TCRAP_Public/070525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Friday, May 25, 2007, Vol. 10, No. 103

                            Headlines

A U S T R A L I A

BECTON PROPERTY: Acquires Bunbury Retirement Village
CONVERTEK PTY: Liquidator to Give Wind-Up Report on June 21
FUTURIS CORP: Ties Up with Run Corp. to Manage Real Estate Biz
INNEW PTY: Shareholders Receive Wind-Up Report
JAGUAR COLOUR: Will Declare Dividend on July 13

M & M DEVELOPMENTS: Members to Receive Wind-Up Report on June 14
PLENARY MARKETING: Final Meeting Set for June 15
SILVER RIDGE: Members to Meet on June 25
VICTORIAN ASSOCIATION: To Declare Dividend on June 26
VOLANT PTY: Members' & Creditors' Final Meeting Set for June 21

WILDWOOD FURNITURE: Proofs of Debt Due by June 6
YARRA VALLEY: Members' General Meeting Set for June 28


C H I N A   &   H O N G  K O N G

CABLE AND WIRELESS: Moyes and Yuen Quit Liquidator Posts
CHANGJIANG POWER: Creditors & Contributories to Meet on June 8
CHINA EASTERN: Insider Says Singapore Air Set to Buy Stake
CHINA EVERBRIGHT: Looks to Sell Shares Before Year Ends
CRMC ACTEM: Sets Members' Final General Meeting on June 22

HSBC PROPERTIES: Members' Final Meeting Set for June 22
HONGKONG TELECOM: Liquidators Quit Posts
PANVA GAS: Shareholders Okay Changing of Name to Towngas China
PANVA GAS: Shifts Core Business to Urban Piped Gas
START IV: Fitch Assigns BB+ Rating on US$22.5-Mil. Class E Notes

TAOIST (SHANG QING): Members Set to Meet on June 18
TOSANKYO COMPANY: Requires Creditors to Prove Debts by June 18
WISE EARNING: Taps Chiu Shin Koi as Liquidator
WISESURE LIMITED: Shareholders Resolve to Wind Up Business
WORLDPURSE ENTERPRISES: Members' Final Meeting Set for June 20

* CSRC Sets Rules to Limit Trade of Parties Under Probe


I N D I A

HAYES LEMMERZ: Prices Unit's Tender Offer of 10-1/2% Sr. Notes
HIMACHAL FUTURISTIC: Earns INR1.35 Billion in Year Ended Mar. 31
HIMACHAL FUTURISTIC: Clarifies Resignation of Vinay Maloo
HINDUSTAN COPPER: Earns INR474 Million in Qtr. Ended March 31
PRIDE INTERNATIONAL: Stockholders Okay Directors' Re-Election

VISTEON CORP: Names Michael Widgren as Chief Accounting Officer
VISTEON CORP: Inks Letter Agreement with LB Group and Ford Motor


I N D O N E S I A

BANK MANDIRI: Joins ATM Bersama Cash Point Network
COMVERSE TECHNOLOGY: Two Independent Directors Join Board
GARUDA INDONESIA: Struggles to Keep Pilots From Resigning
GOODYEAR TIRE: Closes Common Stock Offering & Earns US$834 Mil.
GOODYEAR TIRE: S&P Puts B- Certs. Ratings under Positive Watch

INDOSAT: First Quarter Profit Up 26% to IDR483.9 Billion


J A P A N

CAR MATE: Net Income Slides 90.2% to JPY56 Mil. For Fiscal 2007
CHIBA BANK: Earns JPY52.5 Billion in Fiscal Year Ended March 31
COSMO OIL: Fiscal 2007 Net Profit Slides Down to JPY26.53 Bil.
JAPAN AIRLINES: Wants to Increase Capital to JPY200-400 Billion
MITSUBISHI MOTORS: Enters JV to Produce Lithium-Ion Batteries

NIPPON SHEET: Revises Operating Result Outlook to JPY15 Bil.
NOMURA HOLDINGS: Eyes Philippine's Stake in Meralco & San Miguel
SOFTBANK CORP: Drops Plan to Sue CLSA Over Analyst Report
SUMITOMO MITSUI FINANCIAL: Earns JPY441.3 Billion in FY2007


K O R E A

SK CORP: Sinopec Wants Tie-Up on Large Scale Ethylene Project
TOWER AUTOMOTIVE: Wants Court Nod on Kemper Settlement Pact
* Fitch Says Commingling Risk in Korean RMBS Still Exists


M A L A Y S I A

MANGIUM INDUSTRIES: Triggers Amended Practice Note 17 Criterion
UTAMA BANKING: Loss of Core Business Triggers PN17 Listing


N E W  Z E A L A N D

ARAMAND SEA: High Court to Hear Wind-Up Petition on July 5
CUSTOM KITCHENS: Fixes June 8 as Last Day to Receive Claims
DDL&Z LTD: Creditors' Proofs of Debt Due by May 30
DRIVER HOLDINGS: Subject to CIR's Wind-Up Petition
HINTON PARTNERSHIP: Enters Wind-Up Proceedings

INDIAN STAR: Faces CIR's Wind-Up Petition
MS & RM CONTRACTORS: Wind-Up Petition Hearing Set for June 6
NEW LYNN: Court to Hear Wind-Up Petition on June 14
QUARK SOLUTIONS: Shareholders Resolve to Liquidate Business
SETTLERS FOODS: Taps Shephard and Dunphy as Liquidators


P H I L I P P I N E S

CITY RESOURCES: Posts PHP2.6 Million Capital Deficit for 2006
EAST ASIA POWER: Annual Stockholders' Meeting Set for June 27
MANILA ELECTRIC: Nomura Eyes Philippine Government's Stake
MIC Holdings: Annual Stockholders' Meeting Set for June 18
SAN MIGUEL: Nomura Holdings Eyes Philippine Government's Stake

SWIFT FOODS: Earns PHP80.51 Million in 2006
WARNER MUSIC: S&P Retains BB- Corp. Credit Rating on Neg. Watch


S I N G A P O R E

MEDIASTREAM LIMITED: Creditors Set to Meet on June 7
PETROLEO BRASILEIRO: In Talks With PetroChina for Oil Agreements
PETROLEO BRASILEIRO: Will Launch Gas Pipeline Works in Amazon
RED HAT: Credit Suisse Ups Rating on Firm's Shares to Outperform
RED HAT: Matthew Szulik Says Software Patents Slowing Innovation

SCOTTISH RE: EVP Hugh McCormick to Return to Private Practice
SEE HUP SENG: Obtains Approval to Place 30 Million Shares


T H A I L A N D

DAIDOMON GROUP: SET Halts Trade for Failure to Submit Financials
DAIMLERCHRYSLER: Chrysler Invests US$700MM in Marysville Plant
DAIMLERCHRYSLER: Cerberus Adds Chrysler to Form Giant Auto Biz
DAIMLERCHRYSLER AG: Shoulders US$1 Billion Chrysler Pension Risk
DATAMAT PCL: SET Halts Trading for Failure to Submit Financials

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

BECTON PROPERTY: Acquires Bunbury Retirement Village
----------------------------------------------------
Becton Property Group acquired a 123-dwelling retirement village
in Bunbury, Western Australia last week.

The acquisition, Woodstock West, diversifies Becton's retirement
village ownership and complements its current retirement village
assets, which include Classic Residences Brighton and Menzies
Malvern in Victoria, and Dee Why Gardens in New South Wales.

Becton Property Group CEO Hamish Macdonald said, "We are very
pleased with this acquisition.  Although we already have
significant commercial property investments in Western
Australia, this will be our first retirement asset in this
state."  

"An important aspect of this acquisition is the strategic
alliance Becton has formed with the developers of the Bunbury
retirement village.  Becton's aim is to own and manage
retirement villages in all main states and this alliance will
allow us to grow our portfolio of retirement villages in Western
Australia."

"Both the acquisition and strategic alliance will build on our
strategy of diversification and creating high-quality retirement
assets that contribute strong recurring earnings for Becton,"
said Mr. Macdonald.

Becton now owns and operates four retirement villages with a
total of 850 dwellings.  In addition, there are three assets
currently in development that will contribute an additional 350
dwellings to the Becton retirement business between FY08 to
FY10.

Two weeks ago, Becton announced it had significantly
strengthened its retirement expertise with the appointment of
Jim Hazel as non-executive Chairman of the board of Becton's
retirement business.

                      About Becton Property

Melbourne, Australia-based Becton Property Group --
http://www.becton.com.au/-- is an Australian property group  
engaged in property development and construction; property funds
management; retirement village ownership and operation, and
holiday ownership club management.  During the fiscal year ended
June 30, 2006, Becton completed construction of College Square
on Swanston Stage One and the Esplanade Apartments.  Its
property funds management business generates fee income through
trust establishment, property acquisition, property and project
management and exit fees upon disposal of trust properties.  As
of June 30, 2006, it owned and operated three retirement
villages, two in Victoria and one in New South Wales, catering
for over 870 residents.  The Becton holiday ownership club
business, Accor Premier Vacation Club (APVC), is a 50% joint
venture between Becton Resorts and Accor Resorts.  In July 2005,
Becton Property Group Limited acquired Becton Pty Ltd.  In
September 2006, the Company sold its 50% interest in APVC.

The Troubled Company Reporter - Asia Pacific, on Jan 30, 2007,
listed Becton Property's bond with a 9.500% coupon and a
June 30, 2010, maturity date as distressed.


CONVERTEK PTY: Liquidator to Give Wind-Up Report on June 21
-----------------------------------------------------------
Convertek Pty Ltd will hold a meeting for its members on
June 21, 2007, at 10:30 a.m.

Glenn A. Crisp, the company's liquidator, will present at the
meeting, a report about the company's wind-up proceedings and
property disposal.

As reported by the Troubled Company Reporter - Asia Pacific, the
company started to liquidate its business on June 2, 2005.

The Liquidator can be reached at:

         Glenn A. Crisp
         RSM Bird Cameron
         Chartered Accountants
         525 Collins Street, Level 8
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9286 1800
         Facsimile:(03) 9286 1899

                       About Convertek Pty

Convertek Pty Ltd is a distributor of converted paper products.  
The company is located in New South Wales, Australia.


FUTURIS CORP: Ties Up with Run Corp. to Manage Real Estate Biz
--------------------------------------------------------------
Futuris Corporation Limited and Run Corp Limited have agreed in
principle to establish a strategic alliance.

The alliance will see co-operation between Run and Futuris'
wholly owned business, Elders Real Estate, which is Australia's
largest regional property manager and one of the country's
largest real estate operations.  

Under the proposed agreement Futuris will subscribe for
converting notes and options, which on conversion and exercise
will deliver a majority interest in Run Corp for a total initial
investment of AU$10 million.

Elders Real Estate will access Run's industry leading technology
and systems which will result in cost efficiencies in
processing, improved client services for landlords and
substantial system upgrades for the management and maintenance
of property.  Run will realize economies of scale from the
incremental content provided by Elders to its back office
processing.

Run's services will also be accessible to independent real
estate operations looking for a centralized clearing house for
property management services.

Futuris CEO Les Wozniczka said: "Elders Real Estate is perhaps
our most visible business and its success has been one of the
major contributors to our performance in recent years.  We
currently have approximately 13,500 properties under management
as part of a real estate business that operates from 400
locations around Australia and sells AU$5 billion of urban and
residential property per annum."

"We have taken this opportunity to help create an industry
leader in property management operations," said Mr Wozniczka.

"Run has fundamentally sound operations and management backed by
quality systems.  While the company's results have shown the
impact of debt levels and start-up costs and issues, the
recapitalization provided by the alliance will enable Run's
management to now concentrate on business growth and
performance.

Run Chairman Mr Nathan Cher said: "This new alliance with
Futuris is a decisive and transformational step which has both
immediate and long term benefits for Run and its shareholders.

                        About Run Corp Limited

Run Corp Limited -- http://www.run.com.au/-- is a specialist  
residential property management company that operates within the
Australian residential property management industry.  RUN has
property management rights for 22,000 properties in Melbourne,
Sydney and Brisbane.  During the fiscal year ended June 30,
2006, RUN acquired various property management businesses,
including rent roll asset of Hocking Stuart (Kensington) Pty
Ltd. and of Mirvac Real Estate Pty Ltd.  On December 8, 2005,
rent roll asset of Williams Estate Agents (Mt Waverley) Pty Ltd.
On December 21 2005, rent roll asset of In2property Pty Ltd. On
March 3, 2006, rent roll asset of John P Stevens Pty Ltd. On
April 6, 2006, rent roll asset of Melbourne Property Investment
Real Estate Pty Ltd. On April 20, 2006, rent roll asset of Asset
Property Consultants and Valuers Pty Ltd on May 12, 2006, and
rent roll asset of Network Sales Pty Ltd. in May, 2006.

                        About Futuris

Adelaide, Australia-based Futuris Corporation Limited --
http://www.futuris.com.au/default.asp-- is engaged in the  
provision of farm services to the rural sector; financial
services to rural and regional customers, and management of
investor-funded hardwood plantations and manufacture of sawn
timber products.  The company also operates businesses in
automotive componentry supply, and property ownership and
development.  Its segments comprise Rural services, which
includes the provision of agricultural products and services
through a common distribution channel; Forestry, which includes
the Company's interests in forestry plantations and processing;
Automotive Components, which is engaged in manufacturing and
sales of automotive components, of which the key components are
seating, heating ventilating and air-conditioning systems;
Property, which includes the sale and development of land, and
commercial developments and holding an equity interest in a
listed property trust, and Investment and Other, which includes
investment activities.

The Troubled Company Reporter - Asia Pacific, on Jan 30, 2007,
listed Futuris Corporation's bond with a 7.000% coupon and a
December 31, 2007 maturity date as distressed.


INNEW PTY: Shareholders Receive Wind-Up Report
----------------------------------------------
During a meeting held on May 24, 2007, the shareholders of Innew
Pty Ltd received a report about the company's wind-up
proceedings and property disposal.

Innew Pty Ltd deals with real estate agents and managers.  The
company is located in Victoria, Australia.


JAGUAR COLOUR: Will Declare Dividend on July 13
-----------------------------------------------
Jaguar Colour Productions Pty Ltd will declare a first and final
dividend on July 13, 2007.

Creditors who cannot prove their debts by June 5, 2007, are
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

         Julie Williams
         Insolvency and Turnaround Solutions
         360 Queen Street, Level 4
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3221 7433
         Facsimile:(07) 3221 7437

                      About Jaguar Colour

Jaguar Colour Productions Pty Ltd is involved with the
publishing business.  The company is located in Queensland,
Australia.


M & M DEVELOPMENTS: Members to Receive Wind-Up Report on June 14
----------------------------------------------------------------
The members of M & M Developments Pty Ltd will meet on June 14,
2007, at 10:30 a.m., to receive the liquidator's report about
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         G. Handberg
         Rodgers Reidy Chartered Accountants
         200 Queen Street, Level 10
         Melbourne, Victoria 3000
         Australia

                    About M & M Developments

M & M Developments Pty Ltd, which is also trading as Adelphi
Homes, is engaged in residential construction business.  The
company is located in Western, Australia.


PLENARY MARKETING: Final Meeting Set for June 15
------------------------------------------------
A final meeting will be held for the members of Plenary
Marketing Pty Ltd on June 15, 2007, at 11:00 a.m.

C. P. White, the company's liquidator, will give a report about
the company's wind-up proceedings and property disposal at the
meeting.

The Liquidator can be reached at:

         C. P. White
         HLB Mann Judd
         Chartered Accountants
         160 Queen Street, Level 1
         Melbourne 3000
         Australia

                     About Plenary Marketing

Plenary Marketing Pty Ltd, which is also trading as Fishmans
Delight, operates eating-places.  The company is located in
Victoria, Australia.


SILVER RIDGE: Members to Meet on June 25
----------------------------------------
The members of Silver Ridge Pty Ltd will meet on June 25, 2007,
at 9:10 a.m., to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         R. A. Sutcliffe
         192-198 High Street, Ground Floor
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277

                       About Silver Ridge

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


VICTORIAN ASSOCIATION: To Declare Dividend on June 26
-----------------------------------------------------
Victorian Association of Health & Extended Care Limited will
declare a first and final dividend on June 26, 2007.

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

The company's liquidator is:

         Timothy M. S. Holden
         Foremans Business Advisors (Southern) Pty Ltd
         56-60 Bay Road, Suite 8
         Sandringham, Victoria 3191
         Australia

                  About Victorian Association

Victorian Association of Health and Extended Care, which is also
known as VAHEC, is involved with the residential care business.  
The company is located in Victoria, Australia.


VOLANT PTY: Members' & Creditors' Final Meeting Set for June 21
---------------------------------------------------------------
A final meeting will be held for the members and creditors of
Volant Pty Ltd on June 21, 2007, at 9:30 a.m.

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

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

The company's liquidator is:

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

                        About Volant Pty

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


WILDWOOD FURNITURE: Proofs of Debt Due by June 6
------------------------------------------------
Wildwood Furniture Pty Ltd will declare a first and final
dividend on June 14, 2007.

Creditors are required to file their proofs of debt by June 6,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

         Leigh Dudman
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                    About Wildwood Furniture

Wildwood Furniture Pty Ltd is a maker of wood household
furniture.  The company is located in Victoria, Australia.


YARRA VALLEY: Members' General Meeting Set for June 28
------------------------------------------------------
The members of Yarra Valley Estates Pty Ltd will have a general
meeting on June 28, 2007, at 10:00 a.m., to hear the report of
N. K. Cuthbert, the company's liquidator, about the company's
wind-up proceedings and property disposal.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced wind-up proceedings on Aug. 31, 2006.

The Liquidator can be reached at:

         N. K. Cuthbert
         W. Marshall & Associates
         Chartered Accountants
         64 Jolimont Street
         East Melbourne, Victoria 3002
         Australia

                       About Yarra Valley

Yarra Valley Estates Pty Ltd is engaged in the business of
membership sports and recreation clubs.  The company is located
in Victoria, Australia.


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

CABLE AND WIRELESS: Moyes and Yuen Quit Liquidator Posts
--------------------------------------------------------
On April 30, 2007, Paul David Stuart Moyes and Yeung Betty Yuen
quit as the liquidators of Cable and Wireless (Pacific) Limited.

The former Liquidators can be reached at:

         Paul David Stuart Moyes
         Yeung Betty Yuen
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


CHANGJIANG POWER: Creditors & Contributories to Meet on June 8
--------------------------------------------------------------
The creditors and contributories of Changjiang Power Development
(HK) Company Limited will meet on June 8, 2007, at 10:00 a.m.
and 10:30 a.m., respectively, to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held on the 13th Floor of Gloucester Tower,
The Landmark at 15 Queen's Road in Central, Hong Kong.


CHINA EASTERN: Insider Says Singapore Air Set to Buy Stake
----------------------------------------------------------
China Eastern Airlines Corp Ltd has reached an agreement
allowing Singapore Airlines to buy a stake in the carrier, a
company official told XFN-Asia.

According to the source, the talks between the two airlines have
concluded and the official announcement from China Eastern will
be made soon, XFN-Asia relates.  "The statement has something to
do with our talks with Singapore Airlines."  

"We have reached an agreement.  Singapore Airlines is buying a
stake in China Eastern.  But I can't disclose how much stake
Singapore Airlines is buying," the unnamed official told the
news agency.  

The Troubled Company Reporter - Asia Pacific reported on May 24,
2007, that China Eastern Airlines and Singapore Airlines are
close to finalizing the details regarding the acquisition of a
24% stake for HK$15.8 billion in the Chinese airline.   
Singapore Air, in a disclosure with the Singapore Stock
Exchange, said: "It is in advance stage of discussion. . . . but
the agreement has not yet been finalized and is subject to
official approval," the TCR-AP reported.  China Eastern, in a
separate disclosure, told the Hong Kong Stock Exchange that it
is "actively preparing for the dissemination of an important
matter."

                          *     *     *

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

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


CHINA EVERBRIGHT: Looks to Sell Shares Before Year Ends
-------------------------------------------------------
China Everbright Bank is currently under "regrouping" to help
facilitate its plan to launch an initial public offering before
the end of the year, insiders close to the lender told TMCNet.

The regrouping, according to the report, is conducted under the
supervision of the Ministry of Finance, the China Banking
Regulatory Commission, and the China Securities Regulatory
Commission.

China Everbright, however, declined to give the fundraising size
and the stock exchange it will debut on, the sources told
TMCNet.

The Troubled Company Reporter - Asia Pacific, on Feb. 28, 2006,
reported that China Everbright is undergoing a restructuring
scheme, which involves a capital injection and listing of shares
abroad and domestically after the reorganization.

                          *     *     *

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned  
commercial bank with shares held by international financial
institutions.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed on August 14, 2006, China Everbright Bank's 'E'
individual rating '3' support rating.


CRMC ACTEM: Sets Members' Final General Meeting on June 22
----------------------------------------------------------
The members of CRMC Actem Limited will hold their final general
meeting on June 22, 2007, at 10:00 a.m., on the 20th Floor of
China Resources Building at 26 Harbour Road in Wanchai
Hong Kong.

Heng Poi Cher, the company's liquidator, will present at the
meeting a report about the company's wind-up proceedings and
property disposal.

In a report by the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Sept. 8, 2006.


HSBC PROPERTIES: Members' Final Meeting Set for June 22
-------------------------------------------------------
The members of HSBC Properties (Lantau) Limited will have their
final meeting on June 22, 2007, at 10:00 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held on Level 37 at 1 Queen's Road in
Central, Hong Kong.

According to the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on Dec. 18, 2006.


HONGKONG TELECOM: Liquidators Quit Posts
----------------------------------------
Paul David Stuart Moyes and Yeung Betty Yuen ceased to act as
the liquidators of Hongkong Telecom Fund Management Limited on
April 30, 2007.

The former Liquidators can be reached at:

         Paul David Stuart Moyes
         Yeung Betty Yuen
         Three Pacific Place, Level 28
         1 Queen's Road East
         Hong Kong


PANVA GAS: Shareholders Okay Changing of Name to Towngas China
--------------------------------------------------------------
Panva Gas Holdings disclosed with the Hong Kong Stock Exchange
that its shareholders have approved the plan to change the
company's name to Towngas China Co. in a general meeting held on
May 23, 2007.

According to the disclosure, more than 75% of the shareholders
present in the meeting approved the plan.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Panva Gas proposed changing its name to Towngas China
after selling a 45% stake to Hong Kong & China Gas Co., which is
known as Towngas.  The proposed change of name is to align Panva
Gas' image and better identify the change in management and its
substantial shareholders.

                          *     *     *

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

Standard & Poor's Ratings Services on March 9, 2007, raised its
foreign currency long-term corporate credit rating on PANVA Gas
Holdings Ltd to BB+ from BB.  The outlook is positive.  At the
same time, Standard & Poor's also raised the foreign currency
issue ratings on PANVA's US$50 million convertible bonds due
2008 and US$200 million senior unsecured notes due 2011 to BB+
from BB.  All the ratings were removed from CreditWatch, where
they had been placed with positive implications on Dec. 5, 2006.

On May 15, 2007, Moody's Investors Service affirmed Panva Gas
Holdings Ltd's Ba1 corporate family and senior unsecured bond
ratings.  The outlook on both ratings remains positive.


PANVA GAS: Shifts Core Business to Urban Piped Gas
--------------------------------------------------
Panva Gas Holdings is shifting its core business to urban piped
gas distribution from selling bottled liquefied petroleum gas in
rural areas, The Standard reports.

According to the report, Chairman Alfred Chan Wing-kin of Panva
Gas said that they are currently studying 15 possible gas
projects in China, and they plan to sign up for four new gas
projects this year.

"With the strong demand for piped gas among China's more
affluent urban population, LPG is going to fade out and does not
have long-term growth prospects," Mr. Chan told the paper.  
However, Mr. Chan stressed that the company does not plan to
sell its LPG operation but will focus on downstream gas
projects, targeting cities with populations between 350,000 and
750,000, Alman Long of The Standard writes.

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2007, that Panva acquired 10 mainland piped-gas
projects from Towngas in exchange for Towngas acquiring a
controlling stake in Panva of 43.97%, worth HK$3.23 billion.

Panva's revenue from piped-gas sales is now about 50% of total
revenue, up from 30% before taking control of 10 Towngas piped-
gas projects, Mr. Chan told the paper.  Revenue from selling
bottled LPG fell to 50% of total revenue, compared with 70% last
year.

                          *     *     *

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

Standard & Poor's Ratings Services on March 9, 2007, raised its
foreign currency long-term corporate credit rating on PANVA Gas
Holdings Ltd to BB+ from BB.  The outlook is positive.  At the
same time, Standard & Poor's also raised the foreign currency
issue ratings on PANVA's US$50 million convertible bonds due
2008 and US$200 million senior unsecured notes due 2011 to BB+
from BB.  All the ratings were removed from CreditWatch, where
they had been placed with positive implications on Dec. 5, 2006.

On May 15, 2007, Moody's Investors Service affirmed Panva Gas
Holdings Ltd's Ba1 corporate family and senior unsecured bond
ratings.  The outlook on both ratings remains positive.


START IV: Fitch Assigns BB+ Rating on US$22.5-Mil. Class E Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Start IV CLO
Limited's upcoming issue of notes due 2011:

     -- USD82.5 million Class A notes: 'AAA'
     -- USD30.0 million Class B notes: 'AAA'
     -- USD26.25 million Class C notes: 'AA-'
     -- USD26.25 million Class D notes: 'BBB+'
     -- USD22.5 million Class E notes: 'BB+'

The final ratings are contingent on receipt of final documents
conforming to information already received.

The transaction is a synthetic collateralised loan obligation
linked to a diverse pool of senior and predominantly unsecured
loans.  Interest on the notes will be derived from fixed
payments under a credit default swap linked to the credit risk
of this portfolio.  Under the CDS agreement, Standard Chartered
Bank (SCB, 'A+'/'F1') will buy USD1.5 billion protection on an
initial pool of 379 reference obligations from 283 global entity
groups.  The three largest country concentrations are:

     -- Hong Kong (14.64%),
     -- South Korea (11.19%) and
     -- China (7.69).

Asia, excluding the Middle East, represents 69.15% of the
initial portfolio.

Proceeds from the issue of the notes will initially be deposited
with a suitably rated account bank.  However, this can be
switched to a repo agreement, where eligible securities will be
purchased and held by the issuer in exchange for repo premiums
paid by a repo counterparty rated at least 'A'/'F1'.  The repo
counterparty is subject to downgrade triggers.

There is no swap counterparty trigger in the transaction as a
guarantor or replacement swap counterparty cannot be sought.  
However, to mitigate any failure to pay interest, SCB will post
the next period's interest in advance.  This meets Fitch swap
counterparty criteria for swap counterparties with ratings of
'BBB+'/'F2', or above.  It is likely that the notes will be
credit-linked to the rating of SCB, should SCB be downgraded to
below 'BBB+'/'F2', given the absence of downgrade protection
below this rating threshold.

The transaction, arranged by SCB, will be subject to
replenishments by SCB in the first two-and-a-half years subject
to certain conditions being met, including the Fitch Vector
Test.

The expected ratings are based on the credit quality of the
portfolio, a mapping of SCB's internal credit scoring system,
the arrangements provided under the CDS, the available credit
enhancement and the sound legal and financial structure of the
transaction.  The expected ratings address the likelihood of
receiving timely payment of interest and ultimate repayment of
principal by legal maturity in 2011, in accordance with the
transaction documentation.


TAOIST (SHANG QING): Members Set to Meet on June 18
---------------------------------------------------
A final general meeting will be held for the members of Taoist
(Shang Qing) Cultural Association Limited on June 18, 2007, at
10:00 a.m., in Room 902 of New Victory House at 93-103 Wing Lok
Street in Sheung Wan, Hong Kong.

The members will hear the report of Mak Yuen Mei, the company's
liquidator, about the company's wind-up proceedings and property
disposal.


TOSANKYO COMPANY: Requires Creditors to Prove Debts by June 18
--------------------------------------------------------------
Tosankyo Company Limited requires its creditors to file their
proofs of debt by June 18, 2007.

The company went into liquidation on May 8, 2007.

The company's liquidator is:

         Fung Kwai Ming
         China Merchants Building, 10th Floor, Units 1001
         152 Connaught Road
         Central, Hong Kong


WISE EARNING: Taps Chiu Shin Koi as Liquidator
----------------------------------------------
The shareholders of Wise Earning Company Limited passed on
May 14, 2007, a resolution to wind up the company's operations
and appointed Chiu Shin Koi as liquidator.

The Liquidator can be reached at:

         Chiu Shin Koi
         Lung Cheung Court, Flat 3E, 2nd Floor
         27 Broadcast Drive
         Kowloon Tong, Kowloon


WISESURE LIMITED: Shareholders Resolve to Wind Up Business
----------------------------------------------------------
At an extraordinary general meeting held on May 18, 2007, the
shareholders of Wisesure Limited agreed to voluntarily wind up
the company's operations and appointed Leung Koon Chit, Lawrence
as liquidator.

The Liquidator can be reached at:

         Leung Koon Chit, Lawrence
         Roc Ye Court, Unit B, 23rd Floor
         11 Robinson Road
         Hong Kong


WORLDPURSE ENTERPRISES: Members' Final Meeting Set for June 20
--------------------------------------------------------------
Worldpurse Enterprises Limited will hold a final general meeting
for its members on June 20, 2007, at 11:00 a.m., in 905
Silvercord, Tower 2 at 30 Canton Road, Tsimshatsui in Kowloon,
Hong Kong.

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


* CSRC Sets Rules to Limit Trade of Parties Under Probe
-------------------------------------------------------
The China Securities Regulatory Commission, in its latest bid to
combat securities crime, issued rules to limit trade of stock
accounts owned by people under regulatory probes for illegal
activities, Shanghai Daily reports.

According to the report, under the new regulations, the
securities watchdog can now limit trade of capital and
securities accounts held or controlled by those suspected of
insider trading or stock-price manipulation.  The commission can
place trade limits in terms of specific securities or suspend
all buy-and-sell moves on the involved stock accounts, according
to the rules, which took effect on May 18.

The limitation on a single stock account can last as long as 15
days initially, the Daily notes, adding that if investigation
proves to be complicated, the period can be prolonged pending
regulatory approval.


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

HAYES LEMMERZ: Prices Unit's Tender Offer of 10-1/2% Sr. Notes
--------------------------------------------------------------
Hayes Lemmerz International Inc. has priced the cash tender
offer and consent solicitation for any and all of the
outstanding 10-1/2% Senior Notes Due 2010 (CUSIP No. 404216AB9)
of its indirect subsidiary, HLI Operating Company Inc.  

The total consideration for the Notes was calculated as of
2:00 p.m., New York City time, May 21, 2007, by reference to a
fixed spread of 50 basis points above the yield to maturity of
the applicable U.S. Treasury security as described in the
Statement, plus US$2.62.  The reference yield for the Notes was
4.72%.

The total consideration per US$1,000 principal amount of Notes
that are validly tendered prior to 5:00 p.m., New York City
time, on May 21, 2007, will be US$1,057.80.  The total
consideration per US$1,000 principal amount of Notes that are
validly tendered prior to the Consent Date includes a cash
consent payment of US$30. Holders of Notes will also receive
accrued and unpaid interest on their Notes up to, but not
including, the Early Payment Date or the Final Payment Date, as
the case may be.

As of May 21, 2007, HLI received tenders and consents for
approximately US$153,178,000 in aggregate principal amount of
the Notes, representing approximately 97% of the outstanding
Notes. The tender offer and consent solicitation remain open and
are scheduled to expire on the Expiration Date.

The tender offer and consent solicitation are subject to the
satisfaction of certain conditions, including receipt by the
Company upon completion of the Rights Offering of net cash
proceeds sufficient to fund:

   a) the purchase of all Notes validly tendered in the tender
      offer;

   b) the payment of the fees and expenses related to the Rights
      Offering, the tender offer, and the consent solicitation,;
      and

   c) the amendment or refinancing of the company's Amended and
      Restated Credit Agreement dated as of April 11, 2005, and
      related documents.

No assurance can be given that such conditions will be
satisfied, that such new financing will be completed in a timely
manner or at all or that such consent will be obtained.

Deutsche Bank Securities Inc. is the dealer manager for the
tender offer and solicitation agent for the consent
solicitation. Questions regarding the tender offer and consent
solicitation should be directed to Patricia McGowan at (212)
250-7772 (collect).

Requests for documentation, including copies of the Statement
and related Letter of Transmittal, may be directed to Innisfree
M&A Incorporated, the Information Agent, which may be contacted
at (212) 750- 5833 (for banks and brokers only) or toll-free
(888) 750-5834 (for all others).

                 About Hayes Lemmerz International

Northville, MI-based Hayes Lemmerz International, Inc. --
http://www.hayes-lemmerz.com/-- is a producer of aluminum and  
steel wheels for passenger cars and light trucks, and steel
wheels for commercial trucks and trailers. The company also
supplies automotive suspension, brake and powertrain components.

The company has operations in India, Brazil and Germany, among
others.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating on Hayes Lemmerz International Inc. and removed
the rating from CreditWatch with negative implications, where it
was placed on Aug. 21, 2006.  The outlook is negative.

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2007, Moody's Investors Service lowered HLI Operating
company, Inc.'s ratings:

   * Corporate Family to Caa1 from B3;
   * first lien senior secured to B1 from Ba3;

   * second lien term loan to Caa1 from B3.

The Troubled Company Reporter reported on May 10, 2007, that
Fitch Ratings initiated ratings for Hayes Lemmerz International
Inc. with an Issuer Default Rating of 'B'.


HIMACHAL FUTURISTIC: Earns INR1.35 Billion in Year Ended Mar. 31
----------------------------------------------------------------
Himachal Futuristic Communications Ltd. turns around in the
fiscal year ended March 31, 2007, with a net profit of INR1.35
billion or INR3.21 per share.  In the prior fiscal years, the
company had been reporting net losses -- INR9.24 billion in
FY2006, INR1.69 billion in FY2005 and INR2.62 billion in FY2004.

In FY2007, total income increased 51% to INR11.43 billion from
the INR7.56 billion in the previous year.  Operating expenses
rose 40% to INR9.36 billion, hence an operating profit of
INR2.12 billion.

For the year ended March 31, 2007, HFCL's interest charges
totaled INR397 million, depreciation totaled INR255.6 million
while taxes aggregated INR105 million.  But what really brought
the huge turnaround in the bottom line is the extraordinary
items account.  In the year ended March 31, 2006, the company
booked extraordinary items of INR9.64 billion compared to the
INR11.2 million recorded in FY 2007.  The INR9.64 billion in
FY2006 represented a one-time non-recurring, non-cash extra
ordinary charge on account of diminution in value of investments
and other doubtful or non-realizable assets.

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

            http://ResearchArchives.com/t/s?201f

For the quarter ended March 31, 2007, the company earned a net
profit of INR424.1 million on revenues of INR3.54 billion.   The
company incurred INR2.85 billion in operating expenses during
the quarter ended and booked interest charges of INR94.2
million, depreciation of INR70.7 million, tax of INR101.3
million and extraordinary items of INR5.7 million.

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

            http://ResearchArchives.com/t/s?2020

Based in Solan, India, Himachal Futuristic Communications Ltd.'s
-- http://www.hfcl.com/-- operations primarily relates to   
manufacturing of telecom products, executing turnkey contracts,
and providing services relating thereto.

As reported in the Troubled Company Reporter - Asia Pacific's
"Large Companies With Insolvent Balance Sheets" column on
May 18, 2007, the company registered an equity deficit of
US$438.68 million.


HIMACHAL FUTURISTIC: Clarifies Resignation of Vinay Maloo
---------------------------------------------------------
After the news of income-tax raids at its premises, Himachal
Futuristic Communications Ltd. said one of its key promoters,
Vinay Maloo, resigned from the board of the company and its
subsidiary, HFCL Infotel Ltd, various media reports said.

"We would like to clarify that Vinay Maloo had resigned from the
board of HFCL and its subsidiary HFCL on Oct. 31, 2006," Zee
News cites HFCL Managing Director Mahendra Nahata as saying.  
Mr. Nahata, who is also Mr. Maloo's uncle, made it clear that
after disassociation with HFCL, neither the company nor any of
the directors have any association with Mr. Maloo, the Business
Standard recounted.

With the resignation, Mr. Nahata now runs the entire operations
of the HFCL group.  While Mr. Maloo has no role in the
management, he continues to hold a minority equity stake in the
company, the Standard notes.

Unnamed sources told the Standard that Messrs. Nahata and
Maloo's split occurred at the instance of Mr. Nahata.  
"Differences between the two promoters were on for some years
now, especially over Maloo's investment strategies and
associates," the Standard added.

According to media reports, officials of the Income Tax
Department on May 10, 2007, conducted search operations on the
premises of HFCL and that of packaging company Uflex Ltd., in
search of undisclosed assets.

"A search requires a warrant that is approved by the Director
General of Investigations, the highest ranking investigation
official in the I-T department," according to Sangeeta Singh and
Sanjiv Shankaran of livemint.com.  "And the raids can take place
only after this officer approves the 'satisfaction note', which
records the reasons a search has to be conducted."

Based in Solan, India, Himachal Futuristic Communications Ltd.'s
-- http://www.hfcl.com/-- operations primarily relates to  
manufacturing of telecom products, executing turnkey contracts,
and providing services relating thereto.

As reported in the Troubled Company Reporter - Asia Pacific's
"Large Companies With Insolvent Balance Sheets" column on
May 18, 2007, the company registered an equity deficit of
US$438.68 million.


HINDUSTAN COPPER: Earns INR474 Million in Qtr. Ended March 31
-------------------------------------------------------------
For the quarter ended March 31, 2007, Hindustan Copper Limited's
net profit slightly improved to INR473.9 million from INR346.36
million in the same quarter in 2006.  Net sales increased 35%
from INR3.35 billion in the March 2006 quarter to INR4.53
billion in the current quarter under review.

The company also booked operating income of INR127.56 million in
the latest quarter and operating expenses of INR3.83 billion,
arriving at an operating profit of INR830.72 million.

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

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

The company reported a net profit of INR3.10 billion in the year
ended March 31, 2007, almost three times the INR1.12 billion
profit booked last year.   Revenues in FY2007 totaled INR15.87
billion while expenditures aggregated INR12.04 billion.  The
company's taxes for FY2007 soared to INR213.2 million from the
INR2.52 million a year ago.

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

            http://ResearchArchives.com/t/s?2021

Based in Kolkata, India, Hindustan Copper Limited --  
http://www.hindustancopper.com/-- is an undertaking of the     
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


PRIDE INTERNATIONAL: Stockholders Okay Directors' Re-Election
-------------------------------------------------------------
Pride International, Inc.'s stockholders have approved at an
annual meeting the re-election of David A. B. Brown, Kenneth M.
Burke, Archie W. Dunham, Francis S. Kalman, Ralph D. McBride,
Louis A. Raspino and David B. Robson to serve on the company's
Board of Directors for a term of one year.

The stockholders also approved the company's 2007 Long-Term
Incentive Plan and ratified the appointment of KPMG LLP as the
company's independent registered public accounting firm for
2007.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides      
onshore and offshore contract drilling and related services in
more than 25 countries, including Mexico, operating a diverse
fleet of 277 rigs, including two ultra-deepwater drillships, 12
semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and
platform rigs, and 214 land rigs.  Pride also provides a variety
of oilfield services to customers in Argentina, Venezuela,
Bolivia, Peru, India and Malaysia.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service affirmed its Ba1 Corporate Family
Rating for Pride International Inc.


VISTEON CORP: Names Michael Widgren as Chief Accounting Officer
---------------------------------------------------------------
Global automotive supplier Visteon Corporation named Michael J.
Widgren as vice president, corporate controller and chief
accounting officer effective May 16, 2007.

"Michael Widgren's deep technical skills and knowledge of the
auto industry make him ideal for this role," William Quigley,
senior vice president and chief financial officer, said.  "He
has the experience and capability to support Visteon during this
important period of transformation."

Mr. Widgren joined Visteon in 2005 as assistant controller.  
Prior to joining Visteon, he served as chief accounting officer
for Federal-Mogul Corp., where he held several financial
management positions during his seven-year tenure.  Before that,
Mr. Widgren worked at Coopers & Lybrand, LLP.

Mr. Widgren earned a bachelor's degree in accounting and a
master's degree in business administration from Michigan State
University.  He is a certified public accountant in the state of
Michigan and a member the Michigan Association of CPAs.

                         About the Company

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries,
including Mexico, and employs approximately 50,000 people.
  
With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   *  Climate Systems India Limited,  
   *  Visteon Automotive Systems India Private Ltd.  
   *  Visteon Automotive Systems India Private Ltd.  
   *  Visteon Powertrain Control Systems India Private Ltd.  
   *  TATA Visteon Automotive Private Ltd.  
   *  TACO Visteon Engineering Private Ltd.

At March 31, 2007, Visteon's balance sheet showed US$6.84
billion in total assets, US$6.68 billion in total liabilities
and US$263 million in minority interest, resulting in a US$106
million total stockholders' deficit.

On April 8, 2007, Fitch Ratings took these actions on Visteon
Corp.:

     -- Issuer Default Rating (IDR) affirmed 'CCC';
     -- Senior Secured Bank Facility affirmed 'B/RR1';
     -- Senior unsecured downgraded to 'CC/RR6' from 'CCC-/RR5'.


VISTEON CORP: Inks Letter Agreement with LB Group and Ford Motor
----------------------------------------------------------------
Visteon Corporation entered into a letter agreement with LB I
Group Inc. and Ford Motor Company.

Under the letter agreement, Visteon have consented to the
transfer by Ford of the warrant to purchase 25 million shares of
Visteon common stock and waived a provision of the Stockholder
Agreement, dated as of October 1, 2005, between Visteon and
Ford, that would have prohibited the transfer.

Visteon said that the Letter Agreement also restricts Lehman's
ability to enter into certain hedging transactions in respect
of the shares underlying the Warrant for the first two years
following such transfer.

In addition, Visteon states that the warrant was modified so
that it will not be exercisable or transferable until May 17,
2009.

                        About the Company

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries,
including Mexico, and employs approximately 50,000 people.
  
With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   *  Climate Systems India Limited,  
   *  Visteon Automotive Systems India Private Ltd.  
   *  Visteon Automotive Systems India Private Ltd.  
   *  Visteon Powertrain Control Systems India Private Ltd.  
   *  TATA Visteon Automotive Private Ltd.  
   *  TACO Visteon Engineering Private Ltd.

At March 31, 2007, Visteon's balance sheet showed US$6.84
billion in total assets, US$6.68 billion in total liabilities
and US$263 million in minority interest, resulting in a US$106
million total stockholders' deficit.

On April 8, 2007, Fitch Ratings took these actions on Visteon
Corp.:

     -- Issuer Default Rating (IDR) affirmed 'CCC';
     -- Senior Secured Bank Facility affirmed 'B/RR1';
     -- Senior unsecured downgraded to 'CC/RR6' from 'CCC-/RR5'.


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

BANK MANDIRI: Joins ATM Bersama Cash Point Network
--------------------------------------------------
PT Bank Mandiri has joined the ATM Bersama cashpoint network to
increase its fee-based income from ATM transactions, with plans
to install additional drive-thru automatic teller machines, the
Jakarta Post reports.

According to the report, the bank expects from this development
a 56% increase in its income to IDR94 billion this year compared
to about IDR60 billion last year.

This year, Bank Mandiri is set to open about two or three more
drive-thru ATMs from the currently 22 machines it owns, since
customers prefer this from the ordinary ones, the Post relates.  
Each new drive-thru ATM would cost between IDR600 million and
IDR800 million.

The Post adds that through Bank Mandiri's involvement with ATM
Bersa network, customers can now conduct online transactions and
interbank transfer as well as customers of the 53 other member
banks of the network, with a IDR5,000 charge per transaction.  
The bank expects to make around IDR1.5 billion per month from
this.

Bank Mandiri also expects to increase its outstanding third-
party funds by about 13% to IDR60 trillion as of the end of the
year from IDR53 trillion as of December 2006, the paper adds.

                       About Bank Mandiri

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

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

   * BFSR is changed to D- from E+.

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

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

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

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

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


COMVERSE TECHNOLOGY: Two Independent Directors Join Board
---------------------------------------------------------
Comverse Technology, Inc., has added two independent directors
to its Board, Augustus K. Oliver and A. Alex Porter.  In
conjunction with the election of Messrs. Oliver and Porter to
the Board, Oliver Press Partners, LLC has agreed with the
company to terminate its solicitation for a special meeting of
shareholders.

Augustus K. Oliver is founder and managing member of Oliver
Press Partners LLC, investment manager for Davenport Partners,
L.P., and related entities.  He serves on the Boards of
Scholastic Corporation, several private companies, and Lincoln
Center Theatre of New York City.

"Comverse Technology is an outstanding company with excellent
opportunities ahead," said Gus Oliver.  "I am pleased to join
the Board as a representative of a significant holder in
Comverse, and I look forward to working with the Board."

A. Alex Porter is a founder and principal of investment
management firm Porter, Orlin LLC, and a General Partner of
venture capital firm The Caroline Company.  He is a founder and
serves on the Board of Directors of Distribution Technology,
Inc., and also serves on the Boards of Student Loan Marketing
Association, the John Simon Guggenheim Foundation, the Library
of America, and Queens College. Mr. Porter is also a Trustee of
Davidson College.

"Comverse Technology is a company in which we have invested for
several years, and I believe it is well-positioned to deliver
superior shareholder returns," said Alex Porter.  "I look
forward to working with the Board to help build upon the
company's strong foundation."

"The Board and executive management team of Comverse Technology
welcome Gus Oliver and Alex Porter to our Board.  We look
forward to working with Gus and Alex for the benefit of all
shareholders.  Their addition is a testament to our commitment
to include shareholders on the Board," said Mark C. Terrell,
Chairman of the Board, Comverse Technology.  "Our new Board will
continue to seek shareholder input as the company seeks to
maximize shareholder value."

                 About Comverse Technology

Comverse Technology, Inc. (NASDAQ: CMVT)
-- http://www.comverse.com/-- provides software and systems  
that enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.

The Troubled Company Reporter - Asia Pacific reported on Jan. 4,
2007, that Standard & Poor's Ratings Services said it is leaving
its 'BB-' corporate credit and senior unsecured debt ratings on
New York, N.Y.-based Comverse Technology Inc. on CreditWatch
with negative implications, where they were placed on March 15,
2006.


GARUDA INDONESIA: Struggles to Keep Pilots From Resigning
---------------------------------------------------------
PT Garuda Indonesia is struggling to keep their employed pilots
from resigning as more than 70 pilots have resigned so far for
this year due to more lucrative offers and benefits from
regional airlines, various reports say.

According to ABC News, low and poor conditions caused 77 pilots
this year alone to submit resignations but only five so far have
left, while the rest is still in the administrative process.  
This figure compares to about 110 pilots over the 18 months
before that.

The company faces fierce competition from regional and low-cost
carriers, some of whom can afford more attractive packages for
pilots, ABC notes.

Additionally, reports say that the airline's safety record was
also tarnished after a Garuda plane crashed and burst into
flames in March killing 21 people.

The company currently employs between 550 and 600 pilots to fly
a fleet of around 50 aircraft, reports add.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on December 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter - Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


GOODYEAR TIRE: Closes Common Stock Offering & Earns US$834 Mil.
---------------------------------------------------------------
The Goodyear Tire & Rubber Company reported the closing of its
public offering of 26,136,363 shares of its common stock,
including the fully exercised over-allotment option, at $33.00
per share.  Including the exercise of the over-allotment option,
the net proceeds from the offering, after deducting underwriting
discounts and commissions, totaled approximately $834 million.

As reported in the Troubled Company Reporter on May 21, 2007,
Goodyear said it intends to use the net proceeds from the
offering to redeem approximately $175 million in principal
amount of its outstanding 8.625% senior notes due in 2011 and
approximately $140 million in principal amount of its
outstanding 9% senior notes due in 2015.  

The company expects to use the remaining net proceeds of the
offering for general corporate purposes, which may include,
among other things, investments in growth initiatives within the
company's core tire businesses and the repayment of additional
debt.

Deutsche Bank Securities, Citi and Goldman, Sachs & Co. served
as joint book-running managers of the offering.

            About The Goodyear Tire & Rubber Company

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

                          *     *     *

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

On May 14, 2007, Moody's Investors Service upgraded Goodyear
Tire & Rubber Company's Corporate Family Rating to Ba3 from B1
and maintained a positive rating outlook.  Moody's also affirmed
Goodyear's liquidity rating of SGL-2.  The actions follow an
announcement by Goodyear of plans to raise approximately
USUS$750 million of new equity capital, which marks important
further progress in the company's plans to strengthen its
balance sheet.

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

   -- Issuer Default Rating at 'B';

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

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

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

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

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


GOODYEAR TIRE: S&P Puts B- Certs. Ratings under Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' ratings on
the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust on CreditWatch with positive
implications.

The rating action follows the May 10, 2007, placement of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., on CreditWatch with
positive implications.

Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust is a pass-through transaction, and
its ratings are based solely on the rating assigned to the
underlying collateral, Goodyear Tire & Rubber Co.'s 7% notes due
March 15, 2028.

            About The Goodyear Tire & Rubber Company

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


INDOSAT: First Quarter Profit Up 26% to IDR483.9 Billion
--------------------------------------------------------
PT Indosat Tbk posted a first quarter profit of IDR483.9
billion, up 26% from the previous IDR383.9 billion, due to the
recovery of its mobile phone business helped by aggressive
marketing, Reuters reports.

According to the report, the company's revenue also climbed
30.2% to IDR3.77 trillion attributed to the growing number of
subscribers reaching 18 million from 16.7 million at end-2006.  
More than three quarters of Indosat's revenue came from its
mobile phone business.

The company's quarterly operating profit rose 23% to IDR1.04
trillion and EBITDA margins improved slightly to 58.4%, the
report notes.

Reuters adds that Indosat plans to raise up to US$700 million in
debt this year, including the disclosed IDR3 trillion bond sale.

                         About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully  
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.  
The outlook for the ratings remains positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


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

CAR MATE: Net Income Slides 90.2% to JPY56 Mil. For Fiscal 2007
---------------------------------------------------------------
Car Mate Manufacturing Co. Ltd. posted a net income of JPY56.0
million for the fiscal year ended March 31, 2007, a 90.2%
decrease from the net income of JPY573.0 million posted for the
fiscal year ended March 31, 2006.

Revenues for the year increased 4.1% to JPY14.3 billion, while
operating profit amounted to JPY505.0 million, a 31.7% decline
from the operating profit of JPY739.0 million a year earlier.

For the fiscal year ending March 31, 2008, the company expects
net income to reach JPY14.8 billion; revenues, JPY800 million;
and operating profit, JPY300 million.

Headquartered in Tokyo, Car Mate Manufacturing Co. Ltd. --
http://www.carmate.co.jp-- is a manufacturing company that  
chiefly supplies automobile-related products.  Its core products
include automobile items, nonskid tires, chemical products, and
electric and electronic products.  The Company, through its
subsidiaries, is involved in the overseas sales activities in
Hong Kong, the United States, Korea, Shanghai and China for the
automobile-related products.  Additionally, it is engaged in the
manufacture and sale of sports goods, mainly snowboarding items,
as well as the establishment and operation of nursing care
facilities for elderly people.  The company also provides its
sports goods in overseas markets, including the United
States and Korea.

Japan Credit Rating Agency, Ltd gave the company's senior debt
and equity-linked debt a BB rating on October 13, 2004.  The
company still carries this rating.


CHIBA BANK: Earns JPY52.5 Billion in Fiscal Year Ended March 31
---------------------------------------------------------------
The Chiba Bank Limited posted a net income of JPY52.5 billion
for the fiscal year ended March 31, 2007, a 7.4% increase from
the net income of JPY48.9 billion for the fiscal year ended
March 31, 2006.

The company reported revenues of JPY262.7 billion for fiscal
year 2007, a 13.5% improvement year-on-year.  Operating profit
and current profit amounted to JPY89.8 billion and JPY87.6
billion, respectively.

The company expects revenues of JPY272.0 billion, current profit
of JPY90.0 billion and net income of JPY55.5 billion for the
year ending March 31, 2008.

The Chiba Bank, Ltd. had earlier announced an amended year-end
dividend forecast from JPY7 per share to JPY9 per share for the
fiscal year 2007, Reuters reports.

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

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


COSMO OIL: Fiscal 2007 Net Profit Slides Down to JPY26.53 Bil.
--------------------------------------------------------------
Cosmo Oil Company, Limited reported a 57.06% decrease in net
profit to JPY26.53 billion for the fiscal year ended March 31,
2007, from JPY61.79 billion for the fiscal year ended March 31,
2006.

The company's revenues amounted to JPY3.06 trillion, a 14.68%
improvement over the previous year's JPY2.67 trillion.  Cost of
goods sold, however, increased by 17.75% to JPY2.85 trillion,
while other expenses amounted to JPY140.86 billion, resulting in
an operating income of JPY69.64 billion.

The company expects its net income for the year ending March 31,
2008, to reach JPY37 billion, on revenues of JPY3.16 trillion.

Headquartered in Tokyo, Japan, Cosmo Oil Company, Limited --
http://www.cosmo-oil.co.jp/-- is primarily an oil refining  
company.    The company is also involved in the purchase and
sale of real estate, the manufacture and sale of alpha lipoic
acid (ALA) products, as well as the provision of leasing and
insurance services.

Moody's Investors Service, on April 18, 2007, placed under
review for possible upgrade the Ba1 senior unsecured debt rating
and issuer rating of Cosmo Oil Co., Ltd. (Cosmo).  The rating
review is prompted by Moody's expectation that Cosmo will likely
be able to maintain the stability of its operating performance
and capital structure, despite a rather difficult business
environment, over the intermediate term through successful
business diversification.


JAPAN AIRLINES: Wants to Increase Capital to JPY200-400 Billion
---------------------------------------------------------------
Japan Airlines International Company, Limited has asked its main
lenders to help increase its capital to JPY200-400 billion to
prevent its credit from worsening, Yasuhiko Seki of XFN Asia
reports citing the Nikkei Business Daily.

According to Mr. Seki, earlier this month JAL approached
Development Bank of Japan, Mizuho Corporate Bank, Bank of Tokyo-
Mitsubishi UFJ and Sumitomo Mitsui Banking Corp and asked the
banks to convert some of their lending into equity in the
airline.

If the banks agree, JAL will exert efforts to replace old
aircraft with fuel-efficient small and midsize planes, the
report added.

JAL aims to complete the recapitalization as early as this
summer, Mr. Seki relates.

                      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.


MITSUBISHI MOTORS: Enters JV to Produce Lithium-Ion Batteries
-------------------------------------------------------------
GS Yuasa Corporation (President Makoto Yoda, Head Office Minami-
ku, Kyoto), Mitsubishi Corporation (President Yorihiko Kojima,
Head Office Chiyoda-ku, Tokyo), and Mitsubishi Motors
Corporation (President Osamu Masuko, Head Office Minato-ku,
Tokyo) have begun collaboration on establishing a joint venture
company to manufacture large capacity and high performance
Lithium-ion batteries that can be used in electric vehicles
(EV). The three partners aim to complete the details and set up
the new company sometime within half a year.

GS Yuasa is expected to own a 51% share of the new company, with
MC and MMC owing 34% and 15% respectively. The new company's
headquarters will be located within GS Yuasa's Kyoto head
office. During the first stage of development, 3 billion yen
will be invested to install automated mass production lines
within GS Yuasa's Kyoto head office plant, capable of
manufacturing 200,000 cells per year. Operations are slated to
commence by 2009.

Application of Large Lithium-ion batteries is expected to
increase dramatically across a wide variety of industries,
including automobiles. Construction of systems that can quickly
meet these market needs has become a vital issue. GS Yuasa
possesses advanced technologies in Large Lithium-ion batteries
and is striving to broaden their applications. Meanwhile, MC
intends to enter the battery manufacturing business and aims to
create other related businesses as well. MMC is working to
increase the use of the "cleanest" possible vehicles i.e., EV.
The three companies decided that by combining their unique
strengths, they could exhibit optimum synergy through the
establishment of this new company.

The batteries that will be produced by the new company are based
on the "LIM series" of Large Lithium-ion batteries manufactured
by GS Yuasa (currently the only mass producer of Large Lithium-
ion batteries in Japan) and thanks to a review of the certain
factors such as cell-structure and electrode materials, improve
energy density and power density. These new batteries have ten
times the capacity of those for hybrid electric vehicles, and
are the perfect choice for EVs. MMC plans to install the
batteries to its next generation EV "i MiEV" (i Mitsubishi
innovative Electric Vehicle), which it aims to introduce to the
market by 2010. The batteries can also be supplied to EVs
manufactured by other auto-makers and to industrial applications
for energy storage use.

Furthermore, the new batteries are characteristic of high-speed
energy input and output which comply with high-speed charge
specifications under consideration by electrical power companies
and potentially with plug-in hybrid electric vehicles (P-HEV).
We hope that our product will become the de facto standard for
Large Lithium-ion batteries, and that new company shall increase
production capacity and line-up of the products in response to
the expanding market.

                    Overview of New JV Company

   1. Name: Yet to be announced

   2. Period of establishment: Aim is within half a year

   3. Location of Headquarters and factory: 1, Inobanba-cho,
      Nishinosho, Kisshoin, Minami-ku, Kyoto, Japan (at GS
      Yuasa's Kyoto Head Office)

   4. Size of factory: 7000m2

   5. Capital: Around 3 billion yen

   6. Investors and percent ownership: GS Yuasa 51%, MC 34%,
      MMC 15% (planned)

   7. Type of business: Manufacturing of Large capacity
      Lithium-ion batteries

   8. Production scale: 200,000 units/year in first fiscal year

                         About GS Yuasa

GS Yuasa Corporation was established in April 2004 and is
engaged in the manufacturing & sales of batteries, power supply
systems and lighting equipment, other batteries and electric
equipment.

                About Mitsubishi Corporation

Mitsubishi Corporation was established in April 1950 and is a
general trading company.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three-year
business plan covering fiscal 2005 through 2007, after investor
DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Standard & Poor's Ratings Services raised its
long-term corporate credit and senior unsecured debt ratings on
Mitsubishi Motors Corp. to B- from CCC+, reflecting progress in
the company's revitalization efforts and reduced downside risks
in its earnings and financial profile.  S&P said the outlook on
the long-term rating is stable.

As reported by the TCR-AP on Aug. 4, 2006, Rating & Investment
Information Inc. upgraded its issuer rating on Mitsubishi Motors
Corp. from CCC+ to B with a stable outlook and its commercial
paper rating from C to B, and has removed the rating from its
monitor at the same time.

In July 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors' senior debts to BB- from B-, with a
stable outlook.  The agency also affirmed the NJ rating on CP
program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


NIPPON SHEET: Revises Operating Result Outlook to JPY15 Bil.
------------------------------------------------------------
Nippon Sheet Glass Company, Limited revised its operating result
outlook for the full fiscal year ended March 31, 2007.

Nippon Sheet, after acquiring U.K.-based Pilkington PLC in June
2006, announced its forecast of its operations on July 6, 2007
[sic].  However, due to recognition of various expenses related
to the acquisition, foreign currency fluctuation, valuation of
intangible fixed assets and goodwill, and fuel cost increase,
the company was made to revise its outlook.

Consolidated net income, which was forecasted to jump to JPY30
billion is now expected to drop to JPY15 billion, and
consolidated income before ordinary taxes was predicted to go up
to JPY25 billion, is now changed to JPY8 billion.

The company will release its full year financial result for the
fiscal year ended March 31, 2007, on May 31.

                        About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business  
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed on June 20, 2006,
its 'BB+' long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


NOMURA HOLDINGS: Eyes Philippine's Stake in Meralco & San Miguel
----------------------------------------------------------------
Nomura Holdings Inc. is interested in acquiring the Philippine
government's holdings in Manila Electric Co. and San Miguel
Corp., the Philippine Star reports.

Press Secretary Ignacio Bunye told the Star that President
Gloria-Macapagal Arroyo met with Nomura officials Wednesday in
the Imperial Hotel in Tokyo, where they expressed their interest
in the Philippine firms being privatized.

The Nomura officials who met with Mrs. Arroyo were:

    * Yoshinori Go, Nomura Asia Holdings COO and Nomura Int'l.
      president and CEO;

    * Hiro Yamaji, Nomura Securities Co. Executive VP for
      investment banking;

    * Takehiro Shimada, Nomura Securities Inc. President; and

    * Tina Ibarra, Nomura Securities Director.

President Arroyo's government is engaged in privatization of its
stakes in certain companies in the Philippines, seeking to raise
funds and reduce deficit.

"They (Nomura officials) were asking what's in the pipeline for
privatization so it was mentioned that we have some, so they've
expressed keen interest in those," Trade and Industry Secretary
Peter Favila told The STAR.

                    About Manila Electric Co.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.  

                     About San Miguel Corp.

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

                     About Nomura Holdings

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

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


SOFTBANK CORP: Drops Plan to Sue CLSA Over Analyst Report
---------------------------------------------------------
Softbank Corporation has dropped its plan to sue CLSA Asia-
Pacific Markets and analyst Kieran Calder over an analysis
report dated February 27, 2007, portraying Softbank's accounting
methods as inadequate.

In March 2007, Softbank Corp. was protesting the CLSA Asia-
pacific markets analyst report and requesting its correction
while considering legal action, such as a claim in damages,
against the parties concerned.  Softbank said the report was
misleading, its content was malignant in nature, and it was
written with ill intent towards Softbank.

Concerning this matter, CLSA distributed a memorandum to all the
investors that received the report on May 23, 2007 (with
Softbank's reply issued March 6, 2007 attached).  The memorandum
was also published on the CLSA Web site (only accessible to
registered users).

Softbank considers its claims were met through the memorandum
distribution to investors and publication on the CLSA Web site.
Legal action towards CLSA or the writer of the analyst report
Kieran Calder will not be considered any further.

                   CLSA Memorandum May 23, 2007

   Following our report dated 27 February 2007 on Softbank
   Corporation, Softbank issued a press release dated 6 March
   2007 in response.  We provide the readers of the Report with
   a full text of Softbank's response as attached.

   Although we sometimes do so, it is generally our practice not
   to consult with companies, the subject of our research, prior
   to publication. However, in hindsight, on this occasion,
   direct contact with Softbank may have avoided the
   misunderstandings that arose.

   The Report was drafted with the title "Confidence Man".
   However, because this could have potentially been
   misunderstood by our readers, we changed the title before the
   Report was publicized through our usual distribution channel
   (at 7am Tokyo time). No bad faith was intended on our part in
   terms of using the title. We (and Kieran Calder, our analyst,
   who prepared the Report) regret the use of the draft title
   and apologize to Softbank in this regard.

   In the Report, we failed to mention the fact that Deloitte
   Touche Tohmatsu, who are currently the auditors of Softbank,
   issued an unqualified semiannual audit report on the interim
   financials for the period ended 30 September 2006. Had this
   been mentioned in the Report, it may have allayed concerns
   that readers may have had about Softbank's accounting
   practices. We again apologize for having failed to mention
   such fact.

   There is a reference in our Report to recent financial
   scandals of Nikko Cordial and Sanyo, as well as ChuoAoyama
   who used to be their auditor. To our knowledge, there is no
   such financial scandal in relation to Softbank.

According to Masaki Kondo of Bloomberg News, Softbank still
plans to take legal action against the Financial Times, which
quoted Mr. Calder's report.

                        About Softbank

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

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

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

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

                          *     *     *

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

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

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


SUMITOMO MITSUI FINANCIAL: Earns JPY441.3 Billion in FY2007
-----------------------------------------------------------
Sumitomo Mitsui Financial Group, Inc. posted a net income of
JPY441.3 billion for the fiscal year ended March 31, 2007.

Ordinary income increased 5.3% to JPY3.90 trillion mainly due to
an increase in interest income.  This was attributable mainly to
increases in interest on loans and discounts, due to higher loan
balance and interest rates, and dividend income from holding
equities.  However, this was partially offset by a decrease in
other income, mainly due to lower gains on sale of stocks, and
equity in losses of equity method affiliates.

Ordinary expenses increased 13.2% to JPY3.10 trillion mainly due
to increases in interest expenses, such as interest on deposits,
and other operating expenses, including bond related losses.
However, other expenses decreased because of a substantial
decrease in credit costs.

As a result, ordinary profit amounted to JPY798.6 billion.

Loans and bills discounted amounted to JPY58.69 trillion, an
increase of JPY1.42 trillion, mainly due to an increase in
overseas lending to companies with high credit ratings and
overseas project finance.

Total assets amounted to JPY100.86 trillion, a decrease of
JPY6.15 trillion.

Net Assets amounted to JPY5.33 trillion, JPY2.74 trillion of
which was stockholders' equity as a result of recording net
income, partially offset by acquiring and retiring treasury
shares related to repayment of public fund.

Headquartered at Chiyoda-ku, in Tokyo, Japan, Sumitomo Mitsui
Financial Group, Inc. -- http://www.smfg.co.jp/-- is a  
financial holding company. It is principally involved in the
provision of financial services and products, which include
banking, leasing, securities, credit cards, investment and
lending, financing and venture capital. The Company has two core
business segments. The Banking segment offers services, such as
deposits, loans, commodities trading, securities investment,
domestic and foreign exchange, futures trading, bond fiduciary
and registration, trust, securities brokerage and insurance. The
Leasing segment mainly offers leasing services through SMBC
Leasing Co., Ltd. in Japan and SMBC Leasing and Finance, Inc.
overseas. The Company is also engaged in the system development,
debt management and collection, information processing,
consulting, factoring, money collection and financial derivative
businesses. As of March 31, 2006, the Company had 162
consolidated subsidiaries and 63 affiliated companies.

Fitch Ratings gave Sumitomo Mitsui Financial Group a C
individual rating on Dec. 22, 2006.


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

SK CORP: Sinopec Wants Tie-Up on Large Scale Ethylene Project
-------------------------------------------------------------
SK Corp has been invited by China's Sinopec to jointly build a
large-scale ethylene project with a capacity production of
800,000 tons per year in Wuhan, Asia Pulse reports.

According to the report, the ethylene project is estimated to
cost US$1.9 billion and is expected to be operational by 2010.

SK's President and Chief Executive Shin Heon-Cheol signed a
letter of intent for the joint investment when he went to China
on April 24, the report relates.

Asia Pulse notes that the Wuhan ethylene project will comprise
eight main production facilities, including:

   * 800,000 ton/year ethylene facility
   * 300,000 ton/year low linear density polyethylene facility
   * 300,000 ton/year high density polyethylene facility
   * 100,000 ton/year ethylene oxide facility
   * 380,000 ton/year ethylene glycol facility and
   * 400,000 ton/year polypropylene facility.

                         About SK Corp

Headquartered in Seoul, South Korea, SK Corp. --
http://eng.skcorp.com/-- is an energy and petrochemical company  
with 4,916 employees and 22 offices around the world in 2005.  
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations,
including Peru, London and the United States.

The Troubled Company Reporter - Asia Pacific reported that on
Feb. 20, 2006, Moody's Investors Service placed on review for
possible upgrade the Ba1 long-term rating of SK Corp.


TOWER AUTOMOTIVE: Wants Court Nod on Kemper Settlement Pact
-----------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to
approve their settlement agreement dated May 9, 2006, with
Lumbermens Mutual Casualty Company and its insurance company
subsidiaries and affiliates.

Lumbermens is Kemper Insurance Companies' flagship brand.

Anup Sathy, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois,
recalls that commencing in 1997, Kemper and the Debtors entered
into various written proposals for, and contracts of, insurance
pursuant to which Kemper provided workers compensation, general
liability and automotive liability insurance protection and
insurance-related services to the Debtors.

The Debtors assumed various financial obligations -- the Tower
Payment Obligations -- to Kemper in connection with the
Policies, Mr. Sathy notes.  The Debtors are obligated under the
Policies to reimburse or otherwise fund a certain portion of
each claim or loss to which the Policies respond, some of which
losses are characterized as "deductible" losses and some of
which are characterized as "insured" losses subject to a
dividend plan -- the Tower Retained Losses.

In connection with the Policies, the Debtors procured from
Deutsche Bank, and had Kemper identified as the beneficiary on,
an unconditional evergreen letter of credit securing the Tower
Payment Obligations, including the Tower Retained Losses, Mr.
Sathy says.

According to Mr. Sathy, a dispute has arisen between Kemper and
the Debtors concerning the Tower Payment Obligations, including
the Debtors' alleged obligation to pay Kemper certain amounts
billed under invoice numbers DC70510 and DC87843.  Kemper
previously drew on the Collateral to secure payment from
Deutsche Bank of the 2004 Invoice, but the 2006 Invoice remains
unpaid.

Kemper contends, Mr. Sathy continues, and the Debtors dispute,
that the Debtors owe payment of the 2006 Invoice and that
certain Tower Payment Obligations, not limited to the Debtors'
obligations to pay the Tower Retained Losses, exist and will
continue to exist and become due and payable in the future.

In connection with the dispute, the Debtors filed an adversary
proceeding against Kemper in the Bankruptcy Court under Cause o.  
06-01481, which Lawsuit is presently in abeyance pending the
resolution of an arbitration of the dispute.

To resolve the dispute, the Debtors and Kemper entered into a
stipulation and a settlement agreement.

The salient terms of the Settlement Agreement are:

    (1) The net sum of all amounts previously paid to Kemper by
        the Debtors and Deutsche Bank, specifically including
        the proceeds of the Collateral Draw, constitutes a full
        and final negotiated accord and satisfaction of all of
        the Tower Payment Obligations whether presently existing
        or arising in the future;

    (2) Kemper will retain for its own account the proceeds of
        the Collateral Draw and all amounts paid to Kemper by
        the Debtors;

    (3) The Debtors will have no obligation to Kemper under the
        2006 Invoice or any Tower Payment Obligation whatsoever;

    (4) Neither Kemper nor the Debtors will invoice, account to,
        or have any financial obligations to the other under any
        circumstances whatsoever;

    (5) Beginning on the date of execution of the Settlement
        Agreement, Kemper will commence invoicing the Debtors on
        a monthly basis for reimbursement of all Tower Retained
        Losses actually paid by Kemper during the previous
        monthly period.  The Debtors expressly acknowledge their
        continuing obligation under the Policies to pay or
        reimburse Kemper for the Tower Retained Losses.  
        Kemper's monthly invoices will contain sufficient claim
        detail to allow the Debtors to identify, verify and
        authenticate Kemper's actual payment of the Tower
        Retained Losses.  The Debtors will pay invoices within
        30 days of receipt, and any unpaid invoices not
        challenged or disputed in good faith within the period
        will be subject to the accrual of late fees or interest
        pursuant to the express provisions on the Policies;

    (6) Kemper has caused or authorized the reduction of the
        Collateral by US$12,879,967.  The amount of the
        Remaining Collateral has been reduced from US$26,379,967
        to US$13,500,000.  Within seven days of entry of a Court
        ruling approving the Stipulation, Kemper will take all
        necessary steps to cause and authorize the reduction of
        the Collateral by an additional US$2,500,000;

    (7) The parties exchange mutual releases.  However, Kemper
        does not release the Debtors from, and the Debtors agree
        to reimburse Kemper for, all Tower Retained Losses
        actually paid by Kemper;

    (8) Upon Court approval of the Stipulation, the Debtors will
        cause the Lawsuit to be dismissed with prejudice and
        will take steps necessary to secure vacatur of the
        corresponding injunction or temporary restraining order.
        The Debtors will also contemporaneously secure the
        discontinuation of the arbitration.  Each party will
        bear its own costs and fees;

    (9) On June 1, 2007, and at quarterly intervals after,
        Kemper will cause a reduction of Collateral in an amount
        equal to the Tower Retained Losses paid by Kemper and
        reimbursed by the Debtors during the preceding quarter.  
        On November 1, and at annual intervals after, Kemper
        will perform a review to determine the adequacy of the
        Collateral at that time and will, when warranted,
        promptly cause an adjustment of the Collateral.  The
        annual adjustments will at all times be further subject
        to the terms of the Stipulation; and

   (10) The provisions of the Settlement Agreement specifically
        do not extend to any third-party claim administrator,
        including Broadspire, Inc., and the rights, duties and
        obligations of any third-party claim administrator
        remain unaffected.

The salient terms of the Stipulation include the terms of the
Settlement Agreement.  Furthermore, the Stipulation provides
that:

    * The Debtors will, as of each Annual Redetermination, be
      obligated to provide Kemper with Collateral in an amount
      no less than 115% of the then-existing amount of unpaid
      Tower

      Retained Losses;

    * In the event of an increase in the unpaid Tower Retained
      Losses that the amount of the Collateral at the time of
      any Annual Redetermination is less than 115% of the amount
      of the unpaid Tower Retained Losses, the Debtors are
      authorized to, and will, obtain additional Collateral;
      Kemper will have an administrative expense claim in an
      amount equal to 115% of the then-existing unpaid Tower
      Retained Losses less the then-existing amount of the
      Collateral; and

    * In the event the Debtors' reorganized entity or the
      Debtors' successor does not assume the Stipulation, Kemper
      will have an administrative expense claim equal to 130% of
      the then-existing unpaid Tower Retained Losses less the
      then-existing amount of the Collateral.

Mr. Sathy asserts that absent authorization to enter into the
Settlement Agreement, the parties would continue to proceed
along a litigious and time-consuming path with respect to the
disputes at issue.  While the Debtors believe that their case
against Kemper is strong, success on the merits is not
guaranteed.  The Debtors' settlement of the dispute, he
continues, enables them to further focus their collective
resources toward moving forward with development of their
Chapter 11 plan, and the ultimate resolution of the Debtors'
bankruptcy cases.

                   About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and  
producer of vehicle structural components and assemblies used by
very major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia,
Nissan, Toyota, Volkswagen and Volvo.  Products include body
structures and assemblies, lower vehicle frames and structures,
chassis modules and systems, and suspension components.  The
company has operations in Korea, Spain and Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


* Fitch Says Commingling Risk in Korean RMBS Still Exists
---------------------------------------------------------
In most structured finance transactions, funds received from the
collateral pool are held in different bank accounts before being
released to investors as interest or principal payments.
Commingling risk is when funds belonging to an issuer may be
combined with the insolvency estate of a defaulted party in a
structured finance transaction.

Fitch Ratings has recently received enquiries from arrangers and
investors relating to its treatment of commingling risk in
rating Korean RMBS.  Under the Korean RMBS transaction
structure, mortgage loan obligors are expected to continue to
remit their mortgage loan payments to the originator, mainly
using auto-debit.  The auto-debited funds will be remitted to
the originator's bank account and, on the same day, directly
transferred to the collection account of the purchaser in the
name of the purchaser at the originator as the servicer.  On the
second day, the funds will be swept out of the purchaser
collection account and into the general won account in the name
of the purchaser at an account bank.

Some market participants argue that under this arrangement,
commingling risk is sufficiently mitigated and no extra credit
enhancement should be required. However, Fitch's review of this
fund flow arrangement shows that in the event of the
originator's insolvency, the collections kept at the purchaser
collection account at the originator will still be treated as an
unsecured claim of the purchaser upon the originator's
insolvency.  Therefore, such collections will be subject to
Korean insolvency proceedings and hence commingling risk still
exists.

Commingling risk is mitigated through the use of minimum ratings
for the counterparty at risk commensurate with the highest rated
structured finance debt, or credit enhancement sized at closing
to cover the commingling exposure at risk.  Fitch will shortly
publish a special report to detail how commingling and set-off
risk relating to Korean RMBS are analysed and taken into account
in its rating process.


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

MANGIUM INDUSTRIES: Triggers Amended Practice Note 17 Criterion
---------------------------------------------------------------
Mangium Industries Bhd disclosed on May 22, 2007, that it has
become an affected listed issuer pursuant to the provisions of
Amended Practice Note 17/2005, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
capital.

As an affected listed issuer, Mangium is required to formulate
and implement a plan to regularize its financial condition
within a timeframe stipulated by relevant authorities.

In the event Mangium fails to comply with all the provisions of
Amended PN 17, Bursa Malaysia Securities may commence delisting
proceedings against the company.

The company's board of directors is currently working on
formulating a regularization plan that will be submitted to
relevant authorities for approval.

                          *     *     *

Mangium Industries Berhad's principal activities are the
manufacturing and trading of timber and timber related products.
Other activities include provision of printing services,
publisher, printer consultants and advertisers, trading of
alcoholic beverages, general trading of office furniture,
operation and development of the plantation and investment
holding.  Operations of the Group are carried out in Malaysia.


UTAMA BANKING: Loss of Core Business Triggers PN17 Listing
----------------------------------------------------------
Utama Banking Group Bhd is now listed as an Amended Practice
Note 17 company based on the criteria's set by the Bursa
Malaysia Securities Bhd after it triggered Paragraph 8.14C of
the Listing Requirements.

According to the company's disclosure statement with the bourse,
it triggered the PN17 listing following the completion of the
disposal of its entire investment in Rashid Hussain Berhad, a
wholly owned subsidiary, which leaves the company without
significant business operations.

As an affected listed issuer, Utama Banking is required to
formulate and implement a plan to regularize its financial
condition within a timeframe stipulated by relevant authorities.  
In the event the company fails to comply with all the provisions
of Amended PN 17, Bursa Securities may commence delisting
proceedings against the company.

Utama Banking's board of directors is currently identifying
suitable assets to be injected into the company for purposes of
the Regularization Plan.  

                          *     *     *

Utama Banking Group Berhad's principal activities are banking
and related financial services.  Other activities include
investment holding and provision of nominees services.  
Operations of the Group are carried out in Malaysia.


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

ARAMAND SEA: High Court to Hear Wind-Up Petition on July 5
----------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Aramand Sea Fishing Ltd. on July 5, 2007, at
10:45 a.m.

The petition was filed by the Bank of New Zealand Limited on
April 16, 2007.

The solicitor of Bank of New Zealand is:

         G. J. Toebes
         c/o Buddle Findlay
         State Insurance Tower, Level 17
         1 Willis Street
         Wellington
         New Zealand


CUSTOM KITCHENS: Fixes June 8 as Last Day to Receive Claims
-----------------------------------------------------------
Custom Kitchens Ltd. requires its creditors to file their proofs
of debt by June 8, 2007.

The company commenced liquidation proceedings on April 30, 2007.

The company's liquidator is:

         Peri Finnigan
         c/o McDonald Vague
         PO Box 6092, Wellesley Street
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508


DDL&Z LTD: Creditors' Proofs of Debt Due by May 30
--------------------------------------------------
On April 30, 2007, David Donald Crichton and Keiran Anne Horne
were appointed as liquidators of DDL&Z Limited.

The Liquidators fixed May 30, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

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


DRIVER HOLDINGS: Subject to CIR's Wind-Up Petition
--------------------------------------------------
On March 28, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Driver Holdings Ltd.

The petition will be heard before the High Court of Auckland on
July 5, 2007, at 10:00 a.m.

The CIR's solicitor is:

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


HINTON PARTNERSHIP: Enters Wind-Up Proceedings
----------------------------------------------
Hinton Partnership Ltd. started to liquidate its business on
April 22, 2007.

Peter Reginald Jollands and Rory Iain Grieve were appointed as
liquidators.

The Liquidators can be reached at:

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


INDIAN STAR: Faces CIR's Wind-Up Petition
-----------------------------------------
The Commissioner of Inland Revenue filed a wind-up petition
against Indian Star Ltd. on March 29, 2007.

The petition will be heard before the High Court of Auckland on
July 12, 2007, at 10:00 a.m.

The CIR's solicitor is:

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


MS & RM CONTRACTORS: Wind-Up Petition Hearing Set for June 6
------------------------------------------------------------
A petition to wind up the operations of MS & RM Contractors Ltd.
will be heard before the High Court of Blenheim on June 6, 2007,
at 10:00 a.m.

Accident Compensation Corporation filed the petition with the
Court on March 30, 2007.

Accident Compensation's solicitor is:

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


NEW LYNN: Court to Hear Wind-Up Petition on June 14
---------------------------------------------------
The High Court at Auckland will hear a petition to wind up the
operations of New Lynn Compliance Centre Ltd. on June 14, 2007,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on March 20, 2007.

The CIR's solicitor is:

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


QUARK SOLUTIONS: Shareholders Resolve to Liquidate Business
-----------------------------------------------------------
The shareholders of Quark Solutions Ltd. met on April 30, 2007,
and resolved to liquidate its business.

Gordon L. Hansen was appointed to oversee the liquidation
proceedings.

The Liquidator can be reached at:

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


SETTLERS FOODS: Taps Shephard and Dunphy as Liquidators
-------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
as liquidators of Settlers Foods (2005) Ltd. on April 30, 2007.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         c/o Shephard Dunphy Limite
         Prince's Wharf, Shed 20
         Auckland
         New Zealand
         Telephone:(09) 309 3264
         Facsimile:(09) 309 3265


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

CITY RESOURCES: Posts PHP2.6 Million Capital Deficit for 2006
-------------------------------------------------------------
City Resources Inc. posted a capital deficit of PHP2.60 million
as of December 31, 2006.

The company also reported a net loss of PHP502,000, mostly on
operating expenses, for the year ended December 31, 2006.

The company is currently not engaged in operations.

All of the assets of Pasig City, Philippines-based City
Resources (Phils.) Corporation (CRC) over mining rights over all
of its mineral properties in the Municipalities of Paracale and
Labo, both in the Province of Camarines Norte, were sold as far
back as January 31, 1994 to Crescent Mining and Development
Corporation. On March 1, 1994, the stockholders approved the
change in the primary purpose of the company from mining to that
of a holding company. The SEC approved this amendment on
March 24, 1994. Since then CRC had no operations.

On October 2000, Lopez, Inc. acquired the right to purchase
7,515,850 fully paid shares and 79,504,310 partially paid shares
of the company from Starfield Holdings, Inc., representing at
least 91% of the outstanding capital stock of the company. For
the year 2001, Lopez Inc. intends to exercise the rights and
transfer the shares under its name or under the name of the
affiliate. Lopez, Inc. will also revive the operations of the
company as a holding Company by transferring assets to the
company and will organize the company and activate its
management in 2001.


EAST ASIA POWER: Annual Stockholders' Meeting Set for June 27
-------------------------------------------------------------
East Asia Power Resources Corp. will hold its annual
stockholders' meeting on June 27, 2007, at 9:00 a.m. at the
Manila Polo Club.

Only stockholders of record as of June 4, 2007, are entitled to
notice and are eligible to vote at the meeting.

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the company changed its
primary purpose from mining to holdings.  In 1996, the company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu, and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the company's financial report for
the year ended December 31, 2005.  SGVC notes that the company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of
Dec. 31, 2005, and 2004.

The TCR-AP reported on Dec. 8, 2006, that East Asia Power had a
stockholders' equity of US$64.61 million.


MANILA ELECTRIC: Nomura Eyes Philippine Government's Stake
----------------------------------------------------------
Nomura Holdings Inc. is interested in acquiring the Philippine
government's holdings in Manila Electric Co., the Philippine
Star reports.

Press Secretary Ignacio Bunye told the Star that President
Gloria-Macapagal Arroyo met with Nomura officials Wednesday in
the Imperial Hotel in Tokyo, where they expressed their interest
in the Philippine firms being privatized.

The Nomura officials who met with Mrs. Arroyo were:

    * Yoshinori Go, Nomura Asia Holdings COO and Nomura Int'l.
      president and CEO;

    * Hiro Yamaji, Nomura Securities Co. Executive VP for
      investment banking;

    * Takehiro Shimada, Nomura Securities Inc. President; and

    * Tina Ibarra, Nomura Securities Director.

President Arroyo's government is engaged in privatization of its
stakes in certain companies in the Philippines, seeking to raise
funds and reduce deficit.

"They (Nomura officials) were asking what's in the pipeline for
privatization so it was mentioned that we have some, so they've
expressed keen interest in [Meralco]," Trade and Industry
Secretary Peter Favila told The STAR.

                     About Nomura Holdings

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

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

                    About Manila Electric Co.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006, report by the Troubled Company Reporter - Asia
Pacific stated that the company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around PHP4.7
billion.


MIC Holdings: Annual Stockholders' Meeting Set for June 18
----------------------------------------------------------
MIC Holdings Corp. will hold its annual stockholders' meeting on
June 18, 2007, at 2:00 p.m. on the 8th floor of the DPC Place,
located at 2322 Chino Roces Avenue, in Makati City.

The meeting will take up these matters:

     * Call to Order

     * Secretary's Proof of Notice and Quorum

     * Annual Report of the President on Company Operations and
       Audited Financial Statements for the fiscal year ended
       December 31, 2006.

     * Ratification of all Acts and Proceedings of the Board of
       Directors and Corporate Officers

     * Election of Members of the Board of Directors

     * Appointment of External Auditor

     * Other Matters

     * Adjournment

The meeting is open to common stock shareholders as of May 23,
2007.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

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

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


SAN MIGUEL: Nomura Holdings Eyes Philippine Government's Stake
--------------------------------------------------------------
Nomura Holdings Inc. is interested in acquiring the Philippine
government's holdings in San Miguel Corp., the Philippine Star
reports.

Press Secretary Ignacio Bunye told the Star that President
Gloria-Macapagal Arroyo met with Nomura officials Wednesday in
the Imperial Hotel in Tokyo, where they expressed their interest
in the Philippine firms being privatized.

The Nomura officials who met with Mrs. Arroyo were:

    * Yoshinori Go, Nomura Asia Holdings COO and Nomura Int'l.
      president and CEO;

    * Hiro Yamaji, Nomura Securities Co. Executive VP for
      investment banking;

    * Takehiro Shimada, Nomura Securities Inc. President; and

    * Tina Ibarra, Nomura Securities Director.

President Arroyo's government is engaged in privatization of its
stakes in certain companies in the Philippines, seeking to raise
funds and reduce deficit.

"They (Nomura officials) were asking what's in the pipeline for
privatization so it was mentioned that we have some, so they've
expressed keen interest in [San Miguel]," Trade and Industry
Secretary Peter Favila told The STAR.

                     About Nomura Holdings

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

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

                     About San Miguel Corp.

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

                          *     *     *

A Troubled Company Reporter - Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating.

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

Moody's Investors Service has put on review for possible
downgrade the Ba1 local currency corporate family rating of San
Miguel Corporation.  The rating action is in response to the
company's recently announced plans to spin off its domestic beer
business and regional packaging business, and to expand into
mining, power, infrastructure and utilities businesses.


SWIFT FOODS: Earns PHP80.51 Million in 2006
-------------------------------------------
Swift Foods Inc. posted a net income of PHP80.51 million for the
year ended December 31, 2006, as compared to the PHP82.07
million net loss reported for 2005.

The Company's net revenue in 2006 amounted to PHP3.72 billion,
an increase of 5.2% compared to the PHP3.56 billion reported in
2005.

The Company's balance sheet as of December 31, 2006, show that
total current assets were at PHP681.13 million and total current
liabilities were at PHP1.31 billion.

As of December 31, 2006, the Company had total assets of PHP1.86
billion and total liabilities of PHP1.61 billion, resulting in
total equity at PHP248.91 million.

                     About Swift Foods Inc.

Mandaluyong City-based, Swift Foods, Inc. --
http://rfm.com.ph/swift/swift_foods-- was incorporated to  
assume RFM's business of manufacturing, marketing, and
distributing processed and canned meat products, poultry
products, and commercial feeds. It is organized into two major
divisions -- agribusiness and meat processing and sales
distribution. Its agribusiness division produces broiler
chickens and feeds while the latter manufactures processed meat,
canned goods and customized meat products for fast-food chains.

                Significant Doubt on Going Concern  

Teresita M. Baes of Sycip Gorres Velayo & Co., the company's
independent auditors raised significant doubts on the company's
ability to continue as a going concern in the company's 2005
annual report, pointing out that the company has been incurring
net losses of PHP81.95 million for 2005 and PHP485.55 million in
2004, as well as the company's total current liabilities
exceeding its total current assets by PHP797.81 million and
PHP649.28 million, as of December 31, 2005, and 2004,
respectively.

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Swift Foods Inc. until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


WARNER MUSIC: S&P Retains BB- Corp. Credit Rating on Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on New
York City-based Warner Music Group Corp., including its 'BB-'
corporate credit rating, remain on CreditWatch with
negative implications, where they were initially placed on
Feb. 22, 2007, following the company's statement that it was
exploring a possible merger agreement with EMI Group PLC
(B+/Watch Neg/B).  The CreditWatch update follows the
announcement by EMI that it has accepted a cash offer from Terra
Firma Capital Partners for 265 pence per share, or 2.4 billion
pounds, excluding existing debt.  In February 2007, EMI had
rejected a bid by Warner for 260p per share.
      
"The CreditWatch status reflects continuing uncertainty
surrounding the final outcome of the bidding process, and Terra
Firma's ultimate plans for certain segments of EMI's business,"
explained Standard & Poor's credit analyst Michael Altberg.
     
In resolving the CreditWatch listing, Standard & Poor's will
continue to monitor developments related to EMI's potential
buyout.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--     
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.


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

MEDIASTREAM LIMITED: Creditors Set to Meet on June 7
----------------------------------------------------
The creditors of Mediastream Limited will meet on June 7, 2007,
at 10:00 a.m., to approve the judicial manager's statement of
revised proposal.

The company's judicial manager is:

         Timothy James Reid
         c/o Ferrier Hodgson
         50 Raffles Place
         #16-06 Singapore Land Tower
         Singapore 048623


PETROLEO BRASILEIRO: In Talks With PetroChina for Oil Agreements
----------------------------------------------------------------
Petroleo Brasileiro S.A., Brazil's state-owned oil firm, is in
talks with PetroChina Co. for possible oil exploration and
refining accords, Wang Ying and Winnie Zhu at Bloomberg News
reports.

Henyo T. Barretto, Petroleo Brasileiro's president consultant,
told Bloomberg that a deal maybe cinched at the end of this
year.

China National Petroleum, PetroChina's parent firm, inked an
initial pact on Feb. 1 with Petroleo Brasileiro on areas of
exploration, refining and other business in China and Brazil,
the same report relates.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp  
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's Investors Service.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

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


PETROLEO BRASILEIRO: Will Launch Gas Pipeline Works in Amazon
-------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA said in
a statement that it will begin work to lay two stretches of a
gas pipeline under a large tributary of the Amazon this week.

Bernd Radowitz at Dow Jones Newswires relates that the pipeline
will be about 16 kilometers long.  It will be connected to a
larger pipeline from the Urucu oil and gas production area in
the Amazon to a refinery and a thermoelectric power plant in
Manaus.

According to Dow Jones' Mr. Radowitz, Petroleo Brasileiro
expects the underwater pipeline works at Rio Negro to be
concluded in July.  It also expects the entire Urucu-Manaus
pipeline to be completed in April 2008.

The pipeline will be used for the transfer of 4.7 million cubic
meters of gas per day from Urucu to Manaus.  The gas will be
chiefly used as an alternative for electric-energy generation,
substituting the more polluting combustion oil, Dow Jones' Mr.
Radowitz states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp  
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's Investors Service.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

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


RED HAT: Credit Suisse Ups Rating on Firm's Shares to Outperform
----------------------------------------------------------------
Credit Suisse analyst J. Maynard has upgraded his rating on Red
Hat Inc's shares to "outperform" from "neutral," Newratings.com
reports.

Newratings.com relates that the target price for Red Hat's
shares was increased to US$27 from US$25.

Mr. Maynard said in a research note published on May 22 that
recent field checks showed that Red Hat's bookings and billings
growth is expected to stay healthy and improve in the second
half of this year.

Red Hat's cash flow guidance looks conservative, in view of its
several field efforts in channel sales and new product plans,
Mr. Maynard told Newratings.com.

Credit Suisse thinks that billings at Red Hat's JBoss subsidiary
will increase significantly in the fiscal year 2007,
Newratings.com states.

                        About Red Hat

Red Hat, Inc. -- http://www.redhat.com/ -- provides open source  
software solutions to the enterprise, including its core
enterprise operating system platform, Red Hat Enterprise Linux,
as well as other Red Hat enterprise technologies.  It employs an
open source software development and licensing model that uses
the collaborative input of an international community of
contributors to develop and enhance software.  The company has
offices in Singapore, Germany and Argentina.

The Troubled Company Reporter - Asia Pacific on Nov. 3, 2006,
reported that Standard & Poor's Ratings Services revised its
outlook on Raleigh, N.C.-based operating systems provider Red
Hat Inc. to stable from positive, and affirmed its 'B+'
corporate credit rating.


RED HAT: Matthew Szulik Says Software Patents Slowing Innovation
----------------------------------------------------------------
Red Hat Chief Executive Matthew Szulik told Stephen Shankland at
CNET News.com that software patents are slowing innovation.

CNET's Mr. Shankland relates that Mr. Szulik said during the
Open Source Business Conference, "In the last 30 years, we've
continued to see patents really being a challenge to innovation.  
The industry moves much faster than a remedy process.  There is
very little empirical evidence that builds a correlation between
patents and innovation."

Software patents hold back the pace of innovation, CNET's Mr.
Shankland says, citing Mr. Szulik.  However, he didn't call for
their abolition and instead urged reform of the patent process.

CNET's Mr. Shankland underscores that Mr. Szulik's patent reform
agenda includes:

   -- better searchable database;

   -- cleaner distinction between patents and trade secrets; and

   -- shorter review process for assigning patents.

Red Hat became one of the open-source Microsoft rivals accused
of breaching 235 of the software giant's patents, CNET's Mr.
Shankland states.  Microsoft would like to arrange patent
licensing deals, as it did last year with Linux seller Novell.  
However, a cordial resolution seems unlikely.

According to CNET's Mr. Shankland, Mr. Szulik argued that "open-
source programmers aren't running roughshod over others'
patents."

Mr. Szulik told CNET's Mr. Shankland, "I've had discussions with
most luminaries of the open-source industry.  They have always
been respectful of intellectual property, of originality and
invention."

It would be helpful for Microsoft to disclose the tally of 235
patents, as well as the list of patents, CNET's Mr. Shankland
says, citing Mr. Szulik.

Mr. Szulik commented to CNET's Mr. Shankland, "No responsible
vendor wants to violate patents or infringe.  Any access that
would allow workarounds to take place, so the respect for the
innovation is maintained, is a good thing."

Red Hat applies for software patents to use them "only
defensively," CNET's Mr. Shankland reports.

                        About Red Hat

Red Hat, Inc. -- http://www.redhat.com/ -- provides open source  
software solutions to the enterprise, including its core
enterprise operating system platform, Red Hat Enterprise Linux,
as well as other Red Hat enterprise technologies.  It employs an
open source software development and licensing model that uses
the collaborative input of an international community of
contributors to develop and enhance software.  The company has
offices in Singapore, Germany and Argentina.

The Troubled Company Reporter - Asia Pacific on Nov. 3, 2006,
reported that Standard & Poor's Ratings Services revised its
outlook on Raleigh, N.C.-based operating systems provider Red
Hat Inc. to stable from positive, and affirmed its 'B+'
corporate credit rating.


SCOTTISH RE: EVP Hugh McCormick to Return to Private Practice
-------------------------------------------------------------
Scottish Re Group Limited disclosed that Hugh T. McCormick,
Executive Vice President of Corporate Development, will be
leaving Scottish Re in June to return to the New York law office
of LeBoeuf, Lamb, Greene & MacRae, L.L.P., where he will resume
his long-standing role as a legal advisor to Scottish Re.

"Since joining Scottish Re in 2005, Hugh has been an important
part of the Scottish Re team making significant contributions to
the company's capital market initiatives and with regulatory
matters," said Paul Goldean, Chief Executive Officer of Scottish
Re Group Limited.  "We wish him continued success after his
return to public practice."

Mr. McCormick added, "It has been a pleasure working at Scottish
Re and I look forward to maintaining both the personal and
professional relationships with my colleagues at Scottish Re."

Prior to joining Scottish Re, Mr. McCormick was a partner in the
New York office of LeBoeuf, Lamb, Greene & MacRae L.L.P. where
he advised Scottish Re and other domestic and foreign insurance
and reinsurance companies on tax, regulatory and corporate
matters arising in connection with mergers and acquisitions,
demutualizations, reinsurance transactions and insurance
products.

From 1977 to 1981 he was an attorney-advisor with the
Interpretative Division of the Office of Chief Counsel of the
Internal Revenue Service.

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

                           *    *     *

The Troubled Company Reporter reported on May 10, 2007, that
Fitch Ratings revised the Rating Watch on these ratings of
Scottish Re Group Ltd. (NYSE:SCT) to Positive from Evolving:

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

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


SEE HUP SENG: Obtains Approval to Place 30 Million Shares
---------------------------------------------------------
On May 21, 2007, the Singapore Exchange Securities Trading
Limited granted See Hup Seng Limited an approval to list and
quote the 30,000,000 placement shares on the Singapore Exchange
Securities Trading Limited Dealing and Automated Quotation
System.

The placement of shares entails three separate placement
agreements with:

   * Legg Mason International Equities (Singapore) Pte Ltd that
     will subscribe 10,000,000 placement shares;

   * SBI E2-Capital Asia Securities Pte Ltd that will subscribe
     11,000,000 placement shares; and

   * DBS Vickers Securities (Singapore) Pte Ltd that will
     subscribe 9,000,000 placement shares.

See Hup Seng agreed to pay SBI E2 and DBS Vickers these
commissions:

   -- 1.0% in respect of 11,000,000 placement shares pursuant to
      the Placement Agreement entered into between SBI E2 and
      the company; and

   -- 1.0% in respect of 9,000,000 placement shares pursuant to
      the Placement Agreement entered into between DBS Vickers
      and the company.

The completion of the separate Placement Agreements is expected
to take place by May 28, 2007, and the date of the listing and
quotation of the Placement Shares on the SGX-Sesdaq will be
announced in due course.

Each of the Placement Agents has undertaken, inter alia, that
they will not offer the placement shares for sale to or procure
subscriptions from any director or substantial shareholder of
the company or other related parties.

                      About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is   
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's financials for the
year 2005, Moore Stephens -- See Hup Seng's independent auditors
-- expressed significant doubt in the company's ability to
continue as going concern, citing the company's losses and net
current liabilities.  Moore Stephens adds that the ability of
the group and the company to continue as going concerns is
dependent the company's debt restructuring exercise.


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

DAIDOMON GROUP: SET Halts Trade for Failure to Submit Financials
----------------------------------------------------------------
The Stock Exchange of Thailand has posted SP (Suspension) signs
on the trading of Daidomon Group PCL's securities because the
company failed to timely submit its financial statements for the
quarter ended March 31, 2007.

The sign became effective on the first session of May 16, 2007,
and will remain in force until the company submits the required
financial statements to the SET.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue  
and  Japanese food restaurants under the brand name of
Daidomon.  The group's products include barbecue, dessert and
drinks, and bottled sauce.  The company is currently undergoing
rehabilitation.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 16, 2007, that Daidomon Group has total assets of US$12.92
million and a total capital deficiency of US$8.51 million.


DAIMLERCHRYSLER: Chrysler Invests US$700MM in Marysville Plant
--------------------------------------------------------------
Chrysler Group broke ground at the future site of the Marysville
Axle Plant in Marysville, Michigan.  Chrysler Group executives
were joined by UAW officials and state and local dignitaries to
celebrate the US$700 million Michigan investment.

The plant represents just one step that Chrysler Group is taking
toward reaching its Recovery and Transformation Plan, which is
designed to return the company to profitability by 2008.  The
axle plant is part of the Company's "Powertrain Offensive" -- a
$3 billion investment to produce more fuel-efficient engines,
transmissions and axles for Chrysler Group.

"The Marysville Axle Plant and other powertrain investments show
Chrysler Group's commitment to improving the fuel economy of all
of our vehicles," Frank Ewasyshyn, Chrysler Group Executive Vice
President - Manufacturing, said.  "We are proud to play a
positive role in the economy of the State of Michigan, as well
as in the City of Marysville."

"The investment in Marysville is a great start for the new
Chrysler Corporation," General Holiefield, UAW Vice President,
who directs the union's DaimlerChrysler Department, said.  "It
shows that when we work together, we can preserve good-paying
manufacturing jobs in the United States."

Construction on the plant will begin this summer.  It will
employ 900 people when it reaches full volume in 2010 and will
produce 1.2 million axles annually.

"We came together as several separate entities to formulate the
requirements necessary to attract Chrysler Group to a project
site for their new axle plant," Gary Orr, Mayor of Marysville,
said.  "For that we are so very grateful. As a City Council, we
are excited and as Mayor of record I am extremely proud, as an
administrative team, we stand ready to support the successful
future of this great automotive giant."

The Marysville Axle Plant investment will include engineering
and development costs.

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

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

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

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


DAIMLERCHRYSLER: Cerberus Adds Chrysler to Form Giant Auto Biz
--------------------------------------------------------------
Cerberus Capital Management LP, the private equity firm buying
DaimlerChrysler AG's Chrysler Group, is assembling one of the
world's biggest automotive companies as it adds the carmaker to
holdings that include GMAC LLC, the former financing unit of
General Motors Corp., and the parent of the Alamo Rent-a-Car and
National Car Rental chains, Bloomberg News reports.

Cerberus has amassed a group of auto-related assets similar to
the ones GM and Ford Motor Co. owned before US$25 billion of
combined losses in 2005 and 2006 forced them to shed assets,
Bloomberg observes.  The absence of scrutiny from public
shareholders would permit the firm to reduce employee costs and
increase productivity before selling Chrysler at a profit.

           Acquisitions Mark Shift in Private-Equity

According to the report, Cerberus led an investor group last
year that bought 51 percent of Detroit-based GMAC, which makes
home and auto loans.  The private-equity firm acquired bankrupt
Vanguard Car Rental Holdings LLC, the Tulsa, Oklahoma-based
parent of Alamo and National, in 2003 for US$290 million.  It
paid US$147 million for GenCorp's GDX Automotive unit in 2004,
after it lost US$14 million in the first quarter.

Cerberus' focus on building another automotive giant from its
recent acquisitions is an important shift in the private-equity
industry, The Associated Press states, citing analysts as
saying.  It was common for private equity firms to manage a
portfolio of completely diverse companies before but these days,
many are forming their portfolio of companies around specific
sectors with a goal to become true industry players.

Cerberus is also part of a group that offered to invest US$3.4
billion in bankrupt auto-parts maker Delphi Corp, Bloomberg
relates.  Without giving a reason, Delphi said last month it
expects Cerberus to back out.

Bloomberg notes that Cerberus began showing interest in the
automobile industry in the 1990s, when it acquired stakes
including 5 percent in United Auto Inc., a New York-based auto
dealership chain.

                Cerberus -- in for the Long Haul

Cerberus Chairman John Snow said in an interview that the firm
"can put Chrysler on a sustainable path towards true
profitability.  We are able to take a longer view, we are able
to be patient."

"We don't buy with the intention to pursue an exit," Mr. Snow
told the AP in an interview.  "We buy with the intention, with
the clear intention, to help turn the company around, help it
achieve its potential."

                      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 AG: Shoulders US$1 Billion Chrysler Pension Risk
----------------------------------------------------------------
DaimlerChrysler AG has assumed extensive guarantees in the wake
of Chrysler Group's sale to Cerberus Capital Management LP, the
most significant of which is the US$1 billion risk it now
shoulders should the unit's pension plans be terminated before
an agreement with U.S. agency Pension Benefit Guaranty
Corporation expires in five years, a scenario that would come
into fruition in case of an insolvency, published reports claim.

The agency has said that Daimler and Cerberus made significant
financial commitments to boost Chrysler's pensions: Chrysler
will pay US$200 million more than legally required into pension
funds until 2012, The Financial Times reveals.  This will also
affect Daimler's figures, given that Daimler holds a 19.9
percent stake in Chrysler.  In mid-July discussions over payment
agreements, which expire in September, are due to begin, in
which pension funds and health insurance are key issues.

"We have said that with the closing of the transaction, the
topic of pension obligations is settled.  If there is something
coming, then we know what is coming," a Daimler spokesman said.  
The agreement was based on the agency's model, which calculates
risks in the event that the pension plans were terminated
immediately, Reuters relates, quoting the spokesman.

A federal corporation created under the Employee Retirement
Income Security Act of 1974, the PBGC monitors corporate
transactions that might jeopardize the financial security of
U.S. defined-benefit pension plans and arranges protection for
the plans and the pension insurance program, Reuters notes.  
PBGC receives no funds from general tax revenue but is financed
largely by insurance premiums paid by companies that sponsor
pension plans and by investment returns.

"I commend both Daimler and Cerberus on their willingness to
work with the PBGC to protect the retirement security of
Chrysler workers and retirees," PBGC Interim Director Vince
Snowbarger said in a recent statement.

                      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.


DATAMAT PCL: SET Halts Trading for Failure to Submit Financials
---------------------------------------------------------------
The Stock Exchange of Thailand has posted SP (Suspension) signs
to suspend trading on Datamat PCL's securities because the
company failed to timely submit its financial statements for the
quarter ended March 31, 2007.

The sign became effective on the first session of May 16, 2007,
and will remain in force until the company submits the required
financial statements to the SET.

Headquartered in Bangkok, Thailand, Datamat Public Co. Limited
-- http://www.datamat.co.th/-- distributes computers,  
provides computer technology services, and maintains computer
and software system.  It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.

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

Datamat was ordered by the Central Bankruptcy Court on
August 11, 2005, to rehabilitate its business.  Advance Planner
Co., Ltd, was then appointed as Datamat's plan administrator on
October 12, 2005.   

Datamat, in an October 18, 2006, filing with the Stock Exchange
of Thailand, disclosed that the Bankruptcy Court has ordered the
cancellation of the company's rehabilitation plan due to
disagreements among the parties involved.


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

AUSTRALIA

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


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Chang Ling Group                  561      77.48      -76.83
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Kejian Co. Ltd.              35      54.71     -179.23
China Liaoning International
  Cooperation (Group) Ltd         638      20.12      -42.96
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Fujian Sannong Group Co. Ltd      732      44.23      -92.62
Guangdong Hualong Groups
   Co., Ltd                    600242      26.60      -33.10
Guangdong Kelon Electrical
   Holdings Co Ltd                921     596.71      -94.69
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co., Ltd         600759      32.70      -15.28
Hans Energy Company Limited       554      85.00       -0.49
Heilongjiang Black Dragon
   Co., Ltd                    600187     121.30      -74.45
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -21.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen China Bicycle Co.,
  Hlds.  Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
  Tech. and Service Co., Ltd.     863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.82      -62.11
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information Industry
   Group Co.                      517      99.92      -14.29
Suntek Technology Co., Ltd     600728      48.81      -16.09
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Tianyi Science & Technology
   Co., Ltd                    600703      53.41      -28.73
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
UNIDA Co., Ltd.                600181     136.43      -12.38
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     107.55      -29.27
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Limited             DNLP      52.75      -65.30
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Himachal Futuris                 HMFC     574.62      -38.68
JCT Electronics Ltd.             JCTE     118.28     -165.74
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Shyam Telecom Limited             SHY     147.34      -22.80
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     653.56       -9.99


INDONESIA

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


JAPAN

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


KOREA

Belco International Co., Ltd    53470      19.89       -5.49
BHK Inc                          3990      24.36      -17.38
C&C Enterprise Co. Ltd.         38420      28.05      -14.50
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      23.15       -5.10
Seji Co., Ltd                   53330      37.25       -0.31
Tong Yang Major Corp.            1520    2332.81      -86.95


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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


                            *********

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

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

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


                            *********


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

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

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

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

                 *** End of Transmission ***