TCRAP_Public/070511.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  

               Friday, May 11, 2007, Vol. 10, No. 93

                            Headlines

A U S T R A L I A

ARMOR HOLDINGS: BAE Systems Merger Cues Moody's Ratings' Review
BRISBANE WATER: Appoints Patricia Cotterell as Liquidator
CAMDEN PLANT: Members' Final Meeting Set for May 14
DREAMSHEETS INTERNATIONAL: Enters Voluntary Liquidation
FORTESCUE METALS: Revises Off-Take Deal With Fengli Group

HICOM INTERNATIONAL: Placed Under Voluntary Liquidation
HICOM SALES: Members Agree on Voluntary Liquidation
IMF LTD: To Finance Downer EDI Legal Action
J.H.F. PTY: Members Opt to Close Business
NEW HOPE: Members' General Meeting Set for June 5

OAKLOG PTY: Members Pass Resolution to Wind Up Firm
SILVADAN PTY: Taps Geoffrey McDonald as Liquidator
SUMMIT RESOURCES: Paladin Extends AU$1.16 Billion Takeover
ZINIFEX: Acquires 95% of Wolfden Resources Inc.


C H I N A   &   H O N G  K O N G

BEAUTIGUIDE INVESTMENTS: Subject to Hang Hing's Wind-Up Petition
BENQ CORP: Chairman Won't Resign Despite Insider Trading Charges
BERKELEY, BURKE: Members to Receive Wind-Up Report on June 5
CHINA EASTERN: Singapore Air Denies Share Purchase Report
CHINA SOUTHERN: Air France Wants to Code-Share in Chinese Cities

CHINGQING CHANGAN: Plans to Raise Up to US$1 Billion in IPO
CITIC RESOURCES: To Issue US$1 Bil. Bond to Fund Kazakh Purchase
CITIC RESOURCES: S&P Rates Proposed US-Dollar Bond at BB
ICBC: Seeks to Open New York Branch to Hasten Global Expansion
JIANGXI COPPER: Guixi Smelter to Start Production in Aug. 1

LUCKY REGENT: Members' & Creditors' Meetings Set for May 18
SHIMAO PROPERTY: S&P's BB+ Ratings Stay Amid Share Issue Plans
VBA LIMITED: Members' Final Meeting Set for June 5
VEGAS INVESTMENT: Court to Hear Wind-Up Petition on May 30


I N D I A

AES CORP: Supreme Court Postpones Hearing on Property Tax Break
GENERAL MOTORS: Credit Suisse Maintains Neutral Rating on Shares
SAURASHTRA CEMENT: Mary Schroeder Resigns From Board
SHYAM TELECOM: Posts INR405.24 Million Net Loss in FY2006-07
SOUTHERN IRON & STEEL: Not Sick Anymore, BIFR Says

STATE BANK OF INDIA: Board to Consider Financials on May 12
STATE BANK OF INDIA: Sets Annual General Meeting on June 25
ROYAL & SUN: Policyholders Have Until May 22 to Cancel Insurance
STRATOS GLOBAL: Pending CIP Deal Cues Moody's to Hold Ratings


I N D O N E S I A

ARPENI PRATAMA: Will Pay IDR6 Per Share Dividend on July 18
BANK INTERNASIONAL: Appoints Wong Yuen as New Pres. Commissioner
BANK INTERNASIONAL: Shareholders OK IDR253 Billion Cash Dividend
BANK NIAGA: Sells 99.96% Stake in Niaga Aset for IDR41.4 Billion
DAVOMAS ABADI: No Dividend Payment for 2006

GOODYEAR TIRE: Plans to Offer 22,549,609 Shares of Common Stock
INDIKA INTI: Fitch Assigns Final 'B' Rating to Guaranteed Notes


J A P A N

BANK OF TOKYO-MITSUBISHI: Moody's Lifts Financial Strength to C
CHUO MITSUI TRUST: Moody's Lifts Financial Strength to C- From D
DAIEI: Plans to Sell its Entire Stakes in Maruetsu
FUJI HEAVY: To Pay JPY300,000 Over Defective Part
HOKKAIDO: Moody's Lifts Financial Strength Rating to D-

HOKURIKU: Moody's Ups Financial Strength Rating to D-
KIYO: Moody's Upgrades Financial Strength Rating to D-
LIVEDOOR: Court Grants Financing Unit's Liquidation Request
MIZUHO FINANCIAL GROUP: Moody's Lifts Units' BFS Ratings
NIKKO CORDIAL: Becomes Subsidiary of Citigroup

NISHI-NIPPON: Moody's Lifts Financial Strength Rating to D-
NOMURA HOLDINGS: To Sell Historic London Office Building
SANYO ELECTRIC: To Set Up Investigation Panel for Past Results
SANYO ELECTRIC: GE Acquires 97% Stake in SANYO Credit for US$1BB
SUMITOMO TRUST & BANKING: Moody's Ups Financial Strength Rating


K O R E A

BHK INC: Offers KRW1,500 per Share for Common Stock
C&C Enterprise: Amended Listing of News Shares on June 15
CHOROKBAEM MEDIA: Converts Convertible Bonds into Common Shares
CURON INC: Adjusts Conversion Price of Second Bond to KRW1,080
DAEHAN PULP: Appoints Huh Won as New Chief Executive Officer

GENEXEL-SEIN: Final Conversion Price for Bonds is KRW3,875
HANA BANK: Selects Accenture for Management Office Services
HANSUNG ENTERPRISE: Kimhae Factory Ready for Operation


M A L A Y S I A

AMINVESTMENT BANK: Fitch Keeps All Ratings; Outlook Stays Stable
ARK RESOURCES: Securities Commission OKs Corporate Reform Plan
COGNIS GMBH: Fitch Affirms IDR at B with Stable Outlook
COGNIS GMBH: S&P Rates Proposed EUR250 Million Facility at BB-/1
COGNIS GMBH: Moody's Lowers Corporate Family Rating to B2

KUMPULAN BELTON: Posts MYR3.5 Million Net Loss in 4Q 2006
MEMORY TECH: Default Cues RAM to Junk MYR320MM Debt Rating to C3
PUTERA CAPITAL: Posts MYR2.69MM Net Loss in Qtr Ended Feb. 2007


N E W  Z E A L A N D

A 1 TAXIS: Faces CIR's Wind-Up Petition
A&R WHITCOULLS: Earns AU$9.9 Million in Half Year Ended March 3
AIR NEW ZEALAND: Kiwijet Warns Filing of Legal Action
BELLE CHILDREN: Subject to CIR's Wind-Up Petition
BROKEN YELLOW: Enters Wind-Up Proceedings

CASTLE SECURITY: Creditors' Proofs of Debt Due by May 18
CLEAR CHANNEL: In Talks with Equity Group on Amended Merger Deal
CLEAR CHANNEL: Units Ink Asset Purchase Deal with GoodRadio.TV
CREATIVE EARTH: Liquidator to Receive Claims Until May 18
L L DISTRIBUTORS: Faces Star Personnel's Wind-Up Petition

MCKELLAR PROPERTY: Subject to CIR's Wind-Up Petition
METROSTYLE LTD: Undergoes Liquidation Proceedings
R V FORESTRY: Wind-Up Petition Hearing Set for May 14
VICS PAINTING: Court Taps Whittfield and Finnigan as Liquidators


P H I L I P P I N E S

APC GROUP: Sycip Gorres Velayo Raises Going Concern Doubt
ASIA AMALGAMATED: BDO Alba Romeo Raises Going Concern Doubt
BANCO DE ORO: Appoints Dy As Executive Vice President
BENGUET CORP: Insolvency Causes Going Concern Doubt
CHINA BANKING: To Divest Its Entire Stake in First Sovereign

PETPLANS INC.: Trust Fund Seen to Hit PHP6.35 Bil. By 2017
PHILODRILL CORP: Reports Net Loss of PHP175.77 Million for 2006
RIZAL COMMERCIAL: Forecasts PHP2.5 Billion Net Profit in 2007
SAN MIGUEL: Plans on Entering into Nonfood Business
UNION BANK: Pays Out PHP1.60 Per Share Dividends

UNIWIDE HOLDINGS: 2006 Balance Sheet Upside Down By PHP1.89 Bil.
* Philippine Debt Yields Ease on Rating Upgrade Expectations


S I N G A P O R E

ADVANCED SYSTEMS: 1st Quarter Profit Drops by 53% to SG$492,000
SEA CONTAINERS: Trustee Amends List of Unsecured Creditors Panel
SEA CONTAINERS: Wants to Sign US$176 Million Commitment Letter
SEA CONTAINERS: Court Okays AP Services as Crisis Managers


T H A I L A N D

ADVANCE PAINT & CHEMICAL: Elects 2 New Directors for 2007
THANACHART CAPITAL: Elects 4 Directors
TMB BANK: Elects Directors & Auditors for 2007


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ARMOR HOLDINGS: BAE Systems Merger Cues Moody's Ratings' Review
---------------------------------------------------------------
Moody's Investors Service placed its ratings of Armor Holdings
Inc. (Corporate Family Rating of Ba3) on review for possible
upgrade.  The review was prompted by the announcement that it
has entered into a definitive merger agreement to be acquired by
BAE Systems, Inc., a wholly-owned subsidiary of BAE Systems plc
(long term rating Baa2, short term rating, Prime-2) for total
consideration of US$4.5 billion.

The review of Armor's ratings will focus on the probability and
nature of support from BAE Systems PLC.  Armor's senior secured
credit facilities (not rated by Moody's) contain change of
control provisions, suggesting a high likelihood that this class
of debt will be repaid on completion of the acquisition.  The
existing subordinated notes also contain change of control
provisions.  As such, it is also likely that a substantial
portion of these notes will be redeemed concurrent with the
acquisition.  If all notes are redeemed through the change of
control offer, the rating will be withdrawn.  If any
subordinated notes remain outstanding after the conclusion of
this offer and BAE provides explicit financial support to those
notes, then their ratings could be revised upward to take into
account BAE's credit strength.  However, if BAE does not provide
such support, or if adequate financial information on Armor is
not provided post-acquisition, then the ratings would be
withdrawn.

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


BRISBANE WATER: Appoints Patricia Cotterell as Liquidator
---------------------------------------------------------
The members of Brisbane Water Industrial Products Pty Ltd met on
April 23, 2007, and decided to voluntarily wind up the company's
operations.

Patricia Cotterell was appointed as liquidator.

                      About Brisbane Water

Brisbane Water Industrial Products Pty Ltd operates hardware
stores.  The company is located in New South Wales, Australia.


CAMDEN PLANT: Members' Final Meeting Set for May 14
---------------------------------------------------
Camden Plant Hire Pty Limited will hold a final meeting for its
members on May 14, 2007, at 11:00 a.m.

Michael Richard Heinrichs, the company's liquidator, will
present a report about the company's wind-up proceedings and
property disposal at the meeting.

The Liquidator can be reached at:

         Michael Richard Heinrichs
         108 Railway Parade
         Woodford, New South Wales 2778
         Australia

                       About Camden Plant

Camden Plant Hire Pty Limited is involved with the rental and
leasing of heavy construction equipments.  The company is
located in New South Wales, Australia.


DREAMSHEETS INTERNATIONAL: Enters Voluntary Liquidation
-------------------------------------------------------
On April 27, 2007, the members of Dreamsheets International Pty
Limited met and agreed to voluntarily liquidate the company's
business.

Christopher R. Campbell and David J. F. Lombe were appointed as
liquidators.

The Liquidators can be reached at:

         Christopher R. Campbell
         David J. F. Lombe
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                 About Dreamsheets International

Located in New South Wales, Australia, Dreamsheets International
Pty Limited operates broadwoven fabric mills.


FORTESCUE METALS: Revises Off-Take Deal With Fengli Group
---------------------------------------------------------
Fortescue Metals Group Ltd has signed a replacement long-term
iron ore off-take and investment agreement between Fortescue,
its wholly owned subsidiary FMG Chichester Pty Ltd and the
Fengli Group Co Ltd.

On 12 October 2004, Fengli committed to an off-take arrangement
for 4 million tones per annum over a 20-year term which included
the making of a prepayment prior to the first delivery of iron
ore from Fortescue.  In view of developments since October 2004
and the project capital raising in August 2006, the parties have
agreed to terminate the original agreement and have concluded a
replacement agreement.

The key terms of the replacement agreement are:

   -- Fengli is to take 9% up to a maximum of 4 million tonnes
      per annum of Fortescue's initial production of up to 45Mta
      as per the original agreement.  The off take obligation
      commences from first production and rises with ramp up to
      the 45Mta initial production level.  The off-take
      agreement term is 20 years from first production.  The
      product mix will be based on Fortescue's production plan
      and priced as per the industry standard of annual price
      setting with relativity to similar premium iron ore
      products.

   -- Fortescue and Fengli have agreed to establish a 50 / 50
      marketing JV to sell additional Fortescue iron ore tonnage
      into China of 8% of expansion tonnages up to a maximum of
      4Mta as and when Fortescue is able to provide expansion
      tones (noting expansion above 45Mta is conditional on
      various consents & approvals and the first 5Mta of any
      expansion is committed to Baosteel).  The product under
      this JV will be Fortescue's recently announced product
      Rocket Fines and the JV steel mill customers must be
      approved by Fortescue.

   -- A business plan pursuant to the JV is to be finalised soon
      and it is agreed that Fengli will make available its new
      Yangtze River port facilities under construction at
      Jingjiang, Jiangsu Province, including relevant plant and
      equipment at advantageous commercial rates to facilitate
      the marketing and distribution of iron ore to the JV
      customers.

   -- Fengli has also agreed to make available to Fortescue
      premium long term office space within the Shanghai Bund
      business district.  The offices will fully equip
      Fortescue's marketing effort for 20 years at a nominal
      rent.

The replacement agreement becomes effective on receipt by
Fortescue of US$25million being the proceeds for a share
placement to Fengli of 1,086,957 FMG shares -- c.A$27.88 per
share.  As specified in the agreement, Fortescue has received a
deposit of US$3.75million and after the US$21.25million balance
is paid by end May 7, Fortescue will issue the shares to Fengli.

Fortescue is pleased to have expanded upon its original Fengli
relationship established back in 2004.  Fengli is one of China's
largest privately owned metal distributors and is also a
manufacturer of steel pipe products.  Fengli is adding to its
existing port facilities at Zhangjiagang in Jiangsu Province by
establishing stockpiling capacity at the nearby Jingjiang area
on the Yangtze River.  This shipping and product handling
facility will be a strategic asset in regards to product
delivery "up river" to the steel makers that populate the upper
Yangtze River.
In recognition, Fortescue is in detailed discussions with Fengli
regarding its "in bound" product handling and distribution
capability.

Fortescue's Commercial Director Russell Scrimshaw who negotiated
the new agreement, commented that "the Fengli group is in a
strong position in the Jiangsu Province on the Yangtze River
industrial region which is recognised as China's most
industrialised area.  We are delighted to have developed this
integrated relationship".

Andrew Forrest, Chief Executive Officer of Fortescue, stated
"Fengli and Fortescue have grown up together and Fengli is
rapidly developing into one of China's foremost integrated metal
distributors.  Fortescue will continue to work closely with
Fengli and others to ensure it optimises the distribution of its
products throughout China".

Fengli was one of the first company's to sign an off-take deal
with FMG, at a time when many market observers doubted FMG would
ever proceed with its ambitious Pilbara mining and
infrastructure project, Mark Beyer of WA Business News says.

                        About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.                          

                           *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was AU$2.15
million.                          

In August 2006 Moody's Investors Service assigned a Ba3 rating
to approximately US$1.9 billion in senior secured 144A bonds to
be issued by FMG Finance Pty Ltd, the financing vehicle of the
Fortescue Metal Group.  The funding will be used to partially
finance the development of the Company's iron ore mine in the
Pilbara region of Western Australia as well as an associated
rail line and port infrastructure.


HICOM INTERNATIONAL: Placed Under Voluntary Liquidation
-------------------------------------------------------
On April 23, 2007, the members of Hicom International Pty Ltd
agreed to voluntarily wind up the company's operations and
Grahame Hill was appointed as liquidator.

The Liquidator can be reached at:

         Grahame Hill
         c/o Hills Insolvency Services Pty Ltd
         PO Box 915, Rockdale
         New South Wales 2216
         Australia
         Telephone:(02) 9599 7945
         Facsimile:(02) 9599 7946

                   About Hicom International

Hicom International Pty Ltd provides engineering services.  The
company is located in New South Wales, Australia.


HICOM SALES: Members Agree on Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on April 23, 2007, the
members of Hicom Sales Pty Ltd agreed to voluntarily wind up the
company's operations.

Grahame Hill was appointed as liquidator.

The Liquidator can be reached at:

         Grahame Hill
         c/o Hills Insolvency Services Pty Ltd
         PO Box 915, Rockdale
         New South Wales 2216
         Australia
         Telephone:(02) 9599 7945
         Facsimile:(02) 9599 7946

                        About Hicom Sales

Located in New South Wales, Australia, Hicom Sales Pty Ltd is an
investor relation company.


IMF LTD: To Finance Downer EDI Legal Action
-------------------------------------------
IMF Ltd will finance legal action against Downer EDI Ltd brought
by shareholders who allege the engineering group's profit
forecast for 2005/06 was misleading, The Australian Associated
Press reports.

Downer delivered an AU$25-million loss in 2005/06 after
forecasting an underlying net profit of AU$138 million for the
financial year, the report relates.

According to AAP, Downer's profit was stung by a one-off AU$199-
million cost for delays at the Douglas Sands project, which the
company was developing for mineral sands miner Iluka Resources
Ltd.

IMF said it would fund litigation on behalf of current and
former shareholders who purchased Downer shares prior to August
8, 2006, when the annual loss was announced.

Law firm Slater & Gordon will be representing the shareholders,
AAP adds.

                           About IMF

Headquartered in Sydney, Australia, IMF (Australia) Limited --
http://www.imf.com.au/-- is engaged in litigation funding and  
management, and investigation.  The operations of the company
are separated into three areas of business: insolvency claims,
non-insolvency claims involving single plaintiffs (commercial
claims), and non-insolvency group actions (group actions).  
During the fiscal year ended June 30, 2006, the company had 12
insolvency claims, 12 commercial claims and 10 group actions.
IMF's portfolio of funded cases include the Aristocrat case,
Sentinel and Mercury Rising claims, QPSX Limited against the
telecommunications company Ericsson Australia Pty Ltd and
Spatialinfo Pvt Ltd cases against Telstra.  As of August 16,
2006, Redsummer Pty Ltd increased its stake in IMF from 7.21% to
15.98%.

The Troubled Company Reporter - Asia Pacific, on Jan 30, 2007,
listed IMF Australia's bond with a 11.500% coupon and a June 30,
2010 maturity date as distressed.


J.H.F. PTY: Members Opt to Close Business
-----------------------------------------
On April 27, 2007, the members of J.H.F. Pty Ltd agreed to close
the company's business and Kerry James Hall was appointed as
liquidator.

J.H.F. Pty Ltd is a distributor of construction machineries and
equipments.  The company is located in New South Wales,
Australia.


NEW HOPE: Members' General Meeting Set for June 5
-------------------------------------------------
The members of New Hope Enterprises Pty Ltd will have their
general meeting on June 5, 2007, at 10:00 a.m. to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Arthur Yip
         Arthur Yip & Associates
         Suite 140, Level 3
         Regis Towers, 418 Pitt Street
         Sydney, New South Wales 2000
         Australia

                         About New Hope

New Hope Enterprises Pty Ltd is involved with miscellaneous
business credit institution.  The company is located in New
South Wales, Australia.


OAKLOG PTY: Members Pass Resolution to Wind Up Firm
---------------------------------------------------
On April 20, 2007, the members of Oaklog Pty Limited passed a
resolution winding up the company's operations and Ian Kellaway
was appointed as liquidator.

Mr. Kellaway can be reached at:

         Ian D. Kellaway
         Minett & Partners Services Pty Limited
         PO Box A173 Sydney South
         New South Wales 1235
         Australia

                        About Oaklog Pty

Oaklog Pty Limited is a special trade contractor.  The company
is located in New South Wales, Australia.


SILVADAN PTY: Taps Geoffrey McDonald as Liquidator
--------------------------------------------------
At an extraordinary general meeting held on April 26, 2007, the
members of Silvadan Pty Limited resolved to liquidate the
company's business and Geoffrey McDonald was appointed as
liquidator.

The Liquidator can be reached at:

         Geoffrey McDonald
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia

                       About Silvadan Pty

Located in New South Wales, Australia, Silvadan Pty Limited is
an investor relation company.


SUMMIT RESOURCES: Paladin Extends AU$1.16 Billion Takeover
----------------------------------------------------------
Paladin Resources Ltd has extended its AU$$1.16 billion offer
for Summit Resources by one week to May 18, after securing more
than two-thirds of the uranium explorer, The Australian
Associated Press reports.

According to the report, Areva NC has thrown a spanner into the
works by acquiring a 10.46% stake in Summit, a move that blocks
the compulsory acquisition of the uranium explorer by Paladin,
which has secured 65% of Summit.

Areva has appealed to the Takeovers Panel to force Summit to
present to shareholders a strategic alliance proposal between
the two parties as they have entered into an agreement to form a
strategic alliance before the deal was scrapped by Summit in
favor of a takeover by Paladin, the AAP relates.

If Paladin's bid is successful, it will secure full ownership of
the large Valhalla/Skal deposit in Northwest Queensland, which
is held in joint venture with Summit, the report adds.

                      About Summit Resources

Perth, Australia-based Summit Resources Limited --
http://www.summitresources.com.au/-- is engaged in the  
identification of, and exploration for, base metal and precious
metal mineral resources in Australia.  In the Mount Isa province
of northwest Queensland, it has six wholly owned uranium
deposits, which are Andersons, Mirrioola, Watta, Bikini, Tjilpa
and Warwai uranium deposits. Under the Mount Isa Uranium Joint
Venture, it owns 50% interest in the Valhalla and the Skal
uranium deposits.  The Isa South project comprises nine
contiguous tenement applications covering over 2,140 square
kilometers of Proterozoic terrane in the south of Mount Isa. It
has commenced drill testing a number of base metal targets in
the Isa North tenements.  It has interest in six sub-block
exploration permit minerals near CopperCo's Mount Kelly copper
gold discovery in Mount Isa.  During the fiscal year ended June
30, 2006, the company was engaged in the spin-off of its
Constance Range iron ore and phosphate assets by de-merging them
into subsidiary, Pacific Mines Limited.  

The company suffered two consecutive net losses of AU$557,625
and AU$636,453 for the years ended June 30, 2006 and 2005,
respectively.


ZINIFEX: Acquires 95% of Wolfden Resources Inc.
-----------------------------------------------
Zinifex Limited's wholly owned subsidiary, Zinifex Canadian
Enterprises Inc., has taken up approximately 86 million common
shares of Wolfden Resources Inc. pursuant to ZCE's offer to
acquire all of the outstanding shares for CAD3.81 in cash per
share.  The shares acquired represent 95% of the issued and
outstanding shares.  ZCE will pay for all shares taken up today
on or before 11 May 2007 in Toronto.

As ZCE has acquired over 90% of the outstanding shares pursuant
to the offer, it intends to acquire the Shares that remain
outstanding pursuant to a compulsory acquisition as permitted by
the Business Corporations Act (Ontario).

                           About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in  
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of the company's products are distributed outside
Australia, particularly in Asia, which is experiencing
significant growth in construction activity and vehicle
production.  Zinc is used for steel galvanizing and die-casting
and lead for lead acid batteries used mainly in cars and other
vehicles.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported on Aug. 9,
2006, that Fitch Ratings assigned Zinifex a Long-term foreign
currency Issuer Default Rating of 'BB+' with a Stable Outlook.

According to Fitch, the rating is unaffected by Zinifex's
announcement of a proposed transaction with Belgium-based
specialty metals group Umicore to merge their respective zinc
smelting and alloying businesses, a Dec. 14, 2006, TCR-AP report
noted.


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

BEAUTIGUIDE INVESTMENTS: Subject to Hang Hing's Wind-Up Petition
----------------------------------------------------------------
On April 11, 2007, Hang Hing Fuel Oil Company Limited filed an
application to wind up the operations of Beautiguide Investments
Limited.

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

Hang Hing's solicitors are:

         Liau, Ho & Chan
         c/o Hang Hing Fuel Oil Company Limited
         United Chinese Bank Building, 6th Floor
         31-37 Des Voeux Road
         Central, Hong Kong


BENQ CORP: Chairman Won't Resign Despite Insider Trading Charges
----------------------------------------------------------------
BenQ Corp. Chairman K.Y. Lee won't resign and will continue to
oversee the company's daily operations despite being charged
with insider trading and money laundering, China Post relates,
citing the company's spokeswoman, Daisy Lee, as saying.

According to reports, the Taoyuan District Prosecutors Office
said on Wednesday that Chairman Lee, along with President
Sheaffer Lee and Chief Financial Officer Eric Yu were indicted
for insider trading, money laundering, embezzlement, stock
manipulation, and making false entries in public documents.

K.Y. Lee is facing up to 10 years in prison and a fine of up to
NT$500 million if found guilty, the Post says.

However, Jerry Wang, BenQ's executive vice president, rejected
the charges and told Bloomberg News in a phone interview that
the executives have never engaged in illegal practices.  BenQ
also issued a statement saying it was "deeply shocked, baffled
and finds the indictments unacceptable."

According to the prosecutors, BenQ started a Malaysian unit,
Creo Venture Corp., in 2002 as a proxy to trade employee bonus
shares, and the three executives used some of the proceeds from
trading in the stock to pay for income taxes, Chinmei Sung of
the China Post writes.  BenQ executives also sold shares of the
employee bonus pool between January and March 2006 before
announcing a record loss stemming from the Siemens handset unit,
the prosecutors said, adding that the executives then bought
back stock after the share price fell.

Creo, according to the prosecutors, held 25.9 million BenQ
shares as of March 20, 2006, making it the ninth-largest
shareholder of BenQ.

EE Times relates that prosecutors are trying to prove the
executives sold stock in the spring of 2006, shortly before they
announced larger than expected quarterly losses of about US$176
million from the acquisition of a mobile phone unit from
Germany's Siemens Group.  EE Times notes the company spent
nearly US$1 billion trying to turn around the unit, but failed.  
It went bankrupt and is now in liquidation.

Mike Clendenin, writing for EE Times, says that prosecutors are
accusing BenQ executives of using their insider's knowledge to
benefit from the share sale.  One report, according to Mr.
Clendenin put the profit of the share sale at about US$7
million.  The executives then allegedly moved the cash to an
offshore bank account in Malaysia, eventually funneling it back
to Taipei.  After news of huge losses in the mobile unit sent
BenQ's stock south, the money was allegedly used to buy back the
shares.

BenQ denied the claim.  According to the company, the
transactions were part of a scheme to exercise stock options for
overseas employees who could not legally trade shares in Taiwan,
EE Times relates.

BenQ also said in a statement that the market anticipated the
huge losses announced in the spring of 2006.  "It was publicly
known that there must be losses in the Company's consolidated
revenues in the early stage after the Siemens mobile device
business acquisition.  It was no secret.  The management team of
the Company certainly did not use such information to engage in
insider trading to gain profits."

The Troubled Company Reporter - Asia Pacific on April 13,
reported that Chairman Lee and President Lee His-hua were taken
in by authorities for questioning and were released after paying
NT$15 million and NT$10 million bail, respectively.

                          *     *     *

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

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.  BenQ Mobile has
lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after the company failed to secure a
buyer by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  The
outlook on the long-term rating is negative.  At the same time,
Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.  The ratings reflect BenQ's continuing operating
losses from its handset operations and high leverage, and the
competitive nature and low profitability of the LCD monitor
industry.


BERKELEY, BURKE: Members to Receive Wind-Up Report on June 5
------------------------------------------------------------
The members of Berkeley, Burke (Financial Planning) Limited will
meet on June 5, 2007, at 10:00 a.m., to hear the report about
the company's wind-up proceedings and property disposal.

The meeting will take place at 905 Silvercord, Tower 2 at 30
Canton Road, Tsimshatsui in Kowloon, Hong Kong.


CHINA EASTERN: Singapore Air Denies Share Purchase Report
---------------------------------------------------------
After months of negotiation, Singapore Airlines has not yet
decided whether it will buy a stake in China Eastern Airlines,
Reuters reports.

According to Reuters, a Singapore Airline's spokesman said: "The
airlines are talking about possible cooperation, but there have
been no decisions to pursue any other relationship at this point
in time."

The statement was made in response to a China Securities Journal
report that the two airlines are in final talks to sell a
strategic stake of China Eastern to Singapore Air, and that the
two airlines had started to negotiate the price of the stake
sale.

The Troubled Company Reporter - Asia Pacific on July 20, 2006,
reported that China Eastern said it plans to sell a majority
stake to Singapore Airlines, in hopes of making the latter a
strategic investor.

China Eastern's Chairman Li Fenghua said that it is considering
to sell at least 20% of its stake to an investor to raise funds
and help improve management expertise, the TCR-AP reported on
April 13, 2006.

                          *     *     *

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

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


CHINA SOUTHERN: Air France Wants to Code-Share in Chinese Cities
----------------------------------------------------------------
Air France is in talks with China Southern Airlines Co. to
extend its reach in China by establishing code-share connections
via Guangzhou and Beijing to 14 Chinese cities by the end of the
year, The Wall Street Journal reports.

According to the Journal, Air France-KLM's chairman and chief
executive officer, Jean-Cyril Spinetta, said there are 14 cities
where his company believes there's a real market potential.  The
cities include Wuhan, Dalian, Nanjing, Kunming and Changchun,
Mr. Spinetta told Jason Leow, a reporter for The Wall Street
Journal.

Mr. Leow notes that code sharing helps one airline get
connecting services from another carrier, and passengers often
can accrue mileage flying with both carriers.  Through code
sharing, Air France would be able to sell its passengers tickets
from Europe to more points in China, thereby expanding its
national network.

The Journal tried but failed to reach China Southern for
comment.

                          *     *     *

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

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


CHINGQING CHANGAN: Plans to Raise Up to US$1 Billion in IPO
-----------------------------------------------------------
Chongqing Changan Automobile Co Ltd plans to raise US$500
million to US$1 billion in an initial public offering by the end
of this year, probably in Hong Kong, Reuters says, citing a
person familiar with the matter.

Citigroup was hired to handle the offering, which is still in
the early planning stages, the source told Reuters.

                          *     *     *

Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd. The rating outlook is stable.


CITIC RESOURCES: To Issue US$1 Bil. Bond to Fund Kazakh Purchase
----------------------------------------------------------------
Citic Resources expects to raise as much as US$1 billion from
the sale of seven-year bonds to finance its purchase of oil and
gas assets in Kazakhstan from parent Citic Group, AFX News
Limited, says, citing a report from the South China Morning
Post.

The company also plans to use its internal cash resources to
settle the purchase, the report adds.

Citic Resources, according to AFX News, has so far paid a US$200
million deposit for its proposed acquisition of the Kazakhstan
assets.

As reported by the Troubled Company Reporter - Asia Pacific on
May 4, 2007, Citic Resources decided to exercise its right to
buy half of CITIC Group's oil assets in Kazakhstan worth US$950
million.  In addition, the company will also purchase an oil
block in resource-rich Liaoning province.

CITIC Group bought the Kazakhstan oil assets from Canada's
Nations Energy Company Ltd for US$1.91 billion, the TCR-AP said
on Jan. 4, 2007.

Citing the company's statement, AFX relates that the proposed
bond will be issued by CITIC Resources Finance (2007) Ltd,
adding that details of the issue has yet to be determined.  
After the purchase, CITIC Group will retain ownership of the
remaining 50% in the Kazakhstan assets.  The parent's stake may
eventually be sold to state-owned JSC National Company
KazMunaiGaz, which holds the option to acquire the stake.  In
the event the option is exercised, CITIC Resources and JSC
National will be jointly running the assets, where JSC National
will be awarded preferential dividends of US$16.20 million in
the event the assets offer less than US$32.40 million in
dividends in any year, the report adds.

                        About CITIC Group

State-owned conglomerate CITIC Group -- formerly China
International Trust & Investment Corporation -- oversees the
government's international investments, as well as some domestic
ones.  Its approximately 45 subsidiaries on four different
continents include financial institutions -- more than 80% of
its assets -- industrial concerns (satellite telecommunications,
energy, manufacturing), and service companies (construction,
advertising).  Holdings include stakes in CITIC Securities and
CITIC International Financial Holdings.

On Feb. 13, 2007, Standard & Poor's Ratings Services removed the
BB+ long-term and B short-term foreign currency counterparty
credit rating on CITIC Group from CreditWatch.  The outlook on
the ratings is developing.  At the same time, Standard & Poor's
also removed the BB+ foreign currency issue rating on the
group's senior unsecured debt from CreditWatch.

                       About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

Standard & Poor's Ratings Services on May 9, 2007, assigned its
BB long-term corporate credit rating to CITIC Resources Holdings
Ltd.  The outlook is developing.  At the same time, it issued
its BB issue rating to a proposed intermediate-term U.S. dollar
benchmark issue of senior unsecured notes by Citic Resources
Finance (2007) Ltd.


CITIC RESOURCES: S&P Rates Proposed US-Dollar Bond at BB
--------------------------------------------------------
Standard & Poor's Ratings Services on May 9, 2007, assigned its
BB long-term corporate credit rating to CITIC Resources Holdings
Ltd.  The outlook is developing.

At the same time, S&P issued its BB issue rating to a proposed
intermediate-term U.S. dollar benchmark issue of senior
unsecured notes by Citic Resources Finance (2007) Ltd.  CRH will
fully and unconditionally guarantee the proposed notes.
     
CRH will use the net proceeds from the proposed bond to fund the
acquisition of 50% of CITIC Canada Energy Ltd. (CCEL), which is
a wholly owned subsidiary of CRH's parent CITIC Group
(BB+/Developing/B).  As a result, CRH will effectively control
50% of the beneficial interests in Canada-based oil company
Nations Energy Co. Ltd. (Nations) that are currently held by
CCEL.
     
"The rating on CRH reflects its standalone credit profile and
the benefits it derives from being strategically important to
the wider CITIC Group," said Standard & Poor's credit analyst
Lawrence Lu.  The rating is a notch lower than that on CITIC
Group, as CRH is not yet a core part of the conglomerate, given
its current stage of development.
     
CRH is an investment holding company in Hong Kong with a diverse
business portfolio in the natural resources and energy
industries. It has limited experience in upstream oil
operations, as a new entrant, and a concentration of reserves
and production in Kazakhstan.  These oil business sensitivities
are counterbalanced by Nations' medium-sized proven reserves
base of 363.8 million barrels and long reserve life of about 24
years.  Operating risks in Kazakhstan's oil sector should be
tempered by its potential project partnership with JSC National
Company KazMunaiGas.

CRH's cash flow and profitability, as well as those of Nations,
are highly affected by volatility in crude prices.  In addition,
the company has aggressive debt leverage -- the proposed bond
issuance will triple its debt level -- and this is a constraint
on its standalone rating.     

The Chinese government's implicit support is a factor in the
credit rating on CITIC Group.  Over the long run, Standard &
Poor's expects CRH to focus on oil operations.


ICBC: Seeks to Open New York Branch to Hasten Global Expansion
--------------------------------------------------------------
The Industrial & Commercial Bank of China Ltd applied to open
its first branch in New York as part of a plan to accelerate
overseas expansion and become a global player, Shanghai Daily
reports.

The bank, which currently owns a representative office in New
York, is awaiting approval to upgrade its office to a branch and
offer lending and deposit services, the US Federal Reserve said
on its Web site.

Pan Gongsheng, board secretary of the ICBC, said that it plans
to add more outlets in countries with "strong trade and economic
ties with China," the Daily says.  

                          *     *     *

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn/-- is the largest state-owned commercial  
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed ICBC's Individual D/E
rating.

Moody's Investors Service upgraded on December 6, 2006, to D-
from E+ the Bank Financial Strength Rating for Industrial and
Commercial Bank of China.  The D- BFSR has a stable outlook.  
The upgrade concludes a review of ICBC's BFSR started on
August 9, 2006.


JIANGXI COPPER: Guixi Smelter to Start Production in Aug. 1
-----------------------------------------------------------
A senior official of Jiangxi Copper Co. told Mining Journal that
the company will start production at its new smelter in Guixi
city, in eastern Jiangxi province, on August 1.

The new facility, with annual capacity of 300,000 tons, is
expected to increase Jiangxi Copper's production to 550,000 tons
this year, Xu Fuguang, deputy chief engineer at Jiangxi Copper
Group, told the Journal by phone.  The smelter, under
construction since the end of 2005, cost CNY3.5 billion to
build, Mr. Xu added.

The Troubled Company Reporter - Asia Pacific on April 23, 2007,
reported that on completion of the plant, the company's capacity
would reach 700,000 tons a year, according to Chairman Li Yi
Huang.

                          *     *     *

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.  
Jiangxi Copper is a constituent of the Xinhua/ FTSE China 200
Index.  

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


LUCKY REGENT: Members' & Creditors' Meetings Set for May 18
-----------------------------------------------------------
The members and creditors of Lucky Regent International Limited
will have a meeting on May 18, 2007, at 2:00 p.m. and 2:30 p.m.,
respectively, at 1401, Level 14, Tower 1 of Admiralty Centre at
18 Harcourt Road in Hong Kong.

At the meeting, the members will be asked to receive the
resignation of Kelvin Flynn as the company's liquidator and
appoint Jacqueline Walsh as his replacement.


SHIMAO PROPERTY: S&P's BB+ Ratings Stay Amid Share Issue Plans
--------------------------------------------------------------
On May 9, 2007, the Standard & Poor's Ratings Services said that
its ratings on Shimao Property Holdings Ltd. (BB+/Stable/--) are
unaffected by the company's recent announcement that it has
issued HK$3.856 billion in new shares.

The share issue provides the financial flexibility for Shimao to
develop new and existing projects, and for new investments and
acquisitions.  It further demonstrates the company's commitment
to maintain a gearing ratio of net debt to equity at below 40%.  
This stood at 19% at the end of 2006.  

However, the company has expanded rapidly over the past year.  
Since May 2006, the company has added 9.83 million square meters
(sqm) in total planned gross floor area, and its land reserves
have doubled to 20.16 million square meter.
     
Execution risks and capital requirements will remain high.  
Standard & Poor's believes Shimao may draw down further debt to
fund such growth, but it is likely to be maintained within the
company's target gearing level.  While revenue streams from
property sales and pre-sales were limited to eight projects last
year, the company is expected to generate more revenue from a
higher number of project completions and increasing recurring
income from good quality investment properties and hotel
operations.

                          *     *     *

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.


VBA LIMITED: Members' Final Meeting Set for June 5
--------------------------------------------------
A final meeting will be held for the members of VBA Limited on
June 5, 2007, at 10:00 a.m., in 2001 Central Plaza at 18 Harbour
Road in Wanchai, Hong Kong.

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


VEGAS INVESTMENT: Court to Hear Wind-Up Petition on May 30
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Vegas Investment Limited on May 30, 2007, at 9:30 a.m.

The petition was filed by Guangzhou Finance Company Limited on
March 22, 2007.

Guangzhou Finance's solicitor is:

         Chan, Lau & Wai
         Asia Standard Tower, 8th Floor
         Nos. 59-65 Queen's Road
         Central, Hong Kong


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

AES CORP: Supreme Court Postpones Hearing on Property Tax Break
---------------------------------------------------------------
Thomas J. Prohaska at Buffalo News reports that the U.S. State
Supreme Court Justice Richard C. Kloch Sr. has postponed a
hearing on the multiple lawsuits over the AES Corp. property tax
break.

The Niagara county, the Town of Somerset and the Barker Central
School District have filed a lawsuit against AES and the
Industrial Development Agency over the "payment-in-lieu-of-taxes
deal," which will cost the taxing entities US$43.4 million over
12 years, compared with what they would collect from AES if the
firm's Lake Road power plant continued to be taxed at the
current rate, Mr. Prohaska at Buffalo News relates.

If one assumes a 3% yearly tax raise, the lost revenue tops
US$90 million, Mr. Prohaska at Buffalo News says, citing those
who are against the deal.

Buffalo News' Mr. Prohaska says that the hearing was postponed
indefinitely.  Attorneys in the case say that the proceedings
may resume in August or later.

Judge Kloch is involved in a jury trial in a civil case that
might take six weeks.  The judge and the attorneys have also
scheduled summer vacation, Buffalo News' Mr. Prohaska notes,
citing Niagara County Attorney Claude A. Joerg.

Meanwhile, the town of Somerset attorney Edwin J. Shoemaker
commented to Buffalo News' Mr. Prohaska, "It would certainly not
be before mid-August.  Right now it looks like this thing might
not be decided until early next year.  [Kloch] won't decide
until he has a hearing, and he won't tell you when the hearing
is."

Buffalo News' Mr. Prohaska relates that the hearing for the AES
case was expected to take at least two weeks, as Judge Kloch
looked for information on whether the Industrial Development
Agency breached its procedural rules in October 2006 when it
granted a 12-year tax break to AES.

AES is Niagara's biggest property taxpayer, according to Buffalo
News' Mr. Prohaska.

Buffalo News' Mr. Prohaska notes that AES will still be paying
US$192.6 million over the life of the deal.  But its yearly bill
will decrease to US$17.3 million in 2008 and US$15.8 million by
2011, from US$19.6 million in this year.

AES' legal representatives are trying to get Judge Kloch to
cancel subpoenas the complainants issued for company documents
and this will have to be decided before the hearing, according
to Buffalo News' Mr. Prohaska.

Judge Kloch said in a public statement that he dismissed all
segments of the lawsuits that asserted the Industrial
Development Agency didn't have the authority "to grant a tax
break" to a firm that didn't offer to make new jobs or
investment.

Buffalo News' Mr. Prohaska states that Judge Kloch had
encouraged both parties to reach an out-of-court settlement,
which seemed to fail.  AES offered to pay the taxing entities an
extra US$1.5 million, which the complainants rejected.

"We haven't had any response from them, other than they didn't
like our last [offer]," AES Somerset President Kevin R. Pierce
told Buffalo News' Mr. Prohaska.

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.

                        *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  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.


GENERAL MOTORS: Credit Suisse Maintains Neutral Rating on Shares
----------------------------------------------------------------
Credit Suisse analyst C. Ceraso has kept his "neutral" rating on
General Motors Corp.'s shares, Newratings.com reports.

Newratings.com relates that the 12-month target price for
General Motors' shares was decreased to US$29 from us$33.

Mr. Ceraso said in a research note published on May 4 that
General Motors' first quarter 2007 earnings per share were
"significantly short of the estimates and the consensus."

Mr. Ceraso told Newratings.com that the underperformance was due
to its poor North American results that resulted from:

          -- increasing raw material costs,
          -- a weak US sales environment, and
          -- high costs related to the expensive new products.

The earnings per share estimate for 2007 was decreased to
US$3.04 from US$3.82, while estimate for 2008 was reduced to
US$3.51 from US$4.10.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the  
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  In 2006, nearly 9.1 million GM cars and trucks were
sold globally under these brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

                        *     *     *

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

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


SAURASHTRA CEMENT: Mary Schroeder Resigns From Board
----------------------------------------------------
Saurashtra Cement Ltd's board of directors on April 30, 2007,
accepted the resignation of Mary Schroeder, Nominee Director of
ADM Maculus Fund II L.P., from the board, the company informed
the Bombay Stock Exchange in a regulatory filing.

The board appointed Chetan Jain, Nominee Director of IDM Ltd.,
as director on the company's board.

The flagship company of The Mehta Group, Saurashtra Cement Ltd.
-- http://www.mehtagroup.com/scement.htm-- manufactures and       
exports cement including Ordinary Portland Cement, Pozzolana
Portland Cement, Sulphate Resistant Cement and Portland Slag
Cement.  SCL markets cement under the brand name "HATHI CEMENT".
The company also exports clinker.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
changed the outstanding rating of Saurashtra Cement's
INR477.6-million Non-Convertible Debenture Issue from 'D' to
'Not Meaningful.'  The revision followed the company's
registration in the Board of Industrial and Financial
Reconstruction as a Sick Industrial Company pursuant to the
SIC (SP) Act, 1985.

Saurashtra Cement is currently restructuring its debts.  Its
proposal for restructuring under the Corporate Debt
Restructuring Mechanism was approved through the letters issued
by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006.


SHYAM TELECOM: Posts INR405.24 Million Net Loss in FY2006-07
------------------------------------------------------------
Shyam Telecom Limited reported a net loss of INR405.24 million
on revenues of INR3.26 billion in the financial year ended
March 31, 2007.  In the previous fiscal year, the company booked
a net income of INR8.77 million on revenues of INR30.39 million.

The latest financial figures have been computed post
amalgamation and therefore are not comparable with the figures
shown under the prior periods, the company points out.  Pursuant
to a Scheme of Arrangement, which became effective on May 19,
2006, Shyam Telecom Manufacturing Ltd. has been amalgamated with
Shyam Telecom Ltd.

For the year ended March 31, 2007, the company booked
expenditures of INR3.54 billion, bringing an operating loss of
INR276.95 million.  The company posted interest charges of
INR51.9 million, depreciation of INR29.85 million and taxes of
INR46.55 million.

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

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

For the quarter ended March 31, 2007, the company posted a net
profit of INR6.04 million on revenues totaling INR525.5 million.  
Expenditures totaled INR482.98 million resulting in an operating
profit of INR42.52 million.

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

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

New Delhi, India-based Shyam Telecom Limited --
http://www.shyamtelecom.com/index.html-- and its subsidiaries'  
operations relate to investments, providing telecommunication
and information technology services.  The telecom products and
services segment comprise of manufacturing and services in the
related area.  The turnkey projects and trading services segment
includes the turnkey projects and trading in telecom products.
The investment segment includes investments in the subsidiaries,
which are dealing in telecommunication sectors.  The software
products and services segment includes the services in the area,
including software and information technology related and
information technology enabled services.   It also offers
Internet-related products, including data on wire, data on air
and data on cable.

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that the company has a US$22.80 million equity
deficit.


SOUTHERN IRON & STEEL: Not Sick Anymore, BIFR Says
--------------------------------------------------
India's Board for Industrial and Financial Reconstruction, by
order dated April 25, 2007, de-registered Southern Iron & Steel
Company Ltd from the purview of the Sick Industrial Companies
(Special Provisions) Act, 1985 with immediate effect, a filing
with the Bombay Stock Exchange reveals.

Hence, the Company is no more a Sick Industrial Company under
the Sick Industrial Companies (Special Provisions) Act, 1985.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the company's net profit increased 33% to INR550.48
million for the year ended March 31, 2007, from the INR412.67
million gained in the prior year.

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

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


STATE BANK OF INDIA: Board to Consider Financials on May 12
-----------------------------------------------------------
The State Bank of India's central board will hold a meeting on
May 12, 2007, to take on record the audited working results of
the bank for the year ended on March 31, 2007.

For the year ended March 31, 2007, SBI posted a net profit of
INR44.07 billion on revenues totaling INR431.84 billion.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating  
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services on March 26, 2007, assigned
ratings to State Bank of India's proposed debt issues under its
US$5 billion medium-term note program.  Standard & Poor's rated
SBI's proposed senior unsecured notes 'BBB-', its lower Tier II
subordinated notes 'BB+', and its upper Tier II subordinated
notes and hybrid Tier I notes 'BB'.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Sets Annual General Meeting on June 25
-----------------------------------------------------------
The State Bank of India's shareholders will hold their 52nd
Annual General Meeting on June 25, 2007, the bank informed the
Bombay Stock Exchange in a regulatory filing.  Among others, the
shareholders will receive the report of the bank's central
board, the bank's balance sheet and profit and loss account made
up to the March 31, 2007, and the related auditors report.

In a separate filing, the bank disclosed that its Register of
Members & Share Transfer Books will be closed from June 15,
2007, to June 25, 2007, for the purpose of payment of dividend,
if any.   The bank's board will consider declaration of a
dividend at a meeting on May 12.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating  
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services on March 26, 2007, assigned
ratings to State Bank of India's proposed debt issues under its
US$5 billion medium-term note program.  Standard & Poor's rated
SBI's proposed senior unsecured notes 'BBB-', its lower Tier II
subordinated notes 'BB+', and its upper Tier II subordinated
notes and hybrid Tier I notes 'BB'.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
Financial Strength Rating in June 2006.


ROYAL & SUN: Policyholders Have Until May 22 to Cancel Insurance
----------------------------------------------------------------
Sun Alliance Insurance Overseas Limited has transferred all its
rights, obligations and liabilities under insurance policies
written by it to Royal & Sun Alliance Insurance plc.  The
transfer, sanctioned by the High Court of Justice in England and
Wales, became effective on March 31.

Policyholders whose insurance policies have been transferred to
Royal & Sun Alliance may cancel their policy, if they want to do
so, on or before May 22.  In the event of cancellation, Royal &
Sun Alliance shall refund to such policyholders the proportion
of any prepaid premium, which relates to the unexpired term of
their policy.

The company can be reached at:

         Royal & Sun Alliance Insurance plc
         St. Mark's Court
         Chart Way
         Horsham
         West Sussex
         RH12 1XL
         England

                 About Royal & Sun Alliance

Headquartered in London, United Kingdom, Royal & Sun Alliance
Insurance Group Plc -- http://www.royalsunalliance.com/--
provides risk management and insurance solutions through two
divisions focusing on property & casualty business and personal
insurance.  The group consists of three regions -- U.K.,
Scandinavia and International.  The group operates in India,
Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland
Antilles, the Netherlands, Norway, Oman, Saudi Arabia,
Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela, among
others.

                           *    *    *

A.M. Best Co. has placed the financial strength ratings of C++
(Marginal) and the issuer credit ratings of "b" of the Royal &
SunAlliance U.S.A. Insurance Pool and Royal Surplus Lines
Insurance Company under review with developing implications
pending the completion of the proposed sale of these operations
to Arrowpoint Capital, a new company formed by the existing
management team of these operations.  All the above companies
are domiciled in Wilmington, Delaware.  R&SAUS and RSLIC are
U.S. subsidiaries of Royal & Sun Alliance Insurance Group plc
(London, England).

Standard & Poor's Ratings Services lowered its counterparty
credit and insurer financial strength ratings on Royal & Sun
Alliance Insurance Group PLC's U.S. insurance operations (RSA
USA) to 'BB' from 'BB+'.  S&P said the outlook remains negative.  
At the same time, the ratings were withdrawn at the request of
the companies' management.


STRATOS GLOBAL: Pending CIP Deal Cues Moody's to Hold Ratings
-------------------------------------------------------------
Moody's Investors Service confirmed Stratos Global Corporation's
B1 corporate family, Ba2 senior secured and B3 senior unsecured
ratings and lowered the company's speculative grade liquidity
rating to SGL-4 from SGL-3.  The outlook is negative.  The long
term ratings reflect a B1 probability of default and loss-given
default assessments of LGD 2, 24% on the senior secured debt and
LGD 5, 77% on the senior unsecured notes.

The rating action follows Moody's review of the pending
transaction in which CIP Canada Investment Inc plans to acquire
Stratos with indirect funding from a subsidiary of Inmarsat plc.

Inmarsat will have a call option to acquire Stratos from CIP
Canada beginning in April 2009, prior to which time Stratos will
be controlled by an independent trust and expected to retain its
existing debt capital structure.

The ratings confirmation reflects Moody's belief that Inmarsat
(Ba2/ Negative) is likely to exercise its call option once it is
able to do so in 2009 and that Stratos' operating prospects and
debt capital is unlikely to be negatively impacted by the
transaction in the interim period.  The rating also considers
the reduction in risk associated with the renewal of the
distribution agreement in 2009 and Moody's expectation that
Stratos is likely to improve its cash flow generation through
the next couple of years, which may reduce its adjusted leverage
ratio towards 4.3x by the end of 2008 and produce free cash flow
to adjusted debt of roughly 3% in that year.

The negative outlook considers Moody's view that Stratos' key
credit metrics position the company weakly within the B1 rating
category and risks exist to the continued improvement in
operating performance required to sustain the current rating.  
Specifically, while the intensely competitive pricing
environment which persisted through much of 2005 and the first
half of 2006 has shown signs of stabilizing, the potential for
future results to again become volatile remains possible, in
Moody's opinion. Should a shortfall to Moody's current
expectations occur, Stratos' rating is likely to be lowered.  
Additionally, the negative outlook and SGL-4 liquidity rating
signal Moody's view that Stratos' liquidity is weak.  While the
company has sufficient cash and operating lines to cover modest
expected cash consumption through the next year, Moody's
believes there is an elevated possibility that the company will
not be able to maintain compliance with financial maintenance
covenants through the 12 month horizon of the SGL rating.

Downgrades:

Issuer: Stratos Global Corporation

    * Speculative Grade Liquidity Rating, Downgraded to SGL-4
      from SGL-3

    * Senior Secured Bank Credit Facility, Downgraded to 24 -
LGD2
      from 23 - LGD2

Outlook Actions:

Issuer: Stratos Global Corporation

    * Outlook, Changed To Negative From Rating Under Review

Confirmations:

Issuer: Stratos Global Corporation

    * Probability of Default Rating, Confirmed at B1
    * Corporate Family Rating, Confirmed at B1
    * Senior Secured Bank Credit Facility, Confirmed at Ba2
    * Senior Unsecured Regular Bond/Debenture, Confirmed at B3

Stratos Global Corporation -- http://www.stratosglobal.com/--  
is a provider of a range of advanced mobile and fixed-site
remote telecommunications solutions for users operating beyond
the reach of traditional networks. The Company serves the voice
and high-speed data connectivity requirements of a diverse array
of markets, including government, military, energy, industrial,
maritime, aeronautical, enterprise, media and recreational users
throughout the world. Stratos operates in two segments: Mobile
Satellite Services, which provides mobile telecommunications
services, primarily over the Inmarsat plc satellite system, and
Broadband Services (Broadband), which provides very small
aperture terminal (VSAT) services, sourced on a wholesale basis
from a number of the fixed satellite system operators.

The company has offices in Mumbai, India, Brazil, and Germany.


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

ARPENI PRATAMA: Will Pay IDR6 Per Share Dividend on July 18
-----------------------------------------------------------
PT Arpeni Pratama Ocean Line will pay IDR6 per share dividend to
shareholders of record on July 11, 2007, for the fiscal year
2006 dividend on July 18, 2007, Reuters reports.

                       About Arpeni Pratama

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 2, 2006, Fitch Ratings assigned a final rating of "BB-" to
the US$160 million guaranteed notes due 2013 issued by Arpeni
Pratama Ocean Line Investment B.V. and guaranteed by PT Arpeni
Pratama Ocean Line Tbk -- Arpeni, rated Long-term Foreign and
Local Currency Issuer Default 'BB-'/Stable -- and its
subsidiaries.  This follows the completion of the notes issue
and receipt of documents conforming to information already
received.  The notes are secured by first priority pledges of
capital stock of Arpeni's equity interest in most of its
subsidiaries.  The ratings are not constrained by the "BB-"
Country Ceiling of the Republic of Indonesia.

According to another TCR-AP report on April 24, 2006, Standard &
Poor's Ratings Services assigned its B+ corporate credit rating
to PT Arpeni.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.  The company intends to use a part of the net
proceeds -- about US$93 million -- for refinancing existing
debt, and the balance for capital expenditure and vessel
financing.


BANK INTERNASIONAL: Appoints Wong Yuen as New Pres. Commissioner
----------------------------------------------------------------
PT Bank Internasional Indonesia Tbk's extraordinary general
meeting of shareholders resulted to the changes in the
membership of the Board of Commissioners and Board of Directors.  

Bank Internasional's shareholders approved the resignation of
President Commissioner Peter Seah Lim Huat, Commissioner Yong
Kook Oh and Independent Commissioner Pradjoto.

The meeting also resulted to the appointment of Ernest Wong Yuen
Weng, former Commissioner of BII, to be President Commissioner
as well as Woo Shick Lee as a new member of BOC.

The BOC comprises:

   Ernest Wong Yuen Weng       President Commissioner
   Thomas Patrick Sodano       Commissioner
   Ingyu Choi                  Commissioner
   Woo Shick Lee               Commissioner
   Putu Antara                 Independent Commissioner
   Kuo How Nam                 Independent Commissioner
   Umar Juoro                  Independent Commissioner
   Taswin Zakaria              Independent Commissioner

For the Board of Directors, shareholders approved the
resignation of Director Rudy N. Hamdani and appointed Rita
Mas'Oen as new member of BOD.

The BOD comprises:

   Henry Ho Hon Cheong             President Director
   Armand B. Arief                 Deputy President Director
   Sukatmo Padmosukarso            Director
   Rita Mas'Oen                    Director
   Dira K. Mochtar                 Director
   Prem Kumar                      Director
   Fransiska Oei                   Director
   Satinder Pal Singh Ahluwalia    Director

"We would like to thank the President Commissioner as well as
the members of the BOC and BOD, who have resigned, for their
dedication and contribution.  They have greatly contributed in
expanding BII's businesses as part of our effort to be
Indonesia's best bank, providing world class standards of
customer service and product innovation," said President
Director of BII Henry Ho.  "We are also pleased to welcome new
President Commissioner and new members of Board of Commissioners
and Board of Directors. Certainly, we believe they also share
the strong commitment which is to enhance BII's shareholder
value and accelerate the process in expanding BII's businesses
going forward," added Henry Ho.

                     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.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service upgraded PT Bank
Internasional Indonesia Tbk's bank financial strength rating to
D from E+.  This action concludes a review for possible upgrade
on the BFSR initiated on July 4, 2006.  Bank Internasional's
Foreign Currency Deposit Ratings are unchanged at B2/Not Prime
while Foreign Currency Issuer Rating and Foreign Currency Debt
Rating for subordinated obligations are unchanged at Ba3.
The Foreign Currency Deposit and Foreign Currency Debt Ratings
have positive outlooks in line with the outlook on the country's
sovereign ratings outlook.

On Feb. 1, 2007, Fitch Ratings affirmed all the ratings of Bank
Internasional as: Long-term foreign Issuer Default rating 'BB-',
Short-term rating 'B', National Long-term rating 'AA-(idn)';
Individual 'C/D', and  Support '4'.  The Outlook for the ratings
was revised to Positive from Stable.


BANK INTERNASIONAL: Shareholders OK IDR253 Billion Cash Dividend
----------------------------------------------------------------
PT Bank Internasional Indonesia Tbk's shareholders, during their
annual general meeting, approved a IDR253 billion cash dividend
distribution.  The amount represents 40% of the bank's 2006 net
profit.

The meeting also resulted on the acceptance of the Board of
Directors' Report on the Company's performance, and ratification
of the Balance Sheet & Profit and Loss Statement for the year
ended December 31, 2006.

                    About bank Interasional

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.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service upgraded PT Bank
Internasional Indonesia Tbk's bank financial strength rating to
D from E+.  This action concludes a review for possible upgrade
on the BFSR initiated on July 4, 2006.  Bank Internasional's
Foreign Currency Deposit Ratings are unchanged at B2/Not Prime
while Foreign Currency Issuer Rating and Foreign Currency Debt
Rating for subordinated obligations are unchanged at Ba3.
The Foreign Currency Deposit and Foreign Currency Debt Ratings
have positive outlooks in line with the outlook on the country's
sovereign ratings outlook.

On Feb. 1, 2007, Fitch Ratings affirmed all the ratings of Bank
Internasional as: Long-term foreign Issuer Default rating 'BB-',
Short-term rating 'B', National Long-term rating 'AA-(idn)';
Individual 'C/D', and  Support '4'.  The Outlook for the ratings
was revised to Positive from Stable.


BANK NIAGA: Sells 99.96% Stake in Niaga Aset for IDR41.4 Billion
----------------------------------------------------------------
PT Bank Niaga Tbk plans to sell its 99.96% stake in PT Niaga
Aset Manajemen to CIMB-Principal Asset Management Berhad and PT
Commerce Kapital for IDR41.4 billion, Reuters reports.

Specifically, Reuters says, Bank Niaga will sell 103,950 shares
to CIMB-Principal Asset and 1,010 shares to Commerce Kapital.  
Bank Niaga will no longer own any controlling shares of Niaga
Aset, the report adds.

                        About Bank Niaga

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

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
May 8, 2007, Moody's Investors Service upgraded PT Bank Niaga
Tbk's bank financial strength rating to D from E+.  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.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


DAVOMAS ABADI: No Dividend Payment for 2006
-------------------------------------------
PT Davomas Abadi Tbk has decided that no dividend will be paid
for the fiscal year 2006, Reuters reports.

Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 15, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' rating onIndonesia's PT Davomas Abadi Tbk.  The outlook
is stable.  At the same time, it assigned its 'B+' rating on the
proposed US$25 million long-term senior secured bonds to be
issued by Davomas International Finance Co. Ltd., a special
purpose financing vehicle wholly owned by Davomas.

Moody's Investors Service affirmed PT Davomas Abadi Tbk's stable
'B2' corporate family rating and the 'B2' foreign currency
rating of Davomas International Finance Company Pte Limited's
IDR1.13-trillion senior secured notes due in 2011.  Moody's
affirmed the rating after the Company had completed its notes
issuances and subsequent repayments of its outstanding debts.


GOODYEAR TIRE: Plans to Offer 22,549,609 Shares of Common Stock
---------------------------------------------------------------
The Goodyear Tire & Rubber Company plans to offer 22,549,609
shares of its common stock in an underwritten public offering.

In addition, Goodyear intends to grant the underwriters a 30-day
option to purchase up to an additional 3,382,441 shares to cover
any over-allotments.

The company estimates the net proceeds from this offering, after
deducting underwriting discounts and commissions, will be
approximately US$725 million, assuming a public offering price
of US$33.26 per share, which was the last reported sale price of
Goodyear's common stock on May 8, 2007.  The estimated net
proceeds would be approximately US$834 million if underwriters
exercise their over-allotment option in full.

Goodyear intends to use the net proceeds from the offering to
repay approximately US$175 million of its 8.625% notes due in
2011 and approximately US$140 million of its 9% notes due in
2015.  It expects to use the remaining net proceeds for general
corporate purposes, which may include investments in growth
initiatives within the company's core tire businesses and the
repayment of other debt.

Deutsche Bank Securities, Citi and Goldman, Sachs & Co. will be
joint book running managers for the offering.

The offering will be made under an effective shelf registration
statement filed with the U.S. Securities and Exchange
Commission.  Copies of the prospectus and the prospectus
supplement relating to the offering may be obtained from:

   * Deutsche Bank Securities Prospectus Department
     No. 100 Plaza One
     Jersey City, NJ 07311
     Tel: (800) 503-4611;

   * Citigroup Global Markets Inc.
     8th Floor   
     Brooklyn Army Terminal
     140 58th Street
     Brooklyn, NY 11220
     Tel: (718) 765-6732;

   * Goldman, Sachs & Co.
     Prospectus Department
     No. 85 Broad St.
     New York, NY 10004
     Tel: (212) 902-1171; or

   * Goodyear's Investor Relations Department
     No. 1144 E. Market St.,
     Akron, OH 44316
     Tel: (330) 796-3751

             About The Goodyear Tire & Rubber Company

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 10, 2007, that Fitch Ratings affirmed these ratings of The
Goodyear Tire & Rubber Company:

   -- Issuer Default Rating at 'B';

   -- US$1.5 billion first-lien credit facility at 'BB/RR1';

   -- US$1.2 billion second-lien term loan at 'BB/RR1';

   -- US$300 million third-lien term loan at 'B/RR4';

   -- US$650 million third-lien senior secured notes at 'B/RR4';
      and

   -- Senior unsecured debt at 'CCC+/RR6'.

Standard & Poor's Ratings Services assigned various ratings to
Goodyear Tire & Rubber Co.'s proposed bank financings.  At the
same time, S&P assigned a recovery rating to the existing US$650
million senior secured notes.  S&P said it will withdraw the
ratings on the existing bank facilities that are being
refinanced upon closing of the new facilities.  The corporate
credit rating on Goodyear is B+/Positive/B-2.  The ratings on
the Akron, Ohio-based company reflect its aggressive financial
risk profile, characterized by low earnings in North America, a
leveraged capital structure, and significant, albeit declining,
underfunded employee benefit liabilities.  These factors more
than offset the company's business strengths, including its
position as one of the three largest global tires manufacturers,
its good geographic diversity, its strong distribution, and its
well-recognized brand name.  S&P also assigned these ratings to
Goodyear Tire & Rubber Co.: US$1.5 billion asset-backed rev.
credit facility at BB with Recovery rating of 1; and US$1.2
billion second-lien term loan at B+ with Recovery rating of 2.

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


INDIKA INTI: Fitch Assigns Final 'B' Rating to Guaranteed Notes
---------------------------------------------------------------
Fitch Ratings has assigned a final issue rating of 'B' and a
final recovery rating of 'RR4' to the US$250 million senior
secured notes due June 1, 2012, issued by Indo Integrated Energy
B.V. and guaranteed by PT Indika Inti Energi and its 100%-owned
subsidiary PT Indika Inti Corpindo.

This rating action follows the completion of the notes issue and
receipt of documents confirming to the information previously
received.  The final ratings are the same as the expected
ratings assigned on 25 April 2007.

Indika plans to use approximately US$60 million of the notes
proceeds to acquire a coal asset in Indonesia, around US$40
million to invest in minority stakes in power plant projects and
US$118m to refinance existing debt.  The remaining US$32m is
earmarked for the establishment of an interest reserve account,
as well as working capital and general corporate purposes.
Indika achieved revenue of IDR1,189 billion, adjusted Operating
EBITDA of IDR283bn and net profit of IDR177bn in 2006 on a pro
forma basis.

                       About Indika Inti

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


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

BANK OF TOKYO-MITSUBISHI: Moody's Lifts Financial Strength to C
---------------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Japan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Moody's
upgraded these ratings:

   * Bank of Tokyo-Mitsubishi UFJ, Ltd.

     -- bank financial strength rating to C from D+;

     -- long-term and short-term deposit ratings to Aa2/P-1 from
        A1/P-1;

     -- long-term issuer and senior unsecured debt rating to Aa2
        from A1;

     -- senior and junior subordinated debt ratings to Aa3 from
        A2; and

     -- Tier III securities to Aa3 from A3.

   * Bank of Tokyo-Mitsubishi UFJ Trust Company

     -- bank financial strength rating to C- from D+;

     -- long-term and short-term deposit ratings to Aa2/P-1 from
        A1/P-1; and

     -- long-term issuer rating to Aa2 from A1.

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.

                About Bank of Tokyo-Mitsubishi UFJ

The Bank of Tokyo-Mitsubishi UFJ Ltd. is a Japanese commercial
banking company headquartered in Tokyo, Japan.  It provides a
range of domestic and international banking services in Japan
and worldwide.  As of March 31, 2005, the Company's network in
Japan included 251 branches, 28 sub-branches, 60 loan plazas,
474 branch automated teller machines (ATMs) and 19,062
convenience store-based, non-exclusive automated teller
machines.  The company is organized into eight segments: retail
banking; commercial banking; global corporate banking;
investment banking and asset management; UnionBanCal
Corporation; operations services; treasury, and other, including
systems services and eBusiness and information technology
initiatives.


CHUO MITSUI TRUST: Moody's Lifts Financial Strength to C- From D
----------------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Japan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Moody's
upgraded The Chuo Mitsui Trust & Banking Co., Ltd.'s bank
financial strength rating to C- from D; long-term and short-term
deposit ratings to A1/P-1 from A3/P-2; and senior subordinated
and junior subordinated debt rating to A2 from 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.

Headquartered in Tokyo, Japan, Chuo Mitsui Trust and Banking
Limited is Japan's largest trust bank and provides loans,
pensions, securities, and real estate services.  Chuo Mitsui is
a wholly owned subsidiary of Mitsui Trust Holdings.  Chuo Mitsui
Trust oversees a network of around 140 branches in Japan as well
as trust and finance subsidiaries in the U.S., the U.K., and the
Cayman Islands along with representative offices in Singapore
and China.

The Troubled Company Reporter - Asia Pacific reported on
January 24, 2007, that Fitch Ratings upgraded Chuo Mitsui Trust
& Banking Company's Individual rating to 'C/D' from 'D'.  At the
same time, the agency affirmed the Long-term foreign and local
currency Issuer Default ratings 'BBB+', Short-term foreign and
local currency IDRs at 'F2' and Support rating at '2'.  The
rating Outlook is Positive.


DAIEI: Plans to Sell its Entire Stakes in Maruetsu
--------------------------------------------------
Daiei Inc. has decided to sell all of its shares in fellow
supermarket chain operator Maruetsu Inc. by the end of August,
reports The Yomiuri Shimbun.

Yomiuri reported that Daiei currently holds 16.5% of outstanding
Maruetsu shares, with the sale expected to fetch about JPY13
billion.  Daiei had already sold 20% of Maruetsu shares to Aeon
Co. in March at JPY16.5 billion.  Aeon is the second biggest  
shareholder in Maruetsu, next to Marubeni Corp.

According to the Yomiuri paper's sources, Marubeni Corp and Aeon
Co. could buy the Maruetsu shares.

Daiei reportedly plans to use proceeds from the sale of its
shares in Maruetsu to reduce its interest-bearing debts.

Daiei group's interest-bearing debt totaled JPY219.1 billion as
of the end of February, excluding its affiliate major credit
card company OMC Card Inc.  The group aims to reduce debts to at
least JPY150 billion by the end of August as a part of
management reconstruction, the report stated.

The Troubled Company Reporter Asia-Pacific reported on April 12,
2007, that Daiei plans to sell 31.8% of OMC Card for about JPY80
billion.  If Daiei sells the rest of its Maruetsu shares, its
interest-bearing debt could be reduced to about JPY100 billion.

                           About Daiei

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

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

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

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

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


FUJI HEAVY: To Pay JPY300,000 Over Defective Part
-------------------------------------------------
Fuji Heavy Industries Ltd was ordered by Tokyo District Court to
pay a transport company JPY300,000 in compensation after a
defective part caused a fire in one of the company's minivans,
Japan Today reports.

According to the report, the minivan in question, the Subaru
Sambar, had not been recalled for repairs to a fuel pipe that
the court determined had been defective.

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

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


HOKKAIDO: Moody's Lifts Financial Strength Rating to D-
-------------------------------------------------------
Moody's Investors Service made these rating changes to Hokkaido
Bank Ltd. as part of the application of the rating agency's
refined joint default analysis and updated bank financial  
strength rating methodologies:

   * Bank financial strength rating: D- from E+;  

   * Long-term deposit ratings: Baa1 from Baa2;

Moody's maintained the bank's short-term deposit ratings at P-2.

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.


HOKURIKU: Moody's Ups Financial Strength Rating to D-
-----------------------------------------------------
Moody's Investors Service made these rating changes to Hokuriku
Bank Ltd. as part of the application of the rating agency's
refined joint default analysis and updated bank financial  
strength rating methodologies:

   * Bank financial strength rating: D- from E+;  

   * Long-term deposit ratings: Baa1 from Baa2;

The bank's short-term deposit ratings, however, remain unchanged
at P-2.

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.


KIYO: Moody's Upgrades Financial Strength Rating to D-
-------------------------------------------------
Moody's Investors Service revised the ratings of Kiyo Bank, Ltd.
as part of the application of the agency's refined joint default
analysis and updated bank financial strength rating
methodologies:

   * Bank financial strength rating: D- from E+;  

   * Long-term deposit ratings: Baa1 from Baa2;

The bank's short-term deposit ratings remain unchanged at P-2.

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.


LIVEDOOR: Court Grants Financing Unit's Liquidation Request
-----------------------------------------------------------
The Tokyo District Court has granted Livedoor Finance Co.'s
request for liquidation, Japan Today reports.  Livedoor Finance
is the subsidiary of Livedoor Holdings Co.

The court decision was made in April after Livedoor Finance
filed the request with the court, as it experienced a downturn
in business following an accounting fraud scandal, the news
agency relates.  The company had a net worth loss of about
JPY5.2 billion as of the end of September 2006, Japan Today
adds.

Headquartered in Tokyo, Japan, Livedoor Company, Limited--
http://corp.livedoor.com/en/-- is involved in out portal site  
"livedoor," financial business, corporate web solutions, data
center and IP telephony business.

The Troubled Company Reporter - Asia Pacific reported on Jan.
18, 2006, that former Livedoor President Takafumi Horie and
other Livedoor directors were found to have conspired to cover
up the company's JPY310-million pre-tax loss for the business
year ended September 2004, by tampering financial accounts to
instead show an inflated pre-tax profit of JPY5.03 billion.  
Moreover, Mr. Horie and the company executives allegedly relayed
false information on a merger, with the intent to boost the
stock price of Livedoor Marketing Co.

Following the accounting scandal surrounding the company
inJanuary 2006, Livedoor's stock price plunged to JPY94 per
share from over JPY300 per share before the company was delisted
from the Tokyo Stock Exchange on April 14, 2006.


MIZUHO FINANCIAL GROUP: Moody's Lifts Units' BFS Ratings
--------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Japan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Moody's
upgraded these ratings:

   * Mizuho Corporate Bank, Limited

     -- bank financial strength rating to C from D+;

     -- long-term and short-term deposit ratings to Aa2/P-1 from
        A1/P-1;

     -- long-term issuer and senior unsecured debt rating to Aa2
        from A1; and

     -- senior and junior subordinated debt ratings to Aa3 from
        A2

   * Mizuho Trust & Banking Co., Ltd.

     -- bank financial strength rating to C from D+;

     -- long-term and short-term deposit ratings to Aa2/P-1 from
        A1/P-1;

     -- senior unsecured debt rating to Aa2 from A1; and

     -- senior and junior subordinated debt ratings to Aa3 from
        A2

   * Mizuho Bank, Limited

     -- bank financial strength rating to C from D+;

     -- long-term and short-term deposit ratings to Aa2/P-1 from
        A1/P-1;

     -- long-term issuer and senior unsecured debt rating to Aa2
        from A1; and

     -- senior and junior subordinated debt ratings to Aa3 from
        A2.

Mizuho Financial Group, Inc.'s commercial paper rating is
unchanged at 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.

                   About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial  
institution primarily engaged in the banking, trust, securities,
asset management and credit card businesses, as well as the
investment advisory business.  Through its subsidiaries, Mizuho
Financial Group also is engaged in the consulting, system
management, credit guarantee, temporary staffing and office work
businesses, among others.  Its main subsidiaries and associated
companies include Mizuho Bank, Ltd., Mizuho Trust & Banking Co.
(USA). Mizuho Trust & Banking (Luxembourg) SA, Mizuho Corporate
Bank, Ltd., Mizuho Trust & Banking Co., Ltd., Mizuho Private
Wealth Management Co., Ltd., Mizuho Financial Strategy Co., Ltd.
and Mizuho Capital Markets Corporation, Mizuho Securities Co.,
Ltd., Mizuho Bank Switzerland Ltd., Mizuho International plc.,
Mizuho Securities USA, Inc. and Mizuho Investors Securities Co.,
Ltd.  The company has 130 consolidated subsidiaries and 19
associated companies.


NIKKO CORDIAL: Becomes Subsidiary of Citigroup
----------------------------------------------
Citing Kyodo News, The Japan Times reports that Nikko Cordial
Corp. became a subsidiary of Citigroup Inc. on Wednesday
following the settlement of the tender offer for approximately
US$7.7 billion in cash.  

Citigroup Japan Investments LLC is now the parent company and
largest shareholder of Nikko Cordial as of May 9, 2007.  
Citigroup Japan has a 61.08% equity stake in the company by
virtue of the 588,698,520 shares held.

According to the report, Citigroup and Nikko Cordial have set up
committees to work out specific business cooperation
arrangements.

As previously reported by the Troubled Company Reporter - Asia
Pacific, Citigroup completed its tender offer late last month to
become the majority shareholder of Nikko Cordial.  About 541
million shares were tendered and accepted.  

Kyodo News noted that Citigroup plans to purchase all remaining
Nikko Cordial shares to turn the Japanese brokerage into a
wholly owned subsidiary, The Times relates.

                       About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of  
financial services in the securities-related field. The company
operates in four business segments. The Retail segment provides
consulting services for financial products management. The Asset
Management segment provides asset management services for
individual, corporate and foreign investors. The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services. The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products. Nikko Cordial has 62
consolidated subsidiaries. It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore. The
company has a global network.

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

The TCR-AP on April 30, 2007, reported that Fitch Ratings
revised the Rating Watch on the Long- and Short-term foreign and
local currency Issuer Default and Individual ratings on Nikko
Cordial Corporation (NCC) and Nikko Cordial Securities Inc.
(Nikko Cordial Securities) to Positive from Evolving.  The
ratings are as follows:

   NCC:

   -- Long-term IDR 'BBB-'
   -- Short-term IDR 'F3'
   -- Individual 'C/D'
   -- Support Rating '5'
   -- Support Rating Floor 'No Floor'

   Nikko Cordial Securities:

   -- Long-term 'BBB+'
   -- Short-term 'F2'
   -- Individual 'C'
   -- Support Rating '4'
   -- Support Rating Floor 'B'


NISHI-NIPPON: Moody's Lifts Financial Strength Rating to D-
-----------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Japan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Moody's
upgraded Nishi-Nippon City Bank, Ltd.'s bank financial strength
rating to D- from E+; and long-term and short-term deposit
ratings to Baa1/P-2 from Baa2/P-2.

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.


NOMURA HOLDINGS: To Sell Historic London Office Building
--------------------------------------------------------
Reuters reports that Nomura Holdings Inc. "is looking to sell
its main office building in London . . . to cash in on rising
real estate prices in the British capital's financial district."

According to Reuters, the company "plans to sell its Nomura
House building, once home to Britain's general post office and
where some 1,500 employees now work."  The building is located
in London's financial district, known as "the City".

But Nomura does not intend to relocate.  Should Nomura find a
buyer, the firm plans to negotiate a lease of up to 20 years,
Reuters relates, citing a Nomura spokesman in Tokyo who declined
to be identified.

The Nikkei business daily, Reuters notes, reported that Nomura
is hoping the building will fetch at least GBP234 million or
US$466 million.  The Nomura spokesman told Reuters that figure
may be inaccurate.

                     About Nomura Holdings

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

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


SANYO ELECTRIC: To Set Up Investigation Panel for Past Results
--------------------------------------------------------------
SANYO Electric Co., Ltd. will establish an internal
"Investigation Committee for Previous Financial Results" to
prevent problems from reoccurring and in order to uncover the
cause of the problem.

As previously reported by the Troubled Company Reporter - Asia
Pacific, on February 27, 2007, the company started conducting a
comprehensive review of its financial results from previous
years to ensure accordance with accounting standards and
practical guidelines relating to financial commodities.  The
amendment of impairment losses for subsidiaries and affiliates
is currently under consideration.

In order to improve transparency, SANYO will appoint three new
persons from outside the company to the investigation committee,
including Ichiro Kawamoto (Lawyer, Corporate Law), Chitoshi Koga
(Accountant), and Takaharu Dohi (Lawyer, previous Attorney
General) as the committee chairman.  Additionally, the
committee's executive office will be aided by a number of
lawyers, accountants, and SANYO in-house law and auditing staff.

The committee plans to present a summary report of the findings
if and when there are revisions of the securities report for
previous fiscal years.

                         Planned Response

For the four terms spanning from Fiscal Year 2000 (ended March
2001) through Fiscal Year 2003 (ended March 2004), SANYO will
conduct a comprehensive review ensuring compliance to accounting
standards and practical guidelines in order to decide which
subsidiaries and affiliates will be subject for review for
impairment losses and which companies have the potential of
recoverable performance, particularly in the semiconductor
business which has been subject to market fluctuations.

As a result, regarding the total impairment losses allocated for
the given period, SANYO plans to amend the appropriate
allocation period for each subsidiary/affiliate and make
additional allocations for certain parts.  Along with these
actions, SANYO will recalculate impairment losses for
subsidiaries and affiliates and deferred tax assets for each
fiscal year after Fiscal Year 2004.  The revisions will be
limited to non-consolidated financial results.

There is no expected impact on the SANYO Group's consolidated
financial results for Fiscal Year 2005.

              Grant Thornton Tapped to Conduct Audit

Regarding revisions to previous financial statements, Grant
Thornton Taiyo ASG will conduct the audit.  Since the audit will
cover an extended period from Fiscal Year 2000 to Fiscal Year
2006, the current outlook is that the audit will be completed by
November or December 2007.  Upon receiving the official
auditor's opinion, SANYO plans to make a decision whether or not
to revise previous fiscal year securities reports among the
board of directors, after which the decision will then be
disclosed.

For the given period, SANYO has requested to and gained
acceptance from Grant Thornton Taiyo ASG to conduct the audit
revision.  Previously SANYO used Chuo Aoyama Audit Corporation
(currently Misuzu Audit Corporation) as the auditing firm, and
currently changed the audit firm to Azsa & Co. on a temporary
basis.

              2006 Results to be Released on May 28

Fiscal Year 2006 financial results will be announced on May 28
and currently, Azsa & Co. are in the midst of auditing the
results. Following the General Shareholders Meeting to be held
on June 28, SANYO plans to submit its securities report. At
present, significant impact on the Fiscal Year 2006 financial
results is not expected; however, as previous Fiscal Year audits
are as yet unfinished, it is expected that these results will be
issued having received qualified opinion by the auditors.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
March 2, 2007 Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

As reported by the TCR-AP on May 25, 2006, Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on SANYO Electric
Co. Limited.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


SANYO ELECTRIC: GE Acquires 97% Stake in SANYO Credit for US$1BB
----------------------------------------------------------------
As widely reported, General Electric Co. has acquired a 97.15%
stake in SANYO Electric Credit Co. for US$1.05 billion.

The Troubled Company Reporter - Asia Pacific reported two weeks
ago that Sanyo Electric Co. Ltd. agreed to tender its entire
16.7% stake in Sanyo Electric Credit Co. Ltd., a Japanese
leasing company whose main shareholder is Goldman Sachs.  

Reuters noted that GE offered to pay JPY3,250 per SANYO Electric
Credit share, a premium of nearly 62% from the previous close.

Takahiko Hyuga of Bloomberg News reports that GE bought control
of SANYO Credit "to increase office-equipment leasing and
lending to small companies in Japan."

"SANYO Credit had outstanding loans of about 800 billion yen at
the end of 2006, General Electric said in March," Mr. Hyuga
noted.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
March 2, 2007 Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

As reported by the TCR-AP on May 25, 2006, Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on SANYO Electric
Co. Limited.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


SUMITOMO TRUST & BANKING: Moody's Ups Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service published on May 4, 2007, the rating
results for banks in Japan as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.

With the implementation of the new methodologies, Moody's
upgraded Sumitomo Trust and Banking Co., Ltd.'s bank financial
strength rating to C from D+; long-term and short-term deposit
ratings to Aa3/P-1 from A2/P-1; and senior subordinated and
junior subordinated debt ratings to A1 from A3.

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.

Headquartered in Tokyo, Sumitomo Trust and Banking Co., Ltd. --
http://www.sumitomotrust.co.jp/-- is a Japan-based trust bank  
mainly engaged in the provision of financial services.  The
Company operates in two business segments.  The Investment and
Related Services segment is mainly involved in the management of
funds for institutional investors, as well as the provision of
property maintenance services, loans for housing services,
temporary staffing services and other related services.  The
Financial-related segment is engaged in the provision of credit
cards services, general leasing services, asset management
services, residential brokerage services, venture capital
business services and other related financial services.  The
Company has 24 subsidiaries and nine associated companies.


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

BHK INC: Offers KRW1,500 per Share for Common Stock
----------------------------------------------------
BHK Inc.'s final offering price is KRW1,500 per share related to
a rights issue of 9,965,999 shares of its common stock, Reuters
reports.

Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display
televisions (LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


C&C Enterprise: Amended Listing of News Shares on June 15
---------------------------------------------------------
C&C Enterprise Co., Ltd.'s amended listing for its 3,998,000
shares of Common Stock will be on June 5, 2007, Reuters reports.

Headquartered in Seoul, Korea, C&C Enterprise Co., Ltd.
-- http://www.cncen.com/-- is specialized in the provision of  
electronic money systems.  The company provides its services
under three categories: automatic fare collection (AFC), smart
card and intelligent transport systems (ITS).  Its AFC system
enables deferred payment on public transit usages.  Its smart
card system stores money values electronically in the integrated
circuit (IC) cards and use electronic money for payments to
purchase products or services.  Its ITS provides solutions to
reduce fare collection and transaction time and integrate
various fare payment methods.  In addition, the company offers
access control, digital video record (DVR) and remote control
systems and other related services.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007 that the company had a US$14.50 million
shareholders' equity deficit on total assets of KRW28.05
million.


CHOROKBAEM MEDIA: Converts Convertible Bonds into Common Shares
---------------------------------------------------------------
Chorokbaem Media Co., Ltd. converted its first overseas
convertible bonds into 2,446,894 new common shares at the price
of KRW732 per share, Reuters reports.

According to the report, the company's total shares outstanding
is now 61,608,631 shares.

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

The Troubled Company Reporter - Asia Pacific reported that Korea
Investors Service gave the company's unregistered US$8 million
convertible bonds a 'B' rating on Feb. 16, 2007.


CURON INC: Adjusts Conversion Price of Second Bond to KRW1,080
--------------------------------------------------------------
Curon Inc. amended its second bond with warrants, Reuters
reports, by adjusting the conversion price from KRW1,170 to
KRW1,080.

Seoul-based Curon Inc. -- http://www.curon.co.kr-- is engaged  
in the provision of diaphragms, vaporizers and Video On Demand
servers.  The company provides three main products: diaphragms
and vaporizers, which are used in gas meters, speakers,
automobiles, medical applications, heavy machinery, industrial
valves and pumps; VOD servers such as StreamXpert, which supply
High Definition Television (HDTV) multimedia content; and
Telematics, which are used in entertainment, games, digital
multimedia players, traffic information, satellites, digital
versatile discs, TVs and radios.

Korea Ratings gave Curon Inc.'s US$10 million convertible bond a
B- rating with a stable outlook on Feb. 22, 2007.


DAEHAN PULP: Appoints Huh Won as New Chief Executive Officer
------------------------------------------------------------
Daehan Pulp Co., Ltd. has appointed Huh Won as its new Co-Chief
Executive Officer, effective May 2, 2007, Reuters reports.

Based in Seoul, South Korea, Daehan Pulp Co., Ltd.
-- http://www.dhpulp.co.kr/-- specializes in the provision of  
paper products.  The company categorizes its products under
industrial and hygienic paper.  Its industrial paper includes
manila paperboard used in commercial packaging; ivory paperboard
for tissue paper production; royal ivory used for tissue paper
production; cup liner used in the production of paper cups;
carrier boards used to make cardboard carriers for beverages and
frozen food, and kraft boards used in the production of book
covers and laminated paper.  Its hygienic paper includes toilet
paper, paper towels, facial tissues, wet wipes, sanitary napkins   
and baby and adult diapers.

The company's convertible bonds with a maturity date of Nov. 12,
2007, carries Korea Rating's BB rating with a stable outlook,
effective on June 21, 2006.


GENEXEL-SEIN: Final Conversion Price for Bonds is KRW3,875
----------------------------------------------------------
Genexel-Sein Inc.'s final conversion price for its second
convertible bonds, which will be effective May 8, 2007, is of
KRW3,875, Reuters reports.

Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is
a manufacturer specialized in the provision of medical devices.
The company provides its products under two categories: blood
pressure monitors and transcutaneous electrical nerve
stimulators.  Its blood pressure monitors include digital,
digital wrist, aneroid, mercury, semi-automatic and automatic
blood pressure monitors used in homes and medical institutions.
Its TENS are used to treat low back pain, myofascial and
arthritic pain and others.

On July 31, 2006, Korea Ratings gave the company's US$3,000,000
overseas bond with warrants issue a 'B+' rating with a stable
outlook.


HANA BANK: Selects Accenture for Management Office Services
-----------------------------------------------------------
Hana Bank has chosen Accenture to provide project management
office services for the initial phase of its next-generation
banking system transformation program.  Financial terms were not
disclosed.

The contract calls for three months of initial project planning,
followed by 24 months of business transformation office services
to complete the planning process, confirm findings and begin
managing implementation of the plan.  The project is part of the
bank's strategy to transform capabilities through a
modernization of information technology systems designed to
increase efficiency, reduce operating costs and enhance revenue
opportunities.

Accenture will provide a variety of business transformation
services, including process and business-model design, business-
case development and definition of business requirements for
Hana Bank's core banking replacement program.  Hana Bank plans
to implement 17 new information technology systems, including a
core banking system, as part of the transformation program.

"Hana Bank has begun a strategic transformation to enhance its
competitiveness," said Bong-Han Cho, chief information officer
of Hana Bank.  "We believe that Accenture, with its experience
globally and locally with successful transformation projects, is
best positioned to help us first identify our business
opportunities, then the capabilities we will need to achieve our
goals."

"Business-transformation excellence is a crucial element of
successful core banking replacement program," said Steven B.
Lee, the senior executive who leads Accenture's Financial
Services practice in Korea.  "By focusing on the business
opportunities before the specific information technology issues,
Hana Bank should be able to maximize the benefits - both
operational and financial - from its transformation program."

                         About Accenture

Accenture -- http://www.accenture.com/-- is a global management  
consulting, technology services and outsourcing company.  
Committed to delivering innovation, Accenture collaborates with
its clients to help them become high-performance businesses and
governments.  With deep industry and business process expertise,
broad global resources and a proven track record, Accenture can
mobilize the right people, skills and technologies to help
clients improve their performance.  With more than 152,000
people in 49 countries, the company generated net revenues of
US$16.65 billion for the fiscal year ended Aug. 31, 2006.  

                        About Hana Bank

Hana Bank -- http://www.hanabank.com/-- provides financial  
services to individuals and corporate clients such as
international banking, trust business and security investment
business through 298 domestic branches and one head office.

Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service upgraded Hana Bank's bank
financial strength rating to C from D+.  Moody's also disclosed
that:

      * 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.


HANSUNG ENTERPRISE: Kimhae Factory Ready for Operation
------------------------------------------------------
Hansung Enterprise Co., Ltd. has established its Kimhae factory
in Korea, Reuters reports.

The report notes that the Company had closed down its factory at
Ansan in order to transfer the production facilities to Kimhae
factory.

Busan, Korea-based Hansung Enterprise Co., Ltd
-- http://www.han-sung.co.kr/eng/-- is engaged in the  
production and distribution of seafood-related products.  The
company has two main businesses: Marine Products business, which
provides tunas, pollacks and other fishes, and Processed Seafood
business, which provides processed crabmeat products, pickled
seafood, frozen food and processed fishes.  It has overseas
corporations in the United States, Argentina, China and Russia.

Korea Ratings gave the company's commercial papers a B- rating
on Jan. 12, 2007.


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

AMINVESTMENT BANK: Fitch Keeps All Ratings; Outlook Stays Stable
----------------------------------------------------------------
On May 9, 2007, Fitch Ratings affirmed all the ratings of
AmInvestment Bank Berhad.  After the rating action, the bank's
ratings are:

     * Long-term Foreign Currency Issuer Default Rating at BB+;
     * Short-term Rating at B;
     * Individual Rating at C/D;
     * Support Rating at 3; and
     * Deposit rating at BBB-.

The Outlook on the ratings remains Stable.

The affirmed ratings reflect AmIB's satisfactory capital
position, improved loan quality and profitability but also take
into consideration the volatility in its earnings profile due to
its dependence on treasury income.  As the investment banking
arm of the fifth largest banking group in Malaysia, AmIB's
Support Rating reflects a moderate probability of support from
the government if needed.

The agency notes that AmIB's underlying profitability has
improved, with pre-provision return on assets (ROA) at 2.7% in
the first nine months ending December 2006 (9M07) versus 2.3% in
the financial year ending March 2006 (FY06).  The pipeline for
new debt issuance and IPOs remained healthy, noting AmIB's
strong market positioning (among the top three) in various key
capital market areas.  About 40-50% of total income in 9M07
arose from securities trading and investment income.

Meanwhile, loan quality continued to improve through a
combination of write-offs and lower new non-performing loans
(NPLs).  The gross NPL ratio was 7.8% at end-December 2006
(industry average: 7.5%) from 11.8% at end-March 2006, while
provision cover increased to 61% of NPLs (industry: 59%) from
57% previously.  

Tier 1 capital adequacy ratio (CAR) moderated to 10.8% (Total
CAR: 16.2%) at end-December 2006 but remained above industry
averages of 10.3% and 12.8%, respectively.

Following the consolidation of its merchant banking and stock
broking operations in March 2007, AmMerchant Bank was renamed
AmIB to better reflect its position as a single investment
banking entity.  Nevertheless, it remained predominantly the
former AmMerchant Bank with its operations contributing to 90-
95% of the merged entity's assets and earnings. It is 51% owned
by AMMB Holdings, which is in turn 32.91% owned by Tan Sri Dato'
Azman Hashim.  His stake in the holding company will
subsequently be reduced to 16.9% with the entry of ANZ Banking
Group as a new foreign partner (who will acquire 24.9% in AMMB
Holdings).  This is expected to have positive implications for
the AMMB group in the long term given ANZ's stronger financial
resources and technical expertise.


ARK RESOURCES: Securities Commission OKs Corporate Reform Plan
--------------------------------------------------------------
Ark Resources Bhd disclosed with the Bursa Malaysia Securities
Bhd that it obtained on April 30, 2007, the Securities
Commission's approval to implement its proposed corporate
restructuring plan.

In a letter received on May 3 by the Aseambankers Malaysia Bhd,
acting as the company's merchant bank, the Commission said that
in giving its approval, certain conditions are imposed on the
company, which includes:

    a. ARK to place the new shares pursuant to the Proposed
       Placement to Bumiputera, as proposed;

    b. ARK to notify the Ministry of Finance of its Bumiputera
       equity interest pursuant to the equity conditions imposed
       for ARKM to qualify as a Bumiputera contractor.  A copy
       of the notification to be extended to the Securities
       Commission;

    c. Aseambankers/ARK to obtain the SC's approval should there
       be any changes to the terms and conditions of the RCSLS;

    d. ARK to obtain all necessary approvals from all relevant
       parties in relation to the proposed RCSLS and
       Aseambankers is to submit a written confirmation to the
       SC prior to the issue date of the RCSLS; and

    e. Aseambankers/ARK to fully comply with the other
       requirements of the Policies and Guidelines on
       Issue/Offer of Securities in relation to the
       implementation of the proposals.

The Troubled Company Reporter - Asia Pacific, on Feb. 6, 2007,
reported about the company's reform plan requisite announcement.  
The plan, according to the TCR-AP, among others, involves:

    -- a proposed capital reduction;
    -- proposed acquisitions;
    -- a proposed debt restructuring;
    -- a proposed liquidation;
    -- proposed rights issue with warrants; and
    -- proposed placement with warrants.

The company proposed to reduce its share capital through
cancellation of MYR0.50 of the par value of each existing issued
and fully paid-up share of the company at MYR1.00 each.

The credit arising from the Proposed Capital Cancellation
together with the audited share premium account as at
December 31, 2005, will be utilized to reduce the accumulated
losses of the company as at December 31, 2005, the reform plan
stated.  

Ark also plans to acquire its entire equity interest in its
subsidiaries, ARK Development Sdn Bhd, ARK M&E Sdn Bhd and ARK
Construction Sdn Bhd.  After the acquisition, Ark would settle
its subsidiaries debts thru cash payment and the issuance of up
to MYR10,355,311 nominal value of redeemable convertible secured
loan stocks to its creditors, the TCR-AP said.


COGNIS GMBH: Fitch Affirms IDR at B with Stable Outlook
-------------------------------------------------------
Fitch Ratings affirmed Germany-based Cognis GmbH's Issuer
Default rating at 'B' with a Stable Outlook.  The rating action
follows Cognis's recent announcement to refinance its existing
EUR1.29 billion senior secured and second lien facilities as
well as EUR350 million of the existing payment-in-kind notes.

At the same time, Fitch has assigned Cognis's new undrawn EUR250
million super senior secured revolving facility 'BB'/'RR1'
ratings and new EUR1.65 billion cash-pay senior secured
floating-rate notes and loans 'BB-'/'RR2' ratings.  This follows
the successful consent of the bondholders of its 9.5% high yield
notes maturing in 2014 for the proposed refinancing. Cognis's
existing EUR345 million high-yield notes and Cognis Holding
GmbH's remaining EUR344 million PIK notes are affirmed at
'CCC+'/'RR6' and 'CCC'/'RR6' respectively.

Furthermore, Fitch has affirmed the ratings of 'BB'/'RR1' on the
refinanced senior secured facilities and 'B-'/'RR5' on the
refinanced second lien facilities issued by Cognis Deutschland
GmbH & Co KG and its local subsidiaries and withdrawn them.

The IDR reflects Cognis's global leading position in care
chemicals and nutrition and health, which together represent
over 65% of its EBITDA.  The rating is also supported by the
company's overall improved operating performance and the
additional financial flexibility from the back-ended refinancing
that reduces financial charges including cash interest and debt
amortization by approximately EUR55 million to EUR60 million
annually.  The rating, however, is constrained by Cognis's
higher gross cash-pay financial leverage at 5.8x, compared to
4.8x before the transaction, based on the reported FY2006-
EBITDA.  As a further result of the refinancing proposal major
debt reduction in the short to medium term will be unlikely,
delaying the de-leveraging process.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,000
people, and it operates production sites and service centers in
30 countries, including Australia, Brazil, Malaysia, and France.  
Cognis generated revenues of EUR1.7 billion and EBITDA of
EUR214m (margin 12.5%) in the first half of 2006.   


COGNIS GMBH: S&P Rates Proposed EUR250 Million Facility at BB-/1
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
secured debt rating and a recovery rating of '1' to the proposed
EUR250 million revolving credit facility to be issued by Cognis
GmbH, indicating the expectation of full recovery of principal
in the event of a payment default.  

At the same time, Standard & Poor's assigned its 'B' senior
secured debt rating and a recovery rating of '3' to the
company's proposed EUR1.65 billion senior secured debt, which
comprise floating rate notes and senior secured loans,
indicating the expectation of meaningful recovery of principal.

The proposed issues will be used to refinance existing first-
and second-lien debt as well as to repay up to EUR350 million of
the payment-in-kind notes issued by Cognis Holding GmbH.

The ratings on Cognis continue to reflect the company's exposure
to several markets undergoing significant structural changes,
such as oleochemicals and textile chemicals; high volatility in
natural and petrochemical raw-material prices; and difficulties
of fully passing on the higher costs to customers.  These
factors are partly mitigated by well-diversified specialty
chemicals operations with above-average exposure to consumer-
related sectors and backward integration into natural-based raw
materials.  This provides Cognis a competitive advantage under
the current high oil price levels.
  
                        Recovery Analysis

The proposed EUR250 million senior secured revolving credit
facility is rated 'BB-', two notches above the corporate credit
rating, with a recovery rating of '1', indicating Standard &
Poor's expectation of full recovery of principal in the event of
a payment default.

The proposed EUR1.65 billion senior secured debt comprising
floating rate notes and loans is rated 'B', at the same level as
the corporate credit rating, with a recovery rating of '3',
indicating our expectation of meaningful recovery in the event
of a payment default.  The '3' recovery rating assumes that
loss-sharing provisions in respect of senior secured loans
borrowed by subsidiaries of Cognis are upheld such that lenders
of senior secured debt in both loan and note form rank pari
passu on enforcement of recovery proceeds.

Senior secured lenders to the revolving credit facility and
senior secured debt are expected to benefit from charges over
tangible assets where available--primarily from German, U.S.,
and French entities -- in addition to share pledges and
guarantees from material companies in the group.  The lenders to
the senior secured loans and notes will rank pari passu although
behind lenders to the revolving credit facility on enforcement.  
Guarantees are provided by group companies accounting for at
least 70% of the group's total assets and adjusted EBITDA.

Should the corporate tax reform that is currently under
discussion in Germany be resolved with a detrimental tax effect
for Cognis, security and subsidiary guarantees may be released
and cease to secure the senior secured debt of the company.  At
that point security would only consist of a Cognis share pledge,
and the recovery ratings would be reviewed.

The group's operations are located in a number of jurisdictions-
-although about 80% of sales are generated in Western Europe and
North America--so cross-jurisdictional issues and legal
restrictions could affect the enforceability or ultimate value
of certain guarantees.  Senior secured documentation contains
nonfinancial covenants standard for "covenant-light"
transactions, including limitations on additional indebtedness,
liens, disposals, mergers, consolidations, sale-and-lease-back
transactions, and dividend payouts. In addition, the revolving
credit facility includes a financial covenant restricting total
drawn revolver debt to no more than 1.5x consolidated cash flow.

To calculate recoveries, Standard & Poor's simulates a default
scenario.  It used an enterprise valuation approach supported by
Cognis' satisfactory business profile as the leading worldwide
manufacturer of natural-based specialty chemicals and
intermediates and a midsize producer of synthetic specialty
chemicals.

Standard & Poor's simulated default scenario assumes a potential
combination of these factors:

   -- Four years of revenue decline at a compound annual growth
      rate of 2%, as a result of overall weakness in economy and
      insufficient innovation.

   -- Pressure on gross margins due to raw material price
      volatility and an inability to pass the raw material price
      increases on to customers.

   -- Working capital increase driven by weakened negotiation
      power in the unfavorable market conditions.

   -- Higher interest costs to account for possible base rate
      increase and to secure covenant waivers.

   -- Effective tax rate of 35%.

Under S&P's default scenario, a payment default is unlikely to
occur before early 2010, at which point the outstanding amount
of senior debt that would have to be covered is estimated at
about EUR1.9 billion, assuming the revolving credit facility is
fully drawn.  Using primarily a discounted cash flow analysis,
the enterprise value at the point of default is reduced by
priority obligations, comprising enforcement costs, Henkel
pension fund contributions, finance leases, and other bank
borrowings.  This provides coverage of more than 100% for the
senior secured revolving credit facility, resulting in a
recovery rating of '1', and of meaningful coverage for the
senior secured term loan facilities, resulting in a recovery
rating of '3'.  The senior secured debt rating is not notched
down from the corporate credit rating, reflecting our
expectation that, from a recovery perspective, debtholders would
benefit meaningfully from the security package, despite their
second-ranking position on the proceeds of enforcement.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,000
people, and it operates production sites and service centers in
30 countries, including Australia, Brazil, Malaysia, and France.  
Cognis generated revenues of EUR1.7 billion and EBITDA of
EUR214m (margin 12.5%) in the first half of 2006.


COGNIS GMBH: Moody's Lowers Corporate Family Rating to B2
---------------------------------------------------------
Moody's Investors Service downgraded Cognis GmbH corporate
family rating to B2 and Probability of Default rating for the
group to B2.  Moody's also downgraded the senior notes due 2014
to Caa1 and revised LGD assessment at LGD5 (88%).

At the same time, Moody's assigned a rating of (P)B1, LGD3 (44%)
to the proposed senior secured floating rate notes and loans
(expected to rank pari passu with each other and have equal
terms and conditions) and a rating of (P)Ba2, LGD1 (4%) to the
proposed revolving credit facility.

The ratings on the existing first lien senior secured bank
facilities and second lien senior notes and loans of Cognis
Deutschland GmbH & Co. KG will be withdrawn following the
completion of the proposed refinancing.  The outlook is stable.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the securities.  A definitive
rating may differ from a provisional rating.

Moody's one notch downgrade of the corporate family rating
reflects the increase in leverage and cash interest costs
associated with the debt located within the rated Cognis GmbH
group following the partial repayment of the 2015 PIK notes.  
While the consent of the holders of the 2014 senior notes to the
partial repayment of the PIK notes was secured through an one-
off waiver and leaves the ring fencing arrangements restricting
the upstreaming of cash from Cognis GmbH to its parent Cognis
Holding GmbH in place, Moody's notes that the refinancing
exercise will result in some material deterioration in the
credit metrics of the rated group.  Despite assuming that Cognis
will continue to report a relatively robust operating
performance in line with its 2006 results, Moody's expects that
the group's adjusted gross debt to EBITDA ratio will remain
close to 6x in the near to medium term.

This rating action concludes the review for downgrade that was
initiated on 25 April 2007 following the company's announcement
of the consent solicitation under the 2014 9.5% senior notes to
allow refinancing of its senior secured first lien and second
lien obligations and a portion of the 2015 PIK notes.

These ratings of Cognis GmbH have been affected by the press
release:

   -- Corporate Family rating -- B2/PDR B2;

   -- Senior secured 2014 notes -- Caa1/LGD 5(88%);

   -- Senior secured floating rate notes and loans -- (P)B1/
      LGD3 (44%)

   -- Revolving credit facility -- (P)Ba2, LGD1 (4%)

Moody's does not rate senior PIK notes at Cognis Holding GmbH.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,000
people, and it operates production sites and service centers in
30 countries, including Australia, Brazil, Malaysia, and France.  
Cognis generated revenues of EUR1.7 billion and EBITDA of
EUR214m (margin 12.5%) in the first half of 2006.


KUMPULAN BELTON: Posts MYR3.5 Million Net Loss in 4Q 2006
---------------------------------------------------------
Kumpulan Belton Bhd recorded a net loss after taxation of MYR3.5
million on MYR11.46 million of revenues in the fourth quarter
ended Dec. 31, 2006, compared with a net loss MYR1.2 million on
MYR16.04 million of revenues in the same period in 2005.

The company's full year loss, after taxation, increased to
MYR8.30 million from a loss of MYR873,000 in 2005, while 2006
revenue dropped to MYR48.06 million from MYR54.57 in the
preceding year.   

As of Dec. 31, 2006, the company's unaudited balance sheet
reflected strained liquidity with current assets of MYR60.11
million available to pay current liabilities of MYR98.46
million.

Kumpulan Belton's unaudited balance sheet as at Dec. 31 showed
total assets of MYR103.61 million and total liabilities of
MYR103.57 million, resulting in a shareholders' equity of MYR4.9
million.

A full text-copy of the company's financial statement is
available for free at:

          http://bankrupt.com/misc/belton-4q-results.pdf

                          *     *     *

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com/-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was identified as an affected listed issuer of
Practice Note 17, as its consolidated shareholders' equity as of
December 31, 2005, was less than 25% of its issued an paid up
capital.  As an affected issuer, the Company is required to
submit a Regularization Plan to the relevant authorities for
approval and implement the Regularization Plan within the
timeframe stipulated by the relevant authorities.


MEMORY TECH: Default Cues RAM to Junk MYR320MM Debt Rating to C3
----------------------------------------------------------------
Rating Agency Malaysia has downgraded the long-term rating of
Memory Tech Sdn Bhd's, a wholly owned unit of Megan Media Sdn
Bhd, MYR320 million Bai Bithaman Ajil Islamic Debt Securities
(2005/2012), from A2, with a negative outlook, to C3.

The BaIDS carries a corporate guarantee from MTSB's holding
company, Megan Media Holdings Berhad.  Concurrently, RAM has
placed the C3 rating of the BaIDS on Rating Watch, with a
negative outlook.

The downgrade is premised upon the failure of MTSB and MJC
(Singapore) Pte Ltd, another wholly owned subsidiary of Megan
Media, to repay their trade facilities amounting to MYR47.36
million, which fell due on April 27, 2007.  Based on the terms
of the trust deed, this default on the trade facilities
constitutes a cross-default on the BaIDS.  As a guarantor for
the BaIDS, Megan Media has 30 days to remedy this breach.

According to Megan Media's management, the inability of MTSB and
MJC to meet their debt obligations had been primarily due to a
liquidity crunch arising from slow collections from trade
debtors.  These trade receivables are mainly from the Group's
trading business, which has unexpectedly burgeoned since RAM's
last rating review in November 2006.   Meanwhile, Mr. George Yeo
Wee Siong, formerly the largest shareholder of Megan Media, has
reduced his equity from 10.22% (in November 2006) to only 1.94%,
and has also ceased to actively participate in the Group's daily
operations.  Given that Mr. Yeo had been the co-founder and a
key person in Megan Media, his abrupt exit may have some
relation to the Group's sudden shift in business focus.

Prior to the latest developments, the Group's operating
performance has still been fairly sustainable.  Megan Media
posted a pre-tax profit of MYR51.74 million on the back of
MYR774.65 million of revenue for the first 9 months of FYE 30
April 2007; its pre-tax profit was only 2.6% lower than that of
the previous corresponding period.

RAM notes that the Group had been servicing the BaIDS until now.  
Nonetheless, RAM had revised the outlook on the rating to
negative in July 2006, in view of our concerns about Megan
Media's increasing debt load to support its capital spending and
the prevailing industry depression.

RAM understands that Megan Media's management is currently
endeavoring to facilitate a comprehensive, group-wide debt
restructuring involving all classes of creditors, including the
BaIDS holders.  Megan Media will be meeting with the BaIDS
holders and creditors to discuss this issue on 11 May 2007.

RAM highlights that the rating of the BaIDS will be downgraded
further should the current cross-default (a material credit
event in itself) remain unresolved after the prescribed grace
period.  RAM will closely monitor the further developments on
this matter and make the appropriate announcements as and when
necessary.

                         About Megan Media

Megan Media Holdings Berhad Group was established in early 1994.  
The principle activities of the MEGAN Group started from
producing plastic injection components to a range of electronics
and automotive parts.  In 1996, MEGAN ventured into the
manufacturing of 3.5" MFD and videotapes under Memory Tech Sdn
Bhd, a subsidiary of MEGAN.

On August 8, 2000, Megan Media Holdings Bhd was listed onto
Second Board of the Kuala Lumpur Stock Exchange.  Megan's entire
share capital was transferred from the Second Board to Main
Board of the Exchange under the "Industrial Products" sector
with effect Tuesday, December 3, 2002.  

                        About Memory Tech
  
Memory Tech, a wholly owned unit of Megan Group expanded into
the manufacturing of compact disc-recordable (CD-R) and digital
versatile disc-recordable (DVD-R) in 1999.


PUTERA CAPITAL: Posts MYR2.69MM Net Loss in Qtr Ended Feb. 2007
---------------------------------------------------------------
Putera Capital Bhd recorded a net loss of MYR2.69 million on
MYR3.48 million of revenues in the third quarter ended Feb. 27,
2007, compared with a net loss of MYR3.46 million on MYR3.36
million of revenues in the same period in 2006.

As of Feb. 27, 2007, the company's unaudited balance sheet
showed strained liquidity with current assets of MYR20.22
million available to pay current liabilities of MYR47.97
million.

In addition, Putera Capital's unaudited balance sheet as at
Feb. 27, 2007, went upside down with total assets of MYR42.45
million and total liabilities of MYR50.15 million, resulting in
a shareholders' deficit of MYR7.7 million.

A full text-copy of the company's financial statement can be
viewed for free at:

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

                          *     *     *

Headquartered in Kamunting-Taiping, Malaysia, Putera Capital
Berhad is principally involved in the investment and development
of properties.  Its other activities include the manufacture and
sale of yarn and woven fabrics, construction and management of
water and sewage treatment plant, contractor of construction
projects, distribution of marble, tiles, and related business
and investment holding.

The company is classified as an Affected Listed Issuer due to
these reasons:

    a) The shareholders' equity of the company on a consolidated
       basis has fallen below 25% of its issued and paid up
       capital as per its unaudited 3rd quarter financial
       results as announced on April 28, 2006.  As such its
       shareholders equity is less than the minimum issued and
       paid up capital.

    b) The auditors have expressed a modified opinion with
       emphasis on Putera's going concern in its audited
       accounts as of May 31, 2005.

    c) There are defaults in repayment of certain debt
       obligation by Putera and its subsidiaries and Putera is
       unable to provide a solvency declaration to Bursa
       Malaysia Securities Berhad.


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

A 1 TAXIS: Faces CIR's Wind-Up Petition
---------------------------------------
On April 3, 2007, the Commissioner of Inland Revenue filed a
wind-up petition against A 1 Taxis (Whakatane) 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:

         Eleanor M. Duncan-Sittlington
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


A&R WHITCOULLS: Earns AU$9.9 Million in Half Year Ended March 3
---------------------------------------------------------------
A&R Whitcoulls Group Holdings Pty Ltd. reported a net profit of
AU$9.9 million for the half year ended March 3, 2007, a 59% drop
from the AU$24.10-million profit booked in the corresponding
period a year ago.

In a filing with New Zealand Stock Exchange, the company
explained that the drop in profit is due to the inclusion in the
half year ended March 3, 2006, of gains from the disposal of the
its travel retail businesses.  In October 2005, the company sold
its travel retail businesses in Hong Kong and Australian
airports for AUD$22 million and an ongoing payment of
AUD$600,000 per year for four years and a further payment of up
to AUD$600,000 per year for a further four years.  The HY 2006,
therefore, included the profits on the sale of the businesses as
well its trading result for the six weeks of the financial year
prior to the sale of the travel business.

"The impacts of the sale of the Travel Business on the HY 2006
net profit result were considerable, increasing the actual
result by over AUD$14.8 million," the company tells NZX.  "When
normalised, A&R Whitcoulls' HY2006 result was AUD$9.2 million."

Hence, the company points out, comparing the normalised HY 2006
net profit with the HY 2007 net profit reported shows an
increase of 8%, representing the steady growth and turnaround of
the A&R Whitcoulls business.

The company's total operating revenues decreased 6.7% to
AU$233.20 million in HY 2007.

A&R Whitcoulls Group Finance Director James Cody said he and the
management team had been pleased with the result.

"We are very confident about the future growth of A&R Whitcoulls
as we pursue a number of new and exciting opportunities for the
business," said Mr. Cody.

Mr. Cody further disclosed that the company:

   -- recently entered joint venture with news agency chain
      Supanews;

   -- is in the process of rolling out a new Web site which will
      provide an enhanced online shopping offer to customers;
      and

   -- is also implementing a new world class loyalty program.

Melbourne, New Zealand-based A&R Whitcoulls Group Holdings Pty
Ltd. -- http://www.arw.co.nz/-- is a specialty retail company  
operating across New Zealand and Australia.  The company
comprises a number of brands, which sell a range of products,
including books, magazines, stationery, calendars, gifts,
greeting cards and digital versatile discs (DVDs). Some of the
Company's subsidiaries include A&R Australia Holdings Pty
Limited, Angus & Robertson Pty Ltd, Angus & Robertson Bookworld
Calendar Club Pty Ltd, Supanews Angus & Robertson Pty Limited,
Whitcoulls Finance Trust, Whitcoulls Limited, Whitcoulls Group
Limited and WHSmith Hong Kong Limited. On October 18, 2005, A&R
Whitcoulls Group Holdings Pty Limited disposed of the travel
retail businesses in Hong Kong and Australian airports.

                          *     *     *

On May 8, 2007, the Troubled Company Reporter - Asia Pacific
listed A&R Whitcoulls Group's bond with a 9.500% coupon and
December 15, 2010, maturity date as a distressed bond.


AIR NEW ZEALAND: Kiwijet Warns Filing of Legal Action
-----------------------------------------------------
Kiwijet has threatened to file a legal action against Air New
Zealand if Air New Zealand keeps insinuating that Kiwijet stole
commercially sensitive information, Sarah McDonald of The
National Business Review reports.

Kiwijet recently disclosed plans to launch a low-cost domestic
airline, which Air New Zealand reportedly said to be similar to
its own.

Launching a low-cost carrier is one of the proposals Air New
Zealand is considering, Reuters said citing a memo signed by
Nathan Agnew, the airline's general manager.

In a statement NBR obtained, Kiwijet said: "We are quite
flattered that Air New Zealand wants to launch a low cost
carrier themselves.  However we must point out that their
corporate irresponsibility by making emotional statements that
Kiwijet had received confidential information is just foolish
and improper."

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solid liquidity
position, with cash balances of NZ$1.071 billion held as at
June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


BELLE CHILDREN: Subject to CIR's Wind-Up Petition
-------------------------------------------------
A wind-up petition against Belle Children Wear Company Ltd. was
filed by the Commissioner of Inland Revenue on Feb. 1, 2007.

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

The CIR's solicitor is:

         Hi Chong (Sylvia) Ko
         Telephone:(09) 984 1294
         Facsimile:(09) 984 3116


BROKEN YELLOW: Enters Wind-Up Proceedings
-----------------------------------------
Broken Yellow Line Ltd. started to liquidate its business on
March 28, 2007.

Creditors are required to file their proofs of debt by May 14,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         J. M. Gilbert
         c/o C & C Strategic Limited
         Ponsonby, Auckland
         Telephone:(09) 376 7506
         Facsimile:(09) 376 6441


CASTLE SECURITY: Creditors' Proofs of Debt Due by May 18
--------------------------------------------------------
The creditors of Castle Security Ltd. are required to submit
their proofs of debt by May 18, 2007, to the appointed
liquidators, David Donald Crichton and Keiran Anne Horne.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         c/o Rebecca Almond
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         PO Box 3978, Christchurch
         New Zealand         
         Telephone:(03) 379 7929


CLEAR CHANNEL: In Talks with Equity Group on Amended Merger Deal
----------------------------------------------------------------
The board of directors of Clear Channel Communications Inc. is
in discussions with the private equity group co-led by Bain
Capital Partners, LLC and Thomas H. Lee Partners, L.P. regarding
a possible change in the terms and structure of the proposed
merger between an affiliate of the private equity group and
Clear Channel.

Currently under discussion is a proposal that contemplates:

   (i) an increase in the merger consideration to be paid to all
       shareholders from US$39.00 to US$39.20 per share and

  (ii) the opportunity for each unaffiliated shareholder to
       elect between cash and stock in the surviving corporation
       in the merger (up to an aggregate cap equivalent to 30%
       of the outstanding shares immediately following the
       merger (or approximately 6% before the merger)).

The board of directors rescheduled the Special Meeting of
Shareholders to Tuesday, May 22, 2007, at 1:00 p.m., Central
Daylight Savings Time, to allow the board of directors
sufficient time to complete its discussions with the private
equity group, consult with its significant shareholders and
further develop the buyer's proposal to issue in the merger
equity in the surviving corporation.  

On May 3, 2007, the board of directors of Clear Channel, with L.
Lowry Mays, Mark Mays, Randall Mays and B.J. McCombs recused
from the vote, determined not to accept a similar proposal from
the private equity group, citing concerns that the change in
structure would require a delay in the date of the special
meeting of up to 90 days with no certainty that the merger would
be approved by the company's shareholders.  Since that time, a
number of shareholders of Clear Channel, including some of its
largest shareholders, have contacted members of the board or its
financial advisor and asked the board to delay the date of the
special meeting in order to provide them an opportunity to
consult with the board on the proposed change in structure and
terms.

Shareholders of record as of March 23, 2007 will remain entitled
to vote at the Special Meeting to be held on May 22, 2007.  The
proxy cards previously mailed to shareholders remain valid.

Shareholders with questions about the merger or how to vote
their shares should call the company's proxy solicitor,
Innisfree M&A Incorporated, toll-free at (877) 456-3427.

                     About Clear Channel

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

                        *     *     *

In April 2007, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Clear
Channel Communications Inc. to 'B+' from 'BB+'.  The ratings
remain on CreditWatch with negative implications, where they
were placed on Oct. 26, 2006, following the company's
announcement that it was exploring strategic alternatives to
enhance shareholder value.


CLEAR CHANNEL: Units Ink Asset Purchase Deal with GoodRadio.TV
--------------------------------------------------------------
Clear Channel Communications Inc.'s subsidiaries have entered
into an assets purchase agreement with GoodRadio.TV LLC for the
sale of 187 radio stations, along with the stations' FCC
licenses, real property and station contracts.

The subsidiaries are Clear Channel Broadcasting Inc., Clear
Channel Broadcasting Licenses Inc., CC Licenses LLC, Capstar
Radio Operating Company, Capstar TX Limited Partnership, AMFM
Radio Licenses LLC, Citicasters Co., Citicasters Licenses LP and
Jacor Broadcasting Corporation.

GoodRadio.TV will pay approximately US$452 million in cash and
will assume certain liabilities, including existing business
contracts and licenses with the U.S. Federal Communications
Commission.

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

                          *     *     *

In April 2007, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Clear
Channel Communications Inc. to 'B+' from 'BB+'.  The ratings
remain on CreditWatch with negative implications, where they
were placed on Oct. 26, 2006, following the company's
announcement that it was exploring strategic alternatives to
enhance shareholder value.


CREATIVE EARTH: Liquidator to Receive Claims Until May 18
---------------------------------------------------------
John Managh, the liquidator of Creative Earth Supplies Ltd.,
requires the company's creditors to file their proofs of debt by
May 18, 2007.

The company entered wind-up proceedings on April 17, 2007.

The company's liquidator is:

         John Managh
         Gladstone Chambers
         50 Tennyson Street
         PO Box 1022, Napier
         New Zealand
         Telephone/Facsimile: (06) 835 6280


L L DISTRIBUTORS: Faces Star Personnel's Wind-Up Petition
---------------------------------------------------------
Star Personnel Limited filed a wind-up petition against
L L Distributors Ltd. on Feb. 13, 2007.

The petition will be heard before the High Court of Auckland on
May 17, 2007, at 10:45 a.m.

Star Personnel's solicitor is:

         C. N. Lord
         c/o Star Personnel Limited
         Corporate Collections Limited
         187 Mt Eden Road
         Mt Eden, Auckland
         New Zealand


MCKELLAR PROPERTY: Subject to CIR's Wind-Up Petition
----------------------------------------------------
An application to wind up the operations of McKellar Property
Services Central Ltd. was filed by the Commissioner of Inland
Revenue on March 21, 2007.

The High Court of Wellington will hear the petition on May 15,
2007, at 10:00 a.m.

The CIR's solicitor is:

         Martyn Robert Edward Cherry
         c/o Technical and Legal Support Group
         Wellington Service Centre
         New Zealand Post House, 1st Floor
         7-27 Waterloo Quay
         PO Box 1462, Wellington
         New Zealand
         Telephone:(04) 890 1060
         Facsimile:(04) 890 0009


METROSTYLE LTD: Undergoes Liquidation Proceedings
-------------------------------------------------
On April 16, 2007, Metrostyle Ltd. commenced liquidation
proceedings.

Creditors are required to file their proofs of debt by May 31,
2007, to be included in the company's dividend distribution.

The company's liquidators are:

         Stephen John Tubbs
         Warren Michael Johnstone
         c/o Michelle Bennett
         BDO Spicers
         Spicer House, Level 6
         148 Victoria Street, Christchurch
         New Zealand
         Telephone:(03) 379 5155
         Facsimile:(03) 353 5526
         e-mail: michelle.bennett@chc.bdospicers.com


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

The petition was filed by the Commissioner of Inland Revenue on
April 3, 2007.

The CIR's solicitor is:

         Eleanor M. Duncan-Sittlington
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


VICS PAINTING: Court Taps Whittfield and Finnigan as Liquidators
----------------------------------------------------------------
On April 12, 2007, the High Court at Auckland appointed John
Trevor Whittfield and Peri Micaela Finnigan as the liquidators
of Vics Painting and Decorating Ltd.

Creditors are required to file their proofs of debt by May 31,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

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


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

APC GROUP: Sycip Gorres Velayo Raises Going Concern Doubt
---------------------------------------------------------
Marydith C. Miguel at Sycip Gorres Velayo and Co. raised
significant doubts on APC Group, Inc.'s ability to continue as a
going concern.  The auditor cited the company's recurring losses
arising principally from the losses of PhilCom and PhilCom
Corporation, which affected the ability of both companies to
service their maturing obligations on a timely basis.  In
addition, the company's consolidated current liabilities
exceeded its consolidated current assets as of December 31,
2005, and 2004.  Further, the restructuring of the long-term
debt of the two PhilCom entities are still under negotiation
with the creditors.

Net loss for the year ending Dec. 31, 2006, amounted to PHP790.2
million compared to PHP874.7 million in 2005.  Revenues in 2006
amounted to PHP774.3 million compared to PHP739.8 million in
2005, an increase of PHP34.5 million.

Cost and expenses dramatically went down from PHP1.2 billion in
2005 to PHP994.1 million in 2006.  The decrease of PHP217.7
million was brought about by lower provision for doubtful
accounts of Philcom.   Also, the 2005 numbers include petroleum
trading costs of PHP65.4 million.

Other charges amounted to PHP550.6 million in 2006 compared to
PHP395.8 million in 2005.  The increase of PHP154.8 million was
due to net additional accrual of interest on loans of Philcom --
PHP44.4 million, higher provision for impairment loss on
property and equipment -- PHP109.3 million, partially offset by
higher foreign exchange gain from foreign denominated loans of
Philcom arising from the strengthening of the peso of PHP72.3
million.

Total assets amounted to PHP3.5 billion as of December 31,2006,
a decrease of PHP43.0 million, which was due to the decrease in
the carrying value of property and equipment due to depreciation
and impairment losses -- PHP379.5 million, partially offset by
the increase in receivables of Philcom from foreign traffic --
PHP312.1 million and increase in cash of PHP52.3 million.

Current liabilities increased by PHP732.5 million to PHP10.4
billion in 2006.  The increase was due to the additional
accruals for interest and penalties on Philcom loans of PHP642.9
million, increase in traffic settlements payable of Philcom --
PHP338.3; partially offset by the decrease in the dollar
denominated long-term debt of Philcom due to the appreciation of
the peso -- PHP145.3 and liabilities from discontinued
operations -- PHP36.0 million.

Capital deficiency as of December 31, 2006. amounted to
PHP10.7 billion, an increase of PHP780.7 million from
PHP9.9 billion in 2005.

The company's 2006 financials can be obtained free at:

              http://bankrupt.com/misc/apc2006.pdf

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.


ASIA AMALGAMATED: BDO Alba Romeo Raises Going Concern Doubt
-----------------------------------------------------------
Donato Danao at BDO Alba Romeo & Co. raised significant doubt on
Asia Amalgamated Holdings Corporation's ability to continue as a
going concern pointing out that the company has been incurring
losses for the past years and has reported deficit as of Dec.
31, 2006.  The company suffered a loss of PHP95.62 million for
the year ended Dec. 31, 2006, that increased its deficit to
PHP740.68 million in 2006.

Revenue earned for the year 2006 amounted to PHP3,649
representing interest income of bank deposits, a decrease of
PHP7.38 million when compared to the revenue in 2005, which
consisted mainly of interest income.

Consolidated expenses for the year ended Dec. 31, 2006, stood at
PHP95.62 million.  The greater part of the expenses is from the
impairment loss provided relative to the company's financial
assets, particularly receivables in the amount of PH94.00
million.

The company's 2006 financials are available for download here:

        http://bankrupt.com/misc/AsiaAmalgamated2006.pdf

Asia Amalgamated Holdings Corporation was originally
incorporated as Sulu Sea Development Corporation on October 7,
1970 and later changed its name to Asia Amalgamated Holdings
Corporation after majority ownership transferred from the
National Development Corporation to the present majority
stockholders.

During the first years of its operation as an investment holding
company, Asia Amalgamated has made significant investments in
various businesses such as financial and banking services,
distribution of household water filtration equipment and
industrial wastewater treatment, water transport services and
non-life insurance brokerage.  The company has incorporated four
subsidiaries namely:

   (1) Ecology Savings Bank, Inc.,
   (2) Unikleen International Corporation,
   (3) Marilag Transport Systems, Inc., and
   (4) ESBI Insurance Brokers, Inc.

The economic crisis in the late 1990s adversely affected the
company's main affiliate and business client, the Uniwide Group,
and ultimately, the company itself.  From 1998 until the
present, the company's subsidiaries ceased operations one by one
due to continued financial losses.


BANCO DE ORO: Appoints Dy As Executive Vice President
-----------------------------------------------------
Banco De Oro Universal Bank has promoted its controller Lucy Co
Dy to the position of executive vice president.

The promotion is subject to the approval of the Bangko Sentral
ng Pilipinas.

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that, on
May 4, 2007, Moody's Investors Service affirmed the bank's D
bank financial strength rating.

The TCR-AP reported on November 9, 2006 that Fitch Ratings
affirmed the ratings of Banco De Oro Universal Bank, as follows:

   * Individual 'C/D', and

   * Support '3'


BENGUET CORP: Insolvency Causes Going Concern Doubt
----------------------------------------------------
Jaime F. Del Rosario at Sycip Gorres Velayo and Co. raised
significant doubt on Benguet Corporation's ability to continue
as a going concern saying that the group has incurred cumulative
losses of PHP4.6 billion and PHP4.2 billion in 2006 and 2005.  
The company booked a capital deficiency of PHP2.2 billion and
PHP1.9 billion as of December 31, 2006, and 2005, respectively.
The group's current liabilities exceeded its current assets by
PHP3.6 billion and PHP3.4 billion as of December 31, 2006, and
2005, respectively.  In addition, the group was unable to pay
its maturing bank loans and related interests.

Consolidated net loss for the year ended Dec. 31, 2006, amounted
to PHP358.0 million, 36% higher than the net loss of PHP270.0
million in 2005 but substantially lower than the net loss of
PHP793.0 million in 2004.  The loss for the period under review
include non-cash provision for inventory losses of PHP30.0
million, full depreciation of MCO mine development costs of
PHP19.0 million and cost of sharebased payment of PHP19.0
million.  These contributed to higher 2006 net loss this year.

The company's consolidated operating revenues dropped by 18% in
2006 to PHP257.0 million from PHP307.0 million in 2005 and
PHP296.0 million in 2004. The decline is due to lower volume of
chromite sold and gold production from ACMP.

Provision for income tax amounted to PHP51.0 million in 2006,
higher than PHP5.0 million in 2005 but significantly lower than
the PHP568.0 million in 2004 mainly due to deferred tax assets
written-off in 2004.

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

            http://bankrupt.com/misc/benguet2006.pdf

Benguet Corporation -- http://www.benguetcorp.com/-- was  
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.


CHINA BANKING: To Divest Its Entire Stake in First Sovereign
------------------------------------------------------------
China Banking Corp.'s board of directors have approved the sale
of First Sovereign Asset Management, Inc., the bank's wholly
owned special purpose vehicle, the bank said in a corporate
disclosure to the Philippine Stock Exchange.

The bank pegged the price at PHP33.5 million for its entire
stakeholding in First Sovereign.  The bank also said that the
respective buyer/s should also shoulder the capital gains tax
and documentary stamp tax that may be incurred in connection
with such sale.

In a statement of condition lodged with the Philippine Stock
Exchange, the bank reports total assets of PHP163,741,988,429,
total liabilities of PHP140,497,884,503 and total capital of
PHP23,244,103,926 as of Mar. 31, 2007.

China Banking Corporation -- http://www.chinabank.com.ph/-- is  
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

                          *     *     *

The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating of 4.


PETPLANS INC.: Trust Fund Seen to Hit PHP6.35 Bil. By 2017
----------------------------------------------------------
PETPlans Inc. expects its trust fund to more than double to
PHP6.35 billion over the next 10 years, the Philippine Star
reports.

According to the Star, the figure was based on the assumption of
a conservative rate of return of eight percent per annum for the
trust fund portfolio, according to the company's amended
rehabilitation plan, which was recently approved by a local
court.  Income contributions from PETPlans are also assumed to
come in only on the fifth year.

The Star relates that the revised rehab plan, drafted by lawyer
and former Securities and Exchange Commission Associate
Commissioner Danilo Concepcion, called for the replacement of
all pre-need contracts with shares in a unified trust fund
called the Enhanced Value Plan.  This is expected to result in
higher profits for the company, thereby boosting PETPlans'
capacity to service the needs of its planholders.

The unified trust fund has grown to PHP3.04 billion from only
PHP2.6 billion when PETPlans filed for corporate rehabilitation
with the court in June last year, the Star says.  The pooled
fund will be solely and exclusively managed by a competent,
experienced, and professional fund manager.

According to the report, PetPlan's modified rehabilitation plan
is very feasible and will boost the viability of the pre-need
business of PET Plans.  The company's rehabilitation receiver
said that the plan will "also allow PET Plans to apply for a
dealer's license and sell new products subject to and in
compliance with all the laws, rules and regulations imposed by
the SEC on the pre-need industry."

The report cites PETPlans President and CEO Lorenzo T. Ocampo as
saying that there are no set maturity dates for the EVP and the
planholder has the discretion to continue or withdraw from the
EVP.  All earnings of the fund will be credited to the
planholders without PETPlans taking part in the earnings.  
Additionally, 15% of Pet Plans' net income after tax will be
contributed to the EVP fund.

The report explains that PETPlans has been a major player in the
troubled pre-need industry, and its prudent and quality
management has kept its trust fund, liquid and intact despite
the large-scale deterioration of the industry.  With the court
ruling, planholders of plans that are fully paid and have
matured may immediately avail of the EVP, or the amount in pesos
that the EVP is worth, without any discount.  Planholders of
pre-need plans that have not yet matured but who wish to avail
of their EVP during the first three years from conversion are
allowed to do so, but subject to a discount of 30% on the first
year, 20% on the second year, and 10% on the third year after
conversion.

The report further explains that Planholders whose pre-need
plans had lapsed before June 27, 2006 are given six months
within which to reinstate their plans if allowed by the terms of
the plan and if they comply with all requirements for
reinstatement. For plans that have lapsed on or after that date,
the court-approved plan will not consider them as lapsed. But
the pre-termination value of these plans shall be computed on
the basis of the premiums paid as of the said date.

Founded in 1988, PETPlans, Inc. -- http://www.petplans.com/--  
is an ISO-certified pre-need firm that offers education,
pension, memorial/life and dollar pension pension plans to
customers, with a PHP2.7-billion trust fund with 44% liquidity
and PHP140 million in corporate funds and real estate property
worth PHP60 million.  

According to Manila Standard Today, the company decided to
voluntarily stop selling new pre-need plans in March 2006 due to
the difficulties facing the pre-need industry.


PHILODRILL CORP: Reports Net Loss of PHP175.77 Million for 2006
----------------------------------------------------------------
The Philodrill Corporation reports a net loss of PHP175.77
million for the year ending Dec. 31, 2006, a disappointment in
light of the company's PHP2.74 million net profit for the year
ending Dec. 31, 2005.

This was due to a PHP194.86 million loss on disposal of shares
of stock, which wasn't recorded in 2005.  Revenues for the year
amounted to PHP164.30 million.

The Troubled Company Reporter - Asia Pacific reported that after
auditing Philodrill's 2005 annual financial statements, Sycip,
Gorres and Velayo & Co., raised doubt on the company's ability
to continue as a going concern, as its current liabilities
exceed current assets by PHP419.2 million as of Dec. 31,
2005.  The company also had difficulty meeting its obligations
to creditor banks.

As of Dec. 31, 2006, the company had total current assets of
PHP131.25 million against total current liabilites of PHP176.40
million.  This time, however, the auditors did not raise
significant going concern doubt.

Total assets amounted to PHP1.55 billion and total equity of
PHP1.37 billion as of Dec. 31.

Headquartered in Mandaluyong City, Philippines, --
http://www.philodrill.com-- The Philodrill Corporation was  
registered with the Philippine Securities and Exchange
Commission on June 26, 1969, as an oil exploration and
production company.  In 1989, realizing the need to balance the
risk associated with its petroleum activities, the company
changed its primary purpose to that of a diversified holding
company while retaining petroleum and mineral exploration and
development as one of its secondary purposes.

The company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.


RIZAL COMMERCIAL: Forecasts PHP2.5 Billion Net Profit in 2007
-------------------------------------------------------------
Rizal Commercial Banking Corp. is eyeing to end 2007 with a 25%
growth in net profit to PHP2.5 billion from PHP2.1 billion in
2006, Business Mirror reports.

According to the Mirror, RCBC Chief Executive Lorenzo V. Tan
said that the growth would be fueled by the bank's efforts to
further intensify its consumer lending business, which covers
housing, auto and salary loans.  Mr. Tan says that the bank's
goal is to grow its loan books by 40% percent.

The Mirror report says that the bank is also planning on
expanding its ATM network and opening 15 new branches outside
Metro Manila.

The report also says that the bank's expansion would be
supported by the PHP4.93-billion proceeds it generated from the
follow-on offering of new shares sold through the stock market.

The Troubled Company Report - Asia Pacific reported on Apr. 4,
2007 that Rizal Commercial Banking Corporation registered a
PHP2.053 billion net profit for the year ended December 31,
2006, a 63.04% growth from the restated net income of PHP1.259
billion in 2005.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that, on
May 4, 2007, Moody's Investors Service affirmed the bank's E+
bank financial strength rating.

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

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


SAN MIGUEL: Plans on Entering into Nonfood Business
---------------------------------------------------
San Miguel Corp. plans to invest in new businesses, including
power generation and transmission, mining, water and
infrastructure, the Business Mirror reports.

The Mirror, citing sources familiar with the plan, says that
upon recommendation of SMC's financial advisor Goldman Sachs,
the move was approved by the board of directors in a meeting on
Apr. 12, 2007.  The Mirror, however, clarifies that San Miguel
would still need to do further studies and feasibility analysis
to pinpoint the key opportunities in the proposed new
businesses.

The Mirror also reports that the company would seek permission
from stockholders to go and invest in the new businesses
possibly during the company's annual stockholders' meeting on
June 19.

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

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


UNION BANK: Pays Out PHP1.60 Per Share Dividends
------------------------------------------------
Union Bank of the Philippines will be paying out a PHP1.60 per
share cash dividend, the bank said in a corporate disclosure
with the Philippine Stock Exchange.

The record and payment dates will be set when the bank receives
confirmation and approval from the Bangko Sentral ng Pilipinas.

The Troubled Company Reporter - Asia Pacific reported on Apr.
23, 2007 that Union Bank of the Philippines posted a net income
of PHP2.51 billion for the year ending Dec. 31, 2006, 8.81% or  
PHP0.24 billion lower than the PHP2.76 billion registered in  
2005.

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

The Troubled Company Reporter - Asia Pacific reported that, on
May 4, 2007, Moody's Investors Service affirmed the bank's D
bank financial strength rating but changed its outlook from
stable to negative.

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


UNIWIDE HOLDINGS: 2006 Balance Sheet Upside Down By PHP1.89 Bil.
----------------------------------------------------------------
Uniwide Holdings, Inc. registered a PHP324.68 million net loss
for the year ended 2006, a 60.85% decrease from the recorded net
loss of PHP829.4 million in 2005, the company said in its
results report lodged with the Philippine Stock Exchange.

The improvement in net loss resulted from the recognition of
impairment loss on certain financial assets in 2005 and the
optimization of operating expenses in 2006.

Year 2006 marked the fourth year of the Uniwide Group's
Rehabilitation Plan.  As it closed the year, the company
registered a consolidated gross revenues of PHP154.95 million, a
decrease of 79.62% from the reported gross revenue of
PHP760.17million in 2005.  The substantial decrease is
attributed to the gain on dacion of properties of about PHP608.5
million that was recorded for the year 2005.  

Rental income for the year slightly decreased by 7.75% from the
2005 while franchise substantially decreased by 75% due to the
request of the Bargains Specialist, Inc, a third franchise, to
reduce the franchise fee starting year 2006 from PHP2 million to
PHP500,000 due to the closure of its San Pedro Branch in July
2005.

For the year 2006, miscellaneous income increased by 2,036% due
to the recorded refund from Meralco amounting to PHP17.6
million.

Operating expenses likewise decreased by 70% to PHP484.47
million from PHP1.62 billion in 2005.  The decrease was
significantly affected by the recognition of provision for
impairment losses on certain financial assets due to the full
adoption of new accounting standards in year 2005, of about
PHP1.30 billion provision compared with PHP185.75 million in
2006, or a 85.74% decrease.

On the other hand, regular operating expenses decreased by 6.18%
due to cash savings and cost cutting measures that UW is
continuously implementing.

As of Dec. 31, 2006, consolidated assets amounted to PHP3.09
billion, while total liabilities including loans payable of
PHP1.68 billion, were recorded at PHP4.98 billion giving the
company a capital deficiency of PHP1.89 billion.

Aris Malantic at Sycip Gorres Velayo & Co. raised significant
doubt on the group's ability to continue as a going concern,
pointing out the group's continued losses and capital
deficiency.

The company's 2006 financials are available for free at:

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.

The company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.


* Philippine Debt Yields Ease on Rating Upgrade Expectations
------------------------------------------------------------
Philippine debt yields eased 2-5 basis points on average in the
secondary market following a report Standard & Poor's may
upgrade the country's ratings outlook after the May 14
congressional elections, Reuters reports.

Traders said government debt yields have fallen about 10 basis
points across the curve and expected debt prices to get support
in days ahead from continued favourable outlook on inflation and
the outlook upgrade talk, Reuters relates.

Reuters cites BusinessMirror daily newspaper as saying that S&P
had hinted of a possible outlook upgrade for the Philippines,
which would make it cheaper for the country to borrow abroad.

Reuters explains that Philippine inflation broke a 12-month
downtrend in April, data showed last week, but the central bank
said prospects remained favourable.

According to Reuters, an S&P team visited the Philippines in the
first quarter for talks with government officials ahead of its
review of the country's sovereign ratings and there is market
talk the results of the review would be released after the May
14 polls.

The report also explains that the Philippines, which relies on
foreign and domestic borrowing to fund its budget deficit and
pay maturing debts, is rated at three notches below investment
grade by S&P at BB- with a stable outlook.  Fitch rates the
Philippines two notches below while Moody's Investors Service is
at four notches below.

The report adds that Fitch said in March it would keep its
current credit rating on the Philippines, adding government
revenues needed to keep pace with higher capital spending this
year.  Traders said market players were also waiting for details
of the central bank's plan to allow state pension funds and
government owned-companies to deposit funds with it, a move
aimed at slowing money supply growth.

The report says that the central bank has yet to announce the
details on rates to be offered or the size of possible deposits
more than two weeks after the scheme was announced.

                          *     *     *

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

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

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

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


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

ADVANCED SYSTEMS: 1st Quarter Profit Drops by 53% to SG$492,000
---------------------------------------------------------------
Advanced Systems Automation Limited disclosed consolidated
quarterly financial results for the period ended March 31, 2007.

Advanced Systems' gross profit went down 53% to SG$492,000 for
the year ended March 31, 2007, from the SG$1.03 million booked
in 2006.

The company's balance sheet as of March 31, 2007, showed working
capital deficit with current assets totaling SG$28.66 million
and current liabilities totaling SG$31.35 million.

As at March 31, 2007, the Group recorded a shareholders'
deficiency of SG$5.4 million.

A full-text copy of Advanced Systems' financial report for the
year ending March 31, 2007, is available for free at:

       http://bankrupt.com/misc/ADVANCED_SYSTEMS_1Q2007.pdf

                About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg/--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry.  The
company's subsidiaries include Avalon Technology Pte. Ltd.;
Microfits Pte. Ltd.; Beijing Microfits Precision Electronics
Engineering Co., Ltd. and Beijing Advanced Precision Electronics
Engineering Co., Ltd., both of which are engaged in the
manufacture of precision tools, dies and moulds; Acetech
Solutions Ltd.; Advanced Systems Automation, Inc., and Advanced
Systems Automation (Europe) Limited, which is engaged in the
sale and provision of services to the European semiconductor
manufacturing market.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Ernst & Young auditors reported in the company's
Annual Report that, "The group has incurred significant losses
and has been experiencing severe cash shortage in the past four
financial years.  The group incurred a net loss of SGD3.4
million for the financial year ended March 31, 2006, and the
group's and the company's current liabilities exceeded current
assets by SGD20.9 million and SGD22.9 million respectively.  As
of March 31, 2006, the group and the company were in net
shareholders' deficit positions of SGD13.8 million and SGD11.2
million respectively.  These matters described above indicate he
existence of a material uncertainty, which may cast significant
doubt about the group and company's ability to continue as going
concerns."

Ernst & Young added that the ability of the group and the
company to continue as going concern is dependent on the
company's completion of the proposed renounceable rights issue,
disposal of non-core assets and business restructuring.


SEA CONTAINERS: Trustee Amends List of Unsecured Creditors Panel
----------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, informed
the U.S. Bankruptcy Court for the District of Delaware that The
Bank of New York has resigned from the Official Committee of
Unsecured Creditors of Sea Containers, Ltd. and its debtor-
affiliates.

The U.S. Trustee has appointed HSBC Bank USA, N.A., in its
capacity as indenture trustee, to fill in the vacant post.

The Creditors Committee is currently composed of:

   1. HSBC Bank USA, National Association
      452 Fifth Avenue
      New York, NY 10018-2706
      Attn: Sandra E. Horwitz
      Phone: (212) 525-1358
      Fax: (212) 525-1300

   2. HSH Nordbank AG
      Gerhart-Hauptmann-Platz 50
      Hamburg, Germany D20095
      Attn: Jorg-Rainer Kalz
      Phone: (9) 40-3333-13561
      Fax: (9) 40-3333-13561

   3. Trilogy Capital LLC
      2 Pickwick Plaza
      Greenwich, CT 06830
      Attn: Barry D. Kupferberg
      Phone: (203) 971-3420
      Fax: (203) 971-3499

   4. Dune Capital LLC
      c/o Dune Capital Management LP
      623 Fifth Avenue, 30th Floor
      New York, NY 10022
      Attn: Andrew B. Cohen
      Phone: (212) 301-8308
      Fax: (646) 885-2473

   5. Mariner Investment Group, Inc.
      500 Mamaroneck Avenue, Suite 101
      Harrison, NY 10528
      Attn: Adam S. Cohen
      Phone: (914) 798-4234
      Fax: (914) 777-3363

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and  
freight transport and marine container leasing.  Registered
inBermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders   
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.  
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.  Sea
ontainers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  

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


SEA CONTAINERS: Wants to Sign US$176 Million Commitment Letter
--------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask permission
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to enter into a commitment letter
with certain debtor-in-possession lenders.

Pursuant to a commitment letter dated May 3, 2007, Caspian
Capital Partners LP, Dune Capital LP and Trilogy Capital LLC
have committed to provide the Debtors with a senior secured
debtor-in-possession credit facility of up to US$176,500,000,
Mark Wilson, senior vice president and CEO of SCL, informs Judge
Carey.

Caspian Capital will act as the administrative and collateral
agent under the DIP Facility.

The DIP Facility consists of a term loan of up to S$151,500,000,
and a US$25,000,000 revolving credit facility.

The Term Loan provides for a non-amortizing term loan available
in a single drawing on the closing date.  The Debtors intend to
use the proceeds of the Term Loan to help fund repayment of an
existing debt securitization facility involving Sea Containers
SPC Ltd., a non-debtor, "bankruptcy remote" subsidiary organized
and existing under the laws of Bermuda.  The Repayment will
prevent foreclosure of SPC by its lenders who have alleged a
default under that the SPC Securitization Facility.

The proceeds of the Revolving Credit Facility will be used to
fund operating and administrative expenses during the Debtors'
Chapter 11 cases.

The Commitment Letter also includes an agreement by SCL to pay
certain expenses and to indemnify the DIP Lenders and the
Administrative and Collateral Agent in certain circumstances,
Mr. Wilson notes.  SCL intends to pay all costs and expenses of:

   -- the DIP Lenders relating to the structuring of the
      proposed financing for SCL or SPC, including negotiation,
      documentation and administration of the Commitment Letter
      and the DIP Credit Documents;

   -- the DIP Lenders relating to the enforcement and
      preservation of the respective DIP Agent's and DIP
      Lenders' rights and remedies under and in connection with
      the Commitment Documents and DIP Credit Documents; and

   -- negotiating, documenting and obtaining court approval of
      SCL's entry into the Commitment Documents, the DIP Credit
      Documents and other related transactions.

Mr. Wilson maintains that the DIP Lenders' proposal offers
attractive financing terms, including no cash upfront fees or
break-up fees and a solution to the Debtors' dispute with their
Noteholders.

"The DIP Lenders' proposal will allow the Debtors to lock in
permanent financing, thereby enabling the Debtors and their
advisors to focus their efforts going forward on key
restructuring initiatives and developing a confirmable Chapter
11 plan," Mr. Wilson says.

Moreover, the structure of the proposal ensures that the bulk of
the covenants and other obligations under the Facility will
relate to assets and operations of SCL rather than SPC, who does
not have direct control over its primary assets, the containers
leased or managed by GE SeaCo.

A full-text copy of the Caspian Commitment Letter and the DIP
Facility contemplated under the Commitment Letter is available
for free at http://researcharchives.com/t/s?1eac

Under the DIP Facility contemplated under the Caspian Commitment
Letter, SPC Holdings Ltd. will guarantee the payment of the DIP
Obligations as they become due.

SCL's DIP Obligations will be secured by a perfected, first
priority security interest in and Lien on:

   (i) SCL's security interests in SPC Holdings,
  (ii) all cash and cash equivalents of SCL, and
(iii) all amounts received or receivable by SPC Holdings from
       SPC Holdings and SPC.

All DIP Obligations will be granted a superpriority
administrative expense claim under Section 364(c)(1) of the
Bankruptcy Code.

The DIP Lenders' commitment to provide the proposed financing is
subject to the Bankruptcy Court's entry of a final order on or
before:

   (i) May 18, 2007, approving and authorizing SCL's entry into
       the Commitment Documents; and

  (ii) June 18, 2007, approving and authorizing SCL's entry into
       the DIP Credit Documents and other related transactions.

Additionally, the Debtors ask the Court for permission to:

   (a) use estate funds to pay certain out-of-pocket costs and
       expenses of the DIP Lenders, including the reasonable
       fees and expenses of their legal and other advisors; and

   (b) provide indemnification to the DIP Lenders and the DIP
       Agent in their capacities under the contemplated DIP
       Credit Facility.

The Commitment Letter represents the culmination of a lengthy
negotiating process, during which both SCL and Sea Containers
Services Limited sought the input of their creditors committees
on a frequent, sometimes daily, basis, Mr. Wilson maintains.

Gibson, Dunn & Crutcher LLP represents the DIP Lenders in the
Debtors' cases.

Judge Carey will hold a hearing on May 8, 2007, to consider
approval of the Debtors' request.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and  
freight transport and marine container leasing.  Registered
inBermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders   
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.  
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.  Sea
ontainers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

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


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

As interim management for the Debtors, Laura Barlow, the
Debtors' chief financial officer and chief restructuring
officer, is expected to:

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

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

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

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

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

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

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

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

APS Services will be paid on an hourly rate basis:

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

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

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and  
freight transport and marine container leasing.  Registered
inBermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders   
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.  
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.  Sea
ontainers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

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


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

ADVANCE PAINT & CHEMICAL: Elects 2 New Directors for 2007
---------------------------------------------------------
Advance Paint & Chemical (Thailand) PCL shareholders elected two
directors, and appointed auditors for the year 2007 during their
recent ordinary meeting.

During the meeting, the shareholders adopted a resolution to re-
elect two directors who retired by rotation:

     * Mr. Pricha Punnakitikashem
     * Mr. Vijit Sriyunyongwat

The shareholders resolved to appoint accounts from ANS Audit Co.
Ltd. as auditors for fiscal year 2007.  Annual remuneration for
auditors is at most THB390,000.

Headquartered in Bangkok, Thailand, Advanced Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Non-Performing Group Sector of the
Stock Exchange of Thailand.

                       Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported on
December 7, 2006, that Atipong AtipongSakul of ANS Audit Company
Ltd raised doubt on Advanced Paint & Chemical (Thailand) Pcl's
ability to continue operations as a going concern after auditing
the company's financial results for the third quarter and nine-
month periods ended September 30, 2006.

According to Mr. Atipong, the company continues to operate on
recurring losses and has current liabilities substantially in
excess of current assets.  "The company's ability to continue
operations as a going concern is dependent on its ability to
generate sufficient profit and cash flows to serve its debts,"
he added.


THANACHART CAPITAL: Elects 4 Directors
--------------------------------------
Thanachart Capital PCL's shareholders elected four directors who
retired by rotation for another term during their annual general
meeting held on April 27, 2007.

During the meeting, the Company re-appointed these directors:

    * Mr. Banterng Tantiwit
    * Mr. Pimol Rattapat
    * Mr. Somkiat Sukdheva
    * Ms. Suchada Pavananunt

Headquartered in Bangkok, Thailand, Thanachart Bank PCL provides
both personal and corporate banking services.  The personal
banking includes fixed, current, foreign currency and savings
deposits, residential new home loans and residential refinancing
home loans.  The corporate banking offers commercial loans and
other financial services to its business clients. The Bank also
offers services to its customers to make money transfers via
automated teller machines (ATMs) and via phones.  As of
December 31, 2006, TBANK operated 133 branches and 242 ATMs, as
well as 46 foreign exchange centers throughout the country.

On April 2, 2007, Fitch Ratings (Thailand) gave TBANK these
ratings:

   * A- National Long-term rating  
   * F2 Short-term rating
   * D Individual rating and
   * 5 Support rating


TMB BANK: Elects Directors & Auditors for 2007
----------------------------------------------
TMB Bank PCL shareholders re-elected five directors who are due
to retire by rotation, and appointed auditors for the year 2007
during their Annual General Meeting held on April 27, 2007.

During the meeting, the shareholders re-elected:

    * Mr. Bodi Chunnananda         (Independent director)
    * Mr. Christopher John King    (Independent director)
    * Mr. Rajan Raju Kankipati
    * Mr. Subhak Siwaraksa
    * Mr. Kraithip Krairiksh

The shareholders also appointed these accountants from KPMG
Phoomchai Audit Ltd. as auditors for the year 2007:

    * Mr. Supoj Singsaneh
    * Mr. Winit Silamongkul
    * Mrs. Wilai Buranakittisophon

The auditing fee is THB7.7 million, and the special audit fee as
required by the Bank of Thailand is THB900,000.

The appointment of auditors for the Bank's overseas branches was
also approved during the meeting.  Three auditors were selected:

    * KPMG Phoomchai Audit Ltd. as auditor for the Cayman
      Islands branch, with an audit fee of THB121,000;

    * KPMG Hong Kong Co. Ltd. as auditor for the Hong Kong
      branch with an audit fee of HKD184,800 or THB851,596; and

    * KPMG Laos Co. Ltd. as auditor for the Vientiane Branch
      with audit fee of USD5,786 or THB208,296.

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

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

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

On May 4, 2007, Moody's Investors Service retained these ratings
for TMB:

    * Bank Financial Strength Rating is at D-.
    * Foreign currency deposit ratings remain at Baa2/P-2.

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Orbital Corp. Ltd.                OEC      14.01       -4.86
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Chang Ling Group                  561      77.48      -76.83
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Kejian Co. Ltd.              35      54.71     -179.23
China Liaoning International
Cooperation (Group) Ltd           638      20.12      -42.96
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Fujian Sannong Group Co. Ltd      732      44.23      -92.62
Guangdong Hualong Groups
   Co., Ltd                    600242      26.60      -33.10
Guangdong Kelon Electrical
   Holdings Co Ltd                921     685.74      -96.88
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co., Ltd         600759      32.70      -15.28
Hans Energy Company Limited       554      85.00       -0.49
Heilongjiang Black Dragon
   Co., Ltd                    600187     121.30      -74.45
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -28.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen China Bicycle Co.,
  Hlds.  Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
  Tech. and Service Co., Ltd.     863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information Industry
   Group Co.                      517      99.92      -14.29
Suntek Technology Co., Ltd     600728      48.81      -16.09
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Tianyi Science & Technology
   Co., Ltd                    600703      53.41      -28.73
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
UNIDA Co., Ltd.                600181     136.43      -12.38
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                      ASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
Birla VXL Ltd.                   NVXL      98.77      -14.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Limited             DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      20.03       -0.15
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
Hindustan Organic Chemicals
  Limited                         HOC      99.56      -27.65
HMT Ltd.                          HMT     238.05     -288.85
IFCI Ltd.                        IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
Jenson and Nicholson
   (India) Ltd.                    JN      15.41      -77.32
JK Synthetics Ltd.                JKS      24.04       -1.42
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
Lloyds Steel Industries Ltd.     LYDS     380.94      -69.93
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Cements Ltd.               MYC      82.02      -14.57
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Phil Corporation Ltd.            NPPI      22.13       -4.96
RPG Cables Ltd.                  NRPG      51.43      -20.19
Saurashtra Cement Ltd.            SRC     112.31        4.57
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
Singer India Ltd.                SING      12.32       -6.69
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Shyam Telecom Limited             SHY     147.34      -22.80
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     653.56       -9.99
Uniflex Cables Ltd                UFC      17.22       -5.04
UB Engineering Ltd                UBE      47.78       -2.77


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Dharmala Intiland Tbk            DILD     197.91       -6.62
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Tasco System Co., Ltd            2709      48.45      -14.07
Yakinikuya Sakai Co., Ltd.       7622      79.34      -11.20


KOREA

Belco International Co., Ltd    53470      19.89       -5.49
BHK Inc                          3990      24.36      -17.38
C&C Enterprise Co. Ltd.         38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Seji Co., Ltd                   53330      37.25       -0.31


MALAYSIA

Ark Resources Bhd                 ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Gefung Holdings Bhd              GFHB      21.68       -1.74
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
PanGlobal Berhad                  PGL     189.92      -50.36
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Setegap Berhad                    STG      19.92      -26.88
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Wembley Industries
Holdings Bhd                     WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      22.30       -9.14
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24



                            *********

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.


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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.

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