TCRAP_Public/070607.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

            Thursday, June 7, 2007, Vol. 10, No. 112

                            Headlines

A U S T R A L I A

ANSELL: To Terminate US SEC Registration Due to High Cost
AUSTAR UNITED: Terminates Foxtel Takeover Offer
AUSTRALIAN CAPITAL: Investors May Get Money Back
BELL'S SELF: Placed Under Voluntary Wind-Up
CASEY ENT: Taps Robyn Erskine & Peter Goodin as Liquidators

CISCO ENTERPRISES: Undergoes Voluntary Liquidation
HARTWELL INVESTMENTS: Sets Members' Final Meeting for June 29
J.M.M. YOUL: Members Set to Meet on June 29
MILLICER AIRCRAFT: Joint Final Meeting Set for June 29
NEW STREET: Creditors' Proofs of Debt Due by June 20

PAPILLON DECALS: Sets Joint Final Meeting on June 29
RADIATA PLANTATIONS: Will Declare Dividend on July 13
REHILL AGRICULTURE: Members to Meet on June 29


C H I N A   &   H O N G  K O N G

BAPTIST COMMUNICATIONS: Ng Sau Wa, Sylvia Quits Liquidator Post
CAPITALTECH ASIA: Subject to Wind-Up Petition
CHINA CASTLE: Placed Under Voluntary Liquidation
CHINA EASTERN: Oneworld Still Keen on Alliance
CHINA EVERBRIGHT: Awaits Government Capital Injection

CHIYODAGUMI HONG KONG: Chan Sek Quits as Liquidator
COBALT MANUFACTURING: Appoints Provisional Liquidators
COMMERCIAL COMPUTING: Liquidators Quit Posts
CSX ASIA: Enters Liquidation Proceedings
DIGITAL CREATION: Placed Under Voluntary Liquidation

FAR EAST:  Sets Annual General Meeting on June 4
GDESIGN TECHNOLOGY: Shareholders Opt to Shut Down Business
INSTANT-DICT: Undergoes Voluntary Liquidation
JOINT OCEAN: Creditors' Proofs of Debt Due by July 6
KA SUN: Court to Hear Wind-Up Petition on June 27

KING'S GLORY: Members Opt to Shut Down Business
NOBLE GROUP: S&P Rates US$250 Million Bond at BB+
SSANGYONG SECURITIES: Final General Meeting Set for July 2
STAR ASSETS: Liquidators Quit Posts
ZTE CORP: To Bid for China's CNY6Billion Mobile Phone Order

* Tighter Regulations May Increase Defaults, Regulator Warns


I N D I A

ALLEN SYSTEMS: S&P Rates Proposed US$340 Million Loans at B
BRISTOW GROUP: Moody's Rates Proposed US$250-Mil. Notes at Ba2
BRISTOW GROUP: S&P Rates US$250 Million Senior Notes at BB
ICICI BANK: To Raise US$2.5 Billion Overseas
IFCI LTD: Names Atul Kumar Rai as Whole-Time Director

ITI LTD: Defaults on “I” Series Bonds; Rating Downgraded
NOVELL INC: Credit Suisse Reaffirms Underperform Rating on Firm
VNESHTORGBANK JSC: Promstroybank Takeover Slated for Yearend


I N D O N E S I A

ALCATEL-LUCENT: Wins Multi-Million Contract From China Telecom
ANEKA TAMBANG: Pays IDR621.1-Billion Dividend for 2006
BANK MANDIRI: Pays IDR1.21-Trillion Dividend for 2006
GARUDA INDONESIA: Posts IDR121-Bil. Net Profit for Jan-April
INDOSAT: Hedges US$400 Million of Debt at End-March

INDOSAT: Taxation Director General to Cross-Checks Tax
INDOSAT: Appoints Johnny Swandi Sjam as New President-Director


J A P A N

ALL NIPPON: Partners with Rakuten to Serve Corporate Clients
DAIEI INC: Unit Sumitomo Mitsui Likely to Acquire OMC Card
ITOCHU:  To Build Russian Plant with Suzuki
JVC CORP: Execs to Block TPG's Takeover Bid
JAPAN AIRLINES: Needs More Restructuring to Get DBJ's Support


K O R E A

HYNIX SEMICONDUCTOR: Considers Selling Old Fabrication Lines
LG TELECOM: May Face Punishment for Missing 3G Trial Deadline
NATIONAL AGRICULTURAL: Expands Specialized Financial Services
PARK & OPC CO: To Issue 19th Overseas Unsecured Detachable Bond


M A L A Y S I A

HALIFAX CAPITAL: Discloses Proposals Under Reform Plan
HALIFAX CAPITAL: Appoints MIDF as New Plan Adviser
KNOLL INC: Adopts SEC Rule 10b5-1 on U$50-Mi. Share Repurchase
KUMPULAN BELTON: Asks Bourse for Further Plan Filing Extension
TRIPLC BERHAD: Amends Reform Plan Proposals after SC Rejections


N E W  Z E A L A N D

AIR NEW ZEALAND: 2006 Online Sales Tops NZ$1 Billion
AGK LTD: Shareholders Agree on Liquidation
BLIS TECHNOLOGIES: Net Loss Narrows to NZ$964,000 in FY06-07
BOTRY-ZEN LTD: Net Loss Widens to NZ$1.67MM in Year to Mar. 2007
CALDINA ENTERPRISES: Appoints Joint Liquidators

CUSTOMMADE HOMES: Placed Under Voluntary Liquidation
DENNY'S CORP: Names VP Jay Gilmore as Chief Accounting Officer
EGITSERP LTD: Appoints Buchanan &  MacDonald as Liquidators
GREAT NORTHERN: Creditors Must Prove Debts by June 18
KARLA’S VIDEOS: Creditors' Proofs of Debt Due by July 20

MUMBAI CAFE: Taps Fisk and Sanson as Liquidators
TANGATA NGAHERE: Appoints Levin &  Vance as Liquidators
TOMARATA BUILDING: Fixes June 18 as Last Day to Receive Claims
WELLESLEY HOTEL: Filing Proofs of Debt Due by June 29


P H I L I P P I N E S

ALLIED BANK: Earns PHP224.80 Million For 2007 First Quarter
APC GROUP: Mar. 31 Balance Sheet Upside-Down by PHP10.82 Billion
ATOK-BIG WEDGE: Posts PHP1.28-Mil. Net Loss for 1st Quarter 2007
BACNOTAN CONSOLIDATED: Posts PHP60 Mil. Net Income for 1st Qtr.
EAST ASIA POWER: Annual Stockholders' Meeting Moved to July 20

VITARICH CORP: To Hold Annual Stockholders' Meeting on June 29
* Japanese Rating Agency Upgrades Ratings Outlook to Positive


S I N G A P O R E

AXS-ONE: Completes US$5 M. Note Financing with BlueLine & Jurika
CHINA AVIATION: Closes Jet Fuel Tender for July 2007
DIGILAND : Posts Shareholders' Change of Interests
HEXION SPECIALTY: S&P Holds B- Rating on US$825 Million Notes
HLG ENTERPRISE: Changes Location of  Share Registrar

SCOTTISH RE: Fitch Lifts Issuer Default Rating to BB- from B+


T H A I L A N D

BANGKOK BANK: Fitch Affirms BBB+ Foreign Currency Issuer Rating
BANGKOK BANK: Needs Bank of Thailand Approval to Extend ACL Sale
BANK OF AYUDHYA: Fitch Gives BBB- Foreign Currency Issuer Rating
DAIDOMON GROUP: Creditors Prepare for Rehabilitation by June 29
* Investors Show Strong Interest in Thailand's Stock Market

     - - - - - - - -

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

ANSELL: To Terminate US SEC Registration Due to High Cost
---------------------------------------------------------
Ansell Limited (ASX: ANN) filed the documents necessary to voluntarily
terminate its obligation to file periodic reports in the United States and
to deregister its ordinary shares under the Exchange Act with the United
States Securities and Exchange Commission June 2007.

This voluntary action has been taken due to the high cost of
maintaining the registration of ordinary shares in the U.S. Trading in the
United States accounts for less than 1% of the total volume of Ansell
shares traded worldwide.

In a press release, Ansell said that it prepares accounts in accordance
with the Australian equivalents of the International Financial Reporting
Standards and believes that continuing to incur the costs associated with
preparing US GAAP reports for filing is no longer warranted.

On June 5, 2006, Ansell, which just acquired Fabrica de Artefatos de Latex
Blowtex Ltda, terminated its American Depository Receipt program and
delisted its ADRs from the NASDAQ National Market.

The Company’s listing of its ordinary shares on the Australian Stock
Exchange (ASX) will not be affected by the action being taken under U.S.
Law.

Ansell will post on its website all information that the Company has made
or is required to make public under Australian law.

You can access Ansell's website for free at:
http://www.ansell.com/

                  About Ansell Limited

Based in Melbourne, Australia, Ansell Limited --
http://www.ansell.com/-- is a global provider of healthcare
barrier protective products, primarily gloves and condoms.

The Troubled Company Reporter - Asia Pacific reported on
September 5, 2006 that Moody's Investors Service upgraded the
issuer and senior unsecured ratings of Ansell Limited to Baa3
from Ba1.  The outlook is stable.


AUSTAR UNITED: Terminates Foxtel Takeover Offer
------------------------------------------------
Austar United Communications Ltd. said Friday that talks with Foxtel about
a potential takeover offer have been terminated, but that it remains in
talks with other parties, Lyndal McFarland reports for Market Watch.

Ms. McFarland, citing the company's statement, relates that Austar did not
state any reason why the talks were terminated.

Reportedly, Austar said the discussions with other third parties are
preliminary and incomplete.

New South Wales, Australia-based Austar United Communications
Limited -- http://www.austarunited.com.au/--is a subscription
television provider, offering primarily digital satellite
services to customers in regional and rural areas in Australia.
AUSTAR also offers dial-up Internet and mobile phone services.
The company has two business segments: Subscription
services and Radio spectrum licenses.  Subscription services
represent subscription television distribution operations,
Internet, interactive television and mobile telephony operations
and license fee income.  Radio spectrum licenses represent
income and gains earned from the leasing of radio spectrum
licenses.

As of September 30, 2006, the company had a net debt standing of
AU$486.4 million.


AUSTRALIAN CAPITAL: Investors May Get Money Back
------------------------------------------------
Investors in Australian Capital Reserve could recover most or all of the
AU$330 million they invested into the company, reports Ben Schneiders of
The Age.

According to Mr. Schneiders, ACR was placed in voluntary administration
last week amid fears that 7000 noteholders could lose substantial amounts
of money.

Greg Hall, the new administrator of ACR, said that "conceivably"
investors could get paid "all or most of their money", although
significant risks remain.  However, Mr. Hall added that the company is
asset rich despite its having "very little cash," relates Mr. Schneiders.

Reportedly, ACR has been running out of cash with less than AU$10 million
left at the end of 2006.

In an Australian and Securities and Investments Commission report on May
29, 2007, ACR is a finance company, which finances the activities of
Estate Property Group.  ACR raises money from the public by issuing
unsecured deposit notes to public investors and loans those funds to EPG
to finance its various property activities.

As a result of the funding, ACR was able to raise over AU$300 million
between 2000 and 2007 through the issue of 9 prospectuses conveyed the
ASIC article.

However, the ASIC report relates, the funding was stopped by ASIC on March
9, 2007, when it issued and Interim Stop Order on the 9th prospectus due
to some concerns relating to disclosure in the prospectus.

ACR and Estate Property Samuel Pogson apologize to investors on Monday
saying that they will be coordinating with the administrators “to get the
best result for them,” The Age article added.

Australian Capital Reserve Limited -- http://www.acrlimited.com.au/-- is
an investment group based in North Sydney New South Wales, Australia.


BELL'S SELF: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole member of Bell's Self Storage (Australia) Pty Ltd resolved on May
18, 2007, to voluntarily wind up the company's operations.

The company's liquidator is:

          Craig Peter Shepard
          KordaMentha
          Level 24, 333 Collins Street
          Melbourne, Victoria
          Australia


CASEY ENT: Taps Robyn Erskine & Peter Goodin as Liquidators
-----------------------------------------------------------
During a meeting held on May 10, 2007, the members of Casey Ent Pty Ltd
resolved to close the company's business.

Robyn Erskine & Peter Goodin were appointed as liquidators.

The Liquidators can be reached at:

          Robyn Erskine
          Peter Goodin
          Brooke Bird & Co
          Insolvency Practitioners
          471 Riversdale Road, Hawthorn East 3123
          Australia
          Telephone:(03) 9882 6666


CISCO ENTERPRISES: Undergoes Voluntary Liquidation
--------------------------------------------------
On May 21, 2007, the members of Cisco Enterprises Pty Ltd had a meeting
and decided to voluntarily wind up the company's operations.

Clyde Peter White and Phillip Newman were appointed as liquidators at the
creditors' meeting held later that day.

The Liquidators can be reached at:

          Clyde Peter White
          Phillip Newman
          HLB Mann Judd, Chartered Accountants
          Level 1, 160 Queen Street
          Melbourne 3000
          Australia


HARTWELL INVESTMENTS: Sets Members' Final Meeting for June 29
-------------------------------------------------------------
The members of Hartwell Investments Pty Ltd will have their final meeting
on June 29, 2007, at 10:15 a.m., to receive the liquidator's report about
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          William B. Abeyratne
          c/o Harrisons Insolvency
          150 Albert Road, Level 5
          South Melbourne, Victoria 3205
          Australia
          Telephone:(03) 9696 2885


J.M.M. YOUL: Members Set to Meet on June 29
-------------------------------------------
J.M.M. Youl (Fairfield) Pty Ltd will hold a joint meeting for its members
on June 29, 2007, at 2:00 p.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:

          Laurence A. Fitzgerald
          BDO Kendalls
          Business Recovery & Insolvency (Victoria) Pty Ltd
          The Rialto, Level 30
          525 Collins Street, Melbourne Vic 3000
          Australia


MILLICER AIRCRAFT: Joint Final Meeting Set for June 29
------------------------------------------------------
Millicer Aircraft Industries Pty Ltd will hold a joint final meeting for
its members on June 29, 2007, at 9:45 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:

          Laurence A. Fitzgerald
          BDO Kendalls
          Business Recovery & Insolvency (VIC) Pty Ltd
          Chartered Accountants
          The Rialto, Level 30
          525 Collins Street, Melbourne Victoria 3000
          Australia


NEW STREET: Creditors' Proofs of Debt Due by June 20
----------------------------------------------------
New Street Engine Centre Pty Ltd, which is in liquidation, will declare a
first and final dividend on July 20, 2007.

Creditors are required to file their proofs of debt by June 20, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

          G. Handberg
          c/o Rodgers Reidy
          Chartered Accountants
          Level 10, 200 Queen Street
          Melbourne, Victoria 3000
          Australia


PAPILLON DECALS: Sets Joint Final Meeting on June 29
----------------------------------------------------
A joint final meeting will be held for the members and creditors of
Papillon Decals Pty Ltd on June 29, 2007, at 11:30 a.m.

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

The Liquidator can be reached at:

         Laurence A. Fitzgerald
         BDO Kendalls
         Business Recovery & Insolvency (VIC) Pty Ltd
         Chartered Accountants
         The Rialto, Level 30
         525 Collins Street, Melbourne
         Victoria 3000
         Australia


RADIATA PLANTATIONS: Will Declare Dividend on July 13
-----------------------------------------------------
Radiata Plantations Limited, which is in liquidation, will declare a first
and final dividend on July 13, 2007.

Creditors who were not able to file their proofs of debt by
June 21, 2007, will be excluded from sharing in the company's dividend
distribution.

The company's liquidator is:

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


REHILL AGRICULTURE: Members to Meet on June 29
----------------------------------------------
Rehill Agriculture Co. Pty Ltd will hold a final meeting for its
members on June 29, 2007, at 3:00 p.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:

          Michael J. Humphris
          BDO Kendalls
          Business Recovery & Insolvency (Victoria) Pty Ltd
          Australia


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

BAPTIST COMMUNICATIONS: Ng Sau Wa, Sylvia Quits Liquidator Post
---------------------------------------------------------------
On May 25, 2007, Ng Sau Wa, Sylvia ceased to act as liquidator of Baptist
Communications Center (International) Limited.

The former Liquidator can be reached at:

          Ng Sau Wa, Sylvia
          Sing Pao Building, Room 2402m 24th Floor
          101 King's Road
          Fortress Hill
          Hong Kong


CAPITALTECH ASIA: Subject to Wind-Up Petition
---------------------------------------------
Foundry Networks Inc. filed a petition to wind up the operations of
Capitaltech (Asia) Limited on April 25, 2007.

The petition will be heard before the High Court of Hong Kong on June 27,
2007, at 9:30 a.m.

Foundry Networks's solicitor is:

          Baker & McKenzie
          Hutchison House, 14 thFloor
          10 Hartcourt Road
          Hong Kong


CHINA CASTLE: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting held on May 7, 2007, the
shareholders of China Castle Industries Limited decided to liquidate the
company's business and appointed Tsoi Fung Kei as liquidator.

The Liquidator can be reached at:

          Tsoi Fung Kei
          Harcourt House, Room 1502, 15th Floor
          No. 39, Gloucester Road
          Wanchai, Hong Kong


CHINA EASTERN: Oneworld Still Keen on Alliance
----------------------------------------------
Airline alliance Oneworld will continue courting China Eastern Airlines as
a potential future member despite Singapore Airlines, a member of Star
Alliance, taking a stake in the carrier, Flightglobal relates.

John McCulloch, the alliance's managing partner, said at a briefing on the
sidelines of the International Air Transport Association annual general
meeting in Vancouver that he does not believe Singapore Air's expected
purchase of a sizable minority stake will complicate Oneworld's
discussions with China Eastern, the report says.

"China is an unusual market for this sort of activity.  We are proceeding
as before," Mr. McCulloch said.

Nicholas Ionides of Flightglobal relates that China Eastern is the only
one of China's "big three" carriers that has yet to commit to joining an
alliance, after Air China announced last year that it would join Star and
China Southern Airlines earlier declared that it would join SkyTeam.

In addition, Mr. McCulloch says Hong Kong-based Oneworld member, Cathay
Pacific Airways, already has a sizeable stake in future Star member Air
China, so there is a precedent for cross-alliance shareholdings in the
China market.  He says that as Cathay subsidiary Dragonair will be joining
as an affiliate member of Oneworld later in the year, the China market
will be well covered until a member from within mainland China is brought
in.

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

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


CHINA EVERBRIGHT: Awaits Government Capital Injection
-----------------------------------------------------
China Everbright Bank is still awaiting a capital injection from the
state, a prerequisite for potentially taking on a foreign investor,
sources close to the bank told Reuters.

According  to Reuters, the South China Morning Post reported that the
government had already handed Everbright CNY20 billion to recapitalise its
balance sheet and as a result, Central Huijin, the investment arm of the
central bank, now owned over 51% of Everbright would eventually let
Standard Chartered Bank take a 20% stake, the Post said, quoting
unidentified sources.

On Oct. 20, 2006, the Troubled Company Reporter - Asia Pacific reported
that the China's State Administration of Foreign Exchange would inject
CNY20 billion into China Everbright to pave the way for the bank's H-share
debut.  Authorities tapped a government financial arm, Central Huijin
Investment, to inject the capital.

A source close to Beijing-based Everbright told Reuters that the bank's
financial restructuring plan was still a work in progress and that the
capital injection had yet to be completed.  "Everbright is still talking
to a number of banks, and a decision has yet to be made," the source said.

A second industry source said an external audit of the bank would be
completed this month and Everbright would probably get fresh capital in
July, Reuters relates.

Meanwhile, foreign bankers keeping close tabs on Everbright's
restructuring said they had not heard that the government had completed
its capital injection.  No immediate comment was available from Central
Huijin, the news agency adds.

Headquartered in Beijing, China, China Everbright Bank Company --
http://www.cebbank.com/-- is the first state-owned commercial bank with
shares held by international financial
institutions.

The Troubled Company Reporter - Asia Pacific reported that Fitch Ratings
affirmed on August 14, 2006, China Everbright Bank's 'E' individual rating
'3' support rating.


CHIYODAGUMI HONG KONG: Chan Sek Quits as Liquidator
---------------------------------------------------
Chan Sek Kwan Rays quit as the liquidator of Chiyodagumi Hong Kong Limited
on May 22, 2007.

The former Liquidator can be reached at:

          Chan Sek Kwan Rays
          Seabright Plaza, Unit G, 12th Floor
          9-23 Shell Street, North Point
          Hong Kong


COBALT MANUFACTURING: Appoints Provisional Liquidators
------------------------------------------------------
Cobalt Manufacturing Limited commenced liquidation proceedings on May 25,
2007.

Wong Kam Wah and Lo Wing Hung were appointed as liquidators.

The Liquidators can be reached at:

          Wong Kam Wah and Lo Wing Hung
          Gloucester Tower, 5 th Floor
          The Landmark
          11 Pedder Street, Central
          Hong Kong


COMMERCIAL COMPUTING: Liquidators Quit Posts
--------------------------------------------
Ying Hing Chiu and Chung Miu Yin Diana ceased to act as liquidators of
Commercial Computing Limited on May 28, 2007.

The former Liquidators can be reached at:

          Ying Hing Chiu
          Chung Miu Yin Diana
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


CSX ASIA: Enters Liquidation Proceedings
----------------------------------------
At an extraordinary general meeting held on May 18, 2007, the sole
shareholder of CXS Asia Limited decided to liquidate the company's
business.

Natalia K M Seng and Susan Y H Lo were appointed as liquidators.

The Liquidators can be reached at:

          Natalia K M Seng
          Susan Y H Lo
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


DIGITAL CREATION: Placed Under Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting held on May 7, 2007, the members of
Digital Creation Company Limited resolved to close the company's business.

The company's liquidators are:

          Hau Wun Fai
          Li Siu Fung
          Admiralty Centre, Unit 1302, 13th Floor, Tower 1
          18 Hartcourt Road
          Hong Kong


FAR EAST:  Sets Annual General Meeting on June 4
------------------------------------------------
The members and creditors of Far East (China) Investment Limited will have
their annual general meeting on June 4, 2007, at 9:00 a.m. and 9:30 a.m.,
respectively.

The meeting will be held in Suite No. A, 11th Floor of Ritz Plaza on 122
Austin Road, Tsimshatsui in Kowloon, Hong Kong.


GDESIGN TECHNOLOGY: Shareholders Opt to Shut Down Business
----------------------------------------------------------
On May 28, 2007, the shareholders of Gdesign Technology (HK) limited
resolved to shut down the company's business.

Creditors are required to file their proofs of debt by July 1, 2007, to be
included in the company's dividend distribution.

The company's liquidator is:

          Leung Mei Fan
          Allied Kajima Building, Room 1005
          138 Gloucester Road
          Wanchai, Hong Kong


INSTANT-DICT: Undergoes Voluntary Liquidation
---------------------------------------------
The members of Instant-Dict Education and Charity Foundation Limited met
on May 25, 2007, and agreed to voluntarily liquidate the company's
business.

So Kai Tong Stanley and Chow Wing Hong were appointed as liquidators.


JOINT OCEAN: Creditors' Proofs of Debt Due by July 6
----------------------------------------------------
The creditors of Joint Ocean International Limited requires its
creditors to file their proofs of debt by July 6, 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:

          Ying Tze Yeuk
          502 Hang Bong Commercial Centre
          28 Shanghai Street, Kowloon
          Hong Kong


KA SUN: Court to Hear Wind-Up Petition on June 27
-------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Ka Sun Foodstuff trading (H.K.) Limited on
June 27, 2007, at 9:30 a.m.

The petition was filed by the Hong Kong Special Administrative Region on
April 17, 2007.


KING'S GLORY: Members Opt to Shut Down Business
-----------------------------------------------
During a meeting held on May 17, 2007, the members of King's Glory
Educational Holdings Limited decided to shut down the company's business
and appointed Wu Shek Chun Wilfred as liquidator.

The Liquidator can be reached at:

          Wu Shek Chun Wilfred
          Libra CPA Limited
          Hong Kong Trade Centre, 10 th Floor
          161 Des Voeux Road
          Central, Hong Kong


NOBLE GROUP: S&P Rates US$250 Million Bond at BB+
-------------------------------------------------
Standard & Poor's Ratings Services, on June 5, 2007, assigned a 'BB+'
rating to a US$250 million zero coupon convertible bond issue due 2014 by
Noble Group Ltd.

"The net proceeds of the issue (estimated at US$244 million) will be used
for general corporate purposes and refinancing of outstanding
indebtedness," said Standard & Poor's credit analyst Mary Ellen Olson.
Noble is a raw material merchandiser, sourcing agricultural and energy
commodities and metals, minerals, and ores.  It also provides supply chain
management services to third parties through logistics, including fleet
management, vessel chartering, and ship ownership, and finance.

Headquartered in Hong Kong and listed on the Singapore Stock
Exchange, Noble Group Ltd is mainly engaged in the sourcing and
distribution of a wide range of commodity products in agriculture, energy
and metals as well as the logistics management business.  It has over 70
offices in 42 countries including Argentina, Brazil, Canada, Italy,
Portugal, Spain, Switzerland, Turkey, and the United States.


SSANGYONG SECURITIES: Final General Meeting Set for July 2
----------------------------------------------------------
Ssangyong Securities Asia Limited will hold the final general meeting on
July 2, 2007, at 11:00 a.m., on 23-2 Yoido-dong, Youngdungpo-gu in Seoul,
Korea.

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


STAR ASSETS: Liquidators Quit Posts
-----------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee ceased to act as
liquidators of Star Assets Property on May 14, 2007.

The former Liquidators can be reached at:

          Natalia Seng Sze Ka Mee
          Cynthia Wong Tak Yee
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


ZTE CORP: To Bid for China's CNY6Billion Mobile Phone Order
-----------------------------------------------------------
ZTE Corp will join about 20 mobile phone makers to bid for contracts
offered by China Mobile to make 2 million handsets based on the TD-SCDMA
standard, worth for as much as CNY6 billion, various reports say.

Cheng Yuejuan, a company spokeswoman based in Shenzhen, southern China
confirmed the reports and said ZTE will bid for the handset orders.  Other
firms expected to bid include Huawei Technologies, Datang Telecom
Technology, Samsung Electronics, LG Electronics, Motorola, and Haier
Electronics, Bloomberg News relates.

TD-SCDMA stands for time division synchronous code division multiple
access, the high-speed mobile-phone standard developed by China.

“It is the first large-scale purchase, because it’s reached one million to
two million,” Chen Haofei, secretary general of industry group TD- SCDMA
told Bloomberg in a phone interview.  He said it is still too early to say
which company may get the biggest share of the tender.

The TD-SCDMA Forum was established in 2000 by eight firms -- China Mobile,
China Telecom, China Unicom, Datang, Huawei, Motorola, Nortel and Siemens.

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

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


* Tighter Regulations May Increase Defaults, Regulator Warns
------------------------------------------------------------
China's small and medium sized banks and financial institutions might have
to bear higher default risk due to tightened banking regulation if they
are not cautious enough, chief advisor Andrew Sheng of the China Banking
Regulatory Commission warned, China Kowledge reports.

According to Mr. Sheng, income of larger banks and financial institutions
declined as banking regulations tightened and in a move to protect
themselves, the large banks extruded those loans with higher default risk
and smaller and medium banks who are not risk conscious might find
themselves taking up these loans.

In addition, Mr. Sheng pointed out to China Knowledge that there are four
other main concerns beside the default risk mentioned.  The first is that
it is necessary to monitor the market risks which include exchange rate
and interest rate.  These risks will directly affect the values of bank's
funds, the director added.  The second is to estimate the amount of bad
loans and be prepared to counter them.  Most banks' branches depend on
their head office to make provision for these bad debts, giving a wrong
public impression that they are making extraordinary profits.  The third
is to appreciate the excess liquidity in the business such as real estate
appreciation.  Banks which possessed real estate as repossessed assets
might find themselves being exposed to higher default risk when estates
appreciate.  Lastly, special attention to information that involves The
People's Bank of China and other big financial institutions needs to be
paid.


=========
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=========

ALLEN SYSTEMS: S&P Rates Proposed US$340 Million Loans at B
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Naples, Florida-based Allen Systems Group Inc.  The outlook is
stable.

At the same time, Standard & Poor's assigned its 'B' bank loan rating and
'3' recovery rating to the company's proposed
US$75 million first lien revolving credit facility (due 2012) and USUS$265
million first lien term loan B (due 2014), reflecting S&P’s expectation of
meaningful (50%-80%) recovery of principal by lenders in the event of a
payment default or bankruptcy.

The first-lien senior secured bank loans are rated the same as the
corporate credit rating.  These ratings are based on preliminary offering
statements and are subject to review upon final documentation.

"Proceeds from the proposed credit facilities will be used to finance the
acquisition of publicly held Mobius Management Systems Inc. for about
USUS$211 million, to refinance existing ASG debt, and to pay related fees
and expenses," explained Standard & Poor's credit analyst Molly Toll-Reid.

The ratings reflect ASG's currently modest EBITDA base, acquisitive growth
strategy, and leveraged financial profile.  These factors are partly
offset by ASG's diversified customer base, a significant level of
recurring revenues, and expanded product set.

ASG and Mobius pro forma revenues for the 12 months ended
March 31, 2007, were about USUS$275 million, compared with ASG-only
reported fiscal 2005 revenues of USUS$169 million.  Although ASG had
fiscal 2006 EBITDA margins in the high-teens percentage, combined pro
forma margins—not including anticipated cost reductions—for the 12 months
ended March 31, 2007, are about 12% due to substantially lower historical
profitability at Mobius.  Cost reductions are expected to result in
significant margin improvement over the near to intermediate term.
However, the potential impact of personnel reductions on ASG's ability to
sustain and grow new software license sales may not be fully apparent for
at least several quarters.

Following the proposed transaction, operating lease-adjusted total debt to
EBITDA (including expected profitability improvements to be achieved in
the second half of fiscal 2007) is expected to be in excess of 6x for
fiscal 2007.  S&P’s expectation that leverage will trend below 6x in
fiscal 2008 incorporates the assumption the company will achieve and
sustain significant cost reductions and margin improvement, on moderate
revenue growth.  A 75% excess cash flow sweep under the proposed credit
facility could result in some debt reduction over the intermediate term.
However, S&P believe the company's acquisitive growth strategy will limit
the achievement of a sustained reduction in debt leverage.

ASG has offices in India, Benelux, and Brazil.


BRISTOW GROUP: Moody's Rates Proposed US$250-Mil. Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 (LGD 4, 55%) rating to Bristow
Group Inc.'s proposed US$250 million senior unsecured notes offering.

Simultaneously, Moody's affirmed the Ba2 corporate family rating  Ba2
probability of default rating (PDR), and the Ba2 rating (but changed the
LGD point estimate from LGD4, 59% to LGD4, 55%) on the existing US$230
million senior unsecured notes.  The outlook remains negative.

Proceeds from the note offering are being used to fund the options on new
aircraft as part of the company's ongoing aircraft fleet expansion
program.  BRS has US739.7 million worth of options for 52 large and medium
aircraft over fiscal years 2008-2013 in addition to US$331.6 million worth
of orders for 31 aircraft for 2008 and 2009.  Until it exercises the
options on the new aircrafts and pays the purchase price, proceeds from
the note issue will be invested in highly liquid, investment grade
securities.

Moody's originally placed the negative outlook on the company in 2006 to
reflect the uncertainty surrounding the SEC investigation, a separate
Dept. of Justice investigation, and the previously reported material
weaknesses.  However, Moody's believes the outcomes of these two events
has become less of an issue for the ratings and the company has remedied
the material weaknesses.  The negative outlook is now warranted due to the
company's significant increase in long-term debt that is increasing the
company's leverage (debt/EBITDA) to approximately 4.1x from about 2.7x,
and ranks among the highest for the peer group.  This degree of leverage
is beyond the expectations for the Ba2 rating as we stated in our press
release dated January 31, 2006 and ranks among the highest for the peer
group.  While the underlying business fundamentals remains very
supportive, the company is utilizing a historically high amount of debt to
fund the exercising of additional options to build more aircraft currently
with no customer contracts.

The negative outlook also considers that company holds more options on new
aircraft beyond those that can be funded with this offering.  The current
offering will pre-fund a portion (12 aircraft) of the options the company
has on new aircraft that can be exercised over the next 12 to 18 months.

If the incremental options beyond the initial 12 are exercised, it would
require approximately $475 million of additional funding and thus could
keep leverage elevated and possibly push it higher if there is a
significant debt component. Moody's notes that the company is not
currently obligated on those options but that if exercised, it will likely
contain a significant debt component and could result in leverage beyond
the levels of a Ba2 profile.

A stable outlook would require the company to meet its earnings and
cashflow projections, resulting in reduced leverage to within the 3.0x
over the next 12 months. It would also require the company to
significantly fund any additional newbuilds with equity, especially if
there is a significant number of newbuilds uncontracted at the time they
are ordered.

The affirmation of the Ba2 ratings reflects the still very supportive
outlook for Bristow's business given the continued strength in the global
offshore exploration and production sector, particularly the deepwater
market for which the majority of the new aircraft are suited; the
company's historically conservative financial policies; the geographic
diversification of its operations; its leading position in its primary
markets; and the company's solid liquidity position.

The Ba2 CFR remains restrained by the helicopter sector's contract
structure which has restrained upcycle earnings and cash flows relative to
the rest of the oilfield services sector which are at historically high
levels; the company's dependence on the volatile exploration and
production of oil and gas; the still mature and potentially cyclical
nature of the GOM and North Sea, which generate about half of the
company's earnings and cash flows; the lack of barriers to entry given the
major oil and gas companies ability to foster greater competition for
helicopter services; and the significant capital being spent on the
company's fleet renewal/expansion over the next couple of years.

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.


BRISTOW GROUP: S&P Rates US$250 Million Senior Notes at BB
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to
helicopter service company Bristow Group Inc.'s US$250 million senior
notes due 2017.

At the same time, Standard & Poor's affirmed the 'BB' corporate credit
rating and all other ratings on the company.

The outlook is negative.

Pro forma for the offering, Houston, Texas-based Bristow will have
approximately US$640 million of debt, adjusted for operating leases and
postretirement benefit obligations.

"Ratings reflect the company's exposure to the highly cyclical and
volatile oil and gas industry, exposure to weather and seasonal
fluctuations that might limit flight hours, an expanding capital spending
program, and aggressive financial leverage," said Standard & Poor's credit
analyst Aniki Saha-Yannopoulos.  "These weaknesses are partially mitigated
by Bristow's significant market share and geographic diversity."

Bristow's high debt leverage, expanded capital expenditure program, and
lack of free cash flow in the near term are primary factors for the
negative outlook.

Should either the SEC or Department of Justice investigation negatively
affect Bristow, or if Bristow's operational performance or financial
measures deteriorate, then lower ratings would result.  Conversely,
improved operating performance and financial measures would result in an
outlook revision to stable.

Headquartered in Houston, Texas, Bristow Group Inc. --
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, the Netherlands,
Singapore, Trinidad and Tobago, United Kingdom, and the United States,
among others.


ICICI BANK: To Raise US$2.5 Billion Overseas
--------------------------------------------
As reported by the Troubled Company Reporter – Asia Pacific on May 1,
2007, ICICI Bank Ltd plans to raise additional equity capital by way of a
public issue of shares and an issue of American Depository Shares in the
United States.  The capital raising, which the bank's board of directors
has approved, is expected to be around INR20,000 crore, or approximately
US$5 billion.

The INR20,000-crore follow-on public offer reportedly would be the largest
public issue ever made in India's corporate history.  The issue would help
the bank to increase its capital adequacy ratio substantially to more than
20% from the present level of 0.98% from 0.71%, The Financial Express
says.

Half of the proposed capital issuance is expected be raised overseas while
the other half via the local market, various reports say.

Out of the INR20,000 crore, ICICI Bank is likely to raise anywhere between
INR12,000-10,000 crore from the local market and the remaining through the
American Depository Shares market, The Economic Times says.  The bank will
do a simultaneous issue in the local and the overseas market, the news
agency adds.

“[T]he bank must bolster its capital to support a doubling in
investment in infrastructure and manufacturing,” The Financial Express
quotes ICICI Chief Executive Officer K. V. Kamath as saying.  According to
the news agency, the bank tapped Merrill Lynch & Co and Goldman Sachs
Group Inc to sell the shares in India and overseas.  “Enam Financial
Consultants and JM Morgan Stanley will also arrange the domestic portion
of the sale,”  the agency says citing three people with direct knowledge
of the matter.

The bank is currently seeking its shareholders approval of the proposed
issue by way of postal ballot.  The board is expected to announce the
result of the postal ballot tomorrow, June 8.

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

                          *     *     *

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

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


IFCI LTD: Names Atul Kumar Rai as Whole-Time Director
-----------------------------------------------------
IFCI Ltd names Atul Kumar Rai as its new whole-time director, a filing
with the Bombay Stock Exchange reveals.

According to the BSE filing, Mr. Rai joined the company as whole-time
director on June 1, 2007.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
April 3, 2007, Credit Analysis & Research Ltd. retained a CARE D
rating to IFCI's Long & Medium Term Debt aggregating INR91.36
crore.  The amount represents the outstanding non-restructured
amount under the Bonds series, which have been rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


ITI LTD: Defaults on “I” Series Bonds; Rating Downgraded
--------------------------------------------------------
ITI Limited has defaulted on some of its debts resulting in the
downgrade of its bonds to default grade, The Times of India reports.

According to the report, ITI's bonds previously carried highest safety
ratings because the debt was guaranteed by the Indian government.

Canara Bank, the trustees to ITI's 'I' series bonds, aggregating INR50
crore, however, failed to invoke the guarantee given by the Government,
the news agency relates.

In January 2006, ITI had also defaulted on its 'J' series bonds,
aggregating INR150 crore and subsequently was downgraded to 'D' ratings,
The Times recounts.  Currently, those bonds are still in default.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Apr. 23, 2007, that Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the above said bond issue.

TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to  ITI's INR550 million
'J-1' Series long-term bonds.

ITI has incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


NOVELL INC: Credit Suisse Reaffirms Underperform Rating on Firm
---------------------------------------------------------------
Credit Suisse analyst J. Maynard has reaffirmed his "underperform" rating
on Novell Inc's shares, Newratings.com reports.

Newratings.com relates that the target price for Novell's shares was set
at US$6.

Mr. Maynard said in a research note that Novell’s second quarter 2007
results didn't reflect any sign of substantial progress.

Mr. Maynard told Newratings.com that the expected release of "GPLv3"
indicates a risk to Novell’s most significant business.

The probability of Novell being acquired by a private equity investor is
quite low due to the lack of sustainable cash flows, Newratings.com
states, citing Credit Suisse.

Headquartered in Waltham, Mass., Novell, Inc. (Nasdaq: NOVL) --
http://www.novell.com/-- delivers Software for the Open
Enterprise.  With more than 50,000 customers in 43 countries,
Novell helps customers manage, simplify, secure and integrate
their technology environments by leveraging best-of-breed, open
standards-based software.

The company has offices in Australia, Argentina, Brazil, China, Hong Kong,
India, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea,
Taiwan and Thailand.
                        *     *     *

Novell, Inc.'s Subordinated Debt carries Moody's Investors
Service's 'B1' rating.


VNESHTORGBANK JSC: Promstroybank Takeover Slated for Yearend
------------------------------------------------------------
JSC Vneshtorgbank will take over Industry & Construction Bank of St.
Petersburg (Promstroybank) by the end of 2007, RIA Novosti reports citing
VTB-24 CEO Mikhail Zadornov.

Mr. Zadornov told RIA Novosti that the takeover will involve a share swap
between VTB and Promstroybank.  He, however, said the banks were still
determining the share-swap ratio.


VTB currently owns 75% plus three shares of Promstroybank.  The company
has increased its operating volumes and profit in the first half of 2006
to its acquisition of Promstroybank.  The regional bank's shareholders has
already approved a takeover by VTB.

As reported in the TCR-Europe on Oct. 27, 2006, once a decision for
takeover is reached, Vneshtorgbank will apply for approval from the
Russian government.

Headquartered in St. Petersburg, Russia, Industry and
Construction Bank -- http://www.icbank.ru/-- engages in
universal banking with a special franchise in corporate finance
and investment banking.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates a network of 151 branches, including 55
branches of VTB, 42 branches of VTB Retail Services and 54
branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                         *   *   *

JSC Vneshtorgbank carries a C/D Individual rating and 2 Support ratings
from Fitch.


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

ALCATEL-LUCENT: Wins Multi-Million Contract From China Telecom
--------------------------------------------------------------
Alcatel-Lucent disclosed that China Telecom's two subsidiaries, Jiangsu
Telecom and Hubei Telecom, have selected the company's IP solution to
deploy and expand their IP metro area networks for delivery of high
quality IP-based services in Jiangsu and Hubei provinces.  These
multi-million Euro contracts were secured by Alcatel Shanghai Bell,
Alcatel-Lucent’s flagship Chinese company.

For Jiangsu Province, Alcatel-Lucent will deploy its industry-leading IP
solution in the cities of Wuxi, Changzhou, Zhenjiang, Nanjing, Yangzhou,
Taizhou and Xuzhou.  Upon completion of the project at the end of 2007,
both enterprises and consumers within these cities will be able to enjoy a
broad suite of premium IP-based services such as high-speed Internet
access and MPLS services.

For Hubei Province, Alcatel-Lucent’s IP solution will be deployed in the
cities of Wuhan, Yichang and Huanggang. Project completion is expected by
the end of 2007, enabling Hubei Telecom to provide enhanced IP services
such as IPTV to government customers and high-speed Internet access to
residential users.  The IP metro area network will also serve as
the basis for further value-added services like Layer 2 and Layer 3 VPNs.

The Alcatel-Lucent IP solution includes the 7750 Service Router, which is
unique in its ability to ensure non-stop service delivery that is critical
to meet customers’ stringent expectations.  Its rapid service provision
ensures operators can quickly meet changing market demands.

Sun Jiuming, General Manager of Jiangsu Telecom said “Increasing
customer needs result in requirements for a wider variety of new and
highly reliable IP-based data services.  Deploying the Alcatel-Lucent IP
solution will help us better meet end-users needs and capture more market
opportunity.”

“Being selected by Jiangsu Telecom and Hubei Telecom for their IP metro
area network projects demonstrates Alcatel-Lucent’s strong IP position in
China, and reinforces our goal of helping operators meet growing business
needs,” said Gerard Dega, President of Alcatel Shanghai Bell.

Major Chinese operators including China Netcom, China Telecom, China
Unicom, and China Mobile have selected Alcatel-Lucent’s IP suite of
solutions to optimize their networks delivering high-performance,
carrier-grade voice, data and video services to their customers.
Alcatel-Lucent’s IP/MPLS solutions are now serving in the production
networks of 33 out of 34  Chinese provinces, regions and municipalities.
Jiangsu Telecom and Hubei Telecom also join more than 170 service
providers in over 65 countries who have selected the Alcatel-Lucent IP
portfolio.  According to Ovum-RHK, Alcatel-Lucent was #2 in the IP/MPLS
Edge market segment in Q1 2007, with 20% market share.

                     About Alcatel-Lucent

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

                          *     *     *

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

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

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


ANEKA TAMBANG: Pays IDR621.1-Billion Dividend for 2006
------------------------------------------------------
PT Aneka Tambang Tbk will pay IDR325.58 per share dividend for 2006,
amounting to a total of IDR621,110,922,800, Reuters reports.

According to the report, the dividend will be paid on July 6, 2007, to
shareholders of record as of June 26, 2007.

                      About Aneka Tambang

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

                          *     *     *

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

Moody's Investors Service gave Aneka Tambang a local currency B1
corporate family rating, and a B2 foreign currency bond rating.


BANK MANDIRI: Pays IDR1.21-Trillion Dividend for 2006
-----------------------------------------------------
PT Bank Mandiri (Persero) Tbk  will pay a total of IDR1,210,702,560,376.86
dividend for 2006 and a total of  IDR242,140,512,075,.37 for a one-time
special dividend, Reuters reports.

According to the report, both dividend payments, which are equivalent to
70.28 per share, and will be paid on June 29, 2007, to shareholders of
record as of June 22, 2007.

                      About Bank Mandiri

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

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

   * BFSR is changed to D- from E+.

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

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

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

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

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


GARUDA INDONESIA: Posts IDR121-Bil. Net Profit for Jan-April
------------------------------------------------------------
PT Garuda Indonesia reported a net profit of IDR121 billion in January to
April of this year despite the low peak season, Antara News reports.

According to the report, for the past three years the airline reported
losses during that period.  In the first quarter of 2006, its President
Emirsyah Satar recounts, the company's losses amounted to IDR279 billion.

Garuda spokesman Pujobroto said that cash flow amounted to US$103 million
in April or about the same as peak season, US$102 million in September,
and US$103 million in December last year, the report notes.

Antara adds that Garuda succeeded in increasing its load factor from 69%
last year to 76%.

                    About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on December 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter - Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


INDOSAT: Hedges US$400 Million of Debt at End-March
---------------------------------------------------
Pt Indosat has hedged US$400 million -- about 69% -- of its debt by the
end of March to minimize the risk arising from currency volatility, and
not to speculate, Antara News reports.

According to the report, Indosat issued the statement after Bisnis
Indonesia reported that the firm had incurred cumulative losses of IDR653
billion since 2004 on derivatives transactions.

The losses had arisen from transactions, worth about IDR275 million, with
a number of financial institutions which had not been hedged, the report
says, citing Bisnis Indonesia.

Antara relates that Indosat Finance Director Wong Heang Tuck declined to
confirm Bisnis Indonesia's report but said that whatever transactions the
company made will be disclosed in the  annual reports, in compliance with
all applicable rules and regulations.

                       About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.
The outlook for the ratings remains positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


INDOSAT: Taxation Director General to Cross-Checks Tax
------------------------------------------------------
PT Indosat Tbk's taxes will be cross-checked by Taxation Director General
Darmin Nasution's office in relation to the derivative transactions by the
state telecommunications company, Antara News reports.

According to the report, Mr. Nasution said that they are starting to
wonder why Indosat's tax payments had been declining the last couple of
years.  Mr. Nasution's  office is currently collecting data and
information on the matter even though they have already received a reply
from the company.

Mr. Nasution believes that it is still  necessary for his office to
conduct a verification following information from a member of the House of
Representatives's commission, XI Dradjad H Wibowo, who suspected that
Indosat has committed a tax embezzlement by noting its losses as the
result of derivative transactions in 2004 to 2006, which caused the the
state lost potential tax and dividend revenues worth IDR323 billion,
Antara relates.

The report says that this is apparent in Indosat's consolidated balance
which has an item on loss on change in fair value of derivatives, which
showed a loss of IDR170.45 billion,
IDR44.21 billion IDR438 billion in 2004, 2005, and 2006 respectively,
totaled to IDR653 billion.

                      About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.
The outlook for the ratings remains positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


INDOSAT: Appoints Johnny Swandi Sjam as New President-Director
--------------------------------------------------------------
PT Indosat Tbk has promoted Sales Director Johnny Swandi Sjam to the post
of president director, Reuters News reports.

The report recounts that the company's previous chief, Hasnul Suhaimi,
resigned in June last year and moved to rival PT Excelcomindo Pratama Tbk.

Deputy President Director Kaizad B. Heerjee has been acting as chief, the
report relates.

                       About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.
The outlook for the ratings remains positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


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

ALL NIPPON: Partners with Rakuten to Serve Corporate Clients
------------------------------------------------------------
All Nippon Airways will enter into a business alliance with Rakuten Inc.
to arrange business trips for corporate clients, effective July 2, 2007,
Reuters reports, citing the Kyodo News.

Through this partnership, ANA will provide the ticketing system and
Rakuten Inc. will provide the hotel reservation system through its
affiliated travel agency, Rakuten Travel, Inc., the report says.

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

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

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

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

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


DAIEI INC: Unit Sumitomo Mitsui Likely to Acquire OMC Card
----------------------------------------------------------
According to The Yomiuri Shimbun, Sumitomo Mitsui Financial Group is most
likely to buy a large number of shares in OMC Card Inc., a subsidiary of
major supermarket chain, Daiei Inc.

Daiei, which owns 52% of OMC, will make its official decision within the
month as to who it will sell its 30% OMC share to, the daily relates.

Reportedly, the OMC sale, which is expected to bring in about JPY100
billion, will be used by Daiei to reduce its interest-bearing debt.

On April 26, 2007, the Troubled Company Reporter - Asia Pacific reported
that Daiei has narrowed bidders for a 31.8% stake in credit card unit OMC
Card Inc. to Sumitomo Mitsui Financial Group and Shinsei Bank.

Through the purchase, SMFG would become the principal shareholder, and
strengthen its position in the retail market by linking the OMC credit
card with firms under its umbrella, such as Sumitomo Mitsui Card Co. and
Central Finance Co., conveys the report.

Sources of the Youmiuri Shimbun revealed that while Daiei places
importance on higher bids, it also is considering which "company can
increase OMC's corporate value."  For this reason, the article added, SMFG
is likely to be Daiei's choice, as the financial group has a wide range of
retail activities and a close business relationship with the supermarket
chain.

                        About Daiei Inc.

Headquartered in Kobe, Japan, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei has been rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 18, 2006, Marubeni Corporation assumed the leading role in
Daiei's turnaround efforts by acquiring the entire 33.67% stake
held by the IRCJ in Daiei.  Marubeni now holds a 44.6% stake in
the company.

A subsequent TCR-AP report on Sept. 1, 2006, stated that
Marubeni is keen on selling part of its 44.6% holding in Daiei.
However, in order for prospect buyers to accept Marubeni's
proposal, Daiei's liabilities must be trimmed to an acceptable
level.  Daiei, as a result, cut its group interest-bearing
liabilities to about JPY400 billion as of the end of February
2006 from more than JPY1 trillion a year earlier.

According to The Japan Times, Aeon Company, the nation's biggest
supermarket chain, was picked in 2006 to set up a business
alliance to rehabilitate Daiei.


ITOCHU:  To Build Russian Plant with Suzuki
-------------------------------------------
Itochu Corp. and Suzuki Motor Corp. are planning to build an auto assembly
plant in Russia according to industry sources of Japan Today.

According to the report, Itochu intends to take advantage of the joint
venture to enhance its auto business division while Suzuki sees Russia as
a promising auto market like India where the firm has been running two
auto plants.

Itochu Corporation -- http://www.itochu.co.jp--is a Japan-based
trading company.  It operates in eight business segments.  The Textile
segment offers clothing and interior products, such as wool, synthetic
fabrics, silk and others.  The Machinery segment is engaged in the
automobile, industrial machinery, plants and related businesses.  The
Space, Information and Multimedia segment is involved in the media
network, high technology and related businesses.  The Metal and Energy
segment is involved in the mining, metal, energy and related businesses.
The Living Materials and Chemicals segment is involved in the precision
chemistry, rubber, timber, glass, cement and other related businesses.
The Food segment is involved in the production, distribution and sale of
wheat,
rice, corn, frozen food and others.  The Financial, Real Estate, Insurance
and Logistics segment provides financial consultation, real estate,
transportation and other services.  The Overseas Corporation segment is
involved in various trading activities.

The company has operations in Bulgaria, France, Colombia, and
Argentina, among others.

Fitch Ratings gave Itochu Corp's long-term local credit issuer a BB+
rating on October 2, 2005.  Fitch had earlier given the company a BB+
rating for its senior unsecured debt and long-term foreign credit default
on March 10, 2004.

Moody's Investors Service gave the company a Ba1 rating on its issuer
rating and local currency long term debt and an NP on its short term
rating on February 7, 2005.  Moody's had earlier given the company's
senior unsecured debt a Ba1 rating.


JVC CORP: Execs to Block TPG's Takeover Bid
-------------------------------------------
Three top executives of Victor Company of Japan, Limited, or JVC, are
trying to prevent Texas Pacific Group Inc. from taking a controlling stake
in their company, MarketWatch reports, citing Financial Times.

Reportedly, TPG has won exclusive rights to negotiate with Matsushita
Electrical Industrial Co. to buy its 52% stake in JVC.  However, the talks
have dragged on past the March 31 deadline.

The three executives opposed to the fund's hands-on management style and
will want to restructure JVC with a more passive financial backer reveals
the sources of FT.

Matsushita said it was still in discussions with TPG and declined to
comment on other matters.  TPG declined to comment, the article added.

                        About JVC Corp

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

Troubled Company Reporter - Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006.  This is its fourth consecutive annual loss.


JAPAN AIRLINES: Needs More Restructuring to Get DBJ's Support
-------------------------------------------------------------
Development Bank of Japan said Tuesday that Japan Airlines Company
International, Limited, needs to implement more restructuring programs
before receiving financial support from its creditors reports Japan Today.

The report said that DBJ Governor Takeshi Komura, during a House of
Councilors committee session, expressed that JAL will be unable to win
consent for its capital increase plan "unless it demonstrates more
self-help efforts."

On May 25, 2007, Troubled Company Reporter-Asia Pacific that JAL sought
the help of its lenders to help increase its capital to JPY200-400 billion
to prevent its credit from worsening.

This was subsequently followed by a report by TCR-AP on June 1, 2007,
saying that the airline is planning to increase its capital base to
between JPY100-150 billion to be used to introduce new fuel-efficient
aircraft to reduce costs.

                    About Japan Airlines

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.


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

HYNIX SEMICONDUCTOR: Considers Selling Old Fabrication Lines
------------------------------------------------------------
Hynix Semiconductor Inc. is considering selling some of its older
fabrication lines for eight-inch memory chips to improve productivity, The
Wall Street Journal reports.

According to the report, James Kim, vice president of Hynix's investor
relations team, said that the company has considered and is still thinking
of ways to improve productivity, including the sale of some eight-inch
fabs or using such fabs for other purposes.  The company currently has
five eight-inch fabrication lines and two 12-inch lines in Korea and
overseas.

Mr. Kim declined to say whether Hynix is in talks with other companies for
the sale of its eight-inch lines, WSJ adds.

                    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.


LG TELECOM: May Face Punishment for Missing 3G Trial Deadline
-------------------------------------------------------------
LG Telecom is facing the possibility of being punished by the country's
telecoms regulator for violating the government's order to start 3G trial
service by the end of last year, The Seoul Times relates.

According to the report, the Ministry of Information and Communication
will hold a meeting to review  information and
communications policy next month.  The Seoul Times cites an unidentified
source as saying that LG Telecom will be the focus of this meeting.

The regulator will also decide next month on whether LG has indeed
committed violations, the report adds.

The Times says that there were already doubts regarding LG Telecom's 3G
service because of the company's poor financial capability and lack of
technical support.

The Times recounts that LG Telecom won the 3G license to deploy
CDMA2000 1X EV-DV based networks.  However, Qualcomm, who developed the
EV-DV technology, has decided to stop developing EV-DV chipsets because of
a limited market opportunity and lack of demand, so LG Telcom had no
choice but to abandon their 3G plans, the report points out.

                      About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom's foreign
currency Issuer Default rating to 'BB+' from 'BB.'

On March 27, 2007, Moody's Investors Service upgraded LG
Telecom's foreign currency corporate family rating and senior
unsecured bond rating to Ba1 from Ba2.  The outlook on the
rating is stable.


NATIONAL AGRICULTURAL: Expands Specialized Financial Services
-------------------------------------------------------------
The National Agricultural Cooperative Federation is expanding
specialized financial services for its best clients by opening more
private banking offices exclusively focused on offering investment
counseling for them.

Previously, the NACF has operated PB offices within its existing bank
branches, but from April 17, it started running independent PB offices.

The NACF is opening these specialized centers in Apkujung-dong,
Yeoui-do, Bundang and Haewoondae.  It plans to increase the number of PB
offices to 120 nationwide to offer even better financial services,
including four offices through 2007.

The new service will be called "Royal Road," connoting a regal and
exclusive path toward greater prosperity.

"Royal Road is the new brand that implies in its name the will and hope of
the NACF specialists tasked with guiding customers to a road of
prosperity.  The star in the image stands for the hoped-for success of our
customers," one NACF official said.

The NACF's first PB center, its Kangnam office, is located at the POSCO
building, and one expert on taxation and seven investment specialists
there will offer professional financial consulting using the federation's
newly developed Wealth Management System.

On the grand opening of the Kangnam PB office, Chung Yong-kuen, CEO of the
NACF's Banking & Insurance business said: "The NACF will strengthen
customers' reliance on the professionalism of the NACF's banking business
through the expansion of its PB offices.  Indeed, the NACF will make a
noteworthy difference in the domestic PB market."

     About National Agricultural Cooperative Federation

The National Agricultural Cooperative Federation --
http://www.nonghyup.com/-- and its member cooperatives were
established in 1961 to enhance the social and economic status of
member farmers and balance the development of the national
economy.  It operates under the directive of the Ministry of
Agriculture & Forestry but its banking business operates under
the Banking Act of Korea.  The Cooperatives main business
activity is the provision of specializes agricultural and
commercial credit and banking services.

As reported in the Troubled Company Reporter - Asia Pacific on
Apr 17, 2007, Standard & Poor's Ratings Services on April 13, 2007,
assigned its A- rating to the proposed 10-year lower Tier II subordinated
notes of Korea's National Agricultural Cooperative Federation.  The notes
are to be drawn down from a US$4 billion global medium-term note program.

On Apr 17, 2007, Moody's Investors Service on April 13, 2007, assigned
A3/Baa1 foreign currency long-term senior/subordinated debt ratings and a
Prime-1 foreign currency short-term debt rating to National Agricultural
Cooperative Federation's updated and upsized USD4 billion Global Medium
Term Note Program.


PARK & OPC CO: To Issue 19th Overseas Unsecured Detachable Bond
----------------------------------------------------------------
Park & OPC Co., Ltd., will issue its 19th overseas unsecured detachable
bond, which are 100% convertible to shares at the price of KRW 1,065 per
share, with warrants financing KRW3,457,845,000 through public offering in
European market, Reuters reports.

According to the report, the bonds  will be used for its operations and
will mature on December 23, 2013, with a maturity interest rate of 3% per
annum.  The company will pay back 121.4948% of the unconverted bonds on
maturity date in Japanese yen.

The company will also pay back the bonds with the interest accrued at 3%
per annum to bondholders in Japanese yen in one year after the bond
delivery date and in every month after one year, upon its bondholders'
requests, the report notes.

Reuters adds that the company has appointed Daewoo Securities Co., Ltd. to
act as underwriter.

                     About  Park & OPC Co.

With headquarters and factory in Cheongju, Korea, Park & OPC Co., Ltd. --
http://www.daewonopc.com/-- is a manufacturer engaged in the provision of
electrophotographic devices.  The Company produces organic photo conductor
(OPC) drums and artificial intelligence (A.I) chips.  During the year
ended
Dec. 31, 2005, the Company had a production capacity of approximately 9
million OPC drums and its actual output was approximately 6.5 million OPC
drums.  The Company exports OPC drums to Japan.  Its major clients are
Cannon, IBM, Epson and Samsung Electronics.

On July 31, 2006, Korea Ratings gave the company’s KRW4.40 billion
straight bond private issue a B rating.


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

HALIFAX CAPITAL: Discloses Proposals Under Reform Plan
------------------------------------------------------
Halifax Capital Bhd disclosed with the Bursa Malaysia Securities Bhd
several proposals it plans to undertake to regularize its financial and
operational condition.  The company, as an affected listed issuer under
the PN17 criteria of the bourse, is required to submit a reform plan to
relevant authorities.

The proposals, include, among others:

-- capital reduction;
-- share premium reduction;
-- acquisition of Zecon Toll Concessionaire Sdn Bhd;
-- waiver;
-- rights issue with warrant; and
-- disposal of land and building of Halifax

Under the proposals, Halifax's proposes a capital reduction of its
existing issued and paid-up share capital of MYR62,833,333 comprising
62,833,333 ordinary shares of MYR1.00 each to MYR6,283,333 comprising
62,833,333 ordinary shares of MYR0.10 each to be effected by the
cancellation of MYR0.90 of the par value of each ordinary share.

The proposed reduction of the entire share premium account of Halifax will
be set-off against the company's accumulated losses.

In addition, the company also proposes to acquire the entire equity
interest of ZTCSB from Zecon Berhad (formerly known as Zecon Engineering
Berhad) comprising 1,000,000 ordinary shares of MYR1.00 each in ZTCSB for
a total purchase consideration of approximately MYR106.19 million to be
satisfied by the issuance of 50,000,000 new ordinary shares of MYR0.10
each in Halifax and the remaining MYR101.19 million as settlement of the
outstanding amount due to ZTCSB by Zecon and its subsidiaries.  Moreover,
the company proposes a waiver under Practice Note 2.9.1 of the Malaysian
Code on Take-overs and Mergers, 1998 from having to undertake a mandatory
offer for the remaining shares in Halifax not held by Zecon and parties
acting in concert with it upon the completion of the Proposed Acquisition.

Halifax also proposes renounceable rights issue of up to 783,749,994 new
ordinary shares of MYR0.10 each together with up to 156,749,999 free
detachable warrants at an indicative issue price of MYR0.10 each on the
basis of twenty-five new ordinary shares of MYR0.10 each for every four
ordinary shares of MYR0.10 each held in Halifax together with one new
warrant for every five Rights Shares subscribed.

Lastly, the company proposes a disposal of land and building held under
Lot 3848, HS(D) 262662, Lot 3849, HS(D)262660 and PTD 56992, HS(D) 262661,
all within Mukim of Tebrau, District of Johor Bahru, Johor Darul Takzim,
to a third party to be identified.

Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad -- fka
Setron (Malaysia) Berhad -- is principally engaged investment holding, and
assembly and sale of electrical and electronic products.  Setron Sales &
Service (M) Sdn. Bhd., the Company's wholly owned subsidiary, is engaged
in the distribution of electrical and electronic products.

The company is considered an affected listed issuer under the Bursa
Malaysia Securities Berhad's Practice Note 17 category because its
shareholders' equity on consolidated basis is less than 25% of the issued
and paid-up share capital.


HALIFAX CAPITAL: Appoints MIDF as New Plan Adviser
--------------------------------------------------
Halifax Capital Bhd has appointed MIDF Amanah Investment Bank Berhad to
act as its new Main Adviser to the Proposed Regularisation Scheme.

On March 8, 2007, the Troubled Company Reporter - Asia Pacific reported
that Affin Merchant Bank has relinquished its post as the main adviser to
the proposed restructuring scheme of Halifax Capital Bhd.

Headquartered in Kuala Lumpur, Malaysia, Halifax Capital Berhad -- fka
Setron (Malaysia) Berhad -- is principally engaged investment holding, and
assembly and sale of electrical and electronic products.  Setron Sales &
Service (M) Sdn. Bhd., the Company's wholly owned subsidiary, is engaged
in the distribution of electrical and electronic products.

The company is considered an affected listed issuer under the Bursa
Malaysia Securities Berhad's Practice Note 17 category because its
shareholders' equity on consolidated basis is less than 25% of the issued
and paid-up share capital.


KNOLL INC: Adopts SEC Rule 10b5-1 on U$50-Mi. Share Repurchase
--------------------------------------------------------------
Knoll Inc. has adopted a written trading plan under Rule 10b5-1 of the
Securities Exchange Act of 1934 to facilitate repurchases between June 1,
2007, and July 20, 2007, under its US$50 million share repurchase plan
disclosed in February 2006.

Under the company 10b5-1 plan, Bank of America Securities LLC will have
the authority to repurchase up to an aggregate of approximately US$8.5
million worth of Knoll common stock on behalf of the company during the
period.

The company 10b5-1 plan does not require that any shares be purchased, and
there can be no assurance that any shares will be purchased.  Purchases
may be made under the company 10b5-1 plan beginning June 1, 2007.  The
Share Repurchase Plan will continue to be in effect following the
expiration of the company 10b5-1 plan, which expires on the earlier of
July 20, 2007, or the date on which purchases are completed.

A 10b5-1 plan allows the company to repurchase shares at times when it
would ordinarily not be in the market because of the company's trading
policies or the possession of material non-public information.

                         About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL) --
http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of more than 300
dealerships and 100 showrooms and regional offices.  The company has
locations in Argentina, Australia, Bahamas, Cayman Islands, China,
Colombia, Denmark, Finland, Greece, Hong Kong, India, Indonesia, Japan,
Korea, Malaysia, Philippines, Poland, Portugal and Singapore, among
others.

                          *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate Family Rating
and the company's US$200 million senior secured revolver and US$250
million senior secured term loan carry Moody's Ba2.   Moody's assigned an
LGD2 rating to both loans, suggesting note holders will experience a 27%
loss in the event of a default.


KUMPULAN BELTON: Asks Bourse for Further Plan Filing Extension
--------------------------------------------------------------
Kumpulan Belton Bhd asked the Bursa Malaysia Securities Bhd to extend the
time for it to submit its regularization plan proposals to relevant
authorities.

The company was supposed to submit its Regularization Plan to the relevant
authorities for approval within the Extended Time Frame until June 5,
2007.  However, Kumpulan failed to announce and submit its regularization
plans to the relevant authorities on the deadline and is now facing
possible suspension on the trading of its listed securities.

On March 9, 2007, the Troubled Company Reporter - Asia Pacific reported
that the Bursa Malaysia Securities Bhd decided to suspend the trading and
commence delisting procedures against Kumpulan Belton Bhd's securities on
March 15 after the company failed to timely submit its regularization plan
to the Securities Commission and other relevant authorities.

Kumpulan tried to ask for a three-month extension from the
March 6 deadline to June 5, 2007, to submit its regularization plan.
However, the extension request was immediately denied by the bourse.
Subsequently, OSK Securities, on behalf of Kumpulan Belton, appealed Bursa
Malaysia's earlier decision.  The appeal was received by  the bourse on
March 14.

The TCR-AP, on March 16, 2007, reported that the Bursa Securities has
reconsidered the company's request for time extension and granted it until
June 5 to submit its plan.

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton Berhad --
http://www.beltongroup.com/-- manufactures and sells automotive
suspension parts and components.  Other activities include property
development and investment, provision of machining and heat treatment
services and investment holding.  Operations of the Group are carried out
in Malaysia and Australia.

Kumpulan Belton was identified as an affected listed issuer of Practice
Note 17, as its consolidated shareholders' equity as of December 31, 2005,
was less than 25% of its issued an paid up capital.  As an affected
issuer, the Company is required to submit a Regularization Plan to the
relevant authorities for approval and implement the Regularization Plan
within the timeframe stipulated by the relevant authorities.


TRIPLC BERHAD: Amends Reform Plan Proposals after SC Rejections
---------------------------------------------------------------
Triplc Bhd is enhancing its reform plan proposals to now include a
proposed cancellation of the entire share premium of the company standing
in the share premium account of approximately MYR79.69 million as at May
31, 2006, in order to reduce its accumulated losses.

On May 8, 2007, the Troubled Company Reporter - Asia Pacific reported that
AmInvestment Bank Bhd, acting as Triplc Bhd's merchant bank, said that the
Securities Commission has rejected the company's reform plan proposals
aimed at regularizing its financial and operational status.

In a letter dated May 3, 2007, the Securities Commission informed Triplc
that it rejected the proposed capitalization and proposed disposal due to
these reasons:

    (i) The uncertainty over the future viability of TRIplc's
        core business due to, inter-alia, that TRIplc has been
        reporting losses for the financial years ended May 31,
        2001, to 2005; is dependent on a single project; and
        future profit margins expected to be marginal.

   (ii) After the Proposals, TRIplc would still have remaining
        accumulated losses of MYR184.7 million.

  (iii) The Proposed Capitalization benefits certain parties who
        have controlling interest in the Company.

With the revision, the company's plan proposal now entails:

    (i) the Proposed Capitalisation comprising the proposed
        capitalisation of debts owing by TRIplc and/or its
        subsidiary companies to a substantial shareholder,
        certain directors and creditors (collectively known as
        "Creditors") in aggregate amounting to MYR25,471,495 via
        the issuance of 25,471,495 new ordinary shares of
        MYR1.00 each in TRIplc;

   (ii) the Proposed Disposal comprising the proposed disposal
        of its entire equity interest in U-Wood Sdn Bhd ("U-
        Wood"), comprising 2,500,000 ordinary shares of MYR1.00
        each to Prestasi Asli Sdn Bhd ("PASB") for a cash
        consideration of MYR1.00.  PASB will also settle, on
        behalf of U-Wood, the inter-company debt amount owing by
        U-Wood to TRIplc as at Nov. 30, 2006 of RM18.9 million;
        and

  (iii) the Proposed Reduction of Accumulated Losses.

TRIPLC Berhad, formerly U-Wood Holdings Berhad, is a Malaysian-based
provider of property development, construction and related project
management services.

The Company operates in four segments: property development, which is
engaged in the development of residential and commercial properties;
property construction, which is involved in the construction of commercial
properties; manufacturing and trading, engaged in the manufacturing and
trading of plywood, blockboard and timber products, and others, which is
engaged in investment holding and investment of property.

On May 8, 2006, the company has been classified as an affected listed
issuer of the Amended Practice Note 17 category of the Bursa Malaysia
Securities Bhd.

Accordingly, as stipulated in the listing requirements of the bourse, the
company is required to submit a regularization plan to relevant
authorities which is aimed at stabilizing the company's financial
condition.


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

AIR NEW ZEALAND: 2006 Online Sales Tops NZ$1 Billion
----------------------------------------------------
Air New Zealand's online sales surpassed NZ$1 billion in a financial year
for the first time, the New Zealand Press Association reports, citing a
company statement.

According to the report, the airline expected sales of
NZ$1 billion in the year to June but had passed the mark almost a month
early.

After coming up with its booking engine, bookings via Internet grew nearly
seven times in just four years, NZPA says.  ANZ's Web site averages
100,000 daily hits, the news agency adds.

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solid liquidity
position, with cash balances of NZ$1.071 billion held as at
June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


AGK LTD: Shareholders Agree on Liquidation
------------------------------------------
The shareholders of AGK Limited met on May 22, 2007, and agreed to
liquidate the company's business.

Stephen Mark Lawrence and Anthony John McCullagh were appointed as
liquidators.

The Liquidators can be reached at:

          Stephen Mark Lawrence
          Anthony John McCullagh
          Horwath Corporate (Auckland) Limited
          PO Box 3678, Auckland 1140
          New Zealand
          Telephone:(09) 306 7425
          Facsimile:(09) 302 0536


BLIS TECHNOLOGIES: Net Loss Narrows to NZ$964,000 in FY06-07
------------------------------------------------------------
BLIS Technologies Ltd reported a NZ$964,000 loss for the full year to
March 31, 2007, Company Chairman Peter Fennessy said.  This compares with
a loss of NZ$1.108 in the 2006 year.

Revenue for the year to March 31, 2007, was NZ$686,000, up 18% over the
previous year.  Product sales were steady at NZ$466,000, licensing revenue
stood at NZ$114,000 (previously nil) and research grant income increased
slightly to NZ$95,000.

Mr. Fennessy said the Company progressed a major re-focusing of the
business strategy in 2006 culminating in a decision to seek partnerships
with companies with global marketing capabilities. Early in 2006 the Board
appointed Barry Richardson as a consultant with expertise in
technology-based business and international marketing who was later
appointed in August 2006 as Chief Executive.

Product sales in New Zealand were slightly lower than the previous year
reflecting the change in focus associated with a reduced emphasis on the
New Zealand market and the associated reduction in expenditure on
advertising.  The strategy for the local market is under review.  BLIS K12
Travel Guard, a product targeted at air travelers, was launched in 2006.
While customer feedback has been excellent and sales are growing, the
commercial success of a consumer product requires major investment which
is not the current focus.

International sales increased, particularly in Australia. However, of
particular significance is the agreement with Nestle, and the associated
payment of a licensing fee; this is the first occasion on which the
Company has received such fees. Should the next stage of development prove
successful in developing marketable products, the royalty stream is likely
to be substantial.

The variability around the international regulatory environment creates a
number of complexities and issues for the Company. From a strategic
perspective, this is one of the key drivers of the decision to focus on
international partnerships as the way forward for BLIS. BLIS products have
now been approved in Germany and Spain, and approvals are being sought in
Ireland.

The Company has continued to progress its patent strategy, and in the new
financial year, this will require significant investment.  However a
robust Intellectual Property position is a key component of the BLIS
strategy.

The focus of research and development over the past year has been in the
key areas of product stability or shelf-life, and colonization of the
mouth with Streptococcus salivarius K12.  The objective is an organism
which will prove efficacious for general use without the mouthwash.

The priority for the Company is to achieve profitability through the
development of key international partnerships capitalising on the
excellent science on which the Company was founded, and on the
product-related expertise that BLIS Technologies has developed over the
past few years.

No tax is due and no dividend will be paid, Mr. Fennessy said.

                   About BLIS Technologies

BLIS Technologies Limited (NZX: BLT) became listed on the New
Zealand Stock Exchange in July 2001 and was formed to
commercialise BLIS (bacteriocin-like inhibitory substances),
hence the company's name, BLIS Technologies Ltd.  The company
has acquired the rights to the collection of an extensive range
of BLIS producing organisms and is developing new products for
use in the control of undesirable bacterial infections, which
includes dental caries control, the prevention and treatment of
ear and throat infections, and skin infections.

BLIS recorded a net loss of NZ$1,107,851 for the year ended
March 31, 2006, and NZ$1,336,319 in 2005.


BOTRY-ZEN LTD: Net Loss Widens to NZ$1.67MM in Year to Mar. 2007
----------------------------------------------------------------
Botry-Zen Limited reported a net loss of NZ$1.67 million for the twelve
months ended March 31, 2007, up 6% from the NZ$1.58-million loss booked in
the previous fiscal year.  In FY2005, the company also reported a loss of
NZ$757,746.

In FY2007, the company's revenues dropped 56% to NZ$122,000.
The company notes in a filing with the New Zealand Stock Exchange that
sales levels of its 'BOTRY-Zen' product, at NZ$60,689, fell short of
projected levels, and due to regulatory factors beyond the company's
control, the New Zealand registration of its new product 'ARMOUR-Zen' was
not in place in time for the 2007 season.

The company's working capital base was severely eroded during the year
because of the delayed registration of 'ARMOUR-Zen' and because of
unanticipated extended time and cost elements incurred as part of the
design, manufacture and commissioning of new dry-harvest and granulation
plant and equipment, the company explains.

The NZX filing discloses that the tightening of the company's working
capital requirements mid-year necessitated that an approach be made to the
Bank of New Zealand in October 2006 and
subsequently the company received confirmation of a Bank support
package.  The nature of the facility required the company to approach
shareholders under the Share Placement Plan offer launched through March
this year.

The capital raising process, targeting NZ$1.3 million in new funds
(32,500,000 million new shares), was not widely supported by shareholders
with NZ$412,000 (10,300,000 million shares) being received, and as a
consequence the board was required to undertake a private placement
(totaling 8,450,000 shares) of additional equities.  These actions were
successful in lifting the capital raising total to NZ$750,000, the company
tells NZX.  In addition to the NZ$750,000 new funds injection, the company
has negotiated an extended working capital facility with the Bank of New
Zealand.

Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry.  The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.


CALDINA ENTERPRISES: Appoints Joint Liquidators
-----------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed as
liquidators of Caldina Enterprises Limited on May 21, 2007.

Creditors are required to file their proofs of debt by July 20, 2007, to
be included in the company's dividend distribution.

The Liquidators can be reached at:

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


CUSTOMMADE HOMES: Placed Under Voluntary Liquidation
----------------------------------------------------
The shareholders of Custommade Homes Ltd met on May 19, 2007, and resolved
to voluntarily liquidate the company's business.

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 liquidator is:

          Robert Laurie Merlo
          Merlo Burgess & Co. Limited
          PO Box 51486, Pakuranga, Auckland
          New Zealand
          Telephone:(09) 520 7101
          Facsimile:(09) 529 1360
          e-mail: merloburgess&co@xtra.co.nz


DENNY'S CORP: Names VP Jay Gilmore as Chief Accounting Officer
--------------------------------------------------------------
Denny’s Corporation reported Jay C. Gilmore, Vice President and
Corporate Controller, has assumed the additional title of Chief Accounting
Officer effective May 23, 2007.

The company said that the addition of the title recognizes the
shifting of the principal accounting role, previously held by the
company’s chief financial officer, to the company’s Corporate Controller.

Mr. Gilmore will continue to report to F. Mark Wolfinger, Executive Vice
President, Growth Initiatives and Chief Financial Officer.

Mr. Gilmore, 38, joined the company in February 1999 as Assistant
Corporate Controller and became Corporate Controller of the company in
February 2001 and Vice President in January 2005.

Mr. Gilmore was with KPMG LLP in Greenville, SC for approximately eight
years where he was a senior audit manager.

                      About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's Corporation (Nasdaq:
DENN) -- http://www.dennys.com/-- is a full-service family restaurant
chain in the U.S., with 521 company-owned units and 1,024 franchised and
licensed units, with operations in the United States, Canada, Costa Rica,
Guam, Mexico, New Zealand and Puerto Rico.

                             *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.


EGITSERP LTD: Appoints Buchanan &  MacDonald as Liquidators
-----------------------------------------------------------
On May 21, 2007, John Robert Buchanan and Callum James MacDonald
were appointed as liquidators of EGITSERP Ltd.

Creditors are required to file their proofs of debt by June 29, 2007, to
be included in the company's dividend distribution.

The Liquidators can be reached at:

          John Robert Buchanan
          Callum James Macdonald
          Buchanan Macdonald Limited
          Chartered Accountants
          PO Box 101993, North Shore Mail Centre
          Auckland
          New Zealand
          Telephone:(09) 441 4165
          Facsimile:(09) 441 4167


GREAT NORTHERN: Creditors Must Prove Debts by June 18
-----------------------------------------------------
The creditors of Great Northern Enterprises Ltd are required to file their
proofs of debt by June 18, 2007, to be included in the company's dividend
distribution.

The company's liquidators are:

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


KARLA’S VIDEOS: Creditors' Proofs of Debt Due by July 20
--------------------------------------------------------
Karla’s Videos Limited requires its creditors to file their proofs of debt
by 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


MUMBAI CAFE: Taps Fisk and Sanson as Liquidators
------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed as
liquidators of Mumbai Cafe Limited on May 21, 2007.

Messrs. Fisk and Sanson require the company's creditors to file their
proofs of debt by July 20, 2007.

The Liquidators can be reached at:

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


TANGATA NGAHERE: Appoints Levin &  Vance as Liquidators
-------------------------------------------------------
Henry David Levin and David Stuart Vance were appointed as liquidators of
Tangata Ngahere Limited on May 21, 2007.

Creditors are required to file their proofs of debt by June 18, 2007, to
be included in the company's dividend distribution.

The Liquidators can be reached at:

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


TOMARATA BUILDING: Fixes June 18 as Last Day to Receive Claims
--------------------------------------------------------------
Tomarata Building requires its creditors to file their proofs of debt by
June 18, 2007.

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

The company's liquidator is:

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


WELLESLEY HOTEL: Filing Proofs of Debt Due by June 29
-----------------------------------------------------
The creditors of Wellesley Hotel Ltd. are required to file their proofs of
debt by June 29, 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 liquidators are:

          John Trevor Whittfield
          Peri Micaela 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


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

ALLIED BANK: Earns PHP224.80 Million For 2007 First Quarter
-----------------------------------------------------------
Allied Banking Corporation and its subsidiaries reported a net income of
PHP224.80 million for the first quarter ending
Mar. 31, 2007, a 49.01% decrease from the PHP440.94 million net income
reported for the first quarter ending Mar. 31, 2006.

For the period in review, the company had a net interest income of PHP1.42
billion, on interest income of PHP2.48 billion and interest expenses of
PHP1.06 billion.  Total operating income for the quarter amounted to
PHP1.84 billion.

For March 31, 2006, the company had total interest income of PHP2.25
billion, on interest income of PHP1.41 billion and PHP1.05 billion in
interest expenses. Total operating income for the January-March 2006
period amounted to PHP1.83 billion.

Allied Banking Corporation --  http://www.alliedbank.com.ph/--  is a
universal bank incorporated in the Philippines on April 4, 1977.  The
company and its subsidiaries/affiliates are engaged in all aspects of
banking, financing and leasing to personal, commercial, corporate and
institution clients.  Allied Bank offers a full range of domestic and
international banking products and services including deposit taking,
lending and related services, domestic and foreign fund transfer,
treasury, foreign exchange and trust services.  In addition, the bank is
licensed to enter into regular financial derivatives as a means of
reducing and managing the bank's and its customers' foreign exchange
exposure.

Allied Bank has international offices in Australia, China, Guam, Hong
Kong, Singapore, the Middle East, United Kingdom, Germany, Italy, Spain,
and the United States.

                          *     *     *

The Troubled Company Reporter – Asia Pacific reported that on November 2,
2006, Moody's Investors Service revised the outlook of Allied Banking
Corp.'s foreign currency long-term deposit rating of B1 to stable from
negative.

The Troubled Company Reporter – Asia Pacific reported that on October 31,
2006, Fitch Ratings affirmed Allied Banking Corporation's Individual
rating at 'D' and Support rating at '4' after a review of the bank.


APC GROUP: Mar. 31 Balance Sheet Upside-Down by PHP10.82 Billion
----------------------------------------------------------------
APC Group, Inc., and its subsidiaries reported a net loss of PHP111.56
million for the first quarter ended Mar. 31, 2007, compared to a loss of
PHP21.74 million for the first quarter ended Mar. 31, 2006.

The group says that the higher net loss in 2007 was basically due to a
subsidiary's (Philcom) increase in interest expense of PHP58.9 million
arising from the accrual of penalties on long-term debt in default and the
decrease in revenues amounting to PHP48.00 million, partially offset by
the increase in manpower services revenues amounting to PHP7.90 million.

Excluding the loss of Philcom of PHP132.00 million for the first
quarter of 2007, APC Group and other subsidiaries generated net income of
PHP20.40 million.  Accumulated net losses attributable to Philcom will be
eliminated once its sale is consummated.

Revenues for the first quarter of 2007, amounted to
PHP262.65 million compared to PHP310.61 million for the same period last
year.  Revenues for the quarter consisted of transmission revenues and
foreign exchange gain of Philcom, service income from EGSI and rent income
from APC Properties.  The decrease in revenue during the first quarter of
2007 was basically due to lower foreign exchange gain of Philcom on its
dollar denominated obligations amounting to PHP32.00 million, decrease in
transmission revenue amounting to PHP26.30 million, the discontinuance of
petroleum trading which generated
PHP10.70 million in revenues in first quarter 2006, and decrease in other
income of Philcom and other subsidiaries amounting to PHP11.20 million,
partially offset by the increase in manpower revenues amounting to PHP7.90
million and the increase in value of investments of APC Parent and Primary
Data, Net Inc. amounting to PHP20.70 million and PHP2.70 million,
respectively.

For the first quarter of 2006, the company earned total revenues of
PHP310.6 million, and incurred total expenses of
PHP330.6 million. Cost of transmissions make up the bulk of the
January-March 2006 expenses, amounting to PHP207.78 million. Other
expenses include cost of sales (petroleum trading) at PHP10.61 million,
interest expense at PHP48.91 million, cost of services of PHP53.2 million,
and general and administrative expenses of PHP9.65 million.

As of Mar. 31, 2007, the group had total assets of
PHP3.42 billion, and total liabilities of PHP14.14 billion, resulting in a
capital deficiency of PHP10.82 billion.  This compared with total assets
of PHP3.51 billion, total liabilities of PHP14.2 billion and capital
deficiency of PHP10.69 billion as of March 31, 2006.

The company's First Quarter 2007 financial statements are available at the
Philippine Stock Exchange site at:
http://www.pse.com.ph/

                       About APC Group

APC Group, Inc., was incorporated on October 15, 1993, with the primary
purpose of engaging in oil and gas exploration and development in the
Philippines.  The company is 46.6% owned by Belle Corporation.  APC has
investments in telecommunications, a cement project, and manpower
outsourcing businesses.

                      Going Concern Doubt

Marydith C. Miguel at Sycip Gorres Velayo and Co. raised significant
doubts on APC Group, Inc.'s ability to continue as a going concern.  The
auditor cited the company's recurring losses arising principally from the
losses of PhilCom and PhilCom Corporation, which affected the ability of
both companies to service their maturing obligations on a timely basis.
In addition, the company's consolidated current liabilities
exceeded its consolidated current assets as of December 31, 2005, and
2004.  Further, the restructuring of the long-term  debt of the two
PhilCom entities are still under negotiation
with the creditors.

Net loss for the year ending Dec. 31, 2006, amounted to PHP790.2
million compared to PHP874.7 million in 2005.


ATOK-BIG WEDGE: Posts PHP1.28-Mil. Net Loss for 1st Quarter 2007
----------------------------------------------------------------
Atok-Big Wedge Co. Inc.'s consolidated financial statements recorded a net
loss of PHP1.28 million for the quarter ended March 31, 2007, compared
with the PHP1.18-million net loss it reported for the same period in 2006.

For the January-March 2007 period, the company's total expenses of PHP1.41
million exceeded total revenues earned of PHP129,381. This is compared to
the PHP2.43 million and PHP5.97 million total expenses reported for the
first quarter of 2006.

As of March 31, 2007, the company had total assets of
PHP33.28 million and total liabilities of PHP11.54 million, resulting in a
total equity of PHP21.73 million.  As of March 31, 2006, the company had
PHP29.52 million in total assets, PHP4.14 million in total liabilities and
a total equity of PHP25.28 million.

The company's financial statements for the first quarter of 2007  is
available at the Philippine Stock Exchange site at: http://www.pse.com.ph/

Headquartered in Quezon City, Philippines, Atok Big Wedge Co. Inc. was
established and registered with the Securities and Exchange Commission on
Sept 4, 1931 primarily as a mining company.  After decades of mining, the
company devolves into a Holding Company with business in general
investment, mining related activities were spun off to its 100% wholly own
subsidiary, company Atok Gold Mining Co., Inc.  The company is exploring
business ventures.

The company registered continued annual net losses:
PHP3.54 million in 2006, PHP3,508,592 in 2005 PHP3,729,041 in 2004 and
PHP4,663,844 in 2003.


BACNOTAN CONSOLIDATED: Posts PHP60 Mil. Net Income for 1st Qtr.
---------------------------------------------------------------
Bacnotan Consolidated Industries Inc. posted a PHP60.61-million net income
for the quarter ended March 31, 2007, as compared to the PHP75.49 million
net income it posted for the same period in 2006.

For the quarter ended March 31, 2007, the company earned total revenues of
PHP655.69 million and net other income of
PHP50.54 million.  For the January-March 2007 period, the company incurred
operating expenses of PHP82.98 million and cost of sales of PHP555.4
million.  This compares with the PHP569.25 million revenues, PHP483.46
million cost of sales, PHP85.78 million gross profit, PHP73.46 million
operating expenses and PHP69.5 million other income for the quarter ended
March 31, 2006.

BCII’s unaudited consolidated sales revenues for the 1st quarter of March
2007 amounted to PHP656 million compared with PHP569 million in CY 2007.
The increase was due to the increase in sales revenues of Union Galvasteel
Corporation (UGC) amounting to P69 million for the 1st quarter.  The
increase in revenues is also attributable to Asian Plaza, Inc. which
was not consolidated by BCII during the 1st quarter last year. Unaudited
consolidated cost and expenses of BCII for the first quarter amounted to
PHP638 million, 28% higher compared to the previous year’s PHP557 million.
The increase is due to increase in costs and expenses of UGC, Araullo
University (AU) and Cagayan de Oro College (COC).

As of March 31, 2007, the company has PHP7.71 million in total assets and
PHP1.68 million in total liabilities, resulting in a total equity of
PHP6.02 million.  As of March 31, 2006, the company had total assets of
PHP7.75 million, total liabilities of PHP1.76 million, and total equity of
PHP5.99 million.

The company's financial statements for the first quarter of 2007  is
available at the Philippine Stock Exchange site at: http://www.pse.com.ph/

                  About Bacnotan Consolidated

Makati-based Bacnotan Consolidated Industries, Incorporated, --
http://www.bipc.com.ph/-- Phinma Group's flagship company, was founded by
a group of industrialists led by the Escaler family in 1957.  BCI is a
holding company that, through its operating subsidiaries, is engaged
primarily in the production, distribution and sale of clinker, cement and
concrete products.  It also has an interest in the paper and packaging
industry and it has also ventured into property development and reinforced
steel bars manufacturing.

The company's principal source of revenue is from the cement sales of its
cement subsidiary.  Historically, its cement subsidiary has been
responsible for at least 80% of its sales revenues.  It is primarily
engaged in the quarrying, production, distribution and marketing of
portland and pozzolan cement.

On March 22, 2006, the Troubled Company Reporter - Asia Pacific cited a
report from the Philippine Daily Inquirer saying that the Philippine Stock
Exchange planned to remove Bacnotan Consolidated from its index due to
insufficient tradability.


EAST ASIA POWER: Annual Stockholders' Meeting Moved to July 20
--------------------------------------------------------------
The annual stockholders' meeting for East Asia Power Resources Corp. has
been postponed and rescheduled for July 20, 2007.

As reported by the Troubled Company Reporter - Asia Pacific on May 25,
2007, the company's annual stockholders' meeting was originally scheduled
for June 25, at 9:00 a.m. at the Manila Polo Club.  Only stockholders of
record as of June 4, 2007, are entitled to notice and are eligible to vote
at the meeting.

East Asia Power Resources Corporation was established in 1975 as a mining
company under the name Olecram Mining Corporation.  It ceased commercial
operations as a mining firm after a decade and changed its corporate name
to Northwest Holdings & Resources Corporation in 1992.  Consequently, the
company changed its primary purpose from mining to holdings.  In 1996, the
company's Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro Manila,
Bataan, Cebu, and Mactan Island, and has interests in a 24 MW coal-fired
power plant in Jiangsu Province in the People's Republic of China.  In
addition to its power plant operations, the company owns 100% of East Asia
Power Services, Inc., which offers planning, construction, operation and
maintenance consultancy services to other prospective and established
power generating facilities.  The company also ventured into the
transmission and distribution sub-industries of the power sector through
the incorporation of a wholly owned subsidiary, East Asia Transmission and
Distribution Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised substantial doubt
on East Asia Power's ability to continue as a going concern after auditing
the company's financial report for the year ended December 31, 2005.  SGVC
notes that the company's 2005 consolidated financial statements indicate
that it has posted significant losses and capital deficiencies as of
Dec. 31, 2005, and 2004.

                          *     *     *

The TCR-AP reported on Dec. 8, 2006, that East Asia Power has total assets
of US$92.55 million and total stockholders' equity of US$64.61 million as
of Dec. 7.


VITARICH CORP: To Hold Annual Stockholders' Meeting on June 29
--------------------------------------------------------------
Vitarich Corp. will hold its annual stockholders' meeting on June 29,
2007, at 2:00 pm at the Vitarich Compound, located at MacArthur Highway,
Abangan Sur, Marilao, Bulacan.

The meeting will consider these agenda:

    * Call to order

    * Certification of notice to stockholders and
      the presence of a quorum

    * Approval of the minutes of previous
      stockholders' meeting

    * Report by the Chairman

    * Confirmation and ratification of the acts of
      the Board of Directors and officers

    * Election of directors

    * Appointment of external auditors

    * Appointment of stock and transfer agent

    * Other matters

    * Adjournment

Only stockholders of record as March 30, 2007 will be entitled to notice
and eligibility to vote during the meeting.

Bulacan, Philippines-based Vitarich Corporation --
http://www.vitarich.com/-- is among the leading integrated producers and
wholesalers of poultry and animal feed products in the Philippines.  The
company also develops, produces and sells animal health products.  It is
dedicated to the poultry and feeds industry, committing all of its
resources to the production of poultry products, including upstream
production activities such as feed milling, and additional ventures where
the company's knowledge of the poultry and feeds production process
provides it with competitive advantage.

In 1988, the company entered into a joint venture agreement with
Cobb-Vantress, Inc. and formed Breeder Master Inc., (formerly
Phil-American Poultry Breeders, Inc.) to engage in the production of
day-old parent stocks.  Cobb-Vantress is 100% owned by Tyson Foods, Inc,
the worlds largest chicken company.  BMI is 80% owned by Vitarich and 20%
owned by Cobb-Vantress.

Despite the company's expansion into other areas, its core business
remains rooted in poultry.  As of end-2001, contribution to gross sales of
the company's business groups was -- foods 62%, feeds 30%, and farms 8%.

VITA is presently engaged in the manufacture and distribution of
various poultry products like chicken, animal and aqua feeds, and day-old
chicks, among others.

                          *     *     *

The TCR-AP reported on September 19, 2006, that Vitarich has filed a
petition for corporate rehabilitation with the Regional Trial Court of
Malolos City, Bulacan.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that after auditing Vitarich's 2005 annual report,
Punongbayan & Araullo raised substantial doubt the company's ability to
continue as a going concern, due to significant losses for the past three
years, including
net losses worth PHP249.3 million in 2005 and PHP291.2 million in 2004,
resulting in significant deficit amounting to PHP1.8 billion as of Dec.
31, 2005.


* Japanese Rating Agency Upgrades Ratings Outlook to Positive
-------------------------------------------------------------
The Japan Credit Rating Agency upgraded its "stable" credit rating outlook
for the Philippines to “positive”, spurred by the company's continued
decrease in fiscal deficit and the country's macroeconomic stability, the
Philippine News Agency reports.

The JCRA in its assessment pointed out the decreasing deficit to Gross
Domestic Product ration from 2.7% in 2005 to 1.1% in 2006, with a highest
point of 5.3% in 2002. It also attributed the increase in overseas
Filipino workers' remittances as a factor in the stability of the
Philippines' macro economy.

Bangko Sentral ng Pilipinas governor Amando Tetangco Jr. told the press
Tuesday that the upgrade can be attributed to the strong balance of
payment position caused by the remittances of overseas Filipino workers,
earnings in export and the strong political environment.

Finance Secretary Margarito Teves also cited the peaceful outcome of the
May 14 elections as a factor for the upgrade. It is also a sign that the
government's economic reforms are gaining recognition, Mr. Teves added,
and said that foreign investors' interest are now in direct capital
investments in the Philippines because of the upgrade.

                          *     *     *

As reported in the Troubled Company Reporter - Asia
Pacific on May 22, 2007, Standard & Poor's Ratings Services
affirmed its 'BB-/B' foreign currency and 'BB+/B'
local currency sovereign credit ratings on the
Philippines, with a stable outlook.  Also in May 2007, S&P assigned its
'BB+' senior unsecured rating to the Philippines' new three- and five-year
benchmark bond issues.

The new bonds mature in 2010 and 2012 and carry interest rates of 5.5% and
5.75%, respectively.  The exchange offers yielded approximately Philippine
peso 55 billion and PHP58 billion for the three- and five-year bonds,
respectively, from the exchange of eligible issues.

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

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


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

AXS-ONE: Completes US$5 M. Note Financing with BlueLine & Jurika
----------------------------------------------------------------AXS-One
Inc. disclosed that it has completed a financing round with BlueLine
Partners and William K. Jurika resulting in the issuance of US$5.0 million
of convertible notes.  The notes mature in two years and bear interest at
the rate of 6% per year.  One half of the notes are convertible into
AXS-One common stock at a US$1.00 conversion price while the other half of
the notes are convertible at a US$2.50 conversion price.

The company also issued warrants to the investors to purchase an
aggregate of 2,000,000 shares of common stock at an exercise price of
US$0.01.  If all of the warrants are exercised and all of the notes are
converted into shares of common stock, the average purchase price on all
shares issued pursuant to this financing will be US$.91 per share.  The
transaction will result in net proceeds of approximately US$4.9 million
after transaction expenses.

In relation with the transaction documents, Timothy Bacci, a Managing
Director of BlueLine Partners will be appointed to the company's Board of
Directors.  The Board will increase to nine members.  Mr. Bacci was a
co-founder of Vicinity Corporation, which was acquired by Microsoft
Corporation in 2002.  In addition to Vicinity, Mr. Bacci has previously
served on the boards of directors of Instant802 Networks, Inc. and
Syntrio, Inc.  Bill Lyons, Chairman of the Board and Chief Executive
Officer of AXS-One was extremely pleased  that BlueLine Partners and Bill
Jurika have demonstrated their confidence in AXS-One by leading the
investment effort.

                      About AXS-ONE Inc.

AXS-One Inc. (AMEX: AXO) -- http://www.axsone.com/-- provides
high performance Records Compliance Management solutions.  The
AXS-One Compliance Platform enables organizations to implement
secure, scalable and enforceable policies that address records
management for corporate governance, legal discovery and
industry regulations such as SEC17a-4, NASD 3010, Sarbanes-
Oxley, HIPAA, The Patriot Act and Gramm-Leach Bliley.
Headquartered in Rutherford, New Jersey, AXS-One has offices
worldwide including in the United States, Australia, United
Kingdom, South Africa and Singapore.

As of June 30, 2006, the company's balance sheet showed
US$9,799,000 in total assets and US$16,887,000 in total
liabilities, resulting in a US$7,088,000 stockholders' deficit.

Moreover, the company's total assets as of the end of September
2006 amounted to US$7.30 million while total liabilities
amounted to US$17.05 million, resulting in a stockholders'
equity deficit of US$9.79 million.


CHINA AVIATION: Closes Jet Fuel Tender for July 2007
----------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd had closed its latest
physical jet fuel tender for deliveries in July 2007.
In the latest tender, China Aviation received responses from 23
physical jet-fuel suppliers.  For this tender, a total volume of 260,000
metric tonnes of A-1 Grade Jet Fuel was awarded.  The cover ratio for the
awarded cargoes was approximately 7.2 times.

The responses from suppliers and the cover ratio are the highest since the
company resumed jet fuel procurement business on a principal basis last
year.

The company will include a summary review of its jet fuel
procurement business in its quarterly financial results announcements,
instead of its usual media release on tender results after each tender
exercise.

                About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


DIGILAND : Posts Shareholders' Change of Interests
--------------------------------------------------
Digiland International Ltd posted a series of changes to the stake of its
shareholders.

Teo Chee Hong, a director and also a shareholder of the company, now holds
25,000,000 direct shares with 0.32% issued share capital.  Mr. Hong, who
newly acquired his shares, purchased his stake through an off-market
married deal.

Dr. Vincent Tan Kim Yong, another shareholder, has reduced his direct
stake in the company.  Prior to the change, Dr. Yong held  5,380,452,500
direct shares with 68.19% issued share capital. Presently, Dr. Yong holds
5,265,352,500 direct shares with 66.72% issued share capital.  Dr. Yong
still holds 1,687,750 deemed shares with 0.02% issued share capital.

The reduction of shares was due to the shares placement through
off-market deals on May 29, 2007 and June 1, 2007.

Another shareholder, Dr. Philip Poh Siew Chuan, now held  3,100,000 deemed
shares with 0.04% issued share capital.  Dr. Chuan still holds 7,006,000
direct shares with 0.09 issued share capital.  Dr. Chuan purchased his
deemed shares through off-market married deal.

Digiland International Limited -- http://www.digiland.com.sg/--
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12.


HEXION SPECIALTY: S&P Holds B- Rating on US$825 Million Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and recovery ratings
on Hexion Specialty Chemicals Inc.'s senior secured first-lien bank credit
facilities, including a proposed US$200 million add-on to its existing
term loan, and a proposed US$10 million add-on to its existing synthetic
letter of credit facility.

Pro forma for the proposed changes to the existing facilities, the senior
secured first-lien bank facilities will increase to approximately US$2.5
billion, from US$2.3 billion.  The first-lien bank loan rating is 'B' (the
same as the corporate credit rating) and the recovery rating is '2',
indicating the expectation for substantial (80%-100%) recovery of
principal in the event of a payment default.

At the same time, S&P affirmed its ratings on Hexion's
US$825 million second-lien notes due 2014.  The 'B-' notes rating (one
notch lower than the corporate credit rating) and '3' recovery rating
indicate a meaningful recovery (50%-80%) recovery of principal in the
event of a payment default.

                      Ratings List

             Hexion Specialty Chemicals Inc.

Corporate credit rating                          B/Stable/--
Senior secured first-lien bank credit facilities B
  Recovery rating                                 2
US$825 million second-lien notes due 2014        B-
  Recovery rating                                 3

Based in Columbus, Ohio, Hexion Specialty Chemicals, Inc. –
http://www.hexion.com/-- serves the global wood and industrial markets
through a broad range of thermoset technologies, specialty products and
technical support for customers in a diverse range of applications and
industries.  Hexion Specialty Chemicals is owned by an affiliate of Apollo
Management, L.P.  The company has locations in China, Australia,
Netherlands, Singapore and Brazil.


HLG ENTERPRISE: Changes Location of  Share Registrar
----------------------------------------------------
HLG Enterprise Limited's share registrar, KCK CorpServe Pte. Ltd, has
moved to another location, which is:

          47 Hill Street #06-07A
          Singapore Chinese Chamber of Commerce &
          Industry Building
          Singapore 179365

The company’s Register of Members and Index is also being kept and
maintained in the new location.

                       About HLG Enterprise

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

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

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


SCOTTISH RE: Fitch Lifts Issuer Default Rating to BB- from B+
-------------------------------------------------------------
Fitch Ratings has upgraded Scottish Re Group Ltd.'s (NYSE: SCT) Issuer
Default Rating to 'BB-' from 'B+' and the Insurer Financial Strength
ratings of its primary operating subsidiaries to 'BBB-' from 'BB+'.  The
ratings have been removed from Rating Watch Positive; the Rating Outlook
is Stable.

The upgrade and removal from Rating Watch (where it was placed on May 8,
2007) reflect the very strong capital position and much improved liquidity
following the completion of the US$560 million (net of expenses)
investment transaction with MassMutual Capital Partners LLC, and Cerberus
Capital Management, L.P.  Fitch estimates SCT's pro forma combined
risk-based capital was 376% with securitizations and 345% excluding
securitizations at March 31, 2007, which exceeds Fitch's rating
expectations.

The company's liquidity position is much improved.  Approximately US$275
million of the proceeds of the investment were used to repay the Stingray
Pass-Through Trust thus freeing up this US$325 million facility for
standby liquidity.  SCT expects to finalize a financing facility of US$555
million that will cover its Regulation XXX collateral financing needs for
new business written in 2005 and 2006.  Excess funds from the financing
are expected to provide adequate liquidity over the 2007-2009 planning
period.

As first-quarter earnings performance and 2007 guidance reflect, SCT
continues to face uncertainties with regard to its business and operating
profile, following the liquidity crisis that led to the MMC/Cerberus
investment.  Further, the company is actively recruiting to fill a number
a senior management positions vacated since the close of the transaction.

Both prior to and as a result of the transaction, SCT has instituted
actions related to strengthening of processes for in-force management and
financial planning, governance and risk management, operation efficiency
and management oversight.  Still, the impact of these actions can only be
substantiated over time through successful execution under its financial
and operating plans.

The Stable Outlook reflects the implementation of solid balance sheet and
liquidity initiatives countered by the expectations of continued after-tax
operating losses over the next 12-18 months.  In order to move to a
positive Outlook and higher ratings, SCT will need to demonstrate its
effectiveness in restoring its operating profile and business franchise.

Fitch believes that the effect of positive ratings momentum could be
greater on the holding company, where notching was widened during the 2006
crisis, and will depend on positive earnings and restoring GAAP EBIT
coverage levels.

Fitch has upgraded and removed these ratings from Rating Watch
Positive:

Scottish Re Group Ltd.

    -- Issuer Default Rating to 'BB-' from 'B+';
    -- 7.25% non-cumulative perpetual preferred stock to 'B/RR6'
       from 'B-/RR6'.

Scottish Annuity & Life Insurance Company (Cayman) Limited

    -- IFS rating to 'BBB-' from 'BB+'.

Scottish Re (U.S.) Inc.

    -- IFS rating to 'BBB-' from 'BB+'.

Scottish Re Limited

    -- IFS rating to 'BBB-' from 'BB+'.

Stingray Pass Through Trust

    -- US$325 million 5.902% collateral facility securities
       due Jan. 12, 2015 to 'BBB-' from 'BB+'.

Fitch's Recovery Ratings are a relative indicator of creditor recovery
prospects on a given obligation within an issuers' capital structure in
the event of a default.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.


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

BANGKOK BANK: Fitch Affirms BBB+ Foreign Currency Issuer Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Bangkok Bank Public Company Limited's (BBL)
Foreign Currency Issuer Default Rating at 'BBB+' with a Stable Outlook.

The following affirmations were also made to its Short-term Foreign
Currency Rating at 'F2', Individual Rating at 'C', Support Rating at '2'
and its subordinated debt rating at 'BBB'.

The Bank's Support Rating Floor remains unchanged at 'BBB-' (BBB
minus).  Meanwhile, Fitch Ratings (Thailand) has also affirmed BBL's
National Long-term Rating at 'AA(tha)' with a Stable Outlook, its National
Short-term Rating at 'F1+(tha)' and its National subordinated debt rating
at 'AA-(tha)' (AA minus(tha)).

The affirmed ratings reflect continuous improvements in BBL's
underlying profitability and asset quality, as well as its solid capital
and liquidity positions.  The bank also benefits from its exposure to
stronger regional markets, which accounts for about 14% of total loans.
The Outlook for the ratings is Stable, although performance could weaken
slightly in 2007.  As BBL's IDR ratings are currently capped by the
sovereign rating, further improvement in the bank's ratings would also
require a further significant decline in impaired and restructured loans,
as well as structural improvements in the Thai economy and banking system,
including the regulatory and legal framework. In view of BBL's size,
strong
institutional ties and systemic importance to the Thai financial sector
and economy, Fitch views that there is a high probability that the bank
would receive state support should the need arises.  The weakening
operating environment could affect BBL's performance in 2007, although
this is not expected to be significant, with the bank's broad-based
franchise helping to maintain earnings.  Furthermore, the bank expects
corporate loan growth to recover in 2008 as a key earnings driver.

Net income fell 11.8% to THB18 billion in 2006 from THB20.4bn in 2005 due
mainly to the bank's full compliance with the Bank of Thailand's (BOT)
IAS39-based provisioning requirement. Nonetheless, BBL's pre-provisioning
profit before tax rose 22.6% in 2006, helped by new lending activities,
larger gains on investments and on disposal of assets, as well as improved
fee and foreign exchange income.  Its net interest margin rose to 3.1% in
2006 from 2.9% in 2005 as a result of loan growth and increased loan
yields.  In Q107, net income fell to THB4.7bn from THB5.2bn in Q106 due
partly to losses on investments in Q107, but also due to the THB1.7bn
investment gain in the same quarter last year.  Fitch notes that weaker
loan growth could see margins decline slightly in 2007.

In 2006, BBL continued to see its impaired loans falling to THB89.3bn (or
9.3% of total loans) at end-2006, from THB100.8bn (or 11.1%) at end-2005
due mainly to write-offs, debt restructuring and cash settlement.  At
end-March 2007, impaired loans remained flat at 9.3%, while BBL's loan
loss reserves amounted to THB71bn, equating to about 79.4% of impaired
loans, one of the highest among the Thai banks.

At end-March 2007, BBL's Tier 1 ratio stood at 11.7% and its total capital
ratio at 14.4% of risk-weighted assets. If H206 net profit and dividend
payment is taken into consideration, BBL's Tier 1 ratio would be 12.5% and
its total capital ratio would be 15.2%. Currently, BBL's net impaired
loans/equity ratio stood at 12.1%, which appears relatively strong.

BBL is the largest bank in Thailand, with an 18% share of loans and 21% of
deposits at end-2006.  It was established in 1944 by the Sophonpanich
family, whose stake has fallen significantly since the 1997 crisis.  BBL
has 748 domestic and 19 offshore branches, mainly in Asia, as well as
affiliates in securities, insurance and fund management.


BANGKOK BANK: Needs Bank of Thailand Approval to Extend ACL Sale
----------------------------------------------------------------
Bangkok Bank PCL needs an acceptable reason in order to warrant
approval from the Bank of Thailand for an extension of the deadline for
its sales of shares of ACL Bank if it cannot unload of its 19% holdings in
ACL by June, The Nation reports.

BoT assistant governor Samart Buranawatanachoke told The Nation on Monday
that the schedule was supposed to be achievable, since the bank had enough
time to offer the shares for sale.

Bangkok Bank was supposed to unload only 10% of its stake by this month,
and the remaining 9% by the end of the year. However, it intended to sell
the entire 19% stake by this month.  The bank had entered into
negotiations with domestic and foreign financial institutions for the
deal.

Headquartered in Bangkok Bangkok Bank PCL --
http://www.bangkokbank.com/-- is Thailand's largest bank, with total
assets of THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006, Bangkok Bank's
bank financial strength rating to D+ from D and was re affirmed on
September 20, 2006, following the military coup in Thailand.

On May 4, 2007, Moody’s Investors Service retained its D+ rating for
Bangkok Bank’s bank financial strength, and its Baa1/P Foreign Currency
Deposit rating. The outlook is stable.


BANK OF AYUDHYA: Fitch Gives BBB- Foreign Currency Issuer Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ayudhya Public Company Limited's (BAY)
Foreign Currency Issuer Default Rating at 'BBB-' (BBB minus) with Stable
Outlook, Short-term Foreign Currency rating at 'F3', Individual rating at
'C/D', Support rating at '3' and its subordinated debt rating at 'BB+'.

The bank's Support Rating Floor remains unchanged at 'BB'. Meanwhile,
Fitch Ratings (Thailand) has also affirmed BAY's National Long-term Rating
at 'A+(tha)' with Stable Outlook, its National Short-term Rating at
'F1(tha)' and its National subordinated debt rating at 'A(tha)'.

In January 2007, Fitch Ratings upgraded BAY's ratings after GE Capital
International Holdings Corporation (GECIH) completed the acquisition of a
29% stake in the bank.  BAY's major shareholder, the Ratanarak family, and
other warrant holders also made an early conversion of 463 million
warrants.  This capital raising exercise should address BAY's loan loss
reserve and capital adequacy weaknesses, which had in part, previously
constrained the bank's ratings.  It should also bolster the bank's
franchise in the medium term.  GECIH has strong representation at both the
board and senior management levels of BAY, including the newly appointed
CEO and CFO.  BAY could also benefit from GECIH's expertise in global
transaction services, technology and operations.  The shift towards
higher-margin consumer banking should, additionally, help improve the
bank's profitability in the medium term.

The Outlook is Stable given BAY's strong capital buffer and improving
profitability, although the bank faces a more challenging operating
environment in 2007, as well as the risk of additional provisioning.
Future rating actions will depend on a further strengthening in the
balance sheet and profitability, as well as in the franchise and the level
of capital and operational support from GECIH.  Given BAY's relatively large
share of deposits and loans, there is a moderate probability of government
support, should this be needed.

BAY reported net profit of THB1.5 billion in 2006, down from THB6.1bn the
previous year due to higher provisions as the bank had to comply with the
first phase of the new IAS39 provisioning rule.  Nonetheless, BAY's
underlying profit continued to strengthen as its pre-provisioning profit
before tax increased by 5.8%, helped by improved fee-based activities and
higher lending rates.  In Q107, BAY's pre-provisioning profit
before tax fell by 24% on higher funding costs and operating expenses
while its net profit also declined to THB1.1bn, down from THB1.8bn in Q106
partly due to tax expenses.

Impaired loans remained relatively high at THB66.2bn, or 14.2%, of total
loans at end-Q107.  Although BAY's loan loss reserve coverage has
continued to improve, rising to 44.7% of NPLs at end-March 2007, the ratio
is still low compared with its peers. On the back of its strengthened
capital position, Fitch expects the bank to accelerate the clean up of its
balance sheet by way of large-scale provisioning or write-offs in 2007 and
2008.

After the capital injection of THB27.8bn in January 2007, BAY's Total
capital ratio and Tier 1 capital ratio rose to 17.4% and 13.2%,
respectively, at end-March 2007.  Additional provisioning and asset growth
will probably cause the ratios to fall in the next two years.

BAY was established in 1945 and is Thailand's sixth-largest commercial
bank, with 561 branches and market shares of 8.7% in lending and 9.4% in
deposits.  It has affiliates in finance, securities, insurance, fund
management, factoring and leasing.


DAIDOMON GROUP: Creditors Prepare for Rehabilitation by June 29
---------------------------------------------------------------
Daidomon Group PCL's creditors expect to finish by June 29, 2007, the
preparations for the company's rehabilitation with the Central Bank,
according to a company disclosure with the Stock Exchange of Thailand.

Earlier applications for rehabilitation were denied, first on Dec. 21,
2006, when the Central Bankruptcy Court disapproved the company's
rehabilitation plan, and on March 7, 2007, when the Court canceled the
order for rehabilitation and the planner failed to appeal the disapproval.

restaurants under the brand name of Daidomon.  The group's products
Headquartered in Bangkok, Thailand, Daidomon Group Public Co. Limited --
http://www.daidomon.co.th/-- operates barbecue and  Japanese food include
barbecue, dessert and drinks, and bottled sauce.  The company is currently
undergoing rehabilitation.

The Troubled Company Reporter – Asia Pacific reported on
Feb. 16, 2007, that Daidomon Group has total assets of US$12.92 million
and a total capital deficiency of US$8.51 million.


* Investors Show Strong Interest in Thailand's Stock Market
-----------------------------------------------------------
Foreign investors paid strong attention to the Thai market in a recent
road show hosted by Credit Suisse Securities
(Thailand) and participated in by the Stock Exchange of Thailand and 12
listed companies, according to a TMC.Net news
article.

SET President Patareeya Benjapolchai said that foreign investors were
mostly concerned with the upcoming general election and the
constitution-drafting process, asking the most number of questions about
them during the road show, which was held May 27 until June 3.  Ms.
Patareeya also said that the foreign investors were also concerned about
the small number of big market cap stocks on the Thai bourse, although
they find the Thai market attractive.

Ms. Patareeya further said that investors view the Thai market as
potentially profitable, with confidence that the economy and politics will
stabilize considering the absence of unrest following the disbandment of
former Prime Minister Thaksin Shinawatra's Thai Rak Thai party.  However,
she also warned investors to acquire stocks that have strong fundamentals,
despite confidence in Thailand's political future.

Thailand's shares rose 2.8% Monday, reaching a high of 775.41 and closed
at 770.61 for a 2.21% gain and a brisk THB37.07 billion turnover.  Foreign
investors so far have acquired Thai shares with a net position of THB82.15
billion.



                            *********

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 ***