TCRAP_Public/070606.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

            Wednesday, June 6, 2007, Vol. 10, No. 111

                            Headlines


A U S T R A L I A

CHEMEQ: In Voluntary Administration After Appeal Fails
FUELTOWN AUTOMOTIVE: Will Declare Dividend on July 3
IMMS MORTGAGE: Creditors' Proofs of Debt Due by June 21
KCJ SERVICES: Joint Final Meeting Set for June 29
NATIONAL MANAGEMENT: Members Resolve to Close Business

NESTOR NOMINEES: Proofs of Debt Due by June 19
PECER CONSTRUCTIONS: Will Declare First Dividend on July 13
RATIOCURA PTY: Placed Under Voluntary Liquidation
SEVILLE FINANCE: Undergoes Voluntary Liquidation
SUMMIT RESOURCES: Paladin Pulls Out of Takeover

SUMMIT RESOURCES: Changes Execs After Paladin Takeover Attempt
TDA MANAGEMENT: Members Decide to Shut Down Business
TRAUMEREI PTY: Sets Members' Final Meeting for June 28


C H I N A   &   H O N G  K O N G

BALLY TOTAL: To File for Chapter 11 Bankruptcy Protection
BANK OF BEIJING: Inks Agreement With IFC; Obtains CNY300MM Loan
CANTRONIC SYSTEMS: TSX Okays Debt-for-Equity Swap with CalTech
COUDERT BROS: Gets Court Nod to Challenge $85MM Malpractice Suit
CNH GLOBAL: S&P Lifts Corporate Credit Rating to BB+ from BB

EMI GROUP: Advisers to Share GBP150 Million on Successful Offer
TCL MULTIMEDIA: Posts HK$2.5 Billion Net Loss for FY 2006


I N D I A

AES CORP: Unit Sells Stake in 2 Calif. Power Plants to Covanta
AIR DECCAN: Members to Decide on UBS Acquisition on June 26
AMERICAN AXLE: JPMorgan & BoA to Arrange Term Loan Refinancing
BRISTOW GROUP: Declares Private Offering of US$250-Mln Sr. Notes
DECCAN AVIATION: Warwick Brady Quits COO Post

DENA BANK: Sets Shareholders' Annual General Meeting on June 29
HAYES LEMMERZ: Completes Three Recapitalization Transactions


I N D O N E S I A

BANK CENTRAL ASIA: Funds in SBI Down 27.6 Percent
GAJAH TUNGGAL: Moody's Rates US$95MM Sr. Unsecured Bonds at B2
GAJAH TUNGGAL: Reopens July 2010 Bond Programme
GEOKINETICS: Completes Amended Credit Agreement with PNC Bank
GOODYEAR TIRE: S&P Raises Corporate Credit Rating to 'BB-'

MEDCO ENERGI: Unit Buys 49.99% Shares of Camar Bawean
PERTAMINA: Expects 12,000 bpd Production From Pondok Tenguah


J A P A N

ALL NIPPON: Will Hold 62nd Shareholders Meeting on June 25
JABIL CIRCUIT: Moody's Confirms Ba1 Corporate Family Rating
MITSUBISHI MOTORS: US Sales Up 15.5% in May 2007
SANYO ELECTRIC: Settles Patent Lawsuit with MediaTek
SOJITZ CORP: Ties Up with Grange to Develop Iron Ore Pellet

YAKINIKUYA SAKAI: Effects Shareholder Structure Changes
YAKINIKUYA SAKAI: G. Communication Completes Takeover Bid


K O R E A

ASML HOLDING: Moody's Holds Corporate Family Rating at Ba1
HYNIX SEMICONDUCTOR: To Partner with TSMC to Sell DRAM Lines
LYONDELL CHEMICAL: Sells US$510 Million of 6.785% Senior Notes
LYONDELL CHEMICAL: S&P Rates Proposed US$500 Mil Notes at B+


M A L A Y S I A

AYER MOLEK: Bursa to Delist Securities on June 13
SUREMAX GROUP: Failure to File Plan Cues Bourse Delisting Plan
MP TECHNOLOGY: Gets Public Reprimand for Breach of Bursa Rules
INVENSYS PLC: S&P Puts Low-B Ratings on Positive Watch


N E W  Z E A L A N D

AVALANCHE LTD:  Names Matthew Peter Whimp as Liquidator
BOMBAY CAFE: Receiving Proofs of Debt Until July 20
GEORGE INVESTMENTS: Taps Jollands and Grieve as Liquidators
HOSDEN ENTERPRISES: Appoints Curtis Mountfort as Liquidator
IRISH PUB: Creditors' Proofs of Debt Due by June 29

KARIZMA HORSE: Filing Proofs of Debt Due by June 21
LIBERTY INVESTMENTS: Filing Proofs of Debt Due by Aug. 24
MAHIA ROCKS: Filing Proofs of Debt Due by June 29
NZ BUILDING: Taps  Bromwich and Finnigan as Liquidators
SYNTIRO LTD: Fixes Aug. 23 as Last day to Prove Claims


P H I L I P P I N E S

APEX MINING: Mar. 31 Balance Sheet Upside Down By PHP59.90 Mil.
ASIA AMALGAMATED: Incurs PHP389,035 Loss for Qtr. Ended Mar. 31
CE CASECNAN: Posts US$100.8-Million Net Income for 2006
CE CASECNAN: Posts US$13.67-Mil. Net Income for Mar. '07 Quarter
PHIL. AIRLINES: Expands Long-Range Fleet and Buys 2 Boeing 777s

PHIL NAT'L BANK: Mulls Merger With Allied Bank
PHIL. NAT'L CONSTRUCTION: Appeals Court Okays Radstock Deal


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Legg Mason Raises Stake to 5.49%
AVAGO TECH: Reports 2007 2nd Quarter Financial Results
CSB BATTERY: Requires Creditors to Prove Debts by June 30
LEAR CORP: Says No Competing Bids Filed, Tata's Offer Gloomy
L&M INTERNATIONAL: Pays Preferential Dividend


T H A I L A N D

ADVANCED PAINT: Posts THB3.13MM Net Loss for March 2007 Quarter
ASIA HOTEL: Shareholders to Meet on June 28
HANTEX: Auditor Issues Disclaimer of Opinion on 2006 Statements
SIAM COMMERCIAL: Orders 55 Units NCR Personas M Series 74 ATMs
TMB BANK: DBS to Hold Most Foreign Shares After Recapitalization

* BOND PRICING: For the Week 4 June to 8 June 2007

     - - - - - - - -


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

CHEMEQ: In Voluntary Administration After Appeal Fails
------------------------------------------------------
Chemeq Limited has been placed in administration after an appeal to
overturn a court ruling ordering the company to repay
AU$60 million to its creditors failed, The Sydney Morning Herald says.

In an interview with SMH, a company spokesperson said that Chemeq is
“required to repay the AU$60 million to the bondholders immediately."

An ABC News article recounts that the animal drug manufacturer
experienced financial trouble last year when the creditors claimed that
the company had defaulted on a AU$60 million loan.

However, the company made an appeal to the Supreme Court and was
dismissed on May 30, 2007, ruling it had failed to meet the terms of the
final milestone covenant in the convertible bonds deed poll, relates SMH.

Chemeq Chief Executive Officer David Williams reportedly said that he is
extremely disappointed by the Court's decision and that “the matter is now
with the administrators and obviously the bondholders will work out what
they'll do."

Along with this event, the directors have appointed Brian McMaster and
David Winterbottom from KordaMentha as voluntary administrators of the
company.

On the same day, Chemeq received a notice of appointment of Martin Bruce
Jones, Andrew John Saker and Darren Gordon Weaver of Ferrier Hodgson as
Joint and Several Receivers and Managers to the property of the Company.

Headquartered in Rockingham, West Australia, Chemeq Limited --
http://www.chemeq.com.au/-- is an Australia-based veterinary
pharmaceutical company, in the business of developing, manufacturing and
marketing its product, CHEMEQ polymeric anti-microbial, for the prevention
and control of intestinal bacterial diseases in feedstock animals, such as
pigs and poultry.  The Company believes that its product, CHEMEQ, has
demonstrated in vitro activity against a range of microorganisms,
including gram-positive and gram-negative bacteria, bacterial spores,
mycobacteria, protozoa, viruses, yeasts and fungi.  In addition, it
believes that CHEMEQ has the same effectiveness against multiple
antibiotic resistant bacteria as non-resistant bacteria, including
pathogenic strains
of Escherichia coli.


FUELTOWN AUTOMOTIVE: Will Declare Dividend on July 3
----------------------------------------------------
Fueltown Aautomotive Pty Ltd will declare a first and final dividend on
July 3, 2007.

Priority and unsecured creditors are required to file their proofs of debt
by June 19, 2007, to be included in the company's dividend distribution.

The company's deed administrator is:

          David J. Lofthouse
          CJL Partners
          180 Flinders Lane, Level 3
          Melbourne, Victoria 3000
          Australia
          Telephone:9639 4779
          Facsimile:9639 4773


IMMS MORTGAGE: Creditors' Proofs of Debt Due by June 21
-------------------------------------------------------
The creditors of IMMS Mortgage Securities Limited are required to file
their proofs of debt by June 21, 2007.

Creditors who cannot file their proofs of debt by the due date will be
excluded from sharing in the company's dividend distribution.

The company's deed administrator is:

          John Lindholm
          Ferrier Hodgson
          600 Bourke Street, Level 29
          Melbourne, Victoria 3000
          Australia
          Telephone:(03) 9600 4922
          Facsimile:(03) 9642 5887


KCJ SERVICES: Joint Final Meeting Set for June 29
-------------------------------------------------
A joint final meeting will be held for the members and creditors of KCJ
services Pty Ltd on June 29, 2007, at 10:00 a.m.

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

The company's liquidator is:

          Stephen R. Dixon
          BDO Kendalls Business
          Recovery & Insolvency (Victoria) Pty Ltd
          The Rialto, Level 30
          525 Collins Street
          Melbourne, Victoria 3000
          Australia


NATIONAL MANAGEMENT: Members Resolve to Close Business
------------------------------------------------------
On May 27, 2007, the members of National Management Services Pty. Ltd. had
a meeting and resolved to close the company's business.

Anthony Robert Cant of Romanis Cant was appointed as liquidator.

The Liquidator can be reached at:

          Anthony Robert Cant
          Romanis Cant, Chartered Accountants
          106 Hardware Street, Melbourne
          Australia


NESTOR NOMINEES: Proofs of Debt Due by June 19
----------------------------------------------
Nestor Nominees Pty Ltd requires its creditors to file their proofs of
debt by June 19, 2007.

The company will declare a first and final dividend on July 3, 2007.

The company's deed administrator is:

          David J. Lofthouse
          CJL Partners
          180 Flinders Lane, Level 3
          Melbourne, Victoria 3000
          Australia
          Telephone:9639 4779
          Facsimile:9639 4773


PECER CONSTRUCTIONS: Will Declare First Dividend on July 13
-----------------------------------------------------------
Pecer Constructions Pty Ltd, which is in liquidation, will declare a first
and final dividend on July 13, 2007.

Creditors who cannot file their proofs of debt by June 29, 2007, will be
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

          Leonard A. Milne
          c-o Venn Milne & Co
          43 Railway Road, Suite 1
          Blackburn, Victoria 3130
          Australia


RATIOCURA PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
The members of Ratiocura Pty Ltd met on May 18, 2007, and resolved to
close the company's business.

Nicholas Giasoumi and Roger Darren Grant were appointed as liquidators at
the creditors' meeting held later that day.

The Liquidators can be reached at:

          Nicholas Giasoumi
          Roger Darren Grant
          165 Camberwell Road,
          Hawthorn East 3123
          Australia


SEVILLE FINANCE: Undergoes Voluntary Liquidation
------------------------------------------------
The members of Seville Finance Pty. Ltd. met on May 18, 2007, and decided
to liquidate the company's business.

Barry Keith Taylor was appointed as liquidator at the creditors'
meeting held later that day.

The Liquidator can be reached at:

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


SUMMIT RESOURCES: Paladin Pulls Out of Takeover
-----------------------------------------------
According to various reports, Paladin Resources Ltd. has failed to reach
the 90% required compulsory acquisition for Summit Resources Limited on
June 1, 2007.

Along with this, Paladin has decided to drop any plans of pursuing Summit
Resources further.

In a report by The Australian, Paladin has told the Australian Stock
Exchange that it held 81.82% of Summit's ordinary shares, less than the
90% required for compulsory acquisition.

The article added that under the AU$1.07 billion bid, which was
recommended by the Summit board, shareholders would have received one
Paladin share for for every 1.67 Summit shares, equating to about AU$6.22
per Summit share.

Meanwhile, Areva SA, which has a 10.46% stake in Summit contested
Paladin's acquisition of Summit after it filed a complaint against Paladin
Resources with the Australian mergers and acquisitions authority, the
Takeovers Panel, accusing Paladin of withdrawing its support for Areva's
strategic alliance with Summit Resources relates a Hemscott Empowering
Investors report.

With Areva acquiring the 10.46% stake, Paladin was unable to achieve the
90% share for compulsory acquisition.

According to the Mining Journal report quoting Areva's Managing
Director, Philippe Portella, “For the time being we will keep our 10.5%
and remain a shareholder.”

                      About Summit Resources

Perth, Australia-based Summit Resources Limited --
http://www.summitresources.com.au/-- is engaged in the
identification of, and exploration for, base metal and precious
metal mineral resources in Australia.  In the Mount Isa province
of northwest Queensland, it has six wholly owned uranium
deposits, which are Andersons, Mirrioola, Watta, Bikini, Tjilpa
and Warwai uranium deposits. Under the Mount Isa Uranium Joint
Venture, it owns 50% interest in the Valhalla and the Skal
uranium deposits.  The Isa South project comprises nine
contiguous tenement applications covering over 2,140 square
kilometers of Proterozoic terrane in the south of Mount Isa. It
has commenced drill testing a number of base metal targets in
the Isa North tenements.  It has interest in six sub-block
exploration permit minerals near CopperCo's Mount Kelly copper
gold discovery in Mount Isa.  During the fiscal year ended June
30, 2006, the company was engaged in the spin-off of its
Constance Range iron ore and phosphate assets by de-merging them
into subsidiary, Pacific Mines Limited.

The company suffered two consecutive net losses of AU$557,625
and AU$636,453 for the years ended June 30, 2006 and 2005,
respectively.


SUMMIT RESOURCES: Changes Execs After Paladin Takeover Attempt
--------------------------------------------------------------
Summit Resources Limited effected a number of board changes following the
achievement of over 80% controlling interest in the company by Paladin
Resources Ltd.

   * Alan Eggers is the Founding Director of the company.  He
     has stepped down from his position as Managing Director and
     resigned from the board;

   * John Seton, the current chairman has stepped down from the
     board;

   * Lindsay Colless, the current executive director has also
     stepped down from the board and will be replaced by Brendan
     O'Hara;

   * Mal Randall will join the company as an independent non-
     executive director;

   * David Berrie will remain on the board as an independent
     non-executive director.

   * Company Secretary, Karen Brown also stepped down from her
     position and will be replaced by Gillian Swaby

                      About Summit Resources

Perth, Australia-based Summit Resources Limited --
http://www.summitresources.com.au/-- is engaged in the
identification of, and exploration for, base metal and precious
metal mineral resources in Australia.  In the Mount Isa province
of northwest Queensland, it has six wholly owned uranium
deposits, which are Andersons, Mirrioola, Watta, Bikini, Tjilpa
and Warwai uranium deposits. Under the Mount Isa Uranium Joint
Venture, it owns 50% interest in the Valhalla and the Skal
uranium deposits.  The Isa South project comprises nine
contiguous tenement applications covering over 2,140 square
kilometers of Proterozoic terrane in the south of Mount Isa. It
has commenced drill testing a number of base metal targets in
the Isa North tenements.  It has interest in six sub-block
exploration permit minerals near CopperCo's Mount Kelly copper
gold discovery in Mount Isa.  During the fiscal year ended June
30, 2006, the company was engaged in the spin-off of its
Constance Range iron ore and phosphate assets by de-merging them
into subsidiary, Pacific Mines Limited.

The company suffered two consecutive net losses of AU$557,625
and AU$636,453 for the years ended June 30, 2006 and 2005,


TDA MANAGEMENT: Members Decide to Shut Down Business
----------------------------------------------------
At an extraordinary general meeting held on May 18, 2007, the members of
TDA Management Pty Ltd decided to shut down the company's business and
appointed Leonard A. Milner as liquidator.

The Liquidator can be reached at:

          Leonard A. Milner
          Venn Milner & Co.
          Suite 1, 43 Railway Road
          Blackburn, Victoria 3130
          Australia


TRAUMEREI PTY: Sets Members' Final Meeting for June 28
------------------------------------------------------
Traumerei Pty Ltd will hold a final general meeting for its members on
June 28, 2007, at 10:30 a.m.

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

The company's liquidator is:

          L. W. E. Charlton
          First Floor, 943 Dandenong Road
          Malvern East, Victoria 3145
          Australia
          Telephone: 9563 5099


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

BALLY TOTAL: To File for Chapter 11 Bankruptcy Protection
---------------------------------------------------------
Bally Total Fitness reached an agreement in principle on the proposed
terms of a consensual restructuring with certain holders of over 80% in
amount of its 9-7/8% Senior Subordinated Notes due 2007.

The company plans to implement the proposed restructuring through a
pre-packaged Chapter 11 bankruptcy filing of the parent company, Bally
Total Fitness Holding Corporation, and certain of its subsidiaries.

The restructuring will reduce the principal outstanding on the Existing
Senior Subordinated Notes by US$150 million by exchanging all existing
Senior Subordinated Notes for a new class of subordinated notes, common
equity and the right to participate in the US$77.5 million rights
offering.

The consenting Senior Subordinated Noteholders, including affiliates of
Tennenbaum Capital Partners, LLC, Goldman Sachs & Co., and Anschutz
Investment Company, have agreed in principle, subject to the execution of
definitive documentation and satisfaction of conditions precedent by the
company, to consent to the proposed restructuring plan and to subscribe to
their pro rata portion of new senior subordinated notes to be issued in a
US$77.5 million rights offering as part of the proposed plan.
The right to participate in the rights offering will be available to all
holders of the Existing Senior Subordinated Notes and certain other
unsecured creditors.  The consenting Senior Subordinated Noteholders have
agreed to purchase any notes not subscribed for in the rights offering,
assuring that the full US$77.5 million is raised by the company.  The
company intends to enter into a plan support agreement with the consenting
Senior Subordinated Noteholders providing for their commitment to vote for
the plan and to backstop the rights offering and containing customary
provisions governing interim operations of the Company and restricting the
terms of compensation arrangements, new contracts, and modifications to
bank financing agreements.

"We are pleased to have achieved such strong support for a consensual
restructuring that reduces our debt, reduces our annual cash interest
obligations by approximately US$29 million and provides the new cash and
cash availability to continue to serve our members and invest in our
fitness centers,” Don R. Kornstein, Bally's Chief Restructuring Officer
and Interim Chairman, stated.  “This agreement in principle with the
consenting Senior Subordinated Noteholders lays the foundation for a
restructuring process that will enable us to invest in our clubs and
upgrade our business model to provide a superior fitness experience for
our 3.5 million members and a top- quality work environment for our 20,000
employees."

The Chapter 11 filing is conditioned upon, among other things, receipt of
the approval of the proposed plan of reorganization by 66-2/3% in
principal amount and a majority in number of the holders of the Company's
10-1/2% Senior Notes due 2011, who vote on the plan.  The company expects
to commence the formal process of vote solicitation in mid-June.  If the
necessary votes are received, the restructuring would be implemented
through a voluntary pre-packaged bankruptcy filing under Chapter 11
of the U.S. Bankruptcy Code to be commenced in July 2007.  Absent superior
proposals from other funding sources or existing constituencies, the
company expects to complete its reorganization within 60 days of filing
its bankruptcy petition.

Under the proposed plan:

   * Subject to the consent of its senior lenders, the company's
     senior secured credit facility would be amended to waive
     all defaults and any provision triggered by
     implementation of the proposed plan, and to provide
     increased covenant flexibility.  Although such funding is
     not necessary for its continued operations, the company may
     enter into a debtor-in-possession financing facility.

   * The principal, interest rate, maturity and guarantees on
     the company's Senior Notes would remain the same.  Holders
     of the Senior Notes will be asked to consent to certain
     waivers and amendments to the indenture governing the
     Senior Notes, and upon the effectiveness of the proposed
     plan, holders of Senior Notes would receive a fee equal to
     1% of the face value of their notes.

   * The Senior Note Indenture would be amended to waive all
     existing defaults and any provisions triggered by
     implementation of the proposed plan (including the change
     of control put option), eliminate the requirement that the
     company file and provide SEC reports (but the company will
     be required to provide annual (audited, to the extent
     available) and quarterly financials, including MD&A and 8-K
     reportable events), and increase the permitted debt basket
     for the senior credit facility to US$325 million (with no
     reduction for any asset sales) and the debt basket for
     purchase money debt and capital leases to US$100 million.

   * Holders of the Existing Senior Subordinated Notes and
     certain unsecured creditors (which may include lease
     rejection claims) would receive in exchange for their
     claims their pro-rata share of New Subordinated Notes in
     the principal amount of US$150 million, representing 50% of
     their existing principal, non-detachable rights to
     participate in the rights offering for the New Senior
     Subordinated Notes, and shares of common stock representing
     100% of the equity in the reorganized company.  The New
     Subordinated Notes would mature five years from the
     effective date of the proposed plan and would bear interest
     at 13% per annum if paid in kind or 11.5% per annum if paid
     in cash, at the company's option upon satisfaction of a
     toggle covenant of 2.25:1.00 minimum interest coverage and
     US$50 million minimum liquidity, which will be determined
     on pro forma basis after giving effect to the proposed
     payment of interest on the New Subordinated Notes and the
     New Senior Subordinated Notes.  The New Senior Subordinated
     Notes to be issued in the rights offering will rank senior
     to the New Subordinated Notes, but otherwise will have
     similar economic terms.

   * The company and its subsidiaries may reject selected leases
     and other contracts in the bankruptcy.

   * Existing equity would be cancelled for no consideration.

The company expects to continue normal club operations during the
restructuring process and would emerge from Chapter 11 no longer subject
to public reporting obligations.

The company also believes it will be able to file its Annual Report on
Form 10-K for the year ended Dec. 31, 2006 by the end of June.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT) -- http://www.Ballyfitness.com/-- is a commercial
operator of fitness centers in the U.S., with over 400 facilities located
in 29 states, Mexico, Canada, Korea, China and the Caribbean under the
Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada
(R) brands.  Bally offers a unique platform for distribution of a wide
range of products and services targeted to active, fitness-conscious adult
consumers.

                          *     *     *

As reported in the Troubled Company Reporter on April 19, 2007,
Moody's Investors Service downgraded all the credit ratings
of Bally Total Fitness Holding Corporation after its failure to
make the April 16, 2007 interest payment on US$300 million principal
amount of senior subordinated notes.


BANK OF BEIJING: Inks Agreement With IFC; Obtains CNY300MM Loan
---------------------------------------------------------------
Bank of Beijing signed a cooperation agreement with International Finance
Corp. regarding China Utility-Based Energy Efficiency Finance Program and
Global Trade Finance Program, in a bid to provide internationalized and
tailor-made financing services for competitiveness enhancement, China
Knowledge reports.

Under the agreement, IFC offers CNY130 million as risk management
guarantee to Bank of Beijing as well as
CNY300 million as loan support, the report relates.

Both parties, according to China Knowledge , will jointly kick off the
programs in Beijing and Tianjin with the aim of alleviating energy
shortages and environment pollution problems and promote Olympic economic
and city development during the process of urbanization and modernization.

The Bank of Beijing is a bank based in Beijing, People's Republic of
China.  Founded on January 8, 1996 as Beijing City Commercial Bank, it
adopted its present name in January 2005.

On March 12, 2007, Fitch Ratings upgraded the Support ratings of Bank of
Beijing to 3 from 4, reflecting the improved ability of the government to
support domestic financial institutions and the close relationship between
the bank and the central and
local governments.

At the same time, the agency affirmed the bank's individual rating at D/E.


CANTRONIC SYSTEMS: TSX Okays Debt-for-Equity Swap with CalTech
--------------------------------------------------------------
The TSX Venture Exchange has approved Cantronic Systems Inc.'s Shares for
Debt transaction with the California Institute of Technology, wherein
Cantronic will issue 538,053 Commons Shares of the company at a deemed
price of US$0.141 to Caltech to settle outstanding debt of US$75,865.46.

The Common Shares issued will be subject to a four-month hold period from
the date of closing.  The Debt Settlement Shares will be held in escrow
pursuant to a pooling agreement, the terms of which are to include that
the trustee under the Pooling Agreement will hold the share certificates
for release as to one-quarter of the Debt Settlement Shares every three
months starting on the date which falls three months from the date of the
Pooling Agreement. The issuance of the Debt Settlement
Shares will not result in a change of control.

                      About Cantronic Systems

Based in Vancouver, British Columbia, Cantronic Systems Inc. (TSX VENTURE:
CTS) -- http://www.cantronics.com/-- manufactures
instruments with infrared night vision technology, specializing in passive
and active infrared cameras, infrared illuminators, low light infrared
sensitive CCD cameras and long-range night vision surveillance systems for
demanding homeland security applications.

The company operates a customer support center in China.

Cantronic, through its U.S. subsidiary QWIP Technologies, Inc.,
holds a worldwide exclusive license from the California Institute of
Technology to produce and sell infrared detectors and sensors based on
Caltech's Quantum Well Infrared Photodetector technology.

                        Going Concern Doubt

In the going concern paragraphs of Cantronic Systems' financial
statements for the nine months ended Oct. 31, 2006, the company
said that it incurred a net loss of US$820,879 at Oct. 31, 2006.  The
company also speculated that it might not have sufficient working capital
for the next twelve months.  These factors, the company said, raised
substantial doubt about its ability to continue as a going concern.  In
order to mitigate these factors, the company said it is still in the
process of trying to identifying sources for additional financing to fund
working capital requirements and the ongoing development of the
company's business.

COUDERT BROS: Gets Court Nod to Challenge $85MM Malpractice Suit
----------------------------------------------------------------
Coudert Brothers LLP obtained permission from the U.S. Bankruptcy Court
for the Southern District of New York to attempt to dismiss an USUS$85
million malpractice suit brought by the Debtor's former client, Statek
Corp., Bill Rochelle of Bloomberg News reports.

According to Bloomberg, the Court allowed Coudert to file papers
asking a U.S. district court to throw out the Statek suit.

Statek's case, Bloomberg says, has been frozen since Coudert sought
bankruptcy protection in 2006.

Coudert Brothers LLP was an international law firm specializing in complex
cross border transactions and dispute resolution.  The firm had operations
in Australia and China.  The Debtor filed for Chapter 11 protection on
Sept. 22, 2006 (Bankr. S.D.N.Y. Case No. 06-12226).  John E. Jureller,
Jr., Esq., and Tracy L. Klestadt, Esq., at Klestadt & Winters, LLP,
represent the Debtor in its restructuring efforts.  Brian F. Moore, Esq.,
and David J. Adler, Esq., at McCarter & English, LLP, represent
the Official Committee Of Unsecured Creditors.  In its schedules of assets
and debts, Coudert listed total assets of US$29,968,033 and total debts of
USUS$18,261,380.  The Debtor filed its Chapter 11 Plan of Liquidation and
Disclosure Statement in March 2007.  The Court has adjourned the hearing
to consider the adequacy of the Debtor's disclosure statement from May 30,
2007, to June 15, 2007.


CNH GLOBAL: S&P Lifts Corporate Credit Rating to BB+ from BB
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
CNH Global N.V. and related entities to 'BB+' from 'BB' following the same
rating action taken by Standard & Poor's on CNH's parent company,
Italy-based Fiat SpA.  The outlook is positive.

The corporate credit rating and outlook on publicly traded CNH are the
same as those on auto and truck manufacturer Fiat due to the close ties
between the two entities.  Fiat views CNH as a core business and continues
to provide strong liquidity support to CNH by way of intercompany loans
and bank loan guarantees.  Fiat has an approximate 90% equity ownership
stake in CNH.  The company has a satisfactory business position as the
world's second-largest agricultural equipment maker and as a major
manufacturer of construction equipment.  It also has an aggressive, but
improving, financial profile.

CNH Global N.V. -- http://www.cnh.com-- is a global, full-line company in
both the agricultural and construction equipment industries.  The
company's global scope and scale includes integrated engineering,
manufacturing, marketing and distribution of equipment on five continents.
It organizes its operations into three business segments: agricultural
equipment, construction equipment and financial services.  CNH markets its
products globally through its two brand families, Case and New Holland.
Case IH and New Holland make up its agricultural brand family.  Case and
New Holland Construction (along with Kobelco in North America) make up its
construction equipment brand family.

The company has manufacturing plants in Austria, Belgium, Italy, China,
India, Brazil, Mexico, among others.


EMI GROUP: Advisers to Share GBP150 Million on Successful Offer
---------------------------------------------------------------City
advisers will share GBP150 million in fees if Terra Firma Capital’s GBP4
billion offer for EMI Group Plc is successful, Dominic White writes for
The Telegraph.

According to the report, Citigroup Global Markets
Ltd., which is arranging GBP2.5 billion debt to help fund Terra Firma’s
cash offer, will receive the biggest share in fees.

Citigroup is also EMI Group’s joint house broker, but EMI said that
Greenhill & Co. International LLP is acting as its independent adviser to
comply with the takeover rules, the Telegraph relates.

Terra Firma, founded by Guy Hands, submitted the sealed offer of around
265 pence in cash for each EMI shares with deadline for acceptances set
for June 27, 2007.

According to the Telegraph, the offer would now cost Terra Firma GBP4
billion, GBP800 million more than was previously reported, because the
firm expected EMI’s debt to rise by GBP600 million at March 31, 2007, to
GBP1.4 billion by the time the deal would complete.  Advisers’ fees is at
GBP150 million and GBP50 million for the break fees due on EMI’s existing
debt.

Terra Firma is putting up GBP1.47 billion of equity and borrowing of
GBP2.5 billion to fund the offer, and has also arranged a GBP350 million
overdraft to finance working capital, the Telegraph relates.

Terra Firma also said it was keen to reach agreement with the trustees of
EMI's pension fund.  The fund had a deficit of GBP7 million at March 31,
2007.

Meanwhile Warner Music Group Corp. is contemplating on a solo bid for EMI
Group PLC after changing its mind on approaching EMI with private equity
firms, AFX News Ltd. reports citing the Guardian as its source.

According to the report, Warner was doing due diligence on EMI and is set
on a lone offer.

Former EMI CEO Jim Fifield also expressed his plans to acquire EMI.

                     About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over
EUR7 billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:

    (i) will incur up to GBP150 million in incremental
        restructuring costs,

   (ii) has performed below its expectations during its
        financial year-to-date,

  (iii) has installed Eric Nicoli, hitherto chairman of the
        group as CEO of EMI Group and  EMI Recorded Music and

   (iv) is reviewing its balance sheet.


TCL MULTIMEDIA: Posts HK$2.5 Billion Net Loss for FY 2006
---------------------------------------------------------
TCL Multimedia Technology Holdings Ltd recorded a net loss of HK$2.5
billion on HK$29.18 billion of turnover for the full year ended Dec. 31,
2006, compared with a net loss of
HK$703.28 million on HK$32.50 billion of turnover in 2005.

According to the company, the decline in turnover and gross profit was
mainly due to the winding down of the Group’s legacy Europe business
implemented since October 2006.  "Although the Group managed to achieve
satisfactory performance in other key markets, the profits could not
compensate for the substantial operating loss and the costs and impairment
provisions for restructuring incurred by the Europe business, resulting in
a net loss attributable to equity holders of the parent of HK$2,497
million for the year under review."

As of Dec. 31, 2006, the company's unaidited balance sheet showed strained
liquidity with current assets of HK$9.65 billion available to pay current
liabilities of HK$10.66 billion.  In addition, the company's balance sheet
as of Dec. 31 showed total assets of HK$12.4 billion and total liabilities
of
HK$10.71 billion, resulting to a shareholders' equity of
HK$1.69 billion.

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

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

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


=========
I N D I A
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AES CORP: Unit Sells Stake in 2 Calif. Power Plants to Covanta
--------------------------------------------------------------
The AES Corporation disclosed that its wholly owned subsidiary
AES Central Valley, L.L.C. has agreed to sell its 100% indirect
interest in two biomass fired power plants in California (the 50
megawatts Delano facility and the 25 megawatts Mendota facility)
and an associated biomass fuels management company to Covanta
Holding Corporation for US$51 million.

"The sale of the Central Valley Businesses reflects our
commitment to portfolio management in our businesses," said
David Gee, AES Executive Vice President and President, North
America region.  "While we are committed to growing our
portfolio, including renewable generation assets such as
biomass, this transaction represented a compelling opportunity
to deliver value to our shareholders."

The sale is subject to certain regulatory approvals and to
customary purchase price adjustments.  The transaction is
expected to be completed during the third quarter of 2007.

                           About AES

AES Corporation -- http://www.aes.com/-- is a global power
company, with 2006 revenues of US$12.3 billion.  The company
operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has Asian presence in China, India and Sri Lanka.

                          *     *     *

In March 2007, Fitch has affirmed AES Dominicana Energia
Finance, S.A.'s foreign currency Issuer Default Rating at 'B-'.
Fitch said the rating outlook is stable.

Fitch has also affirmed the 'B-/RR4' rating of the company's
US$160 million of senior unsecured notes due 2015.  The notes
are jointly and severally guaranteed by AES Dominicana's two
operating companies, AES Andres B.V. and Dominican Power
Partners.  In addition, the notes benefit from a six-month debt-
service reserve account and a US$23.5 million guarantee from AES
Corp., rated 'B+' by Fitch.  The 'RR4' recovery rating reflects
the Dominican Republic's recovery rating cap.

At the same time,  Standard & Poor's Ratings Services said that
The AES Corp.'s (BB-/Stable/--) announcement that it would delay
the release of its 2006 10-K, that it would restate previous
financial statements because it has discovered certain errors
mostly related to previously identified material weaknesses, and
that it is reviewing its accounting for long-term compensation,
does not immediately affect the company's ratings or outlook.
The review is not yet complete and AES Corp. has not yet
determined the final amount of the adjustments, but at this time
the company does not believe they will be material or will
affect its cash balances.

In October 2006,  Moody's Investors Service downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the rating agyency's implementation of its new Probability-of-
Default and Loss-Given-Default rating
methodology.


AIR DECCAN: Members to Decide on UBS Acquisition on June 26
-----------------------------------------------------------
The shareholders of Deccan Aviation Ltd will decide on June 26, 2007, the
proposed acquisition of United Breweries Group of a 26% stake in the
charter aviation company.

As reported by the Troubled Company Reporter - Asia Pacific yesterday,
Deccan Aviation plans to sell 26% of the company for around INR5.5 billion
to United Breweries Group.

Deccan Aviation's board of directors, at its meeting on May 31,
2007, approved in principle the preferential issue of up to
35,222,231 of the company's equity shares of INR10 each to
members of the United Breweries Group.  The shares, which will be 26% of
post issue capital, will be issued at a price of INR155 per share.  
Pursuant to Indian takeover rules, UB Group will make an open offer for
20% more in Deccan.

To consider the move, Air Deccan will hold an extraordinary general
meeting for its members on June 26.  Specifically, the company will seek
the shareholders' approval for:

   1. increase in authorized equity share capital from INR125
      crore to INR150 crore and the consequential amendment to
      the capital clause of the company's Memorandum of
      Association.

   2. issue of up to 35,222,231 equity shares of INR10 each at a
      price of INR155 per share on preferential basis to members
      of UB Group.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on June 1, 2007,
that Deccan Aviation has a stockholder's equity deficit of US$2.83
million.


AMERICAN AXLE: JPMorgan & BoA to Arrange Term Loan Refinancing
--------------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., and its wholly owned
subsidiary, American Axle & Manufacturing, Inc. have selected JPMorgan
Securities Inc. and Banc of America Securities LLC to arrange a US$250
million unsecured term loan facility.  The facility is being arranged on
an uncommitted basis giving AAM the ability to enter into the transaction
at its discretion.

AAM intends to use the proceeds for general corporate purposes,
including the prepayment of its existing US$250 million term loan.  The
new term loan would mature in 2012.  The transaction is subject to
customary terms and conditions and the execution of definitive
documentation.

American Axle & Manufacturing -- http://www.aam.com/--
manufactures, engineers, designs and validates driveline and
drive train systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, India, Japan, Mexico, Poland,
Scotland and South Korea.

                        *     *     *

As reported in the Troubled Company Reporter - Latin America on
Feb. 28, 2007, Fitch has assigned a 'BB' rating to American Axle
& Manufacturing's (NYSE: AXL) new senior unsecured notes due
2017.  Fitch has also affirmed American Axle's existing ratings:

   -- Issuer Default Rating (IDR) 'BB';
   -- Senior unsecured bank facility 'BB'; and
   -- Senior unsecured 'BB'.


BRISTOW GROUP: Declares Private Offering of US$250-Mln Sr. Notes
----------------------------------------------------------------
Bristow Group Inc. has intended to offer, pursuant to Rule 144A and
Regulation S under the Securities Act of 1933, US$250 million in principal
amount of senior notes due 2017.

The offering of the notes, which is subject to market and other
conditions, will be made within the United States only to qualified
institutional buyers and outside the United States to non-U.S. Investors
under Regulation S of the Securities Act.

The company intends to use the net proceeds from the offering to fund
additional aircraft purchases under options and for general corporate
purposes.

The offer of the proposed senior notes will be made only by means of an
offering memorandum to qualified investors and has not been registered
under the Securities Act of 1933 or any state securities laws.  The notes
may not be offered or sold in the United States absent registration under
the Securities Act of 1933 or an applicable exemption from the
registration requirements of the Securities Act of 1933 and applicable
state securities laws.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- provides helicopter
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in Australia, China, India, Mexico, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 27, 2006,
Standard & Poor's Ratings Services assigned its 'B' rating to
the helicopter service company Bristow Group Inc.'s US$230
million 5.5% mandatory preferred convertible stock.  At
the same time, Standard & Poor's affirmed the 'BB' corporate
credit rating on the company.  S&P said the outlook is negative.


DECCAN AVIATION: Warwick Brady Quits COO Post
---------------------------------------------
In a regulatory filing with the Bombay Stock Exchange, Deccan Aviation
Limited disclosed that Chief Operating Officer Warwick Brady has resigned
from his post.

The resignation came at the heels of the company's announcement of the
proposed takeover of of United Breweries Group. The BSE filing, however,
did not provide the reason for Mr. Brady's quitting the COO post.

In the same filing, the company informed BSE that Ramki Sundaram with his
current responsibility as Chief Financial Officer will  also officiate as
the CEO with immediate effect.

As reported by the Troubled Company Reporter - Asia Pacific yesterday,
Deccan Aviation plans to sell 26% of the company for around INR5.5 billion
to United Breweries Group.  Pursuant to Indian takeover rules, UB Group
will make an open offer for 20% more in the charter aviation company.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
June 1, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


DENA BANK: Sets Shareholders' Annual General Meeting on June 29
---------------------------------------------------------------
Dena Bank informs the Bombay Stock Exchange that the 11th Annual
General Meeting of the company's shareholders will be held on June 29, 2007.

During the meeting, the shareholders will, among others:

   1. discuss, approve and adopt the bank's balance sheet as at
      March 31, 2007 and profit & loss account for the year
      ended on that date, the report of the board of directors
      on the working and activities of the bank for the period
      covered by the accounts, and the auditors' report on the
      financial statements; and

   2. consider declaring dividend on the bank's equity shares
      for the financial year 2006-2007.

The bank's Register of Members & Share Transfer Books will remain closed
from June 16, 2007, to June 29, 2007 for the purpose of payment of
dividend and the AGM .

Headquartered in Mumbai, Dena Bank -- http://www.denabank.com/
-- is principally engaged in the provision of a range of
financial and banking solutions.  It offers both retail banking
and corporate banking services.

On March 16, 2007, Fitch affirmed the bank's 'D/E' Individual
Rating and '4' Support Rating.


HAYES LEMMERZ: Completes Three Recapitalization Transactions
------------------------------------------------------------
Hayes Lemmerz International Inc. has closed on these recapitalization
transactions:

1.equity rights offering of US$180 million and direct
investment by Deutsche Bank Securities Inc. of
      US$13.1 million;

   2. senior secured credit facilities of approximately US$495
      million, issued by a European subsidiary; and

   3. 8-1/4% senior notes due 2015 of EUR130 million, issued by
      a European subsidiary.

The proceeds from these transactions were used:

    * to repay the 10-1/2% senior notes due 2010 of HLI
      Operating Company Inc., a subsidiary of the company;

    * to repay the company's obligations under its Amended and
      Restated Credit Agreement dated April 11, 2005;

    * to pay related transaction costs, fees and expenses;

    * to provide working capital; and

    * for other general corporate purposes.

"The company is pleased with the show of support from the company’s
shareholders and its lenders,” James Yost, vice president, finance and
chief financial officer said.  “The rights offering was over-subscribed
and there was strong interest from both U.S. and European investors for
its debt.  By raising new equity capital and retiring high-cost debt, the
company has reduced its leverage, strengthened its balance sheet and
significantly improved its free cash flow."

                 About Hayes Lemmerz International

Headquartered in Northville, Michigan, Hayes Lemmerz International Inc.
(Nasdaq: HAYZ) --
http://www.hayes-lemmerz.com/-- global  supplier of automotive and
commercial highway wheels, brakes and powertrain components.  The company
has 30 facilities and approximately 8,500 employees worldwide.

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

                          *    *    *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service raised to B3 from Caa1 the corporate
family and probability of default ratings of HLI Operating
Company, Inc., a wholly-owned subsidiary of Hayes Lemmerz
International, and changed the rating outlook to stable from
negative.

Moody's also assigned a B2 (LGD3, 33%) to new senior secured bank
facilities to be issued by HLI Operating Company, a B2 (LGD3, 33%) to a
secured term loan and synthetic letter of credit facility to be issued by
HLI Luxembourg S.a.r.l. and a Caa2 (LDG5, 87%) to new senior unsecured
notes also to be issued by HLI Luxembourg.


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

BANK CENTRAL ASIA: Funds in SBI Down 27.6 Percent
-------------------------------------------------
Bank Central Asia's funds in Bank Indonesia Certificate promissory notes
decreased 27.6% to IDR21 trillion from
IDR29 trillion in March, Antara News reports.

According to the report, there were various sources that made Bank
Central's funds drop.  The reasons given for the drop were:

    *  more attractive investment in the treasure bond;

    *  increasing investment in corporate bonds;

    *  increasing distribution of public housing; and

    *  motor vehicle loans.

Bank Central President Jahja Setiaatmadja said that the bank
currently has IDR50 trillion of government bonds consisting of IDR27
trillion for the bond with a floating rate and
IDR23 trillion for that with a fixed rate, Antara notes.

The report adds that Mr. Setiaatmadja said the bank expected to extend
IDR10 trillion in credits, which will be supported by funds from third
parties such as a savings account.

                        Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 2,
2006, that Fitch Ratings has affirmed all the ratings of Bank
Central Asia as follows:

   * Long-term foreign currency Issuer Default rating: 'BB-'

   * Short-term foreign currency rating: 'B'

   * National Long-term rating: 'AA (idn)'

   * Individual: 'C/D' and

   * Support: '4'.

The Outlook for all the ratings is Stable.


GAJAH TUNGGAL: Moody's Rates US$95MM Sr. Unsecured Bonds at B2
--------------------------------------------------------------
Moody's Investors Service assigned a B2 senior unsecured rating for PT
Gajah Tunggal Tbk's proposed US$95 million bonds.

At the same time, Moody's has affirmed GT's B2 corporate family rating and
the B2 senior unsecured rating for existing
US$325 million bonds, guaranteed by GT.  The outlook for all the ratings
is at present negative.

"The rating outlook will be reverted from negative to stable upon
completion of the proposed bond issuance," says Moody's lead analyst for
the company, Elizabeth Allen.  "The bond issuance mitigates Moody's
previous concern of high refinancing risks faced by GT, whereby it would
need to rely on external funding to meet its substantial debt repayment
before the end of 2008," she says.

"GT's liquidity profile will improve with the additional bond issuance,
and its near-term refinancing needs will be eased as capex under its
existing business plan can now be funded with the proceeds from the bonds.
GT has US$69 million of debt due up to end-2008, Moody's understands that
such repayment will be serviced by the company's operating cash flows,"
she adds.

GT's operating performance also improved in first quarter 2007, as
reflected by an increase in EBIT margin to 10.6%.  This was a result of
increased selling prices, stabilization of raw material costs, and
improvement in the local economic situation.

The current B2 rating continues to reflect GT's dominant and
competitive position in the Indonesian domestic tire market; its worldwide
expansion; and its low cost structure when compared with its global peers.

These positive factors are offset by the company's comparatively small
size on a global scale, high financial leverage and projected negative
free cash flow.  In accordance with Moody's global rating methodology for
auto suppliers, GT is consistent with a single B rating.

Finally, the B2 rating also takes into account the company's liquidity
profile, including its lack of back-up bank facilities, history of debt
restructuring arising from the Asian financial crisis, as well as exposure
to exchange rate fluctuations.

Downward rating pressure could evolve if adjusted retained cash flow (post
working capital)/adjusted net debt stays below 8% and EBITDA interest
coverage falls below 1.5x over the cycle.  Such developments could be due
to:

    * an industry downturn beyond Moody's expectations;

    * inability by the company to pass on further increases in
      material costs, leading to a margin squeeze;

    * unforeseen increases in product liabilities;

    * cost and time over-runs for the plant expansion program;
      and/or

    * an aggressive dividend payout policy which returns funds
      to shareholders.

Beyond the expectation of changing GT's outlook to stable upon the
completion of the bond, further upward rating pressure in the near term is
unlikely given the company's currently weak liquidity profile.

               About PT Gajah Tunggal Tbk

Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk --
http://www.gt-tires.com/-- is primarily engaged in the production and
marketing of a range of tires and inner tubes for motorcycles, passenger
cars, commercial cars, off the road vehicles and industrial and heavy
equipment vehicles.  Its products are marketed to both domestic and
international markets, including Australia, the United States and other
countries in Asia and Europe.  These products can be purchased in
approximately 5,000 retail outlets around the world.  The company's
subsidiaries, which are engaged in the general trading and financial
services, the distribution sector and the chemical industry, include GTT
Netherlands B.V., GT 2005 Bonds B.V., PT Prima Sentra Megah and PT
Polychem Indonesia Tbk.  The company operates a production facility in
Tangerang.


GAJAH TUNGGAL: Reopens July 2010 Bond Programme
-----------------------------------------------
PT Gajah Tunggal re-opened its July 2010 bond programme on
June 5, pricing US$95 million worth of 10.25% guaranteed senior unsecured
notes via Credit Suisse and Lehman Brothers.  The B2(stable)/B(positive)
Reg-S transaction attracted a
US$1-billion order book, Finance Asia reports.

According to the report, the reopened bonds priced at 102.75. The new
issue price equates to a yield spread of 423.9bp over two-year Treasuries.

The transaction tapped the company’s existing US$325 million bond
programme due to mature in 2010, raising the total size of the programme
to US$420 million, the report notes.

The report adds that the company will use the proceeds to fund its
motorcycle tyre and radial tyre production expansion, as well as providing
research and development facilities.

                   About PT Gajah Tunggal Tbk

Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk --
http://www.gt-tires.com/-- is primarily engaged in the
production and marketing of a range of tires and inner tubes for
motorcycles, passenger cars, commercial cars, off the road
vehicles and industrial and heavy equipment vehicles.  Its
products are marketed to both domestic and international
markets, including Australia, the United States and other
countries in Asia and Europe.  These products can be purchased
in approximately 5,000 retail outlets around the world.  The
company's subsidiaries, which are engaged in the general trading and
financial services, the distribution sector and the chemical industry,
include GTT Netherlands B.V., GT 2005 Bonds B.V., PT Prima Sentra Megah
and PT Polychem Indonesia Tbk.  The company operates a production facility
in Tangerang.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Oct. 6, 2006,
Standard & Poor's Ratings Services affirmed its 'B' long-term corporate
credit rating on Indonesia's PT Gajah Tunggal Tbk.  The outlook is stable.
At the same time, it affirmed the 'B' issue rating on the five-year
US$325 million senior unsecured bonds issued by GT2005 Bonds B.V., and
irrevocably and unconditionally guaranteed by Gajah Tunggal.

June 23, 2006, that Moody's Investors Service had confirmed its B2
corporate family rating for PT Gajah Tunggal and its B2
senior unsecured rating for GT 2005 Bonds BV's US$325 million
bonds guaranteed by GT, with a negative outlook.  The ratings
outlook is revised to negative.


GEOKINETICS: Completes Amended Credit Agreement with PNC Bank
-------------------------------------------------------------
Geokinetics Inc. has completed an Amended and Restated Credit Agreement
with PNC Bank, National Association.

The company said that the new credit agreement increases its existing
US$24,000,000 credit facility to a US$60,000,000 revolving line of credit,
which may be increased to US$70,000,000 at the request of the company.

The company said that it plans to use the proceeds from the increased
credit facility for capital expenditures and general corporate purposes.

                    About Geokinetics Inc.

Geokinetics Inc., based in Houston, Texas, is a leading global
leader of seismic acquisition and high-end seismic data
processing and interpretation services to the oil and gas
industry. Geokinetics provides seismic data acquisition services in North
America, South America, Africa, Asia, Australia and the Middle East.
Geokinetics operates in some of the most challenging locations in the
world from the Arctic to
mountainous jungles to the transition zone environments.

The Troubled Company Reporter reported on Dec. 22, 2006, that
Standard & Poor's Ratings Services affirmed its 'CCC+' issue
rating and '3' recovery rating on Geokinetics' second priority
floating rate notes due in 2012, after the disclosure that the
offering will be increased to US$110 million from
US$100 million.

Moody's Investors Service in December 2006 assigned a B3
corporate family rating and probability of default rating to
Geokinetics and a SGL-3 speculative liquidity rating.  Moody's
also assigned a B3, LGD 4 (53%) rating to Geokinetics' proposed
offering of US$100 million second priority senior secured
floating rate notes due 2012.  The outlook is stable.


GOODYEAR TIRE: S&P Raises Corporate Credit Rating to 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Goodyear Tire &
Rubber Co., including its corporate credit rating to 'BB-' from 'B+'.  In
addition, the ratings were removed from CreditWatch where they were placed
with positive implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.

The upgrades reflect the company's completion of its equity offering with
net proceeds of approximately $834 million.  Proceeds will be used to
repay approximately $175 million of its 8.625% notes due in 2011 and
approximately $140 million of its 9% notes due in 2015.  S&P expect some
of the remaining
proceeds would be used to repay other debt.

The benefits of the reduction in debt and debt-like obligations as a
result of the equity sale, pending asset sales, and the United
Steelworkers contract are significant.  Combined with sustained improved
performance in North American tire operations, an additional upgrade is
possible during the next two years.  The outlook could be revised back to
stable or to negative if earnings and cash flow weaken because of soft
demand, or if operating improvements in North America reverse,
notwithstanding recent progress on balance sheet improvement.

        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.


MEDCO ENERGI: Unit Buys 49.99% Shares of Camar Bawean
-----------------------------------------------------
PT Medco Energi Internasional Tbk's unit, Medco Bawean (Holdings) Pte.
Ltd., signed a Sales and Purchase Agreement with HCM Investment Services
Ltd. to purchase 49.99% shares of Camar Bawean Petroleum Ltd. at a price
of US$ 22 million, Rigzone News reports.

The report notes that prior to the execution of the Agreement, CBPL was
owned by Medco Bawean 50.11%, by acquiring HCM shares, Medco will then
hold 100% of CBPL shares.

BP Migas, Indonesia's upstream oil and gas regulator approved the transfer
of 30% Working Interests of Bawean PSC Block to Camar Resources Canada
Inc., which already held 5% Working Interests in the first place and is
also the Operator of Bawean Block PSC, the report relates.

Rigzone points out that with such transfer, the composition of Working
Interests holders at Bawean Block PSC became 35% owned by CRC and 65%
owned by CBPL.

In December 2005, the report recounts that Medco Energi expressed its
interest in directly participating in Bawean PSC Block.  Consequently, it
was the valid reason for MedcoEnergi to provide CRC with the financial and
technical supports during the Working Interests transfer from IPR to CRC
as well as authorizing CRC to be the Company's nominee in acquiring the
Bawean PSC Block.

The report adds that the operating terms of the Bawean PSC Block will
expire on 2011.  Currently CRC is in the process of obtaining approval for
the extension of Bawean Block PSC contract from BP Migas.

                        About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Medco Energi.  The outlook
remains negative.  According to S&P, the negative outlook on
Medco reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

In a TCR-AP report on Aug. 16, 2006, Moody's Investors Service
changed the outlook on Medco Energi's ratings to negative from
stable.  The ratings affected by the outlook change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


PERTAMINA: Expects 12,000 bpd Production From Pondok Tenguah
------------------------------------------------------------
PT Pertamina (Persero)'s subsidiary, P.T. Pertamina EP Cepu,
expects oil production from the Pondok Tengah field in Bekasi, Indonesia,
to exceed 12,000 barrels per day by the end of the year, Rigzone reports.

According to the report, Pertamina is intensifying development activities,
including building production facilities, to raise output.

Pondok Tengah started production in August 2006.  At present, its output
is at 4,000 bpd, the report recounts.

The Indonesian government aims to increase national oil and gas production
by 30% in 2009.  The additional output is expected to come from Pondok
Tengah and Cepu, the report adds.

                   About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a
wholly state-owned enterprise.  The enactment of Oil and Gas Law No.
22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying out its
activities, PT Pertamina implements an integrated system from upstream to
downstream.  Pertamina operates seven oil refineries with a total output
capacity of around 1 million barrels per day.  However, these refineries
only cover about three-quarters of domestic oil demand, the rest is
supplied by imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed that the
Company's financial condition was in critical condition because its
expenses had surpassed its income due to its obligation to meet domestic
demand with fuel oil bought at higher prices on the international market.
Mr. Rohimone stated that with a liquidity position below IDR2 trillion,
the Company was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first six
months of 2005, Pertamina's failure to service its financial obligations
was pegged as one of the contributors to Indonesia's decreased income for
the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a geothermal
project in Karaha Bodas, East Java.  Since that time, the debt has
steadily risen due to the Company's failure to pay the compensation
immediately.


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

ALL NIPPON: Will Hold 62nd Shareholders Meeting on June 25
----------------------------------------------------------
All Nippon Airways will hold its 62nd Ordinary General Meeting of
Shareholders on June 25, at 10 a.m., at the Grand Prince Hotel New
Takanawa (former New Takanawa Prince Hotel), International Convention
Center PAMIR; 13-1, Takanawa 3-chome, in Minato-ku, Tokyo.

Among the matters to be discussed at the meeting are the company's
business report, consolidated financial statements, and the auditors'
reports.

During the meeting, 16 directors will also be elected.

                        About All Nippon

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 9, 2007,
that Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit and issue ratings on Japan Airlines Corp.
(B+/Negative/--) following the company's announcement of its new
medium-term management plan.  The outlook on the long- term corporate
credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for both Japan
Airlines International Co., Ltd and Japan Airlines Domestic Co., Ltd.  The
rating affirmation is in response to the planned restructuring of the
Japan Airlines Corporation group on Oct. 1, 2006 with the completion
of the merger of JAL's two operating subsidiaries, JAL International and
Japan Airlines Domestic.  JAL International will be the surviving company.
The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt
obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned a BB-
rating on the company, which is three notches lower than investment grade.


JABIL CIRCUIT: Moody's Confirms Ba1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service confirmed Jabil Circuit, Inc.'s Ba1 corporate
family rating and revised the outlook to negative following the recent
filing of its fiscal 2006 (August yearend) 10-K and fiscal 2007 first and
second quarter tenth-quarters. Simultaneously, Moody's upgraded the rating
on the existing
US$300 million senior unsecured notes to Ba1 from Ba2.

This concludes the review for possible downgrade that was first
initiated in November 2006 and continued in February 2007 when Moody's
lowered the CFR to Ba1.

The confirmation reflects the company's filing of its 10-K and tenth
quarters.  The 10-K included cumulative non-cash pre-tax restatement
charges totaling US$54.3 million related to improper accounting treatment
of prior stock options awarded to employees and a non-employee director.
Moody's views these charges to be immaterial.

The negative outlook reflects Jabil's reduced financial flexibility as a
result of increased financial leverage, profitability weakness and
expectations of diminished free cash flow over the next several quarters.
It also considers the increase in working capital consumption over the
past year without a commensurate increase in profitability, and continued
high levels of capital expenditures targeted for fiscal 2007. Hence, we
anticipate free cash flow to continue to be negative in fiscal 2007 as the
company continues to spend to add higher margin capacity.  Management
expects to be free cash flow positive in fiscal 2008, however Moody's
believes Jabil will be challenged to achieve this.  The negative outlook
factors only a modest amount of refinancing risk related to the bridge
facility maturing December 2007.

The Ba1 CFR reflects the excess capacity, competitive pricing pressures
and inherent volatility that currently plague the EMS industry, as well as
rising capital expenditures and working capital associated with Jabil's
transition to a more vertically integrated business model to compete more
effectively against its competitors.  The rating is constrained by the
company's mid-single digit gross margins, US$200-250 million 3-year
restructuring program that is expected to conclude in fiscal 2008 and the
associated near-term negative impact on already thin operating margins.
Moody's notes that although roughly 60% of the charges have occurred, the
remaining realignment costs coupled with the challenges associated with
the need to make considerable up-front investments for new vertical
programs before commensurate return on capital is realized, will likely
keep operating margins below 2% over the next 12 months.
Additionally, current weakness in the consumer segment, unfavorable
product mix and the winding down of old OEM programs prior to full ramp-up
of the higher margin vertical programs will pressure revenue growth rates
(estimated to be 15%/annum going forward versus 30% historically) and
operating margins. Finally, financial leverage of 3.7x associated with the
recent debt-financed acquisition of Taiwan Green Point Enterprises,
weakly positions Jabil in the Ba1 rating category.  Moody's observes that
these various challenges could place increased demand on senior
management, stretch resources and cause distractions as the company seeks
to become more efficient and acquire core competencies in the
non-traditional part of the EMS value chain.

Notwithstanding these challenges in the near-term, we expect Jabil will
maintain a solid market position longer-term, benefiting from the secular
OEM outsourcing trend (especially in the Asian and Eastern European
regions), its Tier 1 leadership status, historic quality execution and
customer service in the traditional EMS space, growing market share and
lower margin commodity activities in favor of an operating model global
footprint with facilities located near OEM customer sites.  Going forward,
the company expects to de-emphasize its historic focus on concentrating on
end-to-end solutions, vertical component production and emerging EMS
segments with higher margin low volume characteristics.  Consideration is
given to the company's rationalization of its manufacturing footprint, the
shift of production to lower cost regions and the expected costs savings
associated with the restructuring program.

Moody's could stabilize the outlook upon Jabil's achievement of
sustainable cash flow from operations and generation of free cash flow to
reduce leverage and achieve total debt to EBITDA commensurate with the Ba1
. Additionally, the outlook could stabilize upon:

   (i) sustaining current market share levels relative to
       competitors;

  (ii) management focus on improved operational execution
       especially in non-traditional EMS segments;

(iii) an increase in revenue contribution from value-added EMS
       activities, resulting in higher sustainable operating
       margins;

  (iv) improvement in operating income ROA (net cash) above 7%
       (Moody's adjusted);

   (v) minimization of restructuring charges and realization of
       associated cost savings; and

  (vi) successful incorporation of Green Point as part of the
       new vertical integration and product development
       strategy.

The one-notch upgrade of the senior notes reflects a lower
loss-given-default point estimate than previously (52% from 83%) under the
LGD framework and Moody's' revised view that the notes are not
structurally subordinated to the liabilities at Jabil's operating
subsidiaries.  Based upon new information, it is evident that Jabil
Circuit, Inc., the issuer of the notes, is not a parent holding company,
but rather an operating entity with hard assets, receivables and payables.
As such, although
the notes do not benefit from upstream guarantees, because they are
located at a first-tier operating entity, in a bankruptcy scenario they
would share the same collateral pool as the trade creditors and bank
lenders residing at the operating subsidiaries.

These ratings/assessments were upgraded:

   -- US$300 million 5.875% Senior Unsecured Notes due 2010 to
      Ba1  LGD-4, 52%) from Ba2 (LGD-5, 83%)

These ratings were confirmed:

   -- Corporate Family Rating at Ba1;
   -- Probability of Default Rating at Ba1.

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions company
providing comprehensive electronics design, manufacturing and product
management services to global electronics and technology companies.  Jabil
Circuit has more than 50,000 employees and facilities in 20 countries,
including Brazil, Mexico, United Kingdom and Japan.  Revenues for the 12
months ended Feb. 28, 2007 were US$11.7 billion.


MITSUBISHI MOTORS: US Sales Up 15.5% in May 2007
------------------------------------------------
Mitsubishi Motors North America Inc. said Friday that its U.S. auto sales
grew 15.5% in May 2007, reports Chron.com.

According to the report, the increase is due to the increasing demand for
the Lancer car from 13,651 units to 11,821 units.

Mitsubishi's Outlander crossover sport utility vehicle sales also
increased to more than a double as compared with the same period last
year, Chron.com relates.

So far for this year, Mitsubishi U.S. auto sales are up 18.6%, the report
added.

                    About Mitsubishi Motors

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

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

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

                          *     *     *

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

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

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


SANYO ELECTRIC: Settles Patent Lawsuit with MediaTek
----------------------------------------------------
Sanyo Electric Co. and MediaTek Inc. have settled patent suits over
semiconductors and consumer electronics, Susan Decker and Edvard
Pettersson of Bloomberg News reports.

Bloomberg notes that, according to Sanyo lawyer Craig Hentschel, the terms
of the agreement are confidential and declined to comment further.

On March 6, 2006, the Troubled Company Reporter - Asia Pacific reported
that Sanyo Electric filed a patent suit against MediaTek claiming that
MediaTek infringed its patents on a "Synchronized Multiple Format Video
Processing Method and Apparatus," a "Video/Audio Signal Coding System
and Method," and an "Audio Decoder".

                      About Sanyo Electric

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

                          *     *     *

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

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


SOJITZ CORP: Ties Up with Grange to Develop Iron Ore Pellet
-----------------------------------------------------------
Sojitz Corp and Grange Resources Ltd will form a joint venture to develop
the US$1.2 billion Southdown iron ore pellet project in Western Australia,
reports Mining Journal.

Sojitz will pay US$4 million for a 10% stake, and another
US$10 million for a further 20% stake in the project, the report cites a
statement by Grange Resources to the Australian Stock Exchange.

                        About Sojitz Corp.

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

                          *     *     *

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


YAKINIKUYA SAKAI: Effects Shareholder Structure Changes
-------------------------------------------------------
Yakinikuya Sakai Co., Ltd., disclosed on July 1, 2007, that there were
some changes in its shareholding structure, Reuters relates.

A Japan-based company became the second major shareholder of the
company with a 14.59% stake or 2,983,000 shares, up from 8.76%. Another
Japanese company, the second major shareholder of Yakinikuya with 21.91%
or a total of 4,480,000 shares, now holds no stake in the company
effective June 1, 2007, the report relates.

Tokyo-based Yakinikuya Sakai Co., Ltd. --
http://www.yakiniku.jp/-- is a food and beverage company, which
has three business segments.  The restaurant segment operates
restaurants under the names Yakinukuya Sakai, Sumibi Yakinukuya
Sakai, Tori Pakkusu and Motomachi Coffee, as well as other
franchise chain restaurants.  The real estate segment is
involved in the leasing of its own buildings and dormant
properties to its subsidiaries and franchisees.  The others
segment is engaged in the manufacture of kimchi and various
seasonings and dressings, as well as the sale of supermarket
food products.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Yakinikuya Sakai has a shareholders' equity
deficit of US$11.20 million on total assets of US$79.34 million.


YAKINIKUYA SAKAI: G. Communication Completes Takeover Bid
---------------------------------------------------------
G. Communication Co., Ltd., has completed its takeover bid for
Yakinikuya Sakai Co., Ltd., acquiring 51% or 10,520,00 shares for JPY1.05
billion, Reuters reports.

With this acquisition, Yakinikuya Sakai now becomes a subsidiary of
G.Communication, the report relates.

Tokyo-based Yakinikuya Sakai Co., Ltd. --
http://www.yakiniku.jp/-- is a food and beverage company, which
has three business segments.  The restaurant segment operates
restaurants under the names Yakinukuya Sakai, Sumibi Yakinukuya
Sakai, Tori Pakkusu and Motomachi Coffee, as well as other
franchise chain restaurants.  The real estate segment is
involved in the leasing of its own buildings and dormant
properties to its subsidiaries and franchisees.  The others
segment is engaged in the manufacture of kimchi and various
seasonings and dressings, as well as the sale of supermarket
food products.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 2, 2007, that Yakinikuya Sakai has a shareholders' equity
deficit of US$11.20 million on total assets of US$79.34 million.


=========
K O R E A
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ASML HOLDING: Moody's Holds Corporate Family Rating at Ba1
----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Baa3 rating to the
proposed senior notes of ASML Holding N.V.  The provisional rating is
based on a draft offering memorandum of May 29, 2007 and is expected to be
finalized when final documentation in essentially the same from is
received.  The Ba1 Corporate Family Rating of ASML remains unchanged with
stable outlook.

"The provisional Baa3 rating for the notes for ASML at one notch above the
corporate family rating of Ba1 benefits from the EUR380 subordinated
convertible bonds maturing 2010," Wolfgang Draack, Senior Vice President
and lead analyst for ASML, noted. "The Baa3 rating is further predicated
upon Moody's expectation that ASML will not materially increase senior
debt or other financial liabilities which could weaken the degree of
structural seniority for the noteholders," Mr. Draack added.

Moody's noted that the proposed senior debt issuance is part of a balance
sheet restructuring of ASML, including:

   (i) the arrangement of a EUR500 million, five-year, stand-
       by credit facility without material adverse change
       clauses and only one capital structure covenant;

  (ii) the afore mentioned EUR500 million 7-10 year senior
       debt issue; and

(iii) the announced shareholder distribution of around EUR960
       million.  With this restructuring, management
       reinforces its liquidity strategy while making the
       capital structure more efficient.

Following the adjustment, we expect cash and marketable securities still
to exceed its gross debt, not unlike several of its technology peers,
complemented by the reliable revolving credit facility.  The strong cash
generation and flexibility in future share buybacks leaves this liquidity
level a comfortable cushion.

In addition to the Baa3 notes rating, Moody's has assigned a Loss Given
Default Assessment of LGD3 with a 37% LGD rate.  The EUR380 million
subordinated convertible bonds currently provide sufficient loss cushion
for senior debt to be notched up one from the Ba1 CFR.  The LGD
percentage, however, is very sensitive to changes in the total amount of
modeled senior debt, currently EUR969 million.  Any material increase in
senior debt, i.e. a drawdown of the credit facility or a build-up in trade
flexibility to control the capital structure, we currently do not expect
payables, could cause the investment grade rating for the notes to be
downgraded.  Vice versa, conversions of the subordinated bonds, whether
early or at the May 2010 maturity, without a refinancing by similarly
subordinated instruments would most likely result in downward rating
pressure of notes to the level of the corporate family rating.  As a
result of ASML's track record of free cash flows giving management the
material changes to debt amounts and ranking.

Assignments:

   * Issuer: ASML Holding N.V.

     -- Senior Unsecured Regular Bond/Debenture, Assigned a
        range of 37 - LGD3 to (P)Baa3

                          About ASML

ASML is the world's leading provider of lithography systems for the
semiconductor industry, manufacturing complex machines that are critical
to the production of integrated circuits or chips. Headquartered in
Veldhoven, the Netherlands, ASML generated EUR3.6 billion revenues in
2006.

ASML’s has manufacturing sites and research and development facilities are
located in Connecticut, California and the Netherlands. Technology
development centers and training facilities are located in Japan, Korea,
the Netherlands, Taiwan and the United States. Additionally, ASML provides
optimal service to its customers via over 50 sales and service
organizations in 16 countries.


HYNIX SEMICONDUCTOR: To Partner with TSMC to Sell DRAM Lines
------------------------------------------------------------
Hynix Semiconductor Inc is in talks with Taiwan Semiconductor
Munafacturing Co Ltd to sell low-margin eight-inch DRAM production lines,
Forbes reports, citing eDaily.

According to the report, the move is seen as an effort by Hynix to
streamline its production amid a continued slide in DRAM chip prices.

The report says that the deal, expected to be completed sometime next
year, should enable Hynix to invest in more advanced 12-inch lines.

                  About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access memory
chip production capacity as well as the industry's best technical
development capacity by fully exploiting synergies resulting from the
historical integration of both companies.

The Troubled Company Reporter - Asia Pacific reported on May 7, 2007, that
Fitch Ratings assigned Hynix Semiconductor Inc. a Long-term Foreign
Currency Issuer Default rating of 'BB'.  The rating Outlook is Stable.

Standard & Poor's Ratings Services revised to positive from
stable the outlook on its 'B+' long-term corporate credit
ratings on Hynix Semiconductor Inc. and its U.S. subsidiary,
Hynix Semiconductor Manufacturing America Inc.  At the same
time, Standard & Poor's affirmed its long-term corporate credit and senior
debt ratings on the company.

The TCR-AP reported on July 14, 2005, that Moody's Investors
Service upgraded the rating of the senior secured notes issued
by Hynix Semiconductor Manufacturing America Inc. to Ba3 from
Caa2.  The rating actions follow Moody's decision to affirm the Ba3
corporate family rating (previously called senior implied rating) of Hynix
Semiconductor Inc., the majority shareholder of  HSMA, and remove it from
provisional status.  The TCR-AP reported on July 13, 2005, that Moody's
Investor Service affirmed its B1 senior unsecured rating for Hynix
Semiconductor Inc.'s US$500 million bonds upon its successful closing.


LYONDELL CHEMICAL: Sells US$510 Million of 6.785% Senior Notes
--------------------------------------------------------------
Lyondell Chemical Company has sold US$510 million of 6.875% senior
unsecured notes in an offering.

The notes will mature on June 15, 2017.  Lyondell will use the net
proceeds, together with available cash, to redeem in full the US$500
million outstanding principal amount of its 10.875% senior subordinated
notes, which mature May 1, 2009.  The offering closed on June 1, 2007.

The group of underwriters for the offering is led by Citigroup Global
Markets Inc.  Copies of the prospectus relating to the offering may be
obtained from: Citigroup Global Markets Inc., Prospectus Department,
Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 or
by calling toll-free 1-877-858-5407.

                  About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene
oxide and acetyls.  It also refines heavy, high-sulfur crude oil and
produces gasoline-blending components.  It operates on five continents and
employs approximately 11,000 people worldwide.  In the Asia-Pacific, the
company has locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                           *     *     *

Fitch Ratings affirmed Lyondell Chemical Company's issuer
default rating at 'BB-'; senior secured credit facility at
'BB+'; and senior secured notes and debentures at 'BB+'.  At the
same time,  Fitch downgraded Lyondell's senior subordinated
notes rating to 'B' from 'B+' and assigns a 'BB+' rating to
Lyondell's US$800  million senior secured revolving credit
facility and US$2.65 billion senior secured term loan.


LYONDELL CHEMICAL: S&P Rates Proposed US$500 Mil Notes at B+
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to the
proposed Lyondell Chemical Co.'s US$500 million of unsecured notes due
2017, issued pursuant to Lyondell's Rule 415 shelf registration.  At the
same time, S&P affirmed its corporate credit rating on Lyondell
(BB-/Stable/B-1).  The outlook is stable.

Lyondell will use proceeds from the proposed notes offering, together with
cash on hand, to refinance the existing US$500 million of 10.875% senior
subordinated notes, which mature
May 1, 2009.

"We view this financing as a favorable step to extend the debt maturity
profile and fully consistent with Lyondell's objective to improve its
overall financial profile during the current business cycle," said
Standard & Poor's credit analyst Kyle Loughlin.

Lyondell is the world's largest producer of propylene oxide with about 30%
of global production capacity.  Generally favorable business conditions in
petrochemicals and meaningfully higher contributions from the refining
business are likely to provide the free cash flow necessary to improve
Lyondell's highly
leveraged capital structure, even if petrochemical business conditions
begin to deteriorate somewhat during the next few years.

Mr. Loughlin said, "If Lyondell maintains a strong focus on debt
conclude that Lyondell can sustain these improvements, we could revise
reduction and continues to extend its debt maturity profile, credit
metrics could improve to levels considered strong for the ratings.  If we
the outlook to positive within the next 12 months."

On the other hand, faster-than than-expected deterioration of the
chemicals business cycle would limit debt reduction somewhat.

"But ratings are not likely to come under pressure unless the refining
cycle weakens unexpectedly or management again departs from its stated
objectives to reduce debt," Mr. Loughlin said.

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene, propylene
oxide and acetyls.  It also refines heavy, high-sulfur crude oil and
produces gasoline-blending components.  It operates on five continents and
employs approximately 11,000 people worldwide.  In the Asia-Pacific, the
company has locations in Australia, China, Japan, New Zealand, Singapore,
Taiwan and Korea.

                           *     *     *

Fitch Ratings affirmed Lyondell Chemical Company's issuer
default rating at 'BB-'; senior secured credit facility at
'BB+'; and senior secured notes and debentures at 'BB+'.  At the
same time,  Fitch downgraded Lyondell's senior subordinated
notes rating to 'B' from 'B+' and assigns a 'BB+' rating to
Lyondell's US$800  million senior secured revolving credit
facility and US$2.65 billion senior secured term loan.


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

AYER MOLEK: Bursa to Delist Securities on June 13
-------------------------------------------------
The Bursa Malaysia Securities Berhad decided to delist and remove the
securities of The Ayer Molek Rubber Company Berhad at 9:00 a.m. on June
13, 2007, after the company failed to file its reform plan for approval to
relevant authorities.

According to the bourse, the company was required to submit its plan to
the Securities Commission and other relevant authorities on May 31, 2007.

The Troubled Company Reporter - Asia Pacific reported on
March 27, 2007, that the Bursa Securities has also commenced delisting
procedures against Ayer Molek Rubber Company's securities after it failed
to meet the minimum required capital to continue its listing.  According
to the TCR-AP, Ayer Molek's issued and paid up capital as at Dec. 31,
2006, is
MYR1.8 million, far below the MYR60 million minimum.  Under Bursa
Securities' listing rules, a main board and second board company must have
a minimum paid-up capital of MYR60 million and MYR40 million,
respectively.


Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber Company
Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in the
domestic market.

Ayer Molek has suffered recurring losses since the early 90s, which
prompted the Company to propose a rescue and restructuring scheme to fully
redeem and settle outstanding debts.  The Company's accumulated loss
figure as of March 31, 2006, stands at MYR21,177,000.


SUREMAX GROUP: Failure to File Plan Cues Bourse Delisting Plan
--------------------------------------------------------------
The Bursa Malaysia Securities Berhad will delist and remove the securities
of Suremax Group Berhad from its Official List at 9:00 a.m. on June 13,
2007.

The bourse's decision to delist the company's securities was handed down
after Suremax failed to submit its plan to approving authorities on May
31, 2007.

On March 27, 2007, the Troubled Company Reporter - Asia Pacific reported
that the bourse extended until May 31 the company's deadline to submit its
regularization plan.  The bourse, according to the TCR-AP, stressed that
if the company fails to submit the plan within the extended timeframe, a
delisting of the company's securities will be commenced.

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

                         Going Concern

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

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


MP TECHNOLOGY: Gets Public Reprimand for Breach of Bursa Rules
--------------------------------------------------------------
The Bursa Malaysia Securities Berhad publicly reprimanded and imposed a
total fine of MYR10,500 on MP Technology Resources Berhad for breach of
its listing rules.

According to the bourse, the reprimand and fine were handed down after the
company failed to to submit its Annual Audited Accounts for the financial
year ended November 30, 2006, to Bursa Securities by March 31, 2007.  The
AAA 2006 was instead submitted to Bursa Securities on April 10, a delay of
seven market days.

The bourse also reminded the Company of its responsibility to maintain
appropriate standards of corporate responsibility and accountability in
order to achieve greater disclosure and transparency to its shareholders
and the investing public.

MP Technology Resources Berhad's principal activities are manufacturing of
plastic bags, plastic injection mouldings, other plastic products,
rotogravure, manufacturing and reconditioning of various plastic and
related equipment.  Other activities include trading in plastic resins,
compounding and recycle materials, manufacturing in printing drums for
plastic and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an affected
issuer to the Amended PN17 category of the Bursa Malaysia Securities Bhd
after posting a MYR66.7-million shareholders' deficit for the financial
year ended Nov. 30, 2006.


INVENSYS PLC: S&P Puts Low-B Ratings on Positive Watch
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate credit and
'B-' senior unsecured debt ratings on U.K.-based engineering company
Invensys PLC on CreditWatch with positive implications, reflecting the
company's strengthening credit measures.

"The rating action reflects Invensys's potential for a higher credit
rating resulting from the improvement in its financial risk profile, due
to an improved capital structure and continued positive earnings and cash
flow momentum," said Standard & Poor's credit analyst Louise Newey.

S&P will resolve the CreditWatch positive status upon a full review of
Invensys's financial and business risk profiles and results for the full
financial year 2007.  The ratings on Invensys continue to also reflect the
company's exposure to cyclical industries, sensitivity to the economic
cycle, participation in fragmented and highly competitive industries, and
some bargaining power of its customers across most divisions.

Based in London, United Kingdom, Invensys Plc -- http://www.invensys.com/
-- is a global automation, controls and   process solutions Group
operating in more than 60 countries worldwide, including Brazil, Malaysia
and Portugal.  The company operates through six units: Controls, Process
Systems, Rail Systems, APV, Wonderware, and Eurotherm.  For the 12 months
ended March 31, 2006, Invensys had GBP2.5 billion in total revenues from
continuing operations.


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

AVALANCHE LTD:  Names Matthew Peter Whimp as Liquidator
-------------------------------------------------------
Matthew Peter Whimp was appointed as liquidator of Avalanche Ltd. on May
10, 2007.

The Liquidator can be reached at:

          Matthew Peter Whimp
          Morrison Kent House, Level 19
          105 The Terrace, Wellington
          New Zealand
          Telephone:(04) 472 0020
          Facsimile:(04) 472 7017


BOMBAY CAFE: Receiving Proofs of Debt Until July 20
---------------------------------------------------
The Bombay Cafe (Petone) Ltd is receiving the creditors' proofs of debt
until July 20, 2007.

The company went into liquidation on May 21, 2007.

The company's liquidator is:

          Craig Sanson
          c/o PricewaterhouseCoopers
          113-119 The Terrace, PO Box 243
          Wellington
          New Zealand
          Telephone:(04) 462 7489
          Facsimile:(04) 462 7492


GEORGE INVESTMENTS: Taps Jollands and Grieve as Liquidators
-----------------------------------------------------------
Peter Reginald Jollands and Rory Iain Grieve were appointed as
liquidators of George Investments Ltd. on May 25, 2007.

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

The Liquidators can be reached at:

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


HOSDEN ENTERPRISES: Appoints Curtis Mountfort as Liquidator
-----------------------------------------------------------
Curtis John Mountfort was appointed as liquidator of Hosden Enterprises
Ltd on May 23, 2007.

Creditors who were not able to file their proofs of debt by
July 3, 2007,  will be excluded from sharing in the company's dividend
distribution.

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


IRISH PUB: Creditors' Proofs of Debt Due by June 29
---------------------------------------------------
The creditors of Irish Pub Ltd. are required to file their proofs of debt
by June 29, 2007.

The company went into liquidation on May 4, 2007.

The company's liquidator is:

          John Whittfield
          McDonald Vague
          Wellesley Street Post Office, Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


KARIZMA HORSE: Filing Proofs of Debt Due by June 21
---------------------------------------------------
Karizma Horse Floats & Custom Trailers Ltd entered wind-up proceedings on
May 24, 2007.

Creditors are required to file their proofs of debt by June 21, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

          Henry David Levin
          Karizma Horse
          PPB McCallum Petterson
          Forsyth Barr Tower, Level 11
          55-65 Shortland Street, Auckland
          New Zealand
          Telephone:(09) 336 0000
          Facsimile:(09) 336 0010


LIBERTY INVESTMENTS: Filing Proofs of Debt Due by Aug. 24
---------------------------------------------------------
The creditors of Liberty Investments Holdings (NZ) Ltd. are required to
file their proofs of debt by Aug. 24, 2007.

The company commenced liquidation proceedings on May 24, 2007.

The company's liquidators are:

          Vivian Judith Fatupaito
          Colin Thomas McCloy
          c/o PricewaterhouseCoopers
          PricewaterhouseCoopers Tower, Level 8
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013


MAHIA ROCKS: Filing Proofs of Debt Due by June 29
-------------------------------------------------
Mahia Rocks Ltd., which is in liquidation, requires its creditors to file
their proofs of debt by June 29, 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:

          Peri Finnigan
          McDonald Vague, PO Box 6092
          Wellesley Street Post Office, Auckland
          New Zealand
          Telephone:(09) 303 0506
          Facsimile:(09) 303 0508
          Web site: http://www.mvp.co.nz


NZ BUILDING: Taps  Bromwich and Finnigan as Liquidators
-------------------------------------------------------
On May 21, 2007, the  shareholders of NZ Building Removals Ltd.
appointed Kevin Warwick Bromwich and Peri Micaela Finnigan as the
company's liquidators.

The Liquidators fixed June 28, 2007, as the last day for creditors to file
their proofs of debt.

The Liquidators can be reached at:

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


SYNTIRO LTD: Fixes Aug. 23 as Last day to Prove Claims
------------------------------------------------------
On May 23, 2007, Vivian Judith Fatupaito and John Anthony Waller were
appointed as liquidators of Syntiro Ltd.

Creditors are required to file their proofs of debt by Aug. 23,   2007, to
be included in the company's dividend distribution.

The Liquidators can be reached at:

          Vivian Judith Fatupaito
          John Anthony Waller
          c/o PricewaterhouseCoopers
          188 Quay Street, Auckland
          New Zealand
          Telephone:(09) 355 8000
          Facsimile:(09) 355 8013

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

APEX MINING: Mar. 31 Balance Sheet Upside Down By PHP59.90 Mil.
---------------------------------------------------------------
Apex Mining Co. Inc. reports a net loss of PHP2.76 million for the three
months ended Mar. 31, 2007, a 72.23% decrease from the
PHP9.93-million net loss incurred during the same period in 2006.

During the period ended December 31, 2006, the company and its
partners completed refurbishment of Masara's existing 500 t/d processing
plant (Phase 1) and during the first quarter of 2007 the commissioning of
the plant was completed.  The Phase 1 facility is a pilot plant that
allows for fullscale test work for the Phase 2 plant, which will have a
2,400 t/d capacity.  The final design for Phase 2 has now been completed
with
construction completion expected by late third quarter of 2007.  As Phase
1 represents only 17% of the total capacity of the project, revenue from
the gold and silver produced will be offset against the costs of the total
project until commercial production of the complete 2,900 t/d plant is
achieved.

For the first quarter, however, the company explains that there was a
minor amount of dore produced.  Dore produced at Masara has not been
refined as we were waiting for the final export licenses from the
government (these have since been received and the dore has been shipped
to the refinery).  The majority of cost and all revenue at the Masara
pilot project will continue to be capitalized until the aggregate 2,900
t/d facilities reach commercial production, in preparation for the
anticipated
substantial increase in production rate.

As of Mar. 31, 2007, the company had a stockholders' equity deficit of
PHP59.90 million, on total assets of
PHP464.14 million and total liabilities of PHP524.04 million.  As of the
same date, the company also reported an illiquid position with total
current assets of PHP1.48 million and total current liabilities of
PHP488.98 million.

                       About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm Crew Gold
Corporation, which is based in the United Kingdom.  It owns the Masara
gold mine in Compostela Valley on the island of Mindanao.  Apex Mining is
a corporation that is principally engaged in the business of mining gold,
silver, copper, lead and other precious metals.  The company was initially
involved in copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down in March
1991 due to adverse conditions brought about by an illegal strike of its
workforce.  As peaceful and stable conditions were restored, Apex restored
to a Mines Operating Agreement with a foreign-backed outfit.

In the hope of getting back on track, the company launched "Project 200"
by the last quarter of 1997.  This is to resume operations in the Masara
mines using the company's own resources.  The new system marked the use of
"Corpo" or "Balbag" system, a viable alternative in the area of work
relationships wherein the owner and the mines exist in a partner and
industrial partner relationship.

The company's Operations were suspended on March 16, 2000, up to the
present.  However, a mine rehabilitation program was implemented starting
July 2000 to re-access the measured ore blocks located at level 850 and
level 930.  There is a pending negotiation for a joint venture with
Argonuat Mining Co., Inc., at 3780 Kilroy Airport Way, Suite 200, in Long
Beach, California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

Apex Mining Co., Inc., incurred a net loss of PHP46 million for the year
ended December 31, 2005 and PHP53.92 million for the year ended December
31, 2006.


ASIA AMALGAMATED: Incurs PHP389,035 Loss for Qtr. Ended Mar. 31
---------------------------------------------------------------
Asia Amalgamated Holdings Corp. and its subsidiaries reported a net loss
of PHP389,035 for the quarter ended Mar. 31, 2007, compared with the
PHP435,782 net loss reported for the quarter ended Mar. 31, 2006.

As of Mar. 31, 2007, the company had total assets of
PHP85.62 million and total liabilities of PHP14.70 million.

The company has ceased commercial activities and has yet to come up with
definite plans on how and when to resume operations.

Asia Amalgamated Holdings Corporation was originally incorporated as Sulu
Sea Development Corporation on October 7, 1970, and later changed its name
to Asia Amalgamated Holdings Corporation after majority ownership
transferred from the National Development Corporation to the present
majority stockholders.

During the first years of its operation as an investment holding
company, Asia Amalgamated has made significant investments in various
businesses such as financial and banking services, distribution of
household water filtration equipment and industrial wastewater treatment,
water transport services and non-life insurance brokerage.  The company
has incorporated four
subsidiaries namely:

   (1) Ecology Savings Bank, Inc.,
   (2) Unikleen International Corporation,
   (3) Marilag Transport Systems, Inc., and
   (4) ESBI Insurance Brokers, Inc.

The economic crisis in the late 1990s adversely affected the company's
main affiliate and business client, the Uniwide Group, and ultimately, the
company itself.  From 1998 until the present, the company's subsidiaries
ceased operations one by one due to continued financial losses.

First it was Ecology Bank, which was acquired by Equitable PCI Group in
1998.  The following year, Unikleen began winding up its operations until
cessation of operations in 2000.  In 2001, ESBI Insurance Brokers did not
renew its license with the Insurance Commission.  Marilag Transport
Systems, Inc. also ceased operations within that year.


CE CASECNAN: Posts US$100.8-Million Net Income for 2006
-------------------------------------------------------
CE Casecnan Water & Energy Co. Ltd. posted a US$100.8 million net income
for the year ended December 31, 2006, a 94% increase from the US$52
million that it posted for the year ended December 31, 2005.

For the year ended December 31, 2006, the company earned total revenues of
US$148.52 million, while incurring operating expenses of US$31.09 million
and other expenses of
US$14.36 million.

Revenue for 2006 increased by US$41.5 million to
US$148.5 million compared with 2005.  The increase in water delivery fees
was primarily due to the contractual 7.5% annual escalation factor. The
higher variable energy fees in 2006 were due to higher generation for the
year of 538.5 GWh compared to 406.5 GWh in 2005.  Accumulated deferred
water delivery fees in prior years were fully earned in 2006 due to high
water deliveries which exceeded the 801.9 million cubic meters threshold.
The higher generation and water deliveries were the result of above
average rainfall in most months of 2006.

Interest expense for 2006 decreased US$3.4 million to
US$21.4 million compared with 2005, due primarily to lower outstanding
debt balances resulting from the scheduled repayment of debt.

Interest income for 2006 increased US$1.1 million to
US$3.0 million compared with 2005, due to higher average cash balances and
higher average interest rates on investments.

Other, net for 2006 increased US$3.7 million to US$4.0 million compared
with 2005, due primarily to value added tax recoveries exceeding
obligations as a result of a change in the value added tax law which
became effective on November 1, 2005.

The provision for income tax for 2006 increased US$1.2 million to US$2.3
million as income not subject to the income tax holiday was higher than in
2005.  The income tax holiday is scheduled to expire in December 2007
after which all CE Casecnan income will become subject to income tax at
the statutory rate of 35%.

As of December 31, 2006, the company has total assets of US$444.97 million
and total liabilities of US$251.66 million, resulting in a total
stockholders' equity of US$193.3 million. The company is illiquid as of
December 31, 2006, as total current liabilities of US$131.8 million
exceeded total current assets of US$114.61 million.

                       About CE Casecnan

CE Casecnan Water & Energy Co., Inc. has a contract with the Republic of
the Philippines, through the Philippine National Irrigation Administration
(a ROP-owned and controlled corporation), for the development and
construction of a hydroelectric power plant and related facilities under a
build-own-operate-transfer agreement, as amended by the Supplemental
Agreement dated September 29, 2003, covering a 20-year cooperation period.
At the end of the Cooperation Period, the combined irrigation and 150 MW
hydroelectric power generation project will be transferred to the ROP at
no cost on an “as is” basis.  The ROP also signed a Performance
Undertaking, which, among others, affirms and guarantees the obligations
of NIA under the Project Agreement.  Construction of the Casecnan Project
commenced in 1995.  CE Casecnan is registered with the Philippine Board of
Investments as a new operator of hydroelectric power plant with pioneer
status under the Omnibus
Investments Code of 1987.  Under the terms of its registration, CE
Casecnan is entitled to certain incentives which include an income tax
holiday for six years from the start of commercial operations.  The
Cooperation Period began upon commencement of commercial operations on
December 11, 2001.  The income tax holiday will expire on December 11,
2007.

The Troubled Company Reporter – Asia Pacific reported that on September
15, 2006, Standard & Poor's Ratings Services raised its issue rating on
Philippines' CE Casecnan Water and Energy Co. Inc.'s US$171.5 million
senior secured notes to 'BB-' from 'B+'. The outlook is stable.  The
rating upgrade reflects its improved financial risk profile, after
significant debt amortization in 2005.

CE Casecnan, an 85%-owned subsidiary of MidAmerican Energy Holdings Co.
(MidAmerican Energy; A-/Stable/--), is the owner and operator of a
combined water and hydroelectric power project on the island of Luzon in
the Philippines.  The project diverts water through 29 km of tunnels from
the Casecnan and Denip rivers to a 150-megawatt (MW) power plant.  The
Philippine National Irrigation Administration uses the water for
irrigation and sells the electricity to National Power Corp. (foreign
currency BB-/Stable/--; local currency BB+/Stable/--), the national
electric utility.


CE CASECNAN: Posts US$13.67-Mil. Net Income for Mar. '07 Quarter
----------------------------------------------------------------
CE Casecnan Water and Energy Co. Inc. posted a net income of US$13.67
million for the quarter ended March 31, 2007, a 36% decrease from the
US$21.21 million net income it posted for the same period in 2006.

For the January-March 2007 quarter, the company earned revenue, from lease
rentals and service contracts, of US$24.33 million, while incurring total
operating expenses of US$7.22 million mostly from depreciation.  Total
other expenses amounted to US$2.8 million.

Revenue decreased by US$8.4 million to US$24.3 million for the three-month
period ended March 31, 2007, from US$32.7 million for the same period in
2006.  The decrease in variable energy fees was due primarily to the lower
rainfall which resulted in lower electricity production in the first
quarter of 2007 than in 2006.  The increase in water delivery fees was due
to the contractual 7.5% annual escalation factor.  The deferred water
delivery fees represent the difference between the actual water
delivery fees earned and water delivery fees invoiced pursuant to the
Supplemental Agreement.

Interest expense decreased by US$1.0 million to US$4.7 million for the
three-month period ended March 31, 2007, from
US$5.7 million for the same period in 2006, due to lower outstanding debt
balances resulting from the scheduled repayment of debt.

As of March 31, 2007, the company has total assets of
US$465.9 million and total liabilities of US$258.92 million, resulting to
a total shareholders' equity of US$206.97 million. The company is also
illiquid as of March 31, 2007, as total current liabilities of US$188.44
million exceeded total current assets of PHP141.08 million.

                       About CE Casecnan

CE Casecnan Water & Energy Co., Inc. has a contract with the Republic of
the Philippines, through the Philippine National Irrigation Administration
(a ROP-owned and controlled corporation), for the development and
construction of a hydroelectric power plant and related facilities under a
build-own-operate-transfer agreement, as amended by the Supplemental
Agreement dated September 29, 2003, covering a 20-year cooperation period.
At the end of the Cooperation Period, the combined irrigation and 150 MW
hydroelectric power generation project will be transferred to the ROP at
no cost on an “as is” basis.  The ROP also signed a Performance
Undertaking, which, among others, affirms and guarantees the obligations
of NIA under the Project Agreement.  Construction of the Casecnan Project
commenced in 1995.  CE Casecnan is registered with the Philippine Board of
Investments as a new operator of hydroelectric power plant with pioneer
status under the Omnibus
Investments Code of 1987.  Under the terms of its registration, CE
Casecnan is entitled to certain incentives which include an income tax
holiday for six years from the start of commercial operations.  The
Cooperation Period began upon commencement of commercial operations on
December 11, 2001.  The income tax holiday will expire on December 11,
2007.

The Troubled Company Reporter – Asia Pacific reported that on September
15, 2006, Standard & Poor's Ratings Services raised its issue rating on
Philippines' CE Casecnan Water and Energy Co. Inc.'s US$171.5 million
senior secured notes to 'BB-' from 'B+'. The outlook is stable.  The
rating upgrade reflects its improved financial risk profile, after
significant debt amortization in 2005.

CE Casecnan, an 85%-owned subsidiary of MidAmerican Energy Holdings Co.
(MidAmerican Energy; A-/Stable/--), is the owner and operator of a
combined water and hydroelectric power project on the island of Luzon in
the Philippines.  The project diverts water through 29 km of tunnels from
the Casecnan and Denip rivers to a 150-megawatt (MW) power plant.  The
Philippine National Irrigation Administration uses the water for
irrigation and sells the electricity to National Power Corp. (foreign
currency BB-/Stable/--; local currency BB+/Stable/--), the national
electric utility.


PHIL. AIRLINES: Expands Long-Range Fleet and Buys 2 Boeing 777s
---------------------------------------------------------------
Philippine Airlines will acquire two more units of Boeing 777-300
airliners, in addition to two airplanes already on order with Boeing and
two already leased with GE Commercial Aviation Services as part of its
modernization program for its long range fleet, AHN reports.

PAL did not specify the costs associated with the acquisition of the
planes, but instead revealed in a statement that delivery of the units
will take place from the third quarter of 2009 until 2011.

In addition, the company bought 20 units of the Airbus A320 jets, as part
of its upgrade for its single-aisle fleet that commenced in September
2006.  Six units have already been commissioned into service, while four
additional planes will be delivered this year, PAL said.

Philippine Airlines -- http://www.philippineairlines.com/-- is the
Philippines' national airline.  It was the first airline in Asia and the
oldest of those currently in operation.  With its corporate headquarters
in Makati City, Philippine Airlines flies both domestic and international
flights.  As of 2005, it claims to serve 21 domestic airports and 31
foreign cities.  Its main hub is the Ninoy Aquino International Airport in
the capital city of Manila.

Following labor problems and its failure to settle debts, PAL filed for
rehabilitation in June 1998, and is slated to complete its 10-year debt
rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia Pacific
stated that the airline company will continue a government-led
rehabilitation program even as creditors neither approved nor rejected the
program to leave the protection of the Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its corporate
rehabilitation in 1998, PAL reduced its debts to PHP237.23 billion from
PHP496.02 billion by selling assets and using the proceeds to pay off
maturing debts.


PHIL NAT'L BANK: Mulls Merger With Allied Bank
----------------------------------------------
Philippine National Bank may merge with Allied Bank in a bid to improve
both their operations, Charo Logarta writes for ABS-CBN news.  The two
banks are both controlled by business tycoon Lucio Tan.

However, the two cannot actually merge yet because of pending cases before
the Sandiganbayan and the Supreme Court, all of which allege ill-gotten
wealth in Allied Bank.

However, PNB president Omar Mier said that the two banks will combine
services and are currently seeking ways to achieve optimal efficiency.

Mr. Mier also added that PNB and Allied are jointly training their
employees and officers, and are undertaking joint asset sales.

Philippine National Bank -- http://www.pnb.com.ph/-- is the
Philippine's first universal bank established on July 22, 1916.  The
bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers, as well as
various government units.  Its other principal activities include bill
discounting, fund transfers, remittance servicing, foreign exchange
dealings, retail banking, trust services, treasury operations and trade
finance.  Through its subsidiaries, PNB engages in a number of diversified
financial and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory services.
It introduced innovations such as the bank on wheels, computerized
banking, ATM banking, mobile money changing and domestic travelers'
checks.

                          *     *     *

The Troubled Company Reporter – Asia Pacific reported on November 6, 2006,
that Moody's Investors Service revised the outlook of Philippine National
Bank's foreign currency long-term deposit rating of B1, local currency
senior debt rating of Ba2, and local currency subordinated debt rating of
Ba3 to stable from negative.

The outlook for PNB's foreign currency Not-Prime short-term deposit rating
and bank financial strength rating of E remains stable.

The Troubled Company Reporter – Asia Pacific reported on Nov. 1, 2006 that
Fitch Ratings affirmed Philippine National Bank's Individual rating at 'E'
and Support rating '3' after a review of the bank.

The Troubled Company Reporter – Asia Pacific reported that Standard and
Poor's Ratings Services has given PNB 'B' Short-Term Foreign Issuer Credit
and Short-Term Local Issuer Credit Ratings, as well as 'B-' Long-Term
Foreign Issuer Credit and Long-Term Local Issuer Credit Ratings effective
as of April 26, 2006.


PHIL. NAT'L CONSTRUCTION: Appeals Court Okays Radstock Deal
-----------------------------------------------------------
The Philippine Court of Appeals has approved with finality the
PHP6-billion compromise agreement entered into by Philippine National
Construction Corp. and Radstock Securities Ltd., and denied the objections
filed by Strategic Alliance Development Corp. and PNCC stockholder Rodolfo
Cuenco.

Stradec had earlier sought reconsideration of the CA's decision on January
25, 2007, where it approved the joint motion by Radstock and PNCC to
approve the compromise agreement, which the parties entered into in August
2006.  In a nine-page resolution, the CA junked Stradec's motion for
reconsideration and
Mr. Cuenca's motions for intervention and admission.  The CA also denied
Stradec's plea to remand for appellate trial
Stradec's collection suit, where it tried to intervene, ruling that the
compromise agreement was signed only after the Supreme Court junked PNCC's
appeal to have the suit halted.

Radstock director Carlos Dominguez said that the compromise represents a
settlement of PNCC's 26-year-old debt obligation to Radstock, which it
inherited from its predecessor and amounts to more than PHP2 billion.  Mr.
Dominguez further said that the compromise is a settlement of its
collection case against PNCC, after the higher courts rejected PNCC's
motions.

Radstock had agreed to settle the case for a compromise amount
of PHP6.196 billion, in cash or in kind, to end PNCC's credit
obligation.

Radstock's spokesperson told GMA News that no cash outlay from PNCC was
involved in the agreement, but instead seeks to acquire some real estate
assets, as well as shares of stock and in future proceeds from PNCC's
expressway venture.

                          About PNCC

Headquartered in Mandaluyong City, Philippine National Construction
Corporation -- http://www.pnccweb.net/-- is a government-owned and
controlled corporation whose principal business activities include
construction, real estate development, and operation and maintenance of
the North
and South Luzon Tollways.  It is the government's main partner in
infrastructure development and construction projects.  Also, it is the
sole operator and franchise-holder of the North and South Luzon Tollways
and has entered into several joint venture agreements to upgrade and
expand said expressways.  Among the construction projects that are in its
pipeline are the Rizal Avenue Bridge, the DENR Environment Center, the
Central Business Park Package 1 (SM Project), and SLT Rehab
(Nichols-Alabang).  The company's revenues are derived mostly from
construction
projects and the collection of tollway fees.

The Troubled Company Reporter - Asia Pacific reported on May 31, 2006,
that the company posted a net loss for the three months ended March 31,
2006, equal to PHP508.26 million –
PHP136.73 million or 21.20% lower than the PHP644.99 million loss recorded
in the corresponding period in 2005.

The TCR-AP also noted that the company is involved in continuing
litigations relating to labor and civil cases.  Both the management and
its legal counsels believe that the final resolutions of these claims will
have a material effect on the company's financial position, the TCR-AP
said.

The Troubled Company Reporter – Asia Pacific reported on
Aug. 30, 2006, that Philippine National Construction Corporation has
submitted a Joint Motion for Judgment Based On Compromise to the Supreme
Court as part of the company's total restructuring plan where it projects
a net income of about PHP200 million in 2007 after suffering income losses
for the past 30 years of its franchise period.

   1. Debt Settlement

      (a) Philippine National Bank -- PNCC owes PNB
          PHP2.4 billion, the interest of which have resulted in
          audited net income losses.  The PNCC is now in an
          advanced state of negotiations with PNB to finally
          resolve six years of arrearages.  The settlement will
          result in substantial reduction in debt and interest
          charges;

      (b) Radstock Securities -- The PNCC has also asked the
          Supreme Court for an approval of its settlement with
          Radstock stemming from the Regional Trial Court of
          Mandaluyong decision to award Radstock PHP13 billion
          in 2002 plus interest;

      (c) Bureau of Treasury -- The PNCC has proposed a long
          term restructuring of its PHP5.6 billion obligation to
          the Bureau of Treasury;

   2. Organizational right-sizing

      This is in line with PNCC's program to phase out
      unprofitable divisions and service lines and stick to the
      core business of developing tollways.

   3. Franchise extension

      The PNCC is currently requesting Congress for a 25-year
      extension of its Franchise to develop more tollroads and
      arterial linkages from Carmen, Pangasinan to Lucena,
      Quezon.

This financial turnaround will benefit not only the National Government
and the government corporations, which own approximately 90% of the
company, but likewise with an estimated 5,000 public shareholders.


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

ARMSTRONG INDUSTRIAL: Legg Mason Raises Stake to 5.49%
------------------------------------------------------
Legg Mason, Inc., has raised its stake in Armstrong Industrial Corporation
Limited to 5.49%, thus becoming a substantial shareholder of Armstrong.

Legg Mason had an initial 4.81% stake or 24,619,000 shares in Armstrong
before the transaction.  An additional stake of 3,443,000 shares was
purchased, thus increasing its stake to 5.49% or 28,062,000 share.

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--
manufactures and sells precision die-cut foam and rubber
molded components for a range of applications, including
insulating, dampening, cushioning, and sealing.  The company
also provides architectural and engineering activities and
related technical consultancy.  The company has manufacturing
presence in Singapore, Malaysia, Thailand, China, Indonesia and
Vietnam.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on Dec. 16, 1991, and its
subordinated debt a B1 rating effective on October 23, 1986.


AVAGO TECH: Reports 2007 2nd Quarter Financial Results
------------------------------------------------------
Avago Technologies disclosed its financial results for the second quarter
ended April 30, 2007.

Net revenue increased to US$386 million, compared with
US$384 million in the previous quarter and US$373 million in the same
period a year ago.  Strong sequential growth in the industrial and
automotive market was partially offset by the seasonal weakness in the
wired infrastructure and consumer and computer peripherals segments.

                Second Quarter 2007 GAAP Results

Gross margin of US$137 million improved sequentially by
US$24 million to 35% of revenue, primarily driven by a
US$13 million reduction in restructuring charges.  Total operating
expenses of US$110 million declined US$15 million from the first quarter
reflecting lower restructuring and stock compensation expenses recorded in
the second quarter.

Including an US$11 million earnout primarily from the disposed Printer
ASICs business, net income in the second quarter was US$4 million.  This
compares with US$6 million in the previous quarter, which benefited from a
US$49 million gain generated mainly from the sale of the CMOS Image Sensor
business.

During the second quarter the company repurchased a portion of its Senior
Notes, using US$85 million in cash to retire
US$77 million principal amount of this debt tranche.  Cash generation of
US$54 million by operating activities partially offset this outflow,
resulting in cash balances of US$200 million at the end of April.

              Second Quarter 2007 Non-GAAP Results

Gross margin of US$153 million, or 40% of revenue, represents a sequential
improvement of 240 basis points.  A more favorable product mix and higher
manufacturing yields contributed to the sequential improvement.  Continued
efforts to optimize corporate infrastructure costs resulted in total
operating expenses declining by US$4 million to US$96 million in the
second quarter.  Expanding gross margin and reduced operating expenses
drove operating margin up 4 percentage points versus the first quarter to
an all time high of 15 percent of revenue.

Non-GAAP net income increased nearly three-fold sequentially to US$33
million, while Adjusted EBITDA improved to US$88 million from US$74
million in the prior quarter.

"Our improved financial performance for the second quarter reflects the
benefit of our broad product portfolio and an increasingly variable cost
structure," said Hock E. Tan, president and CEO of Avago Technologies.
"Additionally, capitalizing on our cash generation capabilities, we
recently initiated a strategic acquisition, expanding future opportunities
for revenue growth within the attractive industrial and automotive
market."

                    About Avago Technologies

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service revised these ratings
for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on
      2013,from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due
      on 2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%.


CSB BATTERY: Requires Creditors to Prove Debts by June 30
---------------------------------------------------------
CSB Battery (Singapore) Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by June 30, 2007.

Creditors who cannot file their proofs of debt by the due date will be
excluded from sharing in the company's dividend distribution.

The company's liquidator is:

          Heng Lee Seng
          The Concourse, 300 Beach Road #38-05
          Singapore 199555


LEAR CORP: Says No Competing Bids Filed, Tata's Offer Gloomy
------------------------------------------------------------
Lear Corporation last week informed the Court of Chancery of the State of
Delaware disclosing that it is not in discussions with any third party
regarding a potential acquisition proposal on more favorable terms than
American Real Estate Partners, L.P.'s offer.

Reuters relates that American Real Estate Partners, an affiliate of Carl
Icahn, has offered $36 per share, or $2.86 billion, for Lear.

In an effort to look for competing offers, Lear said it has been in
discussions with Tata Autocomp Systems Ltd. since March 18, however, all
of its "extensive efforts have not yielded even a non-binding proposal"
from Tata.

A shareholder vote on Icahn's offer has been scheduled for
June 27, Reuters says.

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components. Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela. Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey. Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.

                          *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior unsecured
notes, and B2 secured bank term loan.


L&M INTERNATIONAL: Pays Preferential Dividend
---------------------------------------------
L&M International Limited, which is in liquidation, paid the first and
final dividend to its creditors on June 1, 2007.

The company paid 0.0775% to all received claims.

The company's liquidators are:

          Chia Soo Hien
          Ng Geok Mui
          #07-01 UIC Building
          5 Shenton Way
          Singapore 068808


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

ADVANCED PAINT: Posts THB3.13MM Net Loss for March 2007 Quarter
---------------------------------------------------------------
Advance Paint & Chemical PCL posted a THB3.13-million net loss for the
quarter ended March 31, 2007, as compared with the THB6.59-million net
loss reported for the same period in 2006.

For the January-March 2007 period, the company earned
THB4.8 million in total revenues, while incurring total expenses of THB6.9
million.  Interest expenses are at THB1.03 million for March 31, 2007.

The company is illiquid as of March 31, 2007, as total current liabilities
of THB57.58 million exceeded total current assets of THB10.59 million. As
of the first quarter of 2007, the company has total assets of THB96.2
million and total liabilities of THB57.78 million, resulting in a
shareholders' equity of THB38.41 million.

                About Advanced Paint & Chemicals

Headquartered in Bangkok, Thailand, Advanced Paint & Chemicals Public
Company Limited manufactures and distributes decorative paint, heavy-duty
coating, and industrial painting under Dutch boy, and Seven Stars brand
names. It has assets of THB124.83 million in December 2005. The company
signed a 30-year contract with Sherwin-Williams Company starting from June
1, 1987, for the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation and is
categorized under the Non-Performing Group Sector of the Stock Exchange of
Thailand.

                     Going Concern Doubt

Atipong AtipongSakul, of ANS Audit Company Ltd, raised doubt on Advanced
Paint & Chemical (Thailand) Pcl's ability to continue operations as a
going concern after auditing the company's financial results for the
quarter ended March 31, 2007.

According to Mr. Atipong, the company continues to operate on recurring
losses and has current liabilities substantially in excess of current
assets.  "The company's ability to continue operations as a going concern
is dependent on its ability to generate sufficient profit and cash flows
to serve its debts," he added.


ASIA HOTEL: Shareholders to Meet on June 28
-------------------------------------------
Asia Hotel PCL will hold an extraordinary general meeting of shareholders
on June 28, 2007, at 3:00 pm at the King Petch Room, Asia Hotel, 296
Phayathai Road, in Ratchatevi, Bangkok.

Among the agenda for the meeting are

    * the approval of the renewed contract for the leasing of
      land and structure between its subsidiary Zeer Property
      Co. Ltd. as lessee and Don Muang grand Plaza Co. Ltd. as
      lessor to allow for the transfer of land owned by another
      subsidiary, Asia Airport HOtel Co. Ltd., to Don Muang; and

    * the company’s subscription for shares in Zeer Property
      from an existing minority shareholder who did not exercise
      its rights.

The closing date for the company's share register will be on June 12, 2007.

Headquartered in Bangkok, Thailand, Asia Hotel Public Company Limited --
http://www.asiahotel.co.th/-- was incorporated on March 24, 1964, and has
been publicly listed   since 1989.  The company and its two subsidiaries,
Asia Pattaya Hotel Company Limited and Asia Airport Hotel Company Limited,
are involved in the hotel business, with its principal activities
consisting of room service and operating restaurants.  Another subsidiary,
Zeer Property Company Limited is primarily involved in the construction
and the building of shopping complexes.

                    Going Concern Doubt

Atipong AtipongSakul at ANS Audit Company Limited, Asia Hotel Public
Company Limited's independent auditors, raises significant doubt on the
company's ability to continue as a going concern after finding a
shareholder deficit of THB986 million in the company's financial
statements for the quarter ended March 31, 2007.


HANTEX: Auditor Issues Disclaimer of Opinion on 2006 Statements
---------------------------------------------------------------
Hantex PCL's internal auditor issued a disclaimer of opinion after
auditing the company's financial statements for the year ended December
31, 2006, according to a disclosure filed with the Stock Exchange of
Thailand.

An auditor's disclaimer of opinion could mean that the figures in the
financial statements, which represent the company's financial status and
operating results, failed to adequately or properly reflect the actual
status of the company.

The SET now informs the company's shareholders and investors to scrutinize
the auditor's report on its financial statements.

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd, reported
liabilities aggregating THB552 million in 2004, versus lesser assets
totaling THB480.64 million.  The company drifted further to being
insolvent in 2005, with THB608 million in liabilities -- almost double the
THB319.86 million in assets reported.

The company's stocks are currently under Stock Exchange of
Thailand's SP (suspension), NP (notice pending), NC (non
compliance) signs.

    * Notice Pending - The issuer failed to submit a quarterly
      or annual financial statement to the SET by the specified
      time.

    * Suspension - Trading in the security is being suspended
      for more than one trading session.

    * Non-Compliance - The securities of a listed company that
      may be delisted.

                       Going Concern Doubt

On June 16, 2006, Chantra Wongsri-Udomporn, of Dharmniti Auditing Company
Limited, the company's independent auditor, raised significant doubt on
the company's ability to continue as a going concern, citing the following
reasons:

   * The company has encountered gross losses since 1998 to
     2005.

   * As of December 31, 2005 and 2004, the company’s current
     liabilities exceeded its current assets in the amount
     THB628.70 million and THB490.62 million, respectively.

   * The company’s total liabilities exceeded its total assets
     THB323.35 million and THB72.50 million, respectively.

   * The company has been suffering on retained loss
     THB1.21 billion and THB1.03 billion, net loss for the years
     ended December 31, 2005, and 2004 in the amount
     THB183.51 million and THB195.85 million, respectively.

   * Other circumstances, such as:

     -- The company defaulted repayment in accordance with the
        certain debt restructuring contract amounting to
        THB420.22 million with 3 financial institutions,
        including unable to achieve in negotiate of the debt re-
        restructuring agreement with the financial institutions.

     -- The company also defaulted with another minor certain
        creditors such as the Provincial Electricity Authority,
        Natural and Resource Development, spare part, raw
        material, labor, security, etc.  However, the company
        has a scheme to raise the money from the capital
        increase amounting to THB125 million to solve its
        significant liquidity problem.

The auditor also adds that the company has been facing a significant
liquidity problem for several years.


SIAM COMMERCIAL: Orders 55 Units NCR Personas M Series 74 ATMs
--------------------------------------------------------------
Siam Commercial Bank PCL ordered 55 units of NCR Personas M Series 74
automated teller machines from NCR Corp., RTT News reports.

The ATMs are designed specifically for cash deposits.  According to NCR,
the units support high-capacity cash deposit and bill payment
transactions.  Furthermore, they can also be upgraded to include support
for other services, aside from cash-in,cash-out services, and cash
recycling.  Other services supported are passbook update services,
statement printing, and mobile-phone top-ups.

NCR further said that its contract with Siam Commercial also comes with
multiyear, second-line maintenance services and its multivendor APTRA
software.

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

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

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

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

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

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

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

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


TMB BANK: DBS to Hold Most Foreign Shares After Recapitalization
----------------------------------------------------------------
Singapore DBS Bank will remain TMB Bank PCL's largest foreign shareholder
after the upcoming capital increase that is supposed to completed by the
middle of this year, the Asian Banker reports.

According to a Troubled Company Reporter - Asia Pacific report on May 23,
2007, the bank expects to finish its recapitalization this month or next
month.  The bank seeks to obtain
THB35 billion in order to raise its capital adequacy ratio by 14%.

Finance Minister Chalongphob Sussangkarn said that the Ministy would need
to spend THB10 billion on the bank so it can maintain its 25.1% holdings.
The Ministry owns majority of TMB, followed by DBS Group HOldings with
16%.

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.   TMB Bank had total assets
of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency Issuer
Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual Rating; and
Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign currency
hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default rating to
Stable from Positive.

On May 4, 2007, Moody’s retained the following ratings for TMB:

    * BSFR is at D-

    * Foreign currency deposit ratings remains at Baa2/P-2.

On June 2, 2007, Moody's downgraded its ratings for TMB's hybrid tier-1
securities from Ba2 to B1.

Standard & Poor's Ratings Services gave TMB Bank's US$200-million hybrid
Tier 1 securities a 'BB' rating.


* BOND PRICING: For the Week 4 June to 8 June 2007
--------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.85
Alinta Networks                5.750%  09/22/10     AUD     6.62
APN News & Media Ltd           7.250%  10/31/08     AUD     5.02
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.75
Arrow Energy NL               10.000%  03/31/08     AUD     2.80
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.00
Becton Property Group          9.500%  06/30/10     AUD     0.81
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     9.20
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     9.00
Cardno Limited                 9.000%  06/30/08     AUD     5.60
CBH Resources                  9.500%  12/16/09     AUD     0.39
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.27
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.66
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.52
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.10
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.50
Fletcher Building Ltd          7.550%  03/15/11     NZD     8.40
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.61
Geon Group                    11.750%  10/15/09     NZD     8.95
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.90
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.00
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.65
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.35
Infratil Ltd                   8.500%  11/15/15     NZD     8.20
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.18
Metal Storm                   10.000%  09/01/09     AUD     0.14
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.96
Nuplex Industries Ltd          9.300%  09/15/07     NZD     8.75
Primelife Corporation         10.000%  01/31/08     AUD     1.07
Salomon SB Aust                4.250%  02/01/09     USD     7.71
Sapphire Sec                   7.410%  09/20/35     NZD     7.36
Sapphire Sec                   9.160%  09/20/35     NZD     9.09
Silver Chef Ltd               10.000%  08/31/08     AUD     1.10
Software of Excellence         7.000%  08/09/07     NZD     2.50
Speirs Group Ltd.             10.000%  06/30/49     NZD    65.00
Structural Systems            11.000%  06/30/07     AUD     1.60
TrustPower Ltd                 8.300%  09/15/07     NZD     8.30
TrustPower Ltd                 8.300%  12/15/08     NZD     8.70
TrustPower Ltd                 8.500%  09/15/12     NZD     8.00
TrustPower Ltd                 8.500%  03/15/14     NZD     8.60


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


JAPAN
-----
Japan Funi Muni Ent            1.700%  10/30/08     JPY     2.35
JNR Settlement                 2.200%  02/15/08     JPY     1.68
Nara Prefecture                1.520%  10/31/14     JPY     9.91


KOREA
-----
Korea Development Bank         7.350%  01/27/21     KRW    48.97
Korea Development Bank         7.450%  10/31/21     KRW    48.94
Korea Development Bank         7.400%  11/02/21     KRW    48.93
Korea Development Bank         7.310%  11/08/21     KRW    48.89
Korea Development Bank         8.450%  12/15/26     KRW    70.33
Korea Electric Power           7.950%  04/01/96     USD    56.83


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.83
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.60
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.07
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.60
Camerlin Group                 5.500%  07/15/07     MYR     2.18
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.27
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.69
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.85
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.65
Equine Capital                 3.000%  08/26/08     MYR     1.25
EG Industries Bhd              5.000%  06/16/10     MYR     0.61
Greatpac Holdings              2.000%  12/11/08     MYR     0.20
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.45
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.81
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.50
I-Berhad                       5.000%  04/30/07     MYR     0.75
Insas Bhd                      8.000%  04/19/09     MYR     0.79
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.43
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.57
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.85
Kumpulan Jetson                5.000%  11/27/12     MYR     0.52
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.69
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.69
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.69
Media Prima Bhd                2.000%  07/18/08     MYR     1.72
Mithril Bhd                    8.000%  04/05/09     MYR     0.25
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.65
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.26
Pelikan International          3.000%  04/08/10     MYR     1.80
Pelikan International          3.000%  04/08/10     MYR     2.00
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     1.01
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.87
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.87
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.24
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.31
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.25
Senai-Desaru Exp               3.500%  12/09/19     MYR    72.87
Senai-Desaru Exp               3.500%  06/09/20     MYR    71.49
Senai-Desaru Exp               3.500%  12/09/20     MYR    70.14
Senai-Desaru Exp               3.500%  06/09/21     MYR    68.77
Southern Steel                 5.500%  07/31/08     MYR     1.68
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.28
Tradewinds Corp.               2.000%  02/08/12     MYR     1.01
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.00
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.43
WCT Land Bhd                   3.000%  08/02/09     MYR     2.48
Wah Seong Corp                 3.000%  05/21/12     MYR     6.30
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.03


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



                            *********

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

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

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


                            *********


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

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

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

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

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

                 *** End of Transmission ***