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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, June 14, 2007, Vol. 10, No. 117

                            Headlines

A U S T R A L I A

CRAIG AUSTEN: Sets Final Meeting on July 17
DENOON PTY: Members' Final Meeting Set for July 6
GENERAL CABLE: Commences US$125 Million Senior Notes Offer
KRONOS INC: Hellman & Friedman Completes Acquisition of Company
MAGGIE MCBURNEY: Enters Wind-Up Proceedings

NATIONAL GAS: Members Resolve to Close Business
NRG ENERGY: Closes US$4.4-Bil. Refinancing of Credit Facility
PROJECT FUSION: Members & Creditors to Meet on July 12
QUALITY PRODUCTS: Creditors Opt to Shut Down Business
RESLAND CORPORATION: Placed Under Voluntary Wind-Up

SUNCORP-METWAY: Receives 11,500 Claims Due to Bad Storms
TALBROOME PTY: Undergoes Voluntary Liquidation
TODD & NIVEN: Members Agree on Voluntary Liquidation
VALLEN RETAIL: Members & Creditors to Meet on July 13
* Six Directors Disqualified from Managing Corporations


C H I N A   &   H O N G  K O N G

BALLY TOTAL: Liberation Investments Balks at Pre-Packaged Plan
BNY CONVERGEX: Moody's Puts B1 Ratings Under Review
BNY CONVERGEX: LiquidPoint Acquisition Cues S&P’s Neg. Outlook
CHINA EASTERN: Opens Kunming-Nyingchi Commercial Route
CONVERGEX: LiquidPoint Buy Cues Moody's to Hold B2 Rating

CWT TEXTILE: Creditors and Contributories to Meet on June 21
EMI MUSIC: Warner Music Confirms Possible Takeover Bid
FORERUNNER INTERNATIONAL: Members Opt to Shut Down Business
FORTUNE ON INVESTMENT: Shareholders Resolve to Close Business
GLORY ELECTRICAL: Sets Final General Meeting for July 10

HONG KONG EXPERTS: Creditors Must Prove Debts by July 13
ICBC: Seeks to Set Up Operations in U.S. and Russia
ICBC: Looks to Diversify Lending Business
LITERARY CENTURY: Liquidator to Give Wind-Up Report on July 11
MOBIL LPG: Shareholders Pass Resolution to Wind Up Firm

MODERN FUND: Creditors' Meeting Set on June 15
P. K. NG: Members' Final Meeting Set on July 9
PETROLEOS DE VENEZUELA: Private Firms Reluctant to Shift to JV
SHANGHAI ZENDAI: Fitch Assigns B+ Rating on US$150-Mil. Notes
SISLEY FAR EAST: Sets Final Meeting for July 9

TEKSID ALUMINUM: Gets Consent Solicitation to Amend Indenture


I N D I A

AGILENT TECHNOLOGIES: Completes US$250MM Stratagene Acquisition
CITY UNION BANK: Shareholders OK Preferential Issue to 6 Firms
DECCAN AVIATION: United Breweries to Pay INR400 Cr. by Month-End
DUNLOP INDIA LTD: Names D. P. Dani as Executive Director
ESSAR OIL: Jamnagar Refinery to Reach Full Capacity by September

EUTELSAT COMMUNICATIONS: Confirms Offer for Satelites Mexicanos
GENERAL MOTORS: Joins Chrysler & Ford in Healthcare Fund


I N D O N E S I A

ANIXTER INT'L: Acquires All Outstanding Shares of Eurofast SAS
AVNET INC: Unit Partners with ASUS to Expand into China
CENTRAL PROTEINAPRIMA: Fitch Assigns B+ Issuer Default Rating
COMVERSE TECH: Posts US$60.4-Million Net Loss in First Quarter
EDP INC: Moody's Junks Proposed US$410MM Second Lien Term Loan

EPD INC: S&P Assigns Corporate Credit Rating at B
KRONOS INT'L: Parent Increases Price for Titanium Products
MARSH & MCLENNAN: Responds to New York Post Article
PERUSAHAAN GAS: Buys US$100-Mil. Old Tanker for Storage Vessel
WILLBROS GROUP: Unit Enters into a Purchase Agreement w/ AMEC


J A P A N

BOMBARDIER REC: Moody's Rates CDN$250 Mil. Sr. Sec. Loan at Ba2
BOSTON SCIENTIFIC: Inks Share Repurchase Plan w/ Aspect Medical
BURGER KING: Launches First Restaurant in Japan
EDDIE BAUER: ISS Urges Shareholders to OK Directors' Election
FORD MOTOR: Joins GM & Chrysler in Healthcare Fund, Sources Say

FORD MOTOR: To Sell Jaguar & Land Rover Brands, Sources Say
FUJI HEAVY: To Build Truck Plant with China International
GOODWILL GROUP: Considers Selling Nursing Care Unit
GOODWILL GROUP: Shares Rise After Rivals Show Interest
NIKKO CORDIAL: Citigroup Increases Stake to 68% from 61%


K O R E A

HYNIX SEMICON: Fitch Assigns 'BB' Rating to US$500-MM Notes
HYNIX SEMICON: S&P Assigns 'BB-' Rating to US$500-MM Bonds
KAFCO C & I: Sues CEO for Embezzlement of Company Money
PHOTRONICS INC: Secures New US$125-Mil. 5-Year Credit Facility
SPECIALIZED TECH: Moody's Junks Rating on Proposed US$75MM Loan

RHODIA SA: Asks AMF to Probe Rumors Over Share Price Movements


M A L A Y S I A

ASPEN TECHNOLOGY: To Restate Balance Sheets on Accounting Errors
AYER MOLEK: Bursa Defers June 13 Delisting on Appeal
CNLT (FAR EAST): Posts MYR4.42MM Net Loss in March 31 Quarter
CNLT (FAR EAST): Weak Financial Cues Amended PN17 Listing
PROTON HOLDINGS: To Resume Talks With Volkswagen in Bangkok


N E W  Z E A L A N D

AUCKLAND FREIGHT: Shareholders Agree on Voluntary Liquidation
BELSHAM INVESTMENTS: Taps Shephard and Dunphy as Liquidators
CATS TANGO: Fixes June 25 as Last Day to Prove Claims
HIKUWAI LOGGING: Creditors' Proofs of Debt Due by July 10
IAN MCLEOD: Enters Liquidation Proceedings

MILLENNIUM RESIDENTIAL: Taps John Michael Gilbert as Liquidator
NEARZERO INC: Court Appoints Interim Liquidators
NZ WINDFARMS: Share Offer Closes; Shares Fully Subscribed
PACIFIC EDGE TECHNOLOGIES: Incurs NZ$1.88 Net Loss in FY2007
PACIFIC EDGE: Signs Research Pact With Ludwig Institute

PRODUCE BRANDS: Fixes June 29 as Last Day to Prove Claims
SINTRA INVESTMENTS: Shareholders Resolve to Wind Up Operations
SUTHERLAND-BECK: Shareholders Pass Resolution to Close Business


P H I L I P P I N E S

AFFILIATED COMPUTER: Suspends Exclusivity Pact with Cerberus
ATLAS CONSOLIDATED: In Talks for Off-Take Pacts for Carmen Mine
EPIXTAR CORP: Exclusive Plan Period Extended Until June 28
JG SUMMIT: Annual Stockholders' Meeting Set for June 28
MIC HOLDINGS: Posts PHP1.74-Mil. Net Loss for March 31 Quarter

MRC ALLIED: Auditor Raises Going Concern Doubt on 2006 Reports
MRC ALLIED: Posts PHP6.08-Million Net Loss for 1st Quarter 2007
PRYCE CORP: Annual Stockholders' Meeting Set for June 21
VITARICH CORP: Malolos RTC Judge Approves Rehabilitation Plan
WARNER MUSIC: Confirms Possible Takeover Bid for EMI


S I N G A P O R E

ARINC INC: U.S. FAA Awards Three-Year VHF Network Contract
ISOFT GROUP: Computer Sciences Corp. Mulls Cash Offer
ISOFT GROUP: In Further Talks with CSC Over IBA Offer Consent
GOLDEN CASTLE: Shareholders Resolve to Close Business
GUTHRIE BATAM: Creditors' Proofs of Debt Due by June 25

MARK-ASIA: Wind-Up Petition Hearing Set for June 29
PETROLEO BRASILEIRO: Makes First Ethanol Shipment to Kobe, Japan
PETROLEO BRASILEIRO: Gets Bolivia's First Payment for 2 Plants
PETROLEO BRASILEIRO: Finds Light Oil at Pirambu Field
SEA CONTAINERS: Court Sets July 16 as Deadline for Filing Claims


T H A I L A N D

DAIMLERCHRYSLER AG: Chrysler Workers Seeking Buyouts Exceed Plan
DAIMLERCHRYSLER: Joins GM & Ford in Healthcare Fund, Sources Say
TOTAL ACCESS COMMS: Still Confident All IPO Shares Will be Sold

     - - - - - - - -

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

CRAIG AUSTEN: Sets Final Meeting on July 17
-------------------------------------------
Craig Austen Pty Ltd will hold its final meeting on July 17, 2007, at
10:00 a.m.

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

The Liquidator can be reached at:

          Dennis Charles Lear
          c/o MGI Boyd
          Level 9, 16-18 O'Connell Street
          Sydney, New South Wales
          Australia


DENOON PTY: Members' Final Meeting Set for July 6
-------------------------------------------------
A final meeting will be held for the members of Denoon Pty Limited on July
6, 2007, at 9:00 a.m.

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

The company's liquidator is:

          David Shehade
          Edney Ryan Chartered Accountants
          Level 2, 357 Military Road
          Mosman, New South Wales 2000
          Australia


GENERAL CABLE: Commences US$125 Million Senior Notes Offer
--------------------------------------------------------
General Cable Corporation has commenced an offer to the holders of its
US$125 million principal amount Senior Floating Rate Notes due 2015 (CUSIP
Nos. 369300AE8 and U36606AB4) and its US$200 million principal amount
7.125% Senior Fixed Rate Notes due 2017 (CUSIP Nos. 369300AF5 and
U36606AC2 to exchange such notes for a like principal amount of its Senior
Floating Rate Notes due 2015, Series B and its 7.125% Senior Fixed Rate
Notes due 2017, Series B which have been registered under the Securities
Act of 1933, as amended.

The Exchange Notes were sold to institutional investors in a private
placement by the company, which was completed in March 2007.  The company
was required to carry out the Exchange Offer under the terms of agreements
entered into in the private placement.

The Exchange Offer is scheduled to expire at 5:00 p.m., New York City
time, on July 20, 2007, unless extended by the company.  The exchange
agent for the exchange offer is U.S. Bank National Association.

Holders of the Exchange Notes may obtain information pursuant to the
Prospectus dated June 11, 2007 and the related Letter of Transmittal which
more fully set forth the terms of the Exchange Offer by calling the
exchange agent at (800) 934-6802, or by facsimile at (651) 495-8158.

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

AS reported in the Troubled Company Reporter on March 13, 2007, Moody's
Investors Service assigned a rating of B1 to the proposed US$325 million
senior unsecured notes of General Cable Corporation consisting of US$125
million of floating rate notes and US$200 million fixed rate notes.
Concurrently, Moody's affirmed all other ratings for this issuer.  The
rating outlook remains stable.


KRONOS INC: Hellman & Friedman Completes Acquisition of Company
---------------------------------------------------------------
Kronos(R) Incorporated has completed the acquisition of Kronos by entities
affiliated with Hellman & Friedman Capital Partners VI, L.P., a private
equity investment firm.

On March 23, 2007, Kronos disclosed a definitive agreement to be acquired
by Hellman & Friedman in a transaction valued at approximately US$1.8
billion.  Under terms of the agreement, Kronos shareholders will receive
US$55.00 per share in cash for each share of Kronos common stock held.

“We are pleased with the successful outcome of this transaction, which has
provided great value to our shareholders,” said Mark S. Ain, executive
chairman of the Kronos Board of Directors.  “This transaction affirms
Kronos’ value, market leadership, and the exciting growth opportunities in
front of us.”

“Today we begin our next chapter as a private company. We are thrilled
with the opportunity to work together with Hellman & Friedman in pursuing
our goal of becoming the first billion dollar software company exclusively
focused on human capital management,” said Aron Ain, Kronos’ chief
executive officer.  “We look forward to working with Hellman & Friedman as
our owner, partner, and guide for this exciting journey.”

“As the new owners of Kronos, we will work with management to achieve the
company’s long-term business goals,” said David Tunnell, managing director
of Hellman & Friedman.  “Kronos is the clear market leader in using deep
domain knowledge to provide specialized software to solve a deceptively
complex customer problem.  We believe the company has tremendous potential
for growth.”

Hellman & Friedman is a leading private equity investment firm with
offices in San Francisco, New York, and London and is currently investing
its sixth fund, which has more than US$8 billion of committed capital.
Investing alongside lead investor Hellman & Friedman is JMI Equity, a
private equity firm focused exclusively on the software and business
services industries.

Kronos stock will cease to trade on the Nasdaq Global Select Market at
market close today, and will no longer be listed. Kronos has appointed JP
Morgan as its paying agent, and, as soon as practicable, will mail a
letter of transmittal and instructions to all Kronos shareholders of
record.  The letter of transmittal and instructions will contain
information regarding how to surrender Kronos common stock in exchange for
the merger consideration.  Shareholders of record should be in receipt of
the letter of transmittal before surrendering their shares.  Shareholders
who hold shares through a bank or broker will not have to take any action
to have their shares converted into cash as such conversions will be
handled by the bank or broker.

                   About Hellman & Friedman

Hellman & Friedman LLC is a leading private equity investment firm with
offices in San Francisco, New York and London.  The Firm focuses on
investing in superior business franchises and serving as a value-added
partner to management in select industries including financial services,
professional services, asset management, software and information
services, media and energy.  Since its founding in 1984, the Firm has
raised and, through its affiliated funds, managed over US$16 billion of
committed capital and is currently investing its sixth partnership,
Hellman & Friedman Capital Partners VI L.P., with over US$8 billion of
committed capital.  Other software and information services investments
include: Activant Solutions Inc., Blackbaud, Inc., DoubleClick, Inc.,
Intergraph Corporation, Mitchell International, Inc., and Vertafore, Inc.
Other recent investments include: Artisan Partners Limited Partnership,
The Nasdaq Stock Market, Texas Genco LLC, and The Nielsen Company.

                         About JMI Equity

Based in Baltimore and San Diego, JMI Equity -- http://www.jmiequity.com/
-- is a private equity firm exclusively focused on providing growth
capital to software and service companies.  Founded in 1992, JMI has
invested in more than 80 companies throughout North America and has
approximately US$700 million of capital under management.  In addition to
providing the first institutional capital to self-funded companies, JMI
also invests in selected recapitalization and management buyout
financings.  Representative investments include Blackbaud, Inc., Jackson
Hewitt, Inc., Mission Critical Software, Inc. (acquired by NetIQ, Inc),
NEON Systems, Inc. (acquired by Progress Software Corporation),
Transaction Systems Architects, Inc., and Unica Corporation.

                     About Kronos Incorporated

Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that
automate employee-centric processes, as well as tools to
optimize the workforce.  It provides workforce management
software, including time and attendance software and talent
management (recruiting) software.  The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.

The company posts about US$617 million of revenues for the
twelve months ended March 31, 2007.

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service assigned Kronos, Inc. a first time
B2 corporate family rating and a stable rating outlook.  Moody's also
assigned a first time Ba3 rating to the company's:

  -- first lien credit facilities (US$665 million term loan,
     due 2014, and US$60 million revolving credit facility,
     expires 2013); and

  -- a Caa1 rating to its US$390 million second lien term loan,
     due 2015.


MAGGIE MCBURNEY: Enters Wind-Up Proceedings
-------------------------------------------
During a meeting held on June 1, 2007, the members of Maggie Mcburney Pty
Limited passed a resolution winding up the company's operations.


NATIONAL GAS: Members Resolve to Close Business
-----------------------------------------------
At a general meeting held on May 9, 2007, the members of National Gas Pty
Limited decided to close the company's business and appointed Schon G.
Condon RFD as liquidator.

The Liquidator can be reached at:

          Schon Condon
          Condon Associates
          Level 1, 34 Charles Street
          Parramatta, New South Wales
          Australia


NRG ENERGY: Closes US$4.4-Bil. Refinancing of Credit Facility
-------------------------------------------------------------
NRG Energy, Inc. has completed the US$4.4 billion refinancing of its
senior credit facility previously announced on May 2, 2007.  This
transaction resulted in a 25 basis points reduction in the first lien
pricing grid, a US$200 million reduction in the synthetic letter of credit
facility to US$1.3 billion, and various amendments to provide improved
flexibility and efficiency for returning capital to shareholders and asset
repowering and investment opportunities.  The pricing of the Term B and LC
facilities is now LIBOR + 175 basis points with further reductions
available upon the achievement of certain financial ratios.

On May 2, 2007, the company also disclosed its intent to form a holding
company – Holdco -- later in 2007.  Under the refinanced credit facility,
the Company, at its option, can move US$1 billion of the Term B debt to a
new senior credit facility at Holdco, which was entered into June 8 as
part of the refinancing transaction.  Use of the net proceeds from the
Holdco facility to pay down the NRG Term B debt will expand the company’s
restricted payments capacity under its senior unsecured notes by the same
amount.  When funded, the Holdco facility will price 75 basis points wider
than the existing senior secured facility.

Other amendments to NRG’s existing senior credit facilities include
amendments that:

   * permit the formation of the Holdco;

   * permit the payment of up to US$150 million in common share
     dividends;

   * exclude principal and interest payments made on the Holdco
     senior credit facility, once funded, from being considered
     restricted payments under the senior credit facilities;

   * modify the existing excess cash flow prepayment mechanism
     so that the prepayments are offered to both NRG and Holdco
     on a pro rata basis; and

   * provide additional flexibility to NRG with respect to
     certain covenants governing or restricting the use of
     excess cash flow, new investments, new indebtedness and
     permitted liens.

“The planned implementation of a new Holding Company structure took a
significant step forward with the closing of the Holdco credit facility,”
commented Robert Flexon, NRG Energy’s Executive Vice President and Chief
Financial Officer.  “Once the Holdco regulatory approvals are received the
Holdco will be put in place and funded, providing the Company with
significantly improved capital allocation flexibility for investment and
returning capital to shareholders.”

                          About NRG

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of powergenerating facilities, primarily in Texas and
the Northeast, South Central and West regions of the United States.  Its
operations include baseload, intermediate,
peaking, and cogeneration and thermal energy production
facilities.  NRG also has ownership interests in generating
facilities in Australia, Germany and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service affirmed the ratings of
NRG Energy, Inc., including its Corporate Family Rating at Ba3,
the Probability of Default Rating at Ba3, the senior unsecured
debt at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share repurchases and to
begin paying a common dividend during the first quarter of 2008.

Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s US$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed US$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.


PROJECT FUSION: Members & Creditors to Meet on July 12
------------------------------------------------------
The members and creditors of Project Fusion Pty Limited will  meet on July
12, 2007, at 11:00 a.m., to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Bruce Gleeson
          c/o Jones Partners
          Chartered Accountants
          Australia
          Telephone:(02) 9251 5222


QUALITY PRODUCTS: Creditors Opt to Shut Down Business
-----------------------------------------------------
The creditors of Quality Products International Pty Ltd met on May 29,
2007, and decided to shut down the company's business.

Andrew Hugh Jenner Wily of Armstrong Wily was appointed as liquidator.

The Liquidator can be reached at:

          Andrew Hugh Jenner Wily
          Armstrong Wily Chartered Accountants
          Level 5, 75 Castlereagh Street
          Sydney, New South Wales 2000
          Australia


RESLAND CORPORATION: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on May 25, 2007, the members of
Resland Corporation Pty Ltd resolved to voluntarily wind up the company's
operations.

The company's liquidator is:

          The Next Step
          580 Englehardt Street Albury
          New South Wales
          Australia


SUNCORP-METWAY: Receives 11,500 Claims Due to Bad Storms
--------------------------------------------------------
Suncorp-Metway Ltd. said on Tuesday that it has received about 11,500
claims following severe storms that battered Australia's east coast at the
weekend, Reuters reports.

Suncorp, relates Reuters, said that 75% of the claims are related to home
and contents, with the rest for motor vehicle and commercial insurance.

In a statement grabbed by Reuters, the insurer said it was too early to
assess the total cost at this stage.

                    About Suncorp-Metway

Brisbane, Australia-based Suncorp-Metway Ltd. --
http://www.suncorp-metway.com.au/-- is engaged in retail and
business banking, general insurance, life insurance,
superannuation and funds management with a focus on retail
consumers and small to medium businesses.  Its brand offering
includes Suncorp and GIO, with GIO being the main insurance
brand outside of Queensland.

On March 20, 2007, Fitch Ratings gave a 'B' rating on Suncorp's Individual
Rating.

Subsequently, on May 4, 2007, Moody's Investors Service rated
Suncorp-Metway's bank financial strength a 'B-'.


TALBROOME PTY: Undergoes Voluntary Liquidation
----------------------------------------------
On May 25, 2007, the members of Talbroome Pty Limited agreed to
voluntarily liquidate the company's business and distribute the assets
among its members.

The company's liquidator is:

          David John Robson
          Suite 14, 207 Albany Street (North)
          Gosford New South Wales 2250
          Australia


TODD & NIVEN: Members Agree on Voluntary Liquidation
----------------------------------------------------
During a meeting held on May 30, 2007, the members of Todd & Niven
Services Pty passed a resolution that winds up the company's operations.
The members appointed Dennis A. Rapley as liquidator.


VALLEN RETAIL: Members & Creditors to Meet on July 13
-----------------------------------------------------
The members and creditors of Vallen Retail Pty Ltd will meet on July 13,
2007, at 10:00 a.m., to receive the liquidator's report about the
company's wind-up proceedings and property disposal.

As reported by the Troubled Company Reporter – Asia Pacific, the company
went into liquidation on Oct. 4, 2006.

The company's liquidator is:

          B. Kijurina
          Smith Hancock
          Level 4, 88 Phillip Street
          Parramatta, New South Wales 2150
          Australia


* Six Directors Disqualified from Managing Corporations
-------------------------------------------------------
The Australian Securities and Investments Commission has disqualified six
directors from managing corporations following their involvement in failed
companies.

1. George Weeden Dawes Jorgensen:

   The ASIC disqualified Mr. Jorgensen of St. Lucia, Queensland,
   from managing companies for five years.

   The builder's disqualification follows an ASIC investigation
   into his involvement in two failed companies – Retail
   Renovations Pty Ltd and BTD Services Pty Ltd.

   The ASIC found that both companies failed to pay statutory
   debts to the Australian Taxation Office and that Retail
   Renovations failed to pay statutory debts to the Department
   of Employment and Workplace Relations and the Building
   Services Authority.  In relation to Retail Renovations Pty
   Ltd, the ASIC found that Mr. Jorgensen failed to ensure that
   the company maintained proper books and records.  Moreover,
   the company’s financial records also overstated its assets
   and did not properly account for costs and liabilities.

   The ASIC also found that Mr. Jorgensen allowed Retail
   Renovations and BTD Services to trade while insolvent.

2. Gregory Ian Mitchell

   The ASIC has disqualified employment agent Gregory Ian
   Mitchell, of Jannali, New South Wales, from managing
   corporations for three years.

   Mr. Mitchell’s disqualification follows an ASIC investigation
   into his involvement in five failed companies, ACB Human
   Resources Pty Ltd, Nationwide Employment Agencies (Vic) Pty
   Ltd, Nationwide Rural Contracting (Qld) Pty Ltd, Nationwide
   Employment Agencies Pty Ltd and Employment Labour Service Pty
   Ltd.

   The ASIC found that Mr. Mitchell allowed four of the
   companies to trade while insolvent.  Further, he failed to
   ensure that Nationwide Employment Agencies (Vic) Pty Ltd and
   Employment Labour Service Pty Ltd kept adequate books and
   records.

3. Michael Anthony Wittingslow

   The ASIC has disqualified amusement park and arcade
   proprietor Michael Anthony Wittingslow, of Rye, Victoria,
   from managing corporations for three years.

   Mr. Wittingslow’s disqualification follows an ASIC
   investigation into his involvement in four failed companies,
   Monstory Pty Ltd, Entertainment Services International Pty
   Ltd, Holdings (33) Pty Ltd and W Trading Pty Ltd.

   The ASIC’s investigation found that Mr. Wittingslow failed to
   assist the liquidator of Monstory Pty Ltd and failed to keep
   adequate books and records in respect of that company.
   Mr. Wittingslow also allowed Monstory and Entertainment
   Services to trade while insolvent.

4. Christopher Frederick Randle

   The ASIC has disqualified transport and storage operator
   Christopher Frederick Randle of Brighton, Victoria, for three
   years.

   The disqualification of Mr. Randle follows an ASIC
   investigation regarding his involvement in three failed
   companies: Victoria Drive Pty Ltd, Shevane Pty Ltd and Paris
   Trading Pty Ltd.

   The ASIC found that the companies failed to meet statutory
   liabilities.  Mr. Randle also failed to ensure that Victoria
   Drive and Shevane kept adequate financial records.

5. Peter John Picozzi Shandon

   The ASIC has disqualified logistics operator Peter John
   Picozzi Shandon of Port Melbourne, Victoria, from managing
   corporations for two years.

   Mr. Shandon’s disqualification follows an ASIC investigation
   into his role in two failed companies, Link Logistics Pty Ltd
   and Compass Logistics Pty Ltd.

   The ASIC found that both companies failed to pay statutory
   debts to the ATO and that Mr. Shandon allowed Compass
   Logistics to trade while insolvent.

6. Richard Charles Proctor

   The ASIC has disqualified transport operator Richard Charles
   Proctor, of Mt. Riverview, New South Wales, from managing
   corporations for 18 months.

   Mr. Proctor’s disqualification follows an ASIC investigation
   into his involvement in two failed companies, J & M Eddy
   Services Pty Ltd and Proline Transport Pty Ltd.

   The ASIC found that Mr. Proctor made assets of J & M Eddy
   Services available to another company and failed to advise
   the liquidator of J & M Eddy Services that this was
   occurring.  Further, Mr. Proctor failed to ensure that
   Proline Transport Pty Ltd maintained proper accounting
   records.

The disqualified directors have the right to appeal to the Administrative
Appeals Tribunal for a review of the ASIC’s decision.

Mr. Gregory Ian Mitchell has sought a review of ASIC’s decision.


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


BNY CONVERGEX: Moody's Puts B1 Ratings Under Review
---------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating of
ConvergEx Holdings LLC following the company's announcement of a
definitive agreement to acquire Liquid Point LLC and First Traders
Analytical Solutions LLC.

Moody's also affirmed its B3 rating on the US$180 million second-lien term
loan.  The B1 ratings on the US$420 million first-lien term loan and the
US$75 million first-lien revolving credit facility were placed on review
for a possible downgrade pending the final deal financing structure and
ConvergEx's resultant capital structure.

In explaining its rating action, Moody's noted that LiquidPoint, which
specializes in agency-only options brokerage and the sale and marketing of
options trading and order routing software, has the potential to broaden
ConvergEx's product offering and the lessen the company's dependence on
cash equities trading volumes.  Equity options are a fast-growing asset
class, which is being increasingly embraced by market participants, and
the ability to offer a front-end order management solution for options
along with (and integrated into) its Eze Castle's software product suite
should bolster CovergEx's ability to compete for trade analytics and order
management market share, particularly within the alternative investor
community.  The addition of an agency-only options brokerage capability is
also a positive step in that it diversifies ConvergEx's trading
volume-based revenues away from pure cash equities.

Although the acquisition of LiquidPoint will result in a modest increase
in cash flow leverage and will exert pressure on the already thin interest
coverage, the issuer's credit profile remains consistent with a B2
corporate family rating as a result its solid performance and the
de-leveraging undertaken by the firm in the last six months.

The rating agency noted, however, that, subject to its review of the final
terms of the financing, the B1 rating on the first-lien facilities may be
downgraded to B2.  The B1 rating on the first-lien facilities, which is
one notch higher than the CFR, currently benefits from the structural
subordination of the second-lien facilities and the mezzanine note in the
capital structure of the firm.  However, were a meaningful portion of new
debt to rank on terms pari pasu with those of the first-lien facilities,
the relative amount of debt structurally subordinate to the first lien
facilities may be insufficient to support a one-notch lift relative to the
CFR.

What Could Change the Rating -- UP

The ratings could go up if the company achieves and sustains its targets
of lower leverage and improved interest coverage by means of an aggressive
reduction of debt and/or strong growth in earnings.  A sustained and
profitable growth in revenue, particularly from sources less dependent on
cyclical revenue drivers like trading volumes, would also exert upward
pressure on the ratings.

What Could Change the Rating -- DOWN

The ratings could go down if there is a significant change in the capital
structure that increases leverage and negatively impacts the already thin
interest coverage. Also weighing negatively on the ratings would be a
deterioration of credit metrics caused by a slowdown in earnings stemming
from a prolonged decline in executed trade volumes or market share erosion
in the company's major business lines.

These ratings were affirmed:

   * ConvergEx Holdings LLC:

     -- Corporate Family Rating -- B2

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

   -- US$180 7.5-Year Second-Lien Term Loan -- B3

These ratings were placed on review for a possible downgrade:

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

     -- US$420 Million 7-Year First-Lien Term Loan -- B1

     -- US$75 Million 6-Year First-Lien Revolving Credit Facility
        -- B1

BNY ConvergEx Group LLC, headquartered in New York City, New York, is a
global agency brokerage and technology company, which generated US$119
million of revenue in fourth quarter 2006.

The company has offices in Bermuda, Hong Kong and the United Kingdom.


BNY CONVERGEX: LiquidPoint Acquisition Cues S&P’s Neg. Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services changed the outlook on its 'B+'
long-term counterparty credit rating on BNY ConvergEx LLC to negative from
stable.

This action was taken in response to the company's announced acquisition
of the privately held LiquidPoint LLC.  "While we understand the
compelling business reasons for this acquisition, management's decision to
make an acquisition at this early stage in the company's status as a
stand-alone entity reflects a more aggressive strategy and attitude toward
debt than we had expected," said Standard & Poor's credit analyst Robert
B. Hoban, Jr. ConvergEx's undertaking a largely debt-funded acquisition at
this time, instead of focusing on paying down existing high debt levels
and the synchronization of its own recently combined businesses, puts
downward pressure on the rating.

If the company does not improve interest coverage or continues to
demonstrate an appetite for leveraging acquisitions, ratings would be
lowered.  Should ConvergEx successfully integrate LiquidPoint, regularly
pay down debt, and maintain interest coverage ahead of projections, the
outlook would return to stable.

ConvergEx is one of the largest independent agency-only equity trading
shops, with several good niche businesses.  ConvergEx's two main business
lines are institutional agency-only equity trading and providing order
management software systems to traders.  ConvergEx was formed in October
2006 in a highly leveraged transaction, which resulted in the company
having no tangible equity and very weak interest coverage.  ConvergEx is
the combination of several institutional brokerage operations formerly
owned by the Bank of New York Co. Inc. and Eze Castle Software Inc. Each
of the combined entities had good operational management, which has
allowed for a smooth integration to date.

The company has offices in Bermuda, Hong Kong and the United Kingdom.


CHINA EASTERN: Opens Kunming-Nyingchi Commercial Route
------------------------------------------------------
China Eastern Airlines will open its first passenger flight between
Kunming and the Tibet Autonomous Region's Nyingchi, Xinhuanet News says,
citing a statement from the airline.

According to the statement obtained by the news agency, the airline would
announce the date of the first flight and the number of flights per week
after negotiating with the two airports.

Nyingchi Airport, the third civil airport in Tibet, is one of the world's
most difficult airports from which to take off and land due to unique
geographical features and volatile climate change, Xinhua notes.

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

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


CONVERGEX: LiquidPoint Buy Cues Moody's to Hold B2 Rating
---------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating of
ConvergEx Holdings LLC following the company's announcement of a
definitive agreement to acquire Liquid Point LLC and First Traders
Analytical Solutions LLC.

Moody's also affirmed its B3 rating on the US$180 million second-lien term
loan.  The B1 ratings on the US$420 million first-lien term loan and the
US$75 million first-lien revolving credit facility were placed on review
for a possible downgrade pending the final deal financing structure and
ConvergEx's resultant capital structure.

In explaining its rating action, Moody's noted that LiquidPoint, which
specializes in agency-only options brokerage and the sale and marketing of
options trading and order routing software, has the potential to broaden
ConvergEx's product offering and the lessen the company's dependence on
cash equities trading volumes.  Equity options are a fast-growing asset
class, which is being increasingly embraced by market participants, and
the ability to offer a front-end order management solution for options
along with (and integrated into) its Eze Castle's software product suite
should bolster CovergEx's ability to compete for trade analytics and order
management market share, particularly within the alternative investor
community.  The addition of an agency-only options brokerage capability is
also a positive step in that it diversifies ConvergEx's trading
volume-based revenues away from pure cash equities.

Although the acquisition of LiquidPoint will result in a modest increase
in cash flow leverage and will exert pressure on the already thin interest
coverage, the issuer's credit profile remains consistent with a B2
corporate family rating as a result its solid performance and the
de-leveraging undertaken by the firm in the last six months.

The rating agency noted, however, that, subject to its review of the final
terms of the financing, the B1 rating on the first-lien facilities may be
downgraded to B2.  The B1 rating on the first-lien facilities, which is
one notch higher than the CFR, currently benefits from the structural
subordination of the second-lien facilities and the mezzanine note in the
capital structure of the firm.  However, were a meaningful portion of new
debt to rank on terms pari pasu with those of the first-lien facilities,
the relative amount of debt structurally subordinate to the first lien
facilities may be insufficient to support a one-notch lift relative to the
CFR.

What Could Change the Rating -- UP

The ratings could go up if the company achieves and sustains its targets
of lower leverage and improved interest coverage by means of an aggressive
reduction of debt and/or strong growth in earnings.  A sustained and
profitable growth in revenue, particularly from sources less dependent on
cyclical revenue drivers like trading volumes, would also exert upward
pressure on the ratings.

What Could Change the Rating -- DOWN

The ratings could go down if there is a significant change in the capital
structure that increases leverage and negatively impacts the already thin
interest coverage. Also weighing negatively on the ratings would be a
deterioration of credit metrics caused by a slowdown in earnings stemming
from a prolonged decline in executed trade volumes or market share erosion
in the company's major business lines.

These ratings were affirmed:

   * ConvergEx Holdings LLC:

     -- Corporate Family Rating -- B2

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

   -- US$180 7.5-Year Second-Lien Term Loan -- B3

These ratings were placed on review for a possible downgrade:

   * BNY ConvergEx Group LLC and EZE Castle Software Inc:

     -- US$420 Million 7-Year First-Lien Term Loan -- B1

     -- US$75 Million 6-Year First-Lien Revolving Credit Facility
        -- B1

BNY ConvergEx Group LLC, headquartered in New York City, New York, is a
global agency brokerage and technology company, which generated US$119
million of revenue in fourth quarter 2006.

The company has offices in Bermuda, Hong Kong and the United Kingdom.


CWT TEXTILE: Creditors and Contributories to Meet on June 21
------------------------------------------------------------
The creditors and contributories of CWT Textile Supplies Company   Limited
will have their annual meeting on June 21, 2007, at
11:00 a.m. and 11:30 a.m., respectively, to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held at the 13th Floor of Gloucester Tower, The
Landmark at 15 Queen's Road in Central, Hong Kong.


EMI MUSIC: Warner Music Confirms Possible Takeover Bid
------------------------------------------------------
Warner Music Group Corp. confirms that it continues actively to consider
an offer for EMI Group plc, despite its bid being snubbed in favor of an
equity firm.

Warner stated in its Web site that such its offer would be pre-conditional
on appropriate anti-trust clearances being obtained (or the pre-conditions
waived) but not subject to any other pre-condition.  A further
announcement will be made in due course.

EMI, the world's third largest music producer, have been subject to
several takeover bids from Warner Music and other equity firms after it
suffered losses due to a shrinking CD market and rampant online piracy.

On May 21, EMI's board of directors accepted a GBP2.4 billion offer from
Terra Firma Capital, subject to shareholder approval.

However, Ethan Smith of the Wall Street Journal last week noted that
Warner Music believes it could get EMI's recorded-music assets despite
Terra Firma's offer.

According to that report, Warner's executives and investors may counter
Terra Firma's bid, though people close to the company think that Warner
will not go much higher than its original GBP2.4 billion offer.  WSJ adds
that even if Warner acquired EMI, antitrust regulations would require the
music firm to sell the publishing house.

Two sources familiar with the matter had told Reuters that Warner Music
was more likely than not to make an improved offer by early next week.

                       Warner Music Bid

Prior to the Terra Firma recommendation, Warner Music sweetened its bid to
acquire EMI by offering to pay a break-up fee of between GBP50 million and
GBP100 million in case the European Commission blocks its planned takeover
of the U.K. music group, Dominic White of The Telegraph relates.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.

                    About Warner Music Group

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

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                            *   *   *

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.
Downgrade and review follow the announcement that EMI:

   (i) will incur up to GBP150 million in incremental
       restructuring costs,

  (ii) has performed below its expectations during its financial
       year-to-date,

(iii) has installed Eric Nicoli, hitherto chairman of the group
       as CEO of EMI Group and of EMI Recorded Music and is
       reviewing its balance sheet.


FORERUNNER INTERNATIONAL: Members Opt to Shut Down Business
-----------------------------------------------------------
On May 28, 2007, the members of Forerunner International Trading  (H.K.)
Co., Limited passed a resolution that winds up the company's operations.

Thomas Andrew Corkhill and Iain Ferguson Bruce were appointed as liquidators.

The Liquidators can be reached at:

          Thomas Andrew Corkhill
          Iain Ferguson Bruce
          Gloucester Tower, 8th Floor, The Landmark
          15 Queen's Road, Central
          Hong Kong


FORTUNE ON INVESTMENT: Shareholders Resolve to Close Business
-------------------------------------------------------------
At an extraordinary general meeting held on May 29, 2007, the shareholders
of Fortune on Investment Limited resolved to close the company's business
and appointed Luk Wing Hay as liquidator.

The Liquidator can be reached at:

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


GLORY ELECTRICAL: Sets Final General Meeting for July 10
--------------------------------------------------------
The creditors of Glory Electrical Manufacturing (HK) Company Limited will
meet on July 10, 2007, at 3:00 p.m., to hear the liquidator's report about
the company's wind-up proceedings and property disposal.

The meeting will be held in Room 401, 4th Floor of China Insurance Group
Building at 141 Des Voeux Road in Central, Hong Kong.


HONG KONG EXPERTS: Creditors Must Prove Debts by July 13
--------------------------------------------------------
At an extraordinary general meeting held on June 1, 2007, the shareholders
of Hong Kong Experts Consultancy Company Limited  resolved to close the
company business.

Creditors must file their proofs of debt by July 13, 2007, to be  included
in the company's dividend distribution.

The company's liquidators are:

          Andrew C.C. MA
          Felix K.L. Lee
          Seaview Commercial Building, 19th Floor
          21-24 Connaught Road West
          Hong Kong


ICBC: Seeks to Set Up Operations in U.S. and Russia
---------------------------------------------------
The Industrial and Commercial Bank of China has applied for banking
licenses in the United States and Russia as it seeks to expand outside its
home market, Financial Times reports, citing the bank's chairman, Jiang
Jianqing.

“We have applied to regulatory authorities in the U.S., Russia and other
places to set up operations,” Mr. Jiang was quoted by Financial Times as
saying after the bank’s annual general meeting.  “Global investors are all
looking at the BRIC countries –- Brazil, Russia, India and China –- and we
are very interested in increasing our operations in these markets too.”

However, Jamil Anderlini of Financial Times points out that the bank faces
opposition to its plan to expand in the U.S. because of concerns that it
does not meet American regulatory standards.  The issue has been raised in
the bilateral Strategic Economic Dialogue, with the U.S. agreeing last
month to consider Chinese bank applications to open U.S. branches under
“the principle of national treatment,” Mr. Anderline says.

Mr. Jiang also expressed that ICBC does not have plans to expand in the
United Kingdom but has seen “very positive developments” in its London
operations, the newspaper relates.

The Industrial and Commercial Bank of China -- http://www.icbc.com.cn/--
is the largest state-owned commercial bank, and is authorized by the State
Council and the People's Bank of China.  ICBC conducts operations across
China as well as in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter - Asia Pacific reported
that Fitch Ratings affirmed ICBC's Individual D/E rating.

Moody's Investors Service upgraded on December 6, 2006, to D- from E+ the
Bank Financial Strength Rating for Industrial and Commercial Bank of
China.  The D- BFSR has a stable outlook.  The upgrade concludes a review
of ICBC's BFSR started on
August 9, 2006.


ICBC: Looks to Diversify Lending Business
-----------------------------------------
The Industrial & Commercial Bank of China Ltd seeks licenses for
investment banking, insurance and leasing to diversify away from lending
as higher interest rates erode profit margins, Shanghai Daily relates,
citing bank chairman Jiang Jianqing.

The bank, whose Shanghai-traded shares have fallen 18% this year, is
expanding into new areas as rising interest rates cut into lending profit,
the Daily says.

"With the development of capital markets, our corporate clients will have
cheaper alternatives for fundraising and cut their reliance on bank
loans,” Mr. Jiang told the paper.

The Daily, citing a report from Bloomberg News, adds that China's central
bank, for the first time since 1993, raised rates for deposits more than
lending on May 18, cutting into banks' net interest margins.

"ICBC and Bank of China suffered most from the margin squeeze following
the recent rate hike," Claude Tiramani, who manages about US$3 billion of
emerging market assets, including ICBC, for BNP Paribas Asset Management
in Paris, told the Daily.  "ICBC's management should do more to increase
non-interest income."

The Industrial and Commercial Bank of China -- http://www.icbc.com.cn/--
is the largest state-owned commercial bank, and is authorized by the State
Council and the People's Bank of China.  ICBC conducts operations across
China as well as in major international financial centers.

On Sept. 18, 2006, the Troubled Company Reporter - Asia Pacific reported
that Fitch Ratings affirmed ICBC's Individual D/E rating.

Moody's Investors Service upgraded on December 6, 2006, to D- from E+ the
Bank Financial Strength Rating for Industrial and Commercial Bank of
China.  The D- BFSR has a stable outlook.  The upgrade concludes a review
of ICBC's BFSR started on
August 9, 2006.


LITERARY CENTURY: Liquidator to Give Wind-Up Report on July 11
--------------------------------------------------------------
The members of Literary Century Limited will have their final general
meeting on July 11, 2007, at 9:00 a.m., to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held in Room A, 1st Floor of Lee Kee Commercial
Building at 221 Queen's Road in Central, Hong Kong.


MOBIL LPG: Shareholders Pass Resolution to Wind Up Firm
-------------------------------------------------------
On June 5, 2007, the shareholders of Mobil LPG Investment Company Limited
met and passed resolutions to:

   -- voluntarily liquidate the company's business;

   -- appoint Wong Lung Tak, Patrick as liquidator; and

   -- retain the company's books, accounts and documents for
      a period of three months from the dissolution of the
      company.

Creditors are required to file their proofs of debt by July 9, 2007, to be
included in the company's dividend distribution.

The Liquidator can be reached at:

          Wong Lung Tak, Patrick
          China Insurance Group Building
          Room 1101, 11th Floor
          141 Des Voeux Road, Central
          Hong Kong


MODERN FUND: Creditors' Meeting Set on June 15
----------------------------------------------
The creditors of Modern Fund Limited will meet on June 15, 2007, at 3:30
p.m., to receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The meeting will be held at Unit 301, 3rd Floor of Malaysia Building at 50
Gloucester Road in Wanchai, Hong Kong.


P. K. NG: Members' Final Meeting Set on July 9
----------------------------------------------
The members of P. K. Ng & Associates Limited will meet on
July 9, 2007, in the 25th Floor of Eastern Commercial Centre at 83 Nam On
Street in Shaukeiwan, Hong Kong.

Seto Sau Kuen Christine, the company's liquidator, will present a report
about the company's wind-up proceedings and property disposal at the
meeting.


PETROLEOS DE VENEZUELA: Private Firms Reluctant to Shift to JV
--------------------------------------------------------------
Venezuelan state-run oil Petroleos de Venezuela SA Chief Executive Officer
and the nation's Energy and Petroleum Minster Rafael Ramirez told El
Universal that the private companies due to migrate to joint ventures by
June 26 have been reluctant.

El Universal notes that the companies participating in the "migration
process" include:

          -- Conoco Phillips,
          -- Exxon Mobil,
          -- Chevron,
          -- Total,
          -- Statoil,
          -- Eni,
          -- Petrocanada, and
          -- Inelectra.

According to El Universal, the Venezuelan state holds a majority stake in
the joint ventures.

Minister Ramirez commented to El Universal, "I think the state has
restated its authority and capacities, and that is clear for companies."

Minister Ramirez reminded in an interview aired by television channel
Televen that during migration from operational agreements to joint
ventures last year, companies Eni and Total refused to accept the terms
set by the Energy and Petroleum Ministry.

Minister Ramirez commented to Agence France-Presse, "The day following the
deadline, we took over their fields and now they are 100 percent owned by
the State.  I it is clear for all players that the State has absolute
control over national natural resources, particularly oil."

According to El Universal Petroleos de Venezuela took over startegic
partnerships in Orinoco on May 1, 2007, and shared risk and profits
exploration accords.  Through its affiliate CVP, the company would hold a
minimum stake of 60% in the projects.

Minister Ramirez told El Universal, "All of the operations of the
strategic partnerships and shared risk and profits exploration agreements
are fully controlled by Pdvsa [Petroleos de Venezuela], under our laws.
The next landmark is June 26, when the stakes of the companies that are to
adopt the form of joint ventures will be defined, for subsequent
consideration by the National Assembly."

The "new shareholding structure could be defined up to Aug. 26, when the
Venezuelan parliament" would conclude the assessment of  "relevant
documentation," El Universal states.

The energy and oil ministry will disclose on June 26 the joint ventures it
has ratified.  It will then pass the proposals to the national assembly
for approval.

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.


SHANGHAI ZENDAI: Fitch Assigns B+ Rating on US$150-Mil. Notes
-------------------------------------------------------------
Fitch Ratings has assigned final issue rating of 'B+' and recovery rating
of 'RR4' to the US$150 million senior notes due 2012 issued by Shanghai
Zendai Property Limited (SZP, rated 'B+'/Stable).

The final rating action follows the completion of the notes issue and
receipt of documents conforming to information previously received.  The
final rating is the same as the expected rating assigned on 22 May 2007.

SZP is a mainland China-based property developer with primary focus on
commercial properties in Shanghai and residential property markets in
second-tier cities such as Changchun, Jilin, Yangzhou and Haimen.  The
company is also engaged in property investment.  SZP realised a turnover
of HKD1.4 billion and net profit of HKD230.5 million in FY06.  Giant Glory
Limited, a private company wholly-owned by SZP's Chairman, Dai Zhikang, is
the controlling shareholder with a 47.3% stake.


SISLEY FAR EAST: Sets Final Meeting for July 9
----------------------------------------------
Sisley Far East Limited will hold a final meeting for its members on July
9, 2007, at 10:00 a.m., in the 8th Floor of Gloucester Tower, The Landmark
at 15 Queen's Road in Central, Hong Kong.

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


TEKSID ALUMINUM: Gets Consent Solicitation to Amend Indenture
-------------------------------------------------------------
Teksid Aluminum Luxembourg S.a.r.l., S.C.A. disclosed that, as of 12:00
p.m., New York City time (5:00 p.m., London time), on Thursday, June 7,
2007, consents representing approximately 70% of the EUR205,598,000
aggregate principal amount of its outstanding 11-3/8% Senior Notes due
2011 have been validly delivered pursuant to its previously announced
solicitation of consents to implement certain proposed amendments to the
indenture governing the Senior Notes and to give effect to an immediate
effectiveness of a waiver of any Default or Event of Default arising from
and any claims relating to the Company's failure to comply with the sixth
paragraph of Section 11.15(b)(i) of the Indenture.

Consequently, the Company, the note guarantors and the trustee executed a
supplemental indenture on Thursday, June 7, 2007.  Accordingly, the
proposed amendments have become operative in accordance with their terms
and the Waiver has become effective.

The consent solicitation expired on Friday, June 8, 2007 at 10:00 a.m.,
New York City time (3:00 p.m., London time).

The indenture amendments:

   (a) allow the sale of the Company's equity interest in
       Cevher Dokum Sanayi A.S. to the majority owner,
       Cevher Jant Sanayi A.S.,

   (b) extend the time by which an offer to purchase
       Senior Notes after the sale of Teksid Aluminum
       Poland S.p. z.o.o. is to be made no later than
       June 19, 2007, and

   (c) fix a technical error in the Indenture.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                            *   *   *

As reported in the TCR-Europe on May 9, 2007, Moody's Investors Service
confirmed the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid Aluminum
Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


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

AGILENT TECHNOLOGIES: Completes US$250MM Stratagene Acquisition
---------------------------------------------------------------
Agilent Technologies Inc. has completed the acquisition of Stratagene
Corp. for approximately US$250 million.  Agilent expects this strategic
acquisition to accelerate its growth in life sciences through a
complementary product portfolio and strong market reach into academia and
government.

Agilent disclosed the definitive agreement to acquire Stratagene on April
6, 2007.  Completion of this acquisition will have no impact on Agilent's
earnings-per-share guidance.  Agilent's revenue guidance for the third
quarter is now US$1.38 billion to US$1.42 billion.

"The company is excited about the opportunities ahead," Nick Roelofs, vice
president and general manager of Agilent's Life Sciences Solutions Unit,
said.  "With its combined product portfolios, technology, R&D expertise
and employees, the company will serve a wider customer base with more
comprehensive workflow solutions.  This acquisition is an example of
one-plus-one is greater than two because of the workflow leverage the
company anticipates from combining its two companies."

The Stratagene acquisition is expected to strengthen Agilent's life
science offerings in genomics and proteomics, particularly in academia and
government where Stratagene products and market leadership are well
recognized.  Meanwhile, Agilent's sales channel strength in the
pharmaceutical market provides additional opportunities for expanding the
reach of Stratagene's portfolio of reagents and instruments.

Agilent believes that with Stratagene, the total addressable life science
market will be US$14 billion, with an estimated compounded annual growth
rate of 7 to 9 percent in the next three years.

Stratagene is the largest acquisition that Agilent has made in several
years, underscoring the company's commitment to life sciences.
Stratagene's extensive portfolio of PCR enzymes and instrument
capabilities, including quantitative PCR, coupled with Agilent's range of
product platforms, software and data management capabilities, provides
full workflow solutions to both academic and pharmaceutical customers.

Agilent and Stratagene also have disclosed the sale of certain Stratagene
assets to a new company, Decisive Diagnostics, a subsidiary of Catalyst
Assets LLC, an entity formed by Dr. Joseph A. Sorge, former chairman, CEO
and founder of Stratagene.  Decisive Diagnostics is an entity formed to
pursue molecular diagnostic applications.  Decisive Diagnostics will
acquire for US$6.6 million certain assets of Stratagene from Agilent and
license from Agilent certain of Stratagene's molecular diagnostic
technologies.

                      About Stratagene Corp.

Stratagene Corp. (NASDAQ: STGN) -– http://www.stratagene.com/-- is a
worldwide developer of innovative products and technologies for the
growing life science research market.  Stratagene supports advances in
life sciences by inventing, manufacturing and marketing products that
simplify, accelerate and improve research.  Since 1984, the company's
products have been used throughout the academic, industry and government
research sectors in fields spanning molecular biology, genomics,
proteomics, drug discovery and toxicology.  Stratagene employs more than
450 people worldwide, who have now joined Agilent.  Stratagene's product
portfolio includes reagents for life science research and instruments.
The company also offers a range of diagnostics products, including
applications for allergy testing and urinalysis.  Stratagene's life
science reagent and instrument manufacturing facility in Cedar Creek,
Texas, as well as its diagnostics facilities in Garden Grove, Calif., and
Edinburgh, Scotland, are all registered to the ISO 13485 standard.  The
diagnostics facilities are also licensed medical device manufacturers,
compliant with the U.S. Food and Drug Administration's Quality System
Regulation (QSR).  Other major Stratagene locations are La Jolla, Calif.;
Tokyo, Japan; and Amsterdam, the Netherlands.

                    About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/-- is the
world's premier measurement company and a technology leader in
communications, electronics, life sciences and chemical analysis.  The
company's 19,000 employees serve customers in more than 110 countries.

The company has operations in India, Argentina and Luxembourg.

                          *     *     *

Agilent Technologies Inc. carries Moody's Investors Service 'Ba1'
corporate family rating.


CITY UNION BANK: Shareholders OK Preferential Issue to 6 Firms
--------------------------------------------------------------
At the extraordinary general meeting on June 2, 2007, City Union Bank
Ltd's shareholders accorded the bank's board of directors to issue shares,
on a preferential basis, to four firms.

Specifically, the shareholders gave the board authority to create, offer,
issue and allot the bank's equity shares, for cash on a preferential
basis, in one or more tranches:

1. at a price of INR169.15 per share (face value of INR10 per
   share and a premium of INR159.15 per share) to:

      i. Larsen & Toubro Ltd

         Proposed No. of Shares: Up to 3,00,000 shares
         Amount: INR5,07,45,000

     ii. Life Insurance Corporation of India

         Proposed No. of Shares: Up to 15,00,000 shares
         Amount: INR25,37,25,000

2. at a price of INR190 per share (face value of INR10 per share
   and a premium of INR180 per share), to:

      i. Nederlandse Financierings - Maatschappij voor
         Ontwikkelingslanden N.V (FMO)

         Proposed No. of Shares: Up to 15,00,000 shares
         Amount: INR28,50,00,000

     ii. Ares Investments

         Proposed No. of Shares: Up to 12,50,000 shares
         Amount: INR23,75,00,000

    iii. Argonaut Ventures

         Proposed No. of Shares: Up to 12,50,000 shares
         Amount: Rs 23,75,00,000

     iv. Yatish Trading Company Pvt Ltd

         Proposed No. of Shares: Up to 10,00,000 shares
         Amount: INR19,00,00,000

City Union Bank Limited -- http://cityunionbank.com/-- provides
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 8, 2006, Fitch Ratings affirmed City Union's Individual and
Support ratings at 'D/E' and '5', respectively.  As of May 17,
2007, the bank still carry those ratings.


DECCAN AVIATION: United Breweries to Pay INR400 Cr. by Month-End
----------------------------------------------------------------
Viajay Mallya, through his company -- United Breweries Group -- is all set
to meet the month-end deadline for payment of
INR400 crore balance toward its acquiring a controlling stake in
Deccan Aviation Limited, the Press Trust of India reports.

As reported by the Troubled Company Reporter - Asia Pacific on June 5,
2007, Deccan Aviation agreed to sell 26% of the company for around INR5.5
billion to United Breweries.  Pursuant to the term sheet for the issuance
of the stake, members of United Breweries will, among others, pay
INR3,959,445,738 to the company as share application for the 25,544,811
equity shares no later than June 29, 2007.

Mr. Mallya, when asked by PTI how he would fund the deal, said, his
company is not going to sell any shares because it has the money ready to
meet the deadline.

The group, however, is exploring all possibilities with regards to the
open offer to acquire another 20% of Deccan Aviation.  Pursuant to Indian
takeover rules, UB Group will make an open offer for 20% more in the
charter aviation company.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
June 1, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


DUNLOP INDIA LTD: Names D. P. Dani as Executive Director
--------------------------------------------------------
Dunlop India Ltd informed the Bombay Stock Exchange of the appointments of
Damodar Prasad Dani.  Effective May 28, 2007, Mr. Dani will sit an
additional director and as executive director.

Headquartered in Kolkota, India, Dunlop India Limited
manufactures and distributes automotive tires and tubes.  The
firm also manufactures high-pressure hoses, steelcord belting,
and vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, the company submitted a INR582-crore draft
rehabilitation scheme to the BIFR.

As reported in the TCR-AP's "Large Companies With Insolvent
Balance Sheets" column on May 18, 2007, the company registered
an equity deficit of US$65.30 million.


ESSAR OIL: Jamnagar Refinery to Reach Full Capacity by September
----------------------------------------------------------------
Essar Oil Ltd's Vadinar refinery in Jamnagar district, in Gujarat, will be
fully commissioned by September 2007, Kamlesh Trivedi of the Business
Standard, reports.  The company plans to supply motor spirits, among
others, from the Jamnagar facility.

“Essar Oil refinery in Jamnagar will reach its full capacity of 12.5
million tonnes by mid-September this year, which will help us meet the
fuel requirements of our retail outlets in the northern and the western
states,” the Business Standard quotes Essar Oil marketing head S.
Thangapandian as saying.  At present, the refinery is running at 7.5
million tonnes.

Headquartered in Gujarat, India, Essar Oil Limited --
http://www.essar.com/-- is a fully integrated oil company of
international size and scale, covering the entire value chain
from exploration and production to refining and retailing of
oil.  Essar has set up over 900 retail outlets, which are fully
operational and plans to set up 2500 retail outlets by the end
of 2007.  Essar Oil employs highly qualified and experienced
technical staff at its refinery.

                          *     *     *

Essar Oil has incurred at least two years of consecutive net losses.  The
company recorded a net loss of INR555.9 million for the financial year
ended March 31, 2007, a 41% decrease from the
INR936.8 million net loss incurred a year ago.

On Aug. 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


EUTELSAT COMMUNICATIONS: Confirms Offer for Satelites Mexicanos
---------------------------------------------------------------
Eutelsat Communications confirmed submitting an offer together with two
Mexican partners Miguel Aleman Group and Clemente Serna Group for 100
percent ownership of the Mexican satellite operator Satelites Mexicanos.

The proposal has been submitted within the framework of the sale
process of Satmex initiated by the company's shareholders and managed by
Morgan Stanley.

                        About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The Group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                            *   *   *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
corporate families in the Telecommunications, Media and Technology
sectors, Moody's Investors Service confirmed its Ba2 Corporate Family
Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                            Debt       LGD      Loss-Given
   Debt Issue               Rating     Rating   Default
   ----------               -------    ------  ----------
   Senior Unsecured
   Bank Credit Facility      Ba3        LGD4       55%


GENERAL MOTORS: Joins Chrysler & Ford in Healthcare Fund
--------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-
insurance fund to trim their combined US$114 billion in future
retiree healthcare obligations, Bloomberg News reports, quoting
five people with direct knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg reveals.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                      About DaimlerChrysler

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

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

                       About Ford Motor Co.

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

                    About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

In 2006, nearly 9.1 million GM cars and trucks were sold globally under
these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER,
Opel, Pontiac, Saab, Saturn and Vauxhall.

As of March 31, 2007, GM's balance sheet showed a stockholders' deficit of
US$4,347,000,000, compared to a positive equity of US$15,779,000,000 at
March 31, 2006.

                            *   *   *

In May 2007, Fitch Ratings has downgraded General Motors Corporation's
senior unsecured debt rating to 'B-/RR5' from 'B/RR4'.  GM's Issuer
Default Rating remains at 'B' and is still on Rating Watch Negative (along
with the other outstanding ratings) by Fitch following the company's
announcement that it will be raising US$4.1 billion in secured financing
and US$1.1 billion in senior unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's common equity
holdings in GMAC, will be assigned a rating of 'BB/RR1', while the senior
unsecured convertible securities will be rated 'B-/RR5'.


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

ANIXTER INT'L: Acquires All Outstanding Shares of Eurofast SAS
--------------------------------------------------------------
Anixter International Inc. had acquired all of the outstanding shares of
Eurofast SAS from Lisi SA.

Collegien, France-based Eurofast is an aerospace fastener distributor that
will complement Anixter’s product offering with a broad array of
valued-added services and inventory management programs to Original
Equipment Manufacturers in the aerospace and defense industries.  For
2007, Eurofast is expected to generate sales of approximately US$22
million. Anixter is paying approximately US$27 million in cash, for all of
the outstanding shares of Eurofast.

Commenting on the acquisition, Bob Grubbs, President and CEO of Anixter,
said, “We are pleased to have acquired Eurofast and the excellent team of
people involved at the company.  This acquisition is another step in the
geographic expansion of our OEM Supply business through the addition of
important customers primarily within France in an end market where we have
little penetration within Europe.  Given our stated goal of building on
our current strategic platform to drive future organic sales growth, this
acquisition is a nice addition to our existing business,” said Grubbs.


                        About Anixter

Anixter International Inc. -- http://www.anixter.com/-- is the
world's largest distributor of communication products and
electrical and electronic wire and cable, and a leading
distributor of fasteners and other small parts ("C" class
inventory components) to original equipment manufacturers.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5.0 million square feet of space, and has presence in 220
cities in 45 countries, including Indonesia, Australia, China,
Hong Kong, India, Malaysia, New Zealand, the Philippines,
Singapore, Taiwan, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 19, 2007, that Moody's Investors Service downgraded Anixter
International Inc.'s corporate family rating to Ba2 from Ba1. In
elated rating action, Moody's lowered the ratings of
Anixter Inc.'s US$200 million guaranteed senior unsecured notes
to Ba1 from Baa3 and Anixter's 3.25% LYON's notes to B1 from
Ba2.  The rating outlook was changed to stable from negative.

Fitch Ratings affirmed these ratings for Anixter International
Inc. and its wholly owned operating subsidiary, Anixter Inc.:

  Anixter:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured debt 'BB-'

  AI:

    -- Issuer Default Rating 'BB+'
    -- Senior unsecured notes 'BB+'
    -- Senior unsecured bank credit facility at 'BB+'

Fitch's action affects approximately US$700 million of public
debt securities.  The Rating Outlook is Stable.


AVNET INC: Unit Partners with ASUS to Expand into China
-------------------------------------------------------
Avnet Inc.'s operating group  Avnet Technology Solutions and ASUS United
Technology (Shanghai) Co., Ltd., disclosed an agreement to distribute
ASUS’ AMD-based motherboards in China.  The deal reinforces Avnet’s
leading position of number one distributor of AMD products and
complementary technologies globally.

As part of the agreement, Avnet will market and distribute ASUS’s
AMD-based motherboards in Mainland China, concentrating on specific
customer segments including value-added resellers, system builders and PC
assemblers.   ASUS’s products are designed and manufactured to ensure high
quality and reliability at competitive pricing.

By partnering with ASUS, Avnet is able to expand the breadth of our
offerings to the white-box solutions provider and PC builders,” commented
Jaideep Malhotra, Vice President and General Manager, Asia Pacific, Avnet
Computing Components.  “With our commitment to AMD combined with ASUS’ AMD
solutions, we can go further into building a unique channel to market
enhancing the value to our customers, AMD and ASUS in China .”

“ASUS China is now at a significant stage of enhancing our distribution
arrangement with the aim to benefit our resellers and customers,” said
Johnny Wang, Vice President, ASUS United Technology (Shanghai) Co., Ltd.
“With our ongoing expansion plans we are delighted to have Avnet’s
strength in their ability to provide a competitive advantage based on
their AMD offerings.”

                        About ASUS

ASUSTeK Computer Inc. is a technology-oriented company blessed with one of
the world's top R&D teams, is well known for high-quality and innovative
technology. As a leading provider of 3C (computers, communications and
consumer electronics) total solutions, ASUS offers a complete product
portfolio to compete in the new millennium.

In 2006, the company shipped 55 million motherboards, which means one in
three desktop PCs sold last year was powered by an ASUS motherboard. ASUS
2006 revenues reached US$16.5 billion.

             About Avnet Technology Solutions

Avnet Technology Solutions is an operating group of Avnet, Inc. (NYSE:AVT)
representing US$5.1 billion in annual revenue for calendar year 2006, with
locations in more than 30 countries. As a global technology sales and
marketing organisation, Avnet Technology Solutions has sales divisions
focused on specific customer segments and a select line card strategy
enabling an exceptional level of attention to the needs of its customers
and suppliers.
                     About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT)
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden.

                           *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


CENTRAL PROTEINAPRIMA: Fitch Assigns B+ Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned a Long-term foreign currency Issuer Default
Rating of 'B+' to PT Central Proteinaprima Tbk.  The Outlook on the rating
is Stable.  At the same time, Fitch has assigned an expected rating of
'B+' and an expected recovery rating of 'RR4' to the proposed senior notes
to be issued by Blue Ocean Resources Pte Ltd and guaranteed by CPP and its
subsidiaries.  The ratings were assigned based on an indicative issue size
and tenor communicated to the agency by CPP; any material deviations from
these may result in a negative rating action.  Further, the final ratings
are contingent upon receipt of final documents conforming to the
information already received.

CPP's ratings are constrained by the general risks relating to the
shrimp-farming industry, such as the threat of diseases, vulnerability of
yields to variations in weather, the potential use of trade barriers, as
well as the sensitivity of demand for shrimp to general economic
conditions in CPP's main export markets.  The ratings are also constrained
by the substantial increase in CPP's financial leverage associated with
the ongoing acquisition and revival of the assets of the Dipasena Group of
companies, a distressed shrimp-farmer, and the resulting negative free
cashflow generation over the next three years.

Including the value of certain liabilities assumed, CPP will incur a cost
of up to IDR1,700 billion for the acquisition; it expects to spend a
further IDR1,500 billion to revive these assets.  A bulk of these costs
will be debt funded as CPP's EBITDA amounted to only IDR468 billion in
2006.  Consequently, Fitch expects that under certain sensitized
scenarios, CPP's net adjusted debt/EBITDA may increase significantly to
levels not commensurate with the assigned ratings in both 2007 and 2008,
compared to the 2.7x level achieved in 2006.  Furthermore, CPP faces
hurdles in meeting its goal to triple its 2006 shrimp sales volume by
2009, primarily through reviving Dipasena's production capacity; these
hurdles include the need to turn around distressed assets that are
significantly larger than its current asset base, as well as the need to
market the incremental output.  Potential mitigants to these risks are the
management's track record in the industry, the flexibility in the capex
programme as well as the geographical proximity and similarity between
CPP's and Dipasena's assets.

The ratings are supported by CPP's scale and vertical integration, its use
of advanced farming technologies and the proven track record of its
management in operating integrated shrimp farm facilities.  The company
has managed to achieve high pond yields and maintain losses related to
diseases at a low level, thanks to its modern farming facilities and the
strict operating procedures.  CPP's vertically integrated business model
lends many benefits such as the full traceability of its products and the
ability to produce high quality products that enable the company to charge
premium prices, and also underpins CPP's position as one of the lowest
cost producers of quality shrimp.  CPP's high margin shrimp-aquaculture
related products account for over 50% of the company's EBITDA and provide
a reasonably high level of resilience to earnings even if margins of
frozen shrimp weaken. Fitch notes that over 60% of the sales of these
products are to CPP's captive farmers and hence these sales are stable and
predictable.

The notes proceeds will be used to refinance existing loans and fund the
capex and working capital relating to Dipasena.  The company is also
issuing mandatory convertible subordinated notes of up to IDR1,700 billion
to a few related parties, a portion of which will go to fund the Dipasena
acquisition.  In line with Fitch's hybrids methodology, these subordinated
notes have been given an equity credit of 100%.  CPP is likely to maintain
a high level of cash reserves during the forthcoming period of intensive
investments.  It will have no major debt maturities till the redemption of
the notes, which further underscores its liquidity.  Furthermore, frozen
shrimp sales that generate strong USD denominated cash flows provide a
natural hedge to the USD denominated debt.

The Stable Outlook on the ratings reflect the agency's expectation that
CPP will return to positive free cashflow generation after the initial
capex ramp-up, thus reducing leverage to a level appropriate for its
current ratings.  A positive rating action is not envisaged over the next
18 to 24 months.  Conversely, a negative rating action may be taken if it
appears that free cash flow generation will remain negative and/or net
debt/EBITDA will be sustained above 4x beyond 2008. The expected recovery
rating of 'RR4' assigned to the proposed notes reflects the fact that the
liquidation value of CPP's assets (estimated using the distressed purchase
price of Dipasena assets) indicate a possible recovery rate of slightly
above 30% for senior unsecured creditors.

With an operating history of more than 25 years, CPP is one of the world's
largest vertically-integrated producers of shrimp. CPP is part of the
Charoen Pokphand Group, a large conglomerate engaged in agro-industrial
and aquaculture businesses based in Thailand.  Dipasena group was once the
largest shrimp producer in Indonesia but was inactive for a long period.
It is currently partially operational, following revival efforts in 2006.


COMVERSE TECH: Posts US$60.4-Million Net Loss in First Quarter
--------------------------------------------------------------
Comverse Technology Inc. disclosed preliminary unaudited selected
financial information for the first quarter of fiscal 2007 ended April 30,
2007.  For the first quarter, the company posted revenue of US$405.7
million, an increase of 10% over first quarter fiscal 2006 revenue of
US$369.2 million.  First quarter 2007 loss from operations on a GAAP basis
was US$60.4 million, compared with GAAP income from operations of US$8.6
million for the first quarter of fiscal 2006.  Operating income, on an
adjusted (non-GAAP) basis, was US$7.9 million for the first quarter of
fiscal 2007, compared with adjusted (non-GAAP) operating income of US$37.1
million for the first quarter of fiscal 2006.  This preliminary unaudited
selected financial information is subject to change, and is based on
information currently available to the company.  In addition, the
company’s independent registered public accounting firm has not reviewed
or audited the financial information presented herein and, therefore, such
financial information may be subject to additional adjustments, which
could be material.

                     Comverse Technology, Inc.

Andre Dahan, President and Chief Executive Officer of Comverse Technology,
Inc. said, “Our 10% revenue growth this quarter was achieved despite two
factors: (1) a slowdown in spending across the telecom industry and (2)
slower bookings momentum in products and services over the past few
quarters at both Comverse, Inc. and Ulticom, Inc.  This was partially
offset by continued strength at our Verint Systems Inc. subsidiary.
Comverse Technology’s subsidiaries maintain strong positions in their
respective markets, offering high-value products to their customers, and
each has opportunities for profitable growth in the future.”

                          Comverse, Inc.

Mr. Dahan said, “We have just begun building the new Comverse framework
for profitable growth, focusing on financial discipline while developing
the flexibility to identify and realize the new revenue drivers that will
address the most important needs of our customers.  Comverse’s cost
structure has not been properly aligned to the deceleration in bookings
experienced over the past several quarters and, as a result, our operating
margins began to decline late last year.  Since joining the company on
April 30 of this year, it has been my highest priority to conduct a
comprehensive operational review focused on our Comverse subsidiary, with
the objective of achieving double-digit adjusted (non-GAAP) operating
margins within a few quarters, while reinvigorating business momentum.  We
are now implementing our first set of actions to improve profitability
over the near-term.  Accordingly, Comverse expects to implement an
immediate action to reduce its workforce by approximately 6%.  This
reduction in force, along with process improvements and reductions in
other expenses and infrastructure items, is designed to contribute to the
desired operating margin goal.  The new Comverse framework will create a
more agile company capable of delivering sustained operational improvement
and excellence, investing and de-investing with flexibility and leading us
into a new era of profitable growth.”

                        Verint Systems Inc.

“During the quarter, Verint Systems achieved record revenue, with higher
expense levels due, in part, to increased spending in preparation for its
strategic acquisition of Witness Systems.  This acquisition closed in May,
following quarter end, and creates a new leader in workforce and
enterprise optimization, and opens new opportunities for profitable
growth,” said Mr. Dahan.

                           Ulticom, Inc.

“Ulticom experienced a revenue decline as post-merger integration at large
telecom OEM customers continued to result in a slowdown in project
spending,” said Mr. Dahan.

                         Strategic Review

Mr. Dahan concluded, “As previously announced, we continue to advance our
comprehensive strategic review of the Comverse Technology portfolio, and
its corporate and capital structure.  We are conducting this review with
the overriding goal of maximizing shareholder value.”

                         Special Committee

Comverse Technology also announced that the Special Committee of the
company’s Board of Directors has substantially completed the investigation
portion of certain financial and accounting matters originally announced
in mid-November 2006.  This forensic investigation produced the data
necessary for the company to begin the internal process of restating past
financial statements, after which the external audit by the company’s
independent registered public accounting firm can begin.

The company expects to become current in its filings with the Securities
and Exchange Commission by the end of fiscal 2007.  Any additional
information that may be discovered in the subsequent reviews or audits by
the company’s finance and accounting staff or independent registered
public accounting firm could result in delays to the restatement and
filing process, and in adjustments to the financial information presented
herein, and such adjustments could be material.  The timing of the
company’s restatements and filings may be dependent on the timing of the
completion of similar activities at its Verint Systems Inc. and Ulticom,
Inc. subsidiaries.  The company continues to believe that the aggregate
historical sales and total cash flows as previously reported are not
likely to materially change.

            Presentation of Non-GAAP Financial Measure

Comverse Technology provides adjusted (non-GAAP) income from operations as
additional information for its operating results.  This measure is not in
accordance with, or an alternative for, GAAP financial measures and may be
different from, or not comparable to similarly titled or other non-GAAP
financial measures used by other companies.  The company believes that
this presentation of adjusted (non-GAAP) income from operations provides
useful information to investors regarding certain additional financial and
business trends relating to its financial condition and results of
operations as viewed by management in monitoring the company’s businesses.
In addition, management uses this non-GAAP financial measure for
reviewing the financial results of the company and for budget-planning
purposes.

                   First Quarter 2007 Financial
                      and Operational Review

Revenue and Operations

Comverse Technology, Inc. reported consolidated revenue of US$405.7
million for the 2007 first quarter, a US$36.6 million, or 10%, increase
over revenue of US$369.2 million for the prior-year period, and a US$9.3
million, or 2%, decrease from revenue of US$415.1 million for the fourth
quarter.

Revenue at the company’s Comverse, Inc. subsidiary was US$284.5 million
for the first quarter of 2007, or 70.1% of consolidated revenue, a US$26.5
million, or 10%, increase over revenue of US$258.0 million for the
prior-year period, and a US$8.8 million, or 3%, decrease from revenue of
US$293.3 million for the fourth quarter.  US$16.2 million of the
year-over-year growth was attributable to contributions from Comverse,
Inc.’s May 2006 acquisition of Netcentrex.  Despite the slowdown in
subsidiary bookings and industry-wide spending experienced over the past
several quarters, end-user adoption of wireless value-added services and
VoIP-based services, we believe that two major demand drivers for
Comverse, Inc.’s products and services, remains healthy, as does demand
for next-generation billing and customer care solutions for service,
content, and e-commerce providers.  These solutions are designed to reduce
customers’ operating costs, while enabling services that foster customer
loyalty and satisfaction.

During the first quarter, Comverse, Inc. announced the appointment of
Yaron Tchwella to lead the unit as President, with a focus on improving
profitability and positioning Comverse, Inc. to serve the expanding range
of service provider needs in messaging, content delivery, converged IP
communications, and converged real-time billing and customer care.  During
the first quarter, Comverse, Inc. announced new product launches and
enhancements with Real-Time Billing 5.0, featuring a new advanced
marketing engine and service customization and self-care capabilities, and
Instant SMS, which converges the highly popular text messaging application
with attractive elements of the instant messaging user experience.
Comverse also announced new customer selections or deployments across a
range of products, including converged billing and customer care, SMS,
converged IP telephony and IP Centrex, wireless multimedia content
delivery, including ringback tones, and the Insight IP Open Services
Environment for messaging and other Value-Added Services.  InSight has now
been selected by more than 100 customers worldwide, and serves more than
250 million end-users.  Overall, Comverse, Inc. products and applications
are used by hundreds of millions of people, through more than 500 service
providers in more than 130 countries.

Revenue at the company’s Verint Systems Inc. subsidiary was US$101.3
million for the first quarter of 2007, or 25% of consolidated revenue, a
US$13.5 million, or 15%, increase over revenue of US$87.7 million for the
prior-year period, and a US$2.9 million, or 3%, increase over revenue of
US$98.4 million for the fourth quarter.  Verint experienced continued
demand for its solutions for security and business interaction
intelligence.  The growth in unstructured data, in the form of captured
voice, video, and text, has created opportunities for Verint’s analytic
software to deliver timely actionable intelligence to enhance security and
improve business performance.  During the first quarter, Verint announced
the strategic acquisition of Witness Systems, which closed in late May,
after first quarter-end. The combination of Verint and Witness creates a
leader in workforce and enterprise optimization solutions, with the
broadest portfolio of solutions in the market for contact centers,
back-offices, and branch operations.  Verint also launched new products
and capabilities, such as Verint Performance Management, STAR-GATE Lite, a
new broadband and VoIP solution that supports CALEA lawful interception
regulations, and an expansion of the Nextiva video security portfolio to
enhance municipal security.

Revenue at the company’s Ulticom, Inc. subsidiary was US$11.4 million for
the first quarter of 2007, or 2.8% of consolidated revenue.  This
represents a US$4.3 million, or 27%, decline from revenue of US$15.7
million for the prior-year period, and a US$2.7 million, or 19%, decrease
from revenue of US$14.1 million for the fourth quarter.  SS7 and SIP-based
signaling opportunities at large telecommunications OEM customers were
deferred following post-merger integration activities.

Revenue at the company’s Starhome B.V. subsidiary was US$9.7 million for
the first quarter of 2007, a US$0.6 million, or 6%, decrease from revenue
of US$10.3 million for the prior-year period, and a US$0.6 million, or 6%,
decrease from revenue of US$10.2 million for the fourth quarter.

Backlog

Backlog represents signed purchase orders or customer commitments deemed
to be firm that have not yet been recognized as revenues as of the balance
sheet date but are expected to be recognized in the next 12 months.

Consolidated 12-month orders backlog of US$758.7 million at April 30, 2007
was 2.3% above the US$741.9 million backlog at the prior-year period, and
4.2% below the US$791.8 million backlog at January 31, 2007.

Operating Income/Margins

GAAP Basis — Loss from operations on a GAAP basis was US$60.4 million for
the first fiscal quarter of 2007, compared to income from operations of
US$8.6 million for the first quarter of fiscal 2006.  This US$69.0 million
decline reflects an increase in Special Committee investigation and
related expenses of US$25.1 million; and US$14 million in cash
compensation in-lieu of equity-based compensation as a key employee
retention tool.  Operating margin on a GAAP basis for the first fiscal
quarter of 2007 was negative 14.9%, compared with 2.3% for the prior-year
period.

First quarter 2007 loss from operations on a GAAP basis increased by
US$42.9 million compared to the US$17.5 million loss from operations for
the fourth quarter of 2006. Operating margin on a GAAP basis was negative
4.2% for the fourth quarter.

Adjusted (Non-GAAP) Basis — Adjusted (non-GAAP) income from operations was
US$7.9 million for the first quarter of fiscal 2007, a 79% decrease from
the US$37.1 million for the prior-year period. Adjusted (non-GAAP)
operating margin declined to 2.0% for the first quarter of fiscal 2007
from 10.1% for the prior-year period.

First quarter 2007 adjusted (non-GAAP) income from operations declined by
US$19.7 million from US$27.6 million for the fourth quarter of fiscal
2006.  Operating margin on an adjusted (non-GAAP) basis was 6.6% for the
fourth quarter.

Reconciliations of adjusted (non-GAAP) income from operations to the most
comparable financial measure calculated and presented in accordance with
GAAP are set forth herein in the section entitled “Reconciliations.”

The company ended the first quarter of fiscal 2007 with cash and cash
equivalents, bank time deposits and short-term investments of US$1,827.1
million, compared to US$1,883.0 million at
Jan. 31, 2007, for a decrease of approximately US$55.9 million.  Following
the close of the first quarter, the company purchased US$293 million in
preferred stock from its Verint Systems subsidiary, which used the
proceeds to fund in part its US$950 million acquisition of Witness
Systems.

Debt

The company ended the quarter with convertible debt of US$419.6 million.
Following the close of the first quarter, the company’s Verint Systems
subsidiary entered into a US$650 million 7-year term loan facility to fund
in part its acquisition of Witness Systems.

Special Items

Operating expenses presented on a GAAP basis primarily reflect the
incurrence of the following special items:

   * Special Committee investigation and related expenses
     totaled approximately US$32.1 million for the three months
     ended April 30, 2007.  The company expects the rate of
     expenses related to the Special Committee to decrease
     significantly beginning in the second quarter ending
     July 31, 2007.

   * Because of limitations on the company’s ability to issue
     equity-based compensation prior to regaining compliance
     with its reporting obligations under the federal securities
     laws, the Boards of Directors of the company and certain of
     its subsidiaries previously authorized and disclosed
     additional cash compensation in lieu of equity-based
     compensation as a key employee retention tool in the
     aggregate amount of approximately US$61.9 million.  In the
     first quarter of fiscal 2007, US$14.0 million of this
     retention compensation was charged as an expense, for a
     total of US$20.9 million charged through April 30, 2007,
     and the company expects the balance to be recorded in the
     current fiscal year ending Jan. 31, 2008.

   * Amortization of acquisition-related intangibles of US$9.2
     million.

The company is in the process of finalizing its arrangements for audits
and related fees for fiscal 2006.  In that regard, the company estimates
that it will increase its selling, general and administrative charges for
audit fees related to fiscal 2006 by approximately US$1.7 million.

Reconciliations of adjusted (non-GAAP) income from operations to the most
comparable financial measure calculated and presented in accordance with
GAAP are set forth herein in the section entitled “Reconciliations.”

                 About Comverse Technology

Comverse Technology, Inc. (NASDAQ: CMVT) --http://www.comverse.com/--
provides software and systems that enable network-based multimedia
enhanced communication and billing services.  Over 450 communication and
content service providers in more than 120 countries use Comverse products
to generate  revenues, strengthen customer loyalty and improve operational
efficiency.

Comverse has offices all over the world, including Indonesia, Malaysia and
the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.


EDP INC: Moody's Junks Proposed US$410MM Second Lien Term Loan
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating with a
stable outlook to EPD Inc, a division of The Goodyear Tire & Rubber
Company.

Additionally, Moody's assigned a Ba3 rating to the company's proposed
US$650 million 7-year first lien term loan, US$100 million 6-year senior
secured revolving credit facility and 7-year US$100 million delayed draw
term loan, as well as a Caa1 rating to the proposed US$410 million 8-year
second lien term loan.  The ratings are subject to review of the final
financing documentation.

The B2 corporate family rating reflects the company's high pro forma
leverage (6.9 times debt to trailing twelve-month EBITDA as of March 31,
2007, using Moody's standard adjustments), modest cash flow to debt
metrics, as well as EPD's exposure to volatile end-user markets creating
revenue variability.  In addition, the rating reflects the challenge faced
by the company to restore the profitability and cash flows of its
loss-making transportation OE business and the risk of higher raw material
costs, which represent more than half of COGS.

On the other hand, the rating is supported by EPD's solid market
positions, customer and end-market diversity, the retained Goodyear brand,
the company's large installed base of products and extensive distribution
footprint.  The rating also factors in the continuation of cost-cutting
efforts initiated under Goodyear's ownership and the generation of
positive free cash flow, though the rating agency cautions that EPD has no
track record as a stand-alone entity.

The rating outlook is stable, reflecting Moody's expectation of a modest
improvement of credit metrics in the next twelve to eighteen months and a
recurrent basis of cash flows supported by EPD's end-market diversity.  It
also considers that the planned joint-venture with an industrial
manufacturer overseas will be leverage-neutral and will not negatively
affect EPD's free cash flow.

The ratings for the first lien and second lien facilities reflect the
overall probability of default of the company, to which Moody's has
assigned a probability of default rating of B2, and a loss given default
of LGD 3 for the first lien term loan, delayed draw term loan and revolver
as well as LGD 5 for the second lien term loan.  The Ba3 rating of the
first lien senior secured term loan, delayed draw term loan and revolving
credit facility reflects their senior position in EPD's capital structure,
full guarantees of existing and future domestic subsidiaries, a pledge on
all tangible and intangible assets of domestic subsidiaries and a pledge
on 65% of the capital stock of the borrower's foreign subsidiaries, as
well as a substantial amount of more junior debt.  The Caa1 rating of the
second lien term loan reflects its effective subordination to all first
lien creditors.

Ratings assigned:

   -- B2 Corporate Family Rating
   -- B2 Probability of Default Rating
   -- Ba3 First Lien Term Loan due 2014 (LGD 3/31%)
   -- Ba3 Senior Secured Revolver due 2013 (LGD 3/31%)
   -- Ba3 First Lien Delayed Draw Term loan due 2014 (LGD 3/31%)
   -- Caa1 Second Lien Term Loan due 2015 (LGD 5/81%)

On March 23, 2007, Carlyle executed a definitive Purchase and Sales
agreement to acquire EPD, Goodyear's Engineered Product Division, for
US$1,483 million or 9 times adjusted EBITDA for the trailing twelve months
ended March 31, 2007.  Carlyle intends to finance the acquisition, which
is expected to close in the next few weeks, with the above mentioned bank
facilities ($25 million will be drawn under the revolver at closing) and a
US$465 million common equity contribution.  EPD could also contemplate
reinforcing its presence overseas in the short term through the
joint-venture with an industrial manufacturer, which will be financed with
the proceeds from the delayed draw term loan.

Based in Akron, Ohio, EPD is a leading manufacturer of engineered rubber
products for industrial, military, consumer and transportation end users.
For the 12 months period ending March 31, 2007, EPD generated revenues of
approximately US$1,541 million.

Parent company Goodyear maintains Asia-Pacific facilities in Australia,
China and Korea. Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear’s
Latin-American operations are located in Argentina, Brazil, Chile,
Colombia, Jamaica, Mexico, and Peru.


EPD INC: S&P Assigns Corporate Credit Rating at B
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate credit
rating to Akron, Ohio-based EPD Inc., which is an entity established by
the Carlyle Group to acquire the Engineered Products Division of the
Goodyear Tire & Rubber Co.

At the same time, 'B+' bank loan ratings and '2' recovery ratings were
assigned to the company's proposed US$100 million revolving credit
facility, US$650 million first-lien senior secured term loan, and US$100
million senior secured delayed draw term loan, indicating expectation of
substantial recovery (70%-90%) in the event of a default.

In addition, Standard & Poor's assigned its 'CCC+' bank loan rating and
'6' recovery rating to the company's US$410 million second-lien senior
secured term loan, indicating negligible (0%-10%) recovery in the event of
a payment default.  The outlook is stable.

Proceeds will be used to finance a leveraged buyout of EPD.  The Carlyle
Group has agreed to purchase EPD for a total consideration of US$1.483
billion excluding transaction costs.  Pro forma for the transaction,
consolidated debt outstanding is approximately
$1.2 billion.

Based in Akron, Ohio, EPD is a leading manufacturer of engineered rubber
products for industrial, military, consumer and transportation end users.
For the 12 months period ending March 31, 2007, EPD generated revenues of
approximately US$1,541 million.

Parent company Goodyear maintains Asia-Pacific facilities in Australia,
China and Korea. Its European bases are located in Austria, France,
Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear’s
Latin-American operations are located in Argentina, Brazil, Chile,
Colombia, Jamaica, Mexico, and Peru.


KRONOS INT'L: Parent Increases Price for Titanium Products
----------------------------------------------------------
Kronos Worldwide, Inc., the parent company of Kronos
International disclosed a price increase for all titanium dioxide grades
sold in the Asia Pacific, Latin America, Middle East and Africa regions.

Effective July 1, 2007, or as contracts permit, prices for all Kronos
titanium dioxide products sold in the Asia Pacific, Latin America and
Africa regions will increase by 100 US $/mt. In the Middle East prices
will be increased by 120 US $/mt.

Kronos Worldwide, Inc. is a major international producer of titanium
dioxide pigments.

                 About Kronos International

Kronos International Inc. -- http://www.kronostio2.com/-- is a
wholly owned subsidiary of Kronos Worldwide, Inc., headquartered
in Dallas, Texas and produces titanium dioxide (TiO2) pigments
in Europe.  It has sales offices in the Asia Pacific, including:
Australia, Indonesia, Japan, Korea and the Philippines.

                          *     *     *

On Nov. 8, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. chemical and allied
products sectors, the rating agency confirmed its B1 Corporate
Family Rating for Kronos International, Inc. as well as the B2
rating on the Company's EUR400 million Senior Secured Notes due
2013.  Moody's also assigned an LGD5 rating to those debentures,
suggesting note holders will experience a 75% loss in the event
of a default.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Valhi Inc. and its indirect subsidiary Kronos
International Inc. to 'BB-' from 'BB'.  At the same time,
Standard & Poor's lowered its rating on Kronos' EUR400 million
senior secured notes issue due 2013 to 'B' from 'B+'.  All
ratings remain on CreditWatch with negative implications, where
they were placed earlier this year in connection with an adverse
verdict in a Rhode Island lead pigment lawsuit.


MARSH & MCLENNAN: Responds to New York Post Article
---------------------------------------------------
Marsh & McLennan Companies issued the following statement in response to a
story appearing in today's New York Post:

The New York Post ran an article that raises questions about the portrait
photography used in a new advertising campaign by Marsh Inc., MMC's risk
and insurance specialist.  Specifically, the article speculates that the
ads contain images of the Twin Towers of the World Trade Center in the
eyes of the people photographed.

As a company that lost 355 colleagues in the 9/11 terror attacks, MMC is
outraged that the New York Post would run a story designed to resurrect
the pain and anguish experienced by MMC colleagues and, in particular, the
families of those colleagues who perished on September 11, 2001.

As was relayed to the Post last week, the photos used in the campaign were
taken by world-renowned portrait photographer Martin Schoeller, whose work
is characterized by a lighting technique in which he reflects light from
two five-foot high light stanchions into the subject's eyes.  He has used
the technique for more than a decade and has photographed hundreds of
people using it, including President Bill Clinton and numerous
celebrities.

The mere suggestion that MMC would include, suggest or disregard 9/11
imagery in its ad campaign is not only wildly wrong, but cruel and
despicable.  Indeed, it is the Post's own bizarre theory that the
photographs are in some way connected to the tragedy of 9/11.

It is unfortunate that the Post chose to publish this story with so little
regard for the emotional toll it might take on the 9/11 families and
survivors.  The decision to do so in the face of all evidence to the
contrary is highly irresponsible and a regrettable example of tabloid
journalism that puts sensationalism ahead of the truth. The firm will
explore all possible remedies against the newspaper in connection with
this matter.

                    About Marsh & McLennan

Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a
global professional services firm with annual revenues of
approximately US$12 billion.  It is the parent company of Marsh,
the world's leading risk and insurance services firm; Guy
Carpenter, the world's leading risk and reinsurance specialist;
Kroll, the world's leading risk consulting company; Mercer, a
major global provider of human resource and specialty consulting
services; and Putnam Investments, one of the largest investment
management companies in the United States.  Approximately 55,000
employees provide analysis, advice, and transactional
capabilities to clients in over 100 countries, including
Indonesia, Australia, China, India, Japan, Korea and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred
stock ratings to Marsh & McLennan's unlimited universal shelf.

Standard & Poor's also affirmed its 'BBB' counter party credit
rating on MMC.  The outlook in negative.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Moody's Investors Service assigned provisional
ratings to Marsh & McLennan's new universal shelf registration,
including a (P)Ba1 rating on the Company's provisional preferred
stock.  The rating outlook for MMC remains negative.


PERUSAHAAN GAS: Buys US$100-Mil. Old Tanker for Storage Vessel
--------------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk will spend US$100 million to
purchase a second-hand tanker, Reuters reports, citing Asia Pulse.

According to the report, the company will modify the tanker into a shuttle
storage receiving vessel with a capacity of 100 to 150 mile cubic feet per
day.

The vessel will be used to deal with gas supply deficit in some areas such
as North Sumatera due to growing gas demand, the report notes.

                   About Perusahaan Gas

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

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

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

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

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

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

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


WILLBROS GROUP: Unit Enters into a Purchase Agreement w/ AMEC
-------------------------------------------------------------
Willbros Group, Inc. disclosed that one of its subsidiary companies has
entered into a Share Purchase Agreement with AMEC to acquire all of the
shares of Midwest Management Limited, a Canadian pipeline and facilities
construction company, for approximately US$17.5 million , plus working
capital of approximately US$3.3 million .  Midwest, together with its
wholly owned subsidiaries, Midwest Pipeline Rental Inc. and Midwest
General Contractors Ltd., offers a complete range of services, including
cross country pipeline construction, rehabilitation and maintenance, water
crossings installation and replacement, and facilities fabrication.
Closing of this transaction, which is subject to regulatory approval
pursuant to the Competition Act and other typical closing conditions, is
expected to take place in the late second quarter or early third quarter
of 2007.

Randy Harl, President and Chief Executive Officer of Willbros, commented,
"This acquisition provides substantial opportunities for Willbros to
participate in large diameter pipeline projects related to the development
of the Canadian oil sands and natural gas reserves expected during the
next several years.  The additional capabilities of a mainline pipeline
construction entity in Canada will complement Willbros' traditional
Canadian activities which include providing maintenance, capital projects
and modular fabrication services to the oil sands developments. With the
addition of Midwest, we will now have in Canada a cross-country pipeline
construction company with experience, systems, equipment and corporate
identity bolstered by the global resume of Willbros.  The resultant
organization can offer pipeline construction and project logistics
experience unmatched by any competitor in Canada."

Crown Capital Partners Inc. acted as financial advisor to Willbros in this
transaction.


                       About Willbros

Willbros Group, Inc. (NYSE:WG) -- http://www.willbros.com/-- is
an independent contractor serving the oil, gas and power
industries, providing engineering and construction, and
facilities development and operations services to industry and
government entities worldwide.  Willbros has operations in
Indonesia.

                     Long-term Debt Waivers

During the period from Nov. 23, 2005, to June 14, 2006, the
company entered into four additional amendments and waivers to
the 2004 Credit Facility with its syndicated bank group to waive
non-compliance with certain financial and non-financial
covenants.  Among other things, the amendments provided that:(1)
ertain financial covenants and reporting obligations were waived
and/or modified to reflect the Company's current and anticipated
future operating performance; (2) the ultimate reduction of the
facility to US$70,000 for issuance of letter of credit
obligations only; and (3) a requirement for the Company to
maintain a minimum cash balance of US$15,000.


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

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

Proceeds from the transaction will be used to refinance the company's
existing debt (CDN$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 CDN$535 - CDN$435 million from the
term loan and CDN$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:

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

   -- US equivalent of CDN$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.


BOSTON SCIENTIFIC: Inks Share Repurchase Plan w/ Aspect Medical
---------------------------------------------------------------
Boston Scientific Corporation and Aspect Medical Systems, Inc. had agreed
to enter into a share repurchase plan to conclude their alliance for the
development of new brain monitoring products aimed at assisting clinicians
in the diagnosis and treatment of depression, Alzheimer's disease and
other neurological conditions.

The agreement includes these key provisions:

   1) Aspect will immediately acquire 2 million shares of Aspect
      stock now held by Boston Scientific at a price of
      approximately US$15.91 per share.  This price represents
      the average of the closing prices of Aspect stock over the
      20 most recent trading days.  Prior to this agreement,
      Boston Scientific's position in Aspect stood at
      approximately 6 million shares, or 27% of Aspect's shares
      outstanding.

   2) For a period of six months following the date of the
      agreement, Aspect will have the right to purchase any or
      all of the balance of Boston Scientific's position in
      Aspect at a price of US$15 per share, or the average of
      the closing prices of Aspect stock over the 10 trading
      days prior to Aspect exercising its right to repurchase,
      whichever is higher.  In addition, Boston Scientific has
      agreed not to sell any of its Aspect stock, except to
      Aspect, during the six month period.

   3) Boston Scientific is relieved from all current and future
      obligations to the alliance.  The neuroscience alliance
      was established in May 2005 and involved a commitment by
      Boston Scientific of US$25 million over five years to
      support research by Aspect in the depression and
      Alzheimer's markets.  To date, Boston Scientific has
      provided US$10 million of the US$25 million originally
      committed.

   4) Aspect regains all commercial rights to products developed
      under the alliance that were previously shared with Boston
      Scientific.

Aspect and Boston Scientific also agreed today that all rights and
obligations in connection with an OEM Product Development Agreement signed
in 2002 will cease effective upon closing of the share repurchase.  As
part of the 2002 Agreement, Boston Scientific held an option to distribute
products developed by Aspect in the procedural sedation space.  With
Boston Scientific declining this option, all rights to products developed
in conjunction with this agreement will revert to Aspect.  As a result of
this, Aspect will recognize approximately US$3.8 million of previously
deferred alliance revenue this quarter.

"Boston Scientific has been an outstanding partner, and we appreciate
their contribution to our success to date.  Further, we understand Boston
Scientific's desire to refocus its strategic priorities following its
recent acquisition, and we believe that this agreement creates new
opportunities for both parties," said Nassib Chamoun, president and CEO of
Aspect Medical Systems.  "We are enthusiastic about Aspect's neuroscience
program, particularly the interim results from the BRITE study that we
announced three weeks ago.  We believe that the neuroscience business will
become a great complement to our core consciousness-monitoring business in
the years ahead.  Today's share purchase from Boston Scientific speaks to
our growing financial strength and signals our confidence in our ability
to continue to grow our core business and to develop the potential of our
neuroscience program."

Chamoun continued, "We also believe that the opportunity to reacquire full
commercial rights to the products developed in the neuroscience space will
prove to be significant for Aspect longer term.  Over the coming months,
we plan to seek financing, which may be in the form of convertible notes,
in order to replenish our cash position and gain the flexibility to
exercise our option to purchase additional shares from Boston Scientific.
We believe these share purchases will provide stability and create value
for all of our shareholders."

                      Transaction Details

Under the terms of the termination and repurchase agreement signed today,
Aspect and Boston Scientific have agreed that all obligations and rights
granted by either party in connection with the 2005 neuroscience strategic
alliance and the 2002 OEM product development agreement will terminate
under the agreement.  In connection with the 2002 Agreement, Boston
Scientific established a revolving credit facility available to Aspect
which was also terminated under the agreement.  Aspect has never drawn
down on this line of credit.

Aspect and Boston Scientific are also entering into a registration rights
agreement under which Boston Scientific will have the right to request
under certain circumstances that Aspect register under the Securities Act
of 1933, as amended, shares of Aspect common stock held by Boston
Scientific and not repurchased by Aspect.

                      About Aspect Medical

Aspect Medical Systems, Inc. (NASDAQ: ASPM) --
http://www.aspectmedical.com/-- produces and develops brain monitoring
technology.  The company's Bispectral Index technology has been used to
assess approximately 20 million patients and has been the subject of more
than 2,800 published articles and abstracts.  BIS technology is installed
in approximately 75 percent of hospitals listed in the July 2006 U.S News
and World Report ranking of America's Best Hospitals and in approximately
55 percent of all domestic operating rooms.  The company is also
investigating how other methods of analyzing brain waves may aid in the
diagnosis and management of neurological diseases, including depression
and Alzheimer's disease.

                     About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops,
manufactures and markets medical devices used in a broad range of
interventional medical specialties.  The company has offices in Argentina,
France, Germany, and Japan, among others.
                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2007,
Moody's placed Boston Scientific Corporation's ratings including
its Baa3 senior unsecured and Prime-3 short term, under review for
possible downgrade.  The rating action reflects Moody's
expectation that, absent any material debt reduction, financial
strength measures over the near term will be below those
identified for an investment grade company under Moody's Global
Medical Products & Device Industry Rating Methodology.


BURGER KING: Launches First Restaurant in Japan
-----------------------------------------------
Burger King Holdings Inc has launched its first restaurant in Japan,
Newratings.com reports.

Newratings.com relates that Burger King opened the restaurant in Tokyo’s
shopping and entertainment district Shinjuku.

According to Newratings.com, Burger King left Japan six years ago.  The
firm is reentering the nation due to the strengthening economy and the
rising demand for Western food.

Burger King will launch 50 more restaurants in Tokyo in three years,
Newratings.com states.

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/--  operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


EDDIE BAUER: ISS Urges Shareholders to OK 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

Headquartered in Redmond, Washington, Eddie Bauer Holdings, Inc.
-- 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 believes the
Eddie Bauer brand is a nationally recognized brand that stands for high
quality, innovation, style, and customer service.  Eddie Bauer products
are available at approximately 375 stores throughout the United States 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 approximately
10,000 part-time and full-time associates in the United States 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.


FORD MOTOR: Joins GM & Chrysler in Healthcare Fund, Sources Say
---------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-
insurance fund to trim their combined US$114 billion in future
retiree healthcare obligations, Bloomberg News reports, quoting
five people with direct knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg reveals.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                      About DaimlerChrysler

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

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

                      About Ford Motor Co.

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

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

                            *   *   *

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

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

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


FORD MOTOR: To Sell Jaguar & Land Rover Brands, Sources Say
-----------------------------------------------------------
Ford Motor Co. employed help from investment banks including Goldman
Sachs, HSBC and Morgan Stanley to explore the sale of its two British
luxury brands, various reports say citing unnamed sources.

The brands, Jaguar and Land Rover, lost US$12.6 billion last year,
instigating Ford to initiate a strategy referred to as “Project Swift”
within Ford, which is how Ford wants the sale to be, according to the
reports.

Ford spokesman John Gardiner would neither confirm nor deny speculation
about a sale.

According to Bloomberg News, among the brands, Jaguar has had recurring
losses.  In 2004, Ford disclosed a Jaguar streamlining, which closed a
British plant, cut 1,150 jobs and scraped a 200,000 vehicles-per-year
target.

The two are part of Ford’s Premier Automotive Group, including Volvo,
which, as reported in the Troubled Company Reporter on
May 31, 2007, was rumored to be on possible sale.

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

                          *     *     *

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

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

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


FUJI HEAVY: To Build Truck Plant with China International
---------------------------------------------------------
Fuji Heavy Industries Ltd. and China International Marine Containers Ltd,
a container and special vehicle manufacturer, will build a factory that
produces garbage trucks in China by the end of this year, Makiko Kitamura
writes for Bloomberg News.

Fuji Heavy spokesman Kenta Matsumoto told Bloomberg in an interview that
the factory will cost JPY2.1 billion.  The new plant will be owned 29% by
Fuji Heavy, 51% by China International, and 18% by Sumitomo Corp.

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp-- is a manufacturing company engaged in the
production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit rating on
Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based on diminished
prospects for a recovery in profitability and cash flow over the near term
along with intensifying competition in the global auto industry.


GOODWILL GROUP: Considers Selling Nursing Care Unit
---------------------------------------------------
According to a Japan Times report, The Goodwill Group, Inc., is
considering selling its subsidiary Comsn Inc., its home nursing-care
service firm, after the Japanese government banned it from renewing its
licenses due to its involvement in a fraud scandal.

The Health, Labor and Welfare Ministry terminated the operating licenses
of nearly 80% of Comsn nursing-care centers over the scandal, Japan Times
relates.

The report further conveys that the firm allegedly obtained some of the
licenses for nursing-care service operators certified under a public
insurance program through fraudulent applications, including those with an
inflated number of employees.

Reportedly, Goodwill Chairman Masahiro Origuchi said Saturday that the
company plans to sell it to a nongroup company in the same sector as the
ministry ordered Comsn to freeze its hand-over agreement with group
company NSS Corp. saying it was too cozy and that the ministry expects
Goodwill to sell Comsn's business to a nongroup firm.

When asked by Japan Times if he has a specific buyer in mind, Mr. Origuchi
said it was "totally undecided," but he added that five or six companies
have contacted him, including a broker specializing in corporate
acquisitions.

              About The Goodwill Group, Inc.

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html
-- is a  involved in five business segments.  The Staffing segment offers
recruitment services for technicians, senior workers and others.  The
Human Resources-related segment provides employee hiring support services
to corporate clients, counseling services to workers and outplacement
services to retired and retiring workers.  The Nursing-care and Medical
Support segment is engaged in the provision of home-care services, care
services in facilities and dental examination services at home, as well
as the sale of nursing-care goods and equipment, among others.  The
Senior Residence and Restaurant segment operates nursing home under the
name THE BARRINGTON HOUSE, and also operates restaurant in both domestic
and overseas markets.  The Others segment is engaged in the planning,
designing and management of pet care facilities, the operation of pet
care shops, the operation and management of nurseries, the provision of
baby-sitting services and others.


GOODWILL GROUP: Shares Rise After Rivals Show Interest
------------------------------------------------------
Shares of Goodwill Group Inc., which lost more than a third of their value
after the government barred the company from expanding its nursing-care
business, rose after rivals expressed interest in the unit, Finbarr Flynn
writes for Bloomberg News.

Mr. Flynn reveals that stocks rose as much as 6.2%, and was higher by
JPY200 at JPY52,000 at 10 a.m. in Tokyo on June 12, 2007.  Goodwill
dropped by its daily trading limit for the past four days.

In a separate report, Maki Shiraki and Shunichi Ozasa of Bloomberg, relate
that Bennesse Corp. showed interest in bidding for the nursing home
operations of Goodwill.

Benesse, according to Mr. Shiraki and Mr. Ozasa, is Japan's biggest
operator of fee-paying nursing home by sales.

Benesse Executive Vice Chairman Kenichi Fukuhara revealed to
Bloomberg in an interview that he was contacted by a financial
institution, which he did not identify, to see if his company was
interested in purchasing Comsn's nursing homes.

Even though Benesse had 115 nursing homes last fiscal year and plans to
open 18 more this year, Mr. Fukuhara claims that his company is not
interested in Comsn's at-home nursing services.  However, Benesse,
according to Mr. Fukuhara, is a cash-rich company that is considering
mergers and acquisitions of as much as JPY30 billion, relates the report.

In addition to that, Mr. Flynn was able to interview through the phone
Naohiro Nakagawa of Watami Co., a Japanese restaurant chain operator which
also owns nursing homes, who claims that he was also “approached by a
financial institution about the sale.”

The Yomiuri Shimbun reported that an official of Nichii Gakkan Co., a
major nursing care firm, said his firm would purchase the Comsn centers in
areas where there are no buyers, suggesting it will extend a helping hand
to Comsn depending on the circumstances in a particular area.

The article further added that a senior employee at another major nursing
care firm said "We'll look into Comsn businesses and see how the situation
develops."

               About The Goodwill Group, Inc.

Japan-based The Goodwill Group, Inc. --
http://www.goodwill.com/gwg/english/index.html
-- is a  involved in five business segments.  The Staffing segment offers
recruitment services for technicians, senior workers and others.  The
Human Resources-related segment provides employee hiring support services
to corporate clients, counseling services to workers and outplacement
services to retired and retiring workers.  The Nursing-care and Medical
Support segment is engaged in the provision of home-care services, care
services in facilities and dental examination services at home, as well
as the sale of nursing-care goods and equipment, among others.  The
Senior Residence and Restaurant segment operates nursing home under the
name THE BARRINGTON HOUSE, and also operates restaurant in both domestic
and overseas markets.  The Others segment is engaged in the planning,
designing and management of pet care facilities, the operation of pet
care shops, the operation and management of nurseries, the provision of
baby-sitting services and others.


NIKKO CORDIAL: Citigroup Increases Stake to 68% from 61%
--------------------------------------------------------
Officials of Citigroup Japan Investments LLC on Tuesday made public that
it has raised its stake in Japanese brokerage Nikko Cordial Corp. to 68%
this month from 61%, Associated Press reports.

According to the report, Citigroup, by increasing its stake, gets full
control over Nikko Cordial.  The bigger stake also means that Citigroup is
immune to shareholder vetoes and owns more than two-thirds in terms of
voting rights.

Citigroup Spokeswoman Chikako Ooki revealed that the bank spent JPY117
billion to raise its stake to exactly 68.23% earlier this month, relates
AP.

The Troubled Company Reporter - Asia Pacific reported on
April 27, 2007, that Citigroup became the major shareholder of Nikko after
acquiring 61.08% or about 541 million shares tendered and accepted.

A subsequent report by the TCR-AP on May 11, 2007, stated that Citigroup
paid US$7.7 billion in cash following the finalization  of the tender
offer on April 27, 2007.

According to the report, pursuant to the payoff, Citigroup became the
parent company and largest shareholder of Nikko Cordial, thus making Nikko
a subsidiary of Citigroup.

                    About Nikko Cordial

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field. The company
operates in four business segments. The Retail segment provides
consulting services for financial products management. The Asset
Management segment provides asset management services for
individual, corporate and foreign investors. The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services. The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products. Nikko Cordial has 62
consolidated subsidiaries. It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore. The
company has a global network.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on March 8,
2007, that Fitch Ratings revised the Rating Watch on the foreign
and local currency Issuer Default and Individual ratings of
Nikko Cordial Corporation and Nikko Cordial Securities Inc. to
Evolving from Negative.  These ratings were placed on Watch
Negative on Dec. 21, 2006.

The ratings are:

   NCC: Individual rating C/D and Support rating 5.

   Nikko Cordial Securities: Individual C and Support rating 4.

As reported in the TCR-AP on Dec. 22, 2006, Japan's Securities
and Exchange Surveillance Commission began investigating
Nikko Cordial for falsifying its annual financial statements for
the business year ended March 30, 2005, declaring JPY14 billion
in false profits, and using them to procure money from the
market.


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

HYNIX SEMICON: Fitch Assigns 'BB' Rating to US$500-MM Notes
-----------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB' to the proposed
issue of US$500 million senior unsecured notes due 2017 by Hynix
Semiconductor Inc.

The net proceeds from the offering will be used principally towards the
repayment of the company's existing indebtedness.  As such, Fitch notes
that there will not be any material change to Hynix's leverage, as well as
its IDR.  Moreover, the notes are protected by restrictive covenants and
conditions, such as that on the payment of dividends, the incurrence of
additional indebtedness, repurchase of capital stock and undertaking of
certain investments.  In addition, there is repayment acceleration for
bondholders in the event of a change of control and rating decline.

Fitch says the rating reflects Hynix's dominant position in the global
memory semiconductor industry, its proven technology, efficient
production, and improved financial status.  Hynix is the world's second-
and third-largest producer of dynamic random access memory and NAND flash
memory, respectively - it is also one of the few global memory chip
producers capable of producing both types of memory products.  More
importantly, Hynix has demonstrated its cost-reduction capability and
ability to keep up with technology migration while maintaining a stable
yield.

However, Fitch remains concerned over the volatility of DRAM and NAND
flash memory prices as well as Hynix's large capex needs for technological
migration.  The agency is also cautious of the potential risk of excessive
supply from the overestimation of DRAM demand arising from the
introduction of Microsoft's Vista operating system.  There could be
further margin compression for Hynix if prices of NAND flash memory
continue to fall sharply in the absence of new killer applications after
MP3 players and digital still cameras.

                     About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access memory
chip production capacity as well as the industry's best technical
development capacity by fully exploiting synergies resulting from the
historical integration of both companies.


HYNIX SEMICON: S&P Assigns 'BB-' Rating to US$500-MM Bonds
----------------------------------------------------------
Standard & Poor's today assigned its 'BB-' rating on Hynix Semiconductor
Inc.'s proposed US$500 million global bonds maturing in 2017, which will
replace the currently rated seven-year notes issued in 2005. The rating on
the senior unsecured notes is subject to final documentation.

The rating on Korea-based Hynix reflects the severe pricing pressures and
the cyclical, capital-intensive nature of the commodity DRAM industry from
which the company derives the bulk of its revenues. However, these
industry risks are mitigated by the company's strong market share and good
cost position, as well as its improving market position in the NAND flash
industry.

Hynix has the second-largest market share of 22% in the global DRAM
industry, after industry leader Samsung Electronics Co. Ltd.
(A/Stable/A-1), with 26%.  Micron Technology Inc. (BB-/Stable/--), one of
Hynix's competitors, has considerably reduced its position in the
commodity DRAM market.  In the fast-growing Chinese market, Hynix had a
leading position with about 51% of
market share as of Dec. 31, 2006, benefiting from China's booming PC and
consumer electronics market.

                 About Hynix Semiconductor

Headquartered in Echon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access memory
chip production capacity as well as the industry's best technical
development capacity by fully exploiting synergies resulting from the
historical integration of both companies.


KAFCO C & I: Sues CEO for Embezzlement of Company Money
-------------------------------------------------------
Kafco C&I Co., Ltd., sued its former Chief Executive Officer, Oh Gwang
Bae, and two other individuals, for embezzlement of the Company money,
Reuters reports.

According to the report, the total embezzled fund amounted to
KRW4,918,265,900.

                      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: Secures New US$125-Mil. 5-Year Credit Facility
--------------------------------------------------------------
Photronics Inc. has finalized a new US$125 million five year credit
facility with:

   -- JPMorgan Chase Bank as administrative agent and collateral
      Agent;

   -- Citizens Bank of Massachusetts; HSBC Bank USA, National
      Association; and Citibank, N.A. as co-syndication agents;

   -- Bank of America NA, and UBS Loan Finance LLC as
      participants in the five year credit facility.

Photronics, Inc. -- http://www.photronics.com/-- is a worldwide
manufacturer of photomasks.  Photomasks 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
the United Kingdom, North America, and Asia (specifically Korea, Taiwan,
and Singapore.)


SPECIALIZED TECH: Moody's Junks Rating on Proposed US$75MM Loan
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of the proposed first
lien senior secured credit facilities of Specialized Technology Resources,
Inc. to B1 from Ba3 following the upsizing of the first lien term loan by
US$50 million to US$185 million.

The upsizing was accompanied by a reduction in the proposed second lien
term loan by US$50 million to US$75 million.  The Caa1 ratings on the
proposed second lien term loan were affirmed. Concurrently, Moody's
affirmed the B2 Corporate Family Rating and B2 Probability of Default
Ratings of the company.  The outlook for the ratings remains stable.

The ratings are constrained by a high level of overall indebtedness at
close with adjusted pro forma debt to EBITDA for the twelve months ended
March 31, 2007 of about 6.5 times, the company's small size both in
absolute terms and relative to competitors, and Moody's expectations of
negative free cash flow generation in fiscal 2007.  The ratings also
reflect some degree of technological risk with respect to STR Solar.

Although the leverage reflects the relatively high valuation of the
company in relation to current cash flow generation, the ratings recognize
the significant equity contribution and associated sponsor commitment.
The B2 Corporate Family Rating acknowledges STR's geographically diverse
asset base (including laboratories, inspection and audit offices and
manufacturing plants), the continuing outsourcing of manufacturing from
consumer to producer countries and related safety requirements and
regulations which support growth in the quality assurance and testing
business, and the current environment with respect to solar panel
installation subsidies in several countries, along with the
diversification benefits of operating in two unrelated business segments.
Moody's also notes that STR's focus on areas such as social responsibility
and renewable energy is likely to continue to benefit from favorable
social and regulatory trends.

Moody's took these rating actions:

   -- Downgraded the proposed US$20 million first lien revolver
      due 2012 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%);

   -- Downgraded the proposed US$185 million first lien term
      loan due 2014 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%);

   -- Affirmed the proposed Caa1 (LGD5, 88%) rated US$75 million
      second lien term loan due 2014;

   -- Affirmed the B2 Probability of Default Rating;

   -- Affirmed the B2 Corporate Family Rating;

   -- The outlook for the ratings is stable.

Specialized Technology Resources -- http://www.strlab.com/--
founded in 1944, is a recognized leader in testing and quality
assurance services for the consumer products industry and the
leading manufacturer of solar module encapsulants globally.  STR
Quality Assurance has established deep and longstanding
relationships with the leading global retailers and
manufacturers in the consumer and retail markets.  STR Solar is
the leading, long-term supplier of encapsulants to many of the
major solar module manufacturers in the industry.  STR has
sophisticated laboratories and offices in over 30 countries
across five continents.  The Company is headquartered in
Enfield, CT and has over 1,500 employees worldwide.  The company
has laboratories located in Mexico, Hong Kong, China, Taiwan,
Singapore, Indonesia, Korea, India, Sri Lanka, Switzerland,
United Kingdom, France, and Turkey, among others.  STR had revenues of
approximately US$135 million for the 12 months ended March 31, 2007.


RHODIA SA: Asks AMF to Probe Rumors Over Share Price Movements
--------------------------------------------------------------
Rhodia S.A. has decided to request an investigation by the Autorite des
Marches Financiers in view of the unfounded rumors concerning the company,
which resulted in significant trading volumes and price movements on its
shares.

Rhodia confirmed that it has no formation in its possession that could
justify the rumors behind the movement in its share price on Wednesday
morning, June 7, 2007.

According to Bloomberg News, company shares fell almost 15%.

“We heard rumors of a profit warning, then of fraud,"  Marie-Caroline
Messager, a trader at Fimat in Paris, was quoted by Bloomberg as saying.
"That could have weighed on the shares, but there's not a strong
probability that the speculation was justified.”

Rhodia reiterated that it is confident in delivering its short and medium
term objectives.

                          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
Investors Service 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
===============

ASPEN TECHNOLOGY: To Restate Balance Sheets on Accounting Errors
----------------------------------------------------------------
Aspen Technology, Inc. reported that certain errors in the
accounting for sales of installments receivable were discovered in
connection with a recent review of its financial statements.  As a result,
the company’s previously issued financial statements as of June 30, 2005
and 2006 and for each of the three years in the period ended June 30,
2006, and related reports of its independent registered public accounting
firm for those periods should not be relied upon.  In addition, the
company’s quarterly filings on Form 10-Q within these years and for each
of the quarters ended Sept. 30, 2006, Dec. 31, 2006, and March 31, 2007,
should not be relied upon.

The company estimates that the restatements will result in the
creation of two new balance sheet captions, a collateral asset
for secured borrowings and a secured borrowing liability, in these amounts:

     -- approximately US$70 million as of June 30, 2005;

     -- approximately US$80 million as of June 30, 2006; and

     -- in excess of US$200 million as of March 31, 2007.

Because the review of the accounting is ongoing, these estimates
are subject to change, and those changes could be material.

Brad Miller, chief executive officer of AspenTech, said “It is
expected that the asset and liability accounts created as a result of this
restatement will match, and that the cash flows received from these long
term customer accounts will continue to finance the debt, consistent with
nearly 20 years of practice as well as the intentions of the parties when
the arrangements were
originally established.  We do not believe the restated balance
sheet treatment of these accounts for GAAP purposes affects the
net financial position of the company, nor the cash required and
available to operate our business.”

Mr. Miller added, “We are focused on completing the restatement
process as quickly as practicable, and we remain focused on
running the business, serving our customers and continuing to make
progress in improving our operational execution.”

                    About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc. (Nasdaq: AZPN) --
http://www.aspentech.com/ -- provides software and professional services
that help process companies improve efficiency and profitability by
enabling them to model, manage and control their operations.  The company
has locations in Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  The outlook is stable.

On the other hand, the company carries Standard & Poor's B long-
term foreign and local issuer credit ratings.  The outlook is
negative.


AYER MOLEK: Bursa Defers June 13 Delisting on Appeal
----------------------------------------------------
The Bursa Malaysia Securities Bhd said in a statement that the removal of
the securities of Ayer Molek Rubber Company Bhd on June 13, 2007, will be
deferred due to an appeal against the bourse's earlier decision.

Leasing Corporation Sdn. Bhd., who is the depositor and registered holder
of 452,000 of the company’s shares representing 25.11% of its paid up
capital, lodged the appeal before the Appeals Committee.

The Troubled Company Reporter – Asia Pacific reported on June 6, 2007,
that the bourse decided to delist and remove the
securities of the company after it failed to file its reform plan for
approval to relevant authorities on May 31, 2007.

However, the Bursa Securities clarified that the deferment is a stay in
respect of the delisting and it is not to be equated to a variation or a
revision of the decision to delist the securities of the company.

Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber Company
Berhad is principally engaged in the leasing of its entire plantation land
to a third party.  It operates solely in the domestic market.

Ayer Molek has suffered recurring losses since the early 90s, which
prompted the Company to propose a rescue and restructuring scheme to fully
redeem and settle outstanding debts.  The Company's accumulated loss
figure as of March 31, 2006, stands at MYR21,177,000.


CNLT (FAR EAST): Posts MYR4.42MM Net Loss in March 31 Quarter
-------------------------------------------------------------
CNLT (Far East) Bhd posted a net loss of MYR4.42 million on MYR10.47
million of revenues in the first quarter ended
March 31, 2007, compared with a net loss of MYR4.15 million on MYR13.44
million of revenues in the same period in 2006.

As of March 31, 2007, the company's unaudited balance sheet showed
strained liquidity with current assets of
MYR17.95 million available to pay current liabilities of MYR120.16 million.

CNLT's balance sheet as of end-March 2007, also showed total assets of
MYR173.14 million and total liabilities of
MYR157.90 million, resulting to a shareholders' equity of MYR15.24 million.

CNLT (Far East) Berhad is a public listed company on the Second Board of
Kuala Lumpur Stock Exchange in Malaysia.    Its main plant is located in
Seremban, Negeri Sembilan, Malaysia.

CNLT manufactures top quality yarn.

CNLT (Far East) Bhd was admitted into the Amended PN17 listing criteria of
the Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1(e) of
the bourse's listing requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007,  as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

(ii)The auditors of CNLT have expressed a modified opinion
       with emphasis on the Company's going concern in its
       latest audited accounts for the financial year ended
       December 31, 2005.


CNLT (FAR EAST): Weak Financial Cues Amended PN17 Listing
---------------------------------------------------------
CNLT (Far East) Bhd was admitted into the Amended PN17 listing criteria of
the Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1(e) of
the bourse's listing requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007, as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company; and

  (ii) The auditors of CNLT have expressed a modified opinion
       with emphasis on the Company's going concern in its
       latest audited accounts for the financial year ended
       December 31, 2005.

As a listed company under the Amended PN17 of the Bursa Securities, the
company is required to submit a reform plan to regularize its financial
condition.  The plan will be submitted for approval to the Securities
Commission and other relevant authorities.

The Board of Directors of the company is currently looking into
formulating the Regulation Plan to regularize the financial condition of
the company.  Upon completion, the requisite announcement detailing the
Regularisation Plan will be announced to Bursa Securities.

CNLT (Far East) Berhad is a public listed company on the Second Board of
Kuala Lumpur Stock Exchange in Malaysia.    Its main plant is located in
Seremban, Negeri Sembilan, Malaysia.

CNLT manufactures top quality yarn.

CNLT (Far East) Bhd was admitted into the Amended PN17 listing criteria of
the Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1(e) of
the bourse's listing requirements:

    (i) Based on the unaudited quarterly results of CNLT for
        the first quarter ended March 31, 2007,  as announced
        to Bursa Securities, the shareholders' equity on a
        consolidated basis is less than 50% of the issued and
        paid up capital of the company ; and

(iv)The auditors of CNLT have expressed a modified opinion
       with emphasis on the Company's going concern in its
       latest audited accounts for the financial year ended
       December 31, 2005.


PROTON HOLDINGS: To Resume Talks With Volkswagen in Bangkok
-----------------------------------------------------------
Proton Holdings Bhd and Volkswagen AG are likely to enter into their
second round of talks in Bangkok soon after the first round last week in
New York, Prime Minister Datuk Seri Abdullah Ahmad Badawi told Bernama
News.

The commitment to hold another round of talks was a signal that both
parties were happy with the first round of discussions,
Mr. Abdullah added.  "Both sides are in a positive mood."

"The fact that they want to have another round of discussion means that
both sides are happy with the first result," the  Prime Minister said when
asked to comment on the latest developments concerning Proton's
discussions with Volkswagen.

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

                          *     *     *

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

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

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


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

AUCKLAND FREIGHT: Shareholders Agree on Voluntary Liquidation
-------------------------------------------------------------
The shareholders of Auckland Freight Services Ltd. met on
May 29, 2007, and resolved to voluntarily liquidate the company's business.

Karen Betty Mason and Jeffrey Philip Meltzer were appointed as liquidators.

The Liquidators can be reached at:

          Karen Betty Mason
          Jeffrey Philip Meltzer
          Meltzer Mason Heath Chartered Accountants
          PO Box 6302, Wellesley Street
          Auckland 1141
          New Zealand
          Telephone:(09) 357 6150
          Facsimile:(09) 357 6152


BELSHAM INVESTMENTS: Taps Shephard and Dunphy as Liquidators
------------------------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed as
liquidators of Belsham Investments Limited on May 29, 2007.

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


CATS TANGO: Fixes June 25 as Last Day to Prove Claims
-----------------------------------------------------
Cats Tango Limited entered liquidation proceedings on May 28, 2007.

Creditors are required to file their proofs of debt by June 25, 2007, to
be included in the company's dividend distribution.

The company's liquidator is:

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


HIKUWAI LOGGING: Creditors' Proofs of Debt Due by July 10
---------------------------------------------------------
Hikuwai Logging Ltd. requires its creditors to file their proofs of debt
by July 10, 2007.

The company went into liquidation on May 14, 2007.

The company's liquidators are:

          Amanda-Jane Atkins
          Glen David Gernhoefer
          WHK Gosling Chapman Partnership
          Level 6, WHK Gosling Chapman Tower
          51-53 Shortland Street
          Auckland 1010
          New Zealand
          Telephone:(09) 303 4586
          Facsimile:(09) 309 1198


IAN MCLEOD: Enters Liquidation Proceedings
------------------------------------------
Ian McLeod Group Ltd. went into liquidation on May 16, 2007, and Richard
Langlands was appointed as liquidator.

The Liquidator can be be reached at:

          Richard Langlands
          192 Collingwood Street
          PO Box 99, Hamilton
          New Zealand
          Telephone:(07) 839 3904
          Facsimile:(07) 839 4015


MILLENNIUM RESIDENTIAL: Taps John Michael Gilbert as Liquidator
--------------------------------------------------------------
John Michael Gilbert was appointed as liquidator of Millennium Residential
Construction Ltd on May 28, 2007.  The company commenced liquidation
proceedings on the same day.

The Liquidator can be reached at:

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


NEARZERO INC: Court Appoints Interim Liquidators
------------------------------------------------
On May 23, 2007, the Court appointed Vivian Judith Fatupaito and  John
Anthony Waller, chartered accountants of Auckland, as the interim
liquidators of NearZero Inc.


NZ WINDFARMS: Share Offer Closes; Shares Fully Subscribed
---------------------------------------------------------
NZ Windfarms Limited advises that its offer of approximately 68.2 million
shares to the public to raise NZ$75 million closed on June 1, 2006.  The
Firm Allocation Pool of approximately
63.2 million shares reserved for firm allocation closed fully subscribed.
The Shareholder Priority Pool of 5 million shares closed over-subscribed
by 84%.

NZ Windfarms Chairman, Derek Walker, said "We are extremely pleased with
the interest shown in the NZ Windfarms offer, and take this opportunity to
welcome new investors to the company and acknowledge the strong support
from our existing shareholders.  The market's response to the offer is an
endorsement of the NZ Windfarms strategy and an endorsement for the future
of renewable energy in New Zealand.  We are now looking forward to
continuing our development plans with the Te Rere Hau wind farm and new
wind farm projects."

Due to the level of excess demand for shares from the Shareholder Priority
Pool, priority applications have needed to be scaled.  All shareholders
who applied for new shares in NZ Windfarms in the Shareholder Priority
Pool have been allocated shares on the following basis:

   i. the lesser of the number of shares for which they applied
      or the number of existing shares held as at 11 May 2007;
      and

  ii. for applicants whose applications have not been filled
      under (i) above, the company has allocated up to a further
      4,100 shares per applicant (or a lesser number so that an
      allocation does not exceed the amount applied for) with
      all applications rounded up to the nearest 100 shares.

Application monies relating to the portion of Shareholder Priority Pool
applications that will not be allotted due to scaling will be returned to
the shareholder.  Holding statements and refunded application monies are
expected to be sent by Friday June 8, 2007.  NZ Windfarms recommends that
applicants should not trade in the shares until such time as they have
received confirmation of their actual holdings.  Prior to receiving their
holding statement, an Applicant may confirm its holding by contacting the
Registrar, Link Market Services Limited, on 0800 377 388.

Following the allocation of shares described above, NZ Windfarms will
proceed with allotment of Shares in order for trading to commence on the
NZSX on Wednesday, June 6, 2007.

The offer involved the issue of 68,181,819 new shares at NZ$1.10 per
share, of which Vector Limited has subscribed for 15,704,000 shares
resulting in a 19.99% cornerstone shareholding, and transferring the
company's listing from the NZAX market to the NZSX.  ABN AMRO Rothschild
and ABN AMRO Craigs were Joint Lead Managers to the offer.

Christchurch, New Zealand-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development
and operation of wind power generation assets for the purpose of
generating and selling electricity.  The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North.  The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity).  NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm.  The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.

The company reported consecutive net losses of NZ$397,999 and
NZ$118,594 for the years ending June 30, 2006, and 2005,
respectively.


PACIFIC EDGE TECHNOLOGIES: Incurs NZ$1.88 Net Loss in FY2007
------------------------------------------------------------
The company has recorded a net loss of NZ$1,880,836 for the year ended
March 31, 2007, compared to a loss of NZ$2,516,838 for the year ended
March 31, 2006.  Between September 2006 and March 2007, the company raised
NZ$1,176,128 via a Share Purchase Plan and Issues Within the 15% Limit.
The Share Purchase Plan and the Limited Issue offered ordinary shares at
13.7 cents per share.  There is no tax or dividend to be paid.

As a matter of policy, the company continues to write off all research and
development expenditure until the point at which the products or project
provides reasonable certainty of cost recovery.  The company, over this
period, has made further significant investment in both intellectual
property protection and product development.

Preparation for the clinical trial for the bladder cancer diagnostic is
almost complete, with clinics in Auckland, Tauranga and Christchurch
scheduled to begin patient recruitment
this quarter.  This first trial will be fully FDA compliant, enhancing the
commercialisation options open to Pacific Edge on trial completion.

The validation study on the company's prognostic gene signature that is
being carried out in Europe by Signature Diagnostics is scheduled to begin
shortly.

The year has seen the completion of the discovery phase of the company's
melanoma profiling project.  This project, carried out in partnership with
the Ludwig Institute in Melbourne, has aimed to develop a gene expression
signature that predicts the likely
clinical behaviour of stage III melanoma.  This cancer is notoriously
unpredictable, with patients usually relapsing anywhere in a range from
weeks to many years.  Our prototype
test is showing 90% accuracy in predicting rapid or slow progression.
Following further validation on additional independent samples, PEB
intends to commercialise the gene
expression signature as a tool that will allow clinicians to make markedly
more informed judgments on the best treatment plans for patients with this
serious cancer.

Our gastric and endometrial cancer early detection projects are
progressing favourably.

A prototype test for gastric cancer detection is due in the 3rd quarter
this year.

                       About Pacific Edge

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited --
http://www.pacificedgebiotech.com/-- is a biomedical company
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing protein/
antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.

The company has booked at least two consecutive annual net losses --
NZ$1,880,836 for the year ended March 31, 2007, and NZ$2,516,838 for the
year ended March 31, 2006.


PACIFIC EDGE: Signs Research Pact With Ludwig Institute
-------------------------------------------------------
Pacific Edge Biotechnology signs a collaborative research agreement with
the Ludwig Institute for Cancer Research.

Promising early results for aggressive melanoma test presented at American
Society of Clinical Oncology annual meeting.

Pacific Edge Biotechnology Ltd is working with the Ludwig Institute's
Centre for Clinical sciences in Melbourne, Australia,  the focus is on
completing the development of a prognostic tool for the segregation of
patients with invasive melanoma.  Pacific Edge has a number of programs
aimed at developing novel tools and methods for the early detection and
management of cancers.  Its most advanced programs are in colorectal
cancer, bladder cancer and gastric cancer.

Patients diagnosed with melanoma that has spread to the lymph nodes have
notoriously unpredictable outcomes, with disease relapse and progression
occurring anywhere between several weeks to many years.  This variability
leads to clinical uncertainty in determining the best course of treatment,
and can lead to patients being both under and over-treated.  The
collaboration between PEB and the Ludwig Institute has set out to overcome
the difficulty in identifying patients with aggressive disease by
developing a gene expression profile that is able to distinguish between
patients with good and bad outcomes.

The early results of the collaboration have been impressive.  The team has
determined a 15 gene expression signature, that has a predictive accuracy
of around 90% and have filed a provisional patent.  Further validation
studies on independent samples will be completed in the third quarter this
year. Successful validation studies would lead to a final clinical trial
before the prognostic test being available for release to the market.  A
test based on this gene signature will not only have application as a test
of clinical outcome in melanoma patients but will also find utility in
drug development. Patients with poor predicted outcome can be selected for
clinical trials resulting in trial cost, size and duration being shortened
and allowing new therapies to be focused on those most at need.

The discovery research for the melanoma prognostic assay was undertaken by
two teams of researchers one in New Zealand and one in Melbourne.  The New
Zealand team led by Dr Parry Guilford and the Ludwig Institute team led by
oncologist Prof Jonathon Cebon in collaboration with Dr. Tom John.  Dr.
John, who received a Merit Award from the American Society of Clinical
Oncology for this research, has been invited to present the results at
that society's annual meeting in Chicago on June 3rd.  New Zealand and
Australia have a very high incidence of skin cancer with melanoma being
the most serious of the skin cancers.  New Zealand has one of the highest
melanoma death rates in the world, with the most recent statistics
indicating 244 New Zealanders died from melanoma in 2001.  Skin cancer, by
far the most common cancer affecting New Zealanders, is also one of the
most expensive for the NZ health system, costing about NZ $33 million per
year.  Sun exposure before the age of 20 years is a particularly strong
risk factor for melanoma incidence and it has been estimated that, for
every death from skin cancer, an average of 17.4 potential years of life
are lost.

The Ludwig Institute for Cancer Research is a on-profit, global research
institute conducting long-term basic and clinical research programs in
cancer with approximately 800 scientists, clinicians, and support staff.
LICR operates from branches in 9 locations around the world.  LICR is the
largest international non-profit institute dedicated to understanding and
controlling cancer and brings together recognised leaders in many areas of
science and oncology, and is one of twenty international organisations
recognised as producing research articles of extremely high impact.

Pacific Edge Biotechnology is a biomedical company based in Dunedin, New
Zealand, in close proximity to the University of Otago.  The company is
engaged in research and product development of diagnostics and prognostic
assays for cancers which has led to the development of proprietary tools
for the early detection and improved management of cancers. Pacific Edge
is traded on the NZX Stock Exchange under the stock code PEB and can be
found on the web at http://www.peblnz.com

                       About Pacific Edge

Dunedin, New Zealand-based Pacific Edge Biotechnology Limited --
http://www.pacificedgebiotech.com/-- is a biomedical company
specializing in the discovery and commercialization of
diagnostic and prognostic products for human cancer.  The
company is focused on developing genomic and proteomic tools for
the earlier detection, improved characterization and better
management of gastric, bladder, colorectal, endometrial cancers
and melanoma. PEBL's early detection program for gastric cancer
uses different detection technology to the bladder and
endometrial programs.  This program is developing protein/
antibody assays that can be used to detect the targeted
biomarkers in blood samples.  The company has a 25% investment
in Prognostic Systems Limited, which has been formed to
investigate the possible usage of PEBL's core software in
predictive cardiovascular disease onset.

The company has booked at least two consecutive annual net losses --
NZ$1,880,836 for the year ended March 31, 2007, and NZ$2,516,838 for the
year ended March 31, 2006.


PRODUCE BRANDS: Fixes June 29 as Last Day to Prove Claims
---------------------------------------------------------
Produce Brands Ltd, which is in liquidation, requires its creditors to
file their proofs of debt by June 29, 2007.

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

The company's liquidators are:

           Malcolm Hollis
           John Fisk
           c/o PricewaterhouseCoopers
           119 Armagh Street
           PO Box 13244, Christchurch
           New Zealand
           Telephone:(03) 374 3000
           Facsimile:(03) 374 3001


SINTRA INVESTMENTS: Shareholders Resolve to Wind Up Operations
--------------------------------------------------------------
The shareholders of Sintra Investments Ltd. met on May 25, 2007, and
decided to wind up the company's operations.

Gary Noel Hitchcock was appointed as liquidator.

The Liquidator can be reached at:

          Gary Noel Hitchcock
          WHK Gosling Chapman Limited
          PO Box 544, Auckland
          New Zealand
          Telephone: (09) 308 1606


SUTHERLAND-BECK: Shareholders Pass Resolution to Close Business
---------------------------------------------------------------
On May 25, 2007, the shareholders of Sutherland-Beck Ltd. met and passed a
resolution winding up the company's operations.

The company requires its creditors to file their proofs of debt by June
25, 2007.

The Liquidators can be reached at:

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


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

AFFILIATED COMPUTER: Suspends Exclusivity Pact 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 $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-'.


ATLAS CONSOLIDATED: In Talks for Off-Take Pacts for Carmen Mine
---------------------------------------------------------------
Atlas Consolidated Mining and Development Corp. confirmed in a letter to
the Philippine Stock Exchange reports that it is negotiating with possible
off-takers for its mining project to be undertaken at its Carmen copper
mine.

On June 8, 2007, the Philippine Star published an article quoting the
company's vice president Martin Buckingham saying that the company is in
talks for agreement for potential off-takers including the Philippine
Associated Smelting Refining Corp.

In its letter, the company confirmed the news article's content.

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.


EPIXTAR CORP: Exclusive Plan Period Extended Until June 28
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida extended
Epixtar Corp. and its debtor-affiliates’ exclusive periods to:

     a. file a Chapter 11 plan until June 28, 2007; and

     b. solicit acceptance of that plan until Aug. 27, 2007.

This is the Debtors' seventh extension of their exclusive periods.

The Debtors reminded the Court they are in negotiations with the Official
Committee of Unsecured Creditors regarding treatment that could be
afforded to the Committee under a proposed plan of reorganization.  In
addition, the Debtors' affiliate in the
Philippines is in the process of filing the equivalent of a plan of
reorganization.

The Debtors assure the Court that extension will not prejudice the
legitimate interests of its creditors and other parties in interest and
will afford a meaningful opportunity for the Debtors to pursue a
confirmable and consensual plan of reorganization.

                       About Epixtar Corp.

Based in Miami, Florida, Epixtar Corp. fdba Global Assets
Holding Inc. -- http://www.epixtar.com/-- acquires or
establishes companies specialized in mass-market communication
products.  Epixtar operates through its subsidiaries, National
Online Services Inc. and One World Public.  Epixtar currently
maintains two contact centers in Manila, Philippines, with
developmental plans to expand to additional centers over the
next 24 months.  The company and its debtor-affiliates filed for
Chapter 11 protection on October 6, 2005 (Bank. S.D. Fla. Case
No. 05-42040).  Michael D. Seese, Esq., at Kluger, Peretz,
Kaplan & Berlin, P.L., represents the Debtors in their
restructuring efforts.  Glenn D. Moses, Esq., at Genovese
Joblove & Battista, P.A., represents the company's Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they listed total assets of
US$30,376,521 and total debts of US$39,158,724.


JG SUMMIT: Annual Stockholders' Meeting Set for June 28
-------------------------------------------------------
JG Summit Holdings Inc. will hold its annual meeting of stockholders on
June 28, 2007, at 10:00 a.m. at Sapphire A&B, Crowne Plaza Galleria
Manila, in ADB Avenue, corner Ortigas Avenue, Quezon City.

Only stockholders of record as of May 29, 2007, will be eligible to vote
at the meeting.

The meeting will consider these matters:

    * Proof of notice and existence of a quorum;

    * Reading and approval of the minutes of the Annual Meeting
      of Stockholders held June 28, 2006;

    * Presentation of annual report and approval of financial
      statements for the year 2006;

    * Election of Board of Directors;

    * Election of External Auditors; and

    * Ratification of all acts of the Board of Directors and
      Management since the last annual meeting.

Attending stockholders are required to bring a valid form of identification.

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

                          *     *     *

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

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


MIC HOLDINGS: Posts PHP1.74-Mil. Net Loss for March 31 Quarter
--------------------------------------------------------------
MIC Holdings Corp. reported a PHP1.74 million net loss for the quarter
ended March 31, 2007, a decrease of %27 from the PHP2.38 million reported
for the same period in 2006.

For the first quarter of 2007, the company earned revenues of PHP1.23
million with cost of service of PHP1.44 million, and incurred operating
expenses of PHP1.53 million. Revenues rose 82% from the PHP679,030
reported for the first quarter of 2006, while operating expenses decreased
9% from the PHP1.69 million for March 31, 2006.

As of March 31, 2007, the company had PHP52.36 million in total assets and
PHP54.57 million in total liabilities, resulting in a PHP2.2 million
stockholders' equity deficit. The company's current liabilities,
represented by the total liabilities of PHP54.47 million, exceeded the
company's current assets of PHP8.58 million signifying an illiquid state
as of March 31, 2007.

                   About MIC Holdings

Headquartered in Quezon City, Philippines, MIC Holdings Corporation’s
board of directors approved the following amendments to the articles of
incorporation: change of name from Metropolitan Insurance Company to its
present one; change of primary and secondary purposes from insurance to
that of a holding company; and removal of preemptive rights. On July 1999,
the Securities and Exchange Commission approved the amended articles.

The company is still on the process of exploring possible investments and
acquisitions.

The company has experienced net losses for eight consecutive quarters as
of September 30, 2006.


MRC ALLIED: Auditor Raises Going Concern Doubt on 2006 Reports
--------------------------------------------------------------
MRC Allied Industries Inc. posted a net loss of PHP37.69 million for the
year ended December 31, 2006, as compared with the PHP36.8-million net
loss for 2005.

For the year 2006, the group earned revenues of PHP2.58 million, while
incurring expenses of PHP40.28 million. The net losses for 2006 are mainly
due to the operating expenses particularly on interest charges of bank
loans and professional fees.

As of December 31, 2006, the group had total assets of PHP610.2 million
and total liabilities of PHP603.16 million, resulting in a total equity of
PHP7.04 million. The equity comprised of PHP500 million in capital stock,
PHP292.49 million in additional paid-in capital and a deficit of PHP785.45
million.

                      Going Concern Doubt

After auditing the company's financial statements for the year ended
December 31, 2006, Emmanuel V. Clarino at SyCip Gorres Velayo & Co. raised
doubt on the company's ability to continue as a going concern.  Mr.
Clarico pointed out that the company incurred net losses of PHP37.7
million, PHP36.8 million and PHP36.4 million for the years ended December
31, 2006, 2005 and 2004, respectively, and as of December 31, 2006 and
2005, respectively.  The Company’s deficit amounted to
PHP785.4 million and PHP747.8 million.  The Company was also unable to
meet principal and interest amortizations on its bank loans and has
substantially reduced its development activities.

                       About MRC Allied

MRC Allied Industries, Inc., formerly known as Makilala Rubber
Corporation, was initially engaged in the processing and export of baled
natural rubber.  In 1993, MRC diversified into the property development
business, particularly in industrial estate and township development.

At present, the company is concentrating on its two main projects, the New
Cebu Township One in Naga, Cebu, and the Amihan Woodlands Township in
Leyte.  Phase One of the New Cebu Township One, a Philippine Economic Zone
Authority-approved Special EconomiZone in Naga, Cebu, consisting of 123
hectares, has been developed and is available for sale to
investor-locators.

MRC is also developing 2,312-hectare Amihan Woodlands Township in San
Isidro, Leyte which was proclaimed as another special Economic Zone by the
Office of the President in Malacanang.  It is billed as the Philippines'
largest eco-tourism project with Special Economic Zone status.  This
project is being developed as a township based on tourism and
incorporating a business park
for non-polluting light industries

The company continues to explore various investment opportunities.
However, given the present economic conditions, particularly with respect
to increasing fuel and power costs and uncertainties in the tax system of
the government, the company has been very prudent on its investment
decisions.


MRC ALLIED: Posts PHP6.08-Million Net Loss for 1st Quarter 2007
---------------------------------------------------------------
MRC Allied Industries Inc. posted a PHP6.08-million net loss for the first
quarter of 2007, a decrease of 27% from the
PHP8.32-million net loss reported for the same period in 2006.

The company earned no revenues for the January-March 2007 quarter, as
compared with the PHP32,765 revenues reported in the first quarter of
2006.  Total expenses of PHP6.08 million represented the net loss for this
quarter, 27% lower than the PHP8.35 million expenses incurred for March
21, 2006.

Net losses for the first quarter of 2007 was mainly interest expenses on
bank loans, resulting to an increase of
accounts payable and other liabilities from PHP391.2 million in 2006 to
PHP458 million. Operating expenses decreased from
PHP2.5 million to PHP700,000 due to payment of annual maintenance fees.

As of March 31, 2007, the company has total assets of
PHP610.24 million and total liabilities of PHP609.27 million, resulting in
a PHP964,536 total equity. Equity as of March 31, 2007, comprised of
PHP500 million in capital stock,
PHP292.49 million additional paid-in capital and a deficit of PHP791.53
million.

                      About MRC Allied

MRC Allied Industries, Inc., formerly known as Makilala Rubber
Corporation, was initially engaged in the processing and export of baled
natural rubber.  In 1993, MRC diversified into the property development
business, particularly in industrial estate and township development.

At present, the company is concentrating on its two main projects, the New
Cebu Township One in Naga, Cebu, and the Amihan Woodlands Township in
Leyte.  Phase One of the New Cebu Township One, a Philippine Economic Zone
Authority-approved Special EconomiZone in Naga, Cebu, consisting of 123
hectares, has been developed and is available for sale to
investor-locators.

MRC is also developing 2,312-hectare Amihan Woodlands Township in San
Isidro, Leyte which was proclaimed as another special Economic Zone by the
Office of the President in Malacanang.  It is billed as the Philippines'
largest eco-tourism project with Special Economic Zone status.  This
project is being developed as a township based on tourism and
incorporating a business park
for non-polluting light industries

The company continues to explore various investment opportunities.
However, given the present economic conditions, particularly with respect
to increasing fuel and power costs and uncertainties in the tax system of
the government, the company has been very prudent on its investment
decisions.

                      Going Concern Doubt

After auditing the company's financial statements for the year ended
December 31, 2006, Emmanuel V. Clarino at SyCip Gorres Velayo & Co. raised
doubt on the company's ability to continue as a going concern.  Mr.
Clarico pointed out that the company incurred net losses of PHP37.7
million, PHP36.8 million and PHP36.4 million for the years ended December
31, 2006, 2005 and 2004, respectively, and as of December 31, 2006 and
2005, respectively.  The Company’s deficit amounted to
PHP785.4 million and PHP747.8 million.  The Company was also unable to
meet principal and interest amortizations on its bank loans and has
substantially reduced its development activities.


PRYCE CORP: Annual Stockholders' Meeting Set for June 21
--------------------------------------------------------
Pryce Corp. will hold its annual stockholders' meeting on
June 21, 2007, at 4:00 pm at the Valle Verde Club.

These meeting will take up these agenda:

    * Call to order and determination for quorum

    * Approval of minutes of previous meeting

    * CEO's report

    * Approval of Annual Report

    * Ratification of Management's acts

    * Appointment of External Auditors

    * Other matters

    * Adjournment

Only stockholders of record as of June 4, 2007 will be entitled to vote at
the annual stockholders' meeting.

Makati City-based Pryce Corporation -- http://www.prycegardens.com/--
formerly Pryce Properties Corporation, was incorporated as a property
holding and real estate development company.  The company's real estate
undertakings include the development of memorial parks, residential and
commercial properties and hotel operations.  In 1997, LPG and industrial
gases became the dominant business.  Thus, the company changed its name to
Pryce Corp. and its primary purpose from that of a property company to a
manufacturing company.

Pryce, thru its subsidiary Pryce Gases, Inc., manufactures and distributes
oxygen and acetylene in the Visayas and Mindanao and trades in other gases
such as argon, carbon dioxide and nitrogen.

                         *     *     *

On June 7, 2002, PGI presented a financial rehabilitation plan to its
various creditor banks and foreign financing company as an initial step
towards restructuring its outstanding loans.  On August 27, 2002, the
International Finance Corporation and FMO-Netherlands Development Finance
Company, two of PGI's creditors, filed a petition in court placing PGI
under receivership.  On September 2 that same year, the court issued a
stay order pursuant to the interim rules of procedures on corporate
rehabilitation.

On July 9, 2004, Pryce submitted a Rehabilitation Plan of its own to the
court as an initial step towards restructuring its outstanding loans.  The
Plan was revised and later approved by the court on January 17, 2005.  The
Revised Plan conforms to the scheme of liquidating all bank loans and
long-term commercial papers by way of dacion en pago of real estate
properties with certain revisions on the settlement of non-banking and
trade and other payables which are PHP500,000 or below.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 23, 2006,
that Sycip Gorres Velayo & Co. raised substantial doubt on Pryce Corp.'s
ability to continue as a going concern after auditing the company's
financials for the quarter ended
March 31, 2006.

The company reported a 38.4% drop in its first-quarter revenue from PHP465
million in 2005, to PHP286.33 million in 2006.  Net loss from operations
was pegged at PHP22.6 million in the 2006 first quarter, down from the
PHP26.6 million in the first quarter of 2005.  The company indicated in
its financial report that no dividends have been declared for fiscal 2004
and 2005, as well as for the first quarter of 2006.


VITARICH CORP: Malolos RTC Judge Approves Rehabilitation Plan
-------------------------------------------------------------
Judge Danilo Manalastas of the Regional Trial Court of Branch 7, Malolos,
Bulacan has approved Vitarich Corp.'s rehabilitation plan in a decision
dated May 31, 2007.

The decision now requires the company to implement the plan and to submit
monthly reports on the execution of the plan to both the Court and the
Rehabilitation receiver.

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 Group has incurred significant losses from its operations including
net losses amounting to PHP163.8 million in 2006, PHP249.3 million in 2005
and PHP291.2 million in 2004, and deficit amounting to PHP1.82 billion,
PHP1.78 billion and PHP1.53 billion as of December 31, 2006, 2005, and
2004, respectively.


WARNER MUSIC: Confirms Possible Takeover Bid for EMI
----------------------------------------------------
Warner Music Group Corp. confirms that it continues actively to consider
an offer for EMI Group plc, despite its bid being snubbed in favor of an
equity firm.

Warner stated in its Web site that such its offer would be pre-conditional
on appropriate anti-trust clearances being obtained (or the pre-conditions
waived) but not subject to any other pre-condition.  A further
announcement will be made in due course.

EMI, the world's third largest music producer, have been subject to
several takeover bids from Warner Music and other equity firms after it
suffered losses due to a shrinking CD market and rampant online piracy.

On May 21, EMI's board of directors accepted a GBP2.4 billion offer from
Terra Firma Capital, subject to shareholder approval.

However, Ethan Smith of the Wall Street Journal last week noted that
Warner Music believes it could get EMI's recorded-music assets despite
Terra Firma's offer.

According to that report, Warner's executives and investors may counter
Terra Firma's bid, though people close to the company think that Warner
will not go much higher than its original GBP2.4 billion offer.  WSJ adds
that even if Warner acquired EMI, antitrust regulations would require the
music firm to sell the publishing house.

Two sources familiar with the matter had told Reuters that Warner Music
was more likely than not to make an improved offer by early next week.

                       Warner Music Bid

Prior to the Terra Firma recommendation, Warner Music sweetened its bid to
acquire EMI by offering to pay a break-up fee of between GBP50 million and
GBP100 million in case the European Commission blocks its planned takeover
of the U.K. music group, Dominic White of The Telegraph relates.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                    About Warner Music Group

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

                            *   *   *

As reported in the Troubled Company Reporter-Europe on June 8, 2007, while
it is currently uncertain whether Warner Music Group Corp. (Warner; IDR
rated 'BB-' with a Stable Outlook by Fitch) will make a competing bid for
EMI Group Plc (EMI), any theoretical bid for EMI would likely result in a
Rating Watch Negative for Warner's ratings and its subsidiaries, according
to Fitch Ratings.

In a TCR-Europe report on May 25, 2007, Standard & Poor's Ratings Services
said that its ratings on New York City-based Warner Music Group Corp.,
including its 'BB-' corporate credit rating, remain on CreditWatch with
negative implications, where they were initially placed on Feb. 22, 2007,
following the company's statement that it was exploring a possible merger
agreement with EMI Group PLC (B+/Watch Neg/B).


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

ARINC INC: U.S. FAA Awards Three-Year VHF Network Contract
----------------------------------------------------------
Arinc Incorporated has been awarded by the U.S. Federal Aviation
Administration a three-year contract that provides the FAA with the VHF
Extended Range Network, which supports Air Traffic Control communications
in the Gulf of Mexico.

The VERN network includes two air/ground stations located on Mexico’s
Yucatan peninsula and one at Key West, Florida.  In combination with FAA’s
own coastal radio facilities, VERN coverage enables the Houston Air Route
Traffic Control Center to communicate with aircraft so that appropriate
separation can be maintained over the Gulf of Mexico.

The extended range and coverage of VERN ground stations is based on two
factors -— the unique radio wave signal propagation phenomena present in
the Gulf of Mexico, known as ducting, and ARINC's unique radio system
design.  VERN makes use of a special extended range VHF propagation
technique originally engineered and developed by ARINC.  The VERN system
has been proven to provide extended-range VHF Voice communications at
distances of over 400 nautical miles, at an altitude of 18,000 feet.

ARINC has operated the VERN air/ground stations and network infrastructure
continuously since deploying them in 1998. ARINC’s new contract was
awarded April 1, 2007, and will continue through March 31, 2010, if all
options are exercised.

ARINC has also designed and operated other VHF radio systems using VHF
extended-range propagation for more than 15 years.  The ARINC Air/Ground
International VHF Voice service uses a similar system to provide Airline
Operational Control communications and Air Traffic Control message relay
to aircraft in the Gulf of Mexico.

VERN supports an FAA initiative to provide a comprehensive communication
service throughout the Gulf of Mexico.  It directly addresses issues such
as traffic growth in the eastern sector of the Houston Flight Information
Region and recently reduced separation standards.  ARINC continues to work
with the FAA to improve communications in oceanic regions.

                           About ARINC

Annapolis, Maryland-based, ARINC Inc. -- http//www.arinc.com/ --
provides communications and IT services to the global aviation
industry and the U.S. military and other government agencies.

The company has locations in Germany, Spain, China, Japan,
Taiwan, Thailand and Singapore, among others.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 5, 2006, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for the company.  Additionally, Moody's
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
   ----------           -------  -------  ------   ----------
   Sr. Secured
   Revolving Credit
   Facility due 2009      Ba3      Ba3     LGD3       48%

   Sr. Secured Term
   Loan B due 2011        Ba3      Ba3     LGD3       48%


ISOFT GROUP: Computer Sciences Corp. Mulls Cash Offer
-----------------------------------------------------
Computer Sciences Corp. issued a statement in response to
requirements of the U.K. Panel on Takeovers and Mergers, which has added
CSC to its Disclosure Table as a potential offeror for iSOFT Group plc.

CSC confirmed that its primary objective remains a successful delivery of
the NHS National Program for IT.

CSC continues to review its options in light of this objective,
including its contractual rights and obligations, and does not exclude the
possibility of making an offer for iSOFT.

There is no certainty that any offer for iSOFT will be made by CSC.
Should such an offer be made, any consideration is likely to be solely in
the form of cash and will not include any CSC publicly listed securities.

ISOFT confirmed that it is now engaged in discussions with CSC in relation
to the commercial arrangements under which CSC would take a greater role
in the management of iSOFT’s work on the National Programme for IT.  iSOFT
also continues to seek CSC’s consent to the change in control of iSOFT
that would result from the IBA Health Limited offer for iSOFT.  While
these discussions are in progress, iSOFT and CSC have agreed temporarily
not to take further steps in court in relation to proceedings commenced on
June 4, 2007, in relation to CSC withholding its consent.

As previously reported in the TCR-Europe on May 31, 2007, CSC advised
iSOFT 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 will acquire the entire issued and to be issued share
capital of iSOFT.

                       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.


ISOFT GROUP: In Further Talks with CSC Over IBA Offer Consent
-------------------------------------------------------------
iSOFT Group plc confirmed that it is in discussions with Computer Sciences
Corporation in relation to the commercial arrangements under which CSC
would take a greater role in the management of iSOFT's work on the
National Program for IT.

iSOFT also continues to seek CSC's consent to the change in control of
iSOFT that would result from the IBA Health Limited offer for iSOFT.

While these discussions are in progress, iSOFT and CSC have agreed
temporarily not to take further steps in Court in relation to proceedings
commenced on June 4, 2007, in relation to CSC withholding its consent.

A further announcement will be made in due course.

As previously reported in the TCR-Europe on May 31, 2007, CSC advised
iSOFT 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 will acquire the entire issued and to be issued share
capital of iSOFT.

                        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.

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.  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.

                           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.


GOLDEN CASTLE: Shareholders Resolve to Close Business
-----------------------------------------------------
At an extraordinary general meeting held on May 30, 2007, the shareholders
of Golden Castle Corporation Ltd resolved to close the company's business
and appointed Wong Kian Kok as liquidator.

Creditors must file their proofs of debt by June 30, 2007, to be included
in the company's dividend distribution.

The Liquidator can be reached at:

          Wong Kian Kok
          80 South Bridge Road #03-02
          Singapore 058710


GUTHRIE BATAM: Creditors' Proofs of Debt Due by June 25
-------------------------------------------------------
The creditors of Guthrie Batam Resort Marketing Services Pte Ltd are
required to file their proofs of debt by June 25, 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:

          Timoth James Reid
          c/o Ferrier Hodgson
          50 Raffles Place
          #16-06 Singapore Land Tower
          Singapore 048623


MARK-ASIA: Wind-Up Petition Hearing Set for June 29
---------------------------------------------------
The High Court of Singapore will hear a petition to wind up the operations
of Mark-Asia (Inc) Trading Pte Ltd on June 29, 2007, at 10:00 a.m.

The petition was filed by Jel Corporation (Far East) Pte Ltd on May 29, 2007.

Jel Corporation's solicitors are:

          WongPartnership
          One George Street #20-01
          Singapore 049145


PETROLEO BRASILEIRO: Makes First Ethanol Shipment to Kobe, Japan
----------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras and its associated company in Japan,
Brazil-Japan Ethanol CO., LTD. - BJE, materialized the first export of
ethanol with appropriate physicochemical characteristics for use by
Japanese industries.  The 73,000 liters of industrial- and food-grade
ethanol reached Japan Alcohol Trading Co., LTD.'s tanks, in Kobe, Japan,
on
June 7, 2007.

This is the first ethanol import operation carried out since the Japanese
ethanol sector was deregulated, in April 2006.  The exported product's
characteristics are ideal for direct use by the Japanese industry, with no
need for reprocessing.

Although the volume in question was not greatly expressive, the deal was
important for the companies to assess all stages involved in the logistics
process, ranging from shipment from the plant in Brazil to delivery at the
final customer in Japan, and its impact on the product's final quality.
The operation shows we are capable of ensuring the Japanese industry's
high quality standards at competitive costs.

The potential industrial ethanol market in Japan is of the order of
300,000,000 liters per year, with a high degree of quality and
standardization requirements.

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

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

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

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

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


PETROLEO BRASILEIRO: Gets Bolivia's First Payment for 2 Plants
--------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA has received Bolivian
counterpart Yacimientos Petroliferos Fiscales Bolivianos' first
US$56-million payment for the two refineries in Cochabamba and Santa Cruz
departments, according to a statement by the Bolivian hydrocarbons
ministry.

Business News Americas relates that the payment for the refineries is 50%
of the total US$112 million previously agreed for the Guillermo Elder Bell
and Gualberto Villarroel plants.

According to BNamericas, Yacimientos Petroliferos will make the second
payment in two months.

BNamericas notes that the official transfers of the plants are was on June
12, 2007.  It was presided over by Bolivian President Evo Morales.

Meanwhile, Yacimientos Petroliferos head Guillermo Aruquipa will name
German Monrroy as chief executive officer of YPFB-Refinacion -- the firm's
new refining unit -- along with regional officials, BNamericas states.

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

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

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

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

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


PETROLEO BRASILEIRO: Finds Light Oil at Pirambu Field
-----------------------------------------------------
Alastair Stewart at Dow Jones Newswires reports that Brazilian state-owned
oil company Petroleo Brasileiro SA discovered light oil find at the
Pirambu field in the Campos basin off Espirito Santo.

Petroleo Brasileiro said in a press release that the deep-sea find
produced some 1,250 barrels daily in tests.

Petroleo Brasileiro will carry out some more studies to better analyze the
size and the quality of the find, Dow Jones' Mr. Stewart states.

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

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

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

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

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


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:

If by mail:

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

If by overnight courier:

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

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
US$1,545,384,083.

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


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


DAIMLERCHRYSLER AG: Chrysler Workers Seeking Buyouts Exceed Plan
----------------------------------------------------------------
About 6,400 U.S. hourly workers have shown interest in taking the buyout
or early retirement package being offered by DaimlerChrysler AG's Chrysler
Group, exceeding the company's target of 4,700 hourly U.S. workers, Dow
Jones Newswires reports.

According to the report, Chrysler spokeswoman Michele Tinson wouldn't
confirm specific numbers but said, "corporate-wide, hourly retirement and
separation program acceptances have exceeded our original projections."

The layoffs are part of Chrysler's restructuring of its North American
operations after posting a US$1.5 billion loss last year.  Cerberus
Capital Management LP is buying the U.S. unit, which has struggled in
recent years to stem a loss of market share in the U.S. to Asian rivals
with leaner cost structures, Dow Jones relates.

General Motors Corp. and Ford Motor Company have seen tens of thousands of
workers accept buyouts and early retirements as those companies cut
capacity in the face of lower market share, Dow Jones reveals.  The U.S.
auto makers have used buyouts since laid-off workers go into a program
known as the Jobs Bank, where they receive much of their pay and benefits
despite not working.

The TCR-Europe reported on March 8, 2007, that Chrysler will offer as much
as US$100,000 to some of its 49,600 hourly workers at 11 U.S. plants to
leave the company as part of its recovery plan, hoping to eliminate 11,000
hourly positions and 2,000 salaried jobs in an effort to return to
profitability following its US$1.475 billion loss in 2006.

Chrysler and the United Auto Workers agreed to two special programs that
will provide retirement and separation incentives for the company's
bargaining-unit employees in the United States as part of the Chrysler
Group's Recovery and Transformation Plan.

The negotiated programs include an Incentive Program for Retirement with
US$70,000 cash lump-sum amount for employees with 30 or more years of
credited service, or who meet a combination of age and years-of-service
eligibility, and an Enhanced Voluntary Termination of Employment Program,
which provides a lump sum payment of US$100,000 for employees with at
least one year of credited service.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Joins GM & Ford in Healthcare Fund, Sources Say
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, General Motors Corp. and
Ford Motor Company are in talks to create an independent health-
insurance fund to trim their combined US$114 billion in future
retiree healthcare obligations, Bloomberg News reports, quoting
five people with direct knowledge of the talks as saying.

According to the report, the U.S. automakers would each contribute to the
fund to pay for healthcare benefits of United Auto Workers retirees, the
sources said, requesting anonymity because the negotiations are private.
The talks are preliminary so the fund's size and how much each company
would contribute haven't been determined, they said.

The car companies are trying to deal with healthcare costs that GM CEO
Rick Wagoner says cost them a combined US$12 billion in 2006.  Providing
health care to 2 million employees, retirees and dependents contributed to
losses at each of the U.S. automakers last year, while Japanese rivals
posted record profits, Bloomberg reveals.

Under the proposal, the companies would contribute a percentage of their
retiree liabilities to the fund, whose assets and investment proceeds
would cover retiree medical benefits, Bloomberg relates.

The idea is modeled after the Goodyear Tire & Rubber Co. healthcare plan,
the people said.  The Akron, Ohio-based tiremaker, with a healthcare
liability of US$1.3 billion for United Steelworkers of America retirees,
agreed in December to set up a healthcare trust fund with a one-time US$1
billion payment in cash and stock, after which, Goodyear will have no
further healthcare obligation to current or future union retirees.  The
accord came after an 85-day strike, Bloomberg states.

The joint fund is one of several ideas for cutting labor costs being
weighed by U.S. automakers as they prepare for next month's contract
negotiations with the United Auto Workers, the sources said.  GM, Ford and
Chrysler haven't decided whether to offer the proposal during the talks,
which will replace the current four-year contract expiring in September
2007, Bloomberg quotes three of the sources as saying.  The companies are
exploring a single provider to reduce administration costs and overlapping
services, they said.

The union is aware of the discussions and is willing to consider the idea,
one of the people familiar with the matter said, Bloomberg notes.  GM,
Ford and the UAW last year agreed to a court settlement requiring union
retirees to pay part of their healthcare costs for the first time.
Detroit-based GM and Ford, of Dearborn, Michigan, also pledged not to
alter those retiree healthcare benefits until after 2011 without union
consent.

Last year's settlement, as well as benefit reductions for salaried
workers, helped GM cut retiree healthcare liabilities by 21 percent to
US$64 billion at the end of last year, Bloomberg discloses.  Ford had
retiree obligations of US$31 billion, and Chrysler's potential future tab
is about US$19 billion.  GM has already bought out 34,400 union workers,
and Ford and Chrysler together are trying to persuade 50,000 to leave as
they cut production to match market-share losses to Toyota Motor Corp. and
Honda Motor Co.

GM had about 357,000 union retirees in the U.S. at the end of last year,
Bloomberg says.  Ford reported 570,000 active union and non-union
employees, retirees and dependents.

                   About General Motors Corp.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's
largest automaker and has been the global industry sales leader for 76
years.  GM currently employs about 280,000 people around the world.  GM
manufactures its cars and trucks in 33 countries.  General Motors has
Asia-Pacific operations in India, China, Indonesia, Japan, the
Philippines, among others. It has locations in European countries
including Belgium, Austria, and France.  In Latin-America, the company
maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador,
Venezuela, Paraguay and Uruguay.

                      About Ford Motor Co.

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

                      About DaimlerChrysler

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

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

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

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

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


TOTAL ACCESS COMMS: Still Confident All IPO Shares Will be Sold
---------------------------------------------------------------
Total Access Communications remains confident that all of the 222 million
shares it will offer on June 22 will be fully subscribed, despite retail
investors showing little interest for the company's IPO, The Nation
reports.

The subscription period for retail investors began Tuesday and ended
yesterday, with the share price finalized yesterday.

Ten thousand retail investors on Tuesday only subscribed to half of the
77.7 million shares that the company allocated for them, but DTAC is
showing full confidence in the overwhelming demand from institutional
investors.  Institutional investors' demand exceeded the company's
expectations, according to its chief chief commercial officer Thana
Thienachariya.  Mr. Thana also told The Nation of his confidence that the
total share issue would be more than 100% subscribed.

Stock Analysts blamed the political situation of Thailand for the limited
demand at bank branches, the report relates. Analysts said that
uncertainty about the Thai political climate have caused investors to
become reluctant to invest in the company.

According to the article, 222 million shares will be offered by DTAC in
its IPO.  Share price will be at THB35 to THB42 per share. The company
will offer 77.7 million shares to both local and foreign institutional
investors.  Through booking at 1,500 branches nationwide of Kasikorn Bank
and Siam Commercial Bank, the company will also offer an equal amount of
shares to individual investors.  Moreover, 51.06 million shares are
intended to be sold to retail investors through brokers,
11.1 million will be offered to employees and the company's supporters
will get to buy from 4.44 million shares offered to them.

SCB Securities chief executive ML Chayotid Kridakon told the Nation that
institutional investors and brokers have unsubscribed twice for the shares
intended for them.  SCB Securities, along with Kasikorn Securities and JP
Morgan Securities, led the DTAC share offering.

                      About Total Access

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. 3, 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.




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative prices for
bond issues that reportedly trade well below par.  Prices are obtained by
TCR-AP editors from a variety of outside sources during the prior week we
think are reliable.   Those sources may not, however, be complete or
accurate.  The Tuesday Bond Pricing table is compiled on the Friday prior
to publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our objective
is to share information, not make markets in publicly traded securities.
Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell
any security of any kind.  It is likely that some entity affiliated with a
TCR-AP editor holds some position in the issuers' public debt and equity
securities about which we report.

A list of Meetings, Conferences and Seminars appears in each Wednesday's
edition of the TCR-AP. Submissions about insolvency-related conferences
are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with insolvent
balance sheets obtained by our editors based on the latest balance sheets
publicly available a day prior to publication.  At first glance, this list
may look like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's assets.  A
company may establish reserves on its balance sheet for liabilities that
may never materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel Elaine
Tumanda, Valerie Udtuhan, Francis James Chicano, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline S. Abangan, and Peter A. Chapman, Editors.

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

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

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

                 *** End of Transmission ***