TCRAP_Public/070514.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  

               Monday, May 14, 2007, Vol. 10, No. 94

                            Headlines

A U S T R A L I A

APN NEWS: Consortium Agrees to Lock-in Period
ARMOR HOLDINGS: Prudential Downgrades Shares to Neutral Weight
ARMOR HOLDINGS: Stifel Nicolaus Downgrades Firm's Shares to Hold
B & C HALE: Members Opt to Shut Down Business
BLUE SKY: Final Meeting Set for June 12

CUMBERLAND COMMUNITY: Will Declare Final Dividend on June 13
ENDEAVOUR PHOTOGRAPHICS: Members Opt to Shut Down Business
HOCHTIEF AUSTRALIA: Undergoes Voluntary Liquidation
INDIGO PTY: Members and Creditors to Meet on June 8
MEGA BRANDS: Earns US$25.3 Million in Full Year Ended Dec. 31

NEW SOUTH WALES PRE-STRESSING: Proofs of Debt Due on May 29
NRG ENERGY: Earns US$65 Million in 2007 First Quarter
SERIMEX PTY: Members' Final Meeting Set for June 15
SOMERTON PTY: Liquidator to Present Wind-Up Report on June 1
TECNOVATE PTY: Appoints Michael John Morris Smith as Liquidator


C H I N A   &   H O N G  K O N G

ANDREW CORPORATION: Posts US$2 Mil. Net Loss in Second Qtr. 2007
BEST SUPREME: Shareholders Opt to Liquidate Business
CHINA HOST: Liquidator to Present Wind-Up Report on June 15
COMPANION MARBLE: Enters Liquidation Proceedings
FANJI FOUNDATION: Members to Hear Wind-Up Report on June 12

GOREMOTE INTERNATIONAL: Creditors' Proofs of Debt Due on June 11
GREAT GAIN: Final Meeting Set for June 12
GREENTOWN CHINA: Earns HK$2.35 Bil. from Convertible Bonds Sale
HONICA WATCH: Taps Kam Elson and Yu Kuen as Liquidators
INDALEX HOLDINGS: Posts US$22.3MM Net Loss in Year Ended Dec. 31

INTERNATIONAL PAPER: Earns US$434MM in First Qtr. Ended March 31
IOTA NAVIGATION: Liquidators Quit Posts
ROAD KING: Plans to Double Land Bank in 1-Tier Chinese Cities
SAFENET INC: High Debt Leverage Prompts Moody's B2 Rating
SSANGYONG SECURITIES: Members Agree on Voluntary Liquidation

TEKSID ALUMINUM: Moody's Confirms Junk Ratings
* CBRC Asks China's Big Banks to Increase Loans to SMEs


I N D I A

AMSTED INDUSTRIES: Moody's Lifts Corporate Family Rating to Ba3
BANK OF BARODA: Fitch Puts BB Ratings on Proposed Tier 2 Notes
DAIMLERCHRYSLER: Constructing New Mercedes-Benz Plant in India
HAYES LEMMERZ: Fitch Assigns B Issuer Default Rating
HAYES LEMMERZ: Stockholders Okay US$180 Million Rights Offering

SYNDICATE BANK: Earns INR1.04 Billion in Quarter Ended March 31
STRATOS INT'L: Annual Meeting Delay Cues Nasdaq Delisting Notice
TATA MOTORS: To Invest INR1,000 Crore in Bus Manufacturing Plant
TATA MOTORS: Board to Meet on May 18 to Consider Financials
TATA POWER: Debt Concerns Prompt S&P's Negative Watch

TATA POWER: Electronics Unit to Bid for US$400MM Defense Order
TATA POWER: Board to Consider Annual Accounts on May 30


I N D O N E S I A

BANK INTERNASIONAL: Signs Cooperation Agreement With Allianz
BANK MANDIRI: May Join Syndicate to Finance LNG Plant Building
DIRECTED ELECTRONICS: Posts US$2.8 Million in 1st Quarter 2007
EXCELCOMINDO PRATAMA: To Spend Up to US$600 Million Next Year
GOODYEAR TIRE: Moody's Upgrades Corporate Family Rating to Ba3

TELKOMSEL: Gives Special Privileges to High-Paying Customers
TELKOMSEL: Priority Program Reaches 130,000 Customers


J A P A N

AOZORA BANK: Moody's Lifts Financial Strength Rating to C-
BANK OF FUKUOKA: Fitch Affirms 'C' Individual Rating
BANK OF YOKOHAMA: Moody's Lifts Financial Strength Rating to C
CHIBA BANK: Moody's Lifts Financial Strength Rating to C
MITSUBISHI UFJ TRUST: Signs Joint Venture With Morley Fund

NORINCHUKIN BANK: Moody's Lifts Financial Strength Rating to C
NORTH PACIFIC BANK: Moody's Ups Financial Strength Rating to D+
OGAKI KYORITSU: Moody's Lifts Financial Strength Rating to D+
SAPPORO: Net Loss Narrows to JPY3.98 Billion in 1Q FY2007
SHOKO CHUKIN BANK: Moody's Lifts Financial Strength Rating to D

SHINSEI BANK: Moody's Lifts Financial Strength Rating to C-
SOFTBANK CORP: May Securitize US$1.5 Billion Handset Payments
SURUGA BANK: Moody's Lifts Financial Strength Rating to D+
TOHOKU MISAWA: Merger Cues JCR to Put Rating on Negative Watch


K O R E A

KOREA EXCHANGE: Regulator Delays Bank Sale Ruling
SHINHAN CARD: Sells US$400 Million Senior Unsecured Notes


M A L A Y S I A

INTERPUBLIC GROUP: Posts US$125.9MM Net Loss in 1st Quarter 2007
PSC INDUSTRIES: Completes Disposal of Menara PSCI
PUTERA CAPITAL: Court Orders Unit to Pay MYR1.26MM to Fukada
SUREMAX GROUP: Posts MYR1.6MM Net Loss in 2nd Qtr. Ended Feb. 28
SYARIKAT KAYU: Posts MYR1.76 Million Net Loss in 1st Qtr. 2007


N E W  Z E A L A N D

AIRDRIE TOWING: High Court to Hear Wind-Up Petition on May 17
AMY HOLDINGS: Deadline to File Claims is Today
BRIDGEND HOLDINGS: Faces CIR's Wind-Up Petition
CITE SOLUTIONS: Taps Whittfield and Finnigan as Liquidators
CSAKL LTD: Shareholders Decide to Close Business

G PROPERTIES: Creditors' Proofs of Debt Due Today
HELI-FLIGHT: Subject to CIR's Wind-Up Petition
HIGHRISE CONTRACTORS: Wind-Up Petition Hearing Set for May 24
THE CAR: Commences Liquidation Proceedings


P H I L I P P I N E S

APEX MINING: Dec. 31 Balance Sheet Upside Down by PHP57.14 Mil.
ATOK BIG: Tulio Evangelista Lim Raises Going Concern Doubt
BANK OF COMMUNICATIONS: Net Income Rises 167% to PHP234.93 Mil.
CYBER BAY: Dec. 31 Balance Sheet Upside Down By PHP3.18 Billion
EVER-GOTESCO: Sycip Gorres Velayo Raises Going Concern Doubt

GEOGRACE: Sycip Gorres Velayo Raises Going Concern Doubt
IMPERIAL RESOURCES: Posts PHP11.05 Million Net Loss for 2006


S I N G A P O R E

ISOFT GROUP: Steps Down as Director of Irish Subsidiary
LAZARD LTD: March 31 Balance Sheet Upside-Down by US$206.8 Mil.
PETROLEO BRASILEIRO: Brazil Seeks Plant Price Pact with Bolivia
SCOTTISH RE: Fitch Revises Low-B Ratings Watch to Positive
SEA CONTAINERS: Can Enter Into US$176 Million DIP Lending Pact


T H A I L A N D

KASIKORN BANK: K-Asset Launches New Funds
POWER-P PCL: Elects Directors for 2007
* THAILAND: Baht May Rise Up to 11% Due to Export Restrictions

     - - - - - - - -

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

APN NEWS: Consortium Agrees to Lock-in Period
---------------------------------------------
APN News & Media will not be refloated or sold for at least four
years if a AU$3-billion private equity deal, led by Tony
O'Reilly's Independent News & Media, is approved by shareholders
later this month, Lisa Murray of The Sydney Morning Herald
reports.

INM, Providence Equity Partners and Carlyle Group have agreed to
a four-year lock-in period in which time, shares cannot be
transferred to any other investor, the report says, citing a
document sent to INM shareholders in Ireland as source.  After
four years, INM will have the right "in certain circumstances to
purchase shares being sold by exiting investors at a price
agreed at that time."

INM, Ms. Murray writes, will have the right to appoint the first
chief executive and chief financial officer of a privatized APN,
as well as three directors including the chairman.

INM shareholders vote on the deal on May 18 and APN shareholders
vote on May 25, Ms. Murray relates.

INM confirmed in its notice of meeting that it intends to retain
all of APN's existing senior managers and it has no plans to
sell any of the company's businesses, the report concludes.

APN News & Media Limited -- http://www.apn.com.au/-- is a major   
multi-media company listed on both the Australian and New
Zealand Stock Exchanges.  The Company operates in four segments:
publishing of newspapers, magazines, directories and general
printing; broadcasting of radio transmissions; outdoor, and
print.  

APN's New Zealand national publishing division includes The New
Zealand Herald, The Herald on Sunday, The Aucklander, the New
Zealand Woman's Weekly, The Listener and Creme. The regional
publishing division publishes 14 regional daily newspapers in
Australia.  The radio division has 12 Australian stations in key
metropolitan markets and 117 New Zealand stations broadcasting
across eight networks in all key cities and major regional
centers.  The APN Online division operates job Websites in
Auckland and regional Queensland, and mapping, directory and
online auction Websites.

The Troubled Company Reporter - Asia Pacific's Distressed Bonds
Column on May 8, 2007, listed APN News & Media's bond, with a
maturity date of October 31, 2008, and a 7.250% coupon, as
trading at 5.02%.


ARMOR HOLDINGS: Prudential Downgrades Shares to Neutral Weight
--------------------------------------------------------------
Prudential Financial analyst Byron Callan has downgraded Armor
Holdings' shares to "neutral weight" from "overweight,"
Newratings.com reports.

Newratings.com relates that the target price for Armor Holdings
was increased to US$88 from US$80.

Mr. Callan said in a research note published on May 7 that Armor
Holdings agreed to be acquired by BAE Systems at US$88 per
share.

Mr. Callan told Newratings.com that "the transaction value seems
fair, considering the long-term prospects of Armor Holdings'
businesses."

BAE Systems is not likely to have any difficulty in getting
authorization for the deal, Newratings.com states, citing
Prudential Financial.

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.

                        *    *    *

As reported in the Troubled Company Reporter - Europe on May 11,
2007, 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 a total consideration of US$4.5 billion.

TCR-Europe reported on May 9, that Standard & Poor's Ratings
Services placed its ratings, including the 'BB' corporate credit
rating, on Jacksonville, Fla.-based Armor Holdings Inc. on
CreditWatch with positive implications.


ARMOR HOLDINGS: Stifel Nicolaus Downgrades Firm's Shares to Hold
----------------------------------------------------------------
Newratings.com reports that Stifel Nicolaus & Company analysts
have downgraded Armor Holdings Inc.'s shares to "hold" from
"buy."

The analysts said in a research note published on May 8 that
Armor Holdings agreed to be acquired by BAE Systems at US$88 per
share in cash.  

According to Newratings.com, the analysts expect the deal to be
approved by the regulator and Armor Holdings' shareholders by
the end of the third quarter 2007.

Armor Holdings is not likely to get competitive bids,
Newratings.com states, citing Stifel Nicolaus.

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.

                        *    *    *

As reported in the Troubled Company Reporter - Europe on May 11,
2007, 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 a total consideration of US$4.5 billion.

TCR-Europe reported on May 9, that Standard & Poor's Ratings
Services placed its ratings, including the 'BB' corporate credit
rating, on Jacksonville, Fla.-based Armor Holdings Inc. on
CreditWatch with positive implications.


B & C HALE: Members Opt to Shut Down Business
---------------------------------------------
At an extraordinary general meeting held on April 27, 2007, the
members of B & C Hale & Sons Transport Pty Limited resolved to
shut down the company's business.

Daniel I. Cvitanovic was appointed as liquidator.

Mr. Cvitanovic can be reached at:

         Daniel I. Cvitanovic Chartered Accountant
         Shop 5 Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia

                        About B & C Hale

Located in New South Wales, Australia, B & C Hale & Sons
Transport Pty Limited is a distributor of durable goods.


BLUE SKY: Final Meeting Set for June 12
---------------------------------------
Blue Sky Corporate Services Pty Limited will have its final
meeting on June 12, 2007, at the 25 Bolton Street, Newcastle in
New South Wales, Australia.

Craig Anthony Ransley, the company's liquidator, will give a
report about the company's wind-up proceedings and property
disposal during the meeting.

                         About Blue Sky

Blue Sky Corporate Services Pty Ltd is engaged with electric and
other services combined.  The company is located in Tasmania,
Australia.


CUMBERLAND COMMUNITY: Will Declare Final Dividend on June 13
------------------------------------------------------------
Cumberland Community Club Limited, which is in liquidation, will
declare a final dividend on June 13, 2007.

Creditors are required to file their proofs of debt by May 30,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Schon G. Condon RFD
         Condon Associates
         Australia
         Telephone:(02) 9893 9499

                   About Cumberland Community

Cumberland Community Club Limited operates drinking places.  The
company is located in New South Wales, Australia.


ENDEAVOUR PHOTOGRAPHICS: Members Opt to Shut Down Business
----------------------------------------------------------
At an extraordinary general meeting held on April 24, 2007, the
members of Endeavour Photographics Pty Limited agreed to
liquidate the company's business.

The creditors appointed John Frederick Lord and Atlle Crowe-
Maxwell as the company's liquidators at the creditors' meeting
held later that day.

The Liquidators can be reached at:

         John Lord
         PKF
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                 About Endeavour Photographics

Endeavour Photographics Pty Limited is engaged with commercial
photography.  The company is located in New South Wales,
Australia.


HOCHTIEF AUSTRALIA: Undergoes Voluntary Liquidation
---------------------------------------------------
During a meeting held on April 30, 2007, the members of Hochtief
Australia Limited agreed to voluntarily liquidate the company's
business and P. A. Billingham was appointed as liquidator.

The Liquidator can be reached at:

         P. A. Billingham
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia

                    About Hochtief Australia

Hochtief Australia Limited operates investment offices.  The
company is located in New South Wales, Australia.


INDIGO PTY: Members and Creditors to Meet on June 8
---------------------------------------------------
A final meeting will be held for the members and creditors of
Indigo Pty Ltd on June 8, 2007, at 10:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the liquidator's report about the company's wind-
      up proceedings and property disposal; and

   -- empower the liquidator to destroy the company's books and
      records upon the completion of his duties.

The company's liquidator is:

         J. D. Mendl
         93 Goulburn Street, Crookwell
         New South Wales 2583
         Australia

                        About Indigo Pty

Indigo Pty Ltd operates miscellaneous apparel and accessory
stores.  The company is located in New South Wales, Australia.


MEGA BRANDS: Earns US$25.3 Million in Full Year Ended Dec. 31
-------------------------------------------------------------
Mega Brands Inc. reported that for the full year ended
Dec. 31, 2006, its consolidated net sales increased to US$547.3
million, as compared with US$384.9 million in 2005.  Net
earnings for the full year 2006 were US$25.3 million as compared
with US$39.6 million for the full year 2005.

Net sales in North America increased to US$397.8 million, as
compared with US$254.3 million in 2005, mainly as a result of
the inclusion of MEGA Brands America for the full year in 2006
compared to about five months in 2005.  International net sales
were up to US$149.6 million compared to US$130.5 million in
2005.  The company increased its market share in the
construction toy category in virtually all international markets
in 2006 and gained the leadership position in this category in
the U.K. and Spain for the first time.

"All things considered, we are pleased with our operating
performance in 2006, with diluted EPS before Specified Items of
US$1.56, low ending inventories of our products at retail and
the integration of MEGA Brands America," stated Marc Bertrand,
president and chief executive officer.  "We overcame a number of
unexpected challenges and positioned MEGA Brands for continued
profitable growth with a strong platform of exciting brands."

"Sales momentum entering 2007 is strong, driven by several
first-quarter product launches and the May releases of Pirates
of the Caribbean 3 and Spider-Man 3," added Mr. Bertrand.  "For
2007, we see continued growth and earnings that we expect to be
supported by US$7-10 million of operating synergies resulting
from the integration of MEGA Brands America in 2006."

                   Fourth Quarter Results

Consolidated net sales in the fourth quarter of 2006 were
US$164.8 million, as compared with US$166.2 million in the
fourth quarter of 2005.  Loss from operations in the fourth
quarter of 2006 was US$1.3 million, as compared with earnings
from operations of US$31.7 million in the fourth quarter of
2005.  Net earnings in the fourth quarter of 2006 were US$2.8
million, as compared with net earnings of US$20.9 million in the
fourth quarter of 2005.

              Liquidity and Capital Resources

Cash flows from operating activities before changes in non-cash
working capital items were US$3 million in the fourth quarter of
2006, as compared with US$30.5 million for the same period in
2005, mainly due to Specified Items recorded during the fourth
quarter of 2006.  After changes in non-cash working capital
items, operating cash flow was US$28.7 million, as compared with
US$11 million in the fourth quarter of 2005.

As at Dec. 31, 2006, the company held cash and cash equivalents
of US$13.7 million.  Working capital stood at US$124.7 million
as at Dec. 31, 2006, as compared with US$101.6 million at the
end of 2005.  This increase is due mainly to higher inventories
at the end of 2006.

Long-term debt at the end of 2006 was US$312 million, as
compared with US$301 million in 2005.  As at Dec. 31, 2006, the
company's debt was comprised of US$14.4 million under its Term A
facility maturing in 2009, US$256.8 million under its Term B
facility maturing in 2012 and US$40 million drawn against its
US$120 million revolving credit facility.  The company was in
compliance with all covenants of its credit facility as at
Dec. 31, 2006.

As of Dec. 31, 2006, the company posted total assets of
US$800.4 million and total liabilities of US$551 million,
resulting in a total shareholders' equity of US$249.4 million.

                      About Mega Brands

Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc. --
http://www.megabloks.com/-- distributes a range of toys,  
puzzles, and craft-based products worldwide.  The company has
its Australian headquarters in Victoria.

In April 2007, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit and bank loan ratings on MEGA
Brands Inc. on CreditWatch with negative implications.  The bank
loan's '2'recovery rating was also placed on CreditWatch.

Also in April 2007, Moody's placed the Ba3 corporate family
rating and other long-term ratings of MEGA Brands, Inc. on
review for possible downgrade after the company announced weaker
than expected results for the fourth quarter of 2006 and for the
full year.  The speculative grade liquidity rating was affirmed
at SGL-3.


NEW SOUTH WALES PRE-STRESSING: Proofs of Debt Due on May 29
-----------------------------------------------------------
The priority creditors of New South Wales Pre-Stressing Pty Ltd
are required to file their proofs of debt by May 29, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

         R. M. Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2000
         Facsimile:(02) 9233 2144

              About New South Wales Pre-Stressing

New South Wales Pre-Stressing Pty Ltd is a general contractor of
industrial buildings and warehouses.  The company is located in
New South Wales, Australia.


NRG ENERGY: Earns US$65 Million in 2007 First Quarter
---------------------------------------------------
NRG Energy, Inc. reported a US$65 million net income for the
three months ended March 31, 2007, as compared with US$26
million for the same period last year.  Total operating revenues
for the three months ended March 31, 2007, were US$1.3 billion,
as compared with US$1 billion for the same period last year.

The 2007 improvement primarily resulted from the inclusion of
three months of operating results for NRG Texas, which was
acquired by NRG in February 2006, increased generation and
pricing in the Northeast region, and US$107 million in after-tax
refinancing expenses in 2006 associated with the acquisition of
NRG Texas.  MtM changes, primarily associated with economic
hedges on our baseload assets, unfavorably impacted net income
in 2007 by US$55 million while benefiting 2006 earnings by US$44
million.  Quarterly cash flow from operations of $106 million
was impacted by US$120 million of cash collateral outflows.

First quarter 2006 adjusted operating cash flow of US$313
million benefited from US$230 million of collateral inflows.  
Operating cash flows, exclusive of collateral movements,
increased by US$143 million versus the same period last year.  
This improvement reflects NRG Texas' contributions for the
entire quarter in 2007.  In addition, current year cash flow
from operations benefited from US$39 million in higher contract
prices that resulted from last November's hedge reset
transaction.

As of March 31, 2007, the company posted US$18.7 billion in
total assets, US$13.1 billion in total liabilities, US$1 million
in minority interest, US$247 million in 3.625% Convertible
perpetual preferred stock, and US$5.3 billion in total
stockholders' equity.

Full-text copies of the company's 2007 first quarter report are
available for free at http://ResearchArchives.com/t/s?1ecd

"Over the past 3-1/2 years, our continuous focus on executing a
multi-faceted growth plan off a foundation of strong commercial
and plant operations has brought NRG to a much stronger place
financially and strategically," David Crane, NRG President and
chief executive officer said.  " NRG's operational effectiveness
and the promise of our ongoing growth initiatives have put us in
the position where we can both initiate a recurring cash
dividend and generate the capital to reinvest in our business
through repowering NRG and other core initiatives."

                             About NRG

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

                         *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 9, 2007, Moody's Investors Service affirmed the ratings of
NRG Energy, Inc., including its Corporate Family Rating at Ba3,
the Probability of Default Rating at Ba3, the senior unsecured
debt at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share
repurchases and to begin paying a common dividend during the
first quarter of 2008.

Moody's also affirmed NRG's Ba1 bank loan rating for the
company's secured revolving credit and term loan facility, which
is being amended and re-priced.  The rating outlook for NRG
remains negative.


SERIMEX PTY: Members' Final Meeting Set for June 15
---------------------------------------------------
A final meeting will be held for the members of Serimex Pty
Limited on June 15, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Schon G. Condon
         c/o Condon Associates
         Australia
         Telephone:(02) 9893 9499

                        About Serimex Pty

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


SOMERTON PTY: Liquidator to Present Wind-Up Report on June 1
------------------------------------------------------------
The members and creditors of Somerton Pty Ltd will meet on
June 1, 2007, at 10:00 a.m.

J. A. B. Reynolds and A. W. Reynolds, the company's liquidators,
will present a report about the company's wind-up proceedings
and property disposal at the meeting.

The Liquidators can be reached at:

         J. A. B. Reynolds
         A. W. Reynolds
         35 Montague Street
         Goulburn, New South Wales 2580
         Australia

                       About Somerton Pty

Located in Western Australia, Australia, Somerton Pty Ltd is
engaged with heavy construction.


TECNOVATE PTY: Appoints Michael John Morris Smith as Liquidator
---------------------------------------------------------------
On April 30, 2007, the members of Tecnovate Pty Ltd met and
agreed to voluntarily wind up the company's operations.

Michael John Morris Smith was appointed as liquidator.

Mr. Smith can be reached at:

         Michael John Morris Smith
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip St
         Parramatta, New South Wales 2150
         Australia

                       About Tecnovate Pty

Tecnovate Pty Ltd is a distributor of measuring and controlling
devices.  The company is located in New South Wales, Australia.


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

ANDREW CORPORATION: Posts US$2 Mil. Net Loss in Second Qtr. 2007
----------------------------------------------------------------
Andrew Corporation reported preliminary results for the second
quarter of fiscal 2007 with total sales of US$502.7 million and
a net loss of US$2 million.  The company had total sales of
US$481.7 million and a net income of US$3.7 million for the
second quarter ended March 31, 2006.  Higher income taxes
contributed to the loss in the quarter, which compared to net
income for the prior year second quarter of US$3.6 million.  

"As we previously guided, the first half of our fiscal year has
been challenging due to consolidation issues with two
significant North American customers, volatile commodity costs
and a number of important facility start-ups and relocations,"
said Ralph Faison, president and chief executive officer, Andrew
Corporation.  "While our revenue growth for the quarter was
modest in our seasonally weakest quarter, we are pleased that we
have been able to replace reduced revenues of over US$130
million to those two customers in the first half of our fiscal
year 2 with significant increases in volume with other customers
and in other geographies.  We also have been able to recover a
significant portion of our higher commodity costs incurred
during the quarter.

"In addition, we have executed well on two significant facility
relocations this year.  Our new world-class cable facility in
Joliet is in production, on budget and ahead of our expectations
and our new factory in India is also in production and ramping
up well, helping to serve the unprecedented demand we are
experiencing in India.  As we look ahead, we believe that Andrew
is well positioned to continue to be the supplier of choice on a
global basis to serve the needs of wireless operators and
infrastructure original equipment manufacturers.  While we
believe that our North American business is starting to improve
and should help drive a stronger second half, we remain cautious
about our prospects in that geography if we do not see
meaningful sequential improvement from the two customers where
we have had significant weakness for the last two quarters.  
Finally, we continue to deliver on our goal of improving gross
margins consistent with our previous guidance.  We expect higher
levels of business in the June and September quarters and
anticipate improved operating leverage on that seasonal uptick."

The company made significant progress in exiting its Orland Park
facility and transitioning to its new Joliet, Illinois cable
facility during the quarter.  About US$8 million of relocation
and start-up costs, including unabsorbed overhead for lost
production and duplicate facilities, were incurred during the
quarter, which reduced gross margin by about 160 basis points.

              Satellite Communications Business

The company has retained an investment bank, CIBC World Markets
Corp., to help explore strategic alternatives for its Satellite
Communications business and intends to sell the business.

Mr. Faison said, "In exploring strategic alternatives, we have
received several indications of interest for Satellite
Communications.  As a result, we have decided to pursue a sale
of the business.  Similar to the recent sale of our broadband
cable assets, which we completed subsequent to the end of the
second quarter, this decision allows management to focus all of
its time, attention and resources on our core wireless
infrastructure products and solutions."

The final terms of any divestiture transaction are subject to
board approval, and there can be no assurance as to the terms,
timing or consummation of any such transaction.  

            Balance Sheet and Cash Flow Highlights

Cash flow from operations was US$21.8 million in the second
quarter, compared to US$13.4 million in the prior year second
quarter.  Cash and cash equivalents were US$127 million at March
31, 2007, compared to US$100 million at Dec. 31, 2006.  Total
debt outstanding was US$366 million at March 31, 2007, as
compared with US$386 million at Dec. 31, 2006.  During the
quarter, the company amended the operating lease agreement for
its new Joliet, Illinois facility, which served to reduce the
amount of debt previously recorded on the balance sheet by about
US$30 million.

As of March 31, 2007, the company posted US$2.3 billion in total
assets and total liabilities of US$842.5 million, resulting in a
total stockholders' equity of US$1.5 billion.

                     Fiscal 2007 Outlook

Sales are anticipated to range from US$2.2 billion to US$2.3
billion, excluding any significant rationalization of product
lines or significant acquisitions.  The company currently
anticipates the effective tax rate for the year will be in the
range of 44% to 46%, based on the anticipated full year results.


                     About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in in China and India.  Andrew
is an S&P 500 company founded in 1937.

As reported in the Troubled Company Reporter - Asia Pacific on
March 12, 2007, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit and other ratings on Andrew Corp. and
removed the ratings from CreditWatch, where they were placed
with positive implications on May 31, 2006.  S&P said the
outlook is stable.


BEST SUPREME: Shareholders Opt to Liquidate Business
----------------------------------------------------
At an extraordinary general meeting held on May 3, 2007, the
shareholders of Best Supreme Limited agreed to voluntarily wind
up the company's operations.

Kan Tim Hei and Shue, Michael Raymond were appointed as
liquidators.

The Liquidators can be reached at:

         Kan Tim Hei
         Shue Michael Raymond
         The Center, 31st Floor
         99 Queen's Road
         Central, Hong Kong


CHINA HOST: Liquidator to Present Wind-Up Report on June 15
-----------------------------------------------------------
Lam Tak Keung, the liquidator of China Host Corporation Limited,
will give a report about the company's wind-up proceedings and
property disposal at a meeting that will be held on June 15,
2007, at 11:00 a.m.

The meeting will be held on the 7th Floor of Kee Shing Centre,
at 74 Kimberley Road, Tsimshatsui in Kowloon, Hong Kong.


COMPANION MARBLE: Enters Liquidation Proceedings
------------------------------------------------
On April 30, 2007, the members of Companion Marble Limited met
and decided to voluntarily liquidate the company's business and
appoint Ho Wai Ip as liquidator.

The Liquidator can be reached at:

         Ho Wai Ip
         Certified Public Accountant
         World-Wide House, Room 1903, 19th Floor
         19 Des Voeux Road
         Central, Hong Kong


FANJI FOUNDATION: Members to Hear Wind-Up Report on June 12
-----------------------------------------------------------
Fanji Foundation Limited will hold a final meeting for its
members on June 12, 2007, at 10:00 a.m.

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

The company's liquidator is:

         Poon Cho Yiu, Ronald
         99 Caine Road, 1st Floor
         Hong Kong


GOREMOTE INTERNATIONAL: Creditors' Proofs of Debt Due on June 11
----------------------------------------------------------------
On April 30, 2007, the shareholders of Goremote International HK
Limited passed a resolution winding up the company's operations.

Natalia Seng Sze Ka Mee and Cheng Pik Yuk were appointed as
liquidators.

The Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cheng Pik Yuk
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


GREAT GAIN: Final Meeting Set for June 12
-----------------------------------------
Great Gain (Hong Kong) Limited will have its final meeting on
June 12, 2007, at 10:00 a.m., to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

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


GREENTOWN CHINA: Earns HK$2.35 Bil. from Convertible Bonds Sale
---------------------------------------------------------------  
Greentown China Holdings raised HK$2.35 billion (US$300 million)
from the sale of convertible bonds to fund its expansion in
China, China Knowledge relates, citing a term sheet sent to fund
managers.

The five-year-yuan-denominated bond to be settled in US dollars
can be converted into Greentown shares at HK$22.14 each, the
report says.

The Troubled Company Reporter - Asia Pacific on May 7, 2007,
reported that Greentown China was looking to raise as much as
HK$2.35 billion by selling some 141.2 million shares at HK$16.35
to HK$16.65 apiece.  The shares represent 10.3% of Greentown's
existing capital, the TCR-AP said.

Based on the term sheet, China Knowledge reports, Greentown
would use the proceeds to fund its "property development of
existing and new projects, land acquisition and for general
working capital."

UBS and Lehman Brothers helped arrange the sale.

                          *     *     *

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

The company currently carries a Ba2/stable rating from Moody's
Investors Service.

On October 26, 2006, Standard & Poor's Ratings Services said it
assigned its 'BB' long-term corporate credit rating to Greentown
China Holdings Ltd.  The outlook is stable.  At the same time,
it assigned its 'BB' issue rating to a proposed US$375 million
issue of senior unsecured fixed-rate notes.  The issue is due
2013 and redeemable after 2010.  The proceeds will be used
primarily for land acquisitions, development costs, and general
corporate purposes.

Moody's Investors Service affirmed Greentown China Holdings
Limited's Ba2 corporate family rating and senior unsecured bond
rating.  The ratings outlook is stable.  This affirmation
follows Greentown's raising of around HK$2.3 billion in a new
equity issuance.


HONICA WATCH: Taps Kam Elson and Yu Kuen as Liquidators
-------------------------------------------------------
The sole member of Honica Watch Limited passed on May 4, 2007, a
resolution winding up the company's operations.

Kam Chi Kan Elson and Yu Shi Kuen were appointed as liquidators.

The Liquidators can be reached at:

         Kam Chi Kan Elson
         Yu Shi Kuen
         The Centre Mark, Room 801
         287-299 Queen's Road
         Central, Hong Kong


INDALEX HOLDINGS: Posts US$22.3MM Net Loss in Year Ended Dec. 31
----------------------------------------------------------------
Indalex Holdings Finance Inc. reported a net loss of US$22.3
million for the year ended Dec. 31, 2006, compared with net
income of US$23 million for the year ended Dec. 31, 2005.

For the fiscal year ended December 31, 2006, net sales were
US$1.24 billion, compared to US$1.02 billion for the fiscal year
ended Dec. 31, 2005.  Extrusion shipment volume grew 4.8% as a
result of strong market demand, particularly in the
Transportation, and Commercial Building and Construction end-
user markets.  Residential Building and Construction was strong
early in the year, but demand fell during the latter portion of
2006.  Net sales reflect higher base aluminum prices, which were
up an average of 33% in the fiscal year ended Dec. 31, 2006,
compared to the fiscal year ended Dec. 31, 2005.

Timothy R.J. Stubbs, president and chief executive officer,
said, "We had a strong first year as a stand-alone company, with
solid EBITDA growth and improvement in all of our key
performance metrics.  However, the fourth quarter was a
challenging quarter, as the market continued to slow.  Our focus
on cash generation and share gain paid dividends during the
course of 2006, as we were able to improve cash flow from
operations, despite the headwinds of higher interest costs and
higher base metal pricing.  The first part of 2007 will also be
challenging, but we continue to focus on profitable share gain
and cash generation going forward."

For the fiscal year ended Dec. 31, 2006, income from operations
was US$700,000, compared to income from operations of US$10.1
million in the fiscal year ended Dec. 31, 2005.  The decrease
was due to a US$6.2 million increase in asset impairments, a
US$4.9 million increase in expense related to mark-to-market on
derivatives, an increase of US$4.7 million in audit and legal
expenses related to the filing of an SEC registration statement,
a US$3.4 million increase in amortization of intangible assets,
and an increase of US$1.3 million in restructuring expenses,
partly offset by improvements in underlying business, including
higher shipment volumes and improved margins.  

For the fiscal year ended Dec. 31, 2006, Indalex generated cash
flow from operations of US$34.6 million compared to cash flow
from operations of US$26.8 million in the prior year.  This
improved performance occurred despite a US$17.9 million increase
in cash paid for interest and a 33% increase in base aluminum
costs.  The company had US$55.7 million of borrowings under its
revolving credit facility at Dec. 31, 2006.

At Dec. 31, 2006, the company's balance sheet showed US$597.7
million in total assets, US$508.3 million in total liabilities,
and US$89.4 million in total stockholders' equity.

                      About Indalex Holdings

Based in Lincolnshire, Illinois, Indalex Holding Corp. --
http://www.indalex.com/-- is the parent of the "Indalex" group  
of operating companies engaged in the production of extruded
aluminum products.  The company has an extrusion facility in
China.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its B3 Corporate Family Rating for
Indalex Holding Corp. and its Caa1 rating on the company's
USUS$270 million issue of 11.5% guaranteed senior second
priority secured notes due 2014.  Moody's also assigned an LGD5
rating to those loans, suggesting noteholders will experience a
83% loss in the event of a default.


INTERNATIONAL PAPER: Earns US$434MM in First Qtr. Ended March 31
----------------------------------------------------------------
International Paper Co. reported preliminary first-quarter 2007
net earnings of US$434 million, as compared with fourth-quarter
net loss of US$1.2 billion in the first quarter of 2006.  
Amounts in all periods include special items, including the
receipt of proceeds from the sale of the majority of the
company's U.S. forestlands in the fourth quarter of 2006.

Quarterly net sales were US$5.2 billion, compared with US$5.3
billion in the fourth quarter of 2006, and US$5.5 billion in the
first quarter of 2006, primarily reflecting lower forestland
sales.

Industry segment operating profits continued to rise to US$530
million for the 2007 first quarter versus US$425 million in the
2006 fourth quarter and US$411 million in the first quarter of
2006.  The increase reflects continued strong average price
realizations and strong manufacturing operations.

"We've hit the ground running in 2007 with our best first
quarter since 2000 and operational margins up nearly 300 basis
points versus the first quarter last year," said chairman and
chief executive officer John Faraci.  "Our pricing momentum
remains strong, with volumes flat overall as we took some
downtime and shifted product among global markets to match our
supply with our customers' demand.  Our manufacturing operations
performed well and improvements in cost and mix more than offset
some overall increases in input costs.  We've also now bought
more than US$800 million in shares on the open market, which has
brought our outstanding share count down."

Commenting on the second quarter of 2007, Mr. Faraci said, "We
expect somewhat higher earnings from continuing operations in
the second quarter, with seasonally stronger volumes and
improvements in average price realizations.  We continue to
improve the performance of our global manufacturing operations,
and we'll realize earnings from our first full quarter of
operations from the Luiz Antonio mill in Brazil.  We expect that
input costs will remain high and also expect to have slightly
higher maintenance outage expense in the second quarter."

As of March 31, 2007, the company listed total assets of
US$23.8 billion, total liabilities of US$15.7 billion, and
minority interest of US$236 million, resulting in a total
shareholders' equity of US$7.9 billion.

                       Segment Information

Operating profits for Printing Papers were US$231 million, up
from fourth quarter 2006 operating profits of US$191 million,
excluding special items.  Industrial Packaging operating profits
were US$103 million, compared with US$130 million in the prior
quarter.  Consumer Packaging operating profits were US$61
million in the first quarter, up from US$27 million in the 2006
fourth quarter, due to higher earnings in U.S. and European
coated paperboard and foodservice businesses, as well as
contributions from the IP-Sun Paper joint venture in China.  The
company's distribution business, xpedx, reported record first-
quarter operating profits of US$29 million compared with
operating profits in the prior quarter of US$31 million.  Sales
revenues were slightly down versus the fourth quarter of 2006
because of seasonal slowdowns in volumes.

Forest Products operating profits declined to US$100 million
from fourth-quarter operating profits of US$162 million.  Net
corporate expense totaled US$164 million for the quarter,
essentially even with US$166 million in the 2006 fourth quarter
and well below US$180 million for the 2006 first quarter.

                    About International Paper

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
specifically Japan and China.  These businesses are complemented
by an extensive North American merchant distribution system.  
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                           *     *     *

The Company carries Moody's Investors Service's Ba1 senior
subordinate rating and Ba2 Preferred Stock rating.


IOTA NAVIGATION: Liquidators Quit Posts
---------------------------------------
On May 4, 2007, Cheng Seng Chong Edward and Leung Kwai Ying
ceased to act as liquidators of Iota Navigation Corporation
Limited.


ROAD KING: Plans to Double Land Bank in 1-Tier Chinese Cities
-------------------------------------------------------------
Road King Infrastructure Ltd plans to increase its land bank by
500,000 square meters to one million square meters this year in
first-tier Chinese cities, China Knowledge reports, citing the
company's chairman, Zen Weipao.

In addition, the company also plans to expand its land
properties in second-tier cities like Jinan and Wuhan where it
has current development projects, the report said.

Road King currently owns more than six million square meters of
land properties.

                          *     *     *

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

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

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

Fitch Ratings on May 4, 2007, downgraded Hong Kong-based Road
King Infrastructure Limited's Long-term Foreign Currency Issuer
Default Rating to 'BB' from 'BB+' and removed the company from
Rating Watch Negative on which it was placed on January 30,
2007.  The issue rating on the USD200 million senior unsecured
notes due 2011 guaranteed by Road King has also been downgraded
to 'BB' from 'BB+'.  The Outlook on the IDR is Stable.  The
rating actions follow greater clarity on the company's progress
in the acquisition of Sunco Binhai Land Limited.


SAFENET INC: High Debt Leverage Prompts Moody's B2 Rating
---------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
to SafeNet, Inc. and also assigned ratings to the credit
facilities to be used to finance the acquisition of SafeNet by
the private equity firm Vector Capital.

The first lien credit facilities were assigned a B1 rating and
the second lien term loan was assigned a Caa1 rating.  The
outlook is negative, which reflects the overhang due to SEC/DOJ
investigations, pending class action litigation, accounting
restatements, material weakness of internal controls for
financial reporting, and unaudited historical financial
statements.

The B2 corporate family rating reflects SafeNet's very high debt
leverage relative to its small business scale (total revenue of
US$291 million, with pro forma debt/adjusted EBITDA of 6.6
times), as well as its significant customer concentration,
declining EBITDA margins, and its modest but significant
acquisition appetite.  SafeNet's good market position in niche
product segments supports the rating, as do the relatively high
barriers to entry in the classified government business due to
the Type 1 certification required for this business.  Further,
SafeNet has established long-term relationships with government
agencies as a trusted provider of security products, which has
enabled it to secure a US$400 million IDIQ contract from the
Department of Defense.  SafeNet also has a somewhat diversified
product portfolio that spans several industries and end markets.

These ratings were assigned:

    * Corporate family rating: B2

    * Probability of default rating: B2

    * US$25 million 6-year First lien Revolving Credit Facility:
      B1, LGD3, 32%

    * US$250 million 7-year First Lien Senior Secured Term Loan:
      B1, LGD3, 32%

US$125 million 8-year Second Lien Senior Secured Term Loan:
Caa1, LGD5, 84%

The outlook could change to stable if the company files its
audited financial statements and resolves its pending SEC/DOJ
investigation without material impact to the company's financial
profile, and modestly grows revenues and EBITDA.

The ratings could see downward pressure if the company:

    1) experiences no growth or declines in revenues and EBITDA;
       and

    2) engages in sizable debt-financed acquisitions.

With revenues of US$291 million for the twelve months ended
March 31, 2007, SafeNet Inc, which is headquartered in Belcamp,
Maryland, is a provider of network security solutions to
government, financial institutions, and global enterprises.

Headquartered in Belcamp, Maryland, SafeNet, Inc. (NASDAQ:SFNT)
--http://www.safenet-inc.com/-- provides complete security    
utilizing its encryption technologies to protect communications,
intellectual property and digital identities, and offers a full
spectrum of products including hardware, software, and chips.

The company's Asian headquarters is in Hong Kong.


SSANGYONG SECURITIES: Members Agree on Voluntary Liquidation
------------------------------------------------------------
On May 2, 2007, the members of Ssangyong Securities Asia Limited
passed a resolution winding up the company's operations and
appointing Jun Hyuk as the company's liquidator.

The Liquidator can be reached at:

         Jun Hyuk
         23-2 Yoido-dong, Youngdeungpo-gu
         Seoul, Korea


TEKSID ALUMINUM: Moody's Confirms Junk Ratings
----------------------------------------------
Moody's Investors Service confirmed the Caa3 Corporate Family
Rating of Teksid Aluminum Ltd as well as the Ca rating of the
company's senior notes at Teksid Aluminum Luxembourg Sarl SCA
with a stable outlook.

This rating action concludes the review with direction uncertain
initiated on Nov. 3, 2006 following the company's announcement
that it has entered into a definitive agreement to sell certain
core assets to Tenedora Nemak, S.A. de C.V and the intention of
a redemption of outstanding debt with the proceeds of the asset
disposal; the review was maintained following the last rating
action on Jan. 16, 2007, when the ratings were downgraded by two
notches to Caa3/Ca.

At that time, the downgrade by two notches reflected the
company's inability to make the interest payment due on the
11-3/8% Senior Notes and its breach of certain financial
covenants of its bank facility in the fourth quarter of 2006 as
a result of a further deterioration of Teksid's operating
performance.

While the downgrade also reflected the likelihood that recovery
rates of the senior notes could be substantially lower than
initially anticipated, the review with an uncertain direction
also indicated the possibility of a significant variance in
recovery values that could either improve the bond rating to
Caa3 or weaken it to C.

The rating confirmation with a stable outlook reflects the
progress achieved in the asset disposal process over the last
months, including:

   (1) an agreement on revised terms for the Nemak sale,

   (2) the consent of the bondholders achieved to permit the
       sale of certain assets and operations to Nemak,

   (3) continuation of the asset disposal process including
       disposal of plants in North and South America, and
       Poland, following respective regulatory approvals,

   (4) the partial redemption of the company's other financial
       and operating liabilities,

   (5) a successful tender offer for up to EUR35 million
       aggregate principal amount and accrued interest of its
       outstanding EUR240 million senior notes.

The Ca rating for the senior notes reflects an expected recovery
value range between 10-50%, which now can be determined with a
higher level of certainty.  The recent tender offer for around
15% of the outstanding notes reflects the minimum recovery value
achieved for the notes.  The upper recovery boundary is likely
to be at around 50%, considering the company's estimate for a
maximum final recovery of around 50% for the notes, which could
further increase due to a 5.5% synthetic equity interest in the
Nemak business but could be negatively affected by the
continuous needs to fund ongoing losses of the underlying
operations, working capital needs, capital expenditures,
restructuring costs until disposal of the remaining businesses.

Outlook Actions:

   * Issuer: TK Aluminum Ltd

     -- Outlook, Changed To Stable From Rating Under Review

   * Issuer: Teksid Aluminum Luxembourg Sarl SCA

     -- Outlook, Changed To Stable From Rating Under Review

Confirmations:

   * Issuer: TK Aluminum Ltd

     -- Corporate Family Rating, Confirmed at Caa3

   * Issuer: Teksid Aluminum Luxembourg Sarl SCA

     -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ca

The stable outlook takes into account that positive rating
developments mainly depend on recovery rates, which would need
to be substantially above expectations for current ratings.

Headquartered in Bermuda, Teksid Aluminum --
http://www.teksidaluminum.com/-- is a leading independent  
manufacturer of aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America and Asia.  The company maintains
operations in Italy, Brazil and China.


* CBRC Asks China's Big Banks to Increase Loans to SMEs
-------------------------------------------------------
The China Banking Regulatory Commission urged the country's big
banks to increase its lending to small firms or face losing
lucrative business to foreign lenders, XFN-Asia News reports.

According to Wang Zhaoxing, assistant chairman of the CBRC, the
mainland's big banks need to change their attitude towards
lending to small firms, particularly now that foreign banks have
fully entered the domestic market, the report says.  Lending to
premium small firms could become a field for hot competition,
Mr. Wang added.

XFN-Asia notes that by the end of 2006, the top five Chinese
banks had CNY1.79 trillion worth of loans outstanding to small
firms, up 9.87% from a year earlier.  Non-performing loans
comprised CNY472.24 billion of the total, down CNY11.9 billion
or 2.455 from a year ago.  The non-performing loans ratio fell
3.33 percentage points from the beginning of 2006 at 26.37%.

As for the CBRC's part, Mr. Wang told XFN-Asia that the
commission will speed up regulatory reforms, including adjusting
the requirements on capital adequacy ratios and bad loan
provisions to help banks to lend more to small firms while
controlling risks.


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

AMSTED INDUSTRIES: Moody's Lifts Corporate Family Rating to Ba3
---------------------------------------------------------------
Moody's Investors Service raised its Corporate Family and
Probability of Default ratings of Amsted Industries
Incorporated; CFR to Ba3 from B2, PDR to Ba3 from B2.  Moody's
also affirmed its Ba3 senior secured rating but changed the Loss
Given Default assessment to LGD3, 46% from LGD3, 30%; and raised
its senior unsecured rating to B2 (LGD6, 90%) from Caa1, (LGD5,
80%).  The outlook was changed to stable from positive.

The upgrades reflect the combination of continuing strong
performance of Amsted's operations which contributed to improved
financial metrics and the elimination of the potential for a
technical default that existed under the Indenture of the US$250
Million Senior Unsecured Notes due 2011.  The technical default
was possible because Amsted's strong financial performance had
raised the specter that its required purchases of ESOP shares
could exceed the amount of restricted payments allowed pursuant
to the Notes' indenture.  On March 29, 2007, Amsted completed
its tender offer for the Notes and the related consent
solicitation to eliminate substantially all of the restrictive
covenants and certain events of default.  Approximately US$5
million of Notes remain outstanding.

Moody's ratings of Amsted recognize the respective lead
positions of most of Amsted's products and the favorable effect
on operating margins from the higher variable cost structure
attained since the most recent earnings trough of fiscal 2003.  
Demand across the company's product lines remains above mid-
cycle levels and is perpetuating cyclically-strong financial
results, strong credit metrics and good liquidity.  While
aggregate demand across the company's product lines is likely to
soften in step with economic fundamentals in North America, the
critical nature of Amsted's products as core components of its
customers' products should support demand during troughs.  As
well, the higher variable cost component should support higher
earnings generation relative to the levels achieved during prior
troughs and credit metrics that remain indicative of the Ba3 or
higher rating.  The high level of cyclicality of the company's
markets, the reduced benefit of portfolio diversification as
demand in each segment correlates positively to economic
activity in North America and the still high debt level counter
the current strong credit profile.  Significant payments in the
near term for stock appreciation rights and ongoing repurchases
of ESOP shares could strain free cash flow.  This call on cash
from Amsted's obligations to purchase ESOP shares constrains the
ratings.  These returns to shareholders limit the potential for
debt reduction and will reduce cash, although overall liquidity
should remain supportive of the current ratings.

The stable outlook reflects Moody's belief that demand for
Amsted's products should remain favorable over the intermediate
term.  Metrics remain strong relative to the median values of
other Ba3-rated corporate families and provide a cushion for
Amsted to absorb lower business volumes that would accompany a
cyclical downturn or higher debt that could result, possibly
from excessive redemptions of ESOP shares.  Debt to EBITDA being
sustained below 3.0 times and EBIT to Interest being sustained
above 4.0 times during the next cyclical trough could lead to an
upgrade.  The ratings may be downgraded if Amsted's product
markets suffer a prolonged decline resulting in sustained
negative free cash flow or if Amsted was to significantly rely
on the revolver to meet working capital needs.  Downwards rating
pressure could also result if Debt to EBITDA is sustained above
4.0 times or EBIT to interest is sustained below 2.5 times.

Downgrades:

      * Senior Secured Bank Credit Facility, Downgraded to 46 -
        LGD3 from 30 - LGD3

      * Senior Unsecured Regular Bond/Debenture, Downgraded to
        90 - LGD6 from 80 - LGD5

Upgrades:

      * Probability of Default Rating, Upgraded to Ba3 from B2

      * Corporate Family Rating, Upgraded to Ba3 from B2

      * Senior Unsecured Regular Bond/Debenture, Upgraded to B2
        from Caa1

Outlook is changed to stable from positive.

Based in Chicago, Illinois, Amsted Industries, Inc. --
http://www.amsted.com/-- is a diversified manufacturer of    
industrial components serving primarily the railroad, vehicular,
and construction and building markets.  Amsted currently
designs, manufactures and markets products primarily for the
North American marketplace where 85% of their revenues are
derived.  The company has 47 manufacturing facilities located in
11 countries with approximately 9,200 employees worldwide.  The
company has locations in Canada, Brazil, Africa, Europe and
India.


BANK OF BARODA: Fitch Puts BB Ratings on Proposed Tier 2 Notes
--------------------------------------------------------------
Fitch Ratings, on May 9, assigned a Long-term Foreign Currency
Issuer Default Rating of 'BBB-' to India's Bank of Baroda.  At
the same time, the agency has assigned a 'BBB-' rating to the
bank's senior debt and 'BB' ratings to its proposed unsecured
subordinated Upper Tier 2 notes (expected size: USD250 million
plus greenshoe option), as well as the hybrid Tier 1 debt to be
issued under its USD1.5 billion medium-term notes programme.

Meanwhile, the agency has also affirmed BOB's Individual Rating
of 'C/D' and Support Rating of '2', as well as its National
Long-term Rating of 'AAA(ind)', National Short-term Rating of
'F1+(ind)' and subordinated debt rating of 'AAA(ind)'.  The
Outlook on all ratings is Stable.

Both the hybrid Tier 1 and upper Tier 2 notes have a call and
coupon step-up options after 10 years. Interest will not be
payable if the total capital adequacy ratio (CAR) falls below
the regulatory minimum (currently 9%); it is cumulative for
Upper Tier 2 notes but non-cumulative for hybrid Tier 1.
Redemption would require the prior approval of the Reserve Bank
of India, as would the interest payment in case the bank reports
a net loss.  The instrument ratings have therefore been notched
below the Long-term Foreign Currency IDR to reflect their loss-
absorbing nature, in accordance with Fitch's criteria for rating
such hybrid capital instruments.  Fitch has also assigned Class
C equity treatment (50% equity credit) to the proposed issue of
Upper Tier 2 notes under its criteria 'Equity Credit for Hybrids
and Other Capital Securities' dated 27 September 2006.

BOB's ratings reflect its status as one of the best credit risks
in India due to its improved solvency, relatively large size
among Indian banks and majority government ownership. Key
solvency indicators have improved significantly in a benign
credit environment and the net non-performing loans/equity ratio
has declined to less than 6% at FYE07 from 20.3% at FYE04.  
While BOB has lagged the 'new' private and better government
banks in implementing technology and upgrading its credit risk
management systems, the rapid roll-out of a 'core banking'
software and the restructuring of the retail delivery model in
FY06 and FY07 will align BOB's systems with that of the better
Indian banks.  This is important, as the bank has focused on
increasing the proportion of retail lending (21% of total loans
at FYE07) by growing this business rapidly by over 50% yoy since
FY05, albeit from a small base.

The reported CAR (11.8% at FYE07) could drop by 175 basis points
if adjustments are made for operational risk charge under the
basic indicator approach of Basel II (to be implemented from
March 2008) and additional provision created for retirement
benefits under revised accounting norms.  The available headroom
for raising hybrid capital is expected to help maintain the CAR
above 11% through the proposed loan expansion in FY08 and FY09.

Fitch notes that BOB's profitability in recent years has been
lower than the system median due to higher depreciation on its
large government securities portfolio.  While the bank has
reduced the size and the duration of its government securities
in FY07, the improvements in its profitability could be limited
by the pressure on net interest margin as deposit costs continue
to rise ahead of repricing in loans.

BOB is the fifth largest bank in India in terms of assets and
has a nearly 4.3% share of deposits in the Indian banking
system.  Its large network of 2,732 branches is spread
throughout the country.  BOB also has a presence in 21 countries
and international operations contribute close to 20% and 33% to
the total advances and profit, respectively.  The Indian
government owns 53.8% of the bank's share capital.


DAIMLERCHRYSLER: Constructing New Mercedes-Benz Plant in India
--------------------------------------------------------------
DaimlerChrysler AG began construction of its new plant for
Mercedes-Benz vehicles at Chakan in Pune, India.  The foundation
stone of the new facility was laid by:

   * the Honorable Chief Minister of Maharashtra,

   * Mr. Vilasrao Deshmukh together with Dr. Joachim Schmidt,
     Chairman of the Board of DaimlerChrysler India,

   * Prof. Eberhard Haller, Member of the Board of
     DaimlerChrysler India and responsible for CKD plants of the
     Mercedes Car Group, and

   * Wilfried Aulbur, Managing Director and CEO of
     DaimlerChrysler India in presence of further Indian
     Government Representatives.

In January 2007, DaimlerChrysler India had already signed a
Memorandum of Understanding with the Government of Maharashtra
to build the new plant at a 100-acre plot near an already
existing plant.  The new manufacturing facility will produce the
Mercedes-Benz S-Class, E-Class and C-Class for the Indian
market.  Start of production is expected in early 2009.  Over
the next few years, DaimlerChrysler plans to invest around EUR50
million in connection with the new production facility.  The new
Chakan plant will initially employ around 350 workers, matching
the level of the current facility.

"Our confidence in the Indian market is reflected in our long
association with the country. Our engagement with India dates
back to 1954 when we started collaboration for trucks in India.
Subsequently, we were also the pioneers of the luxury car market
in India", said Dr. Joachim Schmidt.

In 2006 DaimlerChrysler India sold 2,121 vehicles, achieving
strong growth of 10% (2005: 1,915).  In the first quarter of
2007 DaimlerChrysler India already recorded further growth of
17%.  "As a company, we have enjoyed steady and profitable
growth in India and we are looking forward to continue our
success story here in our own premises", Dr. Aulbur underscored
the rapid change of the luxury car market since DaimlerChrysler
entered India in 1994.

In 1995, DaimlerChrysler started producing the Mercedes-Benz
E-Class in a leased factory at Chikhali in Pune, near Mumbai in
the Federal State of Maharashtra.  In the following years
DaimlerChrysler broadened its production to include the S-Class
(2000) and C-Class (2001).  Today DaimlerChrysler has
dealerships spread across 27 cities in India and was the first
automotive company in India to complete ISO9001: 2000
certification for its entire dealer network in India.

                    About DaimlerChrysler

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

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

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

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

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


HAYES LEMMERZ: Fitch Assigns B Issuer Default Rating
----------------------------------------------------
Fitch Ratings has initiated ratings for Hayes Lemmerz
International Inc. with an Issuer Default Rating of 'B'.

Fitch also expects to assign ratings to Hayes Lemmerz's proposed
senior secured revolving credit facility, senior secured Euro
term loan, senior secured Euro synthetic letter of credit
facility, and senior unsecured notes.  The proposed facility
replaces HAYZ' existing bank facility.

The ratings are:

Hayes Lemmerz International, Inc.

    -- Issuer Default Rating 'B';

HLI Operating Company, Inc. (HLI Opco)

    -- Issuer Default Rating 'B';
    -- Senior secured revolving credit facility 'BB/RR1';

Hales Lemmerz Finance - Luxembourg S.A. (European Holdco)

    -- Issuer Default Rating 'B';
    -- Senior secured revolving credit facility 'BB/RR1';
    -- Senior secured Euro term loan 'BB/RR1';
    -- Senior secured Euro synthetic LOC facility 'BB/RR1'; and
    -- Senior unsecured Euro notes 'B-/RR5'.

The Rating Outlook is Stable.  Fitch's ratings incorporate the
expectation that HAYZ will complete several pending financial
transactions, including HAYZ' US$180 million rights offering,
the proposed bank facility and the US$150 million Euro notes
offering.

The ratings are also contingent on a review of final
documentation.  Including the undrawn revolver, Fitch's ratings
affect approximately US$515 million in total debt.

Fitch's ratings reflect the benefits of HAYZ' pending
recapitalization, the company's strong presence in the global
wheel market, geographic diversity, a growing book of non-
Detroit 3 customers, significant progress in restructuring
operations and improved operating results. Fitch's concerns
include low free cash flow, the exposure to the Detroit 3
customers' potential for a labor stoppage, a leveraged balance
sheet, and the risk that further restructuring may be necessary.

The Stable Outlook reflects Fitch's expectations for moderate
revenue growth and modestly positive free cash flow over the
intermediate term.  These expectations are supported by HAYZ'
geographic diversity which provides access to higher growth
vehicle markets and reduces the risk of cyclicality in any one
region.  Fitch believes there is some downside cushion to the
Outlook, and HAYZ could generate limited positive free cash flow
and minor debt reduction even under a stressed scenario that
includes the assumptions of substantial declines in Detroit 3
volume and limited margin improvement despite significant
restructuring in recent years. However, the Outlook could be
negatively affected by uncertainty with respect to the upcoming
UAW contract negotiations as well as a financially stressed
supply base, both of which could cause considerable disruptions
to the industry's production, as well as to HAYZ' balance sheet,
which could quickly deteriorate given the limited free cash flow
that Fitch has estimated.  The Outlook could be positively
affected if more solid free cash flow were to materialize from
consistent, steady operating conditions and expected volumes in
2007, leading to more significant debt reduction.

The recovery ratings and notching in the debt structure reflect
Fitch's recovery expectations under a scenario in which
distressed enterprise value is allocated to the various debt
classes.  Fitch's recovery analysis for HAYZ is based on a
restructuring as a going concern scenario rather than a
liquidation.  Fitch estimates that in a distressed scenario,
HAYZ' enterprise value could significantly deteriorate and
secured debt holders would most likely still receive full
recovery.  As a result, the proposed senior secured facilities
were assigned an 'RR1' (91% to 100% recovery), and the senior
secured revolver, Euro term loan and Euro synthetic LOC loan
were notched +3 from the IDR under Fitch's recovery methodology.
The senior unsecured Euro notes were assigned a recovery rating
of 'RR5' (11% to 30%) and notched -1 from the IDR to reflect the
junior position of the senior unsecured debt holders' claim
relative to the senior secured debt holders'.  Despite the fact
that many of HAYZ' operations are located outside of North
America, Fitch did not use its 'soft cap' guidelines for HAYZ
because Fitch believed that any restructuring action would
likely be initiated in the U.S., allowing for Fitch's standard
notching policies to be followed.

HAYZ' recapitalization enhances the company's financial
flexibility by reducing leverage, extending maturities and
providing approximately US$25 million of incremental liquidity.
The proposed capital structure also reduces HAYZ' cost of
capital and better aligns currency denomination and collateral
with the geographic location of HAYZ' primary source of
operating cash flow.  The proposed bank agreement consists of a
US$125 million revolving credit facility, a Euro denominated
term loan facility of up to US$350 million equivalent and a Euro
denominated US$20 million equivalent synthetic LOC facility.
Hayes will concurrently offer approximately US$150 million in
equivalent Euro denominated senior unsecured notes.  The notes
will be issued by a European Holdco subsidiary but will be
offered in the United States to qualified institutional
investors.

The company also intends to pay off its 10-1/2% notes due 2009
using proceeds from a US$180 million equity rights offering.
Stockholders are to receive 1.3970 rights for each share of
common, entitling the purchase of stock at US$3.25 per share.
The rights offering is backstopped by Deutsche Bank.  Silver
Point Capital has agreed to acquire one-half of Deutsche Bank's
shares purchased under the backstop.  Deutsche Bank also has the
option to make a direct investment of up to a maximum of
slightly more than 4 million shares of common at US$3.25 per
share or roughly US$13 million.  Deutsche's direct investment
shares would be incremental to the number of shares in the
rights offering. The rights offering was approved by
stockholders at a special meeting held May 4.

The proposed Euro term loan and Euro synthetic LOC loan will be
obligations of a European Holdco domiciled in Luxembourg.  The
proposed revolver will be the obligation of the HLI Operating
Co. and the European Holdco.  To the extent allowed by law and
tax implications, the parent - Hayes Lemmerz International, Inc
- guarantees the proposed senior secured facility.  Collateral
includes substantially all of HAYZ' assets and 65% of the stock
of the first-tier foreign subsidiaries.  The revolver has first
priority over the Euro term loan with respect to the domestic
assets among the lenders in the credit agreement.  Relative to
any other party outside of the credit agreement, only one lien
on substantially all assets exists.  This is established by the
collateral sharing agreement which states that upon
acceleration, all of the lenders receive pro rata recovery,
independent of the facility into which they were lending.  This
reduces recovery analysis complexity regarding the alignment of
cash flows and assets with their respective tranche as well as
any issues with foreign entities' ability to guarantee the US
loans due to tax implications.

The proposed bank facility covenants include limitations on
indebtedness, liens and capital expenditures as well as maximum
leverage and minimum coverage ratios.

Going forward, HAYZ is expected to benefit from its steel wheel
technology, moves to lower cost countries and growth from non-
Detroit 3 customers, especially in regions of increasing vehicle
demand.  To some degree, the demand for steel wheels in the U.S.
has seen resurgence in recent years due to reduced weight
differential with aluminum wheels, improved styling capability
and substantially competitive pricing versus aluminum. However,
aluminum wheels may garner increasing installation rates in
other regions of the world.  Given HAYZ' moves to locate steel
and aluminum wheel capacity throughout the globe, the company
stands to benefit from steel wheel penetration in the US,
aluminum penetration outside the US and from higher growth
vehicle markets such as Eastern Europe, India and China.

On a discontinued operations (disc ops) basis, consolidated
sales for fiscal 2006 were up 5.1% to US$2,056 million from
US$1,957 million in the prior year.  Consolidated Operating
EBITDA margin improved 150 basis points (bps) to 8.7% from 7.2%
in fiscal 2005.  The Wheels Group sales increased 4.8% to
US$1,672 million in fiscal 2006 from US$1,594 million in the
prior year.  Fitch calculates a 70 bps improvement in Operating
EBITDA margin for the Wheel Group to 10.6%, healthy for an
automotive supplier, from 9.9% in fiscal 2005.  On a disc ops
basis, fiscal 2006 sales for the Components Group rose 6.2% to
US$385 million from US$362 million.  Fitch calculates Components
Group Operating EBITDA declined 110 bps to 2.6% from 3.7% in
fiscal 2005.  In addition, HAYZ reported a US$71.6 million
improvement in consolidated free cash flow excluding
securitizations and factoring of a use of US$9.1 million versus
a use of US$80.7 million in fiscal 2005.

Including the cash and marketable securities balance of
US$38.4 million, total liquidity at the end of fiscal 2006 on
Jan. 31, 2007 was US$146.1 million.  At year-end, HAYZ had no
outstanding borrowings under its revolver and US$79.7 million of
availability after US$US$20.3 million in outstanding LOCs.  The
company also had a U.S. securitization facility of approximately
US$65 million of which US$28 million was available at year-end.
In addition, the company had US$39.3 million outstanding and
US$4.7 million available under its uncommitted European
receivable facilities, the availability of which Fitch does not
include in liquidity since the facilities are cancelable at any
time.  As of Jan. 31, total adjusted debt-to-EBITDA was reduced
to 3.9 times (x), down from 4.5x at the end of fiscal 2005.

Headquartered in Northville, Michigan, Hayes Lemmerz
International Inc. (Nasdaq: HAYZ) -- http://www.hayes-
lemmerz.com/ -- is a global supplier of steel and aluminum
automotive and commercial vehicle highway wheels, well as
aluminum components for brakes, powertrain, suspension, and
other lightweight structural products.  Worldwide revenues
approximate US$2.1 billion.  The company has 33 facilities
worldwide including India, Brazil and Germany, among others.


HAYES LEMMERZ: Stockholders Okay US$180 Million Rights Offering
---------------------------------------------------------------
Hayes Lemmerz International Inc.'s stockholders approved:

   a) a rights offering of up to US$180 million to holders of
      the company's outstanding Common Stock as of April 10,
      2007, through the issuance of 55,384,615 rights to
      purchase one share of Common Stock at an exercise price of
      US$3.25 per share,

   b) the sale of any Common Stock not subscribed for in the
      Rights Offering to Deutsche Bank Securities Inc. and SPCP
      Group LLC, an affiliate of Silver Point Capital L.P.;

   c) at the Investor's option, the purchase of up to 4,038,462
      shares of Common Stock at the Exercise Price, resulting in
      additional proceeds of up to US$13,125,002; and

   d) the related Amended and Restated Equity Purchase and
      Commitment Agreement and other transactions contemplated.

The stockholders also considered proposals on:

    -- Amendment of the company's Certificate of Incorporation
       to increase the aggregate number of authorized shares of
       Common Stock from 100 million to 200 million and the
       aggregate number of authorized shares of capital stock
       from 101 million to 201 million.

    -- Amendment of the company's Certificate of Incorporation
       to increase the maximum number of members of the board of
       directors from nine to twelve.

All three proposals were approved, with more than 99% of the
shares voted at the special meeting and more than 61% of the
total issued and outstanding shares supporting each proposal.

"The company appreciates the strong support of its stockholders
in the company's efforts to reduce its debt and increase
stockholder equity," said James Yost, vice president of finance
and chief financial officer.  "The approval of the Rights
Offering and the related proposals is a significant step in
completing the company's overall debt refinancing, reducing
leverage and lowering interest costs, as reflected in the
improved ratings by Standard & Poor's Ratings Services and
Moody's Investor Services."

Each record holder of the company's Common Stock on April 10,
2007, received 1.3970 rights for each share of common stock held
on the record date.  The rights may be exercised until 5:00 p.m.
Eastern Daylight Time, Monday, May 21, 2007, unless the company
extends the Rights Offering.  Stockholders who receive rights
through a bank or broker will receive instructions for
exercising rights from their bank or broker and may be required
to act prior to the stated expiration time.  Hayes Lemmerz may
terminate the Rights Offering for any reason prior to the
expiration time.

                About Hayes Lemmerz International

Headquartered in Northville, Michigan, Hayes Lemmerz
International Inc. (Nasdaq: HAYZ) -- http://www.hayes-
lemmerz.com/ -- is a global supplier of steel and aluminum
automotive and commercial vehicle highway wheels, well as
aluminum components for brakes, powertrain, suspension, and
other lightweight structural products.  Worldwide revenues
approximate US$2.1 billion.  The company has 33 facilities
worldwide including India, Brazil and Germany, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service raised to B3 from Caa1 the corporate
family and probability of default ratings of HLI Operating
Company, Inc., a wholly owned subsidiary of Hayes Lemmerz
International, and changed the rating outlook to stable from
negative.

In addition, Standard & Poor's Ratings Services raised its
corporate credit rating on automotive supplier Hayes Lemmerz
International Inc. to 'B' from 'B-,' reflecting planned debt
reduction from a proposed refinancing and equity rights
offering, well as improved operating results, particularly in
the company's wheels business outside the U.S.  At the same
time, the ratings were removed from CreditWatch with positive
implications, where they were placed on March 16, 2007.  The
outlook is stable.


SYNDICATE BANK: Earns INR1.04 Billion in Quarter Ended March 31
---------------------------------------------------------------
Syndicate Bank Ltd posted a net profit of INR1.04 billion for
the quarter ended March 31, 2007, compared to INR103.10 million
in the same quarter in 2006.  Total income increased from
INR12.55 billion in the March 2006 quarter to INR19.30 billion
in the latest quarter under review.

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

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

The bank posted a net profit of INR7.16 billion for the year
ended March 31, 2007, compared to INR5.36 billion in the
previous year.  Total income grew from INR46.12 billion in
FY2005-06 to INR66.59 billion in FY2006-07.

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

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

The bank's board of directors, at its meeting on May 8, proposed
a final dividend of 13% for FY2006-07 in addition to an interim
dividend of 15%.

Syndicate Bank Ltd -- http://syndicatebank.in/-- provides a  
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

Syndicate Bank carries Fitch Ratings' D individual rating since
June 1, 2005.


STRATOS INT'L: Annual Meeting Delay Cues Nasdaq Delisting Notice
----------------------------------------------------------------
Stratos International has received a notice from Nasdaq
indicating that, because Stratos failed to hold its 2006 annual
meeting of shareholders prior to April 30, 2007, Nasdaq was
initiated the process to delist Stratos' securities from trading
on The Nasdaq Global Market.  Stratos has appealed the delisting
determination and Nasdaq has scheduled a hearing on the matter
in early June.

Stratos determined to delay holding its annual meeting of
shareholders in light of its decision to explore strategic
alternatives, including a possible sale of the company, which
was announced on Sept. 14, 2006.  In connection with this
process, Stratos retained CIBC World Markets Corp. as its
exclusive financial advisor.  Because Steel Partners II publicly
disclosed its plan to conduct a proxy contest with respect to
election of directors and also indicated an interest in
acquiring the company, Stratos' board concluded that it would be
impossible to conduct a meaningful strategic alternative process
if control of the board of directors might change in the midst
of the process.

Stratos has pursued this process, one in which Steel Partners II
was invited to participate, for nearly eight months.  As a
consequence, Stratos currently is in negotiations in connection
with the completion of the process.  However, there can be no
assurance that the negotiations will be resolved successfully or
that any transaction will occur.  Stratos plans to conduct its
annual meeting as soon as practicable following resolution of
the process.

In accordance with Nasdaq procedures, Stratos has requested a
hearing with the Nasdaq Listing Qualifications Panel to appeal
the delisting determination.  Stratos' shares will remain listed
on Nasdaq Global Market under the ticker symbol STLW pending a
decision by Nasdaq.  There can be no assurance that Nasdaq will
grant Stratos' request for continued listing.

                 About Stratos International

Headquartered in St. John's, Newfoundland, Canada, with
executive offices in Bethesda, Maryland, Stratos Corporation
(Nasdaq: STLW) -- http://www.stratosglobal.com/-- is a publicly  
traded company that provides a range of mobile and fixed-site
remote communications solutions for users operating beyond the
reach of traditional networks.  The company has offices in
Canada, Brazil, the United Kingdom, Norway, Germany, the
Netherlands, Sweden, Italy, Spain, Turkey, Russia, Kenya, South
Africa, United Arab Emirates, India, Hong Kong, Japan,
Singapore, Australia and New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on May 9, 2007,
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.


TATA MOTORS: To Invest INR1,000 Crore in Bus Manufacturing Plant
----------------------------------------------------------------
Tata Motors Limited plans to build a facility to manufacture and
assemble buses and coaches, various reports say.  The company
intends to invest INR1,000 crore in the plant.

An unnamed Tata Motors' spokesperson told the Business Standard
that the company has formed a joint venture with Brazilian bus
manufacturer Marcopolo but the area where the plant will be set
up is not yet known.

Reports note that the Karnataka government is willing to provide
additional land to Tata Motors at Dharwad for the proposed
plant.  The proposal, which the company submitted in September
2006, is still subject to the state government's approval.

"We have already held discussions with Tata Motors officials.
They have a plant at Dharwad and sought additional 1,000 acres.
We are ready to provide them additional land, but the exact
extent of land to be given to them will be decided at the next
cabinet meeting," Business Standard quoted Katta Subramanya
Naidu, Karnataka minister for major and medium industries, as
saying.

Telcon, a Tata Motor unit, manufactures construction equipment
at Belur industrial growth centre, about 10 km from Dharwad,
domain-b.com says.  The company had acquired 680 acres of land.
Tata Motors plans include providing employment to 30,000 people
in north Karnataka and manufacturing 10,000 buses every year.

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

                          *     *     *

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

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


TATA MOTORS: Board to Meet on May 18 to Consider Financials
-----------------------------------------------------------
Tata Motors Limited's board of directors will hold a meeting on
May 18, 2007, to consider the company's audited annual accounts.  
The board will also consider declaring a dividend for the year
ended March 31, 2007, if any.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the company, for the three months ended Dec. 31, 2006,
recorded a net profit of INR5.132 billion (INR13.32 basic
earnings per share), an 11.5% increase from the INR4.602 billion
for the corresponding period in 2005.

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

                          *     *     *

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

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


TATA POWER: Debt Concerns Prompt S&P's Negative Watch
-----------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB+' long-
term foreign and local currency corporate credit ratings on
India's Tata Power Co. Ltd. on CreditWatch with negative
implications reflecting significantly greater concerns on the
company's debt and on its exposure to higher project completion,
stabilization, and counterparty risks.

In October 2006, the rating outlook on Tata Power was revised to
negative from stable after the company announced its Indian
rupee 22 billion (US$541 million) investment plan and its
intention to proceed with the INR40 billion Maithon power
project.  In April 2007, Tata Power announced the acquisition of
special purpose entity Coastal Gujarat Power Ltd.  It also
declared the finalization of agreements to acquire 30% stakes in
two Indonesian coal producers for about US$1.1 billion.

"The cash outlays associated with Tata Power's investment plans
would likely result in a significant increase in the company's
debt levels, in comparison with its existing operating cash
flows, which will lead to a possible lowering on its ratings,"
said Standard & Poor's credit analyst Anshukant Taneja.  
Significant cash flow additions would occur in the medium to
long term but, in the interim, the company would face ompletion
and stabilization risks related to these projects. In the medium
term, however, we expect Tata Power to remain within the 'BB'
rating category."

To resolve the CreditWatch placement, Standard & Poor's is
seeking further information on the schedule of these projects
and investments, and on the proposed means of financing.

Tata Power's main business is electricity generation and bulk
supply in the Mumbai metropolitan area. Outside the Mumbai
license area, it also has investments in telecommunications,
electricity generation and retail supply, and an electricity
transmission project.  The company is widening its presence
in electricity generation businesses by developing large-scale
generation projects in India.  For the fiscal year ended
March 31, 2006, Tata Power recorded revenues of INR57 billion
and net profit of INR7 billion.


TATA POWER: Electronics Unit to Bid for US$400MM Defense Order
--------------------------------------------------------------
Tata Power Company Ltd.'s electronics division plans to bid for
a US$400 million (INR1,651 crore) defense contract, Archana
Chaudhary of Bloomberg News reports, citing the division's CEO,
Rahul Chaundry.

According to Archana Chaudhary, the defense contract relates to
the upgrade of 150-millimeter Howitzer cannons, which India
purchased from Sweden's Bofors Weapons Systems AB.

"If Tata Power wins this deal it will mean its electronics
division will grow to earn substantial revenue in five years
time," Bloomberg quotes Mehul Mukati, an analyst at Mumbai-based
Emkay Share and Stock Brokers, as saying.  Mr. Mukati, however,
points out that Indian defense contracts are known for
procedural delays.

Mr. Chaudhry told Bloomberg that the company expects to compete
with Larsen & Toubro in the bidding.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a  
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81 MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

On May 9, 2007, Standard & Poor's Ratings Services placed its
'BB+' long-term foreign and local currency corporate credit
ratings on Tata Power Co. Ltd. on CreditWatch with negative
implications reflecting significantly greater concerns on the
company's debt and on its exposure to higher project completion,
stabilization, and counterparty risks.

Moody's Investors Service, on Jan. 30, 2007, placed its Ba1
corporate family rating and Ba2 senior unsecured debt rating for
Tata Power Company Ltd on review for possible downgrade.


TATA POWER: Board to Consider Annual Accounts on May 30
-------------------------------------------------------
Tata Power Company Ltd's board of directors will hold a meeting
on May 30, 2007, to consider the final accounts and
recommendation of dividend for the year ended March 31, 2007.

For the financial year ended March 31, 2006, Tata Power booked a
net profit of INR6.11 billion on revenues of INR48.88 billion.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a  
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81 MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

On May 9, 2007, Standard & Poor's Ratings Services placed its
'BB+' long-term foreign and local currency corporate credit
ratings on Tata Power Co. Ltd. on CreditWatch with negative
implications reflecting significantly greater concerns on the
company's debt and on its exposure to higher project completion,
stabilization, and counterparty risks.

Moody's Investors Service, on Jan. 30, 2007, placed its Ba1
corporate family rating and Ba2 senior unsecured debt rating for
Tata Power Company Ltd on review for possible downgrade.


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

BANK INTERNASIONAL: Signs Cooperation Agreement With Allianz
------------------------------------------------------------
PT Bank Internasional Indonesia Tbk appointed Allianz Utama
Indonesia to provide more comprehensive financial solutions to
their customers and as one of the partners to provide general
insurance protections.

The signing ceremony was held in Financial Club Jakarta on
April 25, 2007.  Victor Sandjaja, the President Director of PT
Asuransi Allianz Utama Indonesia, together with Henry Ho, the
President Director of PT Bank Internasional Indonesia Tbk, put
their signatures on the certificate, which marked the official
starting date of the two companies' cooperation schemes.

For Allianz Utama, this event becomes an important momentum to
further expand the market through bancassurance business, while
for Bank Internasional, this cooperation is expected to enhance
additional value to their customers.

"This cooperation enables our customers to choose insurance
products and services to protect their assets," said Henry Ho,
President Director of BII.  "It is in line with our commitment
to offer one stop financial services to our individual as well
as corporate customers," added Mr. Ho.

By this agreement, Allianz Utama is now having a direct access
to sell auto and property insurance schemes to customers who are
using BII's loan facilities.  Even though at the end of the day,
the customers also have the right to decide whether they want to
be insured by Allianz or not, still Allianz Utama sees this
chance as a very positive opportunity.

"The increasing trend of using loan facilities from a bank to
acquire personal assets has been creating a new market for the
insurance industry over these past few years.  By having their
assets insured, bank's customers will be protected from risks
exposures that may causes losses and be harmful to their overall
financial conditions.  Of course for this purpose, they need to
have a strong, trusted and experienced insurance partner," said
Victor Sandjaja.

As part of this agreement, Allianz Utama has setup a new IT
system that ready to deploy in BII's front ends.  This new
system will enable BII's Customer Service Offices to directly
enter application data and having an instant approval through a
secured online network to Allianz Utama's main insurance IT
system.  It means that the delivery time of each policy document
to BII customers will be short.

"We are confidently committing our self to deliver our best
service level to BII's customers," said Mr. Sandjaja.

                        About Allianz

Allianz is a leading global provider of insurance, banking, and
asset management services.  Founded in 1890 in Germany, Allianz
currently operates in more than 70 countries serving more than
60 million clients worldwide, including almost half of all
Fortune 500 companies.  Allianz shares are traded at leading
international stock exchanges in Frankfurt, London, Paris,
Zurich and New York.  In 2006, Allianz's total premium income
amounted to 101.1 billion euros.

In Indonesia, Allianz first made its presence in 1981, through a
representative office, which later in 1989, became a joint
venture company known as PT Asuransi Allianz Utama Indonesia, a
general insurance company.  At present, Allianz Utama has 27
offices in 21 cities with more than 3,000 sales forces and
trusted by more than 38,000 individual and corporate customers.

                     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 published the rating
results for Bank Internasional Indonesia as part of the
application of its refined joint default analysis and updated
bank financial strength rating methodologies.  The specific
ratings changes are:

      * BFSR is changed to D from E+.

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

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

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

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

Another TCR-AP reported on Feb. 1, 2007, said that 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 MANDIRI: May Join Syndicate to Finance LNG Plant Building
--------------------------------------------------------------
Bank Mandiri may join a bank syndicate consisting of local and
foreign banks to provide additional funds, about US$880 million,
to finance the construction of a liquefied natural gas plant at
Tangguh in Papua, the Jakarta Post reports.

According to the report, Upstream Oil and Gas Executive Agency
said that it will guarantee the economic feasibility of the
project.  "The project needs about US$6.5 billion to complete
the construction of the first and second trains, processing
unit, at the LNG plant and another US$880 million needed to
complete the construction of the rest of two LNG trains."

Mandiri President Director Agus Martowardoyo admits that the
project was "a promising investment" but the bank still has to
make sure that the offering rate would be attractive enough
before making any decision, the report adds.

About Bank Mandiri

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

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service revised some ratings of
Indonesia's Bank Mandiri as part of the application of the
agency's refined joint default analysis and updated bank
financial strength rating methodologies.  The specific ratings
changes are:

   * BFSR is changed to D- from E+.

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

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

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

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

Fitch Ratings affirmed these ratings of Bank Mandiri: Long- term
foreign and local currency Issuer Default ratings at 'BB-',
Short-term rating at 'B', National Long-term rating at AA(idn)',
Individual at 'D', and Support at '4'.  The Outlook for the
ratings was revised to Positive from Stable.


DIRECTED ELECTRONICS: Posts US$2.8 Million in 1st Quarter 2007
--------------------------------------------------------------
Directed Electronics, Inc.'s net sales in the first quarter of
2007 were US$78 million, an increase of 5% over the prior year
first quarter net sales of US$74 million.  Gross sales of
security and entertainment products in the first quarter of 2007
were US$65 million, an increase of 65% over the prior year first
quarter, primarily driven by the Polk acquisition and strong
performance of the Definitive Technology business.  Polk Audio
represented US$25 million of gross security and entertainment
sales in the first quarter.  Gross sales of satellite radio
products were US$15 million in the first quarter of 2007,
compared to US$36 million in the first quarter of 2006.

Pro forma net income for the first quarter of 2007 was US$1.2
million, or US$0.05 per diluted share, compared with pro forma
net income of US$3.6 million, or US$0.14 per diluted share, in
the first quarter of 2006.  GAAP net loss for the first quarter
of 2007 was US$2.8 million, or US$0.11 per diluted share, which
includes US$5.5 million of expense related to the previously
disclosed Omega lawsuit.  GAAP net income for the first quarter
of 2006 was US$4.0 million, or US$0.16 per diluted share, which
included US$0.4 million of one-time income tax benefit related
to the revaluation of deferred tax assets and liabilities.

"Our first quarter gross sales and pro forma earnings results
were in line with our expectations and we remain confident we
will achieve our sales and earnings guidance for the full year
of 2007," stated James E. Minarik, Directed's President and
Chief Executive Officer.  "In our core security and
entertainment business, we achieved a 65% sales increase,
primarily driven by our home audio business which includes the
Polk acquisition as well as continued strong growth in our
Definitive Technology business.  Our security and convenience
business was up for the first quarter of 2007 driven primarily
by our Canadian acquisitions.  Our mobile audio business
increased principally due to the Polk acquisition which offset a
decline in our mobile video business which was reflective of an
overall decline in the mobile video industry.  This strong
revenue growth combined with lower satellite radio sales
improved overall gross margins to 40.6% compared to 30.6% in the
first quarter of 2006.  As we projected on our fourth quarter
2006 conference call, our strong security and entertainment
sales and margin improvement were offset by slowing satellite
radio sales, the interest associated with satellite radio
working capital, and incremental investments in infrastructure."

"Our first quarter of 2007 satellite radio gross sales of US$15
million included a US$4.0 million reduction due to a price
protection action initiated and funded by SIRIUS in the first
quarter of 2007.  Principally, this move reduced the retail
price of our SL100 from US$349 retail to US$249 and the SL10
from US$249 to US$149.  These price reductions did not have any
effect on our margins as the cost of the associated price
protection of our inventory and our retailers' inventory was
reimbursed to us by SIRIUS.  Excluding this adjustment, our
satellite radio sales in first quarter of 2007 would have been
US$19 million, which is within the range of our Q1, 2007
guidance.  We continue to be the leading provider of satellite
radio receivers with a 47% market share and we represented
approximately 87% of SIRIUS's aftermarket hardware in the first
quarter of 2007," continued Mr. Minarik.  "For satellite radio
products, SIRIUS recently reiterated their guidance of over 2
million new net subscribers in 2007, down from 2.7 million in
2006.  This reduced subscriber demand along with higher
inventory levels at retail at the end of 2006 had a negative
impact on our sales of satellite radio products during the first
quarter."

                           Gross Profit

Gross profit for the first quarter of 2007 increased 39% to
US$31.6 million, or 40.6% of net sales, compared with US$22.8
million, or 30.6% of net sales, in the first quarter of 2006.
The gross margin improvement was due to increased sales of
higher margin Polk Audio, Definitive Technology and security
products combined with reduced sales of lower margin satellite
radio receivers.

In 2007, the company expects its higher margin security and
entertainment sales to be approximately 65% of sales compared to
50% in 2006, which the company believes will result in higher
gross profit margins for 2007.

                   Balance Sheet and Cash Flows

Directed had US$14.1 million in cash as of March 31, 2007.  The
company generated US$22.0 million of free cash flow for the
first quarter of 2007 compared to US$23.7 million for the first
quarter of 2006.  The company's working capital as of March 31,
2007 was US$144 million compared to US$85 million as of
March 31, 2006.

For the first quarter of 2007, pro forma EBITDA was US$11.5
million, or 14.7% of net sales, compared to US$10.6 million, or
14.2% of net sales, in the prior year first quarter.  This
increase was primarily due to the Polk acquisition more than
offsetting the decline in satellite radio product sales.

GAAP EBITDA for first quarter of 2007 was US$5.0 million, which
primarily reflected US$5.5 million of the anticipated legal fees
and settlement related to the Omega lawsuit.

In connection with the acquisition of Polk Audio, Directed
borrowed an additional US$141 million in term debt during the
latter half of 2006, bringing the company's total term debt to
US$305 million.  During the first quarter of 2007, the company
decreased its revolver debt from US$37 to US$20 million as of
March 31, 2007.  In April 2007 the company was granted an
amendment to its credit facility, allowing a higher leverage
ratio to accommodate greater flexibility for potential strategic
acquisitions and seasonal activity.

"Our inventory decreased US$53 million or 43% during the first
quarter of 2007 from US$123 million to US$70 million," stated
Ron Dutt, Directed's Chief Financial Officer.  "This reduction
was driven principally by sell-through of our security and
entertainment products, particularly our home audio products and
bill backs to SIRIUS on certain inventory management agreements
we have with them."

A full-text copy of Directed Electronics' first quarter results
on Form 10-Q is available at the U.S. Securities and Exchange
Commission at http://ResearchArchives.com/t/s?1f01

                        Outlook for 2007

For the full year of 2007, the company reiterated that it
expects net sales to increase 8% to 16% over 2006 to between
US$475 and US$510 million.  Further, the company expects that it
will achieve gross sales growth in security and entertainment
products in the range of 40% to 46%.  Excluding the Polk
acquisition, the company expects to achieve growth in the mid-
single digits in security and entertainment for 2007.  Directed
expects sales of satellite radio products to decline by
approximately 11% to 22% for the full year of 2007 compared to
2006 and anticipates that the majority of this year over year
decline will be experienced in the first half of 2007.

The company reiterated that it expects overall pro forma EBITDA
for 2007 to increase to between US$74 million and US$78 million
compared to US$69 million in 2006.

The company continues to expect 2007 net earnings per diluted
share to be in the range of US$0.95 to US$1.05.  This guidance
also includes US$0.01 of non-cash stock-based compensation
expense, US$0.04 provision for infrastructure improvements and
US$0.04 of legal expenses related to a lawsuit filed against
Directed by an industry competitor in relation to its satellite
radio business, which Directed believes is without merit.

The effective tax rate continues to be stable on a full year
basis and the Company expects the rate to be in the range of 38
to 39% for the full year of 2007.

               About Directed Electronics, Inc.

Directed Electronics, Inc. (Nasdaq: DEIX)
-- http://www.directed.com/-- is the largest designer and  
marketer of consumer branded vehicle security and convenience
systems in the United States based on sales and a major supplier
of home audio, mobile audio and video, and satellite
radioproducts.  As the sales leader in the vehicle security and
convenience category, Directed offers a broad range of products,
including security, remote start, hybrid systems, GPS tracking
and navigation, and accessories, which are sold under its
Viper(R), Clifford(R), Python(R), and other brand names. In the
home audio market, Directed designs and markets Definitive
Technology(R) and a/d/s/(R) premium loudspeakers.  Directed's
mobile audio products include speakers, subwoofers, and
amplifiers.  Directed also markets a variety of mobile video
systems under the Directed Video(R), Directed Mobile Media(R)
and Automate(R) brand names.  Directed also markets and sells
certain SIRIUS- branded satellite radio products, with exclusive
distribution rights for such products to Directed's existing
U.S. retailer customer base.  The company has Asian Sales
offices, including in Indonesia, Japan, Malaysia, Singapore,
Korea and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 13, 2006, that Standard & Poor's Ratings Services lowered
its ratings on consumer electronics maker Directed Electronics
Inc. following its acquisition of Polk Audio Inc., a provider of
loudspeakers and audio equipment for homes and cars, for US$136
million in cash.  The corporate credit rating was lowered to B+'
from 'BB-', and was removed from CreditWatch negative where it
was placed on Aug. 25.


EXCELCOMINDO PRATAMA: To Spend Up to US$600 Million Next Year
-------------------------------------------------------------
PT Excelcomindo Pratama Tbk is planning to spend between US$500
million to US$600 million in capital expenditure next year by
entering the fixed wireless market, a mobile phone service with
a limited coverage in a particular area, to tap into lower
income groups by providing cheaper mobile communications,
Reuters reports.

According to the report, Excelcomindo's new service would
incorporate the company's current technology and infrastructure
and would not require significant new investment.

The capital spending for next year is lower compared to this
year's US$700 million because the infrastructure development for
the company has been carried out, the report adds.

                   About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications  
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

A Feb. 7, 2007 report by the Troubled Company Reporter - Asia
Pacific stated that Moody's Investors Service revised the
outlook to positive from stable on Excelcomindo Finance Company
B.V.'s Ba3 foreign currency senior unsecured bond rating.  The
bond is irrevocably and unconditionally guaranteed by PT
Excelcomindo Pratama.  This rating action follows Moody's
decision to revise the rating outlook on Indonesia's Ba3 foreign
currency sovereign ceiling to positive.  At the same time,
Moody's affirmed the Ba2 local currency corporate family rating
of Excelcomindo Pratama.  The outlook for the rating remains
stable.

Fitch Ratings, on June 5, 2006, upgraded PT Excelcomindo
Pratama's Long-term foreign currency and local currency Issuer
Default Ratings to 'BB-' from 'B+'.  The outlook on the ratings
is stable.


GOODYEAR TIRE: Moody's Upgrades Corporate Family Rating to Ba3
--------------------------------------------------------------
Moody's Investors Service upgraded Goodyear Tire & Rubber
Company's Corporate Family Rating to Ba3 from B1 and maintained
a positive rating outlook.  Moody's also affirmed Goodyear's
liquidity rating of SGL-2.  The actions follow an announcement
by Goodyear of plans to raise approximately US$750 million of
new equity capital, which marks important further progress in
the company's plans to strengthen its balance sheet.

Goodyear has been pursuing strategies to better position the
company for long term competitiveness in the global tire
business.  Capacity rationalization initiatives and a new labor
contract reached with the United Steel Workers should provide
scope for improved operating results, particularly in the core
North American Tire segment.  The labor agreement provides for
the company to utilize a VEBA structure to permanently reduce
OPEB liabilities.  At the same time, the company has declared a
strategy to further improve its balance sheet through debt
reduction.  Proceeds from the proposed equity offering, combined
with anticipated receipts from the sale of its Engineered
Products Division and existing balance sheet liquidity, will
provide substantial capacity for the company to fund the VEBA
trust with US$1.0 billion in cash, contribute to its U.S.
pension plans and implement its debt reduction plan.  Full
execution of the plan, coupled with continued improvement in
operating performance, would significantly improve the company's
financial metrics, and could lead to a further rating upgrade.
However, realization of all of the benefits will occur over time
and remains subject to execution on several elements.  While the
upgrade to Ba3 acknowledges the progress made in achieving a new
labor agreement, announcing the sale of EPD, and initiating an
equity offering, any additional upgrades remain contingent on
delivering on remaining elements of the plan.  The positive
rating outlook anticipates that the company's ability to
complete the EPD sale and equity offering, achieve court
approval of and fund the VEBA structure for OPEB liabilities,
further reduce outstanding debt and pension liabilities, and
sustain its improved operating performance could lead to a
further rating upgrade in the near term.

On May 9, 2007 Goodyear filed a registration statement with the
SEC for an equity issuance for US$750 million.  The company also
expects to receive funds from the announced sale of EPD for
US$1.475 billion.  Combined with residual balance sheet cash
from earlier financing, the aggregate inflows more than cover
likely requirements to fund its VEBA trust with US$1 billion,
contribute US$550-US$575 million to its U.S. pension plans and
initiate substantial debt reduction.  Moody's would anticipate
debt reduction to occur over the coming year through
prioritizing debt with higher carrying costs, and more
restrictive terms.  The presence of variable rate obligations
without repayment premiums, approaching call dates, and ability
to induce conversion of an existing convertible issue into
equity could also assist the company in accomplishing its debt
reduction objectives at minimal relative expense.

Goodyear's ratings continue to consider its global scale,
geographic diversification and market share, and anticipated
improvements to its margins from the combination of
restructuring actions and cost savings achievable from its
recent labor accord with the USW in North America.  It further
considers strengths from its refreshed branded product
offerings, lengthened debt maturities from recent refinancing
and continued solid liquidity profile.  Nevertheless, the
company's recent profitability has been weak due to labor and
commodity cost pressures, and lower aggregate replacement tire
demand in North America.  With a high level of ongoing
indebtedness, coverage ratios have been modest. While overall
credit metrics have historically been more consistent with a
Corporate Family Rating in the "B" category, they are expected
to demonstrate incremental improvement. This improvement would
be driven by efficiencies realized from an improved cost
structure, a rationalized manufacturing footprint, recent
pricing actions, and ultimate recovery in unit demand in the
critical North American tire market.  The equity offering,
existing balance sheet cash and pending sale of its EPD unit
would provide substantial capacity for the company's pension
contributions, funding a VEBA trust and debt reduction.

"Goodyear's strategy should meaningfully improve its operating
performance and capital structure.  While these initial actions
have produced a rating upgrade to Ba3, the outlook remains
positive and recognizes the potential which further operational
improvements as well as reduced debt and legacy obligations
could have on ratings" said Ed Wiest, Vice President and Senior
Analyst at Moody's.

Ratings revised:

Goodyear Tire & Rubber Company

   -- Corporate Family Rating to Ba3 from B1

   -- US$1.5 billion first lien revolving credit facility to
      Baa3 (LGD-1, 3%) from Ba1 (LGD-1, 4%)

   -- US$1.2 billion second lien term loan to Ba1 (LGD-2, 17%)
      from Ba2 (LGD-2, 20%)

   -- Third lien secured term loan to Ba3 (LGD-4, 58%) from B2
      (LGD-4, 59%)

   -- 11% senior secured notes to Ba3 (LGD-4, 58%) from B2 (LGD-
      4, 59%)

   -- Floating rate senior secured notes to Ba3 (LGD-4 58%) from
      B2 (LGD-4, 59%)

   -- 9% senior notes to Ba3 (LGD-4, 58%) from B2 (LGD-4, 59%)

   -- 8 5/8 % senior unsecured notes due 2011 to Ba3 (LGD-4,58%)
      from B2 (LGD-4, 59%)

   -- Floating rate unsecured note due 2009, Ba3 (LGD-4, 58%)
      from B2 (LGD-4, 59%)

   -- 6 3/8% senior notes to B2 (LGD-6, 94%) from B3 (LGD-6,   
      94%)

   -- 7 6/7% senior notes to B2 (LGD-6, 94%) from B3 (LGD-6,
      94%)

   -- 7% senior notes to B2 (LGD-6, 94%) from B3 (LGD-6, 94%)

   -- Senior unsecured convertible notes to B2 (LGD-6, 94%) from
      B3 (LGD-6, 94%)

Goodyear Dunlop Tyres Europe B.V. and certain subsidiaries

   -- EUR505 million of first lien revolving credit facilities
      to Baa3 (LGD-1, 3%) from Ba1 (LGD-1, 4%)

Ratings affirmed:

Goodyear Tire & Rubber Company

   -- Speculative Grade Liquidity rating, SGL-2

The last rating action was on March 27, 2007 at which time
ratings were assigned to Goodyear and GDTE's refinancing of
their respective first lien bank debt.

The SGL-2 Speculative Grade Liquidity rating represents good
liquidity over the coming 12 months and flows from the company's
considerable internal resources supplemented by the expected
infusion of funds from the equity issuance and divestiture of
EPD.  It also considers approximately US$1 billion of available
funding from its US$1.5 billion committed revolving credit
facility.  The facility has minimal constraints from financial
covenants until defined liquidity would fall to a certain level.

The change in Corporate Family Rating and associated assumptions
in Moody's Loss Given Default methodology affects assigned issue
ratings of Goodyear and Goodyear Dunlop Tyres Europe obligations
as well as their respective LGD assessments. In tandem with the
higher Corporate Family Rating, ratings on Goodyear's and GDTE's
first and second debt were up-notched one level as were
unsecured notes which did not have up-streamed guarantees from
material subsidiaries.  Goodyear's third lien debt as well as
its unsecured obligations with up-streamed guarantees were all
up-notched two levels.

             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.


TELKOMSEL: Gives Special Privileges to High-Paying Customers
------------------------------------------------------------
PT Telekomunikasi Selular Indonesia launched Telkomsel Priority,
a new loyalty program that offers special privileges to high-
frequency customers, whose bills come to more than IDR1 million
per month, the Jakarta Post reports.

According to the report, Telkomsel's promotion will provide
added value to their prepaid and postpaid customers and
contribute between 8 and 10% more to their total revenue.  Valid
customers will receive reward points and price discounts at
hundreds of merchant outlets as benefit, the report adds.

                         About Telkomsel

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

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

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


TELKOMSEL: Priority Program Reaches 130,000 Customers
-----------------------------------------------------
PT Telekomunikasi Selular Indonesia expanded its customer
loyalty program from post-paid to pre-paid customers, reaching
130,000 exclusive customers, Antara News reports.

According to the report, the program enables a customer to enjoy
priority service facilities including Grapari and Call Center,
Double Telkomsel Points, Airport Lounge, Airport Handling, and
Airport Transfer.  The program consists of two categories,
namely Gold and Platinum, the report adds.

                         About Telkomsel

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

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

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


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

AOZORA BANK: Moody's Lifts Financial Strength Rating to C-
----------------------------------------------------------
Moody's Investors Service upgraded Aozora Bank Limited's bank
financial strength rating to C- from D; long-term and short-term
deposit ratings to A2/P-1 from Baa1/P-2; and senior unsecured
debt rating to A2 from Baa1.

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

                        About Aozora Bank

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit   
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services. Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003. Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.


BANK OF FUKUOKA: Fitch Affirms 'C' Individual Rating
----------------------------------------------------
Fitch Ratings on May 10, 2007, affirmed Bank of Fukuoka Ltd.'s
Individual Rating at 'C'.  The other affirmed ratings were:

   * Long-term Foreign and Local Currency IDR: 'BBB+';

   * Short-term Foreign and Local Currency IDR: 'F2';

   * Support Rating: '2';

   * Dated subordinated debt: 'BBB'; and

   * Support Rating Floor remains unchanged at 'BBB-'.


The ratings Outlook has been changed to Stable from Positive.

The affirmations reflect Fukuoka's good asset quality and a
sustained growth in top-line revenue.  However, the ratings are
constrained by its weak sister bank, Kumamoto Family Bank, with
which Fukuoka formed the Fukuoka Financial Group in April 2007.  
Fukuoka took over Kumamoto's public funds of JPY30 billion in
May 2006 and made a further Tier 1 injection of JPY25bn in
September 2006.

The Outlook was changed to Stable from Positive following
Fukuoka's announcement on 2 May 2007 of its intention to inject
further capital into Kyushu Shinwa Holdings.  Fukuoka had
previously injected capital of JPY7bn into KSH in October 2006.  
The amount of the second round of capital injection has yet to
be disclosed.  KSH's banking subsidiary, Shinwa Bank Ltd., has
an Individual rating of 'E'.

Fitch expects these new alliances to provide a broader customer
base and business opportunities for Fukuoka, which faces
increasingly fierce competition in its home market, Fukuoka
Prefecture.  At the same time, Fitch will continue to monitor
any fiscal support that Fukuoka may provide to affiliated banks,
and the subsequent impact on its financial position.

                       About Bank of Fukuoka

The Bank of Fukuoka, Ltd. -- http://www.fukuokabank.co.jp/-- is  
a Japan-based regional bank that serves its home market of
Fukuoka Prefecture and the Kyushu region in western Japan.  The
bank is principally engaged in the provision of services that
include deposits, loans, as well as domestic and foreign
exchange services.  Additionally, the bank is involved in the
provision of corporate revival support, debt management and
collection, guarantee and administrative services.  Through one
of its wholly owned subsidiaries, the bank also specializes in
the management of real estate and the dispatch of manpower.


BANK OF YOKOHAMA: Moody's Lifts Financial Strength Rating to C
--------------------------------------------------------------
Moody's Investors Service upgraded Bank of Yokohama, 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
debt ratings to A2 from Baa1.

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

The Bank of Yokohama, Ltd. -- http://www.boy.co.jp/-- is a   
Japan-based regional bank, which provides banking services to
individuals and corporate customers through 185 branches, eight
sub-branches and 368 automated teller machines.  Its banking
business includes deposits, credit guarantee, trust business,
undertaking of commercial papers, undertaking and sale of
various bonds such as government, local and government-backed
bonds, as well as marketable securities.  Through its 12
subsidiaries and two affiliated companies, the Bank is engaged
in the other related businesses, including guarantee, credit and
venture capital businesses.


CHIBA BANK: Moody's Lifts Financial Strength Rating to C
--------------------------------------------------------
Moody's Investors Service upgraded Chiba Bank, 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;

   -- senior unsecured debt rating to A1 from A3;

   -- senior and junior subordinated debt ratings to A2 from
      Baa1; and

   -- issuer rating to A1 from A3.

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

Headquartered in Chiba, Japan, the Chiba Bank Limited --
http://ir.chibabank.co.jp/english-- is the largest regional  
bank in Chiba Prefecture.


MITSUBISHI UFJ TRUST: Signs Joint Venture With Morley Fund
----------------------------------------------------------
Reuters reported that Morley Fund Management, one of Europe's
biggest property fund managers, has invested US$500 million into
a joint venture with Japan's Mitsubishi UFJ Trust and Banking
Corp.

Morley, the property investment arm of insurer Aviva, plans to
ask investors to join a venture in Japan to buy US$2 billion or
GBP1 billion worth of buildings, Morley's Asia fund manager,
Andrew Peacock, told Reuters last week.

In a telephone interview with Reuters, Mr. Peacock said the
joint venture will be supplemented by a "core-plus" fund, to buy
and revamp offices and retail premises.  Mr. Peacock, according
to Reuters, said "the fund would aim for an internal rate of
return of around 9%, which could be lifted to 12% to 13% for
foreign investors because of expected strengthening of the yen
currency."

Mitsubishi UFJ Trust and Banking Corporation --
http://www.tr.mufg.jp-- is the core member and a wholly owned  
subsidiary of Mitsubishi UFJ Financial Group, Inc., which is a
global financial institution basted in Tokyo, providing
commercial banking, trust banking, credit card and personal
finance operations.  MUTB, Japan's largest trust bank, has a
network of 77 branches, 15 local offices in Japan and 5
branches, 2 local offices in North America, Europe and Asia.  As
of September 2006, MUTB had trust assets of around US$860
billion and the Wills entrusted to MUTB reached around 18,000,
of which amount reached over US$41 billion.

On May 4, 2007, Moody's Investors Service noted improvements in
the financial fundamentals of Mitsubishi UFJ Trust and Banking
Corporation.  For this reason, Moody's upgraded Mitsubishi UFJ
Trust's bank financial strength rating to C from D+.  Moody's
also lifted the bank's long-term and short-term deposit ratings
to Aa2/P-1 from A1/P-1, and senior subordinated debt ratings to
Aa3 from A2.

Fitch Ratings upgraded Mitsubishi UFJ Trust and Banking's
individual rating to C from C/D on Jan. 1, 2006.


NORINCHUKIN BANK: Moody's Lifts Financial Strength Rating to C
--------------------------------------------------------------
Moody's Investors Service upgraded The Norinchukin Bank's:

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

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

                          *     *     *

The Norinchukin Bank -- http://www.nochubank.or.jp/-- is the  
central bank for Japan's agricultural, forestry and fishery
cooperative systems.  The bank is Japan's biggest agricultural
cooperative.  Based on constant funds procurement from member
cooperatives, the bank carries out efficient and flexible asset
management by investing in various financial products.  This is
carried out on a global scale.  The profits from these
activities are then continuously passed on to its members.  The
bank has branches in the world's major financial centers,
including New York, London, the Cayman Islands and Singapore.
Coupled with its Head Office in Tokyo, this network enables 24-
hour coverage of the global financial markets.


NORTH PACIFIC BANK: Moody's Ups Financial Strength Rating to D+
---------------------------------------------------------------
Moody's Investors Service upgraded North Pacific Bank, Ltd.'s
bank financial strength rating to D+ from D, and long-term and
short-term deposit ratings to A3/P-2 from Baa2/P-2.

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

The North Pacific Bank, Ltd., is headquartered in Sapporo.  Its
total asset size was approximately JPY6.0 trillion on a stand-
alone basis as of September 2006.  


OGAKI KYORITSU: Moody's Lifts Financial Strength Rating to D+
-------------------------------------------------------------
Moody's Investors Service upgraded Ogaki Kyoritsu Bank, Ltd.'s
bank financial strength rating to D+ from D-, and long-term and
short-term deposit ratings to A3/P-2 from Baa2/P-2.

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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


SAPPORO: Net Loss Narrows to JPY3.98 Billion in 1Q FY2007
---------------------------------------------------------
Sapporo Holdings Limited posted its first quarter consolidated
results for the three months ended March 31.  Sapporo reported a
net loss of JPY3.98 billion, down from the JPY5.91-billion loss
booked in the same quarter last year.

The net loss was a result of the increased costs on product
advertising and the increase promotional spend on new products,
just-drinks.com says.

Consolidated sales rose by 5.7% to JPY90.20 billion in the first
quarter of 2007 on the back of strong beer sales and the
contribution from the recent acquisition of the Canadian beer
firm Sleeman Breweries.  Cost of sales increased by 3.8% to
JPY62.79 billion in the March 2007 quarter.  Selling, general
and administrative expenses totaled JPY32.18 billion, bringing
the company an operating loss of JPY4.77 billion.

Revenues from Sapporo's alcoholic drinks segment rose by 9.9% to
JPY67.7 billion, but sales from its soft drinks business fell by
14.2% to JPY10.4 billion.  The company said this was due to the
temporary sales suspension of its Fujiya drinks, just-drinks
relates.

Sapporo Holdings Limited -- http://www.sapporoholdings.jp/--   
formerly known as Sapporo Breweries, brews beer and operates
more than 200 beer halls and restaurants.  Sapporo is one of
Japan's oldest brewers, and is Japan's third largest brewing
company, with brews ranging from its flagship Black Label to the
pricier Yebisu.  Sapporo also makes the low-malt happoshu brew.  
The company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 7, 2006, Sapporo Holdings posted a JPY1.8 billion
operating loss for the first half of the fiscal year, and
forecast earnings to drop to JPY10.2 billion for FY06 from an
initial forecast of JPY16.8 billion.

Standard & Poor's Rating Service on February 6, 2006, gave
Sapporo Holdings 'BB' Long-Term Foreign Issuer Credit and Long-
Term Local Issuer Credit Ratings.

On March 14, 2006, Fitch Ratings Agency assigned a 'B' Short-
term Foreign and Local Currency Issuer Default Rating to the
company.


SHOKO CHUKIN BANK: Moody's Lifts Financial Strength Rating to D
---------------------------------------------------------------
Moody's Investors Service upgraded Shoko Chukin Bank's bank
financial strength to D from E+.  The bank's long-term and
short-term deposit ratings are unchanged at Aaa/P-1, and long-
term unsecured senior debt rating is unchanged at Aaa.

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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


SHINSEI BANK: Moody's Lifts Financial Strength Rating to C-
-----------------------------------------------------------
Moody's Investors Service upgraded Shinsei Bank, Limited's:

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

   -- long-term and short-term deposit ratings to A2/P-1 from
      A3/P-2;

   -- long-term and short-term senior unsecured debt rating to
      A2/P-1 from A3/P-2; and

   -- senior and junior subordinated debt ratings to A3 from
      Baa1.

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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

                        About Shinsei Bank

Headquartered in Tokyo, Shinsei Bank Limited
-- http://www.shinseibank.com/english/-- was built in 2000 from   
the remains of the collapsed Long-Term Credit Bank of Japan by a
group of foreign investors.  It is traditionally focused on
financing Japan's large industrial firms, but it has been
cultivating its retail and small business banking operations.  
The Bank offers standard services such as deposits, mortgages,
and investments.  Institutional activities include asset
management, bond sales and underwriting, and trust services, as
well as real estate finance and public sector finance, which
each debuted in 2005.  Shinsei Bank has about 30 branches.


SOFTBANK CORP: May Securitize US$1.5 Billion Handset Payments
-------------------------------------------------------------
Masaki Kondo of Bloomberg News reported that Softbank is
considering to convert about US$1.5 billion worth of handset
payments into securities "to fund its mobile phone business."

Mr. Kondo noted that last year, the company started allowing
customers to pay for mobile phones in installments spread out
between one and two years.  As of March 31, 2007, the balance of
accounts receivable for handset payments totaled JPY177.3
billion or US$1.5 billion, Mr. Kondo related citing Noriyoshi
Seki, a spokesman for Softbank.

Citing the Nikkei, Mr. Kondo explained that under the
securitization plan, payment contracts will be transferred to a
trust bank and grouped into preferred and subordinate portions.  
The Nikkei said most of the contracts will be classified under
preferred and sold to investors as asset-backed commercial paper
and securities, Mr. Kondo related.

As reported by the Troubled Company Reporter - Asia Pacific on
May 10, 2007, Softbank Corp. posted a bigger-than-expected 83%
drop in fiscal fourth quarter profit.  For the January-March
2007 quarter, Softbank's net income tumbled to JPY6.88 billion
or US$57 million, down from JPY39.7 billion for the same period
the previous year.  The company blamed higher taxes and higher
operating expenses for the profit decline.

                   About Softbank Corporation

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese   
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was JPY163.3
billion.  

                          *     *     *

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

Standard & Poor's Ratings Services on September 19, 2006,
affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on Softbank Corporation, excluding
Softbank's euro-denominated senior unsecured notes due 2011.  At
the same time, the ratings were removed from CreditWatch, where
they were placed on March 6, 2006, following the announcement of
the company's acquisition of Vodafone K.K., a Japanese
subsidiary of Vodafone Group PLC. Softbank's capital structure
is deteriorating due to the increased debt burden as a result of
the acquisition.

On Feb. 12, 2007, the TCR-AP reported that Softbank Corp.'s net
profit slipped 66% to JPY7.4 billion in the 2006 third quarter
because of higher taxes and declines in extraordinary income.  
The company's revenue more than doubled to JPY702.1 billion in
the 2006 third quarter from JPY287.5 billion in the same period
the previous fiscal year.


SURUGA BANK: Moody's Lifts Financial Strength Rating to D+
----------------------------------------------------------
Moody's Investors Service upgraded Suruga Bank, Ltd.'s bank
financial strength rating to D+ from D, and long-term and short-
term deposit ratings to A3/P-2 from Baa1/P-2.

Moody's is applying its refined joint default analysis and
updated bank financial strength rating methodologies.

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

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

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


TOHOKU MISAWA: Merger Cues JCR to Put Rating on Negative Watch
--------------------------------------------------------------
Japan Credit Rating Agency Ltd., on May 11, 2007, placed the
rating on senior debts of Tohoku Misawa Homes under Credit
Monitor as #BB with Negative direction to it.

Tohoku Misawa Homes and Misawa Homes Kitanihon, in which Misawa
Homes Holdings has 52.3% and 78.4% stakes, respectively, agreed
to merge on October 1, 2007.  Tohoku Misawa Homes covers Miyagi,
Iwate and Yamagata Prefectures while Misawa Homes Kitanihon does
Akita and Aomori Prefectures.  Misawa Homes group will implement
the merger as part of its strategy for enhancement of Tohoku
area and of operational efficiency in accordance with the
medium-term management plan.  The new company to be created by
the merger will push ahead with enhancement of product strategy
and operational efficiency as well as cost reductions.  Misawa
Homes Kitanihon's financial structure is weak as it has long
been incurring operating loss.  Therefore, JCR put the rating
outlook Negative.  JCR will watch carefully impact of the merger
on the earnings and financial structure of Tohoku Misawa Homes
and the strengthening of collaboration with Misawa Homes group.

Headquartered in Miyagi, Japan, Tohoku Misawa Homes Co. Ltd's  
-- http://www.t-misawa.co.jp-- principal activity is to  
construct ceramic prefabricated houses.  The activities of the  
Group include marketing of houses in lot, real estate agents,  
fixed assets leasing and other house-related facilities and  
furniture sales.


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

KOREA EXCHANGE: Regulator Delays Bank Sale Ruling
-------------------------------------------------
Korea Exchange Bank's sale to Lone Star Fund is still valid as
the Financial Supervisory Commission decided to delay a ruling
on its illegality, Reuters reports, citing Korean Times.

According to the report, the decision is viewed as a rejection
to the state auditors' demand to strip the U.S. private equity
fund of a majority stakeholder status in KEB.

The FSC has forwarded its position to the Board of Audit and
Inspection in response to the BAI's ruling that the FSC
authorized the deal in violation of rules preventing a private
equity fund, local or foreign, from taking over a bank, the
report notes.

Reuters added that if the FSC alters its decision to approve the
sale of KEB to Lone Star, 54.6% of its 64.6% of KEB stake will
be sold within six months.

                    About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in   
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is  a clearing member of   
KOFEX and is a subsidiary of Korea Exchange Bank, the official
F/X settlement bank for Korean Futures Exchange.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service upgraded these ratings
of Korea Exchange Bank:

      * BFSR is changed to C- from D

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

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

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

KEB's Foreign Currency Short Term Deposit Rating is unchanged at
Prime-2.

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

On Feb. 22, 2007, Standard & Poor's Ratings Services affirmed
its C+ Fundamental Strength Rating on Korea Exchange Bank.

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.


SHINHAN CARD: Sells US$400 Million Senior Unsecured Notes
---------------------------------------------------------
Shinhan Card Co. Ltd. sold US$400 million worth of senior
unsecured notes for the first time, pricing at the tight end of
the guidance set between 50bp and 55bp over Libor, Finance Asia
reports.

According to the report, the Reg-S, BBB+/BBB+ five-year FRN
closed at par with a coupon of 50bp over three-month Libor,
which bankers believe will allow for healthy performance in the
secondary market.

The company appointed ABN AMRO, Bank of America, BNP Paribas,
and Goldman Sachs to manage the deal, the report adds.

                      About Shinhan Card

Shinhan Card Co. Ltd. is Korea's biggest credit card company.
Headquartered in Seoul, Korea, the Shinhan Card has a
partnership with Shinhan Capital, and is sponsored by Shinhan
Financial Group. Shinhan Card was established in 1990 as a
technical and business company licenced by Shinhan Bank.

Troubled Company Reporter - Asia Pacific reported on May 4,
2007, that Fitch Ratings assigned a 'BBB+' Foreign Currency
Issuer Default Rating to Shinhan Card Co Ltd.  Other ratings
assigned include:

      * Short-term rating of 'F2'
      * Individual rating of 'C' and;
      * Support rating of '2'


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

INTERPUBLIC GROUP: Posts US$125.9MM Net Loss in 1st Quarter 2007
----------------------------------------------------------------
The Interpublic Group of Companies Inc. reported a net loss of
US$125.9 million for the first quarter ended March 31, 2007,
compared with a net loss of US$170.2 million a year ago.

First quarter 2007 revenue of US$1.36 billion, compared to
US$1.33 billion the same period a year ago.
          
During the first quarter, operating expenses decreased to
US$1.48 billion in 2007, from US$1.49 billion last year.
          
Operating loss in the first quarter of 2007 was US$124.2
million, compared to a loss of US$159.6 million in 2006.

"Last year, we reversed a multi-year organic revenue decline and
put the company back on a positive organic trajectory.  This
quarter, we began to build on this accomplishment.  We also saw
continued good progress in lowering office and general
expenses," said Michael I. Roth, Interpublic's chairman and
chief executive officer.  

"Our operating units are focused on delivering integrated and
accountable solutions to our clients.  We will continue to
assist them by developing our talent base and investing in
emerging markets and digital capabilities.  Going forward, we
must increase the rate of improvement in organic growth, as well
as aggressively address staff costs.  We remain on target to
achieve our operating plan for 2007, which puts us in position
to meet the turnaround goals that we have communicated to the
market."

During the first quarter, salaries and related expenses were
US$988.8 million, up 4.0% compared to the same period in 2006.  
This increase reflects higher base salaries to support growth in
certain of the company's businesses, stock compensation expense
and accruals for bonus awards.

Compared to the same period in 2006, first quarter 2007 office
and general expenses decreased 7.5% to US$495.1 million, driven
by continued reductions in professional fees, mainly for
finance-related projects.

Net interest expense in the first quarter of 2007 was US$6.3
million higher compared to the same period in 2006, primarily
attributable to non-cash items related to the amortization of
issuance costs and deferred warrant costs incurred as a result
of the ELF financing transaction completed in the second quarter
of 2006.

The income tax benefit in the first quarter of 2007 was US$25.7
million, compared to a benefit of US$8.8 million in the same
period of 2006.

At March 31, 2007, cash, cash equivalents and marketable
securities totaled US$1.52 billion, compared to US$1.96 billion
at the end of 2006.  Total debt was US$2.3 billion as of
March 31, 2007, virtually unchanged from Dec. 31, 2006.

At March 31, 2007, the company's balance sheet showed US$11.09
billion in total assets, US$9.26 billion in total liabilities,
and US$1.83 billion in total stockholders' equity.

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

                    About Interpublic Group

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

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

The Troubled Company Reporter - Latin America reported on
November 16, 2007, that Fitch Ratings assigned a rating of
'B/RR4' to Interpublic Group's US$400 million 4.25% convertible
senior unsecured notes due March 15, 2023.  The new notes rank
pari passu with other senior unsecured indebtedness of the
company.  The Outlook remains Negative.

IPG's ratings are:

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

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

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

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

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

In addition as reported in the Troubled Company Reporter on
March 8, 2007, Moody's Investors Service changed The Interpublic
Group of Companies, Inc.'s outlook to stable from negative and
affirmed its Ba3 corporate family rating, its Ba3 debt ratings,
and its SGL-1 assessment.

On May 2, 2007, the Standard & Poor's Ratings Services assigned
a 'CCC' rating to the US$525 million 5-1/4% Series B cumulative
convertible perpetual preferred stock of The Interpublic Group
of Cos.

The new rating is three notches below the 'B' corporate credit
rating on the company.


PSC INDUSTRIES: Completes Disposal of Menara PSCI
-------------------------------------------------
Affin Investment Bank Bhd, as merchant bank of PSC Industries
Bhd, disclosed with the Bursa Malaysia Securities Bhd the
completion of the Menara PSCI's disposal.

On November 8, 2006, the Troubled Company Reporter - Asia
Pacific reported that PSC Industries' wholly owned subsidiary,
PSC Asset Holdings Sdn Bhd, entered into a conditional sale and
purchase agreement with Boustead Holdings Berhad to dispose
three pieces of land held under:

    -- Geran No. 27123 Lot No. 1199;

    -- Geran No. 27124 Lot No. 1197; and

    -- Geran No. 27125 Lot No. 1198, Section 13, all in Town of
       Georgetown, State of Pulau Pinang measuring approximately
       71,817 square feet together with a building known as
       Menara PSCI, for a cash consideration of MYR54 million,
       which will be satisfied through:

        (i) a deposit and part payment of MYR5,400,000, which
            will be paid by Boustead Holdings upon the execution
            of the sale and purchase agreement; and

       (ii) the payment of remaining balance of MYR48,600,000 by
            Boustead Holdings to a stakeholder within 30 days
            from the date of receipt of the approvals required
            or six months from the date of the Sale and Purchase
            Agreement.

The capital gained from the assets disposal will be utilized for
repayment of the company's bank borrowings, the TCR-AP said.

                           *     *     *

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing.  It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminum fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The PSC Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan
pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad's Listing Requirements.

At Dec. 31, 2006, PSC Industries' unaudited balance sheet showed
MYR204.43 million in total assets and MYR741.71 million in total
liabilities, resulting in a MYR537.28 million shareholders'
deficit.


PUTERA CAPITAL: Court Orders Unit to Pay MYR1.26MM to Fukada
------------------------------------------------------------
Putera Capital Bhd's wholly owned unit, Pembinaan PCB Sdn Bhd,
was ordered by a Malaysian court to pay at least MYR1.26
million, including capital and interest, to Fukada Engineering
Sdn Bhd.

According to Putera's disclosure with the Bursa Malaysia
Securities Bhd, the payment was ordered after Fukada obtained a
summary judgment against Pembinaan for these amounts:

     a) Judgment sum of MYR1,141,710.38

     b) Interest at the rate 8% per annum on the judgment sum
        of MYR1,141,710.38 from December 17, 2005, to April 25,
        2007 (496 days and continuing).

Putera said that it will file an application to set aside the
judgment, adding that negotiations have been commenced with
Fukada for an amicable settlement of the matter.

                          *     *     *

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.


SUREMAX GROUP: Posts MYR1.6MM Net Loss in 2nd Qtr. Ended Feb. 28
----------------------------------------------------------------
Suremax Group Bhd recorded a net loss of MYR1.6 million on
MYR699,000 of revenues in the second quarter ended Feb. 27,
2007, compared with a net loss of MYR487,000 on MYR711,000 of
revenues in the same period in 2006.

As of Feb. 27, 2007, the company's unaudited balance sheet
showed current assets of MYR53.91 million and current
liabilities of MYR35.35 million.

Suremax Group's unaudited balance sheet as Feb. 27, 2007, showed
total assets of MYR55.04 million and total liabilities of
MYR42.90 million.  Shareholders' equity is MYR12.15 million.

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

         http://bankrupt.com/misc/suremax-2q-results.xls

                          *     *     *

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

                         Going Concern

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

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


SYARIKAT KAYU: Posts MYR1.76 Million Net Loss in 1st Qtr. 2007
--------------------------------------------------------------
Syarikat Kayu Wangi Bhd posted a net loss of MYR1.76 million on
MYR4.73 million of revenues in the first quarter ended Feb. 28,
2007, compared with a net loss of MYR921,000 on MYR4.01 million
of revenues in the same quarter last year.

As of Feb. 28, 2007, the company's unaudited balance sheet
showed strained liquidity with current assets of MYR17.36
million available to pay MYR29.63 million of liabilities coming
due within the next twelve months.

Syarikat Kayu's unaudited balance sheet as of Feb. 28, 2007,
showed total assets of MYR74.53 million and total liabilities of
MYR71.46 million, resulting in a shareholders' equity of MYR3.06
million.

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

         http://bankrupt.com/misc/syarikat-1q-results.xls

                          *     *     *

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer of the
Amended PN17/2005 on May 8, 2006, since its latest audited
financial statements for the year ended Nov. 30, 2005, showed
that the company's shareholders' equity is MYR7,189,000, which
is less than 25% of the company's issued and paid up capital.

Syarikat Kayu is currently in the process of preparing the
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.


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

AIRDRIE TOWING: High Court to Hear Wind-Up Petition on May 17
-------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Airdrie Towing Ltd. on May 17, 2007, at 10:00 a.m.

The petition was filed by the Commissioner of Inland Revenue on
Jan. 16, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Simon John Eisdell Moore
         Meredith Connell
         Forsyth Barr Tower, Level 17
         55-65 Shortland Street
         PO Box 2213, Auckland
         Telephone:(09) 336 7556)


AMY HOLDINGS: Deadline to File Claims is Today
----------------------------------------------
John Michael Gilbert, as liquidator of Amy Holdings Ltd.,
requires the company's creditors to file their proofs of debt no
later than today.

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

The Liquidator can be reached at:

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


BRIDGEND HOLDINGS: Faces CIR's Wind-Up Petition
-----------------------------------------------
The Commissioner of Inland Revenue filed on January 11, 2007, a
petition to wind up the operations of Bridgend Holdings Ltd.

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

The CIR's solicitor is:

         Justine S. T. Berryman
         c/o Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


CITE SOLUTIONS: Taps Whittfield and Finnigan as Liquidators
-----------------------------------------------------------
On April 11, 2007, the shareholders of Cite Solutions Ltd.
appointed John Trevor Whittfield and Peri Micaela Finnigan as
liquidators of Cite Solutions Limited.

The Liquidators fixed June 1, 2007, as the last day for
creditors to prove their debts.

The Liquidators can be reached at:

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


CSAKL LTD: Shareholders Decide to Close Business
------------------------------------------------
The shareholders of CSAKL Ltd. decided to close the company's
business on April 27, 2007.  Graham Lewis St John Pedler was
appointed as liquidator.

The Liquidator can be reached at:

         Graham Lewis St John Pedler
         Gardiner Reaney Limited
         Chartered Accountants
         Maritime Building, corner of Browning and Byron Streets
         PO Box 192, Napier
         New Zealand
         Telephone:(06) 835 3385
         Facsimile:(06) 835 5115


G PROPERTIES: Creditors' Proofs of Debt Due Today
-------------------------------------------------
On April 19, 2007, the shareholders of G Properties Ltd.
resolved to liquidate the company's business and Gordon L.
Hansen was appointed as liquidator.

Mr. Hansen fixed today, May 14, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidator can be reached at:

         Gordon L. Hansen
         Goldsmith Fox PKF
         PO Box 13141, Christchurch
         New Zealand
         Telephone:(03) 366 6706
         Facsimile:(03) 366 0265


HELI-FLIGHT: Subject to CIR's Wind-Up Petition
----------------------------------------------
On January 17, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Heli-Flight (NZ) Ltd.

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

The CIR's solicitor is:

         Justine S. T. Berryman
         c/o Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue
         PO Box 33150, Takapuna
         Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


HIGHRISE CONTRACTORS: Wind-Up Petition Hearing Set for May 24
-------------------------------------------------------------
A petition to wind up the operations of Highrise Contractors
Ltd. will be heard before the High Court of Auckland on May 24,
2007, at 10:00 a.m.

The petition was filed by Accident Compensation Corporation on
December 22, 2006.

Accident Compensation's solicitor is:

         Dianne S. Lester
         Maude & Miller
         McDonald's Building, 2nd Floor
         Cobham Court
         PO Box 50555, Porirua City
         New Zealand


THE CAR: Commences Liquidation Proceedings
------------------------------------------
On April 27, 2007, The Car Affair Company Ltd. commenced
liquidation proceedings and Graham Lewis St John Pedler was
appointed as liquidator.

Mr. Pedler can be reached at:

         Graham Lewis St John Pedler
         Gardiner Reaney Limited
         Chartered Accountants
         Maritime Building, corner of Browning and Byron Streets
         PO Box 192, Napier
         New Zealand
         Telephone:(06) 835 3385
         Facsimile:(06) 835 5115


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

APEX MINING: Dec. 31 Balance Sheet Upside Down by PHP57.14 Mil.
---------------------------------------------------------------
Apex Mining Company, Inc. reported a net loss of PHP53.92
million for the year ended Dec. 31, 2006, its biggest net loss
following the PHP30.13 million and PHP7.31 million for the years
2005 and 2004.

As of Dec. 31, 2006, the company had total assets of PHP464.44
million and total liabilities of PHP521.58 million, resulting in
a capital deficiency of PHP57.14 million.

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

          http://bankrupt.com/misc2/apexmining2006.pdf

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.


ATOK BIG: Tulio Evangelista Lim Raises Going Concern Doubt
----------------------------------------------------------
Atok Big Wedge Co. Inc. suffers yet another net loss for the
year ended Dec. 31, 2006, amounting to PHP3.54 million, almost
the same as the PHP3.51 million the company recorded for the
year ended Dec. 31, 2005.

The company also suffered a PHP3.73 million net loss in 2004.

Total revenues for 2006 amounted to PHP2.43 million while total
expenses amounted to PHP5.98 million.

Wilberto Sison at Tulio, Evangelista, Lim & Co. raised
significant doubt on the company's ability to continue as a
going concern due to the stoppage of its mining operations.

The company's financials are available for free at:

           http://bankrupt.com/misc/atokbig2006.pdf

Headquartered in Quezon City, Philippines, Atok Big Wedge Co.
Inc. was established and registered with the Securities and
Exchange Commission on Sept 4, 1931 primarily as a mining
company. After decades of mining, the company devolves into a
Holding Company with business in general investment, mining
related activities were spun off to its 100% wholly own
subsidiary, company Atok Gold Mining Co., Inc.

The company is exploring business ventures.


BANK OF COMMUNICATIONS: Net Income Rises 167% to PHP234.93 Mil.
---------------------------------------------------------------
Philippine Bank of Communications posted a 167% growth in
bottomline profits with a net income of PHP234.93 million in
year-end 2006, up by PHP147 million from the 2005 restated net
income of PHP87.89 million.  

The significant reduction in funding costs together with the
higher revenue streams from securities trading, inter-bank
lending, Trust Operations, rental income from PBCom Tower,
interest income from Deposit with Banks and higher collections
from service charges, fees and commissions compensated for the
decrease in revenues from Interest Income on loans and
securities investments, Foreign Exchange and the increase in
operating expenses.

Net interest income decreased by PHP46.57 million to PHP936
million in year-end 2006, a 4.74% drop from the PHP982 million
NII registered in 2005.  The decline in NII was mainly due to
the lower revenue streams from lending activities as demand for
loans remained weak while the bank continued its aggressive
collection efforts.  Strategic initiatives undertaken by the
bank to reduce overall average funding cost paid dividends as
interest expense on deposits and borrowed funds went down by
PHP96 million to PHP2.624 billion from P2.720 billion previous
year.  The significant decrease on interest expense on deposit
liabilities (by PHP68 million) and borrowed funds (by PHP29
million) together with the increase in interest income from
Inter-bank lending (by PHP96 million) and higher collection of
interest from past due accounts (by 84 million) compensated for
the decline in interest income from loans (by PHP85 million) and
government securities (by PHP164 million).

Non-interest income went up 66.12% or PHP687.87 million year on
year from PHP1.040 billion to PHP1.728 billion this year.  The
growth was primarily driven by an upsurge in trading gains by
PHP529.51 million as the bank capitalized on the underlying
trading opportunities in a declining interest rate environment
in 2006.  The increase in revenue streams from Trust Operations
by PHP19.9 million, sale of acquired assets by PHP52.33 million,
fees and commissions by PHP3.96 million and rental income from
PBCom Tower by PHP37.19 million essentially accounted for the
growth and compensated for the decline in revenues from foreign
exchange by PHP5.71 million and recoveries from impairment
losses by PHP129 million.

Total Operating Expenses (inclusive of PHP212 million provision
for losses) as of Year end 2006 increased by 34.27% or PHP541
million to PHP2.119 billion from PHP1.578 billion in the
previous year.  Manpower expenses totaled PHP596 million, higher
by PHP22 million as compared to previous year's PHP574 million.  
The increase came from the net effect of the new CBA signed in
January 2006 and the promotional and merit increases for
officers effective April 2006.  Controllable costs increased by
131.88 million to PHP424.35 million from last year's level of
PHP292.47 million as a result of increases in advertising
expenses for new products and Acquired Assets-related expenses
(legal fees, capital gains tax and documentary stamp taxes).  
Non-controllable expenses likewise increased by PHP249.69
million to PHP583.80 million mainly attributed to ROPA
depreciation of PHP137.59 million, higher depreciation and
amortization expenses by PHP25.55 million and Taxes and Licenses
by PHP102 million.

Total assets grew 6.34% to PHP55.790 billion as of December 31,
2006, a PHP3.326 billion increase from the reported PHP52.463
billion at year-end 2005.  The net effect of the increases on
investments in government securities and other peso and dollar
denominated sovereign bonds by PHP4.55 billion, demand deposit
account with BSP by PHP1.3 billion, ROPA by PHP541 million and
the reduction in the bank's Inter-bank lending, Loans and Other
receivables, Due from Other Banks, Other Assets- deferred
charges by PHP1.017 billion, PHP946 million, 417 million and
PHP693 million respectively accounted for the growth.

Funding the growth in assets was a PHP1.62 billion and PHP1.12
billion increase in total deposits and deposit substitutes.  The
bank continued with the deliberate contraction of its loan
portfolio through its selective and cautious lending policy to
expand its earning asset base and build stable revenue streams
as a compensatory measure against thinning spreads.

The bank took strong positions in dollar-denominated bonds and
peso government securities during the year where the bank
realized substantial trading gains.  Sustained efforts in
improving asset quality through its loan recovery measures
enabled the bank to bring down it's non-performing loans to
PHP2.958 billion as of December 2006 down by 11.11% or PHP370
million from year-end 2005 level softening the impact of the
PHP2.5 billion decrease in the bank's total loan portfolio
(excluding unquoted debt securities classified as loans) which
stood at PHP13.55 billion as of December 31, 2006 from the
PHP16.06 billion level during the previous year.  The bank's NPL
ratio as of year-end 2006 went up slightly to 21.82% from 20.71%
in December 2005.

PBCom's liquidity position continued to remain stable funded by
the steady growth in its deposit base.  The bank ably met its
financial obligations and loan commitments at the least cost and
likewise complied with the regulatory reserve requirements on a
continuing basis at an optimum mix during the course of the
year.

Strategic initiatives resulted to a PHP1.6 billion increase in
total deposits as both low-cost and high yielding long term
deposits expanded.  Total deposits stood at PHP35.618 billion as
of end-2006.  The PHP690 million growth in demand deposits can
be attributed to the bank's campaign to build-up a low-cost
deposit base to reduce overall average funding costs.

The Private Banking Group augmented the sales efforts of branch
front liners by soliciting new corporate and high net worth
individual accounts.  This strategic move and the aggressive
sales efforts exerted by branches fueled the PHP795 million
increase in term placements and the PHP137 million increase in
savings deposits.

Despite the cumulative effect of changes in accounting
principles and prior period adjustments on Surplus (Note 29),
the bank's capital base increased by PHP213.million to P10.088
billion at year-end 2006.  The bank's Risk Based Capital
Adequacy Ratio of 27.86% under BSP circular 360 covering both
credit and market risk as of report date is well above the 10%
minimum requirement.

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

             http://bankrupt.com/misc/pbcom2006.pdf

Headquartered in Makati City, Philippines, Philippine Bank of
Communications -- http://www.pbcom.com.ph/-- provides  
different products and services through its different divisions
and it has a broad range of credit facilities, which are either
denominated in local currency or foreign. Its Trust Division
handles common trust funds, investment advisory accounts and
employee benefit trusts.  Aside from these, the bank also offers
money market placements and traditional products such as peso
deposits.  

As of May 14, 2007, the bank carries Fitch Ratings's 'D/E'
individual rating, which the rating agency placed on June 11,
2004.


CYBER BAY: Dec. 31 Balance Sheet Upside Down By PHP3.18 Billion
---------------------------------------------------------------
Cyber Bay Corporation reported a net loss of PHP104.19 million
for the year ended Dec. 31, 2006, down from the net loss of
PHP143.43 million it reported a year earlier.

The company suffered a PHP289.17 million net loss in 2004.

As of Dec. 31, 2006, the group had total assets of PHP612.30
million, total liabilities of PHP3.90 billion resulting in a
capital deficiency of PHP3.18 billion.

                       Plan of Operation

Due to the pending case before the Supreme Court, which rendered
a decision nullifying the Joint Venture Agreement with the
Philippine Estates Authority, the company has suspended all
reclamation related works and negotiations.

The company has exhausted almost all possible legal courses of
action.  In the meantime, the company will request for a mutual
consultation with the PEA to present its claims pursuant to the
Amended JVA and to the Decision of the Supreme Court.

The company has spent a considerable amount on the project,
which amount continues to earn interests.  Without prejudice to
any other rights and remedies to which the company may be
entitled pursuant to the Amended JVA and/or the law, the claim
for reimbursement will be submitted to the PEA.

                      Going Concern Doubt

Florante Aseron at Sycip Gorres Velayo and Co. raised
substantial doubt on the group's ability to continue as a going
concern citing the group's failure to honor their loan
commitments and incurrence of significant losses from
accumulating interests and penalties due to the cessation the
Manila Bay redevelopment project.  The auditors further stated
that the ability of the group to continue as a going concern
will depend on the recoverability of their claim for
reimbursement and on the success of any business that the group
may undertake.

Formerly Centennial City, Inc., Makati-based Cyber Bay
Corporation's strategic thrust is the development of reclaimed
land in the prime Manila Bay area into a web of interrelated
development districts that will make up a 21st century modern
township. The company has a 100% equity interest in Central Bay
Reclamation and Development Corporation, formerly Amari Coastal
Bay Development Corporation, which has a joint venture agreement
with the Public Estates Authority for the reclamation of 750
hectares along the Manila-Cavite Coastal Road area.  An integral
component of the government's Boulevard 2000, the Cyber Bay
master plan involves the development of a world-class center of
commerce, entertainment, shopping and education integrated with
a mix of residential districts. With the Cyber Bay Project, the
company is afforded a unique flagship waterfront development.


EVER-GOTESCO: Sycip Gorres Velayo Raises Going Concern Doubt
------------------------------------------------------------
Ever-Gotesco Resources and Holdings, Inc. reported a net income
of PHP232.38 million for the year ended Dec. 31, 2006, more than
doubling the PHP101.62 million net income it reported for the
year ended Dec. 31, 2005.

This was substantially a result of the positive net effect of
the accretion income from the discounted receivables from
related parties.

Revenues for the year amounted to PHP320.69 million, while
direct costs and expenses amounted to PHP245.94 million.

Martin C. Guantes at Sycip Gorres Velayo and Co. raised
significant doubt on the company's ability to continue as a
going concern saying that the ultimate outcome of the following
matters cannot be presently determined:

   (a) the consolidation by lender banks of the ownership and
       possession of the land and commercial complex of the
       company's wholly owned subsidiary, Gotesco Tyan Ming
       Development, Inc., pending the decision on the case by
       the court, and

   (b) the amount of staggered amortization as loan repayment
       that are due under a compromise agreement, which was
       approved by the court, from the defendants to a civil
       case in which the company and its subsidiary were
       impleaded.

The auditors also cited that the company and its subsidiary
continued to have substantial working capital deficiency and
deficit.

As of December 31, 2006, the group had total assets of PHP3.97
billion and total liabilities of PHP1.99 billion, resulting in
total stockholders' equity of PHP1.95 billion.  The group,
however, still maintains a deficit of PHP3.05 billion.  The
group's total current liabilities at PHP1.99 billion exceeded
its total current assets at PHP574.10 by PHP1.42 billion.

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

              http://bankrupt.com/misc2/ever2006.pdf

Headquartered in C.M. Recto Avenue, Manila, Ever-Gotesco
Resources and Holdings, Inc., was established by the Ever-
Gotesco Group to pursue its mall operations through its two
subsidiaries, Ever Commonwealth Center and Ever Gotesco Ortigas
Complex.  The company is also engaged in real estate
development.  It builds and leases out shopping malls to
commercial tenants.  Revenues of the company are generated
principally from its leasing operations.

The company owns 100% of the outstanding capital stock of
Gotesco Tyan Ming Development, Inc., owner of the Ever Gotesco
Ortigas Complex.  GTMDI was registered with the Securities and
Exchange Commission on September 21, 1994, to engage in real
estate and related business.  GTMDI started its commercial
operations on December 1, 1995, and has since taken over
ownership and operations of the Mall cinemas.


GEOGRACE: Sycip Gorres Velayo Raises Going Concern Doubt
--------------------------------------------------------
Geograce Resources Philippines, Inc. reported a net income of
PHP256.69 million for the year ended Dec. 31, 2006, a turn
around from the PHP166.89 million loss a year earlier.

The company reported an income from discontinued operations
after income tax of PHP259.20 million after the transfer of
substantially all the assets and liabilities of Geograce
Resources Philippines, Inc. to Nora A. Bitong and/or her
assignee.  The transfer resulted in the company reporting a net
asset position of PHP1.28 million as of Dec. 31, 2006, reversing
its PHP231.52 million capital deficiency as of Dec. 31, 2005.

A copy of the company's 2006 financial statements is available
for free at http://bankrupt.com/misc2/geograce2006.pdf

The company now plans to:

   * continue acquiring more quality mining tenements
     strategically located all over the Philippines with
     interest in gold, copper and nickel, among others;

   * negotiate with foreign and local partners for possible
     joint ventures and technical services agreements;

   * build-up its in-house technical team; and

   * raise capital for exploration and tenement acquisition.

The Troubled Company Reporter - Asia Pacific reported on Mar. 8,
2007, that the company proposes to conduct a stock rights
offering covering up to 560,467,914 common shares at a ratio of
one rights share for every three and a half shares held at an
offer price of PHP1.00 per share.  This is part of the company's
capital raising activities.

The TCR-AP report also stated that proceeds from the offer -- an
estimated PHP560 million -- will be used to finance the
company's project development programs, acquisition of more
mining tenements, drilling programs, payment of advances made by
shareholders and additional working capital.

                      Going Concern Doubt

Belinda Fernando at Sycip Gorres Velayo and Co. raised
significant doubt on the company's ability to continue as a
going concern citing the company's suspension of land
development activities, continuous losses and the company's
inability to settle maturing obligations.

Formerly known as Global Equities Inc., Geograce Resources
Philippines, Inc., manufactures and distributes absorbent
cotton, personal, health and baby care products.  The company
also develops premier vacation residential area within a Nature
Park along Tagaytay Ridge in Batangas.  The company also
develops properties.

Geograce Resources was originally incorporated as La Suerte Gold
Mining Corporation on April 20, 1970, primarily to engage in the
exploration, exploitation, and development of mineral resources;
to purchase, lease and otherwise acquire mining claims and
concessions anywhere in the Philippines; and to carry on the
business of mining, extracting, smelting, treating, and
otherwise producing and dealing in metals and minerals of all
kinds including all its products and by-products.


IMPERIAL RESOURCES: Posts PHP11.05 Million Net Loss for 2006
------------------------------------------------------------
Imperial Resources, Inc. reported a net loss of PHP11.05 million
for the year 2006, its third consecutive yearly net losses after
2005's PHP7.93 million and PHP20.94 million.

For the year 2006, the company recorded an operating loss of
PHP7.92 million on revenues of PHP86,025 and operating expenses
of PHP8.00 million.

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

      http://bankrupt.com/misc2/imperialresources2006.pdf

Quezon City-based Imperial Resources, Inc. has ceased its oil
and mining operations and is currently looking into going into
the coal, asphalt and gold mining businesses.


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

ISOFT GROUP: Steps Down as Director of Irish Subsidiary
-------------------------------------------------------
Stephen Graham has permanently resigned from the board of iSoft
Business Solutions (Ireland) Ltd., a subsidiary of iSoft Group
plc, effective April 24, 2007, Laura Noon of The Irish
Independent reports citing documents from the Companies Office.

As previously reported in the TCR-Europe on March 30, Mr. Graham
was earlier dismissed as director of parent firm iSoft Group
PLC.

The company disclosed that along with his dismissal, Mr. Graham
also ceased to be its employee.

According to a company spokesman, there had been a time lag
between Mr. Graham's departure and his resignation from the
Irish board because "leaving iSoft didn't automatically remove
Mr. Graham from the boards of the other companies."

The board of iSoft suspended Mr. Graham on Aug. 8, following an
initial investigation into possible accounting irregularities in
the financial years ended April 30, 2004, and 2005.

iSoft believes it is proper for Mr. Graham to leave before the
probe ends as the investigation is likely to last more than a
year not just for a few a months as originally expected, The
Irish Independent relates.

                        Accounting Probe

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it appears that
some revenues reported in 2003/04 and 2004/05 may have been
recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board disclosed that it would conduct its own investigation.  
The AIDB investigation is a review of the conduct of those
members of accountancy bodies that are regulated by the AIDB who
were executive or non-executive directors of iSOFT during the
relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for
the financial years ended April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularitie.

                           About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical  
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it appears that
some revenues reported in 2003/04 and 2004/05 may have been
recognized earlier than they should have been.

On July 20, 2006, the Group engaged Deloitte & Touche LLP, as
auditors, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation.  
The company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.  The Group is working closely and co-operatively
with the FSA in order to complete these investigations as
quickly as possible.  

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board disclosed that it would conduct its own investigation.  
The AIDB investigation is a review of the conduct of those
members of accountancy bodies that are regulated by the AIDB who
were executive or non-executive directors of iSOFT during the
relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for
the financial years ended April 30, 2003, 2004 and 2005.

All current executive directors of iSOFT, who are members of
those accountancy bodies, were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities conducted
by Deloitte & Touche LLP did not uncover evidence that any of
the current non-executive directors had any knowledge of the
irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                        Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


LAZARD LTD: March 31 Balance Sheet Upside-Down by US$206.8 Mil.
---------------------------------------------------------------
Lazard Ltd. reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.

Total revenue for the first quarter ended March 31, 2007, was
US$398.6 million, as compared with total revenue for the first
quarter ended March 31, 2006, of US$355 million.  Net income
increased to US$26.4 million, as compared with US$19.7 million
for the first quarter of 2006.

Operating revenue increased to US$388.2 million, as compared
with US$351.1 million for the first quarter of 2006, resulting
primarily from growth in the company's Asset Management
business.  Operating income was US$78.3 million, as compared
with US$78.1 million for the first quarter of 2006.

"We have made impressive achievements in our Asset Management
business with record assets under management of US$124.9 billion
and record quarterly positive net inflows, with US$11.6 billion
in new assets in the quarter.  Our three-year plan for Asset
Management has been a success and progress is continuing," said
Bruce Wasserstein, chairman and chief executive officer of
Lazard Ltd.

"In our Financial Advisory business, we continue to serve as
independent, strategic advisors on some of the most important
cross-border, global and domestic M&A and restructuring
assignments around the world.  We are actively pursuing
expanding Financial Advisory by geography and adjacent
businesses through acquisitions, investments and new hires.  We
also are actively pursuing expansion of our Asset Management
business through acquisitions, new investment products,
including merchant banking investments, making new hires of
individuals and teams, and upgrading our current platforms.  We
continue to invest for future growth and feel that the firm is
well positioned."

"Our market position is strong in both our Financial Advisory
and Asset Management businesses," noted Steven J. Golub,
Lazard's vice-chairman.  "Our Financial Advisory backlog
continues to build, and we are the strategic advisor on many
high-profile, precedent-setting transactions, including the
restructuring of New Century Financial, a leader in sub-prime
lending; Barclays' US$91.3 billion merger with ABN Amro, the
largest bank merger in history; Acciona in its agreement with
Enel concerning their EUR 43.7 billion transaction with respect
to Endesa; and TXU's US$45 billion sale to a private equity
group, the largest-ever LBO.  We continue to work on other major
transactions such as Mellon Financial's US$16.5 billion merger
with The Bank of New York, KeySpan's US$11.8 billion sale to
National Grid, the Chicago Board of Trade's merger discussions
and American Standard's plan to separate its businesses.  We
continue to add senior talent, such as executive Donald G.
Drapkin, who joined us last week."

"Our results are best measured on an annual basis rather than on
any single quarter," added Mr. Golub.  "This year our backlog
for completion of transactions seems to be weighted toward the
second half of the year.  We continue to focus on controlling
costs.  The increase in our non-compensation expense was
impacted by, among other factors, one-time cost recoveries in
the first quarter of 2006.  We remain confident that the
operating leverage in our business model will continue to yield
long-term positive results."

                        About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's    
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
France, Germany, India, Japan, Korea and Singapore.


PETROLEO BRASILEIRO: Brazil Seeks Plant Price Pact with Bolivia
---------------------------------------------------------------
Brazilian Foreign Minister Celso Amorim told Bill Faries at
Bloomberg News reports that the country has sought to reach an
agreement with Bolivia on the selling price of two oil plants
owned by Brazilian state-run oil firm Petroleo Brasileiro SA in
Bolivia.

Mr. Amorim told the press, "I wouldn't even say there is a
dispute.  What we have expressed very clearly to our Bolivian
friends is that unilateral actions are not normally conducive to
good results."

Bloomberg News' Mr. Faries relates that Petroleo Brasileiro
officials met with Bolivian Hydrocarbons and Energy Minister
Carlos Villegas in La Paz after Bolivia disclosed on May 6 that
it was transferring the company's right to sell crude and white
gasoline from the plants to Bolivia's own state-run oil firm
Yacimientos Petroliferos Fiscales Bolivianos.

According to Bloomberg News' Mr. Faries, Petroleo Brasileiro had
said after the May 6 announcement that it wants to sell the
plants.

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Petroleo Brasileiro presented in a letter addressed
to Yacimientos Petroliferos, and to the Bolivian Hydrocarbons
Ministry, the terms of its final proposal for the sale of the
Guillermo Elder Bell Refinery, in Santa Cruz de La Sierra, and
of the Gualberto Villaroel Refinery, in Cochabamba, Bolivia.  
The offer is for the full sale of Petrobras' share participation
in both refineries.

Minister Villegas was positive that a deal would be reached,
Bloomberg News' Mr. Faries says.  

Brazilian Energy Minister Silas Rondeau told Brazilian press, "I
don't believe we've yet reached a point that we need to use a
contingency plan.  We're waiting and hoping that the
negotiations will yield a positive result."

Bolivia offered to buy the two plants for US$60 million,
newswire EFE notes, citing Bolivian Vice President Alvaro Garcia
Linera.

However, Petroleo Brasileiro wants to sell the plants at US$112
million, EFE relates.

Bloomberg News' Mr. Faries states that Brazil's President Luiz
Inacio Lula da Silva had said that Brazil may seek international
arbitration.  The Brazilian leader said, "A country has the
right to seek to buy a company that it believes it needs to take
care of.  And Petrobras [Petroleo Brasileiro] has the right to
aim for a fair price."

                   About Petroleos de Venezuela

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

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

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


SCOTTISH RE: Fitch Revises Low-B Ratings Watch to Positive
----------------------------------------------------------
Fitch Ratings has revised the Rating Watch on these ratings of
Scottish Re Group Ltd. (NYSE:SCT) to Positive from Evolving:

    -- Issuer Default Rating (IDR) 'B+';
    -- 7.25% Non-cumulative perpetual preferred stock 'B-/RR6'.

The Rating Watch on SCT was revised following the completion of
the US$600 million investment transaction with MassMutual
Capital Partners LLC, and affiliates of Cerberus Capital
Management, L.P.

Following upcoming meetings with management, including
representatives from MassMutual Capital and Cerberus, Fitch
expects to review SCT's financial, business and operating
profile and plans, following the investment cited above.  
Following this review, which is expected to be completed within
the month of May, Fitch may resolve the Rating Watch by
upgrading SCT's ratings or affirming them with a Stable Outlook.

Fitch also placed these ratings on Rating Watch Positive from
Rating Watch Evolving:

Scottish Annuity & Life Insurance Company (Cayman) Limited

    -- Insurer financial strength rating 'BB+'.

Scottish Re (U.S.) Inc.

    -- IFS 'BB+'.

Scottish Re Limited

    -- IFS 'BB+'.

Stingray Pass Through Trust

    -- US$325 million 5.902% collateral facility securities due
       Jan. 12, 2015 'BB+'.

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a  
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of   
life insurance assets and liabilities


SEA CONTAINERS: Can Enter Into US$176 Million DIP Lending Pact
--------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained
permission from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to execute and
enter into a commitment letter with its debtor-in-possession
lenders, Caspian Capital Partners LP, Dune Capital LP and
Trilogy Capital LLC.

The DIP lenders have committed to provide the Debtors with a
senior secured debtor-in-possession credit facility of up to
US$176,500,000.

Judge Carey finds that SCL's decision to enter into the
Commitment Letter with Caspian Capital and certain other lenders
is reasonable and appropriate under the circumstances.

The Court also approves the indemnification obligations
contemplated under the Commitment Letter, provided that in no
event will the DIP Lenders be indemnified for actions taken in
their capacity as members of the SCL Creditors Committee.

The DIP Lenders' right to receive the expenses and the
indemnified amounts will be superiority administrative expenses
in the Debtors' bankruptcy cases and will be payable pursuant to
the terms of the Commitment Letter without any further Court
order, Judge Carey rules.

                         Prior Responses

GE Capital Container SRL and GE Capital Container Two SRL
complained that they do not have sufficient opportunity to fully
analyze the Debtors' proposed DIP Facility due to, among others,
the shortened notice and lack of definitive documents to review.

The Debtors seek to incur more than US$175,000,000 of new
obligations, with priority over all existing claims against Sea
Containers Ltd., including those of GE Capital and other
creditors, Howard A. Cohen, Esq., at Drinker Biddle & Reath LLP,
in Wilmington, Delaware, pointed out.

The Debtors are also seeking approval of a Commitment Letter
with Caspian Capital Partners LP and other lenders for a post
petition financing facility on a very short notice, leaving the
creditors with only four days over a holiday weekend in the
United Kingdom to review and consider the Commitment Letter
Motion and related documents, Mr. Cohen contended.

The Proposed Facility appears to contain numerous potentially
objectionable elements, Mr. Cohen argued.  For instance, the DIP
Facility would refinance an obligation of Sea Containers SPC
Ltd., a non-debtor affiliate that is not guaranteed by the
Debtors through the incurrence of debt by SCL.

The Proposed Facility grants superpriority status to claims
against SCL, which will effectively subordinate the legitimate
claims of the Debtors' creditors, Mr. Cohen told the Court.

In addition, the granting of superpriority status of certain
claims results in a breach of covenants in GE SeaCo's
organizational documents that forbids a pledge of SCL's interest
in the Class A Quotas of GE SeaCo SRL, Mr. Cohen emphasized.

Also, a condition precedent to the Proposed Facility is
acknowledgment in a final order authorizing the facility that he
Proposed Lenders' new role as secured, superpriority creditors
of SCL does not create a conflict with their role as member of
SCL's statutory committee of unsecured claimholders or mandate
their removal from the committee, Mr. Cohen pointed out.  "The
Motion does not highlight this condition and contains no
explanation of how a secured, superpriority creditor's interest
would not conflict with those of SCL's unsecured creditors," Mr.
Cohen said.

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

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


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

KASIKORN BANK: K-Asset Launches New Funds
-----------------------------------------
Kasikorn Asset Management, a subsidiary of Kasikorn Bank PCL,
launched a series of new funds for non-traditional clients,
Andrew Peck of the Asian Investor writes.  The funds are
available from May 10 until May 22.

According to the report, the new funds are known as the K-
Lifestyle funds and will be distributed through the Bank.  The
new funds will invest in equities, bonds, debt instruments,
property funds and bank deposits.  They will have fund sizes of
THB5 billion each.

Mr. Peck relates that the new products are aimed towards a new
generation of Thais into the mutual-fund space.  The report
notes that K-Asset earlier said it plans to organize its
existing 20 mutual funds into five categories: foreign-
investment, equity, fixed income, tax-savings and lifestyle
funds. The tax-savings funds include the retirement mutual and
long-term equity funds.

K-Asset is planning to launch two long-term equity funds next
month, Mr. Peck adds.

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

The bank currently carries Moody's Bank financial strength
rating of D+, which Moody's affirmed on May 4, 2007.  The
outlook is stable.

On October 24, 2006, the Troubled Company Reporter - Asia
Pacific, reported that Fitch Ratings affirmed the ratings of
Kasikornbank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.  
After the rating action, Kasikorn's ratings are as follows:

    * Individual C;
    * Support 2;


POWER-P PCL: Elects Directors for 2007
--------------------------------------
Power-P PCL shareholders re-appointed directors for the year
2007 during its annual general meeting.  The shareholders also
retired three directors before the end of their terms.

The shareholders appointed these directors for 2007 with a
remuneration rate of at most THB2.5 million:

    * Mr. Watcharin Duangdara
    * Ms. Chutima Chuptaisong
    * Mr. Nampon Ngoen-namchoke
    * Gen. Sith Sitthimongkol

The shareholders also resolved to have these directors retired
before their term:

    * Mr. Surachai Arunbutr
    * Mr. Chalermpol Ake-uru
    * Mr. Nipon Sitabutr

Two directors who were retired were not appointed to serve their
positions again: Messrs. Piya Poonsawat and Tarn Ausateerawat.

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

The company is currently undergoing debt restructuring.  
Moreover, the company carries the Stock Exchange of Thailand's
SP -- or suspension - sign for its failure to submit its
financial statements as of Dec. 31, 2006.


* THAILAND: Baht May Rise Up to 11% Due to Export Restrictions
--------------------------------------------------------------
Thailand's currency may continue to rise up to 11% in 2007
because investment restrictions caused reduced exports and an
account surplus of US$1 billion per month, John Stuemner of Bear
Stearns told Bloomberg News.

Bloomberg noted that the restriction was imposed Dec. 18, 2006,
by the military junta currently governing Thailand in order to
protect exporters.  "The reduced imports caused the onshore baht
rate rose 2.1% to THB34.99 per dollar this year.  The controls
also resulted in an offshore exchange rate that rose five times
faster than the official price of the bath," the report added.



                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez, Frauline Abangan, and
Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***