TCRAP_Public/070611.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, June 11, 2007, Vol. 10, No. 114

                            Headlines


A U S T R A L I A

ADELL PTY: Members' Final Meeting Set for June 25
ALUMELT PTY: Sets Final Meeting on June 25
ANSETT AUSTRALIA: JHVS Acquisition Secures Former Employees
CLEVELAND-CLIFFS: Sells Wabush Interest to Consolidated Thompson
EVANS & TATE: Shares Placed In Trading Halt

G & T PTY: Sets Members' Final Meeting for June 26
HIH INSURANCE: Former CFO Sentenced to Three Years in Jail
IMECO PTY: Inability to Pay Debts Prompts Liquidation
J.H.G. ELRINGTON: Members Opt to Shut Down Business
JATRONICS PTY: Members' Final Meeting for July 6

NIGHTHAWK RADIOLOGY: Moody's Assigns Ba3 Corporate Family Rating
NIGHTHAWK RADIOLOGY: S&P Puts Corporate Credit Rating at B+
PAN PHARMACEUTICALS: Prosecutors to Appeal Ruling Favoring Selim
REESS COMPUTER: Inability to Pay Debts Leads to Wind-Up
SPYWING PTY: To Declare Dividend for Priority Creditors

TRIPOS INC: Completes R&D Business Sale to Commonwealth Biotech
VIMI PTY: Liquidator to Present Wind-Up Report on June 20
WHALE WATCH: Liquidator to Present Wind-Up Report


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Reform Plan Proposals Out Soon
ALL AMERICAN: Court OKs Asset Sale to Rock River and Lenders
ASIA POWER: Members Set to Meet on  July 15
BALCANOONA LIMITED: Sets Members' Final Meeting for July 3
BALLY TOTAL: Michael Feder Replaces John Wildman as COO

BANK OF COMMUNICATIONS: Plans Over US$400-Mil. QDII Investment
BENQ CORP: Option NV Buys Mobile Unit's Laboratories & Manpower
BENQ CORP: Former BenQ Mobile Managers to Hand Back Bonuses
BEST ASSET: Contributories & Creditors to Meet on June 22
BETONSPORTS PLC: Placed Into Creditors' Voluntary Liquidation

BOWA COMMERCIAL: TRC Lowers Counterparty Credit Rating to twB
CHONQING CHANGAN: To Invest US$1.57 Billion in R&D
CII CARBON: Rain Calcining All-Cash Deal Cues S&P's Neg. Watch
CITIMIND LIMITED: Liquidators Quit Posts
DAIMLERCHRYSLER: Recalls 1,443 Chrysler 300C Sedans in China

DANA CORP: Court OKs Sale of Fluid Products Businesses to Orhan
FOUNDATIONASIA LIMITED: Final Meetings Set for July 3
HENDRX CORP: Posts US$438,593 Net loss in Quarter Ended March 31
HOPSON DEVELOPMENT: S&P Cuts Credit Rating to BB
MARTIN (FAR EAST): Contributories & Creditors to Meet on June 22

MEGA-CARE: Sets Members' Final Meeting on July 10
NATURALLY ADVANCED: Loses US$134,818 in Qtr. Ended Mar. 31
PACIFIC WINES: Annual Meetings Set for July 3
PETROLEOS DE VENEZUELA: Protests Hurt Firm's Bonds
SANMINA-SCI: Intends to Offer US$600 Million of Senior Notes

SANMINA-SCI: Fitch Rates Proposed US$600 Million Notes at BB+
SANMINA-SCI: Moody's Rates US$600 Million Senior Notes at Ba3
SANMINA-SCI: S&P Rates US$600 Million Floating-Rate Notes at B+
SKYPORT ENTERPISES: Sets Final General Meeting on July 9
YAT KA: Shareholders Agree on Voluntary Liquidation


I N D I A

ALGOMA ACQUISITION: Moody's Junks Rating on US$450 Million Notes
AMERICAN AXLE: Fitch Expects to Rate Senior Term Loan at BB
HAYES LEMMERZ: Unit Completes Tender Offer for 10-1/2% Sr. Notes
NAGARJUNA FERTILIZERS: Denies Report on Rallis Acquiring Stake
ORIENTAL BANK OF COMMERCE: Sets Shareholders AGM on June 14

PUNJAB NATIONAL BANK: Names K. C. Chakrabarty as New CMD
VEDANTA RESOURCES: Moody's Puts Ba1 Long-Term Sr. Unsec. Rating


I N D O N E S I A

ALCATEL-LUCENT: Inks Two-Year Agreement with Comcel
ANEKA TAMBANG: To Acquire Gold Mining Companies
BANK CENTRAL: To Pay IDR115 Per Share 2006 Dividend
BANK NIAGA: Revises 2006 Dividend Payment to IDR10.14 Per Share
BANK RAKYAT: Declares IDR172.33 Per Share 2006 Dividend

MULIALAND: Pays No Dividend for Fiscal Year 2006
PAKUWON JATI: Buys Land for Real Estate Development


J A P A N

ALITALIA SPA: Pegs April 2007 Net Debt at EUR1.08 Billion
FORD MOTOR: Navistar Files Lawsuit for Breach of Contract
MATSUSHITA: Recalls Appliances Due to Defects
SOFTBANK: Leads Rivals in Net Subscription for May 2007


K O R E A

ACTUANT CORP: Prices US$250MM Senior Notes Private Placement
CURON INC: To Issue 1,694,069 Shares Via Private Placement
DYNCORP INT'L: Earns US$18.9 Million in Fourth Quarter 2007
DYNCORP INT'L: Will Repurchase US$10 Mil. of Shares of Stock
E-NET CORP: Platinum Partners Reduces Stake to 3.43%

EG GREENTECH: Completes Issuance of 543,478 Common Shares
NOVELIS CORP: Moody's Rates US$860 Million Senior Notes at Ba2
TOWER AUTOMOTIVE: Judge Gropper Approves Disclosure Statement
TOWER AUTOMOTIVE: Plan Confirmation Hearing Scheduled on July 11


M A L A Y S I A

DCEIL INTERNATIONAL: Bursa to Delist Securities on June 18
MALAYSIA AIRLINES: Cuts Inbound Fare Prices for Asean Neighbors
MEMORY TECH: RAM Places Default Rating on MYR320 Million BAIDS
SUREMAX GROUP: Bursa Defers June 13 Delisting on Appeal


N E W  Z E A L A N D

ASPIRE NEW ZEALAND: Subject to CIR's Wind-Up Petition
AWANUI COMPUTERS: Fixes June 28 as Last Day to Prove Claims
BUSINESS BACKUP: Sets Wind-Up Petition Hearing for June 14
GLASS EARTH LTD: Books CD$887,000 Loss for Period Ended Dec. 31
GLASS EARTH: Incurs CD$344,000 Net Loss in 1st Quarter FY2007

HAIR ON DEVONPORT: Faces CIR's Wind-Up Petition
HOLMES DECORATING: Wind-Up Petition Hearing Set for June 14
PCR CONTRACTING: Court to Hear Wind-Up Petition Today
PCRC PROPERTY: Court to Hear Wind-Up Petition on June 11
PHRUDAN HOLDINGS: Subject to CIR's Wind-Up Petition

RUKA RUKA: Subject to CIR's Wind-Up Petition
WARWICK MEWS: Wind-Up Petition Hearing Set for June 11


P H I L I P P I N E S

BANCO DE ORO-EPCI: S&P Withdraws Ratings for Equitable on Merger
BANGKO SENTRAL: Keeps Interest Rate Despite High Money Supply
CHIQUITA BRANDS: Colsiba Accuses Possible Covenant Breach
GUESS?: Morgan Keegan Reaffirms Outperform Rating on Firm'
GUESS? INC: Earns US$35.5 Million in First Quarter Ended May 5

MANILA ELECTRIC: Will Start Paying PHP12-Bil. Loan by Jan. 2008
WARNER MUSIC: Fitch Comments on Risk of Potential Bid for EMI
WENDY'S INT'L: Named Favorite QSR Brand for Second-Straight Year
* Local Firms May Invest More in Foreign Countries, BSP Says


S I N G A P O R E

AUDRICH INTERNATIONAL: Pays Second & Final Dividend
CHEMTURA CORPORATION: Reports Certain Executive Appointments
GLOBAL AERO: Pays Final Dividend to Creditors
HLG ENTERPRISE: Stikes Off Dalat-Dankia and DD Management
PRUDENTIAL EQUITY: Equity Research Operations Discontinued

SEA CONTAINERS: Court Fixes July 16 as Claims Bar Date
SEA CONTAINERS: Wants Exclusive Period Extended to Sept. 28
SPECTRUM BRANDS: A. Genito Promoted to Chief Financial Officer
WP CONC-PACT: Receiving Proofs of Debt Until June 22


T H A I L A N D

DATAMAT PCL: Appoints Two Auditors For 2006 Onwards
HANTEX PCL: Trading Still Suspended Despite SET's OK for Listing
KASIKORN BANK: Appoints Members of Audit Committee
NATURAL PARK: Siam City Bank to Sell Assets Sworn as Collateral
PICNIC CORP: SET Seeks Clarification on Lease Payment by Unit

SIAM CITY: To Auction Off Natural Park's Collateral Assets
SR TELECOM: Posts CDN$12.2 Mil. Net Loss in Qtr. Ended March 31



     - - - - - - - -

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

ADELL PTY: Members' Final Meeting Set for June 25
-------------------------------------------------
The members of Adell Pty will have their final meeting on
June 25, 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:

         A. L. Wright
         Shearer & Elliss
         Level 1, 5 King William Road
         Unley, South Australia
         Australia

                      About Adell Pty

Located in Victoria, Australia, Adell Pty Ltd is an investor-
relation company.


ALUMELT PTY: Sets Final Meeting on June 25
------------------------------------------
A final meeting will be held for the members of Alumelt Pty Ltd
on June 25, 2007, at 9:00 a.m., on Level 8 at 15 Blue Street in
North Sydney, Australia.

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

                       About Alumelt Pty

Alumelt Pty Ltd operates unit investment trusts, face-amount
certificate offices, and closed-end management investment
offices.  The company is located in North Sydney, New South
Wales, Australia.


ANSETT AUSTRALIA: JHVS Acquisition Secures Former Employees
-----------------------------------------------------------
Former employees of Ansett Australia Pty Ltd. have been secured
by John Holland Aviation Services' acquisition of their
employer, reports Mathew Murphy of The Age.

Mr. Murphy writes that more than 150 former Ansett Australia
staff will be doing maintenance and engineering services to
commercial airlines such as Tiger with its operations to be
based at Melbourne Airport under the wings of John Holland.

According to State Development Minister Theo Theophanous the
agreement gave Ansett workers permanent, stable employment,"
relates Mr. Murphy.

                    About Ansett Australia

Ansett Australia Pty Ltd. -- http://www.ansett.com.au/-- was a
major Australian domestic and international airline at its
height in 1996.  Ansett operated for 66 years and 11 days after
its first take off from Hamilton in Western Victoria.

On September 12, 2001, the acting chairman of Air New Zealand,
Jim Farmer, announced that Ansett Holdings and a number of its
subsidiary businesses, including airlines, have resolved into
voluntary administration.  Gregory Hall, Peter Hedge and Allan
Watson of PricewaterhouseCoopers were appointed as
administrators to take control of Ansett.

On September 17, 2001, Mr. Hedge stood down as administrator.
Accordingly, Mark Korda and Mark Mentha of KordaMentha Pty Ltd
were named as the new administrators of the Ansett Group of
Companies.  The new administrators estimated Ansett's debt to be
as high as
AU$2 billion.

On May 2, 2002, 36 Ansett companies under administration
executed Deeds of Company Arrangement.  Copies of the DOCAs can
be accessed for free at:

        http://www.ansett.com.au/administrator/doca.htm


Since March 4, 2002, flights operated by the Ansett Australia
Group ceased.

A timeline of announcements made by the Ansett Administrators
from the time of Ansett's resolve into Voluntary Administration
is available for free at:

        http://www.ansett.com.au/timeline/timeline_f.htm


CLEVELAND-CLIFFS: Sells Wabush Interest to Consolidated Thompson
----------------------------------------------------------------
Cleveland-Cliffs Inc. has accepted an offer to sell its 26.8%
interest in the Wabush Mines joint venture.

Under the definitive purchase agreement contemplated in the
offer accepted Wednesday, Consolidated Thompson Iron Mines Ltd.
will acquire the 71.4% of the Wabush Mines joint venture owned
directly or indirectly by Cleveland-Cliffs (26.8%) and Stelco
Inc. (44.6%) for US$64.3 million in cash plus 3 million warrants
of CLM common shares and assumption by CLM of ongoing employee
and asset retirement obligations.  Cleveland-Cliffs' pro rata
share would be US$24.1 million in cash and warrants, entitling
Cleveland-Cliffs to purchase approximately 1.1 million CLM
common shares at CAD$5.10 per share for a two-year period.

As part of the transaction, Cleveland-Cliffs would enter into an
off-take agreement whereby CLM will sell to Cleveland-Cliffs a
portion of its pro rata share of the 4.8 million tons of
committed annual pellet production from the date of closing
until
Dec. 31, 2009.

Dofasco Inc., a subsidiary of Mittal Steel Company N.V., holds
the remaining 28.6% of the Wabush Mines joint venture.  The
acceptance of CLM's offer by Cleveland-Cliffs and Stelco
triggers a 90-day purchase option that may be exercised by
Dofasco.

Completion of the transaction is subject to a number of
conditions, including receipt of requisite regulatory approval
and the execution of definitive agreements.  Closing would occur
shortly after a Dofasco waiver is executed or expiration of its
90-day purchase option.

Cleveland-Cliffs President--North American Iron Ore Donald J.
Gallagher stated, "This is a good transaction for all of the
parties involved.  As previously discussed, Wabush has long-term
issues with its pit, and adding CLM's new resource to the
existing mine and plant bodes well for both the long-term life
of the Scully Mine and the Point Noire operations and the jobs
associated with those facilities.

"In addition to the cash proceeds, Cliffs will be relieved of
significant liabilities and will be able to allocate its
available resources to longer lived assets in North America and
its global growth strategies," he concluded.

                    About Cleveland-Cliffs Inc.

Based in Cleveland, Ohio, Cleveland-Cliffs Inc. (NYSE:
CLF) -- http://www.cleveland-cliffs.com/-- produces iron ore
pellets in North America, and sells the majority of its pellets
to integrated steel companies in North America and Canada. The
company operates six iron ore mines located in Michigan,
Minnesota and Eastern Canada.  The company is a majority owner
of Portman Limited, an iron ore mining company in Australia,
serving the Asian iron ore markets with direct-shipping fines
and lump ore.

                          *     *     *

Cleveland-Cliffs, Inc.'s preferred stocks carry Moody's Investor
Service's 'B3' rating.


EVANS & TATE: Shares Placed In Trading Halt
-------------------------------------------
Evans & Tate Ltd shares were placed in a trading halt Friday
morning, pending an announcement by the company, The West
Australian reports.

According to the report, a statement from the ASX said that
Evans & Tate shares would remain in pre-open until the
commencement of trading on June 13, or when the announcement is
made.

The report did not mention of any reason for the winemakers'
decision to suspend trading.

                     About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter - Asia Pacific reported on
September 15, 2006, that Evans & Tate Limited posted a loss of
AU$63.9 million for the 2005-2006 financial year, down 12% on
the corresponding figure for the previous year.

The TCR-AP report also stated that as of June 30, 2006, the
company's balance sheet revealed strained liquidity with
AU$90.930 billion in total current assets available to pay
AU$152.377 billion of total current liabilities coming due
within the next 12 months.  Further, Evans & Tate's June 30,
2006 balance sheet also showed total liabilities of
AU$207.445 billion exceeding total assets of AU$139.792 billion,
resulting to total shareholders' deficit of AU$67.653 billion.

                          Going Concern

The same TCR-AP report adds that Evans & Tate says that the
financial report has been prepared on a going concern basis,
noting that as at June 30, 2006, certain matters are considered
pertinent when considering the ability of the consolidated
entity to continue as a going concern.  The company notes that
if it is unable to continue as a going concern, it will be
required to realize its assets and extinguish its liabilities
other than in the normal course of business and at amounts that
may be different to those stated in the financial report.


G & T PTY: Sets Members' Final Meeting for June 26
--------------------------------------------------
A final meeting will be held for the members of A G & T Pty Ltd
on June 26, 2007, at 2:00 p.m.

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

The company's liquidator is:

         Ralph Maxwell Hortle
         Bonney Hortle & Partners Pty Ltd
         56 Oldaker Street
         Devonport, Tasmania 7310
         Australia

                       About G & T Pty

G & T Pty Ltd is a distributor of paint, varnishes, and
supplies.  The company is located in Tasmania, Australia.


HIH INSURANCE: Former CFO Sentenced to Three Years in Jail
----------------------------------------------------------
HIH Insurance Limited's former finance director and chief
financial officer, Dominic Fodera, was sentenced to a maximum of
three years for authorizing the issue of a prospectus that
contained a material omission, the Australian Securities and
Investment Commission disclosed last week.

NSW Supreme Court Justice Megan Lathan sentenced Mr. Fodera to
three years but ordered his release on a good behavior bond
after two years.   According to The Courier-Mail, Justice
Lathan's reasons for her judgment have been kept confidential
for legal reasons.

According to ASIC, on October 26, 1998, Mr. Fodera was found
guilty of authorizing the issue of a prospectus by HIH Holdings
(NZ) Ltd to raise up to AU$155 million of converting notes, that
contained a material omission.  The prospectus omitted to
disclose the effect of a transaction entered into at the same
time between HIH and Societe Generale Australia Limited.

                     About HIH Insurance

HIH Insurance Limited -- http://www.hih.com.au/-- the holding
company of the HIH Group, was a publicly listed company in
Australia.  Prior to its collapse, the HIH Group was known as
the second largest general insurer in Australia, and had
operations in many other countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.

                          *     *     *

On February 28, 2001, Troubled Company Reporter reported that
Standard & Poor's lowered its insurer financial strength and
counterparty credit ratings on the core operating entities of
HIH Insurance Ltd. (HIH--comprising HIH Casualty and General
Insurance Ltd., and CIC Insurance Ltd.) to triple-'B'-minus from
triple-'B'-plus. The ratings remain on CreditWatch with negative
implications, where they were placed on Sept. 13, 2000.

The ratings action follows HIH's disclosure to the market that a
current review of claims estimates, asset valuations, and
business restructuring may have a material impact on the interim
loss to Dec. 31, 2000. This clarification follows HIH's Dec. 15,
2000, disclosure of a likely operating loss for this period, and
recent market speculation on the magnitude of the loss.

Although HIH has not yet quantified the loss (it expects to
report its interim result on March 16, 2001), Standard & Poor's
believes that the loss will be outside the tolerance of the
triple-'B'-plus/Watch Neg/-- rating assigned to HIH in November
2000. Although the realization of such a loss will have a
detrimental impact on the capital position of the company in the
short term, Standard & Poor's believes a significant proportion
of the loss is attributable to once-off restructuring items and
the treatment of intangible items. As such, the outlook for the
profitability of the ongoing operations is more favorable in the
medium term.

The ratings remain on CreditWatch negative pending finalization
of the amount and composition of the half-year result, the
outcome of the strategic review currently underway, and the
extent to which the strategic review results in a supportive
capital position.

Ratings lowered, remain on CreditWatch with negative
implications:

                                  To               From

HIH Insurance Ltd.               Not Rated

HIH Casualty and General
Insurance Ltd.

      Insurer financial
      strength rating           BBB-/Watch Neg    BBB+/Watch Neg

      Counterparty
      credit rating             BBB-/Watch Neg/   BBB+/Watch Neg

      Euro floating-rate
      subordinated bonds        BB/Watch Neg      BBB-/Watch Neg

CIC Insurance Ltd.

      Insurer financial
      strength rating           BBB-/Watch Neg    BBB+/Watch Neg

      Counterparty
      credit rating             BBB-/Watch Neg/   BBB+/Watch Neg

FAI General Insurance Co. Ltd.

     Insurer financial
     strength rating            BBB-/Watch Neg    BBB+/Watch Neg

     Counterparty
     credit rating              BBB-/Watch Neg/-- BBB+/Watch Neg

HIH Insurance (Asia) Ltd.

     Insurer financial
     strength rating            BBB-/Watch Neg    BBB+/Watch Neg

     Counterparty
     credit rating              BBB-/Watch Neg/-- BBB+/Watch Neg

HIH WorkAble Ltd.

     Insurer financial
     strength rating            BBB-/Watch Neg    BBB+/Watch Neg

     Counterparty
     credit rating              BBB-/Watch Neg/-- BBB+/Watch Neg


IMECO PTY: Inability to Pay Debts Prompts Liquidation
-----------------------------------------------------
During a meeting held on May 25, 2007, the members of Imeco Pty
Ltd agreed to liquidate the company's business due to the
company's inability to pay its debts.

The company's liquidator is:

         G. G. Woodgate
         c/o Woodgate & Co
         Australia
         Telephone 9233 6088

                         About Imeco Pty

Imeco Pty Ltd is a distributor of metal shipping barrels, drums,
kegs and pails.  The company is located in New South Wales,
Australia.


J.H.G. ELRINGTON: Members Opt to Shut Down Business
---------------------------------------------------
During a general meeting held on May 20, 2007, the members of
J.H.G. Elrington Pty Ltd decided to shut down the company's
business and appointed Peter Valjan as liquidator.

The Liquidator can be reached at:

         Peter Valjan
         Hooykaas Lawry Valjan
         Chartered Accountants
         7 Mann Street
         Nambucca Heads, New South Wales 2448
         Australia
         Telephone:(02) 6568 6197
         Facsimile:(02) 6568 7144

                    About J.H.G. Elrington

J.H.G. Elrington Pty Ltd operates unit investment trusts, face-
amount certificate offices and closed-end management investment
offices.


JATRONICS PTY: Members' Final Meeting for July 6
------------------------------------------------
The members of Jatronics Pty Limited will have their final
meeting on July 6, 2007, at 10:00 a.m., to hear the report about
the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Peter Ngan
         Ngan & Co, Level 5
         49 Market Street
         Sydney, New South Wales 2000
         Australia

                    About Jatronics Pty

Jatronics Pty Limited is a distributor of electrical industrial
apparatus. The company is located in New South Wales, 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.


NIGHTHAWK RADIOLOGY: S&P Puts Corporate Credit Rating at B+
-----------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B+' corporate
credit rating to Coeur d'Alene, Idaho-based NightHawk Radiology
Services Inc.  The outlook is positive.

At the same time, Standard & Poor's assigned its recovery
ratings to NightHawks's US$100 million senior secured first-lien
credit facilities, consisting of a US$75 million term loan B due
2013 and a US$25 million delayed draw term loan due 2013.  The
recovery rating of '2' indicates the expectation for substantial
(70% to 90%) recovery of principal in the event of a payment
default.

Proceeds from the financings will be used to finance the recent
acquisition of Radlinx, a privately held teleradiology services
provider, for US$53 million.  The remaining proceeds and the
delayed draw will likely be used for future acquisitions.

"The positive outlook reflects the potential for an upgrade if
the company continues to grow its market share organically and
through acquisitions, while maintaining an aggressive financial
risk profile," explained Standard & Poor's credit analyst Rivka
Gertzulin, "as well as a stable operating environment."


PAN PHARMACEUTICALS: Prosecutors to Appeal Ruling Favoring Selim
----------------------------------------------------------------
Commonwealth prosecutors plan to make an appeal against a
judge's decision to clear Pan Pharmaceuticals founder Jim Selim
of a charge of directing a worker to destroy data ahead of his
company's collapse, Adelaide Now reports.

According to the report, a spokeswoman for the Commonwealth
Director of Public Prosecutions office said it was appealing
against the not guilty finding.  "It wasn't actually an
acquittal, it was a directed verdict by a judge, that's why we
can (appeal)," he said.

New South Wales Supreme Court Justice Elizabeth Fullerton last
month told a jury to find Mr. Selim not guilty of procuring
another person to destroy computer data relating to the
company's travel sickness drug Travacalm, which he knew might be
required as evidence, the report relates.

Judge Fullerton, Adelaide reports, ruled that the prosecution
had failed to establish enough evidence to prove the allegations
against Mr. Selim.  Judge Fullerton also instructed the jury to
clear Mr. Selim of a lesser charge of directing a person to
attempt to destroy data.

On February 5, 2007, the Troubled Company Reporter - Asia
Pacific reported that Mr. Selim pleaded not guilty to all the
four charges alleged to him by the Australian Securities and
Investment Commissions.

The TCR-AP reported that Mr. Selim was accused of misleading the
directors of Pan Pharmaceuticals on the investigation by the
Therapeutic Goods Administration into Travacalm (its product)
and the company by omitting some details.

                    About Pan Pharmaceuticals

On May 22, 2003, Anthony Gregory McGrath & Christopher John
Honey of McGrathNicol+Partners were appointed as administrators
for Pan Pharmaceuticals Limited and its subsidiaries:

   1. Pan Pharmaceuticals Services Pty Limited;
   2. Pan Pharmaceuticals Exports Pty Limited;
   3. Pan Laboratories (Australia) Pty Limited; and
   4. Pan Pharmaceuticals Technologies Pty Limited

On Sept. 23, 2003, the creditors of Pan rejected a proposal for
a Deed of Company Arrangement submitted by Fred Bart and Jim
Selim.  Subsequently on the same day, the creditors of Pan and
Laboratories resolved that these two companies be wound-up.

On Oct. 21, 2003, the creditors of Services, Exports, and
Technologies resolved to place these three companies into
liquidation.

                        Sale of business

Since their appointment, the Administrators and the Liquidators
have overseen a major upgrade of Pan's facilities, processes,
and documentation.  On Oct. 1, 2003, the Therapeutic Goods
Administration advised that it was satisfied that Pan was
compliant with the Australian Code of GMP for Medicinal Products
with respect to the manufacture of soft gelatine capsules that
are required to be listed in the Australian Register of
Therapeutic Goods, and that reinstatement of the company's soft-
gel license could be recommended.  The TGA issued the soft-gel
license on Nov. 4, 2003.

After the reinstatement of the soft-gel license, the Liquidators
recommenced the sale process for the Pan business.  The
Liquidators offered the assets as a going concern and accepted
an offer of AU$20 million.  Settlement occurred on Dec. 15,
2003.

The business and assets of Pan have been sold to Sphere
Healthcare Pty Ltd.

                    No Dividend Distribution

On Nov. 12, 2003, the Liquidators executed a declaration for the
purposes of Section 104-145 of the Income Tax Assessment Act
that there is no likelihood that shareholders will receive a
dividend from the winding up.


REESS COMPUTER: Inability to Pay Debts Leads to Wind-Up
-------------------------------------------------------
On May 21, 2007, the members of Reess Computer Solutions Pty Ltd
met and decided to wind up the company's operations due to the
company's inability to pay its debts.

Mark Christopher Hall and Timothy James Clifton were appointed
as liquidators.

The Liquidators can be reached at:

         Mark Christopher Hall
         Timothy James Clifton
         PPB, Level 10
         26 Flinders Street, Adelaide
         Australia

                      About Reess Computer

Reess Computer Solutions Pty Ltd is a distributor of durable
goods.  The company is located in South Australia, Australia.


SPYWING PTY: To Declare Dividend for Priority Creditors
-------------------------------------------------------
Spywing Pty Ltd will declare a priority dividend for its
priority creditors on June 28, 2007.

Priority creditors are required to file their proofs of debt by
June 27, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

         P. Hillig
         Smith Hancock
         Chartered Accountants
         88 Phillip Street, Level 4
         Parramatta, New South Wales 2150
         Australia

                      About Spywing Pty

Spywing Pty Ltd, which is also trading as Action Fruit Supply,
operates fruit and vegetable markets.  The company is located in
New South Wales, Australia.


TRIPOS INC: Completes R&D Business Sale to Commonwealth Biotech
---------------------------------------------------------------
Tripos, Inc. has completed the sale-leaseback of its facility in
Bude, England, to Southwest England Regional Development
Authority and the sale of the capital stock of its Tripos
Discovery Research Products and Services Business to
Commonwealth Biotechnologies, Inc., based in Richmond, Virginia.

On May 11, 2007, Tripos and CBI entered into a Share Purchase
and Sale Agreement, which has been amended.

At the time of signing, CBI paid Tripos US$350,000.  Tripos has
netted approximately US$1.1 million attributable to repayment of
prior outstanding advances made by Tripos to the Discovery
Research business, is due to receive an additional 100,000
pounds sterling by June 30, 2007, and will receive approximately
US$800,000 in additional repayments upon the collection of
outstanding customer receivables and work in process.
Additional information about payment in connection with this
sale will be contained in a Current Report on Form 8-K to be
filed within four business days.

As a result of the stock sale and sale-leaseback transactions,
Tripos has been relieved of obligations to repay up to 2.84
million pounds sterling of grants to English authorities, of
which 1.54 million pounds sterling has been accrued in Tripos'
most recent consolidated balance sheet.  The releases were part
of a transaction in which TDR sold its facility for 2.6 million
pounds sterling, entered into a long-term lease of the facility,
and repaid at a substantial discount its repayment obligations
to the English Department of Trade and Industry.  These
transactions were a necessary predicate to effecting the sale of
this business.

Commenting on the transaction, Dr. John P. McAlister, president
and CEO of Tripos, said, "We are pleased to have completed this
transaction.  It places the TDR business and the interests of
our customers, employees and other stakeholders in the hands of
an owner with the commitment and resources to continue operation
of this business.  At the same time, it is an important step in
the completion of the dissolution and liquidation of Tripos and
the distribution of the remaining proceeds to our stockholders
later this year.  We will file articles of dissolution and
commence the formal dissolution immediately."

Following the sale of its Discovery Research business, the
company has become a "shell company" and will request that The
Nasdaq Global Market delist its common stock.  Upon delisting,
Tripos contemplates that it will seek to list its stock on the
OTC Bulletin Board(R).  If this listing is not available to the
company, it will close its stock transfer books, at which time
there will be no active public trading market for the company's
common stock.

                         About Tripos Inc.

Based in St. Louis, Tripos Inc. (Nasdaq Global Select Market:
TRPS) -- http://www.tripos.com/-- combines leading-edge
technology and innovative science to deliver consistently
superior chemistry-research products and services for the
biotechnology, pharmaceutical and other life science industries.

Tripos has sells its products in the United Kingdom, Brazil and
Australia, among others.

The company's Discovery Informatics business provides software
products and consulting services to develop, manage, analyze and
share critical drug discovery information.  Within its Discovery
Research business, Tripos' medicinal chemists and research
scientists partner directly with clients in their research
initiatives, leveraging state-of-the-art information
technologies and research facilities.

As reported in the Troubled Company Reporter on March 20, 2007,
shareholders of Tripos Inc. approved the company's plan of
dissolution and liquidation.


VIMI PTY: Liquidator to Present Wind-Up Report on June 20
---------------------------------------------------------
A final meeting will be held for the members and creditors of
Vimi Pty Ltd on June 20, 2007, at 9:00 a.m., at 15 Blue Street,
North Sydney, Australia.

Warwick Rooklyn, the company's liquidator, will give a report
about the company's wind-up proceedings and property disposal
during the meeting.

                        About Vimi Pty

Vimi Pty Ltd is a distributor of toys and hobby goods and
supplies.  The company is located in New South Wales, Australia.


WHALE WATCH: Liquidator to Present Wind-Up Report
-------------------------------------------------
A final meeting will be held for the members of Whale Watch
Cruises Pty Limited on July 6, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

         Peter Ngan
         Ngan & Co, Level 5
         49 Market Street
         Sydney, New South Wales 2000
         Australia

                      About Whale Watch

Whale Watch Cruises Pty Limited is a distributor of durable
goods.  The company is located in New South Wales, Australia.


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

AGRICULTURAL BANK: Reform Plan Proposals Out Soon
-------------------------------------------------
The task force assigned to make a draft proposal to restructure
the Agricultural Bank of China will submit the plan as early as
this month, Shanghai Daily says, citing Jiao Jinpu, deputy head
of the research department at People's Bank of China.

According to Mr. Jiao, the task force will submit the plan after
auditing its finances and assessing its management and
operations in the first half in a live Web broadcast.

Shanghai Daily, citing Standard & Poor's estimates, relates that
a bailout of the bank, burdened with US$99 billion of dud loans,
may cost the state as much as US$140 billion to meet the central
bank's 8% minimum capital adequacy requirement.  China's Cabinet
decided to keep the bank whole rather than break it up, citing a
need to preserve financial services for farmers who use its
31,000 branches, the paper recounts.

The Troubled Company Reporter - Asia Pacific, on Feb. 1, 2007,
reported that the Agricultural Bank is likely to launch its
reform plan in the second half as the National Audit Office is
estimated to complete its full audit in the bank within the
first half, while Deloitte, its independent auditor, is likely
to complete its own audit in May.

The Agricultural Bank of China -- http://www.abocn.com/-- is
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter - Asia Pacific reported on June
27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion -- CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

The bank carries Fitch Ratings' Individual strength rating of
'E'.

On May 4, 2007, Moody's Rating Agency implemented its new BFSR
methodologies and affirmed Agricultural Bank of China's Bank
Financial Strength Rating at E.


ALL AMERICAN: Court OKs Asset Sale to Rock River and Lenders
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
gave authority to All American Semiconductor, Inc. to proceed
with the sale of substantially all of its assets to a two-party
consortium of Rock River Capital LLC and its senior secured
lenders, for which Harris N.A. acts as agent.

The aggregate purchase price from the auction is US$15.2 million
and will be paid to Harris N.A. as agent for the senior secured
lenders in the form of a reduction in the senior secured
lenders' secured claim.

As reported in the Troubled Company Reporter on June 6, 2007,
Rock River Capital was the successful bidder for substantially
all of the company's operating assets and is expected to
continue to operate the acquired assets as a going concern
business.

Rock River did not purchase the company's commercial tort
claims, avoidance actions, accounts receivable and certain other
miscellaneous assets.  The company's senior secured lenders were
the successful bidders for its accounts receivable.  None of the
company's commercial tort claims or avoidance actions was sold.

                About All American Semiconductor

Based in Miami, Florida, All American Semiconductor
Inc. (Pink Sheets: SEMI.PK) -- http://www.allamerican.com/--
is a distributor of electronic components manufactured by
others.  The company distributes a full range of semiconductors
including transistors, diodes, memory devices, microprocessors,
microcontrollers, other integrated circuits, active matrix
displays and various board-level products.  All American also
distributes passive components such as capacitors, resistors and
inductors; and electromechanical products such as power
supplies,
cable, switches, connectors, filters and sockets.  The company
also offers complete solutions for flat panel display products.
In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has
36 strategic locations throughout North America and Mexico,
as well as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963).  Tina M. Talarchyk, Esq., at Squire Sanders & Dempsey
LLP, in West Palm Beach, Florida, represents the Debtors.  Jerry
M. Markowitz, Esq., at Markowitz, Davis, Ringel & Trusty, P.A.,
and William M. Hawkins, Esq., at Loeb & Loeb LLP, represents the
Committee.  As of Feb. 28, 2007, the company had total assets of
US$117,634,000 and total debts of US$106,024,000.


ASIA POWER: Members Set to Meet on  July 15
-------------------------------------------
A meeting will be held for the members of Asia Power Garment
Factory Limited on July 15, 2007, at 3:00 p.m., in Room 7015,
7th Floor of Nan Dao Commercial Building at 359-361 Queen's Road
in Central, Hong Kong.

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


BALCANOONA LIMITED: Sets Members' Final Meeting for July 3
----------------------------------------------------------
The members of Balcanoona Limited will have their final meeting
on July 3, 2007, at 10:00 a.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held on the Level 28 of Three Pacific Place
at 1 Queen's Road, East, Hong Kong.


BALLY TOTAL: Michael Feder Replaces John Wildman as COO
-------------------------------------------------------
Bally Total Fitness Holding Corporation appointed Michael Feder
as its Chief Operating Officer and will assume broad leadership
responsibilities for all operations.  Mr. Feder replaces former
Chief Operating Officer John Wildman, who will become Interim
Chief Marketing Officer and Senior Vice President, Sales.  The
company also said that it is continuing its search for a
permanent CEO.

Mr. Feder is a Managing Director at AlixPartners, a financial
advisory firm specializing in business performance improvement
and corporate restructuring initiatives.  He brings more than 35
years of senior operating experience to Bally Total Fitness,
including an extensive background in transitional management and
performance improvement services.  Additionally, he has served
in a variety of advisory and interim leadership roles at other
corporations, where he has demonstrated his capabilities in
liquidity generation and cash management, executing effective
cost reduction initiatives, and developing new business models
in response to evolving markets.

Bally Interim Chairman and Chief Restructuring Officer Don R.
Kornstein commented, "We are excited that Michael has decided to
join our team as we navigate through our operational and
financial restructuring.  He brings broad leadership skills and
experience in successfully managing turnarounds to his new role
at Bally, and will play a key leadership role as we move to
become operationally stronger as a company.  Michael will have
the additional support of his team at AlixPartners, which will
be working closely with our field organization to implement the
adjustments necessary to successfully restructure Bally Total
Fitness."

John Wildman has been with Bally Total Fitness for over 27
years, and most recently served as the company's COOfficer.  He
replaces Jim McDonald as interim CMO, and will continue to
oversee the sales organization as Senior Vice President, Sales.
The integration of sales, marketing and back office collections
is being implemented to improve the Company's overall results.

Mr. Kornstein added, "John brings a depth of institutional
knowledge about the Company that will prove invaluable to our
strategy of reshaping Bally Total Fitness for future profitable
growth.  His energy and enthusiasm have positively affected our
field teams and thereby shaped their interaction with our
members.  Our brand remains well recognized as a leader
in the fitness sector, and John's hard work and dedication will
continue to be a driving force behind our success in
strengthening the brand consistent with our improved
operations."

Mr. Feder currently serves as an advisor to Calpine Corporation.
His role at Calpine is being transitioned to several team
members that have been working with him at the company.  Prior
to that, he served in a variety of interim management roles at
companies including InteliStaf, a privately held company in the
nurse-staffing industry, Avado Brands, Inc., a US$300
million casual dining restaurant operator, and DIRECTV -- Latin
Americ, a leading pan-regional provider of direct-to-home
satellite television entertainment to Latin America.

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

                        *     *     *

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


BANK OF COMMUNICATIONS: Plans Over US$400-Mil. QDII Investment
--------------------------------------------------------------
China's Bank of Communications Co. plans to invest more than
US$400 million of clients' funds overseas under the country's
Qualified Domestic Institutional Investor program, CNN Money
reports.

The bank, according to the report, will invest the funds in
currencies in the Asia-Pacific region, particularly Australian
dollars, as well as U.S. Treasury bills, and shares in large
Chinese companies listed in Hong Kong.

The report also says that BoComm expects a return on the product
to be in between 13% and 30%.

Shi Zhengrong, senior manager of BoCom's personal financial
services product management department, was quoted as saying
that the expected return on the QDII investments will likely be
more than any erosion in the value of the investments caused by
an appreciation of the yuan.  Analysts expect the yuan to rise
5% against the U.S. dollar this year, CNN relates.

JP Morgan & Co. was appointed by the bank as its custodian bank
overseas, Liu Lizhi, vice general manager of BoCom's personal
financial services product management department told the news
agency.

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: Option NV Buys Mobile Unit's Laboratories & Manpower
---------------------------------------------------------------
Option NV has acquired the laboratory facilities of BenQ Mobile
GmbH and Co., the insolvent German mobile unit of Taiwan-based
BenQ Corp., for EUR4 million.

The facilities include fully equipped laboratories, an advanced
Electro-Magnetic Compatibility test chamber and office space.
The acquisition also saw a team of BenQ Mobile engineers
migrating to Option's 750 man-years of wireless experience.

"With skilled engineers in short supply, this opportunity to
acquire an established, highly skilled engineering team and
fully-equipped facility was too good to miss," said Jan
Callewaert, Option's CEO.  "Our new team in Germany is ready to
make an immediate impact on our drive into mobile internet
devices and other new product lines for 2008."

                         About Option

Option, the wireless technology company --
http://www.option.com/-- is a leading innovator in the design,
development and manufacture of 3G WCDMA (HSPA and UMTS), EDGE,
GPRS, GSM and WLAN technology products for wireless connectivity
solutions. Option has built up an enviable reputation for
creating exciting products that enhance the performance and
functionality of wireless communications. Option's headquarters
are in Leuven, Belgium. The company has Research & Development
in Leuven and Dsseldorf (Germany), a Software and Applications
development centre in Adelsried (Germany), a Wireless Router
development centre in Stockholm (Sweden) and an ISO 9002
production engineering and logistics facility in Cork (Ireland).
Option also has sales & support operations in the US, Japan,
Hong Kong and Taiwan.

                         About BenQ

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
handset, 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 Mr. Prager failed to secure a
buyer for the company 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.


BENQ CORP: Former BenQ Mobile Managers to Hand Back Bonuses
-----------------------------------------------------------
About 170 former managers and sales staff of BenQ Mobile GmbH
and Co., the insolvent German mobile unit of Taiwan-based BenQ
Corp., may need to repay up to EUR5.2 million in bonuses
and special benefits obtained shortly before the company filed
for insolvency in September 2006, Financial Times Deutschland
reports citing insolvency administrator Martin Prager.

Mr. Prager notes a law prohibiting any creditor privilege as
basis for the premiums to be repaid, FT Deutschland relates.

                         About Option

Option, the wireless technology company --
http://www.option.com/-- is a leading innovator in the design,
development and manufacture of 3G WCDMA (HSPA and UMTS), EDGE,
GPRS, GSM and WLAN technology products for wireless connectivity
solutions. Option has built up an enviable reputation for
creating exciting products that enhance the performance and
functionality of wireless communications. Option's headquarters
are in Leuven, Belgium. The company has Research & Development
in Leuven and Dsseldorf (Germany), a Software and Applications
development centre in Adelsried (Germany), a Wireless Router
development centre in Stockholm (Sweden) and an ISO 9002
production engineering and logistics facility in Cork (Ireland).
Option also has sales & support operations in the US, Japan,
Hong Kong and Taiwan.

                         About BenQ

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
handset, 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 Mr. Prager failed to secure a
buyer for the company 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.


BEST ASSET: Contributories & Creditors to Meet on June 22
---------------------------------------------------------
Best Asset Holdings Limited will hold an annual meeting for its
contributories and creditors on June 22, 2007, at 11:00 a.m., on
the 14th Floor of Hong Kong Club Building at 3A Chater Road in
Central, Hong Kong.

The contributories and creditors  will hear at the meeting the
liquidator's report about the company's wind-up proceedings and
property disposal.


BETONSPORTS PLC: Placed Into Creditors' Voluntary Liquidation
-------------------------------------------------------------
Vantis Business Recovery Services, a division of Vantis plc, has
placed BETonSPORTS plc into creditors' voluntary liquidation on
May 16, 2007.

Peter Wastell and Nigel Hamilton-Smith of Vantis were appointed
joint liquidators for the purposes of winding-up the company.
Neither the joint liquidators, nor Vantis, have had any prior
professional relationship with BETonSPORTS, or any of its
directors.

BETonSPORTS ceased trading as a result of an Indictment and
Permanent Injunction issued by the Department of Justice in the
United States of America against the company and certain of its
subsidiaries.  The suspension of trading in shares in the
company on the London Stock Exchange was confirmed on July 19,
2006, with de-listing taking effect on Jan. 19, 2007.

                      Racketeering Charges

As reported in the TCR-Europe on May 31, 2007, BETonSPORTS plc
admitted to its involvement in a racketeering conspiracy.

As part of the plea agreement, the U.S. Attorney for the Eastern
District of Missouri agreed that as long as the company lives up
to its obligations under the plea agreement, including supplying
witnesses and evidence in the pending cases against co-
defendants, no further criminal prosecution will be brought in
this District relative to its participation in the Kaplan
Gambling Enterprise between July 2004 and the present
date.

By pleading guilty to the racketeering conspiracy charge,
BETonSPORTS admits that it conducted an enterprise through a
pattern of racketeering acts, including repeated mail and wire
fraud, operated an illegal gambling business, laundered money,
and admitted to multiple state gambling felony charges.  As the
corporation admitted in federal court, the Gambling Enterprise
began as an illegal sports betting business in New York
City in the early 1990s.  After its founder's arrest on New York
State gambling charges in May of 1993, the founder relocated his
illegal gambling operation to Florida, continuing to take sports
wagers from bettors in New York by telephone.  In 1995, the
Enterprise moved to Aruba, in the West Indies.  To facilitate
its U.S. operations, the enterprise established and controlled
toll-free telephone services to accept sports wagers
from gamblers in the United States.  It also started to accept
sports wagers through the Internet.  In 1997, the Enterprise
relocated to Antigua, and then to Costa Rica.

Among the Enterprise's first computer-based sports book was one
called the North American Sports Association International,
which evolved into BETonSPORTS.com, advertised as the largest
online wagering service in the world.  This Web site gave
gamblers in the United States the opportunity to illegally wager
on professional and college football and basketball, as well as
many other professional and amateur sporting events and
contests.

Members of the enterprise formed a corporation, BETonSPORTS plc,
in 2004, which subsequently solicited and accepted wagers from
individuals in Missouri and elsewhere throughout the United
States.  Entities and Individuals associated with BETonSPORTS
plc also caused fraudulent promotional materials to be available
to prospective and actual bettors and used interstate facilities
to further wagering activity in, to and from Missouri, as well
as throughout the United States, in violation of federal law.

The company faces a fine of up to US$500,000 or more, in that
the maximum fine can be double the financial gain from or loss
caused by the enterprise.  It also faces possible forfeitures
and the company is subject to a permanent injunction, which
requires it to repay money received from U.S. gamblers held by
the company as of June 1, 2006.  As noted in the plea agreement,
at the present time there is no intention to charge any past or
present individual BETonSPORTS plc director, other than those
already charged.  Sentencing has been set for Oct. 19, 2007.

This case is being prosecuted by the U.S. Attorney's Office for
the Eastern District of Missouri and the Criminal Division's
Organized Crime and Racketeering Section, and is a result of a
joint investigation by Internal Revenue Service Criminal
Investigation and the FBI.  Assistance has also been received
from several state and local police departments, including
Chesterfield Police Department and departments in Florida and
Washington.

No trial date has been set for the remaining co-defendants.

BETonSPORTS is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in China,
Argentina, and Mexico.  BETonSPORTS was ordered last year by a
U.S. federal court to stop operating in Antigua and Costa Rica
-- from where it accepted bets from thousands of American
customers.


BOWA COMMERCIAL: TRC Lowers Counterparty Credit Rating to twB
-------------------------------------------------------------
Taiwan Ratings Corp.lowered its long-term counterparty credit
rating on Bowa Commercial Bank Ltd. to twB from twBB and
affirmed its short-term rating of twB.  The ratings remain on
CreditWatch with negative implications.

The rating action on Bowa reflects Taiwan Ratings' heightened
concerns about the bank's ability to effectively meet its
regulatory capital requirements over the short to medium term,
and the accelerated deterioration of its stand-alone credit
profiles over a short time period.  The CreditWatch with
negative implications, where it was placed on Apr. 24, 2007,
continues to reflect Taiwan Ratings' expectation of the bank's
rising challenges to restore its competitiveness, core earning
ability, liquidity, and capitalization in a challenging external
environment.

Bowa originally planned to bolster its capitalization through a
sequence of new funding plans, but these have so far made
limited progress.  The market's growing conservative view of
financially weak banks is partly responsible for this. On the
lack of new capital injection, Bowa's reported capital base is
likely to turn negative from May 2007, addressing its
vulnerability to any adverse development.  The bank continues to
face depletion as the result of its latent credit costs and
unamortized losses on impaired assets sales.  It also faces
rising challenges to stabilize its core earning ability and
stand-alone liquidity profile along with a diminishing
franchise.  Bowa's loan and deposit balances shrunk
significantly by an annualized 10% and 21% respectively in the
first quarter of 2007 compared with shrinkage of 7% and 3%
respectively in 2006.  In addition, the bank's equity-to-asset
ratio (adjusted for unamortized losses on impaired assets sales)
fell to negative 19% at the end of March 2007, from negative 16%
at the end of 2006.

Nevertheless, the likelihood of future support for Bowa from the
Taiwan government helps to counterbalance some of our concerns.
The government may provide a certain degree of resources,
directly or indirectly, to secure system stability in Taiwan.
This would provide a certain degree of buffer against potential
default on debt obligations.

The resolution of the CreditWatch placement will largely depend
on Bowa's ability to swiftly restore its capitalization to an
acceptable level, the regulator's strategic direction to manage
financially weakened banks, and the market's perception on such
banks.  The regulator in Taiwan can suspend or take over the
operations of a bank if it fails to meet the financial
requirements according to the banking law.  The ratings on Bowa
could be lowered if the bank fails to effectively restore its
capital base to meet regulatory requirements and/or its
liquidity profile comes under severe pressure due to a decline
in depositor confidence, which in turn triggers regulatory
action.


CHONQING CHANGAN: To Invest US$1.57 Billion in R&D
--------------------------------------------------
Chongqing Changan Automobile Co. will invest US$1.57 billion in
research and development over the next five years with a view to
produce 30 self-branded car and 13 engines, the China Economic
Review relates, citing a report from the South China Morning
Post.

According to the report, company chairman Xu Liuping described
the move as a "technology declaration," and said it would help
the company reach total production capacity of 2 million units
by 2010.  Mr. Xu stated that 60% of these would be own-brand
cars, although he didn't offer spending or timetable details for
the release of the first model, the Economic Review says.

The planned investment, the paper notes, comes after a number of
Changan's domestic rivals have unveiled plans to develop higher-
quality own-brand cars.  Shanghai Automotive Industry Corp will
spend US$1.18 billion on expansion this year, with priority
placed on R&D.  Chery Automobile has earmarked US$1.01 billion
for R&D over the next decade out of a total expansion budget of
US$3.91 billion.

Chongqing, China-based Chongqing Changan Automobile Company
Limited is principally engaged in the development, manufacture
and sale of mini passenger vehicles, minivans, commercial
vehicles and passenger cars.  The company offers its products
under seven brands: mini passenger vehicles are under the brand
Changan Star; minivans are under the brand Changan, and
passenger cars are under the brands Alto, Lingyang, Fiesta and
Mondeo.  It also manufactures and distributes various engines,
under the brand Jiangling.  During the year ended December 31,
2005, the company manufactured 489,368 vehicles and sold 474,625
vehicles, accounting for approximately 8.24% of the domestic
market.  Chongqing Changan Automobile has formed partnership
with Suzuki Motor Corporation and Ford Motor Company.  The
company has 12 major subsidiaries/associates.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Rating assigned, on September 20, 2006, a long-term foreign and
local currency Issuer Default ratings of BB to Chongqing Changan
Automobile Co. Ltd. The rating outlook is stable.


CII CARBON: Rain Calcining All-Cash Deal Cues S&P's Neg. Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate
credit and other ratings on CII Carbon LLC on CreditWatch with
negative implications.

The rating action followed the announcement that Hyderabad,
India-based Rain Calcining Ltd., is acquiring the company for
$595 million in an all-cash transaction.  CII is the world's
second-largest producer of calcined petroleum coke, a raw
material used in the aluminum smelting process.  The combined
companies would become the largest CPC producer.

"The CreditWatch placement reflects our concern that additional
debt could be placed in CII's capital structure to finance the
acquisition," said Standard & Poor's credit analyst Marie
Shmaruk.

Details of Rain's financing plans were not available.
Resolution of the CreditWatch will entail a review of Rain's
financial policies and financing plans and CII's post-merger
capital structure.  The transaction is expected to close by the
end of June pending regulatory approvals.

The company has locations in China.


CITIMIND LIMITED: Liquidators Quit Posts
----------------------------------------
Pun Wing Mou, Bernard and Lee Hung Chak ceased to act as
liquidators of Citimind Limited on May 11, 2007.

The former Liquidators can be reached at:

         Pun Wing Mou, Bernard
         Lee Hung Chak
         Sun Hung Kai Centre, 45th Floor
         30 Harbour Road
         Hong Kong


DAIMLERCHRYSLER: Recalls 1,443 Chrysler 300C Sedans in China
------------------------------------------------------------
DaimlerChrysler A.G. is recalling 1,443 Chinese-made Chrysler
300C sedans to fix defective transmission cooling systems,
Reuters reports, citing a statement from China's quality
watchdog.

The cars, according to China's General Administration of Quality
Supervision, Inspection and Quarantine, were produced between
March 21 and May 29 this year.

Imported Chrysler 300C cars were not affected, it added.

The watchdog's statement, according to Reuters, did not say
whether any accidents or personal injuries had been linked to
the defect.

                      About DaimlerChrysler

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

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

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

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

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


DANA CORP: Court OKs Sale of Fluid Products Businesses to Orhan
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the sale of Dana Corporation's two businesses that
compose the Fluid Products business that the company announced
for sale in late 2005.

Dana's fluid products hose and tubing business will be sold to
Orhan Holding, A.S., a Turkish industrial firm and joint-venture
partner of Dana, for a purchase price of US$85 million, and the
company's coupled products business will be sold to Coupled
Products Acquisition LLC, a wholly owned subsidiary of Wanxiang
(USA) Holdings Corporation, for a nominal price.

Competitive bidding procedures for the sale of these businesses
concluded on June 4.  The company expects to close the sale of
both businesses by the end of July 2007.

              Fluid Products Transaction Overview

Orhan and certain of its affiliates will acquire certain assets
of Dana's fluid products hose and tubing business and the stock
of certain Dana affiliates engaged in the business.  The assets
to be sold are located in three plants in the United States and
one each in Mexico and the United Kingdom.  Dana will also sell
its stock in three companies in France, Slovakia, and Spain and
interests in three joint ventures with Orhan Holdings, which
include one operation in France and two in Turkey.  The
operations being sold reported consolidated revenues of US$266
million in 2006.  The aggregate purchase price will be US$85
million, subject to usual closing adjustments, and the buyers
will assume certain liabilities of the business at closing.

The fluid products hose and tubing plants and/or assets proposed
to be sold to Orhan are located in Vitry, France, San Luis
Potosi, Mexico, Dolny Kubin, Slovakia, Barcelona, Spain,
Birmingham, U.K., Archbold, Ohio, Paris, Tennessee, and
Rochester Hills, Michigan.  Collectively, the operations
manufacture fuel lines, power-assisted steering products,
heating, ventilation, and air conditioning under body products,
engine and transmission cooling lines, exhaust gas recirculation
tubes, and airbag fill tubes. These operations employ
approximately 1,750 people in seven countries.

             Coupled Products Transaction Overview

The coupled products plants and/or assets proposed to be sold to
Coupled Products Acquisition LLC, are located in, San Luis
Potosi, Mexico, and Columbia City, Indiana, Pensacola, Florida,
Rochester Hills, Michigan, and Upper Sandusky and Wharton, Ohio.
The coupled products assets to be sold in San Luis Potosi and
Rochester Hills are different from the assets in these same
locations that are part of the Fluid Products Hose and Tubing
transaction.

Collectively, the operations manufacture power-assisted steering
products, heating, ventilation, and air conditioning under-
engine products, and brake products.  The operations employ
approximately 2,130 people and reported consolidated revenues of
approximately US$200 million in 2006.  The business is being
sold for a nominal purchase price and the buyer will assume
certain liabilities of the business at closing.

                         About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.

Dana has facilities in China in the Asia-Pacific, Argentina in
the Latin-American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on
Sept. 3, 2007.  They have until Nov. 2, 2007, to solicit
acceptances of that plan.


FOUNDATIONASIA LIMITED: Final Meetings Set for July 3
-----------------------------------------------------
A final meeting will be held for the members and creditors of
Foundationasia Limited on July 3, 2007, at 3:00 p.m.

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

The company's liquidator is:

         John Robert Lees
         John Lees & Associates Limited
         1904 Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


HENDRX CORP: Posts US$438,593 Net loss in Quarter Ended March 31
----------------------------------------------------------------
Hendrx Corp. reported a net loss of US$438,593 on revenue of
US$210,156 for the first quarter ended March 31, 2007, compared
with a net loss of US$436,145 on revenue of US$32,955 for the
same period last year.

Revenue in the three month periods is based almost entirely on
the sale of AWG units, which sales have dropped off
significantly in the current period due to product complaints
and the return of shipped product.  Product modifications are
now being tested to address these complaints.

Cost of goods sold for the three months period ended March 31,
2007, was US$286,237 as compared to US$334,319 for the three
month period ended March 31, 2006, a decrease of 14%.  The
decrease in cost of goods sold reflects the corresponding
decrease in revenue over the periods.

Selling expenses for the three month period ended March 31,
2007, were US$26,645 as compared to US$70,309 for the three
month period ended March 31, 2006, a decrease of 62%.

General and administrative expenses for the three month period
ended March 31, 2007, were US$272,562 as compared to US$315,802
for the three month period ended March 31, 2006, a decrease of
14%.

At March 31, 2007, the company's balance sheet showed
US$42,754,480 in total assets, US$5,216,106 in total
liabilities, and US$37,538,374 in total stockholders' equity.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with US$2,456,864 in total current assets
available to pay US$4,216,106 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?20b5

                       Going Concern Doubt

Chisholm, Bierwolf & Nilson LLC, in Bountiful, Utah, expressed
substantial doubt about Hendrx Corp.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2006.  The
auditing firm pointed to the company's recurring losses from
operations and working capital deficiency.

                       About Hendrx Corp.

HENDRX Corp. (OTC BB: HDRX.OB) through its wholly owned
subsidiary, Eastway Global Investment Limited, which included
the latter company's wholly-owned operating subsidiary, Fujian
Yuxin Electronic Equipment Co., Ltd., manufactures and
distributes water dispenser systems.  YuXin owns patents of
atmospheric water generation in China and utilizes patents under
license that are registered in the United States. Its head
office and plant facilities are located in Ron Qiao Economic
Development Zone, Fuqing City, Fujian Province, P.R. China.


HOPSON DEVELOPMENT: S&P Cuts Credit Rating to BB
------------------------------------------------
Standard & Poor's Ratings Services had lowered its corporate
credit rating on China-based property developer Hopson
Development Holdings Ltd. to BB from BB+.  The rating was
removed from CreditWatch, where it had been placed with negative
implications on Jan. 19, 2007, following Hopson's issuance of a
CNY1.83 billion convertible bond due 2010.  The outlook is
stable.  At the same time, Standard & Poor's lowered its issue
ratings on Hopson's US$350 million 8.125% notes due 2012 and on
the convertible bond to BB from BB+.  The ratings were also
removed from CreditWatch.

"The rating on Hopson was lowered to reflect the company's
weakened financial profile and credit protection measures that
are more comparable with those of other 'BB'-rated peers," said
Standard & Poor's credit analyst Jacphanie Cheung.  As a result,
the company's debt leverage is likely to remain at a high level
for longer than Standard & Poor's previously expected.

"Hopson has faced escalating financial pressure resulting from
slower-than-expected cash generation, expanded borrowings,
coupled with increased spending on land acquisitions."  The
rating also reflects above average risk that property developers
face in China, the company's concentrated activities in
Guangzhou, and a lack of stable recurring income.  These
weaknesses are partly mitigated by Hopson's satisfactory
business profile, underpinned by a diverse revenue stream from a
large number of saleable real-estate projects; its sizable and
low-cost land bank, which allows it to weather market downturns;
and its proven track record and experience of property
development in first-tier cities such as Guangzhou, Beijing, and
Shanghai.

Hopson has a sizable land bank of 14 million square meters in
saleable gross floor area, which should be sufficient to meet
the company's development needs over the next five to seven
years.

The company has a well-known brand name, particularly in
Guangdong.  Its financial profile was pressured in 2006; its
EBITDA interest coverage deteriorated to 3.8x in 2006 from 5.5x
in 2005.


MARTIN (FAR EAST): Contributories & Creditors to Meet on June 22
----------------------------------------------------------------
The contributories and creditors of Martin (Far East) Optical
Company Limited will have their annual meeting on June 22, 2007,
at 10:00 a.m. to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The meeting will be held on the 14th Floor of Hong Kong Club
Building at 3A Chater Road in Central, Hong Kong.


MEGA-CARE: Sets Members' Final Meeting on July 10
-------------------------------------------------
The members of Mega-Care Pharmaceutical (Holdings) Limited will
have their final meeting on July 10, 2007, at 10:00 a.m., to
receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The company went into liquidation on April 16, 2007.

The company's liquidator is:

        Tam Chi Chung
        Room 804, Cheong K. Building
        Des Voeux Road, Central
        Hong Kong


NATURALLY ADVANCED: Loses US$134,818 in Qtr. Ended Mar. 31
----------------------------------------------------------
Naturally Advanced Technologies Inc. reported a net loss of
US$134,818 on sales of US$616,061 for the first quarter ended
March 31, 2007, compared with a net loss of US$324,824 on sales
of US$285,194 for the same period ended March 31, 2006.

The increase in sales is mainly due to the contribution to sales
of the new apparel line under the HT Naturals brand.  Gross
margin increased to US$235,325 for the three-month period ended
March 31, 2007, compared to US$70,155 for the same period in
2006.  Gross margin increased due to the increase in sales, as
well as the sale of new inventory at a higher margin.

Operating expenses decreased to US$370,143 for the quarter ended
March 31, 2007, compared to operating expenses of US$412,189
during the three-month period ended March 31, 2006.  Operating
expenses for the three-month period ended March 31, 2007, were
reduced by US$46,663 in government grants received under the
Government of Canada's Scientific Research and Experimental
Development tax credit program.

The decrease in loss was due in part to the decrease in research
and development expenses and in legal and accounting fees, and
the receipt of the government grant in the amount of US$46,663.

At March 31, 2007, the company's balance sheet showed
US$1,448,074 in total assets and US$1,123,729 in total
liabilities, and US$324,345 in total stockholders' equity.

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?20ba

                       Going Concern Doubt

Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada,
expressed substantial doubt about Naturally Advanced
Technologies Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2006, and 2005.  The auditing firm pointed
to the company's significant losses since inception and further
anticipated losses in the development of its business.

                    About Naturally Advanced

Naturally Advanced Technologies Inc. (OTC BB: NADVF.OB) --
http://www.naturallyadvanced.com/-- is the leading provider of
sustainable, environmentally-friendly fibers and fabrics as well
as bast fiber enzymatic processes(TM).  The company was founded
in 1995 in response to the growing demand for environmentally
friendly, socially responsible clothing and has evolved into two
operating entities: HT Naturals and Crailar(TM) Fiber
Technologies.  The company has an office in China.


PACIFIC WINES: Annual Meetings Set for July 3
---------------------------------------------
Pacific Wines and Spirits Limited will have their annual
meetings on July 3, 2007, at 11:00 a.m. and 11:30 a.m.,
respectively, in Room 803 of Hang Seng Wanchai Building at 200
Hennessy Road in Wanchai, Hong Kong.

At the meeting, Lo Shing Chi, the company's liquidator, will
give a report about the company's wind-up proceedings and
property disposal.


PETROLEOS DE VENEZUELA: Protests Hurt Firm's Bonds
--------------------------------------------------
Guillermo Parra-Bernal at Bloomberg News reports that Venezuelan
state-owned oil firm's Petroleos de Venezuela SA bonds dropped
as protests against President Hugo Chavez's measures "to curb
media critical of his government" entered on its 12th day.

Bloomberg News' Mr. Parra-Bernal relates that thousands of
students marched toward the Attorney General's office in
Caracas.  They were protesting against the restrictions on
freedom of speech by President Chavez, who closed down the Radio
Caracas Television on May 27, 2007, on alleged participation in
a failed coup against him in 2002, even though the television
station's chairperson, Marcel Granier, denied having anything to
do with the coup.  Nations like Brazil, Chile, and the US
criticized President Chavez's move.

According to Bloomberg News' Mr. Parra-Bernal, the yield on the
Petroleos de Venezuela's 5.25% dollar-denominated security due
April 2017 increased by 19 basis points, or 0.19 percentage
point, to 8.36% on June 6.  The bond's price decreased 1.1 cent
to 79.43 cents on the dollar.

Nelson Corrie, Caracas-based Interacciones Mercado de Capitales'
trading chief, told Bloomberg News' Mr. Parra-Bernal, "The
Petroleos [de Venezuela] bonds look cheap to me, but the
question is how long will this situation of civil disobedience
continue.  It's too much political noise and too much
disconcerting news over the direction of the government policy."

Bloomberg News' Mr. Parra-Bernal notes that government local
bonds also dropped on June 6.  The yield on the dollar-linked
bond due in 2019 jumped three basis points to 4.84%.  According
to Banco Bilbao Vizcaya Argentaria SA, it was the highest this
month.  Meanwhile, the price decreased 0.25 cent to 103.65 cents
on the dollar.

Mr. Corrie told Bloomberg News' Mr. Parra-Bernal that the
Venezuelan currency was strengthened in unregulated markets,
indicating that many local Petroleos de Venezuela bondholders
who sold bonds overseas sold the dollar proceeds for bolivars.

Traders said that the bolivar appreciated by 0.5% to VEB4,100
per dollar on June 6, from VEB4,120 on June 5, trimming down the
currency's loss to 21% in 2007, Bloomberg News' Mr. Parra-Bernal
states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *     *     *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


SANMINA-SCI: Intends to Offer US$600 Million of Senior Notes
------------------------------------------------------------
Sanmina-SCI Corporation intends to offer, subject to market and
other conditions, US$600 million aggregate principal amount of
Senior Floating Rate Notes, which will be issued in a:

    * US$300 million tranche due in 2010 and
    * US$300,000,000 tranche due in 2014,

through an offering in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended, and outside the United States to non-
U.S. persons pursuant to Regulation S under the Securities Act.

The notes will be fully and unconditionally guaranteed on a
senior, unsecured basis by substantially all of Sanmina-SCI's
domestic restricted subsidiaries.  The interest rate and other
terms for each series of the notes are to be determined by
negotiations between Sanmina-SCI and the initial purchasers
of the notes.

Sanmina-SCI intends to use the net proceeds from the sale of
notes in the offering, together with cash on hand, to repay its
existing term loan under the Credit and Guaranty Agreement,
dated as of Oct. 13, 2006, among Sanmina-SCI, its subsidiaries
party thereto as guarantors, the lenders party thereto and Bank
of America, as administrative agent, and to pay fees and
expenses incurred in connection with the offering of the notes.

The securities will not be registered under the Securities Act,
or any state securities laws, and unless so registered, may not
be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Securities
Act and applicable state laws.

                     About Sanmina-SCI Corp.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Finland, Malaysia,
Mexico and Singapore, among others.


SANMINA-SCI: Fitch Rates Proposed US$600 Million Notes at BB+
-------------------------------------------------------------
Fitch has assigned a 'BB+/RR1' rating to Sanmina-SCI
Corporation's (Nasdaq: SANM) proposed US$600 million offering of
senior unsecured floating rate notes.

The two-tranche debt offering consists of US$300 million of
notes due 2010 and US$300 million due 2014.  Proceeds from the
offering and cash on hand will be utilized to repay an existing
US$600 million senior unsecured term loan and to fund related
fees and expenses.  The Rating Outlook is Negative.

Fitch currently rates Sanmina as:

    -- Issuer Default Rating (IDR) at 'B+';
    -- Senior secured credit facility at 'BB+/RR1'.
    -- Senior unsecured notes at 'BB+/RR1';
    -- Senior subordinated debt at 'B/RR5'.

The ratings and Negative Outlook reflect Sanmina's:

    -- Weak operating trends, including a nearly 3% decline in
       revenue for the latest 12 months ended March 31, 2007
       relative to the year-ago period;

    -- Pressured operating EBIT margin of only 1.7% for the LTM
       ended March 31, 2007;

    -- Cash conversion cycle of 45 days in the quarter ended
       March 31, 2007, among the highest of Fitch-rated
       electronic manufacturing services companies; and

    -- Significantly leveraged balance sheet relative to its
       tier 1 competitors, resulting in the highest leverage
       ratio (total adjusted debt to operating EBITDA) of the
       group at 6.6 times (x).

Fitch expects a difficult competitive environment within the EMS
industry in 2007 driven by continued pricing pressure from Asian
EMS and original design manufacturing vendors as well as a
continued trend by original equipment manufacturers to
consolidate EMS vendors, both of which could hamper efforts to
improve the operating performance at Sanmina.  The company is
currently evaluating its strategy and position within the market
and recently announced a shift in its ODM business to a joint
design manufacturing model.

In addition, Sanmina is considering various strategic
alternatives for its low margin personal computing, low-end
server and storage businesses.  Actions that could potentially
stabilize Sanmina's ratings include a divestiture of lower
margin businesses to improve overall operating performance
and/or the use of proceeds from asset divestitures to pay down
debt.

The Recovery Ratings and notching reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Sanmina, and hence
recovery rates for its creditors, will be maximized in
liquidation rather than in a going concern enterprise value
scenario.

In estimating Sanmina's liquidation value under a distressed
scenario, Fitch applied advanced rates of 80%, 20%, and 10% to
Sanmina's current balance of accounts receivable, inventory, and
property, plant and equipment, respectively.  That leads to a
distressed enterprise value estimate of approximately
$1.3 billion, providing the basis for a waterfall analysis to
determine recovery ratings.  The current 'RR1' recovery rating
for Sanmina's secured credit facility and unsecured notes
reflects Fitch's belief that 100% recovery is realistic.  As is
standard with Fitch's recovery analysis, the revolver is fully
drawn and cash balances fully depleted to reflect a stress
event.  The current 'RR5' Recovery Rating for the senior
subordinated debt reflects Fitch's estimate that a recovery of
only 10%-30% would be achievable.

As of March 31, 2007, Fitch believes liquidity was adequate and
supported by US$664 million in cash and equivalents; US$500
million senior secured revolving credit facility due Dec. 2008,
of which approximately US$400 million remains available; and
various receivables sales facilities totaling approximately
US$400 million, of which approximately US$80 million remains
available.

While Fitch estimates Sanmina's free cash flow for the LTM ended
March 31, 2007 was negative US$406 million, largely due to
increases in working capital driven by higher cash conversion
cycle days.

Fitch expects working capital trends to moderate, which should
enable Sanmina to produce positive free cash flow in fiscal
2007.

Pro forma for the debt offering and repayment of the US$600
million term loan, Fitch estimates total debt was US$1.7
billion, consisting of US$100 million drawn against a US$500
million senior secured revolving credit agreement; US$300
million of senior unsecured FRN due 2010; US$300 million of
senior unsecured FRN due 2014; US$400 million of 6.75% senior
subordinated notes due 2013; and US$600 million of 8.125% senior
subordinated notes due 2016.

The company has locations in Brazil, China, Finland, Malaysia,
Mexico and Singapore, among others.


SANMINA-SCI: Moody's Rates US$600 Million Senior Notes at Ba3
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Sanmina SCI
Corporation's US$600 million senior floating rate notes due 2010
and 2014.  Concurrently, Moody's affirmed the company's Ba3
corporate family rating and the B2 ratings on Sanmina's US$400
million and US$600 million senior subordinated notes, due 2013
and 2016, respectively.

The proceeds from the new notes will refinance the company's
US$600 million unsecured term facility due 2008, whose rating
will be withdrawn upon repayment.  The rating outlook is stable.

The Ba3 rating on the new notes reflects both the overall
probability of default of the company to which Moody's assigned
a PDR of Ba3, and a loss given default of LGD 4 for the new
notes.  The notes will be fully and unconditionally guaranteed
on a senior unsecured basis by substantially all of Sanmina's
domestic restricted subsidiaries.

Ratings/assessments assigned:

   -- US$600 million senior floating rate notes due 2010 and
2014
      at Ba3 (LGD4, 53%)

Ratings/assessments affirmed:

   -- Corporate family rating at Ba3;

   -- Probability-of-default rating at Ba3;

   -- US$400 million senior subordinated notes due 2013 at B2
      (LGD5, 83%);

   -- US$600 million senior subordinated notes due 2016 at B2
      (LGD5, 83%);

   -- Speculative grade liquidity rating of SGL-2.

Ratings/assessments to be withdrawn upon repayment:

   -- US$600 million senior unsecured term loan due 2008 at Ba3
      (LGD3, 45%);

Sanmina's Ba3 corporate family rating continues to reflect the
overcapacity, volatility and competition in the EMS industry as
also the company's weak financial performance and credit metrics
partly due to weaker operating performance and increased working
capital intensity.  Moody's notes the recent stabilization of
performance, inventory management and improved cash flow
generation, and expects further improvement of the company's
business and financial profile considering it's potential exit
from the low margin PC business.  Moody's also notes the
improved debt-maturity profile of Sanmina via this financing
which replaces the facility due January 2008 with the earliest
maturity on the notes in 2010.  Other factors supporting
Sanmina's Ba3 rating include Sanmina's tier one status in the
EMS industry, generally favorable outsourcing trend by the OEMs,
growing diversity in Sanmina's end markets served, and the
company's strength in some of the newer industries such as
medical and defense industries.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.  The company operates in Brazil, Mexico, Finland,
Hungary, among others.


SANMINA-SCI: S&P Rates US$600 Million Floating-Rate Notes at B+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to San Jose, California-based
Sanmina-SCI Corp.'s US$600 million in floating-rate notes,
$300 million of which mature in 2010 and US$300 million of which
mature in 2014.

Proceeds will be used to refinance the company's US$600 million
term loan due January 2008.

Sanmina's 'B+' corporate credit and 'B-' subordinated ratings
are affirmed.  The outlook is stable.

"The ratings reflect continued erosion of profit measures,
diminished liquidity, and high leverage," said Standard & Poor's
credit analyst Lucy Patricola.  These concerns are partly offset
by the company's top-tier business position in low volume,
complex electronic manufacturing services end markets and stable
operating performance in that division.

The company has locations in Brazil, China, Finland, Malaysia,
Mexico and Singapore, among others.


SKYPORT ENTERPISES: Sets Final General Meeting on July 9
--------------------------------------------------------
The members of Skyport Enterprises Limited will have their final
general meeting on July 9, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Poon Ka Lee, Barry
         1607, ING Tower
         308 Des Voeux Road C
         Hong Kong

YAT KA: Shareholders Agree on Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on June 1, 2007, the
shareholders of Yat Ka Company Limited resolved to close the
company's business and appointed Suen Chui Ping as liquidator.

The Liquidator can be reached at:

         Suen Chui Ping
         Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


=========
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ALGOMA ACQUISITION: Moody's Junks Rating on US$450 Million Notes
--------------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating
to Algoma Acquisition Corp., a newly-created holding company
that has been set up to facilitate the acquisition of Algoma
Steel Inc.

Moody's also assigned a B3 rating to the company's US$450
million secured term loan due 2013 and a Caa1 rating to its
$450 million senior unsecured notes due 2015.  The rating
outlook is stable.

This is the first time Moody's has rated the debt of Algoma
since it emerged from bankruptcy in 2002.  The new financing is
being done in connection with the purchase of the company by
Essar Steel Holdings Limited for CDN$1.8 billion, including
approximately CDN$1.2 billion of debt, CDN$0.5 billion of
equity, and cash.

These ratings were assigned:

   -- Corporate family rating - B3;

   -- Probability of default rating -- B3;

   -- US$450 million secured term loan due 2013 -- B3
      (LGD3, 47%);

   -- US$450 million senior unsecured notes due 2015 -- Caa1
      (LGD5, 76%);

   -- Speculative grade liquidity rating -- SGL-3.

Algoma's ratings reflect its very high leverage, single-site
location, modest scale, and lack of control over raw material
prices.  It is dependent predominantly on commodity grades of
sheet steel, where it competes with much larger and better-
capitalized companies having relatively lower retiree
liabilities.  Moody's believes that the company has a high
degree of operating leverage.  This has contributed to strong
results in the current upmarket but makes it vulnerable to soft
demand and price declines.  Over the last several years, hot
rolled sheet products have exhibited more volatility than most
steel products, experiencing quarterly price drops of US$50-90
per ton (9-14% declines) during the mid-2005 and year-end 2006
periods.  As the prices that Algoma pays for its iron ore and
coal are determined by long-term contracts, its margins in the
short term are highly correlated with steel selling prices.

Over the next several years, Moody's expects new owner ESH to
promote Algoma's investment in a number of capital projects
designed to increase its capacity, productivity and proportion
of non-commodity products.  The projects could consume all of
Algoma's operating cash flow.  Some of these projects can be
delayed if market conditions do not justify the expenditures,
but several are needed to better match steelmaking and
rolling capacity and, in Moody's opinion, ensure that Algoma's
value-added product capabilities do not fall behind those of its
competitors.  In 2007, Algoma expects to spend CDN$146 million
in capex, nearly three times its 2004-2006 average levels, We
believe this capex will continue at the higher level for several
years, which, when combined with Algoma's high interest expense,
could significantly delay debt reduction throughout the current
upcycle for the steel industry.

The ratings positively reflect Algoma's relatively low cost hot
rolled steel making capabilities, using its Direct Strip
Production Complex, and favorable steel industry fundamentals.

Algoma's pro forma debt will be CDN$1.22 billion and
CDN$1.4 billion using Moody's standard adjustments for
underfunded pensions (CDN$164 million) and leases
(CDN$14 million).

On the basis of adjusted debt per tons shipped, Algoma's CDN$578
per ton is the highest of any steel company Moody's rates.
Adjusted debt to LTM March 31, 2007 revenues is also high at
73%.

The SGL-3 speculative grade liquidity rating considers Algoma's
modest, and possibly negative, free cash flow over the next 12
months and its high reliance on its US$425 million asset-based
revolving credit facility, which will be 50% utilized upon
closing of the acquisition.

Algoma Steel Inc., headquartered in Sault Ste. Marie, Ontario,
is the third largest integrated steel producer in Canada,
accounting for approximately 15% of Canadian raw steel
production.  About 80% of Algoma's sales are sheet products,
with plate products accounting for the balance.  Of 2006
revenues of CDN$1.9 billion, 65% and 35% were from sales in
Canada and the U.S., respectively.  Algoma's principal end
markets are steel service centers, the automotive industry,
steel fabricators and manufacturers.  The company has facilities
in Italy.

Essar Steel Holdings Limited is the second-largest private
sector steel producer in India.  ESH is a wholly-owned,
Mauritius-based subsidiary of Indian conglomerate, Essar Global
Limited.  Essar recently announced the acquisition of Minnesota
Steel LLC, a greenfield mine-to-steel project located near
Nashwauk, Minnesota.


AMERICAN AXLE: Fitch Expects to Rate Senior Term Loan at BB
-----------------------------------------------------------
Fitch Ratings expects to assign a rating of 'BB' to the senior
unsecured term loan announced by American Axle & Manufacturing
Holdings, Inc., subject to review of final documentation.

The company's current ratings are :

American Axle & Manufacturing Holdings, Inc.

    -- Issuer Default Rating 'BB';

American Axle & Manufacturing, Inc.

    -- Issuer Default Rating 'BB';
    -- Senior unsecured revolving credit facility 'BB';
    -- Senior unsecured term loan 'BB';
    -- Senior unsecured notes 'BB'.

The Rating Outlook is Negative. Including the available portion
of AXL's revolving credit facility, Fitch's ratings affect
approximately US$1.5 billion of indebtedness.

Fitch expects the proceeds from the new US$250 million term loan
to be used to refinance the existing term loan due 2010.  The
new term loan should reduce cost of capital and extend the
maturity into 2012. Annual cash interest savings should be
around
$4 million.  The new term loan covenants are more flexible in
that they will not include the limitations on restricted
payments contained in the existing term loan agreement.

Additionally, the leverage ratio debt incurrence test will
increase to 3.75 from 3.50 and the allowable asset dispositions
amount will increase from US$50 million from US$10 million.  The
amount of baskets for permitted liens and indebtedness are
approximately the same in the aggregate with some slight
modifications to the descriptions.  The change-in-control
covenant remains unchanged.

Fitch's affirmation reflects the risks associated with AXL's
dependence on General Motors Corp. (GM; Fitch IDR 'B'; Rating
Watch Negative) for roughly 75% of its total revenue and in
particular, GM's passenger trucks, which compete in segments
that will remain under pressure in 2007.

Partially offsetting these risks are AXL's margin performance,
solid liquidity and competitive position; the financial benefits
of recent headcount reduction; and an expected improvement in
free cash flow in 2007.  Free cash flow over the next several
years will benefit from recent restructuring activities and
reduced capital expenditure levels following an extended period
of higher costs associated with the launch of GM's GMT900 trucks
and international growth initiatives.  In addition, the new
business backlog with customers other than GM continues to grow.

The Negative Rating Outlook reflects the credit condition of
AXL's largest customer, critical labor negotiations later this
year between GM and the United Auto Workers union, a financially
stressed base of suppliers other than AXL, and the uncertain
sustainability of large pickup truck production volume in light
of a slump in new home construction.  In addition, there is the
uncertainty regarding demand for large sport utility vehicle
(SUV) relative to consumers' reaction to higher fuel prices.
Fitch could revise the Rating Outlook to Stable if GM's
production outlook stabilizes or AXL's free cash flow materially
improves in 2007, providing increased cushion against the
uncertainty of the factors listed above.

AXL has maintained its financial discipline through a period of
heavy investment and in the midst of difficult industry
conditions.  While many suppliers have chosen to take advantage
of attractive secured financing arrangements, AXL's funding has
remained unsecured.  AXL's credit metrics are healthy for the
current rating, but AXL's credit profile is currently
constrained by the company's dependence on GM, exposure to light
trucks, and negative free cash flow over the past two years.
For 2006 AXL's total debt to operating EBITDA was 2.6 times (x),
total adjusted debt to operating EBITDAR (adjusted for rent) was
2.9x, and funds from operations (FFO) adjusted leverage was
3.4x.

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


HAYES LEMMERZ: Unit Completes Tender Offer for 10-1/2% Sr. Notes
----------------------------------------------------------------
Hayes Lemmerz International Inc. disclosed the expiration of the
cash tender offer and consent solicitation of its indirect
subsidiary, HLI Operating Company Inc. for any and all of the
outstanding 10-1/2% Senior Notes Due 2010 (CUSIP No. 404216AB9)
of HLI.

The tender offer and consent solicitation for the Notes expired
at 11:59 p.m., New York City time, on June 5, 2007.

As of the Expiration Date, HLI had received tenders with respect
to US$154,238,000 in aggregate principal amount of the Notes
pursuant to HLI's Offer to Purchase and Consent Solicitation
Statement, dated May 8, 2007, and the related Letter of
Transmittal and Consent for Tender Offer.  HLI accepted for
payment and paid for US$154,178,000 in aggregate principal
amount of such Notes on May 30, 2007.

HLI expects to accept for payment and pay for the remaining
Notes validly tendered prior to the Expiration Date on or about
June 7, 2007.  HLI intends to redeem the remaining US$3,262,000
in aggregate principal amount of outstanding Notes that were not
tendered by the Expiration Date prior to their maturity.

The tender offer and consent solicitation were made solely by
means of the Offer to Purchase and the related Letter of
Transmittal and Consent for Tender Offer.

                About Hayes Lemmerz International

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

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

                         *    *    *

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


NAGARJUNA FERTILIZERS: Denies Report on Rallis Acquiring Stake
--------------------------------------------------------------
Nagarjuna Fertilizers & Chemicals Ltd, in a filing with the
Bombay Stock Exchange, clarifies that Rallis India is not
acquiring a stake in the fertilizer manufacturer.

The clarification was in response to an article in a local
financial daily entitled "Rallis, Nagarjuna rise on stake buy
rumour."

"[T]he Company totally denies the information published in the
financial daily in the matter of Rallis India acquiring stake in
the Company," the filing says.

Headquartered in Andhra Pradesh, India, Nagarjuna Fertilizers &
Chemicals Ltd. -- http://www.nagarjunafertilizers.com/--
manufactures and distributes ammonia, urea and several plant
protection products that consist of herbicides, insecticides and
fungicides.  The Company also sells fertilizers, seeds and
provides assistance of cultivation practices, pest control and
planting destiny.

The company's Senior Unsecured Debt and Fixed Deposit carry
Credit Analysis and Research Limited's 'D' ratings.


ORIENTAL BANK OF COMMERCE: Sets Shareholders AGM on June 14
-----------------------------------------------------------
Oriental Bank of Commerce schedules the 13th Annual General
Meeting of its members on June 14, 2007.

Among others, the members will:

   1. discuss, approve and adopt the Balance Sheet as of
      March 31, 2007, Profit and Loss Account for the year ended
      March 31, 2007, the report of the board of directors on
      the working and activities of the fank for the period
      covered by the Accounts, and the Auditors' Report on the
      Balance Sheet and Accounts; and

   2. Consider declaring final dividend on equity shares for the
      financial year 2006-07.

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, changed Oriental Bank of Commerce's BFSR to D+ from D.
The bank's Foreign Currency Deposit Rating is unchanged at Ba2.

The Troubled Company Reporter - Asia Pacific reported on
Aug. 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual rating have been affirmed at
C/D.  On March 15, 2007, Fitch upgraded the support rating of
the bank to '3' from '4'.


PUNJAB NATIONAL BANK: Names K. C. Chakrabarty as New Chairman
-------------------------------------------------------------
In a filing with the Bombay Stock Exchange, Punjab National Bank
discloses that Dr. K. C. Chakrabarty has been appointed as
Chairman and Managing Director of the bank by the Government of
India.  The government's Ministry of Finance made the
appointment via a notification dated June 4, 2007, for a period
of five years from the date of taking charge or until further
orders, whichever is earlier.

The bank's former CMD, S. C. Gupta has been demitted the office
on May 31, 2007, on attaining retirement age.

The bank further informs BSE that the government, via
notification dated June 6, 2007, named Jag Mohan Garg as a
Whole-time-Director (designated as Executive Director) on the
bank's board from the date of his taking over charge of his
post, until further orders, or until the date of his
superannuation i.e. up to July 31, 2010, whichever is earlier.

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public sector commercial bank
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual
rating on June 1, 2005.


VEDANTA RESOURCES: Moody's Puts Ba1 Long-Term Sr. Unsec. Rating
---------------------------------------------------------------
Moody's Investors Service confirmed the Baa3 corporate family
rating and the Ba1 long-term senior unsecured ratings of Vedanta
Resources Plc', both with a stable outlook.  This concludes the
review for possible downgrade.

The review was initiated following the company's announcement
that its Sterlite Industries (India) subsidiary would enter the
commercial power generating business.  It was then extended
following the announcement of the acquisition of Sesa Goa, an
iron ore mine in India.

"Vedanta's profile continues to evolve quickly and material
execution risks are apparent " says Alan Greene, a Moody's
Senior Vice President and lead analyst for the company.
"However, high metal prices have been supportive of good cash
generation in recent years helping it to grow while maintaining
a solid financial profile and the scale of the underlying
business is now quite substantial" he continued.

As well as assessing the diversification into the power
business, Moody's also considered the various other corporate
level influences on the group many of which are not yet fully
resolved.  At the Sterlite level the purchases of the
Government's stakes in Bharat Aluminium Company (BALCO, 51%
owned by Sterlite) and in Hindustan Zinc (HZL, 64.9% owned by
Sterlite) are not yet complete and an ADR offering to raise
approximately US$2 billion is currently in progress.

Moody's notes that at the Vedanta level, discussions continue
with respect to enlarging its stake in the Konkola Copper Mine
while its recent acquisition of up to a 71% stake in Sesa Goa,
an iron ore mine in India, will require refinancing of
up to US$1.4 billion.

Moody's notes that Vedanta's financial profile is currently
strong but is set to weaken as the acquisition activity and
Phase 2 capex programs are funded resulting in near term
negative free cash flow.  Moody's view the integration and
execution risks of the Group's expansion to be quite high but
takes comfort in the on-budget completion of its Phase 1
expansion.

"Moody's recognizes that Vedanta is an ambitious and fast
growing company" adds Greene "and we see the Baa3 corporate
family rating as appropriately balancing the risks apparent in
this strategy against the group's scale and financial profile
which clearly exhibits investment grade characteristics" says
Greene.  "Important to this will be the need for the company to
continue to have strong liquidity and a well laddered debt
maturity profile" he concluded.

The long-term senior unsecured bond rating of Ba1 reflects
Moody's view that debt issued by Vedanta would be effectively
subordinated to claims at Sterlite's operating subsidiaries in
India which continue to generate the majority of the headline
cash flow.

The rating outlook is stable reflecting Vedanta's solid
financial profile for its current rating which provides it with
some cushion for unexpected challenges with its expansion and
acquisition strategy.

Upwards rating pressure is unlikely in the near to medium term.
Successful implementation of its planned metallurgical expansion
projects and the on-target development of the new power business
together with the rapid integration of any acquired activities
will weigh heavily on any upgrade considerations.  Upward rating
pressure could evolve if these were progressing well and, at the
same time, Vedenta maintained existing average credit metrics
such as Operating Cash Flow (less dividends)/ Adjusted debt
around 35%, Adjusted Debt to EBITDA ratio of 2.0x and EBIT
interest coverage of 8x.  In addition continuing sound liquidity
and a well balanced debt maturity profile, would be supportive
of an upgrade.

Moody's would likely downgrade the rating if there are clear
expectations of extended weakness in profitability such that
Operating Cash Flow (less dividends)/ Adjusted Debt falls below
20% or EBIT interest coverage softens to 4.5x or below. The
rating could potentially be downgraded if debt accumulates
rapidly due to:

   (i) execution difficulties arising from ongoing capex;

  (ii) expansion into the power sector occurs on a much
       larger scale than currently envisaged; and

(iii) transformational, debt funded acquisitions are undertaken
       leading to Debt to EBITDA exceeding 3.5x for a sustained
       period of time.

Headquartered in London, U.K., Vedanta Resources Plc is a FTSE
100 metals and mining company focused on integrated zinc and
alumina/aluminium as well as copper smelting and refining
operations predominantly in India with further operations in
Zambia and Australia.  Listed on the London Stock Exchange, the
company is 54% owned by Volcan Investments Ltd.


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

ALCATEL-LUCENT: Inks Two-Year Agreement with Comcel
---------------------------------------------------
Mexican daily El Financiero reports that Alcatel-Lucent has
signed a two-year accord with Haitian operator Comcel to offer
wireless broadband in rural areas.

Business News Americas relates that the pact will allow coffee
cooperatives to trace the movement of their products using "RFID
transmitted over WiMax broadband technology."  These products
are "sold under the fair trade label."  Producers must make sure
that the coffee is distributed through a minimum number of
intermediaries.

The agreement also includes the setting up of telecenters for
services related to health, education, ecotourism and e-
government, BNamericas states.

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, 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, 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 puts a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carried 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 carried Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stood at B.


ANEKA TAMBANG: To Acquire Gold Mining Companies
-----------------------------------------------
PT Aneka Tambang Tbk plans to acquire gold mining companies due
to estimates that its gold mining companies will only  last for
only seven years, Reuters reports.

According to the report, the company is still under negotiation
to acquire a stake in PT Newmont Nusatenggara, which has a gold
mine in Nusa Tenggara.

                      About Aneka Tambang

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

                        *     *     *

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

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


BANK CENTRAL: To Pay IDR115 Per Share 2006 Dividend
---------------------------------------------------
PT Bank Central Asia Tbk will pay fiscal year 2006 final
dividend in the amount of IDR115 per share, Reuters reports.

According to the report, the dividend will be paid on June 27,
2007 to shareholders of record on June 13, 2007.

                      Bank Central Asia

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

                          *     *     *

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

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

   * Short-term foreign currency rating: 'B'

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

   * Individual: 'C/D' and

   * Support: '4'.

The Outlook for all the ratings is Stable.


BANK NIAGA: Revises 2006 Dividend Payment to IDR10.14 Per Share
---------------------------------------------------------------
PT Bank Niaga Tbk revised its 2006 dividend payment to
IDR10.14 per share, Reuters reports.

According to the recounts that it was previously disclosed that
Bank Niaga will pay a dividend of IDR10.15 per share for the
fiscal year 2006 .

                       About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk
-- http://www.bankniaga.com/-- has a license to operate as a
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator.  The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance.  As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                        *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
May 8, 2007, Moody's Investors Service upgraded PT Bank Niaga
Tbk's bank financial strength rating to D from E+.  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.

Fitch Ratings affirmed all the ratings of PT Bank Niaga Tbk as:
Long-term foreign Issuer Default ratings at 'BB-'; Individual at
'C/D'; and Support '4'.  The Outlook for the ratings was revised
to Positive from Stable.


BANK RAKYAT: Declares IDR172.33 Per Share 2006 Dividend
-------------------------------------------------------
PT Bank Rakyat Indonesia will pay the fiscal year 2006 dividend
of IDR172.33 per share or IDR2,128,786,129,517 in total, Reuters
reports.

According to the report, the dividend will be paid on July 2,
2007 to shareholders of record on June 18, 2007.

                 About Bank Rakyat Indonesia

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise
Savings, Credits and Syariah.  In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions.  During the year ended
December 31, 2005, the bank had one branch office in Cayman
Islands and two representative offices in New York and Hong
Kong, respectively.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service changed the ratings of
Indonesia's PT Bank Rakyat Indonesia (Persero) Tbk's 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 D-

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on July 4, 2006.

   * Global Local Currency Deposit Ratings assigned are
     Baa2/Prime-3

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

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

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

Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk's:

   * 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.


MULIALAND: Pays No Dividend for Fiscal Year 2006
------------------------------------------------
PT Mulialand Tbk has disclosed that  no dividend will be paid
for the fiscal year 2006, Reuters reports.

                     About PT Mulialand

Headquartered in Jakarta, Indonesia. PT Mulialand Tbk is a
property management company. It is engaged in the development
and management of office buildings. The Company's subsidiaries,
which are engaged in the management of office buildings and
investment service, include PT Sanggar Mustika Ratu, PT Mulia
Persada Pacific, PT Mulia Persada Tatalestari, PT Bumi Mulia
Perkasa Development, PT Tri Dharma Sakti Indah, PT
Muliacemerlang Dianpersada and Mulialand Finance B.V.

As reported by the Troubled Company Reporter - Asia Pacific on
April 20, 2006, Mulialand Tbj had total assets of US$ 141.33
million and shareholders' equity deficit of US$-45.99 million.


PAKUWON JATI: Buys Land for Real Estate Development
---------------------------------------------------
PT Mulialand Tbk announced that it has decided that no dividend
will be paid for the fiscal year 2006.

                     About Pakuwon Jati

Headquartered in Surabaya, Indonesia, PT Pakuwon Jati Tbk is a
property management company.  The company operates the Tunjungan
Plaza shopping center, the Mandiri Tower office center, the
Sheraton Surabaya Hotel and Towers and the Laguna Indah housing
and industrial estate.

The Troubled Company Reporter - Asia Pacific reported on
Nov. 17, 2006, Moody's Investors Service has affirmed its B2
corporate family rating for PT Pakuwon Jati, Tbk (Pakuwon) and
its B2 senior secured rating for Pakuwon Jati Finance BV
following the completion of the company's USD110 million bond
issuance.  At the same time, both ratings have been removed from
their provisional status.  The bonds are guaranteed by Pakuwon,
as well as PT Artisan Wahyu, which will become Pakuwon's
subsidiary upon the completion of the acquisition of newly
issued shares from AW.  The outlook for both ratings is stable.

An earlier TCR-AP report on Sept. 5, 2006, stated that Fitch
Ratings has assigned long-term foreign currency and local
currency Issuer Default Ratings of 'B' to Pakuwon Jati.  In
addition, Fitch has assigned a National Long-term rating of
'BBB-(idn)' to Pakuwon.  The Outlook for the ratings is Stable.

Fitch has also assigned an expected rating of 'B' with a
Recovery Rating of 'RR4' to the US$120-million senior unsecured
notes due 2011 to be issued by Pakuwon Jati Finance B.V. and
guaranteed by Pakuwon.  The final rating is contingent upon
receipt of documents conforming to information already received.


=========
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ALITALIA SPA: Pegs April 2007 Net Debt at EUR1.08 Billion
---------------------------------------------------------
Alitalia S.p.A. released its financial position figures as of
April 20, 2007.

The Group's net debt as of April 30, 2007, amounted to
EUR1.077 billion, with a slight increase in net indebtedness of
EUR5 million (+0.5%) compared with the situation on March 31,
2007, which was EUR1.072 billion.

Cash-to-hand and short-term financial credits as of April 30,
2007, amounted to EUR636 million, decreasing with the respect to
March 31, 2007, by EUR7 million (-1.1%) from EUR643 million.

                       About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The company also operates in Argentina,
China, and Japan.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


FORD MOTOR: Navistar Files Lawsuit for Breach of Contract
---------------------------------------------------------
Navistar International Corporation has filed a lawsuit against
Ford Motor Company for breach of contract relating to a diesel
engine contract involving the Ford F-150 pickup truck.  The
suit, filed in the Circuit Court of Cook County, Illinois, seeks
"at least hundreds of millions of dollars" worth of damages.

Navistar believes that Ford intends to introduce a new diesel
engine that actually was designed by International Truck and
Engine Corporation, Navistar's principal operating company.

According to the lawsuit, Ford is developing a 4.4 liter diesel
engine for production in North America by late 2009 or 2010 or
possibly earlier and intends to produce the engine itself for
use in the F-150, and possibly other vehicles.  The lawsuit
states that Ford cannot do that without violating its contract
with Navistar.  Reportedly, Ford is considering producing V8
diesel engines at a Ford facility in Chihuahua, Mexico.

The lawsuit states that International spent millions of dollars
and devoted years of its employees' time to develop a next
generation diesel engine named "Lion" for use in vehicles
including the F-150 pickup trucks in which Ford had not
previously offered diesel engines.  Ford agreed that
International, which has been the exclusive diesel engine
supplier for Ford's heavy-duty pickup trucks since 1979, would
manufacture the new diesel engines for Ford in North America.

The lawsuit, filed June 4, 2007, is separate from previously
reported litigation between the two companies.

Earlier this year, Ford filed a lawsuit against Navistar
involving 2007 engine pricing and prior period warranty claims
on Power Stroke diesel engines.  Navistar counter-sued, stating
that pricing is consistent with contractual agreements, that the
warranty claims are entirely without merit and that Ford has
stopped honoring the terms of an agreement under which engines
were built.  Navistar amended its counter-complaint on May 2,
2007, and asked for in excess of US$2 billion in damages.

International's operating company recently launched a new 6.4L
Power Stroke diesel engine for Ford that meets 2007 emissions
standards while increasing performance, durability and fuel
economy.

               About Navistar International Corp.

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.

                      About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3-billion of senior convertible notes
due 2036.


MATSUSHITA: Recalls Appliances Due to Defects
---------------------------------------------
The Ministry of Economy, Trade and Industry said on Wednesday
last week that it has received 54 reports of fires related to
electric stoves manufactured by Matsushita Electric Industrial
Co., Ltd., reports Kyodo News.

According to the report, Matsushita, most commonly known as
Panasonic, relates that the fires were caused by the accidental
activation of the stoves' start knob, which also controls heat
levels, causing materials on or near the stoves to catch fire.

Reportedly, the appliances manufacturer has been repairing the
electric stoves free of charge, attaching a protective covering
over the exposed knob to prevent its accidental activation.

Meanwhile, a May 31, 2007, Yasuhiko Seki of Hemscott, citing XFN
Asia, reports that Matsushita would recall 3 million home
appliances manufactured dating from December 1988 due to
soldering problems.

Mr. Seki relates that the products may emit smoke and could
catch fire when used for a long period period of time.

Twelve different types of microwave ovens, made between December
1988 and December 1993, 5 models of refrigerators, manufactured
between February 1989 and October 1992 and 8 dryer models made
between August 1993 and December 2001 are subject for recall
recounts Mr. Seki.

Additionally, Mr. Seki writes, 37,572 dryers supplied to
Mitsubishi Electric Corp. under an original equipment
manufacturer's contract will also be recalled.

Mr. Seki further adds that products sustaining damage or burned
floors and ceilings when dust covered up ventilation slots were
among the factors that caused the electronic parts to overheat
or soldering to crack.

Matsushita was not able to give an estimate on the cost of the
recall but said that it will disclose the figure as soon as it
is available, Mr. Seki relates.

                 About Matsushita Electric

Matsushita Electric Industrial Co., Ltd., --
http://panasonic.net -- manufactures and sells a range of
products, from audiovisual (AV), information and communications
equipment, to home appliances and components and devices
globally under the Panasonic brand.  It operates in six
segments: audiovisual connection (AVC) networks, home
appliances, components and devices, Matsushita Electric Works,
Ltd. (MEW) and PanaHome, and Victory Company of Japan, Ltd.
(JVC) and others.  On April 1, 2004, MEW, PanaHome and their
respective subsidiaries became consolidated subsidiaries of the
Company.


SOFTBANK: Leads Rivals in Net Subscription for May 2007
-------------------------------------------------------
Softbank Corp. led two larger cellphone carriers in net
subscriber increase in May 2007, reports the Asahi Shimbun,
citing Telecommunications Carriers Association.

According to the report, Softbank, which acquired Vodafone K.
K. last year, and its predecessors had never topped the
telecommunications industry in net subscriber growth since the
association began compiling statistics in January 1996.

In May, the new contracts minus cancellations came to 162,400 at
Softbank Mobile, more than 138,500 at KDDI Corp. or 82,700 at
NTT DoCoMo Inc, the report relates.

                     About Softbank Corp.

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.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on June 7,
2007, that Standard & Poor's Rating Agency lifted its long-term
corporate credit and senior unsecured debt ratings to BB from
BB- in light of the company's increasing earnings stability.
The outlook for the long-term credit rating is stable.

According to the TCR-AP, 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.

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.


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ACTUANT CORP: Prices US$250MM Senior Notes Private Placement
----------------------------------------------------------
Actuant Corporation has priced its private placement of US$250
million aggregate principal amount of 6.875% Senior Notes due
2017.  The Senior Notes will be issued at a price of 99.607%, to
yield 6.93%.  The sale of the senior notes is expected to close
on or about June 12, 2007.

The company will use the net proceeds from the offering to
refinance a portion of its term loans under its senior credit
facility and to pay certain transaction costs and expenses.

The senior notes have not been registered under the Securities
Act of 1933, as amended, and may not be offered or sold within
the United States or to, or for the account or benefit of, U.S.
persons except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act.  Accordingly, the notes are being offered and
sold only to:

   (a) "qualified institutional buyers", as defined in Rule 144A
        under the Securities Act, and

   (b) outside the United States, to non-U.S. persons in
       compliance with Regulation S under the Securities Act.

                       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,
Brazil, China, Hong Kong, Italy, Japan, Taiwan, United Kingdom
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.


                         *     *     *

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


CURON INC: To Issue 1,694,069 Shares Via Private Placement
----------------------------------------------------------
Curon Inc. has agreed to issue 1,694,069 common shares through a
private placement, Reuters reports.

According to the report, the par value and the offer price are
KRW500 and KRW1,180, respectively.

The listing date of the new shares is June 29, 2007, the report
notes.

Seoul-based Curon Inc. -- http://www.curon.co.kr-- is engaged
in the provision of diaphragms, vaporizers and Video On Demand
servers.  The company provides three main products: diaphragms
and vaporizers, which are used in gas meters, speakers,
automobiles, medical applications, heavy machinery, industrial
valves and pumps; VOD servers such as StreamXpert, which supply
High Definition Television (HDTV) multimedia content; and
Telematics, which are used in entertainment, games, digital
multimedia players, traffic information, satellites, digital
versatile discs, TVs and radios.


DYNCORP INT'L: Earns US$18.9 Million in Fourth Quarter 2007
-----------------------------------------------------------
DynCorp International Inc. disclosed its fiscal 2007 fourth
quarter and fiscal 2007 full year financial results.

                Fiscal 2007 Fourth Quarter Results

Revenue for the 2007 fourth quarter ended March 30, 2007 was
US$552.3 million, up 0.6% from revenue for the fiscal 2006
fourth quarter. Revenue from the Government Services segment for
the fourth quarter decreased 2.9% over the comparable period in
2006.  The lower GS revenue was attributable to reduced
construction activity on the U.S. Department of State Civilian
Police program.  Revenue from the Maintenance and Technical
Support Services -- MTSS -- segment increased 7.9% over the 2006
fourth quarter. The higher MTSS revenue was attributable to the
C-21 program and an increased level of effort at Columbus AFB.

Operating income for the fiscal 2007 fourth quarter increased
13.2% to US$42.9 million from the fiscal 2006 fourth quarter.
Operating margin for the fiscal 2007 fourth quarter was 7.8%,
compared to operating margin of 6.9% in the fiscal 2006 fourth
quarter.  Operating margin increased by 0.9% of revenue
primarily due to strong contract performance and the effect of
claims on two aviation contracts.

Net income for the fiscal 2007 fourth quarter was US$18.9
million compared to net income of US$5.8 million for the
comparable period in fiscal 2006.  The increase in 2007 fourth
quarter net income was due to improved operating margins and
lower interest expense resulting from redemption of the
company's preferred stock and reductions of outstanding debt
during the first quarter of fiscal 2007.

Adjusted earnings before interest, taxes, depreciation, and
amortization for the 2007 fourth quarter increased to US$56.7
million, or 10.3% of revenue, from US$55.6 million, or 10.1% of
revenue, for the comparable period in fiscal 2006.  Earnings per
share for the 2007 fourth quarter improved 83.3% to US$0.33 per
share from the comparable period in fiscal 2006.

                   Fiscal 2007 Full Year Results

Revenues for the fiscal year ended March 30, 2007, increased by
US$115.3 million, or 5.9%, to US$2.08 billion, as compared to
the company's fiscal year ended March 31, 2006.  Of the US$115.3
million increase, US$95.5 million was attributable to the GS
segment and US$19.8 million was attributable to the MTSS
segment.

Revenues from the GS segment increased 7.5% over fiscal year
2006 to US$1.36 billion.  The GS revenue growth was primarily
driven by increased aviation support services of drug
eradication activities under the U.S. Department of State's Air
Wing program in South America and Afghanistan, additional
contingency and logistics services provided to the Africa
Peacekeeping contract, foreign government construction increases
and a foreign government contingency contract.  The GS revenue
increase was partially offset by the conclusion of four task
orders under the World Wide Personal Protective Services program
and contingency and logistics services provided after Hurricane
Katrina.

Revenues from the MTSS segment increased 2.9% over fiscal year
2006 to US$722.7 million.  MTSS revenue growth was primarily
driven by increases in personnel and level of effort under the
Contract Field Team (CFT) program, increased domestic aviation
support services provided to the U.S. Air Force under the C-21
Contractor Logistics Support program and revenue recorded in
connection with wage pass-through claims.  The MTSS revenue
increase was partially offset by reduced U.S. government funding
for the Army Propositioned Stock Afloat program and decreased
services provided under the CFT contract for the V-22 program.

Operating income increased 12.1% over fiscal year 2006 to
US$113.5 million.  Operating margin increased 30 basis points to
5.5%.  The increased operating income and operating margin
reflect strong performance from fixed price contracts including
the Civilian Police and International Narcotics and Law
Enforcement Air Wing contracts, increased level of effort on
CFT, a contract modification for construction in Afghanistan,
wage pass-through claims, and reduced bad debt expense.
Operating expenses include US$6.5 million of costs related to
severance expenses for certain former executives and bonus
compensation associated with the company's IPO.

Net income was US$27.0 million in fiscal 2007, compared to
US$7.2 million in fiscal 2006.  The same factors positively
affecting fiscal 2007 operating income resulted in improved
year-over-year net income.  Adjusted EBITDA increased 10.3% to
US$172.2 million, or 8.3% of revenues, compared to adjusted
EBITDA of US$156.1 million, or 7.9% of revenues, in fiscal 2006.
Earnings per share for fiscal 2007 increased 113% to US$0.49 per
share from US$0.23 during fiscal 2006.

Operating cash flow increased 58% to US$86.8 million as compared
to fiscal 2006.  The increase was driven by higher net income,
accounts payable and accrued liability activities related to the
timing of payroll processing, interest payments timing and
accelerated customer payments.

Days sales outstanding (DSO) was at 67 days as of the end of
fiscal 2007, compared to 72 days as of the end of fiscal 2006.

Net debt, which is total debt less cash and cash equivalents,
was US$528.5 million on March 30, 2007, a reduction of US$112.4
million year-over-year.

Backlog increased 132.2% to US$6.1 billion during fiscal 2007.
Included in this total is US$3.3 billion related to the award of
the Intelligence and Security Command (INSCOM) contract by the
U.S. Army to Global Linguist Solutions LLC, a joint venture of
DynCorp International and McNeil Technologies. The incumbent
contractor's protest of the award to GLS was sustained by the
Government Accountability Office (GAO). The Army subsequently
filed a Request for Reconsideration with the GAO which is
pending decision.

                       Fiscal 2008 Guidance

The company is issuing the following guidance for the fiscal
year ending March 28, 2008, based on its current backlog and
management's estimate of future contract awards.  This guidance
excludes the previously discussed INSCOM contract award due to
the uncertain timing of when contract performance may commence.

                    About Dyncorp International

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Korea, and Haiti.  DynCorp International,
LLC, is the operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC. The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


DYNCORP INT'L: Will Repurchase US$10 Mil. of Shares of Stock
------------------------------------------------------------
DynCorp International Inc.'s Board of Directors has authorized
the company to repurchase up to US$10 million of its outstanding
common stock.

"We believe that a stock repurchase program is an effective way
to enhance shareholder value and demonstrate our confidence in
the long-term value of DynCorp International Inc.," said Hebert
J. Lanese, the company's chief executive officer.

The shares may be repurchased from time to time in open market
conditions or through privately negotiated transactions at the
company's discretion, subject to market conditions, and in
accordance with applicable federal and state securities laws and
regulations.  Shares of stock repurchased under this plan will
be held as treasury shares.

The program does not obligate the company to acquire any
particular amount of common stock and the program may be
modified or suspended at any time at the company's discretion.
The purchases will be funded from available working capital.  As
of March 30, 2007, the company had 57 million shares
outstanding.

Headquartered in Irving, Texas, DynCorp International Inc.
(NYSE: DCP) -- http://www.dyn-intl.com/-- provides specialized
mission-critical outsourced technical services to civilian and
military government agencies.  The Company specializes in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support.  The company has more than 14,400 employees in 33
countries including Korea and Haiti.  DynCorp International,
LLC, is the operating company of DynCorp International Inc.

                        *    *    *

As reported in the Troubled Company Reporter on June 19, 2006,
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating to 'BB-' from 'B+', on DynCorp
International LLC. The ratings were removed from CreditWatch
where they were placed with positive implications on
Oct. 3, 2005.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on June 13, 2006,
Moody's Investors Service upgraded DynCorp International LLC's
US$90 million senior secured revolver maturing Feb. 11, 2010, to
Ba3 from B2; US$345 million senior secured term loan B due
Feb. 11, 2011, to Ba3 from B2; US$320 million 9.5% senior
subordinated notes due Feb. 15, 2013, to B3 from Caa1; Corporate
Family Rating, to B1 from B2; and Speculative Grade Liquidity
Rating, to SGL-2 from SGL-3.  Moody's said the ratings outlook
is stable.


E-NET CORP: Platinum Partners Reduces Stake to 3.43%
----------------------------------------------------
E-Net Corporation disclosed that Platinum Partners Value
Arbitrage Fund, L.P., has decreased its stake in the Company
from 6.71% to 3.43%, effective May 16, 2007, Reuters reports.

Headquartered in Seoul, Korea, E-Net Corporation --
http://www.e-net.co.kr/-- specializes in the provision of
software and system integration solutions.  The company provides
two main products: e-business solutions, which provides under
the brand names Commerce 21, customer relationship management
(CRM) WORKS and BizwareFrame to manage e-commerce and customers,
and online games such as TRAVIA and Dragon Gem.

The Troubled Company Reporter - Asia Pacific reported on March
16, 2007 that Korea Ratings gave E-Net Corporation's fifth
unregistered/unsecured overseas convertible bonds issuance of
US$10 million with warrants a 'B-' rating with a stable outlook
on March 6, 2007.

On March 2, 2007 that EG Greentech had a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


EG GREENTECH: Completes Issuance of 543,478 Common Shares
---------------------------------------------------------
EG Greentech Co., Ltd. has completed its issuance of 543,478
common shares through a public offering, Reuters reports.

According to the report, its par value and offer price are
KRW500 and KRW3,680, respectively.

This brings the company's total number of outstanding common
shares to 18,912,994.  The confirmed listing date is June 11,
2007.

                      About EG Greentech

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment.  Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on
June 8, 2007 that EG Greentech had a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


NOVELIS CORP: Moody's Rates US$860 Million Senior Notes at Ba2
------------------------------------------------------------
Moody's Investors Service confirmed certain ratings of Novelis
Inc. and its subsidiary, Novelis Corporation, following the
completion of the company's acquisition by Hindalco Industries
Limited, one of India's largest non-ferrous metals companies,
and the introduction of Novelis's new debt structure.  This
concludes the review of Novelis's ratings that Moody's initiated
on Feb. 12, 2007.

In a related rating action, Moody's assigned a Ba2 rating to
Novelis's new proposed US$860 million 7-year Gtd. senior secured
term loan facility.  This facility will be available to Novelis
Inc. and to Novelis Corporation.  If the company's proposed
financing concludes as planned, Moody's will withdraw the
ratings on Novelis's existing Gtd. Senior Secured Term Loan B,
its Gtd. Senior Secured Revolving Credit Facility and the
ratings on Novelis Corporation's existing Gtd. Senior
Secured Term Loan B.  The outlook is stable.

Moody's confirmed Novelis's B1 corporate family rating, the B1
probability of default rating, the Ba2 rating on its Gtd. Senior
Secured Revolving Credit Facility, the Ba2 rating on its Gtd.
Senior Secured Term Loan B, and the Ba2 rating on Novelis
Corporation's Gtd. Senior Secured Term Loan B.  However, Moody's
downgraded to B3 from B2 the rating on Novelis's US$1.4 billion
7.25% guaranteed senior unsecured notes reflecting their
relative standing in the waterfall under Moody's loss given
default methodology after considering Novelis's new upsized
senior secured revolver and the reduced proportion of the
unsecured notes in the capital structure.  At the same time,
Moody's affirmed Novelis's SGL-2 speculative grade liquidity
rating.

Novelis's proposed financing package includes:

   (1) replacing its existing revolving credit facility with a
       new US$900 5-year guaranteed senior secured ABL revolving
       credit facility, which will not be rated, and

   (2) refinancing its amended Gtd. Senior Secured Term Loan B
       with a new US$860 million 7-year guaranteed senior
secured
       term loan.

The ABL will be secured by a first priority interest in most of
the company's current assets and related intangibles and by a
second priority interest in the collateral securing the term
loan.  The term loan will have a first priority interest in most
of the company's fixed and intangible assets, including
subsidiary capital stock, and a second position in the
collateral securing the revolver.  The revolver and the term
loan share the same upstream subsidiary guarantees.  The new ABL
revolver is expected to be around US$160 million drawn upon
closing, although Moody's recognizes that this amount could be
higher depending on the timing of Novelis's intra-month working
capital requirements.

Novelis's ratings were placed under review for possible
downgrade following the company's announcement that it had
entered into a definitive agreement with Hindalco to be acquired
in an all-cash transaction which valued Novelis at approximately
US$6.0 billion including debt assumption.  The ratings review
was predicated on concerns that the transaction could be
accompanied by an increased level of debt at Novelis in order to
accomplish the acquisition.  Upon closing of the transaction,
total pro
forma debt is expected to be US$2.6 billion, a nominal increase
in
outstanding debt from the end of the first quarter.

Novelis's B1 corporate family rating continues to reflect its
substantive position in the aluminum rolled products markets,
with dominant market positions in key areas served: can sheet,
transportation, construction and industrial, and foil products,
the company's global operating footprint, free cash flow
generating capability, and debt reduction performance since its
spin-off from Alcan.  However, Novelis's ratings also recognize
the ongoing performance difficulties resulting from its
remaining, although declining, exposure to certain can contracts
with price ceilings (which are below the current aluminum
prices), the company's relatively high leverage, the sensitivity
of its earnings to volume levels given the level of fixed costs
in business, and the more negative than expected impact from the
differential between used beverage can prices and primary
aluminum prices (which impacts the company's expected
internal hedge position).  The rating also reflects Moody's
concerns that Novelis's cash flows could be negatively impacted
should its ultimate parent, Hindalco, elect to withdraw cash via
upstream dividends to service its own debt burden. However, we
note that the documentation for Novelis's unsecured notes
contains restricted payments language which impairs Hindalco's
ability to withdraw substantive cash levels from the company.

Moody's affirmation of Novelis's SGL-2 speculative grade
liquidity rating reflects the company's good liquidity position,
characterized by expectations for positive free cash flow
generation over the next year, manageable expenditures, and
sufficient availability under its new proposed US$900 million
ABL revolving credit facility (estimated at around US$500
million at closing).  Moody's also expects Novelis to benefit
from lower
exposure to can sheet contract price ceilings relative to 2006,
which should translate into improved earnings and cash flow
performance.

Downgrades:

   * Issuer: Novelis Inc.

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        B3, LGD5, 76% from B2 LGD 5, 74%.

Assignments:

   * Issuer: Novelis Inc.

     -- Senior Secured Bank Credit Facility, Assigned a Ba2, LGD
        2, 24%.

Confirmations:

   * Issuer: Novelis Corporation

     -- Senior Secured Bank Credit Facility, Confirmed at Ba2,
        LGD 2, 24%.

   * Issuer: Novelis Inc.

     -- Corporate Family Rating, Confirmed at B1;

     -- Probability of Default Rating, Confirmed at B1;

     -- Senior Secured Bank Credit Facility, Confirmed at Ba2,
        LGD 2, 24%.

Outlook Actions:

   * Issuer: Novelis Corporation

     -- Outlook, Changed To Stable From Rating Under Review

   * Issuer: Novelis Inc.

     -- Outlook, Changed To Stable From Rating Under Review

Headquartered in Atlanta, Georgia, Novelis is the world's
largest producer of aluminum rolled products.  In 2006, the
company had total shipments of approximately 3.1 million tons
and generated approximately US$9.8 billion in revenues.

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.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin-American region.

Novelis also has operations in Germany, Switzerland and Korea.


TOWER AUTOMOTIVE: Judge Gropper Approves Disclosure Statement
-------------------------------------------------------------
The Honorable Allen L. Gropper of the U.S. Bankruptcy Court for
the Southern District of New York approved a first amended
disclosure statement explaining Tower Automotive, Inc., and its
debtor subsidiaries' First Amended Joint Plan of Reorganization,
at a hearing held June 5, 2007.

Judge Gropper held that the First Amended Disclosure Statement
contains adequate information that would enable creditors to
make an informed decision on whether to accept or reject the
Plan.

The Debtors filed the First Amended Disclosure Statement and
Plan on June 4, 2007, to include, among others, revisions to the
classification and treatment of claims and interests, and an
analysis of the estimated recoveries for the Debtors' various
unsecured creditor constituencies.

Parties have until July 6 to file objections to the Plan.

        Revised Classification of Claims and Interests

Under the First Amended Plan, the description for Class 4 claims
was changed to International Holding Company Debtor Claims from
R.J. Bondholder Claims.  The estimated recovery for Class 3
Second Lien Claims was also raised to US$154,225,000 from
US$41,000,000.

According to the Plan, the US$154,225,000 is subject to upward
adjustment for fees and expenses allowable and payable under the
Prepetition Credit Agreement and the Final DIP Order, and
subject to downward adjustment for amounts returned to the
Second Lien Agent from the Second Lien Collateral Account.  As
of June 4, 2007, the balance of the Second Lien Collateral
Account is estimated to be approximately US$113,000,000.

The Amended Plan provides that the Second Lien Claim will be an
Allowed Secured Claim in the amount of the Second Lien Base
Claim without defense, offset, recoupment, counterclaim or
reduction, other than as set forth in the Plan.  On the Plan
Effective Date, the Second Lien Collateral Account Final Balance
will be returned to the Second Lien Agent for the Pro Rata
benefit of the Second Lien Lenders, and the Second Lien Adjusted
Base Claim will be paid in full in Cash.  In addition, (i) each
undrawn Prepetition Letter of Credit will be returned to the
issuer undrawn and marked canceled, and (ii) the Second Lien
Agent's Fees incurred prior to the Effective Date, but not paid
prior to or on the Effective Date, will be paid within 10
business days after submission of invoices to the Debtors and
the purchaser -- TA Acquisition Company, LLC -- it being
understood that nothing will limit the Debtors' or the Official
Committee of Unsecured Creditors' right to review and determine
that the fees are reasonable, or the Purchaser's right to review
and object to claims set forth in the Purchase Agreement.

                      Recovery Analysis

The Amended Plan relates that the Debtors, the Creditors
Committee and their advisors worked together to develop a
framework to determine estimated recoveries for the Debtors'
various unsecured creditor constituencies and are in agreement
over the methodology that underlies the analysis.

The substantive assumptions that underlie the recovery analysis
include (i) the determination of which legal entities should be
substantively consolidated, (ii) the attribution of
distributable value to the entities and (iii) the allocation of
claims by legal entity.  The Debtors' advisors, in consultation
with the Committee's advisors, applied this methodology to
determine the recoveries under the Plan for the various
unsecured creditor constituents in Classes 4 through 8.

The analysis aggregates Tower's legal entities -- both domestic
and international -- into seven entities or groups of entities.
The entities are:

      1. Tower Inc., the Debtors' top-tier holding company;

      2. R.J. Tower, the Debtors' intermediate holding company;

      3. the Substantively Consolidated Debtors, which include
         the Debtors various domestic subsidiaries below R.J.
         Tower;

      4. the International Holding Company Debtors, which are
         domestic holding companies for the Debtors' interests
         in certain international operations, notably including
         the European and Korean operations; and

  5 - 7. three first-tier international subsidiaries of R.J.
         Tower, Changchun Tower Golden Ring Automotive Products
         Company, Tower Automotive Mexico S. De R.L. de C.V.,
         the holding company for the Debtors' 40% joint venture
         interest in Metalsa S de R.L. de C.V., and Tower
         Automotive Canada.

With the seven legal entities identified, the recovery analysis
assumes an allocation of distributable value implied by the
purchase price as provided in the Purchase Agreement to each
entity based principally on EBITDA contribution with adjustments
made to take into consideration the relative performance of
businesses in different geographic regions and other regional or
legal entity specific considerations.

Intercompany claims that are included in the recovery analysis
are (i) a note payable from Tower Automotive Deutscheland GmbH &
Co. to R.J. Tower for US$25,100,000, (ii) a note payable from
Tower Automotive Europe B.V. to R.J. Tower for US$16,700,000 and
(iii) two notes payable from Tower Automotive International B.V.
to Tower Automotive International Holdings, Inc. totaling
$320,100,000.  All amounts are estimated as of March 31, 2007,
and assume an exchange rate of US$1.3355 per Euro.

Taken together, the recovery analysis assumes that the DIP
Revolver recovers value initially from the Debtors' domestic
operations and then, because the value of the Debtors' domestic
operations is not sufficient to fully satisfy the DIP Revolver,
from the DIP Lenders' claims against the Debtors' international
subsidiaries and the Debtors' interests in the international
subsidiaries on a pro-rata basis.

The DIP Term Loan is assumed to recover from the Debtors'
foreign subsidiaries pro-rata based on the remaining
distributable value after satisfying the DIP Revolver.  The
Second Lien Claims are assumed to recover value similar to the
methodology employed by the DIP Term Loan.  The recovery
analysis assumes the DIP Lenders and Second Lien Lenders may
recover pro-rata based on distributable value on account of
their super-priority administrative expense claims.

Because the value ascribed to the Debtors' domestic operations
is fully offset to satisfy senior claims and debt -- including
Administrative Claims, Other Priority Claims, Other Secured
Claims and a portion of the DIP Revolver -- the residual balance
of the DIP Revolver, the DIP Term Loan and the Second Lien
Claims recover value exclusively from the Debtors' international
subsidiaries and the Debtors' interests in the international
subsidiaries, whether on account of their secured claims or
their super-priority administrative claims.

     Special Provisions on Subordinated Securities Claims

The Amended Plan provides that nothing will impact in any way
the right or ability of the lead plaintiffs in the Securities
Litigation to pursue and recover on any Claims against the
Debtors solely to the extent of any coverage provided by any
insurance policy, including any Directors' and officers'
insurance policy.

Nothing will also release, enjoin, preclude, or otherwise affect
in any way the prosecution of the claims asserted, or which may
be asserted, against any non-Debtor in the Securities Litigation
or the right of the lead plaintiffs in the litigation to (a)
pursue further litigation, including without limitation appeals,
against any non-Debtor defendants, or (b) to enter into or
enforce any settlement or enforce any judgment obtained in
connection with or relating to the litigation or appeals,
provided that the terms and conditions of the stipulation and
order between the Debtors and the Securities Plaintiffs
resolving the Debtors' request to reclassify Securities
Plaintiffs' Claims will remain in full force and effect.

                       Rejection Claims

All proofs of claim arising from the rejection of Executory
Contracts or Unexpired Leases must be filed with the Voting
Agent within 30 days after the earlier of: (a) the date of entry
of a Court order approving the rejection; and (b) the Plan
Effective Date.  Any Claims arising from the rejection of an
Executory Contract or Unexpired Lease for which proofs of Claims
were not timely filed within that time period will be forever
barred from assertion against the Debtors or their Estates and
property, or the Trusts, unless otherwise ordered by the Court
or as otherwise provided in the Plan.  All Rejection Claims
will, as of the Effective Date, be subject to the permanent
injunction set forth in the Plan.

                       Other Provisions

Other provisions added to the Plan include the condition that
the proposed Confirmation Order, any modifications of the Plan,
and any material modification to the Sale Order, will be in a
form and substance reasonably acceptable to the Second Lien
Agent.  The Debtors, the Purchaser or the Creditors Committee
may seek an expedited hearing before the Bankruptcy Court to
address any objection by the Second Lien Agent.

In addition, nothing in the Plan, any amendment to the Plan, or
in the Confirmation Order, will enjoin any claims, to the extent
available under applicable non-bankruptcy law, of the United
Furniture Workers Pension Fund A against the Purchaser or any
non-Debtor affiliates, subsidiaries, or other third parties,
including, but not limited to, any claims based on control group
liability or successor liability arising from or related to the
Debtors' withdrawal from the United Furniture Workers Pension
Fund A, provided that the Purchaser and all the non-Debtor
affiliates or subsidiaries and third parties reserve all
defenses to the claims.

A blacklined copy of Tower's First Amended Plan is available for
free at:

           http://ResearchArchives.com/t/s?20b2

A blacklined copy of Tower's First Amended Disclosure Statement
is available for free at:

           http://ResearchArchives.com/t/s?20b3

                   About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and US$1,306,949,000 in total
debts.

The Debtors' filed their Chapter 11 Plan of Reorganization and
Disclosure Statement explaining that plan on May 1, 2007.  The
Debtors' exclusive period to file a chapter 11 plan expired on
June 6, 2007.  (Tower Automotive Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


TOWER AUTOMOTIVE: Plan Confirmation Hearing Scheduled on July 11
----------------------------------------------------------------
The Honorable Allen L. Gropper of the U.S. Bankruptcy Court
for the Southern District of New York set a hearing for the
confirmation of Tower Automotive, Inc., and its debtor-
affiliates First Amended Joint Plan of Reorganization on
July 11, 2007.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and US$1,306,949,000 in total
debts.

The Debtors' filed their Chapter 11 Plan of Reorganization and
Disclosure Statement explaining that plan on May 1, 2007.


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

DCEIL INTERNATIONAL: Bursa to Delist Securities on June 18
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on May 9,
2007, that the Bursa Malaysia Securities Bhd has commenced
delisting procedures against Dceil International Berhad after it
failed to submit its regularization plan to the Securities
Commission and other relevant authorities.

Earlier reports from the TCR-AP revealed that the company was
required to submit its Regularization Plan on April 30.

In an update, the Bursa Securities said that it will delist and
remove the securities of Dceil International from its Official
List at 9.00 a.m. on June 18, 2007.

In addition, the bourse said: "[a]fter due consideration of all
facts and circumstances of the matter, Bursa Securities has
decided to delist the securities of DCIB from the Official List
of Bursa Securities as the Company does not have adequate level
of financial condition to warrant continued listing on the
Official List of Bursa Securities."

DCEIL International Bhd is principally involved in trading,
distribution and installation of ceilings and partitioning
works.  Its other activities include manufacturing of toilet
partitions and investment holding.  The Group operates in
Malaysia and other foreign countries.

DCEIL is classified under Practice Note 1 and Practice Note 17
of the Bursa Malaysia Securities Berhad's Listing Requirements,
and is therefore required to implement a plan to regularize its
finances.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 7, 2006, Wang & Co, the external auditor of DCEIL, raised
doubt on the company's ability to continue as a going concern
after auditing the company's financial statements for the fiscal
year ended June 30, 2006.  The auditor pointed to the bankers'
demands for the company to settle its outstanding loans.

DCEIL's balance sheet as of end-September 2006 reflected total
assets of MYR139.93 million and total liabilities of MYR146.6
million, resulting in a shareholders' equity deficit of MYR6.66
million.


MALAYSIA AIRLINES: Cuts Inbound Fare Prices for Asean Neighbors
---------------------------------------------------------------
Malaysia Airlines is slashing between 10% and 15% from its usual
package fares marketed in Asean countries until year-end to lure
more tourists into the country, Bernama News reports.

According to the airline's commercial director, Datuk Rashid
Khan, the promotion is part of MAS' joint program with Tourism
Malaysia in conjunction with Visit Malaysia Year 2007, the
report adds.  He said MAS has introduced 250 packages for the
promotion, and the discounts are from June 1 to Dec 31.

Bernama relates that the MAS-Tourism Malaysia collaboration is
to promote attractive and affordable VMY2007 packages in Asean
countries for increased tourist arrivals into the country.  This
initiative rewards tourists to Malaysia from the Asean countries
with best prices and value deals for their air travel and
vacations offered on MAS' available seat capacity throughout
various periods of this year.

According to Mr. Rashid, the flag carrier has allocated
2.5 million seats under the program and "expects about
1.7 million seats to be taken up and is confident to chalk up
MYR20 million revenue through the offers," the report says.  The
customized packages starts from as low as US$108 for twin-share
to a maximum of US$1,129 single supplement, start from a three-
day-two-night Malaysian experience with superior hotel
accommodation, tours and meals.

Both Tourism Malaysia and the airline are jointly funding up to
MYR2.1 million to showcase VMY2007 in the Asean region through
regular promotions, Bernama relates.  In addition, the national
carrier has allocated some MYR50 million to boost promotions for
VMY2007 and "so far has invested over RM6 million," Mr. Rashid
was quoted as saying in the report.

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

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


MEMORY TECH: RAM Places Default Rating on MYR320 Million BAIDS
--------------------------------------------------------------
The Rating Agency Malaysia has downgraded the long-term rating
of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman Ajil
Islamic Debt Securities (2005/2012) ("BaIDS"), from C3 (with a
negative outlook) to D.

The BaIDS carries a corporate guarantee from MTSB's holding
company, Megan Media Holdings Berhad.  Concurrently, RAM has
lifted the Rating Watch (with a negative outlook) that had been
placed on MTSB on May 9, 2007, following the failure of MTSB and
MJC (Singapore) Pte Ltd, another wholly owned subsidiary of
Megan Media, to repay their trade facilities amounting to
MYR47.36 million.

On May 31, 2007, the Trustee -- Mayban Trustees Berhad -- acting
on the instructions of the BaIDSholders (given by way of a
Special Resolution from the latter) - had declared that an Event
of Default had occurred on the BaIDS.  Based on Clause 9.1 of
the Trust Deed, the BaIDS had then become immediately due and
payable.  On June 5, 2007, Megan Media (as the guarantor for the
BaIDS) had also been served a notice of demand by the Trustee
for the payment of MYR436.11 million, comprising MYR320 million
and MYR116.11 million for the Primary and Secondary Notes of the
BaIDS, respectively, by June 6, 2007.  Megan Media, however, had
failed to meet the payment on the due date.


SUREMAX GROUP: Bursa Defers June 13 Delisting on Appeal
-------------------------------------------------------
Suremax Group Bhd has appealed against the Bursa Malaysia
Securities' decision to delist the company's securities from the
bourse's official list on June 13, 2007.

The Troubled Company Reporter - Asia Pacific, on June 7, 2007,
reported that the Bursa Securities decided to delist and remove
the securities of Suremax after the company failed to submit its
regularization plan to approving authorities on May 31, 2007.

On March 27, 2007, the TCR-AP reported that the bourse extended
until May 31 the company's deadline to submit its regularization
plan, stressing however that if the company fails to submit the
plan within the extended timeframe, a delisting of the company's
securities will be commenced.

Given the appeal, the bourse said it will defer the delisting,
pending decision on the Appeal.

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

                         Going Concern

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

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


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

ASPIRE NEW ZEALAND: Subject to CIR's Wind-Up Petition
-----------------------------------------------------
On April 11, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Aspire New Zealand.

The  High Court of Auckland will hear the petition on June 28,
2007, at 10:45 a.m.

The CIR's solicitor is:

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


AWANUI COMPUTERS: Fixes June 28 as Last Day to Prove Claims
-----------------------------------------------------------
Awanui Computers Ltd. commenced liquidation proceedings on
May 21, 2007.

Creditors are are required to file their proofs of debt by
June 28, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

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


BUSINESS BACKUP: Sets Wind-Up Petition Hearing for June 14
----------------------------------------------------------
A petition to wind up the operations of Business Backup Ltd.
will be heard before the High Court of Auckland on June 14,
2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against
the company on March 21, 2007.

The CIR's solicitor is:

         Adam R. A. Pell
         17 Putney Way
         PO Box 76198, Manukau, Auckland
         New Zealand
         Telephone:(09) 985 7214


GLASS EARTH LTD: Books CD$887,000 Loss for Period Ended Dec. 31
---------------------------------------------------------------
Glass Earth Ltd has released its audited consolidated balance
sheet as of Dec. 31, 2006, and consolidated statement of
operations for the seven months then ended.  As previously
reported by the Troubled Company Reporter - Asia Pacific, the
company has recently changed its financial year-end from May 31
to December 31.

For the seven months ended Dec. 31, 2006, Glass Earth booked a
net loss of CD$887,000 bringing the accumulated deficit to
CD$2,837,000 at the end of 2006.  In the 12 months ended
May 31, 2006, the company reported a net loss of US$1,307,000.

To date, the company has not earned any revenues from its
exploration activities and is considered to be in the
development stage.  The company admits it has no source of
operating cash flow yet.

"The Company's ability to meet its obligations and continue as a
going concern is dependent upon its ability to obtain additional
financing, the discovery, development or sale of mining reserves
and achievement of profitable operations," Glass Earth noted in
the December 2006 financial statements.

Glass Earth is planning to meet its future expenditures and
obligations by raising funds through public offerings private
placements or by farm-outs of mineral properties.  The company
admits it is not possible to predict whether those efforts will
be successful or whether the company will attain profitable
levels of operation.

The company's consolidated balance sheet as of Dec. 31, 2006,
showed liquidity with current assets totaling CD$7,527,000
available to pay current liabilities of CD$615,000.
Assets as of Dec. 31, 2006, totaled CD$14,106,000 while
liabilities aggregated CD$615,000, resulting in a shareholders'
equity of CD$13,491,000.

The company schedules the annual meeting of its shareholders on
June 27, 2007, 11:00 a.m. (Vancouver time) at Suite 1750, 1185
West Georgia Street, Vancouver, British Columbia.  During the
meeting, the shareholders will, among others:

   1. receive the audited financial statements of the company
      for the fiscal period ended Dec. 31, 2006, together with
      the related report of the auditors;

   2. appoint auditors for the ensuing year and authorize the
      directors to fix their remuneration;

   3. determine the number of directors and elect directors; and

   4. to consider and, if thought fit, to approve the company's
      stock option plan, which makes a total of 10% of the
      issued and outstanding shares of the company available for
      issuance.

A copy of the company's audited financial statements for the
period ended Dec. 31, 2006, is available for free at:

http://www.glassearthlimited.com/pdfs/GEL_2006_annual_report.pdf

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its
Subsidiaries' principal activity is the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralisation.
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

                      Going Concern Doubt

The company is in the development stage, and has not earned
revenues to date.  For the nine-month period ended Nov. 30,
2006, the company had a net loss of CDN$629,000 and accumulated
deficit of CDN$2,579,000.  The company's ability to meet its
obligations and continue as a going concern, according to its
auditors, is dependent upon its ability to obtain additional
financing, the discovery, development or sale of mining reserves
and achievement of profitable operations.


GLASS EARTH: Incurs CD$344,000 Net Loss in 1st Quarter FY2007
-------------------------------------------------------------
Glass Earth Ltd's  net loss for the three months ended March 31,
2007, was CD$344,000, compared with CD$569,000 in the three
months ended February 28, 2006.  According to the company, both
of these periods include a significant non-cash item, namely the
calculated value attributed to the Incentive Stock Options
granting to directors and management staff.

The principal expense item included in the net loss for the
period was CD$158,000 (three months ended February 28, 2006:
CD$360,000) being the calculated value of the Incentive Stock
Options granted during the period.  The fair value of the
Incentive Stock Options was calculated using the Black-Scholes
option pricing model, assuming a risk-free interest rate of
4.03%, expected volatility of 89%, an expected dividend rate of
nil and an expected life of 2.5 years.  The exercise price of
Stock Options granted was equal to or greater than the market
price at the grant date.

Other significant expense categories included:

   a) General and administration expenses of CD$85,000 (three
      months ended February 28, 2006: CD$62,000).  These costs
      have risen due to the increase in administrative
      employees, an increase in the number of offices rented,
      general telecommunication cost increases due to greater
      geographical spread of activities.  Further increase is
      not expected in the medium term;

   b) Professional fees of CD$29,000, (three months ended
      February 28, 2006: CD$26,000)).  This related primarily to
      legal fees incurred in respect of Joint Venture Agreements
      and Letters of Intent that the Company entered into in the
      first quarter;

   c) Net salaries (after exploration recharges) of CD$63,000,
      (three months ended February 28, 2006: CD$34,000), now
      includes two full time senior executives (the COO and
      CFO); and

   d) Consulting fees of CD$16,000, (three months ended
      February 28, 2006: CD$8,000), includes the fees paid to
      the Finance Vice President, as well as a general
      technical consultant.

At March 31, 2007, the company had net working capital of
CD$5,069,000 (December 31, 2006: CD$6,912,000), including cash
and equivalents of CD$5,386,000 (December 31, 2006:
CD$7,316,000).

Assets as of March 31, 2007, totaled CD$13,952,000, while
liabilities aggregated CD$647,000, resulting in a shareholders
equity of CD$13,305,000,

A copy of the company's interim financial statements to
March 31, 2007, is available for free at:

http://www.glassearthlimited.com/pdfs/financial/interim_financia
ls_31mar07.pdf

Glass Earth Ltd -- http://www.glassearthlimited.com/-- and its
Subsidiaries' principal activity is the exploration for and
mining of gold deposits in New Zealand.  Glass Earth has
established a large portfolio of gold prospecting and
exploration permits in New Zealand, including advanced gold
prospects in the Hauraki-Waihi area; advanced and greenfields
gold prospects at the Mamaku-Muirs Reef area between Rotorua and
Tauranga; Greenfield gold prospects in the Central Volcanic
Region between Rotorua and Taupo, and advanced and greenfields
gold prospects in the Otago mesothermal gold fields, including
priority over a 20,550km2 prospecting permit area which it
believes is prospective for Macraesstyle gold mineralisation.
All Glass Earth's business operations are owned and managed by
its New Zealand subsidiaries Glass Earth (New Zealand) Limited
and HPD New Zealand Limited.  As of December 27, 2006, St Andrew
Goldfields Ltd. held approximately 50.2% interest in the
company.

                      Going Concern Doubt

The company is in the development stage, and has not earned
revenues to date.  For the nine-month period ended Nov. 30,
2006, the company had a net loss of CDN$629,000 and accumulated
deficit of CDN$2,579,000.  The company's ability to meet its
obligations and continue as a going concern, according to its
auditors, is dependent upon its ability to obtain additional
financing, the discovery, development or sale of mining reserves
and achievement of profitable operations.


HAIR ON DEVONPORT: Faces CIR's Wind-Up Petition
-----------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Hair On Devonport Ltd. on April 13, 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's is:

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


HOLMES DECORATING: Wind-Up Petition Hearing Set for June 14
-----------------------------------------------------------
A petition to wind up the operations of Holmes Decorating Ltd.
will be heard before the High Court of Auckland on June 14,
2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the wind-up petition on
March 21, 2007.

The CIR's solicitor is:

         Simon John Eisdell Moore
         c/o Meredith Connell
         Forsyth Barr Tower, Level 17
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone:(09) 336 7556


PCR CONTRACTING: Court to Hear Wind-Up Petition Today
-----------------------------------------------------
The High Court of Wellington will hear a petition to wind up the
operations of PCR Contracting Ltd today, June 11, 2007, at 10:00
a.m.

The petition was filed by the Commissioner of Inland Revenue on
April 19, 2007.

The CIR's solicitor is:

         Philip Hugh Brian Latimer
         c/o Legal and Technical Services
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay
         PO Box 1462, Wellington
         New Zealand
         Telephone:(04) 890 1028
         Facsimile:(04) 890 0009


PCRC PROPERTY: Court to Hear Wind-Up Petition on June 11
--------------------------------------------------------
The High Court of Wellington will hear a petition to wind up the
operations of PCRC Property Group 2 Ltd. on June 11, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the wind-up petition on
April 19, 2007.

The CIR's solicitor is:

         Philip Hugh Brian Latimer
         Legal and Technical Services
         New Zealand Post House, 1st Floor
         7-27 Waterloo Quay
         PO Box 1462, Wellington
         New Zealand
         Telephone:(04) 890 1028
         Facsimile:(04) 890 0009


PHRUDAN HOLDINGS: Subject to CIR's Wind-Up Petition
---------------------------------------------------
The Commissioner of Inland Revenue filed a petition to wind up
the operations of Phrudan Holdings Ltd. on Feb. 27, 2007.

The petition will be heard before the High Court of New Zealand
on June 14, 2007, at 10:00 a.m.

The CIR's solicitor is:

         Simon John Eisdell Moore
         c/o Meredith Connell
         Forsyth Barr Tower, Level 17
         55-65 Shortland Street
         PO Box 2213, Auckland
         New Zealand
         Telephone:(09) 336 7556


RUKA RUKA: Subject to CIR's Wind-Up Petition
--------------------------------------------
A petition to wind up the operations of Ruka Ruka Ki Ati Awa
Trust will be heard before the High Court of Whangarei on
June 18, 2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
April 26, 2007.

The CIR's solicitor is:

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


WARWICK MEWS: Wind-Up Petition Hearing Set for June 11
------------------------------------------------------
A petition to wind up the operations of Warwick Mews
Developments Ltd. will be heard before the High Court of
Christchurch on June 11, 2007, at 10:00 a.m.

Taggart Earthmoving Limited filed the petition on April 30,
2007.

Taggart Earthmoving's solicitor is:

         M. A. Jones
         White Fox and Jones, Level 7
         ABN AMRO Craigs House
         90 Armagh Street
         PO Box 1353, Christchurch
         New Zealand
         Telephone:(03) 353 0650
         Facsimile:(03) 353 0652


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

BANCO DE ORO-EPCI: S&P Withdraws Ratings for Equitable on Merger
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its
merger with Banco De Oro Universal Bank became effective on May
31, ABS-CBN News reports.

S&P retained its 'BB-' counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.
Equitable's rated debts will be transferred to the Banco de Oro-
EPCI.


BANGKO SENTRAL: Keeps Interest Rate Despite High Money Supply
-------------------------------------------------------------
The Bangko Sentral ng Pilipinas decided to keep its interest
rates steady despite a rapid growth in the Philippines' money
supply, Maricel E. Burgonio writes for the Manila Times.

The BSP said that inflation has been tamed by a strong peso,
despite the fact that domestic liquidity expansion has been
high.

Domestic liquidity increased to P2.993 trillion from P2.927
trillion the previous month.

Since October 2005, the BSP paid lenders 7.5% for overnight
deposits.  Lenders are also charged 9.75% for overnight loans.

Aside from the interest rate, the BSP's Monetary Board also
retained its tiering scheme and its special deposit account
(SDA) for state-run financial institutions and lenders' trust
departments.

According to the article, the BSP aims to encourage increased
loans to the public through the tiering scheme.  Meanwhile, it
aims to tame inflation and reduce excess money in the domestic
financial system by relaxing the SDA.

BSP Governor Amando M. Tetangco Jr. said that the recent policy
moves are aimed to keep the pace of domestic liquidity growth
modest.  Mr. Tetangco further said that the BSP hopes the
domestic liquidity growth can be kept below 20% through those
measures.

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


CHIQUITA BRANDS: Colsiba Accuses Possible Covenant Breach
---------------------------------------------------------
Colsiba, the coordination board for unions of Latin American
banana plantation employees, has accused Chiquita Brands of
planning to break a covenant with the group, Fresh Plaza
reports.

Fresh Plaza relates that Colsiba alleged that the most basic
standards that have been set were breached and the accords made
in discussions with Colsiba are not being respected.

Colsiba told Fresh Plaza that the situation in Nicaragua causes
the most concern.  Collective labor accords have not been
renegotiated over the past 10 years.  The salaries on the
plantations are at 1,5 dollar a day and labor conditions are
harsh.  Workers often don't get tools or protective gear.

Fresh Plaza notes that in Guatemala, talks on a new collective
labor accord have been going on for nine months, while
discussions on the matter has taken 10 months in Honduras.

Chiquita Brands doesn't want to increase salaries and improve
social conditions while output goals have been set at record
levels, Colsiba told Fresh Plaza.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service changed the rating
outlook for Chiquita Brands International, Inc. to negative from
stable.

Ratings affirmed:

* Chiquita Brands International, Inc. (parent holding company)

   -- Corporate family rating at B3

   -- Probability of default rating at B3

   -- US$250 million 7.5% senior unsecured notes due 2014 at
      Caa2 (LGD5, 89%)

   -- US$225 million 8.875% senior unsecured notes due 2015 at
      Caa2 (LGD5, 89%)

* Chiquita Brands LLC (operating subsidiary):

   -- US$200 million senior secured revolving credit agreement
      at B1 (LGD2, 26%)

   -- US$24.3 million senior secured term loan B at B1 (LGD2,
      26%)

   -- US$368.4 million senior secured term loan C at B1 (LGD2,
      26%).


GUESS?: Morgan Keegan Reaffirms Outperform Rating on Firm'
----------------------------------------------------------
Morgan Keegan analysts have reaffirmed their "outperform" rating
on Guess? Inc's shares, Newratings.com reports.

The analysts said in a research note that Guess?'s first quarter
2007 earnings per share were ahead of estimates and consensus
due to better-than-anticipated revenue growth and gross margin
expansion.

According to Newratings.com, the earnings per share estimate for
Guess?'s shares in 2007 was increased to US$1.88 from US$1.80,
while estimate for the firm's shares in 2008 was raised to
US$2.35 from US$2.15.

Newratings.com relates that Brean Murray analyst Eric M. Beder
has reaffirmed his "buy" rating on Guess?'s shares.

The report says that the target price for Guess?'s shares was
increased to US$57.

Mr. Beder said in a research note that Guess?'s first quarter
2007 earnings per share was ahead of the estimates and the
consensus.  The firm also reported record results at several
levels.

Mr. Beder told Newratings.com that despite weak consumer trends,
Guess?'s concentration on global operations continues to show
significant expansion opportunities and drive superior returns.

His earnings per share estimate for Guess?'s shares for 2007 was
raised to US$1.81 from US$1.70, while the estimate for 2008 was
increased to US$2.18 from US$2.04, to indicate the first quarter
2007 "upside and marginally higher growth rates for the
wholesale and European sectors," Newratings.com states.

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.

GUESS? INC: Earns US$35.5 Million in First Quarter Ended May 5
------------------------------------------------------------
Guess? Inc. reported financial results for the first quarter of
its 2008 fiscal year, which ended May 5, 2007.

For the first quarter of fiscal 2008, the company reported
record net earnings of US$35.5 million, an increase of 71.9%
compared to net earnings of US$20.7 million for the recast
quarter ended April 29, 2006.

Paul Marciano, Chief Executive Officer, commented, "The strength
of our brand and the solid execution of our global strategy have
driven these record results, which represented our 15th
consecutive quarter of earnings growth.  I am extremely pleased
with our team's outstanding performance.  All of our businesses
generated double digit revenue growth, led by strong execution
in our international operations.  In Europe, the addition of
Focus Europe, our contemporary line, and the growth of our
existing businesses drove a 77% sales increase in the segment.
Strong sales performance in South Korea drove Asian revenues
higher and led to a 77% increase in our wholesale segment
revenues."  Mr. Marciano continued, "Our North American retail
business performed extremely well, posting its 17th consecutive
quarter of same store sales growth.  And the strength of our
accessory lines drove licensing revenue growth of 42%.  It is
important to note that our footwear licensee's business has been
expanding rapidly. Compared to just a year ago, their business
has experienced explosive revenue growth, more than doubling its
volume in the period. W e continue to be very excited about the
prospects of this business both domestically and
internationally."  Mr. Marciano concluded, "On a consolidated
basis, we increased net earnings by 71.9%, driven by earnings
growth in all of our businesses around the world.  Our earnings
were well balanced and our performance once again demonstrates
the power of our diversified business model."

Total net revenue for the first quarter of fiscal 2008 increased
42.3% to US$377.9 million from US$265.7 million in the prior-
year period.  The company's retail stores in the U.S. and Canada
generated revenue of US$179.5 million in the first quarter of
fiscal 2008, a 19% increase from US$150.9 million in the same
period a year ago.

Comparable store sales increased 13.6% for the quarter ended May
5, 2007, compared to the thirteen weeks ended May 6, 2006.  The
company operated 336 retail stores in the U.S. and Canada at the
end of the first quarter of fiscal 2008 versus 316 stores a year
earlier.

Net revenue from the company's wholesale segment, which includes
the Company's Asian operations, increased 77.4% to
US$59.2 million in the first quarter of fiscal 2008, from
US$33.4 million in the prior-year period.  Net revenue from the
company's European segment increased 77.2% to US$118.9 million
in the first quarter of fiscal 2008, compared to US$67.1 million
in the prior-year period.

Licensing segment net revenue increased 41.5% to US$20.3 million
in the first quarter of fiscal 2008, from US$14.3 million in the
prior-year period.  Operating earnings for the first quarter of
fiscal 2008 increased 69.0% to US$57.9 million from US$34.3
million in the prior-year period.  Operating margin in the first
quarter improved 240 basis points to 15.3%, compared to the
prior year's quarter.  The margin expansion was driven by better
product margins, significant operating margin expansion in the
wholesale segment, and the positive impact in the company's
first quarter business mix of the higher European business.  The
company's SG&A rate increased 30 basis points quarter over
quarter.

  Five-Week Transition Period and Recast 2006 Financial Results

The company also disclosed its financial results for the five-
week transition period ended Feb. 3, 2007 and the results for
the recast fourth quarter and year ended Feb. 3, 2007.  The
five-week transition period resulted from the company's decision
to change its fiscal year.  For the five-week transition period,
revenues were US$136.0 million, net earnings were US$8.0
million.

For the recast quarter ended Feb. 3, 2007, revenues were
US$396.2 million, operating earnings were US$71.4 million,
operating margin reached 18.0% and net earnings were US$45.9
million.  Revenues for the recast year ended Feb. 3, 2007 were
US$1.25 billion, operating earnings were US$205.5 million,
operating margin reached 16.4% and net earnings were US$131.2
million.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                       *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings which were placed in
December 2006.


MANILA ELECTRIC: Will Start Paying PHP12-Bil. Loan by Jan. 2008
---------------------------------------------------------------
Manila Electric Co. will begin to amortize its PHP12 billion
loan by paying about PHP2 billion to PHP3 billion by January of
2008, treasurer Rafael Andrada told ABS-CBN Interactive.

The loan, which it borrowed in 2006, will mature in 6 years with
a grace period of one year, according to Mr. Andrada.  The power
distributor used the loan to augment its yearly budget for
capital program to PHP500 million.

PHP6 billion of the loan comprises the fixed-rate tranche and
has an annual interest rate of 9%.  The other half represents
the floating-rate tranche that it auctioned off on December 4,
2006, in which BDO Capital & Investment Corp. acted as financial
advisor.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
Metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around PHP4.7
billion.


Metropolitan Bank & Trust Co. posted a net income of
PHP2.23 billion for the quarter ended March 31, 2007, a 13.3%
increase from the PHP1.96 billion net income that it reported
for the quarter ended March 31, 2006.

For the first quarter of 2007, the company earned total
operating income of PHP9.37 billion, on interest income of
PHP9.55 million and interest and finance charges of
PHP1.19 billion.  Total operating expenses for the January-March
2007 totaled PHP6.72 billion.  This compares to the
PHP9.05 billion operating income and PHP6.63 billion operating
expenses for the comparable period in 2006.

As of March 31, 2007, the company has total assets of
PHP663.39 billion and total liabilities of PHP591.13 billion,
resulting in a total equity of PHP68.4 billion.  This compares
to the PHP570.46 billion in total assets, PHP509.35 billion in
total liabilities and PHP57.57 billion total equity reported as
of the first quarter of 2006.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that Moody's Investors Service has revised the
outlook of Metropolitan Bank & Trust Co.'s foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


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.


WENDY'S INT'L: Named Favorite QSR Brand for Second-Straight Year
----------------------------------------------------------------
Wendy's International Inc. recently rated as consumers' favorite
quick-service restaurant -- QSR -- for the second-straight year,
based on consumer responses in QSR(R) Magazine's 2007 Consumer
Survey.

In addition, Wendy's(R) tied for second position in offering
healthier menu options and ranked second in brand loyalty.
Wendy's ranked third in delivering consistent quality from one
location to the next.

"We are honored to be recognized as consumers' favorite quick-
service restaurant," said Wendy's CEO and President Kerrii
Anderson.  "This recognition is a tribute to our franchisees and
operators who provide fresh, quality food with caring service
every day in more than 6,000 Wendy's restaurants throughout the
world.

"As we say at Wendy's, 'Quality is our Recipe(R),'" Anderson
continued.  "That is the major point of distinction between
Wendy's and other quick-service restaurants.  We use fresh,
never frozen, beef and make every hamburger to order right off
the grill, just like Dave Thomas did when he founded Wendy's in
1969.  We top every sandwich with fresh condiments, including
whole-leaf lettuce and tomatoes that we slice every day in
our restaurants."

Recently, Zagat Survey(R), which is considered a world-leading
provider of consumer survey-based leisure content, named Wendy's
as having the best hamburger in the quick-service restaurant
industry.  In addition, Wendy's ranked first among quick-service
"mega-chains" (i.e., those with at least 5,000 outlets) for
food, facilities and popularity.

Wendy's also took the top spot for customer satisfaction in the
"limited service restaurants" category in this year's American
Customer Satisfaction Index (ACSI) survey produced by the
University of Michigan's Stephen M. Ross Business School.

                About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc. --
http://www.wendysintl.com/-- and its subsidiaries operate,
develop, and franchise a system of quick service and fast casual
restaurants in the United States, Canada, Mexico, the
Philippines, Argentina, among others.


* Local Firms May Invest More in Foreign Countries, BSP Says
------------------------------------------------------------
The Bangko Sentral ng Pilipinas revealed that data signified
that Filipino companies' investments abroad are poised to rise
up to US$700 million for 2007, the Manila Times reports.

BSP Governor Amando M. Tetangco Jr. further told the Manila
Times that net foreign direct investments may reach
US$1.6 billion this year.  Nonresidents' investments in the
Philippines are estimated to be at US$2.3 billion, he added.

In 2006, net FDI inflows are at US$2.35 billion.  2005 net FDI
inflows reached US$1.85 billion, showing that there was an
increase of US$491 million, the report relates.

From January to February 2007, net FDI amounted to US$633
million, increasing by 33.5% from the US$474 million in the
January-February 2006 period.

According to the report, the strong FDI inflows are a factor
attributed to the peso's recent rise. Other factors include
foreign portfolio investments and overseas Filipino workers'
remittances.  Traders expect the peso to trade between 45.90 to
46.15 for this week.

The peso closed at PHP46.08 last Friday, with trading volume at
US$541.120 million.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond issues.
The new bonds mature in 2010 and 2012 and carry interest rates
of 5.5% and 5.75%, respectively.  The exchange offers yielded
approximately Philippine peso 55 billion and PHP58 billion for
the three- and five-year bonds, respectively, from the exchange
of eligible issues.


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

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


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

AUDRICH INTERNATIONAL: Pays Second & Final Dividend
---------------------------------------------------
Audrich International (Pte) Ltd., which is in liquidation, paid
the second and final dividend to its creditors on June 5, 2007.

The company paid 2.0% on account of all received claims.

The company's liquidator is:

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


CHEMTURA CORPORATION: Reports Certain Executive Appointments
------------------------------------------------------------
Chemtura Corporation disclosed several executive appointments
aimed at strengthening business and functional alignment in its
new organization.

Eric Wisnefsky has been appointed vice president of Strategy and
New Business Development, assuming these duties, including
merger and acquisition responsibility, from Greg McDaniel, who
will be devoting his full efforts as group president of Crop
Protection, where his 20 years of prior agricultural
business experience will help advance our Crop Protection
business.

Mr. Wisnefsky has served as vice president and treasurer of the
corporation since 2004.  Since joining the company in 1998, he
held key roles in financial planning and analysis, has led cost-
saving and business integration projects, and has been deeply
involved in numerous mergers, acquisitions and divestitures.

In concert with these appointments, Stephen Forsyth, executive
vice president and chief financial officer, has been nominated
to become treasurer of the corporation, pending a vote of the
Board of Directors.  Assistant Treasurer Carol Anderson will
assume Wisnefsky's responsibilities in treasury, risk and
insurance, credit and collections, and cash applications.

"These appointments underscore our commitment to broaden the
experience of talented individuals throughout our organization,"
said Robert L. Wood, Chairman and CEO.

In addition, Chemtura announced that Douglas Debrecht will be
joining the company as vice president and chief information
officer in June.  Mr. Debrecht comes to Chemtura after 12 years
with Raytheon Company, where he served most recently as vice
president and chief information officer of Raytheon
International Inc. since 2004.  A Six Sigma specialist, he
brings significant global experience; strong technical,
planning, and implementation skills; and successful IT
transformation experience to Chemtura.

Mr. Debrecht earned his bachelor's degree in physics and
master's in engineering, both at Texas A&M University.

"We expect to benefit from Doug's extensive experience in SAP
and combining disparate systems," said Mr. Wood.  "We are
pleased to have a seasoned IT executive of Doug's caliber
joining our organization."

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from
      Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from
      Ba1; LGD4 (53%)


GLOBAL AERO: Pays Final Dividend to Creditors
---------------------------------------------
On May 29, 2007, Global Aero Design Centre Pte Ltd. paid the
second and final dividend to its creditors.

The company paid 0.228% to all received claims.

The company's liquidator is:

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


HLG ENTERPRISE: Stikes Off Dalat-Dankia and DD Management
----------------------------------------------------------
HLG Enterprise Limited has disclosed that it has struck off its
dormant subsidiaries, Dalat-Dankia Holdings Pte Ltd and DD
Management Services Pte Ltd, from the Register of Companies
pursuant to Section 344 of the Companies Act, Chapter 50 of
Singapore.

                       About HLG Enterprise

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

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

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


PRUDENTIAL EQUITY: Equity Research Operations Discontinued
---------------------------------------------------------
Prudential Financial Inc. said it will discontinue the
institutional equity research, sales and trading business known
as Prudential Equity Group.

The decision affects the equity research operations throughout
the United States, including its offices and trading operations
in New York City and Washington, D.C., San Francisco, Kansas
City, Chicago, Philadelphia, Cleveland, Atlanta and Boston, and
outside the United States in London, Zurich, Paris and Tokyo.

Effective immediately, Prudential Equity Group is dropping
coverage of the sectors and companies it covers.

For the year ended Dec. 31, 2006, the operations had revenues of
approximately US$260 million and income from continuing
operations before income taxes of approximately US$34 million.
At Dec. 31, 2006, the operations had total assets of
approximately US$137 million.  The company anticipates that the
operations will be substantially wound down during the quarter
ending June 30, 2007. General notification of the decision to
affected employees occurred on June 6, 2007.

The company currently estimates that it will ultimately incur
aggregate costs of approximately US$110 million ($72 million
after-tax) in connection with the decision, including
approximately US$75 million in employee severance, retention and
other employee related costs, US$18 million in lease related
costs and US$17 million of other costs.

The company currently estimates that the majority of the costs
will be reflected in the company's consolidated financial
statements for the quarter ending June 30, 2007.

As a result of the decision, the PEG operations, which have been
historically included in the company's Financial Advisory
segment, will be excluded from the Financial Advisory segment
and included, together with the costs of exiting the operations,
in either Corporate and Other operations as a divested business
or in Discontinued Operations depending on when the PEG
operations cease to do business, with prior period results being
adjusted to reflect the reclassification.

Divested businesses reflected in corporate and other operations
consist of businesses that have been or will be sold or exited
that do not qualify for "discontinued operations" accounting
treatment under generally accepted accounting principles.

The results of Discontinued Operations are included in net
income determined in accordance with GAAP but are excluded from
income from continuing operations determined in accordance with
GAAP.

Results of both divested businesses and Discontinued Operations
are excluded from adjusted operating income, which differs from
net income and income from continuing operations determined in
accordance with GAAP but is the financial measure that the
company uses to analyze the operations of each segment in
managing its Financial Services Businesses.

Prudential Financial Inc. (NYSE: PRU) --
http://www.prudential.com/-- is a financial services leader
with approximately US$630 billion of assets under management as
of March 31, 2007. The company has operations in the United
States, China, Singapore, Germany,  and Brazil.  Prudential's
businesses offer a variety of products and services, including
life insurance, annuities, retirement-related services, mutual
funds, investment management, and real estate services.


SEA CONTAINERS: Court Fixes July 16 as Claims Bar Date
------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware established July 16, 2007, 5:30 p.m.,
as the deadline for all persons and entities holding or wishing
to assert a claim against Sea Containers Ltd. and its debtor-
affiliates to file a proof of claim in their Chapter 11 cases.

All proofs of claim must conform substantially to Form No. 10 of
the Official Bankruptcy Form and must be filed by mailing the
original proof of claim to:

      BMC Group
      Attn: SCL Claims Agent
      P.O. Box 949
      El Segundo, California
      90245-0949

All other administrative claims must be made by separate
requests for payment in accordance with Section 503(b) of the
Bankruptcy Code, and will not be deemed proper if made by proof
of claim.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
17; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a plan of reorganization
expires on Sept. 28, 2007.


SEA CONTAINERS: Wants Exclusive Period Extended to Sept. 28
-----------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend
their exclusive periods to:

   (a) file a Chapter 11 plan through and including
       Sept. 28, 2007; and

   (b) solicit acceptances of that plan through and including
       Nov. 27, 2007.

The Debtors contend that the deadlines need to be extended since
they need to consider their litigation with GE SeaCo SRL,
pending the course and potential outcome of the arbitration
proceedings.  The Debtors reason that their restructuring plans
may be affected by the outcome of the arbitration because
of the importance of GE SeaCo to the bankruptcy estate.

GE SeaCo SRL, a joint venture between Sea Containers Ltd. and GE
Capital Corporation, manages a substantial portion of SCL's
container leasing business.  Prior to Petition Date, GE Capital
asserted that it had the right to purchase SCL's equity interest
in GE SeaCo SRL because of an alleged change of control at SCL.
SCL strongly denied the alleged control change and the Debtors
are currently preparing to arbitrate the dispute, Mr. Greecher
notes.  The Debtors expect the arbitrator to issue a decision on
the Control Change Issue around the end of September 2007.

The Debtors add that additional time is also required to:

   * execute the sale of non-core assets; and

   * various financing arrangements of the Debtors need to
     be resolved and settled.

The Court will convene a hearing on June 7, 2007, to consider
the Debtors' extension request.  By application of Rule 9006-2
of the Local Rules of Bankruptcy Practice and Procedures of the
United States Bankruptcy Court for the District of Delaware, the
deadline of the Debtors' Exclusive Periods is automatically
extended through the conclusion of that hearing.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
17; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SPECTRUM BRANDS: A. Genito Promoted to Chief Financial Officer
--------------------------------------------------------------
Spectrum Brands, Inc. promoted Anthony L. Genito, 50, to the
position of senior vice president and chief financial officer.

As CFO, Mr. Genito reports to Kent Hussey, Spectrum Brands'
chief executive officer, and is responsible for the company's
financial functions including accounting, treasury, tax and
financial planning.  Mr. Genito succeeds Randall J. Steward, 52,
formerly executive vice president and chief financial officer,
who has resigned to pursue other professional and personal
interests.

"Randy Steward has been a key leader in Spectrum Brands' growth
and transformation during the past nine years," Mr. Hussey said.
"We thank him for his many valuable contributions to the company
and wish him well.  I am confident that the people, processes
and organization he has put in place will result in a smooth
transition for Tony into his new role."

"Tony has a strong financial background, and in his three years
with Spectrum Brands he has developed a deep understanding of
our business and earned a solid reputation throughout the
company," Mr. Hussey continued.  "He is ideally suited to take
on the critical role of chief financial officer at this point in
the evolution of the company and I look forward to working in
partnership with him to move forward on our strategy to build
value for shareholders."

Mr. Genito, who has over 27 years of management, finance and
operational experience, most recently served as the company's
senior vice president finance and chief accounting officer.
Prior to joining Spectrum, Mr. Genito was vice president of
global supply chain/global quality operations with Schering-
Plough Corporation, culminating twelve years with that company
in various financial positions of increasing responsibility.  He
began his career with Deloitte & Touche.  Mr. Genito holds a
B.S. in Accounting from Mercy College and an M.B.A. from Pace
University and is a certified public accountant.

                     About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company's European headquarters is located at Sulzbach,
Germany.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands, Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  The Outlook remains Negative.


WP CONC-PACT: Receiving Proofs of Debt Until June 22
----------------------------------------------------
WP Conc-Pact Pte Ltd., which is in liquidation, requires its
creditors to file their proof of debt by June 22, 2007.

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

The company's liquidator is:

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


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

DATAMAT PCL: Appoints Two Auditors For 2006 Onwards
---------------------------------------------------
Datamat PCL has approved the appointment of two certified
auditors to review and audit its financial statements, from 2006
and onwards, during a meeting among its Board of Directors on
May 4, 2007.

In a letter addressed to the Stock Exchange of Thailand and
dated May 29, 2007, the company's board of directors approved
the appointment of these certified auditors:

    * Prof. Kesaree Narongdej         Certified Auditor No. 16
    * Mrs. Natsarak Sarochanancheen   Certified Auditor No. 4563

Headquartered in Bangkok, Thailand, Datamat Public Co. Limited
-- http://www.datamat.co.th/-- distributes computers, provides
computer technology services, and maintains computer and
software system.  It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.

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

Datamat was ordered by the Central Bankruptcy Court on Aug. 11,
2005, to rehabilitate its business.  Advance Planner Co., Ltd,
was then appointed as Datamat's plan administrator on October
12, 2005.

Datamat, in an October 18, 2006, filing with the Stock Exchange
of Thailand, disclosed that the Bankruptcy Court has ordered the
cancellation of the company's rehabilitation plan due to
disagreements among the parties involved.


HANTEX PCL: Trading Still Suspended Despite SET's OK for Listing
----------------------------------------------------------------
The Stock Exchange of Thailand has allowed the listing of Hantex
PCL's securities starting June 6, 2007, after the company
finished its capital increase procedures.

However, the company's securities are still suspended from
trading since it is in the Non-Performing Group of the SET, and
will remain so until the causes of delisting are eliminated, and
until the company completes the condition specified by the SET
to resume trading in the normal sector.

The company also faces delisting due to its auditor's disclaimer
of opinion in its financial statements for the year ended
December 31, 2006.

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

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

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

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

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

                       Going Concern Doubt

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

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

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

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

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

   * Other circumstances, such as:

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

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

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


KASIKORN BANK: Appoints Members of Audit Committee
--------------------------------------------------
Kasikorn Bank PCL appointed the members of its Audit Committee
comprising of four independent directors during a meeting of the
Board of Directors held on May 30, 2007.

The Board elected these members of the Audit Committee:

    Position         Director's Name                  Term
    --------         ---------------                  ----
    Chairman     M.R. Sarisdiguna Kitiyakara          3 years

    Member       Mr. Somchai Bulsook                  3 years

    Member       Prof. Khunying Suchada Kiranandana   3 years

    Member       Mrs. Elizabeth Sam                   2 years,
                                                      9 months

    Secretary    Mr. Vasant Chariyatantiwate            -


Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The bank currently carries Moody's Bank financial strength
rating of D+, which Moody's affirmed on May 4, 2007. The outlook
is stable.

On October 24, 2006, the Troubled Company Reporter - Asia
Pacific, reported that Fitch Ratings affirmed the ratings of
Kasikornbank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

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

    * Individual C;
    * Support 2;


NATURAL PARK: Siam City Bank to Sell Assets Sworn as Collateral
---------------------------------------------------------------
Siam City Bank PCL will arrange an auction to sell 177,020,236
common shares in Pacific Assets PCL and 205,000,000 common
shares in Sansiri PCL that Natural Park PCL pledged as
collateral for the payment of its debt to the bank pending a
final negotiation.

Due to the confusion of its status regarding its bankruptcy
case, N-Park was unable to seek refinancing from foreign
investors in order to pay of its debts to SCB and Krung Thai
Bank PCL because of low confidence in the company's status. The
company tried to negotiate with SCB, but the bank rejected the
company's debt repayment plan. Negotiations with Krung Thai Bank
are underway, however, the company sold 89,339,901 common shares
n Syntex Construction PCL at a price THB1.01 per share for a
total price of THB90.51 billion, in order to sustain the
situation.

Based in Bangkok, Thailand, Natural Park Public Company Limited
engages in developing, renting, leasing, selling and managing of
residential and commercial properties. Its business groups
include the operations of a luxury apartment complex, The
Natural Park Apartment, in Bangkok, the management of Novotel
Beach Resort Phanwa Phuket and the operations of french
restaurants, LENOTRE and LENOTRE BOUTIQUE. In addition, the
Company is involved in the catering services.

Natural Park is facing a suit for bankruptcy filed by Sathorn
Asset Management. It has also been faced with a suit earlier by
Ocean Life Insurance, which is now appealing the junking of the
case by the Central Bankruptcy Court.

The company's net loss in the first quarter of 2007 was Bt296.79
million, after a loss of Bt249.13 million in the corresponding
period last year. It has so far disposed of many assets,
including the Natural Hotel and a significant stake in Bangkok
Metro, Finansa and Siri Phuket.


PICNIC CORP: SET Seeks Clarification on Lease Payment by Unit
-------------------------------------------------------------
Picnic Corp. PCL has until today (June 11) to clarify the
advanced payment made by its subsidiary of a leasehold right fee
amounting to THB172 million, which is 88% of the total contract
value, that it disclosed in its financial statements for the
quarter ended March 31, 2007.

The auditor's report had stated that the lease contract for the
exchange exceeds the general contract. The auditor also said he
cannot get enough reliable evidence on the suitable value of the
leasehold right due to the absence of an appraisal value.

The company had a THB362 million net loss, and has defaulted
debts of about THB1.753 billion.

Specifically the SET seeks clarification on these points:

   * Explain the auditor's report

   * Importance of the agreement, the conditions of payment,
     terms of termination, and conditions that the lesser cannot
     register the leasing to the lessee

   * The name of the subsidiary and the lesser. The SET requires
     background of the lesser, and the relationship between the
     company, the subsidiar, the lesser, shareholders and
     management

   * Details of the land lease and the leased property

   * The person who approved for the transaction and his
     opinions

   * Reason for the imposition of 1the 150 days registration
     period

   * Progress of the appraisal of the leasehold right

                    About Picnic Corp.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.

                     Going Concern Doubt

After reviewing the consolidated financial statements of Picnic
Corp. PCL for the quarter ended March 31, 2007, Somchai
Kurujitkosol at S.K. Account Services Co. Ltd. raised
significant doubt on the company's ability to continue as a
going concern due to its illiquid balance sheets. As of March
31, 2007, the Company's total current liabilities of THB4.23
billion exceeded its total current assets of THB1.97 billion.


SIAM CITY: To Auction Off Natural Park's Collateral Assets
----------------------------------------------------------
Siam City Bank PCL will arrange an auction to sell 177,020,236
common shares in Pacific Assets PCL and 205,000,000 common
shares in Sansiri PCL that Natural Park PCL pledged as
collateral for the payment of its debt to the bank pending a
final negotiation.

Due to the confusion of its status regarding its bankruptcy
case, N-Park was unable to seek refinancing from foreign
investors in order to pay of its debts to the bank and Krung
Thai Bank PCL because of low confidence N-Park's status. N-Park
tried to negotiate with Siam City Bank, but the bank rejected
the company's debt repayment plan.

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

The Troubled Company Reporter - Asia Pacific reported that On
October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

    * Long-term foreign currency Issuer Default rating of BB;
    * Short-term foreign currency rating of B;

The outlook on the ratings is Stable.  Fitch has also upgraded
the bank's individual rating to D from D/E and affirmed its
Support rating at 4.

As of May 4, 2007, the Bank still carries Moody's Bank financial
strength rating of D.The Long-term Foreign Currency Deposit
Rating is changed to Baa2 from Baa3 and the Short-term Foreign
Currency Deposit Rating is unchanged at P-3. The outlook for all
ratings is stable.


SR TELECOM: Posts CDN$12.2 Mil. Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
SR Telecom Inc. reported a net loss of CDN$12.2 million for the
first quarter ended March 31, 2007, compared with a net loss of
CDN$13.6 million for the same period ended March 31, 2006.

SR Telecom's consolidated first quarter revenue grew 19% to
CDN$22.9 million from CDN$19.2 million in the same period in
2006. This increase reflects the ongoing implementation of major
contracts in Mexico and Argentina as well as shipments for a new
wireless deployment in Algeria.  Q1 2007 revenues were, however,
offset by outsourcing issues that delayed wireless product
shipments and resulted in CDN$1.2 million in late-delivery
penalties.

Operating loss from continuing operations was CDN$8.8 million in
the first quarter of 2007, a CDN$2.7 million improvement over
the CDN$11.5 million operating loss recorded in the same period
one year ago.  The improvement in net loss and operating loss
from continuing operations are a result of the increase in sales
volume, higher margins on equipment sales due to a beneficial
shift in product mix, and a CDN$2.4 million decline in
restructuring charges, however offset by a CDN$1.5 million
increase in selling, general and administrative (SG&A) expenses
and a CDN$900,000 rise in research and development expenses.

The rise in SG&A expenses for Q1 2007 is mainly attributable to
higher costs related to the stock-based compensation plan
implemented in Q2 2006 as well as expenses incurred to resolve
the ongoing outsourcing issues.  The R&D increase is a
reflection of the additional resources the company has devoted
to the development, delivery and deployment of WiMAX solutions.

The company's consolidated cash, including restricted cash, was
US$11.0 million, down from US$27.1 million at Dec. 31, 2006, and
reflecting the company's use of cash to fund current capital
requirements.

"The improved financial performance we achieved in the first
quarter is an encouraging indication that, despite the impact of
ongoing restructuring efforts, our global customers remain
confident in the quality of our wireless solutions and our
ability to deliver and deploy them," said Serge Fortin,
president and chief executive officer of SR Telecom.  "Over the
last several months, we have taken decisive action to position
ourselves to grow in the global WiMAX market.  It is clear,
however, that our capital issues must be resolved before SR
Telecom can regain sustainable positive momentum."

At March 31, 2007, the company's balance sheet showed
CDN$102.9 million in total assets, and CDN$102.6 million in
total liabilities, resulting in a CDN$321,000 total
stockholders' equity.

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?20ad

                       Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the uncertainty
concerning the outcome of the company's financing initiatives
and because of the company's losses for the current and prior
years, negative cash flows, reduced availability of supplier
credit and lack of operating credit facilities.

For the quarter ended March 31, 2007, the company realized a net
loss of CDN$12.2 million (CDN$115.6 million for the year ended
Dec. 31, 2006) and used cash of CDN$12.4 million (CDN$45.2
million for the year ended Dec. 31, 2006) in its continuing
operating activities.

                         About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

                          *     *     *

SR Telecom's long-term credit rating carries Standard & Poor's
Ratings Services' D rating.




                            *********

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,
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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.

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                 *** End of Transmission ***