TCRAP_Public/070518.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Friday, May 18, 2007, Vol. 10, No. 98

                            Headlines

A U S T R A L I A

A & S BARDENHAGEN: Will Declare First & Final Dividend on June 8
ALCON SECURITY: Final Meeting Set for June 12
D. R. CLARKE: Names Mervyn Jonathan Kitay as Liquidator
EARL TAYLOR: Members' Final Meeting Set for June 1
GUY TUMNEY: Members Resolve to Close Business

K.G.J. PTY: Members Resolve to Liquidate Business
NEWBOLD NOMINEES: Undergoes Voluntary Liquidation
SILVERLEIGH PTY: Placed Under Voluntary Liquidation
VOLANT PTY: To Declare First & Final Dividend on May 24


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Selling Equity for US$3BB to Silver Lake & ValueAct
AGRICULTURAL BANK: To Invest Clients' Funds Abroad via QDII Plan
ALCATEL-LUCENT: Signs US$340-Million Contract With China Mobile
ALCATEL-LUCENT: Inks US$120MM Contract for China Unicom Projects
AMDL INC: Delays Filing of Form 10-Q for Quarter Ended March 31

BALLY TECHNOLOGIES: Taps Bruce Rowe as Biz Development Senior VP
CUMMINS INC: Earns US$143 Million in Quarter Ended March 31
PANVA GAS: Moody's Keeps Ba1 Ratings; Outlook Stable
* Taiwan Remains Strong Domestic Issuing Market for CDOs
* China's Commercial Banks' 1st Qtr. NPLs Total CNY1.16 Trillion


I N D I A

BAUSCH & LOMB: Inks US$4.5 Bil. Merger Deal with Warburg Pincus
BAUSCH & LOMB: US$4.5 Bil. Warburg Deal Cues S&P to Cut Ratings
CANARA BANK: Books INR5-Billion Profit in Qtr. Ended March 31
CANARA BANK: May Seek Board's Nod on Dena Merger, Report Says
CITY UNION BANK: To Make Preferential Issues to Six Firms

CITY UNION BANK: Board to Consider Audited Financials on May 21
CITY UNION BANK: Board Agrees to Split Capital
CORPORATION BANK: Earns INR1.18 Million in Qtr. Ended March 31
CORPORATION BANK: Sees Buyouts With Indian Bank and OBC
DENA BANK: Canara Merger Talks at Advance Stages, Report Says

RYERSON INC: Declares 60 Cents Per Share Dividend Due August 1


I N D O N E S I A

GOODYEAR TIRE: Issues 22,727,272 Common Shares at US$33 Each
MEDCO ENERGI: In Talks With Kyushu for Geothermal Plant Venture
MERPATI NUSANTARA: To Lay off 501 More Workers Starting June
MERPATI NUSANTARA: Wants to Postpone Debt Payment to Danamon
NORTEL NETWORKS: Reaches Settlement Agreement With OSC Staff

TUPPERWARE BRANDS: Board Declares 22 Cents Quarterly Dividend
TUPPERWARE BRANDS: To Buy Back Common Shares Up to US$150 Mil.


J A P A N

AOZORA BANK: Net Profit Decline 32% in Year Ended Mar. 31, '07
BANK OF KYOTO: Books JPY20.36 Billion Net Income in FY2007
DAIEI INC: Buys Back 23,292,700 Type A Shares
DAIEI INC: Dissolves Three Subsidiaries
EIGHTEENTH BANK: Announces a JPY8.5 Per Share Dividend Payout

FRESENIUS AG: Moody's Affirms Ba2 Corporate Family Rating
FURUKAWA CO: Appoints Nobuyoshi Soma as President
ISUZU MOTORS: Buys Back Type III and IV Preferred Shares
ISUZU MOTORS: Net Profit Surges Up to 57% in FY2007
SANYO ELECTRIC: Narrows Bidders for Microchip Operations

SANYO ELECTRIC: Less Likely to Default on Bonds
SOJITZ CORP: Retains 7% Stake in Coppabella & Moorvale JV
* Japan's Major Consumer Finance Companies Hit By Credit Crunch


K O R E A

SHINWHA INTERTEK: Establishes Shinwha Intertek in Slovakia
SPATIALIGHT INC: March 31 Balance Sheet Upside-Down by US$9.3MM
TEXCELL-NETCOM: Completes 1,658,334 Common Shares Issuance

M A L A Y S I A

KAI PENG: Securities Commission Rejects Reform Plan
MALAYSIA AIRLINES: Maldives Air Initiates Arbitration Proceeding
PROTON HOLDINGS: Asks for More Money to Pay Off Dealers
STAR CRUISES: Posts US$79 Million Net Loss in First Quarter 2007


N E W  Z E A L A N D

BRADRAM EQUITIES: Wind-Up Petition Hearing Set for June 28
CITE DOCUMENT: Fixes June 1 as Last Day for Receiving Claims
FRESH CUT: Faces CIR's Wind-Up Petition
HUIA DEVELOPMENTS: Creditors' Proofs of Debt Due on June 1
M.M.M. LTD: Court to Hear Wind-Up Petition on May 28

MAYFIELD HOLDINGS: Court Appoints Levin & Jordan as Liquidators
MCFALL FARM: Enters Into Voluntary Liquidation
PROTECT SECURITY: Names Gavin Richard O'Dea as Liquidator
ST VINCENT: Wind-Up Petition Hearing Set for July 12
WORLDSPORT LTD: Subject to PMP Print's Wind-Up Petition


P H I L I P P I N E S

BANK OF PHIL. ISLANDS: Posts PHP3.2-Bil. Net Income in 1Q 2007
BANKARD INC: Posts PHP16 Million Net Income for First Qtr. 2007
SAN MIGUEL: Planned Spin Off Cues S&P's Negative Watch
SAN MIGUEL: Spin-Off Plans Cue Moody's to Review Ba1 Rating


S I N G A P O R E

LEAR CORPORATION: Picks Wendy Foss as Corporate Secretary
PETROLEO BRASILEIRO: Production Drops 0.8% in April
REFCO INC: Plan Administrators Want Bar Date Extended to June 29
REFCO INC: Plan Administrators Want Removal Period Extended
SCOTTISH RE: Investment View at Neutral, Analyst Says


T H A I L A N D

ADVANCE AGRO: Records THB181 Million Net Loss in First Quarter
ADVANCED PAINT: 1Q 2007 Net Loss Down 52% to THB3.13 Million
DAIMLERCHRYSLER: Names Rainer Genes as Mercedes Planning Head
DAIMLERCHRYSLER: Earns EUR1.9 Billion in First Quarter 2007
DAIMLERCHRYSLER: No More Acquisition Plans for Now, Zetsche Says


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

A & S BARDENHAGEN: Will Declare First & Final Dividend on June 8
----------------------------------------------------------------
A & S Bardenhagen Pty Ltd, which is in liquidation, will declare
a first and final dividend on June 8, 2007.

Creditors are required to file their proofs of debt by June 5,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Paul Cook
         105 Macquarie Street
         Hobart, Tasmania 7000
         New Zealand
         Telephone:(03) 6223 2555
         Facsimile:(03) 6223 2556
         e-mail: info@pjc.com.au

                     About A & S Bardenhagen

A & S Bardenhagen Pty Ltd is in the business of local trucking
without storage.  The company is located in Tasmania, Australia.


ALCON SECURITY: Final Meeting Set for June 12
---------------------------------------------
The members and creditors of Alcon Security Services Pty Ltd
will have their final meeting on June 12, 2007, at 11:00 a.m.,
to hear the liquidator's report about the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Leonard A. Milner
         Venn Milner & Co.
         Chartered Accountants
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia

                      About Alcon Security

Alcon Security Services Pty Ltd provides detective, guard, and
armored car services.  The company is located in Victoria,
Australia.


D. R. CLARKE: Names Mervyn Jonathan Kitay as Liquidator
-------------------------------------------------------
During a general meeting held on April 30, 2007, the members of
D. R. Clarke & Co. Pty Ltd decided to voluntarily liquidate the
company's business and Mervyn Jonathan Kitay was appointed as
liquidator.

The Liquidator can be reached at:

         Mervyn J. Kitay
         Grant Thornton Western Australian Partnership
         Level 6, 256 St George's Terrace
         Perth, Western Australia 6000
         Australia


EARL TAYLOR: Members' Final Meeting Set for June 1
--------------------------------------------------
Earl Taylor Car Centre Pty Ltd will hold a final meeting for its
members on June 1, 2007, at 10:00 a.m.

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

In a report by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Nov. 10, 2006.

The company's liquidator is:

         W. C. Noye
         KPMG
         Level 16, Riparian Plaza
         71 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3233 3111

                        About Earl Taylor

Earl Taylor Car Centre Pty Ltd, which is also trading as West
More Centre, is a dealer of motor vehicles.  The company is
located in Queensland, Australia.


GUY TUMNEY: Members Resolve to Close Business
---------------------------------------------
The members of Guy Tumney Pty Ltd had their meeting on April 20,
2007, and decided to close the company's business.

John William Woods was appointed as liquidator.

The Liquidator can be reached at:

         John W. Woods
         Wilson Woods & Partners
         Chartered Accountant
         30 Davey Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 4343

                        About Guy Tumney

Guy Tumney Pty Ltd provides service for insurance agents and
brokers.  The company is located in Tasmania, Australia.


K.G.J. PTY: Members Resolve to Liquidate Business
-------------------------------------------------
At an extraordinary general meeting held on April 25, 2007, the
members of K.G.J. Pty Ltd resolved to liquidate the company's
business.

Nick Combis of Vincent Chartered Accountants was appointed as
liquidator.

The Liquidator can be reached at:

         Nick Combis
         Vincents Chartered Accountants
         PO Box 13004, George Street
         Queensland 4003
         Australia
         Telephone:(07) 3854 4555

                        About K.G.J. Pty

Located in Queensland, Australia, K.G.J. Pty Ltd is an investor
relation company.


NEWBOLD NOMINEES: Undergoes Voluntary Liquidation
-------------------------------------------------
On April 23, 2007, the members of Newbold Nominees Pty Ltd
agreed to voluntarily liquidate the company's business and
Philip Rundell was appointed as liquidator.

The Liquidator can be reached at:

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

                     About Newbold Nominees

Located in Western Australia, Australia, Newbold Nominees Pty
Ltd is an investor relation company.


SILVERLEIGH PTY: Placed Under Voluntary Liquidation
---------------------------------------------------
On April 27, 2007, the members of Silverleigh Pty Ltd met and
agreed to voluntarily liquidate the company's business.

Kimberley Andrew Strickland and Christopher Michael Williamson
were appointed as liquidators.

The Liquidators can be reached at:

         Kimberley Andrew Strickland
         Christopher Michael Williamson
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                      About Silverleigh Pty

Located in Western Australia, Australia, Silverleigh Pty Ltd is
an investor relation company.


VOLANT PTY: To Declare First & Final Dividend on May 24
-------------------------------------------------------
Volant Pty Ltd, which is liquidation, will declare a first and
final dividend on May 24, 2007.

Creditors who were not able to lodge their claims by May 1,
2007, are excluded from sharing in the company's dividend
distribution.

The Troubled Company Reporter - Asia Pacific reported that the
company entered wind-up proceedings on April 16, 2007.

The company's liquidator is:

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

                        About Volant Pty

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


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

ACXIOM CORP: Selling Equity for US$3BB to Silver Lake & ValueAct
----------------------------------------------------------------
Acxiom(R) Corporation has entered into a definitive agreement to
be acquired by Silver Lake and ValueAct Capital.  Silver Lake
and ValueAct Capital will acquire 100% of the outstanding equity
interests in the company in an all-cash transaction valued at
US$3 billion, including the assumption of approximately $756
million of debt.

Under the terms of the agreement, Acxiom stockholders will
receive US$27.10 in cash for each outstanding share of stock.  
This represents a premium of approximately 14% over the closing
share price on May 16, 2007, the last trading day before
disclosure of the agreement with Silver Lake and ValueAct
Capital with respect to the acquisition of the company and a
premium of approximately 20% per share over Acxiom's average
closing price per share during the 30 trading.

A special committee of the board made up of four independent
directors was responsible for managing the process and retained
independent legal and financial advisors to assist it in
connection with its deliberations.  Based on the unanimous
recommendation of the special committee, the board of directors
approved the merger agreement and recommended to Acxiom's
stockholders that they vote in favor of the transaction.

The merger agreement provides that Acxiom may solicit and
entertain proposals from other companies during the next 60
days. In accordance with the agreement, the board of directors
of Acxiom, through the special committee and with the assistance
of its independent advisors, intends to actively solicit other
proposals during this period.  

The transaction is expected to close in the next three to four
months and is subject to approval by the company's stockholders,
regulatory approvals and other customary closing conditions.
Silver Lake and ValueAct Capital have received customary debt
financing commitments from third-party financing sources.

"The company is pleased to reach this agreement because it gives
the company an opportunity to deliver excellent value to
Acxiom's shareholders," Charles D. Morgan, Acxiom's chairman and
chief executive officer, said.  "The company believes this deal
will benefit the company's clients, its associates and its
industry."

"ValueAct Capital has consistently contributed valuable
strategic insights to the company's business over the past four
years, and Jeffrey Ubben, ValueAct Capital's managing partner,
has provided further leadership since August 2006 as a member of
the company's board of directors, Morgan said.  "Silver Lake is
the premier investment firm in the technology sector, and their
deep domain expertise makes them an outstanding partner for
Acxiom."

"Clearly, ValueAct Capital have been an investor in Acxiom for
several years because the company is attracted by the foundation
that Charles and his team have put in place, and the company
continues to believe in the company," Mr. Ubben said.

"Silver Lake sees Acxiom as the clear leader in technology-
enabled marketing solutions," Michael Bingle, a managing
director of Silver Lake, said.  "The company believes that
through continued investments in its technology, people and
customer relationships, Acxiom will build on its history of
innovation and industry leadership."

Stephens Inc. and Merrill Lynch & Co. are acting as financial
advisors to the special committee of the Acxiom board and each
have a delivered a fairness opinion.  Other parties interested
in making a proposal are directed to contact the special
committee's financial advisors, Michael Costa of Merrill Lynch
and Noel Strauss of Stephens.  

UBS Securities LLC is acting as financial advisor and providing
financing to Silver Lake and ValueAct Capital in connection with
the transaction.

For information concerning all of Acxiom's participants in the
solicitation contact:

   Investor Relations
   Acxiom Corporation
   No. 1 Information Way
   Little Rock, 72202
   Tel: (501) 342-3545

                         About Silver Lake

Silver Lake -- http://www.silverlake.com/-- is an investment  
firm focused on large-scale investments in technology,
technology-enabled, and related growth industries.  Silver
Lake's mission is to function as a value-added partner to the
management teams of the world's leading technology franchises.  
Its portfolio includes or has included technology industry as
Ameritrade, Avago, Business Objects, Flextronics, Gartner,
Instinet, IPC Systems, MCI, NASDAQ, Network General, NXP, Sabre
Holdings, Seagate Technology, Serena Software, SunGard Data
Systems, Thomson and UGS.

                      About ValueAct Capital

ValueAct Capital, with offices in San Francisco and Boston and
more than US$5 billion in investments, seeks to make active
strategic-block value investments in a limited number of
companies.  The principals have demonstrated expertise in
sourcing investments in companies they believe to be
undervalued, and then working with management and/or the
company's board to implement strategies that generate superior
returns on invested capital.

                           About Acxiom

Based in Little Rock, Arkansas, Acxiom Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.

Founded in 1969, Acxiom has locations throughout the United
States, in Europe particularly in France and Germany, and in
Australia and China in the Asia-Pacific region.

                          *     *     *

Acxiom Corp. carries Moody's Investor Services' 'Ba2' long term
corporate family rating and 'Ba3' probability of default rating.

The company's long-term foreign and local credit is rated 'BB'
by Standard and Poor's.


AGRICULTURAL BANK: To Invest Clients' Funds Abroad via QDII Plan
----------------------------------------------------------------
The Agricultural Bank of China plans to invest client funds into
overseas stock markets after the Chinese government allowed
banks to make the move, various reports say.

According to a report from CCTV News, China's central government
recently gave the go-ahead to commercial banks to invest
clients' cash in overseas stocks, partly in the hope that the
appetite for the so-called Qualified Domestic Institutional
Investor, QDII, scheme would grow.

As a response to the government's relaxation of investment
rules, the Agricultural Bank will launch its first overseas
equity-linked QDII product, with an expected rate of return of
12%, The Standard says.  The bank will use its US$500 billion
quota to invest abroad.

Steven Lee of The Standard notes that the product is divided
into three, in line with the risks: short-, medium- and long-
term.  The medium-term product has a term of two years and
investors could get a high rate of return from the Hang Seng
China Enterprises Index outperforming Standard & Poor's 500
Index.  The short-term product links up with the yen-to-US
dollar exchange rate.  When forecasting the yen will rise,
investors may reap a 6% to 8% rate of return in six months.  The
long-term product will be invested in a five-year bond fund in
an emerging market, with a 15% expected rate of return.

Customers, according to Chen Ge of CCTV, could use their own
foreign exchange holdings or yuan to buy into three QDII
products as long as they invested a minimum of US5 thousand or
CNY50 thousand.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 15, 2007, that the Agricultural Bank of China hired ABN
AMRO-Mellon as its global custodian bank to help it invest
abroad.  ABN AMRO NV and U.S. firm Mellon Financial Corp will
provide accounting and investment advisory services to help
manage assets under the Qualified Domestic Institutional
Investor scheme.

The QDII scheme, according to the TCR-AP, was launched last year
as a way of encouraging capital outflows and relieving some of
the upward pressure on the yuan.  It led more than a dozen
domestic and foreign financial institutions to invest a total of
more than US$13 billion overseas.

                          *     *     *

The Agricultural Bank of China -- http://www.abocn.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter - Asia Pacific reported on
June 27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion -- CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

The bank carries Fitch Ratings' Individual strength rating of
'E'.

On May 4, 2007, Moody's Rating Agency implemented its new BFSR
methodologies and affirmed Agricultural Bank of China's Bank
Financial Strength Rating at E.


ALCATEL-LUCENT: Signs US$340-Million Contract With China Mobile
---------------------------------------------------------------
Alcatel-Lucent has signed a comprehensive agreement valued at
US$340 million for mobile communications solutions and services
with China Mobile.  The agreement, which was secured through
Alcatel-Lucent's flagship company in China, Alcatel Shanghai
Bell, enables the company to expand into several new provincial
markets in addition to growing its existing base, which
strengthens its position as one of the leading GSM/GPRS/EDGE
equipment suppliers for China Mobile.

Under the terms of the agreement, Alcatel-Lucent will provide
China Mobile with GSM/GPRS/EDGE radio and core network
equipment, customized solutions and related services that will
support China Mobile's GSM/GPRS/EDGE network expansion programs
in 2007.

The network expansion China Mobile plans to undertake with the
solutions provided by Alcatel-Lucent, will enable the operator
to meet continued strong demand for mobile service in China
while reducing network operating costs.

"China's mobile communications market continues to have
enormous potential, and our goal is to help our customers
realize that potential and achieve their business objectives,"
said Frederic Rose, President of Alcatel-Lucent in Asia Pacific.  
"This agreement is a strong vote of confidence for our solutions
in China and indication of the strength of our relationship with
China Mobile."

This agreement is the latest in a series of contracts that
Alcatel-Lucent has concluded with China Mobile, the most recent
being an agreement to provide TD-SCDMA solutions for China
Mobile's trial network expansion.

Alcatel-Lucent is a leading GSM/GPRS/EDGE network supplier in
China. Since 1993 - when Alcatel set up the first trial network
in the city of Jiaxing, Zhejiang Province for China Mobile -
Alcatel-Lucent's GSM/GPRS/EDGE radio equipment has been deployed
in 15 provinces within China and Alcatel-Lucent's mobile
softswitch products are serving more than 12 provinces.

                      About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                           *     *     *

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

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

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


ALCATEL-LUCENT: Inks US$120MM Contract for China Unicom Projects
----------------------------------------------------------------
Alcatel-Lucent has signed a US$120 million agreement for mobile
communications solutions and service with China Unicom.  The
agreement encompasses a range of network projects China Unicom
has undertaken or plans to undertake in 2007.

The projects include a CDMA2000 1xEV-DO Rev., a high-speed data
network upgrade to be implemented in China Unicom's network in
Macau, as well as a further expansion in the CDMA core network,
radio solutions, and applications that will support China
Unicom's broader mobile network expansion.

The agreement also provides for GSM/GPRS/EDGE core and radio
network solutions and optical network components in support of
China Unicom's GSM service offerings.

The network solutions planned for in the agreement will enable
China Unicom to keep pace with the demands of a rapidly
expanding wireless services market in China and provide users
with a range of new applications and services.

"The agreement we are signing with China Unicom is significant
because of the scope of solutions it involves," said Frederic
Rose, President of Alcatel-Lucent Asia Pacific.  "It meets China
Unicom's demand for near term expansion and provides a means to
sustain growth in the future."

With this agreement Alcatel-Lucent secures its position as the
vendor with the largest installed base in China Unicom's CDMA
network.

                      About Alcatel-Lucent

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

The company has operations in Indonesia.

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

                           *     *     *

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

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

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


AMDL INC: Delays Filing of Form 10-Q for Quarter Ended March 31
---------------------------------------------------------------
AMDL, Inc., informed the U.S. Securities and Exchange Commission
that it will delay filing its quarterly report on Form 10-Q for
the period ended March 31, 2007.

The company relates that it will be including the results of
operations for its new subsidiary, Jade Pharmaceuticals Inc.

                         Jade Acquisition

On Sept. 28, 2006, pursuant to the closing of a Stock Purchase
and Sale Agreement dated May 12, 2006, the company acquired 100%
of the outstanding shares of Jade Pharmaceutical from Jade
Capital Group Limited.

Jade Pharma has two wholly owned China-based subsidiaries,
Yangbian Yiqiao Bio-Chemical Pharmacy Company Limited and
Jiangxi Jiezhong Bio-Chemical Pharmacy Company Limited.

Yangbian Yiqiao is located in Tuman City, Jilin Province, while
Jiangxi Jiezhong is located in Shangrao, Jiangxi Province.

                         About AMDL Inc.

Headquartered in Tustin, California, AMDL Inc. (Amex: ADL) --
http://www.amdl.com/-- a theranostics company, which develops,  
manufactures, markets, and sells various immunodiagnostic kits
for the detection of cancer and other diseases.  Its products
include DR-70, a test kit is used to assist in the detection of
various types of cancer, including lung small and nonsmall cell,
stomach, breast, rectal, colon, and liver; and Pylori-Probe, a
diagnostic kit which is cleared for sale in the United States.  
The company markets its products through distributor
relationships and to domestic markets through strategic
partnerships and relationships with diagnostic companies.  It
serves various customers, including hospital, clinical, research
and forensic laboratories, and doctor's offices.

                       Going Concern Doubt

Corbin & Company LLP raised substantial doubt about the
company's ability to continue as a going concern after auditing
the company's financial statements that reflected significant
operating losses and negative cash flows from operations through
Dec. 31, 2006, and an accumulated deficit at Dec. 31, 2006.


BALLY TECHNOLOGIES: Taps Bruce Rowe as Biz Development Senior VP
----------------------------------------------------------------
Bally Technologies, Inc., has appointed Bruce Rowe as Senior
Vice President of Business Development, effective May 25, 2007.

Mr. Rowe previously served as Corporate Vice President of
Business Strategy, Gaming Solutions, and General Manager of
Nevada Operations for GTECH Holdings Corporation, a global
information technology company specializing in the lottery
industry.  Prior to joining GTECH, Mr. Rowe was a senior
executive with Harrah's Entertainment for 23 years and served as
Corporate Vice President of Slot Operations, Research and
Development as well as Corporate Vice President of Information
Technology.  At that time, Harrah's owned or managed more than
42,000 slots.

"We're pleased to add Bruce to an already-strong management team
that is committed to building on the momentum we have growing in
the marketplace," said Richard Haddrill, Bally Technologies'
Chief Executive Officer.  "Bruce's background in slots, systems
and large-scale technology initiatives is perfectly suited to
where we are taking our business.  We're confident he will make
a strong impact as we expand our product offerings and move into
new markets."

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

                        *    *    *

In April 2007, Standard & Poor's Ratings Services revised the
CreditWatch implications on its ratings for Bally Technologies
Inc. to developing from negative. The corporate credit rating on
the company is 'B-'.


CUMMINS INC: Earns US$143 Million in Quarter Ended March 31
-----------------------------------------------------------
Cummins Inc. reported that it experienced strong operating
performance in the first quarter of 2007 with net earnings of
US$143 million on net sales of US$2.8 billion, as compared with
first quarter 2006 net earnings of US$135 million on net sales
of US$2.7 billion.  

First quarter net earnings and sales were up for Cummins led by
record sales and earnings in our Power Generation segment.  As
expected, sales in the company's Engine segment were down due to
decreased demand in its on-highway markets, led by the North
American heavy-duty truck market as a result of the 2007 change
in emissions standards.  In addition, the company continued to
see strong demand in its Components and Distribution segments.  
Overall, its Power Generation segment net sales were up US$139
million, and its Components segment net sales were up US$102
million, compared to the first quarter of 2006.  Engine segment
net sales were down US$56 million, while Distribution segment
net sales were down US$8 million.  The company's Distribution
segment had organic growth in the first quarter, however due to
the deconsolidation of one of its North American joint ventures
beginning in 2007, net sales decreased as compared to 2006.  Net
sales for this joint venture were about US$41 million during the
first quarter of 2006.  

As of March 31, 2007, the company's balance sheet showed total
assets of US$7.4 billion, total liabilities of US$4.2 billion,
minority interests of US$253 million, and total stockholders'
equity of US$2.9 billion.

                   Overview of Capital Structure

Cash and cash equivalents decreased US$319 million during the
period to US$521 million at the end of the first quarter, as
compared with US$840 million at the beginning of the period.  
Cash and cash equivalents were higher at the end of 2006 as a
result of an increase in cash provided by operations generated
primarily by higher net earnings for the full year in 2006 and
due to lower accounts receivable at the end of 2006.  The
company focused much of our efforts on improving our balance
sheet through debt reduction.  The company said it believes that
its net debt position is a strong indicator of how much progress
it has made in this area.

                   First Quarter 2007 Highlights

Some of the transactions and events that highlight for the
quarter include:

     -- The Board of Directors authorized a two-for-one split of
        Cummins stock on March 8, 2007, which was distributed on
        April 9, 2007, to shareholders of record as of March 26,
        2007.  All share and per share amounts in this filing
        have been adjusted to reflect the two-for-one stock
        split.

     -- About US$62 million of our US$120 million 6.75%
        debentures were repaid on Feb. 15, 2007, at the election
        of the holders.  Such election and notification was
        required to be made between Dec. 15, 2006 and Jan. 15,
        2007.

     -- In July 2006, the Board of Directors authorized the
        acquisition of up to two million shares of Cummins
        common stock in addition to what has been acquired under
        previous authorizations.  For the quarter ended April 1,  
        2007, the company repurchased about US$13 million of
        common stock, representing about 180,000 shares.  As a
        result, at April 1, 2007, there were about 2.8 million
        shares available to be acquired.

     -- During the first three months of 2007, the company made
        contributions of about US$61 million to our pension
        plans.

Full-text copies of the company's first quarter report are
available for free at http://ResearchArchives.com/t/s?1f32

                        About Cummins, Inc.

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes  
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.  

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea. Its also has facilities in Europe, particularly in the
United Kingdom.  

                         *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


PANVA GAS: Moody's Keeps Ba1 Ratings; Outlook Stable
----------------------------------------------------
On May 15, 2007, Moody's Investors Service affirmed Panva Gas
Holdings Ltd's Ba1 corporate family and senior unsecured bond
ratings.  The outlook on both ratings remains positive.

The affirmation follows Panva Gas' fully underwritten proposed
HK$703 million share offering.  The major shareholders,
including The Hong Kong and China Gas (China) Ltd ("Towngas")
and Enerchina Holdings Ltd, will participate to maintain their
existing ownership stake.

"While the share placement will allow Panva Gas to reduce its
leverage and improve liquidity, such benefits have been offset
by the weaker than expected operating results for fiscal year
2006," says Virginia Chung, Moody's lead analyst for the
company.

"Panva Gas' current Ba1 rating continues to incorporate a one
notch uplift based on expected financial and operational support
from Towngas," adds Ms. Chung.

The rating outlook remains positive and reflects Moody's
expectation that Panva Gas will realize benefits from its
collaboration and integration with Towngas on future projects in
China.  At the same time, the company will likely improve its
risk management practices and financial polices over the next 12
months.

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


* Taiwan Remains Strong Domestic Issuing Market for CDOs
--------------------------------------------------------
Derivative Fitch said in the Taipei leg of its Global Structured
Credit Conference on May 16, 2007, that Taiwan continues to be a
strong domestic issuing market for collaterised debt obligations
in the Asia Pacific region.

"The Asia Pacific CDO market is growing at a rapid pace and the
investor base continues to expand.  Taiwan, in particular, is a
strong domestic issuer for collateralized bond obligations and
collateralised loan obligations," observed Rachel Hardee, Head
of Asia Pacific Structured Credit.

Stefan Bund, Head of European Structured Credit, notes a similar
trend in Europe.  "CLOs continue to dominate the European Cash
CDO market in terms of issuance volumes," commented Mr. Bund.

From a regional perspective, Fitch notes that as the Asian
structured credit market continues to develop, new types of
assets will be referenced in CDO structures.  CLOs that
reference Asian assets and commodities-linked credit obligations
are examples of such structures.

"Synthetic CDOs continue to be the dominant product and these
typically reference global assets.  However, market participants
are all looking at CLOs of Asian assets and we expect a number
of such transactions this year," noted Rachel.

Locally, Fitch notes that the Taiwanese investor base is
becoming less active in buying US synthetic corporate CDO deals
as interest has shifted to more conservative structures such as
principal protected notes.  More sophisticated Taiwanese
investors are also purchasing market value CDOs and new types of
synthetic products, such as synthetic asset backed securities
CDOs, constant proportion debt obligations and CCOs.

During the half-day conference, Mr. Bund also shared his views
on the evolution of the synthetic CDO market, focusing on CPDOs.
Meanwhile, Simon Greaves, Managing Director of Derivative Fitch
further elaborated on the market risk of Synthetic CDOs with a
demonstration of Risk Analytics Platform for Credit Derivatives
or RAP CD -- a breakthrough market risk assessment service for
the synthetic CDO market developed by Derivative Fitch.  
Finally, the conference closed with panel presentations
highlighting the obstacles to developing a domestic synthetic
CDO market in Taiwan.


* China's Commercial Banks' 1st Qtr. NPLs Total CNY1.16 Trillion
----------------------------------------------------------------
China's seventeen leading commercial banks had a non-performing
loan ratio averaging 7.02% as of end March 2007, and combined
bad loans which stood at CNY1.16 trillion (US$151 billion),
reports say, citing a statement from the China Banking
Regulatory Commission.

According to the reports, the total bad loans include CNY1.06
trillion yuan (US$138 billion) for the five big banks, with an
NPL ratio of 8.2%, and the remaining CNY100 billion (US$13
billion) come from the 12 midsize banks, with an NPL ratio of
2.78%.  China's big five are the Industrial and Commercial Bank
of China, China Construction Bank, Bank of China, Agricultural
Bank of China and Bank of Communications.  The 12 midsize banks
include CITIC Bank, Everbright Bank, Huaxia Bank, Guangdong
Development Bank, China Merchants Bank and China Minsheng
Banking Corp.

In addition, the banks' total balance of assets increased 17.2%
quarter-on-quarter to CNY45.93 trillion, while the balance of
total liabilities increased 16.3% to CNY43.54 trillion, China
Knowledge relates.

The data in 2007, according to Xinhua's sources in the banking
regulator, said that the figures couldn't be compared with data
from a year back because the statistical methods used are not
the same.


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

BAUSCH & LOMB: Inks US$4.5 Bil. Merger Deal with Warburg Pincus
---------------------------------------------------------------
Bausch & Lomb Inc. entered into a definitive merger agreement
with affiliates of Warburg Pincus, the global private equity
firm, in a transaction valued at approximately US$4.5 billion,
including approximately US$830 million of debt.

Under the terms of the agreement, affiliates of Warburg Pincus
will acquire all of the outstanding shares of Bausch & Lomb
common stock for US$65 per share in cash.  This represents a
premium of approximately 26% over the volume weighted average
price of Bausch & Lomb's shares for 30 days prior to press
reports of rumors regarding a potential acquisition of the
company.

Bausch & Lomb's Board of Directors, following the recommendation
of a Special Committee composed entirely of independent
directors, has unanimously approved the agreement and recommends
that Bausch & Lomb shareholders approve the merger.

"After extensive negotiations and careful and thorough analysis,
together with our independent advisors, the Special Committee
and our board have unanimously endorsed this transaction as in
the best interest of the Company and our shareholders," William
H. Waltrip, lead director and chairman of the Special Committee
of the Bausch & Lomb Board of Directors, said.  "We are pleased
that this transaction appropriately recognizes the value of
Bausch & Lomb's highly respected brand and innovative products
in the eye care industry, while providing our shareholders with
an immediate and substantial cash premium for their investment
in Bausch & Lomb."

"We believe this transaction with Warburg Pincus is good for the
Company's employees, partners in the eye care profession, and
customers, as well as our shareholders," Ronald L. Zarrella,
chairman and CEO of Bausch & Lomb, said.  "As a private company,
Bausch & Lomb will have greater flexibility to focus on our
long-term strategic direction to be a global leader in providing
innovative and technologically advanced eye health products to
eye care professionals and consumers.  We are proud to partner
with Warburg Pincus, a distinguished firm with a strong
reputation and proven track record of success in acquiring and
guiding healthcare companies.  Warburg Pincus understands our
industry and our business well, and will be a tremendous asset
as we build upon our leadership position and continue to
implement our strategic plan to deliver enhanced value for our
customers worldwide.  The firm shares our confidence in Bausch &
Lomb's future and will support our people in achieving our long-
term goals.  Our success is driven by the ongoing efforts of our
talented employees around the world and I thank them for their
continued hard work and dedication.  We look forward to working
with Warburg Pincus to quickly complete the transaction."

"Bausch & Lomb is an exceptional company, with significant
potential and a strong commitment to its employees, partners and
customers worldwide," Elizabeth H. Weatherman, a Warburg Pincus
managing director, said.

Ms. Weatherman, who leads the firm's medical device investment
activities, added, "This investment reflects a unique blend of
our deep domain expertise in medical technology, pharmaceuticals
and healthcare, which has been a focus area for Warburg Pincus
since 1973."

The transaction is subject to certain closing conditions,
including the approval of Bausch & Lomb's shareholders,
regulatory approvals and the satisfaction of other customary
closing conditions.  There is no financing condition to
consummate the transaction.  Bausch & Lomb expects to hold a
Special Meeting of Stockholders to consider and vote on the
proposed merger and merger agreement, among other things.  The
transaction is expected to close promptly following the
satisfaction of all closing conditions.

Under the merger agreement, Bausch & Lomb may solicit superior
proposals from third parties during the next 50 calendar days.  
To the extent that a superior proposal solicited during this
period leads to the execution of a definitive agreement, Bausch
& Lomb would be obligated to pay a $40 million break-up fee to
affiliates of Warburg Pincus.  In accordance with the agreement,
the Board of Directors of Bausch & Lomb, through its Special
Committee and with the assistance of its independent advisors,
intends to solicit superior proposals during this period.  In
addition, Bausch & Lomb may, at any time, subject to the
provisions of the merger agreement, respond to unsolicited
proposals.  Bausch & Lomb advises that there can be no assurance
that the solicitation of superior proposals will result in an
alternative transaction.

Bausch & Lomb does not intend to disclose developments with
respect to this solicitation process unless and until its Board
of Directors has made a decision regarding any alternative
proposals.

Morgan Stanley & Co. Incorporated is acting as financial advisor
to the Special Committee of the Bausch & Lomb Board of Directors
and has delivered a fairness opinion.  Wachtell Lipton Rosen
& Katz is acting as legal counsel to the Special Committee in
this transaction.  Banc of America, Citi, Credit Suisse and
JPMorgan served as the financial advisors to Warburg Pincus, and
Cleary Gottlieb Steen & Hamilton LLP is acting as legal advisor
to Warburg Pincus.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and    
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.

                          *     *     *

On Feb. 2, 2007, Moody's Investors Service downgraded Bausch &
Lomb Inc.'s senior unsecured debt to Ba1 and continues to review
all ratings for possible downgrade.  Moody's also assigned the
company a Ba1 Corporate Family Rating.


BAUSCH & LOMB: US$4.5 Bil. Warburg Deal Cues S&P to Cut Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Bausch
& Lomb Inc. and placed them on CreditWatch with negative
implications.  The corporate credit rating was lowered to 'BB+'
from 'BBB'.
      
"These actions reflect the announcement that B&L has entered
into a definitive merger agreement with affiliates of Warburg
Pincus in a transaction valued at about US$4.5 billion,
including about US$830 million of debt," explained Standard &
Poor's credit analyst Cheryl Richer.  "The transaction is
subject to certain closing conditions, including the approval of
B&L shareholders, regulatory approvals, and the satisfaction of
other customary closing conditions."
     
Even if the transaction is not consummated (B&L may solicit
superior proposals from third parties during the next 50
calendar days under the merger agreement), management's
willingness to aggressively increase leverage to this extent is
not commensurate with an investment-grade rating.
     
Credit metrics were already marginally weak for the prior rating
as a result of the ReNu with MositureLoc recall.  Financial
strengthening, anticipated as the company rebuilds its brand
name and expands sales in unaffected lines of business, will be
insufficient to offset the increase in debt.  Pro forma for an
additional US$830 million of debt at year-end 2006, debt to
EBITDA would increase to 5.7x--a level more characteristic of a
rating that is more than one notch lower than the current 'BB+'
rating--from the actual 3.1x.  Standard & Poor's will monitor
the progress of this transaction to determine the extent to
which the rating will decline.

                      About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and    
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.


CANARA BANK: Books INR5-Billion Profit in Qtr. Ended March 31
-------------------------------------------------------------
Canara Bank posted a net profit of INR5.05 billion for the
quarter ended March 31, 2007, a 2% increase from the INR4.94
billion profit gained in the corresponding quarter in 2006.  The
bank's total income increased from INR27.87 billion in the
quarter ended March 31, 2006, to INR38.37 billion in the current
quarter under review.

The bank's expenditures for the January-March 2007 quarter
totaled INR27.85 billion.  In the same quarter, the bank booked
taxes of INR500 million, and provisions and contingencies of
INR4.97 billion.

Full-text copies of the bank's financial statements for the
quarter ended March 31, 2007, is available for free at:

            http://ResearchArchives.com/t/s?1f63

For the year ended March 31, 2007, the bank posted a net profit
of INR14.21 billion on revenues totaling INR128.16 billion.  The
bank's expenditures totaled INR99.03 billion brining the
operating profit to INR29.12 billion.

Full-text copies of the bank's financial statements for the year
ended March 31, 2007, is available for free at:

            http://ResearchArchives.com/t/s?1f64

The bank informed the Bombay Stock Exchange that its board of
directors has recommended a dividend at 70% for the year ended
March 31, 2007.

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse     
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.

                          *     *     *

In April 2007, Moody's Investors Service revised Canara's bank
financial strength rating to D+ from D as part of its
application of its refined joint default analysis and updated
BFSR methodologies.  Moody's maintains the bank's foreign
currency deposit rating of Ba2.  

Fitch Ratings gave Canara Bank an individual rating of 'C/D' on
Nov. 9, 2006.


CANARA BANK: May Seek Board's Nod on Dena Merger, Report Says
-------------------------------------------------------------
Canara Bank's management may soon seek the approval of its board
of directors for the bank's merger with Dena Bank,
Moneycontrol.com says.  

Although reports say that top executives of both banks are still
not commenting on the possible deal, Canara's appointment of
Ernst & Young as advisor means it is considering the proposal to
its board.

Citing sources close to the development, the Press Trust of
India said Canara has mandated Ernst & Young to explore the
possibility of acquiring Dena Bank.  PTI's sources said that E&Y
has already submitted a preliminary report and the evaluation
process is on.

"Analysts say it is a decent fit," Moneycontrol.com said.  
"Canara Bank is strong in the south, while Dena Bank can
compliment with its strength in the west and in Chattisgarh."

The government's interest in Canara is over 73%, while its stake
in Dena is a little over the statutory cap of 51%, which
restricts bank from raising further capital by diluting stake
for its expansion plan, The Financial Express notes.

                        About Dena Bank

Headquartered in Mumbai, Dena Bank -- http://www.denabank.com/    
-- is principally engaged in the provision of a range of
financial and banking solutions.  It offers both retail banking
and corporate banking services.

On March 16, 2007, Fitch affirmed the bank's 'D/E' Individual
Rating and '4' Support Rating.

                        About Canara Bank

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse     
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.

In April 2007, Moody's Investors Service revised Canara's bank
financial strength rating to D+ from D as part of its
application of its refined joint default analysis and updated
BFSR methodologies.  Moody's maintains the bank's foreign
currency deposit rating of Ba2.  

Fitch Ratings gave Canara Bank an individual rating of 'C/D' on
Nov. 9, 2006.


CITY UNION BANK: To Make Preferential Issues to Six Firms
---------------------------------------------------------
City Union Bank Ltd will be making preferential issues to six
investors.  In a regulatory filing with the Bombay Stock
Exchange, the bank said its board of directors has approved the
preferential issues to:

   1. LIC of India: up to 15,00,000 equity shares at INR169.15
      per share;

   2. Larsen & Toubro Ltd: up to 3,00,000 equity shares at
      INR169.15 per share;

   3. FMO, Netherlands: up to 15,00,000 equity shares at INR190
      per share;

   4. Ares Investments LLC: up to 12,50,000 equity shares at
      INR190 per share;

   5. Argonaut Ventures: up to 12,50,000 equity shares at INR190
      per share; and

   6. Yatish Trading Company Pvt Ltd: up to 10,00,000 equity
      shares at INR190 per share.

The issue, which is still subject to the approvals of the bank's
shareholders and the Reserve Bank Of India, would be for cash on
preferential basis.

For the purpose of obtaining the shareholders' approval of the
move, the board decided to convene an extraordinary general
meeting on June 2, 2007.

City Union Bank Limited -- http://cityunionbank.com/-- provides   
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Fitch Ratings affirmed City Union's Individual and
Support ratings at 'D/E' and '5', respectively.  As of May 17,
2007, the bank still carries those ratings.


CITY UNION BANK: Board to Consider Audited Financials on May 21
---------------------------------------------------------------
City Union Bank Limited's board of directors will hold a meeting
on May 21, 2007, to consider and approve the bank's audited
financial results for the financial year ended March 31, 2007.

The board will also consider recommendation of dividend for the
financial year 2006-2007.

City Union Bank Limited -- http://cityunionbank.com/-- provides   
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Fitch Ratings affirmed City Union's Individual and
Support ratings at 'D/E' and '5', respectively.  As of May 17,
2007, the bank still carries those ratings.


CITY UNION BANK: Board Agrees to Split Capital
----------------------------------------------
City Union Bank's board of directors has resolved to split the
capital of the bank, a filing with the Bombay Stock Exchange
says.  Specifically, the board proposes that the bank's existing
capital of INR100,00,00,000 be divided into 10,00,00,000 equity
shares of INR10 each to 100,00,00,000 shares of INR1 each.

The proposed capital split is still subject to the approval of
the Reserve Bank of India.

City Union Bank Limited -- http://cityunionbank.com/-- provides   
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Fitch Ratings affirmed City Union's Individual and
Support ratings at 'D/E' and '5', respectively.  As of May 17,
2007, the bank still carry those ratings.


CORPORATION BANK: Earns INR1.18 Million in Qtr. Ended March 31
--------------------------------------------------------------
Corporation Bank reported a net profit of INR1.18 billion for
the quarter ended March 31, 2007, up 18% from the INR1 billion
profit in the corresponding quarter in 2006.  The bank's total
income grew 32% to INR11.43 billion from the INR8.63 billion in
the March 2006 quarter.

Expenditures totaled INR7.99 billion in the latest quarter under
review, 35% more than the INR5.94 incurred in the January-March
2006 quarter.

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

            http://ResearchArchives.com/t/s?1f71

For the year ended March 31, 2007, the bank booked a net profit
of INR5.36 billion on revenues totaling INR39.96 billion.  The
bank recorded expenses totaling INR28.56 billion arriving at an
operating profit of INR11.4 billion.  Provisions and
contingencies for FY2007 total INR3.23 billion.

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

            http://ResearchArchives.com/t/s?1f72

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

Fitch Ratings gave Corp Bank a 'C' individual rating on June 1,
2005.  As of May 17, 2007, the bank still carries the rating.


CORPORATION BANK: Sees Buyouts With Indian Bank and OBC
-------------------------------------------------------
Corporation Bank is eyeing at acquiring a bank in the west or
north and may tie up with Indian Bank and Oriental Bank of
Commerce, the Business Standard reports.

The bank believes it can raise enough capital for use in a
possible buyout.

The bank has an adequate foundation to raise capital of more
than INR3,600 crore, especially hybrids and bonds, the Business
Standard quotes Corp. Bank Chairman and Managing Director B.
Sambhamurthi as saying.  "This capital can be useful in case we
get a good candidate for acquisition."

The bank is not averse to a joint acquisition, Mr. Sambhamurthi
told the Business Standard when asked whether it would work with
alliance partners.

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

Fitch Ratings gave Corp Bank a 'C' individual rating on June 1,
2005.  As of May 17, 2007, the bank still carries the rating.


DENA BANK: Canara Merger Talks at Advance Stages, Report Says
-------------------------------------------------------------
Talks of a proposed merger between Dena Bank and Canara Bank are
at an advanced stage, the Business Standard reports, adding that
Dena's share prices went up on account of the talks.

Canara's management may soon seek the approval of its board of
directors for a merger with Dena Bank, Moneycontrol.com said
after reports say that Canara hired Ernst & Young to explore the
takeover possibility.

"Analysts say it is a decent fit," Moneycontrol.com said.  
"Canara Bank is strong in the south, while Dena Bank can
compliment with its strength in the west and in Chattisgarh."

As reported in the Troubled Company Reporter - Asia Pacific on
April 25, 2007, India's Finance Ministry approved the proposal
to merge Canara with Dena.  The Finance Ministry sees the merger
as a way to help Dena strengthen its balance sheet.  The merger
however, still needs the approval of the Reserve Bank of India.  
Additionally, the boards of the two banks would still have to
take up the issue.  

The government's interest in Canara is over 73%, while its stake
in Dena is a little over the statutory cap of 51%, which
restricts bank from raising further capital by diluting stake
for its expansion plan, The Financial Express notes.

                        About Canara Bank

Headquartered in Bangalore, India, Canara Bank --
http://www.canbankindia.com/-- provides services to a diverse     
clientele group with a range of subsidiaries and sponsored
institutions.  The bank services include networked automated
teller machines, anywhere banking, telebanking, remote access
terminals Internet, and mobile banking and debit card.

In April 2007, Moody's Investors Service revised Canara's bank
financial strength rating to D+ from D as part of its
application of its refined joint default analysis and updated
BFSR methodologies.  Moody's maintains the bank's foreign
currency deposit rating of Ba2.  

Fitch Ratings gave Canara Bank an individual rating of 'C/D' on
Nov. 9, 2006.

                         About Dena Bank

Headquartered in Mumbai, Dena Bank -- http://www.denabank.com/    
-- is principally engaged in the provision of a range of
financial and banking solutions.  It offers both retail banking
and corporate banking services.

On March 16, 2007, Fitch affirmed the bank's 'D/E' Individual
Rating and '4' Support Rating.


RYERSON INC: Declares 60 Cents Per Share Dividend Due August 1
--------------------------------------------------------------
Ryerson Inc.'s Board of Directors declared cash dividends of 5
cents per share on the company's common stock and 60 cents per
share on its Series A US$2.40 Cumulative Convertible Preferred
Stock.  The dividends will be payable Aug. 1, 2007, to
stockholders of record at the close of business on July 10,
2007.

Ryerson Inc. (NYSE: RYI) -- http://www.ryerson.com/-- is a   
distributor and processor of metals in North America, with 2006
revenues of US$5.9 billion.  The company services customers
through a network of service centers across the United States
and in Canada, Mexico, India, and China.  On Jan. 1, 2006, the
company changed its name from Ryerson Tull, Inc. to Ryerson Inc.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 21, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating to 'B+' from 'BB-' on Chicago, Illinois-
based metals processor and distributor Ryerson Inc., and lowered
its senior unsecured rating to 'B-' from 'B'.


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

GOODYEAR TIRE: Issues 22,727,272 Common Shares at US$33 Each
------------------------------------------------------------
The Goodyear Tire & Rubber Company's public offering of
22,727,272 shares of its common stock was priced at US$33.00 per
share.  In addition, Goodyear has granted the underwriters a 30-
day option to purchase up to an additional 3,409,091 shares of
its common stock to cover any over-allotments. The offering is
expected to close on May 22, 2007.

Net proceeds from this offering, after deducting underwriting
discounts and commissions, are expected to be approximately
US$725 million, or US$834 million if the underwriters exercise
their over-allotment option in full.

Goodyear intends to use the net proceeds from the offering to
redeem approximately US$175 million in principal amount of its
outstanding 8.625% senior notes due in 2011 and approximately
US$140 million in principal amount of its outstanding 9.00%
senior notes due in 2015.  The company expects to use the
remaining net proceeds of the offering for general corporate
purposes, which may include, among other things, investments in
growth initiatives within the company's core tire businesses and
the repayment of additional debt.

Deutsche Bank Securities, Citi and Goldman, Sachs & Co. served
as joint book-running managers of the offering.  A shelf
registration statement was filed with the U.S. Securities and
Exchange Commission and became automatically effective upon
filing on May 9, 2007.  The offering of the common stock may be
made only by means of a prospectus supplement and the
accompanying prospectus, copies of which may be obtained from D

      * Deutsche Bank Securities Prospectus Department
        100 Plaza One
        Jersey City, NJ 07311
        Telephone: 800-503-4611
        e-mail:prospectusrequest@list.db.com
  
      * Citigroup Global Markets Inc.
        Brooklyn Army Terminal
        140 58th Street, 8th Floor
        Brooklyn, NY 11220
        Telephone: 718- 765-6732

      * Goldman, Sachs & Co. Prospectus Department
        85 Broad St.
        New York, NY 10004
        Telephone: 212-902-1171
        Fax: 212-902-9316
        e-mail: prospectus-ny@ny.email.gs.com

      * Goodyear's Investor Relations Department
        1144 E. Market St.
        Akron, OH 44316
        Telephone: 330-796-3751

            About The Goodyear Tire & Rubber Company

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 16,
2007, that Standard & Poor's Ratings Services placed its 'B-'
ratings on the class A-1 and A-2 certificates from the US$46
million Corporate Backed Trust Certificates Goodyear Tire &
Rubber Note-Backed Series 2001-34 Trust on CreditWatch with
positive implications.

On May 14, 2007, 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
USUS$750 million of new equity capital, which marks important
further progress in the company's plans to strengthen its
balance sheet.

On April 10, 2007, Fitch Ratings affirmed these ratings of The
Goodyear Tire & Rubber Company:

   -- Issuer Default Rating at 'B';

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

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

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

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

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


MEDCO ENERGI: In Talks With Kyushu for Geothermal Plant Venture
---------------------------------------------------------------
PT Medco Energi Internasional Tbk is in talks with Japan's
Kyushu Electric Power Co. to be part of a team building a
geothermal power plant that will cost around US$600 million,
Reuters reports.

According to the report, Medco want Kyushu to join in the
Sarulla geothermal power plant as the Japanese firm has
experience in this field.  Medco is ready to give up some of its
62.25% stake in the Sarulla project to Kuyushi, Reuters adds.

Hilmi Panigoro, Medco chief executive officer, said the company
plans to build 110MW as the first phase and another 220MW will
follow.  They will also see if it is possible to expand it to
1,000MW in future, the report says.

                          *     *     *

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

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

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

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

   * B1 local currency corporate family rating -- Medco

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


MERPATI NUSANTARA: To Lay off 501 More Workers Starting June
------------------------------------------------------------
PT Merpati Nusantara Airlines will lay off 501 additional
workers starting June, as part of a restructuring program,
Antara News reports, adding that this early retirement program
will cost the company and additional IDR70 billion.  

The report recounts that in March, the company sacked 498
workers under the same program reducing employees to 2,596.

The reconstruction program is aimed at improving the efficiency
and productivity of the airline, Antara says.

                   About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned  
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to press reports, Merpati suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported on
July 24, 2004, that the Indonesian Government invited
applications from financial and legal advisers to help devise a
privatization scheme for the carrier.  The Government proposed a
strategic sale of the state's 51% stake in Merpati to help fund
the carrier's operations.  The state was also considering a
IDR220 billion debt-for-equity swap.

As of fiscal year end 2005, the company has an equity deficit of
IDR1.24 trillion.

According to a TCR-AP report in January 2006, the government
promised to inject up to IDR400 billion into the Company.
However, since it is also cash-strapped, the government said it
would disburse the amount in installments, and initially meted
out IDR75 billion for the company to continue its business.


MERPATI NUSANTARA: Wants to Postpone Debt Payment to Danamon
------------------------------------------------------------
PT Merpati Nusantara Indonesia asked PT Bank Danamon Indonesia
Tbk to postpone its debt payment of IDR24.5 billion, which
matured on May 15, pending the second disbursement of the
government's participation funds to the company, Antara News
reports.

The company, however, did not disclose if the total debt of the
company to Danamon would remain at IDR24.5 billion, Antara says.

Antara recounts that Merpati Nusantara "was given a large
haircut" by Danamon, instead of paying the IDR93.2 billion total
debt, the company will pay IDR24.5 billion.

Merpati President Director Hotasi Nababan told Antara that the
disbursement of the second installment of the government's
participation funds had been postponed following the Thirstone
Aircraft Leasing Group case.

The Troubled Company - Asia Pacific reported on May 2, 2007,
that Merpati Nusantara Airlines filed a suit against United
States-based Thirdstone Aircraft Leasing Group in the United
States District Court for the District of Columbia alleging
breach of contract.  According to the TCR-AP, the company
already advanced US$1 million in payment but Thirdstone failed
to deliver the aircraft.  The failure could result in probable
losses of up to IDR60 billion for Merapati.

According to Antara, Mr. Nababan also said that the company's
board of directors stopped making strategic decisions.  The
House of Representatives Commission V said that Merpati had to
be liquidated because of its poor performance and low public
confidence in it, the report added.

                   About Merpati Nusantara

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned  
carrier that services predominantly international routes.  The
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to press reports, Merpati suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported on
July 24, 2004, that the Indonesian Government invited
applications from financial and legal advisers to help devise a
privatization scheme for the carrier.  The Government proposed a
strategic sale of the state's 51% stake in Merpati to help fund
the carrier's operations.  The state was also considering a
IDR220 billion debt-for-equity swap.

As of fiscal year end 2005, the company has an equity deficit of
IDR1.24 trillion.

According to a TCR-AP report in January 2006, the government
promised to inject up to IDR400 billion into the Company.
However, since it is also cash-strapped, the government said it
would disburse the amount in installments, and initially meted
out IDR75 billion for the company to continue its business.


NORTEL NETWORKS: Reaches Settlement Agreement With OSC Staff
------------------------------------------------------------
Nortel Networks Corporation disclosed that the Ontario
Securities Commission has issued a Notice of Hearing to consider
a Settlement Agreement that has been reached by the Staff of the
OSC with Nortel and its principal operating subsidiary Nortel
Networks Limited.  The Settlement Agreement relates to certain
allegations made by the Staff regarding certain accounting
practices which a previously announced Nortel independent
inquiry found to have occurred during the 2000 fiscal year, the
last two fiscal quarters of 2002 and the first two fiscal
quarters of 2003, which had led to certain restatements of
Nortel's and NNL's financial results.

The hearing will be held on May 22, 2007, to consider whether it
is in the public interest for the Commission to make an order,
pursuant to the Ontario Securities Act, approving the Settlement
Agreement.  As is customary in these cases, the terms of the
Settlement Agreement are confidential and will be made public
only if and when approved by the Commission.

                           About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology  
solutions encompassing end-to-end broadband, Voice over IP,
multimedia services and applications, and wireless broadband
designed to help people solve the world's greatest challenges.
Nortel Networks Limited is the principal direct operating
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                          *     *     *

On March 27, 2007, Moody's Investors Service affirmed Nortel
Networks' existing ratings, including its B3 corporate family
rating, and assigned a B3 rating to the proposed US$1 billion
convertible senior unsecured notes offering.  Proceeds of the
offering will be used to refinance a portion of the US$1.8
billion in 4.25% convertible notes due in 2008 when they become
payable at par.  Moody's said the outlook remains stable.

On March 26, 2007, Standard & Poor's Ratings Services assigned
its 'B-' debt rating to Canada-based Nortel Networks Corp.'s
proposed US$1 billion senior unsecured convertible notes, which
will consist of two tranches of USUS$500 million, maturing in
2012 and 2014, respectively.  Proceeds from the convertible
notes will be used to partially refinance NNC's US$1.8 billion
senior unsecured convertible notes due Sept. 1, 2008, and
therefore the overall debt level is not expected to change.  
Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on 100%-owned Canada-based
subsidiary, Nortel Networks Ltd.  At the same time, the ratings
on the US$200 million notes of NNL and the US$150 million notes
of Nortel Networks Capital Corp. were lowered to 'CCC' from 'B-
'.  NNC, NNL, and the U.S.-based subsidiary, Nortel Networks
Inc., are collectively referred to as Nortel.  S&P said the
outlook on NNL is stable.

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  DBRS says all trends are stable.  DBRS confirmed B (low)
Stb Senior Unsecured Notes; B (low) Stb Convertible Notes; B
(low) Stb Notes & Long-Term Senior Debt; Pfd-5 (low) Stb Class
A, Redeemable Preferred Shares; and Pfd-5 (low) Stb Class A,
Non-Cumulative Redeemable Preferred Shares.


TUPPERWARE BRANDS: Board Declares 22 Cents Quarterly Dividend
-------------------------------------------------------------
Tupperware Brands Corporation's board of directors declared a
regular quarterly dividend of US$0.22 cents per share, payable
on July 6, 2007, to shareholders of record as of June 14, 2007.

Tupperware Brands Corporation -- http://www.tupperware.com/--  
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and  
Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

The company carries Moody's Investors Service's Ba3 Corporate
Family Rating.


TUPPERWARE BRANDS: To Buy Back Common Shares Up to US$150 Mil.
--------------------------------------------------------------
Tupperware Brands Corporation's board of directors authorized
the repurchase over the next five years of up to US$150 million
of the Company's common shares.  The Company intends to
repurchase shares using stock option proceeds, which will
partially offset dilution related to the options.

Tupperware Brands Corporation -- http://www.tupperware.com/--  
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

The company carries Moody's Investors Service's Ba3 Corporate
Family Rating.


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

AOZORA BANK: Net Profit Decline 32% in Year Ended Mar. 31, '07
--------------------------------------------------------------
Aozora Bank has reported its financial results for the fiscal
year ended March 31, 2007, with a 32.1% decline in net income to
JPY81.5 billion.  The figure beat the bank's forecasted JPY81
billion.  The decrease reflected the "decline in extraordinary
profit from the reversal of reserves for possible loans losses
compared with the previous fiscal year," the company explained.

However, Aozora experienced its highest net revenue and
operating profit in FY2007 by far to JPY114.4 billion and
JPY62.4 billion respectively.  Revenue went up 0.2% while
operating profits increased 1.6%.

According to Aozora Bank Chairman Kimikazu Noumi, they are
pleased to announce that the results for year ended March 31,
2007, exceeded what the bank has forecasted and "realizing its
highest level of net revenue since 2000."  The bank's increasing
earnings stems from its wholesale corporate lending and
investment banking in the Japanese and international financial
markets.

For this fiscal year, Aozora predicts its net income to increase
by 3.6% to JPY84.5 billion, operating profits to JPY66.5 billion
from the previous year's JPY62.4 billion.

                        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.

On May 14, 2007, the Troubled Company Reporter-Asia Pacific
reported that Moody's Investors Service upgraded its bank
financial strength to C- from D, a notch higher from the non-
investment grade.

As of May 17, 2007, the bank still carries the 'C' individual
rating that Fitch Ratings assigned to it on September 22, 2004.


BANK OF KYOTO: Books JPY20.36 Billion Net Income in FY2007
----------------------------------------------------------
The Bank of Kyoto Ltd. reported a net income of JPY20.36 billion
for the fiscal year ended Mar. 31, 2007, a 12.1% decline from
the net income of JPY23.16 billion reported for the fiscal year
ended Mar. 31, 2006.

The company posted revenues of JPY126.77 billion, and operating
profits of JPY37.88 billion for the year ended Mar. 31, 2007, an
increase of 10.8% and 11.7% respectively.

Reuters Key Developments reports that the bank has reaffirmed
its mid-term dividend forecast of JPY4.5 per share, and amended
its year-end dividend forecast from JPY4.5 per share to JPY 5.0
per share, for the fiscal year ended March 31, 2007.  

Headquartered in Kyoto, Japan, The Bank of Kyoto, Ltd.  --
http://www.kyotobank.co.jp/-- is a regional bank, which mainly  
provides banking services for corporate and individual clients.

The bank operates in two business segments.  The banking segment
provides various banking services such as deposits, loans,
commodity trading, securities investment, domestic and foreign
exchange and other services.  Together with its subsidiaries,
the others segment is involved in the management and leasing of
real estate, the research on regional economy, as well as the
provision of commercial support services, credit guarantee
services, investment and loan consulting services, business
consulting services, credit card services and other services.

Fitch Ratings on September 14, 2005, gave Bank of Kyoto a C
individual rating.


DAIEI INC: Buys Back 23,292,700 Type A Shares
---------------------------------------------
The Daiei, Inc. has repurchased 23,292,700 shares of its Type A
shares from one of its shareholders on May 10, 2007, Reuters Key
Developments recounts.

No other details were provided.

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

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

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

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

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


DAIEI INC: Dissolves Three Subsidiaries
---------------------------------------
The Daiei, Inc. has announced the dissolution of three wholly-
owned subsidiaries, Reuters Key Developments reports.

The report adds that the company has dissolved one subsidiary on
Apr. 27, 2007, which it will follow with the dissolution of
another two companies on May 31, 2007.

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

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

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

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

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


EIGHTEENTH BANK: Announces a JPY8.5 Per Share Dividend Payout
-------------------------------------------------------------
The Eighteenth Bank, Limited has amended its year-end dividend
forecast from JPY5.0 per share, which was announced on November
13, 2006, to JPY8.5 per share, comprising of JPY5.0 of common
dividend and JPY3.5 of performance-tied dividend for the fiscal
year ended March 31, 2007, Reuters Key Development reports.

The bank has yet to release its fiscal year results.

Headquartered in Nagasaki Prefecture, The Eighteenth Bank,
Limited -- http://www.18bank.co.jp/-- is a regional bank that  
operates in three business segments.  The banking segment is
engaged in the provision of banking services, such as such as
loan services, deposit services, securities investment services,
foreign trading services, foreign exchange services, investment
trust services and other banking services.  The Leasing segment
is involved in the leasing of movable assets and others.  The
Others segment is involved in the provision of credit card
services, venture capital services, credit guarantee services,
computer services, temporary staffing services, building
maintenance services and other services.

Fitch Ratings assigned a C individual rating to Eighteenth Bank
on November 15, 2005.

The Troubled Company Reporter - Asia Pacific reported on May 1,
2007 that Fitch Ratings affirmed the individual ratings of
Eighteenth Bank at C, revising the rating outlook to positive
from stable.


FRESENIUS AG: Moody's Affirms Ba2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed all ratings of Fresenius AG,
and changed the outlook to positive from stable.  Concurrently,
Moody's has also affirmed the ratings of Fresenius's subsidiary,
Fresenius Medical Care & Co KGaA, and changed the outlook to
positive from stable.

According to Moody's, the rating affirmations for Fresenius and
FME reflect the successful integration of the Helios acquisition
by Fresenius AG and the acquisition of Renal Care Group by FME.

"The positive outlooks for FME and Fresenius reflect the
constant improvements in the operating performance of the two
companies driven by organic growth supported by the favorable
demographic fundamentals for healthcare services and medical
equipment and the progress in de-leveraging of both entities
capital structures.

"While both ratings carry positive outlooks we expect a faster
rating migration for Fresenius than for FME, given the broader
diversification of cash flow sources and a more pronounced
improvement in credit metrics expected for the next twelve
months than for FME," says Christian Hendker, Moody's lead
analyst for Fresenius and FME.

The affirmation of Fresenius's Ba2 Corporate Family Rating
(Ba2 PDR) reflects:

  (1) the group's sizeable scale as a global provider of
      healthcare services and medical products and the recurring
      nature of the revenue base;

  (2) its balanced level of geographical diversification;

  (3) its segmental diversification in the healthcare market
      supported by strong market positions; and

  (4) good financial flexibility.

However, the rating is constrained by:

  (1) still relatively high financial leverage following a
      number of sizeable acquisitions in recent years;

  (2) ongoing acquisition risk and the expectation for
      acquisition-related cash flow constraints over the medium
      term;

  (3) shareholder orientation; and

  (4) exposure to regulatory changes and pricing pressure from
      governments and healthcare organizations worldwide.

The positive outlook for Fresenius AG reflects the benefits of
an improved segmental diversification due to increasing
performance contributions of ProServe and Kabi which are
somewhat reducing the historical dependency on the operating
performance of FME. Additionally, the group's credit metrics are
approaching historical levels, as reflected by Debt to EBITDA of
3.7x in the fiscal year ending Dec. 31, 2006. An upgrade in
Fresenius's ratings could be triggered by a clear trend of
improving CFO to Debt towards the high teens and reducing Debt
to EBITDA below 3.5x.

The affirmation of the Ba2 Corporate Family Rating for FME
(Ba2 Probability of Default or PDR) is supported by:

  (1) FME's absolute scale and a strong market position as a
      leading global provider of dialysis products and private
      dialysis services;

  (2) continued favorable industry growth trends as well as the
      recurring nature of FME's revenues;

  (3) high profitability levels; and

  (4) good financial flexibility.

FME's rating is constrained by:

  (1) its relatively high adjusted financial leverage;

  (2) the potential risks from the company's pure-play focus on
      the dialysis market, albeit mitigated by its position as a
      provider of both products and services;

  (3) the company's exposure to regulatory changes, government
      investigations and pricing pressure from governments and
      healthcare organisations worldwide; and

  (4) regional concentration on the North American market.

The positive outlook for FME incorporates Moody's view of the
stability of the dialysis market and is underpinned by
favourable demographic demand drivers the rating remains
constrained by relatively high financial leverage (Debt to
EBITDA of 3.9x in the fiscal year ending Dec. 31, 2006). Given a
relatively more concentrated business profile than Fresenius,
FME's metrics would need to show a track record of Debt to
EBITDA below 3.5x and CFO to Debt in the high teens on a
sustained basis to accommodate a rating upgrade.

Moody's notes that the rating levels for Fresenius' Ba2
Corporate Family Rating and the Ba2 Corporate Family Rating of
its key subsidiary FME are not directly linked. However,
Fresenius' consolidated operating performance and financial
leverage are highly correlated to FME, given the full
consolidation of FME's financial results (Fresenius AG holds a
36% economic interest in FME, but as result of FME's legal
status as a KGaA Fresenius has 100% management control of this
entity). FME remains fully controlled and hence fully
consolidated by Fresenius AG as long as Fresenius owns more than
25% of FME. Moody's notes that, although a change in the
consolidation method would affect the group's consolidated
operating performance and cash generation, it would also result
in a reduction in absolute debt levels.

The previous rating action for these issuers was on 31 March
2006, when Moody's affirmed the ratings for Fresenius and FME
following US anti-trust approval and the expected completion of
the acquisition of Renal Care Group, Inc.

Outlook Actions:

* FMC Trust Finance S.a.r.l.

   -- Outlook, Changed To Positive From Stable

* Fresenius AG

   -- Outlook, Changed To Positive From Stable

* Fresenius Finance BV

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care AG & KGaA

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care Capital Trust II

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care Capital Trust III

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care Capital Trust IV

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care Capital Trust V

   -- Outlook, Changed To Positive From Stable

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
is the world's leading provider of dialysis products and
services. For the fiscal year ended Dec. 31, 2006, Fresenius
Medical Care AG generated net revenues of US$8.5 billion.

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care),
international healthcare services and facilities management
(Fresenius ProServe) and nutrition and infusion therapies
(Fresenius Kabi). For the fiscal year ending on Dec. 31, 2006,
Fresenius AG generated consolidated sales of EUR10.8 billion.  
The company also operates facilities in Australia, Brazil,
Canada, China, France, Korea, Mexico, Portugal and Sweden, among
others.


FURUKAWA CO: Appoints Nobuyoshi Soma as President
-------------------------------------------------
Furukawa Co., Ltd. has appointed Nobuyoshi Soma as president,
replacing Tetsuo Yoshino.  Mr. Soma will take the position as
chairman of the board on June 28, 2007, Reuters Key Developments
reports.

Headquartered in Tokyo, Japan, Furukawa Company Limited --
http://www.furukawakk.co.jp/e_index.htm-- is a diversified  
manufacturer of machinery products, metal smelting, and
electronics materials with a strong presence in truck-mounted
cranes and mining machinery.  The company's revenue for
HYE9/2005 was JPY82.6 billion.

The company has overseas branches in the Netherlands, Thailand,
China, the United States, Korea and Australia.

As reported in the Troubled Company Reporter - Asia Pacific, on
March 15, 2007, Moody's Investors Service raised the senior
unsecured long-term debt rating of Furukawa Company, Limited to  
Ba2 from B1.   

Additionally, Furukawa Co.'s issuer rating was given a BB rating
by the Rating And Investment Information, Inc. on May 22, 2006.  
At the same time, R&I rated the company's senior debt a BB.


ISUZU MOTORS: Buys Back Type III and IV Preferred Shares  
--------------------------------------------------------
Isuzu Motors Limited will repurchase up to 25,000,000 type III
preferred shares and up to 25,000,000 type IV preferred shares
during the period from June 28, 2007, to June 28, 2008, Reuters
Key Development reports.

The report adds that the total consideration for the shares
repurchase will be to JPY40 billion.

Headquartered in Tokyo, Japan, Isuzu Motors Limited --
http://www.isuzu.co.jp/-- is engaged in the manufacture and    
sale of automobile, automobile parts, as well as industrial
engines.  The company carries products such as light commercial
vehicles (LCVs) and commercial vehicles, which include large-
size trucks and buses, small-size trucks and pickup trucks,
among others.  It also manufactures and sells engines and
components.  Through its subsidiaries, the company is also
engaged in the provision of logistics services and other
services.  The company has offices in Japan, the United States,
Mexico, Belgium, and Thailand, among others.

Japan Credit Rating Agency has upgraded the ratings of Isuzu
Motors Limited on its senior debt to BBB from BBB- on
Dec. 7, 2006.

On Dec. 6, 2006, Rating And Investment Information, Inc.
upgraded its issuer rating and senior debt to BBB from BB.


ISUZU MOTORS: Net Profit Surges Up to 57% in FY2007
---------------------------------------------------
Isuzu Motors Limited released its full year results for the year
ended March 31, 2007, with its net profit up 57% to JPY92.4
billion from the previous year's JPY59.0 billion.

Sales revenue also rose to JPY1.66 trillion in FY2007 from
JPY1.58 trillion in the prior year, a difference of JPY81
billion.  Operating profit which has achieved its highest by far
has also ascended to JPY107 billion from the previous fiscal
year's JPY90.7 billion with a JPY16.3 billion difference.  
Working profit is up by JPY20.9 billion to JPY114.7 billion from
last year's JPY93.8 billion or a 22% difference.

The increase of revenue results from both domestic and overseas
earnings with domestic sales reaching up to JPY694.6 billion
from JPY685.0 billion, a 1.4% increase and overseas revenue
shooting higher to JPY792.9 billion from JPY713.8 billion of
FY2005.  Among its global distributors, Asia acquired the
highest number of earnings of JPY471.0 billion from JPY443.6
billion.  Isuzu's North America sales slid 4% year-on-year to
JPY162.2 billion from last year's JPY170.0 billion.

Asia garnered the highest operating profit among the countries
where Isuzu vehicles are distributed with an increase of 5% to
JPY22.1 billion, a disparity of JPY1.1 billion from the previous
year's JPY21.0 billion.  North America's operating profit
decreased about 6% to JPY4.8 billion.  Other countries totaled
to JPY10.8 billion, an increase of JPY2.7 billion from the
previous fiscal year.

Isuzu President Yoshinori Ida, who is to be replaced by
Executive Vice President Susumu Hosoi in June, was quoted by a
Kyodo News report saying, "I'm delighted to report that the
company has achieved record profits on the last occasion that I
will announce earnings figures."

                          FY2008 Forecast

Despite the company's increasing results, Isuzu predicts its net
profit to decline by 13.4% to JPY80.0 billion in year ended
March 31, 2008.  With its increasing operating profits for four
straight years now, Isuzu sees it declining by 6.5% to JPY100
billion in FY2008.  Isuzu also projects sales revenue to go down
by 0.7% to JPY1.65 trillion.

                        About Isuzu Motors

Headquartered in Tokyo, Japan, Isuzu Motors Limited --
http://www.isuzu.co.jp-- is engaged in the manufacture and sale  
of automobile, automobile parts, as well as industrial engines.  
The company carries products such as light commercial vehicles
(LCVs) and commercial vehicles, which include large-size trucks
and buses, small-size trucks and pickup trucks, among others.  
It also manufactures and sells engines and components.  Through
its subsidiaries, the company is also engaged in the provision
of logistics services and other services.

Japan Credit Rating Agency has upgraded the ratings of Isuzu
Motors Limited on its senior debt to BBB from BBB- on December
7, 2006.

On December 6, 2006, Rating And Investment Information, Inc.
upgraded its issuer rating and senior debt to BBB from BB.


SANYO ELECTRIC: Narrows Bidders for Microchip Operations
--------------------------------------------------------
Sanyo Electric Co. Ltd. has narrowed the number of bidders for
its microchip operations to around five firms, according to
Alison Tudor, writing for Reuters, citing a source familiar with
the situation.

Ms. Tudor said her sources identified Cerberus Capital
Management LP and The Blackstone Group as among the U.S. private
equity firms bidding for the chip business.  A consortium
including Japan's MKS Partners Ltd. has also expressed its
interest, she added.

Jiji Press, according to Bloomberg News, reported that potential
bidders for Sanyo's semiconductor unit also include, Vestar
Capital Partners and the U.K.'s CVC Capital Partners Ltd.  Jiji
reported that offers have been as much as JPY200 billion yen,
Bloomberg noted.

"Goldman Sachs and Daiwa Securities SMBC, who are working as
advisers for the loss-making consumer electronics maker, are in
the process of whittling down the some 20 firms who had
expressed an interest in the unit," Ms. Tudor reported.  
According to the Reuters report, Goldman Sachs and Daiwa
Securities "are basing their choice on several criteria, the
most important of which is price.  Other factors include their
proposed business plans and strategic fit with the company's
operations."

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that the Financial Times related that Goldman
Sachs sent letters to large private equity groups such as
Blackstone, Carlyle, Cerberus, KKR, Permira and TPG; and
semiconductor companies such as Elpida, Renesas, Rohm, Hynix,
and Infineon inviting them to bid for Sanyo's semiconductor
business, which could fetch a few billion dollars.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

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

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


SANYO ELECTRIC: Less Likely to Default on Bonds
-----------------------------------------------
Oliver Biggadike and Keiko Ujikane of Bloomberg News reported
that credit-default swaps show that Sanyo Electric Co. is less
likely to default on bonds as it sheds unprofitable units.

"Contracts tied to the company's JPY240 billion (US$2 billion)
in bonds fell to the lowest since November, according to data
compiled by Bloomberg," the report noted.

Mana Nakazora, chief credit analyst in Tokyo at JPMorgan
Securities Japan Co. Ltd. told Bloomberg that the market doesn't
care if the company sells its semiconductor or home electronics
division.  "The important thing is that they sell something and
focus on their core business."

According to Messrs. Biggadike and Ujikane, "the chance of the
company failing to meet its debt obligations within the next
five years has declined to 6% from 43% in November 2005, based
on a JPMorgan valuation model that takes into account swap
prices."


Bloomberg pointed out that Sanyo Electric may be able to repay
the JPY80 billion in bonds due this year using sale proceeds of
its semiconductor unit.

Bloomberg reporters called Sanyo Electric spokesman Akihiko Oiwa
in Tokyo but he declined to comment.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                           *     *     *

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

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


SOJITZ CORP: Retains 7% Stake in Coppabella & Moorvale JV
---------------------------------------------------------
Sojitz Corporation's interest in the Coppabella and Moorvale
Joint Venture is unchanged at 7% following the restructuring of
the Olive Downs North project and Moorvale Pits C & D.

Macarthur Coal Limited disclosed the completion of the sale of a
16.7% interest in the Olive Downs North project and a
26.7% interest in the undeveloped Moorvale Pits C & D to
partners in the Coppabella and Moorvale Joint Venture.

The sale was undertaken in conjunction with CITIC selling a 3%
interest in Olive Downs North and extends the Joint Venture's
resource base.

The interests in the Joint Venture, which remain unchanged,
comprise:

   * Macarthur Coal                73.3%
   * CITIC                          7.0%
   * Marubeni Corporation           7.0%
   * Sojitz Corporation             7.0%
   * JFE Shoji Trade Corporation    3.7%
   * NS Trading Co Ltd              2.0%

The sale followed the splitting of the Olive Downs project into
two, with Olive Downs North comprising the tenement area north
of the Isaac River (the river cuts across the tenement) and
Olive Downs South comprising the tenement area south of the
river.

Macarthur Coal's interest in Olive Downs North was previously
90% with CITIC holding the remaining 10%.  The centre of Olive
Downs North is 16kms south of the Moorvale Mine coal preparation
plant.  Macarthur Coal's holding in Olive Downs South is 90% and
CITIC's ownership is 10%.  Macarthur Coal was previously sole
owner of Pits C & D which are at the southern end of the
Moorvale Mine.

                        About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history.  
This business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure.  Heralding
a new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation.

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with   
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.  

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 28, 2007, that Standard & Poor's Ratings Services raised
its long-term issuer credit rating on Sojitz Corp. to 'BB+' from
'BB' and removed the rating from CreditWatch where it was placed
on Apr. 28, 2006, with positive implications.  The upgrade
follows Sojitz's conversion of a total JPY205 billion of its
JPY300 billion in outstanding convertible bonds into common
shares by Feb. 26, 2007.  


* Japan's Major Consumer Finance Companies Hit By Credit Crunch
---------------------------------------------------------------
Standard & Poor's Ratings Services said in a report published on
May 16, 2007, that Japan's five major consumer finance companies
posted significant net losses totaling JPY1.8 trillion for
fiscal 2006 (ended March 31, 2007), due mainly to an increase in
reserves for refunds for overcharged interest.  The increase in
reserves reflects a rapid upsurge in refund claims while
consumer finance companies are tightening lending decisions.  It
also reflects changes in the auditing policy on reserves.  The
five major consumer finance companies include Aiful Corp.
(BBB+/WatchNeg/A-2), ACOM Co. Ltd. (BBB+/Negative/A-2), Promise
Co. Ltd. (BBB+/Negative/A-2), Sanyo Shinpan Finance Co. Ltd.
(BBB/Negative/A-2), and Takefuji Corp. (BBB/Negative/--).

On May 15, 2007, Standard & Poor's placed its 'BBB+' long-term
counterparty credit and long-term senior unsecured debt ratings
on Aiful Corp. on CreditWatch with negative implications,
reflecting a larger increase in reserves for refunds for
overcharged interest than at other Japanese consumer finance
companies.  The CreditWatch placement also reflects concern over
Aiful's ability to cope with further changes in the business
environment, such as a potential increase in refunds and
intensifying competition over lending rates, given its weaker
capitalization than industry peers with comparable ratings.  As
for the other four companies, Standard & Poor's is not
considering taking any immediate rating actions following the
accounting results as the conditions of bad debt write-offs are
in line with the current ratings.

However, if the impact of tighter lending standards becomes more
serious than expected and increases in refunds for interest
payments as well as in other credit costs affect their financial
profiles, Standard & Poor's is likely to review the ratings on
the other four companies.

The total transfers to reserves for refunds for interest
payments (on a consolidated basis, including debt forgiveness)
for the five companies amounted to JPY1.8 trillion.  The
increase in reserves reflected a change to a more conservative
reserve policy with the period covered by the reserves being
extended from one year to several years depending on company and
asset type.  It also reflected a sharp rise in refund claims
from borrowers with multiple debts.  This was in reaction to the
toughening of consumer finance companies' lending standards in
preparation for the expected increase in the maximum lending
rate by June 2010.  Total reserves for refunds for interest
payments for the five companies stood at an appropriate level of
about five times the total of refunds for interest payments and
debt forgiveness for the previous year.  Additional reserves may
be needed, given that the amount of refunds is likely to remain
high or even increase in the near term.  Under such
circumstances, the five companies' average ratio of credit costs
to total loans, including debt forgiveness relating to refunding
overpaid interest, increased to 8.6% at March 2007 from 6.5% a
year ago. Loan losses excluding debt forgiveness at most
companies slightly decreased, which implies a temporary pause in
loan defaults attributable to personal bankruptcies.

The average outstanding balance of loans (on a consolidated
basis) for the five companies also decreased by 6.7% year on
year.  This decrease was attributable to each company's more
prudent lending stance toward customers with a number of loans
from other lenders, as well as their restraint in advertising
after increased criticism toward the industry in relation to the
problem of borrowers with multiple debts.  Another reason was
the increase in debt forgiveness amounts relating to refunds for
interest payments.  The relatively small decline in loan
balances compared to the drop in the acceptance ratio for new
loans and the decrease in advertising expenses, however, reflect
the relatively strong brand recognition and business franchises
of the five companies.  In addition to this, the tougher credit
standards are expected to lead to an improvement in asset
quality as well as a decline in credit costs in the long term.

Each company's average loan yield for fiscal 2006 declined as a
result of an increase in the number of customers to whom more
favorable interest rates were applied, the introduction of new
products, and an increase in delinquent loans.  While average
funding rates slightly increased due to rising market rates,
Promise's funding rates declined, which demonstrates that
differences, based on varying funding structures, exist among
consumer finance companies. For its part, ACOM announced the
launch of new products with interest rates kept within the range
of the Interest Rate Ceiling Law.  While Standard & Poor's
expects the average lending rate to fall gradually through
fiscal 2010, profit deterioration may become worse than expected
if existing customers are replaced faster than assumed or if
competition over interest rates intensifies further.

The average capital ratio of the five companies substantially
declined to 19.4% at March 2007 from 37.6% a year ago.  This was
due to the posting of substantial net losses.  The reserves for
refunds for interest payments (taxable), which were the main
cause for the losses, may ultimately contribute to profits if
they decrease in the future.  However, the reserves cannot be
recognized as part of capital at this stage, as the refunds for
interest payments remain on an increasing trend and the ultimate
impact of reducing credit remains uncertain.  Given the
significant changes expected in the regulatory environment, as
well as in competition, the major consumer finance companies
would need to maintain a higher capital ratio compared with that
for other nonbanks (credit card companies or leasing companies,
etc.).

Although each company expects the ratio of credit costs to total
loans to further rise this year, they also expect a turnaround
due to the substantial decrease in losses relating to refunds
for interest payments.  However, if the refunds for interest
payments increase more rapidly, additional reserves would be
needed, which may lead to a downward revision of the financial
results.  Standard & Poor's expects that loan losses would
increase following a decline in the extension of credit due to a
narrowing of suitable borrowers brought about by the regulatory
changes in the money lending industry. Nevertheless, if it
becomes certain that loan losses will increase more than
expected, Standard & Poor's may revise the ratings.  In
addition, Standard & Poor's will focus on lowering lending rates
and their impact on profits, fundraising conditions and funding
costs, and the direction of revisions to the installment sales
law.


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

TEXCELL-NETCOM: Completes 1,658,334 Common Shares Issuance
----------------------------------------------------------
Texcell-Netcom Co., Ltd. has completed its issuance of 1,658,334
common shares through a private placement, Reuters reports.

According to the report, the shares par value is KRW500 with an
offer price of KRW1,200.

The Company's total number of outstanding common shares is now
36,268,165.  The confirmed listing date is May 10, 2007, the
report adds.

With headquarters in Seoul, Korea, Texcell-Netcom Co., Ltd.
-- http://www.texcell-netcom.co.kr/eng/-- provides network  
solution and electric parts.  The company has two main
businesses: Network Solution business, which designs and
constructs network systems, and Relay business, which provides
power relays used in televisions (TVs), refrigerators, washing
machines, monitors, office automation machines, vending machines
and boilers and telecom relays used in computer modems and other
communication equipment.

Korea Ratings placed a B+ rating on the company's unsecured
convertible bonds on Dec. 7, 2006.


SHINWHA INTERTEK: Establishes Shinwha Intertek in Slovakia
----------------------------------------------------------
Shinwha Intertek Corporation has established its unit Shinwha
Intertek Slovakia s.r.o in Slovakia.

According to the report, the subsidiary, which has a
KRW12,559,500 capital, will be engaged in the provision of
display optical films.

Hwasung Kyonggi, South Korea-based Shinwha Intertek Corporation
-- http://www.shinwha.com/main01_E.html-- is engaged in the  
manufacture and sale of adhesive tapes for the electronic,
electronic equipment, architecture and other industry fields.

Korea Ratings gave the company's convertible bonds a BB rating
on Oct. 24, 2006. The company's commercial papers also carry
Korea Rating's B rating effective Feb. 2, 2007.


SPATIALIGHT INC: March 31 Balance Sheet Upside-Down by US$9.3MM
---------------------------------------------------------------
SpatiaLight Inc.'s balance sheet at March 31, 2007, showed
US$5,759,914 in total assets and US$15,071,535 in total
liabilities, resulting in a US$9,311,621 total stockholders'
deficit.

At March 31, 2007, the company's balance sheet also showed
strained liquidity with US$789,760 in total current assets
available to pay US$13,883,535 in total current liabilities.

Spatialight Inc. reported a net loss of US$5,885,456 on revenues
of US$46,448 for the first quarter ended March 31, 2007,
compared with a net loss of US$5,632,669 on revenues of
US$85,694 for the same period ended March 31, 2006.

Revenue from one customer, LG Electronics, accounted for 96% and
82% of total revenue for the three months ended March 31, 2007,
and 2006, respectively.  In March 2007, the company was informed
by LGE of their intent to discontinue production of rear
projection televisions.  

The company does not expect significant future sales to LGE and
is negotiating with LGE for termination compensation under their
exclusive supply agreement.

The net loss for the first quarter of 2007 includes an asset
impairment loss of US$1,429,925 related to the company's
building in South Korea.  

Non-cash interest expense was approximately US$1,889,000 and
US$1,013,000 for the three months ended March 31, 2007, and
2006, respectively.  

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?1f42

                        Going Concern Doubt

As reported in the Troubled Company Reporter on March 23, 2007,
Odenberg, Ulakko, Muranishi & Co. LLP, in San Francisco,
expressed substantial doubt about SpatiaLight Inc.'s ability to
continue as a going concern after auditing the company's
financial statements for the years ended Dec. 31, 2006, and
2005.  The auditing firm pointed to the company's recurring
operating losses, negative cash flows from operations, negative
working capital position, and stockholders' deficit.

                         About SpatiaLight

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


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

KAI PENG: Securities Commission Rejects Reform Plan
---------------------------------------------------
Malaysia's Securities Commission has rejected Kai Peng Bhd's
proposed restructuring plan, which was submitted by the company
for approval on Feb. 14.

According to the company's disclosure with the Bursa Malaysia
Securities Bhd, it had learned of the SC's decision on May 15,
through a letter dated May 10 from the Commission.

The decision to reject the plan, according to the Securities
Commission, was based on "inter-alia, concerns over the future
viability of the core steel bar business of Maju Steel Sdn Bhd."

Joseph Chin, writing for The Edge Daily, says that under Kai
Peng's corporate exercise, it had proposed to transfer Maju
Steel together with its subsidiaries to a new company (Newco)
for MYR15 million to be set-off against the MYR15 million owing
by Kai Peng to Newco.  The consideration for the transfer of
Maju Steel is based on a premium on the adjusted net asset value
of Maju Steel as at the cut-off date of MYR6 million.

"The Board will deliberate on the next course of action to be
taken and an announcement will be made in due course," the
company told the bourse.

                          *     *     *

Headquartered in Selangor, Darul Ehsan, Malaysia, Kai Peng
Berhad Kai manufactures, markets and distributes steel products.  
Other activities include provision of information and
communication technology services, undertaking steel fabrication
and engineering works and investment holding.  Operations are
carried out principally in Malaysia.

Kai Peng was, on May 9, 2006, classified under Practice Note 17
of Bursa Malaysia Securities Berhad after its shareholders'
equity failed to meet the listing requirement.  As an affected
listed issuer, the Company is required to submit a financial
regularization plan or risk the possibility of delisting.

On November 9, 2006, the Troubled Company Reporter - Asia
Pacific reported that the external auditors of Kai Peng Berhad,
Ernst & Young, have raised substantial doubt on the company's
and the group's ability to continue as going concerns after
auditing their financial statements for the fiscal year ended
June 30, 2006.

Specifically, Ernst & Young pointed out these factors in Kai
Peng's June 30, 2006 financial statements:

   -- The group and the company reported net losses of
      MYR62,181,981 and MYR53,789,921 respectively;

   -- The group and the company's current liabilities
      exceeded their current assets by MYR77,245,002 and
      MYR49,988,562 respectively; and

   -- The group and the company's June 30, 2006, balance
      sheet showed shareholder's deficit of MYR36,300,109 and
      MYR34,116,889 respectively.

Kai Peng Bhd's unaudited balance sheet as of Dec. 31, 2006,
showed a solvency problem with total assets of MYR105.34 million
and total liabilities of MYR143.17 million, resulting in a
shareholders' deficit of MYR37.82 million.


MALAYSIA AIRLINES: Maldives Air Initiates Arbitration Proceeding
----------------------------------------------------------------
Malaysian Airline System Bhd disclosed with the Bursa Malaysia
Securities Bhd that it is facing arbitration at the ICC
International Court of Arbitration in Paris, after Air Maldives
Ltd alleged that the airline had failed to perform its duties
under a management agreement signed on Jan. 16, 1996.

According to the company's disclosure, it said that the notice
referred to the memorandum of understanding dated July 29, 1994,
between the government of Maldives and Malaysian Helicopter
Services Bhd (MHSB), now known as Nalur Corp Bhd.  The notice
also referred to the shareholders agreement dated Oct. 1, 1994,
between the government of Maldives and MHSB, and the management
agreement between MAS and Maldives Air.

The notice of arbitration did not specify any amounts claimed by
Maldives Air, the airline added.

                          *     *     *

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


PROTON HOLDINGS: Asks for More Money to Pay Off Dealers
-------------------------------------------------------
Proton Holdings has asked the Malaysian government for MYR16
million to carry out its consolidation exercise and pay off
dealers to end their dealership, Business Times reports.

The Troubled Company Reporter - Asia Pacific reported on
April 9, 2007, that Proton plans to downsize 20% of its sales
network by end-June 2007 as part of initiatives rolled out to
enhance the operational efficiency, cost competitiveness and
value to customers.

Under this voluntary separation scheme, for which Proton has
already been given MYR10 million to execute, car dealers were
offered MYR150,000 in "relief assistance" to close their Proton
dealerships, Business Times says.  However, according to the
newspaper's sources, many car dealers snubbed the offer because
it was too low and some dealers had invested at least MYR200,000
to set up their operations.  Some dealers, the sources told The
Times, have written formally to Proton asking for more while
others have requested for amounts of up to MYR500,000, through
the dealers' association.

According to Business Times, its sources said Proton had
proposed to increase the relief assistance from MYR150,000 to
MYR300,000 per dealer, adding that dealers who had already
accepted Proton's earlier offer would also be entitled to the
higher amount.

Proton plans to reduce the number of dealers from 293 as of
March, to 247 by the middle of the year, and 227 by year-end,
the report says.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.protonedar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

                         *     *     *

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.


STAR CRUISES: Posts US$79 Million Net Loss in First Quarter 2007
----------------------------------------------------------------
Star Cruises Group incurred a net loss of US$79.39 million on
US$564.88 million of turnover in the first quarter ended
March 31, 2007, as compared with a net loss of US$35.03 million
on US$513.64 million of turnover in the same period in 2006.

According to the company, the decrease in its net revenue yield
was primarily due to the downward pricing pressure on its
unit's, the Norwegian Cruise Line, inter island cruises in
Hawaii, as well as lower on board revenue in the Star Cruises
Asia fleet.

In addition, Star Cruises said that its operating expense
increased as compared to 1Q 2006, mainly due to a charter hire
fee it paid for the delivery of Norwegian Crown, which was
purchased in November 2006 by a third party.

Meanwhile, Star Cruises' European and American subsidiary, NCL
Group, posted a revenue yield, which fell 5.3% due to "a
significant decrease in cruise ticket prices for NCL Group's
inter-island cruises in Hawaii."

As a result, the company plans to withdraw m.v. Pride of Hawaii
from service in Hawaii in February 2008 and will then be
deployed for service on European routes beginning next summer.

                          *     *     *

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

Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications.  The ratings were placed on CreditWatch on Dec.
11, 2006, following the announcement that Genting International
PLC had won its SD$5.2 billion bid to build Singapore's second
integrated resort on Sentosa Island.

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


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

BRADRAM EQUITIES: Wind-Up Petition Hearing Set for June 28
----------------------------------------------------------
An application to wind-up the operations of Bradram Equities
Ltd. will be heard before the High Court of Auckland on June 28,
2007, at 10:00 a.m.

BMW Financial Services Limited filed the wind-up petition
against the company on March 5, 2007.

The solicitor of BMW Financial is:

         George Bogiatto
         West Plaza Building, Level 1
         3 Albert Street,
         Auckland
         New Zealand


CITE DOCUMENT: Fixes June 1 as Last Day for Receiving Claims
------------------------------------------------------------
Cite Document Solutions Ltd., which is in liquidation, requires
its creditors to file their proofs of debt by June 1, 2007.

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

The company's liquidators are:

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


FRESH CUT: Faces CIR's Wind-Up Petition
---------------------------------------
On March 29, 2007, the Commissioner of Inland Revenue filed a
wind-up petition against Fresh Cut Processors Ltd.

The petition will be heard before the High Court of Christchurch
on May 28, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Julia Dykema
         c/o Technical and Legal Support Group
         Ground Floor Reception
         518 Colombo Street
         PO Box 1782, Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


HUIA DEVELOPMENTS: Creditors' Proofs of Debt Due on June 1
----------------------------------------------------------
Huia Developments Ltd was placed under liquidation on May 4,
2007.

Creditors are required to prove their debts by June 1, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

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


M.M.M. LTD: Court to Hear Wind-Up Petition on May 28
----------------------------------------------------
An application to wind up the operations of M.M.M. Ltd. will be
heard before the High Court of New Plymouth on May 28, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
March 22, 2007.

The CIR's solicitor is:

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


MAYFIELD HOLDINGS: Court Appoints Levin & Jordan as Liquidators
---------------------------------------------------------------
The High Court at Auckland appointed Henry David Levin and Barry
Phillip Jordan as the liquidators of Mayfield Holdings Ltd. on
April 19, 2007.

The Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         c/o Amy Sexton
         PPB McCallum Petterson
         Forsyth Barr Tower, Level 11
         55-65 Shortland Street
         Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


MCFALL FARM: Enters Into Voluntary Liquidation
----------------------------------------------
McFall Farm Company Ltd. entered into voluntary liquidation on
April 19, 2007, and appointed Trevor James Croy as liquidator.

The Liquidator can be reached at:

         Trevor James Croy
         257 Havelock Street
         Ashburton
         New Zealand
         Telephone:(03) 308 8353
         Facsimile:(03) 308 1535


PROTECT SECURITY: Names Gavin Richard O'Dea as Liquidator
---------------------------------------------------------
Gavin Richard O'Dea, an accountant at Hawera, was appointed as
liquidator of Protect Security Group Ltd. on April 23, 2007.

The Liquidator can be reached at:

         Gavin Richard O'Dea
         PO Box 140, Hawera
         New Zealand
         Telephone:(06) 278 8060
         Facsimile:(06) 278 1377


ST VINCENT: Wind-Up Petition Hearing Set for July 12
----------------------------------------------------
The High Court at Auckland will hear a petition to wind up the
operations of St Vincent Ltd. on July 12, 2007, at 10:00 a.m.

The petition was filed by Window Treatments New Zealand Limited
on April 13, 2007.

The solicitor of Window Treatments is:

         Kevin Patrick McDonald
         Global House, 4th Floor
         19-21 Como Street
         PO Box 331065, Takapuna
         Auckland, New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


WORLDSPORT LTD: Subject to PMP Print's Wind-Up Petition
-------------------------------------------------------
PMP Print Limited filed on Dec. 21, 2006, a wind-up petition
against Worldsport Ltd.

The wind-up petition will be heard before the High Court of
Auckland on May 31, 2007, at 10:00 a.m.

The solicitor of PMP Print is:

         C. R. Vinnell
         c/o Anthony Harper, Lawyers
         Anthony Harper Building, Level 5
         47 Cathedral Square
         PO Box 2646, Christchurch
         New Zealand
         Facsimile:(03) 366 9277


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

BANK OF PHIL. ISLANDS: Posts PHP3.2-Bil. Net Income in 1Q 2007
--------------------------------------------------------------
The Bank of the Philippine Islands disclosed a net income of
PHP3.2 billion in the first quarter of 2007, which is 28.4%
higher than the PHP2.5 billion net income in 2006.  Total
resources decreased 2.65% to PHP566.9 billion, while total
liabilities also went down to PHP499.5 billion.  As a result,
total capital funds rose to PHP66.26 billion as March 31, 2007.

The operating performance was attributed to improved revenues of
PHP1.9 billion inclusive of a PHP416 million nonrecurring gain
on sale of a real estate property of an insurance subsidiary.
Revenue growth was, however, tempered by increases in operating
expenses, impairment losses and provision for income tax by
PHP780 million, PHP350 million and PHP53 million, respectively.

The growth in revenues came largely from the PHP1.4 billion or
51.8% improvement in non-interest income.  Net interest income
also contributed to revenue growth as it posted a PHP520 million
or 11.2% increase.  The net interest income increase came mainly
from the PHP53.2 billion expansion in average asset base. Net
interest margin was relatively flat.  Interest income was up by
PHP252 million while interest expense went down by PHP267
million.

Other income reached PHP4.1 billion or PHP1.4 billion over last
year's PHP2.7 billion.  This was mostly attributed to income
from foreign exchange and securities trading and income
attributable to insurance operations.  Income from foreign
exchange and securities trading posted a PHP635 million or 61.1%
increase on account of strong securities trading profits.  
Income from insurance operations grew by PHP624 million largely
due to the gain on the sale of a property and good investment
performance.  Service charges and commissions were also up by
PHP46 million due to higher transaction volume.  Other operating
income rose by PHP141 million on higher rental income on bank
assets and stock brokerage fees.  The higher total other income
resulted to a Gross receipts tax increase of PHP53 million or
36%.

Impairment losses increased 95% to PHP719 million on accelerated
loan loss provisioning.

Other expenses at PHP4.6 billion were ahead by 20.5% versus last
year's PHP3.8 billion inclusive of one-time expenses.
Compensation and fringe benefits were higher by PHP238 million
or 14.1% due to increase in salaries & wages and some one-off
accruals. Occupancy and equipment-related expenses were also up
by PHP122 million or 11.8% on account of higher depreciation,
rent, software license costs and leased lines expense. The
increase in other operating expense of PHP420 million was due to
settlement of prior period taxes, higher regulatory costs on
deposits and other miscellaneous costs.

Current income tax was up by PHP252 million or 48.89% as a
result of higher taxable income. Deferred income tax increased
by PHP199 million or 233.5% due to higher impairment losses
level. Increase in the income of Minority Interest by PHP18
million or 41.6% was due to the higher income of our insurance
subsidiaries.

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


BANKARD INC: Posts PHP16 Million Net Income for First Qtr. 2007
---------------------------------------------------------------
Bankard Inc. turned around with a net income of PHP16.8 million
in the quarter ended March 31, 2007, compared to the PHP247
million net loss in the same period last year.  Total assets
increased 2.1% to 971.1 million from the PHP950.5 million at
December 31, 2006, while total liabilities increased 1.3% to
PHP272.72 million from PHP268.9 million at December 31, 2006. As
a result, total equity rose 2.4% to PHP698.4 million.

The net income for the March 2007 quarter is attributed to
revenues of PHP43.1 million from service fees.  The company also
recovered PHP19.4 million from the collection of fully provided
credit card receivables.

Cost and expenses totaled PHP48.4 million in the first quarter
of 2007, as compared to PHP736.9 million in 2006.  Bulk of the
expenses in 2007 are manpower costs for servicing the credit
card operations, while costs in expenses in 2006 are funding
costs, impairment losses, manpower, advertising and promotion
and occupancy and related costs.

The company cites the sale to Rizal Commercial Banking Corp. as
the reason for the increase of total assets in the first
quarter.  After the sale to RCBC, the Balance Sheet of Bankard
showed total assets of PHP971.1 million.  Bulk of the assets is
in cash and cash equivalents.  Cash and cash equivalents showed
an increase of PHP59.1 million or 17% versus December 31, 2006.

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

On top of the PHP597.6 million net loss for the year ended
December 31, 2006, the bank also suffered two yearly net losses
of PHP422.4 million and PHP597.6 million for the years ended
December 31, 2005 and 2004, respectively.


SAN MIGUEL: Planned Spin Off Cues S&P's Negative Watch
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
foreign currency corporate credit rating on San Miguel Corp. on
CreditWatch with negative implications following an announcement
that the company plans to spin off its domestic beer and
regional packaging operations, and invest in power, utilities,
mining, and infrastructure businesses.

The CreditWatch placement reflects uncertainties about San
Miguel's business plan for the proposed investment in industries
where the company has little experience.

"The spin off is likely to generate a significant amount of cash
and boost San Miguel's net profit in 2007," said Standard &
Poor's credit analyst Judy Kwok-Cheung.  The company's financial
position over the medium term could, however, be negatively
affected.

The company's plan to invest in power, utilities, mining, and
infrastructure businesses is in line with the government of the
Philippines' initiatives to strengthen the country's
infrastructure.

"Nevertheless, the lack of a track record in these complicated
and capital intensive industries could represent a major
challenge for San Miguel," Ms. Kwok-Cheung said.

The CreditWatch placement is likely to be resolved after a
detailed review of San Miguel's business strategy, capital
expenditure and funding plans, and expected investment returns.  
A negative outlook could be assigned or the corporate credit
rating could be lowered if the company's strategy leads to high
earnings volatility and a weakening financial metrics.  San
Miguel has yet to respond to S&P's recent enquiries about the
reported spin-off plan.


SAN MIGUEL: Spin-Off Plans Cue Moody's to Review Ba1 Rating
-----------------------------------------------------------
Moody's Investors Service has put on review for possible
downgrade the Ba1 local currency corporate family rating of San
Miguel Corporation.

The rating action is in response to the company's recently
announced plans to spin off its domestic beer business and
regional packaging business, and to expand into mining, power,
infrastructure and utilities businesses.

"The review for possible downgrade reflects uncertainties as to
the future business and financial profiles of SMC," says Renee
Lam, a Moody's Vice President/Senior Analyst, adding, "The
company is venturing into businesses in which it does not have
any prior experience, while its access to profits and cash flow
from its traditional core businesses will diminish after these
businesses have been spun off."

Domestic beer, one of the units to be spun off, has been a core
profit contributor to SMC. And while expansion into these new
sectors could open up additional growth avenues for the company,
these businesses are more capital intensive, and could be
subject to higher regulatory uncertainties, compared to SMC's
traditional activities.

Moody's review will focus on the impact of the proposed spin off
on the overall credit profile of SMC. The review will also
evaluate SMC's business expansion strategies, and the associated
capital expenditures and funding plans.

SMC is the third largest corporation in the Philippines in terms
of revenue, and the largest food and beverages company in
Southeast Asia. SMC is engaged in the production, processing and
marketing of alcoholic beverages and soft drinks, food and
packaging products in the Philippines. It also has food and
beverage operations in Australia.


WEST CORP: March 31 Balance Sheet Upside-Down by $2.1 Billion
-------------------------------------------------------------
West Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q for the period
ended March 31, 2007.

For the quarter ended March 31, 2007, the company reported net
income of $9,019,000 down from $41,064,000 for the same period
in 2006.  Revenues however went up with $508,633,000 in the
period ended March 31, 2007 compared to $424,738,000 for the
period ended March 31, 2006.

At March 31, 2007, the company's balance sheet showed $2.7
billion in total assets and $3.9 billion in total liabilities
resulting in a stockholders' deficit of $2.1 billion.  The
balance sheet however also showed that the company is liquid
with $692 million in total current assets and $535 million
in total current liabilities.  

A full-text copy of the company's March 31, 2007 quarterly
report is available for free at
http://ResearchArchives.com/t/s?1f05

                       About West Corp.

Based in Omaha, Nebraska, West Corp. -- http://www.west.com--  
provides outsourced communication solutions to many of the
world's largest companies, organizations and government
agencies.  West helps its clients communicate effectively,
maximize the value of their customer relationships and drive
greater profitability from every interaction.  The company's
integrated suite of customized solutions includes customer
acquisition, customer care, automated voice services, emergency
communications, conferencing and accounts receivable management
services.

The company also has operations in Australia, Canada, China,
Hong Kong, India, Philippines, Singapore, Switzerland and the
United Kingdom.


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

LEAR CORPORATION: Picks Wendy Foss as Corporate Secretary
---------------------------------------------------------
Lear Corporation has elected Wendy L. Foss to the position of
corporate secretary in addition to her responsibilities as vice
president - Finance and Administration, and Liam E. Hart has
been promoted to deputy general counsel, effective immediately.  
Both Ms. Foss and Mr. Hart will report to Daniel A. Ninivaggi,
executive vice president and general counsel.

"Wendy and Liam are experienced professionals who have excellent
track records in areas of increasing responsibility," commented
Dan Ninivaggi.  "Wendy's experience as deputy corporate
secretary, chairperson of our Corporate Compliance Committee,
assistant controller and a variety of other Finance and
Administration positions make her the perfect candidate for this
expanded role."

"As deputy general counsel, Liam will assume greater management
responsibility of legal matters in addition to overseeing our
outside counsel relationships in North America," added Mr.
Ninivaggi.  "In addition, he will continue to be directly
involved in significant commercial, product liability and
warranty matters.  We are fortunate to have individuals of their
caliber on our Lear team."

Ms. Foss earned a Bachelor of Science in Business Administration
from Central Michigan University and a Master of Science degree
in Finance from Walsh College.  A Certified Public Accountant,
Ms. Foss sits on the Finance Committees for the Visiting Nurse
Association, Inc., and Inforum (formerly known as the Women's
Economic Club).

Mr. Hart earned his Bachelor of Arts in Economics and Business
Administration from Kalamazoo College and his Juris Doctorate
summa cum laude from the University of Detroit School of Law,
where he was a senior editor for the Law Review.

                        About Lear Corp.

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior    
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, Thailand, and the Philippines.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported May 17,
2007, Moody's Investors Service assigned a B2 corporate family
rating to AREP Car Acquisition Corp., the corporate entity that
will be established to affect the consummation of the proposed
acquisition and subsequent merger of Lear Corporation into a
subsidiary of American Real Estate Partners, L.P.  At the same
time, the rating agency confirmed Lear's existing ratings
consisting of:

   -- a B2 corporate family rating,
   -- B3 senior unsecured notes, and
   -- B2 secured bank term loan.

The rating outlooks for, and revised Lear and Lear Newco's
outlook to, are stable from ratings under review for possible
downgrade.

On Feb. 15, 2007, following Lear's agreement to be acquired by
Carl Icahn-controlled American Real Estate Partners, L.P.,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Lear to 'B' from 'B+' and placed its ratings on
CreditWatch with negative implications.


PETROLEO BRASILEIRO: Production Drops 0.8% in April
---------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
statement that its output decreased 0.8% to 2.29 million barrels
of oil equivalent per day in April, compared to 2.31 million
barrels of oil equivalent per day in March.

Business News Americas relates that the April production
includes a 133,000-barrel of oil equivalent per day
international output.  The production in April was also lower
than the 2.30-million barrel of oil equivalent per day average
for the year to date.

Petroleo Brasileiro Chief Financial Officer Almir Barbassa said
in a conference call, "We are trying to recover some of the lost
output by speeding up some projects and rescheduling some
planned maintenance stoppages."

BNamericas notes that domestic oil and natural gas liquid output
in April dropped 1.8% to 1.77 million barrels per day, from 1.81
million barrels per day in March, with the Campos offshore basin
providing 1.47 million barrels per day and offshore in total
producing 1.55 million barrels a day.

According to BNamericas, Petroleo Brasileiro blamed the decrease
of production on the scheduled stoppages at three of its
platforms in these fields:

          -- Marlim,
          -- Bicudo, and
          -- Corvina.

Petroleo Brasileiro also suffered an unexpected stoppage in the
Golfinho field in the second half of April, BNamericas says.

Petroleo Brasileiro's exploration and production manager Hugo
Repsol Junior said in a conference call, "We had a decline in
the production from Marlim field, where we had an operational
problem.  Our P-37 oil platform had a reduction in output, but
the problem has been fixed."

Petroleo Brasileiro's April gas production decreased to 62.1
million cubic meters per day -- including international output
of 18.7 million cubic meters a day, which is 0.5% higher
compared to March -- compared to 62.2 million cubic meters per
day in March, BNamericas states.

                  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.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2007, Fitch Ratings upgraded the foreign currency Issuer Default
Rating of Petroleos Brasileiro to 'BBB-' and its wholly owned
subsidiary, Petrobras International Finance Company; PIFCo is
unconditionally guaranteed by Petrobras.  Fitch also assigned a
local currency IDR of 'BBB' to Petrobras.  The Rating Outlook
for all IDRs is Stable.  Approximately US$6.0 billion of debt
securities are affected.  These securities are upgraded to
'BBB-' from 'BB+' by Fitch.


REFCO INC: Plan Administrators Want Bar Date Extended to June 29
----------------------------------------------------------------
The Plan Administrators for Refco Inc. and its debtor-affiliates
ask the U.S. Bankruptcy Court for the Southern District of New
York to further extend the Administrative Claims Objection
Deadline through and including June 29, 2007.

When Refco, its affiliates, including Refco Capital Markets,
Ltd., filed for bankruptcy, about 210 administrative claims were
asserted.

To date, roughly 15 of those claims have not been objected to or
resolved by RJM, LLC, the duly appointed Plan Administrator of
the Reorganized Debtors' Chapter 11 cases, and Marc S.
Kirschner, as Plan Administrator of the RCM estate.

The Plan Administrators state that by virtue of filing their
request, the Administrative Claims Objection Deadline is
automatically extended until entry of an order approving or
denying the extension.

The Plan Administrators assert that an extension of the  
Administrative Claims Objection Deadline is appropriate to
complete the administrative claims reconciliation process and to
help ensure that all non-meritorious administrative claims are
appropriately challenged.

Furthermore, the Plan Administrators believe that the extension
is particularly important to ensure that no unwarranted
administrative expense claims are allowed simply by virtue of
the passage of time.  Allowed administrative expense claims are
required to be paid in full under the Plan, and, thus have a
greater relative impact upon recoveries to prepetition unsecured
creditors, who are expected to receive only a fraction of the
allowed amounts of their claims.

The Court will convene a hearing on June 6, 2007, to rule on the
Plan Administrators' request.

                         About Refco Inc

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,  
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 63; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


REFCO INC: Plan Administrators Want Removal Period Extended
-----------------------------------------------------------
The Plan Administrators ask the U.S. Bankruptcy Court for the
Southern District of New York to extend until Aug. 14, 2007, the
period within which Refco, Inc., and its affiliates may file
notices of removal with respect to pending actions pursuant to
Rule 9027(a)(2) of the Federal Rules of Bankruptcy Procedure.

Jared R. Clark, Esq., at Bingham McCutchen LLP, in New York,
relates that as of the Petition Date, the Debtors were  
plaintiffs in 37 actions and proceedings in a variety of state
and federal courts throughout the country.

Since the Reorganized Debtors have continued to focus primarily
on winding down their businesses, administering claims and
implementing their confirmed Chapter 11 Plan, the Debtors have
not reviewed all the Actions to determine whether any of them
should be removed, Mr. Clark states.

Mr. Clark asserts that extension of the Removal Period will
afford the Debtors a sufficient opportunity to assess whether  
the Actions can and should be removed, hence, protecting the
Debtors' valuable right to adjudicate lawsuits under Section  
1452 of the Judiciary and Judicial Procedure Code.

The Court will convene a hearing on June 6, 2007, to rule on the
Plan Administrators' request.

                         About Refco Inc

Based in New York, Refco Inc. -- http://www.refco.com/-- is a  
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,  
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.  The Debtors' Amended Plan was confirmed on Dec. 15,
2006.  (Refco Bankruptcy News, Issue No. 63; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


SCOTTISH RE: Investment View at Neutral, Analyst Says
-----------------------------------------------------
Oppenheimer & Co. analyst Richard Sbaschnig maintained his
investment opinion of Scottish Re Group Ltd. at "neutral."
Mr. Sbaschnig lowered his 2007 and 2008 earnings per share
estimates to a loss of US$1.16 from a loss of 6 cents and a loss
of 10 cents from 29 cents, respectively.

The analyst wrote in a research report: "Based on management's
analysis, run-rate profitability in SCT's core business could be
substantially lower over the next 4-6 quarters than we
previously assumed.  In addition, there are a number of non-
recurring items tied to new financing and changes to the Board
of Directors which will likely lower earnings.  We have more
confidence in our current estimates than our previous ones;
however, a number of uncertainties remain.  Additional severance
and compensation expenses could be incurred if there are changes
in management, and other possible balance sheet write-downs
could occur after the new Board fully takes control of the
company."

                        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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 14,
2007, that Fitch Ratings 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.

On May 10, 2007, Standard & Poor's Ratings Services raised its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'B' and removed it from CreditWatch with developing
implications, where it was placed on Dec. 6, 2006.  (The
CreditWatch implications had been revised twice since the
ratings were originally placed on CreditWatch on July 31, 2006.)  
Standard & Poor's also said that it raised its counterparty
credit and financial strength ratings on Scottish Re's operating
companies as well as its ratings on dependent unwrapped  
securitized deals related to Scottish Re to 'BB+' from 'BB' and  
removed them from CreditWatch developing.

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.  
Ratings under review include Scottish Re Group Limited's senior
unsecured debt, which is rated at Ba3 and preferred stock rated
at B2.


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

ADVANCE AGRO: Records THB181 Million Net Loss in First Quarter
--------------------------------------------------------------
Advance Agro PCL recorded a net loss of THB181.2 million for the
three months ended March 31, 2007, as compared with the THB1
billion net income in the same period in 2006.

In a letter submitted to the President of the Stock Exchange of
Thailand dated May 15, 2007, Advance Agro said that it lost
money from a rate of exchange of THB20 million, which is less
than the THB598 million from the same period in 2006.  Because
of this, the Company ceased manufacturing in some pulp and paper
mills, causing its production to be lesser than the previous
period.

Advance Agro's maintenance expenses climbed to THB150 million.
The company's expenses for long fiber pulp and short fiber pulp
increased by about THB41 million and THB46 million,
respectively.  The company also recorded a THB229 million
increase in selling and administrative expenses due to expansion
to foreign markets, as well as a THB102 million increase in
interest expense and financial charges.

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

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

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


ADVANCED PAINT: 1Q 2007 Net Loss Down 52% to THB3.13 Million
------------------------------------------------------------
Advanced Paint Chemicals PCL incurred a net loss of THB3.13
million for the quarter ended March 31, 2007, which is 52% lower
than the THB6.59 million net loss of the same period in 2006.
The company attributes this to a 52.53% decrease in selling and
administrative expenses for the quarter ended March 31, 2007.

Advanced Paint's total revenues as of March 31, 2007, were at
THB4.81 million, as compared to THB9.61 million in the same
period in 2006.  The company cites the decrease in real estate
demand as the reason for having less revenue than it had at
March 31, 2006.

As of March 31, 2007, the company had total current assets of
THB10.5 million and total current liabilities of THB57.78
million.  The company also reported total shareholders' deficit
of THB185.88 million.

                       Going Concern Doubt

After auditing Advanced Paint's financial statements for the
first quarter, Mr. Atipong Atipongsakul of ANS Audit Co. Ltd. as
auditor raised doubt on the company's ability to operate as a
going concern, since it has been operating on recurring losses
and is illiquid.

"The company's ability to continue operations as a going concern
is dependent on its ability to generate sufficient profit and
cash flows to serve its debts," he added.

                       About Advanced Paint

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

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


DAIMLERCHRYSLER: Names Rainer Genes as Mercedes Planning Head
-------------------------------------------------------------
The DaimlerChrysler Board of Management has appointed Rainer
Genes, manager of the Bremen production plant, as the new head
of Production Planning Mercedes-Benz Passenger Cars, effective
June 1, 2007.  Rainer Genes will succeed Simon Boag, who will be
returning to Detroit, effective June 1, 2007.

"I would like to take this opportunity to thank Simon Boag for
his hard work and commitment over the past 15 months,
particularly in the areas of standard inspections and efficiency
boosting," Rainer Schmuckle, COO of the Mercedes Car Group,
said.

Also on June 1, Peter Schabert, currently the director of the
Berlin production plant, will take over the responsibility for
the Bremen plant.

Thomas Uhr, at present head of the Production and Technology
Center "Casting and Metal Forming," will become the head of the
Berlin plant on June 1.

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

The Company has locations in Europe including some in Germany,
Belgium, Spain and Switzerland. Its operations in the Asia-
Pacific are in Thailand, China, Japan, Vietnam, India, Australia
and Indonesia. Its Latin American facilities are in Argentina,
Brazil, Mexico, and Venezuela.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DAIMLERCHRYSLER: Earns EUR1.9 Billion in First Quarter 2007
-----------------------------------------------------------
DaimlerChrysler AG reported a net profit of EUR1.97 billion on
revenues of EUR35.36 billion for the first quarter of 2007,
compared with a net profit of EUR781 million on revenues of
EUR37.44 billion for the first quarter of 2006.

DaimlerChrysler increased its EBIT (earnings before interest and
taxes) to EUR2.04 billion in the first quarter of this year,
compared with EBIT of EUR1.18 billion for the first quarter of
2006.  Earnings were reduced particularly by restructuring
expenses of EUR914 million related to the implementation of the
Chrysler Group's Recovery and Transformation Plan.  There were
additional charges of EUR120 million from the financial support
provided to troubled suppliers and EUR54 million from the
implementation of the new management model.  Income of
EUR1.56 billion, however, was realized in connection with
DaimlerChrysler's equity interest in the European Aeronautic
Defence and Space Company (EADS), partially offset by expenses
of EUR114 million from the Power8 restructuring program at EADS.

In the prior-year quarter, the discontinuation of the smart
forfour and headcount reductions at the Mercedes Car Group
caused expenses of EUR1.18 billion.  There were opposing effects
from the disposed off-highway business of EUR238 million and
from reductions in healthcare benefits at the Chrysler Group of
EUR390 million.

Improved operating results at the Mercedes Car Group and the
Truck Group largely offset the decline in earnings at the
Chrysler Group.

Within the context of the efficiency-improving programs,
measures were defined to further improve the utilization of
production facilities.  As a result, depreciation of property,
plant and equipment has been adjusted to the extended useful
lives.  In the first quarter of 2007, this led to a positive
impact on Group EBIT in an amount of EUR213 million; thereof
EUR151 million is considered at the Mercedes Car Group, EUR24
million at the Truck Group and EUR38 million at Van, Bus, Other.

                Unit Sales Below Prior-year Levels

In the first quarter of 2007, DaimlerChrysler sold 1.1 million
vehicles worldwide, 5% below the level of the prior-year
quarter.

At the end of the first quarter of 2007, DaimlerChrysler
employed a workforce of 356,749 people worldwide, compared to a
workforce
of 368,853 at the end of the first quarter of 2006.  Of this
total, 165,779 were employed in Germany and 91,170 were employed
in the United States.

At March 31, 2007, DaimlerChrysler AG and subsidiaries'
consolidated balance sheet showed EUR215.01 billion in total
assets, EUR174.96 billion in total liabilities, and $40.05
billion in total shareholders' equity.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with $81.16 billion in total current assets
available to pay $85.25 billion in total current liabilities.

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?1f37

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

The Company has locations in Europe including some in Germany,
Belgium, Spain and Switzerland. Its operations in the Asia-
Pacific are in Thailand, China, Japan, Vietnam, India, Australia
and Indonesia. Its Latin American facilities are in Argentina,
Brazil, Mexico, and Venezuela.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DAIMLERCHRYSLER: No More Acquisition Plans for Now, Zetsche Says
----------------------------------------------------------------
DaimlerChrysler AG's management will work hard to keep the
company's independence and won't likely be involved in the
ongoing consolidation of the auto industry in the wake of
Cerberus Capital Management LP's US$7 billion takeover of the
Chrysler Group, the Wall Street Journal reports, quoting Daimler
CEO Dieter Zetsche.

His remarks came as major shareholder Dubai International
Capital, controlled by Dubai's Maktoum family, disclosed it had
sold its US$1 billion stake in the company, ahead of Daimler's
announcement of a deal to relinquish control of Chrysler.  The
carmaker's shareholder structure has been under scrutiny
because, unlike its German car-making rivals, it doesn't have a
single large shareholder as a bulwark against a takeover, WSJ
observes.

Mr. Zetsche, who had expressed concerns that the company's low
share price because of Chrysler's burdens could make it a
takeover target, said that the recent rise in the company's
share price makes it a less attractive acquisition, WSJ notes.  
"I don't know if a majority shareholder is exclusively helpful,
and it doesn't mean absolute protection," Mr. Zetsche said.

The deal to relinquish 80.1% of Chrysler to private-equity firm
Cerberus will allow DaimlerChrysler to focus on strengthening
its luxury Mercedes brand and on boosting its commercial-truck
business, WSJ states.  Mr. Zetsche said the company may seek
deals to expand its truck business, known as the Truck Group,
especially in the U.S. or India.  Earlier this year, Daimler's
Truck Group bought a 24% stake in China's Beiqi Foton Motor Co.,
which makes vans.

Mr. Zetsche has expressed his intent to concentrate on improving
efficiency and operations at Daimler, develop growth potential
and pursue new opportunities, WSJ relates.  He added that he has
more ambitious targets for Mercedes beyond the 7% return on
sales the company has as a goal this year.

Meanwhile, Bloomberg News reports that Juergen Schrempp,
architect of the US$36 billion takeover of Chrysler Corp. by
Daimler-Benz AG, was responsible for the US$12.6 billion loss in
the company's market value in the nine years following the
merger.  DaimlerChrysler shares have fallen 15% since Nov. 17,
1998, the day the combined company started trading.  The stock
in Germany peaked half a year after the merger and never
recovered.

"Schrempp was certainly the biggest destroyer of capital in
Daimler's history and most likely in the history of corporate
Germany," said Juergen Graesslin, head of the DaimlerChrysler
Critical Shareholders Association and an author of a biography
on Schrempp, who left as chief executive officer December 31,
2005, two years before his contract expired.

                      About DaimlerChrysler

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

The Company has locations in Europe including some in Germany,
Belgium, Spain and Switzerland. Its operations in the Asia-
Pacific are in Thailand, China, Japan, Vietnam, India, Australia
and Indonesia. Its Latin American facilities are in Argentina,
Brazil, Mexico, and Venezuela.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


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

AUSTRALIA

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


CHINA AND HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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



                            *********

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

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

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


                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***