TCRAP_Public/070529.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, May 29, 2007, Vol. 10, No. 105

                            Headlines

A U S T R A L I A

AMSCAN HOLDINGS: S&P Affirms Loan and Recovery Ratings
CFM PRODUCTIONS: Sets Members' Final Meeting for June 18
CHARCOAL CHICKEN: Members & Creditors to Meet on June 13
DAL BROI: Creditors Extend Deed of Company Arrangement
D.R. CLARKE: To Declare First Dividend on June 7

EG & SM NORTON: Will Declare First Ordinary Dividend on June 8
FINANCE & MANAGEMENT: To Declare First Dividend on June 8
FOOT LOCKER: Earns US$17 Million in First Quarter Ended May 5
JARLU PTY: Will Declare Dividend for Priority Creditors
LILYDALE ENTERPRISES: Joint Final Meeting Set for June 20

ODIN CENTRAL: To Declare Second Dividend on June 15
SMARTVISION (INTERNATIONAL): Sets Members' Meeting for June 15
TRIMAS CORP: Completed IPO Cues S&P to Lift Ratings to B+
XPEDIOR (AUSTRALIA): To Declare Second Dividend on June 27
ZINIFEX: Inks Agreement with Ausmelt to Toll Treat Feed

C H I N A   &   H O N G  K O N G

ASIA FORTUNE: Enters Voluntary Liquidation
ASSOCIATION FOR A BETTER HONG KONG: Appoints Liquidator
BANK OF CHINA: Looks to Sell CNY3 Billion in Bonds in Hong Kong
BASELL AF: Moody's Rates EUR1.65 Bil. New Bank Facilities at Ba2
BASELLAND LIMITED: Moyes and Yuen Quit Liquidator Posts

BEIJING SHOUGANG: Joins Steelmakers' Joint Venture in Cambodia
CASANA NOMINEES: Members to Hold Final Meeting on June 25
CHAOMING LIMITED: Creditors & Contributories to Meet on June 8
H3C HOLDINGS: Moody's Assigns Ba2 Corporate Family Rating
H3C HOLDINGS: S&P Rates US$430MM Secured Credit Facility at BB

ICBC: Mulls CNY9 Billion Investments This Year
INDALEX HOLDING: Poor Performance Cues S&P's Negative Outlook
METALS HK: Sets Members' Final Meeting for June 25
PINEROCK LIMITED: Liquidators Quit Posts
XICOR HONG KONG: Members' Final General Meeting Set for June 20

UNIQUE BUSINESS: Creditors & Contributories to Meet on June 8
ZABOL LIMITED: Liquidators Resign from Posts

I N D I A

BRITISH AIRWAYS: Cancels Italy Flights Due to Alitalia Strike
BRITISH AIRWAYS: Investing GBP25-Mil on 550 New Airport Vehicles
ESSAR OIL: Closes One-Third of Retail Pumps Due to Losses
ESSAR OIL: To Raise US$100 Mil. for Khambalia Refinery Upgrade
FERRO CORP: Hires Tom Austin as Vice President for Operations

FOAMEX INT’L: March 31 Balance Sheet Upside-Down by US$272 Mil.
GENERAL MOTORS: Debt Issuance News Cues Fitch to Cut Debt Rating
GENERAL MOTORS: SEC Inquiry May Need Prior Results' Restatement
INDUSIND BANK: Turns Around With INR214MM Profit in Mar. 31 Qtr.
JIK INDUSTRIES: Board to Consider Capital Increase on June 1

KDL BIOTECH: Director D. Malik Resigns; R. Argawal Is Appointed

I N D O N E S I A

CA INC: Posts US$20 Million Net Loss in Quarter Ended March 31
DELHAIZE AMERICA: Moody's Ups Sr. Unsecured Debt Rating to Baa3
GOODYEAR TIRE: Gets US$834 Million Proceeds from Equity Offering
HILTON HOTELS: Matthew J. Hart to Assume CEO Post in 2008
MCDERMOTT INT’L: S&P Raises Corporate Credit Rating to 'BB'

TELKOM INDONESIA: Records 23% Decline in Fourth Qtr. Net Profit
TELKOM: To Hold Shareholders' Annual General Meeting on June 29
TELKOMSEL: Plans to Double Call Center Capacity to 1.1MM Calls

J A P A N

ALL NIPPON: To Boost Fuel Surcharge Due to Fuel Increase
HITACHI ZOSEN: Earns JPY1 Billion in Year Ended March 31, 2007
JAPAN AIRLINES: S&P Places B+ Credit Rating Under Negative Watch
KOBE STEEL: To Construct Steel Plant in India by 2009
MITSUBISHI MOTORS: Reduce Dealerships as Part of Reorganization

RESONA BANK: Earns JPY552.66 Billion for Year Ended March 31
SANYO ELECTRIC: USA Unit Moves Headquarters to Frisco
SOJITZ CORP: Earns JPY58.7 Billion for Year Ended March 31
SUMITOMO REALTY: Earns JPY50.30 Billion for Year Ended March 31
SUMITOMO REALTY: Introduces Takeover Defense Measures

SUMITOMO REALTY: S&P Lifts Credit Rating to BB+ from BB
SUMITOMO REALTY: Appoints Kenichi Onodera as President

K O R E A

DURA AUTOMOTIVE: Files Amended April 2007 Operating Report
SPECIALIZED TECH: High Leverage Cues S&P's B Credit Rating
SSANGYONG INFORMATION: Court Dismisses KRW1.53-Trillion Lawsuit
YOUNGCHANG SILUP: Major Shareholders Sell Off 40.19% Shares

M A L A Y S I A

MOL.COM BERHAD: Posts MYR2.27MM Net Loss in Qtr. Ended March 31
SUREMAX GROUP: Development Project in Jakarta Fails
TALAM CORP: Court Extends Unit's Restraining Order to Dec. 26

N E W  Z E A L A N D

CHESWOOD ESTATE: Faces Endeavour Glass' Wind-Up Petition
D.C.BUILDING: Faces CIR's Wind-Up Petition
GOSFORD INVESTMENTS: Appoints Official Assignee as Liquidator
HIRINI TRANSPORT: Court to Hear Wind-Up Petition on May 31
ONE ON ONE: Enters Liquidation Proceedings

SATCOM TELEVISION: Faces Lincrad Aerials' Wind-Up Petition
SCENICLAND SERVICES: Names Nellies and Deuchrass as Liquidators
SUFFOLK INVESTMENTS: Fixes June 3 as Last Day to Receive Claims
URBAN AUTOHOMES: Appoints van Delden & Finnigan as Liquidators

P H I L I P P I N E S

UNITED COCONUT: E-Banking Services Rise 43% in January-April ‘07

S I N G A P O R E

FIRST GREEN: Court Enters Wind-Up Order
HLG ENTERPRISE: Earns US$3.24 Million in 1st Quarter 2007
HLG ENTERPRISE: Subsidiary Completes Transaction with SBA
MEDIASTREAM LTD: Appoints KPMG as Independent Financial Adviser
MI SYSTEMS: Creditors' Proofs of Debt Due by June 11

PETROCONSULTANTS (FAR EAST): Proofs of Debt Due by June 25
PETROLEO BRASILEIRO: Inks Study Contract with Morocco
PETROLEO BRASILEIRO: Says Ceara Steel Project Not Feasible
REFCO: June 29 Hearing Set for BAWAG's US$108MM Suit Settlement
REFCO: Refco Commodity Wants Stay Lifted to Pursue Dismissal

SPECTRUM BRANDS: Names Kent Hussey as Chief Executive Officer

T H A I L A N D

SIAM COMMERCIAL: Attains THB18-Bil. Lending Growth in 1st Qtr.
SIAM COMMERCIAL: Posts THB3.69 Bil. Net Profit for 1st Qtr. 2007
SRITHAI FOOD: SET Halts Trading on Failure to Submit Financials

* Govt. Investments in Infrastructure May Slow Baht's Growth
* BOND PRICING: For the Week 21 May to 25 May 2007

     - - - - - - - -

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

AMSCAN HOLDINGS: S&P Affirms Loan and Recovery Ratings
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and recovery ratings
on Amscan Holdings Inc.'s US$575 million proposed senior secured credit
facilities, following the announcement that the company will increase the
asset-based revolving credit facility by US$50 million and decrease the
term loan by US$50 million.

The facility now comprises a US$200 million ABL revolver, which is rated
'BB-', with a recovery rating of '1', indicating an expectation of full
(100%) recovery of principal in the event of payment default; and a US$375
million first-lien term loan B, which is rated 'B', with a '3' recovery
rating, indicating expectations of meaningful (50%-80%) recovery of
principal in the event of a payment default.

Despite a higher level of priority debt in the capital structure as a
result of the increase in the ABL, term loan lenders should continue to
expect meaningful recovery.  Additionally, there will be a 101 soft call
protection on the first lien term loan B for the first year after close,
meaning that the company would be obligated to repay 101% of the
outstanding principal balance
if it prepays the loan within the first year.

Ratings List

   Amscan Holdings Inc.

   * Corporate Credit Rating           B/Negative/--

   * Senior Secured US$200 Million
     ABL Revolving Credit Facility     BB- (Recovery Rating: 1)

   * US$375 Million First-Lien
     Term Loan B                       B (Recovery Rating: 3)

Headquartered in Elmsford, New York, Amscan Holdings Inc. makes more than
400 specially designed ensembles of party accessories and novelties,
including balloons, invitations, piñatas, stationery, and tableware.
Amscan sells to more than 40,000 retail outlets worldwide, mainly party
goods superstores, mass merchandisers, and other distributors.  Party City
accounted for about 13% of sales before the firm bought it in 2005.
Amscan itself makes party items (which bring in about 60% of sales) and
buys the rest from other manufacturers, primarily in Asia.  It has
production and distribution facilities in Asia, Australia, Europe, and
North America.  Berkshire Partners and Weston Presidio are Amscan's
principal owners.


CFM PRODUCTIONS: Sets Members' Final Meeting for June 18
--------------------------------------------------------
The members of CFM Productions Pty Ltd will have their final meeting on
June 18, 2007, at 2:00 p.m., to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         B. Piggott
         Summerscorporate
         Next Building, Level 5
         16 Milligan Street
         Perth, Western Australia 6000

                     About CFM Productions

CFM Productions Pty Ltd is a lessor of real property.  The company is
located in Western Australia, Australia.


CHARCOAL CHICKEN: Members & Creditors to Meet on June 13
--------------------------------------------------------
Charcoal Chicken Pty Ltd will hold a final meeting for its members and
creditors on June 13, 2007, at 9:30 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the liquidator's report on the conduct of the
      liquidation;

   -- receive the liquidator's statement of the receipts and
      payments; and

   -- discuss general business.

The company's liquidator is:

         Gary Anderson
         PO Box 1661, West Perth
         Western Australia 6872
         Australia
         Telephone:(08) 9486 7822
         Facsimile:(08) 9226 4250
         e-mail: garya@iinet.net.au

                     About Charcoal Chicken

Charcoal Chicken Pty Ltd operates eating-places.  The company is located
in Western Australia, Australia.


DAL BROI: Creditors Extend Deed of Company Arrangement
------------------------------------------------------
According to ABC News, the creditors of Dal Broi Family Wines have agreed
to give the company's directors more time to put forward a deed of company
arrangement and at the same time provide creditors more information.

Fiona Durham, Chief executive officer of Ningana Enterprises, one of the
creditors, told the news agency that administrators believe the company
may have been trading while insolvent.

Dal Broi Family Wines went into administration last month owing more than
AU$11 million, the article notes.

Ms. Durham, according to the article, says that if creditors decided to
wind up the company, they would have no chance of recovering any money.

The report quotes Ms. Durham as saying, "It'll give the directors an
opportunity to put a deed of company arrangement together, a proposal to
trade out of trouble and then at least we've got some more information
when we come back to the table to know whether there is any opportunity
for unsecured creditors to get any money that's owed to them."

                        About Dal Broi

Headquartered in Griffith, Sydney, Australia, Dal Broi Family Wines --
http://www.dalbroiwines.com.au/about/index.php-- is one of the biggest
private companies operating in the Griffith region with activities,
including transportation and real estate and a "drilled down" focus for
viticulture, rice and wheat.

The group's current landholding consists of over 1800 hectares and is the
leading owner of rice fields and production in the territory.  Dal Broi
Family Wines is also known for its winemaking.


D.R. CLARKE: To Declare First Dividend on June 7
------------------------------------------------
D.R. Clarke & Co. Pty Ltd, which is in liquidation, will declare its first
dividend on June 7, 2007.

Creditors who cannot file their proofs of debt by June 6, 2007, are
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

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


EG & SM NORTON: Will Declare First Ordinary Dividend on June 8
--------------------------------------------------------------
EG & SM Norton Pty Ltd will declare a first ordinary dividend on June 8,
2007.

Creditors who were able to file their proofs of debt on May 25, 2007, will
be included in the company's dividend distribution.

The company's deed administrator is:

         D. Hunt
         SimsPartners
         40 St George's Terrace, Level 12
         Perth, Western Australia 6000
         Australia

                         About EG & SM

EG & SM Norton Pty Ltd is a distributor of shellfish.  The company is
located in Western Australia, Australia.


FINANCE & MANAGEMENT: To Declare First Dividend on June 8
---------------------------------------------------------
Finance & Management Pty Ltd will declare a first dividend on
June 8, 2007.

Creditors are required to file their proofs of debt by June 7, 2007, to be
included in the company's dividend distribution.

According to the Troubled Company Reporter - Asia Pacific, the company
entered wind-up proceedings on Aug. 25, 2006.

The company's liquidator is:

         Michael Owen
         BDO Kendalls
         300 Queen Street, Level 18
         Brisbane, Queensland 4000
         Australia

                   About Finance & Management

Located in Queensland, Australia, Finance & Management Pty Ltd is an
investor relation company.


FOOT LOCKER: Earns US$17 Million in First Quarter Ended May 5
-------------------------------------------------------------
Foot Locker, Inc., earned US$17 million of net income for the first
quarter ended May 5, 2007, compared with US$59 million of net income for
the same period in 2006.  Last year's results benefited by US$1 million
from a cumulative effect of accounting change related to the company's
required adoption of SFAS 123(R).

First quarter sales decreased 3.6 percent to US$1,316 million, as compared
with sales of US$1,365 million for the corresponding prior year period.
Excluding the effect of foreign currency fluctuations, total sales for the
13- week period decreased 5.3 percent.  First quarter comparable-store
sales decreased 5.1 percent.

"Our first quarter financial results reflected a weak performance in each
of our U.S. businesses partially offset by a solid profit increase at our
international operations," stated Matthew D. Serra, Foot Locker, Inc.'s
Chairman and Chief Executive Officer.  "Because of the disappointing sales
at our U.S. stores, we increased our promotional posture to help clear
older goods and reduce inventory levels.  As a result, our gross margin in
our U.S. store businesses fell significantly short of our plan."

Mr. Serra continued, "While we are seeing signs of improvement in our U.S.
store businesses, we believe it is prudent to more-conservatively plan our
business for the balance of 2007.  Therefore, for our second fiscal
quarter, we currently expect earnings to be in the range of US$0.15 to
US$0.20 per share.  This forecast includes higher markdowns than last year
to ensure that our inventory is well positioned for the fall season.  We
currently expect that our earnings for the full year will be in the range
of US$1.15 to US$1.25 per share."

                      Store Base Update

During the first quarter, the company opened 61 new stores;
remodeled/relocated 65 stores and closed 73 stores.  At
May 5, 2007, the company operated 3,930 stores in 20 countries in North
America, Europe and Australia.  The store openings include 31 new
Footquarters stores, the company's new value-based footwear chain.  In
addition, three additional Foot Locker franchised stores were operating in
the Middle East.

                      Financial Position

The company continued to strengthen its financial position while also
redeploying its strong cash flow with a goal of enhancing shareholder
value.  At the end of the first quarter, the company's cash position, net
of debt, was US$183 million, an US$85 million improvement from the same
time last year.  The company's cash and short-term investments totaled
US$418 million, while its total debt was US$235 million.  During the first
quarter, the company paid out US$19 million in shareholder dividends and
repurchased 1.2 million shares of its common stock for US$26 million.

                      About Foot Locker

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

The Troubled Company Reporter – Asia Pacific reported that in connection
with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
US and Canadian Retail sector, the rating agency confirmed its Ba1
Corporate Family Rating for Foot Locker, Inc. and upgraded its Ba2 rating
on the company's US$200 million 8.5% senior debentures to Ba1.  In
addition, Moody's assigned an LGD4 rating to notes, suggesting noteholders
will experience a 60% loss in the event of a default.


JARLU PTY: Will Declare Dividend for Priority Creditors
-------------------------------------------------------
Jarlu Pty Ltd will declare a first and final dividend for its priority
creditors on June 27, 2007.

Creditors who were not able to file their proofs of debt before Jan. 5,
2007, will be excluded from sharing in the company's dividend
distribution.

The company's deed administrator is:

         Louis Nilant
         KordaMentha
         37 St Georges Terrace, Level 11
         Perth, Western Australia 6000
         Australia

                        About Jarlu Pty

Jarlu Pty Ltd, which is also trading as Kingfisher Aviation, is engaged in
the business of flying fields, and airport terminal services.  The company
is located in Western Australia, Australia.


LILYDALE ENTERPRISES: Joint Final Meeting Set for June 20
---------------------------------------------------------
The members and creditors of Lilydale Enterprises Pty Ltd will hold a
joint final meeting on June 20, 2007, at 3:00 p.m., to hear a report about
the company's wind-up proceedings and property disposal.

In a report by the Troubled Company Reporter - Asia Pacific, the
company started to liquidate its business on Sept. 20, 2005.

The company's liquidator is:

         Oren Zohar
         KordaMentha, Level 11
         37 St Georges Terrace, Perth
         Australia

                   About Lilydale Enterprises

Lilydale Enterprises Pty Ltd provides oil and gas field services.  The
company is located in Western Australia, Australia.


ODIN CENTRAL: To Declare Second Dividend on June 15
---------------------------------------------------
Odin Central Services Pty Ltd will declare on June 15, 2007, a second
dividend of approximately AU$0.12.

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 deed administrator is:

         Martin Jones
         Ferrier Hodgson
         Chartered Accountants
         108 St Georges Terrace, Level 26
         Perth, Western Australia 6000
         Australia

                       About Odin Central

Odin Central Services Pty Ltd, which is also trading as Gregory's Plumbing
& Pipeline Services, provides plumbing, heating, and air-conditioning
services.  The company is located in Western Australia, Australia.


SMARTVISION (INTERNATIONAL): Sets Members' Meeting for June 15
--------------------------------------------------------------
The members of Smartvision (International) Pty Ltd will have their final
meeting on June 15, 2007, at 10:45 a.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

As reported by the Troubled Company Reporter - Asia Pacific, the company
went into liquidation 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 Smartvision (International)

Smartvision (International) Pty Ltd provides business services.  The
company is located in Victoria, Australia.


TRIMAS CORP: Completed IPO Cues S&P to Lift Ratings to B+
---------------------------------------------------------
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.


XPEDIOR (AUSTRALIA): To Declare Second Dividend on June 27
----------------------------------------------------------
Xpedior (Australia) Pty Ltd, which is in liquidation, will declare a
second and final dividend on June 27, 2007.

Creditors are required to file their proofs of debt by June 12, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

         Derrick Craig Vickers
         QVI, 250 St Georges Terrace, Level 19
         Perth, Western Australia 6000

                   About Xpedior (Australia)

Xpedior (Australia) Pty Ltd provides business services.  The company is
located in Western Australia, Australia.


ZINIFEX: Inks Agreement with Ausmelt to Toll Treat Feed
-------------------------------------------------------
Zinifex Limited has inked an agreement to toll treat feed from its Risdon
mine in Tasmania at Ausmelt Ltd's Whyalla plant, reports the Australian
Associated Press.

According to the report, Ausmelt said it would toll treat about 55,000
tonnes of primary leach residues from Zinfex’s Risdon mine annually.

The two-year agreement is expected to generate about AU$30 million in
revenue for Ausmelt, the report relates.

The report added that as preparation for the agreement, Ausmelt plans to
spend about AU$8.6 million on modifications to its Whyalla plant to allow
it to toll treat Zinifex's product, which is intended to start from the
end of the 2007 calendar year.

Zinifex Limited, one of the world's largest integrated zinc and lead
companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines and four
smelters.  The mines and two of the smelters are located in Australia and
supply the growing industrial markets of the Asian-Pacific region,
including China.  The company also has a zinc smelter in the Netherlands
and the United States.  The company sells a range of zinc metal, lead
metal, and associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia, particularly in
Asia, which is experiencing significant growth in construction activity
and vehicle production.  Zinc is used for steel galvanizing and
die-casting and lead for lead acid batteries used mainly in cars and other
vehicles.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported on Aug. 9,
2006, that Fitch Ratings assigned Zinifex a Long-term foreign currency
Issuer Default Rating of 'BB+' with a Stable Outlook.  According to Fitch,
the rating is unaffected by Zinifex's announcement of a proposed
transaction with Belgium-based specialty metals group Umicore to merge
their respective zinc smelting and alloying businesses, a Dec. 14, 2006,
TCR-AP report noted.


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

ASIA FORTUNE: Enters Voluntary Liquidation
------------------------------------------
On May 18, 2007, the shareholders of Asia Fortune Holdings Limited passed
a resolution winding up the company's operations and appointed Keiko
Ishikawa as liquidator.

The Liquidator can be reached at:

         Keiko Ishikawa
         Lawison Building, 13th Floor
         No. 37 Hillwood Road
         Tsimshatsui, Kowloon
         Hong Kong


ASSOCIATION FOR A BETTER HONG KONG: Appoints Liquidator
-------------------------------------------------------
Chan Suit Fei, Esther was appointed as liquidator of the Association for a
Better Hong Kong Limited on May 21, 2007.

The Liquidator can be reached at:

         Chan Suit Fei, Esther
         CRE Building, Room 2302
         303 Hennessy Road, Wanchai
         Hong Kong


BANK OF CHINA: Looks to Sell CNY3 Billion in Bonds in Hong Kong
---------------------------------------------------------------
The Bank of China will seek shareholders' approval next month to issue up
to CNY3 billion (US$392.1 million) in bonds in Hong Kong, Reuters reports.

The debt, according to the bank's statement to the Shanghai Stock
Exchange, will have a maturity of up to three years, Bloomberg News
relates.

If the planned bond sale will push through, the Bank of China will be
among the first batch of Chinese banks to issue yuan-denominated bonds in
Hong Kong after Beijing gave them the green light earlier this year,
Reuters notes.

Analysts told Reuters that China's decision to allow mainland banks to
issue bonds in Hong Kong is a limited experiment in liberalizing capital
controls and would provide an investment outlet for the approximately
CNY23 billion deposited in banks in the territory.

                          *     *     *

Beijing-based Bank of China Limited --
http://www.bank-of-china.com/en/static/index.html-- is a Chinese bank
that has presence in all major continents.  The company offers financial
services through its global network of over 560 overseas offices in 25
countries and regions.  In Hong Kong and Macao, Bank of China is one of
the local note issuing banks.  Traditional commercial banking constitutes
the majority of Bank of China's business, which is composed of corporate
banking, retail banking and banking with financial institutions.  The
company has branches in Singapore, Japan, Kazakhstan, London, Grand
Cayman, and the United States.

The Troubled Company Reporter - Asia Pacific reported that Fitch Ratings
affirmed the bank's D individual rating on December 14, 2006.

Moody's Investors Service published on May 4, 2007, the rating results for
banks in China as part of the application of its refined joint default
analysis and updated bank financial strength rating methodologies.  With
the implementation of the new methodologies, Moody's rates Bank of China
Limited's Bank Financial Strength at D-.  The outlook for BFSR is stable.


BASELL AF: Moody's Rates EUR1.65 Bil. New Bank Facilities at Ba2
----------------------------------------------------------------
Moody's Investors Service changed the outlook on ratings of Basell AF SCA
and its subsidiaries to positive and assigned Ba2/LGD 2 (29%) to the new
EUR1.65 billion senior secured bank facilities raised by the group to
refinance part of its original LBO package.

Basell performance in 2006 was robust as the company continued to benefit
from the cyclical upturn in the polyolefin markets. Strong pricing
environment and growing volumes allowed Basell to generate strong FCF and
reduce its absolute debt to a more sustainable level.  Taking into account
the effects from the change in the technology revenue accounting policy,
Basell's reported EBITDA stood at EUR1.1 billion and adjusted leverage was
reduced to x3.2 times at the end of 2006.

In the medium term, Moody's notes that Basell's FCF will be mainly
affected by CAPEX requirements (including part of the rebuild of
Munchsmunster not covered by insurance compensation) and equity
contributions to the JVs to deliver future profitable growth; while an
efficient WC management, further strengthening of FCF contribution from
the differentiated products and increasing distributions from the new JVs
are expected to support Basell's FCF as the cycle turns.

Moody's review of the outlook for positive reflects continued strength of
the polyolefins cycle, while the key risks relate to the prospects of
sustained GDP growth in Basell's key markets and in Asia.  Looking
forward, the improvement of the ratings will depend on the ability to
sustain strong FCF through the cycle and maintain the strong balance
sheet. Moody's expects that Basell will continue to exercise its prudent
financial discipline, while actively managing its portfolio of assets.
The rating and the outlook do not factor any M&A activity.

In May 2007, Basell refinanced its senior secured bank facilities with new
EUR1.65 billion revolving facilities supported by guarantees and
first-ranking pledge of shares in group companies representing at least
50% of EBITDA and 65% of total assets.

These ratings were affected:

   * Basell AF SCA:

     -- Corporate Family Rating -- Ba3 / PD rating - Ba3;

     -- EUR500 million and US$615 million 2015 senior secured
        guaranteed notes - B2 / LGD at 5 (84%);

   * Basell Finance Company

     -- USD 300 m senior guaranteed notes -- B2 / LGD at 5
        (84%);

   * Basell AF SCA and its subsidiaries

     -- Senior secured bank facilities -- PD at Ba2 and LGD at 2
        (29%).

Headquartered in The Netherlands, Basell AF SCA -- http://www.basell.com/
-- is the producer of polypropylene and advanced polyolefins products, a
leading supplier of polyethylene and catalysts, and a global leader in the
development and licensing of polypropylene and polyethylene processes.
The company, together with its joint ventures, has manufacturing
facilities around the world and sells products in more than 120 countries.
With research and development activities in Europe, North America and the
Asia-Pacific region, Basell is continuing a technological heritage that
dates back to the beginning of the polyolefins industry.  In 2006, the
Company reported Revenues of EUR10.5 billion and EBITDA of EUR1.1 billion.

Basell has regional offices in Belgium, Germany, the United States, Brazil
and Hong Kong, as well as sales offices in the major markets around the
globe.


BASELLAND LIMITED: Moyes and Yuen Quit Liquidator Posts
-------------------------------------------------------
On April 30, 2007, Paul David Stuart Moyes and Yeung Betty Yuen ceased to
act as liquidators of Baselland Limited.

The former Liquidators can be reached at:

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


BEIJING SHOUGANG: Joins Steelmakers' Joint Venture in Cambodia
--------------------------------------------------------------
Four Chinese steelmakers, including Beijing Shougang Iron & Steel Group,
have agreed to set up a joint venture to explore and develop iron ore
mines in Cambodia, various reports say.

The venture is reportedly aimed at improving the steelmakers control over
supply and pricing, and was signed in Beijing earlier last week.

Wuhan Steel, in a notice posted on its Web site, said that it is
spearheading the project with a 50% stake, while Baosteel Group will take
20%, International Business Times relates.  Anshan Iron & Steel Group and
Beijing's Shougang Iron & Steel would each hold 15% in the venture.  Wuhan
did not give any financial details of the venture, Elaine Kurtenbach of
the Times notes.

The project, according to the China Securities Journal, will be an
investment in an iron ore mine in the Preah Vihear Province in northern
Cambodia, which is believed to contain 2.5 billion tonnes in deposits, and
a reserve estimated to be 200 million tonnes.

                          *     *     *

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

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

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


CASANA NOMINEES: Members to Hold Final Meeting on June 25
---------------------------------------------------------
The members of Casana Nominees Limited will have their final meeting on
June 25, 2007, at 11:00 a.m. on the 8th Floor of Gloucester Tower, The
Landmark at 15 Queen's Road in Central, Hong Kong.

Thomas Andrew Corkhill, the company's liquidator, will give a report about
the company's wind-up proceedings and property disposal at the meeting.


CHAOMING LIMITED: Creditors & Contributories to Meet on June 8
--------------------------------------------------------------
The creditors and contributories of Chaoming Limited will meet on June 8,
2007, at 11:00 a.m. and 11:30 a.m., respectively, to receive a report
about the company's wind-up proceedings and property disposal.

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


H3C HOLDINGS: Moody's Assigns Ba2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating to H3C
Holdings Ltd.

At the same time, Moody's has assigned these ratings to the secured U.S.
Dollar loans proposed to be issued by H3C and guaranteed by H3C
Technologies Co Ltd:

   (1) US$230 million Tranche A 3.5-year senior secured
       amortizing loan - Ba2

   (2) US$200 million Tranche B 5.5-year senior secured
       amortizing loan - Ba2

The outlook for these ratings is stable.  This is the first time that
Moody's has assigned ratings to H3C.

"H3C's ratings reflect its established position as the second largest
player in the enterprise networking market in China," says Ken Chan, a
Moody's AVP/Analyst, adding, "Its strong R&D capability and regional
support network underpins its sustainable competitive advantage enabling
it to better serve its customers."

"Moreover, these strengths are supported by H3C's capex-light business
model, which enables positive free cash flow generation for debt
reduction," says Chan.  "Therefore, its credit metrics are projected to
improve over the next few years."

At the same time, Moody's believes a Ba2 rating is appropriate in light of
H3C's position as a fast-growing and relatively small company in a global
technology context, especially with a short operational track record.

"Although Moody's considers the proven execution capability of its
management team, H3C faces some degree of challenge in executing its
strategic initiatives in its international businesses," says Chan.

Furthermore, concerns are evident over a potential weakening of support
and sales from Huawei Technologies, which is no longer a shareholder of
H3C after selling its stake.  As such, there are concerns over continuity
in management and engineering staff as well.  However, these concerns are
partially mitigated by a Non-Compete Agreement between H3C and Huawei and
Equity Appreciation Rights Program put in place to ensure management
continuity.

When compared to other rated regional technology peers such as Hynix
Semiconductor (Ba3/RUR), United Test and Assembly (Ba3/stable) and STATS
ChipPAC (Ba2/RUR), H3C operates in a business segment which is lighter on
capex and experiences a longer technology cycle translating to less
exposure to industry volatility, while generating positive free cash flow,
which supports its Ba2 rating.

H3C is now the wholly owned subsidiary of 3Com Corporation.  While 3Com
has a longer operational track record, it has a relatively weaker
operating performance compared to H3C.  Moody's notes there are
restrictive loan covenants on dividend payments before loan prepayments.
Moody's draws further comfort that 3Com is debt-free with ample cash on
balance sheets, and therefore it does not post negative impact to H3C's
credit ratings.

The repayment schedule for the US$230 million Tranche A loan is front-end
loaded, with 40% repayment after 6 months of drawdown. This pressures
balance sheet liquidity and debt service coverage ratio given the need to
distribute the one-off EARP payment and US$41 million of capital reduction
to Huawei which was approved in fourth quarter 2006 and held in an escrow
account until it was paid in first quarter 2007.  Such concern is
partially mitigated by its projected strong cash flow generation
capability.  The US$200 million Tranche B loan has a back-end loaded
repayment schedule.

The stable outlook reflects Moody's expectation that H3C will successfully
execute its business plans and grow its business after the sell-out by
Huawei Technologies, while maintaining its free cash flow generation for
debt reduction over the next few years.

A ratings upgrade could evolve over time if the company demonstrates the
ability to maintain its expected growth momentum in China, while
protecting profitability -- especially after the expiration of the
18-month non-compete agreement. Moreover, the ability to maintain positive
free cash flow for debt repayment such that Adjusted TD/EBITDA of below
1.5-2.0x and EBITDA/Int of above 6.0-8.0x over the cycle will be positive
for the ratings.

On the other hand, the rating could experience downward pressure if:

   (1) sales growth traction is below expectations over the next
       few years;

   (2) the company fails to generate positive free cash flow for
       debt repayments, such that Adjusted TD/EBITDA exceeds
       3.0-4.0x, EBITDA/Int falls below 4.0-5.0x and Debt
       Service Coverage Ratio falls below 1.5-2.0x over the
       cycle, and

   (3) there is evidence of cash leakage to fund affiliated
       companies.

Headquartered in Hong Kong, H3C Holdings Ltd is a leading global supplier
of IP networking products and solutions.  Its offering includes routers,
Ethernet switches, wireless LAN, security, Voice/Video over IP products,
SOHO products and network management systems.

H3C has its principal operations in Hangzhou, China and has established
branch companies in Japan, the U.S., South Africa, Korea, Thailand,
Russia, India and Malaysia.  H3C is a wholly owned subsidiary of 3Com
Corporation.


H3C HOLDINGS: S&P Rates US$430MM Secured Credit Facility at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate credit
rating to Cayman Islands-based H3C Holdings Ltd.  The outlook is stable.
At the same time, S&P assigned a 'BB' bank loan rating, with a recovery
rating of '1', to a US$430 million secured credit facility for H3C.  The
senior secured credit facility includes a US$230 million term loan A due
2010 and a US$200 million term loan B due 2012.  Net proceeds will be used
to help fund the acquisition of H3C Technologies Co. Ltd. by 3Com Corp.

"The corporate credit rating on H3C reflects the company's low-cost R&D,
fast growth in the China market, and importance to its parent, 3Com," said
Standard & Poor's credit analyst Shawn Liu.  "These strengths are partly
offset by the weak credit quality of 3Com, highly competitive market
conditions, and customer concentration."

Although H3C and 3Com are separate legal entities, Standard & Poor's
regards them as a single enterprise for its fundamental credit analysis.
This is because H3C is strategically important to 3Com, their lines of
business and products are integrated, and they share managerial and
capital resources.  3Com plans to maintain the "H3C" brand for the
enterprise market and the "3Com" brand for the small and midsize
enterprise market.

H3C's profitability is improving.  Standard & Poor's expects the company's
operating cash flow to continue to grow, supported by continual sales
growth and cost reductions.  As a result, the company is likely to have
adequate means to service its obligations.  S&P estimate that its ratios
of funds from operations to debt and EBITDA interest coverage will remain
in line with those of other 'BB' category rated data networking companies.

H3C Holdings Limited is an indirect wholly owned subsidiary of
3Com Corporation.

Marlborough, Mass.-based 3Com Corporation (NASDAQ: COMS) --
http://www.3com.com/-- provides secure, converged voice and data
networking solutions for enterprises of all sizes.  The company offers a
broad line of innovative products backed by world class sales, service and
support, which excel at delivering business value for its customers.

3Com owns H3C Technologies Co., Limited (H3C), a China-based provider of
network infrastructure products.


ICBC: Mulls CNY9 Billion Investments This Year
----------------------------------------------
The Industrial and Commercial Bank of China Ltd expects to budget an
additional CNY9 billion (US$1.2 billion) for fixed-asset investment this
year to boost growth, Reuters reports.

According to the report, ICBC plans to invest CNY3.8 billion in technology
systems and another CNY3.7 billion to develop its network of 17,000
branches.

Reuters recounts that Chairman Jiang Jianqing told the news agency earlier
this month that the bank aims to keep up the strong pace in China and sees
potential for growth overseas.  In addition, Mr. Jiang also said that to
boost market share at home, ICBC would pour CNY1 billion a year into
setting up new wealth management centers across China in the next three
years.

                          *     *     *

The Industrial and Commercial Bank of China -- http://www.icbc.com.cn/--
is the largest state-owned commercial bank, and is authorized by the State
Council and the People's Bank of China.  ICBC conducts operations across
China as well as in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter - Asia Pacific reported
that Fitch Ratings affirmed ICBC's Individual D/E rating.

Moody's Investors Service upgraded on December 6, 2006, to D- from E+ the
Bank Financial Strength Rating for Industrial and Commercial Bank of
China.  The D- BFSR has a stable outlook.  The upgrade concludes a review
of ICBC's BFSR started on
August 9, 2006.


INDALEX HOLDING: Poor Performance Cues S&P's Negative Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on aluminum
extruder Indalex Holding Corp. to negative from stable and affirmed all
its ratings, including the 'B' corporate credit rating.

"The outlook revision reflects deteriorating operating performance,
aggressive debt levels, and poor cash flow generation due to weak market
conditions," said Standard & Poor's credit analyst Thomas Watters.

The ratings on Lincolnshire, Illinois-based Indalex reflect the company's
exposure to highly cyclical and competitive markets, thin margins, import
concerns, limited free cash flow, and aggressive financial leverage.  The
ratings also reflect the company's low fixed-cost structure and insulation
from aluminum-price volatility for the vast majority of its sales.

Financial leverage is very aggressive, with total debt to EBITDA of 7.2x
for the 12 months ended March 31, 2007.

Indalex is one of the largest aluminum extruders in the highly fragmented
North American market, with more than $1 billion in revenues.  The
company's markets are highly competitive.  Although the company sells its
products across several industries, it derives a majority of its revenues
from the highly cyclical transportation and construction sectors.

Headquartered in Lincolnshire, Illinois, Indalex Holding Corp.
-- http://www.indalex.com/-- a wholly owned subsidiary of Indalex
Holdings Finance Inc., through its operating subsidiaries Indalex Inc. and
Indalex Ltd., is the largest independent producer of soft alloy extrusion
products and the second largest aluminum extruder in North America.
Indalex Holding Corp.'s aluminum extrusion products are widely used
throughout industrial, commercial, and residential applications and are
customized to meet specific end-user requirements.  The company's North
American network includes two cast houses, 14 extrusion facilities, 37
extrusion presses with circle sizes up to 12 in., a variety of fabrication
and close tolerance capabilities, 9 electrostatic paint lines and three
anodizing operations.  The company has an extrusion facility in China.


METALS HK: Sets Members' Final Meeting for June 25
--------------------------------------------------
The members of Metals HK Limited will have their final meeting on June 25,
2007, at 10:00 a.m., to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

The meeting will be held on the 8th Floor of Gloucester Tower, The
Landmark at 15 Queen's Road in Central, Hong Kong.


PINEROCK LIMITED: Liquidators Quit Posts
----------------------------------------
Paul David Stuart Moyes and Yeung Betty Yuen ceased to act as liquidators
of Pinerock Limited on April 30, 2007.

The former Liquidators can be reached at:

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


XICOR HONG KONG: Members' Final General Meeting Set for June 20
---------------------------------------------------------------
A final meeting will be held for the members of Xicor Hong Kong Limited on
June 20, 2007, at 10:00 a.m., in 905 Silvercord, Tower 2 at 30 Canton
Road, Tsimshatsui in Kowloon, Hong Kong.

James T. Fulton and Cordelia Tang, the company's liquidators, will give a
report about the company's wind-up proceedings and property disposal.


UNIQUE BUSINESS: Creditors & Contributories to Meet on June 8
-------------------------------------------------------------
The creditors and contributories of Unique Business Service (China) will
meet on June 8, 2007, at 12:00 p.m. and 12:30 p.m., respectively, to
receive a report about the company's wind-up proceedings and property
disposal.

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


ZABOL LIMITED: Liquidators Resign from Posts
--------------------------------------------
On April 30, 2007, Paul David Stuart Moyes and Yeung Betty Yuen ceased to
act as liquidators of Zabol Limited.

The former Liquidators can be reached at:

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


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

BRITISH AIRWAYS: Cancels Italy Flights Due to Alitalia Strike
-------------------------------------------------------------
British Airways plc and other European airlines scrapped its
flights to and from Italy on May 22, 2007, due to a strike by air-traffic
controllers and flight attendants of Alitalia S.p.A., published reports
say.

The strike took place between 10:00 a.m. and 6:00 p.m. local
time, Bloomberg News relates.

According to BBC News, British Airways has cancelled 16 of its
flights to Italy, 10 from Gatwick and six from Heathrow.

Bloomberg says British Airways rebooked passengers onto later
flights.

As previously reported in the Troubled Company Reporter-Europe, the flight
attendants launched the strike to keep the pressure on Alitalia over
contract negotiations.  The flight attendants have been demanding that
Alitalia follow the rules regulating the number of crew members and hours
of rest between flights.

Thousands of passengers were stranded because of the strike.

Alitalia executives met with Civil Aviation Authority officials
to discuss the strikes.  The authority, however, ruled that the
strikes didn't violate flight-safety rules.

Alitalia, 39.9% of which is being sold by the Italian
government, had been loss-making for the past years and had
attributed its near-demise to strikes, competition from low-cost
carriers and high fuel costs.

                      About British Airways

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

                            *   *   *

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

* Issuer: British Airways, Plc

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

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

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


BRITISH AIRWAYS: Investing GBP25-Mil on 550 New Airport Vehicles
----------------------------------------------------------------
British Airways plc is to invest more than GBP25 million on a new fleet of
550 airport vehicles as part of its move to Terminal 5 in March 2008.

The new vehicles will replace older models and will help the
airline to reduce its ground emissions at Heathrow and improve
its punctuality performance.

The fleet contains around 15 different vehicle types including
baggage tractors, loading equipment, passenger buses and cargo
tugs.

Customers will particularly benefit from the 38 strong new fleet
of Citaro passenger buses made by DaimlerChrysler.

The 12m long Citaro meets the very highest Euro 5 standard in
environmental performance and is currently the "greenest" bus
used by any airline at Heathrow.

The Euro 5 standards represent a further 43 percent reduction in
nitrogen oxide emissions over Euro 4 standards.

The first bus, which are planned to carry 45 passengers, was
delivered this week and will go into service in early June once
drivers have undergone a full training program.  The remaining
37 buses will be delivered in the coming weeks.

Geoff Want, director of ground operations for British Airways,
said:  "Terminal 5 is a once in a life opportunity for the
airline and the new ground equipment fleet will be critical to
the overall success of the move.

"The new fleet will enable us to better manage our operations
and have the right equipment to meet the different layout around
the new terminal buildings.

"When we ordered each of the vehicle types one of the key
considerations was their environmental performance.

"We are looking forward to retiring many of our oldest vehicles
in the next few months which has a triple benefit of reducing
emissions, improving customer experience and also giving staff
better working conditions."

As part of the bus replacement program and the operational
changes within Terminal 5 the number of buses used by British
Airways at Heathrow will also reduce by more than 50 percent by
2010.

The overall number of ground equipment vehicles required will
also reduce by just under 40 percent from 1300 in 2007 to just
under 800 in 2010.

More than 300 of the new vehicles will be fitted with
telematics, which utilizes satellite navigation technology.
This will enable the vehicle condition to be remotely monitored
and will help to ensure an improved maintenance regime.  It will
also help in understanding the location of vehicles around the
airport.

British Airways was a founding member of the BAA's Heathrow
Clean Vehicles Programme and currently has the very top-level
"Diamond" rating for its performance.

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

                            *   *   *

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

* Issuer: British Airways, Plc

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

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

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


ESSAR OIL: Closes One-Third of Retail Pumps Due to Losses
---------------------------------------------------------
Essar Oil Limited has closed around one-third of its franchised petroleum
pumps due to losses, Utpal Bhaskar of livemint.com reports.

"In April, all the Essar outlets sold only 12,000 kilo litres of petrol
and 25,000 kilo litres of diesel," Mr. Bhaskar pointed out.  "In March
2005, its fuel sales data indicates that Essar Oil sold twice the volume
when it had only around 575 outlets."

According to the report, the outlets' losses stem from the uneven field
that Essar Oil, a private firm, plays with government-owned oil marketing
companies.

The Indian government, Mr. Bhaskar says, indirectly regulates fuel prices
in the country since private firms like Essar can't sell fuel at prices
that state-owned oil marketing companies do.  The soaring global crude oil
prices put private oil marketing firms at a greater disadvantage because
they don't get subsidized as much as those owned by the government, Mr.
Bhaskar explains.

“Although Administered Pricing Mechanism was to be dismantled effective 1
April 2002, the Indian government still continues to control the product
prices.  As public-sector units operate almost 95% of the retail outlets
across the country, it is not possible to sell product at prices higher
than (their) price, which results in huge loss for Essar Oil on sale of
products,” the report quoted an Essar Oil spokesman as saying.

The report further notes that Essar's remaining retail outlets, which are
now operating at low volumes, continue to lose significant amount of money
on petrol and diesel sales.

Essar is now losing INR5 on every litre of petrol and INR6 on every litre
of diesel that its pumps sell, Mr. Bhaskar wrote without citing his
source.

“Essar Oil currently does not make any margins in marketing of products;
in fact, it loses on sale of products," the Essar spokesman told livemint.
"In case we are not able to provide product to franchisees, we compensate
them in the form of financial assistance.”

Headquartered in Gujarat, India, Essar Oil Limited --
http://www.essar.com/-- is a fully integrated oil company of
international size and scale, covering the entire value chain
from exploration and production to refining and retailing of
oil.  Essar has set up over 900 retail outlets, which are fully
operational and plans to set up 2500 retail outlets by the end
of 2007.  Essar Oil employs highly qualified and experienced
technical staff at its refinery.

                          *     *     *

Essar Oil has incurred at least two years of consecutive net losses.  The
company recorded a net loss of INR555.9 million for the financial year
ended March 31, 2007, a 41% decrease from the
INR936.8 million net loss incurred a year ago.

On Aug. 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


ESSAR OIL: To Raise US$100 Mil. for Khambalia Refinery Upgrade
--------------------------------------------------------------
Essar Oil Limited plans to spend US$100 million to expand its refinery in
Khambalia, Gujarat, reports say.

Specifically, the money will be used to expand the refinery's capacity
from 10.5 million metric tons per annum to 16 MMTPA by 2009, the United
Press International cites an unnamed Essar spokesman as saying.

The company reportedly will raise the amount through external commercial
borrowings.  According to the Business Standard, Essar Oil has tapped
ICICI Bank to facilitate the fund-raising.

The reports did not disclose details of the deal.

Headquartered in Gujarat, India, Essar Oil Limited --
http://www.essar.com/-- is a fully integrated oil company of
international size and scale, covering the entire value chain
from exploration and production to refining and retailing of
oil.  Essar has set up over 900 retail outlets, which are fully
operational and plans to set up 2500 retail outlets by the end
of 2007.  Essar Oil employs highly qualified and experienced
technical staff at its refinery.

                          *     *     *

Essar Oil has incurred at least two years of consecutive net losses.  The
company recorded a net loss of INR555.9 million for the financial year
ended March 31, 2007, a 41% decrease from the
INR936.8 million net loss incurred a year ago.

On Aug. 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


FERRO CORP: Hires Tom Austin as Vice President for Operations
-------------------------------------------------------------
Ferro Corporation has appointed W. T. "Tom" Austin as its Vice
President, Operations.

Mr. Austin spent 30 years at The Dow Chemical Company in
manufacturing and plant management roles across several of its
operations.  His experience at Dow spanned plant maintenance and
production process improvement; Six Sigma implementation;
environmental operations and safety management; research and
development; and technology licensing.  Mr. Austin was Global
Operations Leader for Dow's chlor-alkali derivatives business
when he retired in 2003.  He holds a degree in chemical
engineering from Mississippi State University.

At Ferro, Mr. Austin has senior management responsibility for
environmental health and safety performance and security
processes and systems.  He will work with operating and plant
management at Ferro's facilities across the world on work
process enhancement and standardization to optimize
manufacturing operations.  Mr. Austin reports to Ferro Chairman,
President and Chief Executive Officer James F. Kirsch.

"Tom is a deeply experienced, hard driving manufacturing
executive whose experience will help Ferro strengthen processes
and systems and accelerate our success in meeting our
performance targets," said Mr. Kirsch.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China and India among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


FOAMEX INT’L: March 31 Balance Sheet Upside-Down by US$272 Mil.
---------------------------------------------------------------
Foamex International Inc. recorded total assets of US$578.6 million and
total liabilities of US$850.6 million, resulting in a total stockholders'
deficit of US$272 million as of
March 31, 2007.

Net loss for the first quarter of 2007 was US$17 million, as compared with
a net income of US$17.1 million in the first quarter of 2006.

Net sales for the first quarter were US$317.2 million, down 13% from
US$365.9 million in the first quarter of 2006, primarily due to lower
volumes in the Foam Products and Carpet Cushion Products segments.  Gross
profit for the quarter was US$38.5 million, down from US$61.1 million in
the first quarter of 2006, primarily due to the lower volumes and prices.
Income from operations was US$20.6 million for the 2007 first quarter, as
compared with US$36.7 million in the first quarter of 2006.

First quarter 2006 results were unusually strong and benefited from the
supply and demand imbalances caused by Hurricanes Katrina and Rita.
Results in the 2007 period reflect lower volumes in Foam Products and
Carpet Cushion Products, contraction of demand in the flexible
polyurethane foam industry as a whole, and a write-down of US$2.7 million
to adjust the carrying value of scrap foam inventory.  The decrease in
gross profit in the 2007 period was partially offset by lower selling,
general and administrative expenses which decreased by US$2.4 million, or
12%, due principally to lower employee-related costs and professional
fees.  Restructuring charges were US$400,000 in the first quarter of 2007,
as compared with US$4.8 million in the prior year quarter, related to the
closure of several facilities in the 2006 period.

                  Liquidity and Capital Resources

Cash and cash equivalents were US$7.8 million at April 1, 2007, compared
to US$6 million at Dec. 31 2006.  Working capital at
April 1, 2007, was US$149.5 million and the current ratio was 1.86 to 1
compared to working capital at Dec. 31, 2006, of US$24 million and a
current ratio of 1.08 to 1.  The current ratio improvement was primarily
due to the repayment of the DIP Revolving Credit Facility and DIP Term
Loan.

Total long-term debt and revolving credit borrowings at
April 1, 2007, were US$629.1 million, down US$14.6 million from Dec. 31,
2006.  As of April 1, 2007, there were US$21 million of revolving credit
borrowings with US$95.8 million available for borrowings and US$21.6
million of letters of credit outstanding.  Revolving credit borrowings at
April 1, 2007, reflect working capital requirements.

A full-text copy of the company's first quarter 2007 report is available
for free at http://ResearchArchives.com/t/s?1fc4

Commenting on the results, recently appointed chief executive officer John
G. Johnson, Jr., said, "Our first quarter results reflect a continuation
of the softness in demand for foam products in the bedding, furniture and
carpet underlay markets that the Company began to experience in the fourth
quarter of 2006.  Much like others serving these markets, Foamex continues
to experience the residual effects of the downturn in the housing and home
furnishings markets.  This industry has limited ability to stimulate
consumer demand for the home furnishings that incorporate traditional foam
product offerings.  Therefore, we continue to focus on product innovation
across the broader market for polyurethane foam applications, while we
simultaneously extract cost from our operations, and aggressively address
all facets of cash generation to return value to our stockholders by
deleveraging the company."

Mr. Johnson continued, "On the cost savings front we are making a
significant investment in new operating equipment in our Tupelo,
Mississippi facility which will facilitate the consolidation of two
facilities in that region into one.  This consolidation will have no
effect on capacity, but will improve operating efficiencies and generate
significant overhead savings.  We have also recently completed the
consolidation of our Cookeville, Tennessee fabrication facility into our
nearby Morristown, Tennessee facility.  These two examples are the first
integration steps in an overall plan to reduce costs and improve
efficiency. In addition, during the first quarter we completed the ramp up
of meaningful new lamination volume in our automotive sector.  In April
2007, we made an optional prepayment on our first lien term loan of US$25
million.  Net debt at the end of the first quarter of 2007 was US$621
million and revolving loan availability was US$96 million.  This is the
lowest debt level we have had in approximately ten years."

                  About Foamex International

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex has Asian
locations in India, Malaysia, Thailand and China.  The company's Latin
American subsidiary is in Mexico.  The Company and eight affiliates filed
for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
represent the Debtors in their restructuring efforts.  Houlihan, Lokey,
Howard and Zukin and O'Melveny & Myers LLP are advising the ad hoc
committee of Senior Secured Noteholders.  Kenneth A. Rosen, Esq., and
Sharon L. Levine, Esq., at Lowenstein Sandler PC and Donald J. Detweiler,
Esq., at Saul Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported US$620,826,000 in
total assets and US$744,757,000 in total debts.  (Foamex International
Bankruptcy News, Issue No. 34; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on Linwood, Penn.-based Foamex L.P. to
'B' from 'D', following the company's emergence from bankruptcy
on Feb. 12, 2007.  S&P affirmed all other ratings.  S&P said the
outlook is stable.

As reported in the Troubled Company Reporter on Dec. 8, 2006,
Moody's Investors Service assigned a B2 corporate family and
probability of default ratings on Foamex L.P.  Concurrently,
Moody's has assigned a B1 rating to the company's US$425 million
first lien senior secured Term Loan B and a Caa1 rating to its
US$190 million second lien senior secured term loan (expected to
be downsized to US$175 million).  Moody's said the ratings
outlook is stable.


GENERAL MOTORS: Debt Issuance News Cues Fitch to Cut Debt Rating
----------------------------------------------------------------
Fitch Ratings has downgraded General Motors Corporation's senior
unsecured debt rating to 'B-/RR5' from 'B/RR4'.  GM's Issuer
Default Rating remains at 'B' and is still on Rating Watch
Negative (along with the other outstanding ratings) by Fitch
following the company's announcement that it will be raising
US$4.1 billion in secured financing and US$1.1 billion in senior
unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's
common equity holdings in GMAC, will be assigned a rating of
'BB/RR1', while the senior unsecured convertible securities will
be rated 'B-/RR5'.

The downgrade of GM's senior unsecured rating reflects the
increase in potential debt levels resulting from the new
financing, which could further impair unsecured recoveries in
the event of any eventual bankruptcy filing.  The ratings remain
on Rating Watch Negative pending the resolution of the Delphi
situation and the associated risks to production at GM.  Despite
absorbing significant liabilities to resolve the Delphi
situation, core wage and benefit issues have yet to be resolved.

The downgrade reflects the increase in debt levels and the
resulting reduced recovery expectations for senior unsecured
debt holders.  In Fitch's previous press release (dated Nov. 13,
2006) Fitch stated that senior unsecured recoveries were
expected to be on the lower end of the 'RR4' range (30-50%
recovery expectations) and that any further changes to the
liability structure could result in a downgrade of the senior
unsecured rating.  Recovery prospects are now on the upper end
of the 'RR5' range, corresponding to 10-30% recovery prospects
(see Fitch's recovery report dated Sept. 19, 2006).

The new debt will further boost liquidity and financial
resources during GM's restructuring period and the upcoming UAW
talks.  Although negative cash flows are expected to continue at
least through 2007, healthy liquidity provides ample flexibility
to continue on GM's restructuring efforts.  At March 31, 2007,
GM had US$24.7 billion in cash (plus US$14.6 billion in long-
term VEBA assets), which could be further supplemented by
proceeds from the sale of Allison Transmission.

GM remains in the early stages of its long-term restructuring
program.  Although meaningful reductions have taken place in
GM's fixed cost structure through hourly buyout programs,
reductions in salaried headcount and changes to hourly and
salaried health care programs, cash flow is expected to remain
negative in 2007.  A reversal of negative cash flows will depend
on a stabilization of market shares, as well as further cash
cost reduction efforts.  The upcoming UAW contract will play a
key role in determining GM's ability to shape a competitive cost
structure, with progress expected across a range of issues.

The main near-term issue remains health care costs, and Fitch
believes that even significant progress on GM's health care
liabilities during the current talks will still leave GM with a
heavy cost disadvantage versus transplant manufacturers.
Restoration of competitive margins will be unachievable without
creating a long-term solution to these liabilities, and creative
solutions will continue to be explored.  As the Delphi situation
shows, reaching an agreement with the UAW will represent a
significant challenge due to the steep progress that needs to be
made, with ratification presenting a further challenge.  The
pending sale of Chrysler to Cerberus also adds a new dimension
to the contract talks.

Over the longer term, the achievement of competitive margins
will also depend on GM's ability to realize significant
efficiencies in areas such as platform consolidation, design and
engineering efficiencies, capacity utilization, supplier costs
and flexible manufacturing.  Even in a best-case scenario, Fitch
expects that meaningful progress in these areas will still
result in a significant margin differential versus transplant
manufacturers through the end of the decade, producing the need
for further restructuring actions.

Despite strong new product introductions and progress on cost
reductions, first quarter results in North America demonstrated
limited progress toward sustainable profitability.  GM's new
offerings in the large SUV and pickup categories over the past
several quarters have solidified GM's market strength in these
categories.  However, Fitch expects that GM's revenues will come
under increasing pressure in the second half of 2007 due to the
completion of these rollouts, the weak housing market, high gas
prices, and potential cutbacks in pickup truck production.
These factors could also be exacerbated by weaker economic
conditions.  Over the intermediate term, success in the
company's restructuring program will be dependent on stabilizing
North American market share and revenues, which will represent a
significant challenge through at least 2008.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others.  It has
locations in European countries including Belgium, Austria, and
France.  In Latin America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.


GENERAL MOTORS: SEC Inquiry May Need Prior Results' Restatement
---------------------------------------------------------------
General Motors Corporation said it received a document request
from the U.S. Securities and Exchange Commission relating to the
company's disclosure in its most recent Annual Report on Form 10-K
regarding the restatement of its previously filed financial
statements in connection with GM's accounting for certain foreign exchange
contracts and commodities contracts in accordance with SFAS  No. 133,
Accounting for Derivative Instruments and Hedging Activities, as amended
(SFAS No. 133).

According to GM, it continues to cooperate on this and all other
SEC matters and is preparing to provide the requested information.

Additionally, GMAC received a letter from the SEC's Division of
Corporation Finance on its 2005 Annual Report on Form 10-K and
subsequent filings pertaining to hedging relationship testing
methodologies and consideration of credit ratings in assessing
hedge effectiveness for purposes of SFAS No. 133.

GM said GMAC advised the company that they continue to work with
the SEC on these matters.

GM notes that a negative outcome could require the company to
restate prior financial results.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others.  It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Fitch Ratings downgraded General Motors Corporation's ratings
including the company's 'B/RR4' rated senior unsecured debt to
'B-/RR5'.  GM's Issuer Default Rating remains at 'B' and is still on
Fitch's Negative Rating Watch.


INDUSIND BANK: Turns Around With INR214MM Profit in Mar. 31 Qtr.
----------------------------------------------------------------
Indusind Bank Ltd posted a net profit of INR214 million for the quarter
ended March 31, 2007, a turnaround from the net loss of INR624 million
booked in the quarter ended March 31, 2006.

The bank's total income increased from INR3.51 billion in the
January-March 2006 quarter to INR4.83 billion in the latest quarter under
review.  Expenditures rose 37% to INR4.37 billion, arriving at an
operating profit of INR460.9 million in the March 2007 quarter.

As compared to the quarter ended March 31, 2006, the positive bottom line
in the January-March 2007 quarter resulted from the absence of a huge
amount set aside as provision and contingencies.  In the current quarter
under review, the bank booked provisions and contingencies of only
INR118.2 million compared to the INR942.4 million in the same quarter last
year, which according to the bank "include a prudential write-off of
INR487.10 million in respect of one of the borrower accounts classified as
Standard."

Full-text copies of the company's financial results for the quarter ended
March 31, 2006, are available for free at:

            http://ResearchArchives.com/t/s?2059

For the year ended March 31, 2007, the bank earned a net profit of
INR682.2 million, a jump of 85% from the INR368.2-million profit booked
last fiscal year.

The bank's income in FY2007 totaled INR17.44 billion while expenditures
aggregated INR15.73 billion, bringing an operating profit of INR1.72
billion.  The FY2007 operating profit is actually a slide by 24% from last
fiscal year's INR2.25 billion.  What brought FY2007's profit back up is
the lesser provisions and contingencies -- INR642 million compared to the
INR1.65 billion in FY2006.

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?205a

The bank's board of directors, at its meeting on May 25, 2007, recommended
a dividend of 6% for FY2007.

Headquartered in Pune, India, Indusind Bank Ltd. --
http://indusind.com/-- offers corporate banking services, including
working capital finance, term loans, trade and transactional services,
foreign exchange and cash management services.  The bank also offers
international banking products and services to its clients.

                          *     *     *

As of May 28, 2007, the bank still carries Fitch Ratings' Individual
Rating of 'D' and Support Rating of 5, which were placed on Dec. 24, 2002.


JIK INDUSTRIES: Board to Consider Capital Increase on June 1
------------------------------------------------------------
JIK Industries Ltd's board of directors will hold a meeting on June 1,
2007, the company informed the Bombay Stock Exchange in a regulatory
filing.

Among others, the board will consider:

   -- increasing the company's authorized capital;

   -- issuing on private placement basis, equity shares,
      warrants, convertible bonds and other convertible
      instruments to investors, promoters and associates; and

   -- issuing fresh equity shares to banks and financial
      institutions against their dues to the company.

Headquartered in Mumbai, India, JIK Industries Limited --
http://www.jikindustriesltd.com/-- manufactures handmade
non-lead crystalware segment and is the only organized player in the
country.  JIK's products also include crystal glassware such as, glass
tumblers, bowls, stemware, showpieces, and vases,
manufactured at Balkum, Thane, Maharashtra.  The company
collapsed following accidents at its chemical waste recycling
plant and at its crystal-making unit.  The company, which had
diversified interests -- crystal making, money changing and
chemical waste recycling -- was forced to exit the money
changing business after its net worth was eroded, and pursuant
to the Reserve Bank of India stipulations.

On April 17, 2006, the CDR Committee approved JIK's debt-
restructuring package.  The CDR package entitled the company to
a INR105-million debt waiver, in addition to the reduction in
loan interest rate to 9%.  The package allowed the company to
complete the major part of its debt and business restructuring.
So far, the company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the company will
remove and reduce approximately 48% of outstanding debt and
increase share capital and network.


KDL BIOTECH: Director D. Malik Resigns; R. Argawal Is Appointed
---------------------------------------------------------------
Kdl Biotech Ltd informed the Bombay Stock Exchange in a regulatory filing
that Deepak Malik has resigned from the company's board of directors with
effect from April 14, 2007.

The filing also reveals that the company named Dr. Rajesh Agrawal as
additional director on the board with effect from April 26, 2007.

Headquartered in Maharashtra, India, KDL Biotech Ltd. --
http://www.kdlbiotech.com/-- manufactures biotechnology-based
products.  The Group specializes in Semi-synthetic Penicillin
and related Enzymes.  KDL Biotech has a joint venture with
Synpac Pharmaceuticals to develop Penicillin-related products.

Credit Rating Information Services of India Ltd., on Dec. 9,
2006, reaffirmed its 'D' rating on KDL Biotech's INR6.7-million
Non-Convertible Debenture Issue.


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

CA INC: Posts US$20 Million Net Loss in Quarter Ended March 31
--------------------------------------------------------------
CA Inc. reported a net loss of US$20 million for the fourth quarter ended
March 31, 2007, compared with a net loss of US$41 million for the same
period ended March 31, 2006.  For the full year, net income was US$118
million, compared with net income of US$159 million reported in fiscal
year 2006.

"I am pleased with CA's execution in the second half of the 2007 fiscal
year as we met or exceeded our full-year guidance for total revenue,
non-GAAP earnings per share, total product and services bookings and cash
flow from operations," said John Swainson, CA president and chief
executive officer.  "Our solid performance was a result of our increased
focus on execution in all areas of our business, with particular emphasis
on our restructuring and cost savings efforts, go-to-market strategy and
an improved operational focus.

"Over the last 12 months, we have refreshed virtually all our major
product lines and at CA WORLD in April introduced 16 Capability Solutions
based on our Enterprise IT Management vision," Mr. Swainson continued.
"We are seeing increased demand for our infrastructure management,
business service optimization and security management offerings, which
help our customers govern, manage and secure their IT environments.  I am
confident that we have the right technology vision, products and solutions
and senior management team to continue our momentum from the second half
of fiscal 2007.

"I am also very pleased that CA has successfully concluded the Deferred
Prosecution Agreement," Mr. Swainson said.  "As a result of the hard work
of all CA employees, we are now a stronger company and are moving forward
with a sense of vigor and enthusiasm to becoming one of the world's most
successful software companies."

               Fourth Quarter and Full-Year Results

Revenue for the fourth quarter was US$1.005 billion, an increase of 7
percent, or 4 percent in constant currency, over the US$942 million in the
comparable prior year period.  Aside from the gains attributed to
currency, the increase in revenue primarily came from growth in
subscription revenue and professional services.  The increase was
partially offset by decreases in software fees and other revenue,
maintenance and financing fee revenue as CA continues to transition from
its prior business model.  Revenue from professional services was up 3
percent over the comparable prior year period.

For the full year, revenue was US$3.943 billion, up 5 percent, or 3
percent in constant currency, compared to the US$3.772 billion reported in
fiscal year 2006.  As in the fourth quarter, the increase primarily was
due to growth in subscription revenue and professional services revenue.
Those increases partly were offset by declines in software fees and other
revenue, maintenance and financing fee revenue.

Total expenses, before interest and taxes, for the fourth quarter were
US$1.017 billion, up 3 percent, compared with US$988 million in the prior
year period.  In the quarter, the company experienced significantly higher
restructuring and other costs and expenses associated with the delivery of
professional services compared to the prior year period as well as an
increase in bonus expenditures.  This was offset partially by
significantly lower sales commission expense and amortization of
capitalized software costs.

For the full year, total expenses, before interest and taxes, were
US$3.729 billion, up 3 percent from the US$3.606 billion reported for
fiscal 2006.  The company experienced significantly higher restructuring
and other expenses and costs associated with the delivery of professional
services in fiscal year 2007 as compared to fiscal year 2006, as well as
an increase in bonuses expenditures.  This was offset partially by lower
commissions expense and lower amortization of capitalized software costs.

The fourth quarter of fiscal year 2007 included restructuring and other
charges of US$100 million, of which US$71 million was related to severance
costs and US$8 million associated with the closure of facilities under the
fiscal year 2007 cost reduction and restructuring plan.  For the full
year, the company recorded restructuring and other costs of US$201
million.  The fiscal year 2007 total includes US$147 million in costs
associated with the company's fiscal year 2007 cost reduction and
restructuring plan and US$19 million in costs associated with the
company's fiscal year 2006 cost reduction and restructuring plan.

For the fourth quarter of fiscal year 2007, CA reported US$521 million in
cash flow from operations, down 8 percent from the US$566 million reported
in the prior year period.

Fourth quarter cash flow was affected negatively by a lower volume of
bookings and associated billings, and a year-over-year reduction in the
aggregate amount of single installment contract payments over the
comparable period last fiscal year.

For the full year, cash flow from operations was US$1.068 billion,
compared to US$1.380 billion in the prior period.  The company exceeded
cash flow from operations guidance, in part, due to the positive impact of
US$90 million in lower-than-expected tax payments in the fourth
quarter—the majority of which the company now expects to pay in the first
half of fiscal 2008.  The full-year cash flow also was affected by a
decrease in the average time it took the company to pay vendors for
products and services, higher expenses, and increased restructuring costs.
In addition, cash flow also was negatively affected by contributions to
CA's employee 401(k) savings plan in fiscal year 2007 that were not made
in the prior fiscal year.

                         Capital Structure

The balance of cash and marketable securities at March 31, 2007, was
US$2.280 billion.  With US$2.583 billion in total debt outstanding, the
company has a net debt position of approximately US$303 million.

Over the course of fiscal year 2007, CA repurchased approximately 51
million shares of its common stock at an aggregate cost of approximately
US$1.2 billion.

The company also announced that it currently is in the process of
executing an accelerated share repurchase of up to US$500 million in
common shares.  The transaction will be financed with existing cash.

"Our decision to continue our stock repurchases is an indication of our
confidence in CA's ability to generate healthy cash flows and in our
long-term business position," said Nancy Cooper, CA's chief financial
officer.  "The program also speaks to our strategy of balancing the way we
allocate our capital."

At March 31, 2007, the company's balance sheet showed US$10.585 billion in
total assets, US$6.895 billion in total liabilities, and US$3.690 billion
in total stockholders' equity.

The company's balance sheet at March 31, 2007, also showed strained
liquidity with US$3.101 billion in total current assets available to pay
US$3.714 billion in total current liabilities.

                        About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management software
company that unifies and simplifies the management of enterprise-wide IT.
Founded in 1976, CA serves customers in more than 140 countries.  In
Asia-Pacific, the company has operations in Indonesia, Australia, China,
Japan, Hong Kong, India, Philippines and Thailand.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 7, 2007,
that Moody's Investors Service comments that it is maintaining the
negative outlook for CA Inc. following the company's fiscal third quarter
2007 earnings reported yesterday evening.

TCR-AP noted that "CA's fiscal third quarter results provide evidence of
its bookings and billings growth, reversing previous negative trends"
commented John Moore, VP/Senior Analyst.  "Moody's is monitoring CA's
negative rating outlook pending further evidence of organic business
growth" Moore added.

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. Technology Software sectors this week, the rating agency confirmed
its Ba1 Corporate Family Rating for
CA, Inc.

Additionally, Moody's revised or held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%

Standard & Poor's Rating Services affirmed its 'BB' corporate credit and
senior unsecured debt ratings on CA Inc., and removed them from
CreditWatch where they were placed on July 5, 2006, with negative
implications.  S&P said the outlook is negative.


DELHAIZE AMERICA: Moody's Ups Sr. Unsecured Debt Rating to Baa3
---------------------------------------------------------------
Moody's Investors Service upgraded Delhaize America's senior unsecured
debt rating to Baa3 from Ba1 based on the implementation of
cross-guarantees between Delhaize America and its Baa3-rated parent,
Etablissements Delhaize Freres et CIE "Le Lion".  Delhaize America's
corporate family and probability of default ratings have also been raised
to Baa3 from Ba1; these ratings will be withdrawn, as will the LGD
Assessment.  The effect of the cross-guarantees is to establish pari passu
treatment of the debt of Delhaize America and its parent.

The outlook is stable.

Ratings upgraded:

   -- Corporate Family Rating to Baa3 from Ba1;
   -- Probability of Default Rating to Baa3 from Ba1; and
   -- Senior unsecured and medium term notes to Baa3 from Ba1
      LGD4 (61%).

Delhaize Group's Baa3 rating is underpinned by the company's low business
risk, as evidenced by the company's high share of food products, its low
cash flow seasonality, each quarter's operating cash flow representing
less than 40% of the annual operating cash flow.  The rating also factors
in the relatively good geographic diversification: Delhaize Group is
anchored on two home markets, the U.S. and Belgium, which together
represent more than 90% of group's revenues.  It also has a profitable,
albeit much smaller presence in Greece, Romania, and Indonesia.

The Baa3 rating also incorporates Delhaize Group's scale as evidenced by
its US$18 billion in revenues, in line with the US retail operations of
Ahold (Ba1, positive outlook), Sainsbury's (Baa3), or Morrison's (Baa2,
negative outlook), and competitive positioning and strategy to achieve
leading positions in the key markets it has selected, i.e. be number one,
two or a strong number three in each market where it operates.  In the
competitive Belgium market, which account for 22% of group's revenues,
Delhaize ranks second behind Colruyt a price-oriented supermarket chain
with more than 25% market share, and in the US (which represents 71% of
group's revenues), where in general the top 5 food retailers control half
of the market (versus approximately 90% in Europe), Delhaize formats are
in general well positioned in the very competitive supermarket
environment.

Moody's moreover positively views the fact that the company made selected
divestitures over the recent past (e.g. Slovakia and the Czech Republic,
Food Lion Thailand in 2004, Shop N Save in Singapore), and pursued bolt-on
acquisitions to fill in a geographical gap (Cash Fresh in 2005), to enter
an adjacent market (Victory in Massachussetts), or to gain new expertise
(Harveys in the US).

Delhaize Group's Baa3 rating takes account of the fact that since the
acquisition of Hannaford, the company has had one of the highest margins
in the supermarket industry (driven by the performance of Food Lion and
Hannaford), despite the recent burden of the Sweetbay conversion program.
In Europe, the company's operating margin is in line with Carrefour (A2)
but lags behind best in class European retailers such as Tesco (A1) whose
operating margin consistently exceeds 5%.

Delhaize Group's Baa3 rating factors in a relatively conservative
financial policy, with some limited bolt-on acquisitions, aimed at filling
a geographical gap, which the company can integrate within a 1 to 2 year
period.  Moody's also expects Delhaize Group's liquidity to remain
satisfactory. It is underpinned by a US$500 million, five-year facility
which contains two covenants, for which there is sufficient leeway, and
four bilateral credit facilities totalling EUR275 million. The uncommitted
lines are not taken into account in our liquidity analysis.

Moody's expects that capital expenditures will remain at a healthy
percentage of depreciation in the intermediate term, given the
above-mentioned market renewal programs.  The total amount of stores
renewed by the end of 2007 will amount to 500 or 40% of the total number
of stores currently operated. Moreover, we note that the company has
accelerated its store openings, with almost 100 new stores opened in 2006,
and more than 120 planned for 2007 across the countries where the group
operates.

The rating outlook is stable, reflecting Moody's anticipation that:

   (i) Delhaize Group will maintain its operating margin at
       least at the current level in the U.S. and in Europe, and
       that

  (ii) the group's credit metrics will improve further from
       FYE2006 and will remain well anchored in the Baa3 range,
       with retained cash flow to net debt in the high teens and
       debt to Ebitda comfortably below 4, both ratios being
       adjusted in accordance with Moody's adjustments.

                       About Delhaize Group

Delhaize Group -- http://www.delhaizegroup.com/-- is a Belgian food
retailer present in eight countries on three continents. Delhaize Group is
listed on Euronext Brussels (DELB) and the New York Stock Exchange (DEG).

The company's U.S. subsidiary, Delhaize America, is a supermarket operator
with over 1,500 stores in 16 states in the eastern United States.
Delhaize America operates under the banners Food Lion, Bloom, Bottom
Dollar, Harveys, Hannaford Bros., Kash n' Karry and Sweetbay, each of
which has a distinct strategy and a well-established brand image.
Delhaize America employs approximately 109,000 full-time and part-time
associates up and down the East Coast.

Delhaize Group also owns 51% of Super Indo, an operator of 11 stores in
Indonesia. The Company maintains a presence in the European region through
its facilities in Belgium, Greece, the Czech Republic and Romania.


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

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

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

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

             About The Goodyear Tire & Rubber Company

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

                          *     *     *

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

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

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

   -- Issuer Default Rating at 'B';

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

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

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

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

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


HILTON HOTELS: Matthew J. Hart to Assume CEO Post in 2008
---------------------------------------------------------
Hilton Hotels Corporation's board of director's revealed the assumption of
Matthew J. Hart, the company's president and chief operating officer, to
the role of president and chief executive officer effective January 1,
2008.  Mr. Hart, who was also elected to the company's board in January
2007, will replace Stephen F. Bollenbach as company CEO.

Mr. Bollenbach will retire as CEO on Dec. 31, 2007, but continue as
co-chairman of the board and serve as an employee consultant.

The following executives continue reporting directly to Mr. Hart:

   * Ian R. Carter, executive vice president and chief executive
      officer, Hilton International;

   * Thomas L. Keltner, executive vice president and chief
     executive officer, Americas and Global Brands;

   * Antoine Dagot, executive vice president and president/chief
     executive officer, Hilton Grand Vacations Company;

   * Tim Harvey, executive vice president, global distribution
     services and chief information officer; and

   * Molly McKenzie-Swarts, executive vice president, human
     resources, diversity and administration.

In addition:

   * Madeleine A. Kleiner, executive vice president, general
     counsel and corporate secretary; and

   * Robert M. La Forgia, executive vice president and chief
     financial officer begin reporting to Mr. Hart effective
     immediately.

Mr. Hart will become only the fourth chief executive officer in the
company's nearly 90-year history, following Conrad N. Hilton, Barron
Hilton and Mr. Bollenbach.  Since joining Hilton in 1996, he has been
instrumental in completing several strategic transactions, including the
acquisitions of Bally's Entertainment, Promus Hotel Company and Hilton
International; creating and implementing the company's financial strategy;
overseeing the acquisition of numerous hotel properties; and introducing
several new product, service and marketing initiatives, including the
launch of the company's new luxury brand, The Waldorf Astoria Collection.

"With his nearly 30 years of experience in the lodging industry, and the
breadth of his responsibilities here at Hilton since 1996, including
driving our financial and operational activities, Matt is uniquely suited
to lead our company into the future and strengthen our position as the
premier global hotel company," said Mr. Bollenbach.  "This is the next
logical step in Matt's career and one that he is perfectly equipped to
take on.  The Board of Directors and I are confident that Matt and his
team will take Hilton to new heights in the coming years."

Mr. Hart said: "I am deeply honored to follow as CEO such respected
business leaders and pioneers as Barron and Steve, and am grateful for the
confidence the Board has shown in me.  Our company's worldwide prospects
and opportunities have never been greater, and with the industry's best
management team and 100,000 talented and dedicated team members around the
world, we look forward to continue delivering great results to our
customers, to our owners and to our shareholders."

One of the most visible and respected executives in the lodging industry,
Mr. Hart is highly regarded for his participation in and leadership of
numerous industry organizations and events.  He is a featured annual
panelist and speaker at the prestigious NYU Lodging Conference and was the
keynote speaker at the 2007 International PowWow, the travel industry's
premier business exhibition. In addition, he is active in the American
Hotel & Lodging Association's Industry Real Estate Financing Advisory
Council, receiving the organization's Lifetime Achievement Award in 2003.

After joining Hilton in 1996 as executive vice president and chief
financial officer, Mr. Hart was named president and chief operating
officer in 2004.  Prior to joining Hilton, he was senior vice president
and treasurer for the Walt Disney Company, before which he served as
executive vice president and chief financial officer for Host Marriott
Corporation.  He also held various financial positions with Marriott
Corporation, which he joined in 1981 as manager, project finance.  Mr.
Hart also was a lending officer with Bankers Trust Company in New York.

In addition to serving on Hilton's board of directors, Mr. Hart is a
director of US Airways Group, Inc., Kilroy Realty Corporation and the
non-profit Heal the Bay.  He graduated cum laude from Vanderbilt
University in 1974 and received his MBA from Columbia University in 1976.
Mr. Hart lives in Brentwood, California with his wife and three children.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries, engages in
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.


MCDERMOTT INT’L: S&P Raises Corporate Credit Rating to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate credit rating
on diversified energy services provider McDermott International Inc. and
its subsidiaries, J. Ray McDermott S.A. and The Babcock & Wilcox Co., to
'BB' from 'B+'.  The outlook is stable.

In addition, S&P raised the rating on B&W's senior secured bank debt to
'BB+' from 'B+', upgraded J. Ray's senior secured bank debt to 'BB' from
'B+', revised the recovery rating on B&W's debt to '1' from '3', and left
the recovery rating on J. Ray's debt unchanged at '3'.  The '1' recovery
rating indicates a high expectation of full (100%) recovery in the event
of a payment default, and the '3' recovery rating indicates an expectation
of meaningful (50%-80%) recovery).

"Driving the upgrades were strong performance at J. Ray, steady
performance at B&W and BWX Technologies, debt reduction, and near closure
on B&W's asbestos litigation," said Standard & Poor's credit analyst David
Lundberg.

"The rating on McDermott reflects a consolidated rating methodology for
McDermott and its subsidiaries," Mr. Lundberg said.  McDermott's business
risk profile is considered weak.  The highly cyclical and competitive
marine construction business at J. Ray is partially offset by the more
stable businesses at B&W and BWXT.  B&W primarily constructs boilers and
environmental equipment for coal-fired power plants, while BWXT provides
nuclear components for the U.S. government and manages several sites for
the U.S. Department of Energy.  With only limited debt outstanding,
McDermott's credit measures are strong for the rating, and some degree of
cushion exists if the company increases debt to finance any potential
future acquisitions.

The outlook is stable.  S&P expect B&W and BWXT to continue to generate
stable levels of cash flow.  S&P expect J. Ray's near-term performance to
be strong, but believe that its cash flows will be volatile and possibly
fall sharply if capital expenditures in the oil and gas sector decline.
Given that debt levels are currently low, the current rating has some
cushion for higher debt.  That said, S&P would expect McDermott's credit
ratios to remain somewhat stronger than our industrial 'BB' medians, given
J. Ray's cyclicality and the current point in the cycle.

A significant increase in debt, worse-than-expected operating performance,
or evidence of increased risk-taking at J. Ray could result in negative
rating actions.  A positive rating action is unlikely at this juncture.
S&P would likely need to observe management's ability to steer J. Ray
through a more pronounced downturn before consideration of any further
upgrades.

Headquartered in Houston Texas, McDermott International, Inc.
-- http://www.mcdermott.com/-- through its subsidiaries, operates as an
energy services company worldwide, including in Indonesia.


TELKOM INDONESIA: Records 23% Decline in Fourth Qtr. Net Profit
---------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk posted a 23% fall in its fourth quarter
net profit despite strong growth in the mobile phone industry, which
expanded to around 35 million last year from about 24 million in the
previous year, Reuters reports.

Analysts, according to the report, said that the decline in the company's
net profit is due to higher operating costs and non-recurring items like
early retirement costs that hit the state-firm's bottom line.

Reuters, however, states that the growth of Indonesia's mobile sector
should help Telkom's profitability, which according to analysts will reach
IDR13.8 trillion in 2007.

                     About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/ --
provides local and long distance telephone service in Indonesia.  Known as
Telkom, the company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on Telekomunikasi
Indonesia's long-term foreign and local currency issuer default ratings to
positive from stable and affirmed the ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1 local
currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+' foreign and
local currency corporate credit rating.


TELKOM: To Hold Shareholders' Annual General Meeting on June 29
---------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk will hold its 2007 annual general meeting
of shareholders on:

Date       : Friday, June 29, 2007

Time       : 14:00 Jakarta Time

Place      : Aula Pangeran Kuningan
             Gedung Grha Citra Caraka
             Jl. Gatot Subroto No.52
             Jakarta 12710

Only shareholders whose names are registered at the company’s Share
Register at 16:00 hours Jakarta Time on June 6, 2007, are eligible to
attend the AGMS.

According to the paragraph 4, article 19 of the Company’s Article of
Association, Shareholder with a minimal ownership of 10% of the total
outstanding share with valid voting rights may propose an agenda for the
meeting which is expected to be received by May 31, 2007.

Invitation for the Shareholder Meeting will be announced on
June 7, 2007.

                      About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/ --
provides local and long distance telephone service in Indonesia.  Known as
Telkom, the company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on Telekomunikasi
Indonesia's long-term foreign and local currency issuer default ratings to
positive from stable and affirmed the ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1 local
currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+' foreign and
local currency corporate credit rating.


TELKOMSEL: Plans to Double Call Center Capacity to 1.1MM Calls
--------------------------------------------------------------
PT Telekomunikasi Selular Indonesia plans to double its call center
capacity to 1.1 million calls a day, Antara News reports.

Telkomsel service, supported by an interactive voice response system is
operated by around 4,000 personnel, had earned the international quality
standard management certificate for customer service covering call centers
in Jakarta, Surabaya, Bandung and Medan, the report notes.

Antara relates that the certificate is an international recognition of the
company`s quality standard of all its services.

                        About Telkomsel

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

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

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


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

ALL NIPPON: To Boost Fuel Surcharge Due to Fuel Increase
--------------------------------------------------------
All Nippon Airways Co., Limited has applied to the Ministry of Land,
Infrastructure and Transport to increase international fuel surcharge for
tickets issued on or after July 10, 2007, due to the increase in Singapore
kerosene.

The airline will increase its fuel surcharge for five international routes
starting July 10, 2007, until September 30, 2007:

   * Japan- Europe, North America and Middle East has
     increased to JPY12,000 from the current surcharge of
     JPY11,000;

   * Japan- Hawaii, Thailand, Singapore, Malaysia increased
     JPY1,000 to JPY8,700;

   * Japan- Taiwan, Guam, Vietnam’s proposed surcharge will be
     JPY5,200 from the present surcharge of JPY4,600;

   * Japan- Hong Kong will remain the same at JPY1,600 for
     reasons of government approval.  ANA said that a revise on
     the surcharge may be made at a later date;

   * Japan-China route will be JPY4,100 up JPY500; and

   * Japan-Korea route will increase JPY300 to JPY1,700.

The airline assures passengers that the surcharge will be reduced if the
average market price for Singapore kerosene below US$80 per barrel for
three consecutive months, and thereafter as the market price continues to
fall, measured in units of US$5.

A full-text copy of the revised fuel surcharge and the fuel
surcharge benchmark list is available for free at:

                http://researcharchives.com/t/s?2045

                      About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline  company in
terms of revenue.  The company, which was founded in 1952, provides these
services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business,
      including passenger boarding procedures and loading of
      hand baggage.

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that Moody's Investors Service placed the Ba1 senior
unsecured debt ratings of All Nippon Airways Co., Ltd. under review for
possible upgrade.  The rating action reflects ANA's high and stable
profitability despite the ongoing price hikes of aircraft fuel, as well as
Moody's view that the company's financial flexibility is likely to be
further improved by its announced asset disposition related to its hotel
business.


HITACHI ZOSEN: Earns JPY1 Billion in Year Ended March 31, 2007
--------------------------------------------------------------
Hitachi Zosen turns around with JPY1.03-billion net income in the fiscal
year ended March 31, 2007, compared to the JPY29.05-billion in fiscal year
2006.

The company's net sales in FY2007 dropped 12.1% to JPY293.4 billion from
the previous fiscal year's JPY333.88 billion.  Operating income, however,
rose 259% to JPY9.9 billion from last year's JPY2.8 billion.  Ordinary
income increased 106.3% to JPY4.3 billion.

As of March 31, 2007, the company's assets totaled JPY365.1 billion
compared to last fiscal year's JPY390.2 billion.

For this year ending March 31, 2008, Hitachi Zosen expects its net income
to rise to JPY5.0 billion and net sales to slightly decrease to JPY290
billion.

                       About Hitachi Zosen

Headquartered in Osaka, Japan, Hitachi Zosen Corporation --
http://www.hitachizosen.co.jp-- develops, manufactures, sells and
maintains machinery and systems.  The company has five business segments.
The Environment and Plant segment offers refuse incineration plants,
industrial waste treatment plants, biomass energy systems, water and
sludge treatment plants and others.  The Ship and Sea segment is involved
in the building, improvement and repair of ships, and the creation of
ocean structures.  The Steel, Construction and Logistics segment offers
bridges, hydraulic gates, steel chimneys, water pressure pipes, offshore
engineering, disaster prevention systems, and others.  The Machinery and
Motors segment includes steel-making machinery, food machines, medical
equipment, power generators and internal combustion engines.  The Others
segment is involved in electronic and control systems, package software,
information systems and other businesses.

As reported in the Troubled Company Reporter - Asia Pacific on August 31,
2006, Rating and Investment Inc. affirmed the BB- issuer rating of Hitachi
Zosen Corporation with a negative outlook.


JAPAN AIRLINES: S&P Places B+ Credit Rating Under Negative Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term corporate
credit ratings on Japan Airlines Corp. and the company's 100% subsidiary,
Japan Airlines International Co. Ltd., on CreditWatch with negative
implications.  This action reflects the heightening need to scrutinize the
credit impact of the current stance financial institutions are taking
toward JAL.  At the same time, the 'B+' ratings on the companies'
long-term senior unsecured debt ratings were affirmed.

According to media reports, JAL has requested capital support from its
main banks in the form of a debt-for-equity swap on a portion of its debt
obligations.  In response to the reports, JAL asserts that nothing has
been determined regarding a capital boost.  Standard & Poor's does not
hold any concrete views on the authenticity of the media reports.
However, under Standard & Poor's credit ratings criteria, a
debt-for-equity swap is considered to be equivalent to a default on debt
obligations.  In general, Standard & Poor's will lower the corporate
credit rating on a company that has proceeded with a debt-for-equity swap
to 'SD'.

Standard & Poor's has not been able to take an optimistic stance regarding
recovery in JAL's performance thus far.  Moreover, following numerous
recent media reports, Standard & Poor's will have to further scrutinize
the stances of the financial institutions involved.  Despite Standard &
Poor's belief that there will be no major concerns regarding JAL's
short-term liquidity, the corporate credit rating increasingly needs to be
reviewed to reflect the credit impact of the financial institutions'
stance toward the company.

To remove the rating on JAL from CreditWatch, Standard & Poor's will have
to focus on the stance of the financial institutions toward the company.
The long-term credit rating on JAL may be lowered if the company is unable
to achieve recovery in its business performance in line with its
medium-term management plan, or if the likelihood that its main banks will
conduct a debt-for-equity swap increases.  Conversely, it is likely that
the rating will be affirmed if recovery in the company's business
performance exceeds expectations or the company is able to boost its
capitalization without a debt-for-equity swap.  The progress in corporate
restructuring, particularly with regard to lowering its personnel costs
and improving business performance in the next several months, seems to be
an important factor for banks in determining their transaction policy.
Standard & Poor's will focus heavily on whether the company will be able
to achieve improvement in its business performance according to its plans.

The long-term senior unsecured debt ratings were affirmed.  If the
financial institutions proceed with a debt-for-equity swap, this will
actually underpin the credit quality of the JAL's remaining outstanding
bonds.  In contrast, if there is a chance that bondholders might incur a
financial burden, the unsecured debt ratings will also come under downward
pressure.  At the moment, JAL's corporate credit and senior unsecured debt
ratings are at the same level.  The debt rating was lowered by one notch
because JAL had a high proportion of secured debt.  However, a one-notch
increase was allowed, based on the expectation of debt forgiveness by
creditor banks in case of default.

Ratings Affirmed

   * Japan Airlines International Co. Ltd.
     Senior Unsecured
     Local Currency                             B+

Ratings Affirmed; CreditWatch/Outlook Action

                               To                 From
                               --                 ----
   * Japan Airlines Corp.
     Corporate Credit Rating   B+/Watch Neg/--    B+/Negative/--

Ratings Affirmed; CreditWatch/Outlook Action; New Rating

                               To                 From
                               --                 -----
   * Japan Airlines
     International Co. Ltd.
     Corporate Credit Rating   B+/Watch Neg/--    B+/Negative/NR

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


KOBE STEEL: To Construct Steel Plant in India by 2009
-----------------------------------------------------
Kobe Steel Ltd is in talks with India’s Chowgule Group to build a steel
mill, which can produce high-grade steel from low-grade iron ore and cheap
coal, Forbes reports citing the Nikkei Business Daily.

The Nikkei, according to Forbes, relates that the mill will be built in
the southwestern state of Goa.

Kobe Steel will invest some JPY20 billion on the plant, which will produce
500,000 tons a year, the report added.

If talks between the two companies succeed, construction of the plant will
begin by the end of the year, Forbes relates.

                        About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel, Ltd. --
http://www.kobelco.co.jp/english/corp/index.html-- is one of Japan's
leading steel makers, as well as the top supplier of aluminum and copper
products.  Other businesses include welding consumables, urban
infrastructure and plant engineering services, and industrial machinery.

Kobe Steel has offices in New York, Singapore, Bangkok and Beijing.

As the Troubled Company Reporter - Asia Pacific reported on
May 31, 2006, Fitch Ratings upgraded the long-term foreign and local
currency Issuer Default Ratings of Japanese steel-maker Kobe Steel to BB+
from BB.  At the same time, the agency affirmed Kobelco's short-term IDR
at B.  The outlook on the ratings is positive.


MITSUBISHI MOTORS: Reduce Dealerships as Part of Reorganization
---------------------------------------------------------------
Mitsubishi Motors Corp. said it will domestically start reducing group
dealerships to 5 from 29 on July 1 to help streamline sales channels and
turn around its money-losing operations, reports Kaho Shimizu of The Japan
Times.

As indicated by Mr. Shimizu, this domestic reorganization is part of
Mitsubishi’s revitalization plan in January 2005.

The five group dealerships will control 293 outlets, as compared with 295
at the end of March 2007.  As a result, the total number of dealerships
selling MMC vehicles will drop to 129 from 153, leaving a total of 800
outlets across the nation, Mr. Shimizu relates.

Each group will be based in one of five areas -- Hokkaido, northeast
Japan, and east, west and central Japan, the report added.

Mr. Shimizu further added that Fujio Cho, Mitsubishi’s managing director
in charge of domestic operations, said that its company aims to build a
structure that will allow them to gain profit even if domestic sales
volume remain 250,000 vehicles.

As part of its revitalization plan, Mitsubishi will refurbish 91 outlets
in the next year and open large outlets to serve its flagship stores, the
daily reports.

On April 30, 2007, Troubled Company Reporter-Asia Pacific reported that
the carmaker reported a 3.9% decrease in vehicles sold all over Japan.

                        About Mitsubishi Motors

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

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

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

                          *     *     *

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

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

In July 19, 2006, Japan Credit Rating Agency, Ltd. upgraded the rating of
Mitsubishi Motors' senior debts to BB- from B-, with a stable outlook.
The agency also affirmed the NJ rating on CP program of the company, while
upgrading its rating on the Euro Medium Term Note Program of MMC and
subsidiaries Mitsubishi Motors Credit of America, Inc. and MMC
International Finance
(Netherlands) B.V. to B+ from CCC.


RESONA BANK: Earns JPY552.66 Billion for Year Ended March 31
------------------------------------------------------------
Resona Bank, Limited recorded a net profit of JPY552.66 billion for the
fiscal year ended March 31, 2007, a 76% improvement from the previous
year’s JPY314.38 billion.

Ordinary profit jumped up to JPY302.67 billion, a JPY26.08 billion
difference as compared to JPY276.59 billion recorded for the fiscal year
ended March 31, 2006.  Ordinary income went up to JPY807.69 billion from
JPY755.39 billion year-on-year.

The bank’s ordinary expenses increased 5% from JPY478.79 billion to this
year’s JPY505.02 billion.

                        About Resona Bank

Headquartered in Osaka, Japan, Resona Bank, Limited --
http://www.resona-gr.co.jp/-- had consolidated total assets of JPY27
trillion as of September 30, 2006.  Resona Holdings, Inc., Resona Bank's
parent, has consolidated total assets of JPY39 trillion as of September
30, 2006.

On May 7, 2007, Moody’s Investors Service upgraded its bank financial
strength rating to D+ from D-.

On April 27, 2007, Fitch Ratings affirmed its D individual rating and its
2 support rating following the company’s announcement that it secured
JPY350 billon in new preferred stocks for the purpose of repaying part of
its outstanding balance of JPY1,998.8 billion (issued value) of
government-owned preferred shares.


SANYO ELECTRIC: USA Unit Moves Headquarters to Frisco
-----------------------------------------------------
Sanyo Energy USA has moved its headquarters from San Diego to Frisco, San
Francisco, to save money, reports Penny Rathbun of The Frisco Enterprise.
This manufacturer of rechargeable batteries is a subsidiary of Sanyo
Electric Co., Ltd.,

Aside from monetary cause of the transfer, Sanyo Energy finds that the
cost of living in Frisco is much less expensive compared to San Diego and
company executives find the weather much favorable to them, Ms. Rathbun
relates.  The company has been planning this transfer for more than a
year, Ms. Rathbun adds.

Sanyo Energy Vice President of Operations Andrew Sirjord stated that along
with the company’s transfer, it has also instigated some operational
changes that will help them recoup all of its relocation costs within
three years, according to the report.

According to Ms. Rathbun, Frisco Economic Development Corporation provided
incentives for the company to make the move but did not state what these
incentives are.  Sanyo Electric has signed a long-term deal for 30,000
square feet at the 2600 Network Avenue location.

                        About Sanyo Electric

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

                        *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and senior
unsecured ratings on rating watch negative.

On May 23, 2006, Standard & Poor's Ratings Services affirmed its negative
BB long-term corporate credit and BB+ senior unsecured debt ratings on
SANYO Electric Co. Ltd.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative implications on
Sept. 28, 2005.


SOJITZ CORP: Earns JPY58.7 Billion for Year Ended March 31
----------------------------------------------------------
Sojitz Corporation posted a net income of JPY58.77 billion, a 34.5%
increase year-on-year for the fiscal year ended March 31, 2007, exceeding
the company’s previous forecast of JPY56 billion.

Revenue went up to JPY5.22 trillion, a 4.9% increase from JPY4.97 trillion
a year earlier.  Operating profit also climbed 2.3% to JPY77.93 billion
from the previous year’s JPY76.20 billion.

Net sales for the Real Estate Development and Forest Products division of
Sojitz plummeted 9.4% to JPY380.34 billion due to slower construction
equipment and material sales.  The company’s Overseas Subsidiaries'
revenues also decreased to JPY720.83 billion, falling 6.2% year-on-year.

For the fiscal year ended March 31, 2008, Sojitz predicts a 2.1% rise in
net profit to JPY60.00 billion, a 10.4% increase in operating income to
JPY86.00 billion and a 6.9% increase in revenues to JPY5.58 trillion.

                     About Sojitz Corporation

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

                          *     *     *

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


SUMITOMO REALTY: Earns JPY50.30 Billion for Year Ended March 31
---------------------------------------------------------------
Sumitomo Realty & Development Co., Ltd. posted a net income of JPY50.30
billion for the fiscal year ended March 31, 2007, a 54.74% increase
against the JPY32.51 billion it posted for the fiscal year ended March 31,
2006.

Revenues amounted to JPY676.83 billion, a 4.7% increase from revenues of
JPY646.53 billion recorded a year earlier.

According to a report by Kathleen Chu from Bloomberg News, Japanese
developers are benefiting as a real estate market rebound pushed up land
prices in 2006 for the first time in 16 years and slashed Tokyo's office
vacancy rate to the lowest in six years.  Ms. Chu explains that the
vacancy rate for prime office space in Tokyo dropped to 2.80% in 2006, the
lowest since 2000, according to a report by Mori Building Co., Japan's
largest privately owned developer.

Ms. Chu relates that operating profit from the condominium division rose
10% to JPY36.50 billion, while operating profit from office leasing,
representing 61% of total net income, increased 32% to JPY83.5 billion in
the year ended March 2007, as the vacancy rate for office properties
dropped.

Reuters reports that Sumitomo Realty will pay investors a dividend of JPY8
per share, or JPY3.80 billion in total, for its fiscal year ended March
31, 2007.

The Bloomberg report adds that Sumitomo Realty expects that profit for the
fiscal year ending March 31, 2008, will reach JPY60 billion on sales of
JPY700 billion, and that Sumitomo Realty also plans to increase its
dividend to JPY16 a share for the year ending March 2008.

Headquartered in Tokyo, Sumitomo Realty & Development Co., Ltd.
-- http://www.sumitomo-rd.co.jp/-- is a Japan-based real estate company.  
The company operates in five business segments.  The
Real Estate Leasing segment is engaged in the leasing of office buildings
and condominiums, as well as providing leasing services for special
purpose companies (SPCs). The Real Estate Sales segment is engaged in the
sale of condominiums, buildings, detached houses and other properties.
This segment also provides real estate maintenance services.  The Complete
Construction segment is engaged in the construction work of residential
homes, as well as refurbishment work.  The Real
Estate Distribution segment is involved in the provision of real estate
brokerage services.  The Others segment is engaged in the operation of
fitness clubs and restaurants, as well as the finance business.

On February 14, 2006, Moody's Investor Service assigned a Ba1 rating on
Sumitomo Realty & Development Co Ltd's senior unsecured debt.


SUMITOMO REALTY: Introduces Takeover Defense Measures
-----------------------------------------------------
Sumitomo Realty & Development Co., Ltd. will set up a committee with the
authority to issue as much as twice as many shares as the total
outstanding to raise the buying costs for an unwelcome bidder, Kathleen
Chu of Bloomberg News reports.

Sumitomo explains that the defense measure will be activated as needed,
Ms. Chu relates.

According to the Bloomberg report, Sumitomo is the second Japanese realtor
as of May 17 to introduce takeover defenses as the property rally lures
domestic and international investors.

The report recounts that the company's announcement of takeover defense
plans comes after Mitsubishi Estate, owner of more than 30 buildings in
one of the most expensive business districts in Tokyo, said that it would
allow for the issuing of additional shares to defend against hostile
takeovers.

                        About Sumitomo Realty

Headquartered in Tokyo, Sumitomo Realty & Development Co., Ltd.
-- http://www.sumitomo-rd.co.jp/-- is a Japan-based real estate company.  
The company operates in five business segments.  The
Real Estate Leasing segment is engaged in the leasing of office buildings
and condominiums, as well as providing leasing services for special
purpose companies (SPCs). The Real Estate
Sales segment is engaged in the sale of condominiums, buildings, detached
houses and other properties.  This segment also provides real estate
maintenance services.  The Complete
Construction segment is engaged in the construction work of residential
homes, as well as refurbishment work.  The Real
Estate Distribution segment is involved in the provision of real estate
brokerage services.  The Others segment is engaged in the operation of
fitness clubs and restaurants, as well as the finance business.

On February 14, 2006, Moody's Investor Service assigned a Ba1 rating on
Sumitomo Realty & Development Co Ltd's senior unsecured debt.


SUMITOMO REALTY: S&P Lifts Credit Rating to BB+ from BB
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate credit
rating on Sumitomo Realty & Development Co. Ltd. to 'BB+' from 'BB', and
its long-term senior unsecured debt rating to 'BBB-' from 'BB+', based on
expectations for enhanced cash flow generation and earnings in the
company's main leasing segment.  The outlook on the corporate credit
rating is positive.

"Sumitomo Realty's rent hikes at existing buildings and the start of
operations at its new buildings have boosted cash flows and earnings in
the company's leasing segment, and these are likely to continue to
increase," said Standard & Poor's credit analyst Makiko Yoshimura.
"Although the company's debt burden is not expected to decrease
significantly given the likelihood for ongoing active business investments
in the near term, Sumitomo Realty's financial base is expected to improve
further from expanded capitalization due to an accumulation of net
profit," added Ms. Yoshimura.

The ratio of operating profit to consolidated operating profit in the
highly stable and predictable leasing segment is trending upward,
increasing to 57% in fiscal 2006 (ended March 31, 2007) from 50% in fiscal
2004, underpinning the improvement in Sumitomo Realty's business
performance.  Notably, rent hikes at the existing buildings have
contributed significantly to boosting profitability in the leasing
segment.  Backed by favorable conditions in the leasing market, the
company's profitability is expected to continue to improve in the medium
term.  Furthermore, given Sumitomo Realty's plans to start operating a
number of new buildings over the next several years, the company's
earnings and cash flows in the leasing segment are expected to increase
further.

Sumitomo Realty's ratio of total debt to total capital increased slightly
to 77.5% as of March 31, 2007, from 76.4% as of March 31, 2006, as the
company recorded negative cash flows and saw an increase in total debt due
to its vigorous investment activities.  Also, as stated in its new
medium-term management plan that started from April 2007, the company
plans to continue to make active investments to expand its office building
leasing business and strengthen its condominium development business.
Specifically, Sumitomo Realty plans to boost its annual condominium sales
from 4,527 units in fiscal 2006 to about 7,000 units.  As the company has
also been actively acquiring land for
development, it is expected to have large capital needs, and thus there is
little likelihood that its material debt burden, including off-balance
sheet debt, will decrease significantly.

Notwithstanding this, Standard & Poor's expects that the company's
debt-to-capital structure will improve gradually over the medium term,
given that the company has largely written off its unrealized losses, and
the pace of expansion in the company's capitalization is expected to
accelerate.  The improvement in the soundness of the company's balance
sheet in terms of its asset quality and unrealized gains, and the
company's ability to repay its material debt in light of the quality and
stability of its cash flow, along with the degree of diversification in
its debt maturities over the long term, have been reflected in today's
upgrade.

The outlook on the long-term corporate credit rating is positive.  The
rating may be raised again if Sumitomo Realty is able to maintain the
balance between company-wide debt and cash flows.  It can increase its
chance of achieving this by strengthening its risk management and securing
solid profitability and cash flows in the condominium sales business as it
increases the number of condominium units.

The rating on Sumitomo Realty's long-term senior unsecured bonds is one
notch higher than the corporate credit rating.  This reflects the lower
default risk of the company's bonds compared with its obligations to
banks, based on the expectation of debt forgiveness by creditor banks in
case of default.  In determining the long-term senior unsecured debt
rating, Standard & Poor's
takes into account the company's business profile, reliance on bank loans,
and relationships with its main creditor banks.

This rating(s) was initiated by Standard & Poor's.  It may be based solely
on publicly available information and may or may not involve the
participation of the issuer's management.  Standard & Poor's has used
information from sources believed to be reliable, but does not guarantee
the accuracy, adequacy, or completeness of any information used.

Ratings List
Upgraded
                               To                From
                               --                ----
   * Sumitomo Realty &
     Development Co. Ltd.

     Corporate Credit Rating   BB+/Positive/--   BB/Positive/--

     Senior Unsecured
     Local Currency            BBB-              BB+

                        About Sumitomo Realty

Headquartered in Tokyo, Sumitomo Realty & Development Co., Ltd.
-- http://www.sumitomo-rd.co.jp/-- is a Japan-based real estate company.  
The company operates in five business segments.  The
Real Estate Leasing segment is engaged in the leasing of office buildings
and condominiums, as well as providing leasing services for special
purpose companies (SPCs). The Real Estate
Sales segment is engaged in the sale of condominiums, buildings, detached
houses and other properties.  This segment also provides real estate
maintenance services.  The Complete
Construction segment is engaged in the construction work of residential
homes, as well as refurbishment work.  The Real
Estate Distribution segment is involved in the provision of real estate
brokerage services.  The Others segment is engaged in the operation of
fitness clubs and restaurants, as well as the finance business.

On February 14, 2006, Moody's Investor Service assigned a Ba1 rating on
Sumitomo Realty & Development Co Ltd's senior unsecured debt.


SUMITOMO REALTY: Appoints Kenichi Onodera as President
-------------------------------------------------------
According to Kathleen Chu of Bloomberg News, Sumitomo Realty & Development
Co., Ltd. appointed Kenichi Onodera to replace Junji Takashima as
president of the company effective June 28, 2007.

Mr. Takashima is being promoted to chairman, Bloomberg reports.

Headquartered in Tokyo, Sumitomo Realty & Development Co., Ltd.
-- http://www.sumitomo-rd.co.jp/-- is a Japan-based real estate company.  
The company operates in five business segments.  The
Real Estate Leasing segment is engaged in the leasing of office buildings
and condominiums, as well as providing leasing services for special
purpose companies (SPCs). The Real Estate
Sales segment is engaged in the sale of condominiums, buildings, detached
houses and other properties.  This segment also provides real estate
maintenance services.  The Complete
Construction segment is engaged in the construction work of residential
homes, as well as refurbishment work.  The Real
Estate Distribution segment is involved in the provision of real estate
brokerage services.  The Others segment is engaged in the operation of
fitness clubs and restaurants, as well as the finance business.

On February 14, 2006, Moody's Investor Service assigned a Ba1 rating on
Sumitomo Realty & Development Co Ltd's senior unsecured debt.


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

DURA AUTOMOTIVE: Files Amended April 2007 Operating Report
----------------------------------------------------------
The Debtors submitted a revised monthly operating report for the month
ended April 1, 2007.

The Debtors' financial statements have been revised primarily for about
US$2,700,000 over accrual of reorganization professional fees, US$800,000
of additional pension curtailment loss, US$900,000 revision to cash
balance for cleared disbursements, and for adjustments made to Dec. 31,
2006, ending stockholder's investment for 2006 year end items.

         Dura Automotive Systems, Inc., and Subsidiaries
         Condensed Unaudited Consolidated Balance Sheet

                       As of April 1, 2007
                      (Dollars in thousands)

                              ASSETS

Current assets:
   Cash and cash equivalents                           US$5,015
   Accounts receivable, net
      Trade                                             146,549
      Other                                              16,186
      Non-Debtor subsidiaries                            24,289
   Inventories                                           80,796
   Other current assets                                  41,284
                                                     ----------
      Total current assets                              314,119
                                                     ----------

Property, plant and equipment, net                      172,185
Goodwill, net                                           249,927
Notes receivable from Non-Debtors subsidiaries          183,142
Investment in Non-Debtors subsidiaries                  790,647
Other noncurrent assets                                  25,811
                                                     ----------
Total Assets                                       US$1,735,831

        LIABILITIES AND NET LIABILITIES IN LIQUIDATION

Current liabilities:
   Debtors-in-possession financing                   US$193,139
   Accounts payable                                      42,724
   Accounts payable to Non-Debtors subsidiaries             922
   Accrued Liabilities                                   89,274
                                                     ----------
      Total current liabilities                         326,059
                                                     ----------
Long-term Liabilities:
   Notes Payable to Non-Debtors subsidiaries              8,662
   Other noncurrent liabilities                          58,221
Liabilities Subject to Compromise                     1,319,375
                                                     ----------
Total Liabilities                                     1,712,317

Stockholders' Investment                                 23,514
                                                     ----------
Total Liabilities and Stockholders' Investment     US$1,735,831

        Dura Automotive Systems, Inc., and Subsidiaries
   Condensed Unaudited Consolidated Statement of Operations
            For the Five Weeks Ended April 1, 2007
                      (Dollars in thousands)

Total sales                                            $102,608
Cost of sales                                           100,363
                                                     ----------
Gross (loss) profit                                       2,245

Selling, general and administrative expenses              8,333
Facility consolidation, asset impairment
   and other charges                                      5,378
Amortization expense                                         34
                                                     ----------
Operating (loss) income                                 (11,500)

Interest expense, net                                     4,176
                                                     ----------
Loss before reorganization items and income taxes       (15,676)

Reorganization items                                      5,626
                                                     ----------
Loss before income taxes                                (21,302)

Provision for income taxes                                   47
                                                ----------
Net Loss                                            (US$21,349)

        Dura Automotive Systems, Inc., and Subsidiaries
   Condensed Unaudited Consolidated Statements of Cash Flows
            For the Five Weeks Ended April 1, 2007
                      (Dollars in thousands)

Operating Activities:
Net loss                                             (US$21,349)
Adjustments to reconcile net loss to net cash used
   in operations activities:
      Depreciation, amortization & asset impairment       2,707
      Amortization of deferred financing fees               665
      Bad debts                                             118
      Reorganization items                                5,626
Changes in other operating items:
   Accounts receivable                                   (9,480)
   Inventories                                            1,497
   Other current assets                                   1,888
   Noncurrent assets                                        105
   Accounts payable                                      (2,947)
   Accrued liabilities                                   (4,161)
   Noncurrent liabilities                                 1,027
   Current intercompany transactions                     (2,139)
                                                     ----------
Net cash (used in) provided by operating activities     (26,443)

Investing Activities:
Purchases of property, plant & equipment                 (1,387)
                                                     ----------
Net cash (used in) provided by investing activities      (1,387)

Financing Activities:
   DIP borrowings                                        28,139
   Payments on prepetition debt                            (323)
                                                     ----------
Net cash used in financing activities                    27,816

Net Increase (Decrease) in Cash & Equivalents               (14)

Cash & Cash Equivalent, Beginning Balance                 5,029
                                                     ----------
Cash & Cash Equivalent, Ending Balance                 US$5,015

                   About DURA Automotive Systems

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

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

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


SPECIALIZED TECH: High Leverage Cues S&P's B Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Enfield, Connecticut-based Specialized Technology Resources Inc.
The outlook is stable.

In addition, Standard & Poor's assigned its bank loan and recovery ratings
to STR's proposed US$155 million first-lien senior secured credit facility
and US$125 million second-lien term loan facility.

The first-lien facility was rated 'B+', with a recovery rating of '1',
indicating that first-lien lenders could expect to receive full recovery
of principal in the event of a payment default or bankruptcy.  The
second-lien facility was rated 'B-' (one notch below the corporate credit
rating), with a recovery rating of '3', indicating that second-lien
lenders could expect to receive meaningful (50%-80%) recovery of principal
in the event of a payment default.

"The ratings on STR reflect its highly leveraged financial profile,
aggressive financial policy, narrow business focus, small size, and highly
competitive operating environment within its two niche business segments,
manufacturing solar encapsulants and providing quality assurance services
to consumer product manufacturers and retailers," said Standard & Poor's
credit analyst Mark Salierno.  These factors are somewhat offset by the
company's established market positions in its segments, favorable growth
prospects in its solar business, and modest capital expenditure
requirements.

                     About Specialized Tech

Specialized Technology Resources -- http://www.strlab.com/--founded in
1944, is a recognized leader in testing and quality assurance services for
the consumer products industry and the leading manufacturer of solar
module encapsulants globally.  STR Quality Assurance has established deep
and longstanding relationships with the leading global retailers and
manufacturers in the consumer and retail markets.  STR Solar is the
leading, long-term supplier of encapsulants to many of the major solar
module manufacturers in the industry.  STR has sophisticated laboratories
and offices in over 30 countries across five continents.  The Company is
headquartered in Enfield, CT and has over 1,500 employees worldwide.  The
company has laboratories located in Mexico, Hong Kong, China, Taiwan,
Singapore, Indonesia, Korea, India, Sri Lanka, Switzerland, United
Kingdom, France, and Turkey, among others.


SSANGYONG INFORMATION: Court Dismisses KRW1.53-Trillion Lawsuit
---------------------------------------------------------------
The Seoul Central District Court has dismissed a lawsuit filed by LG CNS
against Ssangyong Information & Communication, Reuters reports.

In the lawsuit, LG CNS demanded on May 23, 2006, for KRW1,539,047,731 in
damages, the report relates.

Seoul-based Ssangyong Information & Communication -- http://www.sicc.co.kr
-- is a provider of information technology and communication solutions.
The company’s system integration business offers system design, planning,
development, operation and maintenance services; application development,
integration and maintenance services; the development of geographic
information systems, and the operation of data centers.  Its network
business is engaged in the development of communication equipment, the
building of local area and wide area networks, and the provision of
Internet security and other solutions. In addition, the Company provides
training services, enterprise resource planning and consulting services
through its education and consulting divisions.

Korea Ratings gave the company’s commercial papers a B- rating on Jan. 29,
2007.


YOUNGCHANG SILUP: Major Shareholders Sell Off 40.19% Shares
-----------------------------------------------------------
Youngchang Silup Co.'s largest shareholders, Park Seok and four other
individuals, have signed a contract to sell off 732,108 (40.19%) shares of
the company, Reuters reports.

According to the report, Youngchang Silup will sell the shares to a
Korea-based company for KRW19.5 billion.

Seoul, Korea-based Youngchang Silup Co., Ltd. --
http://www.youngchang.co.kr/main.asp-- is engaged in the manufacturing of
leather for shoes, bags, belts, garments, car seats and wheel covers.  The
company's main clients are Timberland, Rockport, Coach, Brighton, Polo,
DKNY, Aigner, Mova, Superior Sungchang, Simmone, Mikwang, Ssamzie, St.
John, Nautica Jean, I Blues, Marina Rinaldi and Geiger. It has an
affiliated company each in Korea and China.  On May 18, 2005, Korea
Ratings gave the company's KRW10.00 billion convertible bond and KRW5.00
billion straight bond a BB+ rating with a stable outlook.


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

MOL.COM BERHAD: Posts MYR2.27MM Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
Mol.Com Bhd recorded a net loss of MYR2.27 million on MYR9.12 million of
revenues in the third quarter ended March 31, 2007, compared with a net
loss of MYR1.95 million on MYR11.29 million of revenues in the same period
in 2006.

As of March 31, 2006, the company's unaudited balance sheet showed current
assets of MYR46.19 million and current liabilities of MYR40 million.  
Mol.com's total assets reached MYR79.26 million and total liabilities
aggregate to MYR69.76 million.  Shareholders' equity in the company
totaled MYR9.51 million.

Full text-copies of the company's financial statement can be viewed for
free at:

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

Based in Malaysia, Mol.Com Bhd provides electrical engineering services,
and is engaged in contracting and trading of electrical machinery and
apparatus.  Other activities include operation and maintenance of web
portals, registration and marketing of internet domain names, provision of
web and information technology solutions, advertising, promotional
activities and investment holding.

Operations are carried out in Malaysia, British Virgin Islands and Singapore.

Mol.Com is an Affected Listed Issuer pursuant to the Amended Practice Note
17/2005 of the Listing Requirements of Bursa Malaysia and is therefore
required to implement a regularization plan to the Securities Commission.

                          Going Concern Doubt

After auditing the company's annual financial report ended
June 30, 2006, the company's auditors expressed doubt on the ability of
the Group and of the Company to continue as a going concern.  The ability
of the Group and of the Company to continue as a going concern is
dependent upon the successful outcome of the proposed disposal of a
property and the Group's plan to regularize its financial condition,
continuing financial support from a significant shareholder and financial
institutions as well as achieving successful future operations.


SUREMAX GROUP: Development Project in Jakarta Fails
---------------------------------------------------
Suremax Group Bhd disclosed with the Bursa Malaysia Securities Bhd that
its development project in Jakarta, Indonesia, failed to materialize, as
certain conditions in the contract were not obtained.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 22, 2007, that Suremax Group Bhd bagged a US$60-million project at
Sentra Primer Tanah Abang from the Local Government of Jakarta Raya.
According to the TCR-AP, the project was awarded by PD Pembangunan Sarana
Jaya, a wholly owned company of the Local Government of Jakarta Raya, to
construct wholesales shopping centre, condominium, market stores and
kiosks at Sentra Primer Tanah Abang Phase-1, in Central of Jakarta.

                          *     *     *

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

                         Going Concern

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

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


TALAM CORP: Court Extends Unit's Restraining Order to Dec. 26
-------------------------------------------------------------
The Kuala Lumpur High Court further extends to Dec. 26, 2007, the
restraining order given to Maxisegar Sdn Bhd, a wholly owned subsidiary of
Talam Corporation Bhd.

As reported by the Troubled Company Reporter - Asia Pacific on Dec. 18,
2006, Maxisegar obtained the restraining order from the court to
facilitate the holding of creditors meeting concerning the implementation
of a proposed debt-restructuring scheme.  With the restraining order in
effect, parties are inhibited to conduct any legal proceedings against the
company.  The restraining order has been extended several times, the
TCR-AP noted.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad is
principally engaged in property development.  Its other activities include
trading building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and management of
hotel, golf and country club horticulturists, agriculturists and
landscaping designers and contractors and investment holding.  Operations
of the group are carried out in Malaysia and China.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended January 31, 2006, the Auditors
Ernst & Young were unable to express their opinion on the Company's
Audited Accounts.  As such, the Company is an affected listed issuer of
the Amended Practice Note 17 category.

In accordance with PN 17, the company is required to submit and implement
a plan to regularize its financial condition.


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

CHESWOOD ESTATE: Faces Endeavour Glass' Wind-Up Petition
--------------------------------------------------------
A petition to wind up the operations of Cheswood Estate New Zealand Ltd.
was heard before the High Court of New Plymouth yesterday, May 28, 2007.

Endeavour Glass Packaging Limited filed the petition with the Court on
March 14, 2007.

The solicitor of Endeavour Glass is:

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


D.C.BUILDING: Faces CIR's Wind-Up Petition
------------------------------------------
The Commissioner of Inland Revenue filed a wind-up petition against D.C.
Building Company 2004 Ltd. on Feb. 19, 2007.

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

The CIR's solicitor is:

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


GOSFORD INVESTMENTS: Appoints Official Assignee as Liquidator
-------------------------------------------------------------
Gosford Investments Ltd. appointed the official assignee as the company's
liquidator on Nov. 17, 2006.

The Official Assignee can be reached at:

         Official Assignee
         Insolvency and Trustee Service 4714
         Christchurch
         New Zealand
         Website: http://www.insolvency.govt.nz


HIRINI TRANSPORT: Court to Hear Wind-Up Petition on May 31
----------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the operations
of Hirini Transport Company 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
         c/o Meredith Connell, Level 17
         Forsyth Barr Tower, 55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone: (09) 336 7556


ONE ON ONE: Enters Liquidation Proceedings
------------------------------------------
One On One Enterprises Ltd. entered liquidation proceedings on May 11, 2007.

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

The Liquidators can be reached at:

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


SATCOM TELEVISION: Faces Lincrad Aerials' Wind-Up Petition
----------------------------------------------------------
The High Court of New Plymouth heard a petition to wind up the operations
of Satcom Television Services Ltd. on May 28, 2007.

The petition was filed by Lincrad Aerials NZ Limited on
April 26, 2007.

The solicitor of Lincrad Aerials is:

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


SCENICLAND SERVICES: Names Nellies and Deuchrass as Liquidators
---------------------------------------------------------------
On May 11, 2007, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as liquidators of Scenicland Services (Westland) Ltd.  The
company commenced liquidation proceedings on that day.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         148 Victoria Street, Level 1
         PO Box 13401, Christchurch
         New Zealand


SUFFOLK INVESTMENTS: Fixes June 3 as Last Day to Receive Claims
---------------------------------------------------------------
The shareholders of Suffolk Investments Ltd. met on May 14, 2007, and
passed a resolution winding up the company's operations.

Geoffrey Stewart Hatten, the company's liquidator, requires creditors to
file their proofs of debt by June 3, 2007.

The Liquidator can be reached at:

         Geoff Hatten
         c/o Markhams MRI Auckland Limited
         203 Queen Street, Level 10
         PO Box 2194, Auckland
         New Zealand
         Telephone:(09) 309 6011
         Facsimile:(09) 366 0261


URBAN AUTOHOMES: Appoints van Delden & Finnigan as Liquidators
--------------------------------------------------------------
Urban Autohomes Ltd. commenced liquidation proceedings on May 9, 2007.

Boris van Delden and Peri Micaela Finnigan were appointed as liquidators.

The Liquidators can be reached at:

         Boris van Delden
         Peri Micaela Finnigan
         c/o McDonald Vague
         PO Box 6092, Wellesley Street
         Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz


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

UNITED COCONUT: E-Banking Services Rise 43% in January-April ‘07
----------------------------------------------------------------
Electronic banking (e-banking) services by United Coconut Planters Bank
rose 43% Thursday for the first four months of 2007 and reached PHP6.8
billion, PHP2 billion higher than last year's PHP4.8 million, the Daily
Tribune reports.

According to the report, volume of transactions from January to April 2007
at 178,850 were higher than last year's 158,283.  The bank's e-banking
users increased 16%, rising from 66,880 in 2006 to 77,513 for the first
four months of 2007.

UCPB's first vice president Raul Tan told the Daily Tribune that users
flock to their e-banking services because of the growth in security,
reliability, ease-of-use and convenience in their services.  Mr. Tan was
also optimistic that they will exceed the PHP25-billion mark in e-banking
transactions by end 2007, the article relates.

United Coconut Planters Bank -- http://www.ucpb.com/-- is a leading
provider of financial products and services to corporations, middle market
companies, small- and medium- sized businesses, and consumers in the
Philippines.

Established in 1963 as a commercial bank, UCPB grew to become the first
private Philippine universal bank in 1981, enabling it to invest in
non-allied businesses.  Today, with assets close to PHP114 billion, the
UCPB group ranks among the largest financial services group in the
country.

UCPB offers a full range of expanded commercial banking services. The bank
has strong capabilities in corporate banking, commercial credit,
international trade financing, treasury and money market operations, trust
banking and consumer financing.

As the world crosses over to the next millennium, the UCPB Group is busily
transforming into a one-stop supermarket of banking and non-banking
services.

                         *     *     *

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


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

FIRST GREEN: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order to wind up the operations of
First Green Engineering Pte Ltd on May 17, 2007.

The petition was filed by Hock Hin Leong Timber Trading (Pte) Ltd.

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


HLG ENTERPRISE: Earns US$3.24 Million in 1st Quarter 2007
---------------------------------------------------------
HLG Enterprise posted a consolidated net profit of US$3.24 million for the
first quarter ended March 31, 2007, a 53.8% decrease from the US$7.01
million reported for the same period in 2006.

For the quarter under review, the Group's turnover increased by 9.1%, from
US$7.22 million in first quarter of 2006 to US$7.88 million.  This was
mainly due to the US$0.52 million increase in turnover from the property
development segment.  In addition, Hotel Equatorial Qingdao, Hotel
Equatorial Cameron and Changning Equatorial Service Apartments have
collectively increased their sales by 12.8% to US$2.47 million during this
quarter as compared to the same period last year.  However, the increased
turnover from the hospitality related business segment was partly offset
by the decline in sales from Hotel Equatorial Shanghai and the disposal of
Tristar Inn Singapore, which was completed on March 12, 2007.  As a
result, the net increase in the turnover of the hospitality-related
business segment was 2.2%, from US$6.69 million for first quarter of 2006
to US$6.84 million for first quarter of 2007.

As of March 31, 2007, the group had total assets of US$184.99 million and
US$194.79 million in total liabilities resulting in a shareholders'
deficit of US$9.81 million.

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

     http://bankrupt.com/misc/HLGE_Mar07results.pdf

                       About HLG Enterprise

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
Subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

As of March 31, 2007, the group had total assets of US$184.99 million and
US$194.79 million in total liabilities, resulting in a shareholders'
equity deficit of US$9.81 million.


HLG ENTERPRISE: Subsidiary Completes Transaction with SBA
---------------------------------------------------------
LKN Construction Pte. Ltd., a wholly owned subsidiary of HLG Enterprise
Limited, entered and completed on May 3, 2007, the transactions for:

   -- the sale by LKN Construction to SBA Limited of 2 ordinary
      shares of Kina1.00 each in the share capital of LKN (PNG)
      Ltd, representing the entire issued share capital of LKN
      PNG, pursuant to a conditional share acquisition agreement
      for a cash consideration of US$1.00; and

   -- the novation of LKN Construction to SBA of all of LKN
      Construction's rights, title and interests in and to the
      outstanding shareholder's loans extended by LKN
      Construction to LKN PNG which, as at Dec. 31, 2006,
      amounted to approximately SGD17.26 million, for a cash
      consideration of US$1,499,999 or equivalent to
      approximately SGD2.29 million based on an exchange rate of
      US$1.00 to SGD1.527.  The Novation of Interco Debt was
      undertaken pursuant to an agreement dated May 3, 2007,
      entered into between LKN Construction, LKN PNG and SBA
      Limited.

The completion of the Transactions was conditional upon, inter alia, the
approval of The Central Bank of Papua New Guinea for the Disposal of LKN
PNG and, if required, the approval of shareholders of HLGE for the
Transactions at a general
meeting.  Approval of The Central Bank of Papua New Guinea was obtained on
May 1, 2007, and confirmation from the Singapore Exchange Securities
Trading Limited that shareholders' approval is not required for the
Transactions was obtained on Jan. 11, 2007.

Following the completion of the Disposal, LKN PNG ceased to be a wholly
owned subsidiary of the company.  The cash consideration of US$1.00 for
the Disposal of LKN PNG and the cash consideration of US$1,499,999 for the
Novation of Interco Debt have been paid in full to LKN Construction.

Rationale for the Transactions and Utilization of Net Proceeds:

   * LKN PNG is a dormant company and has been inactive since
     1998;

   * LKN PNG is a negative net worth company; and

   * LKN PNG's only significant asset is the Contract
     Receivables, which LKN PNG has not been able to recover
     from Damai despite various attempts to do so.

The entire net proceeds of approximately SGD2.21 million will be applied,
if required, to redeem the existing redeemable convertible preference
shares in the company's capital to make repayment of certain liabilities
of the Group in accordance with the Group's restructuring scheme
undertaken pursuant to a master restructuring agreement.

                       About HLG Enterprise

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
Subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

As of March 31, 2007, the group had total assets of US$184.99 million and
US$194.79 million in total liabilities, resulting in a shareholders'
equity deficit of US$9.81 million.


MEDIASTREAM LTD: Appoints KPMG as Independent Financial Adviser
---------------------------------------------------------------
KPMG Corporate Finance Pte Ltd has been appointed as the judicial manager
of Mediastream Ltd in respect of the proposed acquisition of Memstar Pte
Ltd.

KPMG has been appointed as the independent financial adviser instead of
Kim Eng Capital Limited, as there could be a potential conflict of
interest in view that Kim Eng Securities Pte Ltd -- Kim Eng Securities Pte
Ltd and Kim Eng Capital Limited are both related companies, being 100%
owned subsidiaries of Kim Eng Holdings Limited -- may be considered for
appointment as one of the sub-placement agents for the share placement
exercise of MediaStream after the Proposed Acquisition for the purposes of
meeting the shareholding spread and distribution requirements of the
SGX-ST Listing Manual.


MI SYSTEMS: Creditors' Proofs of Debt Due by June 11
----------------------------------------------------
MI Systems Pte Ltd, which is in creditors' voluntary liquidation, requires
its creditors to file their proofs of debt by June 11, 2007.

The company's liquidators are:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o Stone Forest Corporate Advisory Pte Ltd
         18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


PETROCONSULTANTS (FAR EAST): Proofs of Debt Due by June 25
----------------------------------------------------------
The creditors of Petroconsultants (Far East) Pte Ltd are required to file
their proofs of debt by June 25, 2007, to be included in the company's
dividend distribution.

The company's liquidators are:

         John Teo Cheng Lok
         Sim Guan Seng
         c/o 15 Beach Road
         #03-10 Beach Centre
         Singapore 189677


PETROLEO BRASILEIRO: Inks Study Contract with Morocco
-----------------------------------------------------
Brazilian state-run oil company Petroleo Brasileiro SA has signed a
contract with Morocco's Office National des Hydrocarbures et des Mines to
analyze the extraction of oil from a shale rock in Morocco, according to a
report by news daily O Globo.

O Globo says that Petroleo Brasileiro will sign the cooperation accord
with the Office National des Hydrocarbures in June when Brazilian
President Luiz Inacio Lula da Silva visits Morocco.

The report notes that Petroleo Brasileiro produces about 4,000 barrels per
day of oil from shale in Parana, Brazil.  It has also signed a similar
accord with Jordan.

"They [Morocco] have the (shale) rock and we have the technology.  It
remains to be seen whether it's viable to use it," Bassim Djahjah,
Petroleo Brasileiro's manager of new projects in Europe, told O Globo.

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

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

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

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

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


PETROLEO BRASILEIRO: Says Ceara Steel Project Not Feasible
----------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA Chief Executive
Officer Jose Sergio Gabrielli told reporters that the Ceara Steel slab
project, which will be deployed in Ceara, is not viable.

BNamericas notes that Mr. Gabrielli allegedly questioned how Ceara would
produce steel slabs without raw material resources, market or technology.

According to BNamericas, Petroleo Brasileiro was assigned to supply
subsidized natural gas to Ceara Steel.

The Brazilian steel sector is opposed to the proposed subsidies for the
mill.  The sector fears on export constraints due to non-observance of
World Trade Organization rules.  Meanwhile, a Rio de Janeiro federal court
denied an injunction requested by the steel institute Instituto Brasileiro
de Siderurgica to prevent the project from receiving the subsidized
natural gas from Petroleo Brasileiro, BNamericas states.

                      About Ceara Steel

Ceara Steel is a joint between South Korean steel maker Dongkuk Steel,
Italian metal industry supplier Danieli Steel and Brazilian mining and
metals group CVRD.

                  About Petroleo Brasileiro

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

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

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

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

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


REFCO: June 29 Hearing Set for BAWAG's US$108MM Suit Settlement
---------------------------------------------------------------
The U.S. District Court for the Southern District of New York
will hold a fairness hearing on June 29, 2007 at 10:00 a.m. for
the proposed US$108 million partial settlement by BAWAG P.S.K.
Bank Fuer Arbeit und Wirtschaft und Osterreichische
Postsparkasse Aktiengesellschaft, a defendant in the class
action, "In re Refco, Inc. Securities Litigation, Master File
No. 05 Civ. 8626 (GEL)."

The hearing will be held before Judge Gerard E. Lynch in the
U.S. District Court for the Southern District of New York located in the
U.S. Courthouse at 500 Pearl Street, New York.

The settlement covers persons or entities that purchased or
otherwise acquired Refco Group Ltd., LLC/ Refco Finance Inc. 9%
Senior Subordinated Notes due 2012 (CUSIP Nos. 75866HAA5 and/or
75866HAC1) and/or Refco, Inc. common stock (CUSIP No. 75866G109)
between Aug. 5, 2004, and Oct. 17, 2005.

Any objections or exclusions to and from the settlement must be
made on or before, May 26 and 30, respectively.

                       Case Background

The suit, filed in the U.S. District Court for the Southern
District of New York, was consolidated in April 2006 (Class
Action Reporter, April 7, 2006).  It claimed the collapsed
commodity brokerage hid more than US$5 billion off its books, far more
than previously thought.  It also accuses company
executives, company auditors, and investment bankers of
negligence.

This discovery of the bad debts caused the collapse of the
company a mere two months after its Aug. 10, 2005 initial public
offering of common stock, and only 14 months after its issuance
of 9% Senior Subordinated Notes due 2012.  The company filed the
fourth largest bankruptcy in U.S. history as a result.

The suit is "In re Refco, Inc. Securities Litigation, Master
File No. 05 Civ. 8626 (GEL)," filed in the U.S. District Court
for the Southern District of New York under Judge Gerard E.
Lynch.

Representing the plaintiffs are:

     (1) Max W. Berger (MB-5010), John P. Coffey  (JC-3832),
         John C. Browne (JB-0391) and Noam N. Mandel (NM-0203)
         of Bernstein Litowitz Berg & Grossmann, LLP, 1285
         Avenue of the Americas, New York, NY 10019, Phone:
         (212) 554-1400, Fax: (212) 554-1444; and

     (2) Stuart M. Grant (SG-8157), James J. Sabella (JS-5454),
         Megan D. McIntyre, Jeff A. Almeida, Christine M.
         Mackintosh and Jill Agro of Grant & Eisenhofer, P.A.,
         Phone: (646) 722-8500 and (302) 622-7000, Fax: (646)
         722-8501 and (302) 622-7100

For more details, contact Refco, Inc. Securities Litigation
c/o The Garden City Group, Inc., PO Box 9087, Dublin, OH 43017-
0987, Web site: http://www.refcosecuritieslitigation.com.

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

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007.


REFCO: Refco Commodity Wants Stay Lifted to Pursue Dismissal
------------------------------------------------------------
Refco Commodity Management Inc. asked Judge Robert D. Drain of
the U.S. Bankruptcy Court for the Southern District of New York
to lift an automatic stay established upon the commencement of
RCMI's Chapter 11 case in order to pursue a motion to dismiss a
putative class action filed by investors in two investment funds
the company jointly administered with IDS Futures Corp.

RCMI is a defendant in a putative class action filed in June
2006 by Gary L. Franzen, on behalf of himself and other
similarly situated parties, against RCMI and IDS Futures.  The
Plaintiffs filed an Amended Complaint in September 2006.  The
lawsuit is pending in the U.S. District Court for the Northern
District of Illinois, Eastern Division, under Civil Case No. 06
C-3012.

In March 2007, the Illinois District Court entered a final order
approving a settlement between IDS and the Plaintiffs.  IDS was
also dismissed from the action, thus, leaving RCMI as the sole
defendant of the Complaint.

Under the Settlement, IDS agreed to make an offer that fully
compensated potential plaintiffs for their losses attributable
to the management of two investment funds, which were jointly
administered by IDS and RCMI.  IDS also agreed to pay the
plaintiffs nearly $400,000 in legal fees.

RCMI subsequently sought to dismiss the Complaint on the grounds
that:

   -- certain of the Plaintiffs' claims were rendered moot by
      the Settlement; and

   -- the Plaintiffs lacked standing to bring their remaining
      claims.

Richard B. Levin, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, relates that in the Plaintiffs' response, they argued that
the Litigation is stayed as to RCMI, and adjudication of the
Motion to Dismiss cannot proceed due to the "automatic stay"
established upon the commencement of RCMI's Chapter 11 case.

Accordingly, to ensure that the Motion to Dismiss is adjudicated
on its merits and prevent further delay in the Litigation, RCMI
asks the Bankruptcy Court to lift the automatic stay imposed
under Section 362 of the Bankruptcy Code to:

   (a) permit RCMI to prosecute the Motion to Dismiss to full
       and final adjudication, and oppose an appeal, if any,
       from a final order of the District Court granting the
       Motion to Dismiss;

   (b) allow the Plaintiffs to oppose the Motion to Dismiss on
       the basis of any filed response or as permitted by the
       District Court, and to prosecute an Appeal; and

   (c) permit the District Court and the Appellate Court to
       fully and finally adjudicate the Motion to Dismiss or an
       Appeal, if any.

RCMI will inform the District Court regarding the filing of its
Lift Stay Motion and, thereafter, will advise the District Court
regarding the progress and resolution of the Motion, including
any ruling the Bankruptcy Court may enter with respect to the
Motion.

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

The company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2007.  (Refco Bankruptcy News, Issue No. 63; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SPECTRUM BRANDS: Names Kent Hussey as Chief Executive Officer
-------------------------------------------------------------
Kent Hussey has been appointed Chief Executive Officer of Spectrum Brands,
Inc.  David Jones will step down as CEO but will continue to serve as
non-executive Chairman of the Board of Directors until the end of fiscal
year 2007 to assist in the management transition.  Mr. Jones, 57, has
served as CEO and Chairman since September 1996.  Mr. Hussey, 61, most
recently Vice Chairman and director, has previously served in the
positions of President, Chief Operating Officer, and Chief Financial
Officer.

"Dave Jones has played a vital role in transforming Rayovac from a US$400
million domestic consumer battery company to the US$2.5 billion
diversified global consumer products company that Spectrum Brands is
today, Thomas Shepherd, Lead Director, said.  "The Board respects Dave's
decision to step down and appreciates his willingness to stay on through
the transition period.  We wish him success in his future endeavors."

"I am extremely proud of all that Spectrum Brands has accomplished and,
after managing the Company through recent challenging times, am
comfortable leaving knowing that Spectrum Brands is well positioned for
future growth and profitability," Mr. Jones said.  "Kent is the ideal
successor to lead Spectrum in the next phase of its evolution.  He has
worked alongside me in the management of the Company for more than 10
years and has been instrumental in guiding Spectrum's strategic, financial
and operational initiatives as well as its M&A strategy.  I am confident
that Kent, and the rest of our executive team, will continue to execute on
strategy and leverage Spectrum's portfolio of strong brands and global
platform to build value for shareholders."

"The many initiatives implemented over the past 18 months to revitalize
our sales and improve profitability are beginning to show in our ongoing
financial results; our recently announced second quarter performance gives
me confidence we have turned the corner," Mr. Hussey said.  "The corporate
restructuring announced in January is on track and our second quarter
results demonstrate that our business units are performing well under
strong operational leadership teams.  I have a long term commitment to
Spectrum and will be fully focused on executing our strategy of improving
operational performance while pursuing asset sales to reduce our leverage
and interest burden."

Mr. Hussey, who has over 37 years of management experience in the
manufacturing and consumer products industries, has been a managing
executive and director of Spectrum since 1996.

Since January 2007, he has served as Vice Chairman, responsible for
spearheading the strategic direction of the company and for corporate
business development.  He joined the company as Executive Vice President
of Finance and Administration and Chief Financial Officer in October 1996,
and served as President and Chief Operating Officer from April 1998 to
January 2007.

From 1994 to 1996, Mr. Hussey was Vice President and Chief Financial
Officer of ECC International, a producer of industrial minerals and
specialty chemicals.  From 1991 to 1994, he served as Vice President of
Finance and Chief Financial Officer of The Regina Company.

Previously he held financial management positions at The Conair Group,
Astechnologies, Inc. and United Technologies Corporation.  Mr. Hussey
currently serves as a director of American Woodmark Corporation and
various privately-held companies.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25 retailers and are
available in more than one million stores in 120 countries around the
world.  The company has manufacturing and distribution facilities in
China, Australia and New Zealand, and sales offices in Melbourne,
Shanghai, and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed its ratings on Spectrum Brands, Inc.,
including, Issuer default rating 'CCC'; $1.6 billion 6-year Credit
Agreement 'B/RR1'; $700 million 7 3/8% Senior Subordinated Note due 2015
'CCC-/RR5'; and $350 million 11.25% Variable Rate Toggle Interest
pay-in-kind Senior Subordinated Note due 2013 'CCC-/RR5'.  The Credit
Agreement and Variable Rate Toggle Interest Note have relatively the same
terms and conditions and are rated the same as the facilities being
replaced.  The Outlook remains Negative.


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

SIAM COMMERCIAL: Attains THB18-Bil. Lending Growth in 1st Qtr.
--------------------------------------------------------------
Siam Commercial Bank's net lending growth for the first quarter of 2007 at
THB18 billion fell behind its THB140 billion full-year loan growth target,
Darana Chudasri at the Bangkok Post writes.

The Post also reports that after the Bank of Thailand cut its one-day
repurchase by a half-point to 3.5%, Siam Bank made these rate cuts:

   * fixed deposit interest rates were cut by 0.5 points to
     2.25%, and 2.5% for three-, six- and 12-month accounts;

   * prime lending rates went down by 0.25 points;

   * minimum lending rate is now 7%;

   * minimum overdraft is now at 7.25%;

   * minimum retail rate is at 7.5%;

   * fixed deposit rates are now at 2.25% for three- to 12-month
     accounts;

   * minimum overdraft rate was cut by 0.25 points to 7.75%,
     which will come into effect on June 1.

Minimum lending and retail rates, however, remain the same.

The bank does not expect the rate cuts to cause increased lending growth,
the report says.

                  About Siam Commercial Bank

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

On Oct. 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006, following the
military coup.  The Outlook on their ratings is now Stable.

After the rating action, SCB's ratings are as follows:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Senior unsecured debt BBB+;
    * Subordinated debt BBB.

On May 4, 2007 Moody’s Investors Service assigned the following ratings
for SCB:

    * D+ bank financial strength rating with a positive outlook.

    * Baa1/P-2 foreign currency deposit ratings with a stable
      outlook.

    * A3/P-1 local currency deposit ratings with a positive
      outlook.


SIAM COMMERCIAL: Posts THB3.69 Bil. Net Profit for 1st Qtr. 2007
----------------------------------------------------------------
Siam Commercial Bank PCL posted a THB3.69-billion net profit for the
quarter ended March 31, 2007, a decrease of 12.4% from the THB4.2 billion
it reported for the same period in 2006.  The bank attributes the increase
in net income to a higher general reserve allowance.

For the January-March 2007 period, the company had a total of THB8.75
billion in net interest and dividend income and THB5.30 billion in
non-interest income from operating businesses, excluding gain on
investment. For the quarter, the company incurred THB6.33 billion in
interest expenses and THB8.01 billion in non-interest expenses.

As of March 31,2007, the company has THB1.07 trillion in total assets and
THB972.75 billion in total liabilities, resulting in a total shareholders'
equity of THB104.59 billion.

                  About Siam Commercial Bank

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

On May 4, 2007, Moody’s Investors Service assigned these ratings for SCB:

    * D+ bank financial strength rating with a positive outlook.

    * Baa1/P-2 foreign currency deposit ratings with a stable
      outlook.

    * A3/P-1 local currency deposit ratings with a positive
      outlook.

On Oct. 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006, following the
military coup.  The Outlook on their ratings is now Stable.  After the
rating action, SCB's ratings are:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Senior unsecured debt BBB+; and
    * Subordinated debt BBB.


SRITHAI FOOD: SET Halts Trading on Failure to Submit Financials
----------------------------------------------------------------
The Stock Exchange of Thailand has posted SP (Suspension) signs to suspend
trading on Srithai Food & Beverage 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 Amphoe Bang Phli Samut Prakarn, Thailand, Srithai Food &
Beverage Public Co Ltd -- http://www.srithaifood.thailand.com/-- markets
and manufactures seasoning, sauce, beverages, and personal care products.

The Troubled Company Reporter - Asia Pacific reported that the securities
of Srithai Food & Beverages Public Co Ltd were placed in the
"Non-Performing Group" sector of the Stock Exchange of Thailand on August
29, 2006.

According to TCR-AP, SRI has been subjected to a rehabilitation plan under
the REHABCO sector of the SET since June 9, 2004.  The SET, after
reviewing the latest financial statements of the company submitted on
August 15, 2006, said that SRI did not resolve its problems in line with
the SET criteria.


* Govt. Investments in Infrastructure May Slow Baht's Growth
------------------------------------------------------------
Government investments in large infrastructure projects may help slow the
rising strength of the Thailand baht, Bank of Thailand governor Tarisa
Watanagase told the Bangkok Post.

According to The Post, Dr. Tarisa told reporters last Thursday that the
baht may weaken due to an expected decline in exports for this year.  Dr.
Tarisa also predicted lower trade surplus in 2008, possible deficit
because of imports for mega-project investments, and volatility of the
baht in the short run.

Thailand's exports defied the central bank's forecast of between 7.5% and
10.5% for 2007, and instead experienced an 18% year-on-year growth from
January until April 2007, The Post noted.


* BOND PRICING: For the Week 21 May to 25 May 2007
--------------------------------------------------
Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

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


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


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


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


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


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


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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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