TCRAP_Public/070528.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Monday, May 28, 2007, Vol. 10, No. 104

                            Headlines

A U S T R A L I A

APN NEWS: Shareholders Reject AU$3 Billion Independent Bid
COEUR D'ALENE: Gets Court Ruling on Kensington Gold Mine
COPCO PTY: Members Opt to Wind Up Operations
FIRMWARE DESIGN: Taps Louise Guines as Liquidator
FIVE STAR: Joint Meeting Set for June 18

FORTESCUE METALS: Seeks Extension to Meet Safety Improvements
GAMESTOP CORP: Continued Debt Reduction Cues S&P to Lift Ratings
GRAIN ACCUMULATORS: To Declare Final Dividend on June 6
J. WARREN: Will Declare Dividend for Unsecured Creditors
MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings

MEGADATA PTY: Sets Members' Final Meeting on June 15
METLCAST MANUFACTURING: Members' Final Meeting Set for June 15
POWERLAN (VIC): Members Decide to Close Business
TRANSAX INTERNATIONAL: Earns US$402,005 in Qtr. Ended March 31
TRIMAS CORP: Completed IPO Cues S&P to Lift Ratings

VANLOWE PTY: Members Resolve to Liquidate Business
ZENTO PTY: Members Pass Resolution to Wind Up Firm


C H I N A   &   H O N G  K O N G

CB RICHARD: Liquidators Quit Posts
CHINA EASTERN: Singapore Air To Pay Up to US$1 Billion for Stake
CHINA EASTERN: Temasek May Pay for Singapore Air's Acquisition
CREATOR INVESTMENTS: Court to Hear Wind-Up Petition on July 11
EVER SENSE: Wind-Up Petition Hearing Set for June 6

FLASH CONCEPT: Shareholders Resolve to Close Business
FOCUS ONLINE: Sets Final General Meeting on June 18
GOLD WAY: Requires Creditors to File Proofs of Debt by June 25
MINSEC MANAGEMENT: Sung Mi Yin Quits Liquidator Post
PARKSON RETAIL: Buys Store for CNY99.9 Million in Expansion Plan

SIMON JACKSON: Proofs of Debt Due by June 8
TCL MULTIMEDIA: European Unit TTE Europe Declares Insolvency
VADE DEVELOPMENT: Members' Final General Meeting Set for June 22
WINSPOWER LIMITED: Members & Creditors to Meet on May 30
XINAO GAS: Looks for Natural Gas Supply Overseas

XINHUA FINANCE: Management Changes Cue S&P's B+ Ratings


I N D I A

DELHI GURGAON: INR78.3-Crore Debenture Gets CARE's BB Rating
ICICI BANK: Seeks Shareholders Approval on Capital Increase
ICICI BANK: Reports Successful Pricing of 3-Yr. GBP350-Mil. Note
JAMMU & KASHMIR BANK: Proposes Issuance of Dividend Warrants
JCT ELECTRONICS: To Hold Shareholders EGM on June 15

KARUR VYSYA BANK: Earns INR1.6 Bil. in Year Ended March 31, 2007
KARUR VYSYA BANK: Board Recommends 100% Dividend for FY2007
UNIVERSAL CORP: Reports US$19.5 Mil. Net Income in Fourth Qtr.
* Scramble for Deposits to Push Up Banks' Costs, CRISIL Says


I N D O N E S I A

ALCATEL-LUCENT: To Enhance & Expand Etisalat's GSM Network
DAVOMAS ABADI: Plans to Up Production to Meet Global Demand
DIRECTED ELECTRONICS: Acquires Trilogix Electronic Systems
FOSTER WHEELER: Unit Wins Aramco's Contract for Refinery
HILTON HOTELS: Declares US$.04 Per Share Dividend

H.M. SAMPOERNA: Looks to Complete IDR2.8 Tril. Plant Next Year
HM SAMPOERNA: First Quarter Profit Up 16% to IDR1.1 Trillion
INDOFOOD: Unit to Acquire London Sumatra


J A P A N

AMERICAN AIRLINES: S&P Junks Rating on US$125MM Refunding Bonds
AOZORA BANK: Signs Business Alliance with Bank of Yokohama
BANK OF FUKUOKA: Fitch Puts Ratings on Watch Negative
DYNACITY CORP: Withheld JPY600MM in Commissions, Report Says
FONIX CORP.: March 31 Balance Sheet Upside-Down by US$53 Million

GUNMA BANK: Earns JPY19.1 Bil. in Fiscal Year Ended Mar. 31, '07
NOMURA HOLDINGS: Eyes Phil. Governments Stake in Private Firms
NORTHWEST AIRLINES: S&P to Put B+ Rating on Bankruptcy Emergence
SHINWA BANK: Fitch Affirms 'E' Individual Rating
SHINWA BANK: Fukuoka Financial to Pay Up to JPY76BB for Purchase


K O R E A

MAGNACHIP SEMICONDUCTOR: Launches AMOLED Display Solution
SK CORP: Delays Incheon Oil Listing on London Stock Exchange


M A L A Y S I A

CRIMSON LAND: Bursa to Delist Securities on June 5
CRIMSON LAND: Balance Sheet Upside Down by MYR8.76MM in March 31
TENGGARA OIL: Unit Faces Wind-Up Petition From Harrisons Trading


N E W  Z E A L A N D

EASTSIDE TIMBER: Enters Wind-Up Proceedings
ENTILEY CREATIVE: Names Colin Currie as Liquidator
EUROPLASTER LTD: Wind-Up Petition Hearing Set for May 31
KIWI INCOME: Records NZ$59.2-Million Profit After Tax in FY2007
MENIX TRADING: Fixes June 20 as Last Day for Receiving Claims

MRS WASH: Wind-Up Petition Hearing Set for May 31
NZ WINDFARMS: Confirms NZ$75 Million Share Issuance
NEW ZEALAND CABS: Creditors' Proofs of Debt Due by June 8
PIHA NURSERIES: Faces CIR's Wind-Up Petition
PREPFESSIONALS MARINE: Subject to CIR's Wind-Up Petition

PRODUCE BRANDS: Court to Hear Wind-Up Petition Today
STARS METAL: Taps Crichton and Horne as Liquidators


P H I L I P P I N E S

ARANETA PROPERTIES: Turns Around With PHP14MM Net Income in 2006
JG SUMMIT: Annual Stockholders' Meeting Set for June 28
MABUHAY HOLDINGS: Posts PHP2.8-Million Net Loss in 2006
TOWER RECORDS: Wants Solicitation Period Extended to August 31
WARNER MUSIC: S&P Retains Negative Watch after EMI-Terra Deal


S I N G A P O R E

EC-ASIA INTERNATIONAL: Court Enters Wind-Up Order
ESTALAND PROPERTY: Court Enters Wind-Up Order
FREESCALE: Moody's Revises Ba3 Rating Outlook to Negative
PDC CORP: Sets Extraordinary General Meeting on June 15
PDC CORP: Taps Lam Yue Pak as CEO and Executive Officer

TARGUS GROUP: S&P Puts All Ratings Under Negative Watch
THOSAN TRANSPORT: Creditors' Proofs of Debt Due by June 8


T H A I L A N D

FEDERAL-MOGUL: Court Defers Deadline on Anderson's Plan Vote
MANAGER MEDIA: Posts THB12.34-Mil. Net Loss in 1st Quarter 2007
POWER-P: SP Sign Posted for Failure to Submit 1st Qtr. Statement
PRASIT PATANA: Posts THB12.43 Mil. Net Income for 1st Qtr. 2007
SAFARI WORLD: Posts THB84.61 Million Net Loss for First Quarter

SAHAMITR PRESSURE: Posts THB18 Million Net Loss for 1st Quarter
SIAM CITY BANK: Posts THB204 Mil. Net Profit in First Qtr. 2007
TRUE CORP: Earns THB477.58 Mil. in Quarter Ended March 31, 2007

     - - - - - - - -

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

APN NEWS: Shareholders Reject AU$3 Billion Independent Bid
----------------------------------------------------------
According to various reports, APN News & Media Limited
shareholders rejected the AU$3 billion takeover bid from Irish
billionaire Tony O'Reilly of Independent News & Media.  

APN said the total number of eligible shares voted in favor of a
scheme of arrangement totaled 51%, which was below the 75%
majority required for the scheme to proceed, Nicholas Grove of
Egoli reports.  APN added that they will still remain a listed
company on the Australian and New Zealand stock exchange.

At the close of voting, 109.2 million shares of all votes were
in favor of the resolution with 104.9 million shares voting
against the resolution, Mr. Grove relates.

APN chairman James Parkinson, writes Mr. Grove, said that the
board expects to make an announcement on May 28 on the
declaration and payment of a final dividend for 2006.

APN News & Media Limited -- http://www.apn.com.au/-- is an  
Australian company engaged in printing and publishing of
newspapers, magazines, directories; commercial and security
printing; radio broadcasting; specialist transit, and static
outdoor advertising.  The Company operates in four segments:
publishing of newspapers, magazines, directories and general
printing; broadcasting of radio transmissions; outdoor, and
print.  APN's New Zealand national publishing division includes
The New Zealand Herald, The Herald on Sunday, The Aucklander,
the New Zealand Woman's Weekly, The Listener and Creme. The
regional publishing division publishes 14 regional daily
newspapers in Australia.  The radio division has 12 Australian
stations in key metropolitan markets and 117 New Zealand
stations broadcasting across eight networks in all key cities
and major regional centers.  The APN Online division operates
job Websites in Auckland and regional Queensland, and mapping,
directory and online auction Websites.

The Troubled Company Reporter - Asia Pacific, on May 22, 2007,
listed APN News & Media's bond with a 7.250% coupon and a
October 31, 2008 maturity date as distressed.


COEUR D'ALENE: Gets Court Ruling on Kensington Gold Mine
--------------------------------------------------------
Coeur d'Alene Mines Corporation disclosed that a three-judge
panel of the United States Court of Appeals for the Ninth
Circuit, consistent with its March 16, 2007 order, has issued a
ruling that overturns a lower court decision that had upheld the
validity of the 404 permit for the Kensington gold mine in
Alaska.  The United States Army Corps of Engineers, in
consultation with the United States Environmental Protection
Agency, had issued the tailings disposal permit to Coeur in 2005
pursuant to authority granted to the Corps of Engineers under
Section 404 of the Clean Water Act.

The company is continuing to review its options, including
possible appeals to a 15-judge panel of the Ninth Circuit and
the Supreme Court of the United States.

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is the  
world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                        *    *    *

Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15,
2024, carry Standard & Poors' B- rating.


COPCO PTY: Members Opt to Wind Up Operations
--------------------------------------------
On April 24, 2007, the members of Copco Pty Ltd met and agreed
to wind up the company's operations.

William John Fletcher and Katherine Elizabeth Barnet of Bentleys
MRI Chartered Accountants were appointed as liquidators.

The Liquidators can be reached at:

         William John Fletcher
         Katherine Elizabeth Barnet
         GPO Box 740
         Brisbane, Queensland 4001
         Australia

                        About Copco Pty

Located in Queensland, Australia, Copco Pty Ltd is an investor
relation company.


FIRMWARE DESIGN: Taps Louise Guines as Liquidator
-------------------------------------------------
During a meeting held on April 24, 2007, the members of Firmware
Design Pty Ltd decided to voluntarily liquidate the company's
business and named Louise Guines as liquidator.

The Liquidator can be reached at:

         Louise Guines
         46 Edward Street, Level 12
         Brisbane, Queensland 4000
         Australia

                     About Firmware Design

Firmware Design Pty Ltd is a distributor of computers, computer
peripheral equipments and software.  The company is located in
New South Wales, Australia.


FIVE STAR: Joint Meeting Set for June 18
----------------------------------------
The members and creditors of Five Star Tooling Pty Ltd will have
a joint meeting on June 18, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ray Richards
         SimsPartners
         145 Eagle Street, Level 11
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3831 2700

                         About Five Star

Five Star Tooling Pty Ltd is involved with manufacturing
industries.  The company is located in Queensland, Australia.


FORTESCUE METALS: Seeks Extension to Meet Safety Improvements
-------------------------------------------------------------
Spokesman of Fortescue Metals Group Limited, Graeme Rowley, said
that they are asking the Worksafe commissioner for an extension
to improve its cyclone tie-downs on temporary buildings in its
railway construction camps in Pilbara, reports ABC News.

According to the report, FMG said that if it fails to fulfill
the State Government's requirement, it will move out its workers
of its railway construction camps in Pilbara and demolish the
parts that do not comply with the direction.

In early March, two workers were killed at a camp during Cyclone
George, the report relates.

The report did not mention as to when FMG is set to complete its
improvement.

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

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

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

                           *     *     *

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

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


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

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

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

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


GRAIN ACCUMULATORS: To Declare Final Dividend on June 6
-------------------------------------------------------
Grain Accumulators (Australia) Pty Ltd, which is in liquidation,
will declare a first and final dividend on June 6, 2007.

Creditors who can prove their debts by June 5, 2007, are
included from sharing in the company's dividend distribution.

The company's liquidator is:

         I. A. Currie
         c/o Currie Biazos Insolvency Accountants
         99 Creek Street, Level 5
         Brisbane, Queensland 4000
         Australia
         Telephone:07 3220 0994

                    About Grain Accumulators

Grain Accumulators (Australia) Pty Ltd provides business
services.  The company is located in Queensland, Australia.


J. WARREN: Will Declare Dividend for Unsecured Creditors
--------------------------------------------------------
J. Warren (Medical) Pty Ltd, which is in liquidation, will
declare a final dividend for its unsecured creditors on July 8,
2007.

Unsecured 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:

         J. P. Cronin
         McGrathNicol
         145 Eagle Street, Level 14
         Brisbane, Queensland 4000
         Australia
         Web site: http://www.mcgrathnicol.com

                        About J. Warren

J. Warren (Medical) Pty Ltd provides health and allied services.  
The company is located in Queensland, Australia.


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

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


MEGADATA PTY: Sets Members' Final Meeting on June 15
----------------------------------------------------
Megadata Pty Ltd will hold a final meeting for its members on
June 15, 2007, at 10:30 a.m.

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

In a report by the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on June 1, 2006.

The company's liquidators are:

         I. A. Currie
         P. G. Biazos
         Currie Biazos Insolvency Accountants
         99 Creek Street, Level 5
         Brisbane, Queensland
         Australia

                       About Megadata Pty

Megadata Pty Ltd is a distributor of radio and television
broadcasting and communication equipments.  The company is
located in New South Wales, Australia.


METLCAST MANUFACTURING: Members' Final Meeting Set for June 15
--------------------------------------------------------------
The members of Metlcast Manufacturing Pty Ltd will have their
final meeting on June 15, 2007, at 9:15 a.m., to hear a report
about the company's wind-up proceedings and property disposal.

According to the Troubled Company Reporter - Asia Pacific, the
company went into liquidation on March 2, 2006.

The company's liquidators are:

         I. A. Currie
         P. G. Biazos
         Currie Biazos Insolvency Accountants
         99 Creek Street, Level 5
         Brisbane, Queensland
         Australia

                  About Metlcast Manufacturing

Metlcast Manufacturing Pty Ltd is a distributor of fabricated
metal products.  The company is located in Victoria, Australia.


POWERLAN (VIC): Members Decide to Close Business
------------------------------------------------
During a general meeting held on April 24, 2007, the members of
Powerlan (Victoria) Pty Ltd decided to liquidate the company's
business and appointed Louise Guines as liquidator.

The Liquidator can be reached at:

         Louise Guines
         46 Edward Street, Level 12
         Brisbane, Queensland 4000
         Australia

                      About Powerlan (Vic)

Powe0rlan (Vic) Pty Ltd is engaged in the business of computer
software stores.  The company is located in Victoria, Australia.


TRANSAX INTERNATIONAL: Earns US$402,005 in Qtr. Ended March 31
--------------------------------------------------------------
Transax International Limited reported that its net income for
the three months ended March 31, 2007, was US$402,005 compared
to a net loss of US$691,704 for the three months ended
March 31, 2006.

For the three months ended March 31, 2007, the company generated
US$1,186,226 in revenues compared to US$981,058 in revenues
generated for the three months ended March 31, 2006.  The
increase in revenues is due to the continuing installation of
the company's software and/or hardware devices containing the
company's software at the healthcare providers' locations in
Brazil.

The company reported income from operations of US$113,900 for
the three months ended March 31, 2007, as compared to a loss
from operations of US$121,774 for the three months ended
March 31, 2006, an increase of US$235,674, or 193.5%.  Although
there can be no assurances, the company anticipates that during
fiscal year 2007, the company ongoing marketing efforts and
product roll out will result in an increase in the company's net
sales from those reported during fiscal year 2006.  To support
these increased sales, the company anticipates that its
operating expenses will also increase during fiscal year 2007 as
compared to fiscal year 2006.  It is, however, unable to predict
at this time the amount of any such increase in operating
expenses.

For the three months ended March 31, 2007, the company recorded
a deemed preferred stock dividend of US$0 compared to US$800,000
for the three months ended March 31, 2006, which related to the
company's Series A Preferred Stock.  These non-cash items relate
to the embedded conversion feature of those securities and the
fair value of the warrants issued with those securities.

As of March 31, 2007, the company's current assets were
US$836,767 and its current liabilities were US$4,825,415, which
resulted in a working capital deficit of US$3,988,648.

As of March 31, 2007, the company's total assets were
US$2,068,692, and its total liabilities were US$5,293,144.  
Stockholders' deficit decreased from US$3,528,064 at
Dec. 31, 2006, to US$3,224,452 at March 31, 2007.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1f7b

              About Transax International Limited

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

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


TRIMAS CORP: Completed IPO Cues S&P to Lift Ratings
---------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Bloomfield Hills, Michigan-based TriMas Corp., including its
corporate credit rating, which goes to 'B+' from 'B'.  At the
same time, all ratings were removed from CreditWatch, where they
were placed with positive implications on Aug. 4, 2006,
following the company's announcement that it had filed a
registration statement for an IPO.  The outlook is stable.
      
"The upgrade reflects the successful completion of the IPO,
proceeds of which will be principally applied to debt reduction,
and the expected improvement in credit protection measures,"
said Standard & Poor's credit analyst Gregoire Buet.
     
The company will use net proceeds of the IPO to redeem
approximately US$100 million of its outstanding 9.875% senior
subordinated notes and to make a US$10 million payment to
terminate annual management fees.
     
The ratings on TriMas reflect its somewhat highly leveraged
financial risk profile and weak, albeit improving, credit
protection measures.  The company's leading positions in niche
markets, its relative product and end-market diversity, as well
as improving operating performance and profitability in the past
year support the rating.
     
TriMas' products (transportation towing systems, packaging
systems, aerospace fastening systems, and industrial specialty
products) serve niche markets with diverse commercial,
industrial, and consumer applications.  About 70% of revenues
are from products that have number-one or number-two positions
in markets where the company is one of only two or three
manufacturers.

Headquartered in Bloomfield Hills, Michigan, Trimas Corporation
-- http://www.trimascorp.com/-- is a manufacturer of trailer  
products, recreational accessories, packaging systems, energy
products and industrial specialty products for the commercial,
manufacturing, and consumer markets.  The company has operations
in Australia and Italy.


VANLOWE PTY: Members Resolve to Liquidate Business
--------------------------------------------------
At an extraordinary general meeting held on April 24, 2007, the
members of Vanlowe Pty Ltd agreed to liquidate the company's
business.

William John Fletcher and Katherine Elizabeth Barnet were
appointed as liquidators.

The Liquidators can be reached at:

         William John Fletcher
         Katherine Elizabeth Barnet
         Bentleys MRI Chartered Accountants
         GPO Box 740
         Brisbane, Queensland 4001
         Australia

                       About Vanlowe Pty

Vanlowe Pty Ltd is a distributor of durable goods.  The company
is located in Queensland, Australia.


ZENTO PTY: Members Pass Resolution to Wind Up Firm
--------------------------------------------------
The members of Zento Pty Ltd met on April 24, 2007, and passed a
resolution winding up the company's operations.

Louise Guines was appointed as liquidator.

The Liquidator can be reached at:

         Louise Guines
         46 Edward Street, Level 12
         Brisbane, Queensland 4000
         Australia

                         About Zento Pty

Zento Pty Ltd provides computer related services.  The company
is located in New South Wales, Australia.


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

CB RICHARD: Liquidators Quit Posts
----------------------------------
John James Toohey and Rainier Hok Chung Lam ceased to act as
liquidators of CB Richard Ellis Agency (China) Limited on May 8,
2007.

The former Liquidators can be reached at:

         John James Toohey
         Rainier Hok Chung Lam
         Prince's Building, 22nd Floor
         Central, Hong Kong


CHINA EASTERN: Singapore Air To Pay Up to US$1 Billion for Stake
----------------------------------------------------------------
Singapore Airlines is negotiating with China Eastern Airlines
for a stake of 15% to 25%, paying between US$600 million and
US$1 billion, sources told the South China Morning Post, XFN-
Asia says.

"The companies want to come out of the share trading hold, so
they plan to announce the sale agreement without specific
details," one of the sources told the Post, referring to initial
announcements, which contained no terms of the proposed deal,
XFN-Asia relates.

Citing Singapore Air's disclosure with the Singapore Stock
Exchange, the Troubled Company Reporter - Asia Pacific, said on
May 25, 2007, that the two companies are "in advance stage of
discussion" and that the agreement is now only waiting for
official approval.

                          *     *     *

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 EASTERN: Temasek May Pay for Singapore Air's Acquisition
--------------------------------------------------------------
Temasek Holdings Pte may join its 56% owned unit, Singapore
Airlines Ltd., to bid for a stake in China Eastern Airlines
Corp., Bloomberg News says, citing a report from Morgan
Stanley's analysts.

"A joint investment with Temasek means the carrier could gain
strategic control of China Eastern without paying for the stake
on its own," Morgan Stanley's analysts, Chin Lim, Sophie Loh and
Edward Xu, said in a report obtained by Bloomberg.  "With a co-
investor whose interest is aligned solely with Singapore
Airlines, the carrier would be in the sweet position of having
effective strategic control without paying significant upfront
capital and assuming initial associate losses," the analysts
said in the report.

The Troubled Company Reporter - Asia Pacific reported that
Singapore Air and China Eastern have been in talks for a
strategic partnership deal.  On May 25, 2007, the TCR-AP cited
Singapore Air's statement as saying that that the two companies
are "in advance stage of discussion" and that the agreement is
now only waiting for official approval.

                          *     *     *

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.


CREATOR INVESTMENTS: Court to Hear Wind-Up Petition on July 11
--------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Creator Investments Limited on July 11, 2007, at
9:30 a.m.

Lam Kin Wa filed the petition with the Court on May 9, 2007.


EVER SENSE: Wind-Up Petition Hearing Set for June 6
---------------------------------------------------
A petition to wind up the operations of Ever Sense Limited will
be heard before the High Court of Hong Kong on June 6, 2007, at
9:30 a.m.

Leung Tsui Yee Ingrid filed the petition with the Court on
April 4, 2007.

Leung Tsui's solicitor is:

         T.K. Cheng & Co.
         Hollywood Plaza, Room 2003, 20th Floor
         No. 610 Nathan Road, Mongkok
         Kowloon, Hong Kong


FLASH CONCEPT: Shareholders Resolve to Close Business
-----------------------------------------------------
At an extraordinary general meeting held on May 15, 2007, the
shareholders of Flash Concept Limited agreed to close the
company's business and appointed Billy Li Sze Kuen as
liquidator.

The Liquidator can be reached at:

         Billy Li Sze Kuen
         No. 3 Lockhart Road, 12th Floor
         Wanchai, Hong Kong


FOCUS ONLINE: Sets Final General Meeting on June 18
---------------------------------------------------
Focus Online Limited will hold a final general meeting for its
sole member on June 18, 2007, at 3:00 p.m. in Room 1005 of
Allied Kajima Building at 138 Gloucester Road in Wanchai, Hong
Kong.

Lam Ying Sui, the company's liquidator, will give at the
meeting, a report about the company's wind-up proceedings and
property disposal.


GOLD WAY: Requires Creditors to File Proofs of Debt by June 25
-------------------------------------------------------------
Gold Way Foods Co., Limited requires its creditors to file their
proofs of debt by June 25, 2007, to be included in the company's
dividend distribution.

The company started to liquidate its business on May 18, 2007.

The company's liquidator is:

         Lee Kwok On, Alexander
         Rooms 1901
         Park-In Commercial Centre
         Kowloon, 56 Dundas Street
         Australia


MINSEC MANAGEMENT: Sung Mi Yin Quits Liquidator Post
----------------------------------------------------
On May 18, 2007, Sung Mi Yin quit as the liquidator of Minsec
Management Services Company Limited.

The former Liquidator can be reached at:

         Sung Mi Yin
         Ritz Plaza, Suite No. A, 11th Floor
         122 Austin Road, Tsimshatsui
         Kowloon, Hong Kong


PARKSON RETAIL: Buys Store for CNY99.9 Million in Expansion Plan
----------------------------------------------------------------
Parkson Retail Group Ltd. agreed to pay CNY99.9 million (US$13.1
million) to acquire 40% of its Mianyang Parkson department-store
joint venture that it doesn't already own, The Wall Street
Journal reports.

The acquisition, according to the report, is part of the
company's expansion plan in China's western Sichuan province.

Parkson Retail is buying the stake from its partner, Sichuan
Fulin Industrial Group Co.  The price values the venture at
about 12.9 times 2006 profit after tax of CNY19.4 million, The
Journal notes.

                          *     *     *

Parkson Retail Group Limited is listed on the Hong Kong Stock
Exchange.  It is one of the largest national retailers in China,
operating 23 self-owned and 15 managed stores in over 26 cities.  
For the year ended 2005, revenues were CNY1.2 billion while net
income was CNY248 million.

On Dec. 4, 2006, Moody's Investors Service affirmed Parkson
Retail Group Ltd's Ba1 senior secured bond rating following the
successful closing of its US$200 million bond issuance.  The
rating's provisional status was removed.  The rating outlook is
stable.

On Nov. 8, 2006, Standard & Poor's assigned its BB long-term
corporate credit rating to Parkson Retail Group Ltd.  The
outlook is stable.

On May 24, 2007, the Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service assigned a Ba1 rating to
the 5-year
US$125 million bond to be issued by Parkson Retail Group Ltd.  
At the same time, Moody's has affirmed the company's Ba1 issuer
rating.  The outlook for both ratings is stable.


SIMON JACKSON: Proofs of Debt Due by June 8
-------------------------------------------
Simon Jackson and Associates Limited will declare a preferential
dividend for its creditors, to the exclusion of those who will
not be able to file their proofs of debt by June 8, 2007.

The company's liquidator is:

         Anthony Nedderman
         Yan Miu Ping
         China Hong Kong Tower, 11th Floor
         8 Hennessy Road
         Hong Kong


TCL MULTIMEDIA: European Unit TTE Europe Declares Insolvency
------------------------------------------------------------
TTE Europe SAS, the European unit of TCL Multimedia Technology
Holdings Ltd filed a declaration of insolvency on May 24, 2006,
after it failed to settle a number of outstanding liabilities.

According to TCL Multimedia, TTE Europe entered into a
conciliation process with it creditors under the supervision of
the French Commercial Court in March 2007 aiming to reduce the
unit's liabilities.  However, following extensive negotiations,
TTE Europe still faced a number of outstanding claims that it is
unable to settle.  The conciliation talk was also terminated.

As a result of the insolvency filing, TCL Multimedia expects
that the French court will appoint a judicial liquidator to take
control over TTE Europe within a week to ten days after the
insolvency filing.  The liquidator will then be the sole person
responsible for winding-up the unit by liquidating its assets
and making payment to its creditors.

TCL Multimedia also indicated that TTE Europe has been advised
that under French law, the shareholder is normally not held
responsible for the liabilities of subsidiaries in judicial
liquidation.  

Li Dongsheng, TCL Multimedia's chairman, said that the
insolvency filing of its European unit "is not expected to have
a material adverse financial impact on the group."  Mr. Li added
that "as the operations of TTE Europe have caused significant
losses to the Group in recent years, TTE Europe's insolvency
filing will provide closure to the Group's involvement in TTE
Europe, specifically with respect to TTE Europe's wind-down and
settlement of claims."

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclhk.com/-- designs,  
manufactures and sells electronic products like colored TV, DVD
players, VCD players, home cinema hi-fi systems, mobile
handsets, Internet-related information technology products,
refrigerators and washing machines.  Its other activity includes
trading electronic parts and components used in the production
of color television sets.

                          *     *     *

On Aug. 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that TCL Multimedia Technology Holdings Limited's
European operations posted a CNY763 million loss, which caused
losses of the TCL Corp. group to widen to CNY737.56 million.  
Moreover, the TCR-AP on Oct. 24, 2006, said that TCL is
expecting to post a loss for the full-year because first-half
losses had been so large.  In the first half of 2006, TCL
reported a net loss of CNY737.56 million, after a loss of
CNY320.24 million in 2005.

The TCR-AP recounts that in 2004, TCL acquired the TV unit of
French electronics firm Thomson, which uses the Thomson brand in
Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


VADE DEVELOPMENT: Members' Final General Meeting Set for June 22
----------------------------------------------------------------
Vade Development Company Limited will hold a final general
meeting for its members on June 22, 2007, at 11:00 a.m.

The meeting will be held in the 20th Floor of China Resources
Building at 26 Harbour Road in Wanchai, Hong Kong.

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


WINSPOWER LIMITED: Members & Creditors to Meet on May 30
--------------------------------------------------------
The members and creditors of Winspower Limited will hold their
annual meetings on May 30, 2007, at 2:30 p.m. and 3:00 p.m.,
respectively, in the 2nd Floor of Wing Yee Commercial Building
at 5 Wing Kut Street in Central, Hong Kong.

Lau Siu Hung, the company's liquidator, will give a report about
the company's wind-up proceedings and property disposal at the
meeting.


XINAO GAS: Looks for Natural Gas Supply Overseas
------------------------------------------------
Xinao Gas Holdings Ltd's parent company, Xinao Group, is in
talks with firms in Australia, the Philippines and Saudi Arabia
to import natural gas, Zou Benzhen, assistant to the company's
chairman, told XFN-Asia on the sidelines of an industry
conference.

"We are negotiating with companies in these countries.  Deals
are expected to be concluded by year-end," Mr. Zou said.  He did
not provide further details, the report says.

The Ministry of Commerce, the news agency recounts, granted
approval in June to Xinao Energy Trading Co Ltd, a unit of China
Xinao Group, to import and export natural gas.  The Xinao unit
is the first privately-owned company to receive such a license,
previously restricted to state-owned companies, the report
indicates.

                          *     *     *

Xinao Gas -- www.xinaogroup.com/ -- principal activities are
investment in gas pipeline infrastructure and provision of piped
gas.  Other activities include distribution of bottled liquefied
petroleum gas, manufacture of stored value card gas meter and
sourcing of compressed pipeline gas.  The Group also provides
after sale services such as repairs and maintenance in
connection with gas supply.  Operations are carried out in Hong
Kong, the British Virgin Islands and the People's Republic of
China.

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that a lower than expected financial performance and
deteriorating credit metrics for Xinao Gas led Moody's Investors
Service to change its Ba1 corporate family rating and senior
unsecured bond rating to negative from stable.  A rating upgrade
is unlikely in the next 12 months, Moody's said.


XINHUA FINANCE: Management Changes Cue S&P's B+ Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services placed the 'B+' corporate
credit rating on Xinhua Finance Ltd. and the 'B+' issue rating
on the company's senior unsecured notes on CreditWatch with
negative implications following a series of management changes,
which include the recently announced resignation of Shelly
Singhal-a board director of Xinhua Finance and the CFO of Xinhua
Finance Media Ltd.
     
A lawsuit by an investor in Xinhua Finance Media accuses the
company of misrepresenting material facts.  Xinhua Finance Media
became a 37% owned subsidiary of Xinhua Finance after it listed
on Nasdaq earlier this year.
     
The rating actions also take into consideration the departure of
other senior management members of Xinhua Finance, including top
executives of a recently acquired subsidiary, Glass Lewis & Co.,
and that of Xinhua Finance's rating business head, who left the
company in December 2006.  Xinhua Finance's current CFO has also
announced his resignation.  The company has announced its
intention to streamline its management structure and succession
plans for the CFO positions at Xinhua Finance and Xinhua Finance
Media.
     
Standard & Poor's will meet with Xinhua Finance's management
team to assess the company's corporate governance measures and
the impact of senior personnel changes on its overall business
performance.
     
"The ratings could be lowered over the near term if we believe
that management changes will fundamentally affect the operation
and growth of Xinhua Finance," said Standard & Poor's credit
analyst Bei Fu.  The company's financial performance in 2006 and
in the first quarter of 2007 were in line with S&P's
expectations.


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

DELHI GURGAON: INR78.3-Crore Debenture Gets CARE's BB Rating
------------------------------------------------------------
Credit Analysis & Research Ltd., on May 23, 2007, downgraded the
rating to "CARE BB" from "CARE BBB" assigned to Non Convertible
Debenture issue aggregating INR78.3 crore of Delhi Gurgaon
Super Connectivity Ltd. (formerly Jaypee DSC Ventures Ltd.).

Instruments with this rating are considered to offer inadequate
safety for timely servicing of debt obligations.  Such
instruments carry high credit risk.

The rating has been placed under "Rating Watch with developing
implications" in view of delay in the completion of the project
and substantial increase in the original project cost, which may
lead to pressure on the short term liquidity of the company.

CARE will closely follow the developments related to the
completion of the project and its funding arrangement.  CARE
will consider taking appropriate rating action accordingly.


ICICI BANK: Seeks Shareholders Approval on Capital Increase
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 1, 2007, ICICI Bank Ltd's board of directors agreed to raise
the bank's additional equity capital.

In an update, ICICI Bank informs the Bombay Stock Exchange that
the bank will seek the shareholders approval of the move by way
of postal ballot.  Among others, the shareholders will consider
to approve the alteration in the authorized capital of the bank
from INR1900,00,00,000 to INR1775,00,00,000.

Furthermore, the members will consider amending the bank's
Memorandum of Association by substituting Clause V with:

   "The authorised capital of the Company shall be
   INR1775,00,00,000 divided into 127,50,00,000 equity shares of
   INR10 each, 150,00,000 preference shares of INR100 each and
   350 preference shares of INR1 crore each with rights,
   privileges and conditions attached thereto as are provided by
   the Articles of Association of the Company for the time being
   with power to increase or reclassify or alter the capital of
   the Company and to divide / consolidate the shares in the
   capital for the time being into several classes and face
   values and to attach thereto respectively such preferential,
   cumulative, convertible, guarantee, qualified or other
   special rights, privileges, conditions or restrictions, as
   may be determined by or in accordance with the Articles of
   Association of the Company for the time being and to vary,
   modify and abrogate any such right, privilege or condition or
   restriction in such manner as may for the time being be
   permitted by the Articles of Association of the Company or
   the legislative provisions for the time being in force."

The shareholders will also consider approving the creation,
offering, issuance and allotment in the course of one or more
offerings in domestic or international markets:

   -- equity shares ;

   -- equity shares through depository receipts;

   -- convertible bonds;

   -- securities convertible into equity shares at the option of
      the bank or the holders of the securities;

   -- securities linked to equity shares;

   -- securities with or without detachable/non-detachable
      warrants with a right exercisable by the warrant-holder to
      subscribe for equity shares;

   -- warrants with an option exercisable by the warrant-holder
      to subscribe for equity shares exchangeable bonds; or

   -- any instruments or securities representing either equity
      shares or convertible securities linked to equity shares;

to all eligible investors for or which upon exercise or
conversion of all securities so issued and allotted could give
rise to the issue of an aggregate face value of equity shares
not exceeding 25% of the authorized equity share capital.

The bank has appointed N. L. Bhatia, Partner NL Bhatia &
Associates, Practicing Company Secretaries, as Scrutinizer for
conducting the postal ballot process.  The Postal Ballot form
duly completed should reach the Scrutinizer on or before June 7,
2007.

The Scrutinizer will submit his report to the bank's chairman or
any whole-time director after completion of the scrutiny of the
postal ballot forms received.  The chairman or any whole-time
director, authorized by the Board, will announce the result on
June 8, 2007.

India-based ICICI Bank Ltd -- http://www.icicibank.com-- is a     
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


ICICI BANK: Reports Successful Pricing of 3-Yr. GBP350-Mil. Note
----------------------------------------------------------------
A filing with the Bombay Stock Exchange said that ICICI Bank
Ltd, acting through its Bahrain branch, successfully priced its
three-year fixed rate GBP350 million Reg S Floating Rate Note
under its Medium Term Note Programme.  The issue marks the
inaugural deal in the sterling market from an Indian issuer and
also the largest deal in the sterling market from Asia.  The
deal generated good investor response resulting in the deal
being upsized to GBP350 million.  The offering had a GBP460
million order book with a total of 32 investors.

From a geographical breakdown perspective there was 95%
participation from the United Kingdom and the balance, from rest
of Europe.  From an investor breakdown perspective, 80% of the
securities were sold to fund managers, 17% to insurance agencies
and 3% to banks and pension funds.

The offering was lead managed by BNP Paribas, Citigroup,
Deutsche Bank AG, and Hongkong and Shanghai Banking Corporation.

The three-year fixed rate notes of GBP 350 million were priced
at a spread of 83 basis points over UK Gilts.

India-based ICICI Bank Ltd -- http://www.icicibank.com-- is a     
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


JAMMU & KASHMIR BANK: Proposes Issuance of Dividend Warrants
------------------------------------------------------------
Jammu & Kashmir Bank Ltd proposes to issue dividend warrants to
its shareholders on June 9, 2007.

In that regard, the bank will hold the 69th annual general
meeting of its shareholders on the same date.  The proposed
issuance of warrants is still subject to the shareholders'
approval.

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank     
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a 'D' individual rating
on June 1, 2005.


JCT ELECTRONICS: To Hold Shareholders EGM on June 15
----------------------------------------------------
JCT Electronics Ltd will hold the Extraordinary General Meeting
of its members on June 15, 2007.

In the EGM, the shareholders will consider the:

1. Alteration in the Memorandum of Association of the company by
   substituting the existing Clause V with this new Clause V:

      Clause V

      "The Authorised Share Capital of the Company is
      INR150,00,00,000 divided into 130,00,00,000 equity shares
      of INR1 each aggregating INR130,00,00,000 and 200,00,000
      redeemable preference shares of INR10 each aggregating
      INR20,00,00,000 with rights, privileges and conditions
      attached thereto as are provided by the Articles of
      Association of the Company for the time being and the
      Company shall have power to increase, reduce, divide and /
      or sub-divide the share capital or reclassify them into
      several classes and attach thereto respectively such
      preferential, priority, deferred, qualified or special
      rights privileges, conditions or restrictions, whether in
      regard to dividend, voting, return of capital,
      distribution of assets or otherwise, as may be determined
      by the Company in accordance with the law and the
      regulations from time to time. The Company shall also have
      power to vary, modify or abrogate any such rights,
      privileges, conditions or restrictions in such manner as
      may from time to time be provided by the Articles of
      Association of the Company for the time being."

2. Alteration of Articles of Association by substituting
   existing Article 5 with this new Article 5:

      Article 5

      "The Authorised Share Capital of the Company is
      INR150,00,00,000 divided into 130,00,00,000 equity shares
      of INR1 each aggregating INR130,00,00,000 and 200,00,000
      redeemable preference shares of INR10 each aggregating
      INR20,00,00,000 with rights, privileges and conditions
      attached thereto, whether in regard to dividend, voting,
      return of capital etc, as are provided by the Articles of
      Associations of the Company for the time being and the
      Company shall have the power to increase or reduce the
      share capital and divide the shares in the share capital
      into several classes and attach thereto such preferential
      or other rights, privileges and conditions as may be
      permitted by the Companies Act, 1956 or as provided in the
      Articles of Association for the time being."

                       About JCT Electronics

JCT Electronics Ltd. manufactures color picture and black &
white tubes for television sets.  The company also manufactures
cathode ray tubes and gas discharge tubes.

JCT Electronics incurred net losses for at least two consecutive
years -- INR1.83 billion in FY2005-06 and INR1.73 billion in
FY2006-07.


KARUR VYSYA BANK: Earns INR1.6 Bil. in Year Ended March 31, 2007
----------------------------------------------------------------
Karur Vysya Bank Limited registered a net profit of INR1.6
billion, or INR32.8 per share, in the twelve months ended
March 31, 2007.   The bottom-line figure for FY2007 is an 18%
increase from the INR1.35-billion profit booked in the fiscal
year ended March 31, 2006.

The bank's revenues rose 24% to INR9.87 billion in FY2007, most
of which comes from interest of advances totaling INR6.21
billion.  Expenditures aggregated INR7.13 billion bringing the
operating profit to INR2.74 billion.

In FY2007, the bank booked taxes totaling INR702.3 million and
provisions and contingencies of INR435.4 million.

A full-text copy of the company's financial results for the year
ended March 31, 2006, is available for free at:

               http://ResearchArchives.com/t/s?2040

Karur Vysya Bank Limited -- http://www.kvb.co.in/-- is a  
commercial bank that offers personal and corporate banking
services and products, such as saving and current accounts,
deposits, a variety of loans, credit/debit cards, general and
life insurance, and multicity accounts.  The bank offers
companies in India a full range of banking services, including
working capital finance, trade finance and foreign exchange.  It
also offers a Green Card scheme.  In addition, the bank offers
mobile top-up facility, Internet banking, mobile banking and
automated teller machine services.

Fitch Ratings gave Karur Vysya Bank's a '5' support rating on
November 3, 2005.


KARUR VYSYA BANK: Board Recommends 100% Dividend for FY2007
-----------------------------------------------------------
Karur Vysya Bank Ltd informs the Bombay Stock Exchange that its
board of directors has recommended a dividend of 100% for the
year ended March 31, 2007.

The board made the decision at its meeting held on May 23, 2007.

Karur Vysya Bank Limited -- http://www.kvb.co.in/-- is a  
commercial bank that offers personal and corporate banking
services and products, such as saving and current accounts,
deposits, a variety of loans, credit/debit cards, general and
life insurance, and multicity accounts.  The bank offers
companies in India a full range of banking services, including
working capital finance, trade finance and foreign exchange.  It
also offers a Green Card scheme.  In addition, the bank offers
mobile top-up facility, Internet banking, mobile banking and
automated teller machine services.

Fitch Ratings gave Karur Vysya Bank's a '5' support rating on
November 3, 2005.


UNIVERSAL CORP: Reports US$19.5 Mil. Net Income in Fourth Qtr.
--------------------------------------------------------------
Universal Corporation recorded income from continuing operations
for the fourth quarter of fiscal year 2007, which ended on
March 31, 2007, was US$21.1 million.  That performance
represented a significant improvement over last year's results,
which reflected a loss of US$25.3 million from continuing
operations.  Fourth quarter earnings for fiscal year 2007
included about US$15.1 million in impairment costs, primarily
related to the company's decision to end its direct involvement
in its African flue-cured growing projects.  The impairment
costs also included charges related to the value of a corporate
aircraft currently being marketed.  Impairment charges and
related tax effects reduced earnings per diluted share by
US$0.17.  The same quarter in fiscal year 2006 included about
US$33.6 million in restructuring and impairment charges related
to investments in Zimbabwe and U.S. operations.  Results were
significantly improved over last year's fourth quarter largely
due to the reduced restructuring and impairment costs, as well
as improvements in the company's flue-cured and burley
operations.  Revenues in the quarter were US$504 million, up 24%
from the same period last year.  Net income for the quarter,
which includes results from discontinued operations, was US$19.5
million compared to a net loss of US$24.7 million last year.

For the fiscal year ended March 31, 2007, income from continuing
operations was US$80.4 million including the effect of the
restructuring and impairment charges recognized throughout the
fiscal year.  Those charges, which totaled about US$31 million,
were primarily composed of impairment charges on long-lived
assets and Company-managed farming operations in Africa and,
combined with related tax effects, reduced net income by US$24.2
million.  For last year, the company has reported a loss from
continuing operations of US$3.0 million, including the effect of
restructuring and impairment charges of US$57.5 million.  Income
from continuing operations showed a marked improvement over last
year, reflecting better results in all segments.  Revenues for
fiscal year 2007 increased by about 13%, to US$2 billion.  Net
income for the fiscal year, which includes results from
discontinued operations, was US$44.4 million compared to US$7.9
million last year.

Allen B. King, the company's Chairman and Chief Executive
Officer, noted, "We are very pleased with our recovery in fiscal
year 2007.  While it will take time to restore our profitability
to prior levels, we have made substantial progress.  Our
customers have supported us with margin improvement during this
difficult recovery year.  We have significantly reduced our debt
levels and strengthened our balance sheet, reflecting in part
our significant asset sale earlier in the year.  We are
beginning to see the results of our efforts reflected in
reported earnings and better cash flow.  Although we have seen
improvements this year from steps we took last year, we continue
our efforts to improve our worldwide operations and to eliminate
unproductive operations and assets.  We have made the decision
to end our direct involvement in various flue-cured growing
projects in Africa and are taking the necessary steps to right-
size the operations.  Looking ahead, we expect new challenges.  
We have reduced our Brazilian flue-cured production and the
quality of the crop is better, but smaller burley crops in
Africa along with higher costs in most of the major producing
areas of the world will present challenges for next year.  The
U.S. dollar continues to be weak against many currencies and,
although we work with our customers to mitigate the effect of
that where we can, it remains a source of higher costs in many
areas.  In addition, in the current year, our North American
operations benefited from the higher sales volume associated
with the sale of old-crop burley tobacco, but fiscal year 2008
will not have the same benefit.  Tobacco production in Canada
has fallen severely over the last few years and is forecast to
decline by about one third for fiscal year 2008.  We are
continuing to work to reduce our cost structure there.  Fiscal
year 2008 should not see the same level of impairment and
restructuring costs that we have recognized over the last two
years.  We believe that we have been taking the necessary
actions to improve our performance for the long term."

Flue-cured and burley operations earned US$37.8 million in the
fourth fiscal quarter, compared to last year's performance of
US$6.5 million.  Operating income for the North America segment
declined slightly primarily due to lower processing volume in
Canada where crops were smaller.  Revenues have increased by
US$22 million, reflecting higher shipments of U.S. leaf in the
quarter, in part due to last year's shipment delays. The Other
Regions segment reported significantly higher operating income
for the quarter, largely due to higher shipments in South
America and lower charges and improved performance in Africa.  
South America benefited from strong fourth quarter sales of
current year crop that historically occurred earlier in the
year.  Last year's fourth quarter results for Africa were
negatively impacted by large farmer receivable write-offs and
currency remeasurement losses.  The current quarter reflected
about US$3 million in provisions for farmer receivables compared
to last year's US$20 million for South America and Africa, and
remeasurement and foreign exchange items caused a US$9 million
favorable variance compared to last year since the Company did
not experience the rapid currency movements that were pervasive
in the prior year's fourth quarter.  The reduction in those
expenses caused selling, general and administrative expenses to
decline sharply in the fourth quarter.  Revenues for the Other
Regions segment were US$294 million, representing an increase of
US$72 million, or about 32%, reflecting higher shipments in
South America and increased pricing.

For the year ended March 31, 2007, flue-cured and burley
operations earned US$172 million, up US$73 million from last
year.  Results of the North America segment improved by US$15.2
million, and the primary factors causing that improvement were
increased export and processing volumes, cost savings related to
last year's closure of the Danville, Virginia, facility, one-
time sales of tobacco purchased from the stabilization
cooperatives, and better pricing.  The North America segment
also benefited from carryover sales of prior year tobacco. North
America revenues increased by US$92 million, or 36%, principally
due to sales of old crop tobacco.  The results of the Other
Regions segment increased by US$57.7 million, primarily due to
better pricing and sales mix.  Operating improvements were
evident in African operations, in Europe, and in South America.  
In addition, comparisons benefited from the absence of losses
incurred in the company's Zimbabwe operations prior to their
deconsolidation last year and the lower remeasurement losses.  
Finally, results of the Other Regions segment also reflected the
favorable resolution of a tax case in South America that
resulted in the recovery of US$8.5 million in revenue taxes and
interest.  The recovery was recorded as part of sales and other
operating revenues.  Provisions for farmer receivables totaled
US$32 million for Africa and South America, compared to US$28.5
million in fiscal year 2006.  Of these provisions, over half
related to African leaf growing projects that the Company is
exiting.  Results also included inventory valuation charges
related to African flue-cured tobacco of approximately US$13
million in fiscal year 2007 and US$10 million in fiscal year
2006.  Revenues of the Other Regions segment for the year
increased by 9% primarily due to higher sales prices in South
America, where the Company experienced increased farmer prices
and a strong local currency.

The Other Tobacco Operations segment also showed substantial
improvement for the fiscal year, but declined in the fourth
quarter due to shipment delays. The dark air-cured operations
benefited from higher sales volumes for wrapper and increased
leaf sales.  The operations also benefited from the company's
decision last year to reduce overhead and to close its Colombia
dark tobacco operation.  Volume attributed to the Company's 49%-
owned Oriental tobacco joint venture was lower for the quarter
and year primarily due to shipment timing.  Revenues for this
segment increased by US$3.0 million in the quarter and US$17.7
million in the fiscal year.

The consolidated effective income tax rates for continuing
operations for the three and twelve months ended March 31, 2007,
were approximately 54% and 45%, respectively.  The rate for the
quarter is higher than the 35% U.S. marginal corporate tax rate
due primarily to excess foreign taxes in countries where the tax
rate exceeds the U.S. tax rate, low tax benefits provided on a
foreign subsidiary with an operating loss in the quarter, and
high state income taxes due to improved earnings in the United
States.  For the year, in addition to the factors noted in the
quarter, the tax rate is higher because a limited income tax
benefit was provided on current year losses in Zambia.

The loss from discontinued operations in the fourth quarter of
fiscal year 2007 was US$1.6 million.  For the fiscal year ended
March 31, 2007, the loss from discontinued operations was US$36
million.  Results from discontinued operations for the fiscal
year reflected the operating results and estimated effects of
selling the Company's non-tobacco businesses, the largest part
of which occurred in the second fiscal quarter.  During that
quarter, Universal completed the sale of the non-tobacco
businesses managed by its wholly owned subsidiary, Deli
Universal Inc.  Those businesses were its lumber and building
products distribution segment and a substantial portion of its
agri-products segment.  The total value of the transaction was
approximately US$565 million.  After selling and other expenses,
the net value was approximately US$550 million.  The company's
financial statements now report the results and financial
position of the businesses that were sold as discontinued
operations for all periods.  The value of the transaction is
subject to refinement, which could result in future adjustments.  
Those adjustments could also affect the loss on the sale.

Based in Richmond, Virginia, Universal Corp., (NYSE:UVV) --
http://www.universalcorp.com/-- has operations in tobacco and  
agri-products.  The company, through its subsidiaries, is one of
two leading independent tobacco merchants in the world.
Universal Corp.'s gross revenues for the fiscal year that ended
on March 31, 2006, were approximately US$3.5 billion, which
included US$1.4 billion related to operations that were sold on
Sept. 1, 2006.

Universal Corp. has operations in India, Brazil, Argentina, the
United States, Guatemala, Brazil, the Netherlands, Belgium and
other countries in Europe.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Moody's assigned an LGD5 rating to the debt obligation,
suggesting noteholders will experience a 73% loss in the event
of a default.

Based in Richmond, Virginia, Universal Corporation, (NYSE:UVV) -
- http://www.universalcorp.com/-- has operations in tobacco and  
agri-products.  The company, through its subsidiaries, is one of
two leading independent tobacco merchants in the world.  
Universal Corporation's gross revenues for the fiscal year that
ended on March 31, 2006, were approximately US$3.5 billion,
which included US$1.4 billion related to operations that were
sold on Sept. 1, 2006.

The company has operations in India, Brazil, Argentina, the
United States, Guatemala, the Netherlands, Belgium and other
countries in Europe.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Consumer Products, Beverage, Toy,
Natural Product Processors, Packaged Food Processors and
Agricultural Cooperative sectors, the rating agency confirmed
its Ba1 Corporate Family Rating for Universal Corporation, and
downgraded its Ba1 rating to Ba2 on the company's US$563 million
MTN.  Moody's assigned an LGD5 rating to the debt obligation,
suggesting noteholders will experience a 73% loss in the event
of a default.


* Scramble for Deposits to Push Up Banks' Costs, CRISIL Says
------------------------------------------------------------
The scramble to keep pace with credit growth will push up banks'
cost of deposits by 50 basis points in 2007-08, according to
Credit Rating Information Services of India Ltd.  This is after
an increase by 60 basis points in 2006-07 to 5.1 per cent.  
While there has been an increase in low-cost current account and
savings account deposits over the past few years, costs have
increased due to changes in the composition of term deposits.

CRISIL's analysis of the banking sector reveals that the
proportion of bulk deposits (deposits above INR10 million),
which carry higher interest rates and have relatively shorter
tenors, has increased over the past five years.  More than half
of the term deposits mobilised in 2007 had tenors of less than
one year, as against less than a third in 2000, resulting in
frequent deposit renewals and thus exposing banks to interest
rate risk.

According to Tarun Bhatia, Head - Financial Sector Ratings,
CRISIL "Several banks were able to fund their credit growth
during the past couple of years by selling their excess
statutory liquidity ratio investments.  However, this may no
longer be feasible, given that the average SLR is currently
estimated at 28 per cent, just 3 per cent above the threshold
limit, thanks to the race among banks to increase business."

Incidentally, despite the 60-basis-point increase in the cost of
deposits, the banks' net profitability margin increased to 1.55
per cent in 2006-07 from 1.32 per cent in 2005-06, as banks
passed on the increase in costs to their borrowers. In CRISIL's
opinion, banks are unlikely to be able to pass on increasing
costs to borrowers in 2007-08, as further increases could
significantly hamper growth or force borrowers to look at
alternate avenues.

Many corporates have increased their reliance on foreign
currency borrowings as the overall cost is much lower.

CRISIL's analysis also reveals that the overall capital adequacy
in the system is likely to improve by around 10 basis points
post implementation of the revised guidelines on capital
adequacy in line with Basel II norms.  The revised guidelines
released recently by the Reserve Bank of India link a bank's
capital to the estimated degree of risk associated with its
borrowers.  Public sector banks are expected to gain
significantly from the norms as they have a large exposure to
higher-rated (AAA, AA, A) borrowers.

In this environment, CRISIL believes that the credit indicators
of its portfolio of rated banks will continue to be stable.
According to Raman Uberoi, Senior Director, CRISIL, "We
indicated recently that most of our bank ratings are based
primarily on banks' standalone strengths.  Given banks' healthy
capitalisation and improved asset quality, and the likelihood
of systemic support, we do not anticipate any significant
changes in the majority of our bank ratings over the short to
medium term".


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

ALCATEL-LUCENT: To Enhance & Expand Etisalat's GSM Network
----------------------------------------------------------
Alcatel-Lucent has received a contract from Etisalat of the UAE,
one of the Middle East's leading service providers, to upgrade
and enhance the operator's wireless network with the latest
generation of Alcatel-Lucent's GSM and EDGE technology, which is
based on the industry most advanced hardware architecture.  With
its compact new design and high performance, this platform will
leverage Etisalat existing network while reducing operating
expenses.

Based on the leading Alcatel-Lucent GSM/EDGE technology, the
contract covers the upgrade and expansion of Etisalat mobile
network in the UAE, enabling the operator to provide higher
quality and more widely available mobile communications services
to its customers.

Alcatel-Lucent's 9130 Base Station Controller/Multi-BSC Fast
Packet Server is a new BSS controller platform that supports the
ever-increasing market-driven volume of voice and data traffic.
This state-of-the art equipment based on the field-proven
Advanced Telecom Computing Architecture will enable Etisalat to
create a more centralized and optimized GSM/EDGE network
architecture, thereby bringing significant cost savings in
network deployments and extensions.

"This contract is the result of many years of faithful
cooperation with Etisalat, and we are very proud of their
continuing confidence towards Alcatel-Lucent," said Olivier
Picard, President of Alcatel-Lucent's Europe and South
activities.  "We will devote all our efforts to delivering the
best-in-class solution to Etisalat to help it enhance the high
quality of service it insists on providing to its subscribers.
This new contract shows that the flexibility and scalability of
our latest line of GSM/EDGE equipment is a key asset for
optimizing large network deployments while enabling operators to
minimize capital expenditures and reduce operating expenses."

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

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

                        *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

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


DAVOMAS ABADI: Plans to Up Production to Meet Global Demand
-----------------------------------------------------------
PT Davomas Abadi is set to increase its production by 40% at the
end of this month to meet rising global demand by establishing
two new production lines in addition to its seven existing ones,
The Jakarta Post reports.

According to the report, the company expects to boost its
production from 100,000 tons to 140,000 tons per year.

In an interview with The Post, director Suhanih of the company
said: "The overseas demand is increasing and our current
production can no longer satisfy demand."

Davomas exports all of its output to the European and United
States markets for chocolate production.

The planned increase in production will be meet with an
investment of US$50 million on the new production lines, the
reports says.  It will be funded by the company's US$150 million
in proceeds from the sale of bonds on the Singapore Stock
Exchange last year, while the remainder of the proceed was used
to repay debt and to strengthen the company's working capital,
the report notes.

                      About Davomas Abadi

Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 15, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' rating onIndonesia's PT Davomas Abadi Tbk.  The outlook
is stable.  At the same time, it assigned its 'B+' rating on the
proposed US$25 million long-term senior secured bonds to be
issued by Davomas International Finance Co. Ltd., a special
purpose financing vehicle wholly owned by Davomas.

Moody's Investors Service affirmed PT Davomas Abadi Tbk's stable
'B2' corporate family rating and the 'B2' foreign currency
rating of Davomas International Finance Company Pte Limited's
IDR1.13-trillion senior secured notes due in 2011.  Moody's
affirmed the rating after the Company had completed its notes
issuances and subsequent repayments of its outstanding debts.


DIRECTED ELECTRONICS: Acquires Trilogix Electronic Systems
----------------------------------------------------------
Directed Electronics, Inc. has acquired Trilogix Electronic
Systems Inc. and its affiliates.  Trilogix is a leader in
vehicle integration solutions simplifying the installation of
aftermarket remote start systems by providing innovative,
software-based technology products.  Terms of the deal were not
disclosed.

According to Kevin Duffy, Senior Vice President of Corporate
Development and Marketing for Directed, "We expect this
strategic, tuck-in acquisition to complement our leadership in
the aftermarket vehicle security and remote start market by
providing customers of both companies with the widest assortment
of integration solutions in the industry.  Given the
increasingly high attachment rate of integration modules to
remote start sales, we believe the combination of Directed's
broad distribution network and Trilogix's leading edge products
and technology provides a significant long-term opportunity."

Trilogix founder and President, Derek Schumann, and his
management team will remain in place, managing day-to-day
Trilogix operations, and leading the overall Directed effort in
the bypass and integration category.  "We are very pleased to
become part of the worldwide Directed Electronics organization  
and look forward to expanding Directed's vehicle integration
solutions," Schumann said.  "In addition, we look forward to
continuing our relationships with our existing customer base."

Trilogix's operations are located in Canada, where Directed
recently acquired three entities (Astroflex, Autostart and
Directed Canada) that are all engaged in the vehicle security
and remote start business.

According to Mark Rutledge, Senior Vice President of Engineering
and Product Development for Directed, "Our two companies have a
close cultural fit, and Derek Schumann is an energetic
entrepreneur with a great deal of passion for vehicle
integration products.  I am excited about the opportunity to
work with Derek and the Trilogix team to develop the next
generation of vehicle interface technologies."

Directed expects the acquisition to be neutral to earnings in
2007 and slightly accretive in 2008.

                 About Directed Electronics, Inc.

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

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


FOSTER WHEELER: Unit Wins Aramco's Contract for Refinery
--------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary Foster Wheeler USA Corporation,
part of its Global Engineering and Construction Group, has been
awarded a contract by Aramco Services Company and Total France
for a process design package for a new delayed coker.  The
delayed coker is part of the Jubail Export Refinery, a
grassroots full-conversion refinery designed to process Arabian
heavy crude, to be built in Jubail Industrial City, Kingdom of
Saudi Arabia.  The delayed coker unit, one of the largest in the
world, will be based on Foster Wheeler's leading Selective Yield
Delayed Coking process.  The coker design package will be
developed by Foster Wheeler's Houston, Texas, office.

The terms of the award, which was included in the company's
fourth quarter 2006 bookings, were not disclosed.

"Foster Wheeler is delighted to be awarded this important
project, which reflects our market leadership in delayed coking.
We look forward to working with Aramco Services Company and
Total France to deliver a successful project," said Troy Roder,
president and chief executive officer of Foster Wheeler USA
Corporation.

Foster Wheeler's SYDECSM process is a thermal conversion process
used by refiners worldwide to upgrade heavy residue feed and
process it into high value transport fuels.  The SYDECSM process
achieves maximum clean liquid yields and minimum fuel coke
yields from high sulfur residues.  By installing a SYDECSM unit,
a refinery owner is able to process heavier crudes, which sell
at a discount to the benchmark light, sweet crudes, thereby
allowing the owner to receive the benefit of increased refining
margins.  Foster Wheeler is a market leader in delayed coking
and has supplied its delayed coking process technology worldwide
for over 80 new cokers and has worked on more than 70 delayed
coker revamps.

                       About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of  
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                            *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                    Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


HILTON HOTELS: Declares US$.04 Per Share Dividend
-------------------------------------------------
Hilton Hotels Corporation declared a dividend of US$.04 per
share, payable in cash on June 15, 2007, to stockholders of
record at the close of business on June 1, 2007.

    CONTACT: Hilton Hotels Corporation
             Kathy Shepard
             Vice President - Corporate Communications
             310-205-7676
             kathy_shepard@hilton.com
             http://www.hiltonworldwide.com

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages it the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                           *     *     *

In March 2007, Standard & Poor's Ratings Services raised its
corporate credit and senior unsecured ratings on Hilton Hotels
Corp. to 'BB+' from 'BB' and removed the ratings from
CreditWatch where they were placed with positive implications on
Jan. 31.  S&P said the outlook is stable.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


H.M. SAMPOERNA: Looks to Complete IDR2.8 Tril. Plant Next Year
--------------------------------------------------------------
PT H.M. Sampoerna expects its IDR2.8 trillion new plant in
Jakarta to be finished and running by the end of next year,
Bloomberg News reports.

According to the report, the new plant may reinforce Sampoerna's
control of the Indonesian market.

Sampoerna President Martin King said that Indonesia's overall
industry grew slightly last year and the company anticipates
fairly stable growth this year, the report adds.

                     About HM Sampoerna

Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk --
http://www.sampoerna.com/-- manufactures hand rolled and  
machine rolled clove-blended cigarettes.  The company
distributes its products in the domestic and international
market.  Through its subsidiaries, the company also develops
properties.

Standard and Poor's Ratings Services gave HM Sampoerna's Long
Term Foreign Issuer Credit a 'BB+' rating on November 3, 2005.


HM SAMPOERNA: First Quarter Profit Up 16% to IDR1.1 Trillion
------------------------------------------------------------
PT HM Sampoerna reported a 15.7% increase in net profit to
IDR1.095 trillion during the first quarter as compared last year
due to strong sale, the Jakarta Post reports.

According to the report, overall sales went up 1.9% to IDR7.26
trillion from IDR7.13 trillion previously.   

Sampoerna A Hijau hand-rolled cigarettes sales volume rose to
8.1 billion from 7.4 billion previously as well as the company's
machine-rolled cigarettes rising to 6.4 billion cigarettes from
6.2 billion before, the report notes.

The Post adds that managing director Angky Camaro said that as
the firm is in the process of completing a new factory, the
future sales outlook appears even brighter.

                     About HM Sampoerna

Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk --
http://www.sampoerna.com/-- manufactures hand rolled and  
machine rolled clove-blended cigarettes.  The company
distributes its products in the domestic and international
market.  Through its subsidiaries, the company also develops
properties.

Standard and Poor's Ratings Services gave HM Sampoerna's Long
Term Foreign Issuer Credit a 'BB+' rating on November 3, 2005.


INDOFOOD: Unit to Acquire London Sumatra
----------------------------------------
PT Indofood Sukses Makmur Tbk's unit, Indofood Agri Resources,
will acquire plantation firm PT London Sumatra Tbk, Reuters
reports.
  
According to the report, Indofood Agri will acquire London
Sumatra, which has around 59,000 hectares of palm oil
plantations, through its parent company First Durango Pte. Ltd.

Because of the planned acquisitions, both Indofood and Lonsum's
shares trading in Jakarta and Indofood Agri's shares trading in
Singapore were suspended, the report notes.

The report relates that London Sumatra has a stock market value
of about US$800 million, while Indofood Agri's market
capitalisation is about US$1.1 billion.

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed  
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares. Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, which bring the
Company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 were 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

In 2005, Indofood's total outstanding debt fell to IDR6.8
trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007. The
Company also plans to redeem all the outstanding balance of the
Eurobonds this year.

The Troubled Company Reporter - Asia Pacific reported on July
19, 2006, that Standard & Poor's Ratings Services withdrew its
'B' corporate credit rating on Indofood at the company's
request.


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

AMERICAN AIRLINES: S&P Junks Rating on US$125MM Refunding Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s (B/Positive/--) US$125 million
Dallas/Fort Worth International Airport special facility revenue
refunding bonds, series 2007, due 2030.  The bonds are
guaranteed by American's parent, AMR Corp. (B/Positive/B-2), and
are secured by payments made by American to the airport
authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1992 (rated 'CCC+'), whose rating is
withdrawn.
      
"The DFW revenue bonds are the equivalent of unsecured debt of
American and parent AMR Corp., and are accordingly rated
'CCC+'," said Standard & Poor's credit analyst Philip Baggaley.  
"Unsecured debt of American and AMR is rated two notches lower
than the 'B' corporate credit ratings on the companies, due to
the large amount of secured debt and leases that effectively
rank senior to unsecured obligations."
     
Ratings on Fort Worth, Texas-based AMR and American reflect
participation in the competitive, cyclical, and capital-
intensive airline industry; erosion of financial strength by
substantial losses during 2001-2005; and a heavy debt and
pension burden.  Satisfactory liquidity, with US$5.4 billion of
unrestricted cash and short-term investments at March 31, 2007,
and an improving earnings trend, are positives.  In the first
quarter of 2007, AMR earned US$81 million, compared with a US$92
million loss in the same period in 2006, driven by stronger
revenue generation. Earnings and cash flow are expected to
improve further during the remainder of 2007, but a soft
domestic economy and high and volatile fuel prices represent
risks.
     
A healthy cash balance and solid internal cash generation
support credit quality, despite substantial debt maturities.  
Further gains in earnings and cash flow, if they appear
sustainable, could prompt an upgrade over the coming year.  The
outlook could be revised to stable if airline industry
conditions weaken, curtailing expected earnings improvements.

                       About American Airlines

American Airlines -- http://www.AA.com/-- is the world's  
largest airline.  American, American Eagle and the
AmericanConnection regional airlines serve more than 250 cities
in over 40 countries with more than 3,800 daily flights.  
American Airlines flies to Belgium, Brazil, Japan, among others.  
The combined network fleet numbers more than 1,000 aircraft.  
American Airlines is a founding member of the oneworld Alliance,
whose members serve more than 600 destinations in over 135
countries and territories.


AOZORA BANK: Signs Business Alliance with Bank of Yokohama
----------------------------------------------------------
Aozora Bank Co. Ltd. said on Thursday it signed a "comprehensive
business alliance" with the Bank of Yokohama Ltd., to supplement
the development of the Bank of Yokohama's investment banking
business aimed at corporate customers.

This business tie-up presents an opportunity for mutual business
expansion in the joint provision of a diverse range of financial
solutions for the investment banking needs of The Bank of
Yokohama customers.

The Bank of Yokohama personnel are to operate a dedicated 'The
Bank of Yokohama Desk' within Aozora Bank's Investment Banking
Division, together with the introduction of measures including
systems for the dispatch of personnel for investment banking
training, and short-term training for the Bank of Yokohama sales
staff, in order to enhance the sourcing function for joint
deals.

The establishment of an Alliance Committee, comprising
representatives of both banks, is planned with the objective of
maximizing the effectiveness of this tie-up.

The two parties view this alliance as starting point for
continuing discussion on future collaborations outside of the
investment banking business, but is in no way intended to stifle
potential future alliances with other financial institutions.

Aozora Bank has long held a unique position in the Japanese
banking sector, differentiating itself from other financial
institutions through its neutrality, and partnership through its
network of financial institutions.

Since the change in its top management in February 2007, Aozora
has reaffirmed its commitment to being a unique, indispensable
institution, firmly rooted in the Japanese financial system as a
revitalized bank, to promote its management philosophy to fully
implement global best practice standard, and to co-operate with
regional financial institutions for mutual benefit.

This collaboration with The Bank of Yokohama represents an
important step in Aozora Bank's mid- to long-term growth
strategy to strengthen strategic business alliances, based on
the development of mutually beneficial relationships with
regional financial institutions in conjunction with the
establishment of a stable business model.  The alliance is
firmly grounded in Aozora Bank's development of investment
banking for financial institutions, as customers of the Bank.

                        About Aozora Bank

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

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

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


BANK OF FUKUOKA: Fitch Puts Ratings on Watch Negative
-----------------------------------------------------
Fitch Ratings placed the ratings assigned to Bank of Fukuoka on
Rating Watch Negative upon the bank's announcement to rescue
Shinwa Bank Ltd.  This rating action, however, excludes
Fukuoka's Support Rating and Support Rating Floor, which remains
unchanged.  

   * Long-term Foreign and Local Currency Issuer Default Rating
     at 'BBB+';

   * Short-term Foreign and Local IDR at 'F2';

   * Individual Rating at 'C';

   * Subordinated Debt at 'BBB';

   * Support Rating at '2'; and

   * Support Rating Floor at 'BBB-'.

Fukuoka Financial Group Inc. announced its firm intention to
purchase Shinwa's shares from its parent, Kyushu-Shinwa Holdings
Inc.  The date for Shinwa's transfer to become one of FFG's
subsidiaries is scheduled for October 2007.  The maximum amount
FFG plans to pay for Shinwa and its card business subsidiary,
Shinwa DC Card, is JPY76 billion, cf. Fukuoka's Tier 1 capital
of JPY399 billion.  Upon meeting due diligence requirements, the
parties plan to sign on the consolidation agreement by 6th July
2007.  Earlier on 10 May 2007, Fitch had revised the Outlook on
Fukuoka's IDR to Stable from Positive, following FFG's
announcement of a plan to inject an unknown amount of capital
into KSH.  This is in addition to the JPY7 billion capital  
injection, in the form of common stocks, into KSH in October
2006.

On the other hand, Fukuoka has opted to stretch its business
base into other areas of Kyushu through a capital alliance.  In
May 2006, Fukuoka took over public funds (JPY30 billion at issue
price) as a part of an alliance with Kumamoto Family Bank and
made a further Tier 1 injection in September 2006.  Following
the acquisition of Shinwa, FFG will become one of the largest
regional banking groups in Japan with assets of JPY11.7 trillion
(current combined basis), just exceeding Bank of Yokohama's
JPY11.1 trillion.  Fitch expects these new alliances to provide
a broader customer base and business opportunities for FFG.  At
the same time, however, Fitch views that the negative financial
consequences from the proposed acquisition could be significant.  
Noting this, the agency has placed Fukuoka's ratings on RWN and
will review the ratings once its new business plans and capital
position are clarified.

KSH's stocks are listed and held by various corporations and
individuals, including Morgan Stanley (1.7%), Bank of Tokyo-
Mitsubishi UFJ (1.5%) and Mizuho Corporate Bank (1.2%) on top of
the 12.7% stake held by Fukuoka.  Following the sale, KSH will
be liquidated and its common shareholders are likely to
encounter impairment in their investments.

                    About Bank of Fukuoka

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


DYNACITY CORP: Withheld JPY600MM in Commissions, Report Says
------------------------------------------------------------
The Tokyo Regional Taxation Bureau has determined that the
JPY600 million commissions that Dynacity Corp. claimed to have
paid for buying land for building apartment buildings was paid
to nonexistent recipients, sources revealed to The Daily Yomiuri
Shimbun.

According to the report, Dynacity allegedly paid brokers
commission for lots it had bought from them to build apartment
buildings but tax officials discovered there were cases where
purchases had not been brokered by real estate agents.  Instead,
the fake commissions were returned to the former president of
the company, but the names of recipients were not recorded in
the books, the sources revealed.

A former executive revealed to the daily that the president and
executives used the money for wining and dining and also for
acquiring information on real estate properties.

According to the newspaper's sources, aside from the unaccounted
money, Dynacity concealed more than JPY700 million in income
over five business years to March 2005.  Companies found to have
concealed spending are asked to pay corporate taxes and
penalties.

The sources, according to the daily, added that Dynacity also
did not reveal the commissions to tax officers when they went
through the company's books.

The company is expected to be asked to pay penalties, including
additional taxes, the report relates.

Headquartered in Tokyo, Japan, Dynacity Corporation --
http://www.dynacity.com/ -- is a Japan-based company engaged in  
the real estate business.  The Company operates in two main
business segments.  The Real Estate segment is engaged in the
planning, development and sale of condominiums in the
metropolitan area. The Solution segment is engaged in the
promotion of liquidity in real estate transactions.  In
addition, Dynacity is engaged in the real estate consulting
business, the real estate sales business, the real estate
leasing business, the real estate management business, the non-
insurance business and the asset management business, as well as
the operation of nursing care facilities and sports facilities,
among others.  The Company has nine subsidiaries.


FONIX CORP.: March 31 Balance Sheet Upside-Down by US$53 Million
----------------------------------------------------------------
Fonix Corporation reported that as of March 31, 2007, the
company had total assets of US$3,186,000, total liabilities of
US$56,799,000, and total stockholders' deficit of US$53,613,000.

For the quarters ended March 31, 2007 and 2006, generated
revenues of US$360,000 and US$272,000, respectively.  It
incurred net losses of US$787,000 and US$1,851,000,
respectively, for the first quarters of 2007 and 2006.

The company had negative cash flows from operating activities of
US$1,410,000 during the first quarter 2007 and US$970,000 during
the first quarter 2006.

As of March 31, 2007, the company had an accumulated deficit of
US$292,397,000, negative working capital of US$53,487,000,
accrued liabilities and accrued settlement liability of
US$4,207,000, derivative liabilities of US$19,591,000 related to
the issuance of Series L Preferred Stock and Series E
Convertible Debentures, net liabilities of discontinued
subsidiaries of US$20,819,000 related to the telecom
subsidiaries subject to bankruptcy.  These telecom subsidiaries
are LecStar Telecom, LecStar DataNet, LTEL Holdings and Fonix
Telecom.  As of March 31, 2007, the company also had accounts
payable of US$1,048,000 and current portion of notes payable of
US$4,554,000.

The company expects to continue to incur significant losses and
negative cash flows from operating activities at least through
Dec. 31, 2007, primarily due to expenditure requirements
associated with continued marketing and development of our
speech-enabling technologies.  The company stated in its first
quarter 2007 report that it must raise additional funds to be
able to satisfy its cash requirements during the next 12 months.  
The company anticipates that it will need to about US$2.5
million to US$5 million over the next 12 months to meet
obligations and continue product development, corporate
operations and marketing expenses.  

A full-text copy of the company's first quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?1fe0

                        About Fonix Corp.

Based in Salt Lake City, Utah, Fonix Corporation (OTCBB: FNIX)
-- http://www.fonix.com/-- is an innovative speech recognition  
and text-to-speech technology company that provides value-added
speech solutions through its wholly owned subsidiary, Fonix
Speech, Inc. Interactive speech technologies allow Fonix to
provide customers with comprehensive cost-effective solutions to
enhance and expand their communications needs.  The company has
offices in Maynard, Massachusetts and Japan.

Fonix Corporation's telecom subsidiaries, LTEL Holdings, Inc.,
LecStar DataNet, Inc., LecStar Telecom, Inc. and Fonix Telecom,
Inc. filed for bankruptcy protection on Oct. 2, 2006 in Delaware
pursuant to Chapter 7 under the U.S. Bankruptcy Code.  A trustee
has been appointed to liquidate the assets of those entities.


GUNMA BANK: Earns JPY19.1 Bil. in Fiscal Year Ended Mar. 31, '07
----------------------------------------------------------------
The Gunma Bank, Ltd. posted a net income of JPY19.1 billion for
the year ended Mar. 31, 2007, in line with JPY19.5 billion
forecasted net income for the same period.

The result is a 19.6% improvement against the JPY16.00 billion
net income in the year ended Mar. 31, 2006.

The bank reported revenues of JPY164.4 billion, an increase of
16.0% against the JPY141.7 billion recorded a year earlier.

Operating profit and current profit was pegged at JPY31.1
billion and JPY42.5 billion, respectively.

The bank expects a net income of JPY20.4 billion for the year
ending Mar. 31, 2008, and revenues to aggregate JPY156.0
billion.

Headquartered in Gunma, Japan, The Gunma Bank, Ltd. --
http://www.gunmabank.co.jp/-- is a regional financial  
institution that has two core business segments.  The banking
segment is engaged in the provision of financial services, which
include deposits, loans, securities investment, as well as
domestic and foreign exchange services.  The leasing segment
offers financial services that mainly include leasing services
to regional clients.  Additionally, the company is involved in
the provision of staffing, guarantee and credit services, as
well as the management of real estate.

The Troubled Company Reporter - Asia Pacific reported on Feb. 7,
2007, that Fitch Ratings has upgraded the majority of the
ratings on Gunma Bank including the bank's individual rating to
C from C/D.


NOMURA HOLDINGS: Eyes Phil. Governments Stake in Private Firms
--------------------------------------------------------------
According to various reports, Nomura Holdings Inc. is interested
in acquiring the Philippine government's holdings in San Miguel
Corp. and Manila Electric Corporation.

Francisco Alcuaz Jr. of Bloomberg reports that the Philippines
plans to sell 24% of its share in San Miguel Corporation and 29%
in MERALCO in its effort to raise funds and reduce its deficit.

Mr. Alcuaz interviewed Nomura's spokesman Michiyori Fujiwara who
said that Nomura officials expressed their willingness to
participate in the Philippine government's asset-sale program
during a meeting with Philippine president Gloria Macapagal-
Arroyo on Thursday.

Earlier this month, Nomura announced that they are aiming to
boost its profit by 10% and compete with global rivals by either
merging or acquiring with Asian firms, Mariko Katsumura of
Reuters reports.

A recent Nomura statement grabbed by Paolo S. Romero of ABS-CBN
Interactive relates that Nomura desires to position the holdings
company for "higher levels of growth by enlarging the scope of
[its] activities, without being confined to the traditional
bounds of the securities business."  Mr. Romero added that the
company is committed to establishing itself "as a globally
competitive Japanese financial services group."

                      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.


NORTHWEST AIRLINES: S&P to Put B+ Rating on Bankruptcy Emergence
----------------------------------------------------------------
Standard & Poor's Ratings Services expects to assign its 'B+'
corporate credit rating to Northwest Airlines Corp. and
subsidiary Northwest Airlines Inc. (both rated 'D') upon their
emergence from bankruptcy, anticipated May 31, 2007.  The rating
outlook is expected to be stable.  In addition, S&P expect to
assign its 'BB-' bank loan rating to Northwest Airlines Inc.'s
US$1.225 billion secured exit financing bank credit facility.  
The expected 'BB-' bank loan rating would be one notch above the
expected 'B+' corporate credit rating, with a recovery rating of
'1', based on S&P's expectation of a full recovery of principal
in the event of a second Northwest bankruptcy.  S&P also intend
to resolve its CreditWatch review of various enhanced equipment
trust certificates, and withdraw its 'BBB-' rating on
Northwest's debtor-in-possession credit facility upon the
company's bankruptcy emergence.
      
"The expected 'B+' corporate credit rating reflects Northwest's
participation in the competitive, cyclical, and capital-
intensive U.S. airline industry, on a still highly leveraged
financial profile, and with substantial upcoming capital
expenditures to modernize its aircraft fleet," said Standard &
Poor's credit analyst Philip Baggaley.  "The rating also
incorporates the airline's improved operating cost structure and
reductions in debt and leases achieved in Chapter 11."

Northwest used the bankruptcy process to institute various
changes, many of them similar to those undertaken by other
reorganizing "legacy carriers": Reduce total costs by about
US$2.2 billion, of which US$1.4 billion relate to labor and
pension expense (a 37% reduction), with a further US$200 million
expected to be in place by 2008 (the cumulative total of US$2.4
billion would be equal to about 20% of 2004 pretax expenses);
Shrink its aircraft fleet and reduce capacity about 10%,
dropping certain unprofitable routes, though it also affirmed
existing aircraft delivery contracts and placed a new order for
large regional jets; and Reduce debt and leases by US$4.2
billion (about 30% of year-end 2004 debt and leases, though less
than one-quarter of fully adjusted debt, including pension and
other retiree liabilities).

S&P expect to assign a 'BB-' bank loan rating, with a '1'
recovery rating, to Northwest Airlines Inc.'s US$1.225 billion
bankruptcy exit financing, based on our expectation of a full
recovery of principal in the event of a second Northwest
bankruptcy.  The credit agreement will consist of a US$175
million revolving credit and a US$1.05 billion term loan, both
due May 31, 2012, and will be guaranteed by parent Northwest
Airlines Corp.  The facility will be secured by Northwest
Airlines Inc.'s valuable Pacific route authorities from the U.S.
to Japan, China, and Hong Kong (all restricted markets).  In a
simulated default scenario stressed collateral value is
sufficient to fully repay principal under the facility and also
cover US$300 million of pari passu claims by other parties.

                      About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents, including Italy, Spain, Japan,
China, Venezuela and Argentina.


SHINWA BANK: Fitch Affirms 'E' Individual Rating
------------------------------------------------
Fitch Ratings has affirmed Shinwa's Individual Rating but placed
its Support Rating on Rating Watch Positive after the company
announced its financial results for the fiscal year ended March
31,2007 with the following ratings:  

   * Individual Rating at 'E'; and

   * Support Rating at '3'.

Shinwa's 'E' Individual Rating, the lowest on Fitch's nine-notch
Individual Rating scale, reflects the bank's extremely weak
capital base, poor asset quality, and the heavy net losses
sustained over recent years. On May 24, 2007, the bank has
announced its financial results for the year ended March 2007 -
a net loss of JPY68 billion.  Its Tier 1 capital at end-March
2007 amounted to JPY37 billion (Tier 1 ratio was 2.88%), which
included a mirror of public funds of JPY30 billion (at issue
price) that the government injected in 2002.  The agency expects
that Shinwa's Support Rating will be upgraded to '2' once it
becomes a core member of Fukuoka Financial Group.

KSH's stocks are listed and held by various corporations and
individuals, including Morgan Stanley (1.7%), Bank of Tokyo-
Mitsubishi UFJ (1.5%) and Mizuho Corporate Bank (1.2%) on top of
the 12.7% stake held by Fukuoka.  Following the sale, KSH will
be liquidated and its common shareholders are likely to
encounter impairment in their investments.


SHINWA BANK: Fukuoka Financial to Pay Up to JPY76BB for Purchase
----------------------------------------------------------------
Fukuoka Financial Group Inc., said Thursday its board has
decided to buy Shinwa Bank, the banking arm of Kyushu-Shinwa
Holdings Inc. by September 7, Japan Times reports.

According to the report, Fukuoka Financial is planning to pay up
to JPY76 billion to Kyushu-Shinwa Holdings, with the final price
to be set via an upcoming examination of Shinwa Bank's assets
and liabilities.

Fukuoka Financial will buy all of Shinwa Bank's outstanding
common and preferred shares as well as 85% of the common shares
of Shinwa DC Card, the holding firm's credit-card subsidiary,
the report relates.

Kyushu-Shinwa Holdings will disband after handing over these
shares to Fukuoka Financial, it said.

The Troubled Company Reporter-Asia Pacific reported on May 7,
2007, that Kyushu-Shinwa Holdings asked Fukuoka Financial Group
for merger in which the financial group responded positively.

In a joint statement, Fukuoka and Kyushu-Shinwa said that this
transaction will enable Shinwa Bank to continue its operations
from protecting bank's customers and secure the stabilization of
the regional financial system, adds the report.

                        About Shinwa Bank

Shinwa Bank, Ltd. -- http://www.shinwabank.co.jp/-- is a  
regional bank mainly operating in Nagasaki.  The bank provides
general banking services including deposits, loans, foreign
exchange transactions, and securities investments.  The Shinwa
Bank also develops systems and provides credit cards, letter of
credit, management consulting, real estate management services
and clerical works for banks' daily operations.

The Troubled Company Reporter - Asia Pacific reported that, on
March 19, 2007, Fitch Ratings affirmed Shinwa Bank, Ltd.'s
individual rating and support rating at E and 3, respectively.


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

MAGNACHIP SEMICONDUCTOR: Launches AMOLED Display Solution
---------------------------------------------------------
MagnaChip Semiconductor Ltd. has launched its optimized Active
Matrix Organic Light Emitting Diodesolution, designed for use in
the displays of high performance mobile phones.

The unique solution, supporting WQVGA, 240x432 resolution and
262K colors, is expected to be ready for mass production this
month.  This product was designed to meet the specific
requirements of display panels for mobile TV phones and
multimedia phones. Embedded with EEPROM, it controls RGB gamma,
oscillator frequency and internal power.  The MDDI interface of
Qualcomm allows for high-speed data transmission.  This solution
also offers longer battery lifetime, due to a special feature
that adjusts screen brightness automatically. Further, the
solution offers an RGB-separated gamma adjustment, which
provides superior, stable color display, and as a result, more
natural still images and video images.

Davis Mok, Vice President of Marketing in MagnaChip's Display
Solutions Division, commented, "We decided to introduce this new
AMOLED product since market demand is growing for video files
and high resolution Mobile TV.  In the market, AMOLED is seen to
be an optimal technology not only for small and medium display
applications, but also for larger display applications, as it
offers rapid response time, wide view angles, and distinctive
resolution even in bright environments.  MagnaChip is focused on
winning technology leadership to support its global customers
and will continue to expand its product availability across the
spectrum of TFT, LTPS, and AMOLED solutions."

                  About MagnaChip Semiconductor

MagnaChip Semiconductor -- http://www.magnachip.com/-- designs,  
develops, and manufactures mixed-signal and digital multimedia
semiconductors addressing the convergence of consumer
electronics and communications devices.  MagnaChip also provides
wafer foundry services utilizing CMOS high voltage, embedded
memory, and analog and power process technologies for the
manufacture of IC's for customer-owned designs.  MagnaChip has
world-class manufacturing capabilities and an extensive
portfolio of approximately 8,500 registered and pending patents.  
As a result, MagnaChip is a valued partner in providing leading
technology solutions to its customers worldwide.

                          *     *     *

Moody's Investors Service, on April 20, 2007, that Moody's
Investor Service downgraded MagnaChip Semiconductor LLC's
corporate family rating to B2 from B1.  At the same time,
Moody's has downgraded the following debt ratings as issued by
MagnaChip Semiconductor Finance Co (US) and MagnaChip
Semiconductor SA:

   1) USUS$100 million 5-year senior secured credit revolver to
      B1 from Ba3

   2) USUS$500 million aggregate floating- and fixed-rate second
      priority senior secured notes due 2011 to B2 from B1

   3) USUS$250 million senior subordinated notes due 2014 to
      Caa1 from B3

The outlook for the ratings is negative.  This concludes the
review for possible downgrade commenced on February 1, 2007. On
Feb. 13, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on MagnaChip to 'B' from 'B+'.  At the
same time, S&P lowered the rating on MagnaChip's senior
unsecured debt to 'B' from 'B+' and rating on its senior
subordinated notes due 2014 to 'CCC+' from 'B-'.  The outlook on
the long-term corporate credit rating is negative.


SK CORP: Delays Incheon Oil Listing on London Stock Exchange
------------------------------------------------------------
SK Corporation is delaying the listing of its subsidiary,
Incheon Oil on London Stock Exchange to strengthen its assets,
Reuters reports, citing Financial Times.

According to the Times, SK Corporation planned to raise US$750
million last December by listing the refinery in London and
Seoul.

SK Corporation also wants its offshoot to complete the
installation of extra refining facilities at the southern port
of Ulsan before taking Incheon Oil to the market, the report
adds.                        

                        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 has placed on review
for possible upgrade the Ba1 long-term rating of SK Corp.


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

CRIMSON LAND: Bursa to Delist Securities on June 5
--------------------------------------------------
The Bursa Malaysia Securities Bhd will delist and remove the
securities of Crimson Land Bhd from its official list on June 5,
2007.  The decision was made after the company failed to submit
its regularization plan to relevant authorities as required of
the extended time frame granted by the bourse.

According to Bursa Securities, it approved an earlier request by
the company to extend its plan-filing deadline to May 23, 2007.  
The approval, however, was given on the condition that it will
delist the company's securities if it fails to submit the plan.

Crimson Bhd's securities, which are currently deposited with the
bourse may remain deposited notwithstanding the delisting of the
securities from the Official List.  Shareholders of the company
who also intends to hold their securities in the form of
physical certificates, can withdraw these securities from their
Central Depository System accounts maintained with Bursa
Depository at anytime after the securities of the company have
been delisted.  The shareholders are required to submit an
application form for withdrawal in accordance with the
procedures prescribed by Bursa Depository.  These shareholders
can contact any Participating Organisation of Bursa Securities
and/or Bursa Securities' General Line at 03-2034 7000.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's
activities are property development, maintenance, investment and
rental services.  The Company is also into investment holding,
property cultivation, growing and trading of marine products,
rental of promotional space, management services and investment
holding.

Crimson Land is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd and is
therefore required to formulate and implement a plan to
regularize its financial condition.


CRIMSON LAND: Balance Sheet Upside Down by MYR8.76MM in March 31
----------------------------------------------------------------
Crimson Land Bhd's unaudited balance sheet as of March 31, 2007,
went upside down by MYR8.76 million from total assets of
MYR440.14 million and total liabilities of MYR448.90 million.

As of March 31, 2007, the company's balance sheet also showed
current assets of MYR213.81 million and current liabilities
aggregating to MYR70.62 million.

For the third quarter ended March 31, 2007, the company posted a
net loss of MYR30.35 million on MYR25.88 million of revenues,
compared with a net loss 5.02 million net loss on MYR6.53
million of revenues in the same quarter last year.

Full text-copies of the company's financial statement for the
quarter ended March 31, 2007, can be viewed for free at:

            http://bankrupt.com/misc/crimson-3q-results.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's
activities are property development, maintenance, investment and
rental services.  The Company is also into investment holding,
property cultivation, growing and trading of marine products,
rental of promotional space, management services and investment
holding.

Crimson Land is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd and is
therefore required to formulate and implement a plan to
regularize its financial condition.


TENGGARA OIL: Unit Faces Wind-Up Petition From Harrisons Trading
----------------------------------------------------------------
Tenggara Concrete Sdn Bhd, a major subsidiary of Tenggara Oil
Sdn Bhd, is facing a wind-up petition from Harrisons Trading
(Peninsular) Sdn Bhd due to unpaid outstanding debts.

In a disclosure with the Bursa Malaysia Securities Bhd, the
company said that its unit owes Harrisons a sum of MYR175,184.53
due on February 28, 2007, including interest rate of
MYR30,750.63 for goods sold and delivered.

The company said that Harrisons issued a notice dated March 13,
2007, to TCSB, demanding payment within 21 days from the date of
notice.  TCSB failed to pay the amount.

Tenggara Oil believes that the financial and operational impact
of the winding-up proceedings on TOB Group will be minimal since
the unit has ceased its operation in mid 2006.

                          *     *     *

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.

The Company is headquartered in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.


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

EASTSIDE TIMBER: Enters Wind-Up Proceedings
-------------------------------------------
Eastside Timber Ltd. entered wind-up proceedings on May 11,
2007.

Paul William Gerrard Jenkins and Wayne John Deuchrass were
appointed as liquidators.

The Liquidators can be reached at:

         Paul William Gerrard Jenkins
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         148 Victoria Street, Level 1
         PO Box 13401, Christchurch
         New Zealand


ENTILEY CREATIVE: Names Colin Currie as Liquidator
--------------------------------------------------
Entiley Creative Ltd. commenced liquidation proceedings on
May 4, 2007, and appointed Colin F. Currie as the company's
liquidator.

The Liquidator can be reached at:

         Colin F. Currie
         PO Box 19296, Hamilton
         New Zealand
         Telephone:(07) 838 1666
         Facsimile:(07) 838 1600


EUROPLASTER LTD: Wind-Up Petition Hearing Set for May 31
--------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Europlaster Ltd. on May 31, 2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Feb. 26, 2007.

The CIR's solicitor is:

         Phillip Macredie
         c/o Legal and Technical Services
         Auckland North Service Centre
         Inland Revenue Department, 5-7 Byron Avenue
         PO Box 33150, Takapuna, Auckland
         New Zealand


KIWI INCOME: Records NZ$59.2-Million Profit After Tax in FY2007
---------------------------------------------------------------
Kiwi Income Property Trust has reported a net profit after tax
of NZ$59.2 million for the year to March 31, 2007.  In addition
to this profit, the Trust recorded a net revaluation gain of
NZ$219.8 million.

Excluding one-off gains of NZ$15.0 million last year, the result
represents an after-tax increase of 3.7% over the previous
financial year.  Taking into account unit price appreciation,
the total gross return to unit holders over the 12 months to
March 31, 2007, was 38.0%, significantly ahead of both the NZX
Property and NZX50 indices.

A final gross dividend of 4.85 cents per unit has been announced
by the Trust, which includes imputation credits of 0.85 cents
per unit.  This brings the gross dividend for the year to 9.60
cents per unit, an increase of 5.5% over the previous year.  The
full year dividend comprises 8.34 cents per unit in cash and
1.26 cents per unit in imputation credits.  The record date for
the 2007 final dividend is June 1, 2007, and the payment date is
June 15, 2007.

The Trust's total assets increased by NZ$481.6 million to
NZ$1.93 billion, with secured bank debt up by NZ$250.0 million
to NZ$486.0 million, representing 25.2% of total assets.  The
level of bank borrowings increased over the period primarily due
to the capital expenditure on the Sylvia Park project and
acquisition of the remaining 50% of the National Bank Centre.

Chairman of the Board of the Manager of the Trust, Sean Wareing,
said the result continues a strong period of performance for the
Trust, and reinforces the benefits of the Trust's focus on a
well diversified, superior quality property portfolio, the
effective implementation of its asset management strategy, and
the judicious redevelopment and refurbishment of existing
assets.  "Sound market fundamentals across both the retail and
office sectors, combined with the continued strong interest from
off-shore investors for both direct and indirect investment
underpinned a very buoyant property market for the year".

Operating Highlights

   * Net profit after tax increased by 3.7% to NZ$59.2 million
     (excluding one off gains).

   * Net rental revenues were NZ$100.7 million, up 4.9% on a
     comparable basis.

   * The portfolio recorded a revaluation gain of NZ$219.8
     million.

   * Total assets increased from NZ$1.45 billion to NZ$1.93
     billion.

   * Net asset backing per unit (undiluted) increased by 31
     cents to NZ$1.75 (includes final dividend).

   * High portfolio occupancy level of 99.2%.

   * Stages I, II and III of Sylvia Park successfully opened on
     programme, within budget and 100% leased.

   * A total gross return to unit holders of 38.0% for the 12
     months to 31 March 2007.

   * The Trust's market capitalisation increased by NZ$270.8
     million to NZ$1.18 billion.

Portfolio Management

Chief Executive of the Manager of the Trust, Angus McNaughton,
said leasing activity, high portfolio occupancy levels, positive
rent reviews, and the benefits of portfolio expansion and
redevelopment, all contributed to the strong result and record
revaluation gain.  "The revaluation gain reflected the
significant demand for investment grade assets internationally,
portfolio rental growth, and again, the quality of the Trust's
portfolio."

The NZ$219.8 million revaluation gain was equally spread between
the retail and office portfolios, and compares with a gain for
the same period last year of NZ$103.2 million.  The increase in
the value of the Trust's assets endorses the Trust's investment
strategy which focuses on maintaining a stable, well-diversified
portfolio of premium shopping centres and office buildings with
strong income and superior long-term growth potential.
Due to Sylvia Park's construction reaching a significant level
of completion, the Centre has, for the first time, been valued
as an investment property. The current value of the retail
centre as at March 31, 2007, has been assessed at NZ$422.7
million, giving rise to a current year revaluation gain of
NZ$47.6 million, significantly ahead of the projected
revaluation gain of NZ$6.0 million.

The Trust's flagship office asset, the Vero Centre, has
continued to benefit from a very strong Auckland office market,
increased market rentals, and a firming of its cap rate to
6.75%.  The building has increased in value by NZ$44.0 million
to NZ$300.1 million and has predominantly underpinned the gain
in the overall office portfolio.  As well as the Auckland office
market, the office portfolio continued to benefit from strong
market conditions in both Wellington and Christchurch. Demand
for office space across the portfolio remains firm with the
Trust's office occupancy level of 98.7% providing an excellent
platform for further rental growth.  Key office leasing
transactions during the year included a new nine year lease to
Deutsche New Zealand Limited for 1,200m2 in the Vero Centre in
Auckland, and the restructuring of the Government of Japan's
2,000m2 premises in the Majestic Centre in Wellington.

The retail portfolio performed solidly with occupancy levels
remaining high at 99.7%.  A number of Australian retailers
continued to seek new retail opportunities in New Zealand,
contributing to the demand for space within the portfolio.
The key acquisition during the year was the remaining 50% of the
National Bank Centre in Auckland for NZ$55.6 million. There were
no divestments during the period under review.

Sylvia Park

The successful delivery and completion of Sylvia Park remained
the key focus of the management team for the year.  Stages I, II
and III of the project opened on programme and 100% leased
during the year. With Stage III complete, Sylvia Park is now the
largest shopping centre in New Zealand at 57,000m2.  The final
Stage IV of the retail project is also on programme to open
midyear, together with the Sylvia Park railway station, taking
the overall Centre to 65,000m2.

The recently opened Stage III signature Entertainment and
Leisure Precinct included the worldleading Hoyts cinema complex,
a superb range of dining options, and 45 stores spanning
adventure, electronics, books, fashion and more.  Following a
very successful leasing campaign, only one first floor retail
tenancy now remains to be leased in the entire retail project.
Sylvia Park is now the flagship retail asset of the Trust's
NZ$1.91 billion property portfolio.  It has become the iconic
destination shopping centre in New Zealand, offering an
international shopping, entertainment and dining experience,
setting a new benchmark for customer expectations.

Portfolio Investment Entity Regime & Dividend Projection
As previously advised, the Government has introduced a new tax
regime for Portfolio Investment Entities, such as the Trust.  
The new PIE regime dramatically alters the way in which the
Trust's dividends will be taxed. For New Zealand resident
investors, no further tax will be payable on the cash dividend
paid.  For off-shore investors, the amount of tax paid in New
Zealand will decrease, but depending on personal tax
circumstances, further tax will generally be payable in the
country of residence.  The new regime takes effect from 1
October 2007 and applies to dividends paid after that date.  As
the Trust's first dividend for the year ending 31 March 2008 is
paid after October 1, 2007, the new regime will effectively
apply for the full year.

Based on the outlook for the Trust, and as a consequence of the
new PIE regime, the Trust is projecting a cash dividend for the
year ending 31 March 2008 of approximately 8.8 cents per unit.
This projection is based on current tax legislation and a
continuation of reasonable economic conditions.  Unlike previous
dividends, no further withholding taxes will be deducted from
this amount.  The result is a significant uplift to the after
tax dividends received by most New Zealand resident investors.
For example, in the case of a tax-payer on a 33% marginal tax
rate, the increase is approximately 37% greater than last years'
cash dividend.

Outlook

Mr. Wareing said, "Despite a higher interest rate environment,
property sector fundamentals are expected to remain resilient.
There is demand for quality space in both the retail and office
markets, underpinning solid rental growth in the Trust's
portfolio.  While the continued demand by both offshore and New
Zealand investors for quality assets will make it increasingly
challenging to acquire new assets, continuing the Trust's
strategy of adding value to the portfolio through tenancy
remixes, refurbishments, and the development of assets where
they cannot be purchased will remain an important part of our
asset management strategy".

                  About Kiwi Income Property Trust

Auckland, New Zeland-based Kiwi Income Property Trust --
http://www.kipt.co.nz/n1.html-- is a unit trust.  Kiwi Income  
Properties Limited is the manager of the Trust and New Zealand
Permanent Trustees Limited is the trustee.  The Trust focuses on
recycling capital, and investing in assets.  The trust acquires,
manages ongoing development of office, retail and industrial
property assets throughout New Zealand, with a range of lease
maturities.  The Trust purchased two properties during the
fiscal year ended March 31, 2006.

The Troubled Company Reporter - Asia Pacific, on May 22, 2007,
listed Kiwi Income Properties Ltd.'s 8.000% bond with a June 30,
2010 maturity date as distressed.


MENIX TRADING: Fixes June 20 as Last Day for Receiving Claims
-------------------------------------------------------------
On May 10, 2007, Menix Trading Ltd. started to liquidate its
business and appointed Grant Bruce Reynolds as liquidator.

Mr. Reynolds fixed June 20, 2007, as the last day for creditors
to file their proofs of debt.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         c/o Reynolds & Associates Limited
         Insolvency Practitioners
         PO Box 259059, Greenmount
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 522 5662
         Facsimile:(09) 522 5788


MRS WASH: Wind-Up Petition Hearing Set for May 31
-------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Mrs Wash Laundromat Ltd. on May 31, 2007, at
10:00 a.m.

The petition was filed by the Commissioner of Inland Revenue on
Jan. 26, 2007.

The CIR's solicitor is:

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


NZ WINDFARMS: Confirms NZ$75 Million Share Issuance
---------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 2, 2007, NZ Windfarms Limited's board of directors was
considering making a public offer to raise NZ$75 million.

In a May 16 filing with the New Zealand Stock Exchange, NZ
Windfarms confirmed the public offering of shares to raise the
amount.  The company disclosed that it has provided NZX a copy
of an Investment Statement and Prospectus for the issuance of
shares.

The offer comprises 68,181,819 ordinary shares at an issue price
of NZ$1.10 per share.  The offer is fully underwritten.

As noted in the TCR-AP report, NZ Windfarms intends to use the
proceeds from the proposed offer to fund its contribution to the
Te Rere Hau joint venture for the completion of the Te Rere Hau
wind farm.  The company also intends to use the proceeds to fund
the development of new wind farm projects

Pursuant to a conditional agreement entered between NA Windfarms
and Vector Limited, the latter will subscribe for
15,704,000 shares in the issue to obtain a cornerstone interest
of 19.99% in the former, subject to certain conditions.  Vector
will be able to nominate two directors to join the NZ Windfarms
board under the deal.  

Vector is a multi-utility infrastructure owner and manager, with
a range of energy and technology assets.  Vector is listed on
the New Zealand Stock Exchange, and its majority shareholder
(75.1%) is the Auckland Energy Consumer Trust.  The cornerstone
shareholding in NZ Windfarms will be the first investment under
Vector's environmental energy strategy.

The offer also includes a Shareholder Priority Pool of 5,000,000
shares available for subscription by holders of NZ Windfarms
shares.   The remaining 47,477,819 shares have been allocated on
a firm basis to institutional investors and NZX firms.
Allocations have been made to 13 institutional investors in
total, based in New Zealand and offshore.

The Joint Lead Managers are ABN AMRO Craigs and ABN AMRO
Rothschild. The offer is fully underwritten by ABN AMRO
Rothschild.

The share offer and Vector cornerstone arrangement are still
subject to shareholders' approval at a special general meeting
to be held today, May 28, 2007, in Christchurch.

NZ Windfarms is currently listed on the AX Board of the NZX
following an initial public offering in 2005.  It intends to
move its listing to the NZX Main Board following the share
issue.

Christchurch, New Zealand-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development    
and operation of wind power generation assets for the purpose of
generating and selling electricity.  The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North.  The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity).  NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm.  The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.

The company reported consecutive net losses of NZ$397,999 and
NZ$118,594 for the years ending June 30, 2006, and 2005,
respectively.


NEW ZEALAND CABS: Creditors' Proofs of Debt Due by June 8
---------------------------------------------------------
The creditors of New Zealand Cabs Ltd. are required to file
their proofs of debt by June 8, 2007, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on May 10, 2007.

The company's liquidator is:

         Nicholas John Hayes
         c/o Nicholas Hayes
         PO Box 9323, Hamilton 2015
         New Zealand
         Telephone:(07) 849 0664
         Facsimile:(07) 849 0634


PIHA NURSERIES: Faces CIR's Wind-Up Petition
--------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Piha Nurseries Ltd. on Jan. 22, 2007.

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

The CIR's solicitor is:

         S. J. Eisdell Moore
         c/o Meredith Connell
         Forsyth Barr Tower, Level 17
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone (09) 336 7556


PREPFESSIONALS MARINE: Subject to CIR's Wind-Up Petition
--------------------------------------------------------
On Jan. 22, 2007, the Commissioner of Inland Revenue filed a
wind-up petition against Prepfessionals Marine Ltd.

The High Court at Auckland will hear the petition on May 31,
2007, at 10:00 a.m.

The CIR's solicitor is:

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


PRODUCE BRANDS: Court to Hear Wind-Up Petition Today
----------------------------------------------------
An application to wind up the operations of Produce Brands Ltd.
will be heard before the High Court of Christchurch on May 28,
2007.

The petition was filed by Maersk New Zealand Limited on
April 18, 2007, at 10:00 a.m.

The solicitor of Maersk New Zealand is:

         Michael David Arthur
         c/o Chapman Tripp Sheffield Young
         ANZ Centre, Level 35
         23-29 Albert Street
         Auckland
         New Zealand


STARS METAL: Taps Crichton and Horne as Liquidators
---------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of Stars Metal Polishing Ltd. on May 11, 2007.

Creditors are required to file their proofs of debt by June 11,
2007, to be included in the company's dividend distribution.

The Liquidators can be reached at:

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


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

ARANETA PROPERTIES: Turns Around With PHP14MM Net Income in 2006
----------------------------------------------------------------
Araneta Properties Inc. posted a net income of PHP14.04 million
for the year ended December 31, 2006, as compared to the
PHP22.97 million net loss it reported in 2005.  The company also
booked a net loss of PHP55.9 million in 2004.

For the year 2006, the company earned total revenues of
PHP151.64 million, comprised mostly of real estate revenues, and
incurred total costs and expenses of PHP134.71 million.

As of December 31, 2006, the Company had total assets of PHP1.42
billion and total liabilities of PHP350.52 million, resulting in
a total equity of PHP1.07 billion.

Araneta Properties, Inc., formerly known as Integrated Chrome
Corporation, was originally organized to mine chrome ore and
produce ferros metal or commonly known as ferrochrome.  It
changed its name to its present one and changed its primary
purpose to that of land and property development in 1997 with
the entry of the Araneta Group.  With its diversification to the
property development business, it relegated its original primary
purpose to that of a secondary concern.  ARA is now engaged in
the fine-tuning of a master plan for the development of 1,500
hectares of land located in the municipality of San Jose del
Monte, Bulacan, and Caloocan City.

                          *     *     *

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


JG SUMMIT: Annual Stockholders' Meeting Set for June 28
-------------------------------------------------------
JG Summit Holdings Inc. will hold its Annual Stockholders'
Meeting on June 28, 2007, at 10:00 a.m. at Sapphire A & B in the
Crowne Plaza Galleria Manila, located at ADB Avenue corner
Ortigas Avenue in Quezon City.

These items will be taken up during the meeting:

    * Proof of notice of the meeting and the existence of a
      quorum

    * Reading and approval of the minutes of the Annual Meeting
      of the Stockholders last on June 28, 2006

    * Presentation of Annual Report and approval of 2006   
      financial statements

    * Election of Board of Directors

    * Election of External Auditors

    * Ratification of all acts of the Board of Directors and
      Management in 2006

    * Other matters

    * Adjournment

Only stockholders of record as of May 29, 2007, will be entitled
to notice and to vote during the meeting.

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is  
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *
The Company carries Standard & Poor's B+ corporate credit
rating. Its US$300 million 8% unsecured notes due 2013 issued in
January 2006 by JGSH Philippines Limited, a special purpose
vehicle wholly owned by JG Summit, also carry S&P's B+ rating.


MABUHAY HOLDINGS: Posts PHP2.8-Million Net Loss in 2006
-------------------------------------------------------
Mabuhay Holdings Corp.'s consolidated financial statements
reported a net loss of PHP2.80 million for the year ended
Dec. 31, 2006, as compared to the PHP26.5 million reported in
the previous year.

The company's profit and loss statement shows that the company
earned total revenues of PHP2.56 million and incurred costs and
expenses of PHP20.65 million for the year 2006.

As of December 31, 2006, the company had total assets of
PHP728.21 million and total liabilities of PHP103.9 million,
resulting in a shareholders equity of PHP641.82 million.

Headquartered in Makati City, Philippines, Mabuhay Holdings
Corporation was incorporated as a holding company.  It is
engaged in the acquisition and disposition of investments in
securities, stocks, real and personal properties, and any kind
of properties and of investments in other entities.  Within this
general framework, the company is empowered to commit its
resources in pre-selected areas of investment, like direct real
estate investments, real estate equities, venture capital
projects, listed and unlisted securities.

The company's current strategy is to concentrate its investment
in four areas: infrastructure, basic industry, finance, and
properties.  Mabuhay has taken a significant stake in Magellan
Capital Holdings Corporation, which is involved in the
development of three power stations in Pinamucan, Batangas;
Rosario, Cavite; and Mactan, Cebu, with a total expected
generating capacity of over 700 Megawatts.

                          *     *     *

After auditing Mabuhay Holdings' 2005 Annual Report, Francis B.
Albalate, of Punongbayan & Araullo, expressed material doubt on
the company's ability to continue as a going concern.  Mr.
Albalate said that the recoverability of the group's
consolidated assets as of December 31, 2005, and the group's
ability to settle its liabilities are dependent on the success
of its future operations and those of its related parties.  He
notes that the financial statements do not include any
adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and
classification of liabilities or any other adjustments that
might result from the outcome of this uncertainty.


TOWER RECORDS: Wants Solicitation Period Extended to August 31
--------------------------------------------------------------
MTS Inc. dba Tower Records and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend
their exclusive period to solicit acceptances of its Chapter 11
Plan of Reorganization until Aug. 31, 2007.

The Debtors' exclusive period to solicit acceptances will expire
tomorrow, May 25, 2007.

Mark D. Collins, Esq., at Richardson Layton & Finger P.A., tells
the Court that the Debtors need more time to negotiate with the
Official Committee of Unsecured Creditors to resolve certain
issues and liquidation of the Debtors' estate in a consensual
manner that maximizes value for distribution to creditors.

The Debtors relate that the request for extension represents the
best chance to move the cases from the current "dead-lock" with
the Committee and towards plan confirmation
and exit from Chapter 11.

Headquartered in West Sacramento, California, MTS, Inc., dba
Tower Records -- http://www.towerrecords.com/-- is a retailer  
of music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company has stores in the United Kingdom,
the Philippines and Colombia.

The Company and its affiliates previously filed for chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394).  The Court confirmed the Debtors' plan on March 15,
2004.

The Company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.  
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.  The Debtors' exclusive period to
file a chapter 11 plan expires on Dec. 18, 2006.     

Moody's Investors Service gave the company's issuer rating and
long-term corporate family rating a Ca, and its senior
subordinated rating a C.


WARNER MUSIC: S&P Retains Negative Watch after EMI-Terra Deal
-------------------------------------------------------------
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 260 pence 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.

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,
Thailand, Philippines and the United Kingdom, among others.


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

EC-ASIA INTERNATIONAL: Court Enters Wind-Up Order
-------------------------------------------------
On May 18, 2007, the High Court of Singapore entered an order to
wind up the operations of EC-Asia International Limited.

The company's liquidator is:

         Neo Ban Chuan, Yeap Lam
         Kheng and Bob Yap Cheng Ghee
         KPMG Business Advisory Pte. Ltd.
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


ESTALAND PROPERTY: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore released an order to wind up the
operations of Estaland Property Associates Pte Ltd on May 18,
2007.

The Management Corporation Strata Title Plan No. 1489 filed the
wind-up petition against the company.

The company's liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


FREESCALE: Moody's Revises Ba3 Rating Outlook to Negative
---------------------------------------------------------
Moody's Investors Service affirmed the ratings of Freescale
Semiconductor, Inc. and changed the outlook to negative.

The negative outlook was prompted by Freescale's lower-than-
expected first quarter revenue and EBITDA.  Operating
performance weakness stems principally from reduced wireless
semiconductor shipments as a result of lower cellular demand at
its former parent and largest customer, Motorola.  Motorola,
which accounts for nearly 25% of Freescale's revenues, witnessed
margin erosion, sustained a net loss and lost 5 points of market
share to 17% in the first quarter 2007.

In assigning Freescale's Ba3 corporate family rating last
November, Moody's noted the rating was constrained by the
company's high Motorola content, which we viewed as a credit
negative, and that upward ratings pressure was contingent on a
broadening of its product offering and customer base within the
wireless segment.  Given the wireless inventory build and
Motorola's current woes, Freescale will be challenged to expand
its wireless customer base in a timely manner to alleviate
reduced volumes at Motorola -- which lowered guidance for 2007
-- and the negative impact it could have on Freescale's
revenues, profitability and cash flow generation.

Downward pressure on the rating could materialize to the extent
revenues in the Wireless and Mobile Solutions segment fails to
recover in the second half of the year resulting in materially
weaker-than-anticipated EBIT or total debt/EBITDA (Moody's
adjusted) above 5.5x.

Following the US$17.6 billion leveraged buyout and
recapitalization in December 2006, Freescale became one of the
more highly leveraged semiconductor companies.  With nearly $9.8
billion gross debt, the ratings reflect significant debt
leverage and reduced financial flexibility, which is magnified
by Freescale's limited track record as a standalone company and
lack of historical performance during a downturn.  The ratings
and outlook also took into account our expectation that
Freescale would reduce leverage over the near-to-intermediate
term through strong levels of free cash flow generation.
However, with the sudden reversal in Motorola's fortunes
resulting in Freescale's generation of negative free cash flow
in Q107, Moody's now believes free cash flow in 2007 will be
below our previous estimate of $350 million.  Consequently, we
no longer anticipate Freescale's financial leverage (Moody's
adjusted total debt/EBITDA) to decline to 4.6x by the end of
2007, which was factored in the previously assigned stable
outlook, but to remain in the 5.0 -- 5.5x range, delaying
leverage reduction.

Moody's continues to believe Freescale:

   (i) has strong market leadership positions and a rich product
       portfolio comprising breadth and depth of technology;

  (ii) benefits from a diversified revenue base with exposure to
       the relatively stable and less volatile transportation
       and networking segments which tend to exhibit slower
       growth prospects and longer product life cycles than the
       wireless space;

(iii) could benefit from its near-sole source provider status
       for baseband and power management ICs in Motorola's new
       line-up of handsets and its status as a RF transceiver
       supplier in newly-launched mobile devices from both RIM
       and Motorola, to the extent consumer uptake materializes;

  (iv) is positioned to benefit from increasing content in
       existing mobile OEM customer platforms as design
       solicitations are won and shipments ramp;

   (v) has considerably improved its operating leverage since
       the Motorola spin-off; and

  (vi) has a defensive operating model that allows it to quickly
       reduce expenses and capex in response to weak market
       conditions.

Moody's notes the company also has the ability to suspend cash
interest payments on roughly 16% of its outstanding debt through
the use of a toggle PIK structure on $1.5 billion of senior
notes, which would help to preserve cash flow in a soft
operating environment.  With nearly $640 million of cash and
access to a $750 million undrawn revolver, liquidity remains
solid.

These ratings/assessments were affirmed:

   -- Corporate Family Rating (New) -- Ba3;

   -- Probability of Default Rating -- Ba3;

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012 -- Baa3 (LGD-2, 16%);

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013 -- Baa3 (LGD-2, 16%);

   -- US$2.85 Billion Senior Unsecured Notes due 2014 -- B1
     (LGD-4, 63%);

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014 --
      B1 (LGD-4, 63%);

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016 -- B2 (LGD-6, 91%); and

   -- Speculative Grade Liquidity Rating -- SGL-1.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and  
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Taiwan and
Singapore.


PDC CORP: Sets Extraordinary General Meeting on June 15
-------------------------------------------------------
PDC Corp Ltd will hold an extraordinary general meeting for its
shareholders on June 15, 2007, at 10:00 a.m., in Room 305, Level
3 of Suntec Singapore International Convention & Exhibition
Centre at 1 Raffles Boulevard in Suntec City, Singapore 039593.

At the meeting, the shareholders will be asked to approve the
proposed allotment and issue of:

   -- the Subscription Shares pursuant to the Subscription
      Agreements at the Subscription Price for each Subscription
      Share; and

   -- 38 million and 62 million Subscription Shares to two
      substantial shareholders namely: Dato Dr. Ong Bee Huat and
      Dr. Goh Bak Heng respectively pursuant to the
      Subscription.

In addition, the company will be seeking the shareholders'
approval for these matters:

   (a) the proposed amendments to the company's Memorandum and
       Articles of Association;

   (b) the proposed change of the company's name; and

   (c) the proposed mandate for entry into agricultural
       business.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young, after auditing the
company's financial statements for the year ended Dec. 31,
2005, highlighted a going concern issue.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


PDC CORP: Taps Lam Yue Pak as CEO and Executive Officer
-------------------------------------------------------
PDC Corp Ltd appointed Lam Yue Pak, as the company's Chief
Executive Officer and Executive Officer, which took effect on
May 23, 2007.

The Board of PDC will now comprise:

   * Dr. Wang Kai Yuen as Chairman - Non-Executive Independent
     Director;

   * Dr Wong Wen-Young, Winston as Vice Chairman - Non-Executive
     Director;

   * Lam Yue Pak as Chief Executive Officer and Executive
     Director;

   * Gan Wui Koh as Chief Operating Officer and Executive
     Director;

   * Mah Peek Sze Patsy as Executive Director;

   * Luar Eng Hwa as Non-Executive Independent Director;

   * Dr. Chen Seow Phun, John as Non-Executive Independent
     Director;

   * Prof. Teng Paul Piang-Siong as Non-Executive Independent
     Director; and

   * See Tow Siew Chuan as Non-Executive Director;

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young, after auditing the
company's financial statements for the year ended Dec. 31,
2005, highlighted a going concern issue.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


TARGUS GROUP: S&P Puts All Ratings Under Negative Watch
-------------------------------------------------------
Standard & Poor's Ratings Services placed all of its ratings on
Targus Group International Inc., including the 'B' corporate
credit rating, on CreditWatch with negative implications.
     
"The CreditWatch listing is based on the company's weaker-than-
expected progress in reducing excess inventories through March
31, 2007, and the expectation that covenant cushion will
significantly tighten in the coming quarters," said Standard &
Poor's credit analyst Christopher Johnson.
     
"Although year-to-date EBITDA and sales have met and exceeded
the company's 2007 budget, margins continue to be pressured by
higher raw material costs and product mix, and debt leverage
remains very high," said Mr. Johnson.
     
Standard & Poor's will review Targus' strategic plan with
management, evaluate their progress in reducing excess
inventories, and monitor the status of the company's liquidity
and covenant cushion before resolving the CreditWatch.

Targus Group International Inc. -- http://www.targus.com/--  
invented the notebook case and continues to advance the mobile
accessories category with innovative and relevant solutions for
today's mobile lifestyle.  Targus products enhance productivity,
connectivity, and security, liberating users to work in any and
all environments with the utmost convenience and comfort.  
Founded in 1983, Targus headquarters are located in Anaheim,
California, with offices worldwide and distribution agreements
in more than 100 countries.

Targus has operations in the Asia Pacific, specifically in
Australia & New Zealand, China, Hong Kong, Japan, Korea, and
Singapore.


THOSAN TRANSPORT: Creditors' Proofs of Debt Due by June 8
---------------------------------------------------------
Thosan Transport Pte Ltd. requires its creditors to file their
proofs of debt by June 8, 2007, to be included in the company's
dividend distribution.

The company's liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

FEDERAL-MOGUL: Court Defers Deadline on Anderson's Plan Vote
------------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware, as agreed to by the parties, defers the
deadline for Anderson Memorial, and the asbestos property damage
claimants it represents, to vote on and object to Federal-Mogul
Corp. and its debtor-affiliates' Fourth Amended Joint Plan of
Reorganization to the earlier of:

   (a) one week after the Court rules on the Debtors' request to
       enter into their Settlement Agreement with Anderson
       Memorial; and

   (b) May 31, 2007.

The deadline for the Official Committee of Asbestos Property
Damage Claimants to object to the Fourth Amended Plan is also
extended to the earlier of (i) one week after the Court rules on
the Debtors' request; and (ii) May 31, 2007.

The Debtors have 10 days after Anderson Memorial and the
Asbestos PD Committee file their objections, if any, to respond
to those objections.

                       About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts  
company with worldwide revenue of some $6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June
6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing is set for June 8, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 137; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


MANAGER MEDIA: Posts THB12.34-Mil. Net Loss in 1st Quarter 2007
---------------------------------------------------------------
Manager Media Group PCL's financial statements showed a net loss
of THB12.34 million in the quarter ended March 31, 2007,
compared to the THB14.61 million net income for the same period
last year.

For the latest quarter, the company earned revenues of THB86.13
million and incurred total expenses of THB98.32 million.

As of March 31, 2007, the company's total current liabilities
exceeded its total current assets at THB211.37 million and
THB129.37 million, respectively.

As of March 31, 2007, the company had total assets of THB209.35
million and total liabilities of THB551.42 million, resulting in
the THB342.06-million shareholders' equity deficit.

                 About Manager Media Group PCL

Headquartered in Bangkok, Thailand, Manager Media Group Public
Company Limited -- http://www.manager.co.th/-- publishes  
a variety of daily, weekly, and monthly
publications.  Periodicals include Manager monthly magazine,
Manager weekly newspaper, Manager daily newspaper, and Thai
Investment weekly magazine.  The company also partners with the
Vietnam News Agency to publish The Vietnam News, an English-
language daily newspaper in Vietnam.  


                      Going Concern Doubt

Prawit Wipusirikup at RSM Nelson Wheeler Audit Limited, the
company's independent auditors raised significant doubt on the
company's ability to continue as a going concern, saying that
the company and its subsidiary company is in the process of
business rehabilitation and has built up significant accumulated
losses over the last few years and has suffered recurring losses
from operations.  

He adds that as of December 31, 2006, the group's consolidated
current liabilities exceeded its current assets by THB108.57
million, while the company's current liabilities exceeded its
current assets by THB69.05 million.  

He adds further that the consolidated capital deficiency as of
December 31, 2006 was THB368.23 million, and the company's
capital deficiency amounted to THB337.86 million.  

Moreover, the group has amended its business rehabilitation
plan, which will be approved by the creditor's meeting.  The
civil court agreed to extend the rehabilitation process until
August 2, 2007.  The ultimate outcome of the debt rehabilitation
process being completed within the timeframe agreed by the court
cannot presently be determined, according to Mr. Prawit.

He explains that the continuing business operations of the group
substantially depends on:

   a) the group's ability to complete the business
      rehabilitation plan within the timeframe set by the court;
      and

   b) the ability of the group to operate successfully in the
      future and generate adequate cash flows from operations.




POWER-P: SP Sign Posted for Failure to Submit 1st Qtr. Statement
----------------------------------------------------------------
The Stock Exchange of Thailand has posted SP (Suspension) signs
on the trading of Power-P PCL's securities for failing 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, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of  
construction works, including commercial buildings and housing
projects, as well as the leasing business of land and equipment.
Power-P has two subsidiaries, J-Power Co., Ltd., which is
engaged in the construction of factories, and L.V.C. Development
Co., Ltd., which provides construction, construction management
and installation of machinery.  


PRASIT PATANA: Posts THB12.43 Mil. Net Income for 1st Qtr. 2007
---------------------------------------------------------------
Prasit Patana PCL's separate financial statements posted a net
income of THB12.43 million for the three months ended March 31,
2007, an increase of 60.82% from the THB7.73 million for the
same period in 2006.

The company earned revenues of THB20.34 million while incurring
expenses of THB7.90 million for the January-March 2007 quarter.

As of March 31, 2007, the company reported total assets of
THB455.40 million and total liabilities of THB3.44 million,
resulting in a shareholders' equity of THB451.96 million.

Prasit Patana Public Company Limited --
http://www.phyathai.com/-- operates Phaya Thai I II and III  
Hospitals, Phaya Thai Sriracha Hospital, Phaya Thai Phuket
Hospital, Phaya Thai Ubon Hospital and Ake Udon Hospital.  The
company also operates three Universities, one of which as a
joint venture with the Dulwich College of the United
Kingdom.  The company also has diversified its business into
hotel operations.

The Troubled Company Reporter - Asia Pacific reported on March
28, 2007, that Prasit Patana's securities will be removed from
the trading board and transferred into the Non-Performing Group,
after the company posted a THB47 million net loss for the year
ended Dec. 31, 2006.


SAFARI WORLD: Posts THB84.61 Million Net Loss for First Quarter
---------------------------------------------------------------
Safari World PCL's consolidated financial statements showed a
net loss of THB84.61 million for the quarter ended March 31,
2007, a 21.65% decrease from the THB107.99-million loss reported
in the same period last year.

Consolidated revenues for the March-January 2007 quarter totaled
THB271.67 million, lower than the THB302.07 million expenses
incurred for the period.  This is due to lower tourist inflows
caused by the decrease of confidence in tourism securities, the
company says.

As of March 31, 2007, the company's consolidated balance sheets
showed that the company is illiquid with total current
liabilities of THB2.65 billion available to pay current assets
of THB150.91 billion.

                       Going Concern Doubt

After reviewing the company's financial statements for the
quarter ended March 31, 2007, Atipong Atipongsakul at ANS Audit
Co. Ltd. raised significant doubt on the company's ability
continue as a going concern because of its continuous operating
losses and illiquid state as of March 31, 2007.

Bangkok-based Safari World Public Company Limited --
http://www.safariworld.com/-- is engaged in the entertainment  
business.  The company operates Safari World, which is comprised
of an open zoo, a marine park, a bird park and other theme
parks.  It offers animal performances and other recreational
activities such as jungle cruises and feeding shows.  The
company is also involved in food and beverage services, the sale
of souvenirs and the provision of air-conditioned coach
services. Safari World has a subsidiary, Phuket FantaSea Company
Limited, which is engaged in the operation of Phuket FantaSea (a
nighttime cultural theme park).


SAHAMITR PRESSURE: Posts THB18 Million Net Loss for 1st Quarter
---------------------------------------------------------------
Sahamitr Pressure Container PCL reported a net loss of THB18.01
million for the three months ended March 31, 2007, a 35%
decrease from the THB27.72-million loss it booked in the same
period in 2006.

The company earned THB398.08 million in revenues for the
January-March 2007 period, while incurring total expenses of
THB408.72 million.  

As of March 31, 2007, the company had total current assets of
THB519.54 million and total current liabilities of THB750.19
million, making it illiquid.

The company's March 31, 2007 balance sheet showed total assets
of THB998.49 million and total liabilities of THB2.05 billion,
resulting in a capital deficiency of THB1.05 billion.

                     Going Concern Doubt

Because of its illiquid balance sheets and capital deficiencies
for the year ended Dec. 31, 2006, and for the quarter ended
March 31, 2007, Somckid Tiatragul raised significant doubt on
the company's ability to continue as a going concern.   

Mr. Somckid said that the capital deficiency is caused by the
court cases filed by the company's creditors demanding for loan
repayments totaling about THB1.79 million.  The liabilities are
guaranteed by the company and company's directors.  Of the total
amount, the company is responsible for the guarantee of the
related company's loan of approximately THB1.35 million. The
company took up its damage from guarantee obligation (including
the losses on non - collection of advances to directors who
jointly guarantee the related company's loans) in the financial
statements since the year 2003.

Even though the company and a subsidiary were successful in the
negotiation for debts restructuring, the company's ability to
continue as a going concern is still significantly uncertain
which is subject to :

    * The ability of the related company to operate successfully  
      in the future, to change its capital structure and to find
      new strategic partners, including its ability to comply
      with the conditions throughout the terms of its debt
      restructuring agreement to relieve the Company's guarantee
      obligation; and

    * The company's ability to operate successfully in the
      future and to comply with the conditions throughout the
      terms of the debt restructuring agreement.

               About Sahamitr Pressure Container

Sahamitr Pressure Container Public Company Limited --
http://www.smpcplc.com/-- produces pressure containers for  
liquefied petroleum gas for local and overseas markets under its
SMPC brand name.

The company had been classified under the REHABCO Sector --
Companies under Rehabilitation -- of the Stock Exchange of
Thailand for several years.  In July 2006, the SET reclassified
the whole sector and categorized the company under the "non-
performing group."  Companies under the group will retain their
listing status and will be obligated to comply with the SET
requirements.

The Troubled Company Reporter - Asia Pacific reported on Nov.
16, 2006 that the company and its subsidiaries are also facing
solvency problem with total assets of THB990.164 million and
total liabilities of THB2.114 billion as of September 30, 2006.


SIAM CITY BANK: Posts THB204 Mil. Net Profit in First Qtr. 2007
---------------------------------------------------------------
Siam City Bank PCL posted a consolidated net income of THB204.59
million for the quarter ended March 31, 2007, an 83% decrease
from the THB1.26 billion reported for the same period in 2006.

For the January-March 2007 period, the Company earned THB6.2
billion in total interest and dividend income and THB1.43
billion in non-interest income, while incurring interest
expenses of THB3.36 billion and non-interest expenses of THB2.43
billion.

As of March 31, 2007, the bank's consolidated balance sheets
show that it has THB465.76 billion total assets and THB428.66
billion total liabilities, resulting in a total shareholders'
equity of THB37.07 billion.

                      About Siam City Bank

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

The Troubled Company Reporter - Asia Pacific reported that On
October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of BB;
    * Short-term foreign currency rating of B;

The outlook on the ratings is Stable.  Fitch has also upgraded
the bank's individual rating to D from D/E and affirmed its
Support rating at 4.

As of May 4, 2007, the Bank still carries Moody's Bank financial
strength rating of D.The Long-term Foreign Currency Deposit
Rating is changed to Baa2 from Baa3 and the Short-term Foreign
Currency Deposit Rating is unchanged at P-3. The outlook for all
ratings is stable.


TRUE CORP: Earns THB477.58 Mil. in Quarter Ended March 31, 2007
---------------------------------------------------------------
True Corp. reported a consolidated net profit of THB477.58
million for the three months ended March 31, 2007, a 57%
decrease from the THB1.12-billion net income recorded in the
same period in 2006.

Total revenues for the quarter ended March 31, 2007, are
reported to be THB14.26 million while total costs are THB10.08
billion.

The company's consolidated balance sheets show that the company
is illiquid as of March 31, 2007, with total current assets of
THB19.81 billion available to pay current liabilities of
THB34.95 billion.

The company has total consolidated assets and liabilities of
THB121.50 billion and THB113.67 billion, respectively, as of
March 31, 2007, resulting in a total shareholders' equity of
THB7.83 million.

                 About True Corp. Public Co. Ltd.

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/-- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

The Troubled Company Reporter - Asia Pacific reported that on
November 22, 2006, Standard & Poor's Ratings Services assigned
its BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative. At the same time, Standard & Poor's assigned its B
issue rating to True Move's proposed senior unsecured notes,
assuming a debt size of about US$450 million.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 27, 2006 that  Moody's Investors Service affirmed True
Corporation Public Company Ltd's  Ba3 corporate family rating
and at the same time changed the rating outlook to negative from
stable.





                            *********

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

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

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


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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.

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