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        T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Monday, May 21, 2007, Vol. 10, No. 99

                            Headlines

A U S T R A L I A

ASCENTIAL SOFTWARE: Members' Final Meeting Set for June 18
BISHOP'S STOVES: Court Releases Wind-Up Order
BURKETTS PROPRIETARY: Will Declare Final Dividend on July 1
FORTESCUE: Inks Agreement with Tangshan Iron and Steel Group
FRASSETTO DESIGN: Appoints Peter Ngan as Liquidator

GLOW HOLDINGS: Enters Voluntary Liquidation
RESOURCE EQUITIES: Will Declare Final Dividend on May 30
RINYEAR PTY: Members Agree on Voluntary Liquidation
THE CENTRAL WEST: Members' Final Meeting Set for June 15
* Australian Negative Trend to Run Through 2007, Moody's Says


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Silver Lake Deal Cues S&P's Negative Watch
ARTHUR ANDERSEN: Enters Voluntary Liquidation
ASSOCIATION OF PRACTITIONERS: Commences Liquidation Proceedings
CENTRAL UNITY: Members Opt to Shut Down Business
CHINA SOUTHERN: Shareholders Approve Reform Plan

CITIC PACIFIC: To Sell 25% Stake in Cargo JV With Air China
ENERSYS: S&P Holds All Ratings & Revises Outlook to Stable
EPICOR SOFTWARE: S&P Holds BB- Rating on US$100 Mil. Senior Loan
GOLDWIZ HOLDINGS: Court to Hear Wind-Up Petition on May 30
JIANGXI COPPER: Shareholders Approve A-Shares Issue

LIANG HUAT: Members & Creditors to Hold Final Meeting on June 21
WAN KEE: Subject to Chan Chi Shing's Wind-Up Petition
WPBHYPERSONIC HONG KONG: Wind-Up Petition Hearing on June 13
YAU LUEN: Court to Hear Wind-Up Petition on July 11
YUASA SHOJI: Members to Hold Final General Meeting on June 21


I N D I A

BAUSCH & LOMB: Fitch Holds Neg. Watch Despite Warburg Sale Pact
CANARA BANK: Agri. Minister May Oppose Dena Merger, Report Says
DENA BANK: Agri. Minister May Oppose Canara Merger, Report Says
EASTMAN KODAK: Fitch Lifts Rating on US$1.15-Bil. Term Loan to B
GENERAL MOTORS: Mulls Sale of Midsize Truck Unit to Navistar


I N D O N E S I A

ALCATEL-LUCENT: Disk Containing US Employees' Info Is Missing
ALCATEL-LUCENT: To Upgrade Brasil Telecom's Submarine Network
ARPENI PRATAMA: To Spend US$350 Million for Fleet Growth
ARPENI PRATAMA: First Quarter Profit Drops 11.7% to IDR52 Bil.
BANK NEGARA: Government to Sell 30% Stake in July


J A P A N

DAIWA SECURITIES: Earns JPY92.72 Billion in Year Ended March 31
FURUKAWA ELECTRIC: Appoints Ernst & Young as New Auditor
HANKYU HANSHIN: Department Stores Profit Up 2.2% in FY2006
JAPAN AIRLINES: Expands China Eastern Airlines Code Share Pact
JAPAN AIRLINES: Management Reform Places Execs in One Room

MICRON TECHNOLOGY: S&P Holds BB- Rating on US$1.1 Billion Notes


K O R E A

DAEWOO E&C: Wins US$845 Million Contract to Build 2 Power Plants
DURA AUTO: Wants Exclusive Plan-Filing Period Extended
NOVELIS INC: Offers to Buy Back 7-1/4% Senior Notes
SPCM SA: Moody's Affirms B3 Rating on Sr. Unsecured Notes


M A L A Y S I A

DATUK KERAMAT: Bursa Sets Securities Delisting for May 29
GEORGE TOWN: Bursa to Delist Securities on May 29
PSC INDUSTRIES: High Court of Malaya Okays Debt Settlement Plan
UNITED CHEMICAL: Loan Default Reaches MYR10.64 Mil. at April 30


N E W  Z E A L A N D

1908 CAFE: Shareholders Pass Resolution to Wind Up Firm
ADD LIGHTING: Creditors' Proofs of Debt Due on June 7
ALL THINGS: Court to Hear Wind-Up Petition on May 24
CER GROUP: Certified Organics Unit Wins NZ$500,000 Contract
CER GROUP: NZ Nature Unit Sales Grow 25% in March 31 Quarter

COMPONENTRY SYSTEMS: Fixes May 31 as Last Day for Filing Claims
DIAL-A-HORI: Wind-Up Petition Hearing Set for May 28
FLETCHER BUILDING: Revenue Dept. Clears NZ$70-Million Tax Gain
FISHCO TAKAPUNA: Taps Mason and Lamacraft as Liquidators
I4DESIGNZ LTD: Court to Hear Wind-Up Petition on May 24

PRAIRIE INVESTMENTS: Commences Liquidation Proceedings
TECHNICAL COMPUTING: Subject to CIR's Wind-Up Petition
THE MATRIX: Faces CIR's Wind-Up Petition


P H I L I P P I N E S

BANCO DE ORO: Posts PHP838 Million Net Income for 1Q 2007


S I N G A P O R E

CHINA AVIATION: Fully Repays US$73.3 Million Debt
SWIFT ENERGY: S&P Rates Proposed US$250 Million Notes at BB-


T H A I L A N D

ARVINMERITOR INC: Completes Sale of Unit to One Equity Partners
ASIA HOTEL: Auditor Raises Going Concern Doubt
BANGKOK RUBBER: Posts THB1.5M Net Loss for First Quarter 2007

     - - - - - - - -

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

ASCENTIAL SOFTWARE: Members' Final Meeting Set for June 18
----------------------------------------------------------
A final meeting will be held for the members of Ascential
Software Pty Ltd on June 18, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         Murray Smith
         McGrathNicol
         10 Shelley Street, Level 9
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2600
         Web site: http://www.mcgrathnicol.com

                    About Ascential Software

Ascential Software Pty Ltd is a distributor of computers,
peripherals, and software.  The company is located in New South
Wales, Australia.


BISHOP'S STOVES: Court Releases Wind-Up Order
---------------------------------------------
The Supreme Court of New South Wales released a wind-up order
against Bishop's Stoves Pty Ltd on April 26, 2007.

The company's liquidator is:

         Steven Nicols
         350 Kent Street, Level 2
         Sydney, New South Wales 2000
         Australia

                      About Bishop's Stoves

Bishop's Stoves Pty Ltd operates household appliance stores.  
The company is located in New South Wales, Australia.


BURKETTS PROPRIETARY: Will Declare Final Dividend on July 1
-----------------------------------------------------------
Burketts Proprietary Limited, which is in liquidation, will
declare its second and final dividend on July 1, 2007.

Creditors are required to file their proofs of debt by that day
to be included in the company's dividend distribution.

The company's liquidator is:

         A. A. Gaffney
         c/o RSM Bird Cameron
         8 St George's Terrace, 4th Floor
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9261 9100

                   About Burketts Proprietary

Located in Western Australia, Australia, Burketts Proprietary
Limited is an investor relation company.


FORTESCUE: Inks Agreement with Tangshan Iron and Steel Group
------------------------------------------------------------
Fortescue Metals Group Ltd, together with its wholly owned
subsidiary FMG Chichester Pty Ltd, has signed an iron ore off-
take agreement with China's third largest steel mill Tangshan
Iron and Steel Group.

At a formal ceremony in Beijing last week, the companies
replaced pre-existing offtake agreements between the parties and
signed a new and expanded agreement that provides for an
increase in volume and an adjustment to the type of ore to be
sold.  In total, the agreement provides for the sale of up to 20
million tonnes per annum split into two stages.

In the first stage, Tangshan will progressively take 11% of
production up to a maximum of 5Mta of iron ore once Fortescue
reaches its initial base production target of 45Mta.  This is as
per the original agreement between the parties.  The contract
term is ten years.

Pricing is based on the annual industry benchmark relative to
the BHPB and Rio Tinto market pricing for ores of similar
capability to FMG products.  

Tangshan will accept Fortescue's "run of mine" product mix,
which will include rocket fines, to fit within reasonable bounds
of Tangshan's annual production plan.

In addition to this amount, Tangshan has committed to purchase
in a second stage up to a further 15Mta of Fortescue's expanded
production.  The timing of such commitment is conditional on
Fortescue increasing its production beyond its initial base
tonnage of 45Mta.  It should be noted that such expansion is
subject to a number of approvals and consents.

The total Tangshan offtake tonnage, including that drawn from
Fortescue's initial base tonnage, will progressively ramp up to
a maximum of 20mtpa over the contract period relative to
Fortescue's production volumes and subject to the abovementioned
approvals.

In combination with the recently signed agreement with China's
largest mill Baosteel, and expansion tonne commitments from
other Chinese companies, Fortescue now has contractual interest
for volumes well above the stage 1 base of 45Mta.  These
commitments are based on a percentage of additional tonnages to
facilitate the company's ramp up program.  Also included under
the contract is a commitment to cooperate strategically in the
pursuit of further opportunities created by the companies'
mutual capabilities.

Russell Scrimshaw, Executive Director Commercial at Fortescue,
noted that Tangshan's desire to contract for expansion tonnes is
reflective of the strong demand from China's steel industry.  
"The development of a broad business relationship with Tangshan
and a number of other key Chinese mills across a number of
areas, including product development and exploration, further
positions Fortescue as part of the supply chain for the world's
largest iron ore market," Mr. Scrimshaw said.

                         About Fortescue

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

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

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

                          *     *     *

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

                          *     *     *
The Troubled Company Reporter - Asia Pacific reported on
Aug. 10, 2006, that Moody's Investors Service assigned a Ba3
rating to approximately US$1.9 billion in senior secured 144A
bonds to be issued by FMG Finance Pty Ltd, the financing vehicle
of the Fortescue Metal Group.  The funding will be used to
partially finance the development of the Company's iron ore mine
in the Pilbara region of Western Australia as well as an
associated rail line and port infrastructure.


FRASSETTO DESIGN: Appoints Peter Ngan as Liquidator
---------------------------------------------------
On April 4, 2007, the members of Frassetto Design Pty Limited
appointed Peter Ngan as liquidator.

The company commenced liquidation proceedings on that day.

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co
         Chartered Accountants
         49 Market Street, Level 5
         Sydney, New South Wales 2000
         Australia

                     About Frassetto Design

Frassetto Design Pty Limited provides architectural services.  
The company is located in New South Wales, Australia.


GLOW HOLDINGS: Enters Voluntary Liquidation
-------------------------------------------
The members of Glow Holdings Pty Limited met on May 4, 2007, and
decided to voluntarily liquidate the company's business.

Steven Roy Coffey of Watkins Coffey Martin was appointed as
liquidator.

The Liquidator can be reached at:

         Steven Roy Coffey
         Watkins Coffey Martin
         65 Hill Street
         Roseville, New South Wales 2069
         Australia

                       About Glow Holdings

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


RESOURCE EQUITIES: Will Declare Final Dividend on May 30
--------------------------------------------------------
A final dividend will be declared for the creditors of Resource
Equities Limited on May 30, 2007.

Creditors are required to file their proofs of debt by May 25,
2007, to be included in the company's dividend distribution.

The company's deed administrator is:

         G. M. Carrello
         Dickson Carrello Insolvency Practitioners
         London House, Level 1
         216 St George Terrace
         Perth, Western Australia 6000

                    About Resource Equities

Resource Equities Limited operates investment offices.  The
company is located in Western Australia, Australia.


RINYEAR PTY: Members Agree on Voluntary Liquidation
---------------------------------------------------
During a meeting held on May 1, 2007, the members of Rinyear Pty
Limited agreed to voluntarily liquidate the company's business
and appointed Frank Lo Pilato as liquidator.

Mr. Pilato can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         103-105 Northbourne Avenue, Level 1
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988

                        About Rinyear Pty

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


THE CENTRAL WEST: Members' Final Meeting Set for June 15
--------------------------------------------------------
The Central West Earthworks Pty Limited will hold a final
meeting for its members on June 15, 2007, at 9:00 a.m.

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

                     About The Central West

The Central West Earthworks Pty Limited is involved with heavy
construction.  The company is located in New South Wales,
Australia.


* Australian Negative Trend to Run Through 2007, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says the negative trend, which
affected ratings for corporate issuers in Australia last year
and carried into the first quarter 2007 will likely persist for
the rest of 2007, especially given the deterioration evident in
early May.

"This negative credit trend for Australia is mainly the result
of event risk, primarily from mergers and acquisitions," says
Brian Cahill, Managing Director for Australia.

"Furthermore, for the foreseeable future, the negative trend
appears to be strengthening, a situation well illustrated by the
various rating actions that Moody's took in April and May" adds
Terry Fanous, Senior Vice President and head of the corporate
ratings team for Moody's in Australia.

"The recent takeover bid for the Alinta Group, for example, has
resulted in three more Australian entities being placed on
review for possible downgrade -- Alinta, SP Ausnet and Babcock
and Brown Infrastructure," continues Terry Fanous.

"A significant 19% of all Australian corporate ratings now have
negative outlooks, or are on review for downgrade, against only
4% with positive outlooks," says Mr. Cahill, adding "Given the
increasing size and complexity of some of the proposed leveraged
buy-outs further large rating migrations are possible in the
future."

The comments by Brian Cahill and Terry Fanous are part of a new
Moody's report that analyses trends in Moody's rated universe
for corporates in Australia and Asia (ex-Japan).


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

ACXIOM CORP: Silver Lake Deal Cues S&P's Negative Watch
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Little Rock Arkansas-based Acxiom Corp. on
CreditWatch with negative implications.
      
"The CreditWatch placement follows the announcement that Acxiom
has entered into a definitive agreement to be acquired by Silver
Lake and ValueAct Capital, in an all-cash transaction valued at
US$3.0 billion, including approximately US$756 million of
outstanding debt," said Standard & Poor's credit analyst Philip
Schrank.  The merger agreement provides that Acxiom may solicit
and entertain proposals from other companies during the next 60
days.
     
The ratings on Acxiom's existing senior secured bank facility
were not placed on CreditWatch, as the term loans and any
amounts outstanding under the revolving credit facility are
expected to be refinanced as part of the transaction.  S&P will
review the financial terms of the acquisition and their
assessment of management's business strategy in order to resolve
the CreditWatch listing.

                          *     *     *

Acxiom Corporation -- http://www.acxiom.com/-- (Nasdaq: ACXM)  
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 innovative solutions are Customer Data
Integration technology, data products, database services, IT
outsourcing, consulting and analytics, and privacy leadership.
Founded in 1969, Acxiom is headquartered in Little Rock,
Arkansas.

The company also has locations in Europe (UK, France, Germany,
Spain, among others), Australia, China and Canada.  The company
also has a presence in Latin America and has strategic alliances
with certain companies in Argentina, Brazil and Mexico.


ARTHUR ANDERSEN: Enters Voluntary Liquidation
---------------------------------------------
On May 7, 2007, the sole shareholder of Arthur Andersen
Corporate Finance Limited passed a resolution winding up the
company's operations.

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

The company's liquidator is:

         Kwan Wing Yee
         Kimberley House, Room 601, 6th Floor
         35 Kimberley Road, Tsim Sha Tsui
         Kowloon, Hong Kong


ASSOCIATION OF PRACTITIONERS: Commences Liquidation Proceedings
---------------------------------------------------------------
During a meeting held on May 4, 2007, the members of Association
of Practitioners of Chinese General Chamber agreed to
voluntarily liquidate the company's business and appointed Tsoi
Sheung Pan as liquidator.

The Liquidator can be reached at:

         Tsoi Sheung Pan
         29 Nam Cheong Street, Ground Floor
         Kowloon, Hong Kong


CENTRAL UNITY: Members Opt to Shut Down Business
------------------------------------------------
At an extraordinary general meeting held on May 2, 2007, the
members of Central Unity International Limited agreed to shut
down the company's business and appointed Hung See Mei as
liquidator.

The Liquidator can be reached at:

         Hung See Mei, Elina
         Shui On Centre, Room 2411
         6 Harbour Road
         Hong Kong


CHINA SOUTHERN: Shareholders Approve Reform Plan
------------------------------------------------
China Southern Airlines shareholders have approved a state share
reform plan, a long-delayed reform to the airlines' shareholding
structure, various reports says.

Reuters recounts that in April, China Southern said it would
offer public shareholders warrants equivalent to 1.6-for-10
bonus shares and promised that its cash dividend to all
shareholders would be no less than 50% of its annual net
attributable from 2007 to 2009.

The exercise price for the one-year put warrants was set at
CNY7.43, XFN Asia adds.  Listed companies typically offer bonus
shares, warrants or cash to holders of tradable shares in
exchange for the right to dispose of non-tradable state
holdings, XFN notes.

China Southern did not say when the reforms would take effect,
Reuters says.  The news agency, however, said that companies
usually implement the reforms within one month after shareholder
approval.

Reuters relates that China Southern had missed a January
deadline for adopting rules to make its state-held shares
tradable on the market, subjecting it to trading restrictions on
the Chinese stock market.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 5, 2007, China Southern Airlines said that government
ownership rules and insufficient cash would force it to delay
its conversion of state-owned government shares.  As a result,
the airline face trading curbs imposed by the Shanghai and
Shenzhen stock exchanges.  According to the bourses, companies
failing to follow through with state-share reforms by January 8,
2007, would be subject to 5% daily share price movements in
either direction rather than 10% allowed for other shares.

China, according to the TCR-AP, ordered its 1,400-plus listed
company to conduct the state-share reform in May 2005 and so far
97% of the firms have completed or announced plans to conduct
the reform.  The move is part of an effort by Beijing to make
corporations and the stock markets more transparent.

                          *     *     *

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

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


CITIC PACIFIC: To Sell 25% Stake in Cargo JV With Air China
-----------------------------------------------------------
In an effort to divest its non-core business and allow Cathay
Pacific to step into the venture, Citic Pacific will sell its
25% interest in a mainland air cargo joint venture to Air China,
various reports say.

Henry Fan Hung Ling, the company's managing director said, "we
are talking with Air China and intend to sell the whole stake,"
after Citic Pacific's annual general meeting, The Standard
relates.

The company plans to pull out of non-core businesses to focus on
property and steel in the next two years, Alman Long of The
Standard writes.  In addition, the stake sale is also intended
to clear the way for Cathay Pacific to invest in the venture
after Air China sold its indirectly held 43.29% stake in
Dragonair to Cathay for HK$430 million in cash and 289 million
shares in Cathay in September, giving the mainland carrier a
10.16% strategic stake, The Standard says.

Air China holds a 51% stake in the air cargo joint venture and
Beijing Capital International Airport owns the remaining 24%.  
Citic Pacific paid CNY550 million for its stake.

                          *     *     *

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of  
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has withdrawn its Baa3 issuer rating.  
The senior unsecured rating for CITIC Pacific Finance (2001)
Ltd's bond is downgraded to Ba1 from Baa3.  The rating outlook
is stable.  This concludes the review initiated by the rating
agency in April 2006.


ENERSYS: S&P Holds All Ratings & Revises Outlook to Stable
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
industrial battery manufacturer EnerSys to stable from negative.  
At the same time, Standard & Poor's affirmed all its ratings on
the company, including its 'BB' corporate credit rating.
      
"The outlook revision reflects the company's demonstrated
progress in gradually returning to credit metrics that are in
line with expectations for the rating, despite the continued
challenging commodity price environment, as well as our
expectation that EnerSys' financial policies, while considered
aggressive, will remain consistent for the rating," said
Standard & Poor's credit analyst Gregoire Buet.
     
EnerSys is challenged by the prices for lead, which represent
about 25% of its costs of goods sold; more so than any other
material.  High lead prices have pressured gross margins.  
Throughout 2005 and 2006, the company succeeded in implementing
price increases to help offset these costs, but lead prices
continue to be on an upward trend, which will require further
pricing action.  Rising volumes, reduction in manufacturing
plant costs, and progress with the integration of acquisitions
should, however, continue to help Enersys achieve growth in
operating earnings, despite gradually eroding margins and weak,
though positive, free cash flow.

EnerSys -- http://www.enersys.com/-- (NYSE: ENS) manufactures  
industrial battery through 21 manufacturing and assembly
facilities worldwide.  Headquartered in Reading, Pennsylvania,
the company is uniquely positioned to provide expertise in
designing, building, installing and maintaining a comprehensive
stored energy solution for industrial applications throughout
the world.  The company's products and services are focused on
two primary markets: Motive Power (North & South America) or
(Europe) and Reserve Power (Worldwide), (Aerospace & Defense) or
(Speciality Batteries).  The company's facilities are located at
China, France, Mexico, Germany, and the United Kingdom, among
others.


EPICOR SOFTWARE: S&P Holds BB- Rating on US$100 Mil. Senior Loan
----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB-' corporate
credit rating and stable outlook on Irvine, California-based
Epicor Software Corp.
     
At the same time, Standard & Poor's affirmed its 'BB-' bank loan
rating on Epicor's US$100 million senior secured revolving
credit facility and revised the recovery rating to '2' from '3',
reflecting its expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.  Standard &
Poor's also assigned its 'B+' rating to Epicor's recently issued
US$230 million senior unsecured convertible notes.

Approximately US$94 million of the estimated US$222 million net
proceeds from the convertible notes offering was used to repay
the remaining balance of Epicor's senior secured term loan.  The
company has indicated that remaining proceeds will be used for
general corporate purposes, including acquisitions or share
repurchases.  While operating lease-adjusted leverage has
increased to nearly 4x following the issuance of the convertible
notes, S&P's ratings affirmation reflects its expectation that a
substantial portion of the excess proceeds will be invested in
the business and drive improvement to Epicor's cash flow and
financial profile.  S&P's 'BB-' rating also incorporates the
expectation that the organic growth trajectory demonstrated over
the past several quarters will continue.

                          *     *     *

Epicor Software Corp. -- http://www.epicor.com/-- (Nasdaq:  
EPIC) provides integrated enterprise resource planning, customer
relationship management, supply chain management and
professional services automation software solutions to midmarket
companies and divisions of the Global 1000.  Founded in 1984,
Epicor serves over 20,000 customers in more than 140 countries,
providing solutions in over 30 languages.  Epicor is
headquartered in Irvine, California.  The company has offices in
Mexico, Australia, China, Hong Kong, Indonesia, Japan, Denmark,
Germany, Russia, and the United Kingdom, among others.


GOLDWIZ HOLDINGS: Court to Hear Wind-Up Petition on May 30
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Goldwiz Holdings Limited on May 30, 2007, at 9:30 a.m.

The petition was filed by Sunderland Properties Limited on
March 21, 2007.

The solicitors of Sunderland Properties are:

         Andrew Lam & Co.
         Harbour Commercial Building, Room A, 19th Floor
         Nos. 122-124 Connaught Road
         Central, Hong Kong


JIANGXI COPPER: Shareholders Approve A-Shares Issue
---------------------------------------------------
Jiangxi Copper Co. Ltd has obtained approval from its
shareholders to issue more than US$500 million worth of
additional A shares in a private placement, Reuters reports,
citing a company statement.

According to the company, shareholders approved the issue of up
to 290 million A shares at a minimum price of CNY13.78.  The
issuance, the company disclosed, still requires approval by the
China Securities Regulatory Commission, Reuters says.

The Troubled Company Reporter - Asia Pacific reported on
March 28, 2007, that Jiangxi will sell up to 290 million new A
shares, or 9.1% to its parent and other selected investors, to
raise about CNY4 billion intended for buying assets and fund
expansion.  

The parent will subscribe to about 129.4 million shares or
44.63% of the proposed offering in exchange for a copper mine
and other assets.  The acquisition is worth CNY1.79 billion, the
TCR-AP said.

                          *     *     *

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

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


LIANG HUAT: Members & Creditors to Hold Final Meeting on June 21
----------------------------------------------------------------
The members and creditors of Liang Huat (Hong Kong) Limited will
have their final meeting on June 21, 2007, at 10:00 a.m., to
receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The meeting will be held in the office of John Lees & Associates
Limited on the 19th Floor of Hong Kong Club Building at 3A
Chater Road in Central, Hong Kong.


WAN KEE: Subject to Chan Chi Shing's Wind-Up Petition
-----------------------------------------------------
On May 2, 2007, Chan Chi Shing filed a wind-up petition against
Wan Kee Engineering Co., Limited.

The petition will be heard before the High Court of Hong Kong on
July 4, 2007, at 9:30 a.m.


WPBHYPERSONIC HONG KONG: Wind-Up Petition Hearing on June 13
------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Wpbhypersonic Hong Kong Limited on June 13, 2007,
at 9:30 a.m.

The petition was filed by Future Consultants Hong Kong Limited
on April 12, 2007.

The solicitors of Future Consultants are:

         Yuen & Partners
         Chiyu Bank Building, 10th Floor
         78 Des Voeux Road, Central
         Hong Kong
         Telephone: 2815 2688
         Facsimile: 2541 2088


YAU LUEN: Court to Hear Wind-Up Petition on July 11
---------------------------------------------------
A petition to wind up the operations of Yau Luen Construction
Engineering Limited will be heard before the High Court of
Hong Kong on July 11, 2007, at 9:30 a.m.

Lau Keung Kwok, which is trading as Keung Kee Iron Works, filed
the petition against the company on May 9, 2007.

Lau Keung's solicitor is:

         Wong Poon Chan Law & Co.
         Hong Kong Trade Centre, 17th Floor
         161-167 Des Voeux Road
         Central, Hong Kong


YUASA SHOJI: Members to Hold Final General Meeting on June 21
-------------------------------------------------------------
The members of Yuasa Shoji Company (Hong Kong) Limited will have
their final general meeting on June 21, 2007, at 11:00 a.m., to
hear the liquidator's report about the company's wind-up
proceedings and property disposal.

The meeting will be held on the 20th Floor of Prince's Building
in Central, Hong Kong.


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

BAUSCH & LOMB: Fitch Holds Neg. Watch Despite Warburg Sale Pact
---------------------------------------------------------------
Following the announcement that Bausch & Lomb (NYSE: BOL) has
entered into a definitive agreement with affiliates of Warburg
Pincus to be acquired for approximately US$4.5 billion,
including approximately US$830 million of debt, Fitch Ratings
maintains its Negative Rating Watch on BOL.  The transaction
would significantly increase leverage and likely result in a
multiple-notch downgrade.  As currently contemplated, the
transaction would result in an Issuer Default Rating of no
higher than 'BB-'.  Fitch now has an IDR of 'BBB-' on BOL and
first placed BOL on Negative Watch on April 12, 2006.  The
Negative Watch also reflects the fact that BOL has yet to file
its first-quarter 2007 10Q.

According to the agreement, BOL may shop for superior offers
during the next 50 calendar days.  Should BOL enter into a
superior agreement, Fitch will evaluate its impact on BOL's
credit rating at that time.  In addition, the current agreement
includes a US$40 million break-up fee.

Fitch's ratings for BOL are as:

     -- Issuer Default Rating 'BBB-';
     -- Bank credit facilities 'BBB-';
     -- Senior unsecured notes 'BBB-'.

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: Agri. Minister May Oppose Dena Merger, Report Says
---------------------------------------------------------------
Union Agriculture Minister Sharad Pawar may want to protect the
regional identity of Dena Bank and hence oppose to the merger
with Canara Bank, Priti Patnaik of Times News Network reports,
citing unnamed sources.

"It will be not be very easy to circumvent political interests,"
an unnamed government source told Mr. Patnaik.  "It is
understood that agriculture minister Sharad Pawar has some
reservations against such a merger."

The news agency's sources also believe that aside from the
agriculture minister's expected resistance, the merger will also
face integration issues.

As reported in the Troubled Company Reporter - Asia Pacific on
May 18, 2007, Canara Bank's management may soon seek the
approval of its board of directors for the bank's merger with
Dena.  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.

The Indian government's interest in Canara is over 73%, while
its stake in Dena is a little over the statutory cap of 51%.

                        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.


DENA BANK: Agri. Minister May Oppose Canara Merger, Report Says
---------------------------------------------------------------
Union Agriculture Minister Sharad Pawar may want to protect the
regional identity of Dena Bank and hence oppose its merger with
Canara Bank, Priti Patnaik of Times News Network reports, citing
unnamed sources.

"It will be not be very easy to circumvent political interests,"
an unnamed government source told Mr. Patnaik.  "It is
understood that agriculture minister Sharad Pawar has some
reservations against such a merger."

The news agency's sources also believe that aside from the
agriculture minister's expected resistance, the merger will also
face integration issues.

The Indian government's interest in Canara is over 73%, while
its stake in Dena is a little over the statutory cap of 51%.

Talks of a proposed merger between Dena and Canara are at an
advanced stage, the Troubled Company Reporter - Asia Pacific
said on May 18, 2007, citing a report by the Business Standard
report.  

                      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.


EASTMAN KODAK: Fitch Lifts Rating on US$1.15-Bil. Term Loan to B
----------------------------------------------------------------
Fitch Ratings has upgraded Eastman Kodak Company's senior
unsecured debt to 'B/RR4' from 'B-/RR5' due to improved recovery
prospects following the company's redemption on May 3, 2007, of
a US$1.15 billion secured term loan funded with a portion of the
proceeds from the sale of its Health Group to Onex Healthcare
Holdings, Inc., for US$2.35 billion on April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

     -- Issuer Default Rating 'B';
     -- Secured credit facility 'BB/RR1'.

The Rating Outlook remains Negative and is reviewed quarterly
for signs of earnings stability, with particular near-term focus
on year-over-year revenue growth for digital products within the
Consumer Digital Imaging Group, improvement in operating profit
margin for the Graphic Communications Group, and sales trends,
retail distribution efforts and any manufacturing constraints
for the company's recently introduced lineup of consumer inkjet
printers.  In addition, Fitch continues to monitor the outcome
of Kodak's ongoing review of potential uses for the
approximately US$1.2 billion of remaining proceeds from the
divesture of the Health Group.  The company has indicated that a
portion of the remaining proceeds is located outside of the
U.S., requiring the development of a tax-efficient repatriation
strategy before the cash is available for acquisitions of U.S.-
based companies, share repurchases, further debt reduction, and
incremental dividends.  Fitch believes the most likely uses for
the US$1.2 billion of excess cash, which is based on the
company's stated minimum cash balance of US$1 billion, are
acquisitions and share repurchases.

The updated Recovery Ratings and notching reflect Fitch's
recovery expectations under a distressed scenario considering
Kodak's divestiture of the Health Group and full redemption of
its secured term loan.  Fitch continues to believe that the
enterprise value of the company, and thus, recovery rates for
its creditors, will be maximized in a restructuring scenario
(going concern) rather than a liquidation scenario.

In deriving a distressed enterprise value, Fitch applies a 50%
discount to Kodak's estimated operating EBITDA of approximately
US$1 billion for the latest 12 months ended March 31, 2007,
excluding the Health Group.  The EBITDA discount reflects the
estimated percentage decline in EBITDA necessary to violate the
secured credit agreement's leverage ratio of 3.5 times.  Fitch
then applies a 4x distressed EBITDA multiple, which considers
Kodak's current multiple and multiples paid for prior
acquisitions, given that a stress event would indicate business
model difficulties and multiple contraction.  As is standard
with Fitch's recovery analysis, the revolver is fully drawn and
cash balances fully depleted to reflect a stress event.  The
current 'RR1' Recovery Rating for Kodak's secured bank facility
reflects Fitch's belief that 100% recovery is realistic.  The
'RR4' Recovery Rating for the senior unsecured debt reflects
Fitch's estimate that a recovery of 30%-50% would be achievable,
up from previous recovery expectations of only 10%-30% prior to
the redemption of the secured term loan.

Total liquidity (cash and committed credit facility
availability) increased to approximately US$3.2 billion as of
May 3, 2007, from US$2.5 billion as of Dec. 31, 2006, due to the
net proceeds after debt reduction from the sale of the Health
Group less cash usage in Kodak's seasonally weak first quarter
of 2007.  Total liquidity includes an undrawn US$1 billion
secured revolving credit facility due Oct. 18, 2010 (US$856
million net of letters of credit as of March 31, 2007).  Free
cash flow for the LTM ended March 31, 2007, including the Health
Group, increased to US$587 million from US$396 million in the
year-ago period due primarily to a reduction in capital
expenditures and lower cash restructuring payments, which remain
significant for fiscal 2007 at approximately US$600 million.

Total debt declined to approximately US$1.6 billion subsequent
to the repayment of the secured term loan on May 3, 2007, down
from US$2.8 billion as of Dec. 31, 2006.  As a result, Fitch
estimates leverage (debt/operating EBITDA) declined to 1.6x
compared with approximately 2.9x at Dec. 31, 2006, excluding the
Health Group.  Fitch estimates interest coverage (operating
EBITDA/gross interest expense) improved to approximately 12x
from nearly 6x for the LTM ended Dec. 31, 2006, excluding the
Health Group.  Fitch believes the company's near-term debt
maturities are manageable, as the next material debt maturity is
not until 2008, when approximately US$250 million of debt
matures.

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company has operations in India,
Australia, China, Denmark, Greece, Hong Kong, Japan, Korea,
Malaysia, New Zealand, Philippines, Singapore, Taiwan and
Thailand.


GENERAL MOTORS: Mulls Sale of Midsize Truck Unit to Navistar
------------------------------------------------------------
General Motors Corp. is contemplating on the sale of its medium-
duty truck business -- which primarily makes the Chevrolet
Kodiak and GMC TopKick work trucks built in Flint, Michigan --
to Navistar International Corp., various reports say.

GM and Navistar are still in discussion and declined to comment.  
However, analysts observe that the sale could potentially
benefit GM as Navistar may acquire engineering resources and
other assets needed to support the business.

The action, various sources relate, is in harmony with the GM's
restructuring, which includes cost cutting and job slashing and
the sale of the Allison Transmission unit in Indianapolis.

GM wants to focus on raising profit on the cars and light trucks
operations, after Toyota Motor Corp. outperformed GM in sales
worldwide last quarter.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

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


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

ALCATEL-LUCENT: Disk Containing US Employees' Info Is Missing
-------------------------------------------------------------
Alcatel-Lucent was informed by one of the company's vendors that
a computer disk containing personal information could not be
located.  The information contained on the computer disk
included name, address, Social Security number, date of birth
and salary data of Alcatel-Lucent U.S.-paid employees who worked
for Lucent and their dependents, and Lucent retirees and their
dependents.  There was no information regarding customers or
their accounts, and the disk did not contain credit card
numbers, bank account numbers or password information.   

Hewitt Associates prepared the disk for delivery by UPS to
another of the company's vendors, Aon Corporation.  It appears
that the disk was either lost or stolen between April 5 and
May 3.  The company said that there is still no information that
any of the personal information has been misused and as a
precaution, the company has asked the U.S. Secret Service to
investigate and has reported the incident to state and local law
enforcement officials.  The company also has launched an
internal investigation and is working closely with law
enforcement officials.   

"We recognize that we have a responsibility to carefully protect
this type of information and deeply regret this loss," said
Frank D'Amelio, chief administrative officer for Alcatel-Lucent.  
"We are taking steps to try to prevent this from happening in
the future.  In the meantime, we will provide information and
assistance to our employees and retirees to help them minimize
any potential risk this incident could create for them."

The company sent an e-mail regarding this incident to its
employees and is preparing a printed mailing to employees,
retirees and their dependents to inform them of what has
happened.  The company is providing information on its web site
where employees, retirees and dependents can get more
information, including suggestions on actions they can take to
protect themselves against identity fraud.

In addition, Alcatel-Lucent is arranging to provide the
individuals at risk with identity theft protection and credit
monitoring for one year free of charge.  Credit monitoring
services will include unlimited online access to a credit report
and score, monitoring of all three national credit bureau
reports, email alerts to inform individuals of key changes to
their credit report, and fraud resolution and assistance.  

More information on this can be found at the company's web site
at http://www.alcatel-lucent.comor by calling 1-866-795-8756,  
which will be available between 9:00 a.m. and 5:00 p.m. Eastern
time Monday through Friday.

                     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: To Upgrade Brasil Telecom's Submarine Network
-------------------------------------------------------------
Alcatel-Lucent has signed a contract with Brasil Telecom
GlobeNet to upgrade its existing 22,000-km system linking the
United States with Latin America.  A private ceremony was held
in Baltimore, MD, at SubOptic 2007, in the presence of
representatives of Brasil Telecom GlobeNet and Alcatel-Lucent.

Alcatel-Lucent will upgrade the submarine section, along with
the respective landing points, linking Brazil Venezuela,
Bermuda, and USA In Rio de Janeiro, the submarine network
integrates with the terrestrial optical infrastructure of
GlobeNet's parent company, Brasil Telecom.  When completed in
the first quarter of 2008, the projects will almost double the
existing capacity over the entire network.

GlobeNet's businesses and consumers will benefit from enhanced
connectivity and reliability to access new applications and
services.  Leveraging Alcatel-Lucent's state-of-the-art
submarine technology, GlobeNet will be able to further expand
its wholesale service offering to deliver from broadband,
Carrier Ethernet, fixed and mobile IP-based, legacy voice
services to enterprise applications such as hosting, video
conferencing and international private line services.

"We focus on enhancing network capacity and availability for
maximum effectiveness to best serve our customers, while
capitalizing on our existing infrastructure," said Emagnor
Tessinari, Chief Operating Officer of GlobeNet.  "Alcatel-Lucent
continues to be a valued partner to help us further innovate our
global capabilities."

"GlobeNet require more bandwidth to support the new breed of
emerging services, while keeping its network easy to manage,"
said Jean Godeluck, president of Alcatel-Lucent's submarine
network activity.  "Our solutions enable the introduction of
advanced services and applications smoothly to help our
customers' competitive transformation for continued end-user
satisfaction and retention."

The Alcatel-Lucent submarine solution will be based on its 1620
Light Manager, managed by the upgraded Alcatel-Lucent 1350
management suite.  A comprehensive suite of professional
services, including manufacturing, installation and
commissioning, is part of this turnkey project.

                   About Brasil Telecom GlobeNet

Brasil Telecom GlobeNet -- http://www.globenet.net-- is an  
International carrier's carrier and is headquartered in Boca
Raton, Florida - USA. GlobeNet is a wholly owned subsidiary of
Brasil Telecom.  GlobeNet is the most technologically advanced
fiber-optic submarine cable system linking the Americas.  The
network consists of a dual-ring, SDH self-healing architecture,
spanning 22,000 kilometers.  The network system is managed
through its own redundant Network Operations Centers located in
the USA and Brazil.   

                          *     *     *

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.


ARPENI PRATAMA: To Spend US$350 Million for Fleet Growth
--------------------------------------------------------
PT Arpeni Pratama Ocean Line plans to spend about US$350 million
to buy ships as construction of power plants boosts demand for
the fuel, Bloomberg News reports.

According to the report, the company plans to buy eight
"so-called Panamax class vessels" by 2009 through bank loans and
proceeds of last year's US$160 million share sale.  This plan
aims to double the number of ships Arpeni Pratama owns.

Arpeni will boost capacity to tap demand as the country builds
more coal-fired power plants by adding 10,000 megawatts of power
generation capacity by 2009, the report notes.

The report adds that Arpeni now gets about 40% of revenue from
shipping coal.

                      About Arpeni Pratama

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

                          *     *     *

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

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


ARPENI PRATAMA: First Quarter Profit Drops 11.7% to IDR52 Bil.
--------------------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk reported an 11.7% decline in
its net income in the three months ended March 31, 2007; profit
fell to IDR52 billion compared with IDR58.9 billion a year
earlier, Bloomberg News reports.

According to the report, the company's sales fell to IDR320.7
billion from IDR333.8 billion a year earlier.  "A weaker rupiah
against the dollar also increased the amount Arpeni spent to
service its foreign debt," Bloomberg added.

                      About Arpeni Pratama

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

                          *     *     *

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

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


BANK NEGARA: Government to Sell 30% Stake in July
-------------------------------------------------
The Indonesian government plans to sell a 30% stake, consisting
15% of new shares and 15% of shares it owned, in PT Bank Negara
Indonesia in July, the Bloomberg News reports, citing bank
president Sigit Pramono.

JPMorgan Chase & Co. and PT Bahana Securities will help manage
the sale, the report says.

Bank Negara, which is 99.11% state-owned, plans to sell shares
in a rights offer to help fund an expansion of lending,
Bloomberg quoted Mr. Pramono as saying on April 11.

A 30% stake in Bank Negara is worth about IDR8.8 trillion,
Wahyudi Soeriaatmadja and Naila Firdausi of Bloomberg notes
citing data compiled by the news agency.

Indonesia's increased economic growth, fueled by investments and
exports, cued the government to sell its stakes in state
companies.  Bloomberg quoted Indonesia's Vice President Jusuf
Kalla as saying in Jakarta: "We should sell state companies in
the next one or two months through the stock exchange,"
stressing that "the market is in a good condition."

                       About Bank Negara

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

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


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

DAIWA SECURITIES: Earns JPY92.72 Billion in Year Ended March 31
---------------------------------------------------------------
Daiwa Securities Group Inc. has reported a net income of
JPY92.72 billion for the fiscal year ended March 31, 2007, a
33.70% decline from the JPY139.95 billion reported a year
earlier.

The decrease was due to an extraordinary gain, such as gain on
change in stake in subsidiary and gain on sale of related
companies' stocks, which accrued for the last fiscal year but
was not posted.

The company reported JPY917.31 billion in operating revenues, up
8.5% from last year; and JPY186.39 billion as operating income,
down 26.7% from last year's JPY254.16 billion.

Net operating revenues decreased 9.1% to JPY526.76 billion
mainly because total net gains on trading decreased.  Selling,
general and administrative expenses increased 4.7% to JPY340.37
billion.  As a result, ordinary income decreased 25.0% to
JPY195.42 billion.

The company also announced a dividend payout of JPY28.00 per
share for the year.

Daiwa will not disclose any forecast for the year ending
March 31, 2008 as their business is influenced by the economic
and market environment, which is difficult to predict.

                About Daiwa Securities Group, Inc.

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a public diversified financial   
services company (Tokyo Stock Exchange ticker 8601) that is
engaged in four core businesses: retail securities, wholesale
securities, asset management and investment.  It is one of
Japan's largest securities firms, with revenue of $7.6 billion
and ordinary income of $1.6 billion in fiscal 2006 (exchange
rate: JPY120/US$1).  Daiwa Securities Group is comprised of 46
consolidated subsidiaries and five associated companies, which
are engaged in the securities, investment trust, information
service, real estate leasing, venture capital, financing and
other businesses.  The company with its subsidiary and
associated companies has operations in both domestic and
overseas markets, including Japan, the United Kingdom, the
United States, the Netherlands, Hong Kong and Singapore.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on October 25, 2006, affirmed the company's C
individual rating.


FURUKAWA ELECTRIC: Appoints Ernst & Young as New Auditor
--------------------------------------------------------
The Furukawa Electric Co., Ltd. has appointed Ernst & Young
ShinNihon as new auditing firm of the company, to replace Misuzu
Audit Corporation and another Tokyo-based auditing firm,
effective June 26, 2007, Reuters reports.

                 About Furukawa Electric Co. Ltd.

Headquartered in Tokyo, Furukawa Electric Co., Ltd. --
http://www.furukawa.co.jp/-- provides materials, products, and  
services across a range of fields, encompassing energy,
electronics, optical and information systems, and automobiles.
The company operates through six business segments:
Telecommunications; Energy and Industrial Products; Metals;
Electronics and Automotive Systems; Light Metals, and Services
and Others.  Furukawa Electric and its subsidiaries manufacture
a range of products, which include optical fibers and cables,
network equipment, bare wires, power cables, plastic products,
copper pipes/stripes, battery products, automotive components
and electrical wires, aluminum products, and cast and forged
products.  The company is also engaged in real estate,
logistics, information and other services.

The Troubled Company Reporter - Asia Pacific reported on
March 20, 2007, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Furukawa Electric Co.
Ltd. to 'BB' from 'BB-' and its senior unsecured debt rating to
'BB+' from 'BB'. The outlook on the long-term corporate credit
rating is positive.


HANKYU HANSHIN: Department Stores Profit Up 2.2% in FY2006
----------------------------------------------------------
Hankyu Department Stores released its financial results for the
year ended March 31, 2007, with a 2.2% increase in net profit to
JPY8.1 billion, Kamcity.com reports.

According to the report, Hankyu's sales rose 3.8% to JPY396
billion, operating profit increased 1.2% to JPY14.8 billion,
while ordinary profit rose 0.3% to JPY16.1 billion.

Kamcity.com notes that the factors contributing to the company's
positive results include its supermarket business, which opened
new stores and acquired Nisso Co. Ltd. and the department stores
effective online offers.

For the current year, Hankyu expects a 12% increase in net
profit to JPY9.1 billion, a 21% rise on sales to JPY477 billion,
and operating profit of JPY17 billion, the report added.

                           About Hankyu Hanshin

Hankyu Hanshin Holdings,Inc., -- http://www.hankyu-
hanshin.co.jp/english/index.html -- formerly Hankyu Holdings,
Inc., is a holding company with seven business segments. The
City Transportation segment is involved in the railway, bus,
taxi, automobile maintenance, car rental and vehicle
manufacturing businesses. The Real Estate segment leases,
purchases, sells and manages real estates and operates
investment assets. Travel and International Transportation
segment is involved in traveling and cargo delivery services.
Hotel segment is engaged in the hotel business. Entertainment
and Communication segment is involved in the opera business,
theater operations, advertising agency services and the
publishing business. Retail segment is engaged in the retail, as
well as food and drink businesses. Others segment is involved in
finance services, information, human resource and accounting
agency services, golf course management, movie entertainment,
construction and broadcasting. Headquartered in Osaka, Japan, it
has 68 subsidiaries and 12 associates.

As reported in the Troubled Company Reporter - Asia Pacific,
Standard & Poor's Ratings Services, on June 20, 2006, affirmed
its 'BB' long-term corporate credit and 'BB+' senior unsecured
debt ratings on Hankyu Holdings Inc., following completion of
the company's takeover bid for Hanshin Electric Railway Co. Ltd.
and clarification of Hankyu's financial burden from the
takeover.  At the same time, Standard & Poor's removed the
ratings from CreditWatch, where they were placed on May 1, 2006,
following Hankyu's official announcement of merger discussions.  
The outlook on the long-term credit rating is stable.


JAPAN AIRLINES: Expands China Eastern Airlines Code Share Pact
--------------------------------------------------------------
Starting June 18, 2007, Japan Airlines and China Eastern
Airlines will expand their code share agreement to include
flights the Chinese carrier operates 4 times a week between
Nagoya (Centrair) and Beijing departing Japan, subject to
government approval.

As already announced earlier this year, JAL will suspend the
twice weekly flight it operates between Nagoya and Beijing from
June 2, 2007.  The new code share agreement will therefore
enable JAL to continue providing passengers with a service
between these two cities.  The code share flights operated by
China Eastern carrying JAL's "JL" designator depart Japan on
Monday, Wednesday, Friday and Sunday and are routed via Qingdao.
Ticket sales started on May 17, 2007.

JAL and China Eastern have been code share partners since
September 2002.  The two airlines code share on 12 routes
linking China and Japan.

From the point of customer convenience and profitability, JAL is
expanding flight frequency between Japan and the high growth
market of China.  At present, JAL's Japan-China network serves
12 cities in China on 29 routes with a total of 268 flights per
week including code shares.

Announced earlier this year, from May 31, 2007, JAL will
increase flight frequency between Tokyo (Narita) and Guangzhou.
At the beginning of June, the airline will start operating
additional flights on its Tokyo (Narita) - Beijing route, and
between Nagoya (Centrair) and Tianjin.  It plans to increase
flight frequency out of Osaka (Kansai) on routes serving the
Chinese cities of Dalian, Hangzhou and Qingdao from July 1,
2007.

By July 1, JAL's Japan-China network will have expanded to serve
12 cities in China on 29 routes with a total of 287 flights per
week including code shares.

                         About Japan Airlines

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

                          *     *     *

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

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

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


JAPAN AIRLINES: Management Reform Places Execs in One Room
----------------------------------------------------------
Japan Airlines Corp. has done away with individual offices for
its 10 board members as well as the conference room at its
headquarters, forcing them to share a single large room as part
of management reform efforts, according to The Japan Times
Online citing Kyodo News.

According to the report, President Haruka Nishimatsu shares a
large room with other employees where staff can get into the
room to promote communications among management and lower-
ranking employees.

Mr. Nishimatsu, according to Kyodo News, said he would cut his
annual salary to JPY9.6 million to "share the pain" with other
staff as part of its restructuring efforts, The Japan Times
reported.

                       About Japan Airlines

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

                          *     *     *

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

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

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


MICRON TECHNOLOGY: S&P Holds BB- Rating on US$1.1 Billion Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its BB-/Stable/--
corporate credit rating on Boise, Idaho-based Micron Technology
Inc.  At the same time, Standard & Poor's assigned its 'BB-'
rating to the company's US$1.1 billion convertible senior
notes due 2014.
      
"Our ratings on Micron reflect the challenges of supplying
capital- and technology-intensive products in an environment of
severe price pressures and aggressive competition, tempered by
the company's moderate financial policies, good industry
position, and improving business diversity," said Standard &
Poor's credit analyst Bruce Hyman.  Micron has diversified its
business away from the commodity dynamic random access memory
industry, used in PCs.  Micron also supplies specialty DRAMs for
servers, networking, and wireless applications; NAND flash
memories for music players through a joint venture with Intel
Corp.; and is the leading supplier of complementary metal-oxide
semiconductor image sensors for phones.
     
Micron is the No. 5 DRAM supplier, having substantially reduced
its exposure to the commodity market.  About 20%-25% of wafers
entering production are for imaging, a similar amount are
specialty DRAM, 15%-20% NAND, and about 40% commodity PC DRAM;
the percentages vary seasonally.  PC DRAMs had been 75% of wafer
starts in the November 2004 quarter.  Micron's 51%-owned joint
venture with Intel Corp., IM Flash Technologies LLC, will supply
a significant portion of Apple Computer Corp.'s iPod memory
needs, in addition to merchant market sales.  NAND output is
rising sharply as a Utah plant comes on line this year, followed
by a Singapore plant in 2008.  Micron has the leading 38% share
of CMOS-based image sensors for phones, cameras, webcams, and
other consumer, security, and automotive applications.

Micron Technology, Inc. -- http://www.micron.com/-- (NYSE:MU)  
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.


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

DAEWOO E&C: Wins US$845 Million Contract to Build 2 Power Plants
----------------------------------------------------------------
Daewoo Engineering & Construction Co. has received a US$845
million order to build two combined cycle power plants from a
Libyan company, Yonhap News reports.

According to the report, Daewoo will build the power plants in
the cities of Benghazi and Misurata.  Each plant will generate a
capacity of 750 megawatts.

                    About Daewoo Engineering

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com-- has become a  
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.

Daewoo Engineering was formed in 2000 by creditors after Daewoo
Group, then South Korea's second-largest industrial consortium,
collapsed under about KRW85 trillion in debt.

In early 2004, Daewoo Engineering's largest shareholder, the
Korea Asset Management Company, announced a proposed auction of
the construction firm.  Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.

The contractor turned around its finances and outlook, posting
KRW409.8 billion in net income in 2005, and has a backlog of
KRW18.47 trillion worth of orders from regions including Africa,
the Middle East and South Korea.  The company's market value
rose 70% in 2005 to KRW4.5 trillion.  Operating profit was
KRW432.1 billion in 2005, equal to 8.5% of revenue.  Debt
accounted for 130% of shareholder equity as of Dec. 31, 2005.


DURA AUTO: Wants Exclusive Plan-Filing Period Extended
------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to further
extend through and including (i) Sept. 30, 2007, their exclusive
period during which they may file a plan of reorganization, and
(ii) Nov. 30, 2007, during which they may solicit votes to
approve the plan.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, says the Debtors have made
significant progress through their Chapter 11 cases, and are now
poised to move forward in a clearly articulated process that
will culminate with their expeditious exit from bankruptcy
protection.

In particular, he avers, the Debtors:

    -- are completing their five-year business plan.  The
       Debtors intend to preview their business plan with their
       creditor constituencies' financial advisors on May 22,
       2007, and to formally present the business plan to their
       two primary creditor constituencies -- the Official
       Committee of Unsecured Creditors and the Second Lien
       Committee -- on May 31, 2007;

    -- have commenced developing a Chapter 11 plan incorporating
       an equity rights offering, the goal of which is to
       provide the Debtors with acceptable debt leverage upon
       emergence, while satisfying all secured and priority
       creditors in full;

    -- are refining their equity rights offering strategies in
       anticipation of distributing in the near term a proposed
       equity rights offering tern sheet to the Creditors
       Committee;

    -- have commenced implementing their plans to rationalize
       their assets and business lines through divestiture or
       otherwise; and

    -- continue to make great strides on all other operational
       restructuring fronts.  The Debtors are now more than 50%
       complete with their 50-Cubed Plan of consolidating their
       North American manufacturing footprint to low cost
       locations and best-in-cost facilities.

The Debtors' carefully calibrated requests to extend the
Exclusive Periods will free them through the end of September of
the potentially costly and time-consuming distraction of
competing chapter 11 plan proposals, Mr. DeFranceschi tells
Judge Carey.

The Debtors anticipate that, by Sept. 30, they will have
completed the process of developing, negotiating, filing and
soliciting acceptances of what is expected to be a highly
consensual Chapter 11 plan of reorganization.  Accomplishing hat
goal will provide the reorganized Company with a stable and
operationally and financially sound platform when it emerges
from Chapter 11, Mr. DeFranceschi avers.

                      About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their  
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on May 23,
2007.


NOVELIS INC: Offers to Buy Back 7-1/4% Senior Notes
---------------------------------------------------
Novelis Inc. has commenced a cash tender offer to purchase all
of its outstanding US$1.4 billion principal amount of 7-1/4%
Senior Notes due 2015.

In conjunction with the tender offer, Novelis is also soliciting
consents to certain proposed amendments to the indenture
governing the senior notes that would eliminate substantially
all of the restrictive covenants and events of default contained
in the indenture.  Adoption of the proposed amendments to the
indenture requires the consent of holders of not less than a
majority in principal amount of the outstanding senior notes.

Holders of senior notes that validly tender their senior notes
and deliver their consents pursuant to the tender offer prior to
5:00 p.m., New York City time, on the early consent date of
May 31, 2007, will be entitled to receive the total tender offer
consideration of US$1,015 per US$1,000 principal amount of
senior notes, which is the sum of the offer consideration of
US$1,010 and the early consent payment of US$5.00.  Holders that
validly tender their senior notes and deliver their consents
pursuant to the tender offer on or after 5:00 p.m., New York
City time, on the early consent date of May 31, 2007, but prior
to 8:00 a.m., New York City time, on the tender offer expiration
date of June 15, 2007, will only be entitled to receive the
offer consideration of US$1,010 per US$1,000 principal amount of
senior notes.  In each case, holders will also receive accrued
and unpaid interest to, but excluding, the settlement date of
the tender offer.

Novelis' obligation to accept tendered senior notes for payment
is contingent, among other things, upon holders of a majority of
the senior notes consenting to the proposed amendments to the
indenture.  If any of the tender offer conditions are not
satisfied, Novelis is not obligated to accept for payment, or
may delay the acceptance for payment of, any senior notes
tendered pursuant to the tender offer and may terminate the
tender offer.

On May 15, 2007, Hindalco Industries Limited (BSE: HINDALCO)
completed its acquisition of Novelis through Hindalco's indirect
wholly owned subsidiary AV Metals Inc. pursuant to a Canadian
court-approved plan of arrangement.  As a result of the
arrangement, a change of control under the indenture has
occurred.  Therefore, Novelis also announced today the
commencement of a change of control offer to repurchase all of
the outstanding senior notes.  Holders that validly tender their
senior notes pursuant to the change of control offer prior to
8:00 a.m., New York City time, on the change of control offer
expiration date of June 15, 2007, will be entitled to receive
the offer consideration of US$1,010 per US$1,000 principal
amount of senior notes.  Holders will also receive accrued and
unpaid interest to, and including, the settlement date of the
change of control offer.  A senior note may be tendered in the
tender offer or the change of control offer, but not both.  
Holders participating in the change of control offer will not be
eligible, under any circumstances, to receive the early consent
payment of US$5.00 per US$1,000 principal amount of senior
notes.

The tender offer and the change of control offer will expire on
June 15, 2007, unless extended by Novelis in its sole
discretion.  The terms and conditions of the tender offer and
change of control offer are set forth in an Offer to Purchase
and Consent Solicitation Statement dated May 16, 2007, and
related Consent and Letter of Transmittal.

UBS Investment Bank and ABN AMRO Incorporated are acting as
dealer managers in connection with the tender offer and the
change of control offer.  Questions about the tender offer and
the change of control offer may be directed to the Liability
Management Group of UBS Investment Bank at (888) 722-9555 ext.
4210 (toll free) or (203) 719-4210 (collect) and to Robert
Silverschotz at ABN AMRO Incorporated at (212) 409-6862.  
Requests for documentation should be directed to Global
Bondholder Services Corporation, the information agent in
connection with the tender offer and the change of control
offer, at (212) 430-3774 or (866) 807-2200 (toll free).  The
depositary for the tender offer and the change of control offer
is The Bank of New York Trust Company, N.A.

                          About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 16, 2007,
Fitch Ratings placed the Issuer Default Ratings or IDR of 'B'
for Novelis Inc. and its subsidiary Novelis Corp. on Rating
Watch Negative. The company's senior secured bank debt ratings
and senior unsecured debt ratings that were affirmed are:

Novelis Inc.

   -- Senior secured revolver and term loan at 'BB/
      Recovery Rating (RR) 1'; and

   -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

   -- Senior secured revolver and term loan B at 'BB/RR1'.


SPCM SA: Moody's Affirms B3 Rating on Sr. Unsecured Notes
---------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating
of SPCM SA at B1 and rating of its senior unsecured notes at B3
following the announcement of the proposed EUR50 million top up
of the notes.

The proceeds are expected to be used to provide additional
liquidity as the Company continues to expand. Taking into
account the proposed change in the liabilities structure,
Moody's adjusted the LGD assessment on the notes from LGD 5
(85%) to LGD 5 (83%). Outlook on the ratings is stable.

In 2006, the group's net revenue grew 17% supported by
continuous strength in the pricing environment and growth in
volumes of petroleum and mining applications chemicals, while
gross margin remained stable (2006 EBITDA margin was affected by
provisions).  Going forward, Moody's notes that further growth
in absolute performance indicators may be affected by
USD/EURexchange valuations (with only 30% of revenues derived in
Europe).

The group continues to pursue growth in new markets and through
new applications and reinvests its operating cash flow. In 2006,
its FCF was further affected by several extraordinary items
(anticipated at the time of the assigning of the initial rating
in June 2006). At the end of 2006, on the adjusted basis the
leverage stood close to 4 times and at 3% on FCF/Adjusted Debt
basis (net of extraordinary items).

SPCM SA is a holding company for the SNF Group, one of the
world's leading producers of acrylamide-based water soluble
polymers used in water treatment, as well as in mining, pulp and
paper and enhanced oil extraction. SNF is located in Saint-
Etienne, France and in 2006 reported EUR852 million in revenues
and EUR93 million in EBITDA.  SNF has operations in Brazil,
Canada, Bulgaria, Korea, Italy, Poland, Russia, Sweden, Turkey,
and the United States, among others.


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

DATUK KERAMAT: Bursa Sets Securities Delisting for May 29
---------------------------------------------------------
The Bursa Malaysia Securities Bhd will delist and remove the
securities of Datuk Keramat Holdings Bhd from its official list
on May 29, 2007.  The decision was made after reviewing the
company's appeal on an earlier delisting decision by the bourse.

According to Bursa Malaysia, it decided to delist Datuk
Keramat's securities after:

    (a) the company failed to issue the annual audited accounts
        and annual report for the 15 months period ended
        December 31, 2004, and the quarterly report for the
        financial period ended March 31, 2005, within the time
        frames stipulated in Paragraphs 9.23(a), 9.23(b) and
        9.22 (1) of the Listing Requirements; and

    (b) more than 6 months have lapsed from the expiry of the
        relevant timeframes stipulated and the prescribed
        financial statements have still not been issued to-date.

                          *     *     *

Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  

The Group is facing numerous suits filed by financiers and trade
creditors who have alleged that outstanding debts are owed to
them.  On January 24, 2005, the Company was served with a wind-
up petition by Affin Bank Bhd, who asserted a MYR15.66 million
claim in respect of revolving credit facilities granted to the
company.


GEORGE TOWN: Bursa to Delist Securities on May 29
-------------------------------------------------
The Bursa Malaysia Securities Bhd will delist and remove the
securities of George Town Holdings Bhd from its official list on
May 29, 2007.  The decision was made after the bourse reviewed
the company's appeal on an earlier delisting decision.  

According to Bursa Malaysia, it decided to delist George Town's
securities after:

    (a) the company failed to issue the annual audited accounts
        and annual report for the 15 months period ended
        December 31, 2004, and the quarterly report for the
        Financial period ended March 31, 2005, within the time
        frames stipulated in Paragraphs 9.23(a), 9.23(b) and
        9.22 (1) of the Listing Requirements; and

    (b) more than 6 months have lapsed from the expiry of the
        relevant timeframes stipulated and the prescribed
        financial statements have still not been issued to-date.

                          *     *     *

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.

The Group operates in Malaysia, Continental Europe/Offshore
Islands and other countries.

The company has been categorized as an Affected Listed Issuer
under Practice Note 17, based on its unaudited financial
statement as at December 31, 2004, wherein it showed that it had
MYR28.7 million shareholders' equity representing 23.4% of the
issued and paid-up share capital which is less than the 25%
minimum required under the listing requirements of Bursa
Securities.


PSC INDUSTRIES: High Court of Malaya Okays Debt Settlement Plan
---------------------------------------------------------------
The High Court of Malaya sanctioned the proposed debt settlement
plan of PSC Industries Bhd after the company and its wholly
owned unit, Penang Shipbuilding & Construction Sdn Bhd, filed a
petition.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 26, 2006, PSC Industries filed with the Bursa Malaysia
Securities Bhd a restructuring scheme, pursuant to which the
company proposes to implement:

   -- a capital reconstruction comprising the Proposed Share
      Capital Reduction, Proposed Share Capital Consolidation
      and Proposed Share Premium Account Reduction;

   -- settlement of liabilities due and owing by PSCI and Penang
      Shipbuilding & Construction Sdn Bhd to their respective
      creditors; and

   -- a renounceable rights issue of new ordinary shares of
      MYR1.00 each in PSCI.

The Securities Commission approved the company's proposed
restructuring plan on March 19, 2007, the TCR-AP said.

                          *     *     *

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

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

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


UNITED CHEMICAL: Loan Default Reaches MYR10.64 Mil. at April 30
---------------------------------------------------------------
United Chemical Industries Bhd disclosed with the Bursa Malaysia
Securities Bhd that its loan default as of April 30, 2007,
reached MYR10,646,053.47 comprising of:

    -- a term loan from RHB Bank Bhd amounting to
       MYR6,740,449.92;

    -- a term loan from Bank Industri Malaysia Bhd amounting to
       MYR1,451,870.27; and

    -- a revolving and term loan from Bank Industri Malaysia Bhd
       amounting to MYR3,905,603.55.

                          *     *     *

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company that
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

The company's unaudited balance sheet as of December 31, 2006,
went upside down with total assets of MYR3.15 million and total
liabilities of MYR81.28 million, resulting to a shareholders'
deficit of MYR78.13 million.


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

1908 CAFE: Shareholders Pass Resolution to Wind Up Firm
-------------------------------------------------------
The shareholders of 1908 Cafe Ltd. passed a resolution winding
up the company's operations on May 2, 2007.

Trevor Edwin Laing was appointed as liquidator.

The Liquidator can be reached at:

         Trevor Edwin Laing
         Trevor Laing & Associates
         PO Box 2468, Dunedin
         New Zealand
         Telephone:(03) 454 4559


ADD LIGHTING: Creditors' Proofs of Debt Due on June 7
-----------------------------------------------------
John Francis Managh, the liquidator of Add Lighting (N.Z.) Ltd.,
fixed June 7, 2007, as the last day for creditors to file their
proofs of debt.

Mr. Managh was appointed as the company's liquidator on May 1,
2007.

The Liquidator can be reached at:

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


ALL THINGS: Court to Hear Wind-Up Petition on May 24
----------------------------------------------------
The High Court of Auckland will hear a wind-up petition against
All Things Fibreglass (NZ) Ltd. on May 24, 2007, at 10:00 a.m.

The petition was filed by the Commissioner of Inland Revenue on
Jan. 17, 2007.

The CIR's solicitor is:

         Adam R. A. Pell
         c/o Auckland South
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand
         Telephone:(09) 985 7214


CER GROUP: Certified Organics Unit Wins NZ$500,000 Contract
-----------------------------------------------------------
CER Group Ltd's Certified Organics business has secured a
NZ$500,000 contract with the South Australian Government for the
provision of its unique pine extract-based BioSeed Eradicator
herbicide.

The contract is a continuation of the deal struck with the South
Australian Government in 2006, which saw total sales that
eventually topped NZ$1 million.  The organic herbicide is being
used by South Australia to control the aggressive pest plant
branched broomrape.

Certified Organics' BioSeed Eradicator is based on a patented
pine extract and can kill branched broomrape seeds, which are
buried underneath the soil.  Branched broomrape is considered to
be one of the world's most devastating weeds.  It is a true
parasite, with no ability to generate its own food supply;
instead it survives by sucking nutrients out of a host plant.
This action leads to devastating levels of crop loss.

Unlike heavy chemicals, Certified Organics' BioSeed Eradicator
does not harm earthworms or soil microbial life and breaks down
into a naturally occurring oxide within days of application.
The contract builds on a series of recent successes for the CER
Group, including continued growth momentum in Certified
Organics' sister business, New Zealand Nature.

The CER Group recently announced a Share Purchase Plan for
current shareholders, which aims to raise up to NZ$3.5 million.
The capital raised will be used to further fuel the rapid
development and growth of the CER Group.

CER also recently declared its first annual operating profit and
has appointed Mr Robin Levison to its board to strengthen its
capabilities for appraisal and integration of selected potential
acquisition opportunities.

"CER is in excellent shape, with strong momentum in both of its
businesses," the company says.  "The South Australia contract is
yet another demonstration of the company's excellent momentum,
which has been recognised by the market through a 30% increase
in CER's share price since the New Year."

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified    
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       Going Concern Doubt

On Feb. 27, 2006, upon completion of its audit on the company's
financial statements, KPMG -- the company's independent auditors
-- raised fundamental uncertainties on the company's ability to
continue as a going concern, the validity of which is dependent
upon "many factors both within and external to the control of
the directors."

                          *     *     *

The group suffered net losses of NZ$1.03 million and
NZ$1.34 million for the years ended December 31, 2005, and 2004,
respectively.  The group's December 2006 year loss narrowed to
NZ$53,000.


CER GROUP: NZ Nature Unit Sales Grow 25% in March 31 Quarter
------------------------------------------------------------
The sales of CER Group Ltd's New Zealand Nature business for the
quarter ended March 31, 2007, have grown 25% on the equivalent
quarter in 2006.

First quarter sales topped NZ$867,000, compared with NZ$694,000
during the first quarter of 2006.  Despite the challenges
created for the business by a high New Zealand Dollar, overseas
sales soared by over 27% in this period, primarily coming from
growth in the North American market.  This overseas growth was
complemented by a 20% uplift in domestic sales.

This strong result demonstrates the benefits that New Zealand
Nature has received from its acquisition by the CER Group and,
in particular, the CER Group's emphasis on investing in sales
and marketing.  The company is now also reaping the rewards from
improved quality control put in place in 2006, which is being
reflected in increased customer re-order rates.

This sales result comes on the back of the CER Group announcing
a Share Purchase Plan for current shareholders, which aims to
raise up to NZ$3.5m.  The capital raised will be used to further
fuel the rapid development and growth of the CER Group.

CER also recently declared its first annual operating profit and
has appointed Robin Levison to its board to strengthen its
capabilities for appraisal and integration of selected potential
acquisition opportunities.

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified    
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       Going Concern Doubt

On Feb. 27, 2006, upon completion of its audit on the company's
financial statements, KPMG -- the company's independent auditors
-- raised fundamental uncertainties on the company's ability to
continue as a going concern, the validity of which is dependent
upon "many factors both within and external to the control of
the directors."

                          *     *     *

The group suffered net losses of NZ$1.03 million and
NZ$1.34 million for the years ended December 31, 2005, and 2004,
respectively.  The group's December 2006 year loss narrowed to
NZ$53,000.


COMPONENTRY SYSTEMS: Fixes May 31 as Last Day for Filing Claims
---------------------------------------------------------------
Componentry Systems Ltd., which is in liquidation, requires its
creditors to file their proofs of debt by May 31, 2007.

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

The company's liquidator is:

         Bryan Edward Williams
         c/o Bryan Williams & Associates
         Insolvency Practitioners
         131 Taupaki Road, RD 2
         Henderson 0782
         New Zealand
         Telephone:(09) 412 9762
         Facsimile:(09) 412 9763


DIAL-A-HORI: Wind-Up Petition Hearing Set for May 28
----------------------------------------------------
A petition to wind up the operations of Dial-A-Hori Enterprises
Ltd. will be heard before the High Court of New Plymouth on
May 28, 2007, at 10:00 a.m.

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

The CIR's solicitor is:

         Kay S. Morgan
         New Zealand
         Telephone:(07) 959 0373


FLETCHER BUILDING: Revenue Dept. Clears NZ$70-Million Tax Gain
--------------------------------------------------------------
After concluding an audit review concerning the treatment of
certain memorandum tax accounts maintained by Fletcher Building
Limited with respect to its foreign sourced earnings, the New
Zealand Inland Revenue Department declared that the company can
now fully recognize NZ$70 million as tax benefit.

That tax benefit was reported in the company's June 30, 2006,
financial statements, but was fully provided against pending the
outcome of the audit review.  The Inland Revenue Department
advised that no further action will be taken in respect of the
matter, and as a consequence the tax benefit will now be fully
recognized, so increasing net earnings for the June 30, 2007
year by $70 million.  At this stage, the company anticipates
that tax benefits of this nature will be non-recurring.

Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of  
the Fletcher Building group.  The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.  
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units.  The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components.  It distributes other products, such as
hardware and timber in some regions.  The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.

The Troubled Company Reporter - Asia Pacific, on May 15, 2007,
listed Fletcher Building's bonds as distressed.  The bonds have
these coupon and maturity dates:

      Coupon         Maturity            Price
      ------         --------            -----
      8.600%         03/15/08            8.90
      7.800%         03/15/09            8.25
      7.550%         03/15/11            8.20


FISHCO TAKAPUNA: Taps Mason and Lamacraft as Liquidators
--------------------------------------------------------
On May 2, 2007, Karen Betty Mason and Michael Lamacraft were
appointed as liquidators of Fishco Takapuna Ltd.

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

The Liquidators can be reached at:

         Karen Betty Mason
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


I4DESIGNZ LTD: Court to Hear Wind-Up Petition on May 24
-------------------------------------------------------
A wind-up petition against I4Designz Ltd. will be heard before
the High Court of Auckland on May 24, 2007, at 10:00 a.m.

The petition was filed by the Commissioner of Inland Revenue on
Jan. 16, 2007.

The CIR's solicitor is:

         Adam R. A. Pell
         c/o Auckland South
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand
         Telephone:(09) 985 7214


PRAIRIE INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
On May 3, 2007, Prairie Investments Ltd. commenced liquidation
proceedings and appointed Lyall Walton Brown as liquidator.

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

The Liquidator can be reached at:

         Lyall Walton Brown
         PO Box 99841 LWB, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 520 9200
         Facsimile:(09) 520 9201


TECHNICAL COMPUTING: Subject to CIR's Wind-Up Petition
------------------------------------------------------
The Commissioner of Inland Revenue filed a wind-up petition
against Technical Computing Solutions Ltd. on Jan. 17, 2007.

The High Court of Auckland will hear the wind-up petition on
May 24, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Adam R. A. Pell
         c/o Auckland South
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand
         Telephone:(09) 985 7214


THE MATRIX: Faces CIR's Wind-Up Petition
----------------------------------------
On Jan. 16, 2007, the Commissioner of Inland Revenue filed a
wind-up petition against The Matrix Ltd.

The petition will be heard before the High Court of Auckland on
May 24, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Adam R. A. Pell
         c/o Auckland South
         17 Putney Way
         PO Box 76198, Manukau
         Auckland
         New Zealand
         Telephone:(09) 985 7214


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

BANCO DE ORO: Posts PHP838 Million Net Income for 1Q 2007
---------------------------------------------------------
Banco de Oro Universal Bank and Equitable PCI Bank posted their
earnings for the quarter ended March 31, 2007, wherein BDO
achieved a PHP838 million consolidated net income and EPCIB's
unaudited net income climbed to PHP937 million.

BDO pursued vigorous expansion in its investment and loan
portfolios, thus successfully bracing itself for the lower
interest rate environment. It posted a net interest income of
P2.22 billion, or a 27% year-on-year increase. Other income also
improved by 60%, reaching P1.88 billion for the quarter. Trading
and foreign exchange gains grew by 30% to P919 million, while
service charges and fees more than doubled to P891 million on
account of higher business volumes.

EPCIB, riding on successful efforts as well to increase lending
to the corporate, middle market, and consumer markets, expanded
Net Loans and Receivables 14% year-on-year to P158.1 billion.
Net interest income improved by 6% to P2.77 billion. Meanwhile,
Service Charges, Fees and Commissions went up by 14% to P1.4
billion as the bank focused on generating fee-based income in
branch banking, remittance, trust banking, bancassurance, credit
cards, and corporate cash management. Miscellaneous income also
climbed 25% to P500 million due to various other income sources.

The combination of an enhanced distribution network and
aggressive marketing efforts improved BDO's funding mix and
increased the deposit base by 33% year-on-year to P220.04
billion, while also feeding the growth in earning assets. Total
investment securities and net loans expanded by 13% and 20%,
respectively, bringing total resources to P294.69 billion, for a
year-on-year increase of 24%. BDO's continued profitable
operations drove capital funds up by 13% to P24.98 billion.
Return on average equity and return on average assets stood at
13.57% and 1.12%, respectively. A strong balance sheet,
likewise, reflected EPCIB's steady growth. It reported a 10%
increase in assets to P349.81 million from year-ago levels,
while capital expanded by a healthy 29% to P48.12 million.
Return on Equity dipped to 12.63% from 14.46% in March 2006 due
to a much bigger equity base despite the improvement in income.
Return on Assets, nevertheless, continued to grow and was at
1.16% this March, higher than the 0.97% ROA from the
same period last year.

Vital to both banks' reinforced presence at the start of 2007
was the sustained expansion of their network reach nationwide.
BDO added 78 new ATMs and redeployed 11 former UOBP branches in
key business districts, thus bringing its total network to 531
ATMs and 231 branches. On the other hand, EPCIB's consolidated
branch network comprised 449 while its ATM sites totaled 700
nationwide.

EPCIB's robust first quarter results strengthened its position
to reap merger benefits with BDO and address the forthcoming
Basel II requirements. Further, its Capital Adequacy Ratio (CAR)
of 15.7% as of the first quarter of 2007 should give the
combined institution the necessary financial heft to comply with
the more stringent Basel II provisions upon implementation in
July 2007. BDO's first quarter CAR also stood at 15.76%.
Bank officials expect the proposed BDO-EPCIB merger to be
completed by the second quarter, since the BSP already gave its
approval last April and only the SEC approval remains pending as
of press time. Along with President Tan, incoming Chairman of
the Board Teresita Sy-Coson and key officers of both banks have
been actively collaborating on the integration work plan as a
preparatory phase leading to the merger.

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

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

                          *     *     *

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

The Troubled Company Reporter - Asia Pacific reported on
November 9, 2006 that Fitch Ratings affirmed Banco De Oro
Universal Bank's Individual 'C/D' rating and Support '3' rating.


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

CHINA AVIATION: Fully Repays US$73.3 Million Debt
-------------------------------------------------
China Aviation Oil (Singapore) Corp. has fully repaid its
outstanding debt amounting to US$73.3 million four years earlier
under a debt repayment program that was to be completed in 2011,
Shanghai Daily reports.

The report recounts that China Aviation sought court protection
from its creditors in November 2004 after revealing a US$550
million trading loss.

According to the report, the company was able to pay its debt by
using part of the proceeds from the sale of a 5% stake in
Spain's Compania Logistica de Hidrocarburos SA.

The Troubled Company Reporter - Asia Pacific reported on
April 23, 2007, that China Aviation disclosed it successfully
sold 3,502,923 registered voting shares of Class C of Par Value
EUR1.20 each in Compania Logistica de Hidrocarburos clh, S.A.
for an aggregate consideration of EUR171 million.  The TCR-AP
noted that the company net EUR170,680,500 after a EUR319,500
deduction due to transaction cost.  The net proceeds totaled to
about EUR148 million.

The Daily pointed out that the early repayment of the debt would
result in "substantial interest savings" and improve the
company's standing with existing lenders, while being able to
boost earnings in future.

                    About China Aviation Oil

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel  
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 10, 2006, the company is currently working with an
insolvent balance sheet, with a US$390.07 million shareholder's
deficit on total assets of US$211.96 million.


SWIFT ENERGY: S&P Rates Proposed US$250 Million Notes at BB-
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to
oil and gas exploration and production company Swift Energy
Co.'s proposed US$250 million senior unsecured notes due 2017.  
The outlook is stable.  The company intends to use proceeds
from the proposed issuance to refinance existing debt.
     
Houston, Texas-based Swift had US$414 million of outstanding
debt as of March 31, 2007.
      
"The ratings on Swift reflect a weak business profile, largely
due to the competitive, capital-intensive, and cyclical nature
of the petroleum industry, a concentrated reserve base with a
high proportion classified as proved undeveloped, and an
aggressive financial risk profile that incorporates high debt
leverage on a proved developed basis," said Standard & Poor's
credit analyst Ben Tsocanos.  "While the company has increased
production through high-return development of its core assets,
poor reserve replacement performance has resulted in sharply
elevated full-cycle costs."
     
The outlook on Swift is stable, reflecting the expectation that
the company will balance production growth with reserve
replacement and manage its financial profile prudently.  
However, the outlook will likely be revised to negative if Swift
suffers continued production disappointments or cannot replace
reserves cost-effectively for an extended period.  Furthermore,
an acquisition, particularly in a new region, could result in
negative changes to the outlook and/or ratings.  A positive
rating action would require improvement in debt leverage and
operating measures.

Swift Energy Company -- http://www.swiftenergy.com/-- (NYSE:  
SFY) is an independent oil and natural gas company engaged in
the development, exploration, acquisition, and operation of oil
and gas properties, with a focus in the United States on onshore
and inland water areas of the Louisiana and Texas Gulf Coast and
a focus in New Zealand on the north island's Taranaki Basin.  
The company was founded in 1979 and has its principal
headquarters in Houston, Texas.


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

ARVINMERITOR INC: Completes Sale of Unit to One Equity Partners
---------------------------------------------------------------
ArvinMeritor, Inc. has completed the sale of its Emissions
Technologies business group to One Equity Partners, an equity
investment firm based in New York for approximately $310
million, consisting of cash and other consideration including
specified assumed liabilities.

"We are pleased to have completed this transaction and look
forward to using the proceeds from the sale to support our
continued efforts to strengthen our balance sheet and increase
our ability to invest in technology, research and development
that aligns with our strategic focus on selected vehicle
systems," said Chip McClure, Chairman, CEO and President.  
"Completing the sale of this business is an important milestone
for us and underscores our commitment to building value for
ArvinMeritor's shareholders."

                      About ArvinMeritor Inc.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)  
-- http://www.arvinmeritor.com/-- is a premier USUS$8.8  
billion global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries.  
These countries are: China, India, Japan, Singapore, Thailand,
and Australia in the Asia-Pacific; Venezuela, Brazil and
Argentina in Latin America; Belgium, Czech Republic, France,
Germany, Hungary, Italy, Netherlands, Spain, Sweden, Switzerland
and United Kingdom in Europe.  ArvinMeritor common stock is
traded on the New York Stock Exchange under the ticker symbol
ARM.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007,
Dominion Bond Rating Service assigned a rating of BB (low) to
the US$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  The trend is Stable.

As reported in the Troubled Company Reporter on Feb. 28, 2007,
Moody's Investors Service upgraded ArvinMeritor's senior secured
bank debt rating to Baa3, LGD2, 13% from Ba1, LGD2, 20% and
affirmed the company's Corporate Family Rating of Ba3,
Speculative Grade Liquidity rating of SGL-2, and stable outlook.


ASIA HOTEL: Auditor Raises Going Concern Doubt
----------------------------------------------
After auditing Asia Hotel PCL's consolidated financial
statements for the three months ended March 31, 2007, Mr.
Atipong Atipongsakul of ANS Audit Co. Ltd. raised doubt about
the company's ability to continue as a going concern after
finding a shareholder deficit of THB986 million.

Asia Hotel PCL's consolidated financial statements showed a net
income of THB63.79 million for the quarter ended March 31, 2007,
56% higher than the THB40.68 million net income for the same
period in 2006.  Total revenues for the quarter ended March 31,
2007, total THB312.90 million, 6.3% higher than the THB294.17
million reported in the same period in 2006.

The company's March 31, 2007, balance sheet shows strained
liquidity with total current assets of THB216.36 million
available to pay total current liabilities of THB248.58 million.

Mr. Kumpol Techaruvichit, chairman and managing director of the
company, reported that in the quarter ended March 31, 2007, the
Company changed its accounting policy for investment in
subsidiaries from the equity method to the cost method.

"The separated statement of income, statement of changes in
shareholders' equity and statement of cash flow for the three-
month periods ended March 31, 2007, and the separated balance
sheet of Asia Hotel Public Company Limited as at December 31,
2006, have been prepared from the financial statements in which
the equity method is applied and have been restated as through
the investments in the subsidiaries companies had originally
been recorded using the cost method."

The company said: "The effects to item on the separated
financial statement on balance sheets as at December 31, 2006,
such as the investment in subsidiary companies decreased by Baht
769.04 million, the excess loss from investment in subsidiary
companies decreased by Baht 302.99 million, the deficit at end
of the year 2006 decreased by Baht 193.79 million and the paid
in capital revaluation surplus of land and property decreased by
Baht 659.83 million and for item in the statements of income for
the quarter ended March 31, 2006, such as the share of profits
in subsidiary companies decreased by Baht 30.27 million (basic
earnings per share by decreased Baht 1.08 per share)."  

"This adjustment caused the deficit, the revaluation surplus of
land and property-net as at March 31, 2007 and the net profit
for the quarter ended March 31, 2007 on the separated financial
statements at amount of Baht (824.86), 1,012.71, and 31.17
million respectively compare between at the same time of the
consolidated financial statement had amount of baht (986.02),
2,249.12 and 63.79 million respectively; therefore, it had
effected to differ and to result in the deficit decreased at the
amount of Baht 161.16 million, the revaluation surplus of land
and property-net decreased of Baht 1,236.41 million and the net
profit decreased of Baht 32.62 million"

                         About Asia Hotel

Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited -- http://www.asiahotel.co.th/-- was incorporated on  
March 24, 1964, and has been publicly listed   since 1989.  The
company and its two subsidiaries, Asia Pattaya Hotel Company
Limited and Asia Airport Hotel Company Limited, are involved in
the hotel business, with its principal activities consisting of
room service and operating restaurants.  Another subsidiary,
Zeer Property Company Limited is primarily involved in the
construction and the building of shopping complexes.

The Troubled Company Reporter - Asia Pacific previously reported
that Atipong AtipongSakul, at ANS Audit Company Limited, raised
significant doubt on Asia Hotel Public Company Limited's ability
to continue as a going concern after auditing the company's
financial statements for the year ended Dec. 31, 2006.  Mr.
Atipong pointed to the fact that the company's consolidated
financial statements and individual financial statements showed
a deficit of THB1.049 billion and THB1.209 billion,
respectively.


BANGKOK RUBBER: Posts THB1.5M Net Loss for First Quarter 2007
-------------------------------------------------------------
Bangkok Rubber PCL posted a net loss of THB1.57 million for the
quarter ended March 31, 2007, as compared with the THB1.74
million net income reported for the same period last year.

Total revenues also decreased from THB737.25 billion for the
quarter ended March 30, 2006, to THB612.84 million for the same
period ended March 31, 2007.

As of March 31, 2007, the company had total assets of THB2.07
billion and total liabilities of THB4.52 million.  The company
remained illiquid as total current assets were THB862.45 million
and total current liabilities amounted to THB2.66 billion as of
March 31, 2007.  Bangkok Rubber's capital deficit worsened from
THB2.41 billion at December 31, 2006, to THB2.45 billion as of
March 31, 2007.

Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures  
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.

                       Going Concern Doubt

The Troubled Company Reporter - Asia Pacific reported on
March 22, 2007 that Sophon Permsirivallop, of Ernst & Young
Office Limited, after reviewing Bangkok Rubber Public Company
Limited's consolidated financial statements for the year ended
Dec. 31, 2006, said that the ability of the company to continue
its business depends on the success of its rehabilitation plan,
its ability to find additional funds, and on the outcome of its
operations.  This prompted the auditor to express substantial
doubt on the ability of Bangkok Rubber to continue as a going
concern.



                            *********

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 ***