD     0.14
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.90
Nuplex Industries Ltd          9.300%  09/15/07     NZD     9.10
Primelife Corporation         10.000%  01/31/08     AUD     1.03
Salomon SB Aust                4.250%  02/01/09     USD     7.43
Sapphire Sec                   7.410%  09/20/35     NZD     7.36
Sapphire Sec                   9.160%  09/20/35     NZD     9.09
Silver Chef Ltd               10.000%  08/31/08     AUD     1.10
Software of Excellence         7.000%  08/09/07     NZD     2.33
Speirs Group Ltd.             10.000%  06/30/49     NZD    65.00
Structural Systems            11.000%  06/30/07     AUD     1.60
TrustPower Ltd                 8.300%  09/15/07     NZD     8.60
TrustPower Ltd                 8.300%  12/15/08     NZD     8.65
TrustPower Ltd                 8.500%  09/15/12     NZD     8.15
TrustPower Ltd                 8.500%  03/15/14     NZD     8.25


CHINA
-----
China Tietong                  4.600%  08/18/15     CNY    60.00
Jiangxi Investment             4.380%  09/11/21     CNY    56.84


JAPAN
-----
Japan Funi Muni Ent            1.700%  10/30/08     JPY     2.47
JNR Settlement                 2.200%  02/15/08     JPY     1.68
Nara Prefecture                1.520%  10/31/14     JPY    10.08


KOREA
-----
Korea Development Bank         7.350%  01/27/21     KRW    49.71
Korea Development Bank         7.450%  10/31/21     KRW    49.68
Korea Development Bank         7.400%  11/02/21     KRW    49.67
Korea Development Bank         7.310%  11/08/21     KRW    49.63
Korea Development Bank         8.450%  12/15/26     KRW    71.20
Korea Electric Power           7.950%  04/01/96     USD    57.54


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.75
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.60
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.04
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.47
Camerlin Group                 5.500%  07/15/07     MYR     2.17
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.44
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.69
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.85
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.80
Equine Capital                 3.000%  08/26/08     MYR     0.62
EG Industries Bhd              5.000%  06/16/10     MYR     0.60
Greatpac Holdings              2.000%  12/11/08     MYR     0.21
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.43
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.83
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
I-Berhad                       5.000%  04/30/07     MYR     0.75
Insas Bhd                      8.000%  04/19/09     MYR     0.80
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.42
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.76
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.72
Kumpulan Jetson                5.000%  11/27/12     MYR     0.58
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.86
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.86
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.86
Media Prima Bhd                2.000%  07/18/08     MYR     1.78
Mithril Bhd                    8.000%  04/05/09     MYR     0.28
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.76
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.28
Pelikan International          3.000%  04/08/10     MYR     1.98
Pelikan International          3.000%  04/08/10     MYR     2.00
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     1.07
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.85
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.85
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.32
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.31
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.25
Senai-Desaru Exp               3.500%  12/09/19     MYR    72.87
Senai-Desaru Exp               3.500%  06/09/20     MYR    71.49
Senai-Desaru Exp               3.500%  12/09/20     MYR    70.14
Senai-Desaru Exp               3.500%  06/09/21     MYR    68.77
Southern Steel                 5.500%  07/31/08     MYR     1.68
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.29
Tradewinds Corp.               2.000%  02/08/12     MYR     1.06
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.51
WCT Land Bhd                   3.000%  08/02/09     MYR     2.53
Wah Seong Corp                 3.000%  05/21/12     MYR     4.22
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.15


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.90



                            *********

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.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***