TCRAP_Public/070604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, June 4, 2007, Vol. 10, No. 109

                            Headlines

A U S T R A L I A

CABOT LAING: Members & Creditors to Meet on June 26
CHRISTOPHER JOHNS: Members’ Final Meeting Set for June 29
FELDMAYER FARMS: Placed Under Voluntary Liquidation
FORTESCUE: Renegotiates Rail Contract with BGC
G.D. PALMER: Enters Voluntary Liquidation

JAMES HARDIE: Posts US$222.2 Million Operating Income in FY2007
KALARCH PTY: Members Pass Resolutions to Wind Up Business
MONTGOMERY BROS: Members to Receive Wind-Up Report on June 15
ORIANA PTY: Members Opt to Shut Down Business
PLAYLAND MORWELL: Taps Burness and Jess as Liquidators

SPRINGHOPE HOLDINGS: Members Resolve to Close Business
ZEMORAS PTY: Sets Final Meeting for July 12


C H I N A   &   H O N G  K O N G

GREENTOWN CHINA: Moody's Changes Outlook to Neg. for Ba2 Rating


I N D I A

BHARTI AIRTEL: Vodafone to Transfer 5.6% Stake by November 2008
BHARTI AIRTEL: Earns INR1,353 Crore in Quarter Ended March 31
BHARTI AIRTEL: Joins Exclusive 40-Million Mobile Customer Club
BIRLA VXL: Board to Consider Financials at June 18 Meeting
BPL LTD: Shareholders Okay Transfer of PCB Business


I N D O N E S I A

ALCATEL-LUCENT: Wins Network Contract from China Mobile
ANEKA TAMBANG: Appoints Ernst & Young Affiliate as Auditor
ARPENI PRATAMA: Acquires Five Panama Companies for US$50 Each
GOODYEAR TIRE: Pomeroy Provides End-User Technical Support
TELKOM INDONESIA: Plans to Allot IDR3.2 Tril. for Share Buyback


J A P A N

JVC CORP: Net Loss Narrows to JPY7.9 Billion in FY2007
JVC CORP: Proposes Changes in Top Management
L-JAC 4: Moody's Assigns Low-B Ratings on Six Bond Classes
ORIX-NRL TRUST: Moody's Rates Three Certificate Classes at Low-B
RESONA HOLDINGS: Willing to Tie-up with Foreign Firms


K O R E A

TONG YANG: Major Corporation Announces Right Issue
YOUNGCHANG SILUP: To Spin Off Division to Wholly Owned Unit


N E W  Z E A L A N D

COMFORTPLUS LTD: Fixes July 6 as Last Day to Receive Claims
DFF (2007): Deadline to File Proofs of Debt Is June 15
EARTHWORKS & DEMOLITION: Proofs of Debt Due by June 12
IMPERIAL JADE: Names Crichton and Horne as Liquidators
MCKELLAR PROPERTY: Appoints Robert Anthony Elms as Liquidator

PETER RADLEY: Requires Creditors to Prove Debts by June 29
PREMIER SPOUTING: Enters Wind-Up Proceedings
STANLEY'S NIGHTCLUB: Taps Chapman and Gernhoefer as Liquidators
THE UPHOLSTERY CRAFTSMAN: Enters Liquidation Proceedings
VENETIAN TILE: Shareholders Resolve to Close Business


P H I L I P P I N E S

ACESITE PHILS: Earns PHP4 Million in First Quarter 2007
EQUITABLE-PCI BANK: Moody's Withdraws Ratings
FIL-ESTATE: Partially Settles Penalty for Reporting Failure
GLOBE TELECOM: Moody's Keeps Foreign Currency Bond Rating at Ba2
GLOBE TELECOM: Partners With Maxis for Money Transfer Services

* Philippine Economy Grows by 6.9% in First Quarter 2007
* Political Risks May Damage Economic Growth in the Future


S I N G A P O R E

E-BRILLIANT: Pays Second & Final Dividend
EC-ASIA DISTRIBUTION: Filing Proofs of Debt Due by June 18
I-INVEST PRIVATE: Members' General Meeting Set for June 29
GENESIS ORIGINS: Court to Hear Wind-Up Petition on June 29
SENG FAH: Creditors' Proofs of Debt Due by June 15


T H A I L A N D

DAIMLERCHRYSLER: Chrysler Marketing VP George Murphy to Resign
DAIMLERCHRYSLER AG: Court Approves Collins & Aikman Settlement
G STEEL: Plans to Sell US$300 Mil. in Bonds to Refinance Debts
TUNTEX: Pays THB68.51 Mil. Interest Under Rehabilitation Plan
* Thai Finance Ministry Predicts 3.8% Economic Growth for 2007

     - - - - - - - -

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

CABOT LAING: Members & Creditors to Meet on June 26
---------------------------------------------------
The members and creditors of Cabot Laing & Co. Pty Ltd will meet on June
26, 2007, at 10:00 a.m., to hear a report about the company’s wind-up
proceedings and property disposal.

The company’s liquidator is:

         R. L. Cardwell
         14 Barry Place
         Cherrybrook, New South Wales 2126
         Australia

                        About Cabot Laing

Cabot Laing & Co Pty Ltd does business with real estate agents and
managers.  The company is located in New South Wales, Australia.


CHRISTOPHER JOHNS: Members’ Final Meeting Set for June 29
---------------------------------------------------------
A final meeting will be held for the members of Christopher Johns
Furniture Pty Limited on June 29, 2007, at 10:00 a.m.

At the meeting, the members will be asked to:

   -- receive and adopt the liquidator's report of the acts and
      dealings during the conduct of the wind-up;

   -- receive and adopt Australian Securities and Investments
      Commission Form 524 Accounts and the liquidator’s
      Statement; and

   -- transact any other business which may properly be brought
      forward at the meeting.

                     About Christopher Johns

Christopher Johns Furniture Pty Limited operates miscellaneous retail
stores.  The company is located in New South Wales, Australia.


FELDMAYER FARMS: Placed Under Voluntary Liquidation
---------------------------------------------------
On May 9, 2007, Feldmayer Farms Pty Ltd was placed under voluntary
liquidation and Barry James Kimmorley was appointed as liquidator.

The Liquidator can be reached at:

         Barry James Kimmorley
         201/20 Dale Street
         Brookvale, New South Wales 2100
         Australia

                      About Feldmayer Farms

Feldmayer Farms Pty Ltd is a distributor of broiler, fryer, and roaster
chickens.  The company is located in New South Wales, Australia.


FORTESCUE: Renegotiates Rail Contract with BGC
----------------------------------------------
Fortescue Metals Group Ltd reports that a new agreement has been
negotiated by its wholly owned subsidiary The Pilbara Infrastructure Pty
Ltd with BGC Contracting Pty Ltd to replace the pre-existing Rail Alliance
Agreement between the parties.

The restructured agreement provides Fortescue with more flexibility in
taking steps to deliver its objective of meeting deadlines for the
Company’s First Ore on Ship date of mid-May 2008.  BGC will continue to
have a substantial role in the Project.

Fortescue has the ability, where appropriate, to appoint additional
contractors to be deployed toward the rail line construction.  As advised
in the March 2007 construction report, a new contractor has already taken
on the construction work at the southern section of the rail line being
the last 60 kms to the Cloud Break mine site.

                    About Fortescue Metals

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

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

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

                           *     *     *

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

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


G.D. PALMER: Enters Voluntary Liquidation
-----------------------------------------
The members of G.D. Palmer Properties Pty Ltd met on May 24, 2007, and
resolved to voluntarily liquidate the company’s business.

The company’s liquidator is:

         S. A. Scarfone
         S A Scarfone & Co Chartered Accountants
         109 Great North Road
         Fivedock, New South Wales 2046
         Australia

                        About G. D. Palmer

G.D. Palmer Properties Pty Ltd is a distributor of electrical apparatus
and equipment.  The company is located in New South Wales, Australia.


JAMES HARDIE: Posts US$222.2 Million Operating Income in FY2007
---------------------------------------------------------------
James Hardie has disclosed a US$222.2 million net operating profit,
excluding asbestos adjustments and related tax benefit, for the full year
ended March 31, 2007, an increase of 6% compared to the prior full year.

The fourth quarter net operating profit, excluding asbestos adjustments
and related tax benefit, fell 16% compared to the same period last year,
from US$64.7 million to US$54.4 million.
Including these asbestos adjustments for both fiscal years, net operating
profit for the year was US$151.7 million compared to a net operating loss
of US$506.7 million in fiscal year 2006.

For the fourth quarter, net operating profit including these asbestos
adjustments was US$103.1 million compared to a net operating loss of
US$650.9 million for the same quarter last year, when the company
established an initial provision of US$715.6 million in respect of likely
asbestos compensation payments in Australia.

The asbestos adjustments are derived from an estimate of future Australian
asbestos-related liabilities in accordance with the Amended Final Funding
Agreement (Amended FFA) that was signed with the New South Wales (NSW)
Government on November 21, 2006, and approved by the company’s security
holders on February 7, 2007.  The adjustments include the ”grossing-up”
effect of recognising the anticipated tax benefit and other assets and
liabilities arising from the asbestos-related payments.

Operating Performance

Despite residential housing construction activity in the company’s main
markets continuing to weaken, fourth quarter EBIT excluding asbestos
adjustments increased 33%, up from US$53.0 million to US$70.5 million.
Net sales and gross profit were down 7% and 4%, respectively, to US$360.9
million and
US$133.8 million, respectively.

For the full year, net sales and gross profit were each up by 4%, to
US$1,542.9 million and US$573.0 million, respectively. EBIT excluding
asbestos adjustments increased by 14% to US$318.9 million compared to
US$280.7 million for the prior year.

USA Fibre Cement net sales were down 11% for the quarter, as the new
housing market continued to deteriorate and affect sales volumes.
However, EBIT increased by 2% compared to the corresponding period last
year.  For the full year, net sales increased 4% and EBIT was up 6%
compared to the prior
year.

Asia Pacific Fibre Cement net sales were up 12% for the quarter despite
weaker market conditions.  EBIT for the fourth quarter decreased 5% to
US$8.8 million due to reduced EBIT performance in the Australia and New
Zealand Fibre Cement business, partially offset by improved EBIT
performance in the
Philippines Fibre Cement business and favourable currency movements.  For
the full year, net sales increased 4%, but EBIT was 6% lower compared to
the prior year.

Diluted earnings per share for the quarter increased to US22.0 cents per
share in the fourth quarter from a loss per share of US$1.41 in the same
period last year. Diluted earnings per share for fiscal year 2007
increased to US32.5 cents per share from a loss per share of US$1.10 for
fiscal year 2006.

Diluted earnings per share excluding asbestos adjustments, tax benefit
related to asbestos adjustments, impairment charge, Special Commission of
Inquiry (SCI) and other related expenses, make-whole payment and tax
provision write-backs, increased by 3% from US11.7 cents to US12.0 cents
for the quarter and increased by 8% from US45.7 cents to US49.3 cents for
fiscal 2007.


The results include SCI and other related expenses of US$5.4 million for
the quarter and US$13.6 million for the full year (US$5.0 million and
US$12.6 million after tax, respectively), a tax provision write-back of
US$3.0 million for the quarter and US$10.4 million for the full year and,
for the full year only, a makewhole payment of US$6.0 million (US$5.6
million after tax) resulting from the prepayment of US$-denominated notes
in May 2006.

Net operating profit excluding asbestos adjustments, tax benefit related
to asbestos adjustments, impairment charge, SCI and other related
expenses, the make-whole payment and the tax provision write-backs,
increased 3% for the quarter to US$56.4 million and increased 8% to
US$230.0 million for the full year.

Commentary

James Hardie’s Chief Executive Officer, Louis Gries said: “A strong bottom
line operating performance in USA Fibre Cement, our largest business,
helped cap off a very solid set of full year results amidst difficult and
challenging market conditions.

“Compared with last year, both revenue and earnings, excluding asbestos
adjustments, were stronger despite housing construction activity being
considerably weaker in the US and, to a lesser extent, in Australia and
New Zealand.

“We have seen some improvement in demand in our US business so far this
first quarter, but the outlook for the US housing market continues to
carry significant uncertainty,” said Mr Gries.

“The adjustments made to our US business in late 2006 and early 2007 have
positioned us well for addressing the weaker market conditions.  We are
well placed to quickly ‘flex up’ should the market improve.

“The business is continuing to focus on growing demand for fibre cement,
on taking market share from alternative materials and on cost management.
The underlying fundamentals of the business remain strong.

“In February, shareholders voted overwhelmingly in favour of our voluntary
asbestos compensation proposal and the company made its initial payment of
A$184.3 million to the Asbestos Injuries
Compensation Fund, which is now up and running,” Mr Gries said.

Dividend

The company today announced plans for a final dividend of US15 cents a
share, an increase of US11 cents on last year’s final dividend. The
dividend will be paid on 10 July 2007 to shareholders registered on 14
June 2007.

As a consequence, the full year dividend for FY07 will be US20 cents a
share; an increase of US12 cents on last year’s full year dividend of US8
cents a share.

It is anticipated that the company’s future dividend payout ratio will be
between 50% and 75% (excluding asbestos adjustments), subject to financing
requirements.

USA Fibre Cement

Fourth quarter net sales were down 11% compared to the same quarter last
year, to US$289.9 million.  Sales volume decreased 16% to 484.9 million
square feet, and the average net sales price was 6% higher at US$598 per
thousand square feet.

The US housing construction market continued to weaken, with the US Census
Bureau reporting that new housing starts were down 25% and 30%
respectively for the three months ended December 31,
2006, and March 31, 2007, compared to the corresponding quarters of last
year.

The weaker housing market had a significant adverse effect on sales for
the quarter, felt mainly in our exterior products category where demand
was lower across nearly all regions. Compared to the same period last
year, net sales were lower for all products in the exteriors category
other than the premiumpriced, differentiated products, XLD® trim and the
ColorPlus(R) collection.  Sales of our interior products
were close to flat compared to the same period last year.
For the full year, net sales increased by 4% to US$1,262.3 million, driven
by a 5% increase in the average net selling price to US$588 per thousand
square feet, partially offset by a 2% decrease in sales volumes to 2,148.0
million square feet.

EBIT for the quarter was 2% higher at US$84.6 million, helped by the
improved average sales price, cost efficiencies and a lower accrual for
employee bonuses compared to the same quarter last year, and was 6% higher
for the full year at US$362.4 million. The EBIT margin was 29.2% for the
quarter and 28.7% for the full year, compared with 25.4% and 28.1%,
respectively, for the prior year.

Australia and New Zealand Fibre Cement

Net sales increased 10% to US$56.4 million for the quarter, compared to
US$51.1 million in the same period last year. Sales volumes were up by 6%
but the average net sales price in Australian dollars was down 2%.

Both the new housing and renovation markets continued to weaken during the
quarter, but sales volumes increased as a result of market share gains in
the fibre cement segment in both Australia and New Zealand.  These gains
were achieved through initiatives designed to grow primary demand for
fibre cement and increase sales of value-added, differentiated products.
Selling prices for non-differentiated products continued to be subject to
strong competition, leading to a lower average net sales price.

EBIT was 14% lower for the quarter at US$7.9 million due to increased
manufacturing costs, including inefficiencies associated with the rebuild
of inventory following the temporary closure of the Rosehill, NSW plant in
December 2006 for asbestos-related reasons and SG&A costs, partially
offset by
increased sales volume. The EBIT margin was 14.0%.

For the full year, sales increased 2% to US$223.4 million, compared to
US$218.1 million in the same period last year. EBIT was down 8% to US$35.7
million.  The EBIT margin for the full year was 16.0% compared with 17.8%
for the prior year.

Philippines Fibre Cement

Net sales increased for the quarter and full year compared to the same
periods last year, as the business improved its market penetration in the
new residential and commercial segments.  The
business recorded a small positive EBIT for the quarter and full year.

USA Hardie Pipe

Net sales for the quarter decreased, but increased for the full year,
compared to the same periods last year. The business is continuing to
focus on growing sales in its core markets and improving profitability.  A
small negative EBIT for the quarter was recorded, but a small positive
EBIT for the full year was
achieved.

Europe Fibre Cement

Sales continued to grow steadily, albeit from a low base.

Asbestos Compensation Funding Arrangement

As of March 31, 2007, all conditions precedent to the Amended FFA were
satisfied and the new compensation funding arrangement was operational.

Asbestos Adjustments

The asbestos provision recorded at March 31, 2006, was made up of a number
of components, chiefly the valuation provided by KPMG Actuaries. In line
with the terms of the Amended FFA, the actuarial valuation has been
updated following an actuarial assessment by KPMG Actuaries at March 31,
2007.

ASIC Proceedings and Investigation

On February 14, 2007, the Australian Securities & Investments Commission
(ASIC) advised the company that it had commenced civil proceedings against
JHI NV, a former subsidiary and ten then-serving or former officers and
directors of the James Hardie group. The civil proceedings concern alleged
contraventions of certain provisions of the Corporations Law and/or the
Corporations Act connected with the affairs of the company and certain
subsidiaries during the period February 2001 to June 2003.

On February 20, 2007, the company announced that the three serving
directors named in the ASIC proceedings had resigned from the Board and
Board Committees.

The company has considered the impact of the ASIC proceedings upon its
current financial statements and believes that these proceedings will have
no material impact.  However, there remains considerable uncertainty
surrounding the likely outcome of the ASIC proceedings in the longer term
and there is a
possibility that the related costs to the company could become material.
At this stage it is not possible to determine the amount of any such
liability.

Cash Flow

Operating cash flow for the full year fell from cash provided by operating
activities of US$240.6 million to cash used in operating activities of
US$67.1 million. The decrease was primarily due to the A$191.9 million
(US$154.8 million) ATO deposit payment and the A$184.3 (US$148.7 million)
initial funding payment made to the AICF.  As a result, at 31 March 2007,
the company had net debt of US$153.9 million compared to net cash of
US$12.4 million at 31 March 2006.

Capital expenditures for the purchase of property, plant and equipment
decreased from US$162.0 million to US$92.6 million for the full year.

Outlook

In North America, there is still considerable uncertainty over the outlook
for new residential housing
construction activity.  Recently released housing data shows a continued
deterioration in the new housing market, with April 2007 annualised
housing starts at an estimated 1,528,000, up slightly (2.5%) from March
2007 but down 16.1% from April 2006. Building permits, an indicator of
future activity, deteriorated in April and are running significantly below
the pace of a year ago.

Despite the recent slight improvement in new housing starts, the supply of
new homes for sale appears to still be greater than demand, and builder
confidence levels remain low.  While interest rates continue to be
relatively low, tightening of lending standards related to problems of the
sub-prime mortgage sector is causing increased uncertainty over the short
to  medium-term outlook for credit availability and demand for new
housing.

The National Association of Home Builders Chief Economist, David Seiders,
made the following statement on 16 May 2007: “The pattern of building
permits clearly shows that the dramatic downward correction in housing
production is still underway. Home buyer demand has been sent into another
down leg by the abrupt tightening of mortgage lending standards, and there
is an increasingly heavy supply of vacant housing units on the market.
Under these conditions, builders are cutting back on new construction and
intensifying their efforts to bolster sales and limit cancellations”.  The
NAHB is now projecting that housing production will not begin improving
until late this year, and that the early stages of the subsequent recovery
will be quite sluggish.

James Hardie’s USA Fibre Cement business underwent some re-setting in late
2006, early 2007 to address the weaker market conditions and remains well
positioned to “flex-up” in response to higher-than- anticipated demand.

Sales volumes for the first quarter of fiscal 2008 are expected to be
adversely affected by the weaker new housing market, but the business
remains focussed on, and has strategies in place to grow, primary demand
for fibre cement and take further market share from alternative materials
including wood and
vinyl siding.  It is also continuing to focus on cost management.

The repair and remodelling market is anticipated to remain relatively
stable in the short-term and further market share gains for our interior
products category are expected.

In the Australia and New Zealand Fibre Cement business, weak market
conditions are forecast to continue, but further volume growth is expected
from market initiatives aimed at driving primary demand for fibre cement.
Prices for non-differentiated products are expected to remain under
pressure due to
price competition in Australia. Manufacturing and other cost efficiencies
are targeted.

In the Philippines, healthy building and construction activity is expected
to help domestic demand in the short-term. Competitive pricing pressure is
continuing in both the Philippines domestic and export markets.

Changes to the net Amended FFA liability to reflect changes in foreign
exchange rates or updates to the actuarial estimate may have a material
impact on the company’s consolidated financial statements.

                     About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/--
manufactures, markets and distributes fiber cement and gypsum products,
fiberglass reinforced plastic and PVC products, sanitary ware and bathroom
products, insulating materials and fillers, strippers and adhesives.

The company's troubles began with its "under-funded" allocation for
asbestos claims, which were brought in by people who suffer or may have
diseases caused by exposure to the asbestos-related products produced by
JHIL.  In 2001, James Hardie set up an independent entity, Medical
Research and Compensation Foundation, to handle asbestos claims.  The
Foundation has warned that it could run out of money within five years.
The Asbestos Diseases Foundation of Australia and workers unions called
for all the Company's asbestos profits to be immediately placed in the
fund.  James Hardie was later accused of topping up the dwindling asbestos
fund it established.

By 2004, James Hardie's former asbestos manufacturing subsidiaries --
Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd -- are three of around
150 defendants in asbestos litigation, and based on the Foundation's own
figures, they account for US$1,000,000,000 of the predicted
US$6,000,000,000 future asbestos liabilities in Australia.  Although James
Hardie stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure to Hardie
products in the coming decades.  When less serious forms of
asbestos-related disease are included, James Hardie should expect to
compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW Government and a
wholly owned Australian subsidiary of the Company -- LGTDD Pty Ltd -- had
entered into a conditional agreement to provide long-term funding to a
special purpose fund that will provide compensation for Australian
asbestos-related personal injury claims against certain former James
Hardie asbestos companies.  The amount of the asbestos provision of AU$1
billion, at March 31, 2006, is the Company's best estimate of the probable
outcome, which estimate includes an actuarial calculation prepared by KPMG
Actuaries Pty Ltd of the projected future cash outflows, undiscounted and
uninflated, and the anticipated tax deduction arising from Australian
legislation which came into force on April 6, 2006.


KALARCH PTY: Members Pass Resolutions to Wind Up Business
---------------------------------------------------------
At an extraordinary general meeting held on April 30, 2007, the members of
Kalarch Pty Limited decided to voluntarily liquidate the company’s
business and appointed James Garnsey as liquidator.

The Liquidator can be reached at:

         James Garnsey
         Allworths
         31 Market Street, Level 9
         Sydney, New South Wales 2000
         Australia

                        About Kalarch Pty

Located in New South Wales, Australia, Kalarch Pty Limited is an investor
relation company.


MONTGOMERY BROS: Members to Receive Wind-Up Report on June 15
-------------------------------------------------------------
The members of Montgomery Bros Pty Ltd will have their final meeting on
June 15, 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:

         B. P. Woodward
         B.P. Woodward & Associates
         83 York Street, Suite 501
         Sydney, New South Wales 2000
         Australia

                      About Montgomery Bros

Montgomery Bros Pty Ltd is a distributor of piece goods and notions.  The
company is located in New South Wales, Australia.


ORIANA PTY: Members Opt to Shut Down Business
---------------------------------------------
On May 17, 2007, the members of Oriana Pty Ltd met and decided to
liquidate the company’s business.

David H. Scott was appointed as liquidator.

The Liquidator can be reached at:

         David H. Scott
         Jones Condon
         Chartered Accountants
         173 Burke Road, Level 1
         Glen Iris, Victoria 3146
         Australia

                        About Oriana Pty

Oriana Pty Ltd, which is also trading as Zos Nightclub, operates
drinking places.  The company is located in Victoria, Australia.


PLAYLAND MORWELL: Taps Burness and Jess as Liquidators
------------------------------------------------------
Paul Burness and Matthews Jess were appointed as liquidators of Playland
Morwell Pty Ltd on May 11, 2007.

The Liquidators can be reached at:

         Paul Burness
         Matthews Jess
         Worrells
         15 Queen Street, Level 5
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5511
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au

                     About Playland Morwell

Playland Morwell Pty Ltd is a distributor of durable goods.  The company
is located in Victoria, Australia.


SPRINGHOPE HOLDINGS: Members Resolve to Close Business
------------------------------------------------------
During a general meeting held on May 15, 2007, the members of Springhope
Holdings Pty Limited agreed to close the company’s business and appointed
John Frederick Taylor as liquidator.

The Liquidator can be reached at:

         John Frederick Taylor
         c/o WHK Greenwoods
         309 Kent Street, Level 15
         Sydney
         Australia

                    About Springhope Holdings

Located in New South Wales, Australia, Springhope Holdings Pty Limited is
an investor relation company.


ZEMORAS PTY: Sets Final Meeting for July 12
-------------------------------------------
The members and creditors of Zemoras Pty Ltd will have their final meeting
on July 12, 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:

         Dean R. Mcveigh
         Foremans Business Advisors (Southern) Pty Ltd
         56-60 Bay Road, Suite 8
         Sandringham, Victoria 3191
         Australia

                        About Zemoras Pty

Zemoras Pty Ltd is involved with commercial printing.  The company is
located in Victoria, Australia.



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

GREENTOWN CHINA: Moody's Changes Outlook to Neg. for Ba2 Rating
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable its outlook
for Greentown China Holdings Ltd's Ba2 corporate family rating and senior
unsecured bond rating.

"The outlook change has been prompted by Greentown's acquisition of a
parcel of land in Hangzhou for RMB3.5 billion, a major transaction, and
which Moody's notes follows closely after another large land purchase in
Wenzhou earlier this year," says Kaven Tsang, a Moody's Analyst.

"The total acquisition cost for these two transactions add up to RMB7.8
billion," adds Tsang, also Moody's lead analyst for Greentown.

"Furthermore, although Greentown raised over RMB4.5 billion through an
equity placement and convertible bond issuance earlier in May, Moody's
expects this new acquisition could increase adjusted leverage to around
65% in the near term, and hence delay its original plan for
de-leveraging," adds Tsang.

For the outlook to revert to stable, Moody's would need to see Greentown
successfully achieve its expected sales figures and arrange the equity
financing or third-party investment required to develop the new
acquisitions, such that its de-leveraging plan stays on track.

On the other hand, downgrade pressure will emerge if Greentown:

   (1) experiences significant weakening in its sales;

   (2) materially accelerates development projects without a
       corresponding increase in cash inflow; or

   (3) continues to execute aggressive land acquisitions, such
       that de-leveraging with adjusted debt/capitalization
       below 45-50% over the medium term appears unlikely.

Greentown China Holdings Ltd is one of the major property developers in
China with a primary focus on Hangzhou and Zhejiang Province.  It has land
banks in 19 cities in China and an attributable gross floor area of 8.4
million square meters. Greentown listed on the Hong Kong Stock Exchange in
July 2006.


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

BHARTI AIRTEL: Vodafone to Transfer 5.6% Stake by November 2008
---------------------------------------------------------------
Vodafone Group PLC will transfer its 5.6% stake in Bharti Airtel Limited
to Bharti Group by November 2008, the Press Trust of India reports.

As reported by the Troubled Company Reporter – Asia Pacific on Feb. 16,
2007, the Bharti Group agreed to buy 5.6% of Vodafone’s direct interest in
Bharti Airtel for US$1.6 billion.  The terms include payment on a deferred
basis.

"The shareholding will be transferred in two tranches, the first before
March 31, 2008, and the second by November 2008," PTI quoted Vodafone as
saying.

Vodafone will retain its 4.4% indirect interest in Bharti, underpinning
its ongoing relationship.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


BHARTI AIRTEL: Earns INR1,353 Crore in Quarter Ended March 31
-------------------------------------------------------------
Bharti Airtel Limited has disclosed its United States GAAP results for its
fourth quarter and full year ended March 31, 2007.  It has once again
maintained its strong growth momentum, the company said in a press
release.

The consolidated total revenues for the quarter ended
March 31, 2007, of INR5,393 crore grew by 58% and EBITDA of INR2,241 crore
grew by 75% on a year on year basis.  The cash profit from operations of
INR2,193 crore grew by 82% over last year.  The net profit for the quarter
ended March 31, 2007, was INR1,353 crore, a growth of 98% over last year.

The revenues and net profit for the full year ended March 31, 2007, was
INR18,520 crore and INR4,257 crore, a growth of 59% and 89% respectively,
on a year on year basis.

Bharti had over 3.9 crore customers, as on March 31, 2007, an increase in
the total customer base of 86%, over the last year and maintained its
leadership position through an improved market share of all India wireless
subscribers at 22.9% as on March 31, 2007, up from 20.4% last year.

Commenting on the results and performance, Sunil Bharti Mittal, Chairman &
Managing Director, Bharti Airtel Limited, said, “The Indian telecom sector
has witnessed an unprecedented growth this year led by the mobile segment.
At Bharti Airtel, this has been a year of accelerated growth and market
leadership, and we are delighted to be leading the telecom revolution in
the country. The demand for the telecom services across all segments
remains buoyant and we believe that this growth momentum can be sustained.
We are confident that Bharti Airtel’s professional management team with
enhanced empowerment, backed by world-class product offerings is well
placed to strengthen our leadership position in the market.”

In line with emerging international practice, the Board of Directors has
adopted a rotation policy for statutory and internal auditors for a
maximum tenure of five years and rotation of audit partner every three
years.  Accordingly, they have recommended the appointment of S R Batliboi
and Associates, Chartered Accountants, a member firm of Ernst & Young
Global as statutory auditors at the conclusion of the forthcoming annual
general meeting on July 2, 2007 and Ernst and Young as auditors for US
GAAP for the financial year ending March 31, 2008.  The board has also
proposed to appoint Price Waterhouse, Chartered Accountants, as internal
auditors after conclusion of their tenure as statutory auditors of the
company.

Highlights for Full Year ended March 31, 2007

    * Overall customer base crosses 3.9 crore.

    * Highest ever-net addition of 1.8 crore customers in a
      year.

    * Market leader with a market share of all India wireless
      subscribers at 22.9% (20.4% last year).

    * Total Revenues of i/18,520 crore (up 59% Y-o-Y).

    * EBITDA of INR7,451 crore (up 72% Y-o-Y).

    * Cash Profit of INR7,307 crore (up 79% Y-o-Y).

    * Net Profit of INR4,257 crore (up 89% Y-o-Y).

Highlights for Fourth Quarter ended March 31, 2007

    * Highest ever-net addition of 53 lakh customers in a single
      quarter.

    * Total Revenues of INR5,393 crore (up 58% Y-o-Y).

    * EBITDA of INR2,241 crore (up 75% Y-o-Y).

    * Cash Profit of INR2,193 crore (up 82% Y-o-Y).

    * Net Profit of INR1,353 crore (up 98% Y-o-Y).

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


BHARTI AIRTEL: Joins Exclusive 40-Million Mobile Customer Club
--------------------------------------------------------------
Bharti Airtel Ltd, on May 23, 2007, said that it has crossed the 40
million-mobile customer milestone.  With this, Bharti Airtel becomes the
first Indian mobile services provider and the 10th in the world to join an
exclusive list of global telecom operators with more than 40 million
customers from a single-country.  This landmark customer base was achieved
in just 12 years, making Bharti Airtel one of the fastest companies to
make it to this exclusive list.

The past 12 months have witnessed Bharti Airtel dominating the Indian
telecom space and recording spectacular growth, both in terms of customers
and revenues.  This remarkable achievement is highlighted by the fact that
it took Airtel 11 years to reach the 20 million customer landmark and just
another 13 months to add the next 20 million customers.

The Company’s overall wireless market share catapulted to over 23.2% as of
April 2007 from 20.4% as reported in FY06.  In fact, Bharti Airtel has
increased its lead over all other operators in the marketplace and these
increases have been substantial.  For instance, Airtel’s lead over Hutch
has widened from 2 million in March 2006 to over 11 million in April 2007.
Similarly, Airtel’s lead over Idea and BSNL has increased from 11 million
to 24 million and from 0.5 million to 8 million, respectively.  More
significantly, Airtel’s swing over Reliance Communications has increased
by 10.7 million customers -- from a deficit of 1.7 million to a lead of 9
million.  This achievement is noteworthy in the highly competitive Indian
telecom industry.

Sanjay Kapoor, President, Mobile Services, Bharti Airtel Limited said,
“Last year we created history by significantly increasing our market share
and distancing ourselves from our competitors. The 40 million customer
milestone is indeed a remarkable achievement not only for us at Airtel,
but also for the country as it clearly underscores the coming of age of
Indian companies in the international telecom arena.”

Currently, Airtel is present in nearly 4,700 census towns and over 200,000
non-census towns and villages covering 59% of the country’s population.
The company plans to aggressively roll out more than 30,000 cell sites in
FY08 to increase its population coverage to 70%.

Airtel has consistently established benchmarks for the Indian telecom
industry and transformed the face of the industry through strategic
initiatives in a challenging and competitive landscape.  The Company’s
philosophy of delivering value and high quality service to its customers
combined with a strong business leadership has made Airtel a force to
reckon with, not just in India but globally.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


BIRLA VXL: Board to Consider Financials at June 18 Meeting
----------------------------------------------------------
Birla VXL Ltd’s board of directors will hold a meeting on
June 18, 2007, the company informed the Bombay Stock Exchange in a
regulatory filing.

Among others, the board will consider and approve the audited accounts of
the Company for the year ended March 31, 2007 including the audited
financial results for the 4th quarter ended March 31, 2007.  The board
will also consider declaring a dividend, if any.

Headquartered in Gujarat, Birla VXL is a part of the S.K. Birla Group and
manufactures fabrics for suitings under the brand name DIGJAM.  As
reported by the Troubled Company Reporter – Asia Pacific’s “Large
Companies With Insolvent Balance Sheets” column on June 1, 2007, the
company has a stockholders’ deficit of US$14.62 million.


BPL LTD: Shareholders Okay Transfer of PCB Business
---------------------------------------------------
BPL Ltd informed the Bombay Stock Exchange that the company’s shareholders
have approved, by way of Postal Ballot with requisite majority, the
transfer of the Printed Circuit Board Business of the company and lease
certain plant and machinery and immovable assets to a proposed joint
venture company.

Furthermore, shareholders agreed to invest in the equity share capital of
the proposed joint venture and issue up to 15,00,000 equity shares on
preferential basis to M/s. Electro Investment Pvt Ltd, a Promoter Group
Company, subject to necessary approvals, if any.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates in India.

Last year, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
March 16, 2007, BPL's auditors not in its limited review report
that the company defaulted on the payment of interest to a
consortium of lenders.  According to the auditors, BPL's overdue
interest as of Dec. 31, 2006, totaled INR1,044 lakhs.


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

ALCATEL-LUCENT: Wins Network Contract from China Mobile
-------------------------------------------------------
Alcatel-Lucent has been awarded a network expansion contract from China
Mobile Pakistan Limited.  This turnkey contract covers the expansion of
the CMPak GSM network in northern Pakistan.  The equipment for this
expansion will be provided by Alcatel-Lucent’s Chinese flagship company
Alcatel Shanghai Bell, a long-term partner to China Mobile.

Once implemented, the network expansion will enable CMPak to bring mobile
service to a greater number of people in the region, helping to improve
their economic prospects.  This new contract underscores Alcatel-Lucent’s
leadership in high-growth economies and strengthens the company's presence
in Pakistan.

“The acquisition of Paktel is China Mobile's first venture outside China.
It is our prime objective to be rated as the best cellular service
provider, not only by expanding our service area to every corner of the
country but also by offering unmatched customer service,” said Guo
Yonghong, CEO CMPak Limited.  “We believe that by choosing Alcatel-Lucent
we have partnered with an industry leader that will help us implement our
plans to undertake the most significant network expansion in the history
of Pakistan.”

“CMPak has a strong vision for expanding mobile service in Pakistan.
Alcatel-lucent solutions will enable CMPak to provide mobile services in
the north of Pakistan, a region that has historically been underserved,”
said Olivier Picard, President of the Alcatel-Lucent Europe and South
activities.  “In a wider context this win demonstrates our ability to
bring service to users in high-growth economies and support our customers
on a global basis.”

Under the terms of this contract, Alcatel-Lucent will deliver its
industry-leading, end-to-end GSM/GPRS/EDGE solutions, including Base
Station Sub-systems hardware and software.  This includes the high-power
radio module, TWIN TRX, a recent addition to the Alcatel-Lucent portfolio
that doubles base-station capacity in urban environments with high
subscriber density and offers wider coverage in rural environments while
at the same time reducing power consumption by up to 30%.

Alcatel–Lucent also will supply its PDH and SDH digital microwave radio
systems, which provide scalable and reliable transmission for mobile
infrastructures.  The Alcatel-Lucent PDH and SDH systems improve the
backhaul efficiency of the mobile radio access network, helping CMPak
reduce costs substantially.  By optimizing how voice and data traffic is
managed and transmitted from the base stations to the core network, this
new generation of digital microwave radio links will enable the CMPak
network to quickly and efficiently adapt to the growth in traffic and
services.

In addition Alcatel-Lucent will supply CMPak with a comprehensive suite of
network integration services such as network optimization, system support
and general project management.

The Paktel acquisition is China Mobile's first venture outside of China
and Alcatel-Lucent's contract with CMPak demonstrates the company's
ability to support Chinese customers both within China and globally. This
contract follows a contract for mobile solutions that Alcatel-Lucent
signed with China Mobile in May 2007 and is evidence of the strong
relationship that exists between the two companies.

                         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.


ANEKA TAMBANG: Appoints Ernst & Young Affiliate as Auditor
----------------------------------------------------------
PT Aneka Tambang Tbk will appoint Public Accountant Office of Purwantono,
Sarwoko and Sandjaja, affiliated with Ernst & Young, as the company's
auditor for the fiscal year 2007, Reuters reports.

PT Aneka Tambang Tbk -- http://www.antam.com/-- mines,
processes, develops, and explores natural deposits.  The company
operates six mines.  They are located in Riau (bauxite),
Sulawesi and Maluku (nickel), Central Java (iron sand), and
WestJava (gold).  The company also operates a precious metal
refinery and a geology unit in Jakarta.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

On July 14, 2005, Moody's gave Aneka Tambang's long-term
corporate family rating of B1.  As of May 16, 2007, the company
still carries that rating.


ARPENI PRATAMA: Acquires Five Panama Companies for US$50 Each
-------------------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk has acquired 100% stake of five Panama
companies for US$50 each, Reuters reports.

The companies are:

     * YED 1 S.A.
     * YED 2 S.A.
     * YED 3 S.A.
     * YED 4 S.A.
     * YED 5 S.A.

According to the report, with the acquisition, the Company through these
subsidiaries ordered five new tankers with 13,000 deadweight tonnage
capacity each and bought two second-hand Suezmax vessel that will be
converted into Capesize bulk carrier.  "The new tankers and second-hand
vessels are expected to be delivered from May 2008 to February 2009 and
September to November 2007 respectively."

                      About Arpeni Pratama

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general-purpose specialist, such as their tweendecker
MV Alas, which is designed to transport dry cargoes such as
plywood and agricultural products.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 2, 2006, Fitch Ratings assigned a final rating of "BB-" to
the US$160 million guaranteed notes due 2013 issued by Arpeni
Pratama Ocean Line Investment B.V. and guaranteed by PT Arpeni
Pratama Ocean Line Tbk -- Arpeni, rated Long-term Foreign and
Local Currency Issuer Default 'BB-'/Stable -- and its
subsidiaries.  This follows the completion of the notes issue
and receipt of documents conforming to information already
received.  The notes are secured by first priority pledges of
capital stock of Arpeni's equity interest in most of its
subsidiaries.  The ratings are not constrained by the "BB-"
Country Ceiling of the Republic of Indonesia.

The TCR-AP also reported on April 24, 2006, that Standard &
Poor's Ratings Services assigned its B+ corporate credit rating
to PT Arpeni.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.  The company intends to use a part of the net
proceeds -- about US$93 million -- for refinancing existing
debt, and the balance for capital expenditure and vessel
financing.


GOODYEAR TIRE: Pomeroy Provides End-User Technical Support
----------------------------------------------------------
Pomeroy IT Solutions will provide Goodyear Tire & Rubber Company with
centralized end-user technical support for approximately 10,000 associates
in North America.

The new contract extends Pomeroy’s strategic relationship with Goodyear
and leverages a broad-based set of services and technologies to enable
greater efficiencies and provide for cost-reducing incentives.

Under the agreement, Pomeroy will provide a single point of contact for
the Akron, Ohio-based tire maker’s hardware, software, and network
infrastructure support requirements for an IT service desk solution
throughout the United States and Canada.  Pomeroy currently provides IT
services to Goodyear though a third-party contract.

“Goodyear continuously evaluates opportunities to reduce costs and provide
better services to our associates and customers,” said Paul Pinkie, IT
Director for Goodyear’s North American Tire business. “We look to Pomeroy
to provide us with the benefits of a standardized IT service desk
solution, coupled with the quality and value of their economies of scale.”

Pomeroy is excited to extend its relationship with Goodyear. “Pomeroy’s
adaptive technical approach, service expertise, and solution suitability
will provide expedient and simplified solutions that meet Goodyear’s high
standards in service excellence,” said Hope Griffith, Senior Vice
President of Pomeroy IT Solutions. “We are quite pleased to be selected
and recognized by Goodyear and look forward to providing annual cost
reductions and improved service levels.”

             About The Goodyear Tire & Rubber Company

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

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

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

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

   -- US$650 million third lien senior secured notes 'B/RR4';

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

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.

The TCR-AP also reported on Jan. 5, 2007, that Standard & Poor's
Ratings Services affirmed its 'B+' corporate credit and other
ratings on Goodyear Tire & Rubber Co. and removed them from
CreditWatch where they were placed with negative implications on
Oct. 16, 2006, as a result of the labor dispute at several of
the company's North American plants.


TELKOM INDONESIA: Plans to Allot IDR3.2 Tril. for Share Buyback
---------------------------------------------------------------
PT Telekomunikasi Indonesia Tbk plans to allocate up to IDR3.2 trillion to
buy back a maximum of 1.58% of its shares, Reuters reports.  The plan is
subject to shareholder’s approval at a meeting on June 29, according to
the report.

Reuters notes this is the second share buyback the company made.  In the
first buyback, the company bought 202,790,500 shares, at an average price
of IDR8,609.

Telkom, in this second share buyback, plans to buy 319,488,818 shares, the
report adds.  That would translate to a price of IDR10,016 per share, the
report says.

Reuters notes that PT Danareksa Sekuritas will be appointed by the company
to handle purchases on the Jakarta and Surabaya bourses and Morgan Stanley
will take care of the buyback of its U.S. traded American Depositary
Receipts.

                        About Telkom Indonesia

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

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

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

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


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

JVC CORP: Net Loss Narrows to JPY7.9 Billion in FY2007
------------------------------------------------------
Victor Company of Japan, Limited, commonly known as JVC, posted a net loss
of JPY7.9 billion, a 74% decrease compared to the previous fiscal year’s
JPY30.6-billion loss.

JVC attributed its poor performance to the difficulty for display business
in US, the lack of sales appeal for LCD TVs in Japan, the increase in
sales promotion costs and the lack of poor sales and profit for Q4 .

According to Hiroshi Suzuki of Bloomberg, this is JVC’s fourth straight
annual loss.

Consolidated net sales dipped 8% year-on-year to JPY742.7 billion from
JPY806.9 billion.

Operating loss declined by JPY1.2 billion to JPY5.7 billion from JPY6.9
billion as reported a year earlier.

                         About JVC Corp

Headquartered in Kanagawa Prefecture, Japan, Victor Company of Japan,
Limited (JVC) -- http://www.jvc-victor.co.jp/-- is primarily engaged in
the manufacture and sale of audiovisual (AV) equipment, information and
communications equipment, electronic products and others.  The Company has
five business segments.  The Consumer Equipment segment offers various
types of televisions, digital video cameras, car audio systems, as well as
players and related equipment for video, mini disc (MD), compact disc (CD)
and digital versatile disc (DVD) systems.  The Industrial Equipment
provides visual inspection devices, audio and video equipment, as well as
projectors.  The Electronic Devices segment offers monitors, optical
pickups, high density buildups, multilayer boards and display parts.  The
Software and Media segment provides music and visual software and
recording media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96 subsidiaries and
seven associated companies.


JVC CORP: Proposes Changes in Top Management
--------------------------------------------
Victor Company of Japan, Ltd. has disclosed proposed changes in top
management personnel at the board of directors’ meeting.  These proposed
changes are subject to the approval at the board of directors’ meeting
following the 118th annual shareholders’ meeting in June 27, 2007.

Proposed Changes:

Kunihiko Sato, current Senior Managing Director, will assume the post of
President and representative director.

Masahiko Terada, current President will assume the post of Special Senior
Corporate Advisor.

1. Newly Appointed Directors:

   * Ryuhei Nakazawa: Currently Associate Director and General
     Manager, Portable AV Business Group and General Manager,
     Camcorder Category, Portable AV Business Group;

   * Hiromi Minakawa: Currently Associate Director and General
     Manager, Display Category, Display Business Group;

   * Masaaki Takeda: Currently Associate Director and General
     Manager, Corporate Accounting & Finance Div., and Managing
     Director, JVC FOREX (UK) LTD;

   * Naomasa Mizuno Currently Associate Director and General
     Manager, Human Resources Div.

2. Newly Appointed Corporate Auditor:

   * Shigeharu Tsuchitani: Currently Managing Director,
     President, Americas Company and JVC Americas Corporation.

3. Retiring Directors:

   * Masahiko Terada: Currently President, will assume the post
     of Special Senior Corporate Advisor;

   * Namio Yamaguchi: Currently Senior Managing Director, will
     assume the post of Senior Corporate Advisor;

   * Shigeharu Tsuchitani: Currently Managing Director, will
     assume the post of Senior Corporate Auditor;

   * Yukihiro Tanii: Currently Managing Director, will assume
     the post of Senior Corporate Advisor;

   * Hideo Aiso: Currently Director(part-time), will assume the
     post of Corporate Advisor;

   * Hiroshi Fujisawa: Currently Director, will assume the post
     of Corporate Advisor;

   * Masuichiro Mimura: Currently Director, will assume the post
     of Corporate Advisor;

   * Takuo Ishida: Currently Director, will assume the post of
     Corporate Advisor.


4. Retiring Corporate Auditor:

    * Akio Mutai: Currently Senior Corporate Auditor, will
      assume the post of Corporate Advisor.

5. Representative Directors & Newly Appointed Managing Director

    * Kunihiko Sato: Currently Senior Managing Director, will
      assume the post of President and Representative Director;

    * Masatoshi Hirabayashi: Currently Managing Director, will
      assume the post of Senior Managing Director and
      Representative Director;

    * Ryuhei Nakazawa: Currently Associate Director, will assume
      the post of Managing Director.

                           About JVC Corp

Headquartered in Kanagawa Prefecture, Japan, Victor Company of Japan,
Limited (JVC) -- http://www.jvc-victor.co.jp/-- is primarily engaged in
the manufacture and sale of audiovisual (AV) equipment, information and
communications equipment, electronic products and others.  The Company has
five business segments.  The Consumer Equipment segment offers various
types of televisions, digital video cameras, car audio systems, as well as
players and related equipment for video, mini disc (MD), compact disc (CD)
and digital versatile disc (DVD) systems.  The Industrial Equipment
provides visual inspection devices, audio and video equipment, as well as
projectors.  The Electronic Devices segment offers monitors, optical
pickups, high density buildups, multilayer boards and display parts.  The
Software and Media segment provides music and visual software and
recording media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96 subsidiaries and
seven associated companies.


L-JAC 4: Moody's Assigns Low-B Ratings on Six Bond Classes
----------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to the Class
A-1/A-2 through G-1/G-2/G-3 Bonds issued by L-JAC Four Funding and the
Class X-1/X-2 Trust Certificates.

   Transaction Overview

   * Issuer: Godo Kaisha L-JAC 4 Funding

   * Loan Originator: New Century Finance Co., Ltd., an
     affiliate of Lehman Brothers Holdings Inc. (A1 /P-1)

   * Arranger: Lehman Brothers Japan Inc.

   * Underlying Assets: 3 Trust Certificates backed by
     commercial properties

   * Closing Date: May 31, 2007

Class, Rating, Amount, Interest Rate, Legal Final Maturity, Credit Support*

   Class A-1, Aaa, JPY20,500 million, Floating, 8/2010, 39.7%
   Class A-2, Aaa, JPY25,000 million, Floating, 5/2015, 44.1%
   Class B-1, Aa2, JPY3,800 million, Floating, 8/2010, 28.5%
   Class B-2, Aa2, JPY5,200 million, Floating, 5/2015, 32.4%
   Class C-1, A2, JPY3,300 million, Floating, 8/2010, 18.8%
   Class C-2, A2, JPY4,800 million, Floating, 5/2015, 21.7%
   Class D-1, Baa2, JPY3,700 million, Floating, 8/2010, 7.9%
   Class D-2, Baa2, JPY1,900 million, Floating, 8/2012, 10.1%
   Class D-3A, Baa2, JPY1,000 million, Floating, 5/2015, 10.0%
   Class D-3B, Baa2, JPY2,300 million, Fixed, 5/2015, 10.0%
   Class E-1, Baa3, JPY1,200 million, Floating, 8/2010, 4.4%
   Class E-2, Baa3, JPY800 million, Floating, 8/2012, 5.6%
   Class E-3, Baa3, JPY1,200 million, Fixed, 5/2015, 5.6%
   Class F-1, Ba1, JPY1,000 million, Floating, 8/2010, 1.5%
   Class F-2, Ba1, JPY500 million, Floating, 8/2012, 2.8%
   Class F-3, Ba1, JPY1,100 million, Fixed, 5/2015, 1.5%
   Class G-1, Ba2, JPY500 million, Floating, 8/2010, 0.0%
   Class G-2, Ba2, JPY500 million, Floating, 8/2012, 0.0%
   Class G-3, Ba2, JPY400 million, Fixed, 5/2015, 0.0%

Class X-1**, Aaa (equivalent to JPY 78.7 billion -- Notional Amount)

Class X-2**, Aaa (equivalent to JPY 78.7 billion -- Notional Amount)

* The formula to calculate the credit support in place for this
transaction is:

1) For Class A-1 through Class G-1 Bonds

   * Credit support %: A/B

     A: Total principal amount of the L-1 Bonds subordinate to
        the subject Class Bonds

     B: Total amount of L-1 Bonds (JPY34,000 million)

2) For Class A-2 through Class C-2 Bonds

   * Credit support %: A / B

     A: Total principal amount of the L-2 and L-3 Bonds
        subordinate to the subject Class Bonds

     B: Total amount of L-2 and L-3 Bonds (JPY44,700 million)

3) For Class D-2 through Class G-2 Bonds

   * Credit support %: A / B

     A: Total principal amount of the L-2 Bonds subordinate to
        the subject Class Bonds

     B: Total amount of L-2 Bonds (JPY 17,800 million)

4) For Class D-3A/D-3B through Class G-3 Bonds

   * Credit support %: A / B

     A: Total principal amount of the L-3 Bonds subordinate to
        the subject Class Bonds

     B: Total amount of L-3 Bonds (JPY 26,900 million)

** Classes X-1 and X-2 are interest-only (IO) strips.

Moody's ratings are mainly based on these factors:

   1. The quality of the underlying real estate properties

   2. The characteristics of the trust assets

   3. The distribution structure of principal collections from
      the underlying loans

   4. The levels of credit support provided by the
      senior/subordinate structure and illustrated by the loan-
      to-value ratios and the stressed debt service
      coverage ratio

   5. The advancing facility provided by Lehman Brothers to
      cover temporary shortages in interest payments and
      necessary expenses for property maintenance

   6. The servicing expertise of Premier Asset Management
      Company as servicer

   7. The legal and structural integrity of the transaction

Structure Outline:

   1. New Century Finance will entrust three Loan Receivables to
      the Trustee and in turn will receive Trust Certificates L-
      1 through L-3 and X-1 and X-2. It will then transfer the
      Trust Certificates to the Issuer SPE, which will issue the
      Bonds backed by the subject Trust Certificates. The rated
      Bonds are classified into three groups -- L-1 Bonds, L-2
      Bonds and L-3 Bonds -- in which the source of principal
      and interest payments correspond to the three respective
      underlying loans, Loan L-1, Loan L-2 and Loan L-3.

   2. The redemptions of L-1 Bonds, L-2 Bonds and L-3 Bonds
      respectively correspond to those of the Trust Certificate
      L-1, Trust Certificate L-2 and Trust Certificate L-3. Note
      that, however, Class A-2, B-2 and C-2 Bonds belong to both
      L-2 and L-3 groups, and thus will be repaid using
      redemptions made on both the L-2 Trust Certificate and L-3
      Trust Certificate, based on preset redemption allocation
      amounts.  Cash flows from the Trust Certificates will be
      allocated only to their corresponding groups and therefore
      will not be summed up at the bond level.

The ratings address the expected loss posed to investors by the legal
final maturity date. The structure for Classes A-1/A-2 through G-1/G-2/G-3
allows for timely payment of interest (in scheduled amounts, on scheduled
payment dates), and full repayment of principal by the legal final
maturity date.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks, such as those associated with the
timing of principal prepayments and the payment of prepayment penalties,
have not been addressed and may have a significant effect on yield to
investors.


ORIX-NRL TRUST: Moody's Rates Three Certificate Classes at Low-B
----------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to the
ORIX-NRL Trust 14 Trust Certificates, Classes A through H and X.

   Transaction Overview

   * Deal Name: ORIX-NRL Trust 14

   * Originator: Orix Corporation (Orix, Baa1)

   * Arranger: Orix

   * Underlying Assets: Eight non-recourse loans and two
     specified bonds (collectively, "Loans/Bonds")

   * Closing Date: May 31, 2007

Class, Rating, Amount, Dividend Rate, Legal Final Maturity, Credit Support*1

   -- Class A, Aaa, JPY15.7 billion, Floating, December 2014,
      24.2%;

   -- Class B, Aa2, JPY2 billion, Floating, December 2014,
      14.5%;

   -- Class C, A2, JPY1.2 billion, Floating, December 2014,
      8.7%;

   -- Class D, Baa2, JPY0.7billion, Floating, December 2014,
      5.3%;

   -- Class E, Baa3, JPY0.3 billion, Floating, December 2014,
      3.9%;

   -- Class F, Ba2, JPY0.5 billion, Floating, December 2014,
      1.4%;

   -- Class G, Ba3, JPY0.1 billion, Floating, December 2014,
      1.0;%

   -- Class H, B2, JPY0.2 billion, Floating, December 2014, 0%;

   -- Class X*2, Aaa, (Initial Notional Amount: JPY20.7
      billion).

*1 The formula to calculate the credit support in place for this
transaction is as follows.

   * Credit support %: A / B

     A: Total principal amount of the Trust Certificates
        subordinated to the subject Trust Certificates

     B: Total amount of the trust assets (JPY 20.7 billion)

*2 Class X is an interest-only (IO) strip.

Moody's ratings are mainly based on these factors:

   1. The quality of the real estate properties in the
      underlying portfolio

   2. The characteristics of the underlying Loans/Bonds and the
      benefits of property diversity at the Loan/Bond level

   3. The levels of credit enhancement at each Loan/Bond level
      as illustrated by the loan-to-value ratios and
      stressed debt service coverage ratios

   4. The benefits of Loan/Bond diversity at the loan pool level

   5. The distribution structure of principal collections from
      the underlying Loans/Bonds

   6. The liquidity support incorporated into the transaction

   7. The legal and structural integrity of the transaction

Structure Outline:

   -- Orix originated or held the Loans/Bonds and entrusted the
      Loans/Bonds with cash to the trustee.  The trustee in turn
      issued the Classes A through H and Class X Trust
      Certificates.  The Classes A through H Trust Certificates
      have a senior/subordinate structure.

   -- Dividend distributions on the rated Trust Certificates
      depend on interest paid on the Loans/Bonds.

The ratings address the expected loss posed to investors by the legal
final maturity date.  The structure allows for timely payment of scheduled
dividend and ultimate payment of principal with respect to the Class A
Trust Certificates by the legal final maturity.  The structure allows for
ultimate payment of scheduled dividend and principal with respect to the
Classes B through H Trust Certificates by the legal final maturity.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks, such as those associated with the
timing of principal prepayments and the payment of prepayment penalties,
have not been addressed and may have a significant effect on yield to
investors.


RESONA HOLDINGS: Willing to Tie-up with Foreign Firms
-----------------------------------------------------
The newly appointed president of Resona Holdings Inc. said on Thursday
that it is open to foreign firms for business mergers as part of it’s
expansion of banking operations, Kanako Takahara of the Japan Times
reports.

Seiji Higaki, currently serving Resona’s board of directors, says that the
company will consider a tie-up with a foreign firm because Resona is not
under a large Japanese corporate family, thus making it easier for them to
join with another firm, Mr. Kanako relates.

On May 29, 2007, the Troubled Company Reporter-Asia Pacific reported that
Resona Bank, Limited’s net profit surged up 73% to JPY552.66 from the
previos year.

Resona Bank is the banking group of Resona Holdings.

Mr. Kanako, quoting Mr. Seiji said, “The biggest task for me is to pay
back public funds and improve corporate management.”

Mr. Seiji will assume the President position in Resona Holdings once his
appointment is approved by the general shareholders meeting on June 27,
Mr. Kanako adds.

                     About Resona Holdings

Resona Holdings, Inc., based in Osaka, Japan, --
http://www.resona-gr.co.jp/-- is a holding company. Through its
subsidiaries and associated companies, the Company is engaged in general
banking, trust operation, credit card and financial services. The Company
is comprised of 15 domestic subsidiaries and 21 overseas subsidiaries, as
well as two associated companies. It has operations in Japan, the United
Kingdom, Indonesia, Thailand and the Cayman Islands.

On December 13, 2005, Troubled Company Reporter-Asia Pacific reported that
Rating and Investment Information, Inc gave a BBB issuer rating to Resona
Holdings reflecting the group's overall creditworthiness and the financial
structure of the holding company.

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


TONG YANG: Major Corporation Announces Right Issue
--------------------------------------------------
Tong Yang Major Corporation will issue 19,059,520 new common shares and
3,504,293 preferred shares through a right issue, effective August 3,
2007, Reuters reports in its Key Development section.

According to the report, KRW 116,327,383,810 of the proceeds will be used
for its operations.

Its employee stock ownership association and existing shareholders will be
entitled to subscribe for the new shares on June 20, 2007, and during the
period from July 10 to July 11, 2007, the report notes.  The shares
forfeited after this right issue will be offered through public offering,
the report adds.

The company reportedly tapped Dong Yang Investment Bank to act as
underwriter.

                    About Tong Yang Major

Headquartered in Seoul, Korea, Tong Yang Major Corporation
-- http://www.tongyangmajor.com/-- provides construction services and
allied materials.  The company also builds apartment complexes, commercial
buildings, industrial plants and highways, and offers remodeling and
renovation services.

Korea Investors Services placed a BB- rating to the company’s senior
unsecured debt on Jan. 5, 2006.  The company’s commercial papers also
carries Korea Rating’s B rating effective on Oct. 18, 2006.

The company has been experiencing annual net losses of KRW 7.45 billion in
2005, KRW47.66 billion in 2004, KRW64.89 billion in 2003 and KRW361.49
billion in 2002.

As of March 25, 2007, the company had a shareholders' equity deficit of
US$86.95 million.


YOUNGCHANG SILUP: To Spin Off Division to Wholly Owned Unit
-----------------------------------------------------------
Youngchang Silup Co., Ltd. will spin off its fashion business division
into a Korea-based wholly owned subsidiary on
August 17, 2007, Reuters reports.

According to the report, the subsidiary, capitalized at
KRW3 billion, will engage in fashion apparel business.

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


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

COMFORTPLUS LTD: Fixes July 6 as Last Day to Receive Claims
-----------------------------------------------------------
Comfortplus Ltd. entered wind-up proceedings on May 14, 2007, and
appointed Murray G. Allott as interim liquidator.

Mr. Allott requires the company’s creditors to file their proofs of debt
by July 6, 2007.

The Liquidator can be reached at:

         Murray G. Allott
         111 Bealey Avenue
         PO Box 29432, Christchurch 8540
         New Zealand
         Telephone:(03) 365 1028
         Facsimile:(03) 365 6400


DFF (2007): Deadline to File Proofs of Debt Is June 15
------------------------------------------------------
The creditors of DFF (2007) Ltd. are required to file their proofs of debt
by June 15, 2007.

Failure to prove debts by the due date will exclude a creditor from
sharing in the company’s dividend distribution.

The company’s liquidator is:

         Edward Christian Jansen
         Bruce Allen Dring
         Sherwin Chan & Walshe
         PO Box 30568, Lower Hutt
         New Zealand


EARTHWORKS & DEMOLITION: Proofs of Debt Due by June 12
------------------------------------------------------
Earthworks & Demolition Ltd. started to liquidate its business on May 15,
2007.

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

The company’s liquidator is:

         David Stuart Vance
         Barry Phillip Jordan
         PPB McCallum Petterson
         The Todd Building, Level 8
         95 Customhouse Quay
         PO Box 3156, Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


IMPERIAL JADE: Names Crichton and Horne as Liquidators
------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as liquidators
of Imperial Jade Garden Ltd. on May 11, 2007.

The Liquidators fixed June 18, 2007, as the last day for creditors to file
their proofs of claim.

The Liquidators can be reached at:

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


MCKELLAR PROPERTY: Appoints Robert Anthony Elms as Liquidator
-------------------------------------------------------------
On May 2, 2007, Robert Anthony Elms was appointed as liquidator of
McKellar Property Services Central Ltd.

Mr. Elms requires the company’s creditors to file their proofs of debt by
June 19, 2007.

The Liquidator can be reached at:

         Robert Anthony Elms
         Martin Jarvie PKF
         PO Box 1208, Wellington
         New Zealand


PETER RADLEY: Requires Creditors to Prove Debts by June 29
----------------------------------------------------------
Peter Radley Consultants Ltd. requires its creditors to file their proofs
of debt by June 29, 2007.

The company commenced liquidation proceedings on May 8, 2007.

The company’s liquidator is:

         Paul Andrew de Lacey
         PO Box 28054, Remuera
         Auckland
         New Zealand
         Telephone:(09) 522 1069
         Facsimile:(09) 522 1806


PREMIER SPOUTING: Enters Wind-Up Proceedings
--------------------------------------------
Premier Spouting Ltd. went into liquidation on May 12, 2007, and Curtis
John Mountfort was appointed as liquidator.

Mr. Mountfort is receiving creditors’ proofs of debt until
June 25, 2007.

The Liquidator can be reached at:

         Curtis J. Mountfort
         Mountfort & Associates, Chartered Accountants
         PO Box 82161, Auckland
         New Zealand
         Telephone:(09) 272 2241
         Facsimile:(09) 272 2251


STANLEY'S NIGHTCLUB: Taps Chapman and Gernhoefer as Liquidators
---------------------------------------------------------------
On May 10, 2007, Rowan John Chapman and Glen David Gernhoefer were
appointed as liquidators of Stanley's Nightclub Ltd.

Messrs. Chapman and Gernhoefer require the company’s creditors to file
their proofs of debt by June 26, 2007.

The Liquidators can be reached at:

         Rowan John Chapman
         Glen David Gernhoefer
         WHK Gosling Chapman Partnership
         WHK Gosling Chapman Tower, Level 6
         51-53 Shortland Street, Auckland 1010
         New Zealand
         Telephone:(09) 303 4586
         Facsimile:(09) 309 1198


THE UPHOLSTERY CRAFTSMAN: Enters Liquidation Proceedings
--------------------------------------------------------
On May 7, 2007, The Upholstery Craftsman (Wellington) Ltd. commenced
liquidation proceedings.

Creditors who were not able to file their proofs of debt by
May 31, 2007, are excluded from sharing in the company’s dividend
distribution.

The company’s liquidator is:

         Terence Charles Webb Bastion
         Terry Bastion, KBC House
         272 Karori Road, Karori
         Wellington
         New Zealand
         Telephone:(04) 476 5775
         Facsimile:(04) 476 5778


VENETIAN TILE: Shareholders Resolve to Close Business
-----------------------------------------------------
The shareholders of Venetian Tile Company Ltd. met on May 15, 2007, and
decided to liquidate the company’s business.

Stanley Rea and Paul Graham Sargison were appointed as liquidators.

The Liquidators can be reached at:

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


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

ACESITE PHILS: Earns PHP4 Million in First Quarter 2007
-------------------------------------------------------
Acesite (Phils.) Hotel Corp. posted a PHP4.03 million net income for the
quarter ended March 31, 2007, a 70% decrease from the PHP13.48 million net
income for the same period in 2006.

For the January-March 2007, the company earned revenues of PHP192.98
million with cost and sales of services amounting to PHP120.20 million,
resulting in a gross operating income of PHP72.78 million.  Fixed,
financial, operating and other expenses for the quarter ended March 31,
2007, amounted to PHP72.78 million.

As of March 31, 2007, the Company’s current liabilities of PHP503.13
million exceeded its current assets of PHP290.47 million, signifying that
the Company is illiquid.  The company had total assets of PHP2.23 billion
and total liabilities of PHP1.21 billion, resulting in a total
stockholders’ equity of PHP1.01 billion as of March 31, 2007.

Formerly known as Delbros Hotel Corporation, Acesite (Phils.) Hotel
Corporation -- http://www.manilapavilion.com.ph/-- is a foreign-owned
domestic corporation incorporated to engage in hotel operations and
investing.  DHC owns the Holiday Inn Manila Pavilion Hotel, a deluxe hotel
situated along United Nations Avenue in Manila.  The operations of the
latter are being managed by Holiday Inn Worldwide.  A major customer of
the hotel is the Philippine Amusement and Gaming Corporation, which
operates the Casino Filipino - Pavilion.

                 Debt Default and Restructuring

An event of default occurred with respect to the Acesite's payment of its
US$15 million loan with the Singapore Branch of the Industrial and
Commercial Bank of China, which matured on March 31, 1998.  On June 3,
2003, the loan was restructured by ICBC, which stipulated six semi-annual
installment payments of principal and interest until April 2006.  In July
2004, the company's new management asked for a reprieve on loan principal
payments due for the period, which the company suggested to be placed at
the end of the term of the Amended Agreement.  The outstanding principal
balance of the ICBC loan as of March 31, 2006, is US$9.18 million.
Management is still negotiating with ICBC for a rescheduling of payment on
the remaining principal balances.

                         Material Lawsuits

Acesite is party to a case that involves a PHP30.15 million petition for
the Bureau of Internal Revenue to refund Extended Value Added Tax payments
made from July 1996 to October 1997.  The Court of Tax Appeals and then
later the Court of Appeals ruled in favor of Acesite, and ordered the BIR
to refund PHP30.05 million.  The case is presently with the Supreme Court
on further appeal by the BIR.

Acesite also has a PHP5.26 million petition for the City Treasurer of
Manila to refund local taxes payments made on
April 19, 2002.  The case is still pending with the Regional Trial Court
in Manila, Branch 15.


EQUITABLE-PCI BANK: Moody's Withdraws Ratings
---------------------------------------------
Moody's Investors Service has withdrawn Equitable-PCI Bank's (EPCI)
ratings as a result of the bank's merger with Banco de Oro Universal Bank
(BDO).  The action follows the May 31, 2007, transfer of the entire
business undertaking of EPCI into Banco de Oro-EPCI, Inc. (formerly BDO;
rated B1/NP/D).

Headquartered in Manila, Philippines, EPCI had consolidated assets of P345
billion (US$7 billion) as at December 31, 2006.

These ratings were withdrawn:

   * Long-term/short-term deposit ratings of B1/NP; Stable
     outlook; and

   * Bank financial strength rating of D; Stable outlook

These obligations were assumed by Banco de Oro-EPCI:

   * Senior unsecured debt rating of Ba2; Stable outlook

   * Subordinated debt rating of Ba2; Stable outlook


FIL-ESTATE: Partially Settles Penalty for Reporting Failure
-----------------------------------------------------------
Fil-Estate Corp. has partially settled the penalty imposed on it by the
Philippine Stock Exchange for not submitting its annual report for the
year ended December 31, 2006.

Moreover, the company has not yet submitted its quarterly report for the
three months ended March 31, 2007.  Because of this, trading on the
company’s stocks remains suspended pending compliance with the
requirement.

Headquartered in Pasig City, Philippines, Fil-Estate Corporation was
originally incorporated as San Jose Oil Company, Inc. whose primary
purpose was to prospect for and market, oil, natural gas and other
minerals and secondarily invest in non-mining corporation or other
enterprises.  In July 1996, the Board of Directors and the stockholders
approved the change in the company's primary purpose from oil exploration
to that of a holding company authorized to engage in property and
infrastructure development, as well as the increase in authorized capital
stock from PHP300 million to PHP2 billion with par value of PHP1.00 per
share.

On January 22, 1998, the Securities and Exchange Commission approved the
change in corporate name to Fil-Estate Corporation, the change in primary
purpose from oil exploration to a holding firm, the change in par value
from P0.01 to P1.00 per share, and the declassification of the A and B
shares.  The company shall engage in infrastructure, privatization,
leisure and real estate investments through directly managed subsidiaries,
associated
entities and strategic alliances. On December 31, 2002, the SEC approved
the company's increase in authorized capital stake from PHP300 million
shares to PHP2 billion shares.

The key investment of Fil-Estate Corporation is in the form of equity
interest in Metro Rail Transit Holdings, Inc., and Metro Rail Transit
Holdings 2.  The combined investment in these two holding companies
represents approximately 28.5% interest in the MRT phase I train system
which runs from North triangle and Taft Avenue.

The Troubled Company Reporter – Asia Pacific reported that as of September
30, 2006, Fil-Estate Corporation's balance sheet revealed a stockholders'
deficit of PHP310,171,379.


GLOBE TELECOM: Moody's Keeps Foreign Currency Bond Rating at Ba2
----------------------------------------------------------------
Moody's Investors Service raised the local currency issuer rating for
Globe Telecom Inc to Baa1 from Baa2 with a stable outlook.

This action concludes the review for possible upgrade that commenced on
April 11, 2007.  At the same time, Moody's has affirmed Globe's Ba2
foreign currency bond rating with a stable outlook.

"The upgrade has been prompted by Globe's continuing strong operating and
financial fundamentals," says Laura Acres, a Moody's Vice President.

"Globe is the second largest wireless telecommunications operator in the
Philippines with a 39% cellular revenue market share, sound financial
profile and strong cash flow generation," adds Acres, also Moody's lead
analyst for the company.

Globe's Baa1/stable rating combines:

   (a) the company's underlying strength derived from its well-
       established business platform and very strong financial
       metrics; and

   (b) the credit support that Moody's believes its largest
       shareholder, Singapore Telecommunications, -- rated Aa2 -
       is likely to provide in a distress situation.

Moody's ranks the company's underlying credit strength as a "9" --
equivalent to Baa2 on Moody's global rating scale.  This assessment
reflects the company's position as the second largest telecommunications
operator in the Philippines (Philippines Long Distance Telecommunications
being the market leader), its healthy financial profile, highly attractive
EBITDA margins and positive free cash flow generative status, sound debt
maturity profile and balanced liquidity needs.  Furthermore, Moody's
assessment of Globe's underlying credit strength takes into account
ongoing growth in the Philippines cellular industry from which Globe as
one of the major players clearly stands to benefit.

Notwithstanding these positive factors, Globe's credit fundamental also
acknowledges country specific issues, such as uncertainty surrounding the
Philippines political and economic environment.  Any deterioration in the
political system or changes in the regulatory regime could have an impact
on Globe's operating profile and prospects for growth.  Moody's also notes
that under Moody's base case, Globe has negative free cash flow in 2007
reflecting a higher than normal level of capex as the company makes
investments in areas that are expected to drive future, long-term growth.

Because Globe is 45%-owned by SingTel, which is in turn 56.5%-owned by
Temasek Pte Limited (rated Aaa), Moody's overlays the company's underlying
credit strength with a joint default analysis for government related
issuers.  The final Baa1 rating is one-notch uplifted by Moody's
assessment of medium support from SingTel, reflecting the relative
importance of the Globe investment to SingTel and its track record of
injecting additional capital to support growth.

Moody's affirmation of Globe's foreign currency bond ratings reflects the
fact that the rating is unlikely to rise without either an improvement in
the Philippines' foreign currency country ceiling.

Globe's financial metrics exhibit strong investment grade characteristics;
hence any upward pressure on the local currency rating would be more
reflective of a stabilizing economic, political and social environment
reducing the operating environment uncertainties.  Specifically, Moody's
would look for Globe to maintain its existing solid financial profile.

On the other hand, downward pressure is not expected, given that Globe
currently enjoys a healthy financial and operating risk profile.  Event
risk is always a possibility because of the parlous state of the
socio-economic and political environment, and such risk would be measured
by EBITDA margins falling below 50% or debt/EBITDA rising above 2.0x.  Any
reduction in SingTel's shareholding may have potentially negative
consequences for the rating as it may impact the support level.
Furthermore, the foreign currency ratings are sensitive to any movement in
the sovereign rating.

Listed on the Philippine Stock Exchange, Globe is the second largest
telecommunications provider in the Philippines, with an approximate 39%
share of the cellular revenue market share. It offers digital wireless
voice and data services on 2G and 3G with HSDPA and wireline voice and
data services.


GLOBE TELECOM: Partners With Maxis for Money Transfer Services
--------------------------------------------------------------
Globe Telecom Inc. has partnered with Malaysian mobile phone operator
Maxis to provide a mobile international money transfer services, the
Canadian Press reports.

The service, called M-money, allows Maxis’ customers to wire up to MYR500
in every transaction to Globe subscribers in the Philippines, who could
then retrieve the money at Globe outlets.
Maxis’ customers must first cash in the money with Maxis before they can
remit money overseas.  They are charged MYR5 per transaction.

An unnamed spokeswoman for Maxis told the Canadian Press that the system
allows subscribers to remit up to MYR10,000 a month.

Headquartered in Mandaluyong City, Philippines, Globe Telecom, Inc. --
http://www.globe.com.ph/-- is one of the country's major
telecommunications companies.  It was incorporated on January 15, 1935, as
a traditional provider of telex and telegram and VSAT services.  Thereon,
it diversified its business into a cellular, landline and international
gateway facility services provider for long distance telephone calls.

The company offers a wide range of telecommunications services to business
and residential subscribers, including wireless, wireline and carrier
services.  It has introduced innovative features like text messaging,
Infotext and Handyphone Mobile Office.  It also offers caller ID, voice
mail, call forwarding and data/fax capabilities.  Recently, it launched
various services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV service, which
allows subscribers to view selected TV programs on mobile phones, among
others.

                          *     *     *

Last week, Moody's Investors Service raised the local currency issuer
rating for Globe Telecom Inc to Baa1 from Baa2 with a stable outlook.
This action concludes the review for possible upgrade that commenced on
April 11, 2007.  At the same time, Moody's has affirmed Globe's Ba2
foreign currency bond rating with a stable outlook.

The Troubled Company Reporter – Asia Pacific reported on September 1,
2006, that Standard & Poor's Ratings Services affirmed its ratings on
Globe Telecom Inc. at 'BB+', a major cellular telephone operator in the
Philippines.  The outlook is stable.

The TCR-AP reported on August 21, 2006, that Fitch Ratings upgraded Globe
Telecom Inc.'s long-term foreign currency issuer default rating to 'BB+'
from 'BB'.  The Outlook is Stable.  At the same time, Fitch upgraded
Globe's senior unsecured debt instruments to 'BB+' from 'BB' and affirmed
Globe's long-term local currency IDR of 'BB+' with a Positive Outlook and
national long-term rating of 'AAA(phl)' with a Stable Outlook.


* Philippine Economy Grows by 6.9% in First Quarter 2007
--------------------------------------------------------
The Philippine economy grew by 6.9% for the first three months of 2007,
fueled by low inflation, a strong currency, government pump-priming
activities and preparations for the elections, the Inquirer reports.

A 6.6% growth in the gross national product, which is comprised of the
gross domestic product, overseas Filipino worker remittances and earnings
of Filipino companies abroad, was also recorded, the report added.

According to the Inquirer article, the National Statistical Coordination
Board reported Thursday that the growth was way beyond expectations and
was the country’s highest since 1990. The GDP growth was also beyond
market expectations of 5.7% to 5.8%.

The Philippine Stock Exchange Index also recorded a jump of 76.12 points
or 2.23% to 3,474.67 -- the PSE index’s second-highest level in history,
after the all-time high of 3,505 recorded on May 22 -- the report relates.

According to Dennis Arroyo, a director at the National Economic
Development Authority, the Philippines is now competitive with neighboring
countries due to the growth in GDP, the Inquirer reported.

                          *     *     *

As reported in the Troubled Company Reporter – Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its 'BB-/B'
foreign currency and 'BB+/B' local currency sovereign credit ratings on
the Philippines, with a stable outlook.  Also in May 2007, S&P assigned
its 'BB+' senior unsecured rating to the Philippines' new three- and
five-year benchmark bond issues.
The new bonds mature in 2010 and 2012 and carry interest rates of 5.5% and
5.75%, respectively.  The exchange offers yielded approximately PHP55
billion and PHP58 billion for the three- and five-year bonds,
respectively, from the exchange of eligible issues.

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

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors Service
changed to stable from negative the outlook on the Philippines' key
ratings due to the progress made in reining in fiscal deficits in 2006 and
an easing in dependence on external financing.  The affected ratings
include the B1 long-term government foreign- and local-currency ratings,
the B1 foreign-currency bank deposit ceiling, and Ba3 foreign currency
country ceiling, the TCR-AP noted.


* Political Risks May Damage Economic Growth in the Future
----------------------------------------------------------
The Philippines’ growth in the long run may be impended by political risks
in the country, Economic Planning Secretary Romulo Neri told the
Philippine Daily Inquirer.

Secretary Neri said that businessmen have been successful in separating
economics from politics but, in long term, the political risks in the
current political climate would cause loss of social trust, and would
later on weight heavily on investments, the Inquirer relates.

“[The country needs] social trust to achieve a higher economic growth in
the future,” Secretary Neri told the news agency, adding that social trust
and economic growth are co-related in the long term.

The article relates that investments in the Philippines, with a 15%
investments-to-GDP ratio, lagged behind the 25% average in the
Asia-Pacific region, despite a higher-than-expected 6.9% increase in the
GDP for the first quarter.

                          *     *     *

As reported in the Troubled Company Reporter – Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its 'BB-/B'
foreign currency and 'BB+/B' local currency sovereign credit ratings on
the Philippines, with a stable outlook.  Also in May 2007, S&P assigned
its 'BB+' senior unsecured rating to the Philippines' new three- and
five-year benchmark bond issues.
The new bonds mature in 2010 and 2012 and carry interest rates of 5.5% and
5.75%, respectively.  The exchange offers yielded approximately PHP55
billion and PHP58 billion for the three- and five-year bonds,
respectively, from the exchange of eligible issues.

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

On Nov. 3, 2006, the TCR-AP reported that Moody's Investors Service
changed to stable from negative the outlook on the Philippines' key
ratings due to the progress made in reining in fiscal deficits in 2006 and
an easing in dependence on external financing.  The affected ratings
include the B1 long-term government foreign- and local-currency ratings,
the B1 foreign-currency bank deposit ceiling, and Ba3 foreign currency
country ceiling, the TCR-AP noted.


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

E-BRILLIANT: Pays Second & Final Dividend
-----------------------------------------
E-Brilliant Pte Ltd paid the second and final dividend to its creditors on
May 24, 2007.

The company paid 0.0798% to all received claims.

The company's liquidator is:

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


EC-ASIA DISTRIBUTION: Filing Proofs of Debt Due by June 18
----------------------------------------------------------
EC-Asia Distribution Pte. Ltd. requires its creditors to file their proofs
of debt by June 18, 2007.

Failure to prove debts by the due date will exclude a creditor from
sharing in the company's dividend distribution.

The company's liquidators are:

          Yeap Lam Kheng
          Bob Yap Cheng Ghee
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


I-INVEST PRIVATE: Members' General Meeting Set for June 29
----------------------------------------------------------
I-Invest Private Limited will hold the final general meeting for its
members on June 29, 2007, at 10:30 a.m. at 1 North Bridge Road #13-03 in
High Street Centre, Singapore 179094.

At the meeting, the members will be asked to:

   -- receive the liquidator's account regarding the manner in
      which the wind-up has been conducted and the company's
      property been disposed of, and to hear the liquidator's
      explanation;

   -- determine by resolution the manner in which the company's
      books, accounts and documents has been disposed of.


GENESIS ORIGINS: Court to Hear Wind-Up Petition on June 29
----------------------------------------------------------
Brandone International Advertising Pte Ltd filed a petition to wind up the
operations of GENESIS ORIGINS PTE LTD on May 25, 2007.

The High Court of Singapore will hear the petition on June 29, 2007, at
10:00 a.m.

Brandone International's solicitor is:

          Clifford Law Corporation
          24 Raffles Place, #07-05
          Clifford Centre
          Singapore 048621


SENG FAH: Creditors' Proofs of Debt Due by June 15
--------------------------------------------------
The creditors of Seng Fah Construction Pte Ltd. are required to file their
proofs of debt by June 15, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

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


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

DAIMLERCHRYSLER: Chrysler Marketing VP George Murphy to Resign
--------------------------------------------------------------
The Chrysler Group disclosed the George Murphy, 51, who has been Senior
Vice President of Global Brand Marketing since February 2001, has informed
the company that he will leave at the end of this month, in order to
pursue other opportunities.  A replacement was not named immediately.

“George has made a key contribution to our efforts to retool our brands –-
Chrysler, Jeep and Dodge,” Steven Landry, Executive Vice President of
North American Sales, Marketing, Service and Parts, said.  “Most recently,
he engineered a new identity for the Chrysler Brand featuring a new theme
line –- Engineered Beautifully.  This campaign shows that there is more
behind the sheet metal and distinctive style of this brand.”  The new
advertising campaign for Chrysler Brand debuted on May 8.

Mr. Murphy joined Chrysler Group in 2001 after two years with Ford Motor
Company, where he was General Marketing Manager for the Ford Division.
Prior to joining Ford he was with General Electric for 11 years, rising to
the level of Corporate Vice President before choosing to change industry
sectors.

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

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

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

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

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


DAIMLERCHRYSLER AG: Court Approves Collins & Aikman Settlement
--------------------------------------------------------------
The Honorable Judge Steven W. Rhodes of the U.S. Bankruptcy Court for the
Eastern District of Michigan has approved Collins & Aikman Corp.'s
settlement and option agreement with DaimlerChrysler AG and
DaimlerChrysler Canada Inc., Bankruptcy Law360 reports.

The agreement will help the Debtor to facilitate the sale of its assets.

According to the Debtor said the agreement, along with the customer
agreement as a whole, would save thousands of jobs and provide a framework
for the bankruptcy's resolution.  Collins & Aikman added that costly and
time-consuming litigation would have resulted had a deal not been reached,
Bankruptcy Law360 notes.

As previously reported, in December 2006, Collins & Aikman and its
debtor-affiliates successfully negotiated a comprehensive agreement that,
among other things:

   (a) provides a framework to facilitate the orderly sale of a
       majority of the Debtors' businesses with the support of
       the agents to the Debtors' prepetition senior, secured
       lenders and postpetition secured lenders and the Debtors'
       principal customers;

   (b) provides a meaningful opportunity to save thousands of
       jobs;

   (c) memorializes an agreement among the Debtors, the Agents
       and the Customers on the substantive terms of the Plan;
       and

   (d) provides a clear framework toward a consensual resolution
       and conclusion to these cases.

In connection with the customer agreement, the Debtors also
negotiated certain customer-specific agreements with individual
Customers that resolved disputed commercial matters.  The Debtors had not
finalized and filed each of the specific agreements with individual
Customers prior to the hearing to consider Court-approval of the customer
agreement.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, relates the
Debtors and DaimlerChrysler continued to negotiate and, on May 11, 2007,
reached the settlement and option agreement.

As with the other Customer-Specific Agreements, the DaimlerChrysler
Agreement has been filed under seal and shared only with the U.S. Trustee,
the Official Committee of Unsecured
Creditors and the Agents due to the sensitive and confidential commercial
information contained therein.

Generally, a settlement under Rule 9019(a) of the Federal Rules of
Bankruptcy Procedure should be approved if it is determined to be fair and
equitable and does not fall below the lowest level of reasonableness, Mr.
Schrock notes, citing Bauer v.
Commerce Union Bank, 859 F.2d 438, 441 (6th Cir. 1988); In re
Haven, Inc. 2005 WL 927666, at *3 (6th Cir. B.A.P. 2005); and
Dow Corning, 192 B.R. at 421.  The DaimlerChrysler Agreement satisfies
this standard, he asserts.

Mr. Schrock explains that the DaimlerChrysler Agreement resolves
a number of issues between the Debtors and DaimlerChrysler,
each, if left unresolved, would undoubtedly result in costly and
time-consuming litigation.

For example, Mr. Schrock says, if the parties did not agree to the
DaimlerChrysler Agreement, the parties would likely become
embroiled in disputes over breaches of the Debtors' obligations
under numerous purchase orders and postpetition agreements.
Similarly, he points out, the Debtors would expect that, but for
the consideration provided under the DaimlerChrysler Agreement,
the parties would be required to litigate numerous disputes over
ownership rights of certain equipment currently held by the
Debtors.

The expenses incurred to resolve the numerous disputes would be
an additional burden to the estates and their creditors, Mr.
Schrock avers.  The DaimlerChrysler Agreement avoids these
disputes and the heavy encumbrance that the disputes would place
on their estates.

Here, the Debtors' decision to enter into the DaimlerChrysler
Agreement is clearly an exercise of their sound business
judgment as it is integral to and effectuates the customer
agreement, Mr. Schrock asserts.

He relates that, although the terms of the DaimlerChrysler
Agreement must remain confidential due to its sensitive
commercial terms, the customer agreement, together with the
DaimlerChrysler Agreement, provide the Debtors with numerous
benefits, including:

    (a) significant prepetition claim settlement amounts;

    (b) a recovery that will maximize the value of the Debtors'
        working capital; and

    (c) the continued support of DaimlerChrysler for the sale of
        the Debtors' businesses and the Plan.

                     About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring.
Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed US$3,196,700,000 in
total assets and US$2,856,600,000 in total debts.

On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and
Disclosure Statement.  On Dec. 22, 2006, they filed an Amended
Joint Chapter 11 Plan.  The Court approved the adequacy of the
Amended Disclosure Statement.  The Court has adjourned the hearing to
consider confirmation of the Amended Joint Plan to
June 5, 2007.  (Collins & Aikman Bankruptcy News, Issue No.
61; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                      About DaimlerChrysler

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

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

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

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

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


G STEEL: Plans to Sell US$300 Mil. in Bonds to Refinance Debts
--------------------------------------------------------------
G Steel PCL plans to sell at most US$300 million in bonds to foreign and
domestic institutional investors, in a bid to refinance its debts.

According to a disclosure to the Stock Exchange of Thailand, the company
will hold an extraordinary general meeting of shareholders to consider
approval of the planned sale.

The meeting will be held on June 25, 2007, at 9:00 a.m. on the 3rd floor
of the Arnoma Hotel, located at No. 99 Rajjdamri Road, Lumpini in
Pathumwan, Bangkok.

These matters will also be taken up at the meeting:

     * Consideration and approval of the minutes of the annual
       general meeting for 2007 held on April 23, 2007; and

     * Other matters

Closing date of share registration will be on June 11, 2007 at 12:00 noon.

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

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

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

The TCR-AP reported that on June 27, 2006, Moody's Rating Agency placed
the B1 corporate family rating and senior unsecured bond rating of G Steel
Public Company Limited on review for possible downgrade.


TUNTEX: Pays THB68.51 Mil. Interest Under Rehabilitation Plan
-------------------------------------------------------------
Tuntex PCL paid THB68,518,090.58 in interest to its Group-1 Creditors in
accordance with the implementation of its business rehabilitation plan
from December 29, 2006, until April 20, 2007.

On the last business day of the January-March 2007 period, the company
paid THB57,523,832.32, representing interest accrued on outstanding
long-term debts having a rate of 5% per annum from December 29, 2006, to
March 15, 2007, and THB10,994,258.22 representing interest at a rate of
7.5% per annum from March 16, 2007, to March 30, 2007.

In this regard, the Company will pay the interest at the rate of 7.5% per
annum until June 2007 and will be temporarily exempted from repaying the
principal of the long term debt to the
Group-1 Creditors until June 2007.  During the interest payment period,
the company incurred a certain amount of default interest. The Company had
requested for a waiver of the default interest to Group-1 Creditors.  The
Group-1 Creditors granted the waiver on May 17, 2007.

Tuntex Public Company Limited -- http://www.tuntexthailand.com/-- was
incorporated as a public company limited under the Thai laws.  The company
operates in Thailand and its principal activity is the manufacture of
polyester yarn.

The company is currently classified under the Non-Performing Group of the
Stock Exchange of Thailand.

On August 11, 2006, Ruth Chaowanagawi of Ernst & Young Office Limited, the
company's independent auditor, raised significant doubt on the company's
ability to continue as a going concern.


* Thai Finance Ministry Predicts 3.8% Economic Growth for 2007
--------------------------------------------------------------
Thailand’s finance ministry forecasts an economic growth of 3.8% to 4.3%
due to a decline in consumer spending and investment, spurred by protests
against the military junta governing the country, Bloomberg News reports.

The forecast is lower than the 4%-4.5% growth that the ministry predicted
in February 2007, Bloomberg notes.  According to the report, the ministry
also warned that a fall to 3.25% is imminent if the economic situation
worsens.  The ministry also forecasted a 1% expansion in investment, lower
than the 5.3% it gave in February 2007, and consumption is expected to
grow 3.5%, from the 4.4% at the last revision, Bloomberg related.

According to Bloomberg, the finance ministry gave a THB35 per US$1
prediction, a revision from its THB36 per US$1 expectation in February.

The ministry also expects that Thailand’s current account surplus will
increase from US$2.6 billion at the last revision to US$11.9 billion, the
report noted.  A growth of 8.1% for exports and 5.2% for imports was also
forecasted, as well as a 2.8% increase in the consumer price index,
Bloomberg added.



                            *********

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

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

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


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

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

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