TCRAP_Public/070613.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, June 13, 2007, Vol. 10, No. 116

                            Headlines


A U S T R A L I A

AMAZING PAINT: Will Declare Interim Dividend on June 20
AUSTRALIAN AGRICULTURAL: Proofs of Debt Must be In by July 3
BOMBARDIER REC: Moody's Rates CAD$250 Mil. Sr. Sec. Loan at Ba2
CAMPBELL SALARIED: Creditors' Proofs of Debt Due by July 3
COEUR D'ALENE: Gets Due Diligence Period Extension from Bolinisi

COGHLAN-RUSSELL: In Liquidation Owing AU$1.5 Million to Workers
HEALTHY VENDING: Courts Issue Wind-Up Order
HIGHWAY VILLAGE: Members' Final Meeting Set for July 6
JERRABOMBERRA GENERAL: Will Declare Second Dividend on July 6
MACFARMS RURAL: Receiving Proofs of Debt Until July 3

PRIMUS TELECOM: Exchanged 6MM Shares for Its US$5MM Debentures
ROBERTSON & CO: Creditors' Proofs of Debt Due by June 19
SAM'S AUTO: Members Opt to Shut Down Business
STURZAKER PTY: To Declare Dividend on July 3


C H I N A   &   H O N G  K O N G

AMC ENTERTAINMENT: Fitch to Rate New US$400 Million Loan at CCC
AMC ENTERTAINMENT: Moody's Rates Proposed Sr. Unsec. Debt at B3
AMC ENTERTAINMENT: S&P Junks Rating on Proposed US$400MM PIK Loan
ASIAN SCOPE: Court to Hear Wind-Up Petition on August 1
BALLY TOTAL: Liberation Investments Balks at Pre-Packaged Plan

BALLY TOTAL: Wattles Capital Unloads Shares of Common Stock
CHINA NEWLIFE: Wind-Up Petition Hearing Set for July 11
CHINA MERCHANTS: Gets Govt. Nod to Take 33.4% in Joint Venture
CHINESE BANK: Interest Payment Default Cues TRC's SD Rating
CITGO PETROLEUM: Renews Contract with Rural/Metro Corp.

FONG ON: Creditors' Proofs of Debt Due by June 22
HARTCOURT COS: Unit Completes 50% Stake Purchase in Chinese Firm
HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2
MARQUEE HOLDINGS: Fitch to Rate US$275MM Term Loan at CCC
MARQUEE HOLDINGS: Moody's Revises Outlook to Negative from Stable

MARQUEE HOLDINGS: S&P Holds Ratings on Special Dividend Payment
MARTIN MATERIALS: Subject to Li Kam's Wind-Up Petition
N.G.A. OPTICAL: Requires Creditors to File Claims by June 29
PETROLEOS DE VENEZUELA: Unit Controls 22 NatGas Fields
PETROLEOS DE VENEZUELA: Forming Petrozumano with China National

SHIMAO PROPERTY: S&P's Ratings Remain on Planned Asset Injection
SHIN KONG BANK: Fitch Keeps Individual Strength Rating at 'D'
SHIN KONG SECURITIES: Fitch Affirm Ratings; Outlook Positive
SUREASE INVESTMENTS: Faces Bank of China's Wind-Up Petition
SURGILIGHT INC: March 31 Balance Sheet Upside-Down by US$625,891

TAITUNG BANK: TRC Withdraws Ratings After Govt's Assets Auction
ZTE CORP: To Buy US$500 Million Worth of Chips from Qualcomm
* Shanghai Bourse Bans Use of Loans to Trade Equities


I N D I A

AES CORP: Dominican Unit Receives 135,000 Cubic Meters of NatGas
AFFILIATED COMPUTER: Suspends Exclusivity Agreement with Cerberus
BALLARPUR INDUSTRIES: To Increase Plantation Rights in Sabah
BANK OF BARODA: Schedules Shareholders' AGM on July 4
BANK OF BARODA: S. C. Gupta Named as New Executive Director

BANK OF INDIA: Gov't. Names T. S. Narayansami as New CMD
BRITISH AIRWAYS: Increasing Longhaul Fuel Surcharge on June 13
ESSAR GLOBAL: Gets Investment Canada Act Approval on Acquisition
HOUSING & URBAN: Fitch Affirms BB+ Foreign Issuer Default Rating
UTI BANK: Government Not Keen on LIC's Getting Controlling Stake


I N D O N E S I A

ANEKA TAMBANG: Reserves & Resources Estimates Increases 61%
BANK UOB BUANA: President Director Resigns
FOSTER WHEELER: To Post New Fact Book on Web Site
MCDERMOTT INTL: Unit's Affiliate Buys Secunda International
TELKOM INDONESIA: Number of Subscribers Rises to 42 Million

TELKOM INDONESIA: Expects First-Half Sales to Grow 22%
TELKOMSEL: Gets Three-year IDR3-Trillion Loan From Bank Mandiri


J A P A N

BANK OF KYOTO: To Expand Retail Business; Eyes China Bank
EDDIE BAUER: ISS Urges Shareholders to Approve Directors' Election
JVC CORP: Denies Reports on Capital Increase
LIVEDOOR: Unit to Go Solo After Accounting Scandal
NOMURA HOLDINGS: To Invest in Israeli Firms

NORTHWEST AIRLINES: S&P Removes Watch on Certificates' Ratings
PATHEON INC: Posts US$22 Million Net Loss in Second Quarter 2007
PLASTICON INT'L: Suspends Share Exchange due to Debt Restructuring
SANYO ELECTRIC: Targets Battery Operating Margin to Up 15%


K O R E A
HANAROTELECOM: Posts KRW451.1 Billion for First Quarter 2007
HANAROTELECOM: Delists American Depositary Receipts
HANAROTELECOM: To Complete Sale of Stake Held by American Int'l
KAFCO C&I: Signs KRW280.5-Mil Contrac With AZWELL
PHOTRONICS INC: Moody's Cuts Rating to B3 on US$150-Mil Notes

PHOTRONICS INC: Earns US$14.1 Million for the Qtr. Ended April 29
RHODIA S.A.: Reverse Share Split Takes Effect Today


M A L A Y S I A

HONG LEONG: Looks to Double Online Customer Base by Year End
PANDATEL AG: Substantial Losses Cue Proposed Liquidation
TITAN CHEMICALS: Reorganizes Unit's Shareholding Structure


N E W  Z E A L A N D

ANTARTICA SCAFFOLDING: Names Crichton and Horne as Liquidators
H C SENIOR: Taps Shephard and Dunphy as Liquidators
HFT ELECTRICAL: Receiving Proofs of Debt Until July 6
INTELLIGENT BUILDING: Fixes June 29 as Last day to Prove Claims
M.V.S. SECURITY: Appoints Official Assignee as Liquidator

MILLENIUM DEVELOPMENTS: Placed Under Voluntary Liquidation
MOWBRAY COLLECTABLES: Books Net Deficit of NZ$186,791 in FY2007
NUPLEX INDUSTRIES: To Close Brazil Manufacturing Operations
ODORITE OF NEW ZEALAND: Proofs of Debt Due by June 26
WIGMORE EXPRESS: Shareholders Resolve to Close Business

WORLDSPORT LTD: Appoints Jollands and Grieve as Liquidators


P H I L I P P I N E S

ATLAS CONSOLIDATED: Unit Secures US$5 Mil. Loan for Toledo Mines
CHIQUITA BRANDS: Raises CEO's Salary to US$900,000 Yearly
GEOGRACE RESOURCES: Guarantees Saprolite Purchase of MHI Shares
MANILA MINING: Reports PHP4.25-Mil. Net Loss for March 31, 2007
METROPOLITAN BANK: Posts PHP2-Bil. Net Income for 1st Qtr. 2007

VITARICH CORP: Incurs PHP163.79-Mil. Net Loss For Year 2006


S I N G A P O R E

ADVANCED MICRO: Shares Rise as Lehman Ups Target Price
CKE RESTAURANTS: Reports Same-Store Sales for Carl's & Hardee's
ISOFT GROUP: CSC Slams Recommended All-Share Offer Under Scheme
PDC CORP: Posts Shareholders Change of Interests
PEER CHEMICAL: Court to Hear Wind-Up Petition on July 6
SEA CONTAINERS: Court Sets July 16 as Deadline for Filing Claims

YEO BROTHERS: Accepting Proofs of Debt Until June 29
YEW SENG: Creditors Must Prove Debts by June 22


T H A I L A N D

ARVINMERITOR: Files Shelf Registration for Notes Resale
NATURAL PARK: Reports THB296-Mil. Net Loss for 1st Quarter 2007
OSI RESTAURANT: Moody's Cuts Rating to B1 on Three Bank Loans
OSI RESTAURANT: Higher Leverage Cues S&P to Downgrade Ratings
POWER-P: Has Until July 9 To Submit Amended Financial Statements
TMB BANK: S&P Affirms BBB-/A-3 Rating; Raises Outlook to Stable

TOTAL ACCESS COMMS: License Still Valid in Thailand, Parent Says
TOTAL ACCESS COMMS: S&P Affirms BB+ Corporate Credit Rating

                             *********

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

AMAZING PAINT: Will Declare Interim Dividend on June 20
-------------------------------------------------------
Amazing Paint Discounts Pty Ltd  will declare an interim dividend on June
20, 2007.

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

The company's deed administrators are:

          B. R. Silvia
          A. J. Love
          Ferrier Hodgson
          Level 13, 225 George Street
          Sydney, New South Wales 2000
          Australia


AUSTRALIAN AGRICULTURAL: Proofs of Debt Must be In by July 3
------------------------------------------------------------
Australian Agricultural Holdings Pty Limited, which is in liquidation,
will declare the final dividend on July 4, 2007.

Creditors who can prove their debts by July 3, 2007, will be included in
the company's dividend distribution.

The company's liquidators are:

          C. R. Campbell
          P. G. Yates
          Grosvenor Place, 225 George Street
          Sydney, New South Wales 2000
          Australia

About Australian Agricultural

Located in New South Wales, Australia, Australian Agricultural Holdings
Pty Limited is an investor-relation company.


BOMBARDIER REC: Moody's Rates CAD$250 Mil. Sr. Sec. Loan at Ba2
---------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Bombardier Recreational
Products' CAD$250 million senior secured revolver and a B1 rating to BRP's
CAD$1.2 billion senior secured term loan.

Proceeds from the transaction will be used to refinance the company's
existing debt (CAD$800 million term loan) and pay a dividend to its
shareholders (the total dividend, which is expected to be paid later in
the year, is expected to approximate CAD$535, - CAD$435 million from the
term loan and CAD$100 million from free cash flow).

The ratings on the existing first lien and second lien bank debt will be
withdrawn following the close of the transaction.  At the same time,
Moody's affirmed BRP's B1 corporate family rating and B1 probability of
default rating with a negative outlook.

"Moody's believes that the significant improvements in the company's cost
structure over the last few years demonstrated by the 335 bps gross margin
percentage improvement in fiscal 2007 from 2006, diversification in the
company's product offerings and the introduction of new products enabled
it to maintain a B1 rating, albeit weakly positioned, despite the
aggressive financial policies of increasing debt to fund shareholder
returns." said Kevin Cassidy, Vice President/Senior Analyst at Moody's
Investors Service.

"The negative outlook reflects Moody's concern that the company's
aggressive financial policies have reduced its financial flexibility to
withstand a downturn in the recreational sports industry amid continuing
uncertainty in consumer spending" said Cassidy.  "Failure to reduce and
sustain adjusted leverage, measured as adjusted debt/EBITDA, below 5x by
the end of the year would likely result in a downgrade" Cassidy further
noted.  The proposed transaction will increase adjusted leverage to above
5x from 3.8x; adjusted leverage was 4.8x following the May 2006 leverage
recapitalization. The negative outlook also reflects Moody's concern over
the lack of maintenance financial covenants.

The ratings for the term loan and revolver reflect both the overall
probability of default of the company, to which Moody's has affirmed the
PDR of B1, and a loss given default assessment of LGD2 (26%) for the
revolver and LGD4 (53%) for the term loan. Both the revolving credit
facility and the term loan benefit from the full guarantees of the
existing and future subsidiaries.  The revolver has a 1st lien priority
interest on inventory and accounts receivable and a 2nd priority lien on
the remaining assets, and the term has the inverse security interest.
Moody's believes that the term loan's collateral coverage approximates
50%, based on a combination of valuation techniques.

Ratings assigned:

   -- CAD$250 million senior secured revolver, due 2012, at Ba2;

   -- US equivalent of CAD$1,230 million senior secured term loan,
      due 2014, at B1;

Rating affirmed:

   -- Corporate family rating at B1;
   -- Probability of default rating at B1.

Headquartered in Quebec, Canada, Bombardier Recreational
Products Inc. -- http://www.brp.com/-- a privately held
company, is a world leader in the design, development,
manufacturing, distribution and marketing of motorised
recreational vehicles.  The company's portfolio of brands and
products includes: Ski-Doo(R) and Lynx(TM) snowmobiles, Sea-
Doo(R) watercraft and sport boats, Johnson(R) and Evinrude(R)
outboard engines, direct injection technologies such as Evinrude
E-TEC(R), Can-Am(TM) all-terrain vehicles, Rotax(R) engines and
karts.

The company has operations in Japan, Australia, Brazil, France,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.  Net sales for the 12-month period ended January
2007 were approximately CAD$2.7 billion.


CAMPBELL SALARIED: Creditors' Proofs of Debt Due by July 3
----------------------------------------------------------
Campbell Salaried Employees Superannuation Pty Limited, which is  in
liquidation, will declare dividend on July 4, 2007.

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

The company's liquidators are:

          C. R. Campbell
          P. G. Yates
          Grosvenor Place, 225 George Street
          Sydney, New South Wales 2000
          Australia

About Campbell Salaried

Located in New South Wales, Australia, Campbell Salaried Employees'
Superannuation Pty Ltd is an investor relation company.


COEUR D'ALENE: Gets Due Diligence Period Extension from Bolinisi
----------------------------------------------------------------
Coeur d'Alene Mines Corporation disclosed that Bolnisi Gold NL has agreed
to extend Coeur's due diligence period by 14 days under the Merger
Implementation Agreement relating to Coeur's proposed acquisition of
Bolnisi, which is part of a larger transaction that also would result in
Coeur's acquisition of Palmarejo Silver and Gold Corporation.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


COGHLAN-RUSSELL: In Liquidation Owing AU$1.5 Million to Workers
---------------------------------------------------------------
Coghlan-Russell Engineering Pty Ltd is in liquidation after undergoing
administration in April, owing its staff almost
AU$1.5 million in entitlements, Julie McNamara of Geelong Advertising
reports.

In April 23, 2007, ABC News reported that Coghlan-Russell accepted a Ford
Motor company rescue package, which covered operating costs for the next
60 days and would have given administrators time to try to save the
business.

Coghlan-Russell supplies car parts, and Ford is among the companies they
supply parts to.

Ms. McNamara interviewed the shop's steward, Roger Dyson, who related that
the mood was sombre among the team of 49 employees who will lose their
jobs when the company closes on Thursday.

Mr. Dyson, according to Ms. McNamara, conveyed that “Morale is very low,”
and that the employees were “gobsmacked” upon finding out of the news that
they will be jobless.  Mr. Dyson added that people are uncertain as to
where and what they will do after this event and expressed his anger that
workers had not been paid their superannuation.

Reportedly, one of the liquidators, Rod Slattery, a partner at PPB
accounting and business reconstruction firm, said the firm was still
trying to find a buyer but had to cease operation.

Ms. McNamara quotes Mr. Slattery as saying, “If a buyer is not found
quickly then an orderly sale of assets will take place.”

Mr. Slattery further expressed that whether workers would receive the
entitlements owed to them was dependent on the outcome of either a
business sale or sale of its assets.

Coghlan-Russell Engineering Pty Ltd is based in Tucker St Breakwater VIC,
Australia.  The company makes parts for car companies including Ford.


HEALTHY VENDING: Courts Issue Wind-Up Order
-------------------------------------------
The Supreme Court of New South Wales, Equity Division and the Federal
Court of Australia, New South Wales District Registry, released orders to
wind up the company's operations and appointed Steven Nicols as
liquidator.

The Liquidator can be reached at:

          Steven Nicols
          Level 2, 350 Kent Street
          Sydney, New South Wales 2000
          Australia

About Healthy Vending

Healthy Vending Pty Ltd provides service establishment equipments.  The
company is located in New South Wales, Australia.


HIGHWAY VILLAGE: Members' Final Meeting Set for July 6
------------------------------------------------------
The members of Highway Village Motel will have their final meeting on July
6, 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:

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

About Highway Village

Highway Village Motel, which is also trading as Mount Gambier Pty Limited,
is an operator of nonresidential building.  The company is located in
Western Australia, Australia.


JERRABOMBERRA GENERAL: Will Declare Second Dividend on July 6
-------------------------------------------------------------
Jerrabomberra General Store Pty Limited will declare the second dividend
on July 6, 2007.

Creditors are required to file their proofs of debt by July 4, 2007, to be
included in the company's dividend distribution.

Jerrabomberra General' deed administrator is:

          M. E. Slaven
          Engineering House, Unit 12, Level 3
          11 National Circuit, Barton ACT 2600
          Australia

About Jerrabomberra General

Jerrabomberra General Store Pty Ltd operates miscellaneous general
merchandise stores.  The company is located in New South Wales, Australia.


MACFARMS RURAL: Receiving Proofs of Debt Until July 3
-----------------------------------------------------
Macfarms Rural Management Pty will declare a final dividend on July 4, 2007.

Creditors who can file their proofs of debt by July 3, 2007, will be
included from sharing in the company's dividend distribution.

The company's liquidators are:

          C. R. Campbell
          P. G. Yates
          Grosvenor Place, 225 George Street
          Sydney, New South Wales 2000
          Australia

The company's liquidators are:

          C. R. Campbell
          P. G. Yates
          Grosvenor Place, 225 George Street
          Sydney, New South Wales 2000
          Australia

About Macfarms Rural

Macfarms Rural Management Pty Limited provides management consulting
services.  The company is located in New South Wales, Australia.


PRIMUS TELECOM: Exchanged 6MM Shares for Its US$5MM Debentures
-----------------------------------------------------------------
Primus Telecommunications Group, Inc., on June 6, 2007, exchanged
6,000,000 shares of its common stock for US$5.0 million principal amount
of its Step Up Convertible Subordinated Debentures due August 2009.

The common stock was issued pursuant to an exemption under Section 3(a)(9)
of the Securities Act of 1933, as amended.

This exchange, and the resulting extinguishment of US$5.0 million in
Debentures, reduces the outstanding principal of the Debentures to US$22.5
million.  The company will save approximately US$800,000 in interest to
maturity as a result of this extinguishment.

Based in McLean, Virginia, PRIMUS Telecommunications Group Inc.
(NASDAQ: PRTL) -- http://www.primustel.com/-- offers international and
domestic voice, voice-over-Internet protocol,
Internet, wireless, data and hosting services to business and
residential retail customers and other carriers located primarily
in the U.S., Canada, Australia, the U.K. and western Europe.

PRIMUS provides services over its global network of owned and
leased transmission facilities, including about 350 points-of-presence
throughout the world, ownership interests in undersea
fiber optic cable systems, 16 carrier-grade international gateway
and domestic switches, and a variety of operating relationships
that allow it to deliver traffic worldwide.

At March 31, 2007, the company's balance sheet showed total assets of
US$432.6 million and total liabilities of US$904.8 million, resulting in a
total stockholders' deficit of US$472.3 million.


ROBERTSON & CO: Creditors' Proofs of Debt Due by June 19
--------------------------------------------------------
Robertson & Co Pty Ltd requires its creditors to file their proofs of debt
by June 19, 2007.

The company will declare interim dividend on June 20, 2007.

The company's deed administrators are:

          B. R. Silvia
          A. J. Love
          Ferrier Hodgson
          Level 13, 225 George Street
          Sydney, New South Wales 2000
          Australia

About Robertson & Co

Robertson & Co Pty Ltd provides services for insurance agents and brokers.
The company is located in Queensland, Australia.


SAM'S AUTO: Members Opt to Shut Down Business
---------------------------------------------
During a meeting held on May 28, 2007, the members of Sam's Auto
Electrical Pty Ltd decided to shut down the company's business and
appointed Anthony Peter Lo Surdo as liquidator.

The Liquidator can be reached at:

          Anthony Peter Lo Surdo
          c/o Lo Surdo Braithwaite & Co Pty Ltd
          Certified Practising Accountants
          87-89 Lyons Road
          Drummoyne, New South Wales 2047
          Australia
          Telephone:(02) 9819 7799
          Facsimile:(02) 9819 7653

About Sam's Auto

Sam's Auto Electrical Pty Ltd operates general automotive repair shops.
The company is located in New South Wales, Australia.


STURZAKER PTY: To Declare Dividend on July 3
--------------------------------------------
Sturzaker Pty Limited, which is in liquidation, will declare a dividend on
July 3, 2007.

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

The company's liquidator is:

          E. M. Senatore
          SBR Insolvency & Reconstruction
          Level 7, 28 University Avenue
          Canberra ACT 2601
          Australia

About Sturzaker Pty

Located in New South Wales, Australia, Sturzaker Pty Limited is a special
trade contractor.


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

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 US$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 US$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
US$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.


AMC ENTERTAINMENT: S&P Junks Rating on Proposed US$400MM PIK Loan
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' corporate credit rating
and stable outlook to AMC Entertainment Holdings Inc., the new
super-holding company of Marquee Holdings Inc. and ultimate parent of
operating company AMC Entertainment Inc.

S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings Inc.'s
proposed US$400 million senior unsecured pay-in-kind term loan facility
due 2012 and a 'CCC+' rating to its 364-day
$275 senior unsecured PIK term loan due 2008.

At the same time, S&P affirmed its issue ratings on AMC Entertainment Inc.
and its parent company, Marquee Holdings Inc.

S&P also withdrew the corporate credit ratings on the two companies.

The issue rating affirmation follows Marquee's announcement that it
intends to pay a partially debt-funded US$675 million special dividend.

Kansas City, Missouri-headquartered movie theater chain AMC will have
either US$2.3 billion or US$2.6 billion in debt following the proposed
transaction, and approximately US$2.8 billion in present value of
operating lease obligations.

"The rating on AMC reflects the company's high tolerance for financial
risk, its high leverage, and its lower EBITDA margins relative to peers,"
said Standard & Poor's credit analyst Tulip Lim.  "It also considers the
company's participation in the mature and highly competitive U.S. movie
exhibition industry, exposure to the fluctuating popularity of Hollywood
films, and risk of increased competition as entertainment alternatives
proliferate and movie release windows shorten."

These risks are partially offset by the company's size, modern theater
circuit relative to other major theater chains, and large and
geographically diverse U.S. operations.

AMC is the second-largest exhibitor in the U.S., with good positions in
large, urban markets.  The company has the No. 1 or No. 2 market share in
21 of the nation's top 25 markets.


ASIAN SCOPE: Court to Hear Wind-Up Petition on August 1
-------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the operations
of Asian Scope Company Limited on August 1, 2007, at 9:30 a.m.

The petition was filed by Standard Chartered Bank on May 28, 2007.

Standard Chartered Bank's  solicitor is:

          Tsang, Chan & Wong
          Wing On House, 16th Floor
          No. 71 Des Voeux Road, Central
          Hong Kong


BALLY TOTAL: Liberation Investments Balks at Pre-Packaged Plan
--------------------------------------------------------------
Liberation Investments, L.P., and Liberation Investments, Ltd., said that
the pre-packaged bankruptcy plan approved by Bally Total Fitness Holding
Corp.'s Board of Directors that aims to cancel all existing equity
interests and transfer all reorganized equity to bondholders was
"draconian."  Liberation Investments holds 11% of the company's common
stock.

Andrew K. Glenn, Esq., at Kasowitz, Benson, Torres & Friedman LLP, who
represents Liberation Investments, stated in a facsimile dated June 6,
2007, that by approving the plan, the company has, in effect, abandoned
its fiduciary duties to shareholders.

                          Contentions

Mr. Glenn states that it more than a coincidence that Tennenbaum Capital
Partners, who proposed the plan and is the largest holder of the company's
subordinated debt, sold its Ball stock while still in negotiations with
the company in February 2007.  Mr. Glenn contends that the Board seems to
have ignored viable alternatives, including a likely sale of the company's
assets.  Further, the board had announced the pre-packaged plan while at
least one party had signed a confidentiality agreement with the company to
propose an alternative transaction.

Mr. Glenn also discloses that Jefferies & Company, the company's financial
advisor, failed to return numerous calls from Liberation Investments to
discuss options to maximize value for the benefit of all shareholders.

                             Demands

Mr. Glenn relates that due to the lack of interest in protection
shareholders and several vacancies in the Board, Liberation Investments
wants Manny Pearlman and Gregg Frankel to be appointed as directors.

Liberation Investments also wants access to all of the company's books and
records relating to the pre-packaged plan.

Mr. Glenn says that Liberation Investments reserves the right to seek
relief pursuant to Section 220 of the Delaware General Corporation Law
and Bankruptcy Rule 2004.

Mr. Glenn concludes that although Liberation Investments is prepared to
vindicate its rights both in and out of bankruptcy court, it is also
ready, able and willing to negotiate a consensual resolution of the
matter.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT) -- http://www.Ballyfitness.com/-- is a commercial
operator of fitness centers in the U.S., with over 375 facilities located
in 26 states, Mexico, Canada, Korea, China and the Caribbean under the
Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada
(R) brands.  Bally offers a unique platform for distribution of a wide
range of products and services targeted to active, fitness-conscious adult
consumers.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain holders of over
80% in amount of its 9-7/8% Senior Subordinated Notes due 2007.  The
company plans to implement the proposed restructuring through a
pre-packaged Chapter 11 bankruptcy filing of the parent company, Bally
Total Fitness Holding Corporation, and certain of its subsidiaries.


BALLY TOTAL: Wattles Capital Unloads Shares of Common Stock
-----------------------------------------------------------
Wattles Capital Management, LLC, disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission that on June 4, 2007, it sold an
aggregate of 956,300 shares of Bally Total Fitness Holding Corp.'s Common
Stock.  WCM had previously sold 2.5 million shares on June 1.

As of June 1, 2007, WCM has ceased to be beneficial owners of more than 5%
of the shares of Bally's Common Stock.

                    About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(NYSE: BFT) -- http://www.Ballyfitness.com/-- is a commercial
operator of fitness centers in the U.S., with over 375 facilities located
in 26 states, Mexico, Canada, Korea, China and the Caribbean under the
Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada
(R) brands.  Bally offers a unique platform for distribution of a wide
range of products and services targeted to active, fitness-conscious adult
consumers.

                          *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Bally Total Fitness reached an agreement in principle on the
proposed terms of a consensual restructuring with certain holders of over
80% in amount of its 9-7/8% Senior Subordinated Notes due 2007.  The
company plans to implement the proposed restructuring through a
pre-packaged Chapter 11 bankruptcy filing of the parent company, Bally
Total Fitness Holding Corporation, and certain of its subsidiaries.


CHINA NEWLIFE: Wind-Up Petition Hearing Set for July 11
-------------------------------------------------------
A petition to wind up the operations of China Newlife (HK) Limited will be
heard before the High Court of Hong Kong on
July 11, 2007, at 9:30 a.m.

Nephrite International Finance Limited filed the wind-up petition on May
7, 2007.

Nephrite International's solicitor is:

          Messrs. Laracy Gall
          Dina House, 20th Floor
          Ruttonjee Centre
          11 Duddell Street, Central
          Hong Kong
          Telephone: 2836 0555
          Facsimile: 2836 0777


CHINA MERCHANTS: Gets Govt. Nod to Take 33.4% in Joint Venture
--------------------------------------------------------------
China Merchants Bank Co. has won the government's approval to buy 33.4% of
an affiliated fund management venture, Reuters reports, adding that the
acquisition allowed the bank to expand its sources of income beyond
lending.

Citing the bank's statement, Reuters relates that after the acquisition,
Merchants Bank will become the largest shareholder in China Merchants Fund
Management Co.  China Merchants Securities Co. and ING Group NV’s asset
management arm each own 33.3 percent of the venture.

The Fund Management venture, according to the news agency, was set up in
December 2002 with CNY20 billion (US$2.6 billion) in assets.  Merchants
Bank bought the stake from China Power Finance Co., China Huaneng Finance
Co., Cosco Finance Co. and Merchants Securities.  The pricing details were
not states, Reuters says.

On May 23, 2007, the Troubled Company Reporter – Asia Pacific reported
that the bank obtained China Securities Regulatory Commission's
authorization to acquire a 33.4% stake in Dutch financial group ING Asset
Management B.V's China fund management joint venture.

However, the equity transfer at that time was still pending on the
approval of the relevant state-owned asset management department, the
TCR-AP said.

China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002.  The Ministry of Communications-owned
China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.

On August 3, 2006, The Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'.  At the same time, the
bank's Support rating was affirmed at '3'.

Moody's Investors Service, on May 4, 2007, published the rating
results for banks in China as part of the application of its
refined joint default analysis and updated bank financial
strength rating methodologies.  With the implementation of the
new methodologies, China Merchants Bank's Financial Strength
Rating is raised to D+ from D.  The long-term Foreign Currency
Deposit Rating is raised to Baa3 from Ba1.  The short-term
Foreign Currency Deposit Rating is raised to P-3 from NP.  The
outlook for all ratings is stable.


CHINESE BANK: Interest Payment Default Cues TRC's SD Rating
------------------------------------------------------------
Taiwan Ratings Corp. lowered its counterparty credit ratings on The
Chinese Bank to SD (selective default) from twB-.  The bank is currently
under regulatory supervision.

The downgrade follows The Chinese Bank's recent default on interest
payments of several outstanding subordinated debentures (total outstanding
value of NT$806 million) issued after July 2005.  The subordinated debt
obligations are not under regulatory protection.

The Chinese Bank has been placed under regulatory supervision since
January 2007.  The regulator has assisted the bank to serve most of its
obligations, especially deposits, which amounted to NT$177 billion or 95%
of its total liabilities at the end of December 2006.  By law, the
Financial Restructuring Fund will provide protection on deposit
obligations, and those obligations specifically identified previously. The
bank's subordinated debentures issued before July 2005 are also protected
by the Financial Restructuring Fund.

Taiwan Ratings will monitor the ongoing developments surrounding The
Chinese Bank, including upcoming interest payments on the subordinated
debentures and the outcome of a possible auction. There is increasing
likelihood that the bank will miss more payments on subordinated
debentures issued after July 2005 whose interest payments are coming due
over the next few weeks.  A successful auction in the coming weeks may
result in the transfer of most of the bank's assets and liabilities to a
stronger party.

An obligor is rated 'SD' (selective default) when it has failed to pay one
or more of its financial obligations (rated or unrated).  An 'SD' rating
is assigned when Taiwan Ratings believes that the obligor has selectively
defaulted on a specific issue or class of obligations but it will continue
to meet its payment obligations on other issues or classes of obligations
in a timely manner.


CITGO PETROLEUM: Renews Contract with Rural/Metro Corp.
-------------------------------------------------------
Citgo Petroleum Corporation has renewed its contract with Rural/Metro
Corp., an ambulance and fire-protection services provider, the Associated
Press reports, citing Rural/Metro.

Rural/Metro told the AP that the new contract was for three years.  It
would generate US$2.4 million in sales yearly.

According to the AP, the renewal began retroactively on
April 1, 2007.  It covers industrial firefighting services at a Citgo
Petroleum facility in Lake Charles, Louisiana.

Rural/Metro has provided emergency services to Citgo Petroleum's oil
refinery, lubricants plant and wax plant since 1999, the AP states.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-owned oil
company of Venezuela.

Petroleos de Venezuela is Venezuela's state oil company in charge of the
development of the petroleum, petrochemical, and
coal industry, as well as planning, coordinating, supervising,
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *     *     *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp. in Feb. 14, 2006.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.
Fitch also rates the company's US$1.15 billion senior secured
revolving credit facility maturing in 2010 at 'BB+', its US$700 million
secured term-loan B maturing in 2012 at 'BB+', and its senior secured
notes at 'BB+'.


FONG ON: Creditors' Proofs of Debt Due by June 22
-------------------------------------------------
Fong On Construction and Engineering Limited, which is in liquidation,
requires its creditors to file their proofs of debt by June 22, 2007.

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

The company's liquidators are:

          Kenny King Chng
          Tam and Mr. Mat Ng
          Fung Tower, Room 908, 9th Floor
          173 Des Voeux Road, Central
          Hong Kong


HARTCOURT COS: Unit Completes 50% Stake Purchase in Chinese Firm
----------------------------------------------------------------

The Hartcourt Companies, Inc., said that its subsidiary, Sinobull.com ,
has completed the acquisition of 50% of China's leading provider of
real-time financial data for futures, indexes and commodities trading, Guo
Mao, which is headquartered in Shanghai.

This is a continuing step in an agreement that calls for 100% of Guo Mao
and four other operating companies controlled by Hartcourt and
Sinobull.com to be rolled-up into one holding company called Sinobull.com
.  The other entities are Financial Telecom Ltd., Streaming Asia Ltd., UAC
Stock Exchange On-Line Ltd., and Shangdi Network.  Management's objective
is to use these collective assets to create the first nationwide on-line
securities trading platform and a premiere financial Web site portal in
China.

Sinobull.com's Web site was soft launched on March 1, 2000, and is
currently averaging 1.6 million daily page views with minimal advertising
or promotion.  Hartcourt owns about 48% of Sinobull.com .

Hartcourt Chief Operating Officer Dr. Charlie Yang said, "This is a
critical event in the building of what we believe will be a leading source
of financial information, stock trading and e-commerce in China.  Having
the sophistication and resources of Guo Mao as part of Sinobull.com gives
Sinobull.com capabilities that simply do not exist anywhere else.  When
you add these capabilities to such other parts of Sinobull.com as UAC
Stock
Exchange Online, the key financial information and analysis resources of
Shangdi Network, and the financial data bank and wireless information
services of Financial Telecom, Sinobull.com represents a uniquely powerful
Chinese financial portal.  When you add the recently acquired streaming
video and audio content capabilities of Streaming Asia, Sinobull.com is
very well positioned to lead the nationwide marketplace."

                      About Shanghai Guo Mao

Guo Mao is principally engaged in the business of developing financial
content for broadcast over existing TV channels and networks in China.
The Company's programs cover information relating to Chinese and other
Southeast Asian markets, as well as those in Europe and the United States.
Guo Mao is also the leading provider of real-time financial information
to securities brokers, financial institutions, corporations, financial
service companies and serious individual investors in China.  Guo Mao has
additional expertise in covering futures based and foreign exchange
markets.  In mid-1999, the Company launched the advanced "Guo Mao 2000"
data service to provide enhanced services to its expanding roster of
clients.  The Company also develops financial related software dealing
with real-time quotes, market analysis, market trend analysis and
financial risk management.

                           About Hartcourt

Headquartered in Shanghai, China, The Hartcourt Companies, Inc.
-- http://www.hartcourt.com-- was incorporated in Utah.  The
company specializes in the Chinese information technology
market.  In August 2006, the company decided to enter the post-
secondary education market in China.

Kabani & Company, Inc., in Los Angeles, Calif., raised
substantial doubt about The Hartcourt Companies, Inc.'s ability
to continue as a going concern after auditing their consolidated
financial statements for the year ended May 31, 2006.  The
auditor pointed to the company's negative cash flow from
operations and accumulated deficiencies.


HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2
----------------------------------------------------------
Moody's Investors Service affirmed the corporate family Ba2 rating of
Hercules, Inc. and changed the rating outlook to positive from stable.

At the same time, Hercules speculative grade liquidity rating was raised
to SGL-1 from SGL-2 indicating very good liquidity over the next 12
months.  The positive outlook reflects Moody's anticipation that Hercules
can reduce debt by roughly $200 million in 2007 and that this will cause
credit metrics to improve to levels that are strong relative to the Ba2
rating by the end of this year.  About US$21 million of the Term Loan B
was paid down in the first quarter of 2007.  The outlook improvement also
reflects Moody's expectation of further debt reduction in 2008 and 2009,
after which Moody's expects absolute debt levels to stabilize.  Provided
that capital expenditures remain moderate, there are no large acquisitions
and prospective dividend actions/share repurchases are prudently sized,
the company should be able to generate retained cash flow to adjusted
total debt above 20%, free cash flow to adjusted total debt of over 10%,
and a fixed charge coverage ratio (EBITDA to interest) of over 4.5X times.
If these metrics are realized Moody's could reassess the appropriateness
of the Ba2 ratings after the end of 2007.  Conversely, an unexpected
increase in legacy liabilities and bolt on acquisitions that would cause
debt to remain at or above $900 million could cause Moody's outlook to
return to stable.

Ratings Raised:

   -- SGL raised to SGL-1 from SGL-2

Ratings affirmed:

   -- CFR: Ba2;

   -- PDR: Ba2;

   -- US$150 million Gtd Sr Sec Revolving Credit Facility due
      10/2010, Baa3, LGD2, 18%;

   -- US$354 million Gtd Sr Sec Term Loan B due 10/2010, Baa3,
      LGD2, 18%;

   -- US$100 million 6.60% Gtd Sr Sec Putable Notes due 2027,
      Baa3, LGD2, 18%;

   -- US$16 million 11.125% Gtd Sr Unsec Notes due 2007, Ba2,
      LGD3, 40%;

   -- US$250 million 6.75% Gtd Sr Sub Notes due 2029, Ba3, LGD4,
      61%;

   -- US$3 million 8.00% Conv Sub Debentures due 2010, B1, LGD5,
      89%;

   -- US$217 million 6.50% Jr Sub Deferrable Int. Debentures due
      2029, B1, LGD5, 89%.

The Speculative Grade Liquidity rating was raised reflecting improvements in:

   (1) the company's cash flow;
   (2) the availability under its committed bank facilities; and
   (3) the headroom under its covenant requirements.

Hercules' Ba2 CFR is supported by leading market positions in its two main
businesses including the Aqualon Group and the Paper Technologies/Ventures
Group and particularly by relatively strong EBITDA operating margins of
over 20% in the Aqualon group.  The Aqualon Group has the higher organic
growth potential while the Paper Group's growth potential is more aligned
with GDP growth rates.  The rating has been tempered by weak financial
metrics with Debt/EBITDA averaging 4.1X and EBITDA/Interest averaging 3.0X
over the last three years.  The credit profile has been negatively
impacted by legacy liabilities (asbestos and environmental) and
significant debt-like obligations (pensions and operating leases) although
Moody's expects the pension underfunding to improve at the end of 2007 as
it did in 2006.  The rating is supported by Hercules' significant cash
balance, which stood at US$160 million as of March 31, 2007.  Cash
increased significantly after the sale of 51% of FiberVisions and US$103
million of these proceeds were subsequently used to redeem all but US$16
million of the 11.125% notes due 2007 via a tender offer.  With the
exception of the ongoing asbestos liability, Moody's expects that the bulk
of the negative cash flow impact related to Hercules' lawsuits and legacy
liabilities will be more muted in the future than it has been in the
recent past.  Hercules will become responsible for the cash portion of its
asbestos settlements and defense expenses starting in 2008.  These
payments will continue until Hercules' Future Coverage Agreement
settlement with its insurers becomes effective, which occurs after about
US$260 million of incremental costs have been paid by the company.
Assuming these costs average US$35 million per year, this insurance
coverage will not initiate until after 2014.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE: HPC)
-- http://www.herc.com/-- is a global manufacturer and marketer
of specialty chemicals and related services.  Its principal
products are chemicals for the paper industry, water-soluble
polymers, and specialty resins.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.  Revenues for the LTM period ending March 31, 2007 were about
US$2 billion.


MARQUEE HOLDINGS: Fitch to Rate US$275MM Term 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 US$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 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
12countries including the United States, Hong Kong, Brazil and the United
Kingdom.

                    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.  Marquee through its subsidiaries also
operate in Mexico, Argentina, Brazil, Chile and
Uruguay in Latin America, Hong Kong in the Asia-Pacific, and in Europe
particularly in France and the United Kingdom.


MARQUEE HOLDINGS: Moody's Revises Outlook to Negative from Stable
-----------------------------------------------------------------
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 US$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.  Marquee through its subsidiaries also
operate in Mexico, Argentina, Brazil, Chile and
Uruguay in Latin America, Hong Kong in the Asia-Pacific, and in Europe
particularly in France and the United Kingdom.

                   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.


MARQUEE HOLDINGS: S&P Holds Ratings on Special Dividend Payment
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' corporate credit rating
and stable outlook to AMC Entertainment Holdings Inc., the new
super-holding company of Marquee Holdings Inc. and ultimate parent of
operating company AMC Entertainment Inc.

S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings Inc.'s
proposed US$400 million senior unsecured pay-in-kind term loan facility
due 2012 and a 'CCC+' rating to its 364-day
$275 senior unsecured PIK term loan due 2008.

At the same time, S&P affirmed its issue ratings on AMC Entertainment Inc.
and its parent company, Marquee Holdings Inc.

S&P also withdrew the corporate credit ratings on the two companies.

The issue rating affirmation follows Marquee's announcement that it
intends to pay a partially debt-funded US$675 million special dividend.

Kansas City, Missouri-headquartered movie theater chain AMC will have
either US$2.3 billion or US$2.6 billion in debt following the proposed
transaction, and approximately US$2.8 billion in present value of
operating lease obligations.

"The rating on AMC reflects the company's high tolerance for financial
risk, its high leverage, and its lower EBITDA margins relative to peers,"
said Standard & Poor's credit analyst Tulip Lim.  "It also considers the
company's participation in the mature and highly competitive U.S. movie
exhibition industry, exposure to the fluctuating popularity of Hollywood
films, and risk of increased competition as entertainment alternatives
proliferate and movie release windows shorten."

These risks are partially offset by the company's size, modern theater
circuit relative to other major theater chains, and large and
geographically diverse U.S. operations.

AMC is the second-largest exhibitor in the U.S., with good positions in
large, urban markets.  The company has the No. 1 or No. 2 market share in
21 of the nation's top 25 markets.

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.  Marquee through its subsidiaries also
operate in Mexico, Argentina, Brazil, Chile and
Uruguay in Latin America, Hong Kong in the Asia-Pacific, and in Europe
particularly in France and the United Kingdom.


MARTIN MATERIALS: Subject to Li Kam's Wind-Up Petition
------------------------------------------------------
A petition to wind up the operations of Martin Materials Company  Limited
was filed by Li Kam Yiu, Alan on April 17, 2007.

The petition will be heard before the High Court of Hong Kong on
June 20, 2007, at 9:30 a.m.

Li Kam's solicitors are:

          Messrs. Chow & Ho
          ING Tower, Room 2407, 24th Floor
          30 Des Voeux Road, Central
          Hong Kong


N.G.A. OPTICAL: Requires Creditors to File Claims by June 29
------------------------------------------------------------
N.G.A. Optical Manufactory Company Limited is receiving proofs of debt
from its creditors until June 29, 2007.

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

The company's liquidators are:

          Roderick John Sutton
          Desmond Chung Seng Chiong
          c/o Ferrier Hodgson Limited
          Hong Kong Club Building
          3A Chater Road
          Hong Kong


PETROLEOS DE VENEZUELA: Unit Controls 22 NatGas Fields
------------------------------------------------------
Venezuelan state-run oil company Petroleos de Venezuela SA said in a
statement that its unit PDVSA Gas was given control of 22 natural gas
fields between Guarico and Anzoategui.

Business News Americas relates that Petroleos de Venezuela's San Tome
exploration and production branch used to control the field, which produce
420,000 cubic meters per day.

The Venezuelan oil and energy ministry decided to grant PDVSA control of
the fields to meet natural gas output targets outlined in Petroleos de
Venezuela's 2005 Siembra Petrolera (Oil Harvest) plan.

PDVSA Gas' Production Manager Alcides Fermin said in a statement that the
company must produce 9.9 million cubic meters per day by 2012 to meet the
national production goal of 140 million cubic meters per day.

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Forming Petrozumano with China National
---------------------------------------------------------------
The Venezuelan national assembly energy and mining commission said in a
statement that it has authorized state-owned oil firm Petroleos de
Venezuela SA to create Petrozumano, its joint venture with the China
National Petroleum Company.

Business News Americas relates that the agreement will be presented in a
general session of the pro-government unicameral national assembly for
final ratification.

As agreed, Petroleos de Venezuela will own 60% of Petrozumano, while the
China National will control 40%, BNamericas notes.

BNamericas states that Petrozumano will be able to explore for and extract
crude oil and natural gas in a 428-square-kilometer  area in Anzoategui
for 25 years.

The terms were favorable to the Venezuelan government.  Petrozumano would
also be allowed to provide services to other companies in the country,
commission head Angel Rodriguez said in the press release.

El Universal relates that Petrozumano won't directly export oil.  It has
to sell everything it produces to Petroleos de Venezuela.

Venezuela sends some 300,000 barrels per day of oil to China.  It will
send almost one million barrels of crude per day by 2012, BNamericas
states.

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

                        *     *     *

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


SHIMAO PROPERTY: S&P's Ratings Remain on Planned Asset Injection
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on Shimao Property
Holdings Ltd. ( BB+/Stable/--) was not immediately affected by the
company's recent proposal to inject most of its retail and commercial
assets into A-sharelisted Chinese property company, Shanghai Shimao Co.
Ltd., in return for ultimate controlling ownership in the company.

The proposed transaction, which would give Shimao Property an alternative
funding channel through Shanghai Shimao's access to the equity and debt
markets in China, could potentially relieve capital pressure on Shimao
Property from its recent rapid expansion.  The transaction could, however,
lead to more rapid growth within the group.  Cash dividend upstream from
Shanghai
Shimao to Shimao Property is likely to be minimal over the near term
during the early stage of construction of capital-intensive commercial
projects.  The proposed transaction requires final approval from
shareholders and the regulator, and may potentially need the consent of
bondholders.

Upon completion, Shimao Property would ultimately own a majority interest
of about 64% in Shanghai Shimao, and Shanghai Shimao's financials would be
consolidated.  Shanghai Shimao had a net cash position of CNY232 million
and total assets of CNY2.73 billion at the end of March 2007.  Shimao
Property had total assets of CNY31.6 billion after a recent share
placement in May 2007.  The two property developers intend to jointly bid
for large-scale mixeduse projects in China.  Shimao Property would develop
the residential and hotel segments of a given project, while Shanghai
Shimao would develop and operate the commercial segments.


SHIN KONG BANK: Fitch Keeps Individual Strength Rating at 'D'
-------------------------------------------------------------
Fitch Ratings, on June 12, 2007, affirmed the ratings of Taiwan Shin Kong
Commercial Bank.  The rating action involves the bank's:

    -- Long-term IDR at BBB-
    -- Short-term at F3
    -- National Long-term at A(twn)
    -- National Short-term at F1(twn)
    -- Individual at D and
    -- Support at 2.

The rating outlook remains positive.

The ratings, according to Fitch, reflects Shin Kong Financial Holdings Co
Ltd's – the parent company - standalone low financial leverage and sound
capitalization on a consolidated basis, as well as satisfactory earnings
contribution from its principal operating subsidiary, Shin Kong Life
Insurance (SKL).  The structural weaknesses of currency and duration
mismatches reflected in SKL and Shin Kong Bank's weak performance remain
the main constraining factors.  SKB's and Shin Kong Securities' ratings
primarily reflect the strong group support from their parent company,
which is obliged by law to support its subsidiaries.

SKB's asset quality and profitability have been weak since joining the
group and these are the main constraining factors on its Individual
rating.  Its capitalisation has been bolstered by capital injections from
the parent company, though Fitch views SKB's potential needs as unlikely
of having much of a material impact on the group's capital strength.


SHIN KONG SECURITIES: Fitch Affirm Ratings; Outlook Positive
------------------------------------------------------------
Fitch Ratings, on June 12, 2007, affirmed the ratings of Taiwan's Shin
Kong Securities.  The rating action involves:

    -- Long-term IDR at BB+
    -- Short-term at B
    -- National Long-term at A-(twn)
    -- National Short-term at F2(twn)
    -- Individual at D and
    -- Support at 3.

The rating outlook remains positive.

The ratings, according to Fitch, reflects Shin Kong Financial Holdings Co
Ltd's – the parent company - standalone low financial leverage and sound
capitalization on a consolidated basis, as well as satisfactory earnings
contribution from its principal operating subsidiary, Shin Kong Life
Insurance (SKL).  The structural weaknesses of currency and duration
mismatches reflected in SKL and Shin Kong Bank's weak performance remain
the main constraining factors.  SKB's and Shin Kong Securities'(SKSC)
ratings primarily reflect the strong group support from their parent
company, which is obliged by law to support its subsidiaries.

SKSC expanded its brokerage market share in 2006 in order to pursue
business and revenue diversity.  Nonetheless, volatile proprietary trading
income remains its major profit source as its brokerage market share is
still small (0.37% in 2006). Significant improvements in earnings
diversity and economies of scale are key factors for SKSC in achieving a
higher Individual rating.


SUREASE INVESTMENTS: Faces Bank of China's Wind-Up Petition
-----------------------------------------------------------
On May 9, 2007, Bank of China (Hong Kong) Limited filed a petition to wind
up the operations of Surease Investments Limited.

The petition will be heard before the High Court of Hong Kong on  July 11,
2007, at 9:30 a.m.

Bank of China's solicitor is:

          Lo & Lo
          Gloucester Tower, Room 3501, 35th Floor
          The Landmark
          15 Queen's Road, Central
          Hong Kong


SURGILIGHT INC: March 31 Balance Sheet Upside-Down by US$625,891
----------------------------------------------------------------
SurgiLight Inc. reported a net loss of US$137,258 on revenue of US$119,000
for the first quarter ended March 31, 2007, compared with a net loss of
US$294,845 on zero revenue for the same period in 2006.

Equipment sales for the quarter ended March 31, 2007, increased to
US$119,000 from US$0 during the quarter ended March 31, 2006.  The 2007
quarter revenue increase was due to the company continuing to develop its
international sales and marketing activities, especially in the European
Community where it received CE approval during February 2005.

At March 31, 2007, the company's balance sheet showed US$4,895,810 in
total assets, US$5,521,701 in total liabilities, resulting in a US$625,891
total stockholders' deficit.

The company's balance sheet at March 31, 2007, also showed strained
liquidity with US$694,509 in total current assets available to pay
US$5,521,701 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?20ca

                      Going Concern Doubt

Richard L. Brown & Company P.A., in Tampa, Florida, expressed substantial
doubt about SurgiLight Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the years
ended Dec. 31, 2006, and 2005.  The auditing firm pointed to the company's
losses from operations and net capital deficiency.

                     About SurgiLight Inc.

Headquartered in Orlando, Florida. SurgiLight Inc. (Other OTC: SRGL.PK) --
http://www.surgilight.com/index.html-- distributes ophthalmic lasers and
related products and services based on its own and licensed intellectual
property, primarily for use in refractive and presbyopia procedures.

The company has operations in China, Mexico and Spain.


TAITUNG BANK: TRC Withdraws Ratings After Govt's Assets Auction
---------------------------------------------------------------
Taiwan Ratings Corp withdrew its twB- long-term counterparty credit rating
on Taitung Business Bank (Taitung BB) following the government's
announcement that it successfully completed the auction of most of the
bank's assets and liabilities on June 8, 2007.

Taiwan Ratings expects the winning bidder of most of the assets and
liabilities (except NPLs) of Taitung BB, ABN AMRO Bank, to absorb the
majority of Taitung BB's liabilities after the completion of the
settlement.  The remaining obligations carried on the bank's accounting
book are likely to be negligible.


ZTE CORP: To Buy US$500 Million Worth of Chips from Qualcomm
------------------------------------------------------------
ZTE Corp has raised to US$500 million from US$300 million the value of
chips it will purchase from Qualcomm as part of an agreement covering 2006
to 2007, Reuters reports.

The agreement, according to CNN Money, was signed in April 2006.

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.


* Shanghai Bourse Bans Use of Loans to Trade Equities
-----------------------------------------------------
Shenzhen Stock Exchange's listed firms are banned from using bank loans to
trade equities and must seek shareholder approval if they make large
investments, Shanghai Daily relates, citing the new guidelines issued by
the bourse.

Under the new guidelines obtained by the news agency, the bourse stated
that “Publicly traded companies can't use loans from commercial lenders to
directly or indirectly invest in the stock market.”

In addition, a listed firm will need to gain approval from its board of
directors if its stock investment is set to exceed 10% of net assets or
goes beyond CNY10 million yuan (US$1.31 million) in value, Shanghai Daily
notes.  If equity investment is expected to total more than 50 percent of
net assets or 50 million yuan in value, the public company must gain
approval from minority investors at a shareholder meeting.

Further, publicly-traded firms can't use funds pooled from their initial
public offerings to subscribe to other firms' new stock sales, additional
offerings or directly invest in stocks, convertible bonds and other
derivatives, the paper relates.  Listed companies must reveal details of
their securities investments, including the amount, the source of capital
as well as risk-management plans in a timely manner.

The China Securities Regulatory Commission in April started a campaign to
battle against stock-related crimes, launching a series of probes into
listed firms, fund managers and securities analysts, Leo Shang of Shanghai
Daily writes.  The Shanghai and Shenzhen bourses also took action to curb
insider dealings and misbehavior in the market, with moves to freeze some
accounts allegedly involved in share-price manipulation, Mr. Shang adds.

Ordering listed firms to beef up disclosures on stock investments is aimed
at "standardizing procedures to make securities-trade decisions and
protecting illegal rights of public investors," the bourse's advice
states.


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

AES CORP: Dominican Unit Receives 135,000 Cubic Meters of NatGas
----------------------------------------------------------------
AES Andres, The AES Corporation's unit in the Dominican Republic, has
received 135,000 cubic meters of natural gas from Nigeria, DR1 Newsletter
reports.

According to DR1, the natural gas was carried by the Blue Sky ship from
Nigeria.  The supply ensures the Dominican Republic's energy supply for
the next 60 days.

Blue Sky is the largest ship that has ever been into the AES Andres docks
and the fifth ship to make a stop at the terminal and the 22nd since AES
Andres launched operations at Boca Chica, DR1 states.

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

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

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


                        *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AFFILIATED COMPUTER: Suspends Exclusivity Agreement with Cerberus
-----------------------------------------------------------------
Affiliated Computer Services Inc. has reached an agreement with
Darwin Deason, the holder of approximately 42% of the company's
outstanding voting stock and chairman of the board of directors, and
Cerberus Capital Management LP, to suspend the Exclusivity Agreement
between Mr. Deason and Cerberus.

The suspension of the agreement will enable the company, under the
direction of an appointed Special Committee of independent directors, to
consider the sale of the company, which it considers to be in the best
interests of the company and its stockholders.

On March 20, 2007, the company received a proposal from Mr. Deason and
Cerberus to acquire all of the outstanding shares of the company's common
stock, other than certain shares and options held by Mr. Deason and
members of the company's management team that would be rolled into equity
securities of the acquiring entity, for US$59.25 per share in cash.  Mr.
Deason and Cerberus subsequently increased the offer price to US$62 per
share in cash.

In connection with their proposal, Mr. Deason and Cerberus entered into an
Exclusivity Agreement, dated March 20, 2007, pursuant to which Mr. Deason
agreed to work exclusively with Cerberus to negotiate an acquisition of
the company.

Pursuant to the terms of a Waiver Agreement, dated as of June 10, 2007,
between Mr. Deason, Cerberus and the company, from June 16, 2007 through
Aug. 9, 2007, the Special Committee and its financial advisors, Lazard
Freres & Co. LLC, will be soliciting indications of interest in a
transaction involving the company, permitting interested parties,
including Cerberus, to conduct due diligence, and having discussions with
such interested parties regarding potential transactions involving the
company, well as considering all other strategic alternatives available to
the company.

Also during this period, Mr. Deason will be free to have discussions and
negotiations with parties other than Cerberus interested in a potential
transaction with the company.  If the company enters into an agreement
with a party other than Cerberus on or prior to Aug. 19, 2007, the
Exclusivity Agreement terminates.

Under the terms of the Waiver Agreement, the company will reimburse
Cerberus for up to US$7.5 million of documented out-of-pocket expenses
incurred by Cerberus in connection with its proposal.  In addition, if the
company enters into a transaction with another party, the company will pay
Cerberus US$15 million upon consummation of that transaction if, at the
time the transaction is signed or closed, Cerberus has not withdrawn its
proposal to acquire the company, has not reduced its offer price below
US$62 per share or otherwise modified its proposal in a manner that is
materially adverse to the company, and is diligently pursuing an
acquisition of the company.  Mr. Deason will pay Cerberus 40% of the
positive difference between the value of what Mr. Deason will receive in a
transaction consummated with another party and what Mr. Deason would have
received under the Cerberus proposal.

The Special Committee believes that the terms of the Waiver Agreement will
enable it to conduct a process for considering strategic alternatives
available to the company, including a potential sale of the company that
it considers to be in the best interests of the company and its
stockholders.  There is no assurance that the process undertaken by the
Special Committee will result in any transaction, including a transaction
with Mr. Deason and Cerberus or any other parties.

Interested parties in exploring a potential transaction with the company
may contact the Special Committee's financial or legal advisors:

   -- Financial Advisors
      Attn: Michael J. Biondi/Alex Stern/David Descoteaux
      Lazard Freres & Co. LLC
      Tel: (212) 632-6000

   -- Legal Advisors
      Attn: Thomas A. Roberts/Michael J. Aiello
      Weil, Gotshal & Manges LLP
      Tel: (212) 310-8000

                About Cerberus Capital Management

Headquartered in New York City, and established in 1992, Cerberus
Capital Management LP is one of the world's leading private
investment firms with approximately US$25 billion of capital under
management in funds and accounts.  Through its team of investment
and operations professionals, Cerberus specializes in providing
both financial resources and operational expertise to help
transform its portfolio companies into industry leaders for long-
term success and value creation.  Cerberus has offices in Los
Angeles, Chicago and Atlanta, well as advisory offices in London,
Baan, Frankfurt, Tokyo, Osaka and Taipei.

                 About Affiliated Computer Services

Headquartered in Dallas, Texas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.acs-inc.com/-- is a FORTUNE 500
company.  It provides business process outsourcing and information
technology solutions to world-class commercial and government
clients.  The company has more than 58,000 employees supporting
client operations in nearly 100 countries.

The company has global operations in Brazil, China, Dominican Republic,
India, Guatemala, Ireland, Philippines, Poland and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on March 29, 2007,
Fitch Ratings placed Affiliated Computer Services Inc. on
Rating Watch Negative after the proposed offer from Darwin Deason,
founder and current chairman of ACS, and Cerberus Capital
Management L.P. to acquire the company in a leveraged buyout
transaction valued at US$8.2 billion, including existing debt.

Ratings affected were (i) Issuer Default Rating 'BB'; (ii) Senior
secured revolving credit facility at 'BB'; (iii) Senior secured
term loan at 'BB'; and (iv) Senior notes at 'BB-'.


BALLARPUR INDUSTRIES: To Increase Plantation Rights in Sabah
------------------------------------------------------------
Ballarpur Industries Limited is in talks with the Sabah State Government
for plantation rights to increase the company's pulp supply paper
production, Malaysian news agency, Bernama, reports.

According to the report, the Sabah Government owns 2.2% in Sabah Forest
Industries, which operates Malaysia's largest pulp and paper mill and
which Ballarpur holds a 97.78% equity stake.

Ballarpur reportedly wants to increase its current plantation rights of
289,000 hectares for 60,000 hectares more.  If the deal is sealed, the
Sabah government's shareholding would increase from to about 10% for
granting the plantation rights to Ballarpur, Bernama says, citing The
Economic Times as source.

Ballarpur plans to invest MYR340 million (US$100 million) for increasing
the pulp and paper capacity of Sabah Forest Industries, The Economic Times
adds.

The Federation of Paper Traders' Association of India sees paper demand to
outstrip production with domestic demand at 7.2 million tonnes while
production was only 6.7 million tonnes, the Malaysian news agency states.
Furthermore, the Federation  sees demand to double by 2011.

Ballarpur has an equity buyback arrangement with J.P. Morgan which holds
20 percent stake in the acquired company.
Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is a paper manufacturer and exporter.
BILT has five product groups: coated wood-free, uncoated wood-
free, copier, creamwove, and business stationery.  There are
three types of products in the coated wood-free segment: two
side coated paper, two side coated boards, and single side
coated products.  The company has a presence in all segments of
the paper usage spectrum that includes writing and printing
paper, industrial paper, and specialty paper.

On April 12, 2004, Standard and Poor's Ratings Services gave
Ballarpur Industries BB- ratings for both its long-term local
and foreign issuer credit.  As of May 15, 2007, the company
still carry those ratings.


BANK OF BARODA: Schedules Shareholders' AGM on July 4
-----------------------------------------------------
Bank of Baroda will hold its shareholders' 11th annual general meeting on
July 4, 2007, the bank informed the Bombay Stock Exchange in a regulatory
filing.

Among others, the shareholders will discuss, approve and adopt the:

   -- bank's balance sheet as at March 31, 2007 and its profit
      and loss account for the year ended March 31, 2007;

   -- report of its board of directors on the working and
      activities of the bank for the period covered by the
      accounts; and

   -- the auditors' report on the financial statements.

The shareholders will also consider the declaration of the final dividend
for the year 2006-07.

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.   The agency also affirmed the
bank's Individual Rating of 'C/D'.  The outlook on all ratings
is stable.


BANK OF BARODA: S. C. Gupta Named as New Executive Director
-----------------------------------------------------------
The Central Government, after consultation with the Reserve Bank of India,
has appointed Satish Chander Gupta as a whole time director, designated as
executive director, a filing with the Bombay Stock Exchange says.  Mr.
Gupta will take over the new post until further orders or until the date
of his superannuation i.e. up to Feb. 28, 2010, whichever is earlier.

Mr. Gupta started his executive director post on June 6, 2007.

Headquartered in Mumbai, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.   The agency also affirmed the
bank's Individual Rating of 'C/D'.  The outlook on all ratings
is stable.


BANK OF INDIA: Gov't. Names T. S. Narayansami as New CMD
--------------------------------------------------------
The Government of India, Ministry of Finance, Department of Economic
Affairs has appointed T. S. Narayansami, as Chairman & Managing Director
of the Bank of India.  The appointment was made via notification dated
June 4, 2007.

The government also appointed, a new executive director of the bank – A.
D. Parulkar.  The appointment is effective starting
June 6, 2007.

Bank of India -- http://www.bankofindia.com/-- has 2,628
branches spread over all states/union territories in India,
including 93 specialized branches.  The bank provides a range of
financial products and services, including numerous credit
schemes, deposit schemes, cash management services, credit/debit
cards, deposit vaults and corporate bonds.  It also extends
finance to small and medium enterprises and small-scale
industries.  It provides a variety of loans, such as mortgage
loans, educational loans, auto finance loans, holiday loans,
personal loans and home loans.  The bank offers Internet banking
services for both the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007, Standard & Poor's Ratings maintained Bank of
India's Bank Fundamental Strength Rating at 'C'.


BRITISH AIRWAYS: Increasing Longhaul Fuel Surcharge on June 13
--------------------------------------------------------------
British Airways plc is to increase its longhaul fuel surcharge with effect
from Wednesday, June 13, 2007, as a result of further rises in the price
of oil.

The fuel surcharge on longhaul flights of less than nine hours will rise
from GBP33 per sector (GBP66 return) to GBP38 (GBP76 return) and from
GBP38 per sector to GBP43 (GBP86 return) on flights longer than nine
hours.

The shorthaul fuel surcharge remains unchanged at GBP8 per sector (GBP16
return).

"The cost of fuel has again risen significantly in recent weeks.
Unfortunately, we have little choice but to pass on some of this extra
cost to our customers,” Robert Boyle, British Airways' commercial
director, said.  "Fuel continues to be our second largest cost and we
expect our fuel bill this year to be more than GBP2 billion.”

"The price of oil continues to be extremely volatile.  Therefore, we
believe the fuel surcharge continues to be the most transparent way for
our customers to understand what they are paying and allows us to adjust
the direct cost to our customers appropriately, whether that is increasing
or reducing the fuel surcharge as we did on some of our longhaul flights
in January," Mr. Boyle added.

British Airways will also increase its fuel surcharges by similar levels
in markets outside the U.K.

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

                            *   *   *

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

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

* Issuer: British Airways Plc

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

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

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


ESSAR GLOBAL: Gets Investment Canada Act Approval on Acquisition
----------------------------------------------------------------
Essar Global Limited has obtained, through its wholly owned subsidiary
Essar Steel Holdings Limited, approval under the Investment Canada Act in
connection with its proposed acquisition of all of the outstanding common
shares of Algoma Steel Inc.

Essar has now received all regulatory approvals necessary to complete the
arrangement.  The arrangement will still need the approval of a Canadian
court.

Essar Global Chairman, Shashi Ruia, said, "I am delighted with the
Minister's approval... The acquisition of Algoma will prove to be of
enormous benefit to both Essar and Algoma, as well as the City of Sault
Ste. Marie, the province of Ontario and Canada as a whole."

"In Essar," Mr. Ruia added, "Algoma will have new ownership committed to
investing in Algoma's facilities to support its
growth and sustainability.  We look forward to completing the arrangement,
and welcoming Algoma into the Essar family."

Mr. Denis Turcotte, who will continue as Chief Executive Officer of
Algoma, also welcomed the news.  According to Mr. Turcotte, "Essar's
acquisition of Algoma will enable us to manage new growth opportunities
and migration of the best technological and engineering practices in both
organizations.  I am confident that this is a win-win situation for all
Algoma stakeholders, including Algoma employees but also the local
community of Sault Ste. Marie and the province of Ontario."

In order to obtain the Minister's approval under the Investment Canada
Act, Essar has provided to the Minister a number of important commitments
in respect of Algoma's management, operations, employees and community
contributions.  The attached Backgrounder outlines a number of the key
commitments.

                        About Algoma Steel

Algoma Steel Inc. -- http://www.algoma.com/-- is an integrated steel
producer based in Sault Ste. Marie, Ontario with steel shipments of 2.4
million tons in 2006.  Revenues, which totalled CDN$1.9 billion in 2006,
are derived primarily from the manufacture and sale of rolled steel
products including hot and cold rolled steel and plate.

                        About Essar Global

Essar Global Ltd. -- http://www.essarglobal.com/-- is an international
conglomerate operating in six business areas - steel, oil & gas, power,
communications, shipping & logistics and
construction.  It has offices world-wide and employs approximately 20,000
people, including over 3500 persons in the United States. The group has
built a portfolio of assets with expected revenues of US$10 billion in the
year to March 2008.  It owns Essar Steel Holdings Limited, India's largest
exporter of flat steel.


HOUSING & URBAN: Fitch Affirms BB+ Foreign Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Housing & Urban Development Corporation
Limited's Long-term foreign currency Issuer Default Rating at 'BB+',
Short-term foreign currency rating at 'B', National Long-term rating at
'AA(ind)', and Support at '3'.  The Support Rating Floor remains unchanged
at 'BB+'.  The Outlook remains Stable. At the same time, Fitch has
assigned HUDCO a National Short-term rating of 'F1+(ind)'.

The Long-term ratings reflect the expectation of continued support from
the government of India, given HUDCO's public policy role in financing
urban infrastructure and low-cost housing.  The government administers
HUDCO through the Ministry of Housing & Urban Poverty Alleviation, which
lays down the broad objectives for HUDCO's operations, as well as the
annual performance evaluation parameters and operational and financial
targets.

HUDCO's close relationship with the Government of India also helps in
recoveries from the state governments; this is important, as over 80% of
HUDCO's loans are either to state government departments or carry
guarantees from state governments.  Fitch understands that HUDCO has not
registered any losses on its state government-guaranteed portfolio. The
Indian government has also periodically infused equity to support HUDCO's
growth, though such infusions may be limited in future on account of
fiscal prudence.  HUDCO may, therefore, have to raise equity from the
markets in future, as would many other state-owned funding agencies.

The Long-term ratings also reflect HUDCO's weak performance compared with
the best Indian credits.  NPL ratios are higher than that of commercial
banks in India on account of the high concentration risk and the
relatively weak financials of state governments.  Loan growth has been
affected since FY05 on account of high pre-payments, as well as HUDCO's
reduced competitiveness (compared to banks), due to its reliance on
wholesale funding from the debt capital markets.  While profitability is
supported by the low cost base, it could be affected if loan loss
provisions were to increase, which is likely given the low loan loss
reserves and the increasing proportion of NPLs in the doubtful and loss
categories.

HUDCO is a wholly-owned enterprise of the Government of India engaged in
financing urban infrastructure (65% of total loans at FYE06) and housing
needs of primarily weaker sections of society.  The operations are planned
to be restructured into six 'Strategic Business Units' (the current focus
is on the regional offices) to better exploit growth opportunities.


UTI BANK: Government Not Keen on LIC's Getting Controlling Stake
----------------------------------------------------------------
The Government of India is not in favor of Life Insurance Corporation of
India's buying a controlling stake in UTI Bank, Iris News Digest says,
citing a report by the Economic Times.

According to myris.com, LIC owns 10.34% of UTI Bank and is one of the
promoters of the bank.  The other promoters are:

   -- the administrator of the Specified Undertaking of Unit
      Trust of India;

   -- General Insurance Corp;

   -- New India Assurance Co.;

   -- National Insurance Co.;

   -- United India Insurance Co.; and

   -- Oriental Insurance Co.

The government is reportedly not comfortable with the idea of LIC
controlling two banks, hence it expressed disfavor in the  insurance
company's plan to hike ownership in UTI.  LIC currently owns 26.32 in
Corporation Bank and has showed interest in buying 27.33% stake in fellow
UTI promoter, SUUTI.

As reported by the Troubled Company Reporter – Asia Pacific yesterday, the
bank's board of directors has decided to offer its promoters to subscribe,
on preferential allotment basis, 3,19,25,561 shares if they so desire.

SUUTI, which owns 27.43% stake in the bank, will be offered up to 2.03
crore equity shares of a face value of INR10 each while LIC can claim for
up to 76.88 lakh shares, the Press Trust of India relates.

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

ANEKA TAMBANG: Reserves & Resources Estimates Increases 61%
-----------------------------------------------------------
PT Aneka Tambang Tbk disclosed the results of its annual reserves and
resources estimations, which are lodged as the Competent Persons’ Report
as part of Antam’s listing rules on the Australian Stock Exchange.  The
results included a 61% increase of Antam’s fully-owned saprolite nickel
ore reserves and resources to 180 million wet metric tonnes.

President Director, Dedi Aditya Sumanagara said “exploration is key to the
future of any mining company and we are pleased with the results of the
JORC-compliant reserves and resources estimations.  Although we have large
reserves, we always invests significant amounts in exploration, at around
3% of revenue.”

The Geomin unit, which discovered the Pongkor gold mine, conducts Antam’s
exploration activities including geological exploration, geophysical
investigation, surveying, drilling, lab analysis, data processing and
arranges required licenses from general investigation to the exploitation
phase.

Antam’s reserves estimations are fully comparable to other major mining
companies as they are prepared according to the JORC code issued by the
Australasian Institute of Mining and Metallurgy. Every year, as part of
Antam’s listing on the Australian Stock Exchange, Antam must submit its
estimation in the form of the Competent Person’s report.

In 2006, Antam focused on nickel, gold and bauxite exploration and
reserves estimation in Indonesia.  Indonesia is considered one of the best
countries in terms of mineral potential, as evidenced by the “Annual
Survey of Mining Companies 2006/2007” by The Fraser Institute.   Antam
possesses vast licensed areas to conduct exploration in Indonesia and as
yet does not focus outside of the country.

In 2006, Antam’s total exploration expenditure, excluding joint ventures,
increased 73% to IDR95 billion.  Antam spent IDR73 billion on nickel
exploration, Rp18 billion on gold, and Rp4 billion on bauxite.  The
biggest expenditures were for field activities such as drilling and mine
design.  In view of the strategic importance of reserves, in line with
higher profits, Antam increased its exploration activities.  Nickel mine
plans were designed for Pakal Island, Obi Island and Tapunopaka, which
will soon come into operation.  In 2007, Antam expects to increase total
exploration cost up to IDR154 billion or almost 3% of 2006’s export
revenue.

                             Nickel

In 2006, Antam’s saprolite, or high grade, nickel and limonite, or low
grade, nickel reserves and resources estimations increased as a result of
detailed drilling activities, such as increasing the number of drilling
samples taken and reducing the distance in between drill locations.  As a
result, Antam upgraded some resources previously classified as the
inferred resources.  As well, higher saprolite reserves estimations were
made due to lowering saprolite cut off grades to 1.6%-1.8% from 2%-2.2% to
reflect the tight supply and high price conditions of the nickel market.

In 2006, Antam conducted substantially all of its nickel exploration
activities in Southeast Sulawesi, and at Buli, North Maluku, in and around
the island of Halmahera, which focused on sustaining current operations
and on planning for future nickel projects.  Antam also conducted initial
nickel exploration to discover new deposits at Central Sulawesi,
particularly at Tangofa, Langkawe, Baggai and Wosu and at Maluku,
particularly Seram Island.  Exploration activities at these areas included
geological mapping, drilling with spacing of 500 m and samples analysis.
More work was required before an estimation could be made.  Below are
details of some of the changes to Antam’s reserves estimations.

As at December 31, 2006, Antam’s saprolite ore reserves estimation, which
excludes resources, increased 112% to 63.9 million wmt.  For limonite ore
reserves, the estimation increased 179% to 51.45 million wmt. Antam’s
saprolite nickel resources increased 41% to 115.95 million wmt from 82
million wmt while limonite nickel resources decreased 15% to 133.7 million
wmt.

                      Southeast Sulawesi

In 2006, Antam conducted exploration activities at Southeast Sulawesi,
particularly at Pomalaa, Bahubulu, Tapunopaka and Mandiodo.  Other
prospect areas are Lasolo and Konawe. Exploration activities at Southeast
Sulawesi focused on discovery and more detailed estimations to support
existing ferronickel facilities at Pomalaa.  As Antam’s plans to develop
the Tapunopaka deposit became more final, Antam made the first estimations
at a more accurate level, probable reserves.

As at December 31, 2006 total reserves and mineral resources of saprolite
nickel ore in Southeast Sulawesi increased 74% to
31.5 million wmt while limonite decreased 16% to 62.85 million wmt.

                 Buli, Halmahera, North Maluku

Antam conducted exploration in the vicinity of its three nickel mines in
the Buli area, at Gee Island, Tanjung Buli and Mornopo and at the
prospects, located nearby, of Patani, Sangaji and Pakal.

As at December 31, 2006 total reserves and mineral resources of saprolite
nickel ore at Buli increased 45% to 135.95 million wmt while limonite
nickel ore decreased 4% to 97 million wmt.

In 2006, Antam augmented some of the estimations at the Pakal deposit to
the level of reserves, resulting in saprolite and limonite of 13.5 million
wmt and 17.8 million wmt respectively. As a condition of the license to
extract certain amounts of the deposit at Pakal, which are located in land
classified by the Ministry of Forestry as a protection forest, Antam must
provide an equal amount of land from elsewhere.  Antam continued to
determine which replacement land to provide. Antam will increase its
exploration activities at Sangaji in order to support pyrometallurgical
and hydrometallurgical projects in the future.

               Obi Island, Halmahera, North Maluku

In 2006, exploration at Obi Island focused on increasing indicated
resources at several prospect areas. As a result, specifically of drilling
activities, Antam made resources estimations for both saprolite and
limonite.  Antam was in the process of obtaining exploitation permits and
making other arrangements to develop the Obi prospect.

                               Gold

In 2006, gold exploration focused on new discoveries and making more
detailed reserves estimations.  As mining continued at Pongkor,
Indonesia’s only underground gold mine located at West Java, Antam’s known
deposits decreased.  Given the strategic importance of gold, Antam
increased gold exploration activities at Pongkor and elsewhere considered
gold acquisition opportunities within Indonesia.

As at December 31, 2006 total reserves and resources at Pongkor excluding
inferred resources decreased 36% to 2.9 million wmt with 0.766 million
contained ounces of gold and 8.2 million contained ounces of silver.
Antam decided to reduce the classification of some proved reserves to
probable reserves as detailed analysis revealed high variance of grades in
certain areas.  However, due to a redesign of Pongkor gold mine which was
implemented in 2006, gold extraction was similar to 2005 at 2.9 tonnes.
Antam expects to maintain the extraction rate at this level.

Exploration activities at Pongkor, particularly at Ciurug vein under the
500 meter level (L500) examined various gold mineralizations.  Antam
continues conducting detailed exploration at this level.  Antam also
performed geotechnical activities at Ciguha to support mine development
below L500.

In 2006, Antam performed several gold explorations at certain prospect
areas in Indonesia, without significant results. However as Antam
continues to explore in Papandayan of West Java, Seblat of Bengkulu, Patah
Tiga Mountain of Jambi, Buru Island of Maluku and Southeast Sulawesi Antam
hopes for some encouraging mineralizations to be revealed.

                          Bauxite

Bauxite is the raw material used to make alumina.  As Antam’s Chemical
Grade Alumina and Smelter Grade Alumina projects continued to make
progress, exploration focused on detailed reserves classification.

The total size estimation of washed bauxite from Kijang, Tayan and Munggu
Pasir prospects slightly decreased 1% to 84.4 million wmt as Antam’s 51.5
million wmt of resource estimations were upgraded to reserve estimations.
Washed bauxite reserves at Wacopek increased 350% to 13.5 million wmt due
to application of lower cut off grade and also extensive exploration
activities at Wacopek.  Washed bauxite reserves estimations at Tayan and
Munggu Pasir increased 129% to 70.4 million due to classification of
Munggu Pasir resources to reserves estimations due to the completion of
the mine design, lower cut off grades and detailed exploration activities.

                     About Aneka Tambang

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

                        *     *     *

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

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


BANK UOB BUANA: President Director Resigns
------------------------------------------
PT Bank UOB Buana Tbk's President Director, Jimmy Kurniawan Laihad,
resigned effective June 30, 2007, Reuters reports.

According to the report, Bank UOB has appointed Wang Lian Khee, the
company's vice president-director, as its Acting President Director.

                     About Bank UOB Buana

Headquartered in Jakarta, PT Bank UOB Buana Tbk., formerly PT Bank Buana
Indonesia Tbk. -- http://www.bankbuana.com-- provides public deposits,
investment  portfolio, and other financial services, including: demand,
savings and time deposits, Bank Indonesia promissory notes, bonds,
consumer loans, retail commercial loans, and corporate loans.  Other
financial services include exports, imports, transfers, collection,
issuing of bank guarantees and foreign currency transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on Feb. 01,
2007,Fitch Ratings has affirmed all the ratings of the bank as follows:

   * Long-term foreign and local currency Issuer Default ratings
     BB-,

Short-term rating B,

* Individual C/D, and

* Support 3.


FOSTER WHEELER: To Post New Fact Book on Web Site
-------------------------------------------------
Foster Wheeler Ltd. will post its new Fact Book on its Web site
http://www.fwc.com/under "Investor Relations."  The Company plans to
publish an updated Fact Book on a quarterly basis.

"The Fact Book provides a quarterly and annual overview of our financial
results and operating statistics, and contains summaries of our contract
announcements to supplement our public filings," said John T. La Duc,
executive vice president and chief financial officer.  "The information
contained in the Fact Book has been previously disclosed, either through
our filings with the Securities and Exchange Commission or in our press
releases and we believe that this will be a helpful and user-friendly
addition to the Company information we already provide."

                      About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                         *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                  Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


MCDERMOTT INTL: Unit's Affiliate Buys Secunda International
-----------------------------------------------------------
McDermott International, Inc., disclosed that an affiliate of its
subsidiary, J. Ray McDermott, S.A., has signed a definitive agreement to
purchase substantially all of the assets of Secunda International Limited,
including 14 harsh-weather, multi-functional vessels, with capabilities
which include subsea construction, pipelay, cable lay and dive support, as
well as its shore base operations.  Of the 14 vessels to be acquired,
eight are equipped with dynamic positioning capabilities.  The purchase
price is approximately US$260 million.

In serving the worldwide oil and gas industry, Secunda has owned and
operated construction, installation and support vessels for 24 years.
Currently, Secunda's vessels are operating in the U.S. and Mexican Gulf of
Mexico, the North Sea and offshore Canadian markets.  As the purchased
vessels conclude their existing charter contracts, J. Ray intends to
integrate certain of these assets in its current and potential markets to
expand overall project capabilities, improve resource flexibility and
provide additional services for customers.  Earlier this quarter, J. Ray
chartered one of the purchased vessels to deploy to its currently active
Asia Pacific market.

"Secunda's assets, and importantly its people, will be a complementary and
strategic addition to J. Ray's offshore capabilities," said Bob Deason,
President and Chief Operating Officer of J. Ray.  "With Secunda, J. Ray
strengthens its traditional offshore construction business, increases the
number of activities which can be self-performed, enhances our ability to
utilize existing marine assets for higher value activities and
additionally, supports its growing subsea development activities."

J. Ray's acquisition is contingent upon obtaining regulatory approval in
Canada and the United States, and final due diligence.  The transaction is
expected to close early in the 2007 third quarter.

"We welcome Secunda's employees to the J. Ray family," continued Deason.
"Working together and successfully integrating these businesses will
result in a broader and stronger offshore construction portfolio and will
permit better application of resources to fulfill our customers'
requirements."

                About McDermott International

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure.  McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government.  With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
May 29, 2007, that Standard & Poor's Ratings Services has raised its
corporate credit rating on diversified energy services provider McDermott
International Inc. and its subsidiaries, J. Ray McDermott S.A. and The
Babcock & Wilcox Co., to 'BB' from 'B+'.  The outlook is stable.

In addition, S&P raised the rating on B&W's senior secured bank debt to
'BB+' from 'B+', upgraded J. Ray's senior secured bank debt to 'BB' from
'B+', revised the recovery rating on B&W's debt to '1' from '3', and left
the recovery rating on J. Ray's debt unchanged at '3'.  The '1' recovery
rating indicates a high expectation of full (100%) recovery in the event
of a payment default, and the '3' recovery rating indicates an expectation
of meaningful (50%-80%) recovery).

On Oct. 11, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors, the rating agency confirmed
its B1 Corporate Family Rating for McDermott International Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Multiple Seniority
   Shelf (Senior
   Unsecured)            (P)B3    (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Subordinate)  (P)Caa2   (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)Caa3   (P)B3    LGD6        97


TELKOM INDONESIA: Number of Subscribers Rises to 42 Million
-----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk's number of customers at its mobile-phone
unit rose to 42 million, compared to 35.6 million customers last year, and
raised the forecast for subscribers for a cheaper service, Bloomberg News
reports.

According to the report, Telkoms's Flexi service is expected to boost
customers by 40% to 7 million by the end of the year, citing President
Director Rinaldi Firmansyah said.

Mr. Firmansyah said that business on Flexi has been going well and
currently has 5 million Flexi customers, the report adds.

                    About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


TELKOM INDONESIA: Expects First-Half Sales to Grow 22%
------------------------------------------------------
PT Telekomunikasi Indonesia expects its revenue to grow 18% to 22 percent
in the first half of the year, Bloomberg News reports, citing President
Rinaldi Firmansyah in the Kontan newspaper.

According to the report, Telkomsel's total number of users in May was 42
million, compared with a year-end target of 44 million users.

Telkom's net income in three months ended March 31 up 38% to IDR11
trillion as sales rose 23%.

                   About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


TELKOMSEL: Gets Three-year IDR3-Trillion Loan From Bank Mandiri
---------------------------------------------------------------
PT Telekomunikasi Selular Indonesia will be provided a three-year IDR3
trillion loan by PT Bank Mandiri and two local banks, PT Bank Central Asia
and PT Bank Negara Indonesia, Bloomberg News reports, citing  Agus
Martowardojo, president director of Mandiri.

According to the report, Mr. Martowardojo told reporters that they hope to
sign the agreement next week.

                        About Telkomsel

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

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

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


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

BANK OF KYOTO: To Expand Retail Business; Eyes China Bank
---------------------------------------------------------
An executive from the Bank of Kyoto, Ltd., said that the bank is looking
to buy a stake in a Chinese bank to expand its retailing division in
China, Takashi Toyokawa and Tan Wei writes for the Financial Times.

According to the report, the bank executive revealed that Bank of Kyoto
originally wanted to acquire a local Chinese bank but “various legal
hurdles” prevented them from doing so, that's why it has decided on taking
a stake-holding instead.

Financial Times says that the bank executive related that they see many
opportunities in the China market to expand Bank of Kyoto's retail
business.  He further added “We are a smaller player than other Japanese
banks in China, such as Mizuho,” thus, making it difficult for the bank to
build its presence locally.

Reportedly, Bank of Kyoto has no specific target in view, but it will
likely be a fairly large, state-owned banking institution.

In an interview, Xu Renmin, a Shanghai-based banking analyst, shared that
he would recommend the Bank of Jiangsu and the China Zheshang Bank as
prime targets for Bank of Kyoto because the two are based in Jiangsu and
Zhejiang provinces, China’s richest provinces, relates the report.

The article added that under current Chinese regulations, a single foreign
investor can hold up to a 19.9% stake in a Chinese commercial bank, while
multiple foreign investors can jointly hold a maximum of 25%.

                     About Bank of Kyoto

Headquartered in Kyoto, Japan, The Bank of Kyoto, Ltd.  --
http://www.kyotobank.co.jp/-- is a regional bank, which mainly
provides banking services for corporate and individual clients.

The bank operates in two business segments.  The banking segment
provides various banking services such as deposits, loans,
commodity trading, securities investment, domestic and foreign
exchange and other services.  Together with its subsidiaries,
the others segment is involved in the management and leasing of
real estate, the research on regional economy, as well as the
provision of commercial support services, credit guarantee
services, investment and loan consulting services, business
consulting services, credit card services and other services.

Fitch Ratings on September 14, 2005, gave Bank of Kyoto a C
individual rating.


EDDIE BAUER: ISS Urges Shareholders to Approve Directors' Election
------------------------------------------------------------------
Institutional Shareholders Services has changed its previous
recommendation and is now advising its clients to approve the election of
all nine members of Eddie Bauer Holdings, Inc.'s Board of Directors for
one year terms and to ratify the appointment of the company's independent
registered accounting firm.

ISS continues to recommend approval of the 2007 amendment and restatement
of the 2005 Eddie Bauer Holdings, Inc. Stock Incentive Plan.

On June 6, 2007, the company sent a letter to ISS clarifying the nature of
the tax fees paid by the company to its independent registered public
accounting firm in 2006.  In its recommendation dated June 7, 2007, ISS
concluded, "Previously, ISS did not support the ratification of the
company's auditors because other fees, given the disclosure available,
represented more than 50% of total fees.  Given the new disclosure, we are
changing our vote recommendation to support the ratification of BDO
Seidman as the company's auditors for the current fiscal year.  For
similar reasons, ISS is changing its WITHHOLD vote recommendation of the
Audit Committee members, and recommend a vote FOR independent outsiders
John C. Brouillard, Laurie M. Shahon, and Kenneth M. Reiss."

                        About Eddie Bauer

Based in Redmond, Washington, Eddie Bauer Holdings Inc.
(NASDAQ: EBHI) -- http://www.eddiebauer.com/-- is a specialty
retailer that sells casual sportswear and accessories for the
"modern outdoor lifestyle."  Established in 1920 in Seattle, Eddie
Bauer products are available at about 380 stores throughout the
U.S. and Canada, through catalog sales and online at
http://www.eddiebaueroutlet.com/. The company also participates in joint
venture partnerships in Japan and Germany and has licensing agreements
across a variety of product categories.  Eddie Bauer employs 10,000
part-time and full-time associates in the U.S. and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on March 26, 2007,
Standard & Poor's Rating Services lowered the ratings on Eddie
Bauer Holdings Inc., to 'B-' from 'B'.

At the same time, Standard & Poor's removed the rating from
CreditWatch with negative implications, where it was placed on
Nov. 13, 2006.  The outlook is negative.


JVC CORP: Denies Reports on Capital Increase
--------------------------------------------
Victor Company of Japan, Limited, or JVC, denied reports that it has
already decided on a capital increase through share placement as reported
by local media, Forbes states.

“Nothing has been decided,” JVC said in a brief statement in response to a
weekend report in the Nikkei business daily that it plans to issue JPY20
billion worth of new shares to Kenwood Corp., Forbes says.

However, the report relates that Matsushita Electric Industrial Co Ltd,
which has a 52.4% stake, said that it is looking into “all available
options,” in order to increase the value of JVC but added that “nothing
has been decided yet.”

According to the report, the Tokyo Stock Exchange suspended the trading of
JVC shares since the market opened pending clarification of the Nikkei
report.  However it had resumed JVC's trading as of 10:11 a.m. on June 10,
2007.

                      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 May 30, 2007 that JVC
reported its fourth consecutive annual loss.


LIVEDOOR: Unit to Go Solo After Accounting Scandal
--------------------------------------------------
Livedoor Company, Limited's unit, Innovation Interactive, has decided to
break away from its owner after it was involved in an accounting scandal,
Tomio Geron, of Red Herring, reports.

According to the report, the parent company of search-ad agency 360i has
arranged a management-led buyout of itself backed by ABS Capital Partners,
which took a minority stake.  The amount, however, was undisclosed.

Mr. Geron, quoting Innovation Interactive CEO Will Margiloff, said, “We
were operating with a parent who couldn’t, because of some challenges they
had, really help us do the things we wanted for our customers.”

Mr. Margiloff claims that Livedoor's involvement in the accounting scandal
“stifled” Innovation Interactive's efforts.

Mr. Margiloff added that being independent will allow his people to take
advantage of some hesitation among advertisers to prefer other search
marketing firms.

                    About Livedoor Co.

Headquartered in Tokyo, Japan, Livedoor Company, Limited--
http://corp.livedoor.com/en/-- is involved in out portal site
"livedoor," financial business, corporate web solutions, data
center and IP telephony business.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2006, that former Livedoor President Takafumi Horie and
other Livedoor directors were found to have conspired to cover
up the company's JPY310-million pre-tax loss for the business
year ended September 2004, by tampering financial accounts to
instead show an inflated pre-tax profit of JPY5.03 billion.
Moreover, Mr. Horie and the company executives allegedly relayed
false information on a merger, with the intent to boost the
stock price of Livedoor Marketing Co.

Following the accounting scandal surrounding the company in January 2006,
Livedoor's stock price plunged to JPY94 per
share from over JPY300 per share before the company was delisted
from the Tokyo Stock Exchange on April 14, 2006.


NOMURA HOLDINGS: To Invest in Israeli Firms
-------------------------------------------
Nomura Holdings Inc. plans to invest in Israeli companies, reports Golan
Hazani of Y Net News.com.

According to Mr. Hazani, Nomura's executives arrived in Israel on Monday
to meet with high-tech companies such as Strauss, Rad Binat Holdings Ltd,
Syneron Medical Ltd, Gemini Israel Funds, Pitango Venture Capital.

Aside from the high-tech companies, Nomura, according to the report, is
also eying on investing in an Israeli investment firm.  Nomura is
represented in Israel by Irit Hillel of Magnolia Capital Partners.

Nomura, writes Mr. Hazani, has so far invested in only two Israeli
companies – Commtouch and XTL Biopharmaceuticals Ltd.

                  About Nomura Holdings

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

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


NORTHWEST AIRLINES: S&P Removes Watch on Certificates' Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on certain enhanced
equipment trust certificates of Northwest Airlines Inc. (B+/Stable/--) and
removed the ratings from CreditWatch.

Certain other ratings were withdrawn or remain on CreditWatch, and ratings
of 'AAA' rated, insured EETCs, which were not on CreditWatch, were
affirmed.

"The upgrades reflect improved credit quality following Northwest's May
31, 2007, emergence from bankruptcy and our review of factors that affect
expected payment prospects, including those in any future insolvency
proceedings," said Standard & Poor's credit analyst Philip Baggaley.
S&P's criteria for rating EETCs incorporate credit for the likelihood of
continued payment per the terms of the certificates (which require timely
interest payments, backed by liquidity facilities sufficient to pay up to
18 months of interest obligations, and "soft amortization" of principal,
which is due at the legal final maturity of the certificates) and credit
for collateral coverage which could permit repayment using proceeds from
repossessing and selling aircraft.

Upgrades in each case factored in Northwest's revised corporate credit
rating, which was raised to 'B+' from 'D' on May 31. In addition, the
factors specific to individual EETCs were considered, including collateral
coverage, the effect of the revised priority of payments triggered by
Northwest's bankruptcy filing, and the effect of some liquidity providers
terminating their facilities supporting EETCs.

The 'B+' corporate credit rating reflects Northwest's participation in the
competitive, cyclical, and capital-intensive U.S. airline industry, on a
still highly leveraged financial profile, and with substantial upcoming
capital expenditures to modernize its aircraft fleet.  The rating also
incorporates the airline's improved operating cost structure (mostly due
to labor concessions) and reductions in debt and leases achieved in
Chapter 11.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately
1,400 daily departures.  Northwest is a member of SkyTeam, an airline
alliance that offers customers one of the world's most extensive global
networks.  Northwest and its travel partners serve more than 900 cities in
excess of 160 countries on six continents, including Italy, Spain, Japan,
China, Venezuela and Argentina.


PATHEON INC: Posts US$22 Million Net Loss in Second Quarter 2007
--------------------------------------------------------------
Patheon Inc. reported that its second-quarter revenues were
$181 million, which decreased by US$8.9 million, or 5%, over the
same period a year ago.  The net loss for the quarter was
$22 million, as compared with net earnings of US$3 million a year ago.

The company's net income in the second quarter was impacted by
one-time expenses of US$13.5 million in connection with its
refinancing activities.  Net income was also impacted by
repositioning expenses of US$4 million, comprising US$600,000 in
severance costs for further reductions in the size of the
workforce, US$900,000 in professional fees relating to a
manufacturing efficiency review process currently underway at
several sites, and US$2.4 million in costs relating to work on the
company's strategic review process.

                   Six Months Operating Results

For the six months ended April 30, 2007, the company’s revenues
increased 1% to US$352.7 million.  The company had a net loss of
$24 million, compared with a net loss of US$8.5 million a year ago.

As at April 30, 2007, the company listed total asset of
$833.8 million, total liabilities of US$582.1 million, and total
shareholders' equity of US$251.7 million.

The company held US$46.5 million in cash and cash equivalents at
April 30, 2007, as compared with US$50.7 million at Oct. 31, 2006.

"Our European, Canadian and Cincinnati operations continued to
Perform well in the second quarter, achieving on a consolidated
basis an EBITDA margin before repositioning costs of 17%," said
Riccardo Trecroce, chief executive officer, Patheon Inc.

"This performance was moderated by the impact of significant year-
over-year volume declines for two major products manufactured at
our Caguas, Puerto Rico facility," said Mr. Trecroce.  "Returning
our Puerto Rico operations to profitability is a top priority for
the company.  As a first step, we are implementing a plan to
reduce costs in line with reduced revenues."

                       Capital Restructuring

During the second quarter, as previously announced, Patheon
completed its financial restructuring process, with the purchase
of US$150 million of convertible preferred shares of the company by
JLL Partners, and the refinancing of its existing North American
and U.K. debt through new credit facilities with J.P. Morgan
Securities and GE Commercial Finance.

"The successful completion of our capital restructuring process
was a major achievement, providing a stable, long-term financial
foundation to grow and operate our business effectively," said
Mr. Trecroce.

                  Update on Strategic Initiatives

"We are making good progress on our Canadian site restructuring
initiative," Mr. Trecroce reported.  "For the Niagara-Burlington
divestiture, we have prepared and issued a confidential
information memorandum to interested parties and expect to
complete the process of identifying potential buyers by the end of
June.  On the York Mills-Whitby consolidation, we are working
closely with our clients and our employees to develop detailed
transfer plans, and have entered into a listing agreement with a
realtor for the sale of the land and facility after the transfers
have been completed."

                             Outlook

Revenues for the third quarter of 2007 are expected to be about
the same as the second quarter of 2007.  The company continues to
expect that revenues from current operations for 2007 will be
comparable to 2006.

                          About Patheon

Patheon Inc. (TSX: PTI) – http://www.patheon.com/ -- provides
drug development and manufacturing services to the international
pharmaceutical companies located primarily in North America,
Europe and Japan. It produces both prescription and over-the-
counter drugs for its clients.  Patheon provides manufacturing
services for a range of products in many dosage forms and
packaging, such as compressed tablets, hard-shell capsules,
liquids and powders filled in ampoules, vials, bottles or pre-
filled syringes. The pharmaceutical development services provided
by Patheon include dosage form development services, scale-up and
technology transfer services, and manufacturing of pilot batches
of drugs.

                        *     *     *

As reported in the Troubled Company Reporter on April 16, 2007,
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Canadian contract drug manufacturer
Patheon Inc.

At the same time, Standard & Poor's assigned its 'BB' bank loan
rating, with a recovery rating of '1', to Patheon's US$75 million
ABL revolver and its 'B+' bank loan rating, with a recovery rating
of '3', to the company's US$150 million term B facility.  The '1'
recovery rating indicates a full recovery of principal (100%), and
the '3' recovery rating indicates a meaningful recovery of
principal (50%-80%), in a default scenario.  Standard & Poor's
also assigned its 'B-' rating to Patheon's proposed S$150 million
8.5% convertible preferred shares.  The outlook is negative.


PLASTICON INT'L: Suspends Share Exchange due to Debt Restructuring
------------------------------------------------------------------
Plasticon International Inc. has postponed its share exchange program
until further notice.  Plasticon has postponed the exchange in order to
allow the company to coordinate its capital stock reorganization with the
restructuring of its debt.

Preparations were made earlier this year for Plasticon to reorganize its
equity structure by offering to its shareholders of record the opportunity
to exchange Common Stock for a newly created class of Convertible
Preferred Stock.

On May 16, 2007, the company filed a Chapter 11 corporate reorganization
proceeding in order to preserve the value of its subsidiary, Pro Mold
Inc., whose assets were in jeopardy.  Chapter 11 allows a company to
reorganize while it continues to operate and grow its business, as opposed
to liquidation.

"The board of directors of the company has decided to take advantage of
the opportunity presented by the Chapter 11 proceeding to restructure its
capital stock at the same time it restructures its debt through a plan of
reorganization,” Jim Turek, CEO and president of Plasticon International
Inc., stated.  The company expects to proceed with the exchange program at
a later date.

Plasticon International disclosed that the company's wholly owned
subsidiary, SEMCO Manufacturing, is in the final stages of installing
flooring in a Lexington, Kentucky, Cadillac and Volvo dealership.  The
project is valued at an estimated US$30,000 in revenue and is expected to
be completed in approximately two weeks.

                  About Plasticon International

Based in Lexington, Kentucky, Plasticon International, Inc.
(PINKSHEETS: PLNI) -- http://www.plasticonintl.com/-- designs,
produces, and distributes high-quality concrete accessories,
informational and directional signage and plastic lumber, which
are all produced from recycled and recyclable plastics.  Plasticon
is an innovator of cutting edge design, engineering, and
production of industrial and commercial products.  Plasticon is a
green company, environmentally friendly, using recycled plastics
to produce its line of products.  The group has locations in Australia and
Japan.

Plasticon International and its debtor-affiliate, Pro Mold Inc., filed for
Chapter 11 protection on May 16, 2007 (Bankr. E.D. Ky. Case Nos. 07-50934
& 07-50935).  Robert J. Brown, Esq., of Wyatt Tarrant & Combs LLP
represents the Debtors in their restructuring efforts.  As of Sept. 30,
2006, the Debtors reporter total assets of US$8,156,339 and total debt of
US$8,965,473.


SANYO ELECTRIC: Targets Battery Operating Margin to Up 15%
----------------------------------------------------------
Sanyo Electric Co. Ltd. is aiming for an operating profit margin of up to
15% at its rechargeable battery business by focusing on lithium-ion
batteries, which have strong growth potential, Kiyoshi Takenaka, of
Reuters, reports.

Mr. Takenaka quotes Sanyo Senior Vice President Mitsuru Homma as saying
that, “I think we need to earn an operating margin of 10 to 15% .  Even if
we earn JPY600 billion in sales, we still aim to hit a margin of at least
10%.”

Reuters says that Sanyo intends “to secure a double-digit profit margin.”

Mr. Takenaka further relates that the company aims to take nearly half of
the hybrid car-use lithium-ion battery market, adding he is confident of
winning Honda Motor Co. Ltd. and Ford Motor Co. as customers for such
batteries.

According to Mr. Takenaka, Sanyo's rechargeable battery sales totalled
about JPY300 billion in the previous business year.

Mr. Homma, writes Mr. Takenaka, said that it also aims to lift its
lithium-ion battery market globally to 35% in unit terms in the current
business year from 29% a year ago.

To achieve that target, the company plans to boost output capacity of its
lithium-ion batteries by 22% by early next business year, and plans to
lift the ratio of lithium-ion batteries that use less cobalt in order to
combat higher raw material prices, Mr. Homma revealed.

Mr. Homma added that Sanyo estimates that the global market for
lithium-ion batteries, widely used in mobile phones, digital cameras and
laptop computers, is expected to grow 8.5% to
JPY595 billion in the year to March 2008.

                       About Sanyo Electric

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

                           *     *     *

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

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


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

HANAROTELECOM: Posts KRW451.1 Billion for First Quarter 2007
------------------------------------------------------------
Hanarotelecom Incorporated has achieved the highest-ever quarterly
revenues of KRW451.1 billion, and operating profit turned positive,
amounting to KRW12.4 billion for the first quarter of 2007.

Hanaro explained that revenues increased 4.6% quarter on quarter owing to
robust growth across all business segments including broadband, voice and
corporate business.  The Company added that EBITDA increased 13% to KRW
140.1 billion on the back of revenue growth and the efficient execution of
marketing expenses.  Net loss decreased 80% from the previous quarter to
KRW 9.6 billion.

Hanaro also stated that strong subscriber growth continued, with broadband
net adds of 34,000 and voice net adds of 73,000 for the first quarter,
backed by marketing activities focused on bundled products.

In addition, the Company said that the 100Mbps service coverage expanded
to 7.3 million households as of the end of 1Q07 from
4.3 million households as of the end of 2006, on the right track to
achieve the full-year target of 12.6 million households, and the number of
100Mbps broadband subscribers exceeded 1 million in the first quarter on
the back of such coverage expansion.

Meanwhile, hanaTV and corporate business, the two areas that the Company
announced it would foster as new growth engines this year, delivered
strong results.

The number of hanaTV subscribers grew by 230,000 in the first quarter,
reaching 380,000 activated subscribers on a cumulative basis, while
revenues of IDC and NI/Solution rose by 20% quarter on quarter and 80%
year on year, increasing the proportion of corporate business revenues to
24% of the total revenues.

Chief Financial Officer Janice Lee said, By building a solid foundation
for stable growth in core businesses including broadband and voice and
fostering new growth engines such as hanaTV and corporate business, we
will achieve revenue growth and transform into a company that can generate
sustainable profits. In particular, we will expand our subscriber base
through marketing campaigns focused on bundled products while
strengthening our position as a leading player in the communications-media
convergence market through hanaTV,she added.

                      About Hanarotelecom

Seoul, South Korea-based hanarotelecom Inc. --
http://www.hanaro.com/-- is the second  largest player in the
Korean local telephone market.  It provides high-speed Internet
services in Korea.  It provides high-speed Internet services in
Korea.  In June 2001, the company integrated broadband Internet
access services which included ADSL, Hybrid Fiber Coaxial cables
and Broadband Wireless Local Loop into a single brand called
HanaFOS.  hanarotelecom offers VoIP services to its broadband
business customers as a bundled service and also as a stand
alone service.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2006 that Fitch Ratings assigned hanarotelecom Inc. a
Long-term foreign currency Issuer Default rating of 'BB'.  The
rating outlook is stable.

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


HANAROTELECOM: Delists American Depositary Receipts
---------------------------------------------------
hanarotelecom Inc.'s Board of Directors adopted a resolution that approves
the delisting of its American Depositary Receipts, each representing one
share of common stock of the company, from the Nasdaq Global Select Market
and the deregistration of the company and termination of its reporting
obligations under the U.S. Securities Exchange Act of 1934.

hanarotelecom has provided written notice to Nasdaq of its intent to
delist and will file Form 25 with the U.S. Securities and Exchange
Commission on or about June 18, 2007, to effect the delisting.  Unless the
Form 25 is withdrawn by the Company, the delisting will become effective
ten days after this filing. Accordingly, hanarotelecom anticipates that
the last day of trading of ADRs on Nasdaq will be on or about June 28,
2007.

The company intends to file a Form 15F with the SEC to terminate its
registration and reporting obligations under the Securities Exchange Act
on or about June 28, 2007.  The deregistration will be effective 90 days
after the filing of Form 15F, although the Company's reporting obligations
will be suspended upon filing Form 15F.

The rationale for delisting from Nasdaq and terminating the company
registration under the Exchange Act is primarily based on the following.

   * Hanarotelecom's  average daily trading volume of shares
     represented by ADRs on Nasdaq has remained very low since
     2001 and accounted for less than 1% of worldwide trading
     for the year started May 19, 2006 and ended May 18, 2007.

   * Delisting from Nasdaq will consolidate trading on
     hanarotelecom's primary exchange, KOSDAQ (Korean Securities
     Dealers Automated Quotation), which accounts for
     approximately 99% of total worldwide trading.

   * Hanarotelecom's tight discipline and increased focus on the
     optimization of operating costs and administrative
     procedures is a key feature on the Company's shareholder
     value creation proposition. Considering the limited trading
     volume on Nasdaq, hanarotelecom believes that the costs and
     expenses associated with maintaining a dual listing
     significantly outweigh the benefits of continuing such
     listing and registration.

Following the delisting from Nasdaq, the company's common shares will
continue to trade on KOSDAQ and Hanarotelecom will continue to publish its
Annual Report and Accounts and other documents and communications in
accordance with Exchange Act Rule 12g3-2(b) on its Investor Relations
website http://www.hanaro.com/

The company has not arranged for listing and/or registration of the
company's securities on another U.S. Securities Exchange for quotation of
the company's securities on any other quotation medium in the United
States.  ADR holders are entitled to receipt of the Company's common
shares upon surrender of their ADRs or, after six months of the date of
termination of its ADR facility, cash, in accordance with the procedure
set forth in the Deposit Agreement for the ADR facility.  Although steps
are being taken to delist the ADRs, hanarotelecom has not terminated its
ADR facility.

                      About Hanarotelecom

Seoul, South Korea-based hanarotelecom Inc. --
http://www.hanaro.com/-- is the second  largest player in the
Korean local telephone market.  It provides high-speed Internet
services in Korea.  It provides high-speed Internet services in
Korea.  In June 2001, the company integrated broadband Internet
access services which included ADSL, Hybrid Fiber Coaxial cables
and Broadband Wireless Local Loop into a single brand called
HanaFOS.  hanarotelecom offers VoIP services to its broadband
business customers as a bundled service and also as a stand
alone service.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2006 that Fitch Ratings assigned hanarotelecom Inc. a
Long-term foreign currency Issuer Default rating of 'BB'.  The
rating outlook is stable.

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


HANAROTELECOM: To Complete Sale of Stake Held by American Int'l
---------------------------------------------------------------
hanarotelecom Inc is expected to complete the sale of a major stake held
by American International Group inc. (AIG) and Newbridge Capital by
November 2007, Reuters reports, citing Dow Jones.

According to the report, the company has decided to choose a preferred
negotiator by September after announcing detailed plans for the stake sale
this month.

The AIG and Newbridge Capital consortium, which owns 39.4% of
hanarotelecom, may reap a profit of more than KRW300 billion from selling
the stake, the report notes.

                      About Hanarotelecom

Seoul, South Korea-based hanarotelecom Inc. --
http://www.hanaro.com/-- is the second  largest player in the
Korean local telephone market.  It provides high-speed Internet
services in Korea.  It provides high-speed Internet services in
Korea.  In June 2001, the company integrated broadband Internet
access services which included ADSL, Hybrid Fiber Coaxial cables
and Broadband Wireless Local Loop into a single brand called
HanaFOS.  hanarotelecom offers VoIP services to its broadband
business customers as a bundled service and also as a stand
alone service.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2006 that Fitch Ratings assigned hanarotelecom Inc. a
Long-term foreign currency Issuer Default rating of 'BB'.  The
rating outlook is stable.

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


KAFCO C&I: Signs KRW280.5-Mil Contrac With AZWELL
-------------------------------------------------
Kafco C&I Co., Ltd., has signed a contract worth KRW280.5 million with
AZWELL, Reuters reports.

According to the report, the contract is to supply automation tools for
software development to the latter company during the period from May 31
to June 30, 2007.

                    About Kafco C&I Co

Headquartered in Gyeonggi Province, Korea, Kafco C&I Co., Ltd.
is an equipment manufacturer of lithium batteries.  The company
provides its products under two categories: formation and power
supply equipment.  Its formation equipment includes formation
and grading equipment, disposable battery dischargers and
research and development (R&D) equipment used by manufacturers
of lithium batteries, mobile phones, condensers and others. Its
power supply equipment is used in electric power stations,
plating factories and others.

Korea Ratings gives the company's KRW1.20 billion bond a CCC
rating with negative outlook, as of April 18, 2006.


PHOTRONICS INC: Moody's Cuts Rating to B3 on US$150-Mil Notes
-------------------------------------------------------------
Moody's Investors Service affirmed Photronics, Inc.'s B1 corporate family
rating and stable outlook following the closing of its new five-year
US$125 million senior secured bank credit facility.  Simultaneously,
Moody's lowered the rating on the existing
US$150 million convertible subordinated note to B3 from B2.

The one-notch downgrade of the subordinated note reflects a higher
loss-given-default point estimate (86% from 73%) under Moody's LGD
framework and the effect of new secured debt entering the capital
structure.  The holding company entity is the borrower under the new
credit facility, which will be guaranteed on an unsecured basis by
Photronics' domestic operating subsidiaries.  Moody's believes the
collateral value of the new debt has minimal value, if any, in a
distressed scenario (i.e., 100% deficiency claim) given that the security
package consists of 100% of the stock of certain material domestic
subsidiaries and 65% of the stock of foreign subsidiaries.

The stable outlook reflects the company's enhanced earnings quality and
reduced financial leverage tempered by limited earnings visibility and a
concentrated customer base (five largest customers represented 46% of
fiscal 2006 revenues).  It also considers the increase in working capital
consumption over the past year without a commensurate increase in revenue,
and significantly higher capital expenditures targeted in fiscal 2007.
Hence, we anticipate free cash flow to be negative in fiscal 2007 as the
company continues to spend to add high-end capacity at a faster pace than
revenue growth, becoming positive again in fiscal 2008.

These ratings were downgraded:

   -- US$150 million 2.25% Convertible Subordinated Note due
      2008 to B3 (LGD-5, 86%) from B2 (LGD-5, 73%).

These ratings were affirmed:

   -- Corporate Family Rating at B1;
   -- Probability of Default Rating at B1.

                     About Photronics, Inc.

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide
manufacturer of photomasks, which are high precision quartz plates that
contain microscopic images of electronic circuits.  A key element in the
manufacture of semiconductors and flat panel displays, photomasks are used
to transfer circuit patterns onto semiconductor wafers and flat panel
substrates during the
fabrication of integrated circuits, a variety of flat panel
displays and, to a lesser extent, other types of electrical and
optical components.  They are produced in accordance with product designs
provided by customers at strategically located
manufacturing facilities in Asia, Europe, and North America.  In
Europe, the company maintains operations in Dresden, Germany and
Manchester, U.K.  Revenues for the 12 months ended April 29, 2007 were
$439 million.


PHOTRONICS INC: Earns US$14.1 Million for the Qtr. Ended April 29
-----------------------------------------------------------------
Photronics Inc. reported fiscal 2007 second quarter results for
the period ended April 29, 2007, its net income amounted to
US$14.1 million, compared to net income of US$5.3 million for the
second quarter of fiscal 2006.  Net income for the second quarter
of 2007 includes a net benefit of US$7.9 million relating to the
resolution and settlement of United States and foreign tax
liabilities associated with uncertain tax positions in prior
years.  Net income for the second quarter of 2006 included a
charge of US$11.4 million after tax in connection with the company’s
previously disclosed restructuring of its operations in North America.

Sales for the quarter were US$109.6 million, compared to US$119.5 million
for the second quarter of fiscal year 2006.  Semiconductor photomasks
accounted for US$88.3 million, or 81% of revenues during the second
quarter of fiscal 2007, while flat panel display photomasks accounted for
US$21.3 million, or 19% of  revenues. During the second quarter of fiscal
2006, semiconductor photomasks accounted for 76% of revenues and FPD
photomasks accounted for 24% of revenues.

                         Half-Year Results

Sales for the first six months of 2007 were US$215.6 million,
compared to US$231.4 million for the first half of fiscal 2006.
Semiconductor photomasks accounted for US$173.9 million, or 81% of
revenues during the first six months of fiscal 2007, while FPD
photomasks accounted for US$41.7 million, or 19% of revenues.
Year-over-year, semiconductor photomask revenues decreased 2%, while FPD
photomask revenues decreased 22.7%.

Net income for the first six months of fiscal 2007 amounted to
US$21.9 million, compared to the prior year’s first six months net
income of US$15 million.

                        Balance Sheet Data

The company recorded US$977.3 million in total assets,
$286.7 million in total liabilities, US$47.5 million in minority
interest, and US$643.2 million as of April 29, 2007.

The company's working capital increased US$15.6 million to
US$143.2 million at April 29, 2007, as compared to Oct. 29, 2006,
primarily as a result of increased cash generated from operations,
and a decrease in the current portion of long-term borrowings.  At
April 29, 2007, US$125 million of the company's outstanding
US$150 million, 2.25% convertible subordinated notes due in April of 2008,
was reported as long-term in connection with US$125 million of credit
available to the company under a five-year, revolving credit facility
agreement entered into on June 6, 2007, with a group of financial
institutions.

Cash, cash equivalents and short-term investments decreased to
US$153.7 million at April 29, 2007, as compared to US$199.3 million at
Oct. 29, 2006, primarily due to the redemption of US$87.1 million of the
remaining outstanding balance of the company's 4.75% convertible
subordinated notes.

A full-text copy of the company's second quarter results is
available for free at http://ResearchArchives.com/t/s?20c6

Michael J. Luttati, chief executive officer commented, “While
performance for the quarter was at the lower end of our guidance
range as a result of industry wide semiconductor and flat panel
market conditions, we are pleased with the progress we made
during the quarter.  Our plans to further penetrate the
semiconductor industry’s sub-90 nanometer market are proving
successful, as revenues increased sequentially with an especially
strong performance in Asia.  In flat panel displays, the outlook
is improving after taking nearly a year to work through
fluctuating capacity and end market dynamics.  Our technology
focus was recently rewarded with Photronics having shipped our
first Gen 8 production mask set prior to the quarter’s close.”

Mr. Luttati concluded, "As we move into the second half of fiscal
2007, we will continue executing against our strategy to increase
share in the advanced semiconductor mask and flat panel markets.
Near-term market volatility aside, we are optimistic that the
company is significantly improving its competitive position."

                      About Photronics, Inc.

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide
manufacturer of photomasks, which are high precision quartz plates
that contain microscopic images of electronic circuits.  A key
element in the manufacture of semiconductors and flat panel
displays, photomasks are used to transfer circuit patterns onto
semiconductor wafers and flat panel substrates during the
fabrication of integrated circuits, a variety of flat panel
displays and, to a lesser extent, other types of electrical and
optical components.  They are produced in accordance with product
designs provided by customers at strategically located
manufacturing facilities in Korea, Germany, and North America.

                           *     *     *

Photronics Inc. carries Moody's Investors Service's B1 corporate
family rating, B1 probability-of-default rating, and B2 rating on
the company's US$190 million 4.75% convertible subordinated notes
due 2006.

The company carries Standard & Poor's BB- Long-term Foreign and
Local Issuer Credit Ratings.


RHODIA S.A.: Reverse Share Split Takes Effect Today
---------------------------------------------------
Rhodia S.A.'s reverse share split by attributing one new share for 12
existing shares will be effective today, Tuesday,
June 12, 2007.

As of June 12, 2007, Rhodia's registered capital will be of
EUR1,204,231,992, composed of 100,352,666 consolidated shares with a
nominal value of EUR12.

Rhodia's consolidated shares will be traded on Eurolist by Euronext Paris
under « RHA », with ISIN code FR0010479956, as of June 12, 2007,

There will also be a reverse split of the American Depository Receipts on
June 12, 2007.

             Main Terms of the Reverse Share Split

Shares forming a multiple of 12 will be automatically exchanged for
consolidated shares.

Shareholders who do not possess a number of shares exactly divisible by 12
are responsible for taking the necessary action to purchase or sell the
balance of shares.  Rhodia will pay transaction costs incurred up to an
amount of EUR7 (taxes included) per file for shareholders holding shares
in bearer or registered form until July 27, 2007.  Transaction costs
incurred by shareholders holding registered shares as at May 25, 2007,
will be totally covered.

Unconsolidated Rhodia shares will continue to be traded on Eurolist by
Euronext Paris under « RHANR », with ISIN code FR0000120131 for a period
of six months from the start of the reverse stock split or until Dec. 12,
2007.

At the expiry of this period, existing shares forming fractional shares
may be traded in private transactions through financial intermediaries
holding shareholders' accounts up to and including June 11, 2009.

After the expiry of a two-year period following the start of the reverse
share split and the publication of a notice in a financial newspaper, or
by June 12, 2009, consolidated shares not reclaimed by their holders will
be sold in the market and the net proceeds of the sale will be held on
behalf of such holders for 10 years in a blocked bank account at BNP
Paribas Securities Services.  At the expiry of 10 years, the outstanding
sums due to such holders will be transferred to the Caisse des Depots et
Consignations and will remain at the holders' disposal subject to the
thirty year statute of limitations period, after which the sums revert to
the Republic of France.

                           About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.  The company has operations in Brazil and Korea.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable. Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
InvestorsService upgraded Rhodia S.A. corporate family rating to
Ba3 and assigned Probability-of-Default rating for the group at
Ba3; Moody's also upgraded senior secured notes at Rhodia S.A.
to B1 and assigned LGD assessment at LGD4 (69%).  The proposed
convertible notes are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.


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

HONG LEONG: Looks to Double Online Customer Base by Year End
------------------------------------------------------------
Hong Leong Bank Bhd expects to double its existing online customer base of
over 1.5 million over the next 12 months and drive up active usage to at
least 50% with its new improved online service, Bernama News relates.

According to Yvonne Chia, the company's managing director, since the new
improved system was put in place in March, online transactions have grown
by 23% in average weekly value and 105% in average weekly volume, the
report adds.

"We are also seeing strong double digit month-on-month growth in
transactions," Ms. Chia said at the official launch of the new Hong Leong
Online.

The financial portal, supported by enhanced security features, offers the
full array of products and services of the Hong Leong Financial Group and
relevant transaction services to its customers, Bernama notes.

"Hong Leong Online is also the first in Malaysia to adopt the Mobile Web,
and is therefore mobile-ready for our customers on the go, and with a
24-hour service capability soon," Ms. Chia added.  “Internet banking has
become a serious alternative to younger customers today and with 73%  of
Hong Leong Online customers aged between 18-35 years old, E-Channels are
fast becoming the channel of choice.”

"The shift and gains have been very real, in terms of delivering
convenience and accessibility to our customers, lowering our cost-to-serve
and transforming our sales and servicing productivity,” Ms. Chia further
said.

Meanwhile, Victor Khor, its chief operating officer for transaction and
e-banking, explained that with the new portal  they have focused on
enhancing the navigation elements and security features.  Customers can
log into this website or visit the Hong Leong Islamic Banking website at
www.hlib.com.my to enroll for the Hong Leong Online service.


Headquartered in Kuala Lumpur, Malaysia, Hong Leong Bank Berhad --
http://www.hlb.com.my/-- is principally engaged in all aspects of
commercial banking business and in the provision of related services,
including Islamic Banking services, via its incorporated subsidiary, Hong
Leong Islamic Bank Berhad.  Through its subsidiaries, the Bank is also
engaged in leasing activities, real property investment, nominee services
and trade finance activities.  HLB has over 185 branches in Malaysia,
Singapore and Hong Kong. Hong Leong Credit Berhad is the Bank's holding
company, and its ultimate holding company is Hong Leong Company (Malaysia)
Berhad.  On August 25, 2005, HLB disposed of its 100% equity interest in
Credit Corporation (Malaysia) Sdn Bhd. On June 19, 2006, the Company
formed a joint venture company with Hong Leong Assurance Berhad (HLA) and
Tokio Marine & Nichido Fire Insurance Co., Ltd (Tokio Marine), known as
Hong Leong Tokio Marine Takaful Berhad.

Fitch Ratings gave Hong Leong Bank a C individual rating on
July 18, 2005.

Moody's Investors Service, on May 4, 2007, published the rating
results for banks in Malaysia as part of the application of its
refined joint-default analysis and updated bank financial
strength rating methodologies.

With the new methodology, Hong Leong Bank Berhad's BFSR is
upgraded to C- from D+.  The Global Local Currency Deposit
Ratings assigned are A2/P-1.  The foreign currency deposit
ratings are upgraded to A3/P-1 from Baa1/P-2.  The foreign
currency debt rating for subordinated obligations is upgraded to
A3 from Baa2.


PANDATEL AG: Substantial Losses Cue Proposed Liquidation
--------------------------------------------------------
Dowslake Venture Ltd., the majority shareholder of Pandatel AG, requests
to include these items into the agenda of its annual general meeting:

   -- the company will be dissolved.  Liquidation year is the
      calendar year; the first liquidation year is a shortened
      fiscal year and ends Dec. 31, 2007.

   -- Dr. Ebner, Dr. Stolz & Partner
      Wirtschaftspruefungsgesellschaft, Stuttgart, Hanover
      subsidiary, are appointed auditors and group auditors for
      the shortened fiscal year until liquidation, for the
      liquidation opening balance and for the shortened
      liquidation year ending at Dec. 31, 2007.

The company has booked substantial losses during the past years.  Despite
the restructuring implemented, it can no longer expect that the company
will operate profitably given its obsolescent product portfolio.

Therefore, the liquidation is necessary in order to pay out to the
shareholders at least the remaining authorized capital or the available
liquidity respectively.

The company will consider the application without delay and decide on its
further actions.

Dowslake Venture has bought majority shareholding of Pandatel  at the end
of 2005 for the strategic reason that, if the merger of the two companies
could occur, the merged entity could become a strong market leader in
providing compact networking gears from the core to the access networks.

However, the unfriendly business environment and Pandatel being a publicly
traded company made the merger fall apart.  Dowslake Venture does not see
opportunities for substantial return on the investment while millions are
spent for legal and professional cost.  The management has also been
constantly distracted from leading the business and serving customers.  As
consequence, while Pandatel still has good liquidity thanks to the drastic
cut in the past year, Dowslake Venture called for the liquidation in order
to avoid further losses.

Dowslake Microsystems and Pandatel have a joint sales and marketing
agreement in place providing Dowslake Microsystems full right to continue
to serve its full customer base.

Headquartered in Hanover, Germany, Pandatel AG – http://www.pandatel.com/
-- specializes in Ethernet technologies.   The company has customers
worldwide, including in Malaysia and Chile.


TITAN CHEMICALS: Reorganizes Unit's Shareholding Structure
----------------------------------------------------------
Titan Chemicals Corp Bhd disclosed with the Bursa Malaysia Securities Bhd
that it has reorganized the shareholdings of Titan Chemicals International
(L) Limited (FKA Titan Trading International (L) Limited), its wholly
owned subsidiary incorporated in the Federal Territory of Labuan.

In line with the reorganization, the entire shares of TCIL, comprising of
100 ordinary shares of US$1.00 each, had been transferred from Titan
Trading Corp. Sdn. Bhd., a Malaysian company to Titan on June 8, 2007, the
disclosure said.

Titan Chemicals International and Titan Trading are all wholly owned
subsidiaries of Titan.

The reorganization was carried out to improve the set-up of the
International Procurement Centre, the parent company told the bourse.

Based in Malaysia, Titan Chemicals Corp. Berhad --
http://www.titangroup.com/--  has two main business segments, manufacture
and sale of olefin products, and manufacture and
sale of polyolefins products.  Its subsidiaries include Titan
Petchem (M) Sdn. Bhd., Titan Trading Corp. Sdn. Bhd., Titan
Capital (L) Limited, Titan Petrochemicals (M) Sdn. Bhd., Titan
Vinyl (M) Sdn. Bhd., Titan Ethylene Glycol (M) Sdn. Bhd., Titan
Styrene (M) Sdn. Bhd. and Titan Trading Corp. Limited.

Standard and Poors gave the company a BB on its long-term issuer
default rating on July 8, 2005.


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

ANTARTICA SCAFFOLDING: Names Crichton and Horne as Liquidators
--------------------------------------------------------------
On May 28, 2007, David Donald Crichton and Keiran Anne Horne were
appointed as liquidators of Antartica Scaffolding and Rigging Ltd.

The Liquidators fixed June 26, 2007, as the last day for creditors to file
their proofs of debt.

The Liquidators can be reached at:

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


H C SENIOR: Taps Shephard and Dunphy as Liquidators
---------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed as
liquidators of H C Senior (Auckland) Ltd. on May 29, 2007.

The company went into liquidation on that same day.

The Liquidators can be reached at:

          Iain Bruce Shephard
          Christine Margaret Dunphy
          Shephard Dunphy Limited
          Zephyr House, Level 2
          82 Willis Street, Wellington
          New Zealand
          Telephone:(04) 473 6747
          Facsimile: (04) 473 6748


HFT ELECTRICAL: Receiving Proofs of Debt Until July 6
-----------------------------------------------------
HFT Electrical Ltd., which is in liquidation, is receiving the creditors'
proofs of debt until July 6, 2007.

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

The company's liquidator is:

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


INTELLIGENT BUILDING: Fixes June 29 as Last day to Prove Claims
---------------------------------------------------------------
The shareholders of Intelligent Building Systems Ltd. met on
May 29, 2007, and agreed to liquidate the company's business.

Robert Laurie Merlo, the appointed liquidator, requires the company's
creditors to file their proofs of debt by June 29, 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


M.V.S. SECURITY: Appoints Official Assignee as Liquidator
---------------------------------------------------------
On May 28, 2007, the official assignee was appointed as the liquidator of
M.V.S. Security Ltd.

The Liquidator can be reached at:

          Official Assignee
          Insolvency and Trustee Service
          Christchurch
          New Zealand
          Telephone: 0508 467 658
          Web site: http://www.insolvency.govt.nz


MILLENIUM DEVELOPMENTS: Placed Under Voluntary Liquidation
----------------------------------------------------------
On May 29, 2007, Millenium Developments Limited entered liquidation
proceedings and appointed Grant Bruce Reynolds as liquidator.

The Liquidator can be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059, Greenmount
          Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


MOWBRAY COLLECTABLES: Books Net Deficit of NZ$186,791 in FY2007
---------------------------------------------------------------
Listed stamp & collectables dealer and auction house Mowbray Collectables
has reported an annual surplus of NZ$584,000 before tax and goodwill
amortisation, about 8.9% down on the result last year of NZ$641,000

The company announced a dividend of 2.5c (3.0c last year).

The net deficit after tax and amortisation of goodwill was NZ$186,791,
compared with the NZ$151,526 net deficit last year. Mowbray has amortised
goodwill of NZ$569,000 and made provision for NZ$201,502 in tax for the
financial year to March 31.
Since listing six years ago, Mowbray has amortised over
NZ$2 million of goodwill on its asset acquisitions.

Managing director John Mowbray said he was very pleased that the NZ-based
operations had traded to expectations with good growth recorded in the
monthly stamp auctions and in the International Stamp Auction.

He said, however, that the result was affected by the delay in the Bonhams
& Goodman NZ$7 million inaugural Melbourne auction which would have added
NZ$200,000 had it not been postponed from March to April due to the
auction showroom fit out delay. Mowbrays own 20 percent of Bonhams &
Goodman.

“It was also impacted by the rescheduling of Peter Webb Galleries’ recent
sale from the last week of March to the beginning of April. Mowbrays own
49 percent of Webbs, which despite a slowing in the art market enjoyed a
good year.”

“Webb’s management has restructured operations following the resignation
of senior staff to form a new auction company in Auckland. We are
confident that Webbs will maintain its leading position in the highly
competitive Auckland market.”

Another Mowbrays associate company, Wildlife Philatelic Collections, the
Australian agent for the World Wide Fund for nature stamp programme,
having invested heavily in a marketing programme in the previous year,
reaped the benefit and produced a strong result.

Following a disappointing result by Stanley Gibbons (Australia), the
directors have decided to reorganise its structure and relinquish the
Stanley Gibbons Licence at the end of the year, due to the constraints
imposed on the licence use, particularly the inability to use the
internet.

The company will be rebranded under the Mowbray name, similar to the
successful rebranding when the Stanley Gibbons licence expired in New
Zealand in 1999. A major introductory sale under the Mowbray brand will be
held in Melbourne in February 2008 to launch the new structure.

Chairman Murray Radford said trading in the first two months of the new
financial year was above budget. He predicted an improved result for the
current year which will be helped with the introduction of new accounting
standards that will remove the need to amortise assets that have
maintained or improved their investment carrying values.

Headquartered in Otaki, New Zealand, Mowbray Collectables
Limited -- http://www.mowbraycollectables.co.nz/-- is engaged
in the auction of rare books, maps, print, militaria and
numismatics.  The company's wholly subsidiaries include Mowbray
Bethunes Ltd, which is a stamp, philatelic, rare book dealer,
retailer and auctioneer; World Wide Fund for Nature Stamp
Program (New Zealand Agency), which is an international stamp
program agency; Stanley Gibbons (Australia) Pty Ltd, which is an
international stamp auctioneer; Auction Investments Ltd, which
is a holding company, and Wildlife Philatelic Collections Pty
Ltd, which is an international stamp program agency.  Its
associates include Peter Webb Galleries Ltd, which is an
auctioneer in New Zealand, and First East Auction Holdings Pty
Ltd, which is an auctioneer in Australia.

The company reported net deficits after taxation of NZ$151,526
and NZ$169,775 for the years ended March 31, 2006, and 2005,
respectively.


NUPLEX INDUSTRIES: To Close Brazil Manufacturing Operations
-----------------------------------------------------------
Nuplex Industries Limited said in a media release that manufacturing
operations in Brazil will close immediately. Annual losses in the order of
NZ$3 million will be eliminated as a result of this action.

Closure costs will result in an abnormal charge of NZ$1.0 million,
additional to the NZ$2.5 million plant and equipment write-down taken at
the half year.

South America remains a strategic target market for the company and a
strong presence will be maintained there.  Future market requirements will
be serviced from existing regional Nuplex manufacturing operations through
our Sao Paulo based sales and distribution office.

In other major growth and restructuring projects, key capacity building
programmes in Europe will be completed in line with forecast, and will
contribute significantly to next year's performance.  The Seven Hills
Australia site will close by
June 30, a little later than had been originally planned but the view of
benefits from this closure in future years remains positive and unchanged.
The delayed closure has resulted in higher operating costs than
anticipated in the current period which will impact this year's result.

The European business has suffered a bad debt in the order of NZ$2 million
which will have a one off effect on this year's result.  As a result of
this, the delayed closure of Seven Hills, and the effect of a strong New
Zealand dollar, EBITDA for the current year is expected to be at the
bottom, or marginally below the NZ$103 - NZ$110 million range previously
forecast.

None of these situations affect future performance. With the current
restructuring programme completed and capacity growth projects in line
with forecast, the company remains confident of a substantial lift in
profit in the 2007/08 year, in line with previous announcements.

                    About Nuplex Industries

Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand.  The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.

Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes.  It also provides
specialist building products.  Nuplex has operations in
Australasia, Asia, Europe, and The Americas, and reports in four
business segments.

According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries.  It also bought a coating
resins business in Holland.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on its
June 12, 2007 Distressed Bonds Column that Nuplex Industries
Ltd.'s bond with a 9.300% coupon and which matures on Sept. 15,
2007, as trading at 8.75%.


ODORITE OF NEW ZEALAND: Proofs of Debt Due by June 26
-----------------------------------------------------
Odorite of New Zealand Ltd., which is in liquidation, requires its
creditors to file their proofs of debt by June 26, 2007.

The company commenced liquidation proceedings on May 28, 2007.

The company's liquidators are:

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


WIGMORE EXPRESS: Shareholders Resolve to Close Business
-------------------------------------------------------
The shareholders of Wigmore Express Ltd met on May 29, 2007, and resolved
to close the company's business.

Grant Bruce Reynolds was appointed as liquidator.

The Liquidator can be reached at:

          Grant Bruce Reynolds
          Reynolds & Associates Limited
          PO Box 259059 Greenmount
          Auckland
          New Zealand
          Telephone:(09) 522 5662
          Facsimile:(09) 522 5788


WORLDSPORT LTD: Appoints Jollands and Grieve as Liquidators
-----------------------------------------------------------
Peter Reginald Jollands and Rory Iain Grieve were appointed as liquidators
of Worldsport Limited on May 30, 2007.

Messrs. Jollands and Grieve require the company's creditors to file their
proofs of debt by July 6, 2007.

The Liquidators can be reached at:

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


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

ATLAS CONSOLIDATED: Unit Secures US$5 Mil. Loan for Toledo Mines
---------------------------------------------------------------
The Carmen Copper Corp., a subsidiary of Atlas Consolidated Mining and
Development Corp. secured a US$5.4 million loan from the Manchester
Securities Corp. for its rehabilitation and purchase of more equipment for
its Toledo City Mines operations.

A press statement from the ACMDC said that the fresh loan is on top of the
US$10.2 million worth of equipment that Carmen ordered earlier from
Komatsu.  It said that “this combined equipment inventory will already be
sufficient to begin its open pit operations.”

According to a report to the Philippine Stock Exchange in April, Atlas
will also secure another US$100-million loan facility from Deutsche Bank
to jumpstart the Toledo operation that was closed in 1994 due to the drop
of world copper prices and labor strikes.

The report further stated that the re-opening of the Toledo Copper mine is
estimated to produce about 42,000 tons of copper per day. It can be
recalled that ACMDC operated three large open pits and three underground
block-caving lifts at the Toledo Copper mine from 1955 to 1994 and it has
a total production of approximately 667 million tons of ore that produced
concentrates containing
2.56 million tons of copper; 1.96 million ounces of gold and
7.2 million ounces of silver.

The re-opening of the Atlas Mining is expected to pour in social and
economic benefits to Toledo City.  In 2006, ACMDC turned-over to the
Toledo City local government unit a check worth P1M representing the
balance of the cash component of the company’s real estate taxes and
another PHP1 million shares of stocks that is worth P8-million at present
market value.

These represented the compromise agreement reached between ACMDC and
Toledo City LGU that reduced the company’s tax payables from PHP280
million to PHP100 million.  Of the PHP100 million, PHP10 million was in
cash while the rest are in shares of stocks and some of Atlas’ properties.
According to Toledo City Mayor Arlene Zambo, the company will also start
paying the retirement benefits of its legitimate employees.

The mayor also said that the Toledo City government welcomes the
re-opening of the copper mine as it is expected to boost the city’s
economy.

                    About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas Consolidated Mining
and Development Corporation was established through the merger of assets
and equities of three Soriano-controlled pre-war mines, the Masbate
Consolidated Mining Company, IXL Mining Company and the Antamok Goldfields
Mining Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and gold with
silver and pyrites as major by-products.  The company's copper mining
operations are centered in Toledo City, Cebu, where two open pit mines,
two underground mines and milling complexes (concentrators) are located.
The Cebu copper mine ceased operations in 1994. Activities after the
shutdown were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge losses to the
mining firm.

In January 2004, Atlas decided to rehabilitate the company and its assets
since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a capital
deficiency of PHP3.035 billion for the year ended December 31, 2005.
Moreover the company's auditor, Jaime F. Del Rosario, of Sycip Gorres
Velayo, raised substantial doubt on the company's ability to continue as a
going concern.

As reported in the TCR-AP on May 24, 2007, the company has a capital
deficiency of PHP820.5 million.


CHIQUITA BRANDS: Raises CEO's Salary to US$900,000 Yearly
---------------------------------------------------------
Cliff Peale at Enquirer.com reports that Chairperson and Chief Executive
Officer Fernando Aguirre's salary will increase to US$900,000 per year,
despite the US$96-million loss the company incurred in 2006.

Enquirer.com's Mr. Peale notes that Chiquita Brands' stock price also
dropped 25% last year.  The firm didn’t pay any cash bonuses.

However, Mr. Aguirre’s salary will increase and he will receive an award
of US$1.2 million in restricted stock over the next three years, the
report says.

According to Enquirer.com's Mr. Peale, Chiquita Brands directors are
positive that Mr. Aguirre is helping transform the company from a seller
of commodity bananas to a more diversified and more profitable seller of
fruit-based products.

Chiquita Brands director Steven Stanbrook, who heads the compensation
committee, told Enquirer.com's Mr. Peale that the transformation will take
time.  He commented, "The most important long-term objective that Mr.
Aguirre has to achieve is related to a far-reaching transformational
initiative we are pursuing."

Chiquita Brands "meticulously benchmarks against comparable companies,"
Enquirer.com's Mr. Peale notes, citing Mr. Stanbrook.  The director
defended Mr.  Aguirre’s raise, saying that it is fair, especially since
the company has been dealing with regulatory and legal issues that
originated before Mr. Aguirre.

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%).


GEOGRACE RESOURCES: Guarantees Saprolite Purchase of MHI Shares
---------------------------------------------------------------
GEOGRACE Resources Philippines Inc.'s Board of Directors has authorized
the company to guarantee Saprolite Mining Inc.'s firm commitment to buy
all shares that remain unsubscribed by the end of Magnum Holdings Inc.'s
stock rights of offering.

Under a memorandum of agreement dated January 24, 2007, the company has
the right to acquire 100% of the issued and outstanding capital stock of
Saprolite.

Terms and conditions of MHI's offering are:

    * 500 milion to 70 million common shares will be
      offered and issued out of MHI's authorized capital stock
      of PHP2 billion pesos

    * Each eligible investor wil be able to subscribe to 5 right
      shares for every 1 share held as of record date;

    * Shares will offered at a price of PHP1.00/share

    * The offer period shall start within 30 days of record
      date, which shall be set within 15 days from the
      Philippine Stock Exchange's approval of the offering

    * Any eligible investor during the offer period can apply
      for additional subscription of up to 2 rights shares for
      every one share of MHI held as of record date

    * Eligible investors must make full payment upon
      subscription

    * The proceeds of the offering will be used to finance MHI's
      mining activities

    * No underwriter will be engaged for the offering

Banco de Oro-EPCI will be the receiving agent and custodian bank for the
stock rights offering.

                    About Geograce Resources

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

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

                          Loan Default

As of September 30, 2006, the parent company and a subsidiary are in
default in the payment of principal and interest due.

On February 23, 2004, the parent company, Adamson & Adamson, Inc.  (a
subsidiary) and Equitable PCI Bank agreed on a dacion en pago arrangement
of AAI’s manufacturing facility and equipment under installation with
carrying value of PHP195.5 million as of December 31, 2003 for settlement
of the parent company’s long term debt amounting to PHP169.3 million and
AAI’s bank loans amounting to PHP26.2 million.

The remaining loan with EPCIB has been considered for settlement through a
dacion en pago arrangement under a Memorandum of Agreement entered into
between the parent company and EPCIB on April 23, 2002.  Under the MOA,
the loan of the parent company will be settled in exchange for land and
development with carrying value of PHP108.9 million as of September 30,
2006 and December 31, 2005.

The MOA also included the waiver of accrued interest expense.  Also, as
agreed with EPCIB, interest expense on the loan has not been recognized
starting 2002.  As of November 10, 2006, the dacion en pago arrangement
has not yet been finalized pending the transfer of land titles to the
parent company of the land and development that are subject of dacion en
pago arrangement.


MANILA MINING: Reports PHP4.25-Mil. Net Loss for March 31, 2007
---------------------------------------------------------------
Manila Mining Corp. incurred a net loss of PHP4.25 million for the quarter
ended March 31, 2007, a decrease of 81% from the
PHP22.17 million net loss it reported for the same period in 2006.

For the January-March 2007 quarter, the company earned PHP121,057 in
revenues while incurring PHP4.37 million in costs and expenses. Total
costs and expenses for the first quarter of 2007 represented the net
operating loss for this period.

The company attributed the 81% decrease in expenses and net loss as
compared to the first quarter of 2006 to the decline in depreciation
expense.  Depreciation expenses for the January-March 2006 period were at
PHP8.22 million, and decreased to
PHP2.49 million for the quarter ended March 31, 2007.

As of March 31, 2007, the company had total assets of
PHP2.01 billion and total liabilities of PHP1.05 billion, resulting in a
shareholders' equity of PHP964.69 million.  As of March 31, 2007, the
company's current liabilities were at PHP595.93 million, exceeding current
assets of PHP500.54 million.

                     About Manila Mining

Manila Mining Corporation -- http://www.manilamining.com/-- was
incorporated primarily to carry out the business of mining, milling,
concentrating, converting, smelting, treating, preparing for market,
manufacturing, buying, selling, exchanging and otherwise producing and
dealing in precious and semi-precious metals, ores, minerals and their
by-products.  The company is an affiliate of Lepanto Consolidated Mining
Company.  It started its mining operations in Placer, Surigao del Norte in
1981.  Up until it suspended its mining and milling operations in July
2001, the company produced gold bullion through a Carbon-In-Pulp (CIP)
Plant.

                          *     *     *

After auditing Manila Mining's annual report for the year ended December
31, 2005, Rodelio A. Acosta, of Isla Lipana & Co., raised substantial
doubt on the company's ability to continue as a going concern, noting the
company's continued losses from operations that resulted to a deficit of
PHP936,543,157 and working capital deficiency of PHP729,068,305 in 2005.


METROPOLITAN BANK: Posts PHP2-Bil. Net Income for 1st Qtr. 2007
---------------------------------------------------------------
Metropolitan Bank & Trust Co. reported a net income of
PHP2.23 billion for the quarter ended March 31, 2007, an increase of 13%
from the PHP1.96 billion net income reported for the same period in 2006.

For the first quarter of 2007, the company earned total operating income
of PHP9.37 billion, on interest income of PHP9.55 billion and interest and
finance charges of PHP4.36 billion.  Total operating expenses for the
January-March 2007 quarter totaled PHP6.72 billion.

For the quarter ended March 31, 2006, the company reported a total
operating income of PHP9.05 billion and total operating expenses of
PHP6.63 billion.

As of March 31, 2007, the company has total assets of
PHP663.39 billion and total liabilities of PHP591.13 billion, resulting in
an equity of PHP68.4 billion.

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

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

                          *     *     *

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

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

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

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

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

   * Short-term rating 'B,'

   * Support rating '3.

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


VITARICH CORP: Incurs PHP163.79-Mil. Net Loss For Year 2006
-----------------------------------------------------------
Vitarich Corp. posted a net loss of PHP163.79 million for the year ended
December 31, 2006, decreasing % from the PHP249.27 million net loss it
reported for the year 2005.

For the year 2006, the company earned net sales of
PHP2.44 billion, with cost of goods sold at PHP2.19 billion, and resulted
in a gross profit of PHP250.41 million.  Operating expenses reached
PHP271.85 million, which gave way to an operating loss of PHP21.43
million. Other charges for the year totaled PHP137.95 million.

The company attributed the 20% drop in sales from the
PHP3.04 billion reported in 2005 to the its move to reduce poultry volume
and shift its business to feeds. Operating expenses also dropped by 7%
from 2005's PHP315.2 million figure due to prudent spending and the
company's continuous strategic activities.

For the year 2005, the company reported PHP3.04 billion in net sales,
PHP2.82 billion in cost of goods sold, PHP224.33 million gross profit,
PHP315.2 bmillion operating income, PHP90.86 million operating loss and
PHP200.94 million other charges.

As of December 31, 2006, the company had total assets of
PHP3.35 million and total liabilities of PHP3.29 million, resulting in a
total equity of PHP56.22 million.

                      About Vitarich Corp.

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

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

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

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

                          *     *     *

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

                          *     *     *

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


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

ADVANCED MICRO: Shares Rise as Lehman Ups Target Price
------------------------------------------------------
Advanced Micro Devices Inc.'s shares last Friday went up by as
much as 3.4% after Lehman Brothers upped its price target from US$13 to
US$15, Reuters reports.

In making the determination, Lehman cited the company's near-term
second-quarter outlook, the report further discloses.

Advanced Micro Devices -- http://www.amd.com/-- (NYSE: AMD)
designs and manufactures microprocessors and other semiconductor
products.

The company has a facility in Singapore. It has sales offices in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on May 2, 2007,
Moody's Investors Service affirmed AMD's B1 corporate family
rating while revising to Ba2 from Ba3 the ratings on both the
currently secured US$390 million notes due 2012 (2012 Note) and the
USUS$1.7 billion remainder of the original US$2.5 billion term loan due
2013.  The rating outlook remains negative.


CKE RESTAURANTS: Reports Same-Store Sales for Carl's & Hardee's
---------------------------------------------------------------
CKE Restaurants, Inc. reported same-store sales for the four weeks and
quarter ended May 21, 2007, for Carl's Jr.(R) and Hardee's (R).


                 Period 4     First Quarter
                 --------           -------------
Brand        FY 2008   FY 2007    FY 2008    FY 2007
-----        -------   -------    -------    --------
Carl's Jr.    -0.9%    +6.8%      0.0 %      +5.6%

Hardee's      +0.6%    +7.9%      +1.8 %     +5.6%

Blended       -0.1%    +7.3%      +0.9 %     +5.6%

Commenting on the company's performance, Andrew F. Puzder,
president and chief executive officer, said, "Period four blended
same-store sales declined 0.1 percent.  However, we are very encouraged by
Hardee's performance, which posted increased same- store sales for the
19th consecutive period despite very good results in the prior year.  We
remain convinced that our
innovative, premium products and ongoing remodel and dual-branding
programs can deliver positive sales results in the near and long- term."

"During period four, Carl's Jr. promoted the Buffalo Chicken
SandwichO and Boneless Buffalo Wings.  Both products are dipped in
Frank's(R) RedHot(R) buffalo wing sauce and received media support during
the period.  The brand also recently announced the introductions of the
distinctive Hawaiian Teriyaki Burger (TM) and Orangesicle Hand-Scooped Ice
Cream Shakes & Malts (TM) but the new menu items were not available in
restaurants until after the close of period four," said Mr. Puzder.  "On a
two-year cumulative basis, same-store sales at Carl's Jr. have increased
almost six percent.  Average unit volumes for period four were higher than
any comparable period four ever."

Carl's Jr. same-store sales were flat in the first quarter,
compared to a 5.6% increase in the prior-year's quarter.  Revenue for the
first quarter from company-operated Carl's Jr.
restaurants, exclusive of franchise-related revenue and royalties, was
approximately 181.2 million.

"Hardee's introduced the distinctive Breakfast Club Sandwich (TM)at the
start of period four, made with ham, bacon, turkey, cheese and eggs on
grilled sourdough bread.  The brand also introduced the Patty Melt
Thickburger (TM) during the last week of period four although media
support did not begin until period five.  Featuring a 1/3-pound Angus beef
patty topped with grilled onions and melted American cheese between two
slices of grilled rye bread, the Patty Melt Thickburger offers guests an
authentic version of a classic American burger.  In addition, the brand
continued to feature the Big Twin (R) and Southwest Chicken Salad(TM)"
Puzder continued. "On a two-year cumulative basis, same-store sales at
Hardee's have increased approximately eight and a half percent.  In
addition, Hardee's period four average unit volume was higher than any
comparable period four since 1994, which is as far back as we can check."

"Hardee's same-store sales for the first quarter increased 1.8
percent on top of a 5.6 percent increase in the prior-year's
quarter. We believe these gains reflect our continued efforts to
broaden the appeal of the brand through the selective expansion of our
menu as well as our ongoing customer service initiatives."

Revenue for the first quarter from company-operated Hardee's restaurants,
exclusive of franchise-related revenue and royalties, was approximately
US$199.2 million.

For the first quarter, consolidated revenue from company-operated
restaurants, exclusive of all franchise-related revenue and royalties, was
approximately:


Carl's Jr.                         US$181.2 million
Hardee's                           US$199.2 million
La Salsa Fresh Mexican Grill (R)   US$13.4 million
                                   --------------
Total                              US$393.8 million


Same-store sales results for period five of fiscal year 2007,
ending June 18, 2007, will be reported on or about June 27, 2007.

As of the end of its fiscal fourth quarter on Jan. 29, 2007, CKE
Restaurants, Inc., through its subsidiaries, had a total of 3,105
franchised or company-owned restaurants in 43 states and in 13 countries,
including 1,087 Carl's Jr. restaurants, 1,906 Hardee's restaurants and 96
La Salsa Fresh Mexican Grill restaurants.

                        About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR) --
http://www.ckr.com-- through its subsidiaries, franchisees and licensees,
operates some of the most popular U.S. regional brands in quick-service
and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and Green
Burrito(R) restaurant brands.  The company operates 3,131 franchised,
licensed or company-operated restaurants in 43 states and in 13 countries
–- including Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on March 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on CKE Restaurants.  The outlook is stable.


ISOFT GROUP: CSC Slams Recommended All-Share Offer Under Scheme
---------------------------------------------------------------
Computer Sciences Corporation advised iSOFT Group plc that it will not
provide its consent to the change of control in iSOFT, which would result
from the completion of the Recommended All Share Offer to be effected by a
Scheme of Arrangement under which a wholly owned subsidiary of IBA Health
Limited will acquire the entire issued and to be issued share capital of
iSOFT.

CSC has not provided any reasons regarding this position and both iSOFT
and IBA are now seeking clarification from CSC regarding this matter.

Both iSOFT and IBA are considering their respective positions and a
further announcement will be made before trading in IBA shares resumes.

As previously reported in the TCR-Europe on May 21, 2007, CSC has
indicated that, for its consent to be forthcoming at completion of the
Offer, CSC will need to be satisfied that the acquisition by IBA will
enhance the ability of iSOFT to deliver under NPfIT.  These discussions
are continuing.  CSC will also require CfH to provide an equivalent
consent and IBA to provide a parent company guarantee in the form of the
existing guarantee from iSOFT (which IBA has agreed to provide).  If the
CSC consent is not obtained, IBA will seek the permission of the Panel to
invoke the condition and lapse the Offer.

                       Terms of the Offer

Under the terms of the Offer, iSOFT Shareholders will be
entitled to receive 1.1 IBA Consideration Shares for each iSOFT
Share held.  IBA is listed on the Australian Securities Exchange
with a market capitalization of AUS$$434 million (GBP183
million).

The Offer values each iSOFT Share at 58.1 pence and the entire
issued and to be issued share capital of iSOFT at approximately
GBP140 million, based on the price of an IBA Share of AUS$1.255,
being the closing mid-market price on the ASX on May 4, 2007
(being the last day prior to the date on which IBA was granted a
trading halt for its shares by the ASX).  IBA is raising new
equity (as described below) and adjusted for the impact of this
equity issue, the Offer values each iSOFT share at 54.7 pence
and the entire issued and to be issued share capital of iSOFT at
approximately GBP132 million.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


PDC CORP: Posts Shareholders Change of Interests
------------------------------------------------
On June 11, 2007, PDC Corp Ltd disclosed that two of its shareholders, Ong
Bee Huat and Hsu Hung-Chun, have changed their stake in the company.

Mr. Ong has purchased additional stake in the open market, thus, he now
holds 89,000,000 direct shares with 6.90% issued share capital.  Prior to
the change Mr. Ong held 87,000,000 direct shares with 6.75% issued share
capital.  Mr. Ong still holds 97,904,733 deemed shares with 7.59% issued
share capital.

On the other hand, Hsu Hung-Chun reduced his direct shares in the company
due to the sale in open market at his own discretion.   Presently, Mr. Hsu
holds  130,000,000 direct shares with
10.08% issued share capital.  Prior to the change, Mr. Hsu held
130,500,000 direct shares with  10.12% issued share capital.   Mr. Hsu
doesn't hold any deemed shares in the company.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young, after auditing the
company's financial statements for the year ended Dec. 31,
2005, highlighted a going concern issue.


PEER CHEMICAL: Court to Hear Wind-Up Petition on July 6
-------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the operations
of Peer Chemical & Metallurgy Pte Ltd on July 6, 2007, at 10:30 a.m.

The petition was filed by ISP (Singapore) Pte Ltd on May 11, 2007.

ISP's solicitors are:

          Arul Chew & Partners
          20 Maxwell Road #02-13/14
          Maxwell Road, Singapore 069113


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

Persons or entities who need not file proofs of claim include:

   * any person or entity that already has filed a signed proof
     of claim against the applicable Debtor with either BASIC or
     the Clerk of the Bankruptcy Court for the District of
     Delaware in a form substantially similar to Official
     Bankruptcy Form No. 10;

   * any person or entity who does not dispute its Claim as
     listed on the Debtors' Schedules of Assets and Liabilities;

   * any holder of a claim that previously has been allowed by a
     Court order;

   * any holder of a claim that has been paid in full by any of
     the Debtors in accordance with the Bankruptcy Code or a
     Court order;

   * any holder of a claim for which a specific deadline
     previously has been by the Court;

   * any Debtor asserting a claim against another Debtor;

   * any direct or indirect non-debtor wholly-owned subsidiary of
     a Debtor asserting a claim against a Debtor;

   * any holder of a claim allowable under Section 503(b) and
     507(a)(2) as an expense of administration;

   * any professional retained by the Debtors or Court-approved
     Committees who asserts administrative claims for fees and
     expenses;

   * any current officer or director of any Debtor asserting
     indemnification, contribution or reimbursement claims;

   * any holder of a claim arising with respect to any of
     these issuances of Sea Containers Ltd. public notes:

        -- 10-3/4% notes due October 15, 2006,
        -- 7-7/8% notes due February 15, 2008,
        -- 12-1/2% notes due December 1, 2009,
        -- 10-1/2% notes due May 15, 2012;

   * any individual participant in the Sea Containers 1983 and
     1990 Pension Schemes asserting a claim arising under or in
     respect of those pension plans; and

   * any holder of equity securities of, or other interests in,
     the Debtors solely with respect to that holder's ownership
     interest in or possession of those equity securities or
     other interests.

Proofs of claim forms may be obtained at http://www.bmcgroup.com/scland
http://www.uscourts.gov/bkforms

All proofs of claim must be sent to:

   (Mail)
   BMC Group
   Attn: Sea Containers Claims Agent
   P.O. Box 949
   El Segundo, CA 90245-0949

   (Overnight Courier)
   BMC Group
   Attn: Sea Containers Claims Agent
   1330 East Franklin Avenue
   El Segundo, CA 90245

                       About Sea Containers

Headquartered 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
$1,545,384,083.

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires today, June 12, 2007.


YEO BROTHERS: Accepting Proofs of Debt Until June 29
----------------------------------------------------
Yeo Brothers Launch Services Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by June 29, 2007.

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

The company's liquidator is:

          Lau Chin Huat
          150A Mei Chin Road #02-00
          Singapore 140150


YEW SENG: Creditors Must Prove Debts by June 22
-----------------------------------------------
Yew Seng (Lian) Pte Ltd, which is in compulsory liquidation, is receiving
proofs of debt from its creditors until June 22, 2007.

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

The company's liquidator is:

          Lai Seng Kwoon
          c/o SK Lai & Co
          #13-00, ASO Building, 8 Robinson Road
          Singapore 048544


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

ARVINMERITOR: Files Shelf Registration for Notes Resale
-------------------------------------------------------
ArvinMeritor Inc. has filed a shelf registration statement with the U.S.
Securities and Exchange Commission to register the resale by holders of up
to US$200,000,000 of its 4.00% Convertible Senior Notes due 2027 and the
shares of the company's common stock issuable upon conversion of the
Notes.  As previously announced, the Notes were issued in a private
placement in February 2007.  The company will not receive any proceeds of
any resales that may be made under the registration statement, which
became effective automatically upon filing.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a premier USUS$8.8
billion global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 12, 2007
Dominion Bond Rating Service assigned a rating of BB (low) to
the USUS$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  DBRS says the trend is stable.

As reported on on Feb. 6, 2007, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


NATURAL PARK: Reports THB296-Mil. Net Loss for 1st Quarter 2007
---------------------------------------------------------------
Natural Park PCL reported a THB296.79 million consolidated net loss for
the first quarter of 2007, as compared with the
THB249.13 million net loss it reported for the same period in 2006.

For the January-March 2007 period, the company earned total revenues of
THB227.53 million, an 85% increase from the
THB145.73 million revenue incurred in the same period in 2006. Total
expenses increased by 15%, reaching THB351.01 million, as compared with
the THB305.35 million reported for the quarter ended March 31, 2006.

As of March 31, 2007, the company showed an illiquid status, as current
liabilities of THB4.55 billion exceeded current assets of THB1.5 billion.
As of March 31, 2007, the company had total assets of THB10.81 billion and
current liabilities of
THB5.67 billion, resulting in a total shareholders' equity of THB5.14
billion.

Natural Park is facing a suit for bankruptcy filed by Sathorn Asset
Management.  It has also been faced with a suit filed earlier by Ocean
Life Insurance, which is now appealing the junking of the case by the
Central Bankruptcy Court.

                       About Natural Park

Based in Bangkok, Thailand, Natural Park Public Company Limited engages in
developing, renting, leasing, selling and managing of residential and
commercial properties. Its business groups include the operations of a
luxury apartment complex, The Natural Park Apartment, in Bangkok, the
management of Novotel Beach Resort Phanwa Phuket and the operations of
french restaurants, LENÔTRE and LENÔTRE BOUTIQUE. In addition, the Company
is involved in the catering services.


OSI RESTAURANT: Moody's Cuts Rating to B1 on Three Bank Loans
-------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating of OSI
Restaurant Partners, Inc. in addition to other rating actions as:

Ratings affirmed are:

   -- B2 corporate family rating;

   -- B2 probability of default rating;

   -- US$550 million senior unsecured notes maturing in 2015
      rated Caa1 (LGD5, 85%);

   -- SGL-2 Speculative Grade Liquidity rating.

Ratings lowered are:

   -- US$150 million working capital revolver maturing in 2013,
      lowered to B1 (LGD-3, 33%) from Ba3 (LGD3, 28%)

   -- US$100 million pre-funded revolver maturing in 2013, lowered
      to B1 (LGD-3, 33%) from Ba3 (LGD3, 28%)

   -- US$1.310 billion term loan B maturing in 2014, lowered to B1
      (LGD-3, 33%) from Ba3 (LGD3, 28%)

   -- The outlook is stable

The B2 corporate family rating reflects OSI's high financial leverage,
modest coverage, and marginal free cash flow generation, as well as the
highly competitive environment within the casual dining segment of the
restaurant industry which will likely persist over the intermediate term.
Moody's believes the operating environment in the casual dining space will
remain challenging as consumers continue to focus on greater value in
regards to food prepared away from home.  However, the ratings
also incorporate OSI's significant scale and scope, the benefits of a
diversified revenue stream stemming from the various concepts and good
liquidity.

The lowering of the senior secured bank loan ratings was prompted by the
change in OSI's liability structure as a result of an increase in total
secured debt of approximately US$230 million, due to the re-allocation of
approximately US$150 million of unsecured debt to secured debt, in
addition to US$80 million of additional secured debt required to fund the
transaction.

The stable outlook anticipates that while the operating environment will
remain challenging, OSI's strategic initiatives and targeted cost savings
should help to improve debt protection metrics and overall financial
flexibility over time.  The stable outlook also indicates good liquidity
and reflects Moody's expectation that OSI's internally generated cash flow
and cash balances will be sufficient in funding capital expenditures,
mandatory term loan B amortization, working capital fluctuations
and other internal investments over the next twelve months.

Proceeds from the proposed transaction together with a commercial mortgage
backed transaction and contributed equity will fund the acquisition of OSI
by two private equity sponsors, Bain Capital Partners and Catterton
Partners, along with other sponsors that include OSI's founders and
members of the current management team.

As is customary, all of Moody's assigned ratings are subject to review of
final documentation.

OSI Restaurant Partners, Inc.’s portfolio of brands consists of
OutbackSteakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s
PrimeSteakhouse & Wine Bar, Roy’s, Lee Roy Selmon’s, Blue Coral Seafood
&Spirits and Cheeseburger in Paradise restaurants.  It has operations in
50 states and 20 countries, including Thailand, Brazil and the United
Kingdom, internationally.  Revenues for fiscal 2006 totaled US$3.9
billion.


OSI RESTAURANT: Higher Leverage Cues S&P to Downgrade Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit rating on
Tampa, Florida-based OSI Restaurant Partners Inc. to 'B' from 'B+'.

The company's bank loan ratings, including the ratings on its
$150 million revolving credit facility due 2013, US$1.31 billion term loan
B due 2014, and US$100 million prefunded revolving credit facility due
2013, have been lowered to 'BB-' from 'BB'.

At the same time, the rating on OSI's US$550 million 9.625% notes due 2015
has been lowered to 'CCC+' from 'B-.'

The outlook is stable.

The downgrade follows OSI's announcement that the company will fund the
US$80 million increase in its purchase price with debt rather than an
equity contribution.  The resulting capital structure is highly leveraged
at nearly 8x and results in thin cash flow protection measures.  S&P
expects the transaction
to close by June 19, 2007.

"A positive outlook would be considered," said Standard & Poor's credit
analyst Jackie E. Oberoi, "were OSI to reduce leverage through measures
that include increased profits as a result of improvement in same-store
sales for OSI's core Outback Steakhouse concept and continued success with
recent expense-reduction measures."


POWER-P: Has Until July 9 To Submit Amended Financial Statements
----------------------------------------------------------------
The Securities and Exchange Commission has given Power-P PCL until July 9,
2007, to submit amended financial statements for the second and third
quarters of 2006 and for the year 2006, the Bangkok Post reports.

The SEC had ordered Power-P last Thursday to amend its financial
statements to comply with generally accepted principles, after auditors
questioned several items in the reports.  The auditors particularly raised
concerns on the THB10.5 million recorded revenues for 2004, and the SEC
itself noted that a special audit of unclear revenue transactions for 2004
remained unapproved.  The SEC also said that the company's first quarter
of 2005 reports may have violated Thailand's GAAP.

Headquartered in Bangkok, Power-P Public Company Limited --
http://www.power-p.co.th/-- is engaged in the provision of construction
works, including commercial buildings and housing projects, as well as the
leasing business of land and equipment. Power-P has two subsidiaries,
J-Power Co., Ltd., which is engaged in the construction of factories, and
L.V.C. Development Co., Ltd., which provides construction, construction
management and installation of machinery.

The company is currently undergoing debt restructuring.  Moreover, the
company carries the Stock Exchange of Thailand's SP -- or suspension –
sign for its failure to submit its financial statements as of March 31,
2007.


TMB BANK: S&P Affirms BBB-/A-3 Rating; Raises Outlook to Stable
---------------------------------------------------------------
Standard & Poor's has raised the outlook on TMB Bank PCL's debt rating
from negative to stable, according to Bloomberg.  S&P also affirmed its
BBB-/A-3 rating on TMB Bank.

S&P said that the bank could be susceptible to potential adverse shocks if
it continues to delay its capital-raising plan. Although the rating
service's finds the bank's capital base remains weak, S&P believes TMB's
capital position is sustainable in at least the near term.

                         *     *     *

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.

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

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

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

    * BSFR is at D-

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

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

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


TOTAL ACCESS COMMS: License Still Valid in Thailand, Parent Says
----------------------------------------------------------------
Total Access Communications Ltd.'s parent entity, Telenor ASA, denied
rumors that DTAC's mobile license was invalidated by Thailand's military
junta, says ABC Money, citing AFX News.

A Telenor spokesman instead said that the issue merely lies on creating a
level playing field for mobile operators in Thailand.

The report relates that Thai authorities plan to increase license tax from
25% of sales to 30%.  The report further said that DTAC currently says 25%
of sales tax, while its rival Advanced Info Service PLC of Singapore pays
about 20%.

Total Access Communications, DTAC -- http://www.dtac.co.th/-- is the
second-largest cellular operator in Thailand with an approximately 30%
market share and strong brand recognition.  With Telenor's recent purchase
of a 39.9% interest in United Communication Industry Plc and its
subsequent tender offers for UCOM and DTAC shares, Telenor lifted its
aggregate economic interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's
largest acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter – Asia Pacific reported on Apr. 03, 2006
that Moody's Investors Service has upgraded its corporate family and
senior unsecured rating for Total Access Communications Public Co Ltd to
Ba1 from Ba2 with a positive outlook.  This concludes the review for
possible upgrade commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and foreign
issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term foreign
currency Issuer Default Rating at BB+ and National Long-term rating at
A(tha).  The company's National Short-term rating was also affirmed at
F1(tha).  The Outlook on the ratings is Stable.


TOTAL ACCESS COMMS: S&P Affirms BB+ Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed on June 8, 2007, its 'BB+'
corporate credit rating on Thailand's second-largest cellular provider,
Total Access Communication Public Co. Ltd.
(DTAC). The outlook is stable.

The rating on DTAC reflects the highly competitive environment in which
the company operates and the regulatory uncertainties that persist in the
telecom sector in Thailand.  These weaknesses are offset by DTAC's
established customer base and extensive network coverage, the company's
capacity to keep its deleveraging program on track, and Norway-based
Telecommunications operator Telenor ASA's (BBB+/Stable/A-2) ownership and
management participation.

"The stable outlook is based on the expectation that DTAC's credit
measures will remain adequate for the current rating, even factoring in
the higher risk of regulatory costs, particularly on access charges," said
Standard & Poor's credit analyst Yasmin Wirjawan.

DTAC's near-term liquidity is adequate. As of March 31, 2007, it had a
cash balance of about THB2.6 billion and the equivalent to THB9.4 billion
of undrawn committed credit facilities, compared with THB6.6 billion of
short-term debt (including procurement payable).

"The rating may be negatively affected if developments on issues such as
competitive pressure, changes in the concession agreement, and the
interconnection regime adversely impact the company's financial measures,
including debt to EBITDA above 2.8x on a sustainable basis," Ms. Wirjawan
noted.  "Conversely, the rating may be positively affected if DTAC can,
among other things, achieve debt to EBITDA of below 2x and maintain a
positive free cash flow, while improving its liquidity and business risk
profile."



                            *********

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.


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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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