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

             Wednesday, May 30, 2007, Vol. 10, No. 106

                            Headlines

A U S T R A L I A

A. & R. DEVELOPMENT: Sets Members' Final Meeting for June 8
CANBERRA DEVELOPMENT: Members' Final Meeting Set for June 29
FAMILY SERVICES: Members Pass Resolution to Wind Up Firm
JOETA HOLDINGS: Placed Under Members' Voluntary Liquidation
JUBILEE PASTORAL: Members Resolve to Liquidate Business

JULIE MCCHESNEY: Members & Creditors to Meet on July 2
KEITH SOBELS: Members Resolve to Wind Up Operations
MANAHK INTERNATIONAL: Final Meetings Set for July 3
NARS HOLDINGS: Members to Hold Final Meeting on June 8
SX NSW PTY: To Declare Dividend for Priority Unsecured Creditors


C H I N A   &   H O N G  K O N G

BONDSINASIA LIMITED: Members to Meet on June 28
CHINA EASTERN: Singapore Air's Stake Purchase Raises Concern
CHINA HALL: Members' Final Meeting Set for June 30
GOLDEN PLEASURE: Commences Liquidation Proceedings
PLUS HOLDINGS: Appoints Provisional Liquidators

WISE EARNING: Sets Members' Final General Meeting for June 27
ZTE CORP: Sells Telecom Equipment to Polkomtel for US$8.8 Mil.
* Taiwan's Auto Sector Faces Bumpy Road, Says Taiwan Ratings


I N D I A

GENERAL MOTORS: Moody's Junks Rating on US$1.1-Billion Debt
GENERAL MOTORS: Gets US$4.1 Bil. Credit Facility Commitments
GENERAL MOTORS: To Offer US$1 Billion Notes to Boost Liquidity
TATA MOTORS: Earns INR5.77 Bil. in Qtr. Ended March 31, 2007
TATA MOTORS: Appoints P. M. Telang as Executive Director

TATA POWER: Seeks Members' OK on Preferential Issue to Tata Sons
TATA POWER: Partners With Doosan for 4000-MW Mundra Project
UCO BANK: To Hold Shareholders Annul Gen. Meeting on June 19
UNION BANK OF INDIA: Sets Annual General Meeting on June 22


I N D O N E S I A

ALCATEL-LUCENT: Two Firms Select Evolium Wimax Software
BANK MANDIRI:  To Lend IDR2 Trillion Each to Indosat & Telkomsel
BANK MANDIRI: To Pay IDR1.45 Trillion in Dividends
TELKOM INDONESIA: 2006 Net Profit Jumps 38% to IDR11 Trillion


J A P A N

ALL NIPPON: Cancels 130 Flights Due to Computer Trouble
SANYO ELECTRIC: FY 2006 Net Loss Narrows to JPY45.36 Billion


K O R E A

LG CARD: Shinhan Financial Group to Buy Out Remaining Shares
SK CORP: Shareholders Approve Split
* DRAM Makers Expect Profitability to Decrease, iSuppli Says


M A L A Y S I A

MALAYSIA AIRLINES: Earns MYR133.13 Million in 1st Quarter 2007
MBF CORP: Bursa to Suspend Trading of Securities on June 5
PARK MAY: Balance Sheet Upside Down by MYR58.44MM at March 31
STAR CRUISES: Genting Takes Full Control of Sentosa Project


N E W  Z E A L A N D

GVD LTD: Creditors' Proofs of Debt Due by June 11
HUNTER POWELL: Shareholders Resolve to Liquidate Business
SPRINT COURIERS: Appoints Official Assignee as Liquidator
TARANAKI GALVANIZERS: Appoints Philip Craig Macey as Liquidator
THE FOUNDRY NIGHTCLUB: Proofs of Debt Due by June 20

TUCKER WILLIAMS: Fixes June 7 as Last Day to Receive Claims
W.P. MAHER: Taps Jansen and Walshe as Liquidators
WILTSHIRE PROPERTY: Names Robert James Taylor as Liquidator
WOOL EQUITIES LIMITED: To Pay NZ$15,000 for Listing Rule Breach


P H I L I P P I N E S

PHILCOMSAT HOLDINGS: Clarifies CEO Has Not Resigned


S I N G A P O R E

PDC CORP: Earns SG$14.62 Million in Year Ended Dec. 31, 2006


T H A I L A N D

STANDARD CHARTERED: Earns THB707.88 Million in 1st Quarter 2007
THAI-DURABLE GROUP: Posts THB31.02 Mil. Net Loss in 1st Quarter
THAI-GERMAN PRODUCTS: Earns THB8.9 Million in 1st Quarter 2007


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

A. & R. DEVELOPMENT: Sets Members' Final Meeting for June 8
-----------------------------------------------------------
A final meeting will be held for the members of A. & R.
Development Pty. Limited on June 8, 2007, at 11:00 a.m.

Paul R. Campbell, the company's liquidator, will present a
report about the company's wind-up proceedings and property
disposal at the meeting.

The Liquidator can be reached at:

         Paul R. Campbell
         c/o Wong & Mayes
         309 Kent Street, Level 6
         Sydney
         Australia


CANBERRA DEVELOPMENT: Members' Final Meeting Set for June 29
------------------------------------------------------------
The members of Canberra Development Group Pty Ltd will have
their final meeting on June 29, 2007, to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Robert John Ellison
         Bentleys MRI
         London Court, Level 1
         13 London Circuit, Canberra ACT 2601
         Australia


FAMILY SERVICES: Members Pass Resolution to Wind Up Firm
--------------------------------------------------------
On May 17, 2007, the members of Family Services Australia
Limited passed a resolution winding up the company's operations.

E. M. Senatore was appointed as liquidator.

The Liquidator can be reached at:

         E. M. Senatore
         SBR Insolvency & Reconstruction
         28 University Avenue, Level 7
         Canberra ACT 2601
         Australia


JOETA HOLDINGS: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------------
The members of Joeta Holdings Pty Limited resolved on May 11,
2007, to voluntarily liquidate the company's business and
appointed Nicholas Craig Malanos as liquidator.

The Liquidator can be reached at:

         Nicholas Craig Malanos
         Star Dean-Willcocks
         GPO Box 3969, Sydney
         New South Wales 2001
         Australia
         Telephone: (02) 9223 2944


JUBILEE PASTORAL: Members Resolve to Liquidate Business
-------------------------------------------------------
During a general meeting held on May 14, 2007, the members of
Jubilee Pastoral Company Pty Limited agreed to liquidate the
company's business and appointed Michael Edward Slaven as
liquidator.

The Liquidator can be reached at:

         Michael Edward Slaven
         Chartered Accountant
         Rangott Slaven
         Engineering House, Unit 12, Level 3
         11 National Circuit, Barton ACT
         Australia


JULIE MCCHESNEY: Members & Creditors to Meet on July 2
------------------------------------------------------
The members and creditors of Julie Mcchesney Pty Limited will
meet on July 2, 2007, at 10:00 a.m., to receive the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         G. J. Parker
         Parker Insolvency
         49 Market Street, Level 5
         Sydney, New South Wales 2000
         Australia


KEITH SOBELS: Members Resolve to Wind Up Operations
---------------------------------------------------
On May 14, 2007, the members of Keith Sobels Pty Ltd agreed to
liquidate the company's business.

Timothy James Cuming and David Clement Pratt were appointed as
liquidators.

The Liquidators can be reached at:

         Timothy James Cuming
         David Clement Pratt
         201 Sussex Street, Level 15
         Sydney, New South Wales 1171
                 Australia


MANAHK INTERNATIONAL: Final Meetings Set for July 3
---------------------------------------------------
The members and creditors of Manahk International Pty Limited
will have their final meetings on July 3, 2007, at 9:30 a.m. and
9:45 a.m., respectively.

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

The Liquidator can be reached at:

        Murray Godfrey
        RMG Partners
        88 Pitt Street, Level 12
        Sydney, New South Wales 2000
        Australia
        Telephone: (02) 9231 0889


NARS HOLDINGS: Members to Hold Final Meeting on June 8
------------------------------------------------------
A final meeting will be held for the members of Nars Holdings
Pty. Limited on June 8, 2007, at 11:0 a.m.

The members will receive at the meeting a report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         Paul R. Campbell
         c/o Wong & Mayes
         309 Kent Street, Level 6
         Sydney
         Australia


SX NSW PTY: To Declare Dividend for Priority Unsecured Creditors
----------------------------------------------------------------
SX NSW Pty Ltd will declare a first and final dividend for its
priority unsecured creditors on July 9, 2007.

Creditors who cannot file their proofs of debt by June 18, 2007,
are excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

         Nick Combis
         Vincents Chartered Accountants
         239 George Street, Level 27
         Brisbane, Queensland 4000
         Australia
         Telephone: (07) 3854 4555
         Facsimile: (07) 3236 2452
         e-mail: ncombis@vincents.com.au
         Web site: http://www.vincents.com.au


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

BONDSINASIA LIMITED: Members to Meet on June 28
-----------------------------------------------
The members of Bondsinasia Limited will have their final meeting
on June 28, 2007, at 5:00 p.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held on the 27th Floor of Alexandra House,
on 18 Chater Road in Central Hong Kong.


CHINA EASTERN: Singapore Air's Stake Purchase Raises Concern
------------------------------------------------------------
China Eastern Airlines' US$1 billion equity deal with Singapore
Airlines has raised concerns in Beijing over share issuance and
the Singapore government's role, sources close to the deal told
Reuters.

According to Reuters' sources, no foreign government has been
allowed to invest in China's airline industry, deemed
strategically important for the country, and the deal, if
approved, could set a precedent.

Another factor holding up the deal is the involvement of
Singapore's state investment arm, Temasek, which has some
investments in China's financial sector, including a minor stake
in Minsheng Banking Corp., one of the sources indicated to the
news agency.

The Troubled Company Reporter - Asia Pacific, citing Bloomberg
News, reported on May 28 that Temasek Holdings Pte may join its
56% owned unit, Singapore Airlines to bid for a stake in China
Eastern Airlines.  According to the TCR-AP, Singapore Air could
benefit from Temasek's involvement by acquiring stakes from the
Chinese airline without putting a huge capital upfront.

Those concerns, however, are not expected to scuttle the deal,
the sources told Reuters, adding that the deal could receive
Beijing's approval as early as this week, but they have cast
some uncertainty over the shape that a final deal may take.

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

                          *     *     *

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

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


CHINA HALL: Members' Final Meeting Set for June 30
--------------------------------------------------
China Hall Investments Limited will hold a final general meeting
for its members on June 30, 2007, at 11:00 a.m.

The meeting will be held in Room 1008 of Wayson Commercial
Building, at No. 28 Connaught Road in West, Hong Kong.

Chang Kwong Wah is the company's liquidator.


GOLDEN PLEASURE: Commences Liquidation Proceedings
--------------------------------------------------
At an extraordinary general meeting held on May 17, 2007, the
members of Golden Pleasure Company Limited agreed to liquidate
the company's business and appointed Pih Kan Shen as liquidator.

The Liquidator can be reached at:

         Pih Kam Shen
         Ravana Garden, Flat A, 29th Floor, Block 4
         Nos. 1-3 On King Street, Shatin
         New Territories
         Hong Kong


PLUS HOLDINGS: Appoints Provisional Liquidators
------------------------------------------------
On May 17, 2007, Stephen Liu Yiu Keung and Robert Armor Morris
were appointed as liquidators of Plus Holdings Limited.

The provisional Liquidators can be reached at:

         Stephen Liu Yiu Keung
         Robert Armor Morris
         Two International Finance Centre, 18th Floor
         Central, Hong Kong


WISE EARNING: Sets Members' Final General Meeting for June 27
-------------------------------------------------------------
A final general meeting will be held for the members of Wise
Earning Company Limited on June 27, 2007, at 10:00 a.m., in
Flat 3E on the 2nd Floor of Lung Cheung Court at 27 Broadcast
Drive in Kowloon, Hong Kong.

The members will receive a report about the company's wind-up
proceedings and property disposal at the meeting.

The company's Liquidator is:

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


ZTE CORP: Sells Telecom Equipment to Polkomtel for US$8.8 Mil.
--------------------------------------------------------------
ZTE Corp will supply telecommunications equipment to Polkomtel
SA, a Polish mobile phone company partly controlled by the
government, Shanghai Daily reports.

According to the report, Polkomtel's president, Jaroslaw Bauc
told journalists in Warsaw that it agreed to buy new equipment
from ZTE for US$8.8 million this year and "more orders will
follow."  Mr. Bauc did not indicate the value of future orders,
the report added.

                          *     *     *

Headquartered in Shenzhen, China, ZTE Corp --
http://www.zte.com.cn/-- produces and sells general system and  
communication terminal equipment.  The group operates both in
the domestic and international market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
outlook is stable.


* Taiwan's Auto Sector Faces Bumpy Road, Says Taiwan Ratings
------------------------------------------------------------
Taiwan's auto makers are battling for profitability amid
weakening sales, but the top players should withstand the
pressure, thanks to their strong balance sheets and good cash
flow protection measures.  In an article titled, "Lenders Hold
The Key To Taiwan's Auto Recovery," Taiwan Ratings Corp., a
subsidiary of Standard & Poor's Ratings Services, said that
sales will remain lackluster while consumer credit lines
contract because of tighter underwriting policies among captive
finance companies and the exit of several banks from this part
of the market.

New-car sales slumped 21% year-on-year in the first quarter of
2007, a period when auto sales typically peak.  "While banks'
generous lending terms and automakers' aggressive financing
campaigns pushed car sales to a decade high in 2005, they may
have taken the edge off demand in 2006 --and most likely 2007--
by bringing sales forward," said credit analyst Frank Fan.

The article also suggests that asset quality among financiers
has stabilized, but stricter underwriting policies will be
needed to prevent further credit loss.  Taiwan's leading auto
companies include Hotai Motor Co. Ltd., China Motor Corp., and
Yulon Motor Co. Ltd.


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

GENERAL MOTORS: Moody's Junks Rating on US$1.1-Billion Debt
-----------------------------------------------------------
Moody's Investors Service assigned a Caa1 (LGD4, 58%) to the
US$1.1 billion of convertible debt securities of General Motors
Corporation, and a Ba3 (LGD1, 6%) rating to the company's
proposed US$4.1 billion, 364 day credit facility that would be
secured by its 49% ownership in GMAC LLC.

Moody's also affirmed GM's B3 Corporate Family Rating and B3
Probability of Default Rating, and maintained its SGL-3
Speculative Grade Liquidity Rating.  The rating outlook remains
negative.  The proposed transactions would build GM's available
liquidity to about US$36 billion, consisting of US$26 billion in
cash and short-term VEBA balances, US$8.6 billion in secured
credit facilities, and US$1.5 billion in additional committed
lines.

"Despite this considerable level of liquidity, we think that
it's very prudent for GM to continue to build its liquidity
because of the sizable cash drain it could face in hammering out
workable labor agreements with the UAW and in contending with
North American consumer demand that continues to move away from
large trucks and SUVs," said Bruce Clark, Senior Vice President
and lead auto analyst for Moody's.

The greatest near-term risk facing GM is the large cash drain
that could result if the company's operations were to be
disrupted by a prolonged UAW work stoppage associated with
either the reorganization process taking place at Delphi or with
the automakers' labor negotiations that will take place this
fall.  "A shut down of GM production because of any impasse with
the UAW could cause a huge drain of cash for the company over a
very short period, and gives rise to the company's current
efforts to build excess liquidity," Clark said.

Aside from any potential strike risks, GM also faces the
prospect of making large cash payments in connection with simply
reaching an accord with the unions.  GM may have to make a
contribution to help bridge the remaining gap between the UAW
and Delphi management regarding the level of wage and benefit
programs necessary for Delphi to emerge from bankruptcy
protection.  However, the rating agency's major concern is with
the potential cost to GM of reaching its own labor agreement in
September.  "It's unlikely that GM will be able to establish a
viable long-term business model unless it achieves major work
rule and health care relief as part of the new contract," Clark
said.  The company is currently burdened with US$5 billion in
annual health care expenses and a US$47 billion health care-
related OPEB liability.  "As part of its September negotiations,
GM could have to write a very large check in order to get
meaningful healthcare and work rule relief," he said, adding
that "the long term benefits of the relief would likely be
sizable, but the company might have to pay a lot up front in
order to get it."

Once GM gets past the hurdles with the UAW, it then has to
contend with a challenging North American operating environment.
A softening in overall consumer demand for new vehicles or a
shift away from the company's profitable T900 trucks and SUVs
could contribute to a significant reduction in profitability
during 2007 and operating losses in 2008.  Because of these
risks, Moody's continues to maintain a negative outlook on the
company's B3 Corporate Family Rating.  Stabilization of the
rating outlook would require a resolution of labor issues and a
stabilization of market share that enables the company to
establish and sustain adequate profitability and cash flow in
its North American operations.  In the near term, any evidence
of labor disruptions or erosion of liquidity could lead to a
downward rating adjustment.

Despite large cash balances, Moody's continues to regard the
company's overall liquidity profile as being consistent with an
SGL-3 Speculative Grade Liquidity Rating.  The potential cash
calls that could arise from labor disruptions or settlements
over the coming months could present a degree of volatility in
liquidity that is more appropriately reflected in the SGL-3
rating.  Moody's acknowledges the company's strong efforts in
bolstering liquidity, which should provide a degree of credit
stability should labor negotiations not progress smoothly.
Should the company achieve a favorable resolution of its labor
negotiations while maintaining a strong liquidity profile, the
Speculative Grade Liquidity Rating could be raised.

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: Gets US$4.1 Bil. Credit Facility Commitments
------------------------------------------------------------
General Motors Corporation disclosed in a regulatory filing with
the Securities and Exchange Commission that as of May 22, 2007,
the company obtained non-binding lender commitments to provide a
secured revolving credit facility in an aggregate principal
amount of approximately US$4.1 billion.

GM anticipates that the facility will be secured by GM's common
equity interest in GMAC LLC and will mature 364 days after the
date that the definitive agreements are executed.

According to GM, the credit facility could be used for general
corporate purposes, including working capital needs.

The commitments are subject to a number of conditions, including
negotiation of definitive agreements.

Consequently, GM said there can be no assurance that it will
ultimately enter into the contemplated credit facility, and if
the transaction to establish the facility is successfully
closed, GM's ability to borrow under the facility will be
subject to customary conditions and limitations.

                        Fitch Takes Action

Fitch Ratings downgraded GM's senior unsecured debt rating to
'B-/RR5' from 'B/RR4' and placed GM's 'B' Issuer Default Rating
under Negative Watch along with other outstanding ratings
following the company's announcement that it will be raising
US$4.1 billion in secured financing.

According to Fitch, 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'.

Fitch states that the downgrade action reflects increase in debt
levels and the resulting reduced recovery expectations for
senior unsecured debt holders.

               GM Amends Proposed Underwriting Pacts

On March 18, 2004, General Motors filed a post-effective
amendment to its registration statement on Form S-3
(File #333-108532).

Exhibit 1(a) to that registration statement contained a form of
proposed Underwriting Agreement of GM relating to Debt
Securities (including form of Delayed Delivery Contract) and
Exhibit 1(b) contained a form of proposed Underwriting Agreement
of GM relating to Convertible Debt Securities.

GM said it has amended each of the forms.

A revised form of the proposed Underwriting Agreement relating
to debt securities is available for free at:

               http://researcharchives.com/t/s?2039

A revised form of the proposed Underwriting Agreement relating
to convertible debt securities is available for free at:

               http://researcharchives.com/t/s?203b

                    About General Motors Corp.

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.

In 2006, nearly 9.1 million GM cars and trucks were sold
globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders'
deficit of US$4,347,000,000, compared to a positive equity of
US$15,779,000,000 at March 31, 2006.

                           *    *    *

Moody's Investors Service assigned a Caa1 (LGD4, 58%) to the
US$1.1 billion of convertible debt securities of General Motors
Corporation, and a Ba3 (LGD1, 6%) rating to the company's
proposed US$4.1 billion, 364 day credit facility that would be
secured by its 49% ownership in GMAC LLC.  Moody's also affirmed
GM's B3 Corporate Family Rating and B3 Probability of Default
Rating, and maintained its SGL-3 Speculative Grade Liquidity
Rating.  Moody's said the rating outlook remains negative.


GENERAL MOTORS: To Offer US$1 Billion Notes to Boost Liquidity
--------------------------------------------------------------
General Motors Corporation plans to offer approximately
US$1.1 billion in convertible debt securities.  The notes will
be unsecured and will mature on June 1, 2009.  GM intends to
grant the underwriters of the securities a 13-day option to
purchase up to an additional US$165 million in principal amount
of the securities.

The purpose of the offering is to replace US$1.1 billion in
convertible securities put to the company in March of this year
and to bolster liquidity at a time when the capital markets
present an attractive opportunity to do so.

The joint-book running managers for the offering are Citi,
Deutsche Bank Securities and Goldman, Sachs & Co.

In connection with the offering, GM expects to enter into capped
call transactions with affiliates of the underwriters of the
securities.  The capped call transactions are intended to
substantially increase the effective conversion premium of the
securities and reduce potential dilution to GM common stock upon
potential future conversion.

The counterparties to the capped call transactions have advised
GM that they expect to enter into various derivative and other
hedging activity with respect to GM's common stock, which could
have the effect of increasing, or preventing or offsetting a
decline in, the price of GM's common stock concurrently with or
following the pricing of the convertible debt securities.

                    Revolving Credit Commitment

GM has received commitment for a supplemental revolving credit
facility in an aggregate amount of approximately US$4.1 billion.
The company anticipates that the facility will be secured by
GM's common equity ownership of GMAC LLC and will mature 364
days after the definitive agreement is signed.  The credit line
could be drawn upon for general corporate purposes including
working capital needs.

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  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.

In 2006, nearly 9.1 million GM cars and trucks were sold
globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders'
deficit of US$4,347,000,000, compared to a positive equity of
US$15,779,000,000 at March 31, 2006.

                          *     *     *

Fitch Ratings 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'.

Moody's Investors Service assigned a Caa1 (LGD4, 58%) to the
US$1.1 billion of convertible debt securities of General Motors
Corporation, and a Ba3 (LGD1, 6%) rating to the company's
proposed US$4.1 billion, 364 day credit facility that would be
secured by its 49% ownership in GMAC LLC.  Moody's also affirmed
GM's B3 Corporate Family Rating and B3 Probability of Default
Rating, and maintained its SGL-3 Speculative Grade Liquidity
Rating.  Moody's said the rating outlook remains negative.


TATA MOTORS: Earns INR5.77 Bil. in Qtr. Ended March 31, 2007
------------------------------------------------------------
Tata Motors reported a consolidated gross revenue of Rs.36987.82
crores in 2006-07, a growth of 36% compared to Rs.27263.73
crores in 2005-06.

The consolidated revenues (net of excise) at INR32426.41 crore
posted a growth of 36% over INR23769.45 crore in the previous
year.  The consolidated Profit Before Tax for the year was
INR3088.14 crore, an increase of 32% over INR2348.98 crore for
the previous year.  The consolidated Profit After Tax for the
year, after adjustment for share of minority interest and profit
in associate companies was INR2169.99 crore compared to
INR1728.09 crore, a growth of 26% over the previous year. Tata
Motors has reported a Basic Earnings Per Share (EPS) of INR56.43
for its consolidated operations as against INR45.86 for the
previous year.

           Stand-alone Results for January-March 2007

The revenues (net of excise) for the quarter ended March 31,
2007, at INR8267 crore posted a growth of 20% over INR6869.65
crore in the corresponding quarter previous year.  The PBT for
the quarter was INR779.80 crore, an increase of 20% over
INR647.61 crore in the corresponding quarter last year.
The PAT for the quarter was INR576.72 crore, an increase of 26%
over INR458.11 crore in the corresponding quarter last year.
The total sales volume for the quarter at 172,355 units grew by
16% over 148,343 units sold in the corresponding quarter last
year. Sales of commercial vehicles in the domestic market
increased by 22% to 87,467 units, while passenger vehicles sales
at 70,248 units increased by 14% compared to the corresponding
quarter last year.

                   Year Ended March 31, 2007

Tata Motors gross revenue for the financial year 2006-07 was
INR31884.69 crore (2005-06: INR24001.44 crore).  The revenues
(net of excise) for the financial year ended March 31, 2007, at
INR27535.24 crore posted a growth of 33% over INR20653.49 crore
in the previous year. The PBT for the year was INR2573.18 crore,
an increase of 25% over INR2053.38 crore last year.  The PAT for
the year was INR1913.46 crore, an increase of 25% over
INR1528.88 crore last year.

The total sales volume (including exports) for 2006-07 at
580,280 units, the highest ever of the company, grew by 28% over
454,129 vehicles sold last year.

Sales of commercial vehicles in the domestic market increased by
39% to 298,586 units, the highest ever.  The Company's overall
market share in commercial vehicles has now reached 63.9%,
improving from 61.2% in 2005-06.  Passenger vehicles sales in
the domestic market at 228,220 units, the highest ever by the
company, increased by 21% compared to last year.  In spite of
growing competition and loss of production due to a fire in the
paint shop of the Car Plant, the Company's market share in
passenger vehicles was maintained at last fiscal's levels at
16.4%. Exports at 53,474 units grew by 7% compared to 50,223 in
2005-06.

During the year, the Company launched new vehicles, and also
extended its products to new markets.  The mini-truck, Ace, has
now been extended across the country, and a new variant, Ace HT,
has been launched.  The 100,000th Ace was rolled out within 22
months of launch.  In passenger vehicles, launches included the
long wheel base Indigo XL with two new powertrains, a new range
of the Indica and the Indigo along with a new 1.2 litre petrol
engine option for the Indica.  All these products have received
encouraging response.

                           Dividend

The board of directors has recommended a dividend of INR15 per
share of INR10 each for the financial year 2006-07 (2005-06:
INR13/-).  The dividend is subject to approval of shareholders;
tax on the dividend will be borne by the Company.

                        About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business  
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from 'BB'.
The outlook is stable.  At the same time, Standard & Poor's has
raised its rating on Tata Motors' senior unsecured notes to
'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA MOTORS: Appoints P. M. Telang as Executive Director
---------------------------------------------------------
P. M. Telang, President (Light & Small Commercial Vehicles) was
appointed as Executive Director (Commercial Vehicles), at the
meeting of the Board of Directors of Tata Motors Limited held on
May 18, 2007.

Mr. Telang has been with the company since 1972, and has been
responsible for product development and other manufacturing
areas.  A mechanical engineer, Mr. Telang also holds a Post
Graduate Diploma in Business Administration from IIM -
Ahmedabad.

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business  
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from 'BB'.
The outlook is stable.  At the same time, Standard & Poor's has
raised its rating on Tata Motors' senior unsecured notes to
'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA POWER: Seeks Members' OK on Preferential Issue to Tata Sons
----------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
May 4, 2007, Tata Power Company Limited will raise up to
INR1,200 crore by issuing shares and warrants to promoter Tata
Sons Ltd.

In an update, Tata Power informed the Bombay Stock Exchange that
it will seek its shareholders approval on the proposed issue.
By way of postal ballot, the company's shareholders will
consider to approve a special resolution creating, issuing,
offering and alloting:

   (a) not exceeding 98,94,000 equity shares of INR10 each (not
       exceeding 5% of the existing paid-up equity share capital
       of the company); and

   (b) not exceeding 1,03,89,000 warrants with option to
       subscribe to one equity share of INR10 each per warrant,
       which option will be exercisable after April 1, 2008, but
       not later than 18 months from the date of issue of the
       warrants (those equity shares not exceeding 5% of the
       then existing paid-up equity share capital of the
       company),

for cash on preferential allotment basis to Tata Sons.

The company's board of directors has appointed Shirin Bharucha,
Legal Advisor, as the scrutinizer for the postal ballot voting
process.

According to the company, the postal ballot form duly completed
should reach the Scrutinizer before the close of working hours
on or before June 18, 2007.  The Scrutinizer will submit the
report to the company chairman after completion of the scrutiny
of the forms.  The postal ballot results will be announced by
one of the directors on or before June 19, 2007.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a   
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

On May 9, 2007, Standard & Poor's Ratings Services placed its
'BB+' long-term foreign and local currency corporate credit
ratings on Tata Power Co. Ltd. on CreditWatch with negative
implications reflecting significantly greater concerns on the
company's debt and on its exposure to higher project completion,
stabilization, and counterparty risks.

Moody's Investors Service, on Jan. 30, 2007, placed its Ba1
corporate family rating and Ba2 senior unsecured debt rating for
Tata Power Company Ltd on review for possible downgrade.


TATA POWER: Partners With Doosan for 4000-MW Mundra Project
-----------------------------------------------------------
Tata Power Company Limited signed a contract for complete Boiler
Island scope on EPC basis with Doosan Heavy Industries &
Construction Co. Ltd., Korea for the first 4000 MW Ultra Mega
Power Project at Mundra, Gujarat.

Keeping with the pioneering spirit, Tata Power brings in the
first 800 MW Unit to India, ushering India into the era of 800
MW technology, which is further to the many firsts including 500
MW Unit brought for the first time to the country, the company
said in a press release.

According to Tata Power, the contract for complete Boiler Island
includes super critical boilers for the five units of 800 MW
each, based on super critical technology required for such large
sized units.  The technical scope with clear terminal boundaries
and interface scope for Boiler includes supply of Super Critical
Steam Generator, Air and Flue Gas system, Auxiliaries, Fuel Oil
systems, Electrostatic Precipitators and Boiler Field
instrumentation.

Doosan's scope of work also includes Civil works for Boiler, ESP
area and for complete services including custom clearance,
inland transportation, site handling, erection, commissioning
and performance testing to make it an end-to-end scope for
Boiler Island.

The contract covers 45% of the total ordering under this
project.  This reinforces Tata Power's commitment to accelerate
the pace of the project by not only ordering quickly but also
tying up schedules which would advance the completion of the
project ahead of the bid stipulation, the company says.  Thus,
contributing to the capacity addition even within the 11th Five-
Year Plan.

Prasad R. Menon, Managing Director-Tata Power said: "This
agreement is a significant step towards our drawing on the
technical expertise of a strong international player like Doosan
Heavy Industries Construction.  This partnership will provide an
excellent technical solution for Mundra UMPP which is also cost
competitive."

Nam-Doo Lee, President & Chief Executive, Doosan Heavy
Industries & Construction Co., Ltd. said: "We are very happy to
partner with Tata Power for the first 4000 MW Mundra UMPP.  This
surely will be another challenging exposure to Indian power
market and highlights Doosan's technological expertise following
Sipat stage-I project (3x660MW). Doosan will bring the benefits
of its long standing international experience to the Ultra Mega
Project in India."

Tata Power recently announced the acquisition of the Coastal
Gujarat Power Limited, a Special Purpose Vehicle formed for
Mundra UMPP.  The signing of the Share Purchase agreement,
Escrow agreement, Hypothecation agreement, and Port Service
agreements, by PFC, bankers, procurers and Tata Power, now
allows the Company to go ahead with the various project
development activities.  Coastal Gujarat Power Limited has also
signed Power Purchase Agreements with seven procurers
(distribution licensees) for the sale of contracted capacity and
supply of 4000 MW electricity to these licensees but it
delineates responsibility of  procurers and Company for the next
important milestone.  It also nominated Gujarat Distribution
Company as the lead procurer on behalf of all procurers.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a   
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

On May 9, 2007, Standard & Poor's Ratings Services placed its
'BB+' long-term foreign and local currency corporate credit
ratings on Tata Power Co. Ltd. on CreditWatch with negative
implications reflecting significantly greater concerns on the
company's debt and on its exposure to higher project completion,
stabilization, and counterparty risks.

Moody's Investors Service, on Jan. 30, 2007, placed its Ba1
corporate family rating and Ba2 senior unsecured debt rating for
Tata Power Company Ltd on review for possible downgrade.


UCO BANK: To Hold Shareholders Annul Gen. Meeting on June 19
------------------------------------------------------------
UCO Bank Ltd informed the Bombay Stock Exchange that the bank's
shareholders will hold its 4th Annual General Meeting on
June 19, 2007.

During the meeting, the bank's shareholders will, inter alia,
discuss, approve and adopt the bank's:

   -- balance sheet as at March 31, 2007; and

   -- profit and loss account for the year ended March 31, 2007.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the bank, for the year ended March 31, 2007, reported a
net profit of INR3.16 billion on revenues of INR57.60 billion.

The shareholders also will discuss the report of the board of
directors on the working and activities of the bank in FY2007
and the auditors' report on the financial statements.

UCO Bank Limited -- http://www.ucobank.in/-- is a commercial   
bank that also operates two international financial centers, in
Hong Kong and Singapore.  It has approximately 2000 service
units spread all over India.  It undertakes foreign exchange
business in more than 50 centers in India.  The company also has
foreign exchange dealing operations at four centers.  It caters
to the segments of economy, such as agriculture, industry, trade
and commerce, service sector and infrastructure sector.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual
rating to 'D' from 'D/E'.  At the same time, Fitch affirms the
bank's support ratings at 4.  All ratings are with a stable
outlook.  As of May 15, 2007, the bank still carries those
ratings.


UNION BANK OF INDIA: Sets Annual General Meeting on June 22
-----------------------------------------------------------
Union Bank of India scheduled its 5th Annual General Meeting of
shareholders for June 22, 2007, a filing with the Bombay Stock
Exchange says.

Among others, the shareholders will discuss, approve and adopt:

   -- the bank's audited annual accounts for fiscal year 2007;

   -- the report of the board of directors for FY2007; and

   -- the declaration of a final dividend.

As reported by the Troubled Company Reporter - Asia Pacific on
May 15, 2007, the bank's net profit for the year ended March 31,
2007, increased to INR8.45 billion from INR6.75 billion last
year.  The bank's board has proposed a final dividend of 20% for
FY2007 in addition to an interim dividend of 15% paid during the
year.

Union Bank of India -- http://www.unionbankofindia.com/-- is    
one of the 10 largest Indian banks with total assets of more
than INR800 billion as of March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgraded the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


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

ALCATEL-LUCENT: Two Firms Select Evolium Wimax Software
-------------------------------------------------------
Primus Telecommunications Canada Inc., the largest alternative
communications carrier in Canada, and Mipps Inc., a Canadian
wireless operator that acquired 3.5 GHz licensed spectrum in
most major cities across Canada, have selected Alcatel-Lucent's
Evolium(R) WiMAX solution to support market trials of IEEE
802.16e-2005 WiMAX broadband wireless access service.

Mipps will deploy the Alcatel-Lucent 9100 Evolium(R) WiMAX
end-to-end radio solution, including base stations, Wireless
Access Controller and Operation and Maintenance Center.  Upon
successful completion of the field trial, Primus Canada, through
its strategic relationship with Mipps, will provide its
subscribers with broadband access to high speed Internet and
data transmissions with a guaranteed level of quality.  

"Primus and Mipps were looking for an equipment supplier who
could deliver a standards-based WiMAX IEEE 802.16e solution that
would allow expansion of our broadband coverage area and offer
'always-on' broadband connectivity at low cost to our
subscribers," said Ted Chislett, president of Primus Canada.

"The Alcatel-Lucent 9100 Evolium(R) WiMAX end-to-end radio
solution will enable us to go to market quickly with an advanced
technology platform using Mipps' 3.5 GHz licensed spectrum,"
said Joe Boutros, president of Mipps.

"As the global broadband leader, Alcatel-Lucent has the
experience and expertise to introduce and evolve new
technologies like WiMAX, giving service providers practical
solutions to expand the reach and flexibility of broadband
services available to their customers" said Alex Giosa,
president of Alcatel-Lucent's activities in Canada. "Primus and
Mipps are global leaders in deploying standards-based WiMAX and
we're honoured to have been selected for our technology and
implementation capabilities."

Alcatel-Lucent's Universal WiMAX solution integrates the most
advanced radio technology available on the market.  The Alcatel-
Lucent Evolium(R) 9116 WiMAX base station is compact and
easy-to-install, enabling easy site acquisition, fast rollout
and flexible configuration. Built-in AAS technologies including
beamforming and later MIMO, enable higher throughputs, longer
reach and sharply lowered capital expenditures.

Alcatel-Lucent is among the world's leading WiMAX suppliers,
with more than 40 operators worldwide deploying its WiMAX
equipment.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

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

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

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

BANK MANDIRI:  To Lend IDR2 Trillion Each to Indosat & Telkomsel
----------------------------------------------------------------
PT Bank Mandiri Tbk plans to lend up to IDR2 trillion each to PT
Telekomunikasi Selular and PT Indosat Tbk, Reuters reports.

According to the report, Bank Mandiri President Agus
Martowardojo told reporters that Mandiri is in talks with
Telkomsel and Indosat to finalize the deals.

Mr. Martowardojo said that Bank Mandiri is interested on the
cellular communication sector, so they are planning to lend
between IDR1 to IDR2 trillion each to Telkomsel and Indosat, the
report relates.

Reuters notes that Indonesia's mobile phone sector has grown
rapidly in recent years and experts predict the number of users
will top 100 million by 2010; but despite the robust growth, the
mobile phone penetration rate in Indonesia is still low at
around 30%.

                       About Bank Mandiri

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

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

   * BFSR is changed to D- from E+.

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

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

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

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

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


BANK MANDIRI: To Pay IDR1.45 Trillion in Dividends
--------------------------------------------------
PT Bank Mandiri will pay out IDR1.45 trillion or IDR70.28 a
share, which is 60% of the IDR2.42 trillion in net profits it
booked last year, as dividends to its shareholders, The Jakarta
Post reports.

According to the report, this year's higher dividend payment
should reflect the company's improving finances after it coped
up with its problems regarding bad loans.  Mandiri paid out
IDR301.6 billion in dividends last year from 2005's net profits
of IDR603.3 billion -- a sharp drop from 2004's after-tax
profits of IDR5.25 trillion.

The bank has since resolved non-performing loans to turn back
the decline in profits by 2006.  It has continued the trend into
the first quarter of 2007 to book after-tax earnings of IDR1.02
trillion, which is twice as much as the same period a year ago,
the report recounts.

                         About Bank Mandiri

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

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

   * BFSR is changed to D- from E+.

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

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

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

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

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


TELKOM INDONESIA: 2006 Net Profit Jumps 38% to IDR11 Trillion
-------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk disclosed a 38% increased in its
2006 net profit to IDR11 trillion compared to IDR7.99 trillion
in the previous year due to strong growth in the mobile phone
sector, Reuters reports.

Telkom's revenue climbed 23% to IDR51.3 trillion fairly in line
with analysts' estimates of IDR51.2 trillion as its mobile phone
users grew to 35 million by the end of 2006 from above 24
million a year ago, the report notes.

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.


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

ALL NIPPON: Cancels 130 Flights Due to Computer Trouble
-------------------------------------------------------
According to various reports, All Nippon Airways Co., Limited
canceled 130 flights on May 27, 2007, after experiencing a
computer glitch affecting its check-in systems at the Haneda
Airport in Tokyo.

According to Toru Fujioka of Bloomberg News, aside from the 130
flights canceled, ANA had 300 flights delayed for more than an
hour, affecting 69,000 customers that day.

Information Agency FOCUS reports that the airline's
international flights were not affected by the computer problem
because Haneda Airport is used mainly for domestic flights.

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

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.  
  
The TCR-AP reported on Oct. 10, 2006, that Moody's Investors  
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines  
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.  
  
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


SANYO ELECTRIC: FY 2006 Net Loss Narrows to JPY45.36 Billion
------------------------------------------------------------
Sanyo Electric Co., Ltd posted net sales for the fiscal year
ended March 31, 2007, of JPY2.22 trillion as compared from last
year's JPY2.40 trillion.  The company reported operating income
of JPY49.57 billion, compared with an operating loss of JPY17.15
billion last year.  Net loss narrowed to JPY45.36 billion from
fiscal year 2005's JPY205.66 billion.  According to a Japan
Times report, this is the third year that the company has
reported a net loss.

     Business Segment Net Sales & Operating Revenues
    
    * Consumer Group net sales decreased by JPY136.73 billion to
      JPY1.02 trillion from the previous fiscal year's JPY1.15
      trillion.  In this segment, the Telephones contributed
      highest with JPY340.24 billion of sales.

    * Commercial Group net sales increased 17% year-on-year to
      JPY275.36 billion from JPY236.27 billion with the
      Commercial Air Conditioners contributing JPY70.06 billion
      of sales.
    
    * Component Segment net sales dropped to JPY900.67 billion
      from JPY948.45 billion, a JPY47.78 billion difference
      year-on-year with the Rechargeable Batteries contributing
      the highest number of sales to JPY296.92 billion
      
    * Others Segment net sales declined to JPY154.59 billion
      from JPY198.94 billion of the fiscal year 2005.

On Sanyo's sales by area, Asia has the highest number with
JPY648.16 billion, an increase of JPY27.94 billion from the
previous year.  It is followed by North America with JPY370.21
billion, next is Europe with JPY182.01 billion.

                       Fiscal 2007 Outlook

For the fiscal year ending March 31, 2008, Sanyo predicts its
net sales to go up 0.45% to JPY2.23 trillion.  The consumer
electronics manufacturer foresees its operating income to dip to
JPY45 billion and expects to earn JPY20 billion.

                       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.


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

LG CARD: Shinhan Financial Group to Buy Out Remaining Shares
------------------------------------------------------------
Shinhan Financial Group will buy out the remaining shares of LG
Card Co. Ltd. from creditors and minority shareholders for
KRW830 billion by early July, Reuters says.

The report recounts that in March, Shinhan completed its US$7.2
billion acquisition of a 78.6% stake in LG Card from a group of
creditors.

Under a new agreement, Shinhan will buy a 14.3% stake in LG
Card, or 17.9 million shares, at KRW46,392 won per share between
June 14 and July 3.  Those who do not respond to the public
share buyout will be given 0.84932 of a Shinhan Financial share
in exchange for one LG Card share, the report relates.

According to Reuters, shareholders objecting to the share swap
with Shinhan shares are allowed to ask Shinhan to buy back their
shares at KRW45,416 apiece.

After the deal, Reuters relates, LG Card will absorb Shinhan's
other credit card unit on Oct 1 and Shinhan's subsidiary,
Shinhan Bank, will hold on to a 7.1% shareholding in LG Card.

                        About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services  
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further KRW1-
trillion bailout in late 2004.  Creditors are hoping to recover
the bailout amount through a sale of the credit card issuer.


SK CORP: Shareholders Approve Split
-----------------------------------
SK Corp.'s shareholders have approved splitting the company into
two firms into SK Holdings Company Ltd. and SK Energy Company
Ltd, which will be effective as of July 1, Reuters reports.

According to the report, the company will adopt a holding
company structure to reorganize cross-shareholdings among SK
Group affiliates.

The new holding company will concentrate on business
investments, while SK Energy will focus on the energy and
chemical businesses, the report says.

The two companies will be listed separately on the Korea
Exchange on July 25, Reuters adds.

                          About SK Corp

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

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


* DRAM Makers Expect Profitability to Decrease, iSuppli Says
------------------------------------------------------------
Dynamic random access memory makers expect to see a decrease in
their profitability at end-June or early July due to sharp
losses in the second quarter, Reuters reports citing U.S.
research firm iSuppli.

According to the report, suppliers of DRAM, like Samsung
Electronics Co. Ltd. and Hynix Semiconductor Inc., have suffered
sharp drops in their chip prices due to increased capacity, with
some key products seeing price declines of more than 70% since
the beginning of the year.

"The overall industry will show a double-digit loss margin in
this quarter," Derek Lidow, president and chief executive of
iSuppli Corp., told reporters on the sidelines of the Seoul
Digital Forum, Reuters relates.  "The peak period of loss will
be this quarter."

The report points out that some analysts expect both Samsung and
Hynix to record single-digit operating loss margins for their
DRAM units in the second quarter.

"The good news is that the bottom is near," Mr. Lidow said,
Reuters added.  His comments were in line with previous
forecasts given by analysts and manufacturers, who are eagerly
waiting for a seasonal increase in demand in the second half of
the year, the report relates.  As a result of that shift, South
Korean DRAM makers are now in danger of losing their production
lead to Taiwanese and Chinese rivals within the next three
years, Reuters says.


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

MALAYSIA AIRLINES: Earns MYR133.13 Million in 1st Quarter 2007
--------------------------------------------------------------
Malaysia Airlines posted a net profit of MYR133.13 million on
MYR3.58 billion of operating revenues in the first quarter ended
March 31, 2007, compared with a net loss of MYR319.96 million on
MYR2.95 billion of operating revenues in the same period in
2006.

According to the airline, it recorded a gain on sale of
properties, share of results from associated company and profit
from discontinued operations, which resulted to its profitable
period.

As of March 31, 2007, the company's unaudited balance sheet
showed strained liquidity with current assets of MYR4.22 billion
available to pay MYR4.83 billion of liabilities coming due
within the next 12 months.  The airline's total assets reached
MYR6.87 billion and total liabilities amounted to MYR4.85
billion, resulting in a shareholders' equity of MYR2.02 billion.

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with airlines
partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


MBF CORP: Bursa to Suspend Trading of Securities on June 5
----------------------------------------------------------
The Bursa Malaysia Securities Bhd will suspend trading of MBF
Corp Bhd's securities on June 5, 2007, after the Securities
Commission rejected the company's proposed reform plan.

According to the bourse, due process will be accorded to the
company and it will be given time to make a representation as to
why its securities will not be delisted.

The Troubled Company Reporter - Asia Pacific, on May 4, 2007,
reported that the Securities Commission rejected the company's
reform plan and gave several reasons as to why the plan is not
feasible.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products; and property
development.  Other activity include investment holding.

The Group operates in three main areas, namely: Malaysia,
Indonesia, and Hong Kong and Taiwan collectively.  The Group's
principal activities are mainly operated in Malaysia except for
the credit card business, which is carried out in Indonesia.  
The Group has no significant operations in Hong Kong and Taiwan
other than certain residual assets from a subsidiary that has
since been liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


PARK MAY: Balance Sheet Upside Down by MYR58.44MM at March 31
-------------------------------------------------------------
Park May Bhd's unaudited balance sheet as of March 31, 2007,
went upside down with a shareholders' deficit of MYR58.44
million, from total assets of MYR41.53 million and total
liabilities of MYR99.92 million.

The company's balance sheet also showed current assets of
MYR12.53 million available to pay MYR91.92 million of
liabilities coming due within the next 12 months.

Park May posted a net loss of MYR1.61 million on MYR12.71
million of revenues in the first quarter ended March 31, 2007,
compared with a net loss of MYR1.79 million on MYR.14 million of
revenues in the same period in 2006.

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --
http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.

The Company defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6-million Combined and Converted
Short Term Loan Facility due April 8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt-restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category.  As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.


STAR CRUISES: Genting Takes Full Control of Sentosa Project
-----------------------------------------------------------
Star Cruises' sister firm, Genting International, gained full
control of a US$3.4 billion (HK$26.52 billion) casino project in
Singapore after Genting's shareholders approved plans to buy
Star Cruises 25% stake in the deal, The Standard reports, citing
Agence France Press.  

According to the report, Genting disclosed with the Singapore
Stock Exchange that its proposal was "duly passed" at an
extraordinary meeting.

The Troubled Company Reporter - Asia Pacific reported on May 7,
2007, that Star Cruises obtained its shareholders' approval to
sell its 25% stake in a Singapore casino project for SG$255
million to sister firm Genting International in a move to
placate Singapore's government.  The closing of the deal,
according to the TCR-AP, needs shareholders' approval from
Genting.

The Standard recounts that in December, Genting and Star
Cruises, both part of Malaysian conglomerate Genting Bhd, won a
bid to build Singapore's second casino to be located on Sentosa
Island.  But Singapore authorities questioned the consortium
after it announced a tie-up, which would have given Macau
gambling mogul Stanley Ho an indirect stake in the Sentosa
project.

Genting, as previously reported by the TCR-AP, pulled out of the
partnership with Mr. Ho.  Star Cruises, however, remained part
of the deal with Mr. Ho but had to sell its 25% stake to Genting
to severe any links with the Singapore development.

                          *     *     *

Star Cruises Limited -- http://www.starcruises.com/-- is a  
Company publicly listed in Hong Kong and is a core member of the
Genting Group and 36.1% owned by Resorts World, which is, in
turn, 57.7% owned by Genting Berhad.  Star Cruises operates 22
ships with 35,000 lower berths under five main brands: Star
Cruises and Cruise Ferries, which service Asia Pacific, and
three brands under NCL.  The company also has operations in
Malaysia.

Standard & Poor's Ratings Services on April 11, 2007, said its
BB- long-term corporate credit ratings on Malaysia-based cruise
operator Star Cruises Ltd., remain on CreditWatch with negative
implications.  The ratings were placed on CreditWatch on
Dec. 11, 2006, following the announcement that Genting
International PLC had won its SD$5.2 billion bid to build
Singapore's second integrated resort on Sentosa Island.

Moody's Investors Service confirmed the B1 corporate family
rating of Star Cruises Limited.  The rating outlook is stable.  
This concludes the ratings review initiated on January 25, 2007.


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

GVD LTD: Creditors' Proofs of Debt Due by June 11
-------------------------------------------------
GVD Ltd. requires its creditors to file their proofs of debt by
June 11, 2007.

The company entered wind-up proceedings on May 11, 2007.

The company's liquidator is:

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


HUNTER POWELL: Shareholders Resolve to Liquidate Business
---------------------------------------------------------
On May 17, 2007, the shareholders of Hunter Powell Holdings Ltd.
passed a resolution to liquidate the company's business.

The company will also hold a meeting for its creditors on
June 5, 2007, at 10:00 a.m.  

Creditors are also required to file their proofs of debt by
June 19, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

         Kevin David Pitfield
         Gareth Russel Hoole
         c/o Staples Rodway Limited, Chartered Accountants
         PO Box 3899, Auckland
         New Zealand
         Telephone: (09) 309 0463


SPRINT COURIERS: Appoints Official Assignee as Liquidator
---------------------------------------------------------
On May 15, 2007, the official assignee was appointed as the
liquidator of Sprint Couriers Ltd.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Christchurch
         New Zealand
         Telephone: 0508 467 658
         Website: http://www.insolvency.govt.nz


TARANAKI GALVANIZERS: Appoints Philip Craig Macey as Liquidator
---------------------------------------------------------------
Philip Craig Macey was appointed as liquidator of Taranaki
Galvanizers (2003) Ltd. on May 15, 2007.

The company commenced liquidation proceedings on that day.

The Liquidator can be reached at:

         Philip Craig Macey
         c/o Staples Rodway Taranaki Limited
         PO Box 146, New Plymouth 4340
         New Zealand
         Telephone: (06) 758 0956
         Facsimile: (06) 757 5081


THE FOUNDRY NIGHTCLUB: Proofs of Debt Due by June 20
----------------------------------------------------
The creditors of The Foundry Nightclub Ltd. are required to file
their proofs of debt by June 20, 2007, to be included in the
company's dividend distribution.

The company's liquidators are:

         John Maurice Leonard
         Gerald Stanley Rea
         c/o Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone: (09) 377 3099
         Facsimile: (09) 377 3098


TUCKER WILLIAMS: Fixes June 7 as Last Day to Receive Claims
-----------------------------------------------------------
Edward Christian Jansen and Brian Joseph Walshe were appointed
as joint liquidators of Tucker Williams & Associates Ltd on
May 14, 2007.

The Liquidators fixed June 7, 2007, as the last day for
creditors to file their proofs of debt.

The Liquidators can be reached at:

         Edward Christian Jansen
         Brian Joseph Walshe
         PO Box 30568, Lower Hutt
         New Zealand
         Telephone: (04) 569 9069


W.P. MAHER: Taps Jansen and Walshe as Liquidators
-------------------------------------------------
Edward Christian Jansen and Brian Joseph Walshe were named as
the liquidators of W.P. Maher Tours Ltd. on May 21, 2007.

Messrs. Jansen and Walshe require the creditors to file their
proofs of debt by June 7, 2007.

The Liquidators can be reached at:

         Edward Christian Jansen
         Brian Joseph Walshe
         PO Box 30568, Lower Hutt
         New Zealand
         Telephone: (04) 569 9069


WILTSHIRE PROPERTY: Names Robert James Taylor as Liquidator
-----------------------------------------------------------
On May 18, 2007, Robert James Taylor was appointed as liquidator
of Wiltshire Property Ltd.

Mr. Taylor fixed June 29, 2007, as the last day for creditors to
file their proofs of debt.

The Liquidator can be reached at:

         Robert James Taylor
         Christmas Gouwland & Co
         PO Box 106090, Auckland
         New Zealand
         Telephone:(09) 309 1799
         Facsimile:(09) 307 3113


WOOL EQUITIES LIMITED: To Pay NZ$15,000 for Listing Rule Breach
---------------------------------------------------------------
Wool Equities Ltd. has been found to have breached a listing
rule during a 2004 transaction involving Canesis Network
Limited, various reports say.

On May 28, 2007, the New Zealand Stock Exchange's disciplinary
committee determined that WEL breached Rule 9.1.1 by entering
into a series of linked or related transactions in respect of
which the gross value was in excess of 50% average market
capitalisation without prior shareholder approval by ordinary
resolution.

Under a negotiated settlement, Wool Equities would pay the stock
exchange NZ$15,000, the approximate cost of the investigation,
as well as actual costs incurred approving the settlement
agreement, NZX said.

On May 28, WEL issued a public statement relating to the
settlement:

   "In December 2006 and January 2007, NZX Regulation received
   complaints from a Wool Equities Limited shareholder regarding
   a series of transactions undertaken by WEL in October 2004
   relating to Canesis Network Limited.

   "In October 2004, WEL was a minority shareholder in Canesis
   Networks.  In October 2004, WEL approved, and participated
   in, a capital reduction by Canesis under which capital was
   returned on a pro rata basis to Canesis' two shareholders,
   WEL and Wool Research Organisation of New Zealand.  Under the
   capital reduction, WEL received NZ$2.7 million from Canesis.
   Simultaneously with the capital reduction, WEL advanced
   approximately NZ$2.3 million to Canesis by way of a
   shareholder loan.  The balance of approximately NZ$0.4
   million was received by WEL in cash.

   "Following the capital reduction, WEL purchased 3.8 million
   shares in Canesis from WRONZ for NZ$1.295 per share, paying a
   total of NZ$4.97 million for those shares.

   "The 2004 Canesis Transaction was announced to the market on
   October 12, 2004, and completed on December 22, 2004.  NZXR
   investigated the allegations against WEL, and sought
   explanations from WEL as to the nature and details of the
   transaction.  Following its investigations, NZXR concluded
   that WEL had, in respect of the 2004 Canesis Transaction,
   committed a breach of NZAX Listing Rule 9.1.1 by entering
   into a series of linked or related transactions in respect of
   which the gross value was in excess of 50% of WEL's Average
   Market Capitalisation without prior shareholder approval by
   ordinary resolution.  NZXR consequently referred the matter
   to NZX Discipline.

   "Following the referral to NZXD, WEL and NZXR entered into
   settlement negotiations, which settlement has been approved
   by NZXD.  The disciplinary proceedings against WEL in respect
   of the 2004 Canesis Transaction have been settled on these
   basis:

   1. WEL acknowledges and accepts that it may have committed a
      breach of NZAX Listing Rule 9.1.1 in proceeding with the
      2004 Canesis Transaction without obtaining prior
      shareholder approval;

   2. WEL is to pay a sum of NZ$15,000 to NZX being a equivalent
      to the approximate costs incurred investigating the
      alleged breach by WEL of NZAX Listing Rule 9.1.1, and in
      addition NZXD's actual costs incurred approving the    
      settlement agreement; and

   3. The terms of the settlement are announced.

   "In reaching a settlement, NZXR acknowledges that:

   1. WEL disclosed all the details of the 2004 Canesis
      Transaction to NZX at the time it applied for a waiver
      relating to the related party aspects of the 2004 Canesis
      Transaction.  However, WEL did not ask NZX to consider,
      and therefore NZX did not consider, the application of
      Rule 9.1.1 in relation to the 2004 Canesis Transaction.

   2. At the time of the 2004 Canesis Transaction, WEL provided
      certificates from its independent directors certifying
      that, amongst other matters, the 2004 Canesis Transaction
      was negotiated on an arms length and commercial basis, and
      was in the best interests of shareholders."

Wellington, New Zealand-based Wool Equities Ltd. --
http://www.woolequities.co.nz/-- is a technology investment  
company, with shareholdings in a diverse range of companies,
focusing in the biotech sector.  The companies include Karatec
Limited, which is a manufacturing, marketing/distribution and
technology licensing business extracting high-value protein
fractions used for applications in personal care, consumer
health and medical materials; Canesis Networks Limited, which is
engaged in wool science and textile technology; Orico Limited,
and Paracco Limited. From June 30, 2006, Covita Limited was a
subsidiary of the company.

The group suffered net losses of NZ$3,571,000 and NZ$7,996,000
for the years ended June 30, 2006, and 2005, respectively
(parent: NZ$2,852,000 and NZ$5,942,000).


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

PHILCOMSAT HOLDINGS: Clarifies CEO Has Not Resigned
---------------------------------------------------
Philcomsat Holdings Corp.'s President and Chief Executive
Officer Manuel H. Nieto, Jr. has not resigned from the company,
the company said in a regulatory filing with the Philippine
Stock Exchange dated May 28, 2007.

The statement was issued in response to the PSE's letter dated
May 28 seeking clarification of an article published in the
Manila Standard Today on the same date.  The article had
reported that Mr. Nieto and Prudencio Somera and Oliverio
Laperal had resigned from the company.

In the statement, the company explained that:

    * It has not received any communication from Mr. Nieto
      regarding his alleged resignation; and

    * Messrs. Somera and Laperal have indeed resigned from the
      company.  The company's Board of Directors accepted Mr.
      Somera's resignation, which cited unspecified reasons, on
      May 24, 2007.  Mr. Laperal's resignation, which states his
      failing health as a reason, has not been accepted and is
      yet to be acted upon by the company's Board.

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.  
The company has since withdrawn from oil exploration because
there was no commercial discovery of oil.  On January 10, 1997,
the company approved amendments to its Articles of
Incorporation, changing its primary purpose from embarking in
the discovery, exploitation, development and exploration of
mineral oils, petroleum in its natural state, rock or carbon
oils, natural oils and other volatile mineral substances to a
holding company.

According to a Troubled Company Reporter - Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.  Philcomsat is involved in an
anomaly brought about by huge losses.  The company reported a
PHP6.965-million loss in 2004 and a PHP22-million loss in 2005.  
The Philippine Senate has initiated an inquiry into the matter.  
Moreover, according to press reports, a huge fraction of the
shareholdings of Philcomsat, which is said to be ill gotten, had
been confiscated by the Government.


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

PDC CORP: Earns SG$14.62 Million in Year Ended Dec. 31, 2006
------------------------------------------------------------
PDC Corp Ltd recorded a net profit of SGD14.62 million in the
fiscal year ended Dec. 31, 2006, as compared to SGD292,000 net
profit in the fiscal year ended Dec. 31, 2005.

The Group recorded a 83.3% reduction in turnover from
approximately SGD408,000 in fiscal year 2005 to approximately
SGD68,000 in fiscal year 2006.  The revenue was derived mainly
from the rental income of the investment properties held by the
Group.

In the fiscal year 2006, the Group achieved an operating profit
before tax and a net profit after tax attributable to
shareholders of SGD14.56 million and SGD14.62 million,
respectively, mainly due to the waiver of debts by the creditors
under the Scheme of Arrangement.  In the fiscal year 2005, the
Group incurred an operating loss before tax of SGD0.56 million
while it achieved a net profit after tax of SGD0.29 million
mainly due to the overprovision of income taxes in respective of
prior years.

As of Dec. 31, 2006, the group's balance sheet reflected total
current assets of SGD8.1 million available to pay SGD2.78
million of total current liabilities.  The company's Dec. 31,
2006, balance sheet showed SGD8.72 million in total current
assets and SGD1.43 million in total current liabilities.

The Group has, in mid-FY2006, successfully completed a
restructuring exercise whereby it was able to relieve itself
from the encumbrances of substantially all of its financial
liabilities.

Pursuant to the restructuring exercise:

   -- The company issued 31,558,002 new shares in the
      company's capital at an issue price of SGD0.06 each in
      connection with the Scheme between a wholly owned
      subsidiary of the Company, Hong Lai Huat Construction Pte
      Ltd and creditors of HLHC included in the Scheme of
      Arrangement.  Accordingly, approximately SGD15.78 million
      of the debts to the creditors of the Group was settled via
      this issue;

   -- The company issued 128,400,000 shares at an issue
      price of SGD0.01 per share in connection with the Debt
      Conversion whereby an approximately SGD1.28 million of
      debts owing to an Ex-director and that was subsequently
      assigned to a third party, was settled via this issue;

   -- The company issued 95,461,733 shares at an issue price
      of SGD0.01 per share in connection with the Bank Loan
      Conversion whereby the loan of approximately SGD0.95 mil.
      owed by the Group to Malayan Banking Berhad was converted
      into shares in the capital of the company at the issue
      price of SGD0.01 per share;

   -- The company raised SGD6 million from Private Placements
      by issuing 600,000,000 shares in the capital of the
      company at the issue price of SGD0.01 per share; and

   -- The company raised SGD1.85 million from the Mandate Share
      Placement whereby 184,500,000 shares were issued at an
      issue price of SGD0.01.

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

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

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

                          *     *     *

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


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

STANDARD CHARTERED: Earns THB707.88 Million in 1st Quarter 2007
---------------------------------------------------------------
Standard Chartered Bank (Thai) PCL reported a net income of
THB707.88 million for the quarter ended March 31, 2007, compared
to the THB1.31 billion net income it reported for the same
period in 2006.

For the quarter ended March 31, 2007, the bank earned THB3.24
billion in interest and dividend income, and THB979.75 million
in non-interest income, while incurring THB1.13 billion in
interest expenses and THB1.47 billion in non-interest expenses.

As of March 31, 2007, the bank had total assets of THB207.41
billion and total liabilities of THB187.40 billion, resulting in
a shareholder's equity of THB20.013 billion.

Based in Bangkok, Thailand, Standard Chartered Bank (Thai) PCL
(the Bank) is a Thailand-based commercial bank that provides a
wide range of banking services to individual and corporate
customers. Its consumer banking offers personal loan services
such as credit card services, installment loan, personal line of
credit, wealth management, as well as commercial loan for small
and medium sized enterprises (SMEs). Its wholesale banking
provides financial services such as lending, cash management,
trade finance, custodian and other related services for local,
global and commodity corporate, as well as financial
institutions.

On May 4, 2007, Moody's Investor Services affirmed these ratings
for SCBT:

    * D+ bank financial strength rating.
    * Baa1/P-2 foreign currency deposit ratings.
    * A3/P-1 local currency deposit ratings.
    * A3/P-2 foreign currency issuer rating.
    * A3/P-1 local currency issuer rating.


THAI-DURABLE GROUP: Posts THB31.02 Mil. Net Loss in 1st Quarter
---------------------------------------------------------------
Thai-Durable Group PCL posted a net loss of THB31.024 million
for the quarter ended March 31, 2007, a decrease of 80.7% from
the THB160.94 million net loss reported in the same period in
2006.

For the January-March 2007 period, the company earned revenues
of THB1.61 million while incurring expenses of THB7.68 million.

The company's balance sheet showed that it is illiquid, as total
current liabilities of THB827.73 million exceeded total current
assets of THB55.93 million as of March 31, 2007.  The Company
also reported total assets of THB167.84 million and total
liabilities of THB829.25 million, resulting in a stockholders'
deficit of THB661.40 million.

                       Material Litigation

On January 27, 2006, the company was sued by a local bank to
repay all short-term loans and long-term loans totaling
THB273.8 million (including principal and accrued interest).  On
April 17, 2006, the company received a letter from another local
bank to repay all of loans totaling THB452.04 million (included
principal and accrued interest), which the management is in the
process of negotiating for the postponement of loans from that
local bank.

                       Going Concern Doubt

After reviewing Thai-Durable Group PCL's financial statements
for the quarter ended March 31, 2007, Jadesada Hungsapruek at
the Karin Audit Co. Ltd. raised substantial doubt about the
company's ability to continue as a going concern due to:

   * The company' recurring losses;

   * The company's significant accumulated losses;

   * The company's deficit as of March 31, 2007, of THB1.281
     billion;

   * The company's working capital deficit of THB771.81 million
     as of March 31, 2007; and

   * The company's inability to pay short-term and long-term
     loans from two local banks.

Mr. Jadesada adds that the company's ability to continue in the
future depends on:

    * results of the negotiation with the banks relating to the
      postponement of those loans; and

    * the new business plan of the Company and its ability to
      operate successfully in the future and have adequate cash
      flows from operations.

                   About Thai-Durable Group

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.


THAI-GERMAN PRODUCTS: Earns THB8.9 Million in 1st Quarter 2007
--------------------------------------------------------------
Thai-German Products PCL reported a net income of THB8.99
million for the three months ended March 31, 2007, as compared
to the THB775,945 net income it reported for the first quarter
of 2006.

For the January-March 2007 quarter, the company earned THB562.17
million in total revenues, while incurring total expenses of
THB547 million.

As of March 31, 2007, the company had total assets of THB1.84
billion and total liabilities of THB1.71 billion, resulting in
THB135.65 million in total shareholders' equity.

Thai-German Products Public Co., Ltd -- http://www.tgpro.co.th/
-- manufactures stainless steel pipe, tube, and sheet in
Thailand under the name "TGPRO" founded by Pracha Leelaprachakul
in 1973.

The company has suffered a series of capital deficits, the
widest being in 2003 with a THB5.31-billion deficit.  That and a
series of net losses and the fact that it was operating below
full production capacity ushered the company into the REHABCO
-- Companies under Rehabilitation -- sector of the Stock
Exchange of Thailand.

In July 2006, the SET reclassified the whole sector and
categorized the company under the "non-performing group."  
Companies under the group will retain their listing status and
will be obligated to comply with the SET requirements.

On February 27, 2007, after auditing the company's consolidated
financial statement for the first half period of 2006, Chaovana
Viwatpanachati at Petisevi & Company expressed doubt on the
company's ability to continue as a going concern and its ability
to accomplish the remaining rehabilitation plan.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
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      Audio Conference Recording
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          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
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    Audio Conference Recording
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        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
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        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
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Beard Audio Conferences
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    Audio Conference Recording
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Beard Audio Conferences
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    Validation and Risk Assessment
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Beard Audio Conferences
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    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
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Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
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Beard Audio Conferences
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    Audio Conference Recording
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Beard Audio Conferences
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    Audio Conference Recording
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Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Distressed Market Opportunities
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Homestead Exemptions under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  BAPCPA One Year On: Lessons Learned and Outlook
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Surviving the Digital Deluge: Best Practices in
    E-Discovery and Records Management for Bankruptcy
      Practitioners and Litigators
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Deepening Insolvency - Widening Controversy: Current Risks,
    Latest Decisions
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  KERPs and Bonuses under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Diagnosing Problems in Troubled Companies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Equitable Subordination and Recharacterization
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/


                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez, Frauline S. Abangan, and
Peter A. Chapman, Editors.

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

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

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

                 *** End of Transmission ***