TCRAP_Public/070615.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, June 15, 2007, Vol. 10, No. 118

                            Headlines


A U S T R A L I A

CA & JK: Appoints Nicholas Crouch as Liquidator
COMPLETE BODY: Members & Creditors to Meet on July 18
DEMEX GROUP: Commences Wind-Up Proceedings
FIFTY YEARS: Members Pass Resolution to Wind Up Firm
FORTESCUE METALS: Unit to Provide Port Services to Atlas

MAZAL INVESTMENTS: Placed Under Voluntary Liquidation
PALMROW PTY: Members Agree on Voluntary Liquidation
PASFIELD HOLDINGS: Members to Meet on July 5
SCS @ ROSEBAY: Taps  de Vries and Tayeh as Liquidators
SCS @ WARRINGAH: Members Opt to Close Business

SYMBION HEALTH: Sigma in Talks with Firm, Mulls Over Rival Offer
TURNBULL REAL: Undergoes Liquidation Proceedings


C H I N A   &   H O N G  K O N G

CHINA SOUTHERN: Forms Plan to Increase Cargo Market Share
CHINA SOUTHERN: Opens New Route to Jeddah
FIAT SPA: Mulls Joint Venture With China's Cherry Auto
GLOBAL POWER: Wants Exclusive Plan-Filing Period Extended
GUANGDONG DEVELOPMENT: Unveils Five-Year Restructuring Plan

HUAXIA BANK: Appoints Zhai Hongxiang as New Chairwoman
INVERNESS MEDICAL: Holders Consent Indenture Amendments
MANITOWOC CO: Moody's Lifts Rating to Ba2 on Strong Performance
MARQUEE HOLDINGS: Receives Consents from Majority of NoteHolders
SHANGHAI ZENDAI: Fitch Assigns B+ Rating on US$150-Mil. Notes

TITAN PETROCHEMICAL: Gets Nod for Bond Contract Waivers
TTM TECH: Debt Reduction Cues S&P to Revise Outlook to Stable


I N D I A

AGILENT TECHNOLOGIES: Closes Adaptif Photonics Acquisition
GARWARE POLYESTER: Appoints Two Additional Directors
ICICI BANK: INR8,750-Crore Public Issue to Open on June 19
INDEPENDENT NEWS: Fitch Holds BB- Issuer Default Rating
STRATOS GLOBAL: Shareholders OK Arrangement Plan w/ CIP Canada

UTSTARCOM INC: Defers 10-Q and 10-K Filing with SEC
UTSTARCOM INC: Ends Strategic Alternatives Process; EVP Resigns
VERINT SYSTEMS: Posts US$1.2-Mil. Net Loss in 1st Quarter 2007


I N D O N E S I A

REXAM PLC: Moody's Puts (P)Ba2 Rating on Proposed Securities


J A P A N

COSMO OIL: Eyes Philippine Province for Bioethanol Plant
FORD MOTOR: Inks MOU with Meridian for Sale of Sandusky Plant
FUJI ELECTRIC: To Expand Operations in Malaysia
NOMURA HOLDINGS: Unit to Offer Alternative Trading in Canada
JAPAN AIRLINES: Halts Capital Boost Plan


K O R E A

ACTUANT CORP: Completes Pricing of US$250MM Sr. Notes Placement
KOOKMIN BANK: Not to Bid Until KEB Legal Issues Resolved
KOOKMIN BANK: Cuts Fees on Selling Equities and Bonds
KOREAN EXCHANGE : DBS Group Ends Talks for Planned Acquisition
WARNACO GROUP: Improved Revenues Prompt S&P to Lift Rating to BB


M A L A Y S I A

AMINVESTMENT BANK: Parent Wants Unitangkob Lawsuit Struck Out
MEGAN MEDIA: Defaults on MYR893.97 Million Banking Facilities
SMART MODULAR: Good Performance Cues S&P to Lift Rating to BB-


N E W  Z E A L A N D

CLEAR CHANNEL: Eyes 50% Increase in Outdoor Advertising Market
FIRST DATA: Completes Acquisition of FundsXpress
PLUS SMS HOLDINGS: Net Loss Soared to NZ$11.89MM in FY2007
PLUS SMS HOLDINGS: Subsidary Signs Deal With Microsoft
SEALEGS CORP: Operating Deficit Narrows to NZ$1.05MM in FY2007


P H I L I P P I N E S

APC GROUP: Annual Stockholders' Meeting Set for August 10
BANCO DE ORO-EPCI: Denies Reports of Manila Banking Merger
MAIDENFORM BRANDS: S&P Upgrades Credit Rating to BB- from B+
METRO PACIFIC: Seeks to Form Joint Venture into Power Sector
NEGROS NAVIGATION: Offers Special Trips to Zamboanga

PHIL. LONG DISTANCE: Seeks to Expand into Telephony Business
RIZAL COMMERCIAL: BSP To Impose Sanction for Trust Mismanagement
WARNER MUSIC: Still Considering Offer for EMI Group
* Government Puts Up Fund to Protect Exporters from Rising Peso


S I N G A P O R E

CREATIVE TECHNOLOGY: Intends to Delist Shares from NASDAQ
CHINA AVIATION: Discloses New Management Structure
COMPACT METAL:  Temasek Reduces Holdigs of Deemed Shares
OSG INC: Grants Restricted Stock Units to Non-Employee Directors
PETROLEUM GEO: $800MM Debt Refinancing Cues S&P to Affirm Rating

SEA CONTAINERS: Wants to Obtain Up To US$176.5MM DIP Financing
SEA CONTAINERS: Court Extends Exclusive Period to September 28
SEA CONTAINERS: U.S. Trustee Appoints HSBC to Creditors' Panel
SEE HUP SENG: Director Reduces Holdings of Direct Shares


T H A I L A N D

DAIMLERCHRYSLER AG: Elects to Redeem Term Assets of Trust
SIAM COMMERCIAL: Shares Conversion Date Moved to June 29
TOTAL ACCESS COMMS: IPO Share Prices Reach THB40 Each


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

CA & JK: Appoints Nicholas Crouch as Liquidator
-----------------------------------------------
On May 29, 2007, the members of CA & JK Transport Pty Ltd met and resolved
to wind up the company's operations.

Nicholas Crouch was appointed as liquidator.

Mr. Crouch can be reached at:

          Nicholas Crouch
          Crouch Insolvency
          Chartered Accountants
          Level 28, 31 Market Street
          Sydney New South Wales 2000
          Australia


COMPLETE BODY: Members & Creditors to Meet on July 18
-----------------------------------------------------
Complete Body Repairs Pty Ltd will hold a final meeting for its members
and creditors on July 18, 2007, at 9:30 a.m.

The members and creditors will receive at the meeting a 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 Aug. 21, 2006.

The company's liquidator is:

          Nicholas Crouch
          Crouch Insolvency
          Level 28, 31 Market Street
          Sydney New South Wales
          Australia


DEMEX GROUP: Commences Wind-Up Proceedings
------------------------------------------
During a meeting held on May 29, 2007, the members of Demex Group Pty
Limited decided to wind up the company's operations and appointed Angus
Carnegie Gordon as liquidator.

Mr. Gordon can be reached at:

          Angus Carnegie Gordon
          GHK Green Krejci Chartered Accountants
          Level 13, 1 Castlereagh Street
          Sydney New South Wales 2000
          Australia


FIFTY YEARS: Members Pass Resolution to Wind Up Firm
----------------------------------------------------
At an extraordinary general meeting held on May 31, 2007, the members of
Fifty Years Pty Limited passed a resolution winding up the company's
operations and appointing George Duff Downie Raffan as liquidator.

The Liquidator can be reached at:

          George Duff Downie Raffan
          Level 6, 8 West Street
          North Sydney, New South Wales 2060
          Australia


FORTESCUE METALS: Unit to Provide Port Services to Atlas
--------------------------------------------------------Fortescue Metals
Group Ltd's subsidiary, The Pilbara Infrastructure Pty Ltd, will provide
port handling and ship loading services to West Perth iron ore firm Atlas
Iron Ltd in a one-year deal from March 2008, reports WA Business News.

According to the report, Atlas will use the port handling, ship loading
and rail haulage services provided by TPI at three of its projects -
Pardoo DSO, Pardoo Magnetite and Abydos DSO.

Jamie Freed, of The Sydney Morning Herald, writes that the deal would
allow Atlas to start shipping 1 million tonnes a year from Fortescue's
port from March, subject to state environmental approvals.  Both companies
have a non-legal binding agreement where both parties have 60 days to
negotiate commercial terms for the port handling and ship loading
services.

WA Business quotes Atlas managing director David Flanagan saying that,
“while Atlas is planning to haul Pardoo iron ore to Port Hedland by road
transport, we believe that rail is the safest and most commercially viable
means to haul iron ore.”

Mr. Flanagan added that using TPI infrastructure will minimize impact on
dust and road train traffic through the town of Port Headland.

Fortescue, reports SMH, has been battling in the Australian Competition
Tribunal for approval to run its own trains on BHP Billiton's railway line
to help develop a secondary project.

However, other junior miners in the region are merely wanting BHP or
Fortescue to carry the ore on the existing infrastructure at a commercial
price, conveys SMH.

Fortescue government relations head Julian Tapp revealed to
SMH that iron ore explorers, like BC Iron and Yilgarn Mining, had also
expressed interest in using it's infrastructure but most would find BHP's
railway more convenient geographically.

Mr. Flanagan told SMH that hauling through BHP's railway line would be
more cost efficient and better for the environment but both Atlas and BHP
has not been able to come up with an agreement after two and a half years
of discussion.

But Mr. Flanagan added that, “In the event BHP and Atlas could come to a
workable agreement we would grab it with both hands.”

                   About Fortescue Metals

Headquartered in West Perth, Western Australia, Fortescue Metals Group
Limited -- http://fmgl.com.au/-- is involved in the exploration of iron
ore through a project to mine iron ore in the Chichester Ranges, in the
Pilbara region of Western Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest, admitted to
a AU$500-million blowout on the cost of port and rail infrastructure in
the Pilbara Project because of price hikes for steel, fuel, construction
materials, and contract labor.  The Company also disclosed that the
hampered progress of the Pilbara Project brings in the possibility that
the Company
may not meet its ore delivery schedule and pushes up costs at resource
developments across Western Australia.  In May 2005, the Australian Stock
Exchange pressured Fortescue to explain matters about the project and to
explain how the Company would be able to dispose of its lower grade order
for 95% of the price obtained by rivals BHP Billiton and Rio Tinto for
their top-quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which commenced a legal
action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and deceptive
conduct and has failed to comply with its continuous disclosure
obligations when it announced various contracts with Chinese entities on
August 23 and November 5, 2004.  In particular, Fortescue did not disclose
that the Chinese parties had not reached a concluded agreement on
fundamental aspects of the projects and they had merely agreed that they
would in the future jointly develop and agree on the "agreed" matters.
The ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                           *     *     *

Fortescue reported a net loss for the past two fiscal years.  Net loss for
the year ended June 30, 2005, was AU$4.52 million and net loss for the
year ended June 30, 2006, was AU$2.15 million.

In August 2006 Moody's Investors Service assigned a Ba3 rating to
approximately US$1.9 billion in senior secured 144A bonds to be issued by
FMG Finance Pty Ltd, the financing vehicle of the Fortescue Metal Group.
The funding will be used to partially finance the development of the
Company's iron ore mine in the Pilbara region of Western Australia as well
as an associated rail line and port infrastructure.


MAZAL INVESTMENTS: Placed Under Voluntary Liquidation
-----------------------------------------------------
During a meeting held on May 18, 2007, the members of Mazal Investments
Pty Limited decided to voluntarily liquidate the company's business and
appointed Ronald Bentley Brown as liquidator.

The Liquidator can be reached at:

          Ronald Bentley Brown
          Telephone:(02) 8221 8433
          Facsimile:(02) 8221 8422
          Australia


PALMROW PTY: Members Agree on Voluntary Liquidation
---------------------------------------------------
At an extraordinary general meeting held on May 30, 2007, the members of
Palmrow Pty Limited resolved to wind-up the company's operations and
appointed  James Alexander Shaw of Ferrier Hodgson as liquidator.

The Liquidator can be reached at:

          James Alexander Shaw
          Ferrier Hodgson (Newcastle)
          Chartered Accountants
          PO Box 840 Newcastle New South Wales 2300
          Australia


PASFIELD HOLDINGS: Members to Meet on July 5
--------------------------------------------
The members of Pasfield Holdings Pty Limited will have their final meeting
on July 5, 2007, at 10:00 a.m., on Level 4 at 189 Kent Street in Sydney
New South Wales 2000, Australia.

At the meeting, the members will be asked to:

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

   -- receive and adopt the liquidator's statement and
      Australian Securities and Investments Commission Form 524
      Accounts;

   -- transact other business which may properly be brought
      forward at the meeting.


SCS @ ROSEBAY: Taps  de Vries and Tayeh as Liquidators
------------------------------------------------------
On May 16, 2007,  Antony de Vries and Riad Tayeh were appointed as
liquidators of SCS @ Rosebay Pty Ltd.

The company went into liquidation on that same day.

The Liquidators can be reached at:

          Antony de Vries
          Riad Tayeh
          de Vries Tayeh
          Level 3, 95 Macquarie Street
          Parramatta New South Wales 2150
          Australia


SCS @ WARRINGAH: Members Opt to Close Business
----------------------------------------------
During a general meeting held on May 15, 2007, the members of SCS @
Warringah Mall Pty Ltd decided to close the company's business.

Antony de Vries and Riad Tayeh were appointed as liquidators.

The Liquidators can be reached at:

          Antony de Vries
          Riad Tayeh
          de Vries Tayeh
          Level 3, 95 Macquarie Street
          Parramatta, New South Wales 2150
          Australia


SYMBION HEALTH: Sigma in Talks with Firm, Mulls Over Rival Offer
----------------------------------------------------------------
Sigma Pharmaceuticals Ltd. is in talks with private equity investors over
a possible joint counter offer for Symbion Health Limited, The Australian
reports, citing Australian Associated Press as its source.

According to the report, Sigma said that it was looking into making a
rival bid for Symbion's consumer and pharmacy businesses.

Under the offer, Sigma would buy the consumer products part and the
private equity firm, would acquire the pharmaceutical wholesaling unit,
conveys the report.

The consortium, reports the article, which will hopefully agree on June
18, has until June 19 to meet the deadline set by Symbion to make a bid
rival offer.

Sigma, further added that under under Symbion's scheme implementation deed
with Healthscope, Symbion's consumer and pharmacy businesses must be
valued at at least AU$1.075 million.

The Troubled Company Reporter - Asia Pacific reported on May 24, 2007,
that Sigma expressed its interest on Symbion's wholesale drugs and
consumer businesses but was looking at the option of forming a consortium.

The Australian quoted Sigma saying that this “part of its ongoing
objective of pursuing suitable acquisition opportunities.”

However, in an Australain Stock Exchange disclosure today, Symbion
revealed that it received an unsolicited letter from Sigma on June 13
stating to keep the transaction confidential, incomplete and non-binding.

Symbion, in its statement, said that it has already informed Sigma that
its letter does not contain sufficient information, for example but not
limited to the availability of funding and details of conditions, for the
Symbion Health Board to make a determination whether:

   * there is a competing proposal which is a superior proposal;
     or;

   * there are any steps which the Symbion Health Board might
     take in accordance with the Scheme Implementation Deed
     which may reasonably be expected to lead to a competing
     proposal, which the Symbion Health Board might be able to
     determine on or before 18 June 2007 is a superior
     proposal.

On June 1, 2007, TCR-AP reported that Symbion has accepted Healthscope's
AU$2.8 billion takeover cash-and-stock bid with the pathology company
acquiring Symbion's diagnostic, imaging, pathology and medical center.

                     About Symbion Health

Melbourne-based Symbion Health Limited --
http://www.symbionhealth.com/-- formerly Mayne Group Limited,
provides health products and services. The principal activities
of Symbion Health, during the fiscal year ended June 30, 2006,
consisted of diagnostic and wellness products and services
through its Pathology, Imaging, Medical Centers, Pharmacy
Services and Consumer divisions.  Symbion Pathology owns and operates
private pathology practices, providing pathology services to healthcare
professionals and their patients. Symbion Medical Centers provides local
communities with healthcare and family medicine.  Symbion Imaging provides
imaging services to patients on the eastern seaboard of Australia.
Symbion Pharmacy Services supplies a line of pharmaceuticals and
associated products to pharmacies.  Symbion Consumer manufactures and
markets nutraceuticals (vitamins and mineral supplements).

On Jan. 30, 2007, Moody's Investors Service placed the Ba1
issuer rating of Symbion Health Limited on review for possible
downgrade after the company's announcement that it has received
an ownership proposal from Primary Health Care Limited
(unrated).


TURNBULL REAL: Undergoes Liquidation Proceedings
------------------------------------------------
On May 31, 2007, the members of Turnbull Real Estate Pty Ltd had a meeting
and agreed to liquidate the company's business.

The company's liquidator is:

          Nicholas Crouch
          Crouch Insolvency Chartered Accountants
          Level 28, 31 Market Street
          Sydney New South Wales 2000
          Australia


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

CHINA SOUTHERN: Forms Plan to Increase Cargo Market Share
---------------------------------------------------------
China Southern Airlines has outlined its strategy to seize a greater share
of the international cargo market, ATW Online relates.

Based on the plan outline obtained by ATW, the carrier will begin by
converting six A330 passenger aircraft into freighters over the next two
years in addition to taking delivery of six 777Fs in 2008-10.  China
Southern also intends to add the planes to its domestic network but will
commit most of the increased capacity to international routes.


In addition, the carrier aims to build a medium-haul network in the
Asia-Pacific region with the reconfigured A330s and expand its long-haul
network into Western countries with the 777s and the two 747s that
constitute its current freighter fleet, ATW says.  Dalian, Guangzhou and
other cities in the Pearl River Delta region will serve as hubs for
medium-haul flights while Beijing, Shanghai and Shenzhen will operate as
its global hubs.
China Southern also expects to have 14 freighters in 2010, giving it the
biggest cargo fleet among Chinese carriers.

Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com/-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.


CHINA SOUTHERN: Opens New Route to Jeddah
-----------------------------------------
China Southern Airlines has launched a new service to Jeddah, Saudi
Arabia, the airline's first operation in the Red Sea port, XFN-Asia
relates, citing the carrier' s statement.

The flight, according to report, will originate in Urumqi, the capital of
northwest China's Xinjiang region, and goes to Jeddah via Sharjah.


Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com/-- engages in the operation of
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings downgraded China Southern Airlines
Company Limited's Foreign Currency and Local Currency Issuer
Default Ratings to B+ from BB-.


FIAT SPA: Mulls Joint Venture With China's Cherry Auto
------------------------------------------------------
Italy's Fiat Spa and China's Chery Automobile are considering setting up a
joint venture in China to manufacture Fiat vehicles, sources told China
Knowledge.

The two vehicle manufacturers, according to China Knowledge's sources, may
negotiate to build cars in Chery's Wuhu plant and production to commence
as early as 2009.

"The feasibility study about making Fiat's Alfa Romeo under license is
nearing completion," a source who wished to remain anonymous before an
announcement is made in the next two months told the news agency.

The two companies were evaluating several possible ways of cooperation in
the Chinese passenger car business, which remains of key importance for
both FIAT and Chery, the report says.   Chery was weighing up the
possibility of a takeover of Fiat's stake in its Chinese joint venture
with Nanjing Automotive Industry Corp, as long as Fiat could ensure the
buy out would not face government opposition.

China Knowledge adds that a cursory glance would suggest that Chery would
fit in nicely with Fiat's target of selling 300,000 units in China after
some uneasy cooperation with Nanjing Auto.  Fiat, is worried that Nanjing
autos will develop its own brand models and minimizes public attention
towards their joint venture, the report adds.

The Knowldege recounts that Sergio Marchionne, chief executive officer of
Fiat, paid a visit to China last month to seek an end in its Fiat's
relationship with Nanjing Auto.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. - http://www.fiatgroup.com/--
manufactures and sells automobiles, commercial vehicles, and agricultural
and construction equipment.  It also manufactures, for use by the
company's automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power trains (engines
and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca Intesa,
Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among
others.

                        *     *     *

Standard & Poor's Ratings Services raised its long-term corporate credit
rating on Italian industrial group Fiat S.p.A. to BB+ from BB.  At the
same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

The company carries Fitch Ratings' Issuer Default rating and senior
unsecured rating at BB-.  The Short-term rating is affirmed at B.  Around
EUR6 billion of debt is affected by this rating action.

In addition, Fiat Spa also carries Moody's Investors Services
Ba3 Corporate Family Rating with positive outlook.  The long- term senior
unsecured ratings as well as the short-term non-
Prime rating also remains.


GLOBAL POWER: Wants Exclusive Plan-Filing Period Extended
---------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware gave to extend until Oct. 1,
2007, their exclusive period to file a chapter 11 plan of reorganization,
the Associated Press Reports.  The Debtors also want their exclusive
period to solicit acceptances of that plan to Nov. 30, 2007.

The company's exclusive plan-filing period is set to expire on July 10, 2007.

According to the report, the Debtors are still in talks with the
Official Committee of Unsecured Creditors and the Official Committee of
Equity Security Holders.  The Debtors contend, AP relates, the extension
would allow them additional time to better formulate a consensual chapter
11 reorganization plan.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers in the
domestic and international energy, power and infrastructure and service
industries.  The company designs, engineers and manufactures a range of
heat recovery and auxiliary equipment primarily used to enhance the
efficiency and facilitate the operation of gas turbine power plants as
well as for other industrial and power-related applications.  The company
has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn,
Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China;
Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
Of US$123,221,000.


GUANGDONG DEVELOPMENT: Unveils Five-Year Restructuring Plan
-----------------------------------------------------------
Guangdong Development Bank has set a five-year reform plan launched by a
Citigroup-led consortium which took over the bank last December,
MarketWatch reports, citing the bank statement.

The main aim of the plan is to make the bank profitable this year, the
report says, while it's  broad goals for the next five years is to reach
the average levels of its Chinese bank peers for all major operational
indicators in the next two to three years and become a leader among
mid-sized Chinese banks also within three to five years.

According to the bank, The Guangzhou-based lender said its board adopted
the five-year development strategy at a meeting in late May.  However, it
didn't provide specific details on numerical targets or say whether the
bank plans to launch an initial public offering in the future, Rick Carew
of the MarketWatch notes.

Guangdong Development Bank will focus this year on expanding its personal
banking, wealth management, and corporate banking business, including
small-and medium-sized enterprise lending, the report adds.

The bank also said it retooled its auditing structure to boost its
independence and adopted new policies on legal compliance and
related-party transactions.

On November 21, 2006, the Troubled Company Reporter – Asia Pacific
reported that Citigroup has won the bid for a majority stake in Guangdong
Development Bank, ending an 18-month bidding war with the Societe Generale
of France.  Citigroup took 86% stake in Guangdong for US$3.1 billion.


Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a
bank based in Guangzhou, Guangdong, People's Republic of China.
The bank was founded in 1988.

Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual E
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.

The GDB, established in 1988, was developed into a national bank
with assets worth of CNY370 billion (US46.25 billion) and more
than 12,000 employees.

By the end of 2003, the bank's bad loans totaled CNY35.7 billion,
accounting for 18.53% of its total loans.

On April 16, 2007, Moody's Investors Service put on review for
possible upgrade Guangdong Development Bank's E+ Bank Financial
Strength Rating and B1 long-term deposit rating.

"The positive review reflects the considerable progress GDB has
made in its restructuring, including the significant
improvements in its balance sheet and capital position," says
May Yan, a Moody's VP/Senior Credit Officer.


HUAXIA BANK: Appoints Zhai Hongxiang as New Chairwoman
------------------------------------------------------
CHINA'S Huaxia Bank Co appointed Beijing Vice Mayor Zhai Hongxiang as
chairwoman to replace Liu Haiyan, who is retiring, Shanghai Daily reports.

Huaxia's board approved Mr. Liu's resignation and named Ms. Zhai, a board
member, as his replacement, the report says, citing the bank's statement
to the Shanghai Stock Exchange.

Ms. Zhai was in charge of financial development in China's capital during
her four-year term, the report adds.


Headquartered in Beijing, Hua Xia Bank Co., Limited --
http://www.hxb.com.cn-- is a commercial bank that offers
financial services to both corporate and individual clients.  At
the end of 2005, it has 27 branches and 257 offices nationwide.

On September 21, 2005, Deutsche Bank entered into a preliminary
agreement to purchase a holding of about 10% in Huaxia Bank, a
medium-sized Beijing-based lender, for about US$200 million.
People close to the situation said Deutsche had teamed up with
another European financial institution to buy a total of about
15 per cent in Shanghai-listed Huaxia for more than US$300
million -- a slight premium to its market value.

Fitch Ratings affirmed on September 5, 2006, Hua Xia Bank's
Individual D/E and Support 4 ratings.

Hua Xia Bank's Individual D/E rating reflects its weak capital
position, inadequate profitability, and potential asset quality
risks stemming from very rapid loan growth.  Total loans
expanded 29% in 2005, the second fastest growth among local
peers.


INVERNESS MEDICAL: Holders Consent Indenture Amendments
-------------------------------------------------------
Inverness Medical Innovations Inc. has been advised by the depository for
the tender offer and consent solicitation that, as of 5:00 p.m., New York
City time, on June 11, 2007, holders of 100% of the outstanding Notes had
validly tendered and not withdrawn their Notes and had provided their
consents to effect the proposed amendments to the indenture under which
the Notes were issued, in connection with its tender offer to purchase all
of the outstanding US$150 million in aggregate principal amount of its
8.75% Senior Subordinated Notes due 2012, well as the related consent
solicitations to amend the indenture governing the Notes.

As a result of receiving the requisite consents, Inverness will promptly
execute and deliver a supplemental indenture in order to effect the
proposed amendments to the indenture governing the Notes.  The
supplemental indenture and the proposed amendments contained therein, will
not, however, become operative unless and until Inverness accepts the
Notes for purchase pursuant to the tender offer.

Inverness also disclosed the total consideration for the Notes validly
tendered in the tender offer.  The total consideration will be US$1,061.95
for each US$1,000.00 principal amount of Notes purchased pursuant to the
tender offer, plus accrued and unpaid interest up to, but not including
June 26, 2007, the assumed payment date for the Notes.

The total consideration includes a consent payment of US$20 per US$1,000
principal amount of Notes.  Holders of the Notes who had validly tendered
and not withdrawn their Notes pursuant to the tender offer at or prior to
5:00 p.m., New York City time, on
June 11, 2007, will receive the consent payment if and when the Notes are
accepted for payment by Inverness.  Holders who tender their notes after
5:00 p.m., New York City time on June 11, 2007, the consent expiration
time, but prior to midnight, New York City time on June 25, 2007, the
tender offer expiration time, will only be eligible to receive the tender
offer consideration of US$1,041.95.

The total consideration and tender offer consideration were determined,
based upon an expected payment date of June 26, 2007, by reference to a
fixed spread of 50 basis points over the bid-side yield of the 3% U.S.
Treasury Note due Feb. 15, 2008, which was 5.038%.

The tender offer and consent solicitation were undertaken in order to
facilitate Inverness's acquisition of Biosite Incorporated and related
transactions.  The tender offer remains conditioned upon, among other
things, Inverness receiving new financing in an amount of at least US$1.3
billion and Inverness's purchase of shares of common stock of Biosite
Incorporated pursuant to the tender offer for such shares made on May 29,
2007.

Inverness has retained UBS Investment Bank to act as Dealer Manager in
connection with the tender offer and consent solicitation.  Questions
about the tender offer and consent solicitation may be directed to the
Liability Management Group of UBS Investment Bank at (888) 722-9555 x4210
(toll free), or to The Altman Group, Inc., the Information Agent for the
tender offer and consent solicitation, at (800) 398-2142 (toll free).

A more comprehensive description of the tender offer and consent
solicitation can be found in the Offer to Purchase and Consent
Solicitation and the related Letter of Transmittal and Consent dated May
29, 2007.  Copies of these documents and other related documents can be
obtained from the Information Agent.

The tender offer is made only by the Offer to Purchase and Consent
Solicitation dated May 29, 2007.

                      About Inverness Medical

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. (AMEX:IMA) -- http://www.invernessmedical.com/-- develops,
manufactures and markets in vitro diagnostic products for the
over-the-counter pregnancy and fertility/ovulation test market and the
professional rapid diagnostic test markets.

The company has offices in Australia, Canada, China, Germany, Japan, and
the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Moody's Investors Service placed the ratings of Inverness Medical
Innovations, Inc. on review for possible downgrade following the
announcement that Inverness has entered into a merger agreement with
Biosite Incorporated for US$90 a share for the remaining 95.3% of Biosite
it does not currently own.

These ratings were placed on review for possible downgrade: B2
Corporate Family rating; B2 Probability of Default rating; and
Caa1 rating on US$150 million senior subordinated notes due 2012
(LGD5/82%).


MANITOWOC CO: Moody's Lifts Rating to Ba2 on Strong Performance
---------------------------------------------------------------
Moody's Investors Service upgraded The Manitowoc Company's corporate
family rating to Ba2 from Ba3 and its probability of default to Ba2 from
Ba3 reflecting the company's continued strong operating performance and
its recent announcement that it will redeem all of its senior subordinate
notes.

The rating of Manitowoc's senior unsecured notes remain at Ba3, but its
loss given default assessment is changed to LGD4 (66%) from LGD3 (49%).
The rating outlook is stable.

The ratings upgrade reflects Manitowoc's continued strong operating
performance resulting from the robust construction end markets, the main
driver for Manitowoc's crane business.  Through LTM March 2007,
Manitowoc's key credit metrics (as adjusted per Moody's FM Methodology)
were: EBITA margin -- 11.5%; EBIT/interest -- 6.5x; debt/EBITDA -- 1.6x;
and, free cash flow/debt -- 22.5%.

Additionally, the ratings upgrade reflects Manitowoc's recent announcement
that Manitowoc will redeem its 10.5% senior subordinate notes due 2012
effective Aug. 1, 2007.  The company will redeem all of these notes for
approximately US$129 million, including interest payments and related
cost.  Moody's expectation is that Manitowoc's improving operating
efficiencies and the prudent financial policies should enable the company
to maintain a solid Ba2 credit profile under the key rating factors in
Moody's Heavy Manufacturing Rating Methodology despite the ongoing
cyclicality of the construction market.  Peter Doyle, Moody's analyst,
said, "Manitowoc's improving operating efficiencies and strong
construction end markets have resulted in strong free cash flow.  These
factors have enabled Manitowoc to reduce its outstanding debt."

The stable outlook reflects Moody's expectation that Manitowoc's debt
protection measures will continue to improve as a result of the robust
demand in the construction end markets, and the prudent financial policies
embraced by management.  The key risks that Manitowoc will continue to
face are the cyclicality and the severity of any downturn in the
construction end markets.  Nevertheless, Manitowoc should be able to
weather future cyclical downturns much better than in the past due to its
diversification into other business segments, expanding product offerings,
an improving balance sheet, and a commitment to maintain ample liquidity.

These ratings/assessments were affected by this action:

   -- Corporate Family Rating upgraded to Ba2 from Ba3;

   -- Probability-of-default rating upgraded to Ba2 from Ba3;

   -- US$150 million senior unsecured notes due 2013 remain at
      Ba3, but its loss given default assessment is changed to
      LGD4 (66%) from LGD3 (49%).

   -- US$114 million senior subordinate notes due 2012 upgraded
      to B1 (LGD6, 97%) from B2 (LGD5, 87%).  The ratings on the
      senior subordinate notes will be withdrawn when redeemed.

The Manitowoc Company, Inc., based in Manitowoc, Wisconsin, is a
diversified industrial manufacturer and provider of support services in
three principal business segments - Cranes and Related Products, Food
service Equipment, and Marine Operations.

The company has operations in China and Italy.


MARQUEE HOLDINGS: Receives Consents from Majority of NoteHolders
----------------------------------------------------------------
Marquee Holdings Inc., the parent of AMC Entertainment Inc.,  disclosed
the results of its solicitation of consents from holders of its 12% Senior
Discount Notes due 2014.

As of 5:00 p.m., New York City time, on June 12, 2007, which was the
deadline for holders who desired to receive the consent fee to deliver
their consents, Marquee had received consents for US$301,925,000 in
aggregate principal amount at maturity of the Notes, representing 99.32%
of the outstanding Notes.

Accordingly, the requisite consents to adopt the proposed amendment to the
indenture pursuant to which the Notes were issued have been received, and
a supplemental indenture to effect the Amendment has been executed by
Marquee and the trustee under the Indenture.  The Amendment permits
Marquee to make restricted payments in an aggregate amount of US$275.0
million prior to making an election to pay cash interest on the Notes, and
contains a covenant requiring Marquee to make an election on Aug. 15,
2007, the next semi-annual accretion date under the Indenture, to pay cash
interest on the Notes.  The Amendment will become operative when Marquee
causes the consent fee to be paid in respect of the consents delivered to
and accepted by Marquee.

Revocation rights with respect to delivered consents expired as of the
moment Marquee and the Trustee executed the supplemental indenture.
Accordingly, holders may no longer revoke any delivered consents.

                     About AMC Entertainment

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

                     About Marquee Holdings

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

                         *     *     *

As reported in the Troubled Company Reporter on June 12, 2007,
Fitch has affirmed the Issuer Default Ratings of Marquee Holdings Inc. and
its principal operating subsidiary AMC Entertainment, Inc., at 'B'
following the company's recent announcement.

Fitch expects to rate the new US$400 million senior unsecured term
facility 'CCC/RR6' and would also expect to rate the potential US$275
million senior unsecured term loan facility 'CCC/RR6' based on their deep
structural subordination in the capital structure.  The Rating Outlook is
Stable.


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 May 22, 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 realized 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.


TITAN PETROCHEMICAL: Gets Nod for Bond Contract Waivers
-------------------------------------------------------
Titan Petrochemicals Group Ltd had obtained the necessary approval for
waivers on clauses in its contract with investors holding its dollar bonds
due in 2012, Reuters reports.

The Troubled Company Reporter – Asia Pacific reported on June 8, 2007,
that Titan Petrochemicals asked for consents to
certain waivers and an amendment to the Indenture, dated as of March 17,
2005, governing Titan's 8.50% Guaranteed Senior Notes due 2012 (CUSIP Nos:
888312AA3 and G8890GAA1, Common Codes: 021527807 and 021524492).

The Consent Solicitation is being undertaken to waive certain covenants in
the Indenture in order to enable Titan to consummate a proposed
transaction with Warburg Pincus LLC, the TCR-AP said.

On March 28, 2007, Titan entered into an agreement with Warburg Pincus
pursuant to which, subject to the fulfillment of certain conditions
precedent, Warburg Pincus has agreed to
invest:

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

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


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

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


TTM TECH: Debt Reduction Cues S&P to Revise Outlook to Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Santa Ana,
California-based TTM Technologies Inc. to stable from negative, following
rapid reduction of debt incurred to acquire the printed circuit board
business from Tyco International.  The corporate credit and senior secured
ratings are affirmed at 'BB-'.

"The ratings reflect challenges associated with very difficult industry
conditions for TTM's PCB products and a highly competitive environment,
partially offset by TTM's niche position as a manufacturer of both
quick-turn and high-volume printed circuit boards and light leverage for
the rating," said Standard & Poor's credit analyst Lucy Patricola.

The U.S.-based printed circuit board industry has experienced a
significant contraction as production has migrated to low cost regions.
Currently, about 10% of the global market for PCB revenue is produced in
the U.S., with a focus on high complexity, low volume production,
prototype boards, and PCBs used in military applications.  Following its
acquisition of the Tyco business, TTM is the largest U.S.-based
manufacturer, with a respectable market presence in defense, computing,
and communications.  Despite TTM's leading market share, the industry
remains fragmented, with hundreds of small manufacturers.

The company, prior to the Tyco acquisition, has experienced some
volatility in profitability.  Over the last eight quarters, EBITDA margin
has fluctuated between 15% and 20%.  In 2005, margin slippage was caused
by pricing pressure.  More recently, the mix shift to lower margin
commercial assembly and a bias to lower layer boards has impacted margin.
The Tyco business has historically been more stable, because of its strong
presence in defense markets.  S&P expect the company to continue to
experience modest cyclicality, given the negotiating strength of its
customer base.

The company has a manufacturing operation in China.


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

AGILENT TECHNOLOGIES: Closes Adaptif Photonics Acquisition
----------------------------------------------------------
Agilent Technologies Inc. has completed the acquisition of Adaptif
Photonics GmbH.  Adaptif brings to Agilent key technology and products
used for advanced polarization analysis and control for the test of
optical components and systems in telecommunications, as well as in the
sensors and laser market.  The majority of Adaptif’s employees have joined
Agilent.

Financial details were not disclosed.  Agilent had signed a definitive
agreement to acquire Adaptif on May 30, 2007.

The combined technology and capabilities of both companies expands
Agilent’s leadership in optical polarization test, allowing Agilent to
offer a full range of electrical and optical test equipment for high-speed
broadband network designs.

Agilent Technologies, Inc. -- http://www.agilent.com/-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life sciences
and chemical analysis industries.  The company has operations in India,
Argentina and Luxembourg.

                        *     *     *

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


GARWARE POLYESTER: Appoints Two Additional Directors
----------------------------------------------------
In a regulatory filing dated June 8, 2007, Garware Polyester Ltd informed
the Bombay Stock Exchange of the company's appointment of two new
directors.

The company said it has named Sonia Garware and Dilip J. Thakkar as
additional director on the company's board.  Ms. Garware's appointment is
effective Jan. 31, 2007, while Mr. Thakkar is effective Apr. 30, 2007.

Headquartered in Aurangabad, India, Garware Polyester Ltd. --
http://www.garwarepoly.com/-- produces polyester film.  Its
products range includes films that cater to the solar control
industry, packaging industry and reprographic industry.  In
addition, the company's bi-axially oriented polyethylene
teraphthalate film range includes sun control films, overhead
projector films and film for packaging, cable insulation,
audiotapes, tracing and drafting.

On June 14, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR164.2-million non-convertible debenture issue
of Garware Polyester.  The rating indicates that the instrument
is in default and in arrears of interest and principal payments.


ICICI BANK: INR8,750-Crore Public Issue to Open on June 19
----------------------------------------------------------
ICICI Bank Ltd's public issue of equity shares in India will open on June
19, 2007.  The issue will close on June 22, 2007. The issue size is
INR8,750.0 crore.  In addition, there is a Green Shoe Option under which
the Bank may allocate additional equity shares up to INR1,312.5 crore and
operate a price stabilisation mechanism post-listing, with DSP Merrill
Lynch as the stabilising agent.  The issue including the Green Shoe Option
aggregate to INR10,062.5 crore.

The public issue is part of the Bank's consolidated capital raising
exercise at INR20,125 crore including a green shoe option of INR2,625.0
crores.  Of this total amount, INR10,062.5 crore (including a green shoe
option of INR1,312.5 crore) is proposed to be raised through an issue of
American Depositary Shares listed in the New York Stock Exchange.

The issue will be made through the book-building route, and the price band
will be announced prior to the opening of the issue. Up to 5% of the
issue, or INR437.5 crore, is reserved for existing retail shareholders of
the Bank.  Retail bidders also have the option to pay INR250 per share on
application, INR250 on allotment and the balance amount payable on a call
which is to be issued by the Bank within a period of six months from the
date of allotment.  These partly paid shares will be listed and traded
after payment of the amount due on allotment under a separate ISIN.

Retail bidders are defined as individual bidders (including HUFs and NRIs)
whose bid amount does not exceed INR100,000. Existing retail shareholders
are defined as bidders holding equity shares of the Bank on June 13, 2007,
the number of shares held by whom as of that date multiplied by the
closing price of the Bank's equity shares on June 12, 2007 on the National
Stock Exchange of India Ltd does not exceed INR100,000.

Non-Institutional Bidders have the option to pay INR250 on application and
the balance on allotment.  Qualified Institutional Bidders, who have to
pay a 10% margin on application, have the option to pay INR250 less the
margin amount on confirmation of allocation and the balance on allotment.

Non-Resident bidders (including FIIs) will require prior approval of the
Reserve Bank of India to subscribe to partly paid shares.

                         About ICICI Bank

India-based ICICI Bank Ltd -- http://www.icicibank.com-- is a
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


INDEPENDENT NEWS: Fitch Holds BB- Issuer Default Rating
-------------------------------------------------------
Fitch Ratings affirmed Independent News & Media Plc's Issuer Default and
senior unsecured ratings at 'BB-' and removed them from Rating Watch
Evolving.  A Stable Outlook is assigned to the Issuer Default rating.

The rating action follows IN&M's failure to obtain approval from APN News
& Media Limited's shareholders for its proposed leveraged buyout of the
41%-owned subsidiary.

"In some ways this sets IN&M back to square one, but that's not a bad
place to be," says Alex Griffiths, Director in Fitch's European TMT group.
"The group still holds stakes in a number of profitable and rapidly
growing businesses, as well as its core UK and Irish operations."

"We had never viewed the APN plan as a strategic imperative, and had
reserved judgment on its rating impact until the group's plans for the
proceeds were clearer.  This reversal is likely to cause the group to
rethink its strategy, and we will take appropriate action if and when the
results of this are announced."

Independent News & Media PLC (ticker: INWS.I; INWS.L) --
http://www.inmplc.com/-- is an international newspaper and
Communications group, with its main interests in Australia, India,
Ireland, New Zealand, South Africa and the United Kingdom.  The Group
publishes over 175 newspaper and magazine titles and operates 132 radio
stations.


STRATOS GLOBAL: Shareholders OK Arrangement Plan w/ CIP Canada
--------------------------------------------------------------
Stratos Global Corporation's shareholders approved the plan of arrangement
between Stratos and CIP Canada Investment Inc. by which CIP Canada will
acquire all of Stratos' outstanding shares for a cash price of CDN$7.00
per share.  The total transaction value, including assumption of net debt,
is US$624 million.  The transaction remains subject to regulatory
approvals, and is expected to close by the end of the third quarter.

The arrangement resolution was approved by 85.1 percent of the votes cast
at the annual and special meeting of Stratos shareholders held earlier
June 12.

"We are extremely pleased with the shareholders' decision on this
transaction," said Charles Bissegger, Stratos' chairman of the Board of
Directors.  "We believe the acquisition of Stratos by CIP Canada is in the
best interest of our shareholders, customers, partners, and employees.  We
now look forward to bringing the transaction to closure later this year."

CIP Canada is a wholly owned subsidiary of Communications Investment
Partners Limited, a professional investment company with a focus on
satellite services.  The transaction will be indirectly financed by
Inmarsat Finance III Limited, a wholly owned subsidiary of Inmarsat plc.

                     About Stratos Global

Stratos Global Corporation -- http://www.stratosglobal.com/--
is a provider of a range of advanced mobile and fixed-site
remote telecommunications solutions for users operating beyond
the reach of traditional networks. The Company serves the voice
and high-speed data connectivity requirements of a diverse array of
markets, including government, military, energy, industrial, maritime,
aeronautical, enterprise, media and recreational users throughout the
world.  Stratos operates in two segments: Mobile Satellite Services, which
provides mobile telecommunications services, primarily over the Inmarsat
plc satellite system, and Broadband Services (Broadband), which provides
very small aperture terminal services, sourced on a wholesale basis from a
number of the fixed satellite system operators.

The company has offices the following regions:
Europe -- Italy, Germany, Norway, Spain, United Kingdom
Asia-Pacific -- India, Hong Kong, Singapore, Australia and Japan Latin
America -- Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service confirmed Stratos Global
Corporation's B1 corporate family, Ba2 senior secured and B3
senior unsecured ratings and lowered the company's speculative
grade liquidity rating to SGL-4 from SGL-3.  Moody's said the
outlook is negative.  The long term ratings reflect a B1
probability of default and loss-given default assessments of
LGD 2, 24% on the senior secured debt and LGD 5, 77% on the
senior unsecured notes.


UTSTARCOM INC: Defers 10-Q and 10-K Filing with SEC
---------------------------------------------------
UTStarcom Inc. received on May 31, 2007, a notice of default from U.S.
Bank National Association, as indenture trustee, pursuant to which the
Trustee asserted that the Company was in default of certain obligations
under the Indenture, dated as of March 12, 2003, by and between the
Company, as issuer, and the Trustee, as trustee, as amended by the First
Supplemental Indenture, by and between the Company and the Trustee, dated
Jan. 9, 2007 with respect to the Company’s 7/8% Convertible Subordinated
Notes due 2008.

The specific purported defaults referred to in the Notice of Default are:

   (i) the Company’s failure to file with the U.S. Securities
       and Exchange Commission and file with the Trustee
       its Quarterly Report on Form 10-Q for the fiscal
       quarter ending Sept. 30, 2006, its Annual Report on
       Form 10-K for the fiscal year ended Dec. 31, 2006
       and its Quarterly Report on Form 10-Q for the
       fiscal quarter ending March 31, 2007 , as required by
       the Indenture and the Trust Indenture Act and

  (ii) the Company’s failure to deliver to the Trustee
       the officer’s certificate of compliance of the
       Company required by the Indenture.

As previously disclosed in the Company’s Current Report on Form 8-K filed
Jan. 10, 2007, pursuant to the Supplemental Indenture, any failure by the
Company to comply with covenants in the Original Indenture relating to the
filing of reports required to be filed with the SEC under the Securities
Exchange Act of 1934, as amended and the furnishing of copies of SEC
Reports and the officer’s certificate of compliance of the Company
required by the Original Indenture to the Trustee before 5:30 p.m., New
York City time, on May 31, 2007 would not constitute a default under the
Indenture.  The Notice of Default states that the Covenant Reversion Date
provided for by the First Supplemental Indenture had passed and that the
Company’s failure to cure the purported defaults within 60 consecutive
days after the date of the Notice of Default, would constitute an “Event
of Default” under the Indenture.

The Company previously reported in its Notifications of Late Filing on
Form 12b-25 filed on Nov. 11, 2006, March 2, 2007 and May 10, 2007, that
the filing of the Q3 2006 10-Q, the 2006 Form 10-K and the Q1 2007 10-Q
had been delayed for the reasons stated therein.

The Company does not believe it is currently in default under the
Indenture.  However, if the Company’s interpretation of the Indenture is
incorrect and a default has occurred under the Indenture and if such
default is not cured by the Demand Date, an “Event of Default” will have
occurred under the Indenture.  The occurrence of an “Event of Default”
under the Indenture would afford the Trustee or holders of not less than
25% in aggregate principal amount of outstanding Notes the right to
declare the full principal amount of all outstanding Notes to be
immediately due and payable.  The Company cannot be certain that it will
be able to file all required reports with the SEC by the Demand Date.
Furthermore, the Company cannot be certain that consents from holders of
the Notes necessary for an additional waiver of its obligations to comply
with the Indenture covenants within the required period can be obtained on
reasonable terms.

The Company does not currently have sufficient cash reserves outside of
China to pay the principal amount of the Notes, which obligations may
become immediately due if an Event of Default were to occur and the
trustee or holders of not less than 25% in aggregate principal amount of
outstanding Notes were to declare the full principal amount of all
outstanding Notes to be immediately due and payable.  Because the Company
is limited by the Chinese government’s imposition of currency exchange
controls on transfer of funds outside of China, it may be time-consuming,
difficult and/or expensive for the Company to transfer funds from China to
repay the Notes.

As a result, if an Event of Default on the Notes were to occur, the
Company may not have sufficient cash resources to repay the Notes and to
continue operations without seeking new financing arrangements.  The
Company cannot be certain that additional financing for these purposes
would be available on acceptable terms or at all, and if such financing is
not available, the Company’s business could be seriously harmed.

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.


UTSTARCOM INC: Ends Strategic Alternatives Process; EVP Resigns
---------------------------------------------------------------
The special committee of UTStarcom Inc.'s board of directors has concluded
its assessment of strategic alternatives.

"After careful consideration of a number of short- and long-term
alternatives, we have determined that our best course of action is to move
forward with the company as it exists today,"  Thomas Toy, chairman of
UTStarcom's board of directors, said.  "Our stated goal when we commenced
the strategic alternatives process in October 2006 was to explore
potential options to maximize the company's value for UTStarcom's
shareholders.  In exploring those alternatives, we concluded that the
optimal means of enhancing shareholder value is to focus our efforts on
returning the company to profitability by building on the opportunities we
have developed in key markets around the world."

In addition, Ying Wu’s employment relationship with UTStarcom and its
subsidiaries terminated.  Prior to such termination,
Mr. Wu served as the company’s Executive Vice President, Vice Chairman of
the Board of Directors and the Chairman and Chief Executive Officer of one
of the company’s subsidiaries, UTStarcom China Co. Ltd.

Pursuant to the terms of the Amended and Restated Change of
Control/Involuntary Termination Severance Agreement dated November 14,
2006 between the company and Mr. Wu,

   (i) Mr. Wu will receive 12 months of base salary as in
       effect as of the date of the termination, payable in
       a lump sum within 30 days of termination, and 100% of
       the bonus for the year in which termination occurs,

  (ii) all equity awards, including without limitation
       option grants, restricted stock and stock
       purchase rights, granted to Mr. Wu will become
       fully vested and/or exercisable to the extent such
       equity  awards are outstanding and/or unexercisable
       at the time of the termination,

(iii) Mr. Wu will be permitted to exercise such vested
       equity awards for the shorter period of

         (a) 12 months from the date of termination and

         (b) the remaining term of the respective equity
             awards, and

  (iv) the company will continue to provide Mr. Wu the
       same level of health coverage as in effect on the
       day immediately preceding the termination date until
       the earlier of the date he is no longer eligible
       to receive continuation coverage pursuant to
       the Consolidated Omnibus Budget Reconciliation Act
       of 1985, as amended, or 12 months from the
       termination date.

"In the course of analyzing our strategic alternatives over the last
several months, it has become apparent that there are differing opinions
regarding the company's strategy to enhance shareholder value," Hong Lu,
chief executive officer of UTStarcom, said.  "We recognize Ying's service
to UTStarcom during his tenure with the company and wish him well in
future endeavors."

With Mr. Wu's departure, UTStarcom Chief Executive Officer Hong Lu will
serve as head of the company's China operations on an interim basis and
will continue in his current role as chief executive officer and president
of UTStarcom Inc.

"The Chinese market was the foundation on which UTStarcom was built and
will continue to be an integral part of the company's success today and in
the future," Mr. Lu said.  "Over the coming months, I intend to spend a
significant amount of time in China to focus on our China operations and
our long- established relationships with our carrier customers."

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                            *   *   *

As reported in the Troubled Company Reporter-Europe on Jan. 18, 2007,
noteholders of UTStarcom Inc.'s 7/8% convertible subordinated notes due
2008 agreed to the proposed amendments of certain provisions of the
indenture pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to certain
default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.


VERINT SYSTEMS: Posts US$1.2-Mil. Net Loss in 1st Quarter 2007
--------------------------------------------------------------
Verint Systems Inc. reported record sales of US$101,274,000 for the first
quarter of fiscal 2007, ended April 30, 2007, a 15% increase compared with
sales of US$87,736,000 for the first quarter of fiscal 2006.

Net loss on a generally accepted accounting principles basis was
US$1,233,000 for the first quarter of fiscal 2007.  Net income was
US$9,353,000 for the first quarter of fiscal 2007.

Dan Bodner, president and CEO of Verint, stated, "In addition to
delivering record revenue in our first quarter, we recently achieved two
significant milestones in the company’s history.  We surpassed US$100
million in quarterly revenue for the first time and we closed the highly
strategic acquisition of Witness Systems, making us a leader in workforce
optimization and giving us larger scale to better address both the
security and enterprise markets."

Mr. Bodner continued, "Following the announcement to acquire Witness early
in our first quarter, we immediately began to make investments to prepare
for the integration and to support the increased scale of the combined
entity.  While these investments reduced our earnings in our first
quarter, they have enabled us to operate as one integrated business
immediately at closing with a unified management team and we believe these
investments will benefit Verint’s long-term growth."

The company ended the first quarter of fiscal 2007 with cash, cash
equivalents, bank time deposits and short-term investments of
US$167,015,000.

                       About Verint Systems

Headquartered in Melville, New York, Verint Systems Inc. (VRNT.PK) --
http://www.verint.com/-- is a provider of analytic software-based
solutions for security and business intelligence.  Verint software, which
is used by over 1,000 organizations in over 50 countries worldwide,
generates actionable intelligence through the collection, retention and
analysis of voice, fax, video, email, Internet and data transmissions from
multiple communications networks.

Verint has global offices in France, Brazil and and India.

                          *     *     *

As reported in the Troubled Company Reporter on April 24, 2007,
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Verint Systems Inc.  At the same time, we
assigned our 'B' bank loan rating, and '3' recovery rating to the
company's proposed US$675 million first-lien credit facility, indicating
that lenders can expect meaningful (50%-80%) recovery of principal in the
event of payment default," said Standard & Poor's credit analyst David
Tsui.   The outlook is developing.


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

REXAM PLC: Moody's Puts (P)Ba2 Rating on Proposed Securities
------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba2 rating to the
proposed issuance of capital securities by Rexam Plc rated Baa3 for senior
unsecured debt.

The assigned rating and the basket designation will be subject to
satisfactory final documentation.  The outlook for the ratings is stable.

The capital securities will, in Moody's view, have sufficient equity-like
features to allow it to receive basket "D" treatment, i.e. 75% equity and
25% debt, for financial leverage purposes.  This basket designation will
shift from "D" to "C" (i.e. 50% equity and 50% debt) in 2017 and will be
basket "C" for the next 20 years.  Thereafter the instruments will shift
to basket "B" (i.e. 25% equity and 75% debt) for the next 10 years and
basket "A" (i.e. 0% equity and 100% debt) for the last 20 years.  The
basket allocation is based on the following rankings for the three
dimensions of equity:

No Maturity -- Moderate: The bonds will have a maturity of 60 years and a
first call option by the issuer in whole commencing in the 10th year.
Prior to the first call date, the issuer has the right to redeem the bonds
upon a tax, capital or accounting event.  If called, the company intends
to redeem the capital securities only with the proceeds from the issuance
or sale of ordinary shares or replacement securities within a period of
six months prior to the redemption date.  Replacement securities must have
equal or greater equity credit than the capital securities.  In a change
of control event, the company can redeem the securities; otherwise, the
coupon rate increases by 500 basis points.  Senior note holders are
similarly protected as the company will make a tender offer for
outstanding senior notes at par.

No Ongoing Payments -- Strong: There is cumulative optional deferral and
mandatory deferral of distributions is tied to the breach of a meaningful
trigger, which is defined as the ratio of adjusted net debt to adjusted
EBITDA above 5.5x at the determination date or 4.5x at four consecutive
determination dates.  If the trigger is breached, distributions will be
immediately settled with the proceeds from the issuance of qualifying
securities, such as ordinary shares, warrants or eligible securities,
which cannot exceed 25% of the principal amount.  In bankruptcy, any
unpaid distributions in excess of the 25% cap will rank equally with
common shares.  The company is not allowed to repurchase shares within 12
months after the deferral.

Loss Absorption -- Strong: This instrument is the most subordinated debt
in the capital structure.  Holders have no acceleration rights in
bankruptcy.

The capital securities have been notched downward twice from the senior
unsecured rating in practice with corporate issuers in Europe with a third
notch being capped in line with Moody's methodologies for all issuers
rated Ba2 and above.

Rexam Plc is a leading consumer packaging company and is the world's
largest aluminium beverage can producer.  Headquartered in the U.K., the
company had 24,200 employees as of fiscal year 2006, 100 plants in 20
countries, including Brazil and Indonesia and generated revenues of GBP3.7
billion.


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

COSMO OIL: Eyes Philippine Province for Bioethanol Plant
--------------------------------------------------------
Cosmo Oil Company, Limited, has proposed to build a US$100-million
bioethanol plant and a US$50-million biodiesel processing facility in the
province of Leyte, in the central part of the Philippines, Geoffrey Ramos
writes for AHN News.

According to Mr. Ramos, Cosmo plans to set up a 34,000-hectare cassava
plantation, 36,000-hectare sweet potato plantation,
76,000-hectare yam plantation, and a 40-hectare sugar cane plantation.
These products would be needed to feed the bioethanol processing facility.

The report says that the biodiesel plant will need 17,000 hectares of land
for oil palm plantation and 61,000 hectares for copra production.

The fuel products that will be produced from the Leyte plants will be sold
to local customers and exported to Japan, Australia, and Europe, AHN News
says.

Leyte Vice Governor Miniette Bagulaya revealed to Mr. Ramos that the Cosmo
executives  made a presentation to provincial officials for the
development of biofuel manufacturing plants in the province.  Ms. Bagulaya
further added that neighboring province Samar might be included in this
project.

                      About Cosmo Oil

Headquartered in Tokyo, Japan, Cosmo Oil Company, Limited --
http://www.cosmo-oil.co.jp/-- is primarily an oil refining company.    
The company is also involved in the purchase and sale of real estate, the
manufacture and sale of alpha lipoic acid (ALA) products, as well as the
provision of leasing and insurance services.

Moody's Investors Service, on April 18, 2007, placed under
review for possible upgrade the Ba1 senior unsecured debt rating and
issuer rating of Cosmo Oil Co., Ltd. (Cosmo).  The rating review is
prompted by Moody's expectation that Cosmo will likely be able to maintain
the stability of its operating performance and capital structure, despite
a rather difficult business environment, over the intermediate term
through successful business diversification.


FORD MOTOR: Inks MOU with Meridian for Sale of Sandusky Plant
-------------------------------------------------------------
Ford Motor Company and Meridian Automotive Systems signed a
memorandum of understanding, outlining a framework for the sale
of Automotive Components Holdings' lighting business and its
Sandusky, Ohio plant.  With the MOU, ACH has sold one plant and
signed MOUs related to eight additional plants during the past
six months.

The primary product produced at the ACH Sandusky Plant is
automotive lighting, including front, rear and signal lights.
These products are found on a number of Ford vehicles from the
Focus to the Expedition, and about 60 percent of Ford’s North
American vehicle production.

"This announcement represents more progress with our Way Forward
plan," said Mark Fields, Ford’s president of The Americas.  "The
successful approach Ford is taking with our component operations
-– including selling or idling our ACH facilities -– will help us achieve
our commitment to reduce overall operating costs by
US$5 billion by the end of 2008."

Other ACH businesses in negotiations for final agreement and
sale include glass, fascias and fuel tanks, climate control
systems, propshafts, and power transfer units.  The ACH fuel
rail business and its El Jarudo subsidiary were sold at the
end of the first quarter.

"The response from the marketplace has been better than
expected," said Al Ver, ACH CEO and COO and Ford Motor
Company vice president.  "We believe that is due, in large
measure, to the significant improvement in the quality,
on-time delivery and cost-effectiveness of our operations
during the past year and a half."

Automotive Components Holdings is a temporary company
managed by Ford, which was established in October 2005
with former Visteon component operations.  ACH’s mission
is to ensure the flow of quality components and systems
while preparing the ACH automotive component operations
for sale or idling.  To date, the US$4 billion company and
its 12 plants are supported by about 12,000 full-time
employees, mostly leased from Visteon or Ford.

"Acquiring the Sandusky, Ohio facility is a logical
extension of our engineering and manufacturing expertise
in lighting," said Richard Newsted, Meridian’s president
and CEO.

"We are excited about the opportunity to improve the
long-term competitive position of this operation and
expand our strengths and capabilities in lighting
technology."

The sale is contingent upon reaching a new and competitive
agreement with the United Auto Workers.

                       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.


FUJI ELECTRIC: To Expand Operations in Malaysia
-----------------------------------------------
The Electronics Division of Fuji Electric Holdings Co., Ltd., is investing
MYR700 million to set up a semiconductor plant in Kulim Hi-Tech Park in
Malaysia, David Tan, of The Star Online, reports.

The new plant would make high-voltage power transistors used in elevators
and motorcycles, Mr. Tan writes, citing Fuji Electronics Division
President Akira Takai.

Mr. Tan quotes Mr. Takai as saying, “These power transistors will be
shipped to our customers in Japan and other countries.”

In a separate report, Business Times writes that the company has invested
MYR1.7 billion to produce magnetic disks.  The report further added that
Mr. Takai said the company will invest another MYR700 million for the
third phase of its facility at the KHTP next year.

According to Mr. Tan's report, Mr. Takai claims that the magnetic disk
manufacturing plant was the biggest overseas investment by the company.

Mr. Takai relates Mr. Tan that, “The plant is equipped with eight media
and 13 aluminium substrate polish lines with automated processes, advanced
sputtering machines from the US, and an automated state-of-the-art clean
room.”

                    About Fuji Electric

Based in Kawasaki, Japan, Fuji Electric Holdings Co., Ltd. --
http://www.fujielectric.co.jp/-- is a holding company.  Through its
subsidiaries and associated companies, the company has
operations in four main business divisions.  The Electric
Systems division offers e-solutions, environmental systems,
industrial and transportation systems, power plant products, as
well as the installation of electrical facilities and air
conditioners, among others.  The Machinery and Controls division offers
manual motor starters, molded case circuit breakers, energy conservation
equipment and servo systems, among others.  The Electronic Devices
division offers semiconductors, disc mediums and imaging devices.  The
Retail Systems division offers vending machines, currency equipment and
cold chain equipment.  Other businesses include the real estate, insurance
and tourism businesses, as well as the provision of finance services,
among others.  The company has operations in the United States and
Germany.

As of May 18, 2007, the company's long-term local and foreign
issuer credit still carries Standard and Poors' BB+ rating.


NOMURA HOLDINGS: Unit to Offer Alternative Trading in Canada
------------------------------------------------------------
Nomura Holdings Inc's Instinet unit has joined the Investment Dealers
Association of Canada offering low-cost continuous alternative trading
system for equities listed on the Toronto Stock Exchange.

Michael Plunkett, President of North America at Instinet, said that with
Instinet I-XSM Limited, Instinet's subsidiary, they “intend to draw upon
Instinet’s deep-rooted experience in developing and operating ATS
platforms to provide a new market model, which should lead to greater
price discovery, increased liquidity and improved investor performance.”

According to a statement released by the company, it will begin operation
in Q4 of this year.

In an interview by Doug Alexander of Bloomberg News, Instinet Senior Vice
President Tal Cohen revealed that with this new development, the Canadian
market will have a choice and assured that they will be transparent and
lower the cost of overall trading.

Further, Mr. Cohen, in a statement, expressed that they are confident that
the ICX platform should help drive the adoption of algorithmic trading and
direct market access strategies in Canada, which are helping to increase
liquidity and market efficiency worldwide.”

Mr. Alexander writes in his report that Instinet's ICX platform is one of
at least three alternative trading systems planning to start in Canada
over the next 18 months to compete with TSX Group.

In the article Mr. Alexander conveys that Instinet expects to benefit from
an increase of trading from buyers and sellers outside Canada, and that
Instinet will allow customers to anonymously trade with TSX-listed shares
on its electronic system from 8:30 a.m. to 5:00 p.m. in Toronto.

                   About Nomura Holdings

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

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


JAPAN AIRLINES: Halts Capital Boost Plan
----------------------------------------
Japan Airlines International Company, Limited, has decided to freeze its
plan to get a capital boost from its main lenders until after it has shown
more evidence of an earnings recovery, Reuters reports, citing the Asahi
Daily.

The Troubled Company Reporter - Asia Pacific reported on May 25, 2007,
that Japan Airlines asked its main lenders to help increase its capital to
JPY200-400 billion to prevent its credit from worsening.

Reportedly, JAL approached Development Bank of Japan, Mizuho Corporate
Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp and
asked the banks to convert some of their lending into equity in the
airline.

Subsequently, on June 1, 2007, the TCR-AP reported that JAL is looking to
trading firms like Sojitz Corp., Mitsui & Co. and Itochu Corp. as possible
underwriters for its JPY100-150 billion capital increase.

However, on June 7, 2007, TCR-AP related that DBJ Governor Takeshi Komura
said that “unless it [JAL] demonstrates more
self-help efforts,” JAL will be unable to win consent for its capital
increase plan.  The report further added that JAL needed to implement more
restructuring programs before receiving support from its creditors.

JAL's will use the boost to introduce new fuel-efficient aircraft to
reduce costs, according to the article.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger of Japan
Airlines and Japan Air Systems to boost domestic coverage.  Japan Airlines
flies to the United States, Brazil and France.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Feb. 9, 2007,
that Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit and issue ratings on Japan Airlines Corp.
(B+/Negative/--) following the company's announcement of its new
medium-term management plan.  The outlook on the long-term corporate
credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines Domestic
Co., Ltd.  The rating affirmation is in response to the planned
restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the merger of
JAL's two operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.  The rating
outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the company's debt
obligations and expenses for new aircraft have placed it in an unfavorable
financial position.  Fitch assigned a BB- rating on the company, which is
three notches lower than investment grade.


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

ACTUANT CORP: Completes Pricing of US$250MM Sr. Notes Placement
---------------------------------------------------------------
Actuant Corp. has completed its private placement of US$250 million
aggregate principal amount of 6.875% Senior Notes due 2017.  The Senior
Notes were issued at a price of 99.607%, to yield 6.93%.

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

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

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

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

                       About Actuant Corp.

Based in Butler, Wisconsin, Actuant Corp. (NYSE:ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries, including Korea, Brazil and the
United Kingdom.  The Actuant businesses are market leaders in highly
engineered position and motion control systems and branded hydraulic and
electrical tools and supplies. Since its creation through a spin-off in
2000, Actuant has grown its sales from US$482 million to over US$1.3
billion and its market capitalization from US$113 million to over US$1.3
billion.  The
company employs a workforce of more than 6,700 worldwide.

                         *     *     *

As reported in the Troubled Company Reporter on June 6, 2007,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes due 2017.
The proceeds from the notes will be principally used to repay a portion of
borrowings under the company's senior credit facility due 2009.


KOOKMIN BANK: Not to Bid Until KEB Legal Issues Resolved
--------------------------------------------------------
Kookmin Bank will stop its bid for Korea Exchange Bank until the legal
conflicts surrounding it are cleared, Reuters reports.

The report recounts that the bank aborted its US$7.3 billion agreement to
buy KEB in November due to the legal battle between U.S. investment firm
Lone Star Funds and Korean prosecutors over Lone Star's US$1.2-billion
purchase of the bank in 2003.

Kim Ki-hong, Kookmin's chief vice president, said that their stand has not
changed and they will continue to bid for the bank if Lone Star will again
put KEB up for sale, the report points out.

Reuters relates that Lone Star Chairman John Grayken told Yonhap News that
it would keep looking for a buyer for KEB, despite court battles over the
legality of its acquisition.

The report says Mr. Kim is confident that there will be no other candidate
to buy the bank, noting that other bidders would not be able to overcome
the complicatedness of the legal situation.

                       About Kookmin Bank

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, Moody's Investors Service, as part of the application of
its refined joint default analysis and updated bank financial
strength rating methodologies, revise Kookmin Bank's ratings:

      * BFSR is changed to C from D+

      * Global Local Currency Deposit Ratings assigned are
        Aa3/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and for subordinated obligations
        to A1 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.

As reported by the Troubled Company Reporter - Asia Pacific on
May 1, 2007, Kookmin Bank told Korea Exchange that it had
submitted a letter of Intent to buy KGI Securities, as it seeks
to beef up its brokerage business to counter weaker lending
margins.


KOOKMIN BANK: Cuts Fees on Selling Equities and Bonds
-----------------------------------------------------
Kookmin Bank will cut fees on selling equities and bond investment funds
by 10%, which started June 14, due to criticisms that banks charged too
much, Reuters reports.

According to the report, the sale reduction is only applicable to new
investment products introduced on June 14.

This bank move came after the regulatory Financial Supervisory Service has
been examining fee structures on investment fund sales with a view to
revising them, the report says.

The report notes that currently, the bank charges a 1.72% fee on equities
investment fund sales, higher compared to the 0.73% in management fees.

                       About Kookmin Bank

Seoul-based Kookmin Bank -- http://inf.kbstar.com/-- provides
various commercial banking services, such as deposits, credit
cards, trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, Moody's Investors Service, as part of the application of
its refined joint default analysis and updated bank financial
strength rating methodologies, revise Kookmin Bank's ratings:

      * BFSR is changed to C from D+

      * Global Local Currency Deposit Ratings assigned are
        Aa3/Prime-1

      * Foreign Currency Deposit Ratings are unchanged at
        A3/Prime-2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A1 from A3 and for subordinated obligations
        to A1 from Baa1

      * Foreign Currency Short Term Debt Rating is unchanged at
        Prime-1

All the ratings have a stable outlook except for the Foreign
Currency Deposit Ratings, which carry a positive outlook.

As reported by the Troubled Company Reporter - Asia Pacific on
May 1, 2007, Kookmin Bank told Korea Exchange that it had
submitted a letter of Intent to buy KGI Securities, as it seeks
to beef up its brokerage business to counter weaker lending
margins.


KOREAN EXCHANGE : DBS Group Ends Talks for Planned Acquisition
--------------------------------------------------------------
DBS Group Holdings had ended talks with Lone Star Funds relating to DBS'
planned purchase of the fund's US$6.5 billion worth of controlling stake
in Korea Exchange Bank, Business Times reports.

According to the report, DBS hinted that this was due to the current legal
issues that Lone Star is facing.  The Times recounts that Lone Star, which
owns 64.62% of KEB, is facing a legal battle in South Korea over its 2003
purchase of the bank.

The Seoul court is investigating if Lone Star conspired with local
officials to drive down the price of KEB when it was sold in 2003 and
whether Lone Star officials and others manipulated the share price of
KEB's separate credit card unit for cheap acquisition, XFN-ASIA explains.

XFN-ASIA notes that Lone Star has denied any wrongdoing and claimed the
cases against it are driven by latent hostility to foreign investors.

These legal issues, Business Times notes, have delayed the sale of the bank.

In November, Lone Star said it had to withdraw from a
US$7.4-billion deal to sell KEB to Kookmin Bank, after judges granted
prosecutors arrest warrants for two US-based Lone Star executives, Agence
France Press recounts.

The Press says that the State auditors have also accused former KEB chief
Lee Kang-Won of helping Lone Star acquire the bank cheaply by inflating
its debt figure.

John Grayken, Lone Star chairman, said in translated Korean that DBS had
approached Lone Star after talks for the sale of KEB to Kookmin Bank were
terminated in November.   DBS had also worked to form a consortium with
South Korean bank Nonghyup for the buy-out, Reuters News reports.

According to Reuters, several other investors had asked for negotiations
to buy KEB but little progress has been made.

Analysts said that DBS's decision is unlikely to encourage more potential
bidders to come forward since buyers will find the situation very
complicated, The Times points out.

                 About Korea Exchange Bank

Korea Exchange Bank -- http://www.keb.co.kr/-- established in
1967, is one of seven national banks in South Korea with over
300 domestic branches and 28 overseas networks constituting the
most extensive global banking network of any Korean bank.  KEB
Futures -- http://www.kebf.com/-- is a clearing member of
KOFEX and is a subsidiary of Korea Exchange Bank, the official
F/X settlement bank for Korean Futures Exchange.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service upgraded these ratings
of Korea Exchange Bank:

      * BFSR is changed to C- from D

      * Foreign Currency Long Term Deposit Rating is changed to
        A3 from Baa2

      * Foreign Currency Debt Rating for senior obligations is
        changed to A2 from Baa2 and for subordinated obligations
        to A3 from Baa3

      * Foreign Currency Short Term Debt Rating is changed to
        Prime-1 from Prime-2

KEB's Foreign Currency Short Term Deposit Rating is unchanged at
Prime-2.  All the ratings have a stable outlook except for the
Foreign Currency Deposit Ratings, which carry a positive
outlook.  These actions also concluded a review for possible
upgrade on the foreign currency long-term ratings and BFSR
initiated on November 29, 2006.


WARNACO GROUP: Improved Revenues Prompt S&P to Lift Rating to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
New York City-based apparel company Warnaco Group Inc. to 'BB' from 'BB-'.

The senior unsecured debt rating was raised to 'BB-' from 'B+', although
it remains one notch below the corporate credit rating because of its
junior position relative to the increased amount of secured debt in the
capital structure.

The secured bank loan rating was raised to 'BBB-' from 'BB', while the '1'
recovery rating, indicating expectations of very high (90%-100%) recovery
in the event of a payment default, was affirmed.  The outlook is stable.
The ratings are removed from CreditWatch, where they were placed with
positive implications, on May 9, 2007, after the company reported strong
first-quarter results.  Warnaco had about US$405 million in debt
outstanding at March 31, 2007.

"The upgrade reflects the improving trend in Warnaco's revenues, margins,
and credit protection measures, and our expectation that the positive
operating momentum will continue," said Standard & Poor's credit analyst
Susan Ding.  Warnaco has consistently met its projections and our
expectations, and has reduced its debt ahead of schedule, following its
debt-financed acquisition of the Calvin Klein jeanswear and related
businesses in Asia and Europe in 2006.  Total debt to EBITDA was 2.4x for
the 12 months ended March 31, 2007, compared with 3.8x a year ago.  The
company has continued to successfully grow its Calvin Klein underwear and
jeanswear franchises, while improving the operating performance of all
three business divisions.

The ratings on Warnaco reflect its participation in a highly competitive
and promotional retail environment, its reliance on the slower-growing
department store channel, and its exposure to fashion risk in some of its
business segments.  The ratings also incorporate the operating risk
associated with reinvigorating the company's various product offerings.
Furthermore, the ratings reflect Warnaco's positive operating momentum and
its well-recognized brand names.

Warnaco manufactures and markets men's and women's intimate apparel,
underwear, and sportswear.  Products are sold under owned and licensed
names, such as: Calvin Klein, Speedo, Chaps, Olga, Warner's, Anne Cole,
among others.  Some of Warnaco's core products are characterized by
relatively stable demand.  The company has operations in Europe, Mexico
and Korea.


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

AMINVESTMENT BANK: Parent Wants Unitangkob Lawsuit Struck Out
-------------------------------------------------------------
AmInvestment Group Bhd wants the lawsuit against its subsidiary
AmInvestment Bank Bhd filed by Unitangkob (Malaysia) Bhd to be struck out,
Bernama News reports.

According to the report, Unitangkob and four others had filed a summons
with the Kota Kinabalu High Court over an alleged breach of contract by
AmInvesment Bank and claimed MYR171.549 million.

However, the bank, along with its parent, said that it won't pay the
alleged default, Bernama says, citing group managing director, T.C Kok.

In a disclosure made before the Bursa Malaysia Securities Bhd, Mr. Kok
explained that the bank did not know of the summons that Unitangkob had
filed with the Kota Kinabalu High Court.  It was only on Monday that
AmInvestment Bank came to know that the Judgment in Default had been
entered against the bank, he said.

The Group also told the bourse that its lawyers have advised that the JID
is irregular and that there are merits in defending the case.

Bernama relates that the tangle between the two company began in 2004 when
the bank took legal action to recover a MYR16-million credit facility to
Unitangkob, formerly known as Pelangi Jaya Sdn Bhd.  In October 2006, it
secured judgment against the company for MYR3.68 million with interest and
costs.  To enforce this judgment, the bank had filed a winding up petition
against Unitangkob this year, and hearing was fixed for June 18, 2007, as
Unitangkob is opposing the petition.


AmInvestment Bank Bhd is a wholly owned subsidiary of AmInvestment Group
Bhd -- http://www.ambg.com.my/ The group, through its other subsidiaries,
AmSecurities Sdn. Bhd., AmInvestment Management Sdn. Bhd. and AmInvestment
Services Berhad, is engaged in three-core investment banking activities,
including merchant banking, stock broking and funds management.
As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 30, 2006, Standard & Poor's Ratings Services said that its
ratings and outlook on Malaysia's AmInvestment Bank Bhd --
BB+/Stable/B -- are not affected by Australia and New Zealand
Banking Group Ltd.'s proposed acquisition of 20%-25% equity
stake in AMMB Holdings Bhd, which owns 100% of AmBank and 51% of
AmMerchant.

On May 9, 2007, Fitch Ratings affirmed all the ratings of
AmInvestment Bank Berhad.  After the rating action, the bank's
ratings are:

     * Long-term Foreign Currency Issuer Default Rating at BB+;
     * Short-term Rating at B;
     * Individual Rating at C/D;
     * Support Rating at 3; and
     * Deposit rating at BBB-.

The Outlook on the ratings remains Stable.


MEGAN MEDIA: Defaults on MYR893.97 Million Banking Facilities
-------------------------------------------------------------
Megan Media Holdings, along with its subsidiaries, have defaulted on
MYR893.97 million (principal only) worth of maturing banking facilities as
its units continue to face financial difficulties.

In a disclosure made before the Bursa Malaysia Securities Bhd, Megan said
that the default was due to constraints to current cash flow from its
manufacturing operations, which made it unable to service and repay
amounts due to lenders.  In addition, the company also said that “the
Group is saddled with debts procured from banks on the back of its trading
business which the Investigative Accountants, Ferrier Hodgson MH Sdn Bhd,
have now established as fraudulent.”

              Measures Taken to Address the Default

Following initial meetings with Creditor Banks on May 7, 2007,  and May
11, 2007, the company, working with its Specialist Advisors, Sage 3
Capital Sdn Bhd, had proposed the appointment of Investigative Accountants
to investigate what its Advisors viewed as highly suspicious and irregular
transactions.  Pursuant to those meetings, the Creditor Banks proposed the
appointment of Ferrier Hodgson MH Sdn Bhd as Investigative Accountants for
the Malaysian operations.

PricewaterhouseCoopers, who were initially appointed by the Company as
Independent Financial Advisors to subsidiary MJC (Singapore) Pte Ltd.,
have more recently been appointed as Interim Judicial Managers (appointed
as per Announcements dated June 1, 2007, and June 5, 2007) and will have
responsibilities for managing and conducting investigations into the
affairs of MJC in Singapore.  This appointment was at the behest of the
Company and its advisors.

Ferrier Hodgson has since reported their Interim Findings to all Creditor
Banks as per the Announcement dated June 6, 2007.  Concurrently, the
company with assistance from its Advisors, has successfully conducted its
own investigations into certain transactions and material misstatements in
the financial statements relating to inventories in the last three
quarters ending with the quarter ended January 31, 2007.

Kathy Fong of The Star relates that the interim findings of Ferrier
Hodgson show that the company's suspect transactions included a MYR211
million deposit paid for 13 production lines that could be fictitious, in
addition to the fictitious trading that resulted in receivables totaling
MYR334.3 million.  It also revealed that subsidiary Memory Tech Sdn Bhd’s
assets could potentially fall short by MYR456 million.

According to Ms. Fong, Ferrier Hodgson said the value of MTSB’s fixed
assets of MYR585 million needed to be investigated further while the net
realizable value was unknown.  Further, the investigation discovered that
the payments to all trading creditors were actually made to other parties
in a move to channel cash out of MTSB.

       Financial and Legal Implications of the Default

The Creditor Banks have called an event of default but have stayed legal
proceedings and other actions pending the completion of the Review by its
Investigative Accountants and the Company's own strategy going forward.
The Company's state of solvency will ultimately depend on the outcome of
the debt restructuring and regularization endeavor.

Megan also pointed out that the report on Interim Findings of the IA
indicates that the company has sufficient short term cash flow based on
its current modus operandi.  Further, the company believes that with the
cessation of its trading business, it can now focus on its legitimate
manufacturing business.


Megan Media Holdings Berhad' s principal activities are manufacturing and
trading data storage media products such as computer diskettes, video
cassette tapes, compact disc recordable (CD-R's) and digital versatile
disc recordable (DVD-R's).  The Group operates in Malaysia, Singapore and
other countries.

The Troubled Company Reporter – Asia Pacific reported on
June 11, 2007, that the Rating Agency Malaysia has downgraded the
long-term rating of Memory Tech Sdn Bhd's MYR320 million Bai Bithaman Ajil
Islamic Debt Securities (2005/2012) ("BaIDS"), from C3 (with a negative
outlook) to D.

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


SMART MODULAR: Good Performance Cues S&P to Lift Rating to BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
Fremont, California-based SMART Modular Technologies, Inc. to 'BB-' from
'B+', and its senior secured second-lien floating rate notes to 'BB-' from
'B', based on the company's improved operating performance and low debt
leverage for the rating.

The outlook is stable.

"The ratings on SMART Modular reflect modest profitability, execution
challenges in a highly competitive market, and relatively high
concentration with a handful of large OEMs," said Standard & Poor's credit
analyst Lucy Patricola.  These factors partly are offset by the company's
leading market position in its niche as an independent supplier of memory
modules, solid operating capabilities, and moderate financial profile.
SMART Modular's is a leading independent designer and manufacturer of
memory module products.

SMART Modular largely is insulated from swings in the prices of DRAM and
other types of memory.  These components typically are consigned to SMART
Modular, or the company has the ability to pass through swings in costs to
customers.  Profitability, in terms of EBITDA margins, has improved and
stabilized at the high-single digit level from the low-to-mid single
digits the company experienced few years ago, as a result of a better
product mix, higher volumes, and the company offshoring manufacturing and
packaging capabilities to lower cost regions, i.e., Brazil and Malaysia.
S&P believe that, while the outlook for unit growth in memory modules is
positive, risks are centered on the company's ability to act on its design
innovation, time to market, and service plans within a competitive market.
Additional potential risk factors include high customer concentration,
with Hewlett-Packard and Cisco Systems together accounting for
approximately 60% of the company total revenues.  Expansion into related
product areas, including memory products for embedded computers and
TFT-LCD products provide potential for greater business diversity in the
future.

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


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

CLEAR CHANNEL: Eyes 50% Increase in Outdoor Advertising Market
--------------------------------------------------------------
Clear Channel Outdoor aims to increase its outdoor advertising market
shares in France, where it competes with JCDecaux, Reuters reports citing
Les Echos as its source.

"We have to reach a 50-50 situation and this target is reachable within
five years," Hubert Janvier, head of Clear Channel France said in an
interview with Les Echos.

According to the report, the company wants to lift its current 32% share
of the French street furniture market to 50% within five years by
advertising on street props such as bus shelters or public toilets.

Domestic leader JCDecaux holds a 57% market share.

The company has a 28% share of the French outdoor advertising market
compared with the 32% for JCDecaux.  It generates
revenue of EUR350 million in France where it has 1,600 employees, Reuters
relates.

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                            *   *   *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


FIRST DATA: Completes Acquisition of FundsXpress
------------------------------------------------
First Data Corp. has completed its acquisition of FundsXpress.

The complementary capabilities of First Data and FundsXpress will result
in a broad and robust suite of products for secure electronic commerce and
Internet banking transactions.

Financial terms were not disclosed.

                       About FundsXpress

FundsXpress provides online banking and bill payment services for
consumers and small businesses.

                       About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides electronic commerce and payment solutions for businesses
worldwide, including those in New Zealand, the Netherlands and Mexico.
The company's portfolio of services and solutions includes merchant
transaction processing services; credit, debit, private-label, gift,
payroll and other prepaid card offerings; fraud protection and
authentication solutions; electronic check acceptance services through
TeleCheck; as well as Internet commerce and mobile payment solutions.  The
company's STAR Network offers PIN-secured debit acceptance at 2 million
ATM and retail locations.

                        *     *     *

As reported in the Troubled Company Reporter on April 4, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on First Data Corp. to 'BB+' from 'A' and placed it on
CreditWatch with negative implications.   The rating action
followed First Data's agreement to be acquired by Kohlberg
Kravis Roberts & Co. in a transaction valued at about US$29 billion.


PLUS SMS HOLDINGS: Net Loss Soared to NZ$11.89MM in FY2007
----------------------------------------------------------
Plus SMS Holdings Limited, yesterday, disclosed that it recorded an
audited consolidated loss of NZ$11,888,229 for the financial year ended
March 31, 2007 (2006: NZ$4,488,542 loss).

The basic consolidated loss per share was NZ3.38 cents (2006: NZ2.91
cents).  On a fully diluted basis the consolidated loss was NZ2.56 cents
(2006: NZ2.35 cents).  The directors do not recommend the payment of a
dividend for the year.  The auditors report is unqualified but includes a
fundamental uncertainty paragraph regarding going concern.

Les Coates, Chief Financial Officer, commented: "The results are very
disappointing but expected.  The Company was effectively restarted in
September with a new management team and a new business strategy aimed at
delivering long term value for shareholders.  Due to the ongoing execution
of this new strategy, the Company is forecasting to deliver solid results
next year.  However, further funding is required to support the Company's
growth and various options are currently being considered by the Board."

Mr. Coates added: "The Annual General Meeting is provisionally scheduled
for the end of August and we would encourage all shareholders to attend in
order to receive a comprehensive business overview and update."

Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the
parent company of Plus SMS Limited.  It provides access to
businesses to the number ranges required for the routing of
short message service and multimedia messaging system messages
worldwide using a single short number.  On July 4, 2005, Plus
SMS Limited acquired Plus SMS Holdings Limited in a reverse
acquisition.

The company suffered at least two years of consecutive consolidated net
losses: NZ$11,888,229 for the financial year ended March 31, 2007, and
NZ$4,488,542 for the year ended
March 31, 2006.


PLUS SMS HOLDINGS: Subsidary Signs Deal With Microsoft
------------------------------------------------------
In a regulatory filing with the New Zealand Stock Exchange, Plus SMS
Holdings Ltd. revealed that its subsidiary, CRE8 Limited,
has entered into an agreement with Microsoft Corporation.

The pact, which Plus SMS describes as “material”, relates to the joint
development of mobile solutions.  The company, however, did not disclose
terms and conditions of the agreement.

“Given commercial and competitive sensitivities regarding the scope of
this agreement, PLS is unable to provide further information to the market
at this time,” the company explained.
PLS assures NZX that further particulars of the agreement and the
implications of the arrangement to the company will be made available once
the solutions have been commercially deployed.

After the announcement of the Microsoft deal, the shares of Plus SMS
reportedly rose by as much as 27%.

In a separate filing with NZX, the subsidiary said it has been chosen by
Motorola as strategic partner to roll out mobile value-added services and
applications in Latin America.  The agreement includes advertising
commitments from Motorola as well as strategic cooperation on providing
wireless entertainment functionalities throughout the region.

Plus SMS Holdings Ltd. -- http://www.cre-eight.com/-- is the
parent company of Plus SMS Limited.  It provides access to
businesses to the number ranges required for the routing of
short message service and multimedia messaging system messages
worldwide using a single short number.  On July 4, 2005, Plus
SMS Limited acquired Plus SMS Holdings Limited in a reverse
acquisition.

The company suffered at least two years of consecutive consolidated net
losses: NZ$11,888,229 for the financial year ended March 31, 2007, and
NZ$4,488,542 for the year ended
March 31, 2006.


SEALEGS CORP: Operating Deficit Narrows to NZ$1.05MM in FY2007
--------------------------------------------------------------
Sealegs Corporation Limited reported operating revenue for the full year
(31 March) of NZ$5.35 million, an increase of 86% on last years operating
revenue of NZ$2.87 million.  Total deficit for the year was NZ$1.05
million compared with NZ$1.21 million for the previous year.

Sealegs CEO David McKee Wright says that last October Sealegs signalled it
was receiving increasing demand and as a result increased forecast sales
from NZ$4 million to NZ$5 million.  "We have exceeded that forecast, which
is most encouraging.  This is the second consecutive year of 86%
compounding growth in sales and it is a trend we are striving to repeat".

Although the company is managing the continued increase in demand with a
corresponding increase in production, this has involved moving to larger
manufacturing premises three times in the last three and a half years,
which has had cost effects.

Even so, the operating deficit, after Research and Development expenses
are excluded, has been reduced by 54% to
NZ$0.49 million compared to NZ$1.07 million for the previous year.  R&D
expenses relating to future model development has been fully expensed
rather than capitalised.

Commenting on the result, Sealegs CEO David McKee Wright said "this is a
great result for last year and the new factory, growing order book and
strong international demand puts us in a good position going forward.  We
are planning to continue our aggressive expansion into worldwide markets
and to ramp-up production, marketing and internal systems to support that
growth.  This will require further investment as we work towards our goal
of building Sealegs into a global company".

Sealegs enters its new financial year with orders for over 50 boats
already pre-sold, representing approximately NZ$4 million in future
revenue and is ramping up to a production capacity of approximately 200
boats per annum by next financial year.

Sealegs also advised that it plans to have its AGM in Auckland on July 31,
2007.

Headquartered in Albany, New Zealand, Sealegs Corporation
Limited -- http://www.sealegs.com/-- is engaged in the
manufacture of amphibious marine craft.  The company's wholly
owned subsidiaries are Sealegs International Limited, Sealegs
Middle East Limited, and Sealegs Australia Pty Limited.  Sealegs
International Limited manufactures amphibious marine craft.

Sealegs Middle East Limited and Sealegs Australia Pty Limited
are dormant.  Sealegs are motorized, retractable and steerable
boat wheels, which are fitted to a customized 5.6-meter rigid
inflatable boat.  Sealegs amphibious boats are used by customers
in New Zealand, Australia, the United States, the United Arab
Emirates, France and the United Kingdom.

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.


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

APC GROUP: Annual Stockholders' Meeting Set for August 10
---------------------------------------------------------
APC Group Inc. decided to move the schedule of its annual stockholders'
meeting to August 10, 2007, according to a company disclosure with the
Philippine stock Exchange.

The meeting was originally scheduled to take place yesterday, June 14.

Only shareholders of record as of June 30, 2007 will be entitled to notice
and be eligible to vote at the annual meeting.

APC Group, Inc., was incorporated on October 15, 1993, with the primary
purpose of engaging in oil and gas exploration and development in the
Philippines.  The company is 46.6% owned by Belle Corporation.  APC has
investments in telecommunications, a cement project, and manpower
outsourcing businesses.

                      Going Concern Doubt

Marydith C. Miguel at Sycip Gorres Velayo and Co. raised significant
doubts on APC Group, Inc.'s ability to continue as a going concern.  The
auditor cited the company's recurring losses arising principally from the
losses of PhilCom and PhilCom Corporation, which affected the ability of
both companies to service their maturing obligations on a timely basis.
In addition, the company's consolidated current liabilities exceeded its
consolidated current assets as of December 31, 2005, and 2004.  Further,
the restructuring of the long-term  debt of the two PhilCom entities are
still under negotiation
with the creditors.

Net loss for the year ending Dec. 31, 2006, amounted to
PHP790.2 million compared to PHP874.7 million in 2005.


BANCO DE ORO-EPCI: Denies Reports of Manila Banking Merger
----------------------------------------------------------
Banco de Oro-EPCI denied reports that it is in talks to acquire Manila
Banking Corp. in a disclosure submitted yesterday to the Philippine Stock
Exchange.

Yesterday, Ray Enano, of the Manila Standard, wrote that the bank was in
talks to merge with Manila Banking.  Mr. Enano cited a source as saying
that Manilabank directors were told to prepare their resignation letters
in face of the impending merger.  The article further said that the deal
was expected to close in the next two weeks.

                          *     *     *

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

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

   * Individual 'C/D', and

   * Support '3'

                         *     *     *

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

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

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

                         *     *     *

The Troubled Company Reporter – Asia Pacific reported on
June 11, 2007 that Standard & Poor's Ratings Services withdrew its 'BB-'
counterparty credit ratings on Equitable PCI Bank Inc., as its merger with
Banco De Oro Universal Bank became effective on May 31.

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


MAIDENFORM BRANDS: S&P Upgrades Credit Rating to BB- from B+
------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit rating on
Bayonne, New Jersey-based intimate apparel designer and marketer
Maidenform Brands Inc. to 'BB-' from 'B+'.

At the same time, Standard & Poor's raised its rating on Maidenform's
secured bank loan to 'BB+' from 'BB', and affirmed the '1' recovery
rating, indicating expectations of very high (90%-100%) recovery in the
event of a payment default.  Total debt outstanding at March 31, 2007, was
US$110 million.

The outlook is stable.

"The upgrade reflects Maidenform's improving trend in revenues, margins,
and credit protection measures," said Standard & Poor's credit analyst
Susan Ding.  "In particular, debt leverage, which improved to 2.2x at
March 31, 2007, from a high of 3.4x at fiscal year-end December 2004."

In recent periods, Maidenform has successfully revitalized its
well-recognized brands, expanded its distribution channel into the mass
market, and improved operating efficiencies.  It has also been successful
at diversifying its reach into the mass channel by introducing new product
lines geared specifically for this channel.

Maidenform's operating margins have stayed in the 15% area in recent
years, and asset utilization has improved.  "We expect the company to
maintain its growth momentum with new-product introductions and product
extensions," said Ms. Ding, "by expanding internationally and continuing
to increase its presence in the mass channel."

Maidenform products are currently distributed in 48 foreign countries and
territories, including the Philippines.


METRO PACIFIC: Seeks to Form Joint Venture into Power Sector
------------------------------------------------------------
Metro Pacific Investment Corp. is on the lookout for foreign partners to
form a joint venture in the power sector, which the Philippine Government
plans to privatize, AHN reports.

MPIC chairman Manuel Pangilinan told reporters that the firm seeks to have
a 60% controlling stake in the planned joint venture.  The foreign partner
must contribute at least 5% equity in the joint venture.

The Philippine Government is seeking to sell the National Transmission
Company, whose assets are said to be about
US$2.7 billion, but had failed four times to generate enough interest for
the sale.  Presently, it has to wait until Congress provides a fresh
26-year franchise for Transco before bidding can be called.

Metro Pacific Corporation -- http://www.metropacific.com/-- is the
flagship publicly listed investment and management company of the First
Pacific Group in the Philippines.  The company,
which was formerly known as Metro Drug, Inc., has since then evolved from
a pharmaceutical and consumer products distribution company into one of
the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter - Asia Pacific on June 28,
2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co., raised significant
doubts on MPC's ability to continue as a going concern after auditing the
company's annual report for the period ended December 31, 2005.

Ms. Miguel noted in the auditors' report that MPC suffered significant
losses in prior years leading to its inability to meet its maturing
obligations, on principal and interest, to certain third-party lenders and
to a related company.  Although the company has generated a
PHP194.26-million net income attributable to equity holders for the year
ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of December
31, 2005, due to prior year's accumulated losses.

In response, the company continues to implement measures geared towards
generating liquidity to meet maturing obligations and profitability,
including debt rehabilitation activities and a
capital restructuring plan.


NEGROS NAVIGATION: Offers Special Trips to Zamboanga
----------------------------------------------------
Negros Navigation opens business opportunities and trading with Zamboanga
with two special trips aboard the vessel MV Nuestra Senora de Fatima from
Bacolod to Zamboanga, which the firm considers a growth area in the
Philippines, Sunstar Bacolod reports.

One special trip sailed for Zamboanga Wednesday, while the second trip is
scheduled for June 24. The Nuestra Senora de Fatima, a lift-on, lift-off
type of vessel, will accomodate at most 200 twenty equivalent units of
sugar and containerized shipments.

Regular trips from Bacolod to Cagayan de Oro, Iligan, Ozamis and Dipolog
are still available for travelers to the various areas of Mindanao through
the NN Roll-on, Roll-off Express Service. The firm also offers free
shuttle bus services for passengers from Cagayan de Oro, Iligan, Ozamis
and Dipolog to Davao, Tacurong and other destinations.

                   About Negros Navigation

Negros Navigation Company, Incorporated -- http://www.negrosnavigation.ph/
-- is the shipping unit of Metro Pacific Incorporated.  It owns,
maintains, services and operates vessels and engages in domestic shipping
operations.  Presently, the Company operates seven passenger and cargo
shipping vessels and two cargo container shipping vessels which service 14
ports.  Nenaco also provides trucking and forwarding services, and
operates shuttle buses and besta vans within Negros Island and offers
domestic tour and other land transport services, as well as ticketing
services.

In December 2003, the Philippine Securities and Exchange Commission
ordered Negros Navigation to explain five accounting discrepancies in its
2002 audited financial statement, which may have bloated its earnings.

In March 2004, Negros Navigation entered into talks with Tsuneishi Heavy
Industries to settle the Company's then PHP100-million debt.  The TCR-AP
reported that as of March 2006, that Negros Navigation's total debt is
projected at PHP2.4 billion.

Due to its financial condition, Negros Navigation could not pay its debts
as they matured.  Thus, the Company filed for rehabilitation before the
Manila Regional Trial Court on Oct. 6, 2004.  Subsequently, the Court
approved the Company's 10-year restructuring plan recommended by its
receiver, Monico Jacob, a year later.

Under the court-approved rehabilitation plan, Negros Navigation proposed
to settle its financial obligations through cash settlement, dacion en
pago of passage tickets and cargo space, debt conversion into convertible
shares at par value, and the restructuring of balance into long-term notes
or preferred shares.  The Court allowed the Company to restructure its
total secured debt for 10 years, with a one-year grace period on interest
payments and a three-year grace period on the principal.

The TCR-AP reported on June 6, 2006, that Negros Navigation posted a
PHP17-million net profit in fiscal year 2005, against a net loss of PHP480
million in 2004, thanks to reduced costs and the implementation of
cost-cutting measures, such as employee downsizing to 411 from 600.  The
Company also reported an 18% rise in passenger volume and a 12% increase
in cargo volume.


PHIL. LONG DISTANCE: Seeks to Expand into Telephony Business
------------------------------------------------------------
The Philippine Long Distance Telephone Co. yesterday confirmed reports
that it is seeking to venture into the telephony business in a disclosure
with the Philippine Stock Exchange.

According to an article published by The Manila Times on Wednesday, PLDT
chairman Manuel V. Pangilinan said that PLDT's board of directors approved
a planned acquisition of a telephony firm.  Mr. Pangilinan further said
that the venture is part of a US$100-million investment, and would
probably cost
US$50 billion.

In the disclosure to the PSE, PLDT confirmed that it is engaged in
discussions regarding future investments that will improve its
capabilities and its existing telecommunications ventures.

Based in Makati City, Philippines, Philippine Long Distance Telephone Co.
-- http://www.pldt.com.ph/-- is the leading national telecommunications
service provider in the Philippines.  Through three principal business
groups -- wireless, fixed line, and information and communications
technology -- the company offers a wide range of telecommunications
services to over 22 million subscribers in the Philippines across the
nation's most extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

The Troubled Company Reporter – Asia Pacific reported that on November 3,
2006, Moody's Investors Service affirmed Philippine Long Distance
Telephone Company's Ba2 senior unsecured foreign currency rating and
changed its outlook to stable from negative.  At the same time, Moody's
has affirmed PLDT's Baa3 domestic currency issuer rating.  The outlook for
this rating remains positive.

Standard & Poor's placed the company's long-term foreign issuer credit
rating at BB+.  Standard & Poor's also affirmed its 'BB+' foreign currency
rating on the company with a stable outlook.


RIZAL COMMERCIAL: BSP To Impose Sanction for Trust Mismanagement
----------------------------------------------------------------
The Monetary Board of the Bangko Sentral ng Pilipinas will impose
sanctions upon Rizal Commercial Banking Corp. for mismanaging trust funds
belonging to Pacific Plans Inc. as alleged by the Parents Enabling Parents
Coalition Inc., the Manila Times reports.

The PPE is the group opposing PPI's rehabilitation,

The Board also warned RCBC and the RCBC-Trust and Investment Division that
stiffer sanctions will be imposed for "lack of prudence" in managing trust
funds under Section X401 of the manual of regulations for banks.

The Manila Times tried to clarify whether such oversight is against the
law, but the BSP did not comment.

The report explains that under Part 4 of the manual of regulations for
banks, violation committed by banks on any provision of the section
pertaining to trust, other fiduciary business and investment management
activities, would entail a fine of up to P10,000 a day from the day the
violation was first committed up to the date it was corrected.

The central bank would also have to reprimand the directors and officers
responsible for the violation.

Moreover, if a bank violates the provisions of this part of the
regulations, it would then be subjected to Sections 36 and 37 of the New
Central Bank Act (R.A. No. 7653) “without prejudice to the imposition of
other sanctions as the Monetary Board may consider warranted under the
circumstances” BSP may suspend or revoke the bank’s authority to engage in
trust and other fiduciary business or in investment management activities.

The PEP said the Monetary Board's resolution gave its members a feeling of
vindication, saying that it confirmed their charges against RCBC, PPI and
the Yuchengcos, the people who control RCBC.

For its part, RCBC said in a statement that it welcomed the resolution,
and argued that the BSP did not make findings of mismanagement of PPI's
trust fund.  The bank further expressed its confidence in a favorable
resolution to the issue.

                        About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/-- is a
universal bank principally engaged in all aspects of banking.  It provides
services such as deposit products, loans and trade finance, domestic and
foreign fund transfers, treasury, foreign exchange and trust services.  In
addition, the bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing the bank's
foreign exchange exposure.

                          *     *     *

On November 2, 2006, the Troubled Company Reporter - Asia Pacific reported
that Fitch Ratings has assigned a final rating of 'B-' to Rizal Commercial
Banking Corporation's hybrid issue of up to US$100 million.  The rating
action follows the receipt of final documents conforming to information
previously received.

On November 6, 2006, the TCR-AP also reported that Moody's Investors
Service revised the outlook for RCBC's foreign currency senior debt rating
of Ba3, foreign currency Hybrid Tier 1 of B3, and foreign currency
long-term deposit rating of B1 to stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term deposit
rating and bank financial strength rating of E+ remains stable, the TCR-AP
said.

The Troubled Company Reporter – Asia Pacific reported on October 24, 2006,
that Standard & Poor's Ratings Services assigned its 'CCC' rating to
Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B) US$100
million non-cumulative step-up callable perpetual capital securities.


WARNER MUSIC: Still Considering Offer for EMI Group
---------------------------------------------------
Warner Music Group Corp. confirmed that it continues actively to consider
an offer for EMI Group plc.

Such an 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.

This announcement does not amount to a firm intention to make an offer or
pre-conditional offer and accordingly there can be no certainty that any
offer or pre-conditional offer will be made.

                About Warner Music Group Corp.

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

                       *     *     *

Warner Music Group Corp. continues to carry Standard & Poor’s BB- ratings
on the company's long-term foreign issuer credit and long-term local
issuer credit.

The company also carries Fitch’s BB- long-term issuer default rating. The
outlook is stable.


* Government Puts Up Fund to Protect Exporters from Rising Peso
---------------------------------------------------------------
As the peso continues to strengthen against the dollar, the exporters like
the OFWs continue to whine, according to the Philippine Information
Agency.

Unavoidably, the appreciation of the peso has adversely affected these
sectors.  It is taking a beating of the export industry and has reduced
greatly the purchasing power of the OFWs beneficiaries.  This is the other
side of the “dollar “ coin.

The exporters are crying because they said, the strong performance of the
peso has made the dollar price of the exports more expensive.  They claim
that this development could in turn dampen the interest of foreign buyers
for local products.

Export groups are saying that they have been losing 4.5 billions of pesos
every month due to lowered profit margins, significant increases in their
cost of operations and foregone orders due to missed opportunities.  Add
to this, they are facing stiff competition from China, India and
Indonesia.  Thus, they are asking the government to intervene and put a
cap on the peso-dollar exchange rate to maintain at P47- P48 level or do
something to protect them from further incurring losses.

The government could not interfere in the market to curb the peso’s
strength but it can put in place measures to help them.

Exporters have been complaining that the government has not been giving
them enough support ever since the peso grew stronger, Philippine
Exporters Confederation Inc. (Philexport) President Sergio Ortiz-Luis Jr.
said.

Ortiz-Luis explained some small and medium sized exporters resorted to
cutting orders to cope with continued strengthening of the peso against
the dollar.

In response to the clamor of the exporters, the Department of Trade and
Industry in cooperation with the Development Bank of the Philippines and
the Department of Finance created a hedging facility to protect exporters
from losses resulting from fluctuations in the exchange rate.

A hedge fund is a fund that can take both long and short positions, use
arbitage buy and sell under valued securities, trade options or bonds, and
invest in almost any opportunity in any market where it foresees
impressive gains at reduced risk.  Its primary aim is to reduce the
volatility and risk while attempting to preserve capital and deliver
positive returns under all market conditions.

According to DTI, the $1 billion could be used to take short term
positions and have six turn-overs per year.  “Effectively that is $6
billion, the DTI said.

The DTI said the money earned is enough to cover roughly 10 percent of the
$50 billion export industry.

The DBP is taking the lead and land bank may follow suit, DTI said.

Exporters welcomed the $1 billion hedging facility being set up by the
government saying it could help stop the closure of small and medium sized
exporters.

Although the facility will be a big help in supporting exporters,
Ortiz-Luis noted that it is not enough to help the entire industry.

“The government should look at non direct intervention like paying the
dollar denominated debt, decreasing foreign borrowings and strengthening
the reserves of the country,” Ortiz-Luis said.

                          *     *     *

As reported in the Troubled Company Reporter - Asia
Pacific on May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign credit
ratings on the Philippines, with a stable outlook.  Also in May 2007, S&P
assigned its 'BB+' senior unsecured rating to the Philippines' new three-
and five-year benchmark bond issues.

The new bonds mature in 2010 and 2012 and carry
interest rates of 5.5% and 5.75%, respectively.  The exchange offers
yielded approximately Philippine peso 55 billion and PHP58 billion for the
three- and five-year bonds, respectively, from the exchange of eligible
issues.


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

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


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

CREATIVE TECHNOLOGY: Intends to Delist Shares from NASDAQ
---------------------------------------------------------
Creative Technology Ltd. intends to voluntarily delist its Ordinary Shares
from the NASDAQ Global Market with August 1, 2007, as the last day of
trading on NASDAQ and will continue with other steps necessary to
facilitate the termination of its U.S. public reporting obligations.  The
Company’s current primary listing on the Singapore Exchange Securities
Trading Limited would then become Creative’s sole exchange listing.  The
delisting from NASDAQ would not affect the status of Creative’s
shares on the Singapore Stock Exchange Trading Limited.

As part of this exercise to terminate its U.S. reporting obligations,
Creative delivered notice on June 14, 2007, to NASDAQ that it intends to
delist its Ordinary Shares.  In the notice, Creative expects to file a
notification of removal from listing on the NASDAQ with the United States
Securities and Exchange Commission on or about July 23, 2007.  The
withdrawal of the Ordinary Shares from listing should be effective 10 days
after the filing of the notice on Form 25 with the SEC.  Creative reserves
the right to delay the filing of the
Form 25 or withdraw the Form 25 for any reason prior to its effectiveness.

Creative currently intends to terminate its reporting obligations under
the U.S. Securities Exchange Act of 1934 when it becomes eligible to do
so, which will occur at the earliest
12 months after the delisting of its Ordinary Shares from NASDAQ and will
occur only if Creative meets certain requirements under the Exchange Act.

Rationale for the Delisting from NASDAQ

Creative listed its shares on NASDAQ following a public offering in 1992.
The primary listing on SGX-ST was added in 1994.
The administrative overhead and cost of the evolving and increasingly
burdensome U.S. reporting obligations has become significant, especially
for Creative, a Singapore company
with dual primary listings – particularly in relation to the limited
benefit that Creative believes it presently derives from its NASDAQ
listing.  Over the past year, Creative’s SGX-ST trading volume has
significantly exceeded the Company’s NASDAQ trading volume.  Creative’s
NASDAQ daily trading volume has declined to a low level, representing
about ten percent of
the worldwide average daily trading volume of its shares on both the
SGX-ST and NASDAQ over the past three months.  Additionally, there has
been a trend for Creative’s shares to move from NASDAQ to SGX-ST, where
the majority of its shares are currently registered.  With the low trading
volume and small number of Creative’s shares on NASDAQ, and the
accessibility of the SGX-ST to the U.S. shareholders, Creative believes
the costs of
maintaining its NASDAQ listing and continuing with its U.S. reporting
obligations are no longer in the best interest of the Company and its
shareholders.

For these reasons, and with the potential to substantially reduce
administrative overhead and costs while retaining its listing on the
SGX-ST, which is also accessible to U.S. shareholders, the Directors of
Creative believe it to be in the best interest of the company and its
shareholders for Creative to take the steps to seek to delist from NASDAQ
and terminate its U.S. reporting obligations while maintaining its SGX-ST
listing.

Singapore-based Creative Technology Ltd. makes digital
entertainment products, including portable audio players, PC
sound cards, graphics accelerator cards, and digital cameras.
The Company also makes modems and CD and DVD drives for PCs.
Subsidiaries include Cambridge Soundworks, Creative Labs, and E-
MU/ENSONIQ.

Tough competition in the electronics market has hurt Creative,
causing it to incur recurring losses.  The Company reported a
net loss of US$114.33 million in the three months to March 31,
2006, reversing the year-ago profit of US$15.91 million due to
one-time charges and a drop in flash memory prices, which led to
an inventory writedown.  The Company is also facing ongoing
disputes with several companies in the United States.  Creative
also periodically receives licensing inquiries and threats of
potential future patent claims from a variety of entities,
including Lucent Technologies, MPEG LA, Dyancore Holdings,
Advanced Audio Devices and Nichia Corporation.


CHINA AVIATION: Discloses New Management Structure
--------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd disclosed the changes to
its management structure that will take effect from June 15, 2007.

   * Disbandment of the Special Task Force

   -- The Special Task Force was appointed on November 28, 2004,
      to take over the management of the company, after the
      company incurred significant losses due to speculative
      options trading.  Since its appointment, the STF
      successfully completed the debt and equity restructuring
      exercise of the company.  Following the resumption of
      trading of the company’s shares on March 29, 2006, the
      role of the STF then changed to that of implementing the
      decisions of the Board of Directors and the Seniors'
      Officers Meeting or SOM.  The STF was also responsible for
      the rehabilitation and rebuilding of the company.

      As disclosed on May 17, 2007, the company has made
      payments to all its outstanding debts owed to the
      creditors under the Creditors’ Scheme.  With the
      successful implementation of the Creditors’ Scheme and the
      tasks of rehabilitating and rebuilding the company
      completed, the STF has accomplished its mission and is
      disbanded.

   * Appointment of Executive Director/General Manager, Deputy
     General Manager and Advisor to China Aviation

   -- Following the disbandment of the STF, the current Deputy
      Head of STF and a member of the SOM, Zhang Zhenqi, will be
      appointed as Executive Director/General Manager of the
      company. Zhang Xingbo, also current Deputy Head of
      STF and a member of the SOM, will be appointed as Deputy
      General Manager of the company.

      The Head of STF, Gu Yanfei, will be appointed as Advisor
      of the company to provide necessary advice and guidance to
      Management.

   * New Composition of the Senior Officers Meeting

   -- Notwithstanding the disbandment of STF and the appointment
      of the General Manager and Deputy General Manager, the SOM
      will continue to conduct the day-to-day affairs of the
      company.

      There will be slight changes to the composition of the
      SOM. Madam Gu will relinquish her position as a member,
      Mr. Zhenqi will be appointed Vice- Chairman, and Doreen
      Nah, the company's Secretary and Head of Investor
      Relations/Legal & Corporate Secretariat, will join as a
      member.

   * The new composition of the SOM is as follows:

   -- Chairman: Lim Jit Poh as Chairman of the Board;

   -- Vice-Chairman: Mr. Zhenqi as Executive Director/General
      Manager;

   -- Members: Mr. Xingbo as Deputy General Manager;
               Philippe Cote as Head of Trading;
               Tee Siew Kim as Head of Finance;
               Mrs. Nah, as company Secretary and Head of
                    Investor Relations/ Legal & Corporate
                    Secretariat

                About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corporation
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.


COMPACT METAL:  Temasek Reduces Holdigs of Deemed Shares
--------------------------------------------------------
On June 11, 2007, Temasek Holdings (Private) Limited, a substantial
shareholder of Compact Metal Industries Ltd has reduced its holdings of
deemed shares in the company due to the sales in the open market by its
associated company,  DBS Group Holdings Limited.

Presently, Temasek holds 388,993,722 deemed shares with 10.99% issued
share capital.  Prior to the change, Temasek held  390,205,722 deemed
shares with 11.02% issued share capital.

About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 10, 2006, auditors KPMG raised significant doubt on Compact
Metal's ability to continue as a going concern, citing reasons
that include: the group's and company's current liabilities that
exceeded their current assets by SGD81.96 million and SGD78.82
million, respectively, as of December 31, 2005; the group's and
company's recorded net liabilities attributable to equity
holders of the parent of SGD43.10 million and US$43.83 million,
respectively, as of December 31, 2005; and the group's recorded
recurring losses with net losses attributable to equity holders
of the parent of US$24.09 million for the year ended Dec. 31,
2005.


OSG INC: Grants Restricted Stock Units to Non-Employee Directors
----------------------------------------------------------------
Overseas Shipholding Group, Inc. awarded restricted stock units to its
non-employee directors on June 5, 2007.

The restricted stock units were granted pursuant to the Overseas
Shipholding Group, Inc. 2004 Stock Incentive Plan and each recipient of
such units becomes vested in the units awarded upon the earliest of:

    * the first anniversary of the date of grant,

    * the next annual meeting of OSG's stockholders, or

    * the recipient's death or Termination of Directorship as a
      result of a Disability (as such capitalized terms are
      defined in the 2004 Plan), provided the recipient is a
      director of OSG at such time.

One share of common stock of OSG will be distributed with respect to each
vested restricted stock unit as soon as practicable following the date the
recipient ceases to be a member of OSG's Board of Directors.  Any
restricted stock unit not vested as of such date is forfeited.

The restricted stock units have no voting rights, may not be transferred
or otherwise disposed while the recipient is a director of OSG and pay
dividends in the form of additional restricted stock units at the same
time dividends are paid on the common stock of OSG in an amount equal to
the result obtained by dividing (i) the product of (x) the amount of units
owned by the recipient on the record date for the dividend on the common
stock of OSG times (y) the dividend per share on the common stock of OSG
by (ii) the closing price of a share of common stock of OSG on the payment
date for the dividend on the common stock, which restricted stock units
vest immediately upon payment.

                About Overseas Shipholding

Headquartered in New York, Overseas Shipholding Group, Inc. (NYSE:OSG) --
http://www.osg.com/-- is one of the largest   publicly traded tanker
companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the company is committed to setting high standards of
excellence for its quality, safety and environmental programs.
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                      *     *     *

In August 2006, Moody's Investors Service affirmed the debt ratings of the
company's Senior Unsecured at Ba1 with a stable outlook.


PETROLEUM GEO: $800MM Debt Refinancing Cues S&P to Affirm Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit
rating on geophysical company Petroleum Geo-Services ASA.

The affirmation follows PGS' announcement that it will seek to refinance
existing senior secured debt with US$800 million in new senior secured
credit facilities (consisting of a US$500 million term loan B and US$300
million revolving credit facility) as well as fund a one-time special
dividend of US$300 million.

Despite the leveraging aspects of this transaction, S&P expect credit
measures to remain at acceptable levels for the current ratings over the
near to intermediate term.  The outlook is stable.

S&P will not rate the new senior secured credit facilities, and will
withdraw its 'BB-' senior secured rating on PGS' current bank facilities
($850 million term loan B and US$150 million revolving credit facility)
upon close of the new facilities.

Pro forma the refinancing, Lysaker, Norway-based PGS will have US$587
million in long-term debt (including US$75.7 million in amortizing secured
debt at wholly owned subsidiary Oslo Seismic and capital leases of about
US$12.2 million).

"The ratings on PGS reflect the company's participation in the very
competitive and highly cyclical seismic subsector of the oilfield services
industry," said Standard & Poor's credit analyst Jeffrey Morrison.
"Ratings also incorporate management's increasing focus on rewarding
shareholders in the current industry upcycle as well as an aggressive
financial risk profile.  Concerns are partially offset by PGS' strong
market position in marine and onshore seismic operations, a sizable and
technically sophisticated fleet of 3D marine seismic acquisition vessels,
and expectations that currently favorable industry conditions will support
near-term cash flow and credit measures."

The stable outlook incorporates S&P’s expectations that currently
favorable industry conditions, manageable debt levels, and improved cash
flow generation will support ratings in the near to intermediate term.
Given the leveraging effects of recent transactions, positive rating
actions are likely limited in the near term.  In the longer term, further
rating improvement, while possible, will depend on S&P’s assessment of the
company's business risk profile (given participation and in a challenging
and historically volatile industry) and management's adherence to prudent
financial policy.  Conversely, if management pursues growth initiatives
and/or additional rewards to its shareholders in a more leveraging manner
(i.e., causing adjusted debt to EBITDA to materially exceed 2x-2.5x in an
upcycle environment), or if operational performance deviates materially
from S&P’s expectations, negative rating actions could result.

Headquartered in Oslo, Norway, the company has operations in Singapore and
Ecuador.


SEA CONTAINERS: Wants to Obtain Up To US$176.5MM DIP Financing
--------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the District of Delaware to borrow and obtain up
to US$176,500,000, pursuant to a postpetition DIP credit facility with
Mariner LCD, Dune Capital LLC, Dune Capital LP, Wells Fargo Bank N.A., as
administrative and collateral agent, and certain other lenders.

                      The Caspian Facility

Mariner and Dune Capital, along with Trilogy Capital LLC and Caspian
Capital Partners LP, had committed on May 3, 2007, to provide Sea
Containers Ltd. with a US$176,500,000 DIP facility.

The Court subsequently authorized the Debtors to enter into the
Caspian Commitment Letter.

However, after engaging in extensive negotiations regarding the
terms of a financing facility, it became clear to the parties
that loan documentation would not be finalized in time to allow
for final Court approval by June 15, 2007, as contemplated under
the May 3 Commitment Letter, according to Robert D. Brady, Esq.,
at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware.

Currently, SCL and the DIP Lenders continue to draft and
negotiate on the Secured Superpriority DIP Credit Agreement, Mr.
Brady informs the Court.  "[Those] documents are nearly
finalized."

As of June 8, 2007, SCL and the DIP Lenders, including Wells
Fargo, have prepared a draft DIP Agreement, Mr. Brady tells the
Court.

Mr. Brady adds that the Debtors deem it important to file their
DIP Motion at this time as the lenders under the SPC debt
securitization facility are threatening to foreclose their liens
in Sea Containers SPC Ltd.'s assets if they are not repaid by
June 30, 2007.

                   The Wells Fargo Facility

Under the New DIP Facility, Marine and Dune Capital will provide
SCL with a term loan of up to US$151,500,000, and a US$25,000,000
revolving credit facility.

Trilogy Capital will no longer be a lender under the New DIP
Facility, but is anticipated to take a participation interest in
the DIP Facility.

Wells Fargo will serve as the administrative and collateral agent under
the New DIP Facility.

The Term Loan provides for a non-amortizing term loan available
in a single drawing on the Closing Date.

The Debtors intend to use the proceeds of the Term Loan to make a capital
contribution to SPC Holdings Ltd., a non-debtor
subsidiary of which SCL holds the entire economic interest.   In
turn, Holdings will make a capital contribution to Sea Containers SPC, a
"bankruptcy remote" subsidiary.  SPC will then use the proceeds of the
capital contribution to repay an existing debt securitization facility.

"The repayment of the securitization facility will prevent
foreclosure by SPC's lenders, which have alleged a default under
that facility," Mr. Brady notes.

In addition, the Term Loan will also be used to pay all costs and expenses
of the DIP Lenders and the DIP Agent relating to the structuring of the
proposed financing for SCL or SPC.

On the other hand, the proceeds of the Revolving Credit Facility
will be used for SCL's general corporate purposes in the ordinary course
of business.

                         Interest Rates

The rate of interest per annum with respect to the unpaid amount
of all DIP Loans will be the Eurodollar Rate for the relevant
Interest Period plus the Applicable Margin.  Non-Default Rate
interest on the DIP Obligations will be payable monthly in
arrears.

The annual interest rate to the unpaid amount of all DIP Loans
during the continuance of an Event of Default will be the one-
month Eurodollar Rate, calculated daily, plus the Applicable
Margin plus 2.0%.

With respect to the unpaid amount of all other DIP Obligations
during the Event of Default, the annual interest rate is the
default rate that would be applicable to Revolving Credit Loans.
The Default Rate interest on the DIP Obligations will be payable
in cash on demand and will be compounded daily.

Events of Default under the Wells Fargo DIP Facility include
customary events of default for DIP financings.

                          Collateral

The DIP Obligations of SCL under the Wells Fargo Facility will be secured
by a perfected, first priority security interest and lien on:

   (i) SCL's equity interests in Holdings and SPC;

  (ii) all of SCL's cash and cash equivalents; and

(iii) all amounts received or receivable by SCL from Holdings
       and SPC.

Holdings will guarantee the full payment of SCL's DIP Obligations when it
comes due.

The Guarantee will be secured by a perfected, first priority
security interest in all Holdings' assets.  The amount of the
Guarantee, however, will be limited to the value of Holdings'
assets at the time the guarantee is given.

All DIP Obligations will be granted a superpriority
administrative expense claim with priority over all other costs
and expenses of any kind.  The DIP Lenders' superpriority
administrative expense claim will be payable from all of the
Debtors' properties.

As additional protection, SCL agree not to seek any order that
attempts to grant any other party a superpriority claim or
otherwise subordinate the DIP Obligations or the DIP Lien.

                             Fees

SCL will pay all costs and expenses of the DIP Lenders and the
DIP Agent relating to the structuring of the proposed financing
for SCL or SPC.

SCL will pay a refinancing fee equal to 1.0% of the aggregate
amount of the cash proceeds of the Term Loan on the Closing Date.  Under
the DIP Credit Agreement, refinancing is defined as the repayment or
replacement of the DIP Obligations.

SCL will also pay a non-emergence fee on the one-year anniversary of the
DIP Effective Date, in an amount equal to 1.0% of the aggregate principal
amount then outstanding under the DIP Facility, unless all outstanding DIP
Obligations have already been fully paid.

An unutilized commitment fee will be paid by SCL at an annual
rate of 1.0% on the average daily unused portion of the Revolving Credit
Facility, which is payable monthly in arrears.

                             Carve-Out

The DIP Lien and the superpriority status of the DIP Obligations
will be subject only to the payment of Court-approved
professionals for:

  (i) for all unpaid allowed fees and expenses with respect to
      fee applications filed prior to certain termination events
      in the DIP Financing; and

(ii) for up to a maximum of US$10,000,000 for allowed fees and
      expenses not filed prior to, or incurred after, certain
      termination events in the DIP Financing.

                          Termination Date

The DIP Credit Agreement will terminate on the earlier of:

   (i) all the DIP Obligations are paid in full;

  (ii) SCL's plan of reorganization is confirmed;

(iii) the DIP Obligations are accelerated;

  (iv) a Sale Order for all of SCL's assets is entered;

   (v) the Debtors' cases are converted into a Chapter 7 case;
       or

  (vi) the date that is two years after the Closing Date.

A full-text copy of the of the Wells Fargo Draft DIP Agreement is
available for free at:

              http://researcharchives.com/t/s?20e1

              http://researcharchives.com/t/s?20e2

              http://researcharchives.com/t/s?20e3

                 The DIP Facility is Necessary
                to Preserve the Debtors' Assets

The Debtors assert that the DIP Lenders' proposal is beneficial
to their estates as it offers attractive financing terms,
including no cash up-front fees or break-up fees.  The proposal
also provides a solution to the Debtors' dispute with the
Noteholders.

Moreover, the DIP Lenders' proposal will allow the Debtors to
lock in permanent financing, which will enable them to focus on
efforts going forward on key restructuring initiatives and
developing a confirmable Chapter 11 plan, Mr. Brady contends.

The Court will convene a hearing on June 26, 2007, to consider
the Debtors' request to approve the Wells Fargo DIP Facility.

Any party-in-interest who opposes the request must file a formal
objection with the Court by June 19, 2007.

                     About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 18;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Court Extends Exclusive Period to September 28
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended, until
Sept. 28, 2007, the exclusive period wherein Sea Containers Ltd. and its
debtor-affiliates can file a plan of reorganization.  The Court also set
Nov. 27, 2007 as the deadline for the Debtors to solicit acceptances of
that plan.

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

                     About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 18;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: U.S. Trustee Appoints HSBC to Creditors' Panel
--------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3, has
informed the U.S. Bankruptcy for the District of Delaware that HSH
Nordbank AG has resigned from the Official Committee of Unsecured
Creditors of Sea Containers, Ltd., and its debtor affiliates.

The U.S. Trustee has appointed HSBC Bank USA, National Association, in its
capacity as indenture trustee, to fill in the vacant post.

The Creditors Committee is now composed of:

  1. HSBC Bank USA, National Association
     452 Fifth Avenue
     New York, NY 10018-2706
     Attn: Sandra E. Horwitz
     Phone: (212) 525-1358
     Fax: (212) 525-1300

  2. Trilogy Capital LLC
     2 Pickwick Plaza
     Greenwich, CT 06830
     Attn: Barry D. Kupferberg
     Phone: (203) 971-3420
     Fax: (203) 971-3499

  3. Dune Capital LLC
     c/o Dune Capital Management LP
     623 Fifth Avenue, 30th Floor
     New York, NY 10022
     Attn: Andrew B. Cohen
     Phone: (212) 301-8308
     Fax: (646) 885-2473

  4. Mariner Investment Group, Inc.
     500 Mamaroneck Avenue, Suite 101
     Harrison, NY 10528
     Attn: Adam S. Cohen
     Phone: (914) 798-4234
     Fax: (914) 777-3363

                     About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 18;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEE HUP SENG: Director Reduces Holdings of Direct Shares
--------------------------------------------------------
Thomas Lim Siok Kwee, a director of See Hup Seng Limited has reduced his
holdings of direct shares in the company due to the sale of 5,000,000
shares in a married deal on June 11, 2007.

Mr. Kwee now holds  22,047,050 direct shares with 6.11% issued share
capital.  Before the sale transaction, Mr Kwee held
27,047,050 direct shares with 7.50% issued share capital.

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                        Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's financials for the
year 2005, Moore Stephens -- See Hup Seng's independent auditors
-- expressed significant doubt in the company's ability to
continue as going concern, citing the company's losses and net
current liabilities.  Moore Stephens adds that the ability of
the group and the company to continue as going concerns is
dependent the company's debt restructuring exercise.


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

DAIMLERCHRYSLER AG: Elects to Redeem Term Assets of Trust
---------------------------------------------------------
DaimlerChrysler AG has elected to redeem the term assets of the trust on
June 29, 2007, at a redemption price equal to par plus a make-whole amount
to be determined two business days prior to the Redemption Date.

The company has notified the U.S. Bank Trust National Association, as
Trustee, under the Base Trust Agreement dated as of May 21, 1998, as
supplemented by the Series C 1998-6 Supplement dated as of May 21, 1998,
between Structured Products Corp. and the Trustee.

If the Trustee receives the redemption payment on the Redemption Date,
then the Amortizing Certificates issued by the TIERS Corporate Bond-Backed
Certificates Trust C 1998-6 will be redeemed in full on the Redemption
Date at a price equal to 55.49314% of the redemption payment received by
the Trustee and the ZTF Certificates issued by the Trust will be redeemed
in full on the Redemption Date at a price equal to 44.50686% of the
redemption payment received by the Trustee.  If the Amortizing
Certificates are redeemed in full on the Redemption Date, no interest will
accrue on the Amortizing Certificates after the Redemption Date. If the
Trustee does not receive the redemption payment, the certificates will not
be redeemed.

For more information about these redemptions, please contact Janet O’Hara
of U.S. Bank Trust National Association at 212-361-2527.

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.


SIAM COMMERCIAL: Shares Conversion Date Moved to June 29
--------------------------------------------------------
The deadline for holders of preferred shares in Siam Commercial Bank PCL
to convert these to ordinary shares have been moved from June 30 to June
29, 2007, since the former date is bank holiday.

In accordance with SCB's issuance in April 1999 of 2,500,000 preferred
shares, the preferential rights for these shares are in effect for 10
years commencing May 10, 1999. Holders are entitled to convert them into
ordinary shares at a ratio of 1:1 every March 31, June 30, September 30,
and December 31 every year.

                 About Siam Commercial Bank

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

On Oct. 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006, following the
military coup.  The Outlook on their ratings is now Stable.

After the rating action, SCB's ratings are as follows:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Senior unsecured debt BBB+;
    * Subordinated debt BBB.

On May 4, 2007 Moody’s Investors Service assigned the following ratings
for SCB:

    * D+ bank financial strength rating with a positive outlook.
    * Baa1/P-2 foreign currency deposit ratings with a stable
      outlook.
    * A3/P-1 local currency deposit ratings with a positive
      outlook.


TOTAL ACCESS COMMS: IPO Share Prices Reach THB40 Each
-----------------------------------------------------
Total Access Communications PLC's initial public offering of
222 million shares has been overpriced three times, with the share price
reaching THB40 per share, the Bangkok Post reports.

DTAC Chief Executive Officer Sigve Brekke said that the company
anticipated a THB8.88-million gain from the offering and determined the
price to be THB40 each.  The company and its financial advisers had
earlier set an indicative price range of THB35 and THB42.

The Troubled Company Reporter - Asia Pacific reported yesterday that the
company failed to arouse interest from retail investors, who subscribed to
only half of the 77.7 million shares allocated for them, but instead
received strong demand from both local and foreign institutional
investors.

Mr. Brekke expressed surprise at the positive demand despite the bad
market sentiment, and attributed the response to DTAC's high potential for
growth and strong corporate fundamentals, the report relates. Mr. Brekke
also expressed confidence on the first trading of DTAC's share on June 22,
and pointed out that the price of the shares already offered a 6.5%
discount incentive.

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.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

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


CHINA AND HONG KONG

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


INDIA

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


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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




                            *********

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

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

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


                            *********


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

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

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

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

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

                 *** End of Transmission ***