TCRAP_Public/070608.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

            Friday, June 8, 2007, Vol. 10, No. 113

                            Headlines


A U S T R A L I A

DYNAMIC FORMWORK: Proofs of Debt Must be In by June 20
HOLLAND BAKERIES: Will Declare Dividend on June 26
L VIGOLO: Members' Final Meeting Set for June 29
LESSBROOK PTY: Will Declare Dividend on July 27
M C PROFESSIONAL: Members Pass Resolution to Wind Up Firm

MGM MIRAGE: Completes US$200M Sale of Colorado Belle & Edgewater
NALANG PROPERTIES: Members' Final Meeting Set for June 28
NEWBID NOMINEES: Will Declare Dividend on June 21
NIGHTHAWK RADIOLOGY: Moody's Assigns Ba3 Corporate Family Rating
PAUL WILLS: Creditors' Proofs of Claim Due by June 12

SORRET PTY: Members Resolve to Close Business
WILLETTS CONTRACTING: To Declare Priority Dividend on July 11


C H I N A   &   H O N G  K O N G

AMEREX GROUP: March 31 Balance Sheet Upside-Down by US$4.6 MM
AMEREX GROUP: In Default of CAMOFI Master Credit Agreement
ANPOINT ENGINEERING: Court to Hear Wind-Up Petition on July 18
BANK OF COMMUNICATIONS: 2007 1Q Profit Up 31% on Loan Growth
BENQ CORP: Enters Into NFC Contract with Sirit

BINA INVESTMENT: Liquidator Quits Post
CHINA EVERBRIGHT: Huijin Investment Looks to Hand Control to SCB
CITIC BANK: Expects Credit Card Business Turnaround This Year
CSX ORIENT: Undergoes Wind-Up Proceedings
GOLD ASIAN: Members to Hold Final Meeting on July 6

HUNG KEE: Placed Under  Voluntary Liquidation
JIANGXI COPPER: Guixi Smeltes Starts Production
KING'S GLORY: Shareholders Agree on Voluntary Liquidation
MAN CHUNG: Members Set to Meet on July 4
MAN SHING: Members to Hold Final Meeting on July 6

MARQUEE HOLDINGS: To Form New Holding Company
ORIENTAL CHEMICALS:  Members Resolve to Close Business
SHIMAO PROPERTY: Pays CNY6.7BB for 51% Stake in Shanghai Shimao
TECNO (HONG KONG): Creditors Must Prove Debts by July 1
TITAN PETROCHEMICALS: Solicits Consent to Start Warburg Deal

ZTE CORP: Expansion Eyes 10% of Taiwan's Mobile Market Share


I N D I A

BRITISH AIRWAYS: Bans Bonuses for Senior Executives
BRISTOW GROUP: Amends Pact to Increase Facility to US$325MM
CABLE & WIRELESS: Revises Chairman's Employment Contract
GENERAL MOTORS: Davis and Marinello Elected to Board
GENERAL MOTORS: CEO Faces Criticism Despite Progress Report

JAMMU & KASHMIR BANK: To Issue Dividend Warrants to Shareholders
JIK INDUSTRIES: Board Okays Capital Increase


I N D O N E S I A

ALCATEL-LUCENT: Dresdner Kleinwort Holds Sell Rating on Firm
ALCATEL-LUCENT: Sings MOU w/ Corning Cable for OptiTap Supply
BANK INTERNASIONAL: Incorporates EMV Technology on Credit Cards
CA INC: Case Dismissal Prompts S&P to Revise Outlook to Stable
EXCELCOMINDO PRATAMA: Spends MYR116MM to Lay Fibre Optic Network

GARUDA INDONESIA: To Restructure to Save Cost
GEOKINETICS INC: Stockholders Will Meet on July 11
GOODYEAR TIRE: S&P Lifts Ratings on Two Certificate Classes to B
HILTON HOTELS: Forms 3 Major Alliances for Global Expansion
INDOSAT: Plans to Acquire and Launch New Satellite

STONEPATH GROUP: AMEX to Delist Common Stock on June 14
TELKOMSEL: Adds 7 Million New Users


J A P A N

AMF BOWLING: S&P Lowers Rtg. on Proposed US$285M Facilities to B
DELPHI CORP: Inks US$55.6 Mil. Sale Deal for Catalyst Business
DURA AUTOMOTIVE: Wants Two Remaining Key Leases Assumed
DURA AUTO: Court Extends Exclusive Plan Filing Date to Sept. 30
FENDER MUSICAL: S&P Rates New US$100 Million Term Loan at B+

INTERNATIONAL PAPER: Gets FAS Approval to Acquire Ilim Interest
KRATON POLYMERS: S&P Lowers Debt Rating Due to Weak Profit
NOMURA HOLDINGS: To Issue Stock Acquisition Rights
NOMURA HOLDINGS: Forms Commodity Alliance with Macquarie Bank
SOFTBANK CORP: To Issue JPY70 Billion in Bonds

SOFTBANK CORP: S&P Lifts Credit and Debt Rating to 'BB'
XM SATELLITE: March 31 Balance Sheet Upside-Down by US$504.4MM


K O R E A

ACTUANT CORP: S&P Rates Proposed Senior Unsecured Notes at BB-
KRISPY KREME: Incurs US$7.4 Mil. Net Loss in Qtr. Ended April 29
KRISPY KREME: Unveils Changes at Board Members Annual Meeting
NOVELIS INC: Hindalco Acquisition Cues S&P to Remove Watch
PQ CORP: Carlyle Deal Cues S&P to Put Ratings on Negative Watch


M A L A Y S I A

AVAYA INC: Silver Lake Merge Deal Cues S&P to Lower Rating to B+
CELESTICA INC: May Be Next Acquisition Target, Analysts Say
PROTON HOLDINGS: Volkswagen Dispels Acquisition Reports
SOLECTRON CORP: Flextronics Merger Pact Cues Fitch's Pos. Watch


N E W  Z E A L A N D

CER GROUP: Says Share Purchase Plan is Oversubscribed
CER GROUP: To Acquire Australia's Vital Resource Management
GB GLASS: Faces CIR's Wind-Up Petition
I-STATION TRUST: Wind-Up Petition Hearing Set for June 18
MAINLAND CORNICE: Names Crichton &  Horne as Liquidators

MARINE PARK: Subject to CIR's Wind-Up Petition
NAENAE LIQUOR: Court to Hear Wind-Up Petition on June 18
R & A MCMAHON: Court to Hear Wind-Up Petition on June 11
ROOF SOLUTIONS: Subject to CIR's Wind-Up Petition
SCENICLAND SERVICES: Court to Hear Wind-Up Petition on June 11

THE CRAZY EXPRESS: Fixes June 22 as Last Day to Prove Claims
YENOHAM HOLDINGS: Taps Jollands and Grieve as Liquidators


P H I L I P P I N E S

CENTRAL AZUCARERA: Incurs PHP7.41 Mil. Loss in 2007 1st Quarter
FILSYN CORP: Mar. 31 Balance Sheet Upside-Down by PHP477.49 Mil.
GEOGRACE: Mar. 31 Balance Sheet Upside-Down by PHP13.43 Million
GUESS?: Deutsche Bank Places Buy Rating on Firm's Shares
IPVG CORP: Turns Around with PHP6.13MM Earnings in 1st Quarter

JG SUMMIT: Posts Net Income of PHP2.23 Bil. For Mar. 31 Quarter
LEPANTO CONSOLIDATED: Posts PHP57-Mil. Loss for Mar. 31 Quarter
WARNER MUSIC: Fitch Comments on Risk of Potential Bid for EMI


S I N G A P O R E

FLEXTRONICS INTERNATIONAL: Inks Agreement to Acquire Solectron
FLEXTRONICS INT'L: Solectron Bid Prompts Fitch's Negative Watch
INFORMATICS EDUCATION: Reorganizes Board of Committee
PETROLEO BRASILEIRO: May Supply Ethanol to Japanese Plants
PETROLEO BRASILEIRO: Seeking Partners for Biodiesel Plants


T H A I L A N D

BANGKOK BACK: Sells 20.19% Holdings in Sri U-Thong for THB15MM
OSI RESTAURANT: Stockholders Approve Amended Merger Agreement
OSI RESTAURANT: S&P Affirms Ratings and Removes Developing Watch
TRUE CORP: S&P Lowers Corporate Credit Rating From B+ to BB-
TRUE MOVE: S&P Lowers Corporate Credit Rating From B+ to BB-


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

DYNAMIC FORMWORK: Proofs of Debt Must be In by June 20
------------------------------------------------------
Dynamic Formwork (Queensland) Pty Ltd requires its creditors to file their
proofs of debt by June 20, 2007.

The company will declare dividend on June 29, 2007.

The company's deed administrator is:

          P. A. Lucas
          P. A. Lucas & Co
          Chartered Accountants
          ING Building, Level 8
          1000 Edward Street
          Brisbane Queensland 4000
          Australia

About Dynamic Formwork

Dynamic Formwork (Queensland) Pty Ltd is a contractor of
general-single-family houses.  The company is located in New South Wales,
Australia.


HOLLAND BAKERIES: Will Declare Dividend on June 26
--------------------------------------------------
Holland Bakeries Pty Ltd, which is in liquidation, will declare dividend
for priority creditors on June 26, 2007.

Creditors' proofs of debt must be in by June 19, 2007.

The company's liquidator is:

          Mat Muldoon
          SimsPartners
          446 Collins Street, Level 2
          Melbourne, Victoria 3000
          Australia

About Holland Bakeries

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


L VIGOLO: Members' Final Meeting Set for June 29
------------------------------------------------
The members of L Vigolo & Son Pty Ltd will meet on June 29, 2007, at 10:00
a.m., to hear the liquidator's report about the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          I. C. Francis
          Taylor Woodings Chartered Accountants
          30 The Esplanade, Level 6
          Perth, Western Australia 6000
          Australia

About L Vigolo

L Vigolo & Son Pty Ltd is a distributor of wheat.  The company is located
in Western Australia, Australia.


LESSBROOK PTY: Will Declare Dividend on July 27
-----------------------------------------------
Lessbrook Pty Ltd, which is in liquidation, will declare dividend for
priority unsecured creditors on July 27, 2007.

Creditors must prove their debts by June 19, 2007, to be included in the
company's dividend distribution.

The company's liquidator is:

          Julie Williams
          Insolvency & Turnaround Solutions
          360 Queen Street, Level 4
          Brisbane, Queensland 4000
          Australia
          Telephone:(07) 3221 7433
          Facsimile:(07) 3221 7437

About Lessbrook Pty

Lessbrook Pty Ltd, also trading as Transair, is involved with air
transportation, except nonscheduled.  The company is located in
Queensland, Australia.


M C PROFESSIONAL: Members Pass Resolution to Wind Up Firm
---------------------------------------------------------
During a meeting held on April 24, 2007, the members of M C Professional T
Pty Ltd passed a resolution winding up the company's operations and
appointed Louise Guines as liquidator.

The Liquidator can be reached at:

          Louise Guines
          46 Edward Street, Level 12
          Brisbane, Queensland 4000
          Australia

About M C Professional

Located in New South Wales, Australia, M C Professional T Pty Ltd is an
investor relation company.


MGM MIRAGE: Completes US$200M Sale of Colorado Belle & Edgewater
----------------------------------------------------------------
MGM MIRAGE has completed its sale of the Colorado Belle and Edgewater
hotel-casinos located in Laughlin, Nevada, to a group led by Anthony
Marnell III for US$200 million.

On a combined basis, these two properties contain some 2,500 guest rooms
and over 100,000 square feet of casino space featuring approximately 2,200
slot machines and 70 gaming tables.  MGM MIRAGE acquired these properties
in April 2005 as part of its acquisition of Mandalay Resort Group.

Anthony Marnell III is the Chairman and CEO of M Resorts.  Marnell and his
management team are partnered with Sher Gaming, LLC, led by Ed Sher, on
this transaction.  On June 1, 2006, a Marnell-Sher partnership bought the
Saddle West Hotel and Casino in Pahrump, Nevada.  Further information on
the Marnell- led group can be obtained from Greg Wells, President of Austi
LLC, at 702-739-2000.

Banc of America Securities acted as financial advisor to the Marnell group
in connection with this transaction.

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/-- owns and
operates 12 casino resorts located in Nevada, Mississippi, Michigan, and
Australia, and has investments in three other casino resorts in Nevada,
New Jersey, and Macau.

                          *     *     *

As reported on the Troubled Company Reporter on May 24, 2007, Fitch has
placed MGM MIRAGE's ratings on Rating Watch Negative following Kirk
Kerkorian's disclosure that he intends to explore purchasing MGM's
Bellagio and CityCenter properties well as pursue strategic alternatives
with respect to his investment in MGM MIRAGE.  These ratings were
affected: (i)issuer default rating 'BB'; (ii) senior credit facility 'BB';
(iii) senior notes 'BB'; and (iv)senior subordinated notes 'B+'.


NALANG PROPERTIES: Members' Final Meeting Set for June 28
---------------------------------------------------------
The members of Nalang Properties Pty Ltd will have their final meeting in
June 28, 2007, at 11:00 a.m., to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Robert Colin Parker
          Freer Parker & Associates
          40 Sturt Street
          Adelaide, South Australia 5000
          Australia
          Telephone:(08) 8211 7177
          Facsimile:(08) 8212 4677
          e-mail: freerparker@freerparker.com.au


NEWBID NOMINEES: Will Declare Dividend on June 21
-------------------------------------------------
Newbid Nominees Pty Ltd will declare the third dividend on
June 21, 2007.

Creditors who were not able to file their proofs of debt by
June 7, 2007, will be excluded from sharing in the company's dividend
distribution.

The company's deed administrator is:

          K. A. Strickland
          SimsPartners
          40 St George's Terrace, Level 12
          Perth, Western Australia 6000
          Australia

About Newbid Nominees

Newbid Nominees Pty Ltd, which is also trading as Merriwa Tavern operates
drinking places.  The company is located in Western Australia, Australia.


NIGHTHAWK RADIOLOGY: Moody's Assigns Ba3 Corporate Family Rating
----------------------------------------------------------------
Moody's Investors Service assigned ratings to NightHawk Radiology
Holdings, Inc. in connection with the pending refinancing of NightHawk's
indebtedness related to its recent acquisition of The Radlinx Group.
Moody's assigned a Ba3 Corporate Family Rating, a Ba3 rating to the
proposed
US$75 million senior secured term loan, a Ba3 rating to the proposed US$25
million senior secured delayed draw term loan and a Speculative Grade
Liquidity rating of SGL-2.  The rating outlook for NightHawk is stable.

On April 9, 2007 NightHawk announced that it had purchased The Radlinx
Group for US$53 million with the objective of expanding its teleradiology
holdings.  Radlinx is the third largest U.S. provider of such services.
The acquisition expands NightHawk's customer basis by 303 hospitals, to
more than 1,300 hospitals, or roughly 24% of the U.S. hospital market.

Moody's assigned these proposed ratings:

   -- US$75 million senior secured term loan due 2014, rated Ba3
      (LGD3, 32%);

   -- US$25 million senior secured delayed draw term loan due
      2014, rated Ba3 (LGD3, 32%);

   -- Corporate Family Rating, rated Ba3;

   -- Probability of Default Rating, rated B1;

   -- Speculative Grade Liquidity Rating, rated SGL-2;

   -- The ratings outlook is stable.

The Corporate Family Rating of Ba3 acknowledges NightHawk's sound
profitability and resulting strong financial metrics. The rating is also
supported by the company's leading market position in the nighttime and
off-hours teleradiology space and generally favorable fundamentals for the
industry in terms of expected growth in organic scan volume over the near
to medium-term as well as the potential for inroads into the day
read overflow market and sub-specialty areas.  Industry dynamics are also
favorable given that NightHawk does not present any direct government
reimbursement risk.  The ratings are constrained by the company's small
size, the lack of a material track-record within the industry space, the
assimilation risk posed by the Radlinx acquisition as well as the lack
of an external liquidity source.

The outlook is stable, reflecting Moody's belief that NightHawk will
continue to grow revenues at a double-digit pace fueled primarily by
anticipated growth in the volume of reads, a factor that reflects the
favorable industry fundamentals enumerated above.  Moody's also assume
that the firm will continue to take a conservative approach to
acquisitions with acquired entities broadening the company's already
leading market share.  In the event that a major acquisition or share
repurchase adds material
debt the expectation is that NightHawk will utilize cash flow to
rapidly de-lever in a disciplined manner.

Moody's has assigned a Speculative Liquidity Rating of SGL-2,
reflecting the company's good liquidity position together with our belief
that over the next twelve months, NightHawk will be able to fund its
ordinary working capital, capital expenditures and other cash requirements
through operating cash flow and cash on its balance sheet.  Moody's
acknowledges that the company lacks an external liquidity source, a
situation that is mitigated by the fact that the company's cash balances
are substantial.

The ratings could come under downward pressure if the company
undertakes a major acquisition or share repurchase that results in a
material leveraging of the balance sheet such that adjusted total debt to
EBITDA exceeds 4.5 times.  The ratings could also be downgraded in the
event that revenue growth slows with a concomitant weakening of margins,
resulting in a ratio of EBIT to interest declining to below 1.8 times on a
sustained basis. The ratings could move upward if the company achieves an
EBIT to interest coverage ratio of 4.5 times or better on a sustained
basis or if it maintains FCF to adjusted debt in excess of 15% on a
sustained basis.

Headquartered in Coeur d'Alene, Idaho, NightHawk Radiology Holdings, Inc.
is the leading provider of professional radiology
solutions in the U.S. Encompassing a team of U.S. board certified,
state-licensed and hospital-privileged physicians, NightHawk services
medical groups twenty-four hours a day, seven days a week at over 1,350
hospitals in the U.S. from centralized facilities located in Switzerland,
Australia and the U.S.  The company reported revenues of approximately
US$92 million for the year ended Dec. 31, 2006.


PAUL WILLS: Creditors' Proofs of Claim Due by June 12
-----------------------------------------------------
Paul Wills Pty Ltd, which is in liquidation, will declare the first
dividend on July 6, 2007.

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

The company's liquidator is:

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

About Paul Wills

Paul Wills Pty Ltd is engaged in the business of scrap and waste
materials.  The company is located in Western, Australia.


SORRET PTY: Members Resolve to Close Business
---------------------------------------------
At an extraordinary general meeting held on May 9, 2007, the members of
Sorret Pty Ltd agreed to close the company's business and  appointed Maris
Andris Rudaks as liquidator.

The Liquidator can be reached at:

          Maris Andris Rudaks
          Maris Rudaks & Associates
          Chartered Accountants
          99 Frome Street, Level 2
          Adelaide, South Australia 5000
          Australia
          Telephone(08) 8235 1500
          Facsimile:(08) 8236 1555


WILLETTS CONTRACTING: To Declare Priority Dividend on July 11
-------------------------------------------------------------
Willetts Contracting Pty Ltd, which is in liquidation, will declare the
first priority dividend on July 11, 2007.

Only creditors who will be able to prove their debts by June 19, 2007,
will be included from sharing in the company's dividend distribution.

The company's liquidator is:

          Richard William Buckby
          KordaMentha (NQ)
          150 Walker Street, Level 1
          Townsville, Queensland 4810
          Australia
          Telephone:(07) 4724 5455
          Facsimile:(07) 4724 5405

About Willetts Contracting

Willetts Contracting Pty Ltd provides business services.  The company is
located in Queensland, Australia.


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

AMEREX GROUP: March 31 Balance Sheet Upside-Down by US$4.6 MM
-------------------------------------------------------------
Amerex Group Inc. reported a net loss of US$1,314,993 on revenues of
US$2,147,872 for the first quarter ended March 31, 2007, compared with a
net loss of US$1,150,459 on revenues of US$1,186,845 for the same period
ended March 31, 2006.

The increase in revenues was primarily a result of the commencement of the
EQ/Wal Mart contract, which accounted for approximately US$531,000 or 25%
of revenue for the three months ended March 31, 2007.  This project began
in August of 2006 and did not affect the revenue for the period ending
March 31, 2006.

During the three month period ending March 31, 2007, operating expenses
were US$815,393, compared to operating expenses of US$763,039 for the
comparable three month period ending
March 31, 2006.

During the three month period ending March 31, 2007, net non-operating
expenses were US$1,268,507 as compared with net non-operating expenses of
US$826,427 for the three months ended
March 31, 2006.  The increase in the current year period was due to
increased amortization of debt discounts and deferred financing fees and
increased interest expense resulting from increased debt that was
undertaken subsequent to March 31, 2006, and partially offset by decreases
in financing penalties fees.

Loss from continuing operations for the three months ended March 31, 2007,
was US$1,221,282, compared to loss from continuing operations of
US$1,150,459 in the prior year period.

The company realized a loss of US$93,711 in the three months ended March
31, 2007 resulting from expenses related to its discontinued operations.

At March 31, 2007, the company's balance sheet showed US$8,413,843 in
total assets and US$13,092,169 in total liabilities, resulting in a
US$4,678,326 total stockholders' deficit.

The company's balance sheet at March 31, 2007, also showed strained
liquidity with US$3,521,471 in total current assets available to pay
US$13,092,169 in total current liabilities.

Full-text copies of the company's consolidated financial statements for
the quarter ended March 31, 2007, are available for free at
http://researcharchives.com/t/s?20ab

                       Going Concern Doubt

As reported in the Troubled Company Reporter on May 24, 2007,
Sartain Fischbein & Co., in Tulsa, Okla., expressed substantial
doubt about Amerex Group Inc.'s ability to continue as a going
concern after auditing the company's financial statements for the years
ended Dec. 31, 2006, and 2005.  The auditing firm reported d that the
company has experienced cash flow difficulties, and is in default on its
note agreements.

                        About Amerex Group

Headquartered in Tulsa, Oklahoma, Amerex Group Inc. --
http://www.amerexgroup.com/-- is engaged, through its subsidiaries, in
the industrial and household waste management services industry and the
environmental remediation and abatement services industry.  Industrial
waste management services are conducted through AMEREX Companies Inc, an
Oklahoma corporation and wholly-owned subsidiary, and Waste Express Inc.,
a Missouri corporation and wholly-owned subsidiary of AMEREX Companies
Inc.

Amerex has operations in China, and the United Kingdom.


AMEREX GROUP: In Default of CAMOFI Master Credit Agreement
----------------------------------------------------------
Amerex Group Inc. disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that as of March 31, 2007, it was not
in compliance with certain covenants of its credit line with CAMOFI Master
LDC.  The company says that it is now in default of that agreement.

The company discloses that the debt has been reclassified as current as of
March 31, 2007.

The credit agreement was entered into on Aug. 31, 2006, and grants the
company a line of credit with a maximum borrowing equal to the lesser of
US$1.5 million or 80% of account receivable aged less than 90 days in
consideration for the issuance to CAMOFI Master LDC of a five-year warrant
to purchase 750,000 shares of common stock at an exercise price of US$0.01
per share.

The company also entered into 10% Senior Secured Convertible Notes dated
Nov. 21, 2005, with CAMOFI MASTER LDC and a limited number of Qualified
Institutional Investors.  The stated principal of the Notes was
US$6,000,000, which was increased to US$6,800,000 on Feb. 23, 2006.  A
separate agreement with holders of the Notes provided that the company
would pay liquidated damages to the holders of the Notes if a registration
statement was not filed and declared effective by certain dates in 2006.

The company has accrued financing penalty fees due to non compliance in
the amount of US$503,200 at March 31, 2007, for delays in the
effectiveness of the registration statement to register the warrants and
conversion shares beyond October 30, 2006.

                           Notes Default

In early 2006, the company was also in noncompliance with certain
covenants in the Notes agreement regarding delivery of financial
information.  As of March 31, 2007, the company was again in noncompliance
with certain covenants in the Notes agreement regarding delivery of
financial information and liens on assets.  The Company also has failed to
make certain principal payments in 2007.  As a result, the company is in
default of its Notes agreement and no waiver has yet been obtained from
the lender.

                        About Amerex Group

Headquartered in Tulsa, Oklahoma, Amerex Group Inc. --
http://www.amerexgroup.com/-- is engaged, through its subsidiaries, in
the industrial and household waste management services industry and the
environmental remediation and abatement services industry.  Industrial
waste management services are conducted through AMEREX Companies Inc, an
Oklahoma corporation and wholly-owned subsidiary, and Waste Express Inc.,
a Missouri corporation and wholly-owned subsidiary of AMEREX Companies
Inc.

Amerex has operations in China, and the United Kingdom.


ANPOINT ENGINEERING: Court to Hear Wind-Up Petition on July 18
--------------------------------------------------------------
The High Court Hong Kong will hear a petition to wind up the operations of
Anpoint Engineering Limited on July 18, 2007, at 9:30 a.m.

The petition was filed by the Hong Kong Special Administrative Region on
May 14, 2007.

The petitioner's solicitor is:

         Leung Chan & Pang
         Wing On House, Suite 1203, 12th Floor
         71 Des Voeux Road
         Central, Hong Kong


BANK OF COMMUNICATIONS: 2007 1Q Profit Up 31% on Loan Growth
------------------------------------------------------------
Bank of Communications Co Ltd's net profit for the first quarter ended
March 31, 2007, rose 31% year-on-year to CNY3.8 billion from CNY2.90
billion a year earlier under international accounting standards, XFN-Asia
reports.

The report relates that the rise in net profit is attributed to healthy
growth in the bank's deposit and loan business, lower operating costs and
a sharp increase in fee-based income.

The bank's net interest income increased to CNY11 billion from CNY8.79
billion a year earlier, while earnings per share rose to CNY0.08 from
CNY0.06.  The total balance of customer deposits due as of end-March,
including interest, stood at
CNY1.51 trillion, up 6.65% from the beginning of the year, the report adds.

Loans and advances to customers, before provision and including interest,
amounted to CNY1.02 trillion for the quarter, up 10.27%  from the
beginning of the year.  As of end-March, the bank's impaired loan ratio
stood at 2.36%, down from 2.53% in the same period last year.  Bank of
Communications' capital adequacy ratio at end-March was 12.57%, up from
10.83% a year earlier, the news agency notes.

Shareholders' equity as of the end of the quarter stood at CNY94.55
billion, up from CNY90.44 billion a year earlier, while total assets
amounted to CNY1.82 trillion, up from
CNY1.72 trillion.

Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is a
commercial bank in the People's Republic of China.  As of December 31,
2005, the bank had 137 branches and sub-branches, in addition, to over
2,600 business outlets in China.  It also has its branches in Hong Kong,
New York, Tokyo, Singapore and Seoul.

The bank's business is divided into four segments: corporate banking,
retail banking, treasury and others.  Its corporate banking business
provides products and services to the corporate customers, such as loans,
deposits, bill discounting, trade finance, fund custody and guarantees.
The retail banking business provides retail banking products and services
to its retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading
services.  The treasury operations include inter-bank money market
transactions, foreign exchange trading and government, and finance bond
trading and investment.

The bank carries Fitch Rating's 'D' individual rating effective on
November 21, 2005.

On May 4, 2007, as part of the application of its refined joint default
analysis and updated bank financial strength rating methodologies, Moody's
Investors Service affirmed Bank of Communications' D Bank Financial
Strength Rating.  The long-term Foreign Currency Deposit Rating is raised
to Baa1 from Baa2.  The short-term Foreign Currency Deposit Rating is
raised to P-2 from P-3.  The outlook for all ratings is stable.


BENQ CORP: Enters Into NFC Contract with Sirit
----------------------------------------------
BenQ Corporation has secured a Near Field Communications
(NFC) contract with Sirit Inc.

The contract calls for Sirit to serve as BenQ's supplier of embedded NFC
software and technology engineering services for BenQ's forthcoming NFC
mobile smartphones and handsets.  This design win further validates the
value proposition and expertise of Sirit's NFC team in helping OEMs
shorten their development cycles and time to market for NFC-enabled
devices.

"Given the significant and immediate opportunity for NFC handsets in the
Asia Pacific region and globally, time to market is critical to our
success," said Dr. SS Chen, the Associated Vice President of Mobile
Communication Business Group of BenQ Corporation.  "We chose Sirit's NFC
team to help us in our development of NFC handsets based on their early
involvement in the NFC market.  Leveraging their demonstrated expertise
with
embedded NFC software and successes working with OEMs, we are confident in
the Sirit's NFC team's ability to help accelerate our time to market."

"BenQ is a multi-billion dollar Taiwan-based technology innovation leader,
supplying mass-market consumer devices including smartphones, displays,
and digital home peripherals," commented Chris Leong, Vice President, NFC
and Contactless at Sirit Inc.  "We are honoured that BenQ has chosen
Sirit's NFC team as its supplier of embedded NFC software and services. We
look forward to helping BenQ capitalize on the NFC opportunity in the Asia
Pacific region and beyond."

                         About Sirit Inc.

Sirit Inc. (TSX: SI) is a provider of Radio Frequency
Identification solutions worldwide.  Harnessing the power of Sirit's
enabling-RFID technology, customers are able to more rapidly bring high
quality RFID solutions to the market with reduced initial engineering
costs.  Sirit's products are built on more than 13 years of RF domain
expertise addressing multiple frequencies (LF/HF/UHF), multiple protocols
and are compliant with global standards.  Sirit's broad portfolio of
products and capabilities are easily customized to address new and
traditional contactless market applications including Near Field
Communication, Supply Chain & Logistics, Cashless Payment (including
Electronic Tolling), Access Control, Automatic Vehicle Identification,
Inventory Control & Management, Asset Tracking and Product Authentication.

                          About BenQ Corp.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,
developing, and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handsets, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.  BenQ Mobile has
lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after the company failed to secure a
buyer by the Dec. 31, 2006 deadline.

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  The
outlook on the long-term rating is negative.  At the same time,
Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.  The ratings reflect BenQ's continuing operating
losses from its handset operations and high leverage, and the
competitive nature and low profitability of the LCD monitor
industry.


BINA INVESTMENT: Liquidator Quits Post
--------------------------------------
Philip Brendan Gilligan ceased to act as liquidator of Bina Investment
Limited on May 21, 2007.

On August 14, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company commenced a wind-up of its operations
on July 26, 2006.

The former liquidator can be reached at:

         Philip Gilligan
         7th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


CHINA EVERBRIGHT: Huijin Investment Looks to Hand Control to SCB
----------------------------------------------------------------
The Chinese Government's financial arm, Central Huijin Investment, which
took control of China Everbright Bank last month, aims to let Standard
Chartered PLC manage the bank eventually, XFN-Asia says, citing a report
from the South China Morning Post.

The Post, citing unidentified sources, said that Central Huijin would make
changes to its own managerial structure to allow the hand over, XFN-Asia
relates.

Central Huijin, according to The Post, now holds 51% of China Everbright
after pumping CNY20 billion into the bank and Standard Chartered is under
negotiations to take a 20% stake in the bank.

The Troubled Company Reporter - Asia Pacific, on June 7, 2007, reported
that China Everbright is waiting for the capital injection from the state,
a prerequisite for potentially taking on a foreign investor.

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.


CITIC BANK: Expects Credit Card Business Turnaround This Year
-------------------------------------------------------------
China CITIC Bank is optimistic that its credit card business would become
profitable this year after three years in the red, Reuters reports.

Chen Jin, head of CITIC Bank's credit card center, was quoted by Reuters
as saying: "After three years of losses, we will finally begin to make a
profit from our credit card business, starting this year."

As a sign of the bank's continued optimism on its credit card business,
Mr. Chen added that it is aiming to more than triple its credit card
issuance to 10 million by 2010, up from 3 million now.  "We have set an
internal target to boost our card numbers to 10 million by 2010 and we are
confident we can reach that goal," he said.

Mr. Chen attributed the business difficulty to Chinese consumers mindset
which still prefer cash and other Chinese banks who issues credit cards to
clients without charging them an annual fee.

CITIC Bank Co Ltd, formerly China CITIC Bank, is a wholly owned subsidiary
of the state conglomerate Citic Group.  With 416 branches, CITIC Bank had
total assets of CNY689.5 billion at the end of September 2006.

The bank carries Fitch Ratings' Individual strength of D and support
rating of 2 following its IPO which, improved the bank's capitalization,
strengthened ability of the government to support and CNCB's historically
close relationship with the central government.

The Troubled Company Reporter - Asia Pacific on May 10, 2007, reported
that Moody's Investors Service handed a Bank's Bank Financial Strength
Rating of D- to CITIC Bank.


CSX ORIENT: Undergoes Wind-Up Proceedings
-----------------------------------------
During a meeting held on May 18, 2007, the sole shareholder of CSX Orient
Limited decided to voluntarily wind up the company's operations.

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


GOLD ASIAN: Members to Hold Final Meeting on July 6
---------------------------------------------------
A final meeting will be held for the members of Gold Asian Limited on July
6, 2007, at 10:00 a.m., on Flat H, 3rd Floor of Banyan Mansion, Harbour
View Gardens at No. 24 Taikoo Wan Road in Taikoo Shing, Hong Kong.

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


HUNG KEE: Placed Under  Voluntary Liquidation
---------------------------------------------
On May 21, 2007, the members of Hung Kee Electrical Material Limited had a
meeting and resolved to close the company's business.

Kennic Lai Hang Lui and Frank Tsz Chun were appointed as liquidators.

The Liquidators can be reached at:

          Kennic Lai Hang Lui
          Frank Tsz Chun
          Kennic L.H. Lui & Co.
          Ho Lee Commercial Building, 5th Floor
          38-44 D'Aguilar Street
          Central, Hong Kong


JIANGXI COPPER: Guixi Smeltes Starts Production
-----------------------------------------------
Jiangxi Copper Co. Ltd's 300,000 tonnes refining facility has started
production and is expected to lift the company's total refined capacity to
700,000 tonnes a year, Reuters reports.

In addition, the company's chairman, Li Yihuang, said its refined capacity
will further rise to 800,000 tonnes before 2010, the report relates.

The Troubled Company Reporter – Asia Pacific reported on May 11, 2007,
that the company expects production at its new smelter in Guixi city, in
eastern Jiangxi province, to start on August 1.

The smelter, according to the TCR-AP, which started construction on 2005,
cost CNY3.5 billion to build.

Jiangxi Copper is China's largest copper producer.  In 2005, it produced
422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.
Jiangxi Copper is a constituent of the Xinhua/FTSE China 200
Index.

On July 18, 2006, Xinhua Far East China Ratings commented that the
likelihood of downward surprises on the issuer rating for
Jiangxi Copper Co., Ltd. was increasing and changed the
Company's rating outlook to negative from stable.  Its issuer
credit rating remains BB+.


KING'S GLORY: Shareholders Agree on Voluntary Liquidation
---------------------------------------------------------
At an extraordinary general meeting held on May 17, 2007, the members of
King's Glory Educational Holdings Limited resolved to close the company's
business and appointed Wu Shek Chun Wilfred as liquidator.

The Liquidator can be reached at:

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


MAN CHUNG: Members Set to Meet on July 4
----------------------------------------
The members of Man Chung Limited will have their final meeting on July 4,
2007, at 11:45 a.m., to hear the report about the company's wind-up
proceedings and property disposal.


MAN SHING: Members to Hold Final Meeting on July 6
--------------------------------------------------
The members of Man Shing Property Investment Limited will meet on July 6,
2007, at 10:30 a.m., to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

The meeting will be held at 1405, 14th Floor of COSCO Tower at 183 Queen's
Road in Central, Hong Kong.


MARQUEE HOLDINGS: To Form New Holding Company
---------------------------------------------
Marquee Holdings Inc., the parent of AMC Entertainment Inc., will form a
new holding company that will become the sole parent of the company.
Marquee Holdings intends that the holding company enter into a five-year
US$400 million aggregate principal amount senior unsecured term loan
facility.

Affiliates of JPMorgan Chase Bank, N.A. will be the initial lender and
administrative agent under this facility, and J.P. Morgan Securities Inc.
will serve as a lead arranger and bookrunning manager for this facility.
The net proceeds from this facility will be used to pay a dividend to
Marquee's current stockholders. Neither Marquee, AMCE, nor any of its
subsidiaries will be a party to the facility.

Marquee also announced a solicitation of consents to a proposed amendment
to the indenture governing its 12% Senior Discount Notes due 2014 (CUSIP
No. 57143VAC3), on the terms and subject to the conditions set in the
Consent Solicitation Statement dated June 5, 2006 and the accompanying
Letter of Consent.

The Amendment would revise the restricted payments covenant to permit
Marquee to make restricted payments in an aggregate amount of US$275
million prior to making an election to pay cash interest on the Notes.
The Amendment will also contain a covenant by Marquee to make an election
on Aug. 15, 2007, the next semi-annual accretion date under the Indenture,
to pay cash interest on the Notes.  As a result, Marquee would be required
to make its first cash interest payment on the Notes on Feb. 15, 2008.
Regardless of whether Marquee completes the Consent Solicitation, the new
term loan facility described above will require Marquee to make this
election on Aug. 15, 2007.

If the Amendment is approved, the company intends to use cash on hand at
AMCE to pay a dividend to Marquee's current stockholders in an aggregate
amount of up to US$275 million.  Marquee also has the option to instead
fund such dividend by electing for Holdco to enter into an additional
364-day US$275 million aggregate principal amount senior unsecured term
loan facility.

Each holder who validly delivers Consents on or prior to the expiration of
the Solicitation Period shall be entitled to a consent fee of US$10 for
each US$1,000 principal amount at maturity of Notes as to which consents
are delivered by such holders if such consents are accepted pursuant to
the Consent Solicitation.

The Consent Solicitation expires at 5:00 p.m., New York City time, on June
8, 2007, unless extended or earlier terminated by Marquee.

Delivery of Consents prior to the expiration of the Solicitation Period
may be validly revoked at any time prior to the date on which the
Requisite Consents have been obtained and evidence thereof has been
delivered to the trustee under the Indenture. Marquee reserves the right
to terminate, withdraw or amend the Consent Solicitation at any time
subject to applicable law.

Marquee expects to pay the Consent Fee in same-day funds on a date
promptly following the expiration of the Solicitation Period.

The company's Consent Solicitation is subject to the conditions set forth
in the Consent Solicitation Documents, including the receipt of consents
of the noteholders representing a majority in aggregate principal amount
at maturity of the Notes issued under the Indenture.

Marquee has retained J.P. Morgan Securities Inc. to act as solicitation
agent in connection with the Consent Solicitation.

                    About Marquee Holdings

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.

                    About AMC Entertainment

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the
theatrical exhibition industry.  The company serves more than 250 million
guests annually through interests in 415 theatres and 5,672 screens in 12
countries including the United States, Hong Kong, Brazil and the United
Kingdom.

                         *     *     *

As reported in the Troubled Company Reporter on May 18, 2007,
Fitch has affirmed the Issuer Default Ratings of Marquee Holdings Inc. and
its principal operating subsidiary AMC Entertainment, Inc. at 'B'.
Approximately US$1.7 billion in total debt is affected.  The Rating
Outlook is Stable.


ORIENTAL CHEMICALS:  Members Resolve to Close Business
------------------------------------------------------
At an extraordinary general meeting held on May 25, 2007, the members of
Oriental Chemicals (Hong Kong) Limited resolved to close the company's
business.

Creditors are required to file their proofs of debt by July 3, 2007, to be
included in the company's dividend distribution.

The company's liquidators are:

         Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre, Tower 1
         18 Hartcourt Road
         Hong Kong


SHIMAO PROPERTY: Pays CNY6.7BB for 51% Stake in Shanghai Shimao
---------------------------------------------------------------
Shimao Property Holdings Ltd. would inject CNY6.7 billion (US$877.6
million) worth of property assets into Shanghai Shimao Co. Ltd. to allow
the firm to better focus on residential and hotel development businesses
in China, Reuters reports.

According to the report, Shimao Property would pay
CNY750 million worth of shares in Shanghai Shimao Enterprises, which would
become its 51%-owned subsidiary.  Shanghai Shimao would settle the deal by
issuing up to 630 million new A shares at CNY10.68 per share.  In
addition, Shimao Property would also inject assets which would include
commercial and retail properties in Beijing, Shanghai, Jiangsu, Zhejiang,
Liaoning and Anhui.

Shanghai Shimao would issue up to another 70 million new A shares at the
same price to another shareholder, Shanghai Shimao Enterprises Development
Co. Ltd, Reuters adds.

Shimao Property Holdings Limited -- http://www.shimaogroup.com/ -- is a
large-scale developer of real estate projects in China, specializing in
high-end developments in prime locations.  The company's business
portfolio comprises the development of residential properties, retail
properties, offices and hotels.  The company has 15 projects at various
stages of development located in Shanghai, Beijing, Harbin, Wuhan,
Nanjing, Fuzhou, Kunshan, Changshu, Shaoxing and Wuhu.

The Troubled Company Reporter - Asia Pacific reported that Standard &
Poor's Ratings Services on November 8, 2006, assigned its BB+ long-term
corporate credit rating to China-based Shimao Property Holdings Ltd.  The
outlook is stable.

On May 9, 2007, the Standard & Poor's Ratings Services said that its
ratings on Shimao Property Holdings Ltd. (BB+/Stable/--) are unaffected by
the company's recent announcement that it has issued HK$3.856 billion in
new shares.


TECNO (HONG KONG): Creditors Must Prove Debts by July 1
-------------------------------------------------------
The creditors of Tecno (Hong Kong) Company Limited are required to file
their proofs of debt by July 1, 2007, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on May 21, 2007.

The company's liquidator is:

         Mauro Coppola
         Star House, Room 1102
         3 Salisbury Road
         Tsimshatsui, Kowloon
         Hong Kong


TITAN PETROCHEMICALS: Solicits Consent to Start Warburg Deal
------------------------------------------------------------
Titan Petrochemicals Group Limited announced a solicitation of consents to
certain waivers and an amendment to the Indenture, dated as of March 17,
2005, governing Titan's 8.50% Guaranteed Senior Notes due 2012 (CUSIP Nos:
888312AA3 and G8890GAA1, Common Codes: 021527807 and 021524492).

The Consent Solicitation is being undertaken to waive certain covenants in
the Indenture in order to enable Titan to consummate a proposed
transaction with Warburg Pincus LLC.  On March 28, 2007, Titan entered
into an agreement with Warburg Pincus pursuant to which, subject to the
fulfillment of certain conditions precedent, Warburg Pincus has agreed to
invest:

    (i) US$75 million in consideration for ordinary shares,
        convertible preferred shares and a warrant for
        additional ordinary shares of Titan: and

   (ii) US$100 million in redeemable convertible preferred
        shares and a warrant for ordinary shares of Titan Group
        Investment Limited.

The transaction is described more fully in the consent solicitation
statement dated May 29, 2007.

The record date for the Consent Solicitation is the close of business, New
York City time, on May 25, 2007.  The Consent Solicitation will expire at
midnight, New York City time, on June 12, 2007, unless extended.  Titan is
offering to the holders of record of Notes as of the record date a consent
fee of US$2.50 for each US$1,000 of principal amount of the Notes in
respect of which the holder thereof has delivered (and has not validly
revoked) a valid consent prior to the expiration of the Consent
Solicitation.  Titan's obligation to accept consents and pay the consent
fee is conditional, among other things, on the receipt of consents to the
waivers and amendment from holders of at least a majority in aggregate
principal amount of the Notes.

For a detailed statement of the terms and conditions of the Consent
Solicitation, and the waivers and amendments to the Indenture, holders of
the Notes should refer to the Consent Solicitation Statement.  Questions
from holders regarding the Consent Solicitation or requests for additional
copies of the Consent Solicitation Statement, the Letter of Consent or
other related documents should be directed to MacKenzie Partners, Inc.,
the Information Agent for the Consent Solicitation, at 105 Madison Avenue,
New York, New York, 10016 (telephone +1-800-322- 2885) or the Solicitation
Agents for the Consent Solicitation, Morgan Stanley & Co. Incorporated. In
Hong Kong, attn: Kathryn Walsh, at Three Exchange Square, 30 Floor,
Central (telephone +852-2848-7204) or in New York, attn: Tate Forrester,
at 1585 Broadway, New York, New York, 10036 (telephone +1-800-624-1808 US
toll-free or +1-212-761-5384 collect).

This announcement is not a solicitation of consent with respect to any
Notes. The Consent Solicitation is being made solely by the Consent
Solicitation Statement and related documents, dated May 29, 2007, which
set forth a detailed statement of the terms of the Consent Solicitation.

Titan Petrochemicals Group Ltd is an Asian integrated oil logistics,
distribution and supply services provider.  It was listed on the Hong Kong
Stock Exchange in 2002.  Headquartered in Hong Kong, its operations are
spread over Singapore, Malaysia and China. It manages 25 tankers and has
on-shore storage facilities in Guangdong, Fujian and Shanghai.  On March
29, 2007, Moody's Investors Service affirmed the B1 corporate family
rating of Titan Petrochemicals Group Ltd and
its senior unsecured bond rating of B2.  This follows Titan's announcement
of its fiscal year 2006 results, which show a 9.5%
increase in sales but a marked decline in net income by 67%.

On May 4, 2006, the Troubled Company Reporter - Asia Pacific reported that
the Standard & Poor's Ratings Services revised its outlook on Titan
Petrochemicals Group Ltd. to negative from stable.  At the same time, it
affirmed the "BB-" long-term corporate credit rating on Titan.  The "B+"
issue rating on the company's senior unsecured notes was also affirmed.


ZTE CORP: Expansion Eyes 10% of Taiwan's Mobile Market Share
------------------------------------------------------------
ZTE Corp. hopes to grab 10% of Taiwan's mobile market and boost its local
headcount fivefold as part of its rapid expansion on the island.  The firm
will meet the market share target within a year, building on its 2.5%
market share now, Aaron Yao told Reuters in an interview on the sidelines
of Computex, the world's second-largest computer show.

According to Mr. Yao, ZTE's Taiwan representative office, which opened
early last year, hoped to boost its headcount to at least 100 people in
two to three years, from around 20 now.

Reuters relates that relatively few Chinese companies operate in Taiwan.
But Shenzhen-based ZTE, which established its Taiwan office through its
Hong Kong subsidiary, is jockeying in the market with cross-town rival
Huawei Technologies.

"Huawei came in a lot earlier than us, so we're playing catch-up.  We have
to move quickly," Mr. Yao told Reuters.

Mr. Yao also indicated that the firm's biggest obstacle to obtain the eyed
market share is that "some people don't like to buy Chinese phones,"
adding that brands like Nokia and Motorola don't face such challenges in
Taiwan.

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.


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

BRITISH AIRWAYS: Bans Bonuses for Senior Executives
---------------------------------------------------
British Airways plc senior executives will not receive bonuses for the
financial year 2007 after the airline fell short of its minimum operating
margin target of 8 percent, The Financial Times reports.

According to FT, the carrier's operating profits fell by 13 percent to
GBP602 million in the year to March 2007, compared with GBP694 million in
2006.  Operating profit margin declined from 8.5 percent to 7.1 percent.

                          Annual Bonus

The amount of annual bonus available for distribution to senior
executives for the financial year 2007 was subject to a maximum
limit of 100 percent of salary.  No bonus was payable unless the
minimum operating margin target threshold was achieved.  If this threshold
was achieved, bonus potential was determined by a mixture of an operating
margin target, a customer recommendation target, a punctuality target
(relating to mainline network punctuality performance) and an assessment
of employee involvement in the mainline business.  In addition, the
Remuneration Committee had to be satisfied that the performance of, and
outlook for, the business was satisfactory.

The Remuneration Committee reviewed the annual bonus plan during the year
and has restructured it to create a common bonus architecture across the
Company’s management group and to support the increased focus on
individual accountability
following the recent management restructuring.

BA also cut the total compensation, including pay and benefits, of Chief
Executive Willie Walsh to GBP625,000 in the year ended March 31, 2007,
from GBP887,000 a year earlier.  In 2006 Mr. Walsh received a cash bonus
of GBP270,000, split evenly between cash and deferred shares, Emmet Oliver
writes for Bloomberg News.

As previously reported in the TCR-Europe on May 21, 2007, British Airways
recorded GBP304 million in net profit for the
twelve months ended March 31, 2007, compared with GBP467 million
in net profit for the same period in 2006.

At March 31, 2007, the Company's balance sheet showed GBP11.4
billion in total assets, GBP9 billion in total liabilities and
GBP2.4 billion in total equity.

The Company's balance sheet at March 31, 2007, however, showed
strained liquidity with GBP3.4 billion in total current assets
available to pay GBP3.6 billion in total liabilities coming due
within the next 12 months.

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

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                       *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.

* Issuer: British Airways, Plc

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

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

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


BRISTOW GROUP: Amends Pact to Increase Facility to US$325MM
-----------------------------------------------------------
Bristow Group Inc., on May 17, 2007, amended its:

    (i) Revolving Credit Agreement dated as of Aug. 3, 2006,
        among the company, the several banks and other financial
        institutions and lenders , SunTrust Bank, as
        administrative agent, JPMorgan Chase Bank, N.A. as
        syndication agent, and Wells Fargo Bank, N.A. as
        documentation agent and

   (ii) Letter of Credit Facility Agreement dated as of Aug. 3,
        2006, among the company, the several banks and other
        financial institutions and lenders , SunTrust Bank, as
        administrative agent, JPMorgan Chase Bank, N.A. as
        issuing bank and syndication agent, and Wells Fargo
        Bank, N.A. as documentation agent.

The amendments to the Credit Agreement and the Letter of Credit increase
the amount of permitted additional indebtedness under such agreements from
US$200 million to US$325 million.

                    About Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group, Inc. --
http://www.bristowgroup.com–- (NYSE:BRS), fka Offshore Logistics, Inc.,
provides helicopter transportation services to the worldwide offshore oil
and gas industry with operations in the United States Gulf of Mexico and
the North Sea. The Company also has operations, both directly and
indirectly, in offshore oil and gas producing regions of the world,
including Australia, Brazil, China, India, Mexico, Nigeria, Russia and
Trinidad. The Company also provides production management services for oil
and gas production facilities in the United States Gulf of Mexico.

                           *     *     *

As reported in the Troubled Company Reporter on June 6, 2007, 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.


CABLE & WIRELESS: Revises Chairman's Employment Contract
--------------------------------------------------------
Cable and Wireless plc disclosed revisions to the contract of its
Chairman, Richard Lapthorne, and proposed changes for executives
participating in the Cash Long Term Incentive Plan.

The changes to the Chairman's contract will be made Wednesday, June 6,
2007, to secure his contribution and continuing role in the turnaround of
the business, driving Cable & Wireless on to further value creation.  The
changes are:

    * fixed contract to January 2009 to be replaced by
      a standard contract with 12 months' notice on either
      side and annual re-election, with immediate effect;

    * award of up to 5.5 million shares on demanding
      performance criteria, within an existing Cable &
      Wireless share scheme.  Zero shares vest for total
      shareholder return at the mid point of the comparator
      group of companies in the FTSE Global Telecoms Index,
      through to 100% vesting for performance in the top ten
      percent of this comparator group, on a straight line
      scale.  The award is based on a three year performance
      period, starting from the date of the award on June 6,
      2007. The award will be deferred for one year if  earlier
      vesting is triggered by an event such as a sale of a
      business unit or demerger, apart from in exceptional
      circumstances.  The award is conditional on the Chairman's
      re-election at the Cable & Wireless Annual General Meeting
      on July 20, 2007;

    * the Chairman's personal holding of 3.5 million shares
      to be retained for the duration of his appointment; and

    * no change to his current salary or fee arrangements,
      which include a salary of GBP386,000 per annum, but
      no bonus or pension payments.

"The Board considered it a priority to secure Richard's continuing
contribution to the turnaround and transformation of our business beyond
his current fixed term,” Cable & Wireless Senior Non-Executive Director
Clive Butler said.  "He has played a key role to date and will do so in
the future as we develop and execute our strategies and continue to create
long-term value.  These proposed arrangements reflect the reality of the
Chairman's involvement and commitment to Cable & Wireless and are in the
best interests of all shareholders.”

At the same time, Cable & Wireless intends to recommend, at its AGM on
July 20, 2007, the removal of the cap for individuals within the LTIP, as
it is inconsistent with the objective of maximizing shareholder value.
This matter will be the subject of a shareholder vote at the AGM.  The
proposed changes to the LTIP are:

    * removal of the GBP20 million cap on the amount that can
      be received by an individual;

    * Cable & Wireless to have the option to make some or all
      of any reward in excess of GBP20 million in the form
      of Cable and Wireless plc shares, rather than cash;

    * Cable & Wireless to have the option to defer rewards
      over GBP20 million for up to one year in the case of
      an earlier vesting event or at the end of the
      LTIP performance period i.e. until April 2011; and

    * any individual to hold one times their salary in Cable
      and Wireless plc shares (in addition to any
      shareholding at April 1, 2007) once their reward pool
      is GBP15 million or above, if removal of the cap is
      to apply to that individual.  This will significantly
      increase the amount of personal capital tied up in Cable &
      Wireless shares.

I have been very pleased with our progress which has been driven by the
new organization structure and incentive plans that we put in place in
April 2006 - the creation of over GBP1.5 billion of shareholder value this
financial year, which ranks in the top 10% of FTSE Global Telecoms
companies, is testament to

this.  But, there is the potential to create and deliver a lot more value
and I and my team are personally committed to seeing this through,” Cable
& Wireless Chairman Richard Lapthorne said.

                     About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.


                         *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Telecommunications, Media
and Technology sector, Moody's
Investors Service confirmed its Ba3 Corporate Family Rating for
Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%


GENERAL MOTORS: Davis and Marinello Elected to Board
----------------------------------------------------
General Motors Corp. Chairman and Chief Executive Officer Rick Wagoner
disclosed the election of Erroll B. Davis, Jr. and Kathryn V. Marinello to
the GM Board of Directors and the re-election of the current members of
the GM Board.  The election of Messrs. Davis and Marinello brings the
number of board members to 13, of whom 12 are independent, outside
directors.

Mr. Davis is chancellor of the University System of Georgia and a former
chairman and chief executive officer of Alliant Energy Corporation.  He
has also held corporate finance positions at Xerox Corporation and Ford
Motor Company.  He serves on the boards of BP plc, PPG Industries, Inc.
and Union Pacific Corporation.

Ms. Marinello is president and chief executive officer of Ceridian
Corporation.  She was previously president and chief executive officer of
GE Fleet Services and, prior to that, of GE Capital’s Consumer Financial
Services business.  She has extensive experience in financial services,
marketing and operations, including positions at First Data Corporation,
U.S. Bank Card Services, Chemical Bank, Citibank and Barclays.

"We are extremely pleased to welcome Erroll and Kathy to the GM Board of
Directors," Mr. Wagoner said.  "They will bring valuable insights based on
their extensive business experience."

In addition to his business experience, Mr. Davis serves on the boards of
trustees of Carnegie Mellon University and of the University of Chicago.
He was elected to the board of directors of the U.S. Olympic Committee in
2004 and chairs its audit committee.  Mr. Davis earned a bachelor of
science in electrical engineering from Carnegie Mellon University and an
MBA in finance from the University of Chicago.

Ms. Marinello is a member of the Business Roundtable and serves on the
boards of directors of the Greater Twin Cities United Way and the
Minnesota Business Partnership.  She holds a bachelor's degree in liberal
arts from the State University of New York at Albany and an MBA from
Hofstra University.

"We are delighted to welcome Erroll and Kathy to the board, and we look
forward to working with them on the important issues facing our company,"
George Fisher, presiding director and chairman of the board’s Directors
and Corporate Governance Committee, said.

Mr. Davis and Ms. Marinello will both serve on the Public Policy and
Investment Funds Committees.  In addition, Director Armando M. Codina will
move from the Investment Funds Committee to the Directors and Corporate
Governance Committee, effective immediately.

Headquartered in Detroit, GM General Motors Corp. (NYSE: GM) --
http://www.gm.com/-- was  founded in 1908, GM employs about
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries, including Brazil, India, and Beligium.
In 2006, nearly 9.1 million GM cars and trucks were sold globally under
the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar subsidiary
is the industry leader in vehicle safety, security and information
services.

                        *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating, and
maintained its SGL-3 Speculative Grade Liquidity Rating.  The
rating outlook remains negative.


GENERAL MOTORS: CEO Faces Criticism Despite Progress Report
-----------------------------------------------------------
General Motors Corp. Chief Executive Rick Wagoner continues to
face criticism from shareholder activists over the performance of
management and directors despite his report on the automaker's progress in
its turnaround effort, John D. Stoll of The Wall Street Journal reports.

According to WSJ, a group of shareholders spoke out on issues
facing the company, including the ability of the board to oversee the
creation of a sustainable business model after two years of deep losses
and the company's effectiveness in addressing accounting weaknesses.

Mr. Wagoner, the Journal says, is positive that GM will hit its
$9 billion cost-cut target this year while boosting revenue in
most of its markets.

Commenting on GM's labor deal with Delphi Corp., Mr. Wagoner
said the list of issues the company is sorting through with
Delphi is narrowing.

"We're moving very well on a path that our shareholders should feel good
about," WSJ cited Mr. Wagoner as saying.

Headquartered in Detroit, GM General Motors Corp. (NYSE: GM) --
http://www.gm.com/-- was  founded in 1908, GM employs about
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries, including Brazil, India, and Beligium.
In 2006, nearly 9.1 million GM cars and trucks were sold globally under
the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar subsidiary
is the industry leader in vehicle safety, security and information
services.

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating, and
maintained its SGL-3 Speculative Grade Liquidity Rating.  The rating
outlook remains negative.


JAMMU & KASHMIR BANK: To Issue Dividend Warrants to Shareholders
----------------------------------------------------------------
Jammu & Kashmir Bank Ltd informed the Bombay Stock Exchange that, subject
to the approval of shareholders, it will issue dividend warrants to its
shareholders on June 9, 2007.

On the same date, the bank will hold the 69th Annual General Meeting of
its shareholders.  During the meeting, the bank will, among others, seek
the shareholders approval of the proposed warrant issuance.

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a 'D' individual rating
on June 1, 2005.


JIK INDUSTRIES: Board Okays Capital Increase
--------------------------------------------
JIK Industries Ltd's board of directors, at its meeting on
June 1, 2007, considered the orders of the Board for Industrial &
Financial Reconstruction and decided, among others, to enhance its present
authorized equity share capital from 5 crore of equity shares (face value
INR10 each) to 15-crore shares subject to obtaining requisite approvals
keeping in mind the long-term requirements of funds for the revival of the
company.

The board proposed to allot 20,00,000 equity shares of INR10 each as fully
paid up equity shares to the Stressed Asset Stabilisation Fund and
14,85,507 equity shares of INR10 each as fully paid up equity shares to
LIC at a premium of INR3.80 per share (i.e. aggregate price INR13.80 per
share) as a part of the settlement of their outstanding dues.

Furthermore, the company proposed to issue 4,65,000 equity shares of INR10
each at a premium of INR3.80 (i.e. aggregate price INR13.80 per share) to
investors.

The board proposed to issue 3227623 of fully convertible bonds with face
value of INR69 per bond, to be converted into five equity shares, on
conversion in one or more trenches, within 18 months from the date of
allotment to investors.

In addition, the company has proposed to issue 41698100 equity shares as
partly paid equity shares of face value of INR10 each at par to promoter,
considering 10% as initial subscription towards the said equity shares,
after the completion of process of increasing the requisite authorized
capital, as per BIFR Order.

The BIFR has also directed the company to re-issue 8,54,940 equity shares
of INR10 each at a premium of INR13.60 per share to promoter R. G. Parikh
on the same terms and conditions against the share application money
retained in the books of accounts of the company as per CDR Package.

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

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


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

ALCATEL-LUCENT: Dresdner Kleinwort Holds Sell Rating on Firm
------------------------------------------------------------
Dresdner Kleinwort analyst Per Lindberg has kept his "sell" rating on
Alcatel-Lucent's shares, Newratings.com reports.

According to Newratings.com, the target price for Alcatel-Lucent's shares
was set at EUR8.

Mr. Lindberg said in a research note that the performance of Nortel's
WCDMA radio in the UK and Italy is unlikely to impress Vodafone.

Telefonica might kick out Nortel as its WCDMA radio partner in Germany and
the UK as it did in Spain, Newratings.com states, citing Mr. Lindberg.

                      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.


ALCATEL-LUCENT: Sings MOU w/ Corning Cable for OptiTap Supply
-------------------------------------------------------------
Alcatel-Lucent signed a memorandum of understanding with Corning
Incorporated’s unit Corning Cable Systems.  Corning Cable will supply
Alcatel-Lucent with its OptiTap (TM) Connector and Adapter for use in
Alcatel-Lucent’s gigabit passive optical network system.  The MOU outlines
the terms of a multi-year agreement to be negotiated and signed by Corning
Cable Systems and Alcatel-Lucent, by which Corning Cable Systems will
become the exclusive supplier of OptiTap Connectors and Adapters for the
Alcatel-Lucent system.

The Corning Cable Systems OptiTap Connector and Adapter provide the ideal
solution for factory-terminated, environmentally sealed and hardened
connectors for use in drop cable deployments in optical access networks.
The hardened connector significantly reduces the terminal and drop cable
installation time for subscriber connection, thereby reducing the total
installed cost of deployment.

GPON is a network architecture ideal for FTTx networks that provides
bandwidth efficiency for both upstream and downstream Ethernet traffic.
As a global leader in broadband access, Alcatel-Lucent was the first
vendor to deliver a Full Service Access Network (FSAN) Group-compliant
GPON system, and is currently engaged in more than 20 GPON projects
worldwide.

“As a market leader in GPON, we have a history of successfully
collaborating with other technology leaders to create innovative products
and solutions for our customers,” said Mike Dobbs, senior vice president
for Alcatel-Lucent’s access network activities in North America.  “Corning
is one of the market leaders in outside plant solutions, and we are happy
to continue this collaboration with them.”

“We are pleased to have Alcatel-Lucent’s trust in our technology and
service levels and look forward to working with them to further the
deployment of FTTH networks,” said Bernhard Deutsch, director of marketing
and market development for Corning Cable Systems Public Networks.

In addition to being the exclusive supplier of the OptiTap Connector for
Alcatel-Lucent’s GPON system, Corning Cable Systems will collaborate on
system tests utilizing Alcatel-Lucent’s GPON FTTH system and Corning Cable
Systems’ preconnectorized outside plant solution.

The OptiTap (TM)Connector is part of Corning Cable Systems
Evolant(R)Solutions.  Through its Evolant Solutions for Access Networks,
Corning Cable Systems offers specialized portfolios of innovative products
and services that enable customers to cost-effectively deploy fiber in the
last mile.

                  About Corning Incorporated

Corning Incorporated – http://www.corning.com--is the world leader in
specialty glass and ceramics. Drawing on more than 150 years of materials
science and process engineering knowledge, Corning creates and makes
keystone components that enable high-technology systems for consumer
electronics, mobile emissions control, telecommunications and life
sciences. Our products include glass substrates for LCD televisions,
computer monitors and laptops; ceramic substrates and filters for mobile
emission control systems; optical fiber, cable, hardware & equipment for
telecommunications networks; optical biosensors for drug discovery; and
other advanced optics and specialty glass solutions for a number of
industries including semiconductor, aerospace, defense, astronomy and
metrology.

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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


BANK INTERNASIONAL: Incorporates EMV Technology on Credit Cards
---------------------------------------------------------------
Bank Internasional Indonesia will use EMV technology into its credit cards
this month to comply with a regulation that all credit cards issued should
satisfy the Europay MasterCard Visa standard by the end of 2009, The
Jakarta Post reports.

According to the report, Sanjay Kapoor, consumer banking senior executive
vice president, said that besides providing a high level of security EMV
chip cards also facilitated faster and easier transactions.  The new
technology also allows  BII's Mastercard holders to conduct transactions
in many countries since it has been acknowledged internationally.

Bank Internasional is in the process of migrating from traditional
magnetic-stripe credit cards to EMV cards, the report notes.

                    About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service published the rating
results for Bank Internasional Indonesia as part of the
application of its 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 July 4, 2006.

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

      * Foreign Currency Issuer Rating and Foreign Currency Debt
        Rating for subordinated obligations are 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.

Another TCR-AP reported on Feb. 1, 2007, said that Fitch Ratings
affirmed all the ratings of Bank Internasional as: Long-term
foreign Issuer Default rating 'BB-', Short-term rating 'B',
National Long-term rating 'AA-(idn)'; Individual 'C/D', and
Support '4'.  The Outlook for the ratings was revised to
Positive from Stable.


CA INC: Case Dismissal Prompts S&P to Revise Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB' corporate credit and
senior unsecured debt ratings on Islandia, New York-based CA Inc.

At the same time, S&P revised the outlook to stable from negative.

"The outlook revision reflects the dismissal by the U.S. Attorney's Office
for the Eastern District of New York of all pending charges against the
company, and CA's fulfillment of the terms of its deferred prosecution
agreement entered into in September 2004," said Standard & Poor's credit
analyst Philip Schrank.  Additionally, CA has remediated all material
weaknesses identified in its 2006 10-K.

The ratings are supported by a stable revenue base, favorable business
prospects, and strong cash flow generation.  The company's diversified,
high-margin software portfolio is viewed as defensible because of high
switching costs and entrenched customer relationships. Customer spending
priorities continue to favor security software, application server
software, and storage software-–three prominent segments of CA's product
portfolio.  Mainframe products, although mature, should continue to
generate predictable profits and cash flow.  Revenue growth should be
supported by significant investments in R&D and strategic acquisitions.
S&P expect acquisitions to continue, albeit at a more moderate pace.

However, S&P believe CA no longer possesses an investment-grade financial
policy, in light of its board of directors' previously announced
authorization of a US$2 billion share repurchase, to be partly
debt-financed.  In September 2006, CA concluded a
US$1 billion tender offer which was US$750 million debt financed.  If the
remaining US$1 billion of share repurchases was to be entirely financed
with debt, pro forma total debt to EBITDA could rise to above the 4x
range, from about 3x currently.  At the 'BB' rating level, S&P expect CA
will continue to generate strong free cash flow, and manage its debt
levels at about 4x or below over the intermediate term.  Free cash flow in
fiscal 2007 was in the US$800 million range (compared with historical
levels above US$1 billion, a result of cash restructuring charges, and is
expected to recover to historical levels as improvements in the expense
structure are realized.

                        About CA Inc.

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


EXCELCOMINDO PRATAMA: Spends MYR116MM to Lay Fibre Optic Network
----------------------------------------------------------------
PT Excelcomindo Pratama Tbk plans to spend about MYR116 million to lay a
fibre optic network in Indonesia, with six other Indonesian firms.  The
MYR5.2 billion Palapa Ring project involves 34,000km of fibre optic
network, which will improve telecommunications infrastructure in the
republic, particularly access in eastern Indonesia, Business Times
reports.

According to the report, the seven companies in the consortium have agreed
to establish a working relationship for the preparation and development of
the Palapa Ring project but no license has been awarded yet.

The six companies in the consortium , aside from  Excelcomindo Pratama,
are are PT Power Utama Internusa, PT Nusantara Ekaprana Teknogunakelola,
PT Infokom Elektrindo, PT Bakrie Telecom, PT Indosat, and PT
Telekomunikasi Indonesia, the report notes.

The report relates that Telkom Indonesia, which will invest about 50% of
the project,will lead the development of Palapa Ring project.

Excelcomindo will be able to build the network and gain entry into the
remote regions especially in  the eastern part of Indonesia through this
project, the report points out.

The report adds that Palapa Ring fibre optic network may help reduce the
telecommunications costs from the present system that incorporates
satellites.

               About Excelcomindo Pratama

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
services.  In addition, Excelcomindo provides voice, data and
other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
all centers.  Excelcomindo starter packs and voucher reloads are
also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

The Troubled Company Reporter – Asia Pacific reported on May 24, 2007,
that Fitch Ratings has affirmed PT Excelcomindo Pratama Tbk's Long- term
Foreign Currency and Local Currency Issuer Default Ratings at 'BB-'.  The
Outlook remains Stable.   At the same time, Fitch has affirmed the 'BB-'
rating on its senior unsecured notes programme.

On Feb. 7, 2007 report by the Troubled Company Reporter - Asia
Pacific stated that Moody's Investors Service revised the
outlook to positive from stable on Excelcomindo Finance Company
B.V.'s Ba3 foreign currency senior unsecured bond rating.  The
bond is irrevocably and unconditionally guaranteed by PT
Excelcomindo Pratama.  This rating action follows Moody's
decision to revise the rating outlook on Indonesia's Ba3 foreign
currency sovereign ceiling to positive.  At the same time,
Moody's affirmed the Ba2 local currency corporate family rating
of Excelcomindo Pratama.  The outlook for the rating remains
stable.


GARUDA INDONESIA: To Restructure to Save Cost
---------------------------------------------
PT Garuda Indonesia has been obliged to restructure to save costs due to a
a series of unpredictable and tragic events, including a second Bali bomb
in October 2005, and the growing challenge from low cost carriers.

Through the implementation of a number of initiatives the airline has
achieved an operating profit in the first quarter of 2007.

“We have been very fortunate to have the support of the Indonesian
government during our most difficult financial times,” said the airlines
Regional Manager Southwest Pacific, Suranto Yitnopawiro, “However, some
hard decisions had to be made and sadly, in Australia, one such decision
was the suspension of our Adelaide and Brisbane services late last year
and early in 2007.”

In further cost cutting measures, the airline has now disclosed that it
will close its branch offices in Adelaide and Brisbane, effective 30 June,
2007.

From this date, all calls to Garuda Indonesia’s toll-free number from
Queensland will be directed to Garuda Indonesia in Sydney while South
Australian calls will be diverted to the Melbourne office.

The numbers are:

*  for Administration - 1300 365 331

*  for Reservations -  1300 365 330

   *  Queensland agents wishing to contact Agency Sales Desk
      should call - 1300 365 331 and Select Option 1 and then
      Option 2 or call direct on (02) 9334 9942.

   * South Australian agents can call Garuda’s Agency Desk in
     Melbourne directly - (03) 8663 0298.

“We deeply regret the need to close these offices, but will continue to
monitor the market in both states and to offer our full support to the
industry in these areas through our Sydney and Melbourne offices.

“We are lucky to have had extremely good staff in both establishments over
this time and we would like take this opportunity to thank them for their
loyalty and commitment.  We would also like to thank our industry
colleagues for their support over the years and look forward to this
continuing into the future.”

Garuda Indonesia operates from Sydney to Bali on Monday, Wednesday (from
20 June), Thursday, Saturday and Sunday; and from Melbourne on Tuesday,
Friday and Sunday.  In addition there are fourteen weekly flights from
Perth to Indonesia (10 to Bali, 4 direct to Jakarta) and a twice weekly
service from Darwin to Bali.

                   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.


GEOKINETICS INC: Stockholders Will Meet on July 11
--------------------------------------------------
Geokinetics Inc. will hold its 2007 Annual Meeting of Stockholders at 2:00
p.m. Central Daylight Time on July 11, 2007, at the Omni Houston Hotel
Westside located at 13210 Katy Freeway, Houston, TX 77079.

                  About Geokinetics Inc.

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

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

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


GOODYEAR TIRE: S&P Lifts Ratings on Two Certificate Classes to B
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class A-1 and
A-2 certificates from the US$46 million Corporate Backed Trust
Certificates Goodyear Tire & Rubber Note-Backed Series 2001-34 Trust to
'B' from 'B-' and removed them from CreditWatch, where they were placed
with positive implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the rating on the
underlying securities, the 7% notes due March 15, 2028, issued by Goodyear
Tire & Rubber Co., and its removal from CreditWatch positive.

Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-Backed
Series 2001-34 Trust is a pass-through transaction, and its ratings are
based solely on the rating assigned to the underlying collateral, Goodyear
Tire & Rubber Co.'s 7% notes due March 15, 2028.

         About The Goodyear Tire & Rubber Company

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


HILTON HOTELS: Forms 3 Major Alliances for Global Expansion
-----------------------------------------------------------
Hilton Hotels Corporation will form three major development alliances with
the intention to introduce more than 15 new hotels in the Caribbean and
Central America, 25 hotels in Russia and at least 15 hotels in the U.K.
throughout the next 5 years.

HHC has agreed to work with Caribbean Property Group for development
within Central America & the Caribbean; London & Regional Properties
Limited in Russia; and Shiva Hotels Limited in the U.K. and Ireland.  The
three development alliances follow the partnership deals recently
announced in India and China, which are expected to result in 100 new
hotels in those markets throughout the next 5 to 7 years.

"These important alliances will reinforce our position as the premier
global hotel company and underscore our strategy to sign large deals with
major investors to develop a significant number of hotels in key growth
markets around the world," said Matthew J. Hart, Hilton Hotels' president
and chief operating officer.  "We are well on our way to achieving our
stated goal of at least 1,000 hotels outside of North America over the
next 10 years."

Caribbean & Central America

Through a strategic alliance agreement with Caribbean Property Group, a
New York-based, major property investment group, HHC will work actively
with CPG to develop focused-service, franchised hotels within certain
defined markets in Central America and the Caribbean.  Initially, targeted
markets include major cities and destinations in Puerto Rico, Costa Rica,
Panama, the Dominican Republic and Trinidad. CPG will receive certain
preferred development rights in return for meeting certain goals and
timetables.

"This agreement ideally supports our international development strategy to
bolster the Hilton Family of Hotels presence in growing markets where our
brands are either underrepresented or absent," said Tom Keltner, Hilton
Hotels' Chief Executive Officer for Americas & Global Brands.  "CPG is a
well respected developer with invaluable insight in these markets, and we
are confident that they will help us achieve these goals."

The company initially will focus on the Hilton Garden Inn brand, with
plans to develop additional projects under the Hampton by Hilton and
Homewood Suites by Hilton flags, eventually.

HHC began its business relationship with CPG with the recent signing of
management agreements for two existing full-service hotels in Costa Rica
owned by a joint venture in which CPG holds an 85 percent ownership
interest.  Currently undergoing major renovations, the hotels will be
re-branded and re-opened in the 2008 first quarter as the Hilton Papagayo
and the Doubletree by Hilton Puntarenas, in Guanacaste and Puntarenas,
Costa Rica, respectively.

"The region is ripe for focused service hotel development," said Caribbean
Properties Group Vice Chairman Barry Breeman.  "The economies have
strengthened in the region over the past five years.  Today, there is a
good base of first-class, full-service hotels and resorts, but a very
limited number of mid-market, focused service hotels, especially in the
premium branded sector.  In addition to these markets and this segment
being significantly underserved, we believe developing under the
established Hilton Family of Hotels will give instant credibility to the
projects.  And as these projects succeed, we believe they will act as
catalysts to help further strengthen local economies and development of
other real estate classes."

Russia

In Russia, which is a priority international development market for the
company, HHC will enter into a 'Preferred Development Alliance' with
London & Regional Properties Limited.  This agreement is expected to
result in the development of at least 25 new hotels in an initial period
of 5 years, encompassing selected brands within the Hilton Family of
Hotels, including Conrad, Hilton, Doubletree by Hilton, Hilton Garden Inn
and Hampton by Hilton hotels, all of which HHC will manage.

"Russia is an outstanding market in which to pursue hotel development
given the powerful combination of improving economics and favourable
demographics," said Ian Carter, chief executive of Hilton's International
Operations.  "There is almost a total absence of internationally branded
properties throughout the regional cities of Russia.  In London &
Regional, we have a blue-chip owner; Hilton has enjoyed a long-standing
trading relationship with this company that is comprised of highly
experienced developers with a strong appetite for growth.  With their
support, we aim to become the market leading international hotel company
in Russia."

"The Hilton name is a powerfully strong brand and Russia offers tremendous
potential as there are 11 major cities with a population of more than 1
million people," said Ian Livingston of London & Regional.  "With the
multi-brand approach that Hilton Hotels Corporation now has, the company
is able to offer solutions in all travel sectors."

The development focus in Russia will be in Moscow and St. Petersburg as
well as key regional cities.  The first hotel expected to be included in
the deal will be in the center of Novosibirsk where L&R currently is
developing a mixed-use hotel and office project that features a 186-room
Doubletree by Hilton.  This hotel is expected to open in the second
quarter of 2008.

In addition, and separate from this deal, HHC's first Hilton hotel in
Russia will be the 275-room Hilton Moscow Leningradskaya, which opens
later this year.

U.K. & Ireland

In the U.K. and Ireland, the company will enter into a preferred
development alliance with Shiva Hotels Limited, representing its first
U.K. hotel franchise deal with a major property partner.  The agreement is
expected to result in the addition of at least 15 new hotels and will
focus on the following Hilton Family of Hotels: Hilton, Doubletree by
Hilton, Hilton Garden Inn and Hampton by Hilton.

Shiva, a privately owned company, is looking to expand its existing
interests in the hotel sector and has four hotel sites under development
that are expected to be included in this agreement.  Two of the new sites
will be Hampton by Hilton hotels, representing the brand's first
introduction in the U.K.

Shiva hotels Managing Director Rishi Sachdev said, "I am excited by the
opportunity to develop and grow the business in partnership with Hilton,
which has a strong, international presence and an excellent reputation.  I
believe that combining the Hilton family of brands with our development
experience and operational expertise is a winning formula."

The four sites under development are a 350-room Hilton near Heathrow
Terminal 5, a 200-room Hilton and a 120-room Hampton Inn by Hilton in
Leeds, and a 120-room Hampton by Hilton in Derby.

"The U.K. & Ireland is a very important market for Hilton, given the
strength of the economy and our already strong presence with 75
properties," said Mr. Carter.  "The introduction of additional brands
within the Hilton Family of Hotels for the first time gives us the ability
to attract new owners and operate across a number of market segments from
luxury to mid-price, appealing to guests at different price points.
"These significant alliances are indicative of how we would like to grow
internationally.  We aim to make a big impact in each of our core
development markets and achieve market leadership across major hotel
segments through ventures with large ownership groups."

                      About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries, engages in
the ownership, management, and development of hotels, resorts, and
timeshare properties, as well as in the franchising of lodging properties
in the United States and internationally, including Australia, Austria,
Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                           *     *     *

In March 2007, Standard & Poor's Ratings Services raised its corporate
credit and senior unsecured ratings on Hilton Hotels Corp. to 'BB+' from
'BB' and removed the ratings from CreditWatch where they were placed with
positive implications on Jan. 31.  S&P said the outlook is stable.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2 reflecting a
reduction in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January
2006.


INDOSAT: Plans to Acquire and Launch New Satellite
--------------------------------------------------
PT Indosat Tbk is planning to acquire and launch a new satellite to
replace its Palapa-C2 satellite whose operational time will end in January
2011, Antara News reports.

According to the report, Johnny Swandi Sjam, newly appointed PT Indosat
president director, said that the new satellite is in the process of being
procured and will replace the present one in 2009 at the latest.

Palapa-C2 satellite is currently operating normally but has a limited
operational life span because of technical problems, in which case it
would be unfeasible to make repairs in orbit, the report points out.

The report adds that if there would be a disruption in Indosat's satellite
operation could cause the Indonesian government to  revoke Indosat's
license since it would show that Indosat has failed to make optimum use of
the orbit assigned to it.

                       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.


STONEPATH GROUP: AMEX to Delist Common Stock on June 14
-------------------------------------------------------
Stonepath Group Inc. disclosed of The American Stock Exchange LLC(R)’s
final determination to remove its common stock from listing on the
Exchange, and that AMEX has filed an application on Form 25 to strike the
Securities from listing with the Securities and Exchange Commission.

The delisting will become effective on June 14, 2007 unless postponed by
the SEC.

Pursuant to its rules, the Exchange provided notice to Stonepath Group of
the decision to delist the Securities and an opportunity to appeal the
decision to a panel designated by the Exchange's board of governors.

Headquartered in Seattle, Washington, Stonepath Group Inc.
(OTC:SGRZ) -- http://www.stonepath.com/-- provides transportation and
logistics services worldwide.  The company offers various supply chain
solutions to a diverse client base, including manufacturers, distributors,
and retail chains.  Stonepath serves a customer base of manufacturers,
distributors and retail chains through its offices in 21 areas in North
America, 17 in the Asia Pacific region – including China and Indonesia,
and six in Brazil, as well as a network of international independent
carriers and service partners.


TELKOMSEL: Adds 7 Million New Users
-----------------------------------
PT Telekomunikasi Selular Indonesia added 7 million new users in the first
five months of this year, Reuters reports.

Total users now reach 42 million, which is close to its full-year target,
the report says.

According to the report, Telkomsel Chief Kiskenda Suriahardja said that
the company has not revised its target because it wants to focus more on
the quality of its services.  The company is aiming to add 9.5 million new
users in 2007.

Mr. Suriahardja said that the company will spend US$1.5 billion, using
internal funds, bonds and loans from banks, this year on infrastructure
and new business, including broadband, wireless access and 3G, the report
adds.

                         About Telkomsel

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

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

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


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

AMF BOWLING: S&P Lowers Rtg. on Proposed US$285M Facilities to B
----------------------------------------------------------------
Standard & Poor's Ratings Services changed its bank loan and recovery
ratings on the proposed senior secured financing of Mechanicsville,
Virginia-based AMF Bowling Worldwide Inc. (B/Negative/--), following a
change in the final capital structure since the time of the original
rating.

S&P lowered the rating on the proposed US$285 million first-lien credit
facilities to 'B' from 'B+'.  The recovery rating was revised to '2',
indicating the expectation for substantial recovery in the event of a
payment default, from '1'.  The
first-lien credit facilities consist of a US$40 million revolving credit
facility due 2012 and a US$245 million term loan B due 2013.

The bank loan rating on the company's US$80 million second-lien term loan
due 2013 remains unchanged at 'CCC+', two notches below the corporate
credit rating on AMF.  The '5' recovery rating indicates the expectation
for negligible recovery in the event of a payment default because of the
loan's junior lien position and the substantial amount of first-lien debt.

Ratings List

AMF Bowling Worldwide Inc.

Corporate Credit Rating                   B/Negative/--
US$80 Mil Second-Lien Term Loan             CCC+
   Recovery Rating                         5

Ratings Lowered

AMF Bowling Worldwide Inc.
                                           To          From
                                           --          ----
US$285 Mil First-Lien Credit Facilities     B           B+
    Recovery Rating                         2           1

The company has operations in Italy, Japan, and Mexico.


DELPHI CORP: Inks US$55.6 Mil. Sale Deal for Catalyst Business
--------------------------------------------------------------
Delphi Corporation and certain of its affiliates entered into a sale and
purchase agreement with Umicore for the sale of its global OE and
aftermarket catalyst business.  Subject to the terms and conditions of the
agreement, the aggregate purchase price for the assets related to the
catalyst business is US$55.6 million, subject to adjustments.

As part of Delphi's transformation plan, which was reported on March 31,
2006, Delphi identified the catalyst business as a
non-core business line that would be better positioned within another firm.

As required under the U.S. Bankruptcy Code, Delphi filed a motion with the
U.S. Bankruptcy Court for the Southern District of New York requesting a
hearing on June 26, 2007, to approve bidding procedures, and a hearing on
Aug. 16, 2007, to approve the sale of assets.

Following the completion of the bidding procedures process, including a
potential competitive auction, the sale is subject to court approval and
other closing conditions, such as certain competition approvals,
completion of consultation procedures with certain unions and works
councils, and completion of the closing documents.  Delphi anticipates the
sale closing during the third quarter of 2007.

As outlined in the motion filed with the U.S. Bankruptcy Court, under the
sale and purchase agreement between Delphi and Umicore, Umicore will
acquire substantially all of these assets:

   -- machinery and working capital;

   -- related technology and intellectual property;

   -- manufacturing facilities in Tulsa, Oklahoma; Florange,
      France; Port Elizabeth, South Africa; and certain
      licensing agreements (with Varroc Ltd.) for the Indian
      market for two- and three-wheeled vehicles;

   -- in connection with the sale, Umicore will also hire
      certain employees of the catalyst business it acquires
      from Delphi;

   -- in addition, Delphi and Umicore will enter into component
      supply agreements, and transitional toll manufacturing
      and/or service arrangements for operations in Shanghai,
      China; Clayton, Australia; San Luis Potosi, Mexico; the
      Flint Technical Center in Flint, Michigan; and the
      Luxembourg Technical Center in Bascharage, Luxembourg.

Delphi will carefully manage the transition of the business and the sale
will be completed in coordination with Delphi's customers, employees,
unions and other stakeholders.

The catalyst, which includes a ceramic substrate coated with precious
metals, is located inside a catalytic converter.  The catalytic converter
facilitates the chemical reactions that change engine exhaust emissions
(primarily hydrocarbons, carbon monoxide and oxides of nitrogen),
collected in the exhaust manifold, into water vapor, carbon dioxide and
nitrogen.  Catalytic converters make vehicles more environmentally
friendly and help meet tailpipe emissions requirements.

Although the company is selling its catalyst business, it will continue to
provide full engine management systems, including air and fuel management,
combustion and valvetrain technology, and exhaust systems technology
through its gas EMS product business unit.

                         About Umicore

Based in Brussels, Belgium, Umicore NV SA is a materials technology group.
Its activities are centered on four business areas: Advanced Materials,
Precious Metals Products and Catalysts, Precious Metals Services and Zinc
Specialties.  Each business area is divided into market-focused business
units.

The Umicore Group has industrial operations on all continents and serves a
global customer base and currently employs some 17,000 people.

                     About Delphi Corporation

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier of vehicle
electronics, transportation components, integrated systems and modules,
and other electronic technology.  The company's technology and products
are present in more than 75 million vehicles on the road worldwide.
Delphi has regional headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed    US$11,446,000,000 in
total assets and US$23,851,000,000 in total debts.  The Debtors' exclusive
plan-filing period expires on July 31, 2007.


DURA AUTOMOTIVE: Wants Two Remaining Key Leases Assumed
-------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates seek the U.S.
Bankruptcy Court for the District of Delaware's authority to assume their
Elkhart III and Brownsville non-residential property leases, and pay the
amounts necessary to cure each lease.

As previously reported, the Debtors conducted an analysis and review of
all their outstanding leases and identified six prepetition unexpired
leases.  Four of the leases were determined to be beneficial to their
estates and are subject to a prior request for assumption under Section
365 of the Bankruptcy Code.

The Debtors believe that the two remaining leases are necessary for the
successful operation of their businesses both during and upon exit from
bankruptcy:

  1. Elkhart III: 53061 Ada Drive, Elkhart, Ind.: Expires
     September 2012

        i. Description: This facility is approximately 100,000
           square-foot manufacturing plant where the Debtors
           produce a variety of their glass products, including
           glass for recreational vehicles, mass transit, and
           truck cabs.

       ii. Cure Amount: US$27,301

      iii. Basis for Assumption: Elkhart III is a critical
           production facility in the Debtors' profitable glass
           component division, the Creation Group.  It is
           conveniently located near the Debtors' other Elkhart
           plants and a number of the Debtors' glass products
           customers.  This convenient location reduces
           transport costs and allows the Debtors to meet their
           customers' needs in short order.  The Debtors have
           determined it is in the best interests of their
           estates to assume this lease because of the
           competitive terms, general desirability of the
           location, and the cost benefits associated therewith.

  2. Brownsville: 5845 East 14th Street Brownsville, Texas:
     Expires March 2013

        i. Description: This contract is for a variety of
           logistical and warehouse services, including 20,000
           square feet of warehouse space.  The agreement can be
           terminated by either party with three months' written
           notice to the other party before 2009 and with 120
           days' notice after 2009.

       ii. Cure Amount: US$0

      iii. Basis for Assumption: The Brownsville Agreement
           provides a variety of important logistical services
           and warehousing space supporting the Debtors' Mexican
           interests.  As the Debtors continue to shift
           production to their Mexican facilities pursuant to
           the business plan, it is critical to maintain
           appropriate logistical support and storage space near
           those operations.  Due to its convenience and the
           important nature of the services rendered, the
           Debtors have determined that it is in the estates'
           best interest to assume the Brownsville Agreement.

                     About DURA Automotive

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

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


DURA AUTO: Court Extends Exclusive Plan Filing Date to Sept. 30
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware further
extended Dura Automotive Systems Inc. and its debtor-affiliates' exclusive
period to file a chapter 11 plan of reorganization to Sept. 30, 2007.  The
Court also extended the Debtors' exclusive solicitation period to Nov. 30,
2007.

As reported in the Troubled Company Reporter on May 18, 2007, the Debtors
said that the extension will free them through the end of September of the
potentially costly and time-consuming distraction of competing chapter 11
plan proposals.

M. Blake Cleary, Esq., at Young Conaway Stargatt and Taylor LLP,
in Wilmington, Delaware, relates that the Debtors have conveyed
their intent to formally present their five-year business plan to
the Official Committee of Unsecured Creditors on May 31, 2007.

The Debtors provided a summary of their business plan to the
Committee's financial advisors on May 22.  Among other things,
the summary contained projections regarding the Debtors' future
revenue and earnings for the years 2007 through 2012.1

Based on the information contained in the summary, and the
Debtors' agreement to present the business plan on May 31, the
Creditors Committee supports the Debtors' request for an
extension.

                     About DURA Automotive

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

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


FENDER MUSICAL: S&P Rates New US$100 Million Term Loan at B+
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and recovery ratings
on Fender Musical Instruments Corp.'s US$200 million proposed senior
secured credit facility, following the announcement that the company will
issue a new US$100 million, 12-month delayed-draw term loan facility, and
revise the term loan's incurrence leverage test to 4.75x from 4.5x
earlier.

The existing first-lien credit facility is rated 'B+', with a recovery
rating of '3', indicating an expectation for meaningful (50%-80%) recovery
of principal in the event of a payment default.

At the same time, S&P assigned the new US$100 million delayed-draw term
loan facility a rating of 'B+' with a recovery rating of '3'.

Although S&P do not expect the company to draw a significant amount of the
delayed-draw facility, Standard & Poor's will assess the impact upon such
a development on the company's corporate credit rating and outlook that
could result in weaker credit protection measures.


Ratings List:

Fender Musical Instruments Corp.
Corporate Credit Rating          B+/Stable/--

Ratings Affirmed

Fender Musical Instruments Corp.

US$200 Million Senior Secured
  Term Loan B                     B+ (Recovery Rating: 3)

Ratings Assigned

Fender Musical Instruments Corp.

US$100 Million Delayed-Draw
  Term Loan                       B+ (Recovery Rating: 3)

Fender Musical Instruments Corp. -- http://www.fender.com/-- is the
world's foremost manufacturer of guitars, basses, amplifiers and related
equipment.  The FMIC family includes several other distinctive musical
instrument brands: Charvel(R), Gretsch(R), Guild(R), Jackson(R),
Olympia(R), Orpheum(R), SWR(R), Squier(R) and Tacoma(R).  FMIC also
manufactures a complete line of professional audio equipment under the
Fender brand, including the Passport(R) portable sound system.  Fender
also offers a complete line of accessories, including strings, authorized
replacement parts, cases, straps and clothing among others.

FMIC's U.S. facilities are located in Arizona, California, Tennessee and
Washington, with international facilities in England, France, Germany,
Japan, Mexico, Spain and Sweden.


INTERNATIONAL PAPER: Gets FAS Approval to Acquire Ilim Interest
---------------------------------------------------------------
International Paper Co. and Ilim Pulp have received Russian Federal
Antimonopoly Service approval, permitting International Paper to acquire
an ownership interest in Ilim Holding SA.

The approval is an important step in the process of working toward an
agreement to develop a 50:50 joint venture.  Negotiations and due
diligence are still ongoing and should conclude in the second half of the
year.

Based in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
It has operations in Brazil, Japan and the United Kingdom. These
businesses are complemented by an extensive North American merchant
distribution system.  International Paper is committed to environmental,
economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


KRATON POLYMERS: S&P Lowers Debt Rating Due to Weak Profit
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Kraton Polymers
LLC, including the corporate credit and senior secured debt ratings to 'B'
from 'B+'.   The outlook is negative.

The downgrade follows weakened profitability primarily because of higher
than expected raw material cost inflation that has resulted in the
deterioration of key measures of credit quality.

"While we expect management to raise prices in order to offset some of the
raw material pressure, Kraton's cash flow generation is likely to remain
weaker than initially expected during the next few quarters, limiting the
company's ability to improve its highly leveraged financial profile back
toward the level appropriate for the previous ratings," said Standard &
Poor's credit analyst David Bird.

The ratings on Kraton reflect its weak business risk profile derived from
its narrow focus on the styrenic block copolymers market and a highly
leveraged financial profile.

Houston, Texas-based Kraton is a leading producer of SBCs with about US$1
billion in annual sales and approximately US$631 million of debt
outstanding, including a modest amount of capitalized operating leases and
unfunded postretirement obligations.  The company produces unhydrogenated
SBCs, hydrogenated SBCs,polyisoprene rubber, polyisoprene latex, and
SBC-based compounded materials.  SBCs offer flexibility, resilience,
strength, and durability to a wide range of products in a number of
end-use markets, including (1) adhesive, sealants, and coatings, (2)
paving and roofing, (3) compounding channels, (4) packaging and films, and
(5) personal care.

The SBC market is part of the larger thermoplastic elastomers industry,
with a market size of approximately US$3 billion and an expected future
growth rate of about 6% per year.  Between the two product types, faster
growth is expected in HSBCs, which are used in a variety of applications
such as personal hygiene and soft-grip handles.  USBC growth is typically
slower and is focused on mature end markets such as asphalt modification
and adhesives.

The company has development centers in Belgium, Brazil and Japan.


NOMURA HOLDINGS: To Issue Stock Acquisition Rights
--------------------------------------------------
Nomura Holdings, Inc., disclosed that its Group Executive Management
Committee has approved the issuance of stock acquisition rights in
conjunction with the company's stock option plan.  The issuance is in
accordance with Articles 236, 238, and 239 of the Corporation Law of Japan
as well as a resolution passed at the 102nd Ordinary General Meeting of
Shareholders held on June 28, 2006.

Nomura explains that the Stock Acquisition Rights will be issued in lieu
of a portion of the cash compensation for certain executives of the
company and certain executives and employees of the company's
subsidiaries.  The Stock Acquisition Rights will have the same economic
effect as restricted stocks generally used in the U.S. and in Europe. The
Stock Acquisition Rights are expected to have the following benefits by
lowering the ration of cash compensation, and restricting the exercise of
the rights or two years after they are granted, among others:

   1. Retain talented personnel for longer terms by introducing
      deferred payment rather than paying compensation entirely
      in cash.

   2. Align the interests of executives and employees with those
      of shareholders by reflecting changes in shareholder value
      in compensation packages.

   3. Create a common objective for Nomura Group in terms of
      improving performance and trust by sharing a common
      incentive plan for executives and employees working in
      different divisions and regions.

   4. Enhance competitiveness of Nomura Group in the labor
      markets by providing a tool for compensation that is
      widely used by the global financial institutions.

A total of 12,044 Stock Acquisition Rights will be granted to 229
executives of the company and executives and employees of the company's
sunsidiaries.

The number of shares under a Stock Acquisition Right shall be 100 shares
of common stock of the company.

The period for the exercise of Stock Acquisition Rights is from June 22,
2009, to June 21, 2014.
More details regarding the Stock Acquisition Rights are available at:

http://www.nomuraholdings.com/news/nr/holdings/20070607/20070607.pdf

                       About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a securities and
investment banking firm in Japan and have worldwide operations in more
than 20 countries and regions including Japan, the United States, the
United Kingdom, Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which includes
investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading and asset
finance businesses in and outside Japan; Global Investment Banking, which
includes mergers and acquisitions advisory and corporate financing
businesses in and outside Japan; Global Merchant Banking, which includes
private equity investments in and outside Japan, and Asset Management,
which includes development and management of investment trusts, and
investment advisory services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


NOMURA HOLDINGS: Forms Commodity Alliance with Macquarie Bank
-------------------------------------------------------------
Nomura Securities Co., Ltd, and Macquarie Bank Limited agreed to establish
a business alliance in commodity derivatives on
June 7, 2007.


The alliance will focus on the provision of commodity derivative and
commodity based investor products to customers in Japanese and other Asian
markets.
The alliance will focus on providing Nomura clients with direct access to
over-the-counter derivatives in base and precious metals and agricultural
and energy risk management products, including regional energy products
such as the Japanese Crude Cocktail as well as global energy pricing
benchmarks such as West Texas Intermediate and Brent Crude Oil.

The alliance will also provide Japanese investors with greater access to
the fast growing commodity based investor product market.  Macquarie's
commodity based investor products business provides structured solutions
for a broad range of investors including high net worth individuals and
corporate and institutional clients in the Americas and Europe.  The
alliance with Nomura extends that offering to investors in Japan and
non-Japan Asia.

Commodity based investments will be provided in the form of
over-the-counter derivative options or structured notes over underlying
instruments including commodity indices, sub-indices and/or tailored
baskets of individual commodities. The alliance will also provide access
to broader hybrid investment solutions across myriad asset classes, which
include commodities, currencies, interest rates and equities.

The alliance team will include senior executives from Macquarie and Nomura.

                      About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a securities and
investment banking firm in Japan and have worldwide operations in more
than 20 countries and regions including Japan, the United States, the
United Kingdom, Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which includes
investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading and asset
finance businesses in and outside Japan; Global Investment Banking, which
includes mergers and acquisitions advisory and corporate financing
businesses in and outside Japan; Global Merchant Banking, which includes
private equity investments in and outside Japan, and Asset Management,
which includes development and management of investment trusts, and
investment advisory services.

As of May 11, 2007, Nomura Holdings still carries Fitch Ratings'
'C' individual rating that was given on April 13, 2006.


SOFTBANK CORP: To Issue JPY70 Billion in Bonds
----------------------------------------------
Softbank Corp. plans to issue JPY70 billion worth of bonds, possibly
before the end of the week, Forbes reports, citing the Nikkei Business
Daily.

According to the report, Softbank had intended to issue JPY50 billion in
bonds with a maturity period of around five years, but has decided to add
another JPY20 billion share, possibly including seven-year bonds, .

Softbank, which had interest-bearing liabilities of JPY2.39 trillion at
the end of March, plans to roll them over into long-term, fixed rate debt
in preparation for rising interest rates, Forbes relates.

                      About Softbank

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Fixed-line Telecommunications Segment
   * Broadband Infrastructure Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was JPY163.3
billion.

                          *     *     *

According to the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2
from Ba3, concluding a review initiated on March 17, 2006, when
the company announced that it would acquire a 97.7% stake in
mobile phone giant Vodafone Group's Japanese unit, Vodafone K.
K.

Standard & Poor's Ratings Services on September 19, 2006,
affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on Softbank Corporation, excluding
Softbank's euro-denominated senior unsecured notes due 2011.  At
the same time, the ratings were removed from CreditWatch, where
they were placed on March 6, 2006, following the announcement of
the company's acquisition of Vodafone K.K., a Japanese
subsidiary of Vodafone Group PLC. Softbank's capital structure
is deteriorating due to the increased debt burden as a result of
the acquisition.

On Feb. 12, 2007, the TCR-AP reported that Softbank Corp.'s net
profit slipped 66% to JPY7.4 billion in the 2006 third quarter
because of higher taxes and declines in extraordinary income.
The company's revenue more than doubled to JPY702.1 billion in
the 2006 third quarter from JPY287.5 billion in the same period
the previous fiscal year.


SOFTBANK CORP: S&P Lifts Credit and Debt Rating to 'BB'
-------------------------------------------------------
Standard & Poor's, according to Japan Today, has raised its long-term
corporate credit and senior unsecured debt ratings for Softbank Corp to BB
from BB- in light of the company's increasing earnings stability.  The
outlook for the long-term credit rating is stable.

Softbank, along with the performance of Softbank Mobile Corp., is
increasing the stability of its earnings due to stable profit
contributions from its improved broadband infrastructure segment and a
turnaround in its fixed-line business, the report relates.

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese
telecommunications and media corporation.  SoftBank was
established on September 3, 1981.  The company operates in eight
business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations,
e-finance, holding company functions for overseas operations,
and back-office services in Japan.  SoftBank's corporate profile
includes various other companies such as Japanese broadband
company Cable & Wireless IDC, cable company BB-Serve, and gaming
company GungHo Online Entertainment.  In 2006, SoftBank bought
Vodafone Japan, giving it a stake in Japan's US$78 billion
mobile market.

As of March 31, 2007, the company's paid-in capital was JPY163.3
billion.


XM SATELLITE: March 31 Balance Sheet Upside-Down by US$504.4MM
--------------------------------------------------------------
XM Satellite Radio Inc. had US$1.9 billion in total assets and
$2.4 billion in total liabilities, resulting in a US$504.4 million in
total stockholders’ deficit as of March 31, 2007.

For the three months ended March 31, 2007, the company had total revenues
of US$264.1 million, consisting of US$236.5 million subscription revenues,
US$4.7 million activation revenues, US$5.3 million merchandise revenues,
US$7.5 million net ad sales, and US$10.2 million in other revenues.  The
company had US$208 million in total revenues for the three months ended
March 31, 2006.

Net loss for the first quarter 2007 was US$122.4 million, as compared with
a net loss for the first quarter 2006 of US$149.2 million.

                   Liquidity and Capital Resources

The company’s March 31 balance sheet showed strained liquidity with total
current assets of US$568.7 million and total current liabilities of
US$644.6 million.

At March 31, 2007, the company had about US$1,493 million of total debt,
of which US$1,293 million was fixed-rate debt and US$200 million was
variable-rate debt.

The company held cash and cash equivalents of US$319.4 million as of March
31, 2007, as compared with US$218.2 million as of Dec. 31, 2006.
Accumulated deficit was US$3.6 billion at
March 31, 2007, as compared with US$3.5 billion at Dec. 31, 2006.

                        Proposed Merger

On Feb. 19, 2007, XM and Sirius Satellite Radio Inc. entered into an
Agreement and Plan of Merger, pursuant to which XM and Sirius will combine
our businesses through a merger of XM and a newly formed, wholly owned
subsidiary of Sirius.

On March 20, 2007, the company and Sirius filed a Consolidated Application
for Authority to Transfer Control with the FCC with respect to the Merger
Agreement.  The company anticipates that the FCC will issue a public
notice in the near future that sets a schedule to comment on the Merger.
The public notice will trigger a comment period followed by a reply
period.

                        About XM Satellite

Headquartered in Washington, D.C., XM Satellite Radio Inc.
(Nasdaq: XMSR) - http://www.xmradio.com/-- is a wholly owned subsidiary
of XM Satellite Radio Holdings Inc.  XM has been publicly traded on the
NASDAQ exchange since Oct. 5, 1999.  XM's 2006 lineup includes more than
170 digital channels of choice from coast to coast: the most
commercial-free music channels, plus premier sports, talk, comedy,
children's and entertainment programming; and 21 channels of the most
advanced traffic and weather information.  XM has broadcast facilities in
New York and Nashville, and additional offices in Boca Raton, Florida;
Southfield, Michigan; and Yokohama, Japan.


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

ACTUANT CORP: S&P Rates Proposed Senior Unsecured Notes at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' rating to Actuant
Corp.'s proposed US$250 million senior unsecured notes due 2017.  The
proceeds from the notes will be principally used to repay a portion of
borrowings under the company's senior credit facility due 2009.

In addition, Standard & Poor's affirmed its 'BB' corporate credit rating
on the Butler, Wisconsin-based company.  The outlook is stable.

The proposed notes are rated one notch below the corporate credit rating
due to the estimated level of priority obligations in the company's
capital structure.  The notes are guaranteed by Actuant's domestic
subsidiaries, but unlike the senior credit facilities, do not have a
pledge over portion of the stock of the company's material foreign
subsidiaries.

The ratings on Actuant reflect the company's aggressive financial risk
profile, characterized by a somewhat high leverage and an acquisitive
growth strategy.  Actuant is a diversified manufacturer of branded
standard and customized products for various niche automotive, industrial,
and retail end markets.  Products range from high-force hydraulic
industrial tools, bolt tensioners, and specialized electrical tools to
automotive convertible top and recreational vehicle leveling systems.

                      About Actuant Corp.

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial company with
operations in more than 30 countries, including Australia, China, Hong
Kong, India, Japan, Taiwan and South Korea.  The Actuant businesses  are
market leaders in highly engineered position and motion  control systems
and branded hydraulic and electrical tools and  supplies.  Since its
creation through a spin-off in 2000, Actuant has grown its sales from
US$482 million to over US$1 billion and its market capitalization from
US$113 million to over US$1.5 billion.  The company employs a workforce of
approximately 6,000 worldwide.  Actuant Corporation trades on the NYSE
under the symbol ATU.


KRISPY KREME: Incurs US$7.4 Mil. Net Loss in Qtr. Ended April 29
----------------------------------------------------------------
Krispy Kreme Doughnuts Inc. reported financial results for the
quarter ended April 29, 2007, the first quarter of fiscal 2008.

Revenues for the first quarter decreased 7.1% to
US$110.9 million compared to US$119.4 million in the first quarter of last
year.  Company Stores revenues decreased 6.4% to US$80.5 million, revenues
from franchise operations increased 9.9% to US$5.0 million, and KK Supply
Chain revenues decreased 11.6% to US$25.5 million.

First quarter systemwide sales decreased 2.8% from the first quarter of
last year.  Systemwide average weekly sales per store decreased
approximately 1.5% to approximately US$39,300 per store.  Company Stores
average weekly sales per store increased 3.4% to approximately US$55,300
per store.  Systemwide average weekly sales per store are lower than
Company average weekly sales per store principally because the growth in
satellite stores, which have lower average weekly sales than factory
stores, largely has been concentrated in franchise stores and not in
Company stores.

The net loss for the first quarter was US$7.4 million compared to a net
loss of US$6.0 million, in the comparable period last year.  The net loss
for the quarter includes a charge of
US$9.6 million representing a prepayment fee and the write-off of deferred
financing costs related to long-term debt refinanced during the quarter.
The refinancing resulted in a decrease in the rate of interest accruing on
the company's long-term debt of approximately 425 basis points annually
compared to interest rates paid in fiscal 2007 on the refinanced facility.
Cash on the balance sheet remained over US$30 million at quarter end.

Impairment charges and lease termination costs totaled
US$12.7 million in the first quarter this year, compared to US$755,000 in
the first quarter of fiscal 2007.

Results for the first quarter of fiscal 2008 also include a credit of
US$14.9 million, representing the decrease from January 28 to March 2 in
the estimated fair value of the securities issued by the company on March
2, 2007, in connection with the settlement of the class action litigation
and partial settlement of the shareholder derivative action.

General and administrative expenses totaled US$6.8 million in the first
quarter this year, compared to US$16.6 million in the first quarter last
year.  The company incurred professional fees, net of insurance
recoveries, of approximately US$725,000 and US$7.9 million in the first
quarter of fiscal 2008 and 2007, respectively, associated with internal
and external investigations, litigation and the services of an interim
management firm formerly engaged by the company.  In addition, general and
administrative expenses fell due to a US$1.5 million increase in corporate
support costs allocated to the company's business segments and included in
direct operating expenses.  Exclusive of these effects, general and
administrative expenses fell approximately US$1.1 million from last year's
first quarter.

During the quarter, 13 new Krispy Kreme stores, comprised of 9 factory
stores and 4 satellites, were opened systemwide, and 4 factory stores were
closed systemwide.  This brings the total number of stores systemwide at
quarter end to 404, consisting of 301 factory stores and 103 satellites.
The net increase of 9 stores in the quarter reflects a net increase of 12
international stores and a net decrease of 3 domestic stores.

"While Krispy Kreme still faces some longstanding challenges, we
continue to advance the turnaround," said Daryl Brewster, President and
Chief Executive Officer of Krispy Kreme.  "During the quarter, we improved
our average weekly sales per Company store and slowed the decline in
systemwide sales.  We refinanced our credit facilities to achieve cost
savings.  We reduced special professional fees and made progress in
reducing other general and administrative costs.  Our international
franchisees continued to show significant growth.  We also took steps to
reevaluate elements of the business, which resulted in recording
impairment charges of US$12.7 million to write down certain assets."

                     About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern
Pennsylvania, Delaware and Southern New Jersey, filed on Oct.
16, 2005 for Chapter 11 protection with the Delaware Bankruptcy
Court (Bankr. D. Del. Case No. 05-14268).  Following closure of
its four remaining stores, the Bankruptcy Court confirmed
Freedom Rings' plan of liquidation on April 20, 2006, and its
operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice.  Krispy Kreme Doughnut Corp. agreed to pay
approximately US$9.3 million to two secured creditors to settle
its obligations with respect to its guarantees pertaining to
certain indebteness and related equipment agreements.  In
exchange, a newly formed subsidiary of Krispy Kreme Doughnut
Corp. acquired substantially all of the operating assets of
KremeKo, as authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on
Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent
to this filing, Glazed Investments sold its remaining 12 Krispy
Kreme stores to Western Dough, Krispy Kreme's area developer for
Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10
million.  This sale was facilitated by the Chapter 11 filing, by
permitting the assets to be sold free and clear of all liens,
claims and encumbrances.

Under the plan of liquidation filed by Glazed Investments, it
will be dissolved after distribution of the sale proceeds to
creditors, and Krispy Kreme will not receive any payment on
account of its ownership in Glazed Investments.  While a
substantial portion of Glazed Investments' debts were retired
from the sale proceeds and liquidation of other assets, Krispy
Kreme paid approximately US$1 million of its franchisee's debt
which was guaranteed by it.


KRISPY KREME: Unveils Changes at Board Members Annual Meeting
-------------------------------------------------------------
Krispy Kreme Doughnuts Inc. reported the results of its Annual Meeting of
Shareholders held June 4 in Winston-Salem, North Carolina.

During the Meeting, shareholders elected two new members to the Krispy
Kreme Board of Directors: Lynn Crump-Caine and C. Stephen Lynn.
Shareholders also re-elected three Board members who were in classes up
for election at the meeting: Daryl G. Brewster, Krispy Kreme President and
Chief Executive Officer, Robert S. McCoy, Jr. and Charles A. Blixt.

Additionally, Krispy Kreme shareholders approved amendments to the 2000
Stock Incentive Plan and ratified the appointment of the company's
independent registered public accounting firm.

                   About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern
Pennsylvania, Delaware and Southern New Jersey, filed on Oct.
16, 2005 for Chapter 11 protection with the Delaware Bankruptcy
Court (Bankr. D. Del. Case No. 05-14268).  Following closure of
its four remaining stores, the Bankruptcy Court confirmed
Freedom Rings' plan of liquidation on April 20, 2006, and its
operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice.  Krispy Kreme Doughnut Corp. agreed to pay
approximately US$9.3 million to two secured creditors to settle
its obligations with respect to its guarantees pertaining to
certain indebteness and related equipment agreements.  In
exchange, a newly formed subsidiary of Krispy Kreme Doughnut
Corp. acquired substantially all of the operating assets of
KremeKo, as authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on
Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent
to this filing, Glazed Investments sold its remaining 12 Krispy
Kreme stores to Western Dough, Krispy Kreme's area developer for
Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10
million.  This sale was facilitated by the Chapter 11 filing, by
permitting the assets to be sold free and clear of all liens,
claims and encumbrances.

Under the plan of liquidation filed by Glazed Investments, it
will be dissolved after distribution of the sale proceeds to
creditors, and Krispy Kreme will not receive any payment on
account of its ownership in Glazed Investments.  While a
substantial portion of Glazed Investments' debts were retired
from the sale proceeds and liquidation of other assets, Krispy
Kreme paid approximately US$1 million of its franchisee's debt
which was guaranteed by it.


NOVELIS INC: Hindalco Acquisition Cues S&P to Remove Watch
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its ratings on Novelis
Inc., including the 'BB-' long-term corporate credit rating, and removed
the ratings from CreditWatch with developing implications, where they were
placed Feb. 12, 2007.

The outlook is negative.

"The ratings were removed from CreditWatch after Standard & Poor's
reviewed the company's acquisition by Hindalco Industries Ltd. and
associated financing arrangements," said Standard & Poor's credit analyst
Donald Marleau.  The risk of any default under its secured bank loans or
unsecured notes -- technical or otherwise -- is effectively eliminated by
the committed credit facilities in place to refinance any maturities due
as a result of change-of-control provisions.  "The negative outlook stems
from the continued financial risk Novelis faces in the next year or two as
it aims to restore its cash flow by improving its risk management systems
and business practices related to commodity metals exposure,"
Mr. Marleau added.

The ratings on Novelis reflect its aggressive financial risk profile,
characterized by a heavy debt burden and low margins that have proven to
be less stable than expected when the company began stand-alone operations
in January 2005, after Alcan Inc. (BBB+/Watch Neg/A-2) spun off
substantially all of its aluminum rolling businesses.  Nevertheless,
Standard & Poor's expects that Novelis' financial performance will improve
steadily in the next four to six quarters, as the company improves its
ability to manage the operating margin and liquidity risks associated with
can sheet price ceilings and higher aluminum prices.

The negative outlook reflects the pressure that will be put on Novelis'
credit quality for several more quarters because of unproven hedging
strategies implemented to shore up its cash flow and reduce debt.  Should
the combination of hedging strategies and changes to its sales contracts
not effectively reduce its exposure to commodity metals prices in the next
12 to 18 months, such that the stability of its cash flow and the pace of
debt reduction do not improve, the ratings will be lowered.  Nevertheless,
Novelis' profitability and cash flow are expected to recover through 2007
and 2008, as the company better matches its internal and external hedges
to its commodity metals exposure.  Should this occur, the outlook will be
revised to stable. Continued debt reduction in the next several years
could put upward pressure on the ratings, as the company's capital
structure better corresponds to its satisfactory business risk.  The risks
associated with the impending refinancing are muted by existing
commitments to fund the takeout of its entire debt, and it appears
unlikely that its unsecured notes will be tendered, considering that these
instruments continue to trade clearly above the change-of-control price of
101.  Nevertheless, higher interest on new credit facilities or more
onerous financial covenants could have a small negative effect on the
company's credit profile.

                          About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 16, 2007,
Fitch Ratings placed the Issuer Default Ratings or IDR of 'B'
for Novelis Inc. and its subsidiary Novelis Corp. on Rating
Watch Negative. The company's senior secured bank debt ratings
and senior unsecured debt ratings that were affirmed are:

Novelis Inc.

   -- Senior secured revolver and term loan at 'BB/
      Recovery Rating (RR) 1'; and

   -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

   -- Senior secured revolver and term loan B at 'BB/RR1'.


PQ CORP: Carlyle Deal Cues S&P to Put Ratings on Negative Watch
---------------------------------------------------------------
Standard & Poor''s Ratings Services placed its ratings on PQ Corp. on
CreditWatch with negative implications.  The corporate credit rating on
the Berwyn, Pennsylvania-based specialty chemical producer is 'B+'.

"The CreditWatch action followed PQ Corp.'s announcement that The Carlyle
Group agreed to acquire the parent company of PQ from existing equity
holder J.P. Morgan Partners LLC.," said Standard & Poor's credit analyst
Paul Kurias.

The estimated value of the transaction is US$1.5 billion, and it is
expected to close in the third quarter of 2007, subject to regulatory
review and customary closing conditions.

"We believe that the transaction may result in a weaker financial profile
for PQ because of the potential for higher levels of debt in the capital
structure," Mr. Kurias said.  "We will resolve the CreditWatch listing
after meeting with management and reviewing the financial policy and plans
for a revised capital structure."

PQ Corp. is a specialty chemical producer with more than
US$700 million in annual sales.

                    About PQ Corp.

Headquartered in Berwyn, Pennsylvania, PQ Corp. --
http://www.pqcorp.com/ -- manufactures silicate, zeolite, and
other performance materials serving the detergent, pulp and
paper, chemical, petroleum, catalyst, water treatment,
construction, and beverage markets.  It is a global enterprise,
operating in 19 countries on five continents, and along with its
chemical businesses, includes Potters Industries, a wholly owned
subsidiary, which is a leading producer of engineered glass
materials serving the highway safety, polymer additive, metal
finishing, and conductive particle markets.  The company has
operations in Korea, Mexico, and Italy, among others.


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

AVAYA INC: Silver Lake Merge Deal Cues S&P to Lower Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Basking Ridge, New Jersey-based Avaya Inc. two notches to 'B+', and placed
the rating on CreditWatch with negative implications.

The CreditWatch placement follows the announcement that Avaya has entered
into a definitive merger agreement with Silver Lake and TPG Capital for
approximately US$8.2 billion or US$17.50 per common share.  The purchase
price is a premium of approximately 28% over Avaya's closing share price
on May 25, 2007.

"While the terms of the acquisition have not been announced, the lowering
of the corporate credit rating reflects our view that operating lease- and
pension-adjusted leverage likely will increase dramatically from current
levels slightly above 2x, given the market's current tolerance for
heightened debt leverage," said Standard & Poor's credit analyst Ben
Bubeck.

The lowering of the corporate credit rating to 'B+' is likely an interim
step.  "As we have the opportunity to review the proposed capital
structure, and the financial and operating strategies of the new owners,
ratings could be further lowered," said Mr. Bubeck.

Headquartered in Basking Ridge, N.J., Avaya Inc., (NYSE: AV) --
http://www.avaya.com.-- designs, builds and manages communications
networks for more than one million businesses worldwide, including more
than 90 percent of the FORTUNE 500(R). Focused on businesses large to
small, Avaya is a world leader
in secure and reliable Internet Protocol telephony systems and
communications software applications and services.  Avaya has locations in
Malaysia, Argentina and the United Kingdom.

                         *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on Avaya, Inc., to 'BB' from 'B+'.

Moody's Investors Service upgraded the senior implied rating of
Avaya, Inc., to Ba3 from B1.  Moody's said the ratings outlook is positive.


CELESTICA INC: May Be Next Acquisition Target, Analysts Say
-----------------------------------------------------------
Celestica Inc. is a likely acquisition target after Flextronics
International Ltd.'s move to acquire Solectron Corp., Bloomberg
reports.  Flextronics' bid has sparked speculation that there is
likely more consolidation in the industry.

Bloomberg relates, citing Scotia Capital analyst Gus Papageorgiou, that
Celestica is a possible merger target since it has "the highest potential
of being taken out."

Bloomberg further reports that a purchase could assist the company in a
possible return from the red as it has been reporting 15 losses for the
past 16 quarters.

According to UBS AG analyst Long Jiang, Bloomberg says that
consolidation in Celestica's industry is long overdue.

Celestica Inc. -- http://www.celestica.com/-- (NYSE:CLS) provides
innovative electronics manufacturing services.  Through its global
manufacturing and supply chain network, the company delivers competitive
advantage to companies in the computing, communications, consumer,
industrial, and aerospace and defense end markets.  Celestica operates a
highly sophisticated global manufacturing network with operations in
Brazil, China, Ireland, Italy, Japan, Malaysia, Philippines, Puerto Rico,
and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 4, 2007, Moody's
Investors Service downgraded Celestica Inc.'s corporate family rating to
B1 from Ba3 and the senior subordinated note ratings to B3 from B2.
Simultaneously, Moody's lowered the company's speculative grade liquidity
rating to SGL-2 from SGL-1.


PROTON HOLDINGS: Volkswagen Dispels Acquisition Reports
--------------------------------------------------------
Volkswagen AG denied a report that said it will probably buy a controlling
stake in a unit holding the assets of Proton Holdings Bhd, Bloomberg News
relates.

“This report is definitely wrong and only rumor without substance,”
Andreas Meurer, a Volkswagen spokesman, told Bloomberg in a phone
interview.

According to reports, The Edge Financial Daily, a local daily in Malaysia,
stated that Volkswagen may buy a 51% stake in a newly formed unit that
will own Proton's manufacturing, research and development and engineering
divisions.

Quoting unidentified sources, the Edge noted that Volkswagen was likely to
take a 51% stake in a new company into which Proton's key motor assets,
such as manufacturing, research and development, and engineering would be
injected.  Proton would hold the remaining 49% and continue to keep
ownership of distribution arm Proton Edar.  Moreover, Malaysian
conglomerate Sime Darby could take over a 43% stake in Proton held by
state investment arm Khazanah, the Edge added.

Details are expected to be finalized at a meeting in New York being held
between representatives of Khazanah, Sime Darby, Volkswagen and the office
of Malaysian Prime Minister Abdullah Ahmad Badawi, the Edge said.

Reuters tried to contact a Proton spokeswoman who declined to comment
while Sime Darby officials could not be reached.

The two firms had been talking for sometime now to form a strategic
partnership, however, the outcome of the talks still remain unclear.  The
Star relates that Volkswagen had proposed to set up a joint-venture
company to develop models that could be manufactured or assembled at
Proton’s plants here or at Volkswagen’s overseas facilities.

The Star recounts that the proposed joint venture came about purportedly
to address issues related to national pride and, at the same time,
business concerns.  However, the talks also stalled when both parties
apparently could not agree on equity control in the joint venture.

Citing a report from Agence France Press, the Troubled Company Reporter –
Asia Pacific earlier said that the talks between Volkswagen and Proton had
recently failed.  Prime  Minister Abdullah said of the deal:  "I have
decided, since Volkswagen is not interested in the proposal that Proton
wants in terms of equity, Proton needs to talk to other people."

The Troubled Company Reporter – Asia Pacific reported on June 5, 2007,
that Proton Holdings and Volkswagen are back in negotiations in an
apparent last-ditch attempt to forge a strategic alliance.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan Otomobil
Nasional Berhad or Proton Holdings Berhad -- http://www.protonedar.com.my/
-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

                          *     *     *

Proton was reported as among Malaysia's worst performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner, in order to boost
sales and become more competitive.

However, the carmaker until now has yet to name a strategic
partner.  On May 23, 2007, the TCR-AP reported that Proton
Holdings may need a government bailout if talks to sell a stake
to a foreign investor continue to falter.


SOLECTRON CORP: Flextronics Merger Pact Cues Fitch's Pos. Watch
---------------------------------------------------------------
Following Solectron Corporation's (NYSE: SLR) announced agreement to be
acquired by Flextronics International Ltd. (Nasdaq: FLEX) (Issuer Default
Rating of 'BB+', on Rating Watch Negative by Fitch) for US$3.6 billion in
a combination of cash and stock, Fitch has placed these ratings for SLR on
Rating Watch Positive:

    -- Issuer Default Rating at 'BB-';
    -- Senior unsecured debt at 'BB-';
    -- Subordinated debt at 'B+'.

Additionally, Fitch has affirmed Solectron's senior secured bank facility
at 'BB+'.  Fitch's actions affect approximately US$600 million in debt
securities.

Resolution of the Rating Watch Positive will be determined by the ultimate
outcome of Flextronics's IDR and the final capital structure of the
combined company as well as any potential guarantee of Solectron debt by
Flextronics.  However, Fitch believes that Solectron's senior unsecured
and subordinated bondholders have an option to force redemption of the
existing bonds under a change of control provision.  Consequently, Fitch
believes it is likely that Solectron's debt would be retired at or soon
after closing whereby Fitch would anticipate upgrading the various notes
and IDR by one notch, respectively, and withdrawing the ratings at that
time.

Flextronics proposed acquisition of Solectron is still subject to
customary closing conditions including regulatory and shareholder approval
but is anticipated to close before the end of calendar 2007.  Solectron
shareholders have an option to receive either cash or stock in lieu of
their shares, however total cash consideration is limited to a minimum of
30% and a maximum of 50% of total consideration.

As of March 2, 2007, Solectron's liquidity was sufficient and supported by
approximately US$1.1 billion of unrestricted cash and cash equivalents and
an undrawn US$350 million senior secured revolving credit facility
expiring August 2009.

Total debt as of March 2, 2007, was approximately US$641 million and
consisted primarily of:

    -- US$450 million 0.5% convertible senior notes due 2034;
    -- US$150 million 8% senior subordinated notes due 2016.

Headquartered in Milpitas, California, Solectron Corporation
(NYSE: SLR) -- http://www.solectron.com/-- provides a full range of
worldwide manufacturing and integrated supply chain services to the
world's premier high-tech electronics companies.  Solectron's offerings
include new-product design and introduction services, materials
management, product manufacturing, and product warranty and end-of-life
support.  The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.  It had
sales from continuing operations of US$10.6 billion in fiscal 2006.


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

CER GROUP: Says Share Purchase Plan is Oversubscribed
-----------------------------------------------------
CER Group advises that its Share Purchase Plan, aimed at raising some
NZ$3.2 million to further fuel the development and growth of CER, has been
comfortably over-subscribed.

A total of NZ$1.6 million was raised from current shareholders.  In
addition, CER has received confirmed subscriptions by high net worth
individuals and sophisticated investors for the full balance of the
capital raising.

The CER's Board of Directors is very encouraged by the support shown by
existing and prospective shareholders for the Group's strategy of organic
and acquisition based growth in its chosen fields of environmentally
sustainable products and services and Internet based distribution
businesses.

CER has also received further firm interest of some NZ$500,000.
Shareholder approval for approved over-subscriptions will be sought at the
forthcoming Annual General Meeting.

The capital raised from the Share Purchase Plan will be primarily used to
fund the acquisition of the VRM Group announced to the market on May 21.

The result of the Share Purchase Plan is the latest in a series of
successes for CER.

Earlier this year CER declared its first annual operating profit, and
appointed Robin Levison to its board to strengthen its capabilities for
appraisal and integration of selected potential acquisition opportunities.

It also recently reported that sales at its New Zealand Nature business
for the quarter ended March 31, 2007, have grown 25% on the equivalent
quarter in 2006.  This was followed by a 40% increase in April 2007,
against April 2006.

In addition, the Certified Organics business has received contracts worth
over NZ$700,000 from the South Australian Government for its BioSeed
Eradicator organic herbicide.

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       Going Concern Doubt

On Feb. 27, 2006, upon completion of its audit on the company's
financial statements, KPMG -- the company's independent auditors
-- raised fundamental uncertainties on the company's ability to
continue as a going concern, the validity of which is dependent
upon "many factors both within and external to the control of
the directors."

                          *     *     *

The group suffered net losses of NZ$1.03 million and
NZ$1.34 million for the years ended December 31, 2005, and 2004,
respectively.  The group's net loss in FY2006 narrowed to
NZ$53,000.


CER GROUP: To Acquire Australia's Vital Resource Management
-----------------------------------------------------------
CER Group Ltd discloses that it has signed a conditional heads of
agreement to acquire Australian sustainable environmental management
company Vital Resource Management.

VRM is a privately-owned company based in Townsville, Queensland.  It
manufactures and markets pro-biotic formulation-based products used in
applications as diverse as water and soil treatment, sustainable farming,
commercial and domestic cleaning.  Its products are sold across Australia
and New Zealand, along with Europe and the Middle East.

"The acquisition of VRM should be seen as a clear statement of intent from
the CER Group," said David Warrick, CER Managing Director.  "We have
committed to acquisition as a key component of our growth strategy and we
are delighted to have identified a business of the quality of VRM that
will both improve the Group's overall profitability while offering the
prospect of synergies with other of the Group's businesses.

"The acquisition of VRM will strengthen CER with a market-leading company
in a rapidly-growing environmental industry. We also believe there is
potential for significantly enhancing that growth by leveraging the
expertise within the CER Group and the synergies offered by CER's other
businesses," he said.

The timing of this acquisition also emphasizes the immediate success of
strengthening of the Board by the appointment of Australian-based Robin
Levison whereby one of his key non-executive roles is to both oversee and
accelerate the acquisition process for the CER Group.

Year one projected revenues from VRM following the completion of the
acquisition are in excess of AU$5 million, producing a net profit of AU$1
million per annum.  VRM will continue to be led by the current successful
management team.

The purchase price is expected to be approximately AU$4.8 million,
including A$1.5 million of net assets, the majority of which will be paid
for through a share issue to the vendors.

The deal is subject to due diligence, and any necessary shareholder
consents. Key details of the proposed transaction are as attached.

The announcement of the proposal to acquire VRM builds upon a string of
recent successes for CER Group with its current businesses.

Last week CER announced that its Certified Organics business has secured a
NZ$500,000 contract with the South Australian Government for the provision
of its unique pine extract-based BioSeed Eradicator herbicide.

Earlier in May, it announced that sales at its New Zealand Nature business
for the quarter ended March 31, 2007, have grown more than 25 percent on
the equivalent quarter in 2006.

The Group also declared its first annual operating profit earlier this
year, for the year ended December 2006.

VRM's main products and services are:

* Microbial Base Formulations/Cleaners and Conditioners: For
  wholesale, retail and use in public ablution blocks, septic
  systems, grease traps and as kitchen detergents.

* Enhanced Fertilizers: Specially formulated liquid fertilisers
  for the wholesale farming and sugarcane market, including use
  of VRM's probiotic formulations tailored for soil and crop
  type.

* Concentrated Fertilizer Supplements:  Specially formulated,
  targeting specific nutrient uptake with microbial enhancement.

* Treatment Systems:  Systems using VRM's probiotic products for
  treatment of sewage, "grey water" and other waste liquids
  associated with households, public parks and industrial works.

Further information about VRM can be found at http://www.vrm.com.au

                             Details

CER Group entered into a conditional Heads of Agreement to acquire the
business assets of Vital Resources Management [Pty] Limited, together with
100% of the shares on issue in VRM International [Pty] Limited and VRM Pty
Limited .

The purchase price for the VRM Assets is expected to be approximately
AU$4.8 million, which will be satisfied as follows:

   -- The payment of A$750,000 in cash on settlement;

   -- The issue of A$1,550,000 CER shares at an issue price of
      NZ10 cents per share on settlement;

   -- The payment of A$1,000,000 in cash, 15 months after
      settlement;

   -- The payment of A$1,000,000 on August 30, 2008, subject to
      the satisfaction of certain financial performance
      milestones of the VRM Assets.  This sum may be satisfied
      by either the payment of cash or by the issue of CER
      shares at an issue price equal to the then market price
      for CER Shares (less 10%).

CER will assume approximately AU$500,000 of liabilities associated with
the VRM Assets.

Any shares issued as part of the VRM transaction shall be escrowed for a
period of 12 months from their date of issue.
The material conditions of the Heads of Agreement are:

   -- Due diligence by CER of the VRM Assets;

   -- The shareholders of CER approving any aspect of the
      transaction;

   -- Finalization of formal documentation evidencing the
      transaction;

   -- The approval of CER shareholders to any aspect of the
      transaction requiring such approval;

   -- Finalization and negotiations on various other matters
      related to the transaction.

Subject to the satisfaction of the aforementioned conditions, completion
of the acquisition would occur on or about early July 2007.

                         About CER Group

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       Going Concern Doubt

On Feb. 27, 2006, upon completion of its audit on the company's
financial statements, KPMG -- the company's independent auditors
-- raised fundamental uncertainties on the company's ability to
continue as a going concern, the validity of which is dependent
upon "many factors both within and external to the control of
the directors."

                          *     *     *

The group suffered net losses of NZ$1.03 million and
NZ$1.34 million for the years ended December 31, 2005, and 2004,
respectively.  The group's net loss in FY2006 narrowed to
NZ$53,000.


GB GLASS: Faces CIR's Wind-Up Petition
--------------------------------------
The Commissioner of Inland Revenue filed a wind-up petition against GB
Glass & Aluminium 2004 Ltd. on April 23, 2007.

The petition will be heard before the High Court of Rotorua on June 11,
2007, at 10:45 a.m.

The CIR's solicitor is:

          Kay Morgan
          c/o Inland Revenue Department
          1 Bryce Street, Hamilton
          New Zealand
          Telephone:(07) 959 0373


I-STATION TRUST: Wind-Up Petition Hearing Set for June 18
---------------------------------------------------------
The High Court of Wellington will hear a wind-up petition against
I-Station Trust Ltd. on June 18, 2007, at 10:00 a.m.

P C Rentals Limited filed the wind-up petition on May 10, 2007.

P C Rentals' solicitor is:

          Julian Mark Airey
          Inder Lynch Lawyers
          corner of Cavendish Drive and
          Great South Road
          PO Box 76745, Manukau City, Auckland
          New Zealand
          Telephone:(09) 266 6185
          Facsimile:(09) 266 7445


MAINLAND CORNICE: Names Crichton &  Horne as Liquidators
--------------------------------------------------------
The shareholders of Mainland Cornice Specialists Ltd. appointed David
Donald Crichton and Keiran Anne Horne as the company's liquidators on May
18, 2007.

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

The Liquidators can be reached at:

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


MARINE PARK: Subject to CIR's Wind-Up Petition
----------------------------------------------
A petition to wind up the operations of Marine Park (2000) Ltd. will be
heard before the High Court of Rotorua on June 11, 2007, at 10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on April 23,
2007.

The CIR's solicitor is:

          Kay Morgan
          c/o Inland Revenue Department
          1 Bryce Street, Hamilton
          New Zealand
          Telephone:(07) 959 0373


NAENAE LIQUOR: Court to Hear Wind-Up Petition on June 18
--------------------------------------------------------
The High Court at Wellington will hear a wind-up petition against Naenae
Liquor Shop Ltd. on June 18, 2007, at 10:00 a.m.

Chubb New Zealand Limited filed the wind-up petition on May 2, 2007.

Chubb New Zealand's solicitor is:

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


R & A MCMAHON: Court to Hear Wind-Up Petition on June 11
--------------------------------------------------------
The High Court of Rotorua will hear a petition to wind up the operations
of R & A McMahon Transport Ltd. on June 11, 2007, at 10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on April 17,
2007.

The CIR's solicitor is:

          K. S. Morgan
          c/o Inland Revenue Department
          1 Bryce Street, Hamilton
          New Zealand
          Telephone:(07) 959 0373


ROOF SOLUTIONS: Subject to CIR's Wind-Up Petition
-------------------------------------------------
On April 26, 2007, the Commissioner of Inland Revenue filed a petition to
wind up the operations of Roof Solutions Ltd.

The petition will be heard before the High Court of Whangarei on June 18,
2007, at 10:45 a.m.

The CIR's solicitor is:

          M. B. Smith
          P. J. Smith
          Marsden Woods Inskip & Smith
          122 Bank Street
          PO Box 146, Whangarei
          New Zealand


SCENICLAND SERVICES: Court to Hear Wind-Up Petition on June 11
--------------------------------------------------------------
The High Court at Christchurch will hear a petition to wind up the
operations of Scenicland Services (Nelson) Ltd. on June 11, 2007, at 10:00
a.m.

The petition was filed by the Commissioner of Inland Revenue on April 27,
2007.

The CIR's solicitor is:

          Julia Dykema
          Legal and Technical Services
          Ground Floor Reception
          518 Colombo Street
          PO Box 1782, Christchurch 8140
          New Zealand
          Telephone:(03) 968 0809
          Facsimile:(03) 977 9853



THE CRAZY EXPRESS: Fixes June 22 as Last Day to Prove Claims
------------------------------------------------------------
The Crazy Express Ltd. commenced liquidation proceedings on
May 15, 2007.

Creditors are required to file their proofs of debt by June 22, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

          Murray G. Allott
          111 Bealey Avenue, Christchurch 8013
          PO Box 29432
          New Zealand
          Telephone:(03) 365 1028
          Facsimile:(03) 365 6400
          e-mail: murray@profitco.co.nz


YENOHAM HOLDINGS: Taps Jollands and Grieve as Liquidators
---------------------------------------------------------
Peter Reginald Jollands and Rory Iain Grieve were appointed as liquidators
of Yenoham Holdings Ltd. on May 21, 2007.

The company requires its creditors to file their proofs of debt by June
29, 2007.

The Liquidators can be reached at:

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


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

CENTRAL AZUCARERA: Incurs PHP7.41 Mil. Loss in 2007 1st Quarter
---------------------------------------------------------------
Central Azucarera de Tarlac reported a net loss of
PHP7.41 million for the quarter ended Mar. 31, 2007, against a net loss of
PHP28.79 million reported for the quarter ended
Mar. 31, 2006.

The net loss was the result of expenses related to the company’s dacion en
pago activities, which resulted in an other expenses account of PHP68.57
million.

The company had sales revenues of PHP565.18 million for the first quarter
of 2007, while cost of goods sold amounted to PHP418.76 million, giving it
a gross profit of
PHP146.43 million, a 45.62% increase from the PHP100.55 million gross
profit earned a year earlier.

Operating expenses went up to PHP85.26 million in the first quarter 2007
from PHP70.35 million, giving the company an operating income of PHP61.17
million operating income for the period in review.

As of Mar. 31, 2007, the company had total assets of
PHP1.66 billion, total liabilities of PHP1.61 billion and total
stockholders' equity of PHP53.35 million.

The company’s financial statements for the quarter ended
March 31, 2007, are available for free at :

      http://bankrupt.com/misc/centralazucareraqtrmar31.pdf

Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.

                     Going Concern Doubt

Belinda B. Fernando, CPA, partner at auditing firm Sycip Gorres
Velayo & Co., points out in an independent auditors report that
the company's ability to continue as a going concern depends on
the successful implementation of its planned initiatives to
increase revenue and reduce costs, the finalization of the
ongoing settlement with creditor banks and the settlement of
intercompany accounts with related parties.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 28, 2007 that Central Azucarera's net loss narrowed by 84%
to PHP87.48 million for the fiscal year ended June 30, 2006,
from the PHP548.98-million incurred during the year ended
June 30, 2005.


FILSYN CORP: Mar. 31 Balance Sheet Upside-Down by PHP477.49 Mil.
----------------------------------------------------------------
Filsyn Corporation reported a net loss of PHP5.05 million for the three
months ended Mar. 31, 2007, an increase of 9.93% from the PHP4.59 million
reported for the three months ended Mar. 31, 2006.

The company is still not in commercial operations.

As of Mar. 31, 2007, the company had total assets
PHP997.25 million and total liabilities of PHP1.47 billion, resulting in a
capital deficiency of PHP477.49 million.

The company’s financial statements for the quarter ended
March 31, 2007, are available for free at:

           http://bankrupt.com/misc/filsynqtrmar31.pdf

Headquartered in Makati City, Philippines, Filsyn Corporation is
engaged in the manufacture of polyester, supplying polyester
fiber and yarn, a major raw material requirement of the textile
industry.  Also, it ventured into PET bottle production, which
is being supplied to mineral water, softdrinks and condiment
industries.  The PET bottle manufacturing uses Filsyn's
polyester chips, which are converted to Polyester Terephthalate
(PET) resin. Its product lines are polyester chips, polyester
fiber and yarn, PET bottles, and PET chips.  The company's
operations evolved from purely polyester manufacturing into
being involved in various activities that include trading of
polyester products.


GEOGRACE: Mar. 31 Balance Sheet Upside-Down by PHP13.43 Million
---------------------------------------------------------------
Geograce Resources Philippines, Inc., reported a net loss of PHP14.71
million for the quarter ending Mar. 31, 2007, an increase against a
PHP10.76-million net loss reported a year earlier.

The Troubled Company Reporter – Asia Pacific reported on May 14, 2007,
that the company reported a net income of  PHP256.69 million for the year
ended Dec. 31, 2006, a turnaround from the PHP166.89 million loss a year
earlier, due to income from discontinued operations after income tax of
PHP259.20 million after the transfer of substantially all the assets and
liabilities of Geograce Resources to Nora A. Bitong and/or her assignee.
The transfer resulted in the company reporting a net asset position of
PHP1.28 million as of Dec. 31, 2006, reversing its PHP231.52 million
capital deficiency as of Dec. 31, 2005.

As of Mar. 31, 2007, the company, however, had total assets of PHP8.37
million and total liabilities of PHP21.80 million, resulting in a capital
deficiency of PHP13.43 million.

The company’s financial statements for the quarter ended
Mar. 31, 2007, available for free at:

          http://bankrupt.com/misc/geogracemar31qtr.pdf

Geograce Resources was originally incorporated as La Suerte Gold Mining
Corporation on April 20, 1970, primarily to engage in the  exploration,
exploitation, and development of mineral resources; to purchase, lease and
otherwise acquire mining claims and concessions anywhere in the
Philippines; and to carry on the business of mining, extracting, smelting,
treating, and otherwise producing and dealing in metals and minerals of
all kinds including all its products and by-products.


GUESS?: Deutsche Bank Places Buy Rating on Firm's Shares
--------------------------------------------------------
Deutsche Bank Securities analysts have assigned a "buy" rating on Guess?
Inc's shares, Newratings.com reports.

Newratings.com relates that the target price for Guess?'s shares was set
at US$49.

The analysts said in a research note that Guess?’s evolution lets it be
less dependent on US department stores, rather than on wholesalers.  It
also allows the firm be more diversified compared to apparel specialty
retailers, which are affected  by "inherent cyclicality and volatility of
comps."

"Clear catalysts exist for Guess?’s performance," Newratings.com states,
citing the analysts.

Guess?, Inc., -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world, including the
Philippines, Hungary and the Dominican Republic.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 8, 2006, Standard & Poor's Ratings Services raised its
ratings on Los Angeles-based specialty apparel retailer Guess?
Inc. to 'BB' from 'BB-'.  S&P said the outlook is positive.


IPVG CORP: Turns Around with PHP6.13MM Earnings in 1st Quarter
--------------------------------------------------------------
IPVG Corporation and its subsidiaries reported a net income of PHP6.13
million for the three months ended Mar. 31, 2007, a turnaround from the
PHP15.02 million net loss the group reported for the three months ended
Mar. 31, 2006.

Revenues for the period in review increased 432.00% to
PHP137.84 million, from PHP25.93 million a year earlier.  The increase
from 2006 is due to additional revenue contribution of EGames, which
commenced commercial operations in April 2006.  The company’s data center
business contributed 64.7% of total revenues reported, and our online
games business contributed 34.8% of the total revenues.

Gross profit for the first quarter of 2007 amounted to
PHP52.94 million, while expenses was pegged at PHP45.56 million, giving
the group an operating income of PHP7.38 million, against an operating
loss of PHP12.91 million a year earlier.

The company’s financial statements for the first quarter of 2007 are
available for free at:

            http://bankrupt.com/misc/ipvgqtrmar31.pdf

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the information
technology and communications business with interests in Information
Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders in their
respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc. and IDT.
The company can offer established product and proprietary business
knowledge to the Philippine market by pairing each of its business
subsidiaries with strategic partners.

The Troubled Company Reporter - Asia Pacific reported on
May 15, 2007, that IPVG Corporation reported a net loss of PHP102.1
million for the year ended Dec. 31, 2006, the company's third consecutive
annual net loss after PHP43.0 million and PHP6.2 million net losses for in
2005 and 2004, respectively.


JG SUMMIT: Posts Net Income of PHP2.23 Bil. For Mar. 31 Quarter
---------------------------------------------------------------
JG Summit Holdings Inc. posted a net income of PHP2.23 billion for the
quarter ended Mar. 31, 2007, almost halving the net income of PHP4.28
billion posted in the previous corresponding period.

The company reported a recurring net income of PHP1.75 billion in the
first quarter of the year, up 160.00% year on year.  The Mar. 31, 2006 net
income was PHP3.88 billion, which included PHP3.21 billion in gains from
the URC share sale.

The significant improvement in recurring net income was due to the record
growth of subsidiary Cebu Pacific’s net earnings, as it recorded a
complete turnaround from a reported net loss for the same quarter last
year to a substantial net income of PHP560 million this year.

Continued increase in the net income contributions of Universal Robina
Corp. and Robinsons Land Corp. are also credited with the group’s notable
performance even as JG Summit reduced its equity interest in these two
businesses.

Consolidated revenues declined 13.00% from PHP23.00 billion last year to
PHP20.01 billion this year in the same period, mainly due to the recorded
PHP3.20 billion gain on sale of URC shares in February 2006.

Revenues from continuing operations rose 4.30%, driven by the continued
strong performance of sales and revenues in the group’s foods and property
businesses, boosted by the record improvement in airline revenues.

Revenues from telecommunications and petrochemicals businesses, however,
continue to lag as revenues declined 4.00% and 60.00%, respectively.

Interest income for the first three months of 2007 declined 20.5% from
PHP1.57 billion to PHP1.25 billion due to lower average investment
portfolio during the period as compared to last year’s, coupled with lower
translated level of dollar-denominated investments due to continuing peso
appreciation.

Consolidated cost of sales and services for the first three months of the
year was slightly lower than last year from PHP10.87 billion to PHP10.66
billion, reflecting better cost management in the group’s foods and
airlines businesses plus slow down in the production level of
petrochemical business.  This resulted to an improved gross margin for the
first quarter from 23.50% to 31.50%.

Consolidated operating expenses increased 1.30% as a result of higher
operating expenses in the mobile phone network, increased airline
operations and expansion of our international branded food operations.

The company’s financial statements for the first quarter of 2007  are
available for free at:

          http://bankrupt.com/misc/jgsummitmar31qtr.pdf

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.

At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January 2006 by
JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


LEPANTO CONSOLIDATED: Posts PHP57-Mil. Loss for Mar. 31 Quarter
---------------------------------------------------------------
Lepanto Consolidated Mining Company posted a net loss of PHP56.55 million
for the three months ending Mar. 31, 2007, a 1207.28% increase from the
net loss of PHP4.33 million posted for the three months ending Mar. 31,
2006.

The company posted revenues amounting to PHP513.25 million, a 9.39%
improvement year-on-year.  Costs and expenses, however, rose to PHP522.11
million, giving the company an operating loss of PHP8.86 million, against
an operating income of
PHP43.38 million a year earlier.

As of Mar. 31, 2007, the company's current liabilities exceeded its
current assets by PHP391.97 million.  As of the same date, the company had
total assets of PHP8.27 billion, total liabilities of of PHP3.14 billion
and total equity of PHP5.13 billion.

The company’s financial statements for the quarter ended
March 31, 2007, are available for free at:

          http://bankrupt.com/misc/lepandtomar31qtr.pdf

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated
primarily to engage in the exploration and mining of gold,
silver, copper, lead, zinc and all kinds of ores, metals,
minerals, oil, gas and coal and their related by-products.  The
company was incorporated in 1936 and until 1997 was operating an
enargite copper mine.  It shifted to gold bullion production
that same year through its Victoria Project.  Lepanto operated a
copper flotation plant from August 2000 to December 2001, when
copper operations were suspended due to the presence of
excessive penalty elements in the mill feed and copper
concentrate.  Lepanto sells its gold bullion production to
London's Johnson Matthey.  Lepanto is now one of the country's
top producers of gold and its by-products, copper and silver.


WARNER MUSIC: Fitch Comments on Risk of Potential Bid for EMI
-------------------------------------------------------------
While it is currently uncertain whether Warner Music Group Corp.
(Warner; IDR rated 'BB-' with a Stable Outlook by Fitch) will make a
competing bid for EMI Group Plc (EMI), any theoretical bid for EMI would
likely result in a Rating Watch Negative for Warner's ratings and its
subsidiaries, according to Fitch Ratings.

EMI recently accepted an offer of approximately US$6.4 billion from
private equity firm Terra Firma (including the assumption of approximately
US$1.6 billion of net debt).  The risks and mitigating factors of Warner
making an offer have always been factored into Fitch's ratings of Warner
and its subsidiaries.

While the ratings on the individual debt securities would also likely be
placed on Rating Watch Negative under such a scenario, Fitch points out
several mitigating factors for lenders of all debt security classes within
Warner.  These include uncertainty regarding regulatory approval,
potential cost-saving synergies, potential asset sale proceeds, and,
importantly, covenant packages in existing debt documents that could make
a significantly debt-financed acquisition difficult without redeeming
existing debt or getting concessions from such holders.

Fitch believes this last point should provide some level of protection for
existing Warner and subsidiary lenders.  Warner's operating subsidiary,
WMG Acquisition Corp., has a secured bank facility that contains several
financial covenants that would be out of compliance should Warner incur
material amounts of additional debt.

For example, the facility contains a maximum leverage ratio of 4.85 times,
which Fitch estimates Acquisition currently has less than US$500 million
additional debt capacity.  Further, indentures governing Notes issued by
Acquisition and its parent company, WMG Holdings Corp., contain fixed
charge coverage covenants that would likely be tripped under a
significantly debt-financed acquisition.  While these covenants give
Warner more room than the Acquisition bank facility covenants, Fitch
estimates the company generally has debt capacity of less than US$1.5
billion under these covenants.  The Acquisition indenture also has
Restricted Payment covenants that would make it difficult for Warner to
complete the transaction by raising the debt at Holdings since it must be
serviced through dividends by Acquisition.

By Fitch's estimates, proforma for EMI cash flows and existing debt do not
improve debt capacity under any of these covenants.  It should be noted
that Fitch has become generally more skeptical related to covenant
compliance under transformational deals, as several companies across the
corporate space have subverted such protections over the last few years.
However, those subversions typically related to Limitation on Secured Debt
language, not financial covenants.

From an operating standpoint, notwithstanding expected one-time
restructuring costs, Fitch expects recent weakness in Warner's
year-to-date results to be partially offset with third and fourth quarter
releases.  Warner has occupied several spots on the Billboard 200 top 10
over the last month, including Linkin Park's "Minutes to Midnight," which
sold more first week copies than any other album released this year.

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Thailand, Philippines and the United Kingdom, among others.


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

FLEXTRONICS INTERNATIONAL: Inks Agreement to Acquire Solectron
--------------------------------------------------------------
Flextronics International Ltd. and Solectron Corporation
have entered into a definitive agreement for Flextronics to
acquire Solectron, creating the diversified and global provider of
advanced design and vertically integrated electronics
manufacturing services.

The combined company will have the broadest worldwide EMS capabilities,
from design resources to end-to-end vertically integrated global supply
chain services, which will enhance its ability to design, build, and ship
a complete package product for its OEM customers.  By combining
Solectron's resources and unique skill sets, Flextronics will be able to
provide more value and innovation to customers by leveraging the combined
global economies of scale in manufacturing, logistics, procurement,
design, engineering and ODM services.

The enhanced capabilities of the combined company will create more value
for its customers and increase their competitiveness by improving their
product development process and supply chain management, while also
delivering improved product quality with improved performance and faster
time-to-market.

Under the terms of the definitive agreement, unanimously approved by the
boards of directors of both companies, shareholders of Solectron will
receive total consideration currently valued at approximately US$3.6
billion, based on the closing price of Flextronics ordinary shares on June
1, 2007.

Each share of common stock of Solectron will be converted into the right
to receive, at the election of each of the individual holders of Solectron
shares, either, but not a combination of (i) 0.3450 shares of Flextronics
or (ii) a cash payment of US$3.89 per share, subject to the limitation
that not more than 70% in the aggregate and no less than 50% in the
aggregate of Solectron shares will be converted into shares of
Flextronics.

As a result, if holders of more than 70% of Solectron's outstanding shares
elect to receive Flextronics stock, the shares of those holders to be
converted into Flextronics stock will be proportionately reduced so that
not more than 70% of Solectron's outstanding shares in the aggregate are
converted into shares of Flextronics stock, with those holders' remaining
shares converted into cash. In this case, Solectron shareholders electing
cash consideration will receive cash consideration for all their shares.


FLEXTRONICS INT'L: Solectron Bid Prompts Fitch's Negative Watch
---------------------------------------------------------------
Following the announcement by Flextronics International Ltd. (Nasdaq:
FLEX) of its agreement to acquire Solectron Corp. (NYSE: SLR) (Issuer
Default Rating [IDR] of 'BB-' on Rating Watch Positive by Fitch) for
US$3.6 billion in a combination of cash and stock, Fitch has placed
Flextronics' ratings on Rating Watch Negative:

    -- Issuer Default Rating at 'BB+';
    -- Senior Unsecured credit facility at 'BB+';
    -- Senior subordinated notes at 'BB';

Fitch's action affects approximately US$1.5 billion of total debt.

Fitch's decision to place Flextronics' ratings on Negative Watch reflects
the expectation that the company will have higher leverage, considerable
integration risk and future cash restructuring costs following the close
of its proposed transaction with Solectron.  Flextronics will pay up to
50% of the total consideration ($1.8 billion) for Solectron in cash and
will likely redeem Solectron's US$600 million of senior and subordinated
notes outstanding due to change of control provisions.

To facilitate this transaction, Flextronics has obtained a
$2.5 billion seven-year senior unsecured term loan commitment which the
company may use to finance the transaction, although the ultimate
capitalization structure of the combined company has not been determined.
Fitch anticipates that if the company were to fully draw the term loan in
this transaction, pro forma leverage (debt to operating EBITDA) would be
approximately 3 times (x) and upwards of 4x on an adjusted debt basis,
which includes capitalized operating leases and off-balance sheet accounts
receivable sales.  Fitch anticipates resolving the Negative Watch once the
acquisition closes at which time, under the aforementioned leverage
assumptions, Fitch anticipates that Flextronics' ratings would be lowered
one notch.


Flextronics proposed acquisition of Solectron remains subject to customary
closing conditions including regulatory and shareholder approval, but is
anticipated to close before the end of calendar 2007.  Solectron
shareholders have an option to receive either cash or stock in lieu of
their shares, however total cash consideration is limited to a minimum of
30% and a maximum of 50% of total consideration.  Flextronics expects it
will take 18 to 24 months after closing to fully integrate Solectron's
operations and fully benefit from the operational synergy and anticipated
costs savings from future restructurings.  Fitch estimates that the US$3.6
billion acquisition price is equivalent to approximately 10.7x Solectron's
latest twelve month EBITDA.

Liquidity as of March 31, 2007 was solid and consisted of:

    i) US$715 million in cash and cash equivalents; and

   ii) a US$2.0 billion senior unsecured revolving credit
       facility,

which was entered into on May 10, 2007 and replaced a
US$1.35 billion credit facility which was undrawn as of
March 31.

Flextronics also utilizes an off-balance sheet accounts receivable
securitization program as well as one-time A/R sales for additional
liquidity.

Total debt as of March 31, 2007 was US$1.5 billion and consisted of:

    -- US$8 million in short-term debt including credit
       facilities and the current portion of capital leases;

    -- US$195 million in zero coupon convertible junior
       subordinated notes due 2009;

    -- US$500 million in 1% convertible subordinated notes due
       2010;

    -- US$400 million in 6.5% senior subordinated notes due
       2013;

    -- US$389 million in 6.25% senior subordinated notes due
       2014;

    -- US$8 million in other long-term debt.

Flextronics also had US$428 million outstanding under its trade
receivables securitization program and US$399 million in uncollected
receivable sales.

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide.  The company delivers complete design,
engineering, and manufacturing services to aerospace, automotive,
computing, consumer digital, industrial, infrastructure, medical and
mobile original equipment manufacturers.

The company has operations in Brazil and Mexico.


INFORMATICS EDUCATION: Reorganizes Board of Committee
-----------------------------------------------------
Informatics Education Ltd. disclosed that it has appointed Tan Sri Datuk
Seri Panglima Dr. Abu Hassan Othman as the company's Non-Executive
Director June 1, 2007.  On the same day, Tan Sri Dato’Vincent Tan Chee
Yioun had also handed over the Chairmanship of Informatics to Tan Sri Abu
Hassan and resigned as the company's Non-Executive Director.

The company's Board of Directors comprises now of:

   * Tan Sri Datuk Seri Panglima Dr. Abu Hassan Othman as Non-
     Executive Director & Chairman;

   * Valentine Philip Ortega as Executive Director & Chief
     Executive Officer;

   * Tong Chiu Fai as Executive Director;

   * Wong Wee Woon as Executive Director;

   * Dato’ Mohd Annuar Bin Zaini as Non-Executive Director;

   * Freddie Pang Hock Cheng as Non-Executive Director;

   * Professor Chew Soon Beng as Independent Director;

   * Ung Gim Sei as Independent Director; and

   * Anderson Tang Siu Ki as Independent Director

                  About Informatics Education

Formerly known as Informatics Holdings, Ltd., Informatics
Education Ltd -- http://www.informatics.edu.sg/-- was
established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled information technology
manpower and knowledge-based workers to build and sustain the
rapid economic development in the region.  Informatics' core
business activities are training and education, IT-related
services and franchise operations.  Informatics was at the
center of a scandal that began in mid-April 2004 when it
admitted that it has overstated profits and understated costs
for the nine months ended December 2003 in its quarterly
financial statement.  The scandal started a string of losses for
the education services provider.

                       Significant Doubt

On July 11, 2006, Ernst and Young, the company's independent
auditors, raised substantial doubt on the company's ability to
continue as a going concern, with The group's net loss of
SG$22,818,000 for the year ended March 31, 2006. As at March 31,
2006, the group was in a net shareholders' deficit position of
SG$14,772,000." E&Y adds: "As at 31 March 2006, the ability of
the group and company to meet its financial obligations and to
continue as going concerns depend on the group's success in
implementing its plans to streamline its business and generating
sufficient positive cash flows from its operations."


PETROLEO BRASILEIRO: May Supply Ethanol to Japanese Plants
----------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA's downstream
director Paulo Roberto Costa told Business News Americas that the firm is
exploring the possibility of supplying ethanol to Japanese power plants.

Mr. Costa commented to BNamericas, "We are testing ethanol-fueled power
plants in partnership with Tokyo Electric Power as they are studying the
substitution of natural gas for the production of energy."

BNamericas relates that Petroleo Brasileiro will begin testing ethanol in
its 386-megawatt Barbosa Lima Sobrinho thermo power plant in Rio de
Janeiro in August 2007.

Mr. Costa explained to BNamericas, "We are adapting some of the plant's
turbines from natural gas to ethanol.  If successful, we will be able to
have a substitute for natural gas if we ever have a supply problem in the
market."

Mr. Costa told BNamericas that nations like Japan and Spain must use more
ethanol to substitute oil products.

According to BNamericas, Japan and Spain depend on ethyl tertiary butyl
ether (ETBE) as a supplement to fuel oil.

"If you use ethanol instead of ETBE, you reduce the dependency on oil and
at the same time improve environmentally," Mr. Costa told BNamericas.

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

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

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

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

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


PETROLEO BRASILEIRO: Seeking Partners for Biodiesel Plants
----------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's downstream director
Paulo Roberto Costa told Business News Americas that it is negotiating
with investors for partnerships in future biodiesel plants in Brazil.

Petroleo Brasileiro is holding discussions with Brazilian and foreign
investors, BNamericas notes, citing Mr. Costa, who refused to disclose any
potential investors due to confidentiality clauses.

BNamericas relates that Mr. Costa said in the Hart energy conferenc in Rio
de Janeiro, "We are available as partners in new biodiesel plants.  If
there is any investor interested in being partners with Petrobras
[Petroleo Brasileiro], just look us up."

Petroleo Brasileiro is studying plans on owning majority stakes in the
projects to have greater control over the fuel.  It will still disclose a
formal decision, BNamericas says, citing Mr. Costa.  The firm is aiming
for 855,000 cubic meters per year of biodiesel production in 2011.

Petroleo Brasileiro is constructing three biodiesel plants that will have
total output capacity of 170,000 cubic meters yearly.  The first plant
will start operating in January 2008, BNamericas states.

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

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

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

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

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


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

BANGKOK BACK: Sells 20.19% Holdings in Sri U-Thong for THB15MM
--------------------------------------------------------------
Bangkok Bank PCL sold 21,500,000 common shares or 20.19% of its
holdings in Sri U-Thong Co. Ltd. for THB15 million.

In a disclosure with the Stock Exchange of Thailand, the bank said that
the sale reduced its shareholding in Sri U-Thong from 26.93% to 6.74%.

The company did not give further details on the transaction in its
disclosure.

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.

On May 30, 2007, Fitch Ratings 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)).


OSI RESTAURANT: Stockholders Approve Amended Merger Agreement
-------------------------------------------------------------
OSI Restaurant Partners Inc.’s stockholders adopted an agreement
and plan of merger dated Nov. 5, 2006, among the company, Kangaroo
Holdings Inc. and Kangaroo Acquisition Inc., as amended on May 21, 2007.

Kangaroo Holdings Inc. is controlled by an investor group
comprised of investment funds associated with Bain Capital
Partners LLC and investment funds affiliated with Catterton
Management Company LLC.  OSI’s founders, certain holders associated with
one of its founders and certain members of its management are expected to
exchange shares of OSI’s common stock for shares of Kangaroo Holdings Inc.
in connection with the merger.

The amended merger agreement was adopted by the holders of a majority of
OSI’s outstanding common stock, as required by Delaware law.  In addition,
the holders of a majority of the number of shares of OSI’s common stock
held by holders that are not participating holders voted for the adoption
of the amended merger agreement and the merger, as required by a condition
to closing under the amended merger agreement.

OSI expects that the transactions contemplated by the amended merger
agreement will be consummated on or prior to June 19, 2007, subject to
satisfaction of the conditions to closing under the amended merger
agreement.

Under the terms of the amended merger agreement, each outstanding share of
OSI’s common stock (other than shares held in OSI’s treasury, shares owned
by OSI’s subsidiaries, Kangaroo Holdings Inc. or Kangaroo Acquisition Inc.
and shares held by stockholders who perfect appraisal rights in accordance
with Delaware law) will be converted into the right to receive US$41.15 in
cash.

OSI’s founders, Messrs. Sullivan, Basham and Gannon, have agreed
with Kangaroo Holdings Inc. that they will receive only US$40.00 per share
in cash for their shares (other than shares they will be contributing to
Kangaroo Holdings Inc. in exchange for its stock, which will be exchanged
at a per share valuation of US$40.00 per share) in a sale transaction with
a member of the investor group consummated immediately prior to, but
expressly conditioned upon, the consummation of the merger.

                   About Bain Capital Partners

Bain Capital Partners LLC -- http://www.baincapital.com/-- is a
global private investment firm that manages several pools of
capital including private equity, venture capital, public equity
and leveraged debt assets with approximately US$40 billion in assets under
management.  Since its inception in 1984, Bain Capital has made private
equity investments and add-on acquisitions in over 230 companies around
the world.  Headquartered in Boston, Bain Capital has offices in New York,
London, Munich, Tokyo, Hong Kong and Shanghai.

                        About Catterton

Catterton -- http://www.cpequity.com/-- is a private equity firm in the
U.S. focused exclusively on the consumer industry.  Since its founding in
1990, Catterton has leveraged its investment capital, strategic and
operating skills, and network of industry contacts to establish one of the
strongest investment track records in the consumer industry.

                  About OSI Restaurant Partners

OSI Restaurant Partners, Inc.’s portfolio of brands consists of Outback
Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime
Steakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s, Blue Coral Seafood &
Spirits and Cheeseburger in Paradise restaurants.  It has operations in 50
states and 20 countries, including Thailand, Brazil and the United
Kingdom, internationally.


OSI RESTAURANT: S&P Affirms Ratings and Removes Developing Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Tampa,
Florida-based OSI Restaurant Partners Inc., including its 'B+' corporate
credit rating, and removed them from CreditWatch, where they were placed
on May 9, 2007, with developing implications.

The outlook is negative.

The CreditWatch listing reflected S&P’s concern that a higher priced bid
would be financed with additional debt.  The removal from CreditWatch
follows the company's announcement that its stockholders adopted an
amended merger agreement whereby shares will be converted into US$41.15 in
cash, rather than the originally expected US$40 per share.  The increased
purchase price will be funded with equity from the investor group,
comprised of Bain Capital Partners, Catterton Partners, and company
founders and management, that is purchasing OSI.  S&P expect the
transaction to close by June 19, 2007.

"The negative outlook reflects leverage that is currently high for the
'B+' rating," said Standard & Poor's credit analyst Jackie E. Oberoi.
Should OSI reduce leverage to less than 6.5x by the end of 2007 through
measures that include improvement in same-store sales for OSI's core
Outback Steakhouse concept and continued success with recent expense
reduction measures, a stable outlook could result.

OSI Restaurant Partners, Inc.’s portfolio of brands consists of Outback
Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime
Steakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s, Blue Coral Seafood &
Spirits and Cheeseburger in Paradise restaurants.  It has operations in 50
states and 20 countries, including Thailand, Brazil and the United
Kingdom, internationally.


TRUE CORP: S&P Lowers Corporate Credit Rating From B+ to BB-
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Thailand's integrated communications provider True Corp. Public Co. Ltd.
to 'B+' from 'BB-'. The outlook is negative.

"The rating downgrade and negative outlook reflect the group's weaker
credit profile due to low earnings visibility and the risk of higher
regulatory costs related to the pending interconnection settlement and
access charges of its cellular subsidiary, True Move Co. Ltd.
(B+/Negative/--)," said Standard & Poor's credit analyst Yasmin Wirjawan.
The company continued to book net recurring losses in the first three
months of
2007.  Profitability pressure in the fixed-line and wireless segments
should persist amid intense competition and regulatory uncertainties in
the domestic telecom market. "These factors have resulted in a slower than
anticipated deleveraging program," Ms. Wirjawan added.

The corporate credit rating on True Corp. reflects the company's high
leverage position and weak cash flow protection measures, the highly
competitive environment, and regulatory uncertainties. These risks are
offset by the company's strong position in the domestic fixed-line,
broadband, and pay-TV markets, its growing presence in the cellular
market, and the diversified services it provides.

"There is about a one-in-three chance that the group, with its high
leverage position in a challenging operating environment, may breach the
debt financial covenant targets required by certain creditors to be met
post-September 2007," Ms. Wirjawan noted. "However, there is a reasonable
possibility that the relevant creditors may consider a waiver, extension,
or novation of such requirements."

True Corp.'s liquidity position is weak. Its cash balance, including
restricted cash for debt service and short-term investments of THB5.6
billion (US$165 million) as of March 31, 2007, is not enough to cover the
debt (including procurement payable) due in one year of THB15 million. The
company generates an average FFO of THB11 billion-THB12 billion annually
and it is seeking refinancing to cover part of its near-term obligations.
The rating may be lowered further if the group is unable to address its
near term liquidity issues and if its financial
ratios continue to weaken materially.  However, the outlook could be
changed to stable if the company improves its gearing position and turns
around its profitability and cash flow measures with no deterioration in
its business profile.


TRUE MOVE: S&P Lowers Corporate Credit Rating From B+ to BB-
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Thailand's cellular provider True Move Co. Ltd. to 'B+' from 'BB-'.  The
outlook is negative.

True Move's issue rating is affirmed at 'B' based on the expectation that
priority debt to total assets will be between 15% to 30% on a sustainable
basis following the refinancing of part of True Move's secured debt.  This
refinancing will involve the issuance of US$465 million bond and the
upcoming THB7.9 billion (US$232 million) equivalent unsecured loan.

"The rating downgrade and negative outlook reflect those on the rating of
the parent company, True Corp. Public Co. Ltd. (B+/Negative/--),
indicative of the group's weaker credit profile due to low earnings
visibility and the risk of higher regulatory costs, related to True Move's
pending interconnection settlement and access charges," said Standard &
Poor's credit
analyst Yasmin Wirjawan. "Profitability pressure in the fixed-line and
wireless segments should persist amid intense competition and regulatory
uncertainties in the domestic telecom market."

The corporate credit rating on True Move reflects its leverage and weak
cash flow protection measures, the highly competitive environment, and
regulatory uncertainties. These factors are offset by True Move's
strategic importance to True Corp., the company's growing presence in the
cellular market, and the diversified services it provides.

"There is about a one-in-three chance that the group, with its high
leverage position in a challenging operating environment, may breach the
debt financial covenant targets required by certain creditors to be met
post-September 2007.  There is a reasonable possibility, however, that the
relevant creditors may consider a waiver, extension, or novation of such
requirements," Ms. Wirjawan added.

True Move's liquidity position is weak. Its cash balance, including
restricted cash for debt service and short-term investments of THB1.2
billion as of March 31, 2007, is not enough to cover debt (including
procurement payable) due in one year of THB5.9 billion.  The company
generates funds from operations of about THB4 billion per year.  It is
seeking
refinancing through the above mentioned THB7.9 billion equivalent
unsecured loan to cover part of its near-term obligations.  The rating may
be lowered further if the group is unable to address near term liquidity
issues and if its financial ratios continue to weaken materially.
However, the outlook could be changed to stable if the group improves its
gearing position and turns around its profitability and cash flow measures
with no deterioration in its business profile.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Austar United Communications
   Limited                        AUN     411.16      -43.72
Global Wine Ventures Limited      GWV      22.04       -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1637.04    -1443.69
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
Orbital Corp. Ltd.                OEC      14.01       -4.86
RMG Ltd.                          RMG      22.33       -2.16
Tooth & Co. Ltd.                  TTH      99.25      -74.39


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Chang Ling Group                  561      77.48      -76.83
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Kejian Co. Ltd.              35      54.71     -179.23
China Liaoning International
  Cooperation (Group) Ltd         638      20.12      -42.96
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Fujian Sannong Group Co. Ltd      732      44.23      -92.62
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kelon Electrical
   Holdings Co Ltd                921     596.71      -94.69
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co., Ltd         600759      29.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Heilongjiang Black Dragon
   Co., Ltd                    600187     121.30      -74.45
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -21.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen China Bicycle Co.,
  Hlds.  Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
  Tech. and Service Co., Ltd.     863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.82      -62.11
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information Industry
   Group Co.                      517      99.92      -14.29
Suntek Technology Co., Ltd     600728      48.81      -16.09
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Tianyi Science & Technology
   Co., Ltd                    600703      53.41      -28.73
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
UNIDA Co., Ltd.                600181     136.43      -12.38
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Limited             DNLP      52.75      -65.30
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Himachal Futuris                 HMFC     574.62      -38.68
JCT Electronics Ltd.             JCTE     118.28     -165.74
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Shyam Telecom Limited             SHY     147.34      -22.80
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     653.56       -9.99


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Dharmala Intiland Tbk            DILD     197.91       -6.62
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Steel Works Tbk    JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Steady Safe                      SAFE      19.65       -2.43
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Orient Corporation               8585   37956.19    -1109.02
Sumiya Co., Ltd.                 9939      89.32      -11.57
Tasco System Co., Ltd            2709      48.45      -14.07
Yakinikuya Sakai Co., Ltd.       7622      79.34      -11.20


KOREA

Belco International Co., Ltd    53470      19.89       -5.49
BHK Inc                          3990      24.36      -17.38
C&C Enterprise Co. Ltd.         38420      28.05      -14.50
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      23.15       -5.10
Seji Co., Ltd                   53330      37.25       -0.31
Tong Yang Major Corp.            1520    2332.81      -86.95


MALAYSIA

Ark Resources Bhd                 ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Gefung Holdings Bhd              GFHB      21.68       -1.74
Lityan Holdings Berhad            LIT      22.22      -19.11
Mentiga Corporation Berhad       MENT      22.13      -18.25
Mycom Bhd                         MYC     222.58     -136.17
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
PanGlobal Berhad                  PGL     189.92      -50.36
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Sateras Resources Bhd.       SRM/4278      44.73      -38.82
Setegap Berhad                    STG      19.92      -26.88
Sino Hua-An International Bhd   HUAAN     184.60      -98.30
Wembley Industries
Holdings Bhd                     WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property      UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

Compact Metal Industries Ltd.     CMI      47.42      -36.47
Falmac Limited                    FAL      10.51       -2.30
Gul Technologies                  GUL     155.76      -15.21
HLG Enterprise                   HLGE     116.77       -8.71
Informatics Holdings Ltd         INFO      22.30       -9.14
L & M Group Investments Ltd       LNM      56.91      -10.59
Lindeteves-Jacoberg Limited        LJ     185.49      -46.43
Pacific Century Regional          PAC    1569.35      -88.20
Semitech Electronics Ltd.         SEMI     11.01       -0.23


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group PLC              DAIDO      12.92       -8.51
Datamat Public Co., Ltd           DTM      17.55       -1.72
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********

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-Dy, Frauline S. Abangan, and Peter A. Chapman, Editors.

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

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

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

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