TCRAP_Public/070523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, May 22, 2007, Vol. 10, No. 100

                            Headlines

A U S T R A L I A

BOUFFLERS ON THE SEA: Members to Hear Wind-Up Report on June 15
CARDKEY SYSTEMS: Members Resolve to Liquidate Business
CARIMOO PTY: Appoints David Morgan as Liquidator
CCC CUSTOMER: Will Declare First and Interim Dividend on July 4
EMANUEL GARDENS: Liquidator to Present Wind-Up Report on June 20

ENESCO GROUP: Wants Until June 25 to File Chapter 11 Plan
FOOT LOCKER: Forecasts Lower Earnings for First Quarter 2007
FORTESCUE METALS: Chairman Gordon Toll Resigns from Position
FORTESCUE METALS: S&P Affirms Unit's BB- Issue Rating
GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings

HEALTH INDUSTRY: Creditors Agree to Liquidate Business
HOMEGOODS PTY: Will Declare Dividend for Priority Creditors
JVUM PTY: Joint Meeting Set for June 8
MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings
ON CUE: Undergoes Voluntary Liquidation

PERI-WERK: High Profitability Cues Moody's to Lift Rating to Ba1
STORETON PTY: Members' Final General Meeting Set for June 5
TRANSAX INT'L: March 31 Balance Sheet Upside-Down by US$3.2 Mil.


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Silver Lake Merger Cues Moody's to Review Ratings
ASAT HOLDINGS: Names Ernest Tan as Senior VP of Operations
BEIJING SHOUGANG: To Close Key Production Plant Next Year
BENQ CORP: Sells Camera Business Unit to Ability Enterprise
BEST CAREER: Faces Evership's Wind-Up Petition

CITIC GROUP: Partners With Kowloon Dev. in CNY3.5-Bil. Project
CITY TELECOM: Returns to Black in First Half 2007
CLEANSING SERVICES: Final Meetings Set for June 20
FUYAO GROUP: Xinhua Reviews BB+ Issuer Credit Rating for Upgrade
GLOBAL LINK: Creditors' Proofs of Debt Due by June 20

GOLDEN TECH: Wind-Up Petition Hearing Set for July 11
HOME LOGISTICS: Members & Creditors to Meet on June 20
LUEN SHING: Subject to Nanyang's Wind-Up Petition
N.T. HONG KONG: Enters Wind-Up Proceedings
PEREGRINE CAPITAL: Annual Meetings Set for June 20

REGENCY INTERNATIONAL: Court to Hear Wind-Up Petition on June 27
SHENZHEN DEVELOPMENT: Revives Share Reform Plan
TACHAN SECURITIES: Fitch Affirms Ratings with Stable Outlook
UNION BANK TAIWAN: Fitch Pares Individual Rating to D/E from D
UNION BILLS: Affirms Low B Long-Term & Foreign Currency Ratings


I N D I A

BRITISH AIRWAYS: Earns GBP304 Mil. in 12 Months Ended March 31
BRITISH AIRWAYS: Orders Eight New A320 Planes From Airbus
BRITISH AIRWAYS: Rumors on APA's Possible Takeover Bid Linger
CABLE & WIRELESS: Bags 4-Year Network Deal with Virgin Media
DECCAN AVIATION: Incurs INR2.1-Bil. Loss in Qtr. Ended March 31

DECCAN AVIATION: Unit Faces US$2MM Interglobe Technologies Claim
DECCAN AVIATION: To Raise Up to US$100 Million for Expansion
DHANALAKSHMI BANK: Board Proposes 10% Dividend for FY2007
DUNLOP INDIA: Shareholders Approve Capital Increase
DUNLOP INDIA: Names K. N. Gutgutia & Co. as New Auditors


I N D O N E S I A

PT PAKUWON: S&P Places Corporate Credit Rating at B-
BERAU COAL: May Spend US$100 Million to Double Coal Production
BERLIAN LAJU: To Spend US$500 Million on Fleet Expansion
PERTAMINA: To Drill 170 Oil Exploration Wells
PERUSAHAAN LISTRIK: Plans to Sell IDR3 Trillion Bonds in July

TELKOMSEL: SETDCO Plans to Buy 35% Stake Through Singtel


J A P A N

BANK OF YOKOHAMA: Reports an 8.9% Increase in Net Income
DELPHI CORP: Wants Furukawa's Pursuit of Stayed Action Stopped
FUJI ELECTRIC: Posts 124.4% Increase in Net Income
FURUKAWA ELECTRIC: Earns JPY29.8 Billion in Year Ended March 31
FURUKAWA ELECTRIC: Wants to Continue Defending Michigan Lawsuit

JAPAN AIRLINES: Hires Executives From Lenders as Auditors
MICRON TECHNOLOGY: S&P Holds BB- Rating on US$1.1 Billion Notes
MICRON TECHNOLOGY: Prices US$1.1 Billion Senior Notes' Offering
QUIKSILVER: Moody's Revises Ba3 Rating Outlook to Negative
UBE INDUSTRIES: Earns JPY22 Billion in FY Ended March 31, 2007


K O R E A

KOOKMIN BANK: Launches KRW330 Billion for Clean Energy Fund
SEQUA CORP: Moody's Affirms Corporate Family Rating at B1


M A L A Y S I A

SUREMAX GROUP: Inks Deal with Teguh Harian to Develop Mergong


N E W  Z E A L A N D

AIHP LTD: Court to Hear Wind-Up Petition on May 31
ARAMAND SEA: Wind-Up Petition Hearing Set for May 24
EL DORADO: Subject to Allied Work's Wind-Up Petition
GO DIVA: Taps Levin and Vance as Liquidators
JUNEE LTD: Appoints Dennis Clifford Parsons as Liquidator

MARKET ROAD: Taps Rea and Sargison as Liquidators
RICHCAN INVESTMENTS: Court to Hear Wind-Up Petition on May 28
RHYTHM ENTERTAINMENT: Faces Alpine's Wind-Up Petition
RIVERSTREAM DEVELOPMENTS: Proofs of Debt Due by June 30
TIESTO HOLDINGS: Court Appoints Joint Liquidators


P H I L I P P I N E S

ATLAS CONSOLIDATED: PSE Lifts Trading Suspension
CHIQUITA BRANDS: Will Launch Banana Plantation in Honduras
LIBERTY TELECOMS: Incurs PHP482-Million Net Loss in 2006
LODESTAR INVESTMENT: Shareholders Meeting Set for June 14
PHIL. NAT'L BANK: To Offer Up to 90 Million Common Shares

UNIVERSAL ROBINA: Earns PHP4.12 Bil. in 6 Months Ended March 31
* S&P Affirms Low-B Ratings and Says Outlook is Stable


S I N G A P O R E

ARROW ELECTRONICS: North American Unit Partners with Orion
AVAGO TECHNOLOGIES: To Reduce Singapore Staff by 230 Employees
CHINA AVIATION OIL: Earns US$5.7 Million in First Quarter 2007
CHINA AVIATION OIL: Pays Creditors US$73.3 Million Under Scheme
LINDETEVES-JACOBERG: Posts SG$3.9 Mil. Group Net Loss in 1Q 2007

PACIFIC CENTURY: Earns SG$11.2 Million in First Quarter 2007
PACIFIC CENTURY: Completes Sale of PCIH Stake to Fortis


T H A I L A N D

BANGKOK STEEL: Reports Progress of Rehabilitation Plan
CIRCUIT ELECTRONIC: Pays THB7 Million Interest to Creditors
DAIMLERCHRYSLER AG: GMAC May Work With Chrysler, Wagoner Says
DAIMLERCHRYSLER: Cerberus to Contribute US$200MM to Pension Fund
G STEEL: Earns THB401.6 Million in Qtr. Ended March 31, 2007

OMNOVA SOLUTIONS: Extends Senior Notes Tender Offer Until Today


* BOND PRICING: For the Week 14 May to 18 May 2007

     - - - - - - - -

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

BOUFFLERS ON THE SEA: Members to Hear Wind-Up Report on June 15
---------------------------------------------------------------
Boufflers on the Sea Pty Ltd will hold a final meeting for its
members on June 15, 2007, at 10:00 a.m.

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

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Dec. 8, 2006.

The company's liquidator is:

         Michael Lawrence Pinn         
         c/o Pinn Deavin & Associates
         PO Box 645, Sutherland
         New South Wales 1499
         Australia

                   About Boufflers on the Sea

Boufflers On The Sea Pty Ltd operates eating-places.  The
company is located in New South Wales, Australia.


CARDKEY SYSTEMS: Members Resolve to Liquidate Business
------------------------------------------------------
At a general meeting held on April 27, 2007, the members of
Cardkey Systems Pacific Pty. Limited agreed to liquidate the
company's business.

The company's liquidators are:

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

                      About Cardkey Systems

Cardkey Systems Pacific Pty Limited is a distributor of durable
goods.  The company is located in New South Wales, Australia.


CARIMOO PTY: Appoints David Morgan as Liquidator
------------------------------------------------
During a general meeting held on April 30, 2007, the members of
Carimoo Pty Limited agreed to liquidate the company's business
and appointed David Morgan of Clout & Associates as liquidator.

The Liquidator can be reached at:

         D. M. Morgan
         Clout & Associates
         144-148 West High Street, Level 1
         Coffs Harbour, New South Wales 2450
         Australia
         Telephone:(02) 6652 3288
         Facsimile:(02) 6651 9396


CCC CUSTOMER: Will Declare First and Interim Dividend on July 4
---------------------------------------------------------------
CCC Customer Contact Centre Pty Limited will declare a first and
interim dividend on July 4, 2007.

Creditors who are not able to file their proofs of debt by
June 12, 2007, are excluded from sharing in the company's
dividend distribution.

The company's liquidator is:

         Michael G. Jones
         c/o Jones Partners
         Insolvency and Business Recovery
         Australia
         Telephone:(02) 9251 5222

                       About CCC Customer

CCC Customer Contact Centre Pty Ltd provides business services.  
The company is located in New South Wales, Australia.


EMANUEL GARDENS: Liquidator to Present Wind-Up Report on June 20
----------------------------------------------------------------
The members and creditors of Emanuel Gardens Management Company
Pty Limited will meet on June 20, 2007, at 11:00 a.m., to hear
the report of Steven Sherman, the company's liquidator, about
the company's wind-up proceedings and property disposal.

The Liquidator can be reached at:

         Steven Sherman
         Ferrier Hodgson
         225 George Street, Level 13
         Sydney, New South Wales 2000
         Australia

                     About Emanuel Gardens

Emanuel Gardens Management Company Pty Limited is a dwelling
operator, except for apartments.  The company is located in New
South Wales, Australia.


ENESCO GROUP: Wants Until June 25 to File Chapter 11 Plan
---------------------------------------------------------
Enesco Group Inc. and its debtor-affiliates ask the United
States Bankruptcy Court for the Northern District of Illinois to
extend their exclusive period to file a chapter 11 plan through
June 25, 2007.  The Debtors also ask the Court to extend their
exclusive period to solicit acceptance of that plan to Aug. 27,
2007.

The Debtors tell the Court that they are in the process of
formulating a plan of liquidation.  The Debtors say that the
plan negotiation is complex since it involves various
constituencies including the Internal Revenue Service, equity
interests, prepetition lenders and the Official Committee of
Unsecured Creditors.

The Debtors need to resolve several significant issues before a
plan can be filed.  The Debtors contend that if all parties
agree to treatment under a plan, then they will be able to
maximize the value of their estates for all parties.

The Debtors disclose that they have also proceeded with
liquidation efforts that have resulted in substantial returns to
the estate.

The Debtors say that the Creditors Committee supports the
extension and that in return, they agree to file a plan
supported by the Committee.

The hearing to consider the Debtors' request is set for 10:00
a.m. today, May 22, 2007.

Headquartered in Itasca, Illinois, Enesco Group, Inc. ---
http://www.enesco.com/-- is a producer of giftware, and home  
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The Company also has Latin-American operations in Mexico.  

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.


FOOT LOCKER: Forecasts Lower Earnings for First Quarter 2007
------------------------------------------------------------
Foot Locker Inc. expects its first quarter earnings to be in a
range of US$0.10-to-US$0.11 per share.  This range reflects a
decrease from the Company's original estimate of US$0.34-to-
US$0.37 per share.

"The shortfall in our expected earnings primarily reflects a
first quarter comparable-store sales decline of 5.1 percent and
additional markdowns taken in our U.S. stores," stated Mathew D.
Serra, Foot Locker Inc.'s Chairman and Chief Executive Officer.  
"While first quarter sales and earnings at our U.S. store
businesses fell short of our expectations, our financial results
from our international units were generally in line with our
plan with earnings increasing from last year's comparable
period."

The Company's financial position continued to strengthen during
the first quarter as its cash position, net of debt, increased
by approximately US$85 million from the same time last year.  

During the first quarter of 2007, the Company repurchased 1.2
million shares of its common stock for US$26 million under a
three-year US$300 million share repurchase program.

                         About Foot Locker

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and   
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, Europe and
Australia under the brand names Foot Locker, Footaction, Lady
Foot Locker, Kids Foot Locker, and Champs Sports.

As reported in the TCR-Europe on April 25, 2007, Standard &
Poor's Ratings Services' ratings, including the 'BB+' corporate
credit rating, on Foot Locker Inc. remain on CreditWatch with
negative implications following the company's announcement that
it has launched a bid to acquire Genesco Inc.

As reported in the TCR-Europe on April 24, 2007, Moody's
Investors Service placed the ratings of Foot Locker, Inc. on
review for possible downgrade following the company's
announcement that it had made an unsolicited proposal to
purchase all of the outstanding shares of Genesco Inc. for US$46
per share cash representing a total consideration of around
US$1.2 billion.

These ratings are placed on review for possible downgrade:

   -- Corporate family rating of Ba1;
   -- Probability of default rating of Ba1; and
   -- Senior unsecured notes rating of Ba1.


FORTESCUE METALS: Chairman Gordon Toll Resigns from Position
------------------------------------------------------------
Fortescue Metals Group Limited Chairman Gordon Toll stepped down
from the board due to his increasing involvement in a number of
international business activities outside of Fortescue and his
relocation to the United Kingdom.

The company did not mention anyone who will replace Mr. Toll
yet.

Meanwhile, Geoff Brayshaw, former national president of the
Institute of Chartered Accountants, has accepted Fortescue's
offer as a non-executive independent director of the company.
Mr. Brayshaw will be assigned to the Audit Committee.

                       About Fortescue Metals

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

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

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

                           *     *     *

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

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


FORTESCUE METALS: S&P Affirms Unit's BB- Issue Rating
-----------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' issue
rating on FMG Finance Pty Ltd. (100% owned by Fortescue Metals
Group Ltd.) and removed it from CreditWatch.  The outlook is
stable.  The issue rating was placed on CreditWatch with
negative implications on March 13, 2007 following concerns about
the impact of cyclones on the project schedule, costs, and
liquidity.

The untimely impact of three cyclones in close succession has
added AU$106 million to the capital cost of the project, which
can be funded from the company's cost-overrun account.  In
addition, FMG expects the first ore on ship to be delayed by six
weeks to mid-May 2008, from the end of March 2008.  The original
FOOS date was expected to be late January 2007, but was revised
due to delays in receiving the railway access license and other
regulatory approvals.  Importantly, the independent engineer has
confirmed that the cost of complete test is satisfied, which
includes the cost overrun and delay in ore shipments.

Standard & Poor's expects liquidity in the project to remain
adequate through completion and commissioning, with AU$154
million currently available in the contingency account, AU$194
million (reduced from AU$300 million) remaining in the cost-
overrun account, and AU$135 million in the back-up construction
completion account.  While the identified cost overruns can be
accommodated by the reserve provisions, Standard & Poor's
expects the project to maintain sufficient liquidity and working
capital flexibility through commissioning to the 45 million
tonne annual production target.  Any further contingent spending
from the reserves accounts will reduce the flexibility required
to maintain credit quality through commissioning and ramp up.

Any further material construction delays and subsequent
utilization of the project contingency and cost-overrun
provisions could detrimentally affect the project's
creditworthiness. The project's long-term debt-service
capability relies on cash-flow generation, which in turn depends
on completion.  Although iron ore markets and the pricing
outlook are currently strong, the issue ratings do not
incorporate any project expansion over its 45 million tonne per
annum phase 1 target.  Should the project undertake an expansion
prior to completion and commissioning of phase 1, Standard &
Poor's will need to access the impact on the project's
construction timeline, liquidity, and debt-service protection.   
Also supporting the current rating is the project financing
structure, which will require bondholder approval for any
material deviation in the debt structure.  The initial bond
issue provided for two years of reserved debt service from draw
down.  The debt service reserve accounts are funded to September
2008.  After this date, the next interest payment relates to the
US$250 million floating rate notes and is due in December 2008
(about US$5 million), which could require servicing from the
construction reserve accounts if construction or commissioning
is delayed.  The next interest payment (about US$100 million) on
the equivalent of US$1.83 billion of fixed-rate notes is due in
March 2009.

If the project meets its construction timetable according to
budget, cash-flow generation from initial sales in fiscal 2008
should be sufficient to meet debt obligations, operating
expenditures, and working capital needs through the ramp-up.  
Following successful commissioning of the project and a proven
operating track record, the rating on the senior secured notes
will be reviewed, reflecting more of the underlying economics of
the project, its projected low-cost, long-life reserve base, and
the supportive market outlook for iron ore.

                     About Fortescue Metals

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

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

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

                           *     *     *

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

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


GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings
------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured debt ratings on Grapevine, Texas-based
GameStop Corp., a retailer of video game products and PC
entertainment software, to 'BB-' from 'B+'.

At the same time, the ratings on the US$475 million fixed-rate
and the US$475 million floating-rate notes were also changed to
'BB-'.  

The rating change is based on the company's successful
integration of EB Games, strengthened cash flow protection
measures, and continued debt reduction.  The outlook is
positive.
     
The ratings on GameStop reflect its participation in the highly
competitive video game and PC entertainment software industry,
the cyclical and seasonal nature of the industry, and the
company's aggressive capital structure with fair credit
protection measures.
      
"We would consider an upgrade if the company continues to reduce
its debt significantly while maintaining its trend of improved
operating performance," said Standard & Poor's credit analyst
David Kuntz, "which would result in a credit profile more
commensurate with a higher rating."

Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME)
-- http://www.gamestop.com/-- sells video games.  The company  
operates 4,778 retail stores throughout the United States,
Austria, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden,
Switzerland and the United Kingdom.  The company also owns
commerce-enabled Web properties, GameStop.com and ebgames.com,
and Game Informer(R) magazine, a leading video and computer game
publication.  GameStop sells the most popular new software,
hardware and game accessories for the PC and next generation
video game systems from Sony, Nintendo, and Microsoft.  In
addition, the company sells computer and video game magazines
and strategy guides, action figures, and other related
merchandise.


HEALTH INDUSTRY: Creditors Agree to Liquidate Business
------------------------------------------------------
On April 24, 2007, the creditors of Health Industry Group
Training of Company Limited agreed to liquidate the company's
business and appointed Peter Paul Krejci as liquidator.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         1 Castlereagh Street, Level 13
         Sydney, New South Wales 2000
         Australia

                     About Health Industry

Health Industry Group Training Company provides job training and
related services.  The company is located in New South Wales,
Australia.


HOMEGOODS PTY: Will Declare Dividend for Priority Creditors
-----------------------------------------------------------
Homegoods Pty Limited, which is in liquidation, will declare a
first and final dividend for its priority creditors on June 21.

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

The company's liquidator is:

         David John Kerr
         RSM Bird Cameron Partners
         60 Castlereagh Street, Level 12
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 8933
         Facsimile:(02) 9233 8521

                       About Homegoods Pty

Homegoods Pty Limited operates electrical repair shops.  The
company is located in New South Wales, Australia.


JVUM PTY: Joint Meeting Set for June 8
--------------------------------------
The members and creditors of Jvum Pty Limited will hold a joint
meeting on June 8, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         J. A. Shaw
         Ferrier Hodgson (Newcastle)
         Chartered Accountants
         2 Market Street, Level 3
         Newcastle, New South Wales 2300
         Australia

                         About Jvum Pty

Jvum Pty Limited, which is also trading as United Mining Support
Services, operates employment agencies.  The company is located
in New South Wales, Australia.


MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Montreal, Quebec-based MEGA Brands Inc., including the long-term
corporate credit rating on the company, to 'B+' from 'BB-'.  The
ratings remain on CreditWatch with negative implications, where
they were placed April 20, 2007.
     
"The downgrade and CreditWatch listing reflect ongoing concerns
that earnings and credit measures at MEGA Brands are much weaker
than expected because of significant problems the company is
facing with its Magnetix product," said Standard & Poor's credit
analyst Lori Harris.  These challenges include product recalls,
product replacement, and product liability settlement expenses.  
"Although MEGA Brands could be reimbursed for certain Magnetix-
related expenses, the magnitude of the charges related to the
litigation in first-quarter 2007 and the resulting negative
impact on the company's debt levels and credit ratios were not
expected," Ms Harris added.
     
MEGA Brands has chosen to be self-insured for Magnetix products
manufactured before May 1, 2006, and for incidents occurring
after Dec. 1, 2006, because the cost of insurance is viewed as
prohibitive.  Management's decision to be self-insured raises
uncertainty surrounding the company's potential exposure to
liability claims and MEGA Brands' ability to financially support
these claims without excessively jeopardizing the financial
strength of the business.
     
In addition, the company is involved in litigation with the
former shareholders of Rose Art Industries Inc., concerning
contingent payments related to MEGA Brands' acquisition of the
business in 2005.  An additional US$51 million in accrued
consideration has yet to be paid because MEGA Brands is
disputing the claim.
     
To resolve the CreditWatch listing, Standard & Poor's will meet
with management and review MEGA Brands' operating and financial
strategies, including the company's plans to deal with the
litigation risk that it faces.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a  
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


ON CUE: Undergoes Voluntary Liquidation
---------------------------------------
At an extraordinary general meeting held on May 7, 2007, the
members of On Cue Corporation Pty Limited agreed to voluntarily
liquidate the company's business.

At the creditors' meeting held later that day, Robyn Louise
Duggan and Max Christopher Donnelly of Ferrier Hodgson were
appointed as liquidators.

The Liquidators can be reached at:

         R. L. Duggan
         Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia

                          About On Cue

On Cue Corporation Pty Limited is a distributor of durable
goods.  The company is located in New South Wales, Australia.


PERI-WERK: High Profitability Cues Moody's to Lift Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded both the corporate family
rating and the senior unsecured debt ratings of Peri-Werk Artur
Schwoerer GmbH & Co. KG to Ba1 from Ba2.  The outlook has been
changed to stable.

"The upgrade reflects the company's ability to manage its
double-digit sales growth while maintaining a high level of
profitability and cash flow generation," said Matthias
Hellstern, Moody's lead analyst for Peri.

At the time of the last rating action in January 2006 when
Moody's had changed the outlook on the company's Ba2 ratings to
positive from stable, key criteria that Moody's set for an
upgrade to Ba1 was that Peri could cope with an ongoing strong
sales growth in 2006 (which at 21% was even stronger than
expected in FY 2006) without compromising its profitability.  
The concern had been that profitability could have come under
pressure from the need to add further production and rental
capacities.  However, the upgrade to Ba1 reflects the strength
of the company's business model allowing it to cope with such a
significant growth while at the same time maintaining high EBIT
margins.

The rating also reflects the company's well-diversified
geographical operations covering more than 55 countries and its
leading position in a strongly growing, albeit fragmented part
of the construction market, which should provide some resilience
to regional demand swings.

Moody's notes that the company's strong business model --
supported by clear management continuity within the family -
should allow Peri to continue to benefit from the current strong
global demand environment, resulting in double-digit growth
rates, profit margins above 15% and reduction in leverage as a
result of improving free cash flows.  However, the stable
outlook reflects Moody's caution that for an upgrade into
investment grade Peri would need to demonstrate some resilience
to cyclical demand swings, as the current strong performance and
significantly expanded business profile of Peri has not yet been
tested in a less benign market environment.  Moody's believes
that even in the case of another strong performance in 2007,
such a track record would need to be established over some time.

Ratings affected by the upgrade are:

* Peri-Werk Artur Schwoerer GmbH & Co. KG

   -- Long-term corporate family rating: Ba1, upgrade from Ba2;

   -- the PD rating has also been upgraded to Ba1, with a group
      LGD-assessment of 4 with a LGD rate of 50%

* Peri GmbH

   -- EUR250 million of Senior Fixed Rate Notes due in 2011:
      Ba1, upgrade from Ba2;

   -- LGD-assessment of 4 remains unchanged, with a
      LGD-rate of 53%

The last rating action on Peri was on January 16, 2006, when the
outlook was changed from stable to positive.

Headquartered in Weissborn, Germany, Peri is one of the world's
leading developers, manufacturers and suppliers of formwork
systems for cast-in-place concrete and providers of related
engineering and technical services.  As a family-owned business,
Peri employs over 4,000 staff and engages in the direct sale and
rental of formwork and scaffolding systems to the construction
industry and also offers supporting services which complement
its core businesses including clean-up, repair and logistics.
With more than 70 sales and rental parks worldwide, Peri is
considered to operate the largest rental stock of formwork
systems, enabling it to offer just in time delivery to more than
25,000 customers. Revenues generated in 2006 accounted for
EUR922 million, an increase of 21% compared to 2005.

The company has operations in Australia, Canada, India, Japan,
Denmark, Italy, Mexico and the United States.


STORETON PTY: Members' Final General Meeting Set for June 5
-----------------------------------------------------------
The members of Storeton Pty Ltd will hold a final general
meeting on June 5, 2007, at mid-day at 141 Black Springs Road,
Mudgee in New South Wales 2850, Australia.

At the meeting, the members will receive a report about the
company's wind-up proceedings and will instruct the liquidator
to lodge the final accounts for the purpose of deregistering the
company.

                       About Storeton Pty

Storeton Pty Ltd, which is also trading as Pieter Van Gent
Winery and Vineyard is engaged with the vineyard business.  The
company is located in New South Wales, Australia.


TRANSAX INT'L: March 31 Balance Sheet Upside-Down by US$3.2 Mil.
----------------------------------------------------------------
Transax International Limited filed its first quarter financial
statements for the three months ended March 31, 2007, with the
Securities and Exchange Commission on April 16, 2007.

The company reported a US$402,005 net income on US$1,186,226 of
revenues for the three months ended March 31, 2007, compared
with US$569,930 net loss on US$981,058 of revenues in the
comparable period of 2006.

At March 31, 2007, the company's balance sheet showed
US$2,068,692 in total assets and US$5,293,144 in total
liabilities resulting in US$3,224,452 stockholders' deficit.

The company's March 31 balance sheet also showed strained
liquidity with US$836,767 in total current assets available to
pay US$4,825,415 in total current liabilities.

The company said that it has been deficient in the payment
of Brazilian payroll taxes and Social Security taxes since
fiscal 2000.  At Dec. 31, 2006, these deficiencies amounted to
approximately US$759,000 is included as part of the accounts
payable and accrued expenses within the consolidated balance
sheet.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?1f7b

                        Going Concern Doubt

Moore Stephens, P.C., in New York, raised substantial doubt
about Transax International Limited's ability to continue as a
going concern after auditing the Company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the Company's losses, and working capital and
stockholders' deficiencies.

               About Transax International Limited

Based in Miami, Florida, Transax International Limited (OTCBB:
TNSX) -- http://www.transax.com/-- provides health information   
management systems to hospitals, physicians and health insurance
companies.  The company's subsidiaries, TDS Telecommunication
Data Systems LTDA provides services in Brazil; Transax Australia
Pty Ltd. operates in Australia; and Medlink Technologies Inc.
initiates research and development.

At Sept. 30, 2006, the company's balance sheet showed
US$2,003,214 in total assets, US$6,179,904 in total liabilities,
resulting in a US$4,176,690 in total stockholders' deficit.


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

ACXIOM CORP: Silver Lake Merger Cues Moody's to Review Ratings
--------------------------------------------------------------
Moody's Investors Service placed Acxiom Corporation's Ba2
corporate family and secured credit facility ratings on review
for possible downgrade, prompted by the company's May 16, 2007,
announcement that it 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 the assumption
of approximately US$756 million of debt.

"Moody's expects that conclusion of the review has a high
probability to result in a multi-notch ratings downgrade, given
the proposed transaction's size and likely use of debt to
finance the acquisition" commented John Moore, Vice
President/Senior Analyst at Moody's Investors Service.  The
offer, at US$27.10 in cash per share, represents an approximate
20% premium over Acxiom's average closing price during the 30
trading days ended May 16, 2007.

The merger agreement provides that Acxiom may solicit and
entertain proposals from other companies during the next 60
days. The transaction is expected to close by September 30,
2007.

Ratings placed on review for possible downgrade:

   -- Senior secured Term Loan due September 2012 rated Ba2

   -- Senior secured revolving credit facility expiring
      September 2011 rated Ba2

   -- Ba2 Corporate Family Rating

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

Founded in 1969, Acxiom has locations throughout the United
States, in Europe particularly in France and Germany, and in
Australia and China in the Asia-Pacific region.  Acxiom has a
team of specialists with sales and business development
associates based in the largest Latin American markets: Brazil,
Argentina and Mexico.


ASAT HOLDINGS: Names Ernest Tan as Senior VP of Operations
----------------------------------------------------------
ASAT Holdings Limited appointed Ernest Tan as senior vice
president of operations.  Mr. Tan, who will be based in
Dongguan, China, and report to Tung Lok Li, acting CEO of ASAT
Holdings, succeeds Jerry Herrera, senior vice president of
manufacturing, who resigned to pursue other interests.

Mr. Tan brings over 30 years of operational experience from the
electronics industry to ASAT Holdings.  Prior to joining ASAT,
Mr. Tan held senior level operational roles for Intel, Motorola
and Flextronics in Asia, the United States and other regions.

"Ernest has a proven record of success running several large
operations for leading electronics companies, and I believe his
background will be a great addition to the ASAT team," said Mr.
Li.  "We look forward to Ernest's contributions and are
confident he will drive improvements in our operating
performance during the next phase of our growth."

Separately, the Company announced the resignation of Florence
Mui, vice president of corporate development and supply chain
management.  Her responsibilities have been assumed by existing
personnel within the Company.

                          *     *     *

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--  
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia and Europe.  Its Asian presence is in Hong
Kong and China.
                          *     *     *

Standard & Poor's Ratings Services on Dec. 15, 2006, lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'CCC'
from 'B-', reflecting heightened liquidity concerns and
persistent operating losses.


BEIJING SHOUGANG: To Close Key Production Plant Next Year
---------------------------------------------------------
In order to comply with China's regulation on reducing pollution
in time for the 2008 Beijing Olympic Games, Beijing Shougang
Steel Co Ltd will close a key production plant early next year,
a company source confirmed with the Xinhua News Agency.

According to the report, the Chinese government promised to make
Beijing an "ecological city" with "green hills, clear water,
grass and blue skies" after it won the 2008 Olympics bid.  
Beijing Shougang is one of the worst polluter in the nation's
capital, Jiang Yuxia of Xinhua News notes.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2007, executives at Shougang had previously indicated
that the company might suspend production during the Olympics.  
Beijing Shougang Group's chairman Zhu Jimin was cited by the
TCR-AP as saying that the company will reduce, not halt, its
steel production during the games.

The TCR-AP added that by the end of 2010, Shougang's entire
operation will be relocated to Caofeidian, a tiny island 80
kilometers south of Tangshan.  Shougang and Tangshan Iron and
Steel Corp, China's sixth-largest steelmaker by output, set up a
joint venture in Caofeidian in October of 2005.

                          *     *     *

Based in Beijing, China, Beijing Shougang Co., Ltd. --
http://www.sggf.com.cn/index-1.asp-- is principally engaged in  
the iron and steel industry.  The company mainly produces steel
wire rods, square steel billets, steel plates, chemical
products, gas, coke, pig iron and granulating slag.  The company
also provides compact discs, software, color-coated boards and
building materials, through its subsidiaries. As of December 31,
2005, the Company had three major subsidiaries and three major
associates.

The company has been widely accused as one of Beijing's major
polluter.

Beijing Shougang carries Xinhua Far East China Ratings BB+
issuer credit rating.


BENQ CORP: Sells Camera Business Unit to Ability Enterprise
-----------------------------------------------------------
BenQ Corporation and Ability Enterprise Co., Ltd., a Taiwan-
based manufacturer of digital cameras, have entered into an
agreement for the acquisition of BenQ's digital camera-related
R&D and manufacturing facilities.  The acquisition aims to
strengthen ties between the two companies on future
collaborations, while complementing both parties' product
offerings.

Ability has agreed to acquire BenQ's digital camera-related
assets, including manufacturing equipment and materials at the
book value determined on June 30, 2007.  Approximately 70
employees, mostly comprised of R&D personnel within the digital
camera business unit, will be joining Ability starting on
June 1, 2007.  The transactions are expected to close on
June 30, 2007.

"Digital camera is one of our most important and profitable
product lines," said Sheaffer Lee, President of BenQ
Corporation. "Ability will remain as one of our most important
strategic suppliers for future BenQ branded digital cameras."

"We are pleased to strengthen our partnership with BenQ," said
Roger Tseng, President of Ability Enterprise Co., Ltd.  "It
marks an important milestone for Ability, for which it completes
our portfolio and further elevate the overall competitiveness of
our R&D and manufacturing capabilities."

Ability Enterprise makes cameras for Casio Computer Co., Samsung
Electronics Co. and Nikon Corp.

Separately, BenQ is also in talks to sell two office buildings
in Taipei, Daisy Lee, BenQ's spokeswoman, told China Post.  
"BenQ is currently in talks with foreign and local bidders over
the sale of two office buildings, including the Taipei
headquarters," Ms. Lee said.

DigiTimes also reports BenQ will downsize the R&D staff of its
mobile communication business group laying off about 100 staff,
mostly in Taiwan, with the total number of R&D staff around the
world to decrease to about 700, the company indicated.

                          *     *     *

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

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

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

                           *     *     *

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


BEST CAREER: Faces Evership's Wind-Up Petition
----------------------------------------------
A petition to wind up the operations of Best Career Development
Limited was filed by Evership Company Limited on April 27, 2007.

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

The solicitors of Evership Company are:

         Edmund Cheung & Co.
         Regent Centre, 13th Floor
         88 Queen's Road
         Central, Hong Kong


CITIC GROUP: Partners With Kowloon Dev. in CNY3.5-Bil. Project
--------------------------------------------------------------
Kowloon Development Co. Ltd named CITIC Group as its partner in
its CNY3.5-billion mixed development project in Tianjin, China
Knowledge reports.

Citing a report from the South China Morning Post, China
Knowledge says that Kowloon Development will transfer a 30%
interest it owned in the project to CITIC South China, a
property arm of CITIC Group, and another 9% to Tianjin Flying
Investment Development.

Kowloon Development, which will hold the remaining 61% stake,
will see its investment in the project reduced to CNY2.13
billion from CNY3.5 billion.  It did not say whether it would
receive any compensation, or why it needed to bring in partners,
other than describing the relationship as "strategic", China
Knowledge relates.

                          *     *     *

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

The Troubled Company Reporter - Asia Pacific on May 17, 2007,
reported that Standard & Poor's Ratings Services placed its
'BB+/B' foreign currency counterparty credit ratings on CITIC
Group on CreditWatch with positive implications.  The
CreditWatch placement follows the recent IPO of China CITIC
Bank, the group's Chinese banking operation, and the sale of oil
assets in Kazakhstan.


CITY TELECOM: Returns to Black in First Half 2007
-------------------------------------------------
City Telecom (HK) Limited released its interim results for the
six months ended February 28, 2007.  During the period under
review, the Group returned to profitability with profits
attributable to shareholders for first half of the fiscal year
2007 of HK$18.2 million, compared to a loss of HK$55.2 million
in the same period in 2006.

For the six months to February 28, 2007, EBITDA margin increased
from 18.8% to 33.5% year-on-year, delivering 71.9% growth in
EBITDA to HK$188.2 million.  The Group's revenue has slightly
decreased by 3.6% year-on-year to HK$562.3 million with growth
in FTNS by 9.9% to HK$398.8 million being insufficient to cover
the 25.9% decline in IDD to HK$163.5 million.  FTNS is now City
Telecom's dominant revenue component, contributing 70.9% of its
total revenue.
    
"After two challenging years, I am very pleased to announce that
we finally turned from loss to profit in 1H FY07.  Trends on
different aspects on our business lines, such as number of
subscribers, Average Revenue Per User and EBITDA have all
reported significant growth or improvements this year.  These
results strengthened our confidence, proving that our direction
for development in the past few years and for the future is on
the right track," Chairman of the Group, Ricky Wong said.
    
    Highlights:
    
    -- Return to profitability with profits attributable to
       shareholders of HK$18.2 million.
    
    -- Strong year-on-year improvement in EBITDA margin
       increased from 18.8% to 33.5%, delivering 71.9% growth in
       EBITDA to HK$188.2 million.
    
    -- Fixed Telecom Network Services (FTNS) turnover increased
       by 9.9% to HK$398.8 million, with subscriptions grew by
       25,000 to 641,000.
    
    -- New contract broadband blended average revenue per user
       (ARPU) increased by 43% year-on-year to HK$175 per month.
    
    -- Basic earnings per share amounted to HK3 cents.
    
    -- Declared an interim dividend of HK4 cents per share.

                          *     *     *

Hong Kong-based City Telecom (H.K.) Limited --
http://www.ctihk.com/-- is engaged in the provision of  
international telecommunications services (IDD) and fixed
telecommunications network services (FTNS) to customers in Hong
Kong and Canada.  The Company operates in two segments:
international telecommunications, which is engaged in the
provision of international long-distance calls services, and
fixed telecommunications network, which is engaged in the
provision of dial up and broadband Internet access services,
local voice-over-Internet protocol services and Internet
protocol television (IP-TV) services. City Telecom (H.K.)
Limited's wholly owned subsidiaries include Attitude Holdings
Limited, Automedia Holdings Limited, City Telecom (B.C.) Inc.,
City Telecom (Canada) Inc., City Telecom Inc., City Telecom
International Limited, Credibility Holdings Limited, CTI
Guangzhou Customer Services Co. Ltd., CTI Marketing Company
Limited, Golden Trinity Holdings Limited, Hong Kong Broadband
Network Limited and IDD 1600 Company Limited.

Moody's Investors Service on Feb. 1. 2007, affirmed its B2
corporate family rating and senior unsecured bond rating for
City Telecom Ltd, and at the same time has revised the company's
rating outlook to positive from stable.

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006 that Fitch Ratings assigned a Long-term
foreign currency Issuer Default rating of 'B+' to Hong Kong-
based City Telecom (HK) Limited.  The Outlook on the rating is
Stable.  At the same time, Fitch assigned an instrument rating
of 'BB-' to the US$125 million senior unsecured notes due 2015
issued by CTI on the expectation of good recovery prospects
given default as denoted by the agency's recovery rating of
'RR3'.


CLEANSING SERVICES: Final Meetings Set for June 20
--------------------------------------------------
The members and creditors of Cleansing Services Limited will
hold their final meetings on June 20, 2007, at 9:15 a.m. and
9:30 a.m., respectively to hear the liquidator's report about
the company's wind-up proceedings and property disposal.

The meeting will be held in Room 1401, Level 14, Tower 1 of
Admiralty Centre at 18 Harcourt Road, Hong Kong.


FUYAO GROUP: Xinhua Reviews BB+ Issuer Credit Rating for Upgrade
----------------------------------------------------------------
On May 18, 2007, Xinhua Far East China Ratings placed the BB+
issuer credit rating of Fuyao Group Glass Industry Co Ltd on
review for a possible upgrade.

The rating action was prompted by expectations that Fuyao's
capital expenditure will slow and its operating cash flow will
improve as a result of its strengthening position in the
domestic and global auto glass markets.  A proposed private
placement to Goldman Sachs would improve its debt repayment
capacity, providing further support to its rating profile.

The company has now completed major production bases for the
auto producer market, with its investments in auto glass
capacity likely to slow after its Beijing and Guangzhou
production bases are put into operation in 2007.  Still, there
are some concerns over ongoing capital expenditure in its float
glass lines in Hainan Province, especially considering the
company's historically aggressive investment record.  Its cash
flow status has improved, with the gap between CFO and CFI
(outflow) narrowing over the past nine quarters.  This trend is
expected to continue as a result of the company's strengthening
market position.  Revenues from its auto glass segment, which
accounted for 74.3% of total revenues in 2006, rose from
CNY1,064.2 million in 2002 to CNY2,888.9 million in 2006.  The
growth of this segment resulted not only from domestic sales but
also from its global OEM business.

Domestic sales have grown as a result of growing auto sales and
its leading market share.  In the global OEM field, Fuyao has
passed the verification process of major world-class auto
manufacturers, including Ford and GM.  Despite tough downstream
competition, wavering domestic demand for sedans and yuan
appreciation, its profit margins have remained comparatively
stable, with its operating efficiency improving slightly.

A probable private placement to Goldman Sachs should also lead
to an improvement in its debt repayment capacity.  The company's
investors approved on December 11, 2006 the issue of 111.3
million A-shares to Goldman Sachs to raise about CNY890 million,
CNY710.3 million of which will be used to repay long-term bank
loans, with the rest to be used as working capital.  If the
private placement goes ahead, the company's gross debt/total
capital ratio is expected to decline by about 10%, not taking
into consideration dividend payouts or other large cash flow
changes.  Xinhua Far East also expects Goldman Sachs to help
broaden Fuyao's export channels.

Xinhua Far East's estimates indicate that Fuyao's CFO is
sufficient for its planned capital investment in 2007, although
still not enough to lower its net debt significantly in the near
term.  As a result, the new stock issue will determine the
timing for its rating upgrade.

Fuyao Group Glass Industry Co Ltd is the largest auto glass
maker in China.  Cao Dewang, the President of Fuyao, and his
wife, are the ultimate controllers of the company, holding a
53.93% stake.  The company has six auto glass production bases
located near major domestic auto producers.  Fuyao has also
become the OEM supplier to world auto giants including Ford, GM,
Volkswagen and Hyundai.

Fuyao is also a constituent of the Xinhua/FTSE China 200 Index
and, as of market close on May 17, 2007, its total A-share
market capitalization and investable capitalization were CNY23.4
billion and CNY9.36 billion respectively.


GLOBAL LINK: Creditors' Proofs of Debt Due by June 20
-----------------------------------------------------
The creditors of Global Link Textile Trading Limited are
required to file their proofs of debt by June 20, 2007, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on May 18, 2007.

The company's liquidator is:

         Yu Lai Fong
         Fee Tat Commercial Centre, 21st Floor
         No. 613 Nathan Road, Kowloon
         Hong Kong


GOLDEN TECH: Wind-Up Petition Hearing Set for July 11
-----------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Golden Tech (Asia) Limited on July 11, 2007.

The petition was filed by Hang Seng Bank Limited on May 2, 2007.

Golden Tech's solicitor is:

         Messrs. Li, Kwok & Law
         Man Yee Building, Units 1204-06
         68 Des Voeux Road
         Central, Hong Kong


HOME LOGISTICS: Members & Creditors to Meet on June 20
------------------------------------------------------
A final meeting will be held for the members and creditors of
Home Logistics Limited on June 20, 2007, at 1:30 p.m. and
1:45 p.m., respectively.

The meeting will be held in Room 1401, Level 14, Tower 1 of
Admiralty Centre at 18 Harcourt Road, Hong Kong.


LUEN SHING: Subject to Nanyang's Wind-Up Petition
-------------------------------------------------
On April 12, 2007, Nanyang Commercial Bank, Limited filed a
wind-up petition against Luen Shing Electronics Limited.

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

Nanyang Commercial's solicitor is:

         Chu & Lau
         Chinese General Chamber Commerce Building, 2nd Floor
         No. 24-25 Connaught Road
         Central, Hong Kong


N.T. HONG KONG: Enters Wind-Up Proceedings
------------------------------------------
N.T. Hong Kong Company Limited commenced liquidation proceedings
on May 11, 2007.

Natalia K. M. Seng and Susan Y. H. Lo were appointed as
liquidators.

The Liquidators can be reached at:

         Natalia K. M. Seng
         Susan Y. H. Lo
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PEREGRINE CAPITAL: Annual Meetings Set for June 20
--------------------------------------------------
The members and creditors of Peregrine Capital Limited will have
their annual meetings on June 20, 2007, at 9:30 a.m. and 10:00
a.m., respectively.

The meetings will be held on the 20th Floor of Prince's Building
at 10 Chater Road in Central, Hong Kong.

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


REGENCY INTERNATIONAL: Court to Hear Wind-Up Petition on June 27
----------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Regency International Development Limited on June 27, 2007, at
9:30 a.m.

The petition was filed by Luk Kwan Hung on April 23, 2007.


SHENZHEN DEVELOPMENT: Revives Share Reform Plan
-----------------------------------------------
Shenzhen Development Bank is attempting for the second time to
convert its non-traded state-owned shares into regularly traded
shares after shareholders rejected its first attempt last year,
various reports say.

According to The International Herald Tribune, the bank, this
time, sweetened its offer to investors to make all its state-
owned stock's tradable.  Shenzhen Development will give minority
shareholders one for every CNY10 denominated shares they hold to
compensate for the dilution of stakes, the paper says, citing a
recent statement made by the bank.  Shenzhen Development will
join a compulsory program to make more than US$200 billion of
mostly state-owned equity tradable if investors who rejected an
offer in July 2006 accept the new plan, The Tribune adds.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 30, 2006, that the bank's shareholders rejected its
compensation plan to convert non-tradable state shares into
tradable stock in July 2006.  The shareholders complained that
the offer was too low compared with those of other listed
commercial banks.  The failure of the first-round share reform
has delayed the capital injection of General Electric's consumer
financial arm that agreed to take a 7.3% stake in the bank for
US$100 million, the TCR-AP said.

Reuters notes that Chinese regulators had set an informal
deadline of end-2006 for companies to launch the reform, which
commonly involves compensating public shareholders with bonus
shares or cash for the dilution of their stakes.  The
compensation provision to the bank's shareholders was only
pegged up to CNY0.48 in cash per 10 shares, which lead to the
rejection of the plan, the news agency says.

The new offer of 1-for-10 bonus shares to public shareholders
and 1-for-1 covered warrants would now allow shareholders to buy
shares at CNY19.89, Reuters adds.  Half of the warrants could be
exercised six months after their issue and the other half nine
months after their issue, the report says, citing the bank's
statement.

Shareholders are required to vote on the new plan via the
Internet from June 6 to 8 or by participating in a shareholders'
meeting on June 8, Reuters adds.

                          *     *     *

Based in Shenzhen, Guangdong, People's Republic of China,
Shenzhen Development Bank Company Ltd's --
http://www.sdb.com.cn/-- provides local and foreign currency  
deposits and loan services.  Other activities include foreign
currencies exchanging, foreign currency deposit and remittances,
acts as an agent for issuing foreign currency value-bearing
securities, management of letters of credit and operation of
both an international and a domestic discounting service.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings, on August 14, 2006, affirmed Shenzhen Development
Bank's individual 'D/E' and support '4' ratings.


TACHAN SECURITIES: Fitch Affirms Ratings with Stable Outlook
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Tachan Securities Co.,
Ltd. as:

     -- Long-term Issuer Default Rating at BB,
     -- National Long-term rating at BBB+(twn),
     -- Short-term Foreign Currency rating at B,
     -- National Short-term rating at F2(twn),
     -- Individual rating at D and Support rating at 5.

The Outlook remains Stable.

Tachan's ratings are constrained by the undiversified nature of
its revenue sources (although this is improving) and its
relatively small franchise in Taiwan's competitive brokerage
business.  That said, Fitch does note Tachan's consistent
profitability, high capital adequacy, low leverage, and strong
liquidity as positive ratings attributes.  Tachan has sustained
above-industry profitability despite intense competition from
other securities firms and investment banks.  While competition
gradually drove down its commission rate in 2002-2006, Tachan
consistently made gains in proprietary trading, which has been
identified as the company's core competence.  In addition, the
company continues to improve revenue diversification through
expanding its local Market Making activities and by investing
overseas in Hong Kong, Japan and the United States.

Fitch notes that Tachan's risk management is less sophisticated
compared with that of its larger peers.  However, it is
acceptable given the company's scope of business.  The company
conservatively mitigates its risk metrics through strict stop-
loss mechanism and profit-taking rules.

Tachan is a small securities firm that does not have a strong
presence in Taiwan's capital market.  The company provides
brokerage and underwriting services and also commits company
capital to its proprietary trading.  Tachan was established in
1988, and currently operates four branches with a 0.25% market
share of Taiwan Stock Exchange trading volume.


UNION BANK TAIWAN: Fitch Pares Individual Rating to D/E from D
--------------------------------------------------------------
Fitch Ratings has downgraded the Individual Rating of Union Bank
of Taiwan to 'D/E' from 'D'.  At the same time, the agency has
affirmed its Support Rating at '5'.

The downgrade reflects the bank's substantially weakened
capitalization and subdued core profitability, following severe
credit losses in 2006 on unsecured consumer lending through
credit cards and cash cards.  Based on the bank's stated
unamortized losses and relatively weak loan loss reserve at
end-2006, Fitch estimates new capitalization of TWD7 billion-
TWD8 billion is needed to improve its adjusted CAR to 8%.

Union Bank, established in 1992, is a small commercial bank with
a concentrated retail banking business.  Domestic conglomerate
Union Group is the bank's largest shareholder with an estimated
60% controlling ownership.


UNION BILLS: Affirms Low B Long-Term & Foreign Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Union Bills Finance
Corporation as:

     -- Long-term Issuer Default Rating at BB-,
     -- Short-term Foreign Currency rating at B,
     -- National Long-term rating at BBB(twn),
     -- National Short-term rating at F3(twn),
     -- Individual rating at D and
     -- Support rating at 5.

The Outlook remains Stable.

Union Bills' ratings reflect its improving but still below
industry-average capital ratio, as well as credit exposure to
affiliate banks.  The asset quality of the company's guarantee
book remained solid at end-2006 with adequate reserve coverage
against its problem exposures.  Like other bills finance
companies, Union Bills suffered from a flat yield curve in 2006.
Fitch expects a weak earnings outlook for 2007 given the
unfavorable yield curve.  Union Bills' ratings are not based on
the support from the government or parent banks given its
relatively small franchise and its parent banks' weak capital
position.

Established in 1995, Union Bills is one of the new bills finance
companies introduced after deregulation in 1995.  Union Bank and
Entie Commercial Bank are its two major shareholders.


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

BRITISH AIRWAYS: Earns GBP304 Mil. in 12 Months Ended March 31
--------------------------------------------------------------
British Airways plc released its financial results for the
twelve months ended March 31, 2007.

British Airways reported GBP304 million in net profit for the
twelve months ended March 31, 2007, compared with GBP467 million
in net profit for the same period in 2006.

At March 31, 2007, the Company's balance sheet showed GBP11.4
billion in total assets, GBP9 billion in total liabilities and
GBP2.4 billion in total equity.

The Company's balance sheet at March 31, 2007, however, showed
strained liquidity with GBP3.4 billion in total current assets
available to pay GBP3.6 billion in total liabilities coming due
within the next 12 months.

                            Turnover

Group turnover for the year was GBP8.5 billion (2006: GBP8.2
billion), up 3.4 percent on a flying program up 0.7 percent,
measured in Available-Ton-Kilometers.  For the quarter, Group
turnover was significantly impacted by the threat of a strike
and was down 5.9 percent to GBP2 billion, on a flying program
1.5 percent lower in ATKs.

Operating cash flow for the year was GBP756 million (2006:
GBP1.3 billion).  Including current interest bearing deposits,
the cash position at March 31, 2007, was GBP2.4 billion, down
GBP85 million compared with March 31, 2006.

Net debt was GBP991 million, a reduction of GBP650 million since
the start of the financial year.  The second installment of
GBP560 million from the company's GBP800 million cash injection
was paid into the New Airways Pensions Scheme on April 2, 2007.  
This reduced the cash balances immediately after the balance
sheet date to around GBP1.8 billion.

Traffic volumes, measured in Revenue-Passenger-Kilometer, were
up 2.9 percent for the year and down 1.3 percent for the
quarter.  Seat factor was flat for the year at 76.1 percent on
capacity 2.9 percent higher in Available-Seat-Kilometers and
down 2 percentage points in the quarter to 71.4 percent.  Yield
measured in pence per RPK was up 2.1 percent for the year and
down 3.4 percent for the quarter.  Total costs, excluding one
off items, were up 5.5 percent, driven mainly by a 22 percent
increase in fuel costs to GBP1.93 billion.  Non-fuel costs were
up 1.1 percent.

Cargo volumes for the year, measured in Cargo-Ton-Kilometers
were down 4.7 percent compared with the prior year, with yields
up 1.7 percent.  For the quarter, cargo volumes were down 12.4
percent compared to last year.  Cargo performance during the
second half was impacted by operational and security related
issues.

The results include a GBP396 million credit as a result of a
change to the New Airways Pension Scheme.

                   Competition Investigations

The investigations by the US Department of Justice, the European
Commission and the U.K. Office of Fair Trading and others into
anti-competitive activity on long haul passenger and cargo fuel
surcharges are continuing.  However, British Airways has now
responded to the subpoenas and other statutory requests for
information from these authorities.

British Airways has a long-standing, clear and comprehensive
competition compliance policy.  This policy requires all staff
to comply with the law at all times.  It has become apparent
that there have been breaches of this policy in relation to
discussions about these surcharges with competitors.  As a
result, it is now appropriate for the company to make a
provision, under IAS 37, of GBP350 million in its full year
accounts.  The provision represents the best estimate of the
amount to settle all competition authority and civil claims at
the Balance Sheet date, but recognizes that the final amount is
subject to uncertainty.

"These are strong results despite a challenging year, British
Airways Chief Executive Willie Walsh said.  "We know at times it
has been a frustrating year for our customers, caused by
disruption and overly restrictive U.K. government security
measures on hand baggage.  We have taken steps to ensure the
fundamentals of our business are strong, laying the foundations
to deliver our 10 percent operating margin target by March 2008.  
We have addressed the GBP2.1 billion pension deficit and
disposed of the loss-making regional business, BA Connect.  Our
total cost control has been good, with non-fuel costs up just
1.1 percent"

"We are on the threshold of a new era for our customers.
Terminal 5 is only 313 days away and tickets for flights from T5
are now available for sale.  Our new Club World cabin is now on
96 services to New York's JFK airport and we will be
investing in a fantastic new First cabin.  We have made progress
on Gatwick, particularly on costs, which has given us the
confidence to renew our commitment to Gatwick and upgrade its
fleet.  This is a step towards a single shorthaul fleet,"
Mr. Walsh continued.

"Earlier this year we ordered four new widebodied aircraft for
delivery in 2009, and we anticipate making a further major order
for 34 replacement and additional growth aircraft in the coming
months.  {Fri}day we have announced an order for eight Airbus
A320 family aircraft for the shorthaul fleet," Mr. Walsh added.

"The 'open skies' air treaty agreed recently between the EU and
the US has given us some new and exciting opportunities.  We
have filed an application with the US DoT for permission to
operate services between any point in the US and any point in
the EU to enable us to grow the most profitable part of our
business," Mr. Walsh concluded.

                             Outlook

"We are pleased with the progress that Willie and his team have
made on many fronts this year despite all the challenges,"
British Airways Chairman Martin Broughton said.  "In terms of
current performance, we have seen some weakness in non-premium
segments notably on the North Atlantic.  To some degree,
complete visibility is hampered by the ongoing baggage
restrictions which impact all cabins but particularly premium.
Our revenue guidance of 5-6 percent increase is unchanged but we
now expect to be at the lower of end of this range.

"Cost control remains a key focus and full year costs, excluding
fuel, are still expected to be some GBP50 million higher than
the year just reported," Mr. Broughton continued.

"Our goal to achieve a 10 percent operating margin by March 2008
remains on track, although year over year improvements are
likely to be delivered predominantly in the second half as we
cycle against record results in the period to August 10 last
year," Mr. Broughton added.

The Board has recommended that no final dividend be paid.

                      About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and      
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.  

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

In March 2007, Standard & Poor's Ratings Services said that its
'BB+' long-term corporate credit rating on British Airways PLC
remains on CreditWatch, with positive implications, following a
vote on March 22 by EU ministers approving a proposed "open
skies" aviation treaty with the U.S.


BRITISH AIRWAYS: Orders Eight New A320 Planes From Airbus
---------------------------------------------------------
British Airways plc has ordered eight new Airbus A320 family
aircraft for delivery in 2008-2010.

This is the first step towards a single shorthaul fleet across
British Airways' network.

The airline will also upgrade the Gatwick shorthaul fleet by
replacing the oldest 14 Boeing 737s with Airbus A319 aircraft.

"We've made considerable progress at Gatwick, particularly on
costs," British Airways Chief Executive Willie Walsh said.  
"Gatwick is an important part of our shorthaul strategy and
replacing the older Boeing 737 fleet with Airbus aircraft
will give us flexibility across both airports.  This is the
first step towards a single shorthaul fleet."

British Airways will place a major order for replacement and
growth wide-bodied aircraft later this year for delivery in the
next decade.

                      About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and      
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.  

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


BRITISH AIRWAYS: Rumors on APA's Possible Takeover Bid Linger
-------------------------------------------------------------
Rumors about Airline Partners Australia making a possible
takeover offer for British Airways plc spread after its bid to
acquire Australia's Qantas Airways failed, e-Travel Blackboard
reports.

According to Bloomberg News, citing Goldman Sachs analyst Hugo
Scott-Gall, British Airways is an attractive takeover target for
private equity groups as premium travel remains strong.

Mr. Scott-Gall also pointed out that air passenger duty imposed
by U.K. Chancellor Gordon Brown is unlikely to affect BA, Emmet
Oliver writes for Bloomberg.

                     About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and      
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                         *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.  

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

                                                      Projected
                           Old      New      LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


CABLE & WIRELESS: Bags 4-Year Network Deal with Virgin Media
------------------------------------------------------------
Cable & Wireless plc disclosed a four-year agreement with Virgin
Media Inc. (fka NTL Inc.) to become its exclusive unbundled
local loop network provider on a wholesale basis until 2011.

With its extensive LLU footprint giving access to around 4
million additional homes, Cable & Wireless will supply wholesale
broadband services to support Virgin Media's existing off net
customers as well as new customers.

Virgin Media will be able to offer broadband, phone and
television service to parts of the country not currently served
by its cable network.

Thanks to its long-standing relationships with a number of
Virgin brands, including Virgin Atlantic and Virgin Group, Cable
& Wireless has the experience and understanding of Virgin's
culture.

"This deal is great news for consumers and an important step
towards making Virgin Media a truly national brand," Virgin
Media Chief Operating Officer Neil Berkett said.   "Cable &
Wireless' excellent service and technology will allow us to
offer enhanced broadband and home phone services to an
additional four million customers.  It also lays a foundation
for us to provide our unique quadplay services to the 50% of
households outside our cable network."

"This is another landmark win for us; we're delighted.  We're
obsessive about delivering great service and putting customers
at the heart of our business - clearly, this approach resonates
with Virgin Media," Cable & Wireless U.K. CEO Jim Marsh
commented.

                      About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides   
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                     About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet   
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for
Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc
                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%

* Issuer: Cable & Wireless International Finance B.V.

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   GBP200 million
   8.625% Senior Unsecured
   Regular Bond/Debenture
   Due 2019                B1       LGD4     60%

Cable & Wireless Plc's long-term and short-term foreign issuer
credit carry Standard & Poor's BB- ratings.  Its short-term
foreign and local issuer credit were rated at B.  The outlook is
negative.


DECCAN AVIATION: Incurs INR2.1-Bil. Loss in Qtr. Ended March 31
---------------------------------------------------------------
Deccan Aviation Limited posted a net loss of INR2.1 billion for
the three months ended March 31, 2007, on net sales of INR4.38
billion.  The negative bottom line could be attributed to the
other income account, which fell to INR196.3 million in the
March 2007 quarter.

In the previous quarter (October to December 2006), Deccan
Aviation booked a INR96.4-million net profit on net sales
totaling INR4.75 billion.  The company recorded other income of
INR1.62 billion in that quarter.

The company's expenditures in the January-March 2007 quarter
totaled INR6.41 billion, hence it recorded an operating loss of
INR1.84 billion.

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

            http://ResearchArchives.com/t/s?1fa8

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in  
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
May 18, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


DECCAN AVIATION: Unit Faces US$2MM Interglobe Technologies Claim
----------------------------------------------------------------
Air Deccan, Deccan Aviation Limited's subsidiary, is facing a
US$2-million claim filed by Interglobe Technologies, myiris.com
says, citing a report by The Economic Times.

InterGlobe Technologies is a global travel technology company
providing domain and operational expertise to airlines, travel
distribution providers and travel agencies.

Air Deccan reportedly ended a five-year contract with Interglobe
for alleged dearth of service.  Interglobe, in return, filed the
claim asserting Air Deccan's nonpayment of dues.  According to
media reports, the legal battle relates to the use of airline
passenger reservation system.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in  
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
May 18, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


DECCAN AVIATION: To Raise Up to US$100 Million for Expansion
------------------------------------------------------------
Deccan Aviation Limited will raise US$50-US$100 million to fund
expansion plans, the charter aviation company told the Bombay
Stock Exchange in a regulatory filing to clarify related media
reports.

The Hindustan Times on May 7, 2007, reported that Deccan is
trying to raise US$100 million and is therefore in talks with
hedge funds and institutional investors.

According to the BSE filing, the aviation company tapped
Investment Banker Edelweiss Capital to help in finding an
investor for raising the funds.  

"Several investors have evinced interest," the company said
adding that it is now "evaluating multiple options with the
objective of building robust infrastructure and maximizing
shareholder value" with Edelweis.

"Any such investment in the Company is subject to approval of
the shareholders of the Company and Regulatory approvals,"
Deccan adds.

Contrary to a media report, Deccan said that it has no
information, nor is aware of, any investor acquiring stake in
the company.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in  
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
May 18, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


DHANALAKSHMI BANK: Board Proposes 10% Dividend for FY2007
---------------------------------------------------------
Dhanalakshmi Bank Ltd's board of directors recommended a
dividend at its meeting on May 14, 2007, the bank informed the
Bombay Stock Exchange in a regulatory filing.

For the year ended March 31, 2007, the board proposes that the
bank declare a 10% dividend.  The move is still subject to the
approval of the Reserve Bank of India.

Dhanalakshmi Bank -- http://www.dhanbank.com/-- is a small  
'old' private bank (total assets as at FYE06: INR28.5 bil.) set
up in 1927 in the south Indian state of Kerala.  The bank lends
primarily to the small- and medium-sized enterprises (more than
50% of the total advances).  About 70% of its deposit and
branches are concentrated in Kerala.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 31, 2006, Fitch Ratings assigned the bank an Individual
rating of 'D/E' and a Support rating of '5'.  As of today, the
bank continues to carry the ratings.


DUNLOP INDIA: Shareholders Approve Capital Increase
---------------------------------------------------
Dunlop India Ltd's shareholders have approved the proposed
capital increase in the authorized share capital of the company
from INR70,00,00,000 to INR1,75,00,00,000.

The increased capital will be brought about by the creation of
additional 50,00,000 equity shares of INR10 each and 1,00,00,000
preference shares of INR100 each aggregating to
INR1,05,00,00,000, now divided or reclassified into:

   -- 7,43,00,000 equity shares of INR10 each; and

   -- 1,00,70,000 preference shares of INR100 each.

In that regard, the shareholders also authorized the company's
board of directors to create, issue and allot up to 1,00,70,000
preference shares of INR100 each on preferential basis on terms
and conditions as may be decided by the board.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.

As reported in the TCR-AP's "Large Companies With Insolvent
Balance Sheets" column on May 18, 2007, the company registered
an equity deficit of US$65.30 million.


DUNLOP INDIA: Names K. N. Gutgutia & Co. as New Auditors
--------------------------------------------------------
Dunlop India Limited informed the Bombay Stock Exchange that its
board of directors has appointed K. N. Gutgutia & Co., Chartered
Accountants, as the company's statutory auditors replacing Lodha
& Co., Chartered Accountants.  Lodha & Co. resigned as the
company's auditors on March 2, 2007.

K. N. Gutgutia's appointment was approved by the company's
shareholders in April.  The new auditors will audit the
company's accounts for the financial year ended March 31, 2007,
and will hold office until the conclusion of the company's next
annual general meeting.

In separate regulatory filings, the company also informed the
BSE of these changes in the company's board:

   1. Sajjid Amir Khan ceased to be a director with effect from
      April 14, 2007; and

   2. Ashok Kumar Jajodia ceased to be a director and whole-time
      director with effect from April 21, 2007.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.

As reported in the TCR-AP's "Large Companies With Insolvent
Balance Sheets" column on May 18, 2007, the company registered
an equity deficit of US$65.30 million.


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

PT PAKUWON: S&P Places Corporate Credit Rating at B-
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
corporate credit rating on PT Pakuwon Jati Tbk., a property
developer of multipurpose projects in Indonesia.  The outlook is
stable.  At the same time, Standard & Poor's assigned its 'B-'
issue rating to the five-year US$110 million senior secured
notes due 2011 issued by Pakuwon Jati Finance B.V., a limited
liability private company incorporated under the laws of the
Netherlands, wholly owned by Pakuwon and established solely for
issuing debt securities.

Approximately US$27 million of the proceeds will be used to
refinance Pakuwon's existing debt and US$80 million have been
used to capitalize PT Artisan Wahyu, a related entity
consolidated into Pakuwon and a guarantor of the notes.  AW is
engaged in the development of Superblock Gandaria, an integrated
large-scale retail, office, hotel, and residential property in
South Jakarta.  Fees and other issuance costs will absorb the
rest of the proceeds.

The rating on Pakuwon factors in the company's aggressive
financial profile, evidenced by its high relative indebtedness,
despite a couple of debt restructuring rounds.  "The rating also
factors in Pakuwon's geographic business concentration in
Surabaya, Indonesia's second largest city and home to its
Tunjungan City mixed megadevelopment, and its very ambitious
expansion plan in South Jakarta, a new market for the company,
and more competitive than its traditional location," said
Standard & Poor's credit analyst WeeLee Cheng.  These weaknesses
are partly offset by the company's established brand name in the
mixed property development market, and its US$28 million yearly
revenues from tenants in the commercial and hospitality sectors,
mostly from tenants in Tunjungan City.

"If any unexpected, though possible, working capital pressures
lead to additional funding for the Gandaria project that
requires an increase in corporate debt, there would be
additional pressure on Pakuwon's liquidity and creditworthiness,
and, accordingly, on the rating," Mr. Cheng noted.

                        About Pakuwon Jati

Headquartered in Surabaya, Indonesia, PT Pakuwon Jati Tbk is a
property management company.  The company operates the Tunjungan
Plaza shopping center, the Mandiri Tower office center, the
Sheraton Surabaya Hotel and Towers and the Laguna Indah housing
and industrial estate.



BERAU COAL: May Spend US$100 Million to Double Coal Production
--------------------------------------------------------------
PT Berau Coal may spend as much as US$100 million to double coal
production as coal prices increase due to China and India's
surging demands, Bloomberg News reports.

According to the report, the company plans to increase annual
output to 20 million metric ton within four years by expanding
facilities, and plans to open a new mine this year and another
one in 2008 or 2009.  The company currently operates three
mines.

In addition, Bloomberg notes that Berau Coal plans to sell
shares to raise funds.  Bob Kamandanu, president director of the
company said that the share sale is up to the shareholders.  
"Our job is to have the company ready," Mr. Kamandanu told
Bloomberg.

                         About Berau Coal

Headquartered in East Kaliman, PT Berau Coal --
http://www.beraucoal.co.id/-- is Indonesia's fifth largest  
producer and exporter of thermal coal.  It operates three active
mines at a single site in East Kalimantan.  It has estimated
resources of 654.2 million tons with probable reserves estimated
at 61.6mt and proven mineable reserves of 127.6mt.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 27, 2006, that Standard & Poor's Ratings Services assigned
its 'B' corporate credit rating to PT Berau Coal (Berau), a coal
mining company in Indonesia.  The outlook is stable.  At the
same time, Standard & Poor's assigned its 'B' rating to the
US$325 million guaranteed senior secured notes issued by Berau's
wholly owned subsidiary, Empire Capital Resources Pte. Ltd.  The
notes are unconditionally and irrevocably guaranteed by Berau.

On Dec. 15, 2006, Moody's Investors Service assigned a final B1
corporate family rating to PT Berau Coal.  At the same time
Moody's assigned a final B1 rating to the US$325 million bonds
issued by Empire Capital Resources Pte Limited and guaranteed by
Berau.  This follows the completion of a US$325 million bond
issuance, consisting of US$100 million five-year amortizing
senior secured floating rate notes and US$225 million five-year
bullet senior secured fixed rate bonds.  The rating outlook is
stable.

The TCR-AP reported on Dec. 14, 2006, that Fitch Ratings
assigned a final rating of 'B+' with a Recovery Rating of 'RR4'
to the US$325 million senior unsecured notes due 2011 issued by
Empire Capital Resources Pte. Ltd. and guaranteed by PT Berau
Coal (rated 'B+'/Stable).


BERLIAN LAJU: To Spend US$500 Million on Fleet Expansion
--------------------------------------------------------
PT Berlian Laju Tanker plans to add as many as 20 tankers and
will spend US$500 million on expanding its fleet, as demands
rise for chemicals and oil transportation in Asia and the Middle
East, Bloomberg News reports.

According to the report, Berlian aims to acquire as many as five
tankers that can carry between 60,000 tons and 300,000
deadweight tons of crude oil, five chemical tankers and the same
number of gas tankers.  Currently, the company operates 35
chemical tankers, 17 oil tankers and seven gas tankers.

The company's fleet expansion plan will be submitted to
shareholders for approval on May 24.

Berlian plans to finance the expansion through its own funds,
bank loans and money raised from bond issues, Bloomberg notes.  
It plans to sell new shares of not more than 5% of its issued
and paid-up shares.

Berlian, Bloomberg adds, has not entered into an agreement with
any shipyard to build the vessels.  

                       About Berlian Laju

PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations
primarily in Asia with some expansion into the Middle East and
Europe.  In 2006, BLT achieved revenue of US$335 million, EBITDA
of US$154 million and net income of US$107 million.  The
founder, Hadi Surya, has a 48.7% beneficial interest in BLT.

The Troubled Company Reporter - Asia Pacific reported on May 9,
2007, that Fitch Ratings assigned a final rating of 'BB-' to the
US$400 million senior unsecured notes due 2014 issued by BLT
Finance B.V. and guaranteed by PT Berlian Laju Tanker Tbk (BLT,
rated 'BB-' (BB minus)/Stable).

On April 26, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' corporate credit rating to Indonesia's PT Berlian Laju
Tanker Tbk, a liquid bulk cargo shipping company.  The outlook
is stable.  At the same time, Standard & Poor's assigned its
'B+' issue ratings to both the proposed US$200 million seven-
year senior unsecured notes due 2014 and US$125 million five-
year convertible bond due 2012, to be issued by BLT Finance
B.V., a wholly owned subsidiary of BLT.


PERTAMINA: To Drill 170 Oil Exploration Wells
---------------------------------------------
Pertamina is planning to drill about 170 oil exploration wells
with an estimated cost of US$1.2 billion in the coming years to
help increase Indonesia's oil and gas reserves, Antara News
reports.  

The company seeks to drill 35 wells this year alone, the report
adds.

The Indonesian government, Antara relates, is urging oil
operators to speed up exploration activities to reach its goal
and increase the country's oil production by 30% to 1.3 million
barrels by 2009.

Pondok Tengah field, believed to hold large oil reserve and is
currently producing 4,000 barrels per day, is expected to
produce as much as 26,000 barrels per day after the discovery of
new reserves, the report notes.  The report says that Pertamina
is currently installing permanent production facilities in the
Cluster A and B areas, expected to be completed at the end of
2008.

                        About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being me by
imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


PERUSAHAAN LISTRIK: Plans to Sell IDR3 Trillion Bonds in July
-------------------------------------------------------------
PT Perusahaan Listrik Negara plans to sell bonds worth IDR3
trillion in July to strengthen its working capital, especially
for fuel purchases, Antara News reports.

According to the report, the debt offer will comprise IDR2.7
trillion in conventional bonds and IDR300 billion 10-year Sharia
bonds.  The conventional bonds will be split into Series A and
B, with tenors of 10 and 15 years, respectively.

PT Danareksa Securities, PT Bahana Securities, PT Mandiri
Securities, and PT Trimegah Securities have been appointed by
the company as underwriters.  Bookbuilding will start on May 28
until June 12.  Offer period is slated for July 3-5, the report
notes.

                      About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara
-- http://www.pln.co.id/-- transmits and distributes  
electricity to around 30 million customers, roughly 60% of
Indonesia's population.  The Indonesian Government decided to
end PLN's power supply monopoly to attract independents to build
more capacity for sale directly to consumers, as many areas of
the country are experiencing power shortages.

PLN posted a IDR4.92-trillion net loss in 2005, against a net
loss of IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Feb. 6,
2007, that Moody's Investors Service changed the outlook to
positive from stable for the B1 corporate family rating and
senior unsecured bond rating of PT Perusahaan Listrik Negara.  
The rating action follows Moody's decision to change the outlook
of Indonesia's B1 foreign and local currency government bond
ratings to positive from stable.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.


TELKOMSEL: SETDCO Plans to Buy 35% Stake Through Singtel
--------------------------------------------------------
SETDCO Group plans to buy a 35% stake in PT Telekomunikasi
Selular Indonesia after it acquires Singapore Telecommunications
Ltd's stake in Telkomsel for US$1.6 billion, Asia News reports.

According to the report, Telkomsel is 65% owned by PT
Telekomunikasi and Singtel holds the remaining stake.

Singtel bought a 22.3% stake in Telkomsel for US$600 million
from KPN Telecom NV in October 2001 and acquired an additional
12.7% stake for US$429 million in cash in 2002, the report
recounts.

Setiawan Djodi, chairman of the privately-owned SETDCO Group,
said that he already sent a proposal letter to the government of
Singapore and Telkom's CEO has been informed, Asia News says.

                        About Telkomsel

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

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

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


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

BANK OF YOKOHAMA: Reports an 8.9% Increase in Net Income
--------------------------------------------------------
Bank of Yokohama disclosed an 8.9% increase in net income of
JPY66.29 billion for fiscal year ended March 31, 2007, exceeding
the company's forecast of JPY65.50 billion.

Revenue went up 6.0% year-on-year to JPY260.78 billion from the
previous fiscal year's JPY246.04 billion.  Operating profit went
up 0.3% to JPY125.12 billion compared to last year's JPY124.71
billion.

For the fiscal year ended March 31, 2008, Bank of Yokohama
expects its net income to increase by 3.3% to JPY68.5 billion
and revenue to rise by 13.5% to JPY296 billion.

                      About Bank of Yokohama

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

The Troubled Company Reporter-Asia Pacific reported on May 14,
2007, that Moody's Investors Service raised Bank of Yokohama's
bank financial strength to C from D+.

On December 5, 2006, the TCR-AP reported that Fitch Ratings
upgraded the bank's individual rating to B/C from C.


DELPHI CORP: Wants Furukawa's Pursuit of Stayed Action Stopped
--------------------------------------------------------------
Furukawa Electric North America APD and Japan-based Furukawa
Electric Co., Ltd., are long-term suppliers of Delphi Automotive
Systems, Inc.  Furukawa previously manufactured a power steering
sensor, known as the Epsilon sensor, for Delphi.  In April 2004,
Delphi terminated the Epsilon Sensor contracts, alleging that
Furukawa breached certain product warranties.  In October 2004,
Delphi filed a lawsuit against Furukawa in the U.S. Circuit
Court for the County of Saginaw, Michigan, asserting, among
others, Epsilon Sensor-related claims and US$25,000,000 in
damages.

Furukawa filed Claim No. 12347 in Delphi's bankruptcy cases for
damages caused by Delphi's termination of the Epsilon Sensor
Contracts.  Delphi objected to Claim No. 12347 and argued that
it doesn't owe anything to Furukawa.

Furukawa wants the U.S. Bankruptcy Court to (a) abstain from
exercising jurisdiction over the pending Circuit Court matters;
and (b) lift the automatic stay that took effect upon Delphi's
bankruptcy filing to allow it to proceed with the Michigan
Action.

            Relief From Stay Will Cause Harm to Delphi

Delphi's lawyer, Neil Berger, Esq., at Togut, Segal & Segal LLP,
in New York, argues that Furukawa Electric North America APD and
Furukawa Electric Co., Ltd. have not shown adequate cause for
the relief they seek.  

Furukawa's pursuit of the Circuit Court Action, Mr. Berger
argues, would force Delphi to set aside time, people, and money
to oversee the Action while pursuing their objection to the
Furukawa Claim in the Bankruptcy Court, when they need to devote
their resources to maintain enterprise value and advance their
reorganization efforts.  "The relief sought by Furukawa would
not only result in an incomplete or inconsistent resolution of
the issues but would also be contrary to the interests of
judicial and case administration economy," Mr. Berger avers.

                        Furukawa Responds

Representing Furukawa, Michael S. McElwee, Esq., at Varnum
Riddering Schmidt & Howlett, LLP, in Grand Rapids, Michigan,
tells the Court Delphi misstates the law and badly mis-describe
the merits of the case.  The Bankruptcy Court has broad
discretion to abstain from state court cases involving purely
state law claims, discretion typically exercised in cases filed
prior to bankruptcy that involve no bankruptcy or other federal
law issues, Mr. McElwee argues.

                 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.

                    About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  The Debtors' exclusive plan-filing period expires on
July 31, 2007.


FUJI ELECTRIC: Posts 124.4% Increase in Net Income
--------------------------------------------------
Fuji Electric Holdings Co., Ltd. reported a net income of
JPY23.14 billion for the fiscal year ended March 31, 2007, an
increase of 24.41% from the JPY18.60 billion reported a year
earlier.

Consolidated net sales for the period amounted to JPY908.06
billion, a 1.20% increase from the previous year's JPY897.28
billion.  Combined operating income also increased by 12.68% to
JPY46.21 billion from last fiscal year's JPY41.01 billion.

By business segments, the company continues to have a strong
energy & electric segment, which contributed JPY401.86 million
to net sales, followed by its ED&C Drive Systems with net sales
of JPY193.91 billion.  

Fuji Electrics' electronic devices segment earned the highest
operating profit of JPY19.22 billion, a 5.66% increase year-on-
year.  This is followed by its energy & electric systems
segment, which earned JPY12.16 billion compared with last fiscal
year's JPY7.02 billion.

Japan remains the company's biggest market, with net sales of
JPY898.54 billion for the fiscal year ended March 31, 2007,
followed by China and the rest of Asia, with JPY87.04 billion.  

For fiscal year 2008, the company foresees its net sales to
increase by 5.7% to JPY960.00 billion, net income to rise by
5.8% to JPY24.50 billion and operating income to increase 2.8%
to JPY47.50 billion.

                        About Fuji Electric

Based in Kawasaki, Japan, Fuji Electric Holdings Co., Ltd. --
http://www.fujielectric.co.jp/-- is a holding company.  Through   
its subsidiaries and associated companies, the company has
operations in four main business divisions.  The Electric
Systems division offers e-solutions, environmental systems,
industrial and transportation systems, power plant products, as
well as the installation of electrical facilities and air
conditioners, among others.  The Machinery and Controls division
offers manual motor starters, molded case circuit breakers,
energy conservation equipment and servo systems, among others.
The Electronic Devices division offers semiconductors, disc
mediums and imaging devices.  The Retail Systems division offers
vending machines, currency equipment and cold chain equipment.  
Other businesses include the real estate, insurance and tourism
businesses, as well as the provision of finance services, among
others.  The company has operations in the United States and
Germany.

As of May 18, 2007, the company's long-term local and foreign
issuer credit still carries Standard and Poors' BB+ rating.


FURUKAWA ELECTRIC: Earns JPY29.8 Billion in Year Ended March 31
---------------------------------------------------------------
Furukawa Electric Co. Ltd. reported a net income of JPY29.77
billion for the fiscal year ending March 31, 2007, a 16.70%
increase from the JPY25.51 billion net income it reported a year
earlier.

For the year in review, the company had JPY1.10 trillion in
revenues, a 26.6% surge from last year's JPY872.53 billion; and
had JPY53.63 billion in operating profit, up by 43.3% from last
year's JPY37.43 billion.

According to a Troubled Company Reporter - Asia Pacific report
on March 27, Furukawa Electric raised its group operating profit
forecast to JPY51 billion.  According to the report, the
increased projection is partly due to the healthy sales of
Furukawa's fibre-optic cable.

               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.


FURUKAWA ELECTRIC: Wants to Continue Defending Michigan Lawsuit
---------------------------------------------------------------
Furukawa Electric North America APD and Japan-based Furukawa
Electric Co., Ltd., are long-term suppliers of Delphi Automotive
Systems, Inc.  Furukawa previously manufactured a power steering
sensor, known as the Epsilon sensor, for Delphi.  In April 2004,
Delphi terminated the parties' agreements in relation to the
Epsilon Sensor, alleging that Furukawa breached certain product
warranties.  In October 2004, Delphi filed a lawsuit against
Furukawa in the U.S. Circuit Court for the County of Saginaw,
Michigan, asserting, among others, Epsilon Sensor-related claims
and US$25,000,000 in damages.

Furukawa filed Claim No. 12347 in Delphi's bankruptcy cases for
damages caused by Delphi's termination of the Epsilon Sensor
Contracts.  Delphi has objected to Claim No. 12347 and argued
that it doesn't owe anything to Furukawa.

Furukawa wants the U.S. Bankruptcy Court to (a) abstain from
exercising jurisdiction over the pending Circuit Court matters
pursuant to Section 1334 of the U.S. Judiciary and Judicial
Procedure Code; and (b) lift the automatic stay that took effect
upon Delphi's bankruptcy filing to allow it to proceed with the
Michigan Action.

                          Delphi Objects

Delphi's lawyer, Neil Berger, Esq., at Togut, Segal & Segal LLP,
in New York, argues that Furukawa Electric North America APD and
Furukawa Electric Co., Ltd. have not shown adequate cause for
the relief they seek.  According to Mr. Berger, the mandatory
abstention provisions of Section 1334(C)(2) of the Judiciary and
Judicial Procedure Code are inapplicable to Furukawa's case.

Furukawa's pursuit of the Circuit Court Action, Mr. Berger
argues, would force Delphi to set aside time, people, and money
to oversee the Action while pursuing their objection to the
Furukawa Claim in the Bankruptcy Court, when they need to devote
their resources to maintain enterprise value and advance their
reorganization efforts.  "The relief sought by Furukawa would
not only result in an incomplete or inconsistent resolution of
the issues but would also be contrary to the interests of
judicial and case administration economy," Mr. Berger avers.

                        Furukawa Responds

Representing Furukawa, Michael S. McElwee, Esq., at Varnum
Riddering Schmidt & Howlett, LLP, in Grand Rapids, Michigan,
tells the Court Delphi misstates the law and badly miss-describe
the merits of the case.  Contrary to Delphi's arguments, the
Bankruptcy Court has broad discretion to abstain from state
court cases involving purely state law claims, discretion
typically exercised in cases filed prior to bankruptcy that
involve no bankruptcy or other federal law issues, Mr. McElwee
argues.

                    About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  The Debtors' exclusive plan-filing period expires on
July 31, 2007.

                 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.


JAPAN AIRLINES: Hires Executives From Lenders as Auditors
---------------------------------------------------------
Japan Airlines Corp. appointed Hirokazu Horinouchi as executive
corporate auditor and Hiroshi Suzuki as external corporate
auditor to help the company restructure its business, writes
James Simms of Market Watch.

According to Mr. Simms, Mr. Horinouchi is the executive director
of the Development Bank of Japan while Mr. Suzuki is the former
senior vice president of Fuji Heavy Industries Ltd. and former
executive at the Industrial Bank of Japan.  The Development Bank
of Japan and Industrial Bank of Japan are both JAL's lenders.

The airline also appointed Tokyu Corp. Chairman Kiyofumi Kamijo
as a non-executive senior vice president, and Hideyuki Sakai,
attorney and external auditor of Tokio Marine & Nichido Fire
Insurance Co., as external corporate auditor, adds Mr. Simms.

Mr. Simms writes that the appointments are still subject to the
shareholders' approval.

                        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.


MICRON TECHNOLOGY: Prices US$1.1 Billion Senior Notes' Offering
---------------------------------------------------------------
Micron Technology Inc. priced its US$1.135 billion aggregate
principal amount of unsecured 1.875% Convertible Senior Notes
due June 1, 2014.

In connection with the offering, Micron said that it has granted
the underwriters an over-allotment option to purchase up to
US$165 million aggregate principal amount of additional notes.

Morgan Stanley & Co. Incorporated is acting as sole book-running
manager for the offering and Credit Suisse Securities (USA) LLC
and Lehman Brothers Inc. are co-managers for the offering.

Interest on the notes will be paid semiannually on June 1 and
December 1 of each year at a rate of 1.875% per year.  Upon the
occurrence of certain events, the notes will be convertible by
the holders based on an initial conversion rate of 70.2679
shares of common stock per US$1,000 principal amount of notes,
which is equivalent to an initial conversion price of
approximately US$14.23 per share.

This initial conversion price represents a premium of 23.75%
relative to the last reported sale price on May 17, 2007 of
Micron's common stock of US$11.50.  Upon conversion, Micron will
have the right to elect to deliver, in lieu of shares of
Micron's common stock, cash or a combination of cash and shares
of Micron's common stock to satisfy its conversion obligation.

Holders of the notes may require Micron to repurchase the notes
for cash equal to 100% of the principal amount to be repurchased
plus accrued and unpaid interest upon the occurrence of certain
designated events.

In connection with this offering, Micron entered into capped
call transactions with counterparties affiliated with some of
the underwriters of the offering.  The capped call transactions
are expected to reduce the potential dilution upon conversion of
the notes.  The capped call transactions are in three equal
tranches with cap prices that are 50%, 75% and 100% higher than
today's last reported sale price of Micron's common stock of
US$11.50.

The net proceeds to Micron from this offering will be
approximately US$1,112 million, exclusive of any proceeds
attributable to the underwriters' possible exercise of their
over-allotment option.  Micron intends to use a portion of the
net proceeds from this offering to pay the cost of the capped
call transactions.  Micron estimates the cost of the capped call
transactions to be approximately US$131.9 million, exclusive of
the cost of additional capped call transactions with respect to
the underwriters' possible exercise of their over-allotment
option.

The remaining proceeds from the offering will be used for
general corporate purposes, including working capital and
capital expenditures.  The offering is expected to close on May
23, 2007, subject to customary closing conditions.

In connection with establishing their initial hedge of these
capped call transactions, Micron expects that the counterparties
will enter into various over-the-counter cash-settled derivative
transactions with respect to Micron's common stock concurrently
with, or shortly after, the pricing of the notes and may unwind
or enter into various over-the-counter derivatives and/or
purchase Micron's common stock in secondary market transactions
after the pricing of the notes.  These activities could have the
effect of increasing or preventing a decline in the price of
Micron's common stock concurrently with or following the pricing
of the notes.  In addition, the counterparties may modify or
unwind their hedge positions by entering into or unwinding
various derivative transactions and/or purchasing or selling
Micron's common stock in secondary market transactions prior to
maturity of the notes (and are likely to do so during any
conversion period related to conversion of the notes).

The securities will be issued pursuant to an effective
registration statement filed with the U.S. Securities and
Exchange Commission.

A prospectus relating to the offering may be obtained by
contacting:

    Morgan Stanley & Co. Incorporated
    Attn: Prospectus Dep't
    180 Varick Street
    New York, NY 10004
    Tel: (212) 761-4000.

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.

Standard & Poor's Ratings Services has 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.


QUIKSILVER: Moody's Revises Ba3 Rating Outlook to Negative
----------------------------------------------------------
Moody's Investors Service affirmed Quiksilver, Inc.'s corporate
family rating of Ba3 and the rating outlook, which was stable,
was revised to negative.

"The revision in rating outlook reflects Moody's concerns
regarding visibility on the recovery of the company's Rossignol
ski business following the weak 2006/07 ski season," said
Moody's Vice President Scott Tuhy.  He added "free cash flow was
negative in the last 12 month period to January 31, 2007, and an
inability to generate positive free cash flow in the current
fiscal year ending October 2007 could lead to a rating
downgrade".

Quiksilver's Ba3 corporate family rating reflects the strong
market presence and name recognition of the company's core
consumer brands, which include Quiksilver, Roxy, DC and
Rossignol, the global reach of the company with in excess of 50%
of revenues outside the United States, and increased product and
geographic diversity after the Rossignol acquisition.  
Reflecting the debt incurred in connection with the acquisition
of Rossignol, the company's financial metrics are considered to
be weakly positioned for the rating category, though the
stronger qualitative aspects, such as a more diversified
business profile and expectations for improved metrics as
Rossignol is integrated, mitigate this aspect.

The following ratings were affirmed and assessments amended:

   -- Corporate Family and Probability of Default Ratings at Ba3

   -- US$400 million Senior Unsecured Notes at Ba3 (LGD 4 -- 59%
      from LGD 4 -- 58%)

   -- Speculative Grade Liquidity Rating at SGL-3

Quiksilver, Inc. is a diversified designer and distributor of
branded apparel including Quiksilver, Roxy, and DC and ski
equipment under the Rossignol brand. Headquartered in Huntington
Beach, CA, the company had total revenue of approximately US$2.4
billion in its fiscal year ending October 31, 2006.


UBE INDUSTRIES: Earns JPY22 Billion in FY Ended March 31, 2007
--------------------------------------------------------------
Ube Industries reported consolidated net income of JPY22 billion
for the fiscal year ended March 31, 2007, compared with JPY16
billion booked in the fiscal year ended March 31, 2006.  Net
consolidated sales for the fiscal year ended March 31, 2007,
totaled JPY655.6 billion.  The company's March 31, 2007, balance
sheet showed a JPY158 billion stockholders' equity.

The company disclosed that its financial report covers 68
consolidated companies and 32 companies using equity method
accounting.  

For the fiscal year ending March 31, 2008, the company's
consolidated earnings forecast show:

          Net sales                JPY668,000,000,000
          Operating income             45,000,000,000
          Ordinary income              37,000,000,000
          Extraordinary losses         (2,000,000,000)

          Net income                JPY21,000,000,000

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

        http://bankrupt.com/misc/UbeInd_FY07Report.pdf

                       About Ube Industries

Headquartered in Yamaguchi, Ube Industries, Ltd. --
http://www.ube-ind.co.jp-- is one of Japan's major diversified  
chemical companies. The company has strengths as the leading
manufacturer in Asia for production and sales of caprolactum.

The Troubled Company Reporter - Asia Pacific reported on
January 20, 2006, that Moody's Investors Service upgraded the
senior unsecured long-term debt rating of Ube Industries, Ltd.
(Ube) to Ba1 from Ba3. The rating outlook is stable.  The
company still carries this rating as of May 22, 2007.


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

KOOKMIN BANK: Launches KRW330 Billion for Clean Energy Fund
-----------------------------------------------------------
Kookmin Bank is launching a KRW330 billion fund to promote
renewable energy facilities such as solar power plants to
support Korea's goal of increasing the use of clean and
renewable energy to 5% by 2011 from the current 2.3%, Joongang
Daily reports.

Korea joins Japan and China in trying to expand the use of
cleaner fuels to address environmental concerns, the report
notes.

The fund, according to the Daily, targets an annual yield of
more than 7.0% after the deduction of a 0.56% maintenance fee
and would be used mostly to promote construction of solar power
plant facilities.

                        About Kookmin Bank

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides  
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

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

      * BFSR is changed to C from D+

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

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

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

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

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


SEQUA CORP: Moody's Affirms Corporate Family Rating at B1
---------------------------------------------------------
Moody's Investors Service affirmed the ratings of Sequa
Corporation, Corporate Family Rating of B1, and has changed
Sequa's ratings outlook to positive.  In a related action,
Moody's has lowered Sequa's Speculative Grade Liquidity Rating
to SGL-3 from SGL-2.

The change in the ratings outlook to positive reflects Moody's
expectations that the company will continue to grow its revenue
base while maintaining or modestly improving margins from
current levels.

Lower debt levels and improved profitability have strengthened
credit metrics and liquidity is more than adequate to repay the
small amount of debt maturing through 2007 despite expected
modestly negative free cash flow generation.

Moody's believes that strong market demand for its aerospace
services in particular (U.S. legacy carriers' weak financial
condition notwithstanding) will continue to support the
likelihood of longer-term improvement in free cash flows and of
credit metrics at levels more appropriate with a Ba3 rating over
time.  Moody's also considers positively the company's diverse
revenue sources, both in terms of a broad customer base as well
as diversification across industries, and the general continued
improvement in its largest sector, commercial aerospace.

Sequa's B1 corporate family rating continues to reflect the
company's relatively high, albeit reducing debt levels and
negative free cash generation expected over the near term.  Weak
free cash flow is the result of the company's continued
investment in its businesses (working capital and capital
spending) to keep pace with increasing levels of demand in all
its sectors, Chromalloy in particular.

The ratings also reflect Moody's concern over the credit profile
of key customers in Sequa's two largest segments, commercial
aerospace (legacy carriers in particular) and automotive
(especially Delphi).  A number of these customers remain under
the protection of the bankruptcy court or have recently emerged
from the bankruptcy process.  While the airline industry is
experiencing a modest recovery, the auto business continues to
experience on-going economic difficulties.

Sequa Corporation's SGL-3 speculative grade liquidity rating
reflects Moody's estimation of an adequate liquidity profile
over the forward 12-months period.  The company has demonstrated
improving operating results on a yearly basis through 2006 and
paid down debt. However, this has been accomplished through use
of cash balances, which have consequently declined to their
lowest level in the past several years. With free cash flow
expected to remain modestly negative through 2007, Moody's
believes that it will be difficult for the company to repay the
approximately $200 million of notes maturing in April 2008
entirely through internal liquidity sources (cash and cash flow)
and it is likely that some form of re-financing or calling on an
alternative source of liquidity to meet this maturity will be
necessary.

In Moody's opinion, through its Receivables Purchase Agreement
and European revolving credit facility, Sequa has access to
external sources of liquidity that may be adequate to cover a
modest level of unexpected increased working capital and capital
spending requirements over the near term.

Moody's believes that these external sources could be used, if
necessary, to support near term debt repayment as well. Moody's
expects that Sequa will be amply compliant with financial
covenants prescribed by the terms of the European credit
facility over the next 12 months.

Ratings may be adjusted upward if operating results were to
continue to improve such that free cash flow were to turn
positive and EBIT/Interest could be sustained at greater than
2.0 times, while leverage remained below 4.0 times. An upgrade
would also require clarity as to how the company's $200 million
of 8-7/8% notes will be repaid prior to or at their April 2008
maturity in a manner that will neither diminish Sequa's
liquidity position nor results in an increased overall risk
profile. Absent such a plan before the end of 2007, the ratings
outlook would likely return to stable.

Downward ratings pressure may also occur if the company were to
increase debt materially for any reason, or if leverage
(Debt/EBITDA, per Moody's standard methodology) were to exceed
5.5 times, if EBIT/Interest coverage were to fall below 1.5
times, or if retained cash flow were to fall below 10% of total
debt for a prolonged period.

Three ratings/assessments have been affirmed/revised:

   -- Senior unsecured notes at B2 (LGD4, 59%)
   -- Corporate Family Rating of B1
   -- Probability of Default Rating of B1

This rating has been lowered:

   -- Speculative Grade Liquidity Rating to SGL-3 from SGL-2

                          About Sequa Corp.

Headquartered in New York, Sequa Corp. -- http://www.sequa.com/
-- is a diversified industrial company.  The company
manufactures and repairs jet engine components, performs metal
coating, and produces automotive airbag inflators, chemical
detergent additives, auxiliary printing press equipment,
emissions control systems, men's formal wear, and automotive
cigarette lighters and power outlets.  Its subsidiary Warwick
International maintains a headquarters in the United Kingdom and
chemical distribution companies in Spain, France, Italy,
Portugal, and South Africa as well as offices in China, Japan
and Korea.


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

SUREMAX GROUP: Inks Deal with Teguh Harian to Develop Mergong
-------------------------------------------------------------
Suremax Group Bhd entered into a Co-Development Agreement with
Teguh Harian Sdn Bhd to develop a land property in the Mukim of
Mergong.

The joint venture will develop a substantial part of the land
measuring not more than 250 acres in Mergong, District of Kota
Setar, State of Kedah Darul Aman, the company disclosed with the
Bursa Malaysia Securities Bhd.

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

                         Going Concern

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

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


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

AIHP LTD: Court to Hear Wind-Up Petition on May 31
--------------------------------------------------
The High Court of Auckland will hear a wind-up petition against
AIHP Ltd. on May 31, 2007, at 10:45 a.m.

The petition was filed by Allied Work Force Limited on Feb. 28,
2007.

Allied Work's solicitor is:

         D. J. G. Cox
         Rennie Cox
         Level 15, 126 Vincent Street
         Auckland
         New Zealand


ARAMAND SEA: Wind-Up Petition Hearing Set for May 24
----------------------------------------------------
A petition to wind up the operations of Aramand Sea Fishing Ltd.
will be heard before the High Court of Auckland on May 24, 2007,
at 10:00 a.m.

Credit Link Factors Limited filed the wind-up petition on
Dec. 22, 2006.

Credit Link's solicitor is:

         Credit Link Factors Limited
         c/o Credit Link Operations Limited
         19 Meachen Street
         Seaview, Lower Hutt
         PO Box 39123, Wellington
         New Zealand


EL DORADO: Subject to Allied Work's Wind-Up Petition
----------------------------------------------------
Allied Work Force Limited filed a wind-up petition against El
Dorado Ventures Ltd. on Feb. 8, 2007.

The High Court of Auckland will hear the petition on May 31,
2007, at 10:45 a.m.

Allied Work's solicitor is:

         Dianne S. Lester
         c/o Credit Consultants Debt Services NZ Limited
         Level 3, 3-9 Church Street
         PO Box 213, Wellington
         New Zealand
         Telephone:(04) 470 5972


GO DIVA: Taps Levin and Vance as Liquidators
--------------------------------------------
Henry David Levin and David Stuart Vance were appointed as
liquidators of Go Diva (2003) Ltd. on May 3, 2007.

Messrs. Levin and Vance require the company's creditors to file
their proofs of debt by May 31, 2007.

The Liquidators can be reached at:

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


JUNEE LTD: Appoints Dennis Clifford Parsons as Liquidator
---------------------------------------------------------
Dennis Clifford Parsons was appointed as liquidator of Junee
Limited on May 4, 2007.

Mr. Parsons fixed June 8, 2007, as the last day for creditors to
file their proofs of debt.

The Liquidator can be reached at:

         Dennis Clifford Parsons
         Indepth Forensic Limited
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Website: http://www.indepth.co.nz


MARKET ROAD: Taps Rea and Sargison as Liquidators
-------------------------------------------------
The shareholders of Market Road Finance Ltd. appointed Gerald
Stanley Rea and Paul Graham Sargison as the company's
liquidators on May 4, 2007.

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

The Liquidators can be reached at:

         Gerald Stanley Rea
         Paul Graham Sargison
         Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098


RICHCAN INVESTMENTS: Court to Hear Wind-Up Petition on May 28
-------------------------------------------------------------
The High Court of Christchurch will hear a wind-up petition
against Richcan Investments Ltd. on May 28, 2007, at 10:00 a.m.

The petition was filed by ACP Media Limited on April 11, 2007.

The solicitor of ACP Media is:

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


RHYTHM ENTERTAINMENT: Faces Alpine's Wind-Up Petition
-----------------------------------------------------
Alpine Fresh Filters Limited has filed a wind-up petition
against Rhythm Entertainment Ltd. on Feb. 14, 2007.

The High Court of Auckland will hear the petition on May 24,
2007, at 10:45 a.m.

The solicitor of Alpine Fresh is:

         Malcolm David Whitlock
         Whitlock & Co.
         c/o Level 2, Baycorp House
         15 Hopetoun Street, Auckland
         New Zealand


RIVERSTREAM DEVELOPMENTS: Proofs of Debt Due by June 30
-------------------------------------------------------
Riverstream Developments Ltd. commenced liquidation proceedings
on May 3, 2007.

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

The company's liquidators are:

         Peter W. Byers
         John W. Woolley
         Byers & Co Limited
         2 Station Road
         PO Box 247, Kaikohe
         New Zealand
         Telephone:(09) 401 5050
         Facsimile:(09) 401 5060


TIESTO HOLDINGS: Court Appoints Joint Liquidators
-------------------------------------------------
On May 3, 2007, the High Court of Auckland appointed Peter
Reginald Jollands and Rory Iain Grieve as the liquidators of
Tiesto Holdings Ltd.

The company requires its creditors to file their proofs of debt
by June 14, 2007.

The Liquidators can be reached at:

         Peter Reginald Jollands
         Rory Iain Grieve
         Jollands Callander
         Accountants and Insolvency Practitioners
         Level 8, Administrator House
         44 Anzac Avenue
         PO Box 106141, Auckland City
         New Zealand
         Website: http://www.jollandscallander.co.nz


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

ATLAS CONSOLIDATED: PSE Lifts Trading Suspension
------------------------------------------------
The Philippine Stock Exchange has lifted the suspension on the
trading on the shares of Atlas Consolidated Mining and
Development Corp.

The PSE had earlier suspended the trading in order to
investigate the company's purchase of 99.99% of Amosite Holdings
Inc.'s shares from Anscor Property Holdings Inc.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
December 31, 2005.  Moreover the company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
company's ability to continue as a going concern.


CHIQUITA BRANDS: Will Launch Banana Plantation in Honduras
----------------------------------------------------------
Chiquita Brands International will launch a new plantation of
organic bananas in Honduras, Andre van der Wiel at Fresh Plaza
reports, citing Associazione Italiana Agricoltura Biologica, an
Italian association for organic agriculture.

Honduran Minister of Agriculture Mario Ramon Lopez told Fresh
Plaza's Mr. van der Wiel that the first 100 hectares of the
project could be planted by year-end, with an estimated
investment of EUR950,000.

Chiquita Brands is also considering starting plantations in
Angola, according to a report in a Honduran newspaper.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an   
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service changed the rating
outlook for Chiquita Brands International, Inc. to negative from
stable.  

Ratings affirmed:

* Chiquita Brands International, Inc. (parent holding company)

   -- Corporate family rating at B3

   -- Probability of default rating at B3

   -- US$250 million 7.5% senior unsecured notes due 2014 at
      Caa2 (LGD5, 89%)

   -- US$225 million 8.875% senior unsecured notes due 2015 at
      Caa2 (LGD5, 89%)

* Chiquita Brands LLC (operating subsidiary):

   -- US$200 million senior secured revolving credit agreement
      at B1 (LGD2, 26%)

   -- US$24.3 million senior secured term loan B at B1 (LGD2,
      26%)

   -- US$368.4 million senior secured term loan C at B1 (LGD2,
      26%).


LIBERTY TELECOMS: Incurs PHP482-Million Net Loss in 2006
--------------------------------------------------------
Liberty Telecoms Holdings Inc. posted a consolidated net loss of
PHP482.81 million for the year ended December 31, 2006, its
third annual consecutive loss since 2004.  Its capital deficit
also increased from PHP351.59 million in 2005 to PHP834.40
million as of December 31, 2006.

The group's consolidated balance sheet also shows that it is
illiquid, as its total current liabilities of PHP1.84 billion
exceeded the PHP110.22 million in total current assets as of
December 31, 2006.

In 2006, the group reported PHP124.13 million in total revenues
as compared to the PHP102.07 million that it booked in 2005.
Costs and expenses in 2006 totaled PHP606.94 million.

             About Liberty Telecoms Holdings Inc.

Headquartered in Makati City, Liberty Telecoms Holdings
Incorporated was incorporated in January 1994 primarily to
engage in real and personal property businesses; to deal in
stocks, bonds and other securities or evidence of indebtedness
of any entity; and to acquire all or any part of the business of
any entity.  LIB's business strategy is to offer products and
services to meet the telecommunication needs of its various
customers.

The company, in its effort to stop continuing losses, decided to
temporarily close down the nationwide telecommunications
business operations of subsidiaries Liberty Broadcasting Network
Inc and Skyphone Logistics Inc sometime in April 2005.  The
decision became inevitable due to the inability of the company
to meet interest payments and principal repayments on the
financial obligations to creditor banks and private creditors.  

As early as December 2004, LBNI has been receiving default and
acceleration notices and demand for payments from creditors.  On
August 16, 2005, Liberty Telecoms Holdings together with its
subsidiaries, Liberty Broadcasting Network and Skyphone
Logistics filed a Petition for Rehabilitation and Suspension of
Payments with the Regional Trial Court of Makati City in Metro
Manila.

                    Corporate Rehabilitation

On August 11, 2005, as part of the company's plan to resolve and
to continue normal operations, the Board of Directors of the
company and its subsidiaries namely, Liberty Broadcasting
Network, Inc. and Skyphone Logistics, Inc., approved to file a
petition for the corporate rehabilitation and a petition for
suspension of payments.

The Group filed on August 15, 2005, with the Regional Trial
Court in Makati City the petition to seek rehabilitation with
the objectives of:

   (a) maintaining its business as healthy on-going concerns,
       thereby securing the jobs of its employees and of its
       business partners and allowing the resumption of public
       service through the telecommunications services that it
       offers to the entire nation;

   (b) settling its obligations to its secured and unsecured
       creditors;

   (c) giving its stockholders a chance to realize a fair return
       on their investments.

On August 19, 2005, the Regional Trial Court issued a stay order
after finding the petition to be sufficient in form and in
substance.  Among other things, as a consequence of such stay
order, the Group is prohibited from selling, encumbering,
transferring, or disposing in any manner any of its properties
except in the ordinary course of business.  It is further
prohibited from making any payment of its liabilities
outstanding as of the date of the filing of the petition on
August 15, 2005. Its suppliers of goods and services are
likewise prohibited from withholding supply of goods and
services in the ordinary course of business for as long as it
makes payments for the services and goods supplied after
issuance of the stay order. However, the petition for
rehabilitation has yet to be decided upon by the Regional Trial
Court.


LODESTAR INVESTMENT: Shareholders Meeting Set for June 14
---------------------------------------------------------
The Annual Stockholders' Meeting for Lodestar Investment
Holdings Corp. will be held on June 14, 2007, at 2:00 pm on the
8th floor of DPC Place at 2322 Chino Roces Avenue, in Makati
City.

The meeting is open to common stock shareholders that have been
listed as of May 23, 2007.

Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation (LIHC) was originally incorporated as a
mining and natural resources exploration company. Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991. On 03 October 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

LIHC plans to reengineer the company to enhance shareholders'
value and improve operations. It will undertake a number of
capital-raising activities, which include but not limited to the
following: (a) a call of subscriptions receivable up to P8
million; (b) second public offering of P50 million to P88
million; (c) debt-equity conversion of up to P30 million; and
(d) share-for-share or share-for-asset swaps from P112 million
to P150 million. The company is likewise interested in acquiring
at least a "significant minority" interest in other businesses
and pursuing prospective investments, particularly in the
Internet Service Provider and Business to Business Portal
services.

As of December 31, 2006, Lodestar Investment Holdings
Corporation had a capital deficiency of PHP598,853.  


PHIL. NAT'L BANK: To Offer Up to 90 Million Common Shares
---------------------------------------------------------
The Philippine National Bank's Board of Directors approved the
issuance of up to 90 million common shares through an additional
follow-on public offering and international private placement.     

The price of the offer is yet to be determined through a book-
building process and discussions with PNB's domestic underwriter
and international lead manager.

Philippine National Bank -- http://www.pnb.com.ph/-- is the  
Philippine's first universal bank established on July 22, 1916.  
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

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

The TCR-AP reported on Nov. 1, 2006 that Fitch Ratings affirmed
Philippine National Bank's individual rating at E and support
rating 3 after a review of the bank.

The TCR-AP reported that Standard and Poor's Ratings Services
has given PNB B short-term foreign issuer credit and short-term
local issuer credit ratings, as well as B- long-term foreign
issuer credit and long-term local issuer credit ratings
effective as of April 26, 2006.


UNIVERSAL ROBINA: Earns PHP4.12 Bil. in 6 Months Ended March 31
---------------------------------------------------------------
Universal Robina Corp. reported a net profit of PHP4.12 billion
for the six months ended March 31, 2007, 180% higher than the
PHP1.47 billion that it booked for the same period in 2006.

URC cited one-time gains from the PHP2.86 billion sale of the
shares of sister firm Robinsons Land Corp., as well as a PHP435
million impairment loss provision for its machines and
equipment, as responsible for the increase in its profits.

The company said that its net income grew 5.2% to PHP1.54
billion from October 2006 and March 2007 without the one-time
gains itself.  A 1.5% rise on its consolidated net sales and
services for the period was also recorded, in the amount of
PHP18.31 million.

Its branded consumer foods unit contributed the most to the
growth. Sales of its domestic operations ballooned 9.4% to
PHP9.68 billion caused primarily by its sales volume increasing
by 20%. Beverage operations also grew 55.1% in sales value and
69.7% in sales volume. The agro-industrial group also put
PHP2.67 billion in the first six months ending March 2007.

The strengthening of the Philippine currency, and lower revenues
from its operations in China, Indonesia, Singapore and Malaysia
caused the branded consumer food unit's international sales to
sink 7.4% to PHP3.77 billion. The commodity foods group also
turned in a 19% decrease in its net sales from PHP2.04 billion
to PHP1.65 billion, due to a 44.5% increase in internal
transfers of flour and sugar to the branded consumer food group.

URC's attained a PHP1.61 billion operating profit because of the
increase in the cost of certain raw and packaging materials, and
higher freight expenses arising from increasing product volumes.

Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the  
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore. URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006 that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


* S&P Affirms Low-B Ratings and Says Outlook is Stable
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' foreign
currency and 'BB+/B' local currency sovereign credit ratings on
the Philippines, with a stable outlook.
     
The stable outlook balances the achievements in fiscal
consolidation and public sector reforms against continued risks
to revenue and deficit targets in light of weak collection
efficiency.
      
"Considerable progress has been attained by the current
administration in addressing the country's key credit
constraint, namely its narrow revenues, and associated fiscal
shortfalls," said Standard & Poor's credit analyst Agost Benard.  
After the implementation of the key fiscal reform initiatives,
revenue collection was boosted to 16.3% of GDP from a low of
14.6% in 2004.  With that, plus ongoing expenditure cuts,
government deficits have declined impressively from a peak at
4.8% of GDP in 2002 to 1.1% in 2006.  In parallel, improved
public sector financial performance, especially that of National
Power Corp.,
stemmed the accumulation of contingent liabilities to the
central government, and resulted in a consolidated public sector
surplus of 0.1% of GDP for 2006.
     
Notwithstanding these improvements, many of the sovereign's key
debt ratios point to considerably higher level of vulnerability
to economic shocks or negative policy changes than what is
generally associated with this rating category.  Total public
sector debt at 75.5% of 2006 GDP is well above the 47.3% for the
'BB' median, while external leverage is similarly excessive,
given net public sector external debt to current account
receipts of 20% against the 'BB' median of 4.4%. The  debt-to-
revenue ratio of 386%, against 162% for the 'BB' median, in turn
highlights the relatively high debt level and low revenue base
for servicing it.
     
In view of this, the stable outlook also takes into account the
lingering uncertainty concerning the adequacy of the revenue
base, in particular aspects of collection and administration
efficiency.
      
"The revenue shortfalls evident so far this year highlight this
ongoing weakness, which, in the absence of further revenue-
generating steps, will put a question mark over the
administration's ability to create the fiscal base necessary for
attaining its goals of a balanced budget from 2008 onwards, and
simultaneous large capital spending," noted Mr. Benard.
     
The outlook could be revised to positive if there are additional
revenue measures early on in the life of the new Congress,
including possibly the passage of existing fiscal initiatives
that are currently on hold in the legislature.  Conversely, the
outlook on the ratings could again come under pressure, if
fiscal correction is endangered by stalling reforms, making the
government's balanced budget goals unattainable or requiring
continued expenditure cuts at the expense of future growth
prospects.

                          *     *     *

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

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

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

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


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

ARROW ELECTRONICS: North American Unit Partners with Orion
----------------------------------------------------------
Arrow Electronics, Inc.'s North American Components business has
established a manufacturing, logistics and supply chain
partnership with Orion Electronics Ltd. in Hungary, a
manufacturing company owned by Singapore-based Thakral Group.

Orion will become Arrow's third global Value-Add Center,
providing product assembly and other support services for the
company's North American-based original equipment manufacturing
(OEM) customers.  Electronic components from Arrow suppliers can
be transported directly to Orion for product assembly for sale
in nearby European markets.  Also, North American OEMs looking
to enter new markets in Europe now have a cost-effective way to
do so, while maintaining the same quality standards they are
accustomed to from Arrow's North American facilities.

"In a growing, global marketplace, the combination of Orion and
Arrow's value-add centers in Phoenix and China can provide our
customers with not just silicon, but complete product supply
chain and assembly solutions, near their headquarters or nearer
to the regions of their end customers, saving time and costs,"
said Jennifer Johnson, director, Global Programs and Technical
Services, Arrow NAC.  "Customers also benefit with a single
point of contact, order management and standardized quality and
post-sales services."

"Given the expertise and the long experience of Orion in
electronics manufacturing in this region and the overall
strategy of the Thakral Group in the developing countries of the
world, this partnership is an ideal fit benefiting both sides,"
said GS Arora, managing director, Orion Electronics.  A new,
50,000 square-foot logistics center already is being constructed
by Orion close to Budapest.

Arrow selected Orion Electronics as a partner based on its
reputation for quality and its ability to meet Arrow
requirements to replicate the services offered at Arrow's
Logistics and Value-Add Center in Phoenix, the company's North
American facility where OEM customers' products are assembled or
manufactured.

All of Arrow's manufacturing facilities - Phoenix; Shenzhen,
China; and now, Orion Electronics in Hungary - are ISO-certified
and offer clean room facilities, as well as wide-ranging
services such as engineering and design, first article and proof
of concept, inventory management, build-on demand, verification
and testing, and advanced order fulfillment.

                    About Orion Electronics

The Singapore-based Thakral Group was founded in 1905, has a
turnover of US$2.5 billion and employs 10,000 worldwide.  The
Group has a strategy to enter early the underdeveloped fast
growing regions and take advantage of the high economic growth
rates, growing with the local economies.  The Group took over
Orion Electronics Ltd in 1997.  Orion Electronics is an old and
respected Hungarian electronics company founded in 1913 and has
many decades of experience in electronics manufacturing.  
Besides manufacturing a variety of industrial products for a
wide range of customers, Orion also markets over 50 products
under its own brand name.

                About North American Components

The North American Components business of Arrow Electronics
provides semiconductors and passive, electromechanical and
connector products, computing solutions, services and supply
chain solutions tailored to serve distinct customer segments
with dedicated sales teams.  Two primary, customer-focused NAC
groups serve these market segments: The Arrow Electronics
Components Group serves North American-based OEM and contract
manufacturing customers and the Arrow/Zeus Electronics Group
targets the aerospace and military markets.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics --
http://www.arrow.com/-- provides products, services and  
solutions to industrial and commercial users of electronic
components and computer products.  Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

On March 29, 2007, Moody's Investors Service affirmed the
(P)Ba1, (P)Ba2 and (P)Baa3 Shelf Registration Ratings to Arrow
Electronics, Inc.'s subordinated, preferred, and senior
unsecured stocks respectively.  Moody's also affirmed the Baa3
senior long-term debt rating of Arrow Electronics and revised
the outlook to positive from stable.


AVAGO TECHNOLOGIES: To Reduce Singapore Staff by 230 Employees
--------------------------------------------------------------
Avago Technologies has further expanded its manufacturing
outsourcing program.  As a result of these latest actions, the
Company will reduce its Singapore workforce by approximately 230
employees and expects to record a cash charge of approximately
US$4 million in its third fiscal quarter, ending July 31, 2007.

"In January 2007, we announced a strategic shift in our business
model to increase customer competitiveness in our four core
markets by focusing existing resources on higher value-added
activities such as new product introduction, research and
development, marketing and supply chain management," said Hock
E. Tan, president and CEO of Avago Technologies. "This strategy
has increased the flexibility in our cost structure and enabled
us to better deal with the cyclical trends that impact our
industry."

                    About Avago Technologies

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--  
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service revised these ratings
for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on 2013,
      from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due on
      2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%.


CHINA AVIATION OIL: Earns US$5.7 Million in First Quarter 2007
--------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd released its
results for the first quarter ended March 31, 2007.  For the
first time commencing 1Q 2007, the Group is presenting its
financial results in US dollars.  This is to better reflect the
economic substance of the Company's underlying activities, which
are mostly transacted in US dollars.  However, the quotation of
CAO share price and dividend payments will continue to be in
Singapore dollars.  

The Group's revenue for 1Q 2007 was US$548.3 million as compared
to US$3.3 million for the same period last year.  This
significant difference arose because CAO procured jet fuel under
the agency model when the Company was in financial crisis and
only commission income received was recorded as revenue from
January 2005 to June 2006.  The Company resumed jet fuel
procurement on a principal basis following its successful
restructuring and recorded the value of underlying contracts as
revenue from June 2006.  

In 1Q 2007, the Group supplied 914,200 Metric Tonnes of jet
fuel. This was about the same level as that of 1Q 2006 where
922,000 MT of jet fuel was supplied.

Operating income in 1Q 2007 was US$4.3 million.  This was
significantly lower than US$201.6 million recorded in the same
period last year, which included an amount of US$192.5 million
from debt waived by creditors under the Scheme of Arrangement,
and a gain of US$5.0 million due to fair value adjustment of the
amount due to scheme creditors according to Financial Reporting
Standard 39.

The Group's 33% share of the results of its associated company,
Shanghai0 Pudong International Aviation Fuel Supply Company Ltd
was US$5.7 million for 1Q 2007 compared to US$5.8 million for 1Q
2006, a slight decline of 2.9%.

Operating expenses declined 16% to US$2.0 million during the
quarter, due to lower distribution expenses and professional
fees incurred following the completion of the restructuring
exercise.  This was offset by higher administration expenses due
to addition of new staff.

Excluding the debt waiver and FRS 39 adjustment, the Group's
earnings before interest and tax (EBIT) for 1Q 2007 was US$8.1
million, which was 5.3% higher than US$7.6 million recorded a
year ago.

Finance costs increased significantly to US$2.4 million due to
interest payment on deferred debt owed to scheme creditors which
commenced on March 28, 2006, and the amortization of FRS 39 fair
value adjustment.  

Consequently the Group recorded a net profit attributable to
shareholders of about US$5.7 million in 1Q 2007.  This was
vastly different from the Group's net profit of US$204.6 million
for the same period last year, primarily due to the debt waiver
and FRS 39 fair value adjustment, which were included in 1Q
2006.  Excluding these one-off items, the Group's net profit for
1Q 2006 was approximately US$7.1 million.  

Looking forward, jet fuel demand in China is expected to grow
with increased air travel.  However, the import level is linked
to domestic production.  Overall, the Group expects the import
volume to remain stable.  The profit contribution of Pudong is
also expected to be stable.

The Chairman of CAO, Mr. Lim Jit Poh said, "Having streamlined
the Company's internal systems and administration processes, we
are now rebuilding the business with the aim of becoming an
international oil trading group.  We plan to achieve this
through growing and expanding our jet fuel procurement business,
resuming the trading of oil products and investing in
synergetic assets."

"CAO's parent company China National Aviation Fuel Holding
Company and strategic investor BP are currently working on
identifying suitable assets to inject into the Group. CAO is
also working on resuming the trading of oil products to
complement our core business of jet fuel procurement," said Mr.
Lim.

As announced on April 17, 2007, the Company completed the sale
of its 5% stake in Compania Logistica de Hidrocarburos, S.A. for
171 million, resulting in a divestment gain of approximately
US$125 million after taking into consideration applicable taxes
and transaction costs.  The Company will use part of the
proceeds to repay the entire amount of its outstanding debt owed
to scheme creditors, which is approximately US$73.3 million.
Besides substantial savings in interest costs, the Board
believes that full prepayment of the debt will relieve CAO of
its debt burden, thereby improving the Group's standing with
existing lenders and enhancing its ability and flexibility to
generate future earnings.

                About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
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.


CHINA AVIATION OIL: Pays Creditors US$73.3 Million Under Scheme
---------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited issued last
week payment instructions to its bankers to make payments to its
creditors under the Creditors' Scheme of Arrangement.  

On April 17, 2007, the Company said it intends to apply part of
the net proceeds arising from the sale of Compania Logistica De
Hidrocarburos S.A. towards the accelerated repayment in full of
the Company's outstanding principal and interest of
approximately US$73.3 million under the Creditors' Scheme.

Once these payments have been made, the Creditors' Scheme will
terminate.

Under the Creditors' Scheme, the original maturity of the debts
extended until 2011.  The accelerated repayment of debts will
therefore result in the Company generating substantial interest
savings.

                About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
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.


LINDETEVES-JACOBERG: Posts SG$3.9 Mil. Group Net Loss in 1Q 2007
----------------------------------------------------------------
Lindeteves-Jacoberg Limited posted a SG$3.9 million group net
loss for the quarter ended March 31, 2007, as compared with a
SG$61 million group net profit in the same period in 2006.

The company reported a SG$20.2 million consolidated gross profit
on consolidated revenues of SG$77.9 million for the three months
ended March 31, 2007.  In the same quarter in 2006, the
company's consolidated gross profit was SG$13. 2 million and
consolidated sales was SG$62.3 million.

As of March 31, 2007, the group's total assets reached SG$304.7
million while total liabilities were SG$379.9 million, resulting
in a shareholders' deficit of SG$75.2 million.  

The company's balance sheet as of March 31, 2007, is illiquid
with total current assets of SG$6.7 million available to pay
total current liabilities of SG$52.1 million.  The company,
however, has a shareholders' equity of SG$21.7 million from
total assets of SG$285.3 million and total liabilities of
SG$263.6 million.

Full-text copies of the company's financial statements for the
first quarter 2007 are available for free at:

        http://bankrupt.com/misc/lindeteves_1Q2007.pdf

                     About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited -- http://www.linjacob.com/-- was   
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.


PACIFIC CENTURY: Earns SG$11.2 Million in First Quarter 2007
------------------------------------------------------------
Pacific Century Regional Developments Limited reported that the
group earned SG$11.18 million in the three months ended
March 31, 2007, as compared with SG$8.22 million in the same
quarter in 2006.  

As previously reported, the Company entered into a conditional
share sale and purchase agreement with Fortis Insurance
International N.V. for the sale of all the ordinary shares of
HK$1.00 each in the share capital of Pacific Century Insurance
Holdings Limited.  The assets and liabilities relating to PCIH
have been presented as a disposal group held for sale.

With the classification of PCIH as an asset held for sale, the
Group's turnover was mainly from the operation of the hotel in
Vietnam. The group generated SG$712,000 in sales and incurred
SG$158,000 as cost of sales.  

The Group's operating and administrative expenses for Q1 2007
amounted to US$1.8 million compared to US$2.5 million for Q1
2006, which was largely due to a reduction in legal and
professional expenses in Q1 2007.

Net finance costs for Q1 2007 decreased to US$9.2 million from
US$11.8 million. The reason for the decrease was due to the
inclusion of one-off finance facility fees of US$3.7 million in
Q1 2006 upon commencement of new banking facilities. Upon
completion of the PCIH sale, finance costs will be further
reduced.

The Group recorded a loss from continuing operations before
taxation and minority interest of US$10.4 million for Q1 2007
compared to a loss before taxation of US$13.7 million for Q1
2006.

Profit from discontinued operations, net of taxes, was US$21.6
million for Q1 2007 and US$21.9 million for Q1 2006.  PCIH
continued to experience solid growth with better than expected
investment return and claim experience; and stable persistency
ratios. Individual annualized first year premiums increased by
21.4% to US$32.8 million with a 57.0% increase in investment
contracts to US$18.5 million despite a 6.1% decrease in
insurance contracts to US$14.3 million. However, agency
commission and allowances increased 16.4% to US$22.5 million in
line with higher volume of new business. As a result of high new
sales and associated agency commission and allowances, deferred
acquisition costs increased by US$4.1 million. Total operating
expenses increased by 11.0% to US$83.6 million due to the high
volume of new business and a larger inforce portfolio.

As of March 31, 2007, the Group reported a stockholders' deficit
of SG$117,996,000.

Full-text copies of Pacific Century's financial statements for
the first quarter of 2007 are available for free at:

        http://bankrupt.com/misc/PacificCentury_1Q2007.pdf

                      About Pacific Century

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India.  The group's principal activities include the provision
of international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

PRCRD acquired its insurance business in 1994 and the company
was listed on the Stock Exchange of Hong Kong in 1999.

                          *     *     *

Pacific Century Regional Developments Limited has remained
insolvent for the two consecutive years from April 2005 up to
the present.


PACIFIC CENTURY: Completes Sale of PCIH Stake to Fortis
-------------------------------------------------------
The Board of Directors of Pacific Century Regional Developments
Limited disclosed that the company completed the sale of
430,850,742 ordinary shares of Pacific Century Insurance
Holdings Limited for HK$1.00 each to Fortis Insurance
International N.V. on May 15, 2007.

The Company has transferred all its PCIHL Shares to the
Purchaser and no longer holds any interest in PCIHL.  PCIHL has
therefore ceased to be a subsidiary of the Company and of the
PCRD group.

The Company, together with Mr. Francis Yuen Tin Fan, also
entered into an agreement with Fortis to amend the Agreement
reducing the aggregate number of Sale Shares to be acquired from
431,110,742 Sale Shares as earlier announced to 430,850,742 Sale
Shares, which represents approximately 50.45% of the issued
share capital of PCIHL on a fully diluted basis (assuming full
exercise of all PCIHL Options).

                      About Pacific Century

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India.  The group's principal activities include the provision
of international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

PRCRD acquired its insurance business in 1994 and the company
was listed on the Stock Exchange of Hong Kong in 1999.

                          *     *     *

Pacific Century Regional Developments Limited has remained
insolvent for the two consecutive years from April 2005 up to
the present.  As of March 31, 2007, the Group reported a
stockholders' deficit of SG$117,996,000.


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

BANGKOK STEEL: Reports Progress of Rehabilitation Plan
------------------------------------------------------
C.J. Morgan Co. Ltd., on behalf of Bangkok Steel Industry PLC's
plan administrator, submitted a letter to the Stock Exchange of
Thailand detailing the progress of Bangkok Steel's plan of
rehabilitation as of the first quarter of 2007.

                 Summary of Debt Contention

The Central Bankruptcy Court in April 30 confirmed the official
receiver's order requiring performance for THB5.49 billion to be
paid as full settlement to Creditor No. 18.

                 Summary of Debt Settlement

In the first quarter of 2007 the Company paid by installment the
THB122.70 billion principal to creditors, which comprises of
THB116.23 million principal and THB6.47 million interest.

In accordance to the debt settlement in the restructuring plan
starting for 26 months ended March 31, 2007, the Company repaid
a total of THB2 billion. This amount consists of THB1.91 billion
principal an interest of THB90 million, which represents 38.5%
of the company's THB4.91 billion principal obligation to be paid
according to the plan.

                      About Bangkok Steel

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel  
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

The Troubled Company Reporter - Asia Pacific reported that as of
December 31, 2006, the company had total assets of
THB13,660,121,959.61 and total liabilities of
THB18,009,307,218.91, resulting in a capital deficiency of
THB4,349,185,259.30.

                     Going Concern Doubt

Somchai Kurujitkosol at S.K. Accountant Services Company
Limited, the company's independent auditors raised significant
doubt on the group's ability to continue as a going concern
saying that the group incurred an accumulated deficit of
THB18.34billion (2005: THB20.94 billion).  He also cited the
company's capital deficiency.  He adds that the company is
proceeding with its rehabilitation plan, as accepted by the
company's creditors and approved by the Central Bankruptcy
Court.  

The auditor explains that the continuity of going concern for
the company depends largely on the company's capability to repay
liabilities under the rehabilitated plan.  


CIRCUIT ELECTRONIC: Pays THB7 Million Interest to Creditors
-----------------------------------------------------------
Circuit Electronic Industries PCL paid total interest of THB7.41
million to the collateral and non-collateral groups of its
creditors for the first quarter of 2007 in accordance with its
rehabilitation plan approved by the Central Bankruptcy Court.

The amount paid represents 7.75% of the principal amount due to
the collateral creditors, and 2.75% of the principal to be paid
to the non-collateral creditors.

The principal amount is not yet due.

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--  
manufactures and exports various integrated circuit and chip on
board for many kinds of electronic equipment such as mobile
phone, computer, automobile assembly, household electronic
equipment and others.  The group operates in the United States
of America, Europe and Asia.

On July 3, 2006, Cirkit was transferred to its original sectors
as it had been in the Rehabco Sector for less than two years.  
However, non-compliance -- NC-- and suspension -- SP -- signs
are be posted on their shares until they meet the rehabilitation
requirements.

                          *     *     *

As at December 31, 2005, consolidated total liabilities of the
company were at THB3.942 billion as compared with total assets
of THB835.38 million.  A shareholders' equity deficit was posted
at THB2.657 billion.

                       Going Concern Doubt

On April 25, 2006, Sukanya Sutheeprasert, the company's auditor,
raised a significant doubt on the company's ability to continue
as a going concern.  She said that the company incurred a net
loss from operations for the year ended on December 31, 2005
amounting approximately THB1.65 billion and as at that date the
company's total liabilities exceeded total assets by THB2.66
billion and is currently awaiting decision from the Central
Bankruptcy Court with regards to its rehabilitation plan.  She
added that the ability of the company to continue as a going
concern depends on the success of the repayments according to
the company's Rehabilitation Plan.  


DAIMLERCHRYSLER AG: GMAC May Work With Chrysler, Wagoner Says
-------------------------------------------------------------
General Motors Corp.'s former financial arm, GMAC LLC (fka
General Motors Acceptance Corp), and Chrysler Financial Services
LLC could collaborate in some areas as both begin to operate
under the same owner, Cerberus Capital Management LP, which
recently paid US$7 billion to acquire an 80% stake in the
DaimlerChrysler AG unit, Reuters reports, quoting GM CEO Rick
Wagoner.

Cerberus will take control of Financial Services, a business
unit of DaimlerChrysler Financial Services, when that deal
closes in the third quarter, Reuters relates.  It also bought a
51% stake in GMAC in a deal that closed late last year.  On a
combined basis, Cerberus would have the largest share of the
auto loan market, ahead of Ford Motor Credit.

When asked about the possibility of a merger between GMAC and
Chrysler Financial, Mr. Wagoner said there was scope for future
cooperation between the two auto finance companies, Reuters
notes.  But he added that no such conversations had taken place
yet and that GM would have a say in how such collaboration would
play out through its remaining stake in GMAC.

"It's too early to speculate on what's the right way to
cooperate... There are a lot of issues," Mr. Wagoner said,
adding that there were "potential synergies" between GMAC and
Chrysler Financial and "a lot of different ways to think about
it."

"To be honest, GMAC... has been pretty busy getting the
residential mortgage business back on track and trying to keep
the rest of the business going," Mr. Wagoner concluded.

As reported in the Troubled Company Reporter on March 7, 2007,
analysts have predicted Chrysler is set to follow General
Motors' example.  General Motors Corp. last year sold a 51%
stake in its General Motors Acceptance Corp. finance unit to a
consortium of investors led by Cerberus FIM Investors LLC and
including wholly owned subsidiaries of Citigroup Inc., Aozora
Bank Ltd., and The PNC Financial Services Group Inc.  The sale
carried a US$7.4 billion purchase price, a US$2.7 billion cash
dividend from GMAC, and other transaction related cash flows
including the monetization of certain retained assets.  GM and
the Cerberus-led consortium invested US$1.9 billion of cash in
preferred equity in GMAC -- US$1.4 billion by GM and US$500
million by the consortium.

                         About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- is a global financial  
services company that operates auto finance, real estate
finance, commercial finance and insurance businesses.  The
company was established in 1919 and currently employs about
31,000 people worldwide.  GMAC has branches in 19 European
countries, including the United Kingdom, Germany, France, Italy,
Greece, Croatia and the Slovak Republic.  Its Latin American
operations are located in Argentina, Brazil, Chile, Colombia,
Ecuador, Mexico and Venezuela.  It also has divisions in
Australia, China, India, New Zealand and Thailand.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.

                      About General Motors

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.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Cerberus to Contribute US$200MM to Pension Fund
----------------------------------------------------------------
Chrysler Group's workers stand to receive an additional
US$1.2 billion as a result of the unit's pending sale after
former parent DaimlerChrysler AG and new owner Cerberus
Capital Management LP have pledged to contribute to the
pension plan, United Auto Workers President Ron Gettelfinger
told union members during an online discussion, according to
published reports.

"Cerberus has committed to contributing an additional
US$200 million to the pension fund and Daimler is providing a
conditional guarantee of US$1 billion for up to five years,"
Mr. Gettelfinger said.

The US$200 million is part of the US$5 billion that Cerberus
will invest in Chrysler, the International Herald Tribune
claims, quoting executives from the private-equity firm.  
Chrysler spokesman Mike Aberlich said he was not familiar with
the US$1 billion guarantee mentioned by Mr. Gettelfinger.

Mr. Gettelfinger and UAW Vice President General Holiefield
will take charge in negotiating a new contract with Chrysler
to replace a four-year deal on wages and benefits expiring in
September 2007, Reuters relates.  Both of them also revealed
during the online chat that Chrysler's pension plan is
$2 billion over-funded and that its benefits are secure.

Both union leaders explained that Chrysler's long-term
healthcare liability for retirees is in the billions of dollars,
but is part of a bigger health care crisis in America, MSNBC
states.  They also reassured union members that Cerberus has
promised there will be no additional jobs cuts other than those
disclosed early this year.

As reported in the Troubled Company Reporter on May 16, 2007,
Cerberus Capital founder Stephen Feinberg met with leaders of
Chrysler's two main unions and offered assurances it plans no
immediate job cuts, beyond the 13,000 previously proposed by the
company, in an effort to ease labor worries about Cerberus'
planned acquisition of an 80.1% stake in Chrysler.  In addition,
Mr. Feinberg has committed to not cutting additional hourly jobs
in Canada until at least September 2008, when the current CAW
contract with Chrysler expires.  He also promised not to
eliminate United Auto Worker positions beyond those already
announced in February 2007.

Meanwhile, DaimlerChrysler's supervisory board has formally
approved Chrysler's sale to Cerberus, saying it has "approved
the concept for the Chrysler Group and the realignment of
DaimlerChrysler AG in the form submitted by the board of
management," in a statement issued by the German automaker, The
Associated Press reports.

                      About DaimlerChrysler

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

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

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

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

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


G STEEL: Earns THB401.6 Million in Qtr. Ended March 31, 2007
------------------------------------------------------------
G Steel PCL reported a net income of THB401.58 million in the
quarter ended March 31, 2007, 33.9% higher than the net income
of THB301.96 million it reported for the same period in 2006.

As of March 31, 2007, the Company had THB37.18 billion in total
assets and THB10.14 billion in total liabilities resulting in
shareholders' equity of THB27.04 billion.

The Company's total revenues for the quarter ended March 31,
2007, is THB5.61 billion, while expenses total THB5.13 billion.

The Company faces a suit filed by two minority shareholders with
a combined shareholding of 5.5 million shares, claiming
compensation for damage amounting to THB54.5 million suffered as
a result of the Company entering into the business
rehabilitation process and restructuring its capital. On
July 25, 2006, the Court of First Instance ordered the suit
dismissed. The shareholders, as the plaintiff, subsequently
requested leave to appeal but the Court First Instance refused
to hear the appeal, finalizing the hearing of the case by the
court. However, the shareholders appealed the Court First
Instance's refusal to hear the appeal. The Appeals Court ordered
the suit dismissed. The shareholders have petitioned against the
order of the Appeals Court with the Supreme Court, and the
Company has submitted its case against the appeal. The
litigation is currently being heard by the Supreme Court and if
the Supreme Court uphold the order of the Appeals Court, the
outcome of the case is considered final. However, if the Supreme
Court cancels the existing order, the case will need to be
reheard.  

Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in  
different grades and gauges. G Steel is a stand-alone operating
entity with no related group companies.

                          *     *     *

The company is currently listed under the "Non-Performing Group"  
sector of the Stock Exchange of Thailand.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services on June 27, 2006, placed its
ratings on Thailand's G Steel Public Co. Ltd., including the B+
corporate credit rating, on CreditWatch with negative
implications.

The Troubled Company Reporter - Asia Pacific reported that on
June 27, 2006, Moody's Investors Service placed the B1 corporate
family rating and senior unsecured bond rating of G Steel Public
Company Limited on review for possible downgrade.


OMNOVA SOLUTIONS: Extends Senior Notes Tender Offer Until Today
---------------------------------------------------------------
OMNOVA Solutions Inc. has extended its tender offer for any and
all of its outstanding 11-1/4% senior secured notes due 2010
(CUSIP No. 682129AC5).  The tender offer, previously set to
expire at 8:00 a.m., New York City time, on May 18, 2007, will
now expire at 8:00 a.m., New York City time today, unless
extended.  

The tender offer is extended to coordinate the closing of the
tender offer with the completion of a new term loan of
US$150 million and the amendment of the company's existing
senior secured credit facility.

All terms and conditions of the tender offer are unchanged and
remain in full force and effect.
    
On May 4, 2007, the company received the requisite consents to
adopt the proposed amendments to the indenture governing the
Notes and the Notes pursuant to the consent solicitation.  The
company also disclosed on May 4, 2007, the consideration payable
with the terms of the offer to purchase and consent solicitation
statement for the Notes.  Holders who validly tendered and did
not validly withdraw their Notes and related consents before
5:00 p.m., New York City time, on May 3, 2007 will receive, for
each US$1,000 principal amount of Notes tendered, Total
Consideration equal to US$1,058.10, which includes a US$30
consent payment, if the payment date is before June 1, 2007.  
Holders who tender their Notes and deliver their consents after
the Consent Date, but before the Expiration Date, will receive,
for each US$1,000 principal amount of Notes tendered, Tender
Offer Consideration equal to US$1,028.10, which is the Total
Consideration less the Consent Payment, if the payment date is
before June 1, 2007.

Accrued and unpaid interest to the payment date will be paid to
Holders of record on May 15, 2007 whose Notes are validly
tendered and accepted for purchase.  If the payment date is on
or after June 1, 2007, the Total Consideration for each US$1,000
principal amount of Notes will be US$1,060.94, which is the
price at which the Notes may be redeemed on June 1, 2007 plus
the equivalent of two weeks interest, and the Tender Offer
Consideration for each US$1,000 principal amount of Notes will
be US$1,030.94, which is the Total Consideration less the
Consent Payment.
    
The company has been advised by the depositary of the tender
offer that, as of 5:00 p.m. on May 17, 2007, US$162 million
aggregate principal amount of the Notes, have been validly
tendered, representing approximately 98.182% of the aggregate
principal amount of the Notes outstanding.  Rights to withdraw
Notes tendered prior to the Consent Date have expired.
    
Deutsche Bank Securities Inc. is the dealer manager for the
tender offer and the consent solicitation.  Questions or
requests for assistance may be directed to the dealer manager at
(212) 250-5655 (call collect).  Requests for documentation may
be directed to the information agent, MacKenzie Partners, Inc.,
at (212) 929-5500 (call collect) or at (800) 322-2885 (call
toll-free).

OMNOVA Solutions Inc. - http://www.omnova.com-- is a producer  
of emulsion polymers and specialty chemicals, decorative and
functional surfaces and single-ply roofing systems for a variety
of commercial, industrial and residential end uses. OMNOVA
operates in three business segments: Performance Chemicals,
Decorative Products and Building Products. During the fiscal
year ended November 30, 2005 (fiscal 2005), revenue from
Performance Chemicals segment, Decorative Products segment and
Building Products segment represented approximately 55.9%, 29.9%
and 14.2%, respectively. The company has over 1,800 customers
that rely on over 1,000 OMNOVA products. OMNOVA utilizes 15
manufacturing, development and design facilities in North
America, Europe and Asia to service its broad customer base

The company has operations in China and Thailand.

The Troubled Company Reporter reported on May 8, 2007 that Fitch
Ratings has affirmed and simultaneously withdrawn the following
ratings for Omnova Solutions Inc.:

    -- Issuer Default Rating 'B+';
    -- Senior secured revolver 'BB+/RR1';
    -- Senior secured notes 'B+/RR4'.

All of the debt ratings for this issuer are withdrawn.  Fitch
will no longer provide rating coverage of Omnova.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services raised its ratings on
performance chemicals and decorative products manufacturer
OMNOVA Solutions Inc.  The corporate credit rating was raised to
'B+' from 'B'.  The outlook is stable.



                            *********

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.


* BOND PRICING: For the Week 14 May to 18 May 2007
--------------------------------------------------
Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.85
Alinta Networks                5.750%  09/22/10     AUD     6.62
APN News & Media Ltd           7.250%  10/31/08     AUD     5.02
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.75
Arrow Energy NL               10.000%  03/31/08     AUD     2.00
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.45
Becton Property Group          9.500%  06/30/10     AUD     0.80
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     9.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     9.00
Cardno Limited                 9.000%  06/30/08     AUD     5.60
CBH Resources                  9.500%  12/16/09     AUD     0.39
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.35
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.60
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.45
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.90
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.25
Fletcher Building Ltd          7.550%  03/15/11     NZD     8.20
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.53
Geon Group                    11.750%  10/15/09     NZD    12.35
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.50
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.00
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.50
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.70
Infratil Ltd                   8.500%  11/15/15     NZD     8.20
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.24
Metal Storm                   10.000%  09/01/09     AUD     0.14
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.90
Nuplex Industries Ltd          9.300%  09/15/07     NZD     9.10
Primelife Corporation         10.000%  01/31/08     AUD     1.03
Salomon SB Aust                4.250%  02/01/09     USD     7.43
Sapphire Sec                   7.410%  09/20/35     NZD     7.36
Sapphire Sec                   9.160%  09/20/35     NZD     9.09
Silver Chef Ltd               10.000%  08/31/08     AUD     1.10
Software of Excellence         7.000%  08/09/07     NZD     2.33
Speirs Group Ltd.             10.000%  06/30/49     NZD    65.00
Structural Systems            11.000%  06/30/07     AUD     1.60
TrustPower Ltd                 8.300%  09/15/07     NZD     8.60
TrustPower Ltd                 8.300%  12/15/08     NZD     8.65
TrustPower Ltd                 8.500%  09/15/12     NZD     8.15
TrustPower Ltd                 8.500%  03/15/14     NZD     8.25


CHINA
-----
China Tietong                  4.600%  08/18/15     CNY    60.00
Jiangxi Investment             4.380%  09/11/21     CNY    56.84


JAPAN
-----
Japan Funi Muni Ent            1.700%  10/30/08     JPY     2.47
JNR Settlement                 2.200%  02/15/08     JPY     1.68
Nara Prefecture                1.520%  10/31/14     JPY    10.08


KOREA
-----
Korea Development Bank         7.350%  01/27/21     KRW    49.71
Korea Development Bank         7.450%  10/31/21     KRW    49.68
Korea Development Bank         7.400%  11/02/21     KRW    49.67
Korea Development Bank         7.310%  11/08/21     KRW    49.63
Korea Development Bank         8.450%  12/15/26     KRW    71.20
Korea Electric Power           7.950%  04/01/96     USD    57.54


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.75
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.60
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.04
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.47
Camerlin Group                 5.500%  07/15/07     MYR     2.17
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.44
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.69
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.85
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.80
Equine Capital                 3.000%  08/26/08     MYR     0.62
EG Industries Bhd              5.000%  06/16/10     MYR     0.60
Greatpac Holdings              2.000%  12/11/08     MYR     0.21
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.43
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.83
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
I-Berhad                       5.000%  04/30/07     MYR     0.75
Insas Bhd                      8.000%  04/19/09     MYR     0.80
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.42
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.76
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.72
Kumpulan Jetson                5.000%  11/27/12     MYR     0.58
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.86
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.86
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.86
Media Prima Bhd                2.000%  07/18/08     MYR     1.78
Mithril Bhd                    8.000%  04/05/09     MYR     0.28
Mithril Bhd                    3.000%  04/05/12     MYR     0.60
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.76
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.28
Pelikan International          3.000%  04/08/10     MYR     1.98
Pelikan International          3.000%  04/08/10     MYR     2.00
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     1.07
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.85
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.85
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.32
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.31
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.25
Senai-Desaru Exp               3.500%  12/09/19     MYR    72.87
Senai-Desaru Exp               3.500%  06/09/20     MYR    71.49
Senai-Desaru Exp               3.500%  12/09/20     MYR    70.14
Senai-Desaru Exp               3.500%  06/09/21     MYR    68.77
Southern Steel                 5.500%  07/31/08     MYR     1.68
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.29
Tradewinds Corp.               2.000%  02/08/12     MYR     1.06
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.20
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.51
WCT Land Bhd                   3.000%  08/02/09     MYR     2.53
Wah Seong Corp                 3.000%  05/21/12     MYR     4.22
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.15


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.90




                            *********


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.

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