TCRAP_Public/070612.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

             Tuesday, June 12, 2007, Vol. 10, No. 115

                            Headlines

A U S T R A L I A

DALT GROUP: Members and Creditors to Meet on June 29
DAVTUB PTY: Joint Meeting Set for June 29
EETWELL PTY: Sets Joint Meeting on June 22
FREEBODY & ASSOCIATES: Members Decide to Shut Down Business
GOLDEN BREED: Creditors' Proofs of Debt Must be In by June 19

HOBBYTEX INVESTMENTS: Members' Final Meeting Set for July 6
HTX INTERNATIONAL: Members' Final Meeting Set for July 6
JAM BRIX: Members & Creditors to Meet on June 22
KRONOS INC: Shareholders Okay Hellman & Friedman Merger Deal
NORD RESOURCES: Completes Offering of Special Warrants

NORD RESOURCES: Mar. 31 Balance Sheet Upside-Down by US$6.2 Mil.
RAUWIN HOLDINGS: Members Pass Resolution to Wind Up Firm
ROYAL CARRIBEAN: Launches US$0.15 Per Share Quarterly Dividend
STEPHEN AND GAYE: Members' Final Meeting Set for June 18
VALROSA PTY: Placed Under Members' Voluntary Liquidation

W G HILL: Creditors Must Prove Debts by July 5
WATERLOO JOINERY: Supreme Court Enters Wind-Up Order
W.R. GRACE: Wants to Contribute US$71.8 Mil. to Retirement Plans
W.R. GRACE: Inks Settlement Pact with Trumbull Memorial


C H I N A   &   H O N G  K O N G

ALL AMERICAN: Completes Sale to Rock River for US$15.2 Million
AMC ENTERTAINMENT: Fitch To Rate New US$400-Million Loan at CCC
AMC ENTERTAINMENT: Moody's Rates Proposed Sr. Unsec. Debt at B3
ANDREW CORP: Seeks New Buyer After Failed Kimball-Hill Agreement
ASHMORE ENERGY: GasAtacama Buy Worries Chilean Officials

AVATAR MFG.: Creditors' Proofs of Debt Due by July 12
BANK OF COMMUNICATION: Takes 85% in Hubei Int'l for CNY1.2 Bil.
BERRY PLASTICS: Moody's Lowers Corporate Family Rating to B2
CHEERTOP TRADING: Shareholders Opt to Shut Down Business
CHINA MINSHENG: China Life Buys 4.9% Stake for CNY5.45 Billion

FORD MOTOR: Recalls 7, 924 Mondeo Sedans in China
HUA HIN: Final General Meeting Set for July 16
JONESWIN INVESTMENT: Members' Final Meeting Set for June 26
KAWAMURA CO: Moves Annual Creditors' Meeting to June 18
MANITOWOC COMPANY: Wants to Redeem 10-1/2% Senior Notes

MOLESWORTH INVESTMENTS: Placed Under Voluntary Liquidation
MULTI WAY: Taps LO Kwok Wai as Liquidator
OIL SHIPPING: Sets Members' Final Meeting for July 9
SGIS SONGSHAN: Xinhua Lifts Credit Rating to BB
SMITHFIELD FOODS: Fourth Quarter Net Income Up to US39.9 Mil.

TCL MULTIMEDIA: Posts HK$2.5 Billion Net Loss for FY 2006
VARIETAL DISTRIBUTION: Moody's Puts Corporate Family Rtg. at B3
VWR INT’L: Pending Madison Dearborn Deal Cues S&P to Hold B Rtg.
ZTE CORP: Russia's Sistema Inks Various Telecom Deals
ZTE CORP: To Build China Mobile's CNY2.37BB Wireless Network


I N D I A

ALGOMA STEEL: High Debt Leverage Cues S&P’s B Credit Rating
AMERICAN AXLE: S&P Rates Proposed US$250 Million Term Loan at BB
GENERAL MOTORS: Says It Is Making Progress in Restructuring
RPG LIFE SCIENCES: Board to Consider Scheme of Arrangement Today
TATA MOTORS: May 2007 Sale Decreases 4% From Last Year's

TATA POWER: Net Profit Down 33% in January-March 2007 Quarter
UNION BANK OF INDIA: T. Y. Prabhu Named New Executive Director
UTI BANK: To Raise US$1 Billion by Share Issuance
UTI BANK: Shareholders Okay Dividend of INR4.5 Per Share


I N D O N E S I A

ALCATEL-LUCENT: Inks Two-Year Agreement with Comcel
ALCATEL-LUCENT: Christian Sapsizian Pleads Guilty of Bribe
ALCATEL-LUCENT: Inks Tech Support & Maintenance Pact with Vivo
ALCATEL-LUCENT: Wins Contract From Vivo
HILTON HOTELS: Selling Embassy Suites Hotel to 1022 Shady

INDOFOOD: Cuts Capital Spending Up to 37 Percent
MEDIA NUSANTRA: Raises US$419 Million in IPO
PAKUWON JATI: Buys IDR88.72-Billion Land From Pakuwon Darma
PERTAMINA: To Import Additional 200,000 Barrels of Kerosene
PERUSAHAAN GAS: May Miss July Completion Target Due to Flooding


J A P A N

ALITALIA SPA: Air One and Aeroflot Explore Possible Tie-Up
DELPHI CORP: Court Approves US$10.5 Million Umicore Settlement
DELPHI CORP: Wants to Further Employ Ernst & Young as Auditors
ITOCHU CORP: To Study Ethanol Producing Plant with Petroleo
JVC CORP: Mulls Capital Tieup with Kenwood

JVC CORP: Shares Plunge on Kenwood Share Acquisition News
KRATON POLYMERS: Weak Profitability Cues S&P to Lower Ratings


K O R E A

BIOMET INC: Private Equity Consortium Ups Offer to US$11.4 Bil.
BIOMET INC: Regains Nasdaq Listing Compliance
BIOMET INC: Moody's May Downgrade All Ratings After Review
BHK INC: Signs Statutory Merger With NewheartBio Co.
DM TECHNOLOGY: Converts Second Convertible Bonds Into Shares

EVEREX INC: Appoints Park Chan as New Chief Executive Officer
TOWER AUTOMOTIVE: Inks Asset Purchase Pact with TA Acquisition
TOWER AUTOMOTIVE: Lexington Wants Adequate Assurance on Lease


M A L A Y S I A

AMSTEEL CORP: Bursa Denies Further Plan Filing Extension
DAY INTERNATIONAL: Completes Sale to Flint Group
DAY INT’L: Flint Buyout Completion Cues S&P to Withdraw Ratings
HALIFAX CAPITAL: Bursa Starts Delisting Procedures
HARVEST COURT: Unit Sells Land Assets for MYR1.7 Million

SMART MODULAR: Ezra Perlman Resigns as Director


N E W  Z E A L A N D

CREATIVE EDUCATION: Court to Hear Wind-Up Petition on June 28
GYM TRADING: Enters Wind-Up Proceedings
INDUSTRIAL BELTS: Fixes July 2 as Deadline to Prove Claims
QUADRANT CORPORATION: Faces APN Holdings' Wind-Up Petition
SIMPSONS FARMS: Appoints Michael Crawford as Liquidator

SNOW SUMMIT: Names  Peter James Heenan as Liquidator
TENNET INTERNATIONAL: Taps Graham and Gibson as Liquidators
THE PC RECYCLING: Court Hears Wind-Up Petition
UNION INTERACTIVE: Fixes July 1 as Last day to Prove Claims


P H I L I P P I N E S

BANCO DE ORO-EPCI: Equitable PCI Now Removed From PSEi and Index
BAYAN TELECOMMUNICATIONS: Posts PHP101-Mil. Loss in 1st Quarter
BENPRES HOLDINGS: Earns PHP828 Million in First Quarter of 2007
CHIQUITA BRANDS: Colsiba Accuses Possible Covenant Breach
CHIQUITA BRANDS: Faces Lawsuit by Murder Victims' Families

CITY RESOURCES: Reports PHP2.86-Million Deficit as of Mar. 31
EVER-GOTESCO RESOURCES: Posts PHP49-Mil. Net Income for 1st Qtr.
EXPORT & INDUSTRY BANK: Posts PHP80MM Net Loss in 1st Qtr. 2007
PHIL NAT'L BANK: Pursues PHP25 Mil. Estafa Case v. Ex-Employees
SERVICEMASTER CO: S&P Rates US$3.35 Billion Sr. Facilities at B+

ZIPPORAH REALTY: Sells 80 Million Shares in Ebedev to Beziers
ZIPPORAH REALTY: Annual Stockholders' Meeting Moved to July 16


S I N G A P O R E

HEXION SPECIALTY: S&P Revises Recovery Ratings on 2nd-Lien Notes
INFOTECH VENTURES: Receiving Proofs of Debt Until July 9
INTEGRAL PERIPHERALS: Proofs of Claim Bar Date is June 22
KODAK VERSAMARK: Requires Creditors to Prove Debts by July 8
MTU ASIA: Creditors' Proofs of Debt Due by July 9

SEA CONTAINERS: Court Approves Archlane Leases Settlement Pact


T H A I L A N D

DAIMLERCHRYSLER: Recalls 1,443 Faulty Chinese-Made Chrysler Cars
DAIMLERCHRYSLER: Warrant Holder Wants to Exercise Right to Trust
DAIMLERCHRYSLER AG: Aims to Boost Sales & Make Mercedes No. 1
FEDERAL-MOGUL: Modifies 4th Amended Plan to Address Objections
TRUE CORP: Moody's Cuts Corporate Family Rating to B1 from Ba3

TRUE MOVE: Moody's Holds Corporate Family Rating at B1


* BOND PRICING: For the Week 11 June to 15 June 2007

     - - - - - - - -

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

DALT GROUP: Members and Creditors to Meet on June 29
----------------------------------------------------
A joint meeting will be held for the members and creditors of Dalt Group
Pty Limited on June 29, 2007, at 10:00 a.m.

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

Dalt Group's liquidator is:

          Paul G. Weston
          Deloitte Touche Tohmatsu
          Grosvenor Place, 225 George Street
          Sydney, New South Wales 2000
          Australia


DAVTUB PTY: Joint Meeting Set for June 29
-----------------------------------------
Davtub Pty Limited will hold a joint meeting for its members and creditors
on June 29, 2007, at 10:00 a.m.

At the meeting, the members and creditors will receive the liquidator's
report about the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Paul G. Weston
          Deloitte Touche Tohmatsu
          Grosvenor Place, 225 George Street
          Sydney, New South Wales 2000
          Australia


EETWELL PTY: Sets Joint Meeting on June 22
------------------------------------------
The members and creditors of Eetwell Pty Limited will have a joint meeting
on June 22, 2007, at 9:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the report about the company's wind-up proceedings
      and property disposal;

   -- fix the liquidator's remuneration; and

   -- authorize the liquidator to apply to the Australian
      Securities and Investment Commission and the Australian
      Taxation Office for permission to destroy the books and
      records of the company.

The company's Liquidator is:

          Brian P. Dunphy
          Freshwater Management Pty Ltd
          PO Box 663, Harbord
          New South Wales 2096
          Australia


FREEBODY & ASSOCIATES: Members Decide to Shut Down Business
-----------------------------------------------------------
During a general meeting held on May 18, 2007, the members of Freebody &
Associates Pty Limited decided to shut down the company's business and
appointed Frank Lo Pilato as liquidator.

The Liquidator can be reached at:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone:(02) 6247 5988


GOLDEN BREED: Creditors' Proofs of Debt Must be In by June 19
-------------------------------------------------------------
Golden Breed Australia Pty Ltd requires its priority and unsecured
creditors to file their proofs of debt by June 19, 2007.

The company will declare the first dividend on July 3, 2007.

The company's deed administrator is:

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


HOBBYTEX INVESTMENTS: Members' Final Meeting Set for July 6
-----------------------------------------------------------
Hobbytex Investments Pty. Limited will hold the final meeting for its
members on July 6, 2007, at 11:00 a.m.

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

The company's liquidator is:

          M. C. Shrimpton
          c/o Mawby Cowper Meares & Co
          47 Neridah Street
          Chatswood, New South Wales 2057
          Australia


HTX INTERNATIONAL: Members' Final Meeting Set for July 6
--------------------------------------------------------
A final meeting will be held for the members of HTX International Pty
Limited on July 6, 2007, at 10:00 a.m.

M. C. Shrimpton, 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:

          M. C. Shrimpton
          c/o Mawby Cowper Meares & Co
          47 Neridah Street
          Chatswood, New South Wales 2057
          Australia


JAM BRIX: Members & Creditors to Meet on June 22
------------------------------------------------
The members and creditors of Jam Brix Pty Limited will meet on June 22,
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:

          Brian P. Dunphy
          Freshwater Management Pty Ltd
          PO Box 663, Harbord
          New South Wales 2096
          Australia


KRONOS INC: Shareholders Okay Hellman & Friedman Merger Deal
------------------------------------------------------------
Kronos(R) Incorporated disclosed Friday that shareholders voted to approve
the merger agreement providing for the acquisition of Kronos by entities
affiliated with Hellman & Friedman Capital Partners VI, L.P., a private
equity investment firm.

Investing alongside Hellman & Friedman is JMI Equity, a private equity
firm focused on the software and business services industries.

The vote was conducted at a special meeting of Kronos shareholders held
last June 8, 2007 at the offices of Wilmer Cutler Pickering Hale and Dorr
LLP in Boston, Massachusetts.

Based on the preliminary tally of shares voted, the number of shares that
voted to approve the merger agreement represents approximately 79% of the
total number of shares of Kronos common stock outstanding and entitled to
vote as of the close of business on April 30, 2007, the record date for
the special meeting.

The proposed merger, disclosed on March 23, 2007, and is expected to close
today, June 11, 2007, subject to the satisfaction or waiver of the
conditions set forth in the merger agreement.

Under terms of the merger agreement, shareholders will receive US$55.00
per share in cash for each share of Kronos common stock held or a total
transaction value of approximately US$1.8 billion.

Kronos Incorporated -- http://www.kronos.com-- (Nasdaq: KRON) pProvides
software and services that enable organizations to reduce costs, increase
productivity, improve employee satisfaction, and ultimately enhance the
level of service they provide.  Kronos serves customers in more than 50
countries through its network of offices, subsidiaries, and distributors.
The company offers its products primarily in the United States, Canada,
Mexico, the United Kingdom, Australia, and New Zealand.

                       *     *     *

As reported in the Troubled Company Reporter on May 21, 2007, Moody's
Investors Service assigned Kronos, Inc. a first time B2 corporate family
rating and a stable rating outlook.  Moody's also assigned a first time
Ba3 rating to the company's first lien credit facilities ($665 million
term loan, due 2014, and US$60 million revolving credit facility, expires
2013); and a Caa1 rating to its US$390 million second lien term loan, due
2015.


NORD RESOURCES: Completes Offering of Special Warrants
------------------------------------------------------
Mr. Ronald A. Hirsch, Chairman of the Board of Directors of Nord Resources
Corporation disclosed that on June 6, 2007 that the company completed an
offering of 30,666,700 special warrants of Nord at a price of US$0.75 per
Special Warrant for aggregate gross proceeds of approximately US$23
million.

The offering was effected on a private placement basis using a Canadian
broker as lead agent on a best efforts basis, subject to a minimum
subscription level of US$20 million.  Each Special Warrant is convertible
into one share of Nord’s common stock and one-half of one common stock
purchase warrant for no additional consideration.  Each Warrant, when
issued, will entitle the holder to purchase one additional share of Nord’s
common stock for a period of five years following the date of closing of
the private placement at a price of US$1.10 per share.

Under the terms of the offering, Nord is required to:

    (i) file and obtain a receipt for a Canadian non-offering
        prospectus to qualify the issuance of the Shares, the
        Warrants and the Warrant Shares in Canada, and

   (ii) file a registration statement under the United States
        Securities Act of 1933 in order to register the resale
        of the Shares and the Warrant Shares in the United
        States.

The conversion of the Special Warrants into Shares and Warrants is
anticipated to take place upon a final receipt being issued for a Canadian
prospectus.  If Nord fails to obtain a receipt for a final Canadian
prospectus and effectiveness of the U.S. registration statement within 180
days following the closing date of the offering, Nord will be liable for a
liquidity incentive payment to the investors equal to 1% per month
(pro-rated), subject to a maximum liquidity incentive payment equal to an
aggregate of 12% of the gross proceeds of the offering.

The proceeds of the financing will be applied to the re-activation of the
Company’s Johnson Camp Mine, payment of certain outstanding debt
(including related party debt of approximately US$2,950,000), general
corporate purposes and the satisfaction of the condition precedent to
Nord’s previously announced proposed US$25 million credit facility with
Nedbank Limited.

The offering of the Special Warrants was completed in the United States
pursuant to exemptions from the registration requirements of the 1933 Act
and outside of the United States to non-U.S. investors in accordance with
Regulation S of the 1933 Act.   Neither the Special Warrants, the Shares,
the Warrants nor the Warrant Shares have been registered under the 1933
Act and may not be offered or sold in the United States absent
registration or an exemption from the registration requirements of the
1933 Act.

                     About Nord Resources

Headquartered in Dragoon, Arizona, Nord Resources Corporation (Pink
Sheets:NRDS) -- http://www.nordresources.com/-- is a natural resource
company focused on near-term copper production from its Johnson Camp Mine
and the exploration for copper, gold and silver at its properties in
Arizona and New Mexico.  The company also owns approximately 4.4 million
shares of Allied Gold Limited, an Australian company.  In addition, the
company maintains a small net profits interest in Sierra Rutile Limited, a
Sierra Leone, West African company that controls the world's highest-grade
natural rutile deposit.


NORD RESOURCES: Mar. 31 Balance Sheet Upside-Down by US$6.2 Mil.
----------------------------------------------------------------
Nord Resources Corp. reported a net loss of US$55,483 for the first
quarter ended March 31, 2007, compared with a net loss of US$2,055,786 for
the same period ended March 31, 2006.

The company did not have any sales during the three months ended March 31,
2007, and 2006, due to the fact that the Johnson Camp Mine was on a care
and maintenance program during these periods.

The decrease in net loss between these periods is primarily related to a
reduction in operating costs and interest expenses, and the increase in
miscellaneous income associated with the PDM Settlement Agreement.

At March 31, 2007, the company’s balance sheet showed US$3,954,645 in
total assets and US$10,160,284 in total liabilities, resulting in a
US$6,205,639 total stockholders’ deficit.

The company’s balance sheet at March 31, 2007, also showed strained
liquidity with US$1,307,479 in total current assets available to pay
US$9,902,769 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?20bf

                       Going Concern Doubt

Mayer Hoffman McCann PC, in Denver, raised substantial doubt about Nord
Resources Corporation's ability to continue as a going concern citing
significant operating losses after auditing the company's financial
statements for the years ended Dec. 31, 2006, and 2005.  The company
incurred a net loss of US$6.3 million and US$3.1 million during the years
ended Dec. 31, 2006, and 2005, respectively.

                     About Nord Resources

Headquartered in Dragoon, Arizona, Nord Resources Corporation (Pink
Sheets:NRDS) -- http://www.nordresources.com/-- is a natural resource
company focused on near-term copper production from its Johnson Camp Mine
and the exploration for copper, gold and silver at its properties in
Arizona and New Mexico.  The company also owns approximately 4.4 million
shares of Allied Gold Limited, an Australian company.  In addition, the
company maintains a small net profits interest in Sierra Rutile Limited, a
Sierra Leone, West African company that controls the world's highest-grade
natural rutile deposit.


RAUWIN HOLDINGS: Members Pass Resolution to Wind Up Firm
--------------------------------------------------------
On May 25, 2007, the members of Rauwin Holdings Pty Limited had a meeting
and passed a resolution winding up the company's operations.

The company's liquidator is:

          Frank Lo Pilato
          RSM Bird Cameron Partners
          Level 1, 103-105 Northbourne Avenue
          Turner ACT 2612
          Australia
          Telephone:(02) 6247 5988



ROYAL CARRIBEAN: Launches US$0.15 Per Share Quarterly Dividend
--------------------------------------------------------------
Royal Caribbean Cruises Ltd.'s Board of Directors declared a quarterly
dividend of US$0.15 per share payable on
June 29, 2007, to shareholders of record at the close of business on June
19, 2007.

This is the 55th consecutive quarter Royal Caribbean's Board of
Directors has voted to declare a dividend to shareholders.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/ -- is a global cruise
vacation company that operates Royal Caribbean International,
Celebrity Cruises and Pullmantur.  The company has a combined
total of 34 ships in service and seven under construction.  It
also offers unique land-tour vacations in Alaska, Australia,
Canada, Europe and Latin America.  The company has operations in
Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.


STEPHEN AND GAYE: Members' Final Meeting Set for June 18
--------------------------------------------------------
The members of Stephen and Gaye Johnson Engineering Pty Ltd will have
their final meeting on June 18, 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:

          Stephen Ray Johnson
          4 Fairy Dell Court
          Heathcote, Victoria 3523
          New Zealand
          Telephone:(03)5433 2493


VALROSA PTY: Placed Under Members' Voluntary Liquidation
--------------------------------------------------------
The members of Valrosa Pty Limited met on May 17, 2007, and resolved to
voluntarily liquidate the company's operations.

Alfred McCarthy was appointed as liquidator.

The Liquidator can be reached at:

          Alfred McCarthy
          Gregory & McCarthy
          Chartered Accountants
          75 Lead Street
          Yass, New South Wales 2582
          Australia


W G HILL: Creditors Must Prove Debts by July 5
----------------------------------------------
The creditors of W G Hill Pty Limited are required to file their proofs of
debt by July 5, 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:

          Dennis George Furey
          PKF
          Level 3, Suite 301, 304-318 Kingsway
          Caringbah, New South Wales 2229
          Australia


WATERLOO JOINERY: Supreme Court Enters Wind-Up Order
----------------------------------------------------
On May 18, 2007, the Supreme Court of New South Wales released
an order that winds up the company's operations and appointing
D. I. Mansfield as liquidator.

The Liquidator can be reached at:

          D. I.Mansfield
          Moore Stephens
          Chartered Accountants
          Level 6, 460 Church Street
          Parramatta, New South Wales 2150
          Australia


W.R. GRACE: Wants to Contribute US$71.8 Mil. to Retirement Plans
----------------------------------------------------------------
W.R. Grace & Co. and its debtor-affiliates asks the United States
Bankruptcy Court for the District of Delaware for permission to make
contributions to defined benefit retirement plans covering their employees
in the United States required under federal law for the period from July
15, 2007, to April 15, 2008.

The total of the legally required minimum contributions for the
2007-2008 Funding Period is approximately US$72,000,000, James E. O'Neill,
Esq., at Pachulski Stang Ziehl Young Jones & Weintraub, LLP, in
Wilmington, Delaware, tells the Court.

The funded status of the Grace Retirement Plans has improved;
however, the Plans are still underfunded by most accepted
measures, according to Mr. O'Neill.

The funding approach for the 2007-2008 Funding Period is to make
only those contributions to the Grace Retirement Plans that are
necessary to satisfy the minimums that are legally required by
applicable law.  Each contribution will be made no sooner than
one month before the deadline imposed by federal law.

For the 2007-2008 Contribution, the Debtors will follow this
schedule:

  Payment Due Date      Contributions      Plan Year
  ----------------      -------------      ---------
  July 15, 2007            US$8,982,359         2007
  September 15, 2007       15,343,157         2006
  October 15, 2007         14,830,385         2007
  January 15, 2007         14,830,385         2007
  April 15, 2007           17,873,596         2008
                        -------------
  Total Contribution      US$71,859,882
                        =============

No changes are anticipated in applicable federal law that could
affect the amount of the minimum contributions required to be
made to the Grace Retirement Plans during the 2007-2008 Funding
Period, except with respect to the first quarterly contribution
for the 2008 plan year due April 15, 2008, to the extent that any
regulations issued under the Pension Protection Act affect the calculation
of contributions for that plan year, Mr. O'Neill
maintains.

The Debtors believe that continuing to make at least the legally
required minimum contributions to each of the Grace Retirement
Plans is essential in maintaining the morale of their workforce
and confidence in their management.  The employees are vital to
maintaining and enhancing the value of the Debtors' estate and to the
Debtors' successful reorganization, Mr. O'Neill avers.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina, Australia
and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura Davis Jones,
Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors hired
Blackstone Group, L.P., for financial advice.  PricewaterhouseCoopers LLP
is the Debtors' accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee of
Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP and
Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.  Lexecon, LLP,
provided asbestos claims consulting services to the Official Committee of
Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov.
13, 2004.  On Jan. 13, 2005, they filed an Amended Plan and Disclosure
Statement.  The hearing to consider the adequacy of the Debtors'
Disclosure Statement began on Jan. 21, 2005.  The Debtors' exclusive
period to file a chapter 11 plan expires on July 23, 2007.  The PI
Estimation Trials will begin on Sept. 17, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.  (W.R.
Grace Bankruptcy News, Issue No. 131; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


W.R. GRACE: Inks Settlement Pact with Trumbull Memorial
-------------------------------------------------------
W.R. Grace & Co. and its debtor-affiliates entered into a
settlement agreement with Trumbull Memorial Hospital, which provides a
certain amount that will be deemed as the final liquidation of Claim No.
7028.  The Settlement Amount however was not disclosed in the parties'
filing with the United States Bankruptcy Court for the District of
Delaware.

In September 2005, the Debtors objected to thousands of asbestos-related
property damage claims, including Claim No. 7028 filed by Trumbull
Memorial, on various grounds.

Trumbull Memorial responded to the Debtors' objection and
thereafter, the parties engaged in extensive negotiations to
resolve the Trumbull Claim.

For voting purposes with respect to a plan of reorganization,
Trumbull Memorial will be entitled to one vote and the amount of
the Trumbull Claim for voting purposes will be equal to the
Settlement Amount.

In the event that (i) a reorganization plan ultimately confirmed
by the Court does not provide Trumbull Memorial distribution on
its claim equal to 100% of the Settlement Amount, or (ii) the
Debtors' bankruptcy case is converted to a case under Chapter 7
of the Bankruptcy Code, Trumbull Memorial may void the Settlement
Agreement and re-assert its Claim as presently filed.

The Debtors also seek the Court's permission to maintain the
confidentiality of the Settlement Amount.  Timothy P. Cairns,
Esq., at Pachulski Stang Ziehl Young Jones & Weintraub, P.C., in
Wilmington, Delaware, asserts that given the current state of the PD
Claims and the ongoing general public, disclosing the
Settlement Amount would not be in the Debtors' best interest.

Mr. Cairns relates that the Debtors will disclose the Settlement
Amount to the Court in camera if requested.  The Debtors will
also disclose the Settlement Amount to the Official Committees
appointed in the Debtors' cases and the Future Claims
Representative.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including Argentina, Australia
and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura Davis Jones,
Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C.,
represent the Debtors in their restructuring efforts.  The Debtors hired
Blackstone Group, L.P., for financial advice.  PricewaterhouseCoopers LLP
is the Debtors' accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee of
Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP and
Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.  Lexecon, LLP,
provided asbestos claims consulting services to the Official Committee of
Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov.
13, 2004.  On Jan. 13, 2005, they filed an Amended Plan and Disclosure
Statement.  The hearing to consider the adequacy of the Debtors'
Disclosure Statement began on Jan. 21, 2005.  The Debtors' exclusive
period to file a chapter 11 plan expires on July 23, 2007.  The PI
Estimation Trials will begin on Sept. 17, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.  (W.R.
Grace Bankruptcy News, Issue No. 131; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


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

ALL AMERICAN: Completes Sale to Rock River for US$15.2 Million
------------------------------------------------------------
All American Semiconductor, Inc., on Friday, completed the sale of
substantially all of its assets to Rock River Capital LLC and the
Company's senior secured lenders for which Harris N.A. acts as agent.  The
aggregate purchase price was US$15.2 million, which will be paid to the
senior secured lenders in the form of a reduction in their secured claim.

As previously stated, 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
utilizing All American's 42 years of experience and service to the
industry.  The company's senior secured lenders were the successful
bidders for the company's 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, total assets was US$117,634,000
and total debts was US$106,024,000.


AMC ENTERTAINMENT: Fitch To Rate New US$400-Million Loan at CCC
---------------------------------------------------------------
Fitch has affirmed the Issuer Default Ratings of Marquee Holdings Inc and
its principal operating subsidiary AMC Entertainment, Inc., at 'B'
following the company's recent announcement.  Fitch expects to rate the
new US$400 million senior unsecured term facility 'CCC/RR6' and would also
expect to rate the potential $275 million senior unsecured term loan
facility 'CCC/RR6' based on their deep structural subordination in the
capital structure.  The Rating Outlook is Stable.

Marquee Holdings has announced an intention to enter into a five-year
US$400 million senior unsecured term loan facility at an additional
holding company level, named AMC Entertainment Holdings, Inc., to fund a
dividend payout to Marquee's current shareholders. Neither Marquee or its
operating subsidiary AMC Entertainment or its subsidiaries will be a party
to the transaction.  Simultaneously, Marquee announced a consent
solicitation to amend the indenture of its existing discount notes due
2014 to accommodate a dividend payment of up to US$275 million prior to
the next accretion date on Aug. 15, 2007.  If the amendment is approved,
Marquee intends to use cash on hand at AMC Entertainment but also has an
option to fund the dividend by entering into an additional US$275 million
senior unsecured term loan facility.  The note holders are offered a 1.44%
consent fee at maturity. Regardless of the results of the
solicitation, entering into the proposed US$400 million facility would
trigger a cash interest payout on the discount notes estimated at
approximately US$29 million per year beginning on Feb. 15, 2008.  This
announcement follows the suspension of Marquee's IPO on May 3, 2007.

Fitch believes that AMC/Marquee has sufficient financial flexibility at
its current rating to fund the additional debt service payments due to the
recent debt reduction, solid operating performance and expectations for a
continued strong box office performance for the remainder of the summer
season.  In March 2007, the company allocated all proceeds from the
National CineMedia IPO and US$109 million in cash toward debt
repayment and fully redeemed approximately US$600 million of its higher
coupon operating company senior and subordinated notes.  Therefore, while
the proposed transaction will result in higher consolidated debt levels,
potentially reaching the level prior to the debt reduction, Fitch notes
that the new debt does not affect the default probability and recovery
expectations of the operating company debt ranked higher in the capital
structure.

Liquidity profile may be weakened if the company chooses to fund the
US$275 million additional dividend with cash on hand at AMC, pending the
results of the consent solicitation.  The company reported a proforma cash
balance of US$362 million and US$177 of availability under its revolving
facility as of Dec. 28, 2006.

Following the suspension of the AMC IPO in early May 2007, Fitch's ratings
incorporated the potential for another equity offering and a dividend,
albeit a lower one, to the shareholders.  Therefore, Fitch believes that
the announced plan to return capital to the current shareholders is within
the existing and expected financial policies reflected by the
'B' rating.

Fitch affirms these ratings:

  AMC

    -- Issuer Default Rating 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior unsecured notes 'B/RR4';
    -- Senior subordinated notes 'CCC+/RR6'.

  Marquee

    -- Issuer Default Rating 'B';
    -- Senior discount notes 'CCC/RR6'.

The Rating Outlook is Stable.

                 About Marquee Holdings

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

                  About AMC Entertainment

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


AMC ENTERTAINMENT: Moody's Rates Proposed Sr. Unsec. Debt at B3
---------------------------------------------------------------
Moody's Investors Service changed the outlook for Marquee Holdings Inc.
(parent of AMC Entertainment Inc.) to negative from stable.

Moody's also assigned a B3 rating to its proposed debt at AMC
Entertainment Holdings, Inc., a newly created entity that will
become the parent of Marquee.  The company intends to use proceeds to fund
a dividend to Marquee's current stockholders.

The negative outlook reflects concerns over the increase in leverage to
7.2 times debt-to-EBITDA from 6.7 times (based on estimated results for
the year ended March 31, 2007, and as per Moody's standard adjustments,
which include operating leases). Furthermore, the transaction creates no
value for creditors and represents a reversal from the commitment to
improving Marquee's credit profile that management demonstrated by
repaying debt with proceeds from the National CineMedia transactions.  If
Marquee's debt-to-EBITDA remains in excess of 7 times over the next year,
or if the company does not generate positive free cash flow, Moody's would
likely downgrade the corporate family rating to B2.  Conversely, Moody's
would consider stabilizing the outlook with:

   (1) leverage below 7 times and on track to fall to the low to
       mid 6 times; and

   (2) positive free cash flow.

The B3 rating on the proposed debt incorporates its junior-most
position in the capital structure, and the LGD6 93% reflects its low
recovery prospects as a result of the material amount of claims ranking
senior to it that would have to be repaid first in a default scenario.
This new debt does not benefit from any subsidiary guarantees, nor does it
have a security interest in any assets of the company.  It is structurally
subordinated to all other debt in the capital structure, which, inclusive
of capitalized operating leases, comprises approximately $5.5 billion.
The introduction of this junior-ranking claim of size to the company's
consolidated capitalization, however, results in an upgrade of the rating
for the higher-ranking (via structural seniority) senior subordinated
notes to B2, from B3, as the LGD estimate is reduced.  All other ratings
were affirmed.  A summary of rating actions follows, including
updated LGD assessments and point estimates to reflect the new capital
structure.

   * Marquee Holdings Inc.

     -- Outlook changed to negative from stable;
     -- Affirmed B1 corporate family rating;
     -- Affirmed B1 probability of default rating.

   * AMC Entertainment Holdings, Inc. (newly created entity)

     -- Assigned B3, LGD6, 93% to proposed Senior Unsecured Bank
        Credit Facility.

   * AMC Entertainment, Inc.

     -- Senior Subordinated Bonds, Upgraded to B2 from B3, LGD5,
        73%;

     -- Affirmed Ba1 on Senior Secured Bank Credit Facility,
        LGD2, 12%;

     -- Affirmed Ba3 on Senior Unsecured Bonds, LGD3, 34%.

   * Marquee Holdings, Inc.

     -- Affirmed B3 on Senior Unsecured Bonds, LGD5, 87%.

The B1 corporate family rating for Marquee continues to reflect high
leverage, sensitivity to product from movie studios, and a weak industry
growth profile, offset by good liquidity and the advantages of scale and
geographic diversity.

                   About Marquee Holdings

Based in Kansas City, Mo., Marquee Holdings Inc. is organized as
an intermediate holding company with no operations of its own.
The Company's principal directly owned subsidiaries are American
Multi-Cinema, Inc., Grupo Cinemex, S.A. de C.V., and AMC
Entertainment International, Inc.  Its annual revenue is approximately
$2.5 billion.

                   About AMC Entertainment

Headquartered in Kansas City, Mo., AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a theatrical exhibition company with
interests in about 382 theatres with 5,340 screens as of Dec. 28, 2006.
About 87 percent of the company's theatres are located in the U.S. and
Canada, and 13 percent in Mexico,
Argentina, Brazil, Chile, Uruguay, Hong Kong, France, and the U.K.


ANDREW CORP: Seeks New Buyer After Failed Kimball-Hill Agreement
----------------------------------------------------------------
Andrew Corporation seeks a new residential, commercial or industrial buyer
for the remaining portion of its former Orland Park, Illinois,
manufacturing and headquarters location after Kimball-Hill Homes failed to
close on the purchase of the 73-acre property.

As previously disclosed, Andrew and Kimball-Hill signed a contract in
August 2005 for the purchase of Andrew’s 103-acre Orland Park property in
two phases, the first of which involved 30 acres and closed in 2006 for
net proceeds of approximately US$9 million.  The second phase, involving
73 acres that include the former cable manufacturing and corporate
headquarters buildings, was contracted to sell for US$16.5 million and did
not close as required by May 31, 2007.

As a result, Kimball-Hill has forfeited to Andrew US$2.5 million in
earnest money and refunded approximately US$1.1 million of unused funds
from a US$1.7 million escrow account established by Andrew for any
required environmental remediation.

"The buyer’s decision to not proceed with closing on the second phase of
our agreement delays the process, but doesn’t change our focus on selling
our remaining 73 acres of highly desirable property in Orland Park," said
Marty Kittrell, chief financial officer, Andrew Corporation.  "We have
restarted the sales process with The Staubach Company and are beginning
discussions with interested residential, commercial and industrial parties
immediately."

The company previously reported in its May 3, 2007 earnings release that
it expected a US$0.06 per share gain in the fiscal third quarter from the
second phase of the sale of the Orland Park property.  As a result of
Kimball-Hill’s failure to close, the company now expects to record a gain
of US$0.02 per share in its fiscal third quarter related to the earnest
money, instead of the previously expected US$0.06 per share gain.  The
foregoing change in estimate has no impact on the company’s previous
non-GAAP fiscal 2007 earnings guidance.  The company intends to update
annual guidance when it reports fiscal third quarter results.

The Orland Park property status has no effect on Andrew’s office and
manufacturing relocations to Westchester and Joliet.  The company’s
corporate headquarters relocated to west suburban Westchester in early
2006, while the move to a newly constructed North American cable
manufacturing and office facility in Joliet was completed this spring.

                    About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs, manufactures and
delivers equipment and solutions for the global communications
infrastructure market.  The company serves operators and original
equipment manufacturers from facilities in 35 countries, that includes,
among others, China, India, Italy, Czech Republic, Argentina, Bahamas,
Belize, Barbados, Bermuda and Brazil.

                          *     *     *

Standard & Poor's Ratings Services, in March 2007, affirmed its 'BB'
corporate credit and other ratings on Andrew Corp.


ASHMORE ENERGY: GasAtacama Buy Worries Chilean Officials
--------------------------------------------------------
Ashmore Energy International's acquisition of generator and gas
transporter GasAtacama has worried some mining and government authorities
in Chile, Business News Americas reports.

BNamericas relates that Ashmore Energy signed a deal to purchase 50% of
GasAtacama from CMS Energy.  GasAtacama lost US$500,000 a day in recent
weeks during Argentina's natural gas cuts to Chile.

According to local paper Diario Financiero, the officials are worried that
Ashmore Energy could be more keen on selling off GasAtacama's assets than
saving the company.

BNamericas notes that this concern could prompt GasAtacama shareholder
Endesa to stop Ashmore Energy's acquisition.

Meanwhile, other authorities are worried that Ashmore Energy could be a
"vulture fund looking to profit from GasAtacama's demise," BNamericas
says.

BNamericas underscores that the concerns led Endesa, which owns 50% of
GasAtacama, to consider exercising its right to acquire the other half of
the company.

The Endesa board will discuss the matter during a meeting on June 28,
Diario Financiero relates.

The Chilean government and mining firms have tried to save GasAtacama,
with Chilean state-run Codelco and multinational BHP Billiton agreeing to
bail out the firm to guarantee energy supply in the north, BNamericas
states.

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

The company currently owns and operates a 116 MW thermal power plant in
the Philippines, and has recently opened an office in Hong Kong under the
name AEI Asia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook is
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


AVATAR MFG.: Creditors' Proofs of Debt Due by July 12
-----------------------------------------------------
Avatar Mfg. Co. Limited commenced liquidation proceedings on June 1, 2007.

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

The company's liquidators are:

          Lai Kar Yan
          Darach E. Haughey
          One Pacific Place, 35th Floor
          88 Queensway
          Hong Kong


BANK OF COMMUNICATION: Takes 85% in Hubei Int'l for CNY1.2 Bil.
---------------------------------------------------------------
China's Bank of Communications bought 85% of Hubei International Trust &
Investment Co, paying CNY1.22 billion for the stake, Shanghai Daily
reports.

The report adds that after the acquisition, Hubei International will be
renamed Bank of Communications International Trust & Investment Co.

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.


BERRY PLASTICS: Moody's Lowers Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating of Berry
Plastics Holding Corporation to B3 from B2.  The outlook is stable.

This rating action concludes the review for possible downgrade initiated
on May 30, 2007 following the announcement that Berry Plastics Group, Inc.
(Parent Company of Berry) was issuing a US$500 million term loan.  The
proceeds will be used to fund a one time dividend.  Additional instrument
rating actions are:

Moody's took these rating actions:

   -- Downgraded Corporate Family Rating to B3 from B2;

   -- Downgraded Probability of Default Rating to B3 from B2;

   -- Confirmed US$1,200 million senior secured term loan due
      2015 Ba3 (LGD 2, 27%);

   -- Confirmed US$225 million senior secured second lien FRN's
      due 2014 B3 (LGD 4, 65%);

   -- Confirmed US$525 million senior secured second lien notes
      due 2014 B3 (LGD 4, 65%);

   -- Downgraded US$265 million senior subordinated notes due
      2016 to Caa2 (LGD 5, 82%) from Caa1 (LGD 6, 90%).

These ratings of Berry Plastics Group, Inc. assigned   prospectively on
May 30, 2007 are now effective:

   -- US$500 million senior unsecured term loan due 2014, Caa2
      (LGD 6, 93%).

Moody's also affirmed the Speculative Grade Liquidity Rating of SGL-2 of
Berry.

The rating outlook for Berry is stable.

The ratings and outlook are subject to receipt of final documentation.

The downgrade of the Corporate Family Rating to B3 reflects:

   (1) the erosion in credit metrics to a level more indicative
       of a B3 rating;

   (2) Moody's belief that the credit metrics will not return to
       a level more consistent with the B2 rating category until
       2010; and

   (3) the decline in enterprise value and collateral coverage
       stemming from the additional interest payments.

Berry's rating upon the consummation of the merger with Covalence
reflected an expected reduction in debt in the intermediate term to a
level more consistent with the B2 rating category.  The issuance of
additional debt weakens leverage and coverage to a level that is
indicative of a B3 rating.  Moreover, the forecasted free cash flow over
the intermediate
term is insufficient to improve these metrics to a level more
consistent with the B2 rating category.  The expected additional interest
payment for the new term loan represents a substantial proportion of the
projected cash from operations and a significant drag on free cash flow.

The integration of Covalence is not yet complete and risks still remain
because of the difference in product lines and size as well as the
historical operating issues.  Additionally, the merger synergies represent
a substantial portion of the forecasted financial results and are not yet
assured given the continuing integration risk.

As stated in our credit opinion dated April 11, 2007, a failure to reduce
leverage below 6.5 times in the intermediate term could result in a
downgrade.  Berry has substantially increased debt twice in the last nine
months and the ratings assigned both times were based upon the company's
promise to reduce debt over the intermediate term.

The current ratings and outlook are predicated upon significant debt
reduction over the intermediate term. There is little room in the rating
class for negative variance in operating results or any deterioration in
credit metrics.

The Caa2 rating on the US$500 million senior unsecured term loan is two
notches below the Corporate Family Rating. The issuer is the Berry
Plastics Group, Inc. which is the parent holding company of Berry Plastics
Holdings Corporation and the issue is not guaranteed by any subsidiaries.
The rating reflects the deep structural subordination to a significant
amount of both secured and guaranteed debt at the operating holding
company, Berry Plastics Holdings Corporation.  The rating also reflects a
loss given default of 93% and an expected loss of 25% and the absence of
coverage on an enterprise value or distressed basis. Interest is payable
in cash, PIK or a combination of 50% of each.  Covenants include
limitations on the incurrence of debt liens, asset sales, mergers,
restricted payments, and future loan guarantees.

Based in Evansville, Indiana, Berry Plastics Corporation --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has 25 manufacturing facilities
worldwide, including in Italy, England and Hong Kong and more
than 6,800 employees.  Pro forma for the recent merger with Covalence
Specialty Materials Corporation, net sales for the 12 months ended March
31, 2007 amounted to approximately $3.0 billion.


CHEERTOP TRADING: Shareholders Opt to Shut Down Business
--------------------------------------------------------
The shareholders of Cheertop Trading Limited met on May 29, 2007, and
resolved to shut down the company's business.

Luk Wing Hay was appointed as liquidator.

The Liquidator can be reached at:

          Luk Wing Hay
          Surson Commercial Building, 9th Floor
          140-142 Austin Road
          Tsimshatsui, Kowloon
          Hong Kong


CHINA MINSHENG: China Life Buys 4.9% Stake for CNY5.45 Billion
--------------------------------------------------------------
China Life Insurance Co. Ltd. has agreed to buy 4.93% of China Minsheng
Banking Corp. Ltd. for CNY5.45 billion or US$712 million, in cash, Reuters
reports.

Shanghai Bank arranged the details of the share sale.

Citing the statement from China Life, Reuters relates that the insurance
firm would buy 714 million shares at about CNY7.63 each after adjustment
on an ex-rights basis.  The shares are subject to a lock-up period of 26
months.

China Minsheng Banking Corporation Ltd's principal activity is
the provision of commercial banking services that include
absorbing public deposits, providing short term, medium term,
and long term loans, making domestic and international
settlement, discounting bills and issuing financial bonds.

On September 4, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed on September 5,
2006, China Minsheng Banking Corp.'s Individual D/E and Support
4 ratings.


FORD MOTOR: Recalls 7, 924 Mondeo Sedans in China
-------------------------------------------------
Ford Motor Co recalled 7,924 Mondeo sedans in China to fix faulty dynamos
that may cause the cars' engines to stall, Shanghai Daily says, citing a
report from Bloomberg News.

The recall, according to the General Administration of Quality
Supervision, covers 2.0-liter Mondeo manual sedans made locally between
January 7, 2005, and December 15, 2006.

                     About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 280,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corp.  Ford Motors has operations through a joint venture in China.

                        *     *     *

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.


HUA HIN: Final General Meeting Set for July 16
----------------------------------------------
Hua Hin (S) Company Limited will hold the final general meeting on July
16, 2007, at 3:00 p.m., on the 7th Floor of Alexandra House at 18 Chater
Road in Central, Hong Kong.

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


JONESWIN INVESTMENT: Members' Final Meeting Set for June 26
-----------------------------------------------------------
The members of Joneswi Investment Limited will have their final meeting on
June 26, 2007, at 3:00 p.m., to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The meeting will be held in Room 2310, 23rd Floor of Hang Lung Centre in
Causeway Bay, Hong Kong.


KAWAMURA CO: Moves Annual Creditors' Meeting to June 18
-------------------------------------------------------
Kawamura Co. Limited adjourned the annual creditors' meeting from June 1,
2007, to June 18, at 11:00 a.m., since the creditors present at the
initial meeting was less than the requirement under the law.

At the meeting, the creditors will be asked to determine whether or not to
accept certain accounts receivable to be bad debt.

The company's liquidator is:

          Cheng Hong Cheung
          c/o Allied Kajima Building, Room 1005
          138 Gloucester Road
          Wanchai, Hong Kong


MANITOWOC COMPANY: Wants to Redeem 10-1/2% Senior Notes
-------------------------------------------------------
The Manitowoc Company Inc. will redeem its 10-1/2% Senior Subordinated
Notes due 2012, effective Aug. 1, 2007.

As set forth in the indenture for the notes, Manitowoc will pay holders
105.25% of the principal amount plus accrued and unpaid interest up to the
redemption date.  The company will redeem all of the notes for
approximately US$129 million, including interest payments and related
costs.

At Dec. 31, 2006, the notes represented US$113.8 million of the company's
US$264.3 million in long-term debt.  The notes were issued in August 2002
in conjunction with the company's acquisition of Grove Investors, Inc.

The Bank of New York, trustee for the issue, will redeem notes at its
offices in New York.

Headquartered in Maniwotoc, Wisconsin, The Manitowoc Company Inc. (NYSE:
MTW) -- http://www.manitowoc.com/-- provides lifting equipment for the
global construction industry, including lattice-boom cranes, tower cranes,
mobile telescopic cranes, and boom trucks.  As a leading manufacturer of
ice-cube machines, ice/beverage dispensers, and commercial refrigeration
equipment, the company offers the broadest line of cold-focused equipment
in the foodservice industry.  In addition, the company is a leading
provider of shipbuilding, ship repair, and conversion services for
government, military, and commercial customers throughout the maritime
industry.

The company has operations in China and Italy.

                         *     *     *

The Manitowoc Company Inc. carries Moody's Investors Service 'Ba3'
Corporate Family Rating and 'Ba3' Senior Unsecured Debt Rating.


MOLESWORTH INVESTMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------------
At an extraordinary general meeting held on June 1, 2007, the members of
Molesworth Investments Limited decided to shut down the company's
business.

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

The Liquidators can be reached at:

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


MULTI WAY: Taps LO Kwok Wai as Liquidator
-----------------------------------------
During a meeting held on June 8, 2007, the shareholders passed a special
resolution winding up the company's operations and appointing LO Kwok Wai
as liquidator.

Creditors must file their proofs of debt by July 7, 2007, to be
included in the sharing of the company's dividend distribution.

The Liquidator can be reached at:

          LO Kwok Wai
          Office No. 10
          Hong Kong Plaza, 40th Floor
          No. 188 Connaught Road West
          Hong Kong


OIL SHIPPING: Sets Members' Final Meeting for July 9
----------------------------------------------------
Oil Shipping (Hong Kong) Limited will hold the final meeting for its
members on July 9, 2007, at 10:00 a.m., on Level 28 of Three Pacific Place
at 1 Queen's Road in East, Hong Kong.

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

The Liquidator can be reached at:

          Cheng Pik Yuk
          Three Pacific Place, Level 28
          1 Queen's Road East
          Hong Kong


SGIS SONGSHAN: Xinhua Lifts Credit Rating to BB
-----------------------------------------------
Xinhua Far East China Ratings upgraded SGIS Songshan Co Ltd's issuer
credit rating from BB- to BB.  The company's
rating outlook was also changed from negative to stable.

The rating action was mainly prompted by the present better-than-expected
sector environment, expectations that the company's financial flexibility
will further improve in the favorable domestic capital market, and the
company's strengthening strategic position while the sector is undergoing
consolidation.  Even so, SGIS's investment in capacity and technology has
not significantly improved its competitive
position, with the company's aggressive financial policies and its poor
record in coping with industry downturns preventing it from obtaining a
higher rating.

With China's steel prices recovering in 2006, SGIS's turnover rose by
16.9% to CNY12.4 billion in 2006.  The company's gross margin rose to 7%
in 2006 from 4.1% in 2005 and, with prices continuing to rise in 2007, its
gross margin reached 8.6% in the first quarter of 2007. We expect strong
domestic and foreign demand will offset the pressures the company faces
from overcapacity and rises in input costs.  A better-than-expected sector
environment may help it to avoid facing extremely tough demands on capital
in the near term.

SGIS issued CNY1,538 million in convertible bonds to replace the same
amount worth of bank loans in February 2007.  We believe most bond
investors will convert the bonds to common stock given that its common
stock price is significantly above the strike price, a move which will
lower the company's debt to capital ratios.

With the steel industry undergoing a new round of mergers and
acquisitions in China and globally, as a result of high industry
concentration upstream and intensifying competition, we expect SGIS may
enjoy higher financial flexibility.  SGIS is an attractive target for
domestic first-tier steel groups because of its leading exposure to
Guangdong Province, one of China's top steel consuming regions.

Even so, the company's competitiveness remains relatively weak,
compared to its domestic peers, in terms of capacity and its product mix,
even though its product mix is more upgraded than it once was.  Further,
the company's profitability tends to be fragile when the sector goes
through hard times, while its financial policies are aggressive.  It also
faces the possibility that its capital expenditure will rise if it
cooperates with domestic large steel groups in new investment projects.
We believe the progress the company has made thus far is insufficient for
it to be assigned a higher rating at this time.

The company's rating outlook is likely to remain stable, provided there
are no unforeseen huge capital expenditure demands, with its currently
disclosed capital expenditure plan expected to be covered by operating
cash
flow.

A regional steel producer primarily focusing on China's Guangdong
Province, SGIS has a capacity of more than five million tons, providing
medium plates, deformed bars and wire rods.  The company's controlling
shareholder is Guangdong Province's State-owned Assets Supervision and
Administration Commission, which holds a 45.2% stake.


SMITHFIELD FOODS: Fourth Quarter Net Income Up to US39.9 Mil.
-------------------------------------------------------------
Smithfield Foods Inc. reported that income from continuing operations for
the fourth quarter was US$39.9 million versus
income from continuing operations last year of US$6.3 million.  Sales were
US$3.1 billion versus US$2.7 billion a year ago.

In the current quarter, Smithfield incurred a pretax charge of US$8.2
million to impair the value of certain assets within the beef segment.
Also in the current quarter, certain foreign tax benefits resulted in a
decrease in the company's annual tax rate, which reduced income taxes for
the quarter by US$5.7 million.  Last year's fourth quarter included pretax
charges of US$10.0 million related to the ongoing restructuring of the
company's east coast pork processing operations.

Net income for the quarter, including Quik-to-Fix Foods and Smithfield
Bioenergy, which are classified as discontinued operations, was US$37.0
million versus US$1.1 million in the previous year.  During the fourth
quarter, the company decided to sell its bioenergy operations and assets.
In addition, the  company recognized a loss of US$1.8 million, net of tax,
on the post-closing settlement of the sale of Quik-to-Fix.

                      Fourth Quarter Results

Substantially improved margins in both packaged meats and fresh pork
produced considerable gains in the Pork segment.  Packaged meats volume
grew 31 percent, primarily the result of the contributions of
Armour-Eckrich, acquired in October 2006.  Some important product
categories, such as pre-cooked bacon, lunch meats, smoked sausage and dry
sausage, had growth of virtually double the prior year.

Beef processing margins improved significantly versus a loss a year ago,
in spite of limited exports and a shortage of cattle.  However, beef
processing earnings were more than offset by losses in the company's
cattle feeding operations which were depressed by severe winter weather,
higher grain prices and higher-priced feeder cattle purchased earlier this
year.

International segment operations achieved a strong turnaround compared to
a loss last year.  Packaged meats volume increased 26 percent when the
results of Jean Caby, which was contributed to Groupe Smithfield in August
2006, are excluded.  Groupe Smithfield continued its strong earnings
performance and Poland was profitable versus a loss last year.  Romania
experienced only a modest loss due to lower volume levels as the business
ramps up.

Hog production results were below a year ago due to higher raising costs
and the impact of circovirus.  Raising costs in the U.S. Averaged US$46
per hundredweight versus US$40 per hundredweight last year.  The company
marketed nine percent fewer head domestically in this quarter versus the
same quarter last year.  The company is receiving a greater supply of
vaccine and is making substantial progress in increasing production
levels.  Live hog market prices in the U.S. averaged US$47 per
hundredweight compared with US$42 per hundredweight last year.

Results in Smithfield Foods' Other segment were below those of last year
because of higher raising costs in the company's turkey growout operations
versus favorable market conditions for live turkeys last year.  The lower
results in growout operations were somewhat offset by higher volume and
cost reductions in processing operations at Butterball, LLC, the company's
49 percent-owned joint venture.

                         Full Year Results

For fiscal 2007, the company reported income from continuing operations of
US$188.4 million versus US$185.2 million last year.  Net income from
discontinuing operations was US$166.8 million versus net income last year
of US$172.7 million.  Sales were US$11.9 billion compared to US$11.4
billion in the prior year.  Fiscal 2007 results include pretax charges of
US$12.4 million for impairments in the beef segment and the company's
investment in hog production operations in Brazil.  Prior fiscal year
results include pretax charges totaling US$26.3 million in connection with
the restructuring of east coast pork processing operations.

Pork segment earnings were above those of last year, reflecting the prior
year's restructuring charges, the successful integration of Armour-Eckrich
and higher margins in fresh pork and packaged meats.  The contribution of
Armour- Eckrich grew packaged meats volume by 20 percent.  Sales volume to
the retail and foodservice channels experienced strong growth.  The
company continued to expand packaged meats margins through a plan to
improve product mix to higher value-added products, rationalize plant
capacities and lower costs.

Beef processing achieved earnings well above a year ago in spite of
unfavorable industry conditions and the US$8.2 million impairment charge.
These results were partially offset by cattle feeding losses.

International profitability, compared to a loss last year, reflected
improvement in all aspects of the company's European operations.  Groupe
Smithfield, the 50/50 joint venture with Oaktree Capital Management
established with the acquisition of the Sara Lee European Meats business
last August, has been showing consistently strong margin performance.
Poland continued its earnings turnaround and remained solidly profitable
while Romania, which successfully reopened an idle pork processing plant
in November, was also profitable in spite of startup costs.

Hog production results were well below last year as raising costs
increased.  As a result of the impact of circovirus, the number of head
marketed domestically fell six percent.  Live hog market prices
domestically averaged almost US$48 per hundredweight versus US$46 in the
prior year.  Raising costs in the U.S. were US$43 per hundredweight versus
US$39 per hundredweight last year.  The company is building sow herds in
Poland and Romania at a rapid pace.

Butterball, LLC turkey processing results were well above a year ago.
However, turkey production results were depressed by higher grain prices
and earnings were sharply lower than last year.  Combined turkey operating
results were improved over last year.

The company completed the acquisition of Premium Standard Farms, a
vertically integrated hog producer and pork processor, on
May 7.  Smithfield is in the final phase of evaluating the assimilation
process and anticipates synergies to begin in the first quarter of fiscal
2008.

"Considering the negative impact of increased grain prices on all of our
live production operations, I am very pleased with the results for the
fourth quarter and the full fiscal year, particularly the international
and pork segments," said C. Larry Pope, president and chief executive
officer.

"The acquisitions that we made this past year have been immediately
accretive to earnings.  We are reshaping the company through integrating
these acquisitions, both branded packaged meats businesses, and executing
a strategy to realign and rationalize our manufacturing capacities," said
Mr.
Pope.  "We have maintained our focus on utilizing our raw materials
internally and eliminating low margin business and the fourth quarter
reflects the impact of these changes.  Our international operations are
beginning to deliver significantly improved results and our domestic
packaged meats margins are sharply improved."

Mr. Pope continued, "Our investments in Poland and Romania are part of a
long-term strategy.  While near-term results are modest and just beginning
to bear fruit, we expect continually improving results as these businesses
mature and achieve economies of scale. We believe these hog production and
meat processing operations have strategic competitive advantages not only
in their respective domestic markets, but also across Western and Eastern
Europe."

Mr. Pope said that Smithfield continues to evaluate manufacturing
operations to drive out significant costs and become a low-cost,
highly-efficient producer.  "We plan additional changes to realign
capacity.  Our strategy is to invest in new technologies and processes to
improve operating efficiencies and enable our packaged meats business to
become a much stronger component of our profits," he said.

"Looking forward, in spite of the anticipated increase in grain costs, I
am very optimistic about the future.  Grain prices, as well as increases
in freight and energy costs, are impacting our operations," Mr. Pope said.
"However, we are raising prices in an effort to offset these costs and we
are focusing on driving out inefficiencies.  The opening of the Korean
market to United States beef exports and the continued opening of the
Japan market is good news for our beef processing business.  Cattle
feeding should have a much better year and we are seeing improvement in
our hog production operations from use of the circovirus vaccine.
Importantly, I expect continued improvement in our packaged meats margins.
All of this bodes well for the company, in spite of rising input costs.
Fiscal 2008 should be a stronger year than fiscal 2007," he said.

                   New Chief Financial Officer

Smithfield Foods today named Carey J. Dubois vice president and chief
financial officer, effective July 1.  Mr. Dubois has been treasurer of
Smithfield since 2005.  Over the past two decades, Mr. Dubois, 47 years
old, has held financial positions at Bunge Limited, Pepsi Bottling Group,
Joseph E. Seagram and Sons, and Louis Dreyfus Corporation.  "Carey has
made significant contributions to our team while we have made several
major
acquisitions. His international expertise has been invaluable as we have
established important new businesses in Europe," said Mr. Pope.  "His
financial acumen will make a difference at Smithfield."  Mr. Dubois
succeeds Robert W. Manly IV, executive vice president, who has been
serving as interim chief financial officer.

                    About Smithfield Foods

Smithfield Foods, Inc., headquartered in Smithfield, Virginia,
is the largest vertically integrated producer and marketer of
fresh pork and processed meat in the US and has operating
subsidiaries and joint ventures in France, Poland, Romania, the
UK, Brazil, Mexico, and China.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service downgraded the ratings
of Smithfield Foods' senior unsecured debt to Ba3 from Ba2, its
senior subordinated notes to B1 from Ba2, and its corporate
family rating to Ba2 from Ba1.

Moody's also affirmed Smithfield's SGL-3 speculative grade
liquidity rating.

Moody's said the outlook on all ratings is negative.


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

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

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

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

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

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

TTE Europe SAS, TCL's European unit, filed a declaration of insolvency on
May 24, 2007 in France after it failed to settle a number of outstanding
liabilities.


VARIETAL DISTRIBUTION: Moody's Puts Corporate Family Rtg. at B3
---------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating to
Varietal Distribution Merger Sub, Inc. (formerly VWR International, Inc.).
Moody's will be withdrawing ratings assigned to VWR International, Inc.,
CDRV Investors, Inc. and
CDRV Investment Holdings Corporation.  The ratings outlook is stable.

This rating action follows a May 2, 2007 announcement that the parent
company of VWR International, Inc., CDRV Investors, Inc. entered into an
agreement and plan of merger among Varietal Distribution Holdings, LLC and
its wholly-owned subsidiary, Varietal.

Under the proposed merger agreement, Varietal will merge with and into
CDRV.  As a result, CDRV will continue as a wholly-owned subsidiary of
Holdings, and Varietal will cease to exist. Thus, the ratings being
assigned to Varietal will become ratings of CDRV once the merger is
completed.

Holdings is an affiliate of Madison Dearborn Partners, LLC, (the
sponsor) which is acquiring Varietal for approximately US$3.8 billion,
including the assumption of US$2.6 billion of total outstanding debt of:
VWR International, Inc., CDRV Investors, Inc. and CDRV Investment Holdings
Corporation.  Moody's expects that the transaction will be financed with
US$2.6 billion of new debt and US$1.4 billion of preferred equity.  The
total transaction consideration represents approximately 14.8 times
pro-forma EBITDA of US$270 million for the twelve month period ended March
31, 2007.

The B3 Corporate Family Rating reflects the significant level of
outstanding debt relative to the limited cash flow of the new
company.  Although Varietal benefits from the size, stability and
diversity of its distribution business, the company's cash flow is
constrained by low operating margins and high interest expense.  Moody's
also expects minimal debt reduction, and thus very little improvement in
the company's key credit metrics, including cash flow coverage of adjusted
debt and debt/EBITDA, over the next few years.  Moody's also notes that it
is treating 50% of total preferred stock (approximately US$700 million) as
debt instead of equity, which further constrains the credit metrics of the
company.

Ratings to be assigned to Varietal Distribution Merger Sub, Inc.:

   -- US$250 Multi-Currency Revolving Credit Facility, rated B1,
      LGD-2, 26%;

   -- US$715 Million USD Senior Secured Term Loan B, rated B1,
      LGD-2, 26%;

   -- US$700 Million Euro Senior Secured Term Loan B, rated B1,
      LGD-2, 26%;

   -- US$675 Million Senior Unsecured Notes, rated Caa1, LGD-5,
      73%;

   -- Corporate Family Rating, B3;

   -- Probability of Default Rating, B3;

   -- Speculative Grade Liquidity Rating, SGL-3.

These ratings assigned to VWR International, Inc. will be
withdrawn once the financing is completed:

   -- US$175 Million Senior Secured EURO Term Loan, Ba2, LGD2,
      12%;

   -- US$415 Million Senior Secured Guaranteed US Dollar Term
      Loan, due 2009, Ba2, LGD2, 12%;

   -- US$150 Million Senior Secured Guaranteed Revolver, due
      2009, Ba2, LGD2, 12%;

   -- US$200 Million 6.875% Senior Unsecured Guaranteed Notes,
      due 2012, B1, LGD3, 40%;

   -- US$320 Million Senior Subordinated Unsecured Notes, due
      2014, B3, LGD4, 62%;

   -- Speculative Grade Liquidity Rating, SGL-2.

These ratings assigned to CDRV Investors, Inc. will be
withdrawn once the acquisition is completed:

   -- US$350 Million Senior Floating Rate Notes, Caa1, LGD6,
      92%.

These ratings assigned to CDRV Investment Holdings Corporation
will be withdrawn once the acquisition is completed:

   -- US$481 Million (face value) Senior Discount Notes, due
      2015, rated Caa1, LGD5, 79%.

These ratings are subject to Moody's review of the final documentation
associated with this transaction.

Varietal Distribution Merger Sub, Inc. (to be merged with and into CDRV),
headquartered in West Chester, Pennsylvania, is a global leader in the
distribution of scientific supplies, with worldwide sales of US$3.26
billion in 2006.  The company's business is highly diversified across a
spectrum of products and services, customer groups and geography.

Headquartered in West Chester, Pennsylvania, VWR International,
-- http://www.vwr.com-- is engaged in the distribution of
scientific products.  It serves more than 250,000 customers in
the life science, industrial, governmental, health care and
educational markets, and also offers Production Supplies and
Services for electronic and pharmaceutical production.  The
company offers more than 750,000 products, from more than 5,000
manufacturers, to over 250,000 customers throughout North
America, Austria, Mexico and China.


VWR INT’L: Pending Madison Dearborn Deal Cues S&P to Hold B Rtg.
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate credit
rating on VWR International Inc. and removed it from CreditWatch, where it
had been placed with negative implications on May 3, 2007.  The outlook is
stable.

At the same time, Standard & Poor's assigned its 'B+' bank loan rating to
Varietal Distribution Merger Sub Inc.'s US$250 million senior secured
revolving credit facility maturing 2013 and US$1.415 billion senior
secured term loan due 2014.  Standard & Poor's also assigned a recovery
rating for both loans of '2', indicating that lenders can expect
substantial (70%-90%) recovery in the event of a payment default or
bankruptcy.  S&P also assigned a 'CCC+' rating to Varietal's US$675
million senior unsecured notes due 2015, to be privately placed by the
company in reliance on Rule 144A.  The senior notes are rated two notches
below the 'B' corporate credit rating as, in bankruptcy, recovery would be
materially reduced by the large amount of secured debt.

"These actions reflect the pending acquisition of VWR by a unit of private
equity sponsor Madison Dearborn Partners LLC from previous owner Clayton,
Dubilier & Rice," explained Standard & Poor's credit analyst David Lugg.
"Although this largely debt-financed transaction will markedly increase
adjusted leverage, the medium term cash requirements are well within VWR's
internal cash generating capacity."

When S&P treat MDP's preferred stock investment as an intermediate equity
content hybrid with 50/50 debt to equity, S&P estimate adjusted debt to
EBITDA will be more than 11x at year-end 2007.  However, the preferred
dividend is pay-in-kind, not cash, and loan amortization is not required
until 24 months after closing.  Moreover, interest payment on the senior
notes can be all cash, 50% cash and 50% pay-in-kind, or 100% pay-in-kind
at the issuer's discretion.  Given VWR's well-established role as one of
two leading distributors of laboratory supplies--a slowly growing but
stable market--Standard & Poor's believes that the company has adequate
capacity to meet cash needs.

The speculative-grade ratings on VWR, a distributor of research laboratory
products, reflect its heavy debt burden and VWR's well-established
position in the stable and attractive laboratory supply market.

Headquartered in West Chester, Pennsylvania, VWR International,
-- http://www.vwr.com-- is engaged in the distribution of
scientific products.  It serves more than 250,000 customers in
the life science, industrial, governmental, health care and
educational markets, and also offers Production Supplies and
Services for electronic and pharmaceutical production.  The
company offers more than 750,000 products, from more than 5,000
manufacturers, to over 250,000 customers throughout North
America, Austria, Mexico and China.


ZTE CORP: Russia's Sistema Inks Various Telecom Deals
-----------------------------------------------------
Russian services conglomerate Sistema, which controls Russia's top mobile
phone firm, has signed a range of deals with China's ZTE Corp, Vladimir
Yevtushenkov, Sistema's main owner, told  Reuters.

Speaking about the fringes of the St. Petersburg International Economic
Forum, Mr. Yevtushenkov told Reuters that his firm had signed a number of
agreements with ZTE.  "We've signed a deal with ZTE, the Chinese telecoms
company, on the development of joint businesses, to set up joint R&D
centres, on the joint acquisitions of enterprises in China and possibly
development of joint products under a joint brand."

Mr. Yevtushenkov added that Sistema already buys equipment from China,
where suppliers were far competitive than in Europe.  "The value of
today's deal, well, it's not one deal but a range of deals which will
continue in the future, so I don't want to put a price on it.  But it's
big, hundreds of millions (of dollars)," Sistema's owner indicated to the
news agency.


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

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


ZTE CORP: To Build China Mobile's CNY2.37BB Wireless Network
------------------------------------------------------------
ZTE Corp signed a CNY2.37 billion, US$310 million, contract to build a
high-speed wireless network for China Mobile Communications Corp,
Xinhuanet News relates, citing a report from Bloomberg News.

The company, according to a report from The Standard, will supply
mobile-phone network equipment based on the time division synchronous code
division multiple access, or TD-SCDMA, technology, worth about CNY2.13
billion to China Mobile Communications, while the rest of the order covers
services, Xinhuanet relates.

The newspaper recounts that ZTE said in April it won orders from China
Mobile though the company didn't provide the size of the contract at the
time.


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

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


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

ALGOMA STEEL: High Debt Leverage Cues S&P’s B Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Algoma Steel Inc.  The outlook is stable.

At the same time, S&P assigned a 'BB-' rating to the company's proposed
US$450 million first-lien term loan due 2013 with a recovery rating of
'1'.  S&P also assigned a 'B-' rating to the company's proposed US$450
million senior unsecured notes due 2015.

"The ratings on Algoma Steel reflect its limited operating diversity, high
debt leverage, and exposure to the volatile North American steel
industry," said Standard & Poor's credit analyst Donald Marleau.  "These
risks are counterbalanced by a good cost profile and good integration of
key inputs."

Algoma Steel will be 100% acquired by Essar Steel Holdings Ltd. later in
June 2007 for US$1.6 billion, financed in part with US$1.1 billion of new
debt issued by Algoma Steel.  The rated debt is non-recourse to Essar, and
hence, the ratings reflect only Algoma's standalone credit quality.  The
ownership by Essar is not currently a significant rating factor, but it
may become increasingly important if Essar uses Algoma as an aggressive
growth vehicle to execute its North American strategy.


AMERICAN AXLE: S&P Rates Proposed US$250 Million Term Loan at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' rating to American
Axle & Manufacturing Inc.'s proposed US$250 million senior unsecured term
loan due 2012.  The parent company, American Axle & Manufacturing Holdings
Inc., is the guarantor.  Proceeds are expected to be used to repay
existing debt.

In addition, the 'BB' corporate credit ratings on the Detroit-based auto
supplier and its parent company were affirmed.  The rating outlook is
negative.

"The ratings on American Axle reflect the risks associated with the
company's heavy dependence on General Motors Corp.  (GM; B/Negative/B-3)
SUVs and pickup trucks, current relatively narrow product range, and
exposure to cyclical and competitive markets," said Standard & Poor's
credit analyst Robert Schulz.

The ratings could be lowered if free cash flow generation remains negative
during 2007, reducing the company's cash balances.  Potential causes for
negative cash flow would include substantially weaker demand for GM's
light trucks.  S&P could also lower the rating if GM's credit profile were
to substantially weaken.  On the other hand, the outlook could be revised
to stable if the company improves its customer and product diversity
through acquisitions or investments that do not cause credit measures to
weaken, or if demand for light trucks stabilizes or strengthens.

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.


GENERAL MOTORS: Says It Is Making Progress in Restructuring
-----------------------------------------------------------
General Motors Corp Chief Executive Officer Rick Wagoner told
Newratings.com that the firm was making significant progress in its
restructuring.

General Motors incurred over US$12 billion losses in the last two years,
published reports say.

According to the report, Mr. Wagoner said that General Motors has rid of
over 34,000 jobs.

General Motors' losses dropped to US$2 billion in 2006, compared to
US$10.4 billion in 2005, Newratings.com notes.

Mr. Wagoner told Newratings.com that he is positive that General Motors
would soon reach a settlement with Delphi Corporation, a supplier of
vehicle electronics, transportation components, integrated systems and
modules, and other electronic technology.

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

                        *     *     *

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

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


RPG LIFE SCIENCES: Board to Consider Scheme of Arrangement Today
----------------------------------------------------------------
RPG Life Sciences Ltd's board of directors will hold a meeting today, June
12, 2007, a filing with the Bombay Stock Exchange says.

Among others, the board will consider at the meeting a scheme of
arrangement under sections 391 to 394 of the Companies Act, 1956.  The
scheme of arrangement seeks to separate the pharmaceutical business and
investments (including loans and advances) in RPG's subsidiary company
into two separate companies. The scheme, if approved by the board, would
be subject to approval by the company's members and creditors, and the
Bombay High Court.

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors


TATA MOTORS: May 2007 Sale Decreases 4% From Last Year's
--------------------------------------------------------
Tata Motors reported a total sale of 42,558 vehicles (including exports)
for the month of May 2007, a decline of 4% over vehicles sold in May last
year.  Cumulative sales for the company at 83,044 units are growing by 3%.
Vehicles sales in the domestic market were impacted, in varying degrees
between the commercial and passenger vehicles segments, due to the high
interest rate regime severely affecting retails.

Commercial Vehicles

The company’s sales of commercial vehicles in May 2007 in the domestic
market were 20,675 units, a decline of 6% over 21,903 vehicles sold in May
last year.  Medium and Heavy Commercial Vehicle sales stood at 10,500
units, a decline of 17% over May 2006, while LCV sales were 10,175 units,
a growth of 10% over May 2006.

Cumulative sales of commercial vehicles in the domestic market for the
fiscal were 40,282 units, a decline of 3% over last year.  Cumulative
M&HCV sales stood at 20,892 units, a decline of 16% over last year, while
Light Commercial Vehicle sales for the fiscal were 19,390 units, an
increase of 16% over last year.

Passenger Vehicles

The passenger vehicle business reported total sales of 17, 580 vehicles in
the domestic market in May 2007, a decline of 3% over May 2006.  The
Indica reported sales of 12,002 units, a decline of 3% over May 2006.  The
Indigo family registered sales of 2,215 units, a decline of 22% over May
2006.  The Sumo and Safari accounted for sales of 3,363 units, an increase
of 18% over May 2006.

Cumulative sales of passenger vehicles in the domestic market for the
fiscal were 34,422 units, an increase of 9% over the previous year.
Cumulative sales of the Indica were at 22,872 units, an increase of 9%.
Cumulative sales of the Indigo family were at 4,847 units, a decline of
11%.  Cumulative sales of Sumo and Safari were 6,703 units, an increase of
31%.

Exports

The company's sales from exports were flat at 4,303 vehicles in May 2007
as compared to 4,339 vehicles in May 2006.  The cumulative sales from
exports in the current period at 8,340 units have recorded a 5% growth
over the previous year.

                       About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, Standard & Poor's Ratings Services raised its
corporate credit ratings for Tata Motors to 'BB+' from 'BB'.
The outlook is stable.  At the same time, Standard & Poor's has
raised its rating on Tata Motors' senior unsecured notes to
'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors
'Ba1' long-term corporate family and senior unsecured debt
ratings.


TATA POWER: Net Profit Down 33% in January-March 2007 Quarter
-------------------------------------------------------------
Tata Power Company Ltd's posted a net profit of
INR927.30 million for the quarter ended March 31, 2007, down 33% from the
INR1.39 billion earned in the quarter ended March 31, 2006.

Total income decreased from INR12.47 billion for the quarter ended March
31, 2006, to INR11.26 billion in the latest quarter under review.
Expenses decreased 7% to INR9.42 billion, bringing the operating profit to
INR1.84 billion.

For the year ended March 31, 2007, the company booked a profit after tax
of INR6.97 billion, an increase from the INR6.11 billion a year ago.
Total income increased from INR48.60 billion for the year ended March 31,
2006, to INR50.59 billion in FY2007.

The company's board of directors at its meeting held on May 30, 2007,
recommended a dividend at 95% (INR9.50 per share) to  shareholders for the
year ended March 31, 2007.  The annual general meeting of the members of
the company will be held on August 8, 2007.

Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk
consumers in the Mumbai metropolitan area.  The company operates
four thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these
supply power to the Mumbai licence area.  The company also has a
plant that supplies power to Tata Steel.  In addition, Tata
Power has an 81-MW independent power project at Belgaum that
sells power to Karnataka Power Transmission Corporation Limited.

                          *     *     *

On May 9, 2007, Standard & Poor's Ratings Services placed its
'BB+' long-term foreign and local currency corporate credit
ratings on Tata Power Co. Ltd. on CreditWatch with negative
implications reflecting significantly greater concerns on the
company's debt and on its exposure to higher project completion,
stabilization, and counterparty risks.

Moody's Investors Service, on Jan. 30, 2007, placed its Ba1
corporate family rating and Ba2 senior unsecured debt rating for
Tata Power Company Ltd on review for possible downgrade.


UNION BANK OF INDIA: T. Y. Prabhu Named New Executive Director
--------------------------------------------------------------
The Union Bank of India informs the Bombay Stock Exchange that the Central
Government, after consultation with the Reserve Bank of India, has
appointed T. Y. Prabhu, General Manager, Canara Bank, as UBI's executive
director.

Mr. Prabhu started on hi new post with UBI on June 6, 2007.  The
appointment is effective from that date and until further orders, or until
the date of his superannuation i.e. up to December 31, 2010, whichever is
earlier.

Union Bank of India -- http://www.unionbankofindia.com/-- is
one of the 10 largest Indian banks with total assets of more
than INR800 billion as of March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgraded the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UTI BANK: To Raise US$1 Billion by Share Issuance
-------------------------------------------------
UTI Bank Ltd plans to raise US$1 billion in Tier I capital through a
combination of overseas issue and a preferential issue to promoters, India
Infoline News reports.

In a filing with the Bombay Stock Exchange, UTI Bank discloses its plan to
increase the bank's authorized capital from INR3 billion to INR5 billion.
The bank's board of directors, at its meeting on on June 1, 2007, has made
these decisions:

1. To raise Tier—I capital of the bank by way of issue of equity
   shares not exceeding 4,23,97,400 equity shares, equity shares
   through depositary receipts, or securities convertible into
   equity shares at the option of the holder.

2. To offer to the Promoters to subscribe 3,19,25,561 shares on
   preferential allotment basis if they so desire.

3. To increase the authorized share capital of the bank from
   INR300 crore to INR500 crore.

4. To alter the Memorandum and Articles of Association of the
   bank to give effect to the increase in the authorized share
   capital.

5. To convene an Extraordinary General Meeting of the
   shareholders of the Bank on June 25, 2007 for the above
   purpose.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading.  Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1-billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


UTI BANK: Shareholders Okay Dividend of INR4.5 Per Share
--------------------------------------------------------
At the annual general meeting on June 1, 2007, the members of UTI Bank Ltd
passed a resolution for the payment of dividend at 45% (i.e. INR4.50 per
equity share).  The dividend warrants will be dated and payable from June
2, 2007.

Other resolutions passed during the AGM include those for:

1. The reappointment as directors of Surendra Singh, Dr. R. H.
   Patil and Smt. Rama Bijapurkar who retired by rotation.

2. The reappointment of S. R. Batliboi & Co. as statutory
   auditors for the year 2007-08.

3. The revision of the remuneration payable to P. J. Nayak as
   Chairman and Managing Director with effect from April 1,
   2007.

4. Change of the the bank's name from "UTI Bank Ltd" to "Axis
   Bank Ltd" and to make necessary changes in the Memorandum and
   Articles of Association and other documents to that effect.

5. In accordance with Section 10-B of the Banking Regulation
   Act, 1949 and subject to approval by the Reserve Bank of
   India, appoint P. J. Nayak as whole-time chairman of the bank
   for the period August 1, 2007, to July 31, 2009.

6. Subject to RBI's approval, to approve remuneration payable to
   Mr. Nayak as the whole-time chairman.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading.  Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1-billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


=================
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,
Indonesia, 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.


ALCATEL-LUCENT: Christian Sapsizian Pleads Guilty of Bribe
----------------------------------------------------------
Christian Sapsizian, a former Alcatel official, has pleaded guilty of
participating in bribing senior Costa Rican government officials with over
US$2.5 million to secure a mobile telephone contract from Costa Rican
state-run telecommunications authority, Lawfuel reports, citing the
Department of Justice.

Lawfuel says that Mr. Sapsizian has breached the Foreign Corrupt Practices
Act.  He entered the plea in U.S. District Court in Miami, before the
Honorable Patricia Seitz.  He pleaded "guilty to two counts, conspiracy
and violating the FCPA, from a superseding indictment returned on March
20, 2007."  The remaining counts will be dismissed during the sentencing
on
Dec. 20, 2007.

Mr. Sapsizian will cooperate with law enforcement officials in their
probe, Lawfuel notes.

The report says that Alcatel was a French telecommunications firm whose
American Depositary Receipts were traded on the New York Stock Exchange
until Nov., 30, 2006.  Mr. Sapsizian worked for Alcatel for over 20 years.
Mr. Sapsizian was Alcatel's deputy vice president in Costa Rica at when
the bribe was paid out.

According to Lawfuel, Mr. Sapsizian admitted that he conspired with
co-defendant Edgar Valverde Acosta -- Alcatel’s former senior country
officer in Costa Rica -- and others from February 2000 through September
2004 to pay over US$2.5 million in bribes to senior Costa Rican officials
to win a mobile telephone contract for Alcatel.  The payments were
channeled through one of Alcatel’s Costa Rican consulting companies and
were then made to a director of Costa Rican state-run telecommunications
authority Instituto Costarrisence de Electricidad, which was responsible
for awarding all telecommunications contracts.

Lawfuel notes that Mr. Sapsizian also admitted that the ICE director was
an advisor to a senior government official.  The bribes given were shared
with the senior government official.  The payments were to convince the
ICE director and the senior government official to exercise their
influence to start a bid process that favored Alcatel’s technology and to
vote to award Alcatel a mobile telephone contract.

The report says that Alcatel was awarded a US$149-million mobile telephone
contract in August 2001.

Lawfuel underscores that Mr. Sapsizian was sentenced with 10 years of
prison, a US$250,000 fine, and US$330,000 in forfeiture.

Deputy Chief Mark F. Mendelsohn and Trial Attorneys Charles Duross and
Mary K. Dimke of the Criminal Division’s Fraud Section were the
prosecutors in the case, according to Lawfuel.   The Criminal Division’s
Office of International Affairs provided substantial support in gathering
evidence outside the country and in facilitating international
cooperation.   The Southeast Regional Branch of the U.S. Securities and
Exchange Commission, the Office of the Attorney General in Costa Rica, and
the Fiscalia de Delitos Economicos, Corrupcion y Tributarios in Costa Rica
also helped in the case.

The Federal Bureau of Investigation is continuing the investigations,
Lawfuel 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, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

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

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

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


ALCATEL-LUCENT: Inks Tech Support & Maintenance Pact with Vivo
--------------------------------------------------------------
Alcatel-Lucent said in a statement that it has signed a three-year
contract with mobile phone operator Vivo to provide technical support and
maintenance services.

Business News Americas relates that the deal covers:

          -- consulting on design,
          -- planning,
          -- operation,
          -- optimization, and
          -- maintenance of Vivo's network in the metropolitan
             region of Sao Paulo and throughout Brazil's central
             western region.

According to Alcatel-Lucent's statement, the contract includes maintenance
and repair services in 2,300 Vivo base station sites.

Vivo must have partners to guarantee a high availability of its network
and optimum operational performance, while decreasing maintenance costs,
BNamericas states, citing Vivo Networks and Technology Vice President
Javier Rodriguez.

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

                        *     *     *

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

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

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


ALCATEL-LUCENT: Wins Contract From Vivo
---------------------------------------
Alcatel-Lucent signs contrat with Vivo, Brazilian leading mobile service
provider and the largest mobile operator in the Southern Hemisphere.
Alcatel-Lucent will provide technical support and maintenance services for
Vivo’s network in the metropolitan region of Sao Paulo and throughout the
country’s west central region.  This project reinforces the strategic
partnership between Vivo and Alcatel-Lucent and solidifies the supplier
leadership in operation and maintenance services for fixed and mobile
networks in Brazil.

The three-year contract is five times bigger than the one signed last year
with Vivo and includes basic maintenance and repair services in 2,300 Vivo
base station sites.  Alcatel-Lucent will use its broad experience in
delivering these type of services to help Vivo reduce its network
operating costs while improving the overall reliability of the network.

This new contract demonstrates the breadth and depth of Alcatel-Lucent’
services portfolio, as it encompasses network consulting, design and
planning, network operations, optimization and maintenance.

“Vivo is recognized by the market and the regulatory agency of the sector,
Anatel, as the operator with the best quality phone calls in Brazil.  To
offer this quality in all services, we need to have partners that help us
to ensure a higher level network availability and excellent performance in
our operations, while reducing our ongoing maintenance costs,” said Javier
Rodríguez, Vivo’s Networks and Technology Vice-President.

“We have a long-standing and strong partnership with VIVO in
telecommunications solutions.  With this new contract, we will serve VIVO
with the same dedication and excellence that makes maintenance a reason
why more customers think of Alcatel-Lucent as a trusted advisor,” said
Olivier Picard, President of Alcatel-Lucent’s Europe & South activities.
“This is certainly a strategic gain for Alcatel-Lucent and an affirmation
of the additional advantages the newly merged Alcatel-Lucent brings to the
market.  It also consolidates our position as a solutions integrator,
business partner and services leader in Brazil.”

                          About Vivo

Controlled by the Portuguese groups Telecom and Telefónica Moviles, Vivo
is the mobile telephony operator that offers the best quality of call,
according to indicators from National Agency of Telecommunications.
Between the competitive differentials of Vivo we can highlight: the
continuous searching for excellence in services providing, with focus in
quality in all contact points of customer with the operator, services of
broadband data transmission based on the third generation network and the
wide portfolio of products and services.  By Vivo Institute, the company
manages its social investments and coordinates actions of volunteerism
program. Vivo’s initiatives are driven to causes of social inclusion of
disabled people and education that generates opportunities, jobs and
revenues. In the area of environmental responsibilities, Vivo develops
various projects to preserve environment.  The initiative of collecting
used batteries obtained more than 105 thousand in 2006, and to promote
environmental education, the operators acts with Program of Residues
Management, which teaches to handle correctly all material produced and
discarded by company.

                     About Alcatel-Lucent

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

                          *     *     *

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

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

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


HILTON HOTELS: Selling Embassy Suites Hotel to 1022 Shady
---------------------------------------------------------
Hilton Hotels Corporation has sold the 220-suite Embassy Suites Hotel in
Memphis, Tennessee to 1022 Shady Grove LLC, an affiliate of Haberhill LLC.
The purchase price was not disclosed and it is estimated that the new
ownership group will spend US$3.5 million in additional capital to upgrade
the property over and above the approximately US$2 million that Hilton
Hotels Corporation has spent within the past year.  The hotel will
continue to be operated as an Embassy Suites Hotel by Hilton Hotels
Corporation under the terms of long-term franchise and management
agreements.

Additionally, the popular restaurant Frank Grisanti’s will remain an
important part of the property as the new owners have extended its lease
through 2014, with an additional 5 year extension option.

In a separate transaction, Hilton also announced that the 140-suite
Homewood Suites by Hilton hotel on Poplar Avenue in Memphis has been sold
to Apple REIT Companies for US$11.1 million.  The property will also be
operated as a Homewood Suites by Hilton hotel by Hilton Hotels Corporation
under the terms of long term franchise and management agreements.  The
transaction was completed May 15, 2007.

                        About Haberhill LLC

Haberhill LLC -- http://www.haberhill.com/-- is a hotel investment and
advisory firm that has ownership interests in numerous full service hotels
including properties in Minneapolis, Washington, D.C. and Hawaii. Since
its founding in 2000, Haberhill, with its founder Douglas Greene, has
advised and invested in hotel transactions with an aggregate value of over
US$1 billion.

                        About Hilton Hotels

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

                         *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services said its
rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's announcement that
it has entered into an agreement with Morgan Stanley Real Estate to sell
up to 10 hotels for approximately US$612 million in proceeds (net of
property level debt repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a meaningful
level of additional assets over the near term, which would likely lead to
additional debt reduction.  Still, Standard & Poor's is encouraged by the
expected transaction multiple related to today's announcement.  If the
lodging transaction market remains strong, enabling Hilton Hotels to
generate substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging environment
remains strong, an outlook revision to positive could be considered as
2007 progresses.  Any movement signaling the potential for a higher rating
will depend on Hilton Hotels's commitment to maintaining credit measures
aligned with higher ratings over the lodging cycle.

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


INDOFOOD: Cuts Capital Spending Up to 37 Percent
------------------------------------------------
PT Indofood Sukses Makmur will cut capital expenditures
by as much as 37% to IDR1 trillion this year, Bloomberg News reports,
citing Bisnis Indonesia.

According to the report, Indofood may apply 30% of spending this year to
boost its noodle-making capacity by 7.4% to
IDR14.5 billion packs a year and expand plantations.

The company plans to buy machinery this year for a crude palm oil refinery
plant, which will be completed by 2010, the report adds.

                   About Indofood Sukses

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares. Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, which bring the
Company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 were 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

In 2005, Indofood's total outstanding debt fell to
IDR6.8 trillion from IDR7.9 trillion in 2004.  The United States
dollar-denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

Indofood has bought back US$166.3 million (IDR1.55 trillion) of
its US$280 million (IDR2.61 trillion) Eurobonds due in 2007. The
Company also plans to redeem all the outstanding balance of the
Eurobonds this year.

The Troubled Company Reporter - Asia Pacific reported on
July 19, 2006, that Standard & Poor's Ratings Services withdrew its 'B'
corporate credit rating on Indofood at the company's
request.


MEDIA NUSANTRA: Raises US$419 Million in IPO
--------------------------------------------
PT Media Nusantara Citra raised about US$419 million in the country's
largest initial public offering since 2003 after pricing its share sale at
the upper end of its indicative range.

According to the report, PT Bimantara Citra Tbk controlled Media
Nusantara's IPO and raised US$484 million in October 2003, citing Dealogic
data.  It surpasses the roughly US$280 million raised in all 12 IPOs last
year on the Jakarta bourse.

Moreover, Media Nusantara's subsidiaries Rajawali Citra Televisi Indonesia
and Televisi Pendidikan Indonesia will make its trading debut on June 22,
the report notes.

The report relates that David Audi, the company's investor relations
official, confirmed that the company sold 4.125 billion shares, or 30
percent of its enlarged share capital, at IDR900  per share compared with
its indicative range of IDR730-950 Media Nusantara  appointed Deutsche
Bank, Lehman Brothers , UBS  and local houses Bhakti Securities and
Danareksa Sekuritas  to handle the deal, the report adds.

                    About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with
operations in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 19, 2006, that Moody's Investors Service has affirmed its
B1 rating for the senior unsecured bonds issued by PT Media
Nusantara Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  The ratings outlook is stable.

The TCR-AP also reported that Standard & Poor's Ratings
Services affirmed its 'B+' rating on senior secured debt of up
to US$182 million to be issued by Media Nusantara Citra's
wholly-owned subsidiary, Media Nusantara Citra B.V.  The notes
are unconditionally and irrevocably guaranteed by MNC and some
of its subsidiaries, excluding PT Rajawali Citra Televisi
Indonesia and PT Cipta Televisi Pendidikan Indonesia.  The size
of the issue has been reduced from the initial proposed amount
of US$230 million as the company delays entering its pay TV
business.


PAKUWON JATI: Buys IDR88.72-Billion Land From Pakuwon Darma
-----------------------------------------------------------
PT Pakuwon Jati Tbk will buy about 451,210 square meter land from PT
Pakuwon Darma, Ruters reports.

According to the report, the land is priced at IDR190,000 per square meter
amounting to a total of IDR85,729,900,000.

Pakuwon Jati will buy the land for further development of its integrated
real estate complex in Pakuwon City, the report notes.

                     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.


PERTAMINA: To Import Additional 200,000 Barrels of Kerosene
-----------------------------------------------------------
PT Pertamina (Persero) will import an additional 200,000 barrels of
kerosene in July to anticipate a prolonged disruption at its oil refinery
in Dumai, which has been out of order for the past two weeks, Antara News
reports.

According to the report, the refinery's malfunctioned caused a drop of up
to 27,500 barrels per day in the production of the two kinds of fuel oil.

The report notes that with the additional import, the total volume of
kerosene imports in July would reach 900,000 barrels.

Djaelani Soetomo, head of Pertamina’s fuel oils division, said that the
public need not worry about the possibility of a kerosene scarcity as the
existing stock was still sufficient to last over the next 27 days, the
report says.

The report adds that currently the company had seven oil refineries with a
combined production capacity of 1.06 million barrels per day.

                        About PT Pertamina

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

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

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

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


PERUSAHAAN GAS: May Miss July Completion Target Due to Flooding
---------------------------------------------------------------
PT Perusahaan Gas Negara may miss a target for the completion of a section
in a pipeline project that will transfer gas from the island of Sumatra to
Java, Bloomberg News reports.

According to the report, Gas Negara may miss its July completion target
for the Grissik-Pagardewa segment, to transfer gas from fields operated by
ConocoPhillips, because of flooding on parts of the Musi River, which is
hampering construction.

The report notes that the company is currently “coordinating an intensive
evaluation'' on the impact of the possible delay on the overall target
completion of the project.  Gas Negara is building two pipelines to
connect gas-rich South Sumatra with Java.

                   About Perusahaan Gas

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2
corporate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


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

ALITALIA SPA: Air One and Aeroflot Explore Possible Tie-Up
----------------------------------------------------------
OAO Aeroflot is holding talks with Air One chief executive and owner Carlo
Toto over a possible alliance to acquire the Italian government's 39.9%
stake in Alitalia S.p.A., The Financial Times reports.

Sources privy to the matter told the FT that Mr. Toto decided to take a
personal lead in holding talks with possible partner and has excluded the
carrier's advisors from negotiations.  The sources added that though no
formal deal has been signed, the two current rivals for Alitalia may fuse
their bids.

As reported in the TCR-Europe on June 4, 2007, the Italian government
wants OAO Aeroflot-Unicredit Italiano S.p.A. and
AirOne S.p.A.-Intesa-San Paolo S.p.A. consortia to unify their bids to
acquire the state's stake in Alitalia.

                        July 2 Deadline

The sources further told FT that neither Air One or Aeroflot  give much
credence to the government's declaration that it will proceed with its
planned auction process culminating on July 2.  The sources, however,
expects Alitalia to be sold via amicable negotiation between the bidders
to avoid a possible collapse of the national carrier.

                        Results Approval

The sources told FT that it remains unclear what will happen to Alitalia
if auditors Deloitte & Touche refuses to certify its 2006 results or if
the current auction process is declared void.

TCR-Europe reported om June 5, that Deloitte & Touche may not approve
Alitalia's accounts for 2006 pending assurance of the carrier's future.
Italian infrastructure minister Antonio Di Pietro earlier said Alitalia
may succumb to bankruptcy if
bidders do not submit adequate offers to relaunch the ailing carrier.

The TCR-Europe reported on May 28, 2007, that Alitalia reported EUR625.6
million in net loss on EUR4.72 billion in operating revenues for the year
ended Dec. 31, 2006, compared with EUR176.6 million in net loss on EUR4.8
billion in operating revenues for the year ended Dec. 31, 2005.

                      Parmalat-Type Rescue?

The sources further stated that it is unclear whether Italian Industry
Minister Pierluigi Bersani will invoke the Marzano Bankruptcy Law to
rescue Alitalia from possible collapse.

The Marzano Law was passed in 2003 following Parmalat's multi-billion euro
collapse in December of the same year.  The law allows companies to
recover payment made in the year before its insolvency.

Bruno Tabacci, a representative of Italy’s UDC party, believe that the
government will not be able to use the Marzano law as it may be seen as
further state aid by the European Union, FT relates.

FT cites a Treasury source as saying that unlike Parmalat, Alitalia’s
financial problems are more structural in nature and do not involve fraud
or false corporate accounting.

                         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.


DELPHI CORP: Court Approves US$10.5 Million Umicore Settlement
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York gave its
stamp of approval to the settlement agreement entered into by Delphi Corp.
and its debtor-affiliates with Umicore Autocat Canada Corp.

As reported in the Troubled Company Reporter on May 25, 2007, in October
2005, Umicore submitted a demand to the Debtors
asserting a reclamation claim for US$2,742,819.

In July 2006, Umicore filed Claim No. 12924 against Delphi
Automotive Systems, LLC, asserting a US$10,671,101 unsecured non-priority
claim and an unliquidated unsecured priority claim for goods and services
delivered to DAS.

Upon review of their books and records and the supporting
documentation provided by Umicore, the Debtors have determined
that they only owe Umicore US$10,558,893.

After arm's-length bargaining, the Parties arrived at a
settlement agreement that provides for the full resolution of
Umicore's Claims.

Under the Settlement Agreement, the Debtors agree to allow Claim
No. 12924 as a prepetition general unsecured non-priority claim
for US$10,558,893, without further defense, set-off or reduction.
For its part, Umicore agrees to withdraw its Reclamation Demand
with prejudice.

The Settlement Agreement will avoid costly litigation of
Umicore's Claims, John Wm. Butler, Jr., Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in Chicago, Illinois, tells the Court.

The Debtors aver that the Settlement Agreement is in the best
interest of their estates and their creditors.

                     About Delphi Corporation

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in
total assets and US$23,851,000,000 in total debts.  The Debtors' exclusive
plan-filing period expires on July 31, 2007.  (Delphi Corporation
Bankruptcy News, Issue No. 71; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DELPHI CORP: Wants to Further Employ Ernst & Young as Auditors
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the United States Bankruptcy
Court for the Southern District of New York for authority to employ Ernst
& Young LLP as their independent auditors and accounting advisors nunc pro
tunc to March 1, 2007, to:

  (a) perform an audit of their consolidated financial
      statements and internal control over financial reporting
      for the year ending December 31, 2007; and

  (b) provide them with accounting and auditing advisory and
      research services in connection with various accounting
      matters.

                 Previous Request to Employ

As previously reported, the Debtors obtained the Court's
permission to hire Ernst & Young LLP as their independent
auditors, accountants, and tax advisors effective nunc pro tunc
to January 1, 2006.

Since that time, Ernst & Young has performed an audit of the
Debtors' financial statements and internal control over financial
reporting for the year ending December 31, 2006, John D. Sheehan,
Delphi Corp.'s vice president and chief restructuring officer,
informs the Court.

                            Fees

All services to be provided by Ernst & Young will be screened by
Delphi's audit committee to ensure that Ernst & Young complies
with the independence standards of applicable rules and
regulations, Mr. Sheehan relates.

The Debtors will pay Ernst & Young an estimated US$7.2 million domestic
fee, plus expenses, for audit services.  For additional
accounting advisory services, the Debtors will pay Ernst & Young
in accordance with the firm's hourly rates:

  Professional              Hourly Rate
  ------------              -----------
  Partner                   US$550 - US$800
  Senior Manager            US$425 - US$675
  Manager                   US$330 - US$515
  Senior                    US$250 - US$415
  Staff                     US$135 - US$220
  Client Service Associate   US$75 - US$140

In accordance its engagement letter with the Debtors, Ernst &
Young may subcontract a portion of its responsibilities to its
affiliates without the Debtors' prior written approval.  E&Y
will, however, remain fully and solely responsible for all of its
liabilities and obligations under the Engagement Letter,
regardless of who performs the duties.

Ernst & Young is well-qualified and well-experienced to serve as
the Debtors' independent auditors and accountants, Mr. Sheehan
tells the Court.  E&Y, he points out, is very familiar with the
Debtors' accounting, financial control and reporting, and other
financial processes.

The Debtors aver that Ernst & Young's fees are fair and
reasonable in light of industry practice, market rates both
inside and outside of Chapter 11 cases, E&Y's experience in
reorganizations, and the firm's importance to the bankruptcy
cases.

Kevin F. Asher, a partner at Ernst & Young LLP, assures the Court that
Ernst & Young is "disinterested" as that term is defined in Section
101(14) of the Bankruptcy Code, and is eligible to be retained under
Section 327(a) of the Bankruptcy Code.

                     About Delphi Corporation

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in
total assets and US$23,851,000,000 in total debts.  The Debtors' exclusive
plan-filing period expires on July 31, 2007.  (Delphi Corporation
Bankruptcy News, Issue No. 71; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


ITOCHU CORP: To Study Ethanol Producing Plant with Petroleo
-----------------------------------------------------------
Itochu Corp. and Petroleo Brasileiro SA will study a plan to build a plant
that produces ethanol from sugar cane to gain from increased demand for
cleaner-burning fuels, Megumi Yamanaka of Bloomberg News reports.

Itochu's spokesman, Naoki Yamanaka revealed to Ms. Yamanaka through a
phone interview that Itochu and Petrobas were scheduled to sign an
agreement on June 8, 2007.

The agreement, according to Mr. Yamanaka, will be used to assess a
proposal for a project in Brazil's Pernambuco state, Ms. Yamanka relates.
The feasibility will take between a year and 18 months, adds Mr. Yamanaka.

Mr. Yamanaka, revealing to Ms. Yamanaka, denied reports that both Itochu
and Petroleo will build seven refineries in the northeastern Brazilian
state to make 270,000 kiloliters of bio-ethanol a year as reported by the
Nikkei newspaper on June 8, 2007.

Both Itochu and Petroleo will decide on details of the project only after
the feasibility study is completed conveys Ms. Yamanaka.

                       About Itochu Corp

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

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

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

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


JVC CORP: Mulls Capital Tieup with Kenwood
------------------------------------------
Victor Co. of Japan, Limited, and Kenwood Corporation are considering
forming a capital tieup as part of their efforts to better deal with
increasingly fierce competition in the global consumer electronics
industry, Kyodo News reveals.

According to the report, Kenwood is considering investing in Victor,
better known overseas as JVC, by acquiring new shares to be issued by
Victor.

Kyodo's sources conveyed that Matsushita Electric Industrial Co., which
has a 52.4% stake in JVC, entered discussions with audio equipment maker
Kenwood after Matsushita's three months of talks with U.S. investment fund
Texas Pacific Group Inc. broke down in late May.

Matsushita has been rumored to have been wanting to sell its JVC share due
to the poor performance of the company, various reports say.

JVC and Kenwood are believed to have been seeking to eventually merge
their management by setting up a holding company.  In that case,
Matsushita would likely sell its stake in Victor to the holding company.

Sources of Kyodo conveyed that if the partnership materializes, it is
likely that realignment within the industry will accelerate.

On June 7, 2007, Troubled Company Reporter - Asia Pacific reported that
three executives from JVC, opposed to TPG's takeover bid due to its
hands-on management style.

                       About JVC Corp.

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

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


JVC CORP: Shares Plunge on Kenwood Share Acquisition News
---------------------------------------------------------
JVC Corp.’s shares declined on talks that Kenwood Corp. has resumed talks
with Matsushita Electric Industrial Co. Ltd. to buy a stake in the
company, Reuters states.

Shares in JVC, which is officially called Victor Co. of Japan Ltd., dived
to a five-year low, falling as much as 14% to JPY426 as the likely deal
would involve it issuing new shares to Kenwood, diluting the value of
existing JVC stock, ZeeNews.com
relates.

Reuters cites sources “familiar with the matter” as saying that Kenwood is
in talks to buy JPY20 billion (US$165 million) worth of new shares from
JVC and then merge with JVC under a holding company.  Matsushita would
then sell part of its 52.4% stake in JVC to the holding company.
Matsushita is aiming to get loss-making JVC off its consolidated accounts,
but would likely hold on to some of its shares, Reuters notes.

According to press reports, news about Kenwood’s renewed interest to
acquire shares in JVC came after a deal between Matsushita and Texas
Pacific Group failed.

The Troubled Company Reporter – Asia Pacific reported on June 7, 2007,
that three top executives of JVC are trying to prevent Texas Pacific from
taking a controlling stake in their company.

The TCR-AP report, citing MarketWatch, said that the private equity firm
had won exclusive rights to negotiate with Matsushita to buy its 52% stake
in JVC.  However, the talks
have dragged on past the March 31 deadline.

The Matsushita-Texas Pacific negotiations fell apart after the private
equity firm said it wanted JVC to sell off its music production business,
and asked Matsushita to continue investing in JVC to bolster JVC's credit,
Reuters says, citing sources close to the deal.

The report notes that analysts were skeptical that Kenwood would be any
more successful than Matsushita to help struggling JVC battle price
competition.  Kenwood, according to Reuters, posted a 74% drop in net
profit in the business year ended March 2007 due to falling audio
equipment prices,

Kenwood was originally one of the companies interested in JVC before the
bidding had been narrowed down to Texas Pacific.

                        About JVC Corp

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

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


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

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

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

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

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

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

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


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

BIOMET INC: Private Equity Consortium Ups Offer to US$11.4 Bil.
---------------------------------------------------------------
Biomet Inc.'s Board of Directors has unanimously recommended to
shareholders an increased offer from a private equity consortium
to acquire Biomet for US$46.00 per share in cash, or an equity value of
US$11.4 billion.

Under the terms of the revised merger agreement, the consortium
-– which includes affiliates of the Blackstone Group, Goldman
Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG
-– will commence a tender offer on or before June 14, 2007, to acquire all
of the outstanding shares of Biomet’s common stock.
Following completion of the tender offer, the consortium will
complete a second-step merger in which any remaining common shares of
Biomet will be converted into the right to receive the same per share
price paid in the tender offer.

The US$46.00 per share offer price represents a premium of 32.3%
over the closing price of Biomet’s common stock on April 3, 2006, the
trading day prior to public speculation that the company was exploring
strategic alternatives.  Biomet subsequently confirmed on April 6, 2006
that it had retained Morgan Stanley to assist it in exploring strategic
alternatives.

                  Morgan Stanley's Opinion

Morgan Stanley has provided the Board of Directors with its
opinion that, as of June 6, 2007 and subject to qualifications
and assumptions, the consideration to be received pursuant to
the revised merger agreement is fair from a financial point
of view to holders of Biomet common stock.

"We believe the proposed price for the transaction is fair
to Biomet’s shareholders.  We also believe that the investor
group’s tender offer will deliver superior value to Biomet’s
shareholders in a more efficient and more immediate fashion
than the process provided by the original merger agreement.
Moreover, this revised offer provides greater certainty and
visibility to completion of the transaction," said Niles L.
Noblitt, Chairman of the Board.

In a statement, the sponsor group said: "Our offer empowers
current shareholders who have an economic interest in Biomet
common shares to realize significant value in a timely manner
and represents the absolute limit of our ability to structure
an appropriate buyout of Biomet.  We are pleased that the
consortium will be in a position to provide the company with
financial and operational resources to support its future growth."

Completion of the tender offer is subject to the condition
that at least 75% of the Biomet common shares have been tendered
in the offer – the same percentage approval requirement as with
the previous merger structure.

The amended merger agreement permits the investor group to
revise the condition regarding minimum acceptance of the tender
offer to decrease the minimum acceptance threshold to a number
that, together with shares whose holders have agreed to vote
to approve the second-step merger, represents at least 75% of
the Biomet common shares.  The tender offer will expire at
midnight, New York time, on the 20th business day following
and including the commencement date, unless extended in accordance
with the terms of the offer and the applicable rules and
regulations of the Securities and Exchange Commission.
The tender offer and subsequent merger are subject to
customary conditions for transactions of this type.

Morgan Stanley & Co. Incorporated is acting as financial advisor to the
Board of Biomet, Inc. and to Biomet, Inc. Kirkland & Ellis LLP is legal
counsel to Biomet, Inc. and Simpson Thacher & Bartlett LLP is legal
counsel to the independent directors of the Board of Biomet, Inc. Banc of
America Securities LLC is acting as lead M&A advisor and Goldman, Sachs &
Co. is acting as M&A advisor to the private equity consortium.  Cleary
Gottlieb Steen & Hamilton LLP is acting as legal advisor to the private
equity consortium.

                    Shareholders' Meeting Deferred

As a result of the revised merger agreement and tender offer,
Biomet has cancelled the special meeting of shareholders previously
scheduled last Friday, June 8, 2007 to consider and vote on the original
merger agreement announced on December 18, 2006, and related transactions.
Furthermore, as part of the revised merger agreement, Biomet has agreed
not to pay its annual dividend.

                     About The Blackstone Group

The Blackstone Group -- http://www.blackstone.com-- is a global
alternative asset manager and provider of financial advisory
services.

                 About Goldman Sachs Capital Partners

Founded in 1869, Goldman Sachs is one of the oldest and largest
investment banking firms. Goldman Sachs is also a global private
corporate equity and mezzanine investing company. Established in
1991, the GS Capital Partners Funds are part of the firm’s
Principal Investment Area in the Merchant Banking Division, which has
formed 13 investment vehicles aggregating US$56 billion of capital to
date.

                    About Kohlberg Kravis Roberts & Co.

Kohlberg Kravis Roberts & Co. (KKR) is one of the world’s oldest
and most experienced private equity firms specializing in management
buyouts.  Founded in 1976, it has offices in New York, Menlo Park, London,
Paris, Hong Kong, and Tokyo.

                           About TPG

TPG -- http://www.tpg.com-- is a private investment partnership
that was founded in 1992 and currently has more than US$30 billion under
management. The firm has offices in San Francisco, London, Hong Kong, Fort
Worth and other locations globally.

                            About Biomet

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Headquartered in Warsaw,
Indiana, Biomet and its subsidiaries currently distribute products in more
than 100 countries, including the Netherlands, Argentina and Korea.


BIOMET INC: Regains Nasdaq Listing Compliance
---------------------------------------------
Biomet Inc. disclosed that it received a letter from the Nasdaq Listing
Qualifications Panel stating that Biomet has evidenced compliance with the
Panel’s prior decisions and all applicable Nasdaq Marketplace Rules, and
that the Panel has determined to continue the listing of Biomet’s common
shares on the NASDAQ Global Select Market.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Headquartered in Warsaw,
Indiana, Biomet and its subsidiaries currently distribute products in more
than 100 countries, including the Netherlands, Argentina and Korea.


BIOMET INC: Moody's May Downgrade All Ratings After Review
----------------------------------------------------------
Moody's Investors Service placed all of the provisional ratings of Biomet,
Inc. under review for possible downgrade following the announcement that a
private equity consortium has increased the price of its offer to purchase
the company to US$11.4 billion from about US$10.9 billion.

Moody's rating review will consider:

   (1) how the company and its sponsors plan to fund the
       additional US$500 million in purchase price;

   (2) implications for de-leveraging and credit measures; and

   (3) any changes to liquidity.

"Our initial ratings and negative outlook already considered
extraordinarily high debt levels and the need to focus on de-leveraging,"
Diana Lee, a Senior Credit Officer at Moody's said. "Assuming this new
price is funded with additional debt, the ratings may not hold."

Ratings placed under review for possible downgrade:

    * Biomet, Inc.

   -- Corporate family rating at (P)B2;
   -- Asset backed revolver at (P)Ba2, (LGD2, 14%);
   -- Secured cash draw revolver at (P)B1, (LGD3, 36%);
   -- Secured term loan at (P)B1, (LGD3, 36%);
   -- Unsecured senior notes at (P)B3, (LGD4, 63%);
   -- Unsecured PIK option notes at (P)B3, (LGD4, 63%);
   -- Unsecured subordinated notes at (P)Caa1, (LGD6, 93%);
   -- PDR at B2;
   -- SGL-2.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Headquartered in Warsaw,
Indiana, Biomet and its subsidiaries currently distribute products in more
than 100 countries, including the Netherlands, Argentina and Korea.


BHK INC: Signs Statutory Merger With NewheartBio Co.
----------------------------------------------------
BHK Inc. has signed a statutory merger agreement with NewheartBio Co.,
Ltd., to diversify its businesses and create higher benefit from the
consolidation, Reuters reports.

According to the report, the exchange ratio of BHK and NewheartBio is 1 :
0.602116, based on the market value of
KRW2,835 and KRW1,707 respectively.  NewheartBio's capital is KRW2,304
million.

The merger effective date is August 27, 2007, the report relates.

                     About BHK Inc.

Seoul, Korea-based BHK Inc. is engaged in international trading.
The company's products consist of liquid crystal display televisions
(LCD-TV's), electronic products, bed sheets,
pillows, pillowcases, curtains and clothing.  The company sells
its bedding products in the department stores under the brand
name Pierre Cardin.  Currently, the company is also in the
development stage for launching of a new business segment, which
specializes in biomedical products, namely MyoCell, for heart
muscle regeneration.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that the company has a shareholders' equity
deficit of US$17.38 million on total assets of US$24.36 million.


DM TECHNOLOGY: Converts Second Convertible Bonds Into Shares
------------------------------------------------------------
DM Technology Co., Ltd., converted its second convertible bonds into
shares, Reuters reports.

The report relates that the bonds conversion price is KRW3,775 per share.
This brings the total outstanding shares of the Company to 8,234,212.

The confirmed listing date is June 13, 2007, the report adds.

                     About DM Technology

Based in Gyeonggi Province, South Korea, DM Technology Co., Ltd. --
http://www.dmtechnology.co.kr/eng/index.asp-- is engaged in the
manufacturing of digital home appliances.  The company mainly provides
crystal display (LCD) televisions (TVs), portable multimedia players and
home theater systems, including digital versatile disc (DVD) receivers,
DVD players and other systems.  It has an overseas corporation each in
China, Hong Kong, Japan, the United Kingdom and Netherlands.

Korea Ratings gave the company’s convertible bond with an August 8, 2008
maturity date an initial rating of B, with stable out look on August 16,
2006.


EVEREX INC: Appoints Park Chan as New Chief Executive Officer
-------------------------------------------------------------
Everex Inc. appointed Park Jong Chan as chief executive officer of the
Company, Reuters reports.

According to the report, the appointment is effective June 7, 2007.

                    About Everex Inc.

Based in Gyeonggi Province, Korea-based Everex Inc. is engaged
in the manufacturing of semiconductor manufacturing equipment
and parts.  The company provides four main products: track
systems, which are designed to coat and develop photoresist
patterns in wafers; degas systems, which prevents uneven
photoresist dispensing; track modify systems, which are used to
configure ultraviolet processing, and other devices, including
module testers, impedance systems and chip testers.

The Troubled Company Reporter - Asia Pacific reported on
March 2, 2007, that Everex Inc. has a shareholders' deficit of
US$5.10 million on assets of US$23.15 million.


TOWER AUTOMOTIVE: Inks Asset Purchase Pact with TA Acquisition
--------------------------------------------------------------
Tower Automotive Inc. and its debtor-affiliates told the United
States Bankruptcy Court for the Southern District of New York that after
prolonged arm's-length negotiations, it executed an asset purchase
agreement on May 1, 2007, with TA Acquisition Company, LLC, an affiliate
of Cerberus Capital Management L.P., subject to higher and better offers
at the June 25, 2007 auction.

As previously reported, the Debtors agreed in principle to sell
substantially all of their assets to Cerberus Capital for roughly US$1
billion subject to higher and better offers, Anup Sathy, Esq., at Kirkland
& Ellis LLP, in Chicago, Illinois, relates.

The salient terms of the APA are:

  Seller:     Tower Automotive, Inc. and it debtor-affiliate
              signatories

  Purchaser:  TA Acquisition Company, LLC

  Acquired
  Assets:     (a) all property and assets of the Seller
                  including, but not limited to all property;
                  all assets; all cash and cash equivalents; all
                  accounts and intercompany receivables; and all
                  claims against Foreign Entities;

              (b) to the extent they relate to any Acquired
                  Asset, Assumed Contract, Assumed Liability or
                  any claim or allegation that TA Acquisition is
                  liable or responsible for a Liability of the
                  Debtors, whether or not TA Acquisition has
                  assumed the Liability -- claims, credits,
                  security or other deposits, including
                  recoverable deposits, prepayments, prepaid
                  assets, prepaid expenses, prepaid rent,
                  deferred charges, refunds or claims for
                  refunds, causes of action, defenses, counter-
                  claims, cross- claims, third party claims,
                  rights of recovery, rights of set-off and
                  rights of recoupment, insurance proceeds and
                  all rights under historical or current
                  insurance policies of any member of the Tower
                  Group, and, in each case, security interests,
                  as applicable, as of the Closing Date;

              (c) all the assets reflected on the Debtors'
                  Balance Sheet provided the assets have not
                  been disposed of by the Tower Group in the
                  ordinary course of business or pursuant to a
                  Court ruling after the Balance Sheet Date; and

              (d) all trusts, insurance contracts, accounts and
                  funding arrangements relating to any Assumed
                  Plans.

  Excluded Assets:

              (a) All rights of any seller pursuant to the APA
                  and the Ancillary Agreements;

              (b) The Chapter 5 Claims set forth in the APA, and
                  claims in respect of Excluded Assets and
                  claims directly related to Excluded
                  Liabilities which are not Liabilities to
                  customers, suppliers or other business
                  relations with whom TA Acquisition does
                  business after the Closing and which are
                  identified to TA Acquisition in advance of any
                  action being taken to collect on the claims
                  and as to which TA Acquisition does not object
                  to the claim being asserted in its reasonable
                  discretion;

              (c) Any asset or contract which TA Acquisition
                  identifies in writing to the Debtors before
                  June 22, 2007, provided that the exclusion of
                  any asset or contract will not reduce or
                  otherwise affect the amount of the Purchase
                  Price;

              (d) Any non-material asset or contract which TA
                  Acquisition identifies in writing to the
                  Debtors from June 23, 2007, until at least 10
                  business days before the Closing.  For
                  avoidance of doubt, the exclusion of any asset
                  or contract will not reduce or otherwise
                  affect the amount of the Purchase Price;

              (e) Any equity interests in any of the Debtors;

              (f) Any Foreign Entity identified on the APA or as
                  determined by TA Acquisition;

              (g) The assets identified on the APA; and

              (h) All beneficial tax attributes to the extent
                  not transferable by applicable law and the
                  Debtors' U.S. federal net operating loss
                  carry-forwards.

  Assumed
  Contracts:  The Debtors' Collective Bargaining Agreements
              identified on the APA, the Change in Control
              Agreements, the KERP Agreements and any other
              contract set forth in the APA.

  Assumed
  Liabilities:

              * All Working Capital Obligations;

              * All benefit obligations pursuant to the
                Consolidated Pension Plan and the other Assumed
                Plans;

              * All contingent Liabilities payable pursuant to
                the terms of the Change in Control Agreements;

              * The KERP Liability;

              * All Liabilities pursuant to Assumed Contracts
                arising after the Closing.  For avoidance of
                doubt, the obligations will not include any
                amounts necessary to satisfy the Cure Amounts
                pursuant to Section 365 of the Bankruptcy Code
                in connection with the assignment and assumption
                of the Assumed Contracts;

              * All statutory environmental Liabilities which
                (1) arise under Environmental Laws, (2) are
                associated with real property acquired by TA
                Acquisition or its affiliates, (3) are enforced
                by a Governmental Entity, and (4) are not
                "claims" as defined in Section 101(5) of the
                Bankruptcy Code;

              * The current balance due with respect to the
                Marsh Financing, provided all benefits of the
                insurance policies are received by or are
                available to TAC Acquisition, as contemplated in
                the definition of Acquired Assets;

              * If no amount is paid by TA Acquisition for the
                IRB Payment pursuant to the APA, all the
                Debtors' Liabilities pursuant to the Industrial
                Revenue Bonds; and

              * The Retiree Benefit Settlements, prepetition and
                postpetition worker compensation claims, and the
                Assumed Liabilities will not include any amounts
                included in the categories constituting Capped
                Payments.

  Purchase
  Price:      The sum of the DIP Payment, Second Lien Payment,
              the IRB Payment, the Unsecureds Claim Payment,
              Unsecureds Funds Payment, the Allowed Secured
              Claims Payment, the Allowed Administrative Claims
              Payment, the Allowed Priority Claims Payment, the
              Cure Amounts Payment, the Indemnification Payment,
              the Tail Payment and the Escrow Fee Payment.

  Deposit:    TA Acquisition deposited with the Escrow Agent,
              pursuant to the terms of the Escrow Agreement,
              US$25,000,000 by wire transfer of immediately
              available funds, which deposit will be held and
              released in accordance with the provisions of the
              Escrow Agreement and the other provisions
              contained in the APA.  Provided that the
              transactions contemplated in the APA are
              consummated, the Deposit will be paid to the DIP
              Lenders at the Closing as more fully set forth in
              the APA.

  Closing:    The consummation of the transactions contemplated
              by the APA will take place at the Closing to be
              held at the offices of Kirkland & Ellis LLP, 153
              East 53rd Street, in New York, at 9:00 a.m.,
              E.S.T., on July 31, 2007, or if mutually agreed
              upon in writing by the Debtors and TA Acquisition
              the second business day after, but not including,
              the date on which the last of the conditions set
              forth in the APA are satisfied or waived, other
              than those conditions that by their nature are to
              be satisfied at the Closing.

Mr. Sathy further notes that the APA contains items, which may be
considered Extraordinary Provisions under the Guidelines for the Conduct
of Asset Sales:

  -- The proposed form of the Court ruling contains certain
     findings with respect to the Acquired Assets being free of
     successor liability.  TAC Acquisition has requested the
     findings as part of its offer for the Acquired Assets;

  -- The proposed form of the Court ruling requests a waiver
     from any stamp taxes and other applicable transfer taxes in
     connection with the sale and transfer of the Acquired
     Assets; and

  -- The proposed form of the Court ruling contains a waiver of
     the stays imposed by Rules 6004(g) and 6006(d) of the
     Federal Rules of Bankruptcy Procedure.

Against this backdrop, the Debtors ask the Court to:

  (a) approve the APA between the Debtors and TA Acquisition,
      or other forms of purchase agreements between the Debtors
      and the Successful Bidder, as defined in the Marketing
      Protocol Order;

  (b) authorize the closing of the sale of the Acquired Assets
      to TA Acquisition, or the Successful Bidder, free and
      clear of all claims and interests, other than permitted
      encumbrances and assumed liabilities; and

  (c) authorize their assumption of the Assumed Contracts, and
      the assignment of the Assumed Contracts to TA Acquisition
      or the Successful Bidder.

According to Mr. Sathy, contemporaneously with the filing of the
request, the Debtors have sought approval of cure and notice
procedures for the assumption and assignment of executory
contracts and unexpired leases.  The Cure Procedures Motion
proposes a process by which the Debtors can establish the cure
amounts for the Assumed Contracts, and otherwise comply with the
requirements of Section 365 of the Bankruptcy Code.

A preliminary list of the Assumed Contracts with projected cure
amounts is available for free at:

            http://bankrupt.com/misc/Tower63Assumed

The list remains subject to further review by the Debtors and TA
Acquisition, and may be amended to add or remove certain Assumed
Contracts, Mr. Sathy tells the Court.

The sale and transfer of the Acquired Assets and Assumed
Contracts is necessary to the confirmation and the consummation
of the Debtors' Chapter 11 Plan, Mr. Sathy asserts.  The value to be
realized from the sale of the Acquired Assets is the
centerpiece of the Debtors' strategy to emerge from Chapter 11.

Unless objections to the request are received no later than 4:00
p.m. (EDT) on July 6, 2007, the Court may grant the request
without hearing.

A full-text copy of the executed version of the APA between the
Debtors and TA Acquisition is available for free at:

  http://bankrupt.com/misc/Tower63AssetPurchaseAgreement.pdf

                   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.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of reorganization
and Disclosure Statement explaining that plan.  On June 4, 2007, the
Debtors submitted an Amended Plan and Disclosure Statement.  The Court
approved the adequacy if the Amended Disclosure Statement on June 5, 2007.
The hearing to consider confirmation of the Debtors' Amended Plan is set
for July 11, 2007.  (Tower Automotive Bankruptcy News, Issue No. 63;
Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


TOWER AUTOMOTIVE: Lexington Wants Adequate Assurance on Lease
-------------------------------------------------------------
Lexington Lion Plymouth LP tells the U.S. Bankruptcy Court for the
Southern District of New York that it leases to Tower Automotive, Inc. the
premises located at 43955 Plymouth Oaks Boulevard in Plymouth, Michigan,
one of the assets to be transferred to TA Acquisitions Company, LLC.

Harvey A. Strickson, Esq., at Paul, Hastings, Janofsky, & Walker
LLP, in New York, contends that before the Court may approve the
assignment of the lease, TAPC must assume it and "provide
adequate assurance of future performance by the assignee to
Lexington."  To date, Lexington has not been provided with any
financial statement despite having made a request to the Debtors' counsel,
Mr. Strickson says.

                   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.

On May 1, 2007, the Debtors filed their Chapter 11 Plan of reorganization
and Disclosure Statement explaining that plan.  On June 4, 2007, the
Debtors submitted an Amended Plan and Disclosure Statement.  The Court
approved the adequacy if the Amended Disclosure Statement on June 5, 2007.
The hearing to consider confirmation of the Debtors' Amended Plan is set
for July 11, 2007.  (Tower Automotive Bankruptcy News, Issue No. 64;
Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


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

AMSTEEL CORP: Bursa Denies Further Plan Filing Extension
--------------------------------------------------------
The Bursa Malaysia Securities Bhd denied Amsteel Corp Bhd's request for
further extension of the deadline within which the company is required to
file its regularization plan.  The bourse had earlier granted the company
until July 31, 2007, to submit its plan to the Securities Commission and
other relevant authorities for approval.

According to AmInvestment Bank Berhad, acting as Amsteel Corp.'s merchant
bank, the Bursa Securities was not able to consider the application as its
earlier extension is final.

The bourse also decided that if the company fails to comply with the
extended timeframe, a delisting procedure will be commenced against the
company's securities.


Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation and food
court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As reported in the Troubled Company Reporter - Asia Pacific on
May 19, 2006, Amsteel Corporation Berhad was classified under
Bursa Malaysia Securities Berhad's Amended Practice Note 17
category.  The Company was identified as an affected listed
issuer because:

   -- the auditors have expressed a modified opinion with
      emphasis on the Company's going concern in the Company's
      latest audited financial statement for the financial year
      ended June 30, 2005; and

   -- the Company's consolidated shareholders' equity as of
      June 30, 2005, represented 17.3% of the issued and paid-up
      capital of the Company.

Pursuant to the PN17 classification, the Company is required to
submit and implement a plan to regularize its financial
condition.


DAY INTERNATIONAL: Completes Sale to Flint Group
------------------------------------------------
The acquisition of Day International Group Inc. by Flint Group was
completed on May 31, 2007.

Day International will operate as a business unit of Flint Group.  Dennis
Wolters, CEO of Day International will remain in that role within the new
organization.

In the combined organization, nearly 8300 employees will serve customers
from 170 sales, service and manufacturing locations on five continents.
Revenues for 2007 are estimated to be
EUR2.55 billion ($3.32 billion).

                         About Flint Group

Flint Group -- http://www.flintgrp.com/-- is dedicated to serving the
global printing, converting, and colourant industries.  Flint Group
companies develop, produce and market a wide range of conventional and UV
printing inks on a global basis, with regional operations that provide
local service throughout Europe, North America, Latin America, Asia, and
India/Pacific.  Other companies in the group include Flint Group Printing
Plates, specialising in photopolymer printing plates, and XSYS Print
Solutions, specialising in narrow web inks.  Flint Group Pigments produces
a range of pigment products and additives for use in inks and other
colourant applications.  Headquartered in Luxembourg, Flint Group operates
more than 140 facilities worldwide, and employs some 7,000 people.

                    About Day International

Founded in 1905 in Dayton, Ohio, Day International Group Inc. --
http://www.dayintl.com/-- operates production, sales, and distribution
centers in North America, Latin America, Europe and Asia Pacific. Product
lines include dayGraphica(R) printing blankets and sleeves, david M(R)
printing blankets, , Duco(TM) printing blankets, Sun Graphic printing
blankets, IPT(TM) printing blankets, Varn(TM) pressroom chemicals,
Rotec(R) flexographic sleeve systems, dayCorr(R) diecutting blankets and
day-Flo(R) pre-inked rolls.  The company has locations in Mexico, Germany,
and Malaysia.


DAY INT’L: Flint Buyout Completion Cues S&P to Withdraw Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on Dayton,
Ohio-based Day International Group Inc.  The withdrawal follows the
acquisition of the company by Flint Group.

As reported in the Troubled Company Reporter on April 16, 2007, S&P placed
the company's 'B' corporate credit rating on
CreditWatch with developing implications.

Founded in 1905 in Dayton, Ohio, Day International Group Inc. --
http://www.dayintl.com/-- operates production, sales, and distribution
centers in North America, Latin America, Europe and Asia Pacific. Product
lines include dayGraphica(R) printing blankets and sleeves, david M(R)
printing blankets, , Duco(TM) printing blankets, Sun Graphic printing
blankets, IPT(TM) printing blankets, Varn(TM) pressroom chemicals,
Rotec(R) flexographic sleeve systems, dayCorr(R) diecutting blankets and
day-Flo(R) pre-inked rolls.  The company has locations in Mexico, Germany,
and Malaysia.


HALIFAX CAPITAL: Bursa Starts Delisting Procedures
--------------------------------------------------
The Bursa Malaysia Securities Bhd has commenced delisting procedures
against Halifax Capital Berhad, an Amended Practice Note No. 17/2005
company, after it failed to comply with the extended timeframe to submit
its regularization plan to the Securities Commission and other relevant
authorities for approval by June 6, 2007.

According to the bourse, the company has been served with a notice by
Bursa Securities on June 8, 2007, to make representations to Bursa
Securities, within a period of five market days from the date of the
receipt of the notice, as to why their securities should not be delisted
from the Official List.  Due process is therefore accorded to the company
prior to making a decision on whether to delist its securities.

The Bursa Securities also decided to suspend the trading of the company's
securities on June 14, 2007.

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

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


HARVEST COURT: Unit Sells Land Assets for MYR1.7 Million
--------------------------------------------------------
Harvest Court Properties Sdn. Bhd, a wholly owned subsidiary of  Harvest
Court Industries Berhad, entered into a conditional Sale and Purchase
Agreement with Cara Anggun Development Sdn. Bhd to dispose all land held
under Geran No. 89149  for a total cash consideration of MYR1,700,000.00

The total cash consideration of the Property was arrived at on a willing
buyer-willing seller basis after taking into the consideration the
indicative market value of the Property of MYR1,400,000.00 by Khong &
Jaafar Sdn Bhd.  There are no other liabilities to be assumed by the
Purchasers from the Proposed Disposal.

According to the company, the purchase agreement was inked to dispose its
loss making property development project including the Proposed Disposal
as part of its plan to exit from the property development business.  The
proceeds from the Proposed Disposal will be used to repay the Chargee to
reduce the level of the bank borrowings of the HCIB Group and expenses in
relation to the Disposal.

Headquartered in Selangor, Malaysia, Harvest Court Industries Berhad --
http://www.harvestcourt.com/-- is engaged in kiln drying, saw milling and
manufacturing of timber doors and related products. Other activities
include development of residential and commercial properties and jetty
services and
provision of construction works and related maintenance services.  The
Group is also involved in the provision of marketing and management
services and investment in shares and securities.  The Group operates in
Malaysia and Australia.

The Group has defaulted on several loan facilities because of a reduction
in sales from 2002 onwards due to a weak global market as a result of the
Iraqi and the severe acute respiratory syndrome, or SARS, as well as its
inability to raise funds via the equity market due to weak market
sentiment.  Due to its financial position, Harvest Court had embarked on
an exercise to
restructure the Company, including a debt restructuring and capital
reduction.  The Company's proposed corporate exercise was rejected by the
Securities Commission in November 2005, on grounds that the proposals are
not comprehensive and are not capable of resolving all financial problems
of the Company.  Its appeal to reconsider the rejection was also junked by
the Commission on February 24, 2006.

Currently, the company is classified under the Amended PN17 category of
the Bursa Malaysia Securities Bhd's official list and is therefore
required to implement a plan to regularize its finances.

Harvest Court Industries Bhd's unaudited balance sheet as at Dec. 31,
2006, went upside down with total assets of MYR36.59 million and total
liabilities of MYR50.17 million, resulting to a shareholders' deficit of
MYR13.58 million.


SMART MODULAR: Ezra Perlman Resigns as Director
-----------------------------------------------
SMART Modular Technologies (WWH), Inc., disclosed that Ezra Perlman’s
resignation as a director became effective June 5, 2007.

Mr. Perlman’s resignation was consistent with the company's need to
increase the number of independent directors as it is no longer a
controlled company and was not related to any disagreement with the
company regarding its operations, policies or practices.

The company also announced that the Board of Directors, upon the
recommendation of its Nominating and Corporate Governance Committee,
appointed D. Scott Mercer as a director, effective June 5, 2007, to fill
the vacancy created by Mr. Perlman’s resignation. Mr. Mercer also has been
appointed to serve on the Audit Committee.

There are no arrangements or understandings between Mr. Mercer and the
company or any other persons pursuant to which he was appointed as a
director.  There are no transactions or proposed transactions to which the
company was or is a party in which Mr. Mercer has a direct or indirect
material interest.  Mr. Mercer will be compensated as a director pursuant
to the company’s compensation policy for non-employee independent
directors.

                     About SMART Modular

SMART Modular Technologies (WWH) Inc. (Nasdaq: SMOD) --
http://www.smartm.com/--designs, manufactures and supplies
electronic subsystems to original equipment manufacturers, or
OEMs.  SMART offers more than 500 standard and custom products to OEMs
engaged in the computer, industrial, networking, gaming,
telecommunications, and embedded application markets.

The company has design centers in California, South Korea and
Massachusetts.  Its manufacturing facilities are located in California,
Malaysia, Brazil, Dominican Republic and Puerto Rico.

                          *     *     *

Moody's Investors Service assigned a B2 rating to SMART Modular
Technologies (WWH) Inc.'s US$125 million senior secured second lien notes
due 2012 issued under Rule 144A.

Standard & Poor's Ratings Services assigned its B+ corporate
credit rating to Fremont, California-based SMART Modular
Technologies (WWH) Inc.


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

CREATIVE EDUCATION: Court to Hear Wind-Up Petition on June 28
-------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the operations
of Creative Education and ESL Learning Centre Ltd. on June 28, 2007, at
10:45 a.m.

The  petition was filed by the Commissioner of Inland Revenue on  April
11, 2007.

The CIR's solicitor is:

          Kay S. Morgan
          c/o Inland Revenue Department
          1 Bryce Street, Hamilton
          New Zealand


GYM TRADING: Enters Wind-Up Proceedings
---------------------------------------
During a meeting held on June 1, 2007, the shareholders of Gym Trading
Ltd. agreed to wind up the company's operations and appointed John Michael
Gilbert as liquidator.

The Liquidator can be reached at:

          John Michael Gilbert
          c/o C & C Strategic Limited
          Ponsonby, Auckland
          New Zealand
          Telephone:(09) 376 7506
          Facsimile:(09) 376 6441


INDUSTRIAL BELTS: Fixes July 2 as Deadline to Prove Claims
----------------------------------------------------------
The shareholders of Industrial Belts Ltd. met on June 1, 2007, and agreed
to wind up the company's operations.

Laurence George Chilcott and Peter Charles Chatfield, the appointed
liquidators, fixed July 2, 2007, as the last day for creditors to prove
their claims.

The Liquidators can be reached at:

          Laurence George Chilcott
          Peter Charles Chatfield
          Smith Chilcott Bertelsen Harry
          Chartered Accountants
          Shortland Tower One, Level 11
          51-53 Shortland Street
          PO Box 5545, Auckland
          New Zealand
          Telephone:(09) 379 8035
          Facsimile:(09) 307 8892


QUADRANT CORPORATION: Faces APN Holdings' Wind-Up Petition
----------------------------------------------------------
APN Holdings Limited filed a petition to wind up the operations of
Quadrant Corporation (NZ) Ltd. on April 19, 2007.

The petition will be heard before the High Court of Auckland on July 26,
2007, at 10:00 a.m.

The solicitor of APN Holdings is:

          M. J. Robinson
          c/o Turner Hopkins
          400 Lake Road
          PO Box 33237, Takapuna
          Auckland, New Zealand
          Telephone:(09) 486 2169
          Facsimile:(09) 486 2160


SIMPSONS FARMS: Appoints Michael Crawford as Liquidator
------------------------------------------------------
The shareholders of Simpsons Farms 2007 Ltd. met on May 21, 2007, and
resolved to liquidate the company's business.

Michael Crawford of Deloitte was appointed as liquidator.

The Liquidator can be reached at:

          Michael Crawford
          PO Box 17, Hamilton
          New Zealand
          Telephone:(07) 838 4800
          Facsimile:(07) 838 4810


SNOW SUMMIT: Names  Peter James Heenan as Liquidator
----------------------------------------------------
On April 1, 2007, Snow Summit Ltd. entered liquidation proceedings due to
the company's inability to pay its debts.

Peter James Heenan was appointed as liquidator.

The Liquidator can be reached at:

          Peter James Heenan
          c/o Ward Wilson Limited
          62 Deveron Street
          Invercargill
          New Zealand
          Telephone:(03) 211 0103
          Facsimile:(03) 218 3623


TENNET INTERNATIONAL: Taps Graham and Gibson as Liquidators
-----------------------------------------------------------
Grant Robert Graham and Brendon James Gibson were appointed as liquidators
of Tennet International Ltd. on May 25, 2007.

The company started to liquidate its business on that day.

The Liquidators can be reached at:

          Grant Robert Graham
          Brendon James Gibson
          Ferrier Hodgson & Co
          Tower Centre, Level 16
          45 Queen Street
          PO Box 982, Auckland
          New Zealand
          Telephone:(09) 307 7865
          Facsimile:(09) 377 7794


THE PC RECYCLING: Court Hears Wind-Up Petition
----------------------------------------------
A petition to wind up the operations of The PC Recycling Channel Ltd. was
heard before the High Court of Wellington on June 11, 2007.

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

The CIR's solicitor is:

          Philip Hugh Brian Latimer
          c/o 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


UNION INTERACTIVE: Fixes July 1 as Last day to Prove Claims
-----------------------------------------------------------
The shareholders of Union Interactive Ltd. met on June 1, 2007, and agreed
to liquidate the company's business.

Robert Laurie Merlo, the company's liquidator, requires its creditors to
file their proofs of debt by July 1, 2007.

The Liquidator can be reached at:

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


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

BANCO DE ORO-EPCI: Equitable PCI Now Removed From PSEi and Index
----------------------------------------------------------------
The Philippine Stock Exchange has removed Equitable PCI Bank Inc. from the
PSEi and the Financials Index effective June 4, following its merger with
Banco de Oro Universal Bank.

The constituents of the PSEi are now 29 in number, while the Financials
index now has 13 constituents following the removal.

Banco de Oro-EPCI is the result of a merger between Banco de Oro Universal
Bank and Equitable PCI, with BDO as the surviving entity.

                          *     *     *

The Troubled Company Reporter – Asia Pacific reported on November 9, 2006
that Fitch Ratings affirmed the ratings of Banco De Oro Universal Bank, as
follows:

   * Individual 'C/D', and

   * Support '3'

                          *     *     *

On June 1, 2007, Moody's Investors Service said it had withdrawn its
ratings for Equitable PCI Bank (EPCI) following its merger with Banco de
Oro Universal Bank (BDO).

In a statement, Moody's said the merged entity, Banco de Oro-EPCI, will
assume BDO's "Ba2" rating both for its senior unsecured debt and
subordinated debt, with a stable outlook.

Moody’s withdrew its ratings for Equitable PCI following the 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.

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.


BAYAN TELECOMMUNICATIONS: Posts PHP101-Mil. Loss in 1st Quarter
---------------------------------------------------------------
Bayantel recorded a net loss of PHP101.0 million for the three months
ended Mar. 31, 2007, versus a net income of
PHP357 million in the first quarter of 2006 due to lower foreign exchange
gains, according to parent company, Benpres Holdings Corp.

Bayantel's first quarter revenues went up by 12% year on year to PHP1.3
billion driven by voice and data revenues, which increased by 11% and 16%
respectively.  EBITDA in the first quarter amoutned to PHP416.0 million,
slightly lower than last year's PHP428.0 million.

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.  BayanTel has operations in
Japan and the U.K.

In a report by the Troubled Company Reporter - Asia Pacific on
July 4, 2006, the Company has paid over PHP900 million in
principal and interest on its debts amounting to PHP25.39
billion in aggregate, of which creditors own PHP14.74 billion,
while PHP10.65 billion is due to its bondholders.

On June 28, 2004, the Pasig Regional Trial Court Branch 158
approved the company's financial rehabilitation based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.


BENPRES HOLDINGS: Earns PHP828 Million in First Quarter of 2007
---------------------------------------------------------------
Benpres Holdings Corp. reported a net income of PHP828.0 million for the
first quarter of 2007, more than halving the previous corresponding
period’s PHP2.1 billion net income.

The company also reported consolidated revenues of
PHP4.2 billion in the first three months of 2007, 6% higher than PHP4.0
billion in the same period in 2006.

Net income attributable to the equity holders of the parent company
decreased by 64% to PHP731.0 million from PHP1.9 billion in 2006, which
included gains booked by unit First Philippine Holdings Corp. from the
initial public offering of First Gen Corp. in Feb. 2006.

Net income for the first quarter of 2007 amounted to
PHP731 million, 16% more compared to the first quarter 2006 recurring net
income of PHP632.0 million.

                     About Benpres Holdings

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation is a 56.22%-owned subsidiary of Lopez, Inc.  Both
entities were incorporated in the Philippines.  Benpres Holdings
and its subsidiaries are mainly involved in investment holdings,
broadcasting and entertainment, and water distribution.  The
Company's associates are involved in telecommunications, power
generation and distribution, cable television, real estate
development and infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the Company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
Company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

As of Dec. 31, 2005, Benpres Holdings' long-term direct
obligations due for payment stood at PHP9.96 billion.  By virtue
of its guarantees and commitments, based on the BSMP, the
Company may be liable for certain obligations that already fell
due, amounting to approximately PHP10.94 billion as of Dec. 31,
2005, excluding guarantees in its unit, Maynilad Water Services,
Inc.  As of December 31, 2005, consolidated current liabilities
exceeded consolidated current assets by PHP22.12 billion.  Net
loss attributable to Benpres Holdings' equity holders for the
year ended December 31, 2004, amounted to PHP1.2 billion.


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%).


CHIQUITA BRANDS: Faces Lawsuit by Murder Victims' Families
----------------------------------------------------------
Families of the 173  people that Colombian terrorist groups allegedly
murdered have filed a lawsuit against Chiquita Brands International Inc.
before the U.S. District Court, District of Columbia, Cary O'Reilly at
Bloomberg News reports.

Bloomberg News' Ms. O'Reilly says that the families families claimed
Chiquita Brands paid millions of dollars and tried to send machine guns to
the paramilitary group United Self Defense Forces of Colombia.

According to Bloomberg News' Ms. O'Reilly, the relatives are seeking for
unspecified compensation, punitive damages and the names of Chiquita
Brands executives who allowed the payments.

El Tiempo notes that the lawyers claimed damages for an amount of around
US$1 billion.

Terry Collingsworth, the attorney representing the claimants and who is
associated with the International Rights Advocates, told Bloomberg News'
Ms. O'Reilly, "We want to know who made the decisions.  The company is
facing a very small fine, a slap on the risk, for its actions."

The report says that Chiquita Brands pleaded guilty in March 2007 to
charges of funding US$1.7 million to terrorist groups in Colombia from
1997 to 2004.  The company said it made the payment to protect banana
operations and workers.

The paramilitary group is involved in drug trafficking, assassinations,
kidnappings and the murder of civilians in Colombia, where Chiquita Brands
had operations, Bloomberg News' Ms. O'Reilly notes, citing prosecutors in
March 2007.  Chiquita Brands also paid other terrorist groups like the
Revolutionary Armed Forced of Columbia.

Chiquita Brands executives weren't charged.  The firm agreed to be fined
US$25 million to be levied at a sentencing hearing in June.  It also
agreed to cooperate in a Justice Department probe of the payments,
according to Bloomberg News' Ms. O'Reilly.

Chiquita Brands spokesperson said in a statement, "Chiquita Brands
International categorically denies the allegations [in the lawsuit file by
the family of the victims].  We reiterate that Chiquita and its employees
were victims, and that the actions taken by the company were always
motivated to protect the lives of our employees and their families."

The U.S. Department of Justice said in its report, "Castano [a
paramilitary group leader] sent an unspoken but clear message that failure
to make the payments could result in physical harm to Banadex [Chiquita's
Colombian subsidiary] personnel and property."

El Tiempo relates that Chiquita Brands and 10 of its directors would be
considered liable for the murder of 174 persons in Uraba and Magdalena by
the paramilitaries and the Farc during the period when the firm made the
payments.

El Tiempo Washington correspondent Sergio Gomez Maseri, "who claimed to
have received exclusivity" from the attorneys says, "This case concerns
the systematic murder and intimidation of individuals in the banana
growing region at the Gulf of Urabá and in the city of Santa Marta.  The
accused (Chiquita and its employees) contracted, armed and/or directed the
terrorist groups who used extreme violence, murder, torture, detention and
silencing against any individual who was suspected of interfering with the
operations in Colombia of the accused."

Human rights lawyer Paul Wolf and Bob Childs, the chief of a prestigious
Alabaman firm, also represented the families Fresh Plaza states.

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%).


CITY RESOURCES: Reports PHP2.86-Million Deficit as of Mar. 31
-------------------------------------------------------------
City Resources (Phil.) Corporation reported a net loss of PHP252.97 for
the first quarter of 2007, against a PHP216.00 net loss for the previous
corresponding period as the company continues its non-operating status.

The company has a stockholders' equity deficit of
PHP2.86 million as of Mar. 31, 2007.

All of the assets of Pasig City, Philippines-based City Resources (Phils.)
Corporation (CRC) over mining rights over all of its mineral properties in
the Municipalities of Paracale and Labo, both in the Province of Camarines
Norte, were sold as far back as January 31, 1994 to Crescent Mining and
Development Corporation. On March 1, 1994, the stockholders approved the
change in the primary purpose of the company from mining to that of a
holding company. The SEC approved this amendment on March 24, 1994. Since
then CRC had no operations.

On October 2000, Lopez, Inc. acquired the right to purchase 7,515,850
fully paid shares and 79,504,310 partially paid shares of the company from
Starfield Holdings, Inc., representing at least 91% of the outstanding
capital stock of the company. For the year 2001, Lopez Inc. intends to
exercise the rights and transfer the shares under its name or under the
name of the affiliate. Lopez, Inc. will also revive the operations of the
company as a holding Company by transferring assets to the company and
will organize the company and activate its management in 2001.

CRC is not presently conducting any business operations.


EVER-GOTESCO RESOURCES: Posts PHP49-Mil. Net Income for 1st Qtr.
----------------------------------------------------------------
Ever-Gotesco Resources and Holdings, Inc., reported a net income of
PHP49.24 million for the first quarter ended Mar. 31, 2007, against a net
income of PHP39.59 million for the previous corresponding period.

Rental revenue for the quarter in review amounted to
PHP88.37 million, while operating costs and expenses amounted to PHP56.21
million, resulting in operating income of
PHP32.16 million. This compares to the PHP80.75 million total revenues and
PHP55.63 million operating costs and expenses and PHP25.12 million
operating income for the first quarter of 2006.

As of Mar. 31, 2007, the group had current assets of
PHP636.09 million, and current liabilities of PHP2.02 billion. The company
also posted total assets of PHP4.05 billion and total liabilities of
PHP2.05 billion as of the same date.

Headquartered in C.M. Recto Avenue, Manila, Ever-Gotesco
Resources and Holdings, Inc., was established by the Ever-
Gotesco Group to pursue its mall operations through its two
subsidiaries, Ever Commonwealth Center and Ever Gotesco Ortigas
Complex.  The company is also engaged in real estate
development.  It builds and leases out shopping malls to
commercial tenants.  Revenues of the company are generated
principally from its leasing operations.

The company owns 100% of the outstanding capital stock of
Gotesco Tyan Ming Development, Inc., owner of the Ever Gotesco
Ortigas Complex.  GTMDI was registered with the Securities and
Exchange Commission on September 21, 1994, to engage in real
estate and related business.  GTMDI started its commercial
operations on December 1, 1995, and has since taken over
ownership and operations of the Mall cinemas.

                      Going Concern Doubt

Martin C. Guantes at Sycip Gorres Velayo and Co. raised
significant doubt on the company's ability to continue as a
going concern saying that the ultimate outcome of the following
matters cannot be presently determined:

   (a) the consolidation by lender banks of the ownership and
       possession of the land and commercial complex of the
       company's wholly owned subsidiary, Gotesco Tyan Ming
       Development, Inc., pending the decision on the case by
       the court, and

   (b) the amount of staggered amortization as loan repayment
       that are due under a compromise agreement, which was
       approved by the court, from the defendants to a civil
       case in which the company and its subsidiary were
       impleaded.

The auditors also cited that the company and its subsidiary
continued to have substantial working capital deficiency and
deficit.


EXPORT & INDUSTRY BANK: Posts PHP80MM Net Loss in 1st Qtr. 2007
---------------------------------------------------------------
Export and Industry Bank, Inc., reported a PHP80.14 million net loss for
the first quarter ending Mar. 31, 2007, plummeting 286,128.57% from the
net loss of PHP28,000 for the previous corresponding period.

The 2006 net loss, however, benefited from a one-off gain when the bank's
common A shareholders took up PHP620.95 million in operating losses, which
was subsequently recorded as a receivable and other income for that
period.

For the period in review, the bank reported interest income of PHP300.97
million and interest expense of PHP289.12 million, giving it a net
interest income of PHP11.85 million, a turnaround from the net interest
expense position of
PHP287.90 million for the previous corresponding period.

The bank also had higher other income for the first quarter of 2007 at
PHP206.49 million, up 159.26% from PHP79.65 million reported a year
earlier.

The bank was also successful in trimming its other expenses down to
PHP298.28 million for the period in review, from
PHP411.53 million a year earlier.

                   Key Performance Indicators

The bank’s Basel 1 Capital Adequacy Ratio stood at 27.06% computed to
December 2006’s level of 26.91%, which is way above the 10% and 8% minimum
requirements of the Bangko Sentral ng Pilipinas and of the Bank for
International Settlement.

On consolidated basis, qualifying capital increased by 3.4% from PHP4.67
billion to PHP4.83 billion.

As of end-March 2007, the bank posted a 6.71% non-performing loan ratio,
slightly lower compared to December 2006 level of 7.20%. Although NPLs
amounting to PHP286.00 million remained fairly the same compared to 2006,
the total loan levels went up to PHP4.26 billion in 2007 from PHP3.62
billion in 2006, due to the purchase of government securities under
reverse repurchase agreement with Bangko Sentral ng Pilipinas.

Similarly, the ratio of the bank’s non-performing assets to gross assets
went down from 2.12% in 2006 to 1.57% in 2007.

Headquartered in Makati City, Manila, Export and Industry Bank, Inc. --
http://exportbank.com.ph/-- has 50 branches and has revived former Urban
Bank unit under new names.  Its principal activity is the provision of
commercial banking services such as deposit taking, loans and trade
finance, domestic and foreign fund transfers, treasury, foreign exchange
and trust services.

The bank is saddled with the PHP10 billion non-performing assets
it inherited from Urban Bank when the two banks merged in 2002.

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. extends annual financial aid of PHP600
million to the bank.


PHIL NAT'L BANK: Pursues PHP25 Mil. Estafa Case v. Ex-Employees
---------------------------------------------------------------
The Philippine National Bank is pursuing charges of large scale estafa and
swindling against two of its former executives and their three accomplices
involving pre-terminated time deposits of the University of the
Philippines.

Filed before the Office of the Quezon City Prosecutor, the complaint
alleged that Rosemarie Ann Pamplona, Evangeline Domingo and their
accomplices Joyce Raymond Punzalan, Jamie Santos and Ely Zonda Clemente
fraudulently preterminated the UP's time deposits amouting to PHP25
million. The complaint further alleged that the defendants deposited the
amount in at least three accounts owned by Santos and Clemente, two of
which held PHP8 million each. The third account held the remaining PHP9.14
million. Pamplona and Domingo then tinkered with bank transaction journal
entries to cover up the act.

Pamplona was the UP Diliman branch's former junior sales and service
officer, and Domingo is a former senior sales and service associate with
the bank. Punzalan is a professor in the UP College of Statistics.

The UP sent a letter on February 28 requesting the PNB to terminate one of
its time deposit accounts in the bank. This, the bank claimed, led to the
fraud's discovery.

Punzalan denied involvement and knowledge in the fraudulent pretermination
in a counter-affidavit and claimed that she is also a victim of the
conspiracy. Punzalan said Pamplona and Domingo conspired with senior
officers of the bank to falsify bank documents, including her checking
account, without her knowledge or consent.

In a statement with the Philippine Stock Exchange, the bank's management
assured the public that its customers have not suffered losses due to the
fraudulent transaction. It also expressed confidence in its current
network of controls, through which it claimed to have discovered similar
irregularities and was able to avoid further losses.

                           About PNB

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

                          *     *     *

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

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

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

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


SERVICEMASTER CO: S&P Rates US$3.35 Billion Sr. Facilities at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
The ServiceMaster Co. to 'B' from 'BB+'.

At the same time, Standard & Poor's lowered its rating on ServiceMaster's
existing senior unsecured debt to 'CCC+' from 'BB+', reflecting its junior
position relative to the firm's new secured debt.  All ratings were
removed from CreditWatch, where they were originally placed with negative
implications on Nov. 28, 2006, following the company's board of directors'
decision to explore strategic alternatives to maximize shareholder value.
The rating outlook is negative.

At the same time, Standard & Poor's assigned its loan and recovery ratings
to ServiceMaster's proposed US$3.35 billion senior secured credit
facilities, consisting of a:

    * US$500 million revolver,
    * US$2.65 billion term loan, and
    * US$200 million synthetic letter of credit facility.

The facilities were rated 'B+' with a recovery rating of '2', indicating
the expectation for substantial (70%-90%) recovery in the event of a
payment default.  These ratings are based on preliminary documentation and
are subject to revision upon receipt and review of final documentation.

The ratings on ServiceMaster reflect its very highly leveraged financial
profile following its pending acquisition by an investment group led by
Clayton, Dubilier & Rice Inc. for about US$5.6 billion, which will result
in pro forma total debt to EBITDA exceeding 9x at closing and significant
cash flow requirements to fund interest.  Ratings support is provided by
ServiceMaster's good business positions in its fragmented and competitive
end markets, which have translated into good cash flow generation from a
fairly diverse portfolio of services, despite some exposure to weather
conditions in two of three of its key businesses.

"We expect operating performance to gradually improve over the next few
years through continued improvement in retention rates, productivity
savings from functional support areas resulting from completing the
company's restructuring project, and cost savings from consolidating its
Memphis headquarters," said Standard & Poor's credit analyst Jean Stout.
"Nevertheless, leverage is very high following the buyout."

The company operates in the Philippines, Puerto Rico and the United Kingdom.


ZIPPORAH REALTY: Sells 80 Million Shares in Ebedev to Beziers
-------------------------------------------------------------
Zipporah Realty Holdings Inc. sold on June 1, 2007, its rights and
interests in 80 million fully paid and non-assessable shares of stock in
its wholly owned subsidiary Ebedev Inc. to Beziers Holdings Inc.

The book value of the transaction is based on the 2006 audited financial
statements of Ebedev, which provided that if the book value is negative,
the purchase price will be PHP1.

Beziers is a corporation having principal offices at 14 F. Paz Street,
Sta. Elena, Marikina City, Metro Manila.  It was represented in the
transaction by its President, Romeo Roman A. Cristi.

Zipporah Realty Holdings, Inc. was originally incorporated as a mining
firm.  Presently, it is primarily engaged in real estate holding and
development with mining as its secondary purpose.  Its main source of
revenue comes from sales of real estate properties.

The company's subsidiary, EBEDEV, Inc., launched its first project, the
Westmont Village Project along Dr. A. Santos Avenue in Sucat, Paranaque,
which started commercial operations in January 1996.  The Westmont Village
was conceptualized primarily to answer the needs of young urban
professionals and the growing demands of the medium income market for a
condominium project accessible to the centers of commerce and industry,
affordable and with the amenities of a first-class condominium.

The company has PHP746.12 million deficit for the year 2006.


ZIPPORAH REALTY: Annual Stockholders' Meeting Moved to July 16
--------------------------------------------------------------
The annual stockholders meeting for Zipporah Realty Holdings Inc. has been
moved from June 29 to July 16, 2007.

Notices and definitive information statement will be sent out to
stockholders on June 25, 2007.  Stockholders have until July 6, to submit
their proxies for the meeting to the Corporate Secretary at the company's
principal headquarters.  These proxies will be validated on July 11.

Zipporah Realty Holdings, Inc. was originally incorporated as a mining
firm.  Presently, it is primarily engaged in real estate holding and
development with mining as its secondary purpose.  Its main source of
revenue comes from sales of real estate properties.

The company's subsidiary, EBEDEV, Inc., launched its first project, the
Westmont Village Project along Dr. A. Santos Avenue in Sucat, Paranaque,
which started commercial operations in January 1996.  The Westmont Village
was conceptualized primarily to answer the needs of young urban
professionals and the growing demands of the medium income market for a
condominium project accessible to the centers of commerce and industry,
affordable and with the amenities of a first-class condominium.

The company has PHP746.12 million deficit for the year 2006.


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

HEXION SPECIALTY: S&P Revises Recovery Ratings on 2nd-Lien Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services revised certain issue and recovery
ratings for Hexion Specialty Chemicals Inc.'s senior secured debt to
reflect the recently announced changes to Standard & Poor's recovery
scale, and some changes to Hexion's senior secured debt.  The financing
consists of about US$2.5 billion senior secured first-lien bank facilities
(including proposed add-ons to its term loan and synthetic letter of
credit of US$200 million and US$10 million, respectively, that are
expected to be funded in mid-June 2007) and US$825 million senior secured
second-lien notes.

S&P raised the issue ratings on the first-lien facilities to 'B+' from
'B', with unchanged recovery ratings of '2', indicating its expectation of
a substantial recovery (70%-90%) in the event of a payment default.  The
issue ratings on the second-lien notes were raised to 'B' from 'B-' and
the recovery rating was revised to '4' from '3', indicating expectations
for an average recovery (30%-50%) in the event of a default.

The change in the recovery rating for the second-lien notes is primarily
the result of the inclusion of pre-petition interest in our recovery
calculation and the increase in the size of the first-lien facilities.

The likelihood of default for these issues has not changed and is
reflected in Hexion's corporate credit rating of B/Stable/--.  However,
with the introduction of our new issue rating and notching framework, the
secured issue ratings on the first-lien bank credit facilities and the
second-lien notes have been raised by one notch.

"The ratings on Hexion reflect a highly leveraged financial profile, a
very aggressive financial policy, and a weak business risk profile as a
global manufacturer and marketer of thermoset resins," said Standard &
Poor's credit analyst Paul Kurias.

Ratings List

Hexion Specialty Chemicals Inc.

Corporate credit rating                          B/Stable/--
Senior secured first-lien bank credit facilities B+
  Recovery rating                                 2
Second-lien notes due 2014                       B
  Recovery rating                                 4

The company has its Asian headquarters in Singapore, with offices in
Australia, China, Korea, Malaysia, New Zealand, Taiwan, and Thailand.


INFOTECH VENTURES: Receiving Proofs of Debt Until July 9
--------------------------------------------------------
Infotech Ventures Ltd, which is in voluntary liquidation, is receiving the
creditors' proofs of debt until July 9, 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:

         Timothy James Reid
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


INTEGRAL PERIPHERALS: Proofs of Claim Bar Date is June 22
---------------------------------------------------------
Integral Peripherals Pte Ltd, which is in compulsory liquidation, is
accepting creditors' proofs of debt until
June 22, 2007.

The company's liquidator is:

          Tay Swee Sze
          c/o Tay Swee Sze & Associates
          137 Telok Ayer Street
          Singapore 068602


KODAK VERSAMARK: Requires Creditors to Prove Debts by July 8
------------------------------------------------------------
Kodak Versamark (Asia Pacific) Pte. Limited, which is in liquidation,
requires its creditors to file their proofs of debt by July 8, 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:

          Tam Chee Chong
          6 Shenton Way #32-00
          DBS Building Tower Two
          Singapore 068809


MTU ASIA: Creditors' Proofs of Debt Due by July 9
-------------------------------------------------
The creditors of MTU Asia (Singapore) Pte Ltd are required to file their
proofs of debt by July 9, 2007, to be included in the company's dividend
distribution.

The company's liquidator is:

          Kok Pooi Han
          c/o 1 Benoi Place
          Singapore 629923


SEA CONTAINERS: Court Approves Archlane Leases Settlement Pact
--------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District
of Delaware has approved the leases settlement agreement between Sea
Containers, Ltd. and its debtor-affiliates, and Archlane Limited.

As reported in the Troubled Company Reporter on May 10, 2007, the
settlement pertains to the Debtors' corporate headquarter premises, of
which Archlane Limited is the current landlord.

The aggregate annual rent under the Leases is approximately
GBP2,550,000, or about US$5,100,000 at current exchange rates.
SCSL also pays about GBP1,116,020, or US$2,178,040, in additional
aggregate annual charges under the Leases for utilities and other
services.  The Debtors estimate that the aggregate payment obligations
remaining under the Lease may aggregate more than US$36,000,000.

After careful analysis of their options with respect to the
Leases, the Debtors have decided that a settlement with Archlane
surrendering the Leases and entering into new shorter-term leases is the
best choice for maximizing value for their estates.

After intensive negotiations, the Debtors and Archlane reached a
settlement that principally provides for, among others:

   (1) Surrender of SCSL's current Leases subject to a
       GBP7,000,000 payment to Archlane; and

   (2) Entry into new leases for the current occupied Premises
       under the Leases commencing on May 18, 2007, and expiring
       on June 30, 2007.

                    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.


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

DAIMLERCHRYSLER: Recalls 1,443 Faulty Chinese-Made Chrysler Cars
----------------------------------------------------------------
DaimlerChrysler AG is recalling 1,443 Chinese-made Chrysler 300C sedans
produced between March 21 and May 29 to fix defective transmission cooling
systems, Reuters reports, quoting a statement posted by China's General
Administration of Quality Supervision, Inspection and Quarantine on its
Web site.

According to the statement, imported Chrysler 300C cars were not affected.
It did not say, however, whether any accidents or personal injuries had
been linked to the defect, Reuters notes.  DaimlerChrysler's Chinese joint
venture in Beijing began limited production of the 300C in 2005.

                      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.


DAIMLERCHRYSLER: Warrant Holder Wants to Exercise Right to Trust
----------------------------------------------------------------
DaimlerChrysler AG disclosed that the U.S. Bank Trust National
Association, Trustee, has received notice that the call warrant holder has
exercised its right to purchase the assets of the Trust on June 12, 2007.

The notice was in connection to the Standard Terms for Trust Agreements
dated as of Jan. 16, 2001, as supplemented by the Series Supplement,
DaimlerChrysler Debenture-Backed Series 2004-3 Trust, dated as of Feb. 11,
2004 in respect of the Corporate Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-3 with Lehman ABS
Corporation, as depositor.

If the Trustee receives the call price by 10:00 a.m. on the Redemption
Date, then the certificates issued by the Trust will be redeemed in full
on the Redemption Date at a price of US$25 principal plus US$0.36579306
accrued interest to the Redemption Date per Trust Certificate.

No interest will accrue on the Certificates after the Redemption Date.  If
the Trustee does not receive the Call Price, then (i) the Certificates
issued by the Trust will continue to accrue interest as if no exercise
notice had been given and (ii) the call warrant holder may elect to
deliver a conditional notice of exercise in the future.

For more information about this conditional redemption, please contact
David J. Kolibachuk of U.S. Bank Trust National Association at
212-361-2459.

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

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

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

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

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


DAIMLERCHRYSLER AG: Aims to Boost Sales & Make Mercedes No. 1
-------------------------------------------------------------
DaimlerChrysler AG CEO Dieter Zetsche told the Financial Times that the
carmaker would "focus more on the top line, on the creation o f our
business going forward and less on the repairs," and hopes to push
Mercedes into its previously held spot as the world’s most profitable
luxury carmaker following the sale of the company's ailing unit, Chrysler
Group, to Cerberus Capital Management LP.

The DaimlerChrysler break-up has rekindled the interest of investors in
the performance of both the new Daimler and Mr. Zetsche, who has denied
any responsibility for the U.S. division's troubles in 2006, mere months
after he left the division, FT observes.

"I am convinced that Chrysler today is in much better shape than it was
six to seven years ago, and you have quite a lot of parameters to prove
that -- quality, productivity and the portfolio," Mr. Zetsche claims.

The chief executive also said that Mercedes, which has trailed its main
rival BMW on both sales and profitability in recent years, should expect
faster revenues growth compared with the luxury car market, which itself
has above-average growth, FT notes.  There are no acquisition or large
product expansion plans for the brand but it will push harder into
emerging markets such as Russia, eastern Europe, China and India.  He
added that he would resist calls to split off the trucks business -- the
world’s largest -- from Mercedes but that management would seek to make it
the "benchmark" in the industry.

                      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.


FEDERAL-MOGUL: Modifies 4th Amended Plan to Address Objections
--------------------------------------------------------------
James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub LLP, in Wilmington, Delaware, notes, on behalf of
Federal-Mogul Corp. and its debtor-affiliates, tell the U.S.
Bankruptcy Court for the District of Delaware that 11 objections to
confirmation of the Fourth Amended Joint Plan of Reorganization were filed
by insurers, while 15 plan confirmation objections were filed by
non-insurers.

Several parties, including counsel and former advisers of
PepsiAmericas, Inc., and certain insurance companies, have
declared their support for the objections.  On the other hand,
other parties declared their support for the confirmation of the
Plan, including The Flexitallic Group, Inc., Research and
Planning Corporation, and counsel and affiliates of the Plan
Proponents.

The Debtors, the Official Committee of Unsecured Creditors, the
Official Committee of Asbestos Claimants, the Legal
Representative for Future Asbestos Claimants, the Official
Committee of Equity Security Holders, and JPMorgan Chase Bank,
N.A., have engaged objecting parties in an attempt to resolve the
objections consensually, Mr. O'Neill relates.  As a result,
several objections have been resolved and others have been
withdrawn.

The Plan Proponents have modified the Fourth Amended Plan to
reflect technical changes or clarifications in response to
informal and formal objections or requests for clarification made by
parties in interest, Mr. O'Neill says.

Among others, the Modified Fourth Amended Plan:

  -- incorporates the Court-approved settlement with certain
     holders of Asbestos Property Damage Claims and the
     settlement of certain claims, Plan objections, and
     insurance rights between, among others, the Debtors and
     MagneTek, Inc.;

  -- states that all fees payable pursuant to Section 1930(a)(6)
     of the Judiciary and Judicial Procedure Code will be paid
     on or before the Effective Date; and

  -- classifies PepsiAmerica's claims as unsecured claims.

The Plan Proponents aver that the Modified Plan:

   * fully satisfies all applicable requirements of the
     Bankruptcy Code and is confirmable;

   * reflects a negotiated consensus among a large number of
     sophisticated commercial parties with deeply divergent
     interests;

   * equitizes both the Debtors' asbestos liabilities and the
     Debtors' prepetition note debt; and

   * brings about a unified conclusion to the U.K. Debtors'
     cross-border insolvency proceedings.

The Modifications do not materially and adversely affect or
change the treatment of any claim against or equity interest in
any Debtor, Mr. O'Neill tells the court.

Accordingly, the Plan Proponents ask the Court to waive the
requirement of resolicitation of any holders of claims or equity
interests pursuant to Rule 3019 of the Federal Rules of
Bankruptcy Procedure.

A full-text copy of the Modified Fourth Amended Joint Plan of
Reorganization dated June 4, 2007, is available for free at:

  http://bankrupt.com/misc/FMC_4modChap11Plan.pdf

A full-text blacklined copy of the Modified Fourth Amended Plan
is available for free at:

  http://bankrupt.com/misc/FMC_4modChap11Plan_blackline.pdf

The Plan Proponents note that all parties that have a legitimate
pecuniary stake in the success of the Debtors' reorganization
have spoken powerfully in favor of confirmation of the Plan.

Mr. O'Neill argues that contrary to the contentions of the
insurance companies, the Plan is insurance neutral.  "The
insurers are transparently attempting to assert the rights of
holders of asbestos personal injury claims or other creditors,
and are not limiting themselves to issue that have any effect on
the insurers themselves," he contends.

The only objection to which the insurers have standing -- the
argument that the Plan violates the contractual rights of certain insurers
by assigning certain rights under insurance policies to the Trust without
their consent -- is entirely without merit, according to Mr. O'Neill.  He
points out that courts in the Third Circuit including the Bankruptcy Court
have held, on more than one occasion, that a debtor's rights under
insurance policies can be assigned to a 524(g) trust under a plan of
reorganization pursuant to Section 1123(a)(5) of the Bankruptcy Code.

"If the objecting insurers bear financial responsibility for the
Asbestos Personal Injury Claims, it will not be because of
anything imposed by the Plan, but simply because of their
contractual obligations under comprehensive general insurance
policies they sold to the Debtors and various other parties
before the bankruptcy," Mr. O'Neill says.

In response to the objection that the Trust Distribution
Procedures provide the trustees with too much discretion, the
Plan Proponents point out that the Bankruptcy Court has
repeatedly found that trust distribution procedures substantively
identical to those of the TDPs, which empower the trustees to modify the
payment percentage and many other provisions, satisfy the requirements of
Section 524(g)(2)(B)(ii)(V).  The flexibility afforded the trustees under
the trust documents is what ultimately provides the "reasonable assurance
that the trust will value, and be in a financial position to pay, present
claims and future demands that involve similar claims in substantially the
same manner" under Section 524(g)(2)(B)(ii)(V), Mr. O'Neill emphasizes.
The objectors' efforts to allege that the Trust Advisory Committee's
membership violates Section 1129(a)(5) of the Bankruptcy Code or is
otherwise improper is likewise hollow because Section 1129(a)(5) only
applies to an individual who is "a director, officer, or voting trustee."

If state law permits asbestos claimants to bring claims against
the Asbestos Personal Injury Trust later or to avoid apportionment of
damages in their other state law cases, then
that is perfectly appropriate, but there is no basis to say that
claimants must file claims before they are required to do so by
state law, Mr. O'Neill contends.  Similarly, if state law does
not permit asbestos claimants to bring claims against the Trust
later or avoid apportionment of damages, then the TDPs create no
new substantive rights to do so.  The TDPs, he maintains,
provides for the confidentiality of claimants' submissions and
does not take away any state law discovery rights.

In accordance with Section 524(g)(2)(B)(i)(II), the Plan
Proponents maintain that the Plan provides that the Trust will be funded
in part by the Reorganized Federal-Mogul Class B Common Stock, which
comprises 50.1% of the total common stock in
Reorganized Federal-Mogul who is presently the ultimate parent of all of
the other Debtors and who will be the ultimate parent of the Reorganized
Debtors after the Petition Date.

Creation of the five Subfunds is necessary to account for the
five distinct groups of Asbestos Personal Injury Claims to be
channeled to the Trust under the Plan, according to Mr. O'Neill.
There is absolutely no basis in the statute or in logic for
certain objectors' assertion that each Subfund must independently satisfy
the Section 524(g) funding requirements, he argues.

PepsiAmericas, Mr. O'Neill asserts, lacks standing to raise its
objection because the settlement of the Pneumo Protected Parties' claims
against the Debtors has no effect on of PepsiAmericas' claims.

The Plan's release, exculpation and limitation of liability
provisions are in accord with the prevailing standards
articulated by the Third Circuit for such provisions, and are
comparable to provisions that have been approved time and again
by courts in this Circuit as reasonable, Mr. O'Neill maintains.

The value of stock warrants is based on the performance of the
company and not necessarily on who owns the company, Mr. O'Neill
relates in answer to Robert Cleghorn's objection.

Cooper Industries, LLC, and Pneumo Abex LLC argue that the
injunctive relief provided by Plan A complies with Section
524(g)(4)(A)(ii).  The claims against the Pneumo Protected
Parties that the Plan proposes to enjoin all involve allegations
of the same asbestos liability, they contend.  "They all involve
the same alleged products, the same alleged misconduct, and the
same alleged victims and injuries."  Accordingly, the Pneumo
Parties assert that they qualify for a Section 524(g) channeling
injunction.

The Plan Proponents therefore ask the Court to confirm the
Debtors' Fourth Amended Plan, as modified.

Cooper also asks the Court to preclude PepsiAmericas from
presenting testimony on certain topics at the June 18, 2006 plan
confirmation hearing.

                      About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts company with
worldwide revenue of some US$6 billion.  Federal-Mogul also has operations
in Mexico and the Asia Pacific Region, which includes, Malaysia,
Australia, China, India, Japan, Korea, and Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James F. Conlan
Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura
Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on June 6, 2004,
the Bankruptcy Court approved the Third Amended Disclosure Statement for
their Third Amended Plan.  On July 28, 2004, the District Court approved
the Disclosure Statement.  The estimation hearing began on June 14, 2005.
They then submitted a Fourth Amended Plan and Disclosure Statement on Nov.
21, 2006, and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing is set for June 18, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 139; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


TRUE CORP: Moody's Cuts Corporate Family Rating to B1 from Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded the Corporate family rating of True
Corporation Public Company Limited to B1 from Ba3. The outlook on the
rating is stable.

The rating has been downgraded based on concerns over True Corp's ability
to comply with lenders' financial covenants after Sept. 30, 2007.

"The operating environment in Thailand continues to be challenging such
that the company's financial profile has been constrained, thus causing
the company to negotiate covenant waivers with certain of its lenders in
respect of its Thai bank syndicated loan. At present, the company has been
granted waivers till September 2007," says Laura Acres, a Moody's Vice
President.

"True Corp's financial metrics continue to be affected by ongoing
challenges in executing its business plan in the competitive cellular
market.  Although there has been some improvement so far this year the
company's business remains under material pressure and there remains
considerable doubt it will be in a position to satisfy the covenants by
September," adds Acres, also Moody's Lead Analyst for the company.

Given this uncertainty, Moody's believes a single B rating is more
appropriate for the company, reflecting the lack of stability in its
capital profile, particularly at a time when there is considerable
regulatory uncertainty in Thailand.

The outlook is stable since Moody's believes there is a likelihood that --
if a waiver is required -- the banks will grant a further extension in
September.

It is unlikely that the rating will be upgraded in the near-to-medium term
without the company developing clear headroom under its bank covenants.
Moody's would also look for outstanding regulatory issues, particularly
with regard to the legality of the concession agreements, to be resolved.

The most immediate likely drivers of negative rating action are:

(1) True Move fails to obtain the necessary approval for the
    extension of the financial covenant breach under its bank
    facilities or fails to complete its proposed THB7.9 billion
    refinancing exercise; and/or

(2) True Corp fails to negotiate covenant waivers or
    amendment on Sept. 30, 2007 for its own bank facilities.

Headquartered in Bangkok, Thailand, True Corporation Public Company
Limited, formerly known as TelecomAsia, is an integrated
provider of fixed line, broadband, internet, mobile services and cable TV
(via the UBC acquisition) in Thailand.

True Corp is listed on the Thailand Stock Exchange and the Charoen
Pokphand Group is the major shareholder with approximately 36%
shareholding.  Its wireless business is predominantly conducted through
its 93.3% owned True Move Company Limited, which is the third largest
mobile telecommunications operator in Thailand; and its pay TV business
is conducted through its 91.8% owned True Visions Public Company
Limited, which is currently the only nationwide provider of
pay television services in the country.


TRUE MOVE: Moody's Holds Corporate Family Rating at B1
------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating of True
Move Company Limited.  At the same time, Moody's has upgraded the rating
on the senior unsecured bond rating to B1.  Moody's has also changed the
outlook on these ratings to stable from negative.

The change in outlook reflects True Move's new committed bank facility
with DBS bank which will refinance the bulk of its existing Thai bank
facilities; certain of the financial covenants for these facilities have
been temporarily waived.  Moody's remains cognizant of the waivers still
in place from all lenders and the fact that such waivers expire on Sept.
30, 2007, however it is understood that the company is making efforts to
bring these covenants in line with the refinanced terms.

Moody's notes that refinanced loan is fully underwritten and that once
drawn down, secured debt/total debt will be less than 15% and therefore,
in accordance with Moody's notching guidelines, the senor unsecured bond
rating will rank on par with the corporate family rating hence the upgrade
in the bond rating.

Moody's considers the credit profile of True Move to be highly
correlated with that of its parent True Corp, given its operational
position within the group -- True Move contributes approximately 43% of
consolidated revenues.

At the same time, True Corp benefits from the diversity and increasing
revenue contribution provided by True Move. True Move's total debt
represents approximately 35% of True Corp's group debt.  Given the degree
of inter-relation between various group entities and the movement of funds
between them, Moody's views the 3 core group companies (True Corp, True
Move and True Visions) as having the same risk profile.

Given the current credit profile of True Corp and True Move, ongoing
regulatory uncertainties and the existence of various covenant waivers
within the group it is unlikely that the rating will be upgraded in the
next 12 to 18 months or until the company is able to demonstrate a
sustainable ability to operate within its bank covenants, uncertainties
surrounding its concession are resolved or stabilized and there are
improvements in its credit metrics.

The most immediate likely drivers of negative rating action are:

    * True Move fails to obtain the necessary approval for the
      extension of the financial covenant breach under its bank
      facilities or fails to complete its proposed Bt7.9 billion
      refinancing exercise; And

    * True Corp fails to negotiate covenant waivers or
      amendment on Sept. 30, 2007 for its own bank facilities.

Further, True Move ratings could undergo downward pressure if:

    * Further regulatory actions impact the operating profile
      of the company; Or

    * It experiences greater competition and further
      liberalization -- so that its financial profile is not
      improving as evidenced for example by adjusted debt/EBITDA
      ratio increasing much beyond 5x.

Headquartered in Bangkok, True Move (formerly TA Orange) is Thailand's
third largest mobile operator.  It holds a concession until 2013 to
operate a 1800-MHz cellular business from CAT Telecom Public Co. Ltd.
(state-owned).

Its (93%) major shareholder, True Corp, is an integrated provider of
fixed-line, broadband, internet, mobile services and pay TV (the latter
via its recent acquisition of True Visions (formerly known as UBC).

True Move had a market share of 19.3% as of Dec. 31, 2006 and generated
revenues of THB23.7 billion (US$722 million).  True Corp is listed on the
Thailand Stock Exchange and the Charoen Pokphand Group is the major
shareholder with an approximate 30.4% shareholding.



* BOND PRICING: For the Week 11 June to 15 June 2007
----------------------------------------------------

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

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.80
Alinta Networks                5.750%  09/22/10     AUD     6.62
APN News & Media Ltd           7.250%  10/31/08     AUD     5.02
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.60
Arrow Energy NL               10.000%  03/31/08     AUD     2.73
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.00
Becton Property Group          9.500%  06/30/10     AUD     0.81
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     9.50
Cardno Limited                 9.000%  06/30/08     AUD     5.60
CBH Resources                  9.500%  12/16/09     AUD     0.39
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.29
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.57
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.52
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.10
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.75
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.00
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.50
Geon Group                    11.750%  10/15/09     NZD     8.95
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.50
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD     9.75
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.65
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.80
Infratil Ltd                   8.500%  11/15/15     NZD     8.20
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.17
Metal Storm                   10.000%  09/01/09     AUD     0.14
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.97
Nuplex Industries Ltd          9.300%  09/15/07     NZD     8.75
Primelife Corporation         10.000%  01/31/08     AUD     1.04
Salomon SB Aust                4.250%  02/01/09     USD     7.58
Sapphire Sec                   7.410%  09/20/35     NZD     7.43
Sapphire Sec                   9.160%  09/20/35     NZD     9.12
Silver Chef Ltd               10.000%  08/31/08     AUD     1.08
Software of Excellence         7.000%  08/09/07     NZD     2.50
Speirs Group Ltd.             10.000%  06/30/49     NZD    65.00
Structural Systems            11.000%  06/30/07     AUD     1.70
TrustPower Ltd                 8.300%  09/15/07     NZD     8.25
TrustPower Ltd                 8.300%  12/15/08     NZD     8.30
TrustPower Ltd                 8.500%  09/15/12     NZD     8.70
TrustPower Ltd                 8.500%  03/15/14     NZD     8.40


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


JAPAN
-----
Japan Funi Muni Ent            1.700%  10/30/08     JPY     2.31
JNR Settlement                 2.200%  02/15/08     JPY     1.68
Nara Prefecture                1.520%  10/31/14     JPY     9.83


KOREA
-----
Korea Development Bank         7.350%  01/27/21     KRW    48.85
Korea Development Bank         7.450%  10/31/21     KRW    48.83
Korea Development Bank         7.400%  11/02/21     KRW    48.81
Korea Development Bank         7.310%  11/08/21     KRW    48.77
Korea Development Bank         8.450%  12/15/26     KRW    70.49
Korea Electric Power           7.950%  04/01/96     USD    56.83


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.83
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.30
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.08
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.51
Camerlin Group                 5.500%  07/15/07     MYR     2.20
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.51
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.69
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.86
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.73
Equine Capital                 3.000%  08/26/08     MYR     2.31
EG Industries Bhd              5.000%  06/16/10     MYR     0.60
Greatpac Holdings              2.000%  12/11/08     MYR     0.20
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.43
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.81
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.52
I-Berhad                       5.000%  04/30/07     MYR     0.75
Insas Bhd                      8.000%  04/19/09     MYR     0.78
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.44
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.53
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.96
Kumpulan Jetson                5.000%  11/27/12     MYR     0.68
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.77
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.77
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.77
Media Prima Bhd                2.000%  07/18/08     MYR     1.80
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.66
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.29
Pelikan International          3.000%  04/08/10     MYR     1.80
Pelikan International          3.000%  04/08/10     MYR     1.97
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     1.09
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.89
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.90
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.23
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.30
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.25
Senai-Desaru Exp               3.500%  12/09/19     MYR    72.87
Senai-Desaru Exp               3.500%  06/09/20     MYR    71.49
Senai-Desaru Exp               3.500%  12/09/20     MYR    70.14
Senai-Desaru Exp               3.500%  06/09/21     MYR    68.77
Southern Steel                 5.500%  07/31/08     MYR     1.60
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.28
Tradewinds Corp.               2.000%  02/08/12     MYR     1.01
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.10
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.44
WCT Land Bhd                   3.000%  08/02/09     MYR     2.48
Wah Seong Corp                 3.000%  05/21/12     MYR     5.65
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.06


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.18


                            *********

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

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

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


                            *********


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

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

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

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

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

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