TCRAP_Public/070620.mbx T R O U B L E D   C O M P A N Y   R E P O R T E R  

                    A S I A   P A C I F I C  

            Wednesday, June 20, 2007, Vol. 10, No. 121

                           Headlines

A U S T R A L I A

ALFERBURN PTY: Members to Hold General Meeting on June 28
AUSTRALIAN GROUP: Members Resolve to Close Business
DAOUD DEVELOPMENTS: Taps Peter Ngan as Liquidator
FIVE TICKS: Members and Creditors to Meet on July 13
G LINDSAY: Sets Joint Meeting for July 16

GREENWOOD BKT: Members Opt to Shut Down Business
HARRIS GLOBAL: Joint Meeting Set for July 16
JAMES HARDIE: Will Hold its Annual Meetings on August 17, 2007
JEM MARBLE: Sets Members' & Creditors' Meeting for July 13
JUSTIFIED COMMUNICATIONS: Members & Creditors to Meet on July 12

LOYALTY RESEARCH: Members' Final Meeting Set for July 9
MANTISSA PTY: Will Declare Dividend on July 18
METAL STORM: Records AU$8.7-Million Loss for FY2006
MPM CIVIL: Liquidator to Update on Wind-Up and Assets Disposal
NFO-DONOVAN: Members' Final Meeting Set for July 9

PALERANG PASTORAL: Members to Hold General Meeting on July 4
PERRY INVESTMENTS: Liquidator to Give Wind-Up Report on July 13
ROD SMART: Final Meeting Set for July 13
SILVER SCREEN: Will Declare Priority Dividend on Aug. 10
SOMDEX PTY: Sets Joint Meeting for July 13

TOPCON AUSTRALIA: Members' Final Meeting Set for July 16
WALTER GROUP: Members & Creditors to Meet on July 12
ZINIFEX LIMITED: CEO Decides to Leave Firm on June 29
ZINIFEX LTD: Completes Takeover of Canada's Wolfden Resources

C H I N A   &   H O N G  K O N G

BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders
BRILLIANT BRIDGE: Members to Hold Final Meeting on July 23
CITIC RESOURCES: Plans to Sell Shares to Temasek for HK$450.5MM
G.M.P. COMPANIES: Appoints Joint Liquidators
HOUSEFLY INDUSTRIES: Wind-Up Petition Hearing Set for Aug. 8

MEDISINO LIMITED: Liquidator Quits Post
PACIFIC ACE: Creditors & Contributories to Meet on June 26
QUADRIGA ASSET: Members' Final Meeting Set for July 16
RED COLOUR: Requires Creditors to Prove Debts by July 2
ROUSSEL UCLAF: Final General Meeting Set for July 16

SHANGHAI PUDONG: To Appoint Xu Feng as Bank President
UNITED FUTURE: Appoints Tong Lap Hong as Liquidator
UNRIVALED FLIPBUSTER: Creditors Set to Meet on July 16
* CBRC Punishes Eight Banks Over Lenient Loan Scrutiny

I N D I A

ICICI BANK: Public Offer Oversubscribed 1.29 Times
NICCO UCO ALLIANCE: Fitch Downgrades & Withdraws National Rating
NICCO UCO ALLIANCE: To Release FY2007 Audited Results by June 30
SOUTHERN IRON & STEEL: To Increase Authorized Share Capital
SPICE JET: Denies Reports of Selling Airline

* Moody's Rates Hybrids of Six Indian Banks Since Liberalization

I N D O N E S I A

ALCATEL-LUCENT: Wins EUR14-MM Contract From Kenya Data Network
ALLIANCE ONE: Posts US$21.6-MM Loss for Year Ended March 31, 07
HESS CORP: Indonesian Field Shut Down Due to Fire
HILTON HOTELS: Extended Stay Brand Becomes No.1 in Market Metrix
PEUSAHAAN LISTRIK: Switches to Oil After Gas Field Shutdown

J A P A N

ALITALIA SPA: Posts EUR135 Million Net Loss for Q1 2007
ICONIX BRAND: Moody's Rates Proposed US$250 Mil. Sr. Notes at B3
JUROKU BANK: Auditors Ernst & Young ShinNihon Steps Down
JUROKU BANK: Reports 11% Decline in Net Income For Fiscal 2007
KANSAI URBAN: Earns JPY11.07 Billion For Year Ended Mar. 31

KINTETSU CORPORATION: Earns JPY9.04 Billion For Fiscal 2007
LOPRO CORP: Lower Non-Operating Losses Fuel 4% Narrower Net Loss
LOPRO CORPORATION: Enters Loan Assurance Business Via New Unit
LOPRO CORPORATION: Names Kyoto Audit as New Auditors
M. FABRIKANT: Employs P. Solomon Company as Financial Advisor

M. FABRIKANT: Court OKs Peter Solomon as Financial Advisor
NOMURA ASSET: Moody's Lowers Ratings on Five Certificate Classes
SAMSONITE CORP: April 30 Balance Sheet Upside-Down by US$224.7MM
SEPP'S GOURMET: Posts US$407,000 Net Loss in Qtr. Ended April 30
STRATOS INTERNATIONAL: Earns US$604,000 in Fourth Quarter 2007

XERIUM TECH: Fracasso Promoted as Brazilian Unit President

K O R E A

NOVELIS INC: Holders Tender US$10,717,000 of Senior Notes
SK CORPORATION: Shuts Down Crude Distillation Unit

M A L A Y S I A

DAY INTERNATIONAL: Moody's Withdraws Low-B Ratings
DYNEA CANADA: Moody's Puts Corporate Family Rating at B2
FCW HOLDINGS: Securities Commission Approves Reform Plan
MP TECHNOLOGY: Updates on Appointment of Receivers to Units
PAN MALAYSIA: Upali Group Completes Dissolution on May 27

N E W  Z E A L A N D

BLUE RIDGE: Moody's Revises Outlook to Developing from Stable
HERITAGE GOLD: Onemana Write-Off Narrows Loss to NZ$807,000
HERITAGE GOLD: Convets 261,864 Warrants to Fully Paid Shares

P H I L I P P I N E S

BENPRES HOLDINGS: Elects Directors, Committee Members for 2007
CHINA BANKING: To Acquire and Merge With Manila Banking
LODESTAR INVESTMENT: Elects Board of Directors for 2007-2008
PHIL. REALTY: Posts PHP33.06-Mil. Net Loss for 1st Quarter 2007
PHILIPPINE REALTY: Annual Stockholders' Meeting Set for July 20

PHIL. TELEGRAPH: Posts PHP429.1-Million Net Loss for Year 2006
PHIL. TELEGRAPH: Posts PHP660-Mil. Net Loss for First Qtr. 2007
SAN MIGUEL: HK Unit to Close Yuen Long Facility in September

S I N G A P O R E

ASSOCIATED DEVELOPMENT: Court to Hear Wind-Up Petition on July 9
CEDRIC MOTOR: Subject to Sing Thai's Wind-Up Petition
CHOW CHO: Court to Hear Wind-Up Petition on July 9
DIGILAND: Clarifies Transaction Issue with PSA International
CKE RESTAURANTS: Stockholders Approve 2005 Plan Amendments

HEXION SPECIALTY: Further Amends Senior Secured Credit Facility

T H A I L A N D

BANGKOK BANK: Non-Performing Loans Up THB200 Million For 2007
DAIMLERCHRYSLER: Chrysler Workers Seeking Buyouts Exceed Plan
DAIMLERCHRYSLER AG: Thomas Sidlik Leaves Board of Management
DATAMAT PCL: Court Orders Business Rehabilitation Again
DOLE FOOD: High Financial Leverage Cues Fitch to Affirm Ratings

KASIKORN BANK: Confident With Plans to Expand to Mainland China
NATURAL PARK: Mulls Private Placement After Rights Issue Failure
NATURAL PARK: Siam City Bank Cancels Sale of Collateral Assets
SIAM CITY: Cancels Auction of Natural Park's Collateral Assets
TMB BANK: Failure to Get New Capital May Cause Bank's Collapse

TMB BANK: No Fraud Involved in Losses, Bank of Thailand Says

* Upcoming Meetings, Conferences and Seminars

    - - - - - - - -

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

ALFERBURN PTY: Members to Hold General Meeting on June 28
---------------------------------------------------------
The members of Alferburn Pty Ltd will hold their general meeting
on June 28, 2007, at 2:00 p.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The company's liquidator is:

         Anthony M. Long
         c/o Boyce Chartered Accountants
         19 Montague Street, Goulburn
         Australia

AUSTRALIAN GROUP: Members Resolve to Close Business
---------------------------------------------------
During a general meeting held on June 1, 2007, the members of
Australian Group Investments Pty Limited decided to close the
company's business and appointed Peter Ngan as liquidator.

The Liquidator can be reached at:

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

DAOUD DEVELOPMENTS: Taps Peter Ngan as Liquidator
-------------------------------------------------
On May 24, 2007, the members of Daoud Developments Pty Limited
decided to close the company's business and appointed Peter Ngan
as liquidator.

The Liquidator can be reached at:

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

FIVE TICKS: Members and Creditors to Meet on July 13
----------------------------------------------------
A final meeting will be held for the members and creditors of
Five Ticks Cleaning Pty Limited on July 13, 2007, at 10:30 a.m.

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

The company's liquidator is:

         Adam Shepard
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone:9223 2944

G LINDSAY: Sets Joint Meeting for July 16
-----------------------------------------
A joint meeting will be held for the members and creditors of
G Lindsay & Sons Pty Ltd on July 16, 2007, at 11:00 a.m.

The company's liquidator is:

         David Leigh
         SimsPartners
         Suite 2, 52 Lord Street
         Port Macquarie, New South Wales 2444
         Australia
         Telephone:02 6584 2653

GREENWOOD BKT: Members Opt to Shut Down Business
------------------------------------------------
During a general meeting held on May 31, 2007, the members of
Greenwood Bkt Services Pty Limited decided to shut down the
company's business and appointed John Frederick Taylor as
liquidator.

The Liquidator can be reached at:

         John Frederick Taylor
         Level 15, 309 Kent Street
         Sydney
         Australia

HARRIS GLOBAL: Joint Meeting Set for July 16
--------------------------------------------
Harris Global Management Pty Limited will hold a joint meeting
for its members and creditors on July 16, 2007, at 9:30 a.m.

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

The company's liquidator is:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                      About Harris Global

Harris Global Management Pty Limited provides communications
services.  The company is located in New South Wales, Australia.

JAMES HARDIE: Will Hold its Annual Meetings on August 17, 2007
--------------------------------------------------------------
James Hardie Industries Limited will hold its Annual General
Meeting on August 17, 2007, Friday at Ballroom B, Hilton
Amsterdam, Apolloaan 138, 1077 BG Amsterdam, The Netherlands at
10:00 a.m. Central Europe Time.

Meanwhile, the 2007 Annual Information Meeting of CUFS holders
of James Hardie Industries NV will be held at The Westin Hotel.
No. 1 Martin Place, Sydney, NSW, Australia at 1:00 p.m.
Australian Eastern Standard Time on Wednesday, August 15, 2007.

James Hardie Industries Limited -- http://www.jameshardie.com/  
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems busineses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on Oct. 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On Dec. 1, 2005, the company announced that the NSW Government
and a wholly owned Australian subsidiary of the Company -- LGTDD
Pty Ltd -- had entered into a conditional agreement to provide
long-term funding to a special purpose fund that will provide
compensation for Australian asbestos-related personal injury
claims against certain former James Hardie asbestos companies.  
The amount of the asbestos provision of AU$1 billion, at March
31, 2006, is the company's best estimate of the probable
outcome.  The estimate includes an actuarial calculation
prepared by KPMG Actuaries Pty Ltd of the projected future cash
outflows, undiscounted and uninflated, and the anticipated tax
deduction arising from Australian legislation, which came into
force on April 6, 2006.

JEM MARBLE: Sets Members' & Creditors' Meeting for July 13
----------------------------------------------------------
Jem Marble & Granite Pty Limited will hold a meeting for its
members and creditors on July 13, 2007, at 11:00 a.m.

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

The company's liquidator is:

         Geoffrey McDonald
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia

JUSTIFIED COMMUNICATIONS: Members & Creditors to Meet on July 12
----------------------------------------------------------------
The members and creditors of Justified Communications Group Pty
Ltd will meet on July 12, 2007, at 10:00 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         P. A. Billingham
         Grant Thornton
         Chartered Accountants
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia

               About Justified Communications

Justified Communications Group Pty Ltd, which is alo trading as
Just Internet, provides business services.  The company is
located in New South Wales, Australia.

LOYALTY RESEARCH: Members' Final Meeting Set for July 9
-------------------------------------------------------
A final meeting will be held for the members of Loyalty Research
Pty Limited on July 9, 2007, at 10:00 a.m.

At the meeting, J. F. Taylor, the company's liquidator, will
report about the company's wind-up proceedings and property
disposal.

The Liquidator can be reached at:

         J. F. Taylor
         Level 15, 309 Kent Street
         Sydney
         Australia

MANTISSA PTY: Will Declare Dividend on July 18
----------------------------------------------
Mantissa Pty Ltd will declare a dividend on July 18, 2007.

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

The company's liquidator is:

         Blair Pleash
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney New South Wales 2000
         Australia

METAL STORM: Records AU$8.7-Million Loss for FY2006
---------------------------------------------------
Metal Storm Limited's annual report for the fiscal year ended
Dec. 31, 2006, states that the year's operating result before
finance costs and embedded derivatives is an AU$8.7 million loss
compared to the AU$10.9 million loss in 2005.  On a comparable
basis, the result represents an improvement of AU$2.2 million on
the 2005 year.

Finance costs and embedded derivative expenses relate to the
issue of convertible notes during the year and were not
applicable for the 2005 year.  These items were mostly non-cash
and are detailed as:

* Finance costs of AU$2.3 million which relate to:

   -- Accretion of the convertible note liability (AU$900,000);

   -- The expensing of options issued to Harmony Investment
      Fund Limited in accordance with the facilitation
      agreement dated July 20, 2006 (AU$500,000 million); and

   -- The quarterly interest payable on the convertible notes
      (AU$900,000).

* Embedded derivative expense of AU$3.2 million which is the
   movement in the fair value of the conversion option embedded
   in the convertible notes issued during the year.

The loss after tax including these items is AU$14.2 million.
Average monthly "cash burn" from operating activities was
AU$663,000 compared to AU$937,000 for the 2005 financial year.

At the annual general meeting in April 2006, the Company
indicated that its clear focus would be to reduce net costs by
40% while still achieving the Company's objectives.  The Board
is pleased with the progress in the reduction of net costs which
stood at 29% for the full year at year-end.  The focus on cost
savings is continuing.  

In announcing the results, Terry O'Dwyer, Chairman said "I am
pleased with the progress the Company is making in its
objectives to win commercial contracts; to produce prototypes of
its 3 shot Grenade Launcher (known as 3GL); to produce a
stabilized remotely operable weapon system using an electronic
fire control system and a Metal Storm Ballistic Weapon; and to
conduct a successful live test firing of low velocity air burst
rounds and low velocity high explosive rounds suitable for Metal
Storm Ballistic Weapons in conjunction with Singapore
Technologies Kinetics Ltd."

Newly appointed Chief Executive Officer, Lee Finniear, stated
that 2006 was an important year for the Company.  During the
year, the Company raised gross funds of AU$30.5 million through
a Share Purchase Plan which raised AU$3.0 million and a
Renounceable Right Issues which raised AU$27.5 million.
Dr. Finniear said that the success of these fund raising
activities meant that the Company could continue its
engineering work directed at several cycles of building and
testing of different configurations of prototype
products.  He said that this work is currently being carried out
by the Company's Australian office at its new facility in
Brisbane while the US office is continuing its focus on
increasing contract revenues while working on current contracts.

Dr. Finniear stated that a number of positive developments had
been announced during and since the end of the year:

* Conducted test firings of high explosive ammunition in the
   US in conjunction with the US Army's Armament Research
   Development and Engineering Centre;

* Awarded a contract by US company StarChase LLC valued at
   US$1.2 million (approximately AU$1.56 million) to act as the
   lead systems integrator on the commercialisation of the
   patented StarChase vehicle tagging technology.  (Prototype
   testing originally scheduled for late 2006 is now scheduled
   for the first and second quarters of 2007 and full roll out
   in the US is now expected to commence later in 2007);

* Attended the 113th International Association of Chiefs of
   Police Law Enforcement and Technology Exposition held in
   Boston, Massachusetts to debut the StarChase Pursuit
   Management System prototypes;

* Awarded a US$331,426 (approximately AU$442,125) contract by
   the United States Marine Corps Warfighting Lab, Ground
   Combat Element Branch for the design, fabrication and
   testing of 18mm stacked round firing systems;

* Conducted a live firing of the 40mm weapon system installed
   on a Dragonfly Pictures, Inc, DP-5X prototype Vertical Take
   Off and Landing Unmanned Aerial Vehicle at a US bombing
   Range;

* The US Space and Naval Warfare Systems Center has placed a
   notice on the US Federal Business Opportunities website that
   it intends to award a Sole Source research and development
   contract to Metal Storm for the production of one 40mm anti-
   personnel unattended weapons pod;

* Appointment of a new Chief Executive Officer, with extensive
   experience taking developed concepts through to commercial
   products, orders and sales;

Revenues were AU$2.4 million compared to AU$831K for 2005  
reflecting higher contract revenue from the US office (up    
AU$1.3 million) and higher interest revenue (up AU$158,000) as a
result of increased cash holdings;

Expenses from continuing operations (excluding foreign    
exchange differences, the movement in the fair vale of embedded
derivatives and finance costs) were AU$11.0 million compared to
AU$10.0 million for 2005, reflecting additional costs relating
to various items including contracts, staff bonuses, capital
raising efforts and the new engineering facility in Brisbane;
Expenses also reflect the favorable impact of cost savings
initiatives undertaken during the year.

Metal Storm Limited -- http://www.metalstorm.com/-- is a multi-
national defense technology company engaged in the development
of electronically initiated ballistics systems using its unique
"stacked projectile" technology.  The company is headquartered
in Brisbane, Australia and incorporated in Australia, with an
office in Arlington, Virginia.

Ernst & Young LLP expressed substantial doubt about Metal
Storm's ability to continue as a going concern after auditing
the Company's financial statements for the year ended Dec. 31,
2005, and 2004.  The auditing firm pointed to the Company's
recurring operating losses and negative cash flows from
operating activities.

The auditors no longer raised going concern doubt in relation to
the company's financial report for the financial year ended
Dec. 31, 2006.

MPM CIVIL: Liquidator to Update on Wind-Up and Assets Disposal
--------------------------------------------------------------
A joint meeting will be held for the members and creditors of
MPM Civil Pty Ltd on July 16, 2007, at 10:30 a.m.

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

The company's liquidator is:

         David Leigh
         SimsPartners
         Suite 2, 52 Lord Street
         Port Macquarie, New South Wales 2444
         Australia
         Telephone:02 6584 2653

NFO-DONOVAN: Members' Final Meeting Set for July 9
--------------------------------------------------
The members of NFO-Donovan Research Pty Limited will have their
final meeting on July 9, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         J. F. Taylor
         Level 15, 309 Kent Street
         Sydney
         Australia


PALERANG PASTORAL: Members to Hold General Meeting on July 4
------------------------------------------------------------
The members of Palerang Pastoral Co Pty Ltd will have their
general meeting on July 4, 2007, at 10:00 a.m.

The meeting was set for the members to hear the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Anthony M. Long
         c/o Boyce Chartered Accountants
         19 Montague Street, Goulburn
         Australia

PERRY INVESTMENTS: Liquidator to Give Wind-Up Report on July 13
---------------------------------------------------------------
A final meeting will be held for the members of Perry
Investments Pty Limited on July 13, 2007, at 10:30 a.m.

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

The Liquidator can be reached at:

         Robert Elliott
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney New South Wales 2000
         Australia

ROD SMART: Final Meeting Set for July 13
----------------------------------------
Rod Smart Real Estate Pty Limited will hold the final meeting
its members and creditors on July 13, 2007, at 11:00 a.m.

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

The company's liquidator is:

         Adam Shepard
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone:9223 2944

SILVER SCREEN: Will Declare Priority Dividend on Aug. 10
--------------------------------------------------------
Silver Screen Productions Pty Limited will declare its first  
priority dividend on August 10, 2007.

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

The company's deed administrator is:

         Martin J. Green
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia

                      About Silver Screen

Silver Screen Productions Pty Limited is involved with motion
picture and video tape production.  The company is located in
New South Wales, Australia.

SOMDEX PTY: Sets Joint Meeting for July 13
------------------------------------------
A joint meeting will be held for the members and creditors of  
Somdex Pty Limited on July 13, 2007, at 10:00 a.m.

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

The Liquidator can be reached at:

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

TOPCON AUSTRALIA: Members' Final Meeting Set for July 16
--------------------------------------------------------
The members of Topcon Australia Pty Limited will have their
final meeting on July 16, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

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

The company's liquidators are:

         C. R. Campbell
         D. J. F. Lombe
         Deloitte Touche Tohmatsu
         Level 3, 225 George Street
         Sydney New South Wales
         Australia

WALTER GROUP: Members & Creditors to Meet on July 12
----------------------------------------------------
The members and creditors of Walter Group Finance Pty Ltd will
meet on July 12, 2007, at 11:30 a.m., to hear the liquidator's
report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

         Martin Madden
         KordaMentha, Level 5 Chifley Tower
         2 Chifley Square
         Sydney, New South Wales
         Australia

ZINIFEX LIMITED: CEO Decides to Leave Firm on June 29
-----------------------------------------------------
Zinifex Limited's chief executive officer, Greig Gailey, will
step down from his post on June 29, 2007, the company disclosed
in a press release posted at Mineweb.

According to the Sydney Morning Herald, Mr. Gailey was expected
to leave the company after it completed the sale of its smelters
into a new joint venture company.  However, SMH says, the "long-
serving" CEO revealed plans to exit earlier with a AU$15-million
payout in addition to his AU$20 million shareholding.

SMH quotes the chief as explaining that his decision to leave is
"for personal reasons."

Zinifex's chief financial officer, Tony Barnes, will be the
acting CEO until the company can complete an international
search to replace Mr. Gailey, the Brisbane Times relates.

Mr. Barnes has been Zinifex's CFO since its listing in April
2004 and, prior to that, had a distinguished career of over 32
years with BHP Billiton.

Mick Myers, currently Group Manager Corporate Accounting, will
temporarily step into the role of Acting Chief Financial Officer
to support Mr. Barnes.

Zinifex assures that while Mr. Gailey's replacement has yet to
be finalized, the company's major initiatives -- the Nyrstar
transaction and the strategy to grow the Zinifex mining business
-- are on track.

                   Gaily Payout Questioned

In a subsequent report, however, The Australian states that
Zinifex was accused of treating shareholders with contempt after
it agreed to the AU$15-million payout for Mr. Gailey.

The report relates that shareholders are upset that the
company's board of directors did not provide details on how it
assessed the value of a AU$12.6 million ex-gratia payment
compensating Mr. Gailey for the long-term performance shares he
was entitled to, but which will lapse on his early departure.

The company said that the total value of the long-term
performance shares Mr. Gailey would have received if he had
stayed on with the company was AU$14.9 million.  That reflects
the huge surge in the value of Zinifex shares -- from below
AU$2.00 when the reward plan was put in place in 2004, to over
AU$18.00 today, The Australian notes.

                    About Zinifex Limited

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.  
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                         *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately
CDN$360 million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.

ZINIFEX LTD: Completes Takeover of Canada's Wolfden Resources
-------------------------------------------------------------
Zinifex Limited [S au:zfx] said Tuesday that it has completed
its buyout of Canada's Wolfden Resources Ltd., MarketWatch
reports.

In a press release, Zinifex stated that through its wholly-owned
subsidiary, Zinifex Canadian Enterprises Inc., it has
completed the compulsory acquisition of the approximately
4.4 million common shares of Wolfden not acquired pursuant to
the takeover bid initiated by ZCE on April 2, 2007.  Wolfden is
now a wholly-owned indirect subsidiary of Zinifex.

The Common Shares were delisted from the Toronto Stock Exchange
at the close of business (Toronto time) on June 18, 2007.  
Wolfden will make application to cease to be a reporting
issuer as soon as reasonably practicable, the news release says.

                    About Zinifex Limited

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.  
The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.  More than 80% of the
company's products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                         *     *     *

On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's
'BB+' Issuer Default rating with a Stable Outlook, following its
offer to buy Wolfden Resources Inc for approximately
CDN$360 million (approximately AU$385m).  Wolfden's board has
unanimously recommended that shareholders accept Zinifex's
offer.

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

BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders
---------------------------------------------------------------
Holders of a majority of Bally Total Fitness Holding Corp.'s
10-1/2% Senior Notes due 2011 and more than 80% of its 9-7/8%
Senior Subordinated Notes due 2007 have entered into a
Restructuring Support Agreement agreeing to, following receipt
of a disclosure statement, vote in favor of a plan of
reorganization.

The company says that the Plan will further enhance its
liquidity by increasing the rights offering to US$90 million and
by allowing the company to retain the cash which would have been
used for the July 15, 2007 interest payment due on the Senior
Notes.  With its Restructuring Support Agreement in place, the
company believes it has sufficient support from its noteholders
to proceed to implement the Plan through appropriate bankruptcy
proceedings and expects to make its Chapter 11 filing in the
near future.  The company plans to continue normal club
operations during the pendency of the anticipated bankruptcy
case and will seek to emerge from bankruptcy as quickly as
possible.

Don R. Kornstein, Interim chairman and Chief Restructuring
Officer, stated, "We are pleased to have such strong support for
the Plan from both our senior and senior subordinated
noteholders. The Restructuring Support Agreement will enable us
to expedite our work on restoring the strength of our balance
sheet in the shortest time possible, and positioning Bally Total
Fitness to compete over the long term.  We look forward to
emerging from bankruptcy with a greater ability to invest in and
continue upgrading our fitness centers and to focus on building
the Bally brand."

Pursuant to the Restructuring Support Agreement, the Plan will
provide that:

  * The Senior Notes will be modified, including an increase in
    the annual interest rate to 12-3/8% effective from
    July 16, 2007.  The cash interest payment on the Senior
    Notes due July 15, 2007 will not be made.  Upon
    effectiveness of the Plan, the new principal amount of the
    outstanding Senior Notes will be US$247,337,500, with the
    increase distributed pro rata to the holders of the Senior
    Notes.  The maturity and guarantees of the Senior Notes
    would remain the same.  Upon effectiveness of the Plan,
    holders of the Senior Notes would receive a fee equal to 2%
    of the face value of their notes on the date of the filing
    of the Chapter 11 cases.

  * The Senior Note Indenture would be amended to provide the
    holders with a "silent" second lien on substantially all
    assets of the company and the subsidiary guarantors.  Under
    the amended Senior Note Indenture, the company would have a
    permitted debt basket for the senior credit facility of    
    US$292 million, with a reduction for proceeds of asset
    sales completed after June 15, 2007 that are used to
    permanently pay down indebtedness under its senior credit
    facilities and are not reinvested in replacement assets
    within 360 days after the applicable asset sale.

    The Senior Note Indenture will also permit Bally to issue
    after emergence from bankruptcy and in addition to the
    securities referred to below, an additional US$90 million
    of pay-in-kind senior subordinated notes.  The amended
    Senior Note Indenture also increases by US$50 million to a
    total of US$100 million the permitted debt basket for
    purchase money indebtedness and capital leases (with a
    US$50 million capital lease sublimit).
   
    The optional redemption schedule in the Senior Notes would
    be amended to permit the company to redeem the Senior Notes
    prior to July 15, 2008 at a:

       -- T+50 make whole premium (including all interest due
          and payable through July 15, 2008) based upon a
          redemption on July 15, 2008 at 106.25%;

       -- optional redemption at 106.25% until July 14, 2009;

       -- 102.50% until July 14, 2010; and

       -- 100% after July 14, 2010.

    The amended Senior Note Indenture would eliminate any
    requirement for filing of SEC reports, but would require
    the company to provide to investors and prospective
    investors SEC equivalent audited annual and unaudited
    quarterly financials, including MD&A and footnotes, and 8-K
    reportable events.

  * Consistent with the terms of the previously announced
    restructuring proposal, holders of Senior Subordinated
    Notes would receive, in exchange for their claims, new
    subordinated notes in the principal amount of
    US$150 million, representing 50% of the principal amount of
    their claims, and shares of common stock representing 100%
    of the equity in the reorganized company (subject to
    reduction for common stock to be issued to holders of
    certain other claims).

    The New Subordinated Notes would mature five years and nine
    months after the effective date of the Plan and would bear
    interest payable annually at 135/8% per annum if paid in
    kind or 12% per annum if paid in cash, at the company's
    option, subject to satisfaction of a toggle covenant based
    on specified cash EBITDA and minimum liquidity thresholds.

  * In addition, the holders of Senior Subordinated Notes would
    receive non-detachable rights to participate in a
    US$90 million rights offering of new senior subordinated
    notes.  The Rights Offering Senior Subordinated Notes would
    rank senior to the New Subordinated Notes but otherwise
    have the same terms.

  * Holders of certain other claims against the company will be
    given the opportunity to participate in the rights
    offering which, if exercised, would generate incremental
    proceeds beyond the US$90 million to be funded by electing
    Senior Subordinated Noteholders.

  * The company and its subsidiaries may reject selected leases
    and other contracts in the bankruptcy.

  * All existing equity would be cancelled for no
    consideration.

  * Effectiveness of the Plan is conditioned upon, among other
    things, the company having filed its Annual Report on Form
    10-K for the year ended Dec. 31, 2006.

A copy of the Restructuring Support Agreement will be included
as an exhibit to a Current Report on Form 8-K that the company
will file with the SEC.

Tennenbaum Capital Partners, LLC and Anschutz Investment
Company, through certain of their affiliates, and Goldman Sachs
& Co., who collectively hold more than 80% of the Senior
Subordinated Notes, have agreed in principle to subscribe for
their pro rata share of the Rights Offering Senior Subordinated
Notes and to purchase any Rights Offering Senior Subordinated
Notes not subscribed for by other holders of Senior Subordinated
Notes.  As a result of these backstop provisions, the company
will be assured of having US$90 million in additional cash
availability upon the effectiveness of the Plan.

Houlihan Lokey Howard & Zukin Capital acts as financial advisor
and Akin Gump Strauss Hauer & Feld, LLP is counsel to the Ad Hoc
Committee of Senior and Senior Subordinated Noteholders.

                    About Bally Total Fitness

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

                         *     *     *

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

BRILLIANT BRIDGE: Members to Hold Final Meeting on July 23
----------------------------------------------------------
A final meeting will be held for the members of Brilliant Bridge
Limited on July 23, 2007, at 10:00 a.m., in Room 2014, 20th
Floor of Wellborne Commercial Centre at 8 Java Road in North
Point, Hong Kong.

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

CITIC RESOURCES: Plans to Sell Shares to Temasek for HK$450.5MM
---------------------------------------------------------------
CITIC Resources Holdings plans to sell up to HK$450.5 million
worth of new shares to Singapore's Temasek Holdings for general
working capital, market sources told The Standard.

According to the paper's sources, the company is selling
101 million shares at HK$4.46 each, representing a 0.67%
discount to HK$4.49 before suspension.

Temasek Holdings held 335 million shares in CITIC Resources as
of the end of March, representing a 7.11% interest.  The
Singapore state-owned investment company initially acquired a 5%
holding in CITIC Resources in February, the report notes.

Incorporated in Bermuda in 1997, CITIC Resources has its shares
listed on the Hong Kong Stock Exchange.  The company positions
itself as an integrated provider of key commodities and
strategic natural resources with particular focus in oil
business.  The principal activities of the company and its
subsidiaries are in the fields of oil, aluminium, coal, import
and export of commodities, manganese and iron ore.  CITIC Group
(formerly China International Trust and Investment Corporation)
became the majority controlling shareholder of the Company in
March 2004, indirectly holding interest in the Company of over
54%.

Standard & Poor's Ratings Services on May 9, 2007, assigned its
BB long-term corporate credit rating to CITIC Resources Holdings
Ltd.  The outlook is developing.  At the same time, it issued
its BB issue rating to a proposed intermediate-term U.S. dollar
benchmark issue of senior unsecured notes by Citic Resources
Finance (2007) Ltd.

The Troubled Company Reporter - Asia Pacific reported on May 17,
2007, that Standard & Poor's Ratings Services placed its 'BB'
corporate credit ratings on CITIC Resources Holdings Ltd. on
CreditWatch with positive implications after the ratings on its
parent, CITIC Group (BB+/B), were also placed on CreditWatch
with positive implications.  At the same time, Standard & Poor's
placed its 'BB' issue rating on a proposed issue of US$1 billion
seven-year-term senior unsecured notes by CITIC Resources
Finance (2007) Ltd. on CreditWatch with positive implications.  
CRH will fully and unconditionally guarantee the proposed notes.

G.M.P. COMPANIES: Appoints Joint Liquidators
--------------------------------------------
Jacky Chung Wing Muk and Edward Simon Middleton were appointed
as liquidators of G.M.P. Companies Limited on May 18, 2007.

The Liquidators can be reached at:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         KPMG
         27th Floor, Alaxandra House
         18 Chater Road
         Central, Hong Kong

HOUSEFLY INDUSTRIES: Wind-Up Petition Hearing Set for Aug. 8
------------------------------------------------------------
On June 1, 2007, Yau Bon Offset Printing Limited filed a
petition to wind up the operations of Housefly Industries
Limited.

The petition will be heard before the High Court of Hong Kong on  
August 8, 2007, at 9:30 a.m.

Yau Bon's solicitor is:

         Patrick Wing & Co.
         Units 1904-4, 19th Floor
         China Merchants Steam Navigation Building
         303 Des Voeux Road, Central
         Hong Kong

MEDISINO LIMITED: Liquidator Quits Post
---------------------------------------
Tsang Yun Shan ceased to act as liquidator of Medisino Limited
on June 11, 2007.

The former Liquidator can be reached at:

         Tsang Yun Shan
         Flat H, 4 th Floor, Block 5
         Hong Sing Garden, Tseung Kwan O
         Kowloon, Hong Kong

PACIFIC ACE: Creditors & Contributories to Meet on June 26
----------------------------------------------------------
The contributories and creditors of Pacific Ace Trading Limited
will meet on June 26, 2007, at 10:00 a.m. and 11:00 a.m.,
respectively.  The meeting will be held in the office of John
Lees & Associates Limited, 19th Floor of Hong Kong Club Building
at 3A Chater Road in Central, Hong Kong.

QUADRIGA ASSET: Members' Final Meeting Set for July 16
------------------------------------------------------
Quadriga Asset Management Limited will hold the final meeting
for its members on July 16, 2007, at 2:30 p.m., in Room 1201,
12th Floor of Methodist Church at 36 Hennessy Road in Wanchai,
Hong Kong.

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

RED COLOUR: Requires Creditors to Prove Debts by July 2
-------------------------------------------------------
The creditors of Red Colour Diamonds  Limited are required to
file their proofs of debt by July 2, 2007, to be included in the
company's dividend distribution.

The company went into liquidation on June 1, 2007.

The company's liquidator is:

         Ip Ka Yiu
         Room 1302, 135 Bonham Strand Trade Centre
         No. 135 Bonham Strand, Sheung Wan
         Hong Kong

ROUSSEL UCLAF: Final General Meeting Set for July 16
----------------------------------------------------
A final general meeting will be held for the members of Roussel
Uclaf China Limited on July 16, 2007, at 10:00 a.m., on Level 28  
of Three Pacific Place at 1 Queen's Road East, Hong Kong.

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

SHANGHAI PUDONG: To Appoint Xu Feng as Bank President
-----------------------------------------------------
Shaghai Pudong Development Bank will soon appoint Xu Feng, a
former senior Chinese banking regulator, as the bank's new
president, insiders to the matter told Reuters.

Mr. Xu, according to the news agency's sources, will replace Fu
Jianhua as president of the bank.  Mr. Fu, however, will remain
as a board member "for a while", the sources said, while another
source said he was likely to become vice chairman of Pudong
Bank.

Reuters' sources also pointed out that the management change was
not related to any problem at the bank but appeared to be an
effort to strengthen its relationship with banking regulators as
it expands.

Mr. Xu's appointment is subject to formal approval by Pudong
Bank's board of directors and by the China Banking Regulatory
Commission.

George Chen of Reuters writes that senior posts such as
chairmanship and president are often nominated by the government
and regulator in China, while company boards rarely disapprove
of such nominations.

Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial   
bank involved in personal banking, corporate banking, and inter-
bank business.  The bank also offers Internet banking and
telephone banking.

Fitch Ratings on March 12, 2007, upgraded the Support ratings of
Shanghai Pudong Development Bank to 3 from 4, reflecting the
improved ability of the government to support domestic financial
institutions and the close relationship between the bank and the
central and local governments.  At the same time, the agency
affirmed the bank's individual rating at D.

The bank, as of May 4, 2007, also carries Moody's Ba1 rating for
its long-term bank deposits, NP short-term rating, and a D bank
financial strength rating.

UNITED FUTURE: Appoints Tong Lap Hong as Liquidator
---------------------------------------------------
At an extraordinary general meeting held on June 8, 2007, the
members of United future (HK) Limited resolved to shut down the
company's business and appointed Tong Lap Hong as liquidator.

Creditors must prove debts by July 3, 2007, to be  included in
the company's dividend distribution.

The Liquidator can be reached at:

         Tong Lap Hong
         Kowloon Building, Room 704
         555 Nathan Road, Kowloon
         Hong Kong

UNRIVALED FLIPBUSTER: Creditors Set to Meet on July 16
------------------------------------------------------
The creditors of Unrivaled Flipbuster of Orient Limited will
meet on July 16, 2007, at 11:30 a.m., in Room A, 14th Floor of
Amtel Building at 144-148 Des Voeux Road in Central, Hong Kong.

At the meeting, the creditors will be asked to:

  -- consider the Statement of Affairs, list of creditors and
     their estimated claims; and

  -- confirm the appointment of liquidator.

* CBRC Punishes Eight Banks Over Lenient Loan Scrutiny
------------------------------------------------------
China's banking regulator punished eight mainland banks'
branches after an investigation showed that they failed to
properly scrutinize loans totaling about CNY5 billion, resulting
in borrowers illicitly using the funds for stock market and
property sector speculation, various reports say.

Citing the China Banking Regulatory Commission's statement,
reports relate that the case was uncovered during an
investigation that started at the beginning of 2007.

The eight branches involved belong to:

   -- Bank of Communications,
   -- Bank of Beijing,
   -- China Merchants Bank,
   -- the Industrial and Commercial Bank of China,
   -- Bank of China,
   -- Industrial Bank,
   -- China CITIC Bank, and
   -- Shenzhen Development Bank.

According to sources, the CBRC found that China Nuclear
Engineering & Construction (Group) Corp has borrowed accumulated
loans of CNY2.37 billion from Bank of Communications and Bank of
Beijing since 2001.  The company claimed it would use the funds
for building nuclear power plants.

However, according to The Standard, 87.32% of the total bank
loans were diverted into other areas, CNY612 million of which
went into its related property development companies and CNY132
million into the stock market and other investments.

Moreover, six other bank branches also failed to scrutinize
loans to China Shipping (Group) Co, where at least CNY2.4
billion out of CNY2.7 billion of loans granted since last June
were directly or indirectly transferred into its securities
account for stock purchases in initial public offerings.

Punishments include fines, partial suspensions of credit
businesses and the demotion of branch officials, the CBRC
statement said.

Financial Express relates that the Shanghai branch alone of
China Merchants Bank was fined CNY1.69 million for slack
supervision in the case of China Shipping (Group) Company.

The other five local banks concerned were each given a fine of
below CNY500,000.  The CBRC also disqualified some senior
executives of the local banks, the paper says.

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

ICICI BANK: Public Offer Oversubscribed 1.29 Times
--------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
June 15, 2007, regarding ICICI Bank Ltd's INR8,750-crore public
issue, which opened yesterday.  According to the bank, the share
issuance is part of its consolidated capital raising exercise at
INR20,125 crore, including a green shoe option of INR2,625
crore.

In an update, media reports said that the bank's public offer
was oversubscribed 1.29 times.

Reuters said the bank received full subscription for the
domestic portion of share sale in less than an hour of opening
on Tuesday.  In less than two hours, the public offer got
oversubscribed 1.29 times, The Hindu recounted.  Citing data
available at the National Stock Exchange, local reports noted
that the issue received over 12.72 crore bids against 9.88 crore
shares issued.

Most of the bids are from institutions and the retail portion is
expected towards the close of the bids on June 22, Reuters cited
an unnamed banker as saying.

The price band for the issue has been fixed at INR885 to INR950
per equity share.

The India Times said the issue was made to meet the bank's
capital adequacy requirements and augment its capital to fund
future requirements.  The bank's CAR is currently at 11.69%.
Post-issue it is seen at 15%, the Times noted.

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.

NICCO UCO ALLIANCE: Fitch Downgrades & Withdraws National Rating
----------------------------------------------------------------
Fitch Ratings, on June 18, 2007, downgraded the National Long-
term deposit rating of Nicco Uco Alliance Credit Ltd. to
'D(ind)' from 'C(ind)', and subsequently withdrew the rating.
Fitch will no longer provide rating coverage of NUACL.

The repayment of the rated fixed deposit programme had been
rescheduled by the Company Law Board on account of the
deteriorated financial state of NUACL.  Since then, the company
has stopped accepting deposits and has discontinued its fund
based activities.

NUACL is a small non-bank finance company operating primarily in
Eastern India.

NICCO UCO ALLIANCE: To Release FY2007 Audited Results by June 30
----------------------------------------------------------------
Nicco Uco Alliance Credit Ltd informed the Bombay Stock Exchange
that it plans to publish its audited results for the financial
year ending March 31, 2007, by June 30.

NUACL has incurred at least two years of consecutive net losses:
INR1.35 billion in the fiscal year ended March 31, 2006, and
INR443.7 million in FY2005.

For the quarter ended Dec. 31, 2006, the company booked a net
loss of INR96.2 million.

Nicco Uco Alliance Credit Ltd.  is a small non-bank finance
company operating primarily in Eastern India.  

SOUTHERN IRON & STEEL: To Increase Authorized Share Capital
-----------------------------------------------------------
Southern Iron & Steel Company Ltd plans to increase its
authorized capital, a regulatory filing with the Bombay Stock
Exchange reveals.  In this regard, the company's board of
directors decided to convene a shareholders meeting on July 19,
2007, to get the approval of the move.

During the meeting, the board will also ask the shareholders
their approval to:

  -- amend the company's Memorandum and Articles of
     Association;

  -- increase the company's borrowing power; and

  -- convert the balance of its Optionally Convertible Loan
     into:

        * equity at a face value of INR10, at a premium of
          INR52 each; or

        * 10% cumulative convertible preference shares of
          INR1 each with an option to convert into equity.

Headquartered in Salem, India, Southern Iron & Steel Company
Limited is engaged in the business of manufacturing pig iron,
billets, bars and rods.  The Company produces these products at
its integrated steel plant located in the district of Salem,
Tamil Nadu.  The plant has a capacity of 0.3 metric tons per
annum.  Southern Iron and Steel Company Ltd. also has plants for
the generation of power and production of oxygen.

On July 20, 2006, CRISIL Ratings reaffirmed the outstanding 'D'
rating on the INR280 million Non-Convertible portion of the
Optionally Convertible Debenture Issue of Southern Iron & Steel
indicating that the instrument continues in default.  The
original instrument has been restructured and is due for
redemption in two installments on May 17, 2007, and May 17,
2008.

SPICE JET: Denies Reports of Selling Airline
--------------------------------------------
SpiceJet Limited denies reports that it is up for sale amidst
speculation of negotiations with Paramount Airlines, United News
of India reports.

Moneycontrol.com, citing a report by CNBC-TV18, said on June 18,
2007, that SpiceJet was in talks with Paramount Airways because
of the latter's interest to buy a 26% stake in the airline.  
Paramount's bid, reportedly will be funded by internal accruals
and debt, which deal is valued at INR500-600 crore.  

However, SpiceJet told the UNI agency that it is not offloading
stakes to Paramount adding that the airline is still financially
strong to make it on its own.

"Spicejet Limited strongly denies the on-going speculative
stories about other airlines buying stakes in Spicejet," the
news agency quoted a company statement.  "We would like to
reiterate that there is absolutely no plan to sell any stake in
the company to anybody."

The airline asserted that it has large cash reserves to fund its
expansion plan, and even pointed out to its recent acquisition
of Boeing Aircraft.

As reported by the Troubled Company Reporter - Asia Pacific on
May 3, 2007, SpiceJet ordered 10 new Boeing 737-800/900 ER
aircraft, which order is valued at around US$700 million at list
prices.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The airline
has yet to file its financial results for FY2007.

The Troubled Company Reporter - Asia Pacific's "Large Companies
With Insolvent Balance Sheets" column on June 15, 2007, showed
that SpiceJet has a stockholder's equity deficit of US$2.75
million.

* Moody's Rates Hybrids of Six Indian Banks Since Liberalization
----------------------------------------------------------------
Moody's Investors Service, on June 18, 2007, said in a new
report that it has so far rated the foreign currency hybrid
securities of six Indian banks, following the Reserve Bank of
India's decision in 2006 to liberalize the use of hybrid
capital.

The RBI guidelines now permit some hybrid capital -- which
combines the characteristics of debt and equity -- to be
eligible as Tier I and Tier II capital.  Subject to certain
limits, the RBI also permits Indian banks to raise this capital
in foreign currency.  Accordingly, Indian banks have issued a
variety of foreign currency instruments.

"In view of the significant amount of hybrid capital issued by
Indian banks following the liberalization, Moody's believes that
it is necessary to provide the market with a clear understanding
on how it has rated these hybrids," Chetan Modi, Moody's
Representative Director for India, says of the background for
the report.

"Our analytical starting point for notching securities is the
global local currency deposit rating," adds Modi, who also
authored the report along with Nondas Nicolaides, a Moody's
AVP/Analyst.  "Notching reflects expected loss on the security,
which combines a possible payment deferral together with the
security's priority of claim," says Modi.

"Moody's global foreign currency ratings also incorporate the
impact of the foreign currency country ceiling.  Currently,
India's country ceiling of Baa2 is a notch higher than the
government's Baa3 foreign currency rating; hence, Moody's
ratings for a number of Indian banks, including for their hybrid
instruments, are higher than the Indian government's rating,"
adds Modi.

"The application of the country ceiling has also resulted in
Indian banks issuing securities with different seniority --
which are thus notched to exhibit different local currency
ratings -- but resulting in the same Baa2 foreign currency
rating," says Modi.  This notching is only observed in the local
currency ratings.  At present, no Indian bank security rating
can "pierce" the Baa2 country ceiling.

Moody's Investors Service is among the world's most respected,
widely utilized sources for credit ratings, research and risk
analysis.  In addition to its core ratings business, Moody's
publishes market-leading credit opinions, deal research and
commentary, serving more than 9,000 customer accounts at some
2,400 institutions around the globe.

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

ALCATEL-LUCENT: Wins EUR14-MM Contract From Kenya Data Network
--------------------------------------------------------------
Alcatel-Lucent disclosed that Kenya Data Network has selected
the Alcatel-Lucent triple play service delivery architecture
(TPSDA) for the to consumers and enterprises throughout Kenya
and other East African countries.  This three-year frame
contract, which is valued at approximately 14 Million Euros,
will be the largest TPSDA deployment in the region serving an
estimated 350,000 subscribers.  Deployments will start in 2007
in Kenya's capital Nairobi followed by the cities of Mombasa,
Kisumu, Eldoret, Nakuru, Nyeri and others. Further deployments
will take place starting in 2008 in the Democratic Republic of
Congo, Uganda and Tanzania.

The Alcatel-Lucent TPSDA provides a unified, scalable and highly
resilient service infrastructure that enables KDN to carry
multiple service types on its nationwide IP backbone as well as
traffic from international and domestic Internet service
providers and other telecommunications service providers.

"As time-to-market is a significant factor for us, we can rely
on Alcatel-Lucent's unmatched experience in providing quality,
end-to-end triple play services within our required timeframes,"
said Kai Wulff, Managing Director-Kenya Data Networks Limited.
"Residential customers in Kenya will now be in a position to
enjoy high quality triple play and advanced Internet access
services."

"This project will enable KDN to expand its business throughout
the East African region," saidOlivier Picard, President of
Alcatel-Lucent's Europe and South activities.  "Thanks to
Alcatel-Lucent's end-to-end, triple play-ready network, KDN
subscribers will be able to enjoy a seamless user-experience
when using voice, multimedia and Internet services."

Alcatel-Lucent's architecture is based on its industry-leading
IP/MPLS, IP DSLAM and management portfolios.  The Alcatel-Lucent
7750 Service Router and 7450 Ethernet Service Switch at the edge
plus the 7302 Intelligent Services Access Manager and 7330 ISAM
fiber-to-the-node in the access network provide the performance,
scalability and reliability required to offer wire-rate, non-
blocking triple play services to all users at the same time.  
End-to-end service and network management is provided by the
Alcatel-Lucent 5620 Service Aware Manager and 5523 ADSL Work
Station.

Alcatel-Lucent is a leader in triple play with more than 45
deployments in progress.  Alcatel-Lucent's ISAM family has been
chosen by more than 135 service providers globally - including
80% of the top 20 DSL operators worldwide.  With more than 126
million DSL lines shipped, Alcatel-Lucent remains the
uncontested global market leader in broadband access.  Alcatel-
Lucent reinforced its #2 position in Services Edge Routing in
the first quarter of 2007, with 22% of the market according to
Synergy Research Group.

                       About KDN

Kenya Data Networks is a fully owned subsidiary of the Sameer
Group. It initiated services at the beginning of 2003 as a Full
Service, Data Communications Carrier.  Its mission is to build a
world-class telecommunications infrastructure in Kenya. KDN has
established itself as the leader in the provision of Commercial
Leased lines, Frame Relay and Metro Ethernet based Services in
the Kenyan market.  KDN extensive operations cover all the major
cities and towns of Kenya and are soon to be expanded to cover
other cities and towns in the East African region.  KDN
currently has the largest WiMAX network in Africa with over
190,000 square kilometres covered.  For more information, please
visit KDN on the Internet: external link http://www.kdn.co.ke

                  About Alcatel-Lucent

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

                         *     *     *

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

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

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

ALLIANCE ONE: Posts US$21.6-MM Loss for Year Ended March 31, 07
---------------------------------------------------------------
Alliance One International, Inc., posted results for its fiscal
year and fourth quarter ended March 31, 2007.

                     Fiscal Year Results

For the fiscal year ended March 31, 2007, the Company had a net
loss of US$21.6 million, or $US0.25 per basic share, compared
with a net loss of US$447.4 million, or US$5.51 per basic share,
for the previous fiscal year.  The underlying net income for the
year, which excludes discontinued operations, non-recurring
items and market valuation adjustments for derivative financial
instruments, was US$34.0 million, or US$0.39 per basic share,
compared with a net loss of US$31.1 million, or US$0.38 per
basic share for the previous fiscal year.

Robert E. "Pete" Harrison, Chief Executive Officer, said, "This
fiscal year's improved results were achieved in what continues
to be a very challenging environment.  Higher than anticipated
cost increases, disposal of excess lower quality tobaccos and a
continued weakening of the US dollar against many foreign
currencies all impacted the Company.  Fortunately, strong
customer support and higher then planned cost savings enabled us
to continue our strategic transition plans.

"To best position ourselves in this challenging operating
environment, we have remained focused on enhancing our
capabilities to deliver superior value- added services to our
customers, as well as strengthening our balance sheet through
emphasis on working capital management and debt reduction, both
of which will provide greater long-term flexibility.  Conscious
decisions were made during the year to either reduce or exit
certain historically unprofitable crops or not pursue certain
business relationships that were driven more by price and
volume. Year-over-year decreases in kilo quantities sold and
sales dollars achieved largely reflects our decision to forego
lower value added opportunistic sales in favor of concentrating
our efforts on our strategic customer relationships and the
value we bring.

"As we move ahead, we intend to reinforce our position as a
leading strategic leaf supply partner and continue to
demonstrate our overarching commitment to build value for our
customers and shareholders through a broad range of operational

performance improvement initiatives, monetizing non-core assets
and continued aggressive debt reduction."

Mr. Harrison concluded, "Going forward, we believe that the same
drivers and challenges will continue to shape our performance.
The Company has decided to discontinue providing earnings
guidance.  We believe that providing earnings guidance keeps our
focus on short-term issues, rather than on long-term
performance. We will continue to provide perspective on market
factors and business drivers."

As previously disclosed, the Company recently identified certain
understatements of income tax expense related to the first three
quarters of fiscal year 2007.  The cumulative effect for the
quarter ended June 30, 2006, the two quarters ended September
30, 2006, and the three quarters ended December 31, 2006, were
US$1.5 million, US$4.0 million and US$8.7 million, respectively.  
The cumulative understatement during these unaudited quarters
did not increase the Company's total cash taxes, and as such did
not have any effect on liquidity.  However, the Company
determined it was appropriate to restate its results for each of
the quarters impacted.

In addition, the Company said that due to the additional
procedures necessitated by the tax expense errors, including the
restatements of the Company's 10-Qs for each of the quarters
during the 2007 fiscal year, the Company will be unable to
timely file its Annual Report on Form 10-K for the 2007 fiscal
year without unreasonable effort and expense.  The Company
expects to be able to file its Amended Quarterly Reports on Form
10-Q/A and Annual Report on Form 10-K for fiscal year 2007 no
later than June 25, 2007.

                    Fourth Quarter Results

For the fourth quarter ended March 31, 2007, the Company
reported a net loss of US$6.2 million, or US$0.07 per basic
share, compared to a net loss of US$323.4 million, or US$3.76
per basic share, in the year-ago quarter.  The underlying net
income for the quarter, which excludes market valuation
adjustments for derivative financial instruments, discontinued
operations and non-recurring items, was US$1.0 million, or
US$0.01 per basic share, compared with a net loss of US$14.4
million, or US$0.17 per basic share for the year-ago quarter.

                Performance Summary Highlights

Sales and other operating revenues. Revenue decrease of 6.3%
from US$2,112.7 million in 2006 to US$1,979.1 million in 2007 is
the result of a 12.1% or 80.5 million kilo decrease in
quantities sold, offset by a 5.5% or US$0.17 per kilo increase
in average sales prices and a 25.5% or US$14.2 million increase
in processing and other revenues. By region, revenue highlights
were as follows:

South America region.  Tobacco revenues decreased US$34.5
million, reflecting a 37.1 million kilo decrease in quantities
sold compared to the prior year, primarily driven by a decrease
in demand attributable to the quality of the 2006 crop and some
shipment timing issues.  These were offset by a US$0.36 per kilo
increase in average sales prices, attributable primarily to the
increased costs of the 2006 crop.

Other regions. Tobacco revenues decreased US$113.3 million due
to a 43.4 million kilo decrease in quantities sold, partially
offset by a US$0.06 per kilo increase in average sales prices.

Gross profit as a percentage of sales.  Gross profit increased
US$71.0 million, or 31.6%, from US$224.7 million in 2006 to
US$295.7 million in 2007.  Gross profit percentage increased
from 10.6% in 2006 to 14.9% in 2007.  These increases were
primarily driven by the following two factors:

First, gross profit in the South American region increased
approximately US$63.5 million.  Offsetting the increase in gross
profit in the South American region was reduced demand caused by
the quality of the 2006 crop, which was adversely impacted by
weather-related growing conditions.

Second, purchase accounting adjustments on gross profit on sales
of inventory acquired in the merger were reduced by US$16.6
million from US$18.0 million in 2006 compared to US$1.4 million
in 2007, primarily in the Other Regions operating segment.  This
cost reduction was partially offset by a US$6.9 million increase
in the tobacco market valuation adjustment recorded in 2007
compared to 2006 that was primarily in the South America
operating segment.

Selling, administrative and general expenses decreased US$5.8
million or 3.5% from US$164.1 million in 2006 to US$158.3
million in 2007.  The decrease is primarily due to the
deconsolidation of Zimbabwe and a significant reduction in
merger and integration related travel expenses.

Other income increased US$3.6 million from US$2.5 million in
2006 to US$6.1 million in 2007.  The increase is primarily
attributable to the recovery of Iraqi debt previously written
off, as well as increased gains on fixed asset sales.

Goodwill impairment is tested for each operating segment
annually, as of the first day of the last quarter of the fiscal
year, and whenever events or circumstances indicate that
impairment may have occurred.  In 2007, no indications of
impairment were found.  Based on this analysis in 2006, the
Company recorded a total goodwill impairment charge of US$256.9
million during the fourth quarter related to the operating
segments of North America and South America.

Restructuring and asset impairment charges were US$29.8 million
in 2007 compared to US$85.4 million in 2006.  For this fiscal
year, this included, among others:

   * charges related to employee severance and other
     integration charges related to the merger;

   * asset impairments primarily related to a write-down of the
     Company's Zimbabwe investment to zero and;

   * asset impairments in Greece, Thailand and Turkey.

Debt retirement expense of US$66.5 million in 2006 relates to
one time costs of retiring DIMON debt as a result of the merger.
These costs include tender premiums paid for the redemption of
senior notes and convertible subordinated debentures, the
expense recognition of debt issuance costs associated with
former DIMON debt instruments, the termination of certain
interest rate swap agreements and other related costs.  Debt
retirement expense of US$3.9 million in 2007 relates to one-time
costs of amending and restating our senior secured credit
facility.

Interest expense decreased US$3.0 million from US$108.6 million
in 2006 to US$105.6 million in 2007 due to lower average
borrowings offset by higher average rates.

Interest income increased US$1.5 million from US$7.1 million in
2006 to US$8.6 million in 2007 primarily due to the interest
income received from the release of Brazilian PIS/Cofins escrow
deposits during the fourth quarter of fiscal 2007.

Derivative financial instruments resulted in a benefit of
US$0.3 million in 2007 and US$5.1 million in 2006.  These items
are derived from changes in the fair value of non-qualifying
interest rate swap agreements.

Effective tax rates were an expense of 122.7% in 2007 and a
benefit of 4.0% in 2006.  Effective tax rates are largely
determined by the distribution of taxable income among various
taxing jurisdictions as well as management's judgment on the
ability to realize the tax benefits of deferred tax assets.

Losses from discontinued operations were US$18.7 million in 2007
and US$24.1 million in 2006.  The decrease of US$5.4 million is
due to a US$12.0 million assessment in 2006 related to a
previously disclosed administrative investigation into tobacco
buying and selling practices within the leaf tobacco industry in
Italy by the Directorate General for Competition.  Also included
in the decrease is a reduced loss of US$2.7 million from our
non- tobacco, Italian and Mozambique operations as well as our
wool operations.   Substantially offsetting this decrease is
US$9.3 million in charges in 2007 related to finalizing our exit
from the Italian market.

               Liquidity and Capital Resources

The Company has historically financed its operations through a
combination of short-term lines of credit, revolving credit
arrangements, long-term bank debt and debt securities, customer
advances and cash from operations.

On March 7, 2007 the Company initiated the first phase of its
balance sheet partial refinancing issuing US$150.0 million of
new 8.5% Senior Notes due May 15, 2012 with a 0.5% original
discount to yield 8.625%.  Proceeds from the issuance were
utilized to make prepayments on term loans under the May 13,
2005 US$650.0 million Credit Agreement.  Following the 8.5%
Senior Note issuance, on March 30, 2007 the Company completed
the final phase, refinancing outstanding term loans and
remaining commitments under the US$650.0 million Senior Secured
Credit Agreement with an Amended and Restated US$385.0 Credit
Agreement. Under the terms of the amended and restated credit
agreement, the Company has the benefit of a three and one half
year US$240.0 million revolving credit facility and a four year
US$145.0 million Term Loan B.

There were no outstanding loans under the US$240.0 million
revolver as of March 31, 2007.  The partial refinancing
eliminated over US$266.8 million in required amortization
payments over the next three years and reduced future debt
carrying cost with lower interest rates.

As of March 31, 2007, total debt, net of US$80.3 million of
cash, decreased to US$830.7 million, compared to net debt of
US$1,046.5 million at March 31, 2006.  The US$215.8 million
decrease in net debt is due to continued debt repayment as a
result of cash flow from operations, improved working capital
management and proceeds generated through the sale of non-core
assets.  During the fourth quarter of fiscal 2007 the Company
prepaid the term loans by US$38.4 million as a result of non-
core asset sales.  Following the fiscal year end, the Company
made an optional US$50.0 million prepayment on the US$145.0
million Term Loan B on May 4, 2007, with excess cash flow from
operations, reducing the Term Loan B to US$95.0 million.

              Recent Credit Agreement Amendments

Effective May 25, 2007 the Company entered in to a First
Amendment to the Amended and Restated Credit Agreement dated
March 30, 2007 which expanded the US$240.0 million revolver
commitment to US$250.0 million as permitted under the credit
agreement.

Effective May 29, 2007 the Company closed a Second Amendment to
the Amended and Restated Credit Agreement dated March, 30 2007.
The Second Amendment clarified several definitions used for
covenant compliance.

The Company is currently working with the lenders under the
Amended and Restated Credit Agreement dated March 30, 2007 to
finalize an amendment, waiver and consent, to cure any potential
defaults under that agreement relating to the Company's restated
results for the first three quarters of fiscal year 2007 and the
reporting of the associated material weakness in the Company's
internal controls over financial reporting as identified by the
Company.  Failure to reach agreement with the lenders could
trigger a default and acceleration, which could significantly
impact the Company's liquidity and access to capital.

                      About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a   
leaf tobacco merchant.  The company has worldwide operations,
including those in Indonesia, Argentina, Brazil, Bulgaria,
Canada, China, France, India, Philippines, Malaysia, and
Singapore.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Sept. 29, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the US Consumer
Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Alliance One
International, Inc., and upgraded its B2 rating on the company's
US$300 million senior secured revolver to B1.  In addition,
Moody's assigned an LGD3 rating to notes, suggesting note
holders will experience a 37% loss in the event of a default.

HESS CORP: Indonesian Field Shut Down Due to Fire
-------------------------------------------------
Hess Corp Indonesia's Pangkah gas field in East Java has been
shut down following an overnight fire at the rig, Reuters
reports.

According to the report, Amir Hamzah, the spokesman of
Indonesia's oil and gas regulator, BPMIGAS, said that the gas
field produces around 40 million cubic feet a day.

The gas field's shutdown caused PT Perusahaan Listrik Negara, a
local power plant, to switch to oil, Reuters notes.

The report recounts that in 2004, Hess signed a deal to
eventually supply PLN with 100 million cubic feet per day of
natural gas from the field for 20 years.  

BPMIGAS deputy chief Dodi Hidayat said that he has no idea how
long it would remain shut but the outage should not last long,
the report relates.

Reuters adds that Hess officials could not be immediately
reached for comment.

                   About Hess Corp.

Headquartered in New York, Hess Corporation (NYSE:HES)
-- http://www.hess.com/-- is a global integrated energy company
engaged in the exploration for and the development, production,
purchase, transportation and sale of crude oil and natural gas.
The corporation also manufactures, purchases, trades and markets
refined petroleum and other energy products.

The company has operations in the United States, United Kingdom,
Norway, Thailand and Indonesia, among others.

The Troubled Company Reporter - Asia Pacific reported on Mar 23,
2007, that Moody's upgraded Hess Corporation's unsecured long-
term debt rating to Baa3 from Ba1 on March 20, 2007.  The rating
outlook is stable.

The upgrade reflects the company's progress in advancing its
portfolio of upstream development projects, which are intended
to diversify and strengthen the durability of its reserves and
production profile, as well as improvements in achieving a more
competitive cost structure and a gradually declining financial
leverage position.

HILTON HOTELS: Extended Stay Brand Becomes No.1 in Market Metrix
----------------------------------------------------------------
Hilton Hotels Corporation's extended stay brand has placed
number one in the Market Metrix Hospitality Index for the first
quarter of 2007.  Homewood Suites by Hilton, the national brand
of upscale, all-suite residential-style hotels, placed number
one in the upscale hotel category, an honor that takes on a
significantly higher level of prestige at a time when customer
satisfaction in the entire hotel industry has reached its
highest level in three years.

The Market Metrix Hospitality Index is a quarterly report of
customer satisfaction with hotel, airline and car rental
companies based on 35,000 in-depth consumer interviews.  The
announcement marks the 12th time that Homewood Suites by Hilton
has been recognized as a leading brand by MMHI.

"We are delighted that the Market Metrix Hospitality Index has
recognized Homewood Suites by Hilton as the top leader in the
Upscale / Extended Stay market segment.  This is particularly
noteworthy considering the fact that the MMHI report showed that
the Upscale segment of the hotel industry saw the biggest
improvement due to investments in staff, services and
amenities," said Rebecca Wyatt, senior vice president - brand
management."

It just shows that Homewood's commitment to exceptional customer
service has outpaced that of its competitors. With initiatives
such as Suite Selection, Mobile Training with video iPods and
the ongoing Distinctly Homewood brand-wide upgrades - the
evolution and innovation of Homewood Suites will continue to
grow itself as the leading extended stay brand in the industry.

Market Metrix, LLC was founded in 1996 to provide the
hospitality industry with better customer and employee
satisfaction measurement programs and management tools. In
addition to MMHI, Market Metrix provides clients with award-
winning survey systems and strategic services.

                     About Hilton Hotels

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

                        *     *     *

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

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

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

PEUSAHAAN LISTRIK: Switches to Oil After Gas Field Shutdown
-----------------------------------------------------------
PT Perusahaan Listrik Negara is forced to switch to oil after
Hess Corp Indonesia's Pangkah gas field in East Java has been
shut down due to an overnight fire at the rig, Reuters reports.

The report recounts that in 2004, Hess signed a deal to supply
PLN with 100 million cubic feet per day of natural gas from the
field for 20 years.  In early May, Hess started to supply gas
from the field to a PLN power plant in East Java, at an initial
rate of 20 million cubic feet per day.

PLN spokesman Mulyo Adji confirmed that gas supplies to the
company's 1,500 megawatt Gresik power plant had been stopped,
forcing the firm to use diesel oil for two 260 MW power
generation units, the report relates.

The report points out that the disruption would cause the
company to begin using some 16,000 barrels per day of diesel to
generate electricity, the report points out.

The report says that Perusahaan Listrik asked Pertamina for
extra diesel but that sufficiently high domestic stocks would
allow it to avoid importing additional fuel, which could raise
regional prices.

BPMIGAS deputy chief Dodi Hidayat said that he has no idea how
long it would remain shut but the outage should not last long,
the Reuters relates.

Reuters adds that Hess officials could not be immediately
reached for comment.

              About Perusahaan Listrik

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity   
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.

PLN posted a IDR4.92-trillion net loss in 2005, against a net
loss of IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Jun 19,
2007, that Moody's Investors Service assigned a B1 senior
unsecured rating to PT Perusahaan Listrik Negara's proposed U.S.
dollar bond issuance.

At the same time, Moody's has affirmed PLN's B1 corporate family
rating and A1.id national scale rating.  The outlook for all the
ratings is positive, which is in line with the sovereign's
positive outlook.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. ollar enior unsecured notes issued by PLN's wholly
owned subsidiary, Majapahit Holding B.V.

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

ALITALIA SPA: Posts EUR135 Million Net Loss for Q1 2007
-------------------------------------------------------
Alitalia S.p.A. published EUR135 million in net losses for the
first quarter of 2007, compared with EUR159 million in net
losses for the same period in 2006, Kristine Crane writes for
the Wall Street Journal.

The company also posted 7.3% year-on-year increase in first
quarter net revenues.

Alitalia attributed its better results to higher passenger and
cargo traffic increased in the first three months of 2007, The
Irish Independent reports.  The carrier added it is liquid
enough to maintain operations for more than 12 months.

The carrier blamed high fuel costs and a series of strikes for
its difficulty in reaching a turnaround, Ms. Crane relates.

                 Deloitte Approves 2006 Results

Meanwhile, Alitalia reveals that auditors Deloitte & Touche has
approve its accounts for year ended Dec. 31, 2006.

As reported in the TCR-Europe on June 5, 2007, there have been
speculations that Deloitte may not approve Alitalia's 2006
results pending assurance of the carrier's future.

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

The company attributed its net loss mainly to a EUR197.3 million
write off of its aging fleet.  Alitalia also attributed its poor
results on higher fuel costs, stiff competition from low-cost
carriers, strikes and difficulties in achieving cost-cutting
objectives.  Around EUR100 million in losses were caused by
strikes.

WSJ's Ms. Crane cites analysts as saying that Deloitte's
approval of the results reassures investors that the current
sale process is moving on.

Bidders OAO Aeroflot-Unicredit Italiano S.p.A. and AirOne
S.p.A.-Intesa-San Paolo S.p.A. have until July 2, 2007 to submit  
a binding offer to acquire the Italian government's 39.9% stake
in Alitalia S.p.A.  Italy is encouraging the bidders to unify
their bids.

                        About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.

The company also operates in Argentina, China, and Japan.

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

ICONIX BRAND: Moody's Rates Proposed US$250 Mil. Sr. Notes at B3
--------------------------------------------------------------
Moody's Investors Service affirmed Iconix Brand Group Inc.'s  
corporate family rating at B1 and assigned a B3 rating to the
company's proposed US$250 million convertible senior
subordinated note offering.

At the same time, Moodys' upgraded the company's probability of
default rating to B1 from B2 and upgraded ratings on the
company's US$212.5 million secured term loan facility to Ba2
from B1.  The rating outlook remains stable.  The ratings
assigned are subject to review of final documentation and no
material change in the terms and conditions of the transaction
as advised to Moody's.

The probability of default rating was upgraded to B1 from B2 as
the overall family recovery rate assumption used by Moody's is
now 50% as a result of the introduction of the senior
subordinated notes into the capital structure which previously
included only secured bank debt.  The upgrade to the secured
term loan rating reflects the improved probability of default
rating of B1 as well as a reduced loss given default point
estimate (to LGD2 -- 20% from LGD3 -- 35%) resulting from the
increase in junior debt in the company's capital structure.  The
B3 rating for the proposed convertible senior subordinated notes
reflects the probability of default rating of B1 as well as the
loss given default assessment of LGD5 -- 77%), which reflects
its subordination to existing secured term financings and

obligations of Iconix's operating subsidiaries.

These ratings have been upgraded, and assessments amended:

  -- Probability of Default Rating to B1 from B2

  -- US$212.5 million secured term loan to Ba2 (LGD2 -- 20%)
     from B1 (LGD3 -- 35%).

These ratings have been affirmed:

  -- Corporate Family Rating: B1

These new ratings have been assigned:

  -- US$250 million Convertible Senior Subordinated Notes -- B3
     (LGD5 -- 77%)

Based in New York, NY, Iconix Brand Group, Inc. owns, licenses
and markets a portfolio of consumer brands including
CANDIE'S(R), BONGO(R), BADGLEY MISCHKA(R), JOE BOXER(R),
RAMPAGE(R), MUDD(R), LONDON FOG(R), MOSSIMO(R), OCEAN
PACIFIC(R), DANSKIN(R) and ROCAWEAR(R).  The group has
international licensees in Mexico, Japan and the United Kingdom.

JUROKU BANK: Auditors Ernst & Young ShinNihon Steps Down
--------------------------------------------------------
The Juroku Bank, Ltd., has announced the resignation of Ernst &
Young ShinNihon as of one of the auditors of the company on
June 22, 2007, Reuters Key Developments reports.

Deloitte Touche Tohmatsu will continue to be auditor of the
company.

Headquartered in Gifu Prefecture, Japan, Juroku Bank, Ltd. --
http://www.juroku.co.jp/ --  is a provider of financial
services to corporations, individuals and other groups. Its
banking services, provided through its main office and 149
offices, include deposit, loan, securities investment, trading
of product securities, domestic and international exchange,
underwriting of bonds, registration, derivative trading and
other related businesses. Through its seven subsidiaries, the
Bank is also involved in other financial businesses such as the
provision of leasing, credit cards, computer-related, trust
guarantee and loan and investment services.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings gave the bank a C individual rating on April 30, 2007.

JUROKU BANK: Reports 11% Decline in Net Income For Fiscal 2007
--------------------------------------------------------------
The Juroku Bank, Ltd., reported a net income of JPY13.68 billion
for the year ended Mar. 31, 2007, an 11.48% decrease from the
JPY15.45 billion net income posted for the year ended Mar. 31,
2006.

The bank will be releasing its full earnings report on June 21.

Headquartered in Gifu Prefecture, Japan, Juroku Bank, Ltd. --
http://www.juroku.co.jp/ --  is a provider of financial
services to corporations, individuals and other groups. Its
banking services, provided through its main office and 149
offices, include deposit, loan, securities investment, trading
of product securities, domestic and international exchange,
underwriting of bonds, registration, derivative trading and
other related businesses. Through its seven subsidiaries, the
Bank is also involved in other financial businesses such as the
provision of leasing, credit cards, computer-related, trust
guarantee and loan and investment services.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings gave the bank a C individual rating on April 30, 2007.

KANSAI URBAN: Earns JPY11.07 Billion For Year Ended Mar. 31
-----------------------------------------------------------
Kansai Urban Banking Corporation posted a net income of
JPY11.07 billion for the year ended March 31, 2007, a 26.90%
increase from the JPY8.73 billion posted for the year ended
March 31, 2006.

For 2007, the bank reported interest income of JPY65.05 billion
and interest expenses of JPY10.64 billion, resulting in a net
interest income of JPY54.40 billion, 9.20% better than the
JPY49.82 billion net interest income reported a year earlier.

The bank earned JPY4.54 billion in trading account profits as
against a trading account loss of JPY1.79 billion in 2006.

Kansai Urban Banking Corporation --
http://www.kansaiurban.co.jp/ -- is a Japanese bank
headquartered in Osaka. The Bank is chiefly involved in the
banking business, such as the provision of deposit, loan, and
domestic and foreign exchange services, as well as the
securities business. Through one of its subsidiaries, Kansai
Urban Banking is also engaged in the credit guarantee business.
Its operating locations are mainly based in the Kansai areas,
such as Osaka, Aichi, Mie, Shiga, Nara, Wakayama, Kyoto and
Hyogo, as well as Tokyo. The Bank's other business activities
encompass the leasing and credit card businesses. Kansai Urban
Banking has five domestic consolidated subsidiaries.

The Troubled Company Reporter - Asia Pacific reported that on
May 7, 2007, Moody's Investors Service assigned a D rating on
its banking financial strength rating.

KINTETSU CORPORATION: Earns JPY9.04 Billion For Fiscal 2007
-----------------------------------------------------------
Kintetsu Corporation reported a JPY9.04-billion net income for
the year ended Mar. 31, 2007, a 20.94% decrease from the
JPY11.44 billion net income reported for the year ended Mar. 31,
2006.

Sales for 2007 declined 2.79% to JPY286.41 billion.  Overhead
for the company rose 222.55% to JPY238.52 billion.  Operating
income, however, rose slightly to JPY47.89 billion from
JPY46.37 billion a year earlier.

The company's bottomline was slightly affected by the 28.12%
increase in income tax expenses to JPY5.5 billion and the 32.15%
increase in net non-operating expenses.

Kintetsu Corporation -- http://www.kintetsu.jp/-- is a Japan-
based company that is engaged in five business segments. The
Transportation segment is engaged in the railway, passenger
vehicle, taxi, autotruck, airfreight and marine businesses. The
Leisure Service segment is involved in the hotel, restaurant,
Japanese-style hotel, travel agency, advertising agency,
amusement park and theme park businesses, as well as sports
center ad facility management, movie theater operations and
building maintenance services. The Distribution segment is
engaged in the department store business, the retail business
and the automobile sale and repair business. The Real Estate
segment is involved in the real estate business. The Others
segment is engaged in the manufacturing, construction,
construction consulting, telecommunications, wired television
broadcasting, insurance and information processing businesses.
Headquartered in Osaka, the Company has 115 subsidiaries and 19
associated companies.

The Troubled Company Reporter -- Asia Pacific on March 01, 2005
reported that Standard & Poor's Ratings Services revised its
outlook to stable from negative on the long-term rating on
Kintetsu Corp. (BB+/Stable/--), reflecting lower risk to its
financial profile following successful business restructuring
and reduced support to group companies. At the same time,
Standard & Poor's affirmed its long-term rating on the company.

LOPRO CORP: Lower Non-Operating Losses Fuel 4% Narrower Net Loss
----------------------------------------------------------------
Lopro Corp. posted a JPY23.98-billion net loss for the year
ended Mar. 31, 2007, 3.92% narrower than the JPY24.96-billion
net loss posted for the year ended Mar. 31, 2006.

For 2007, the company posted a JPY25.45 billion interest income
and JPY3.68 billion interest expense resulting in a net interest
income of JPY21.77 billion, an improvement of 11.49% against
2006's JPY19.53 billion.

Lopro Corp. registered a JPY334.00 million other operating
expenses on top of a higher provision for loan losses, which
jumped 628.76% to JPY3.29 billion from JPY452.00 million a year
earlier.

The company suffered a 90.09% increase in overhead expenses,
giving it an operating loss of JPY2.24 billion for the year
ended Mar. 31, 2007, against an operating income position of
JPY7.06 billion a year earlier.  The company, however, was able
to trim down non-operating loss by 29.84% to JPY15.60 billion
from JPY22.24 billion a year earlier.

Headquartered in Kyoto, Japan, Lopro Corporation --
http://www.lopro.co.jp/-- is involved in the provision of
lending services and commercial bills, as well as the leasing of
real estate. It principally offers its services to small- and
medium-sized companies, as well as small-scale businesses. Its
major products include commercial bill discounts, as well as
unsecured loans on notes and deeds. As of April 1, 2006, the
Company merged with a consolidate subsidiary, which is primarily
engaged in the provision of credit assurance services.

Troubled Company Reporter - Asia Pacific said on Nov. 9, 2006,
that Fitch Ratings has affirmed its ratings on Lopro Corporation
as follows:

  * Long-term foreign and local currency issuer default
    ratings of BB; and

  *  Short-term foreign and local currency IDRs of B.

The outlook on the ratings is stable.

LOPRO CORPORATION: Enters Loan Assurance Business Via New Unit
--------------------------------------------------------------
Lopro Corporation has established a new wholly-owned Osaka-based
company on June 1, 2007, the company said in a disclosure with
the Tokyo Stock Exchange.

Lorpo said that MCAT Corp., with an initial paid-in capital of
JPY200 million, will be involved in the loan assurance business.

Headquartered in Kyoto, Japan, Lopro Corporation --
http://www.lopro.co.jp/-- is involved in the provision of
lending services and commercial bills, as well as the leasing of
real estate. It principally offers its services to small- and
medium-sized companies, as well as small-scale businesses. Its
major products include commercial bill discounts, as well as
unsecured loans on notes and deeds. As of April 1, 2006, the
Company merged with a consolidate subsidiary, which is primarily
engaged in the provision of credit assurance services.

Troubled Company Reporter - Asia Pacific said on Nov. 9, 2006,
that Fitch Ratings has affirmed its ratings on Lopro Corporation
as follows:

  * Long-term foreign and local currency issuer default
    ratings of BB; and

  *  Short-term foreign and local currency IDRs of B.

The outlook on the ratings is stable.

LOPRO CORPORATION: Names Kyoto Audit as New Auditors
----------------------------------------------------
Lopro Corporation has named Kyoto Audit Corp. as its new
auditors to replace MISUZU Audit Corp., the company said in a
disclosure with the Tokyo Stock Exchange.

The tenure of MISUZU Audit, which served as the company's
temporary independent auditor, will end on June 28, 2007.

Headquartered in Kyoto, Japan, Lopro Corporation --
http://www.lopro.co.jp/-- is involved in the provision of
lending services and commercial bills, as well as the leasing of
real estate. It principally offers its services to small- and
medium-sized companies, as well as small-scale businesses. Its
major products include commercial bill discounts, as well as
unsecured loans on notes and deeds. As of April 1, 2006, the
Company merged with a consolidate subsidiary, which is primarily
engaged in the provision of credit assurance services.

Troubled Company Reporter - Asia Pacific said on Nov. 9, 2006,
that Fitch Ratings has affirmed its ratings on Lopro Corporation
as follows:

  * Long-term foreign and local currency issuer default
    ratings of BB; and

  *  Short-term foreign and local currency IDRs of B.

The outlook on the ratings is stable.

M. FABRIKANT: Employs P. Solomon Company as Financial Advisor
-------------------------------------------------------------
M. Fabrikant & Sons Inc. and its affiliate, Fabrikant-Leer
International, Ltd., obtained from the U.S. Bankruptcy Court
for the Southern District of New York permission to employ
Peter J. Solomon Company as their financial advisor, nunc pro
tunc, to the bankruptcy filing.

P. Solomon will:

    a. familiarize itself to the extent it deems appropriate  
       and feasible with the business, operations, properties,
       financial condition and prospects of the Debtors, and,  
       to the extent relevant, any prospective buyer, it being
       understood that P. Solomon will, in the course of
       familiarization, rely entirely upon information supplied
       by the Debtors or other relevant parties, including the
       buyer and the Debtors' counsel, without assuming any
       responsibility for independent investigation of
       verification;

    b. assisit the Debtors in the preparation of descriptive
       information concerning the Debtors, based on information
       provided by the Debtors, teh reasonableness, accuracy
       and completeness of which information P. Solomon will
       not be required to investigate and about which the firm
       will express no opinion;

    c. review and analyze the business plans and financial
       projections prepared by the Debtors;

    d. evaluate the Debtors' liquidity needs, potential debt
       capacity and capitalization based on their projected
       earnings and cash flows;

    e. assist the Debtors with developing various financial
       models and projections to be used in conjunction with a
       transaction;

    f. assist the company with developing and presenting
       various reporting and informational requirements as may
       be required from time to time by its senior bank debt
       holders;

    g. advise and assist the Debtors in identifying and        
       contacting
       potential transaction sponsors;]

    h. assist the Debtors in conducting presentations and due
       diligence meetings with prospective transaction              
       sponsors;

    i. advise and assist the Debtors in developing a general
       strategy for accomplishing a transaction, as well as its
       form and structure;

    j. periodically advise the Debtors as to the status of
       dealings with any parties involved in a transaction and
       will advise and assist the Debtors in the course of its
       negotiations, execution and closing of any transaction;

    k. advise and assist management of the Debtors in making
       presentations to the Debtors' board of directors
       concerning general strategy and any proposed
       transaction;

    l. participate as an advisor to the Debtors in negotiating
       and implementing a transaction; and

    m. render other financial advisory services as may from
       time to time be agreed upon by P. Solomon and the
       Debtors.

The Debtors will pay P. Solomon:

    a. US$100,000 monthly advisory fee;

    b. reimbursement of all reasonable and actual out-of-pocket
       expenses; and

    c. commission-based fee based on either a restructuring,
       financing or sale transaction.

The Debtors assure the Court the P. Solomon does not hold or
represent an interest adverse to the estate, and that they are
disinterested persons.

The firm can be reached at:

              Peter J. Solomon Company
              520 Madison Avenue
              New York, NY 10022
              Telephone: (212) 508-1600
              Fax: (212) 508-1633
              http://www.pjsolomon.com/

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells & distributes diamonds and
jewelries.  Established in 1895, the Company is one of the
oldest diamond and jewelry wholesaler in the world, including
Japan, Canada, China, Thailand, Israel, Belgium and Italy.

The company and its affiliate, Fabrikant-Leer International,
Ltd., filed for chapter 11 protection on Nov. 17, 2006 (Bankr.
S.D.N.Y. Case Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel,
Esq., at Troutman Sanders LLP, represent the Debtors.  Alan D.
Halper, Esq., at Halperin Battaglia Raicht LLP, and Christopher
J. Caruso, Esq., at Moses & Singer, LLP, represent the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.

M. FABRIKANT: Court OKs Peter Solomon as Financial Advisor
----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York gave M. Fabrikant & Sons Inc. and its debtor-affiliate,
Fabrikant-Leer International Ltd. permission to employ Peter J.
Solomon Company as their financial advisor.

As the Debtors' financial advisor, PJSC is expected to:

a) familiarize itself to the extent it deems appropriate and  
    feasible with the business, operations, properties,
    financial  condition and prospects of the company, and, to
    the extent relevant, any prospective Buyer, it being
    understood that PJSC shall, in the course of such
    familiarization, rely entirely upon such information as may
    be supplied by the company or other relevant parties,
    including such buyer and the company's counsel, without
    assuming any responsibility for independent investigation
    or verification thereof;

b) assist the company in the preparation of descriptive
    information concerning the company, based upon information
    provided by the company, the reasonableness, accuracy and
    completeness of which information PJSC will not be required
    to investigate and about which PJSC will express no
    opinion;

c) review and analyze the business plans and financial  
    projections prepared by the company;

d) evaluate the company's liquidity needs, potential debt
    capacity and capitalization based on the company's
    projected earnings and cash flows;

e) assist the company with developing various financial models
    and projections to be used in conjunction with a
    Transaction;

f) assist the company with developing and presenting various
    reporting and informational requirements as may be required
    from time to time by its Senior Bank Debt holders;

g) advise and assist the company in identifying and contacting
    potential Transaction sponsors;

h) assist the company in conducting presentations and due
    diligence meetings with prospective Transaction sponsors;

i) advise and assist the company in developing a general
    strategy for accomplishing a Transaction, as well as its
    form and structure;

j) advise the company as to the status of dealings
    with any parties involved in a Transaction and will advise
    and assist the company in the course of its negotiations,
    execution and closing of any Transaction;

k) advise and assist management of the company in making
    presentations to the company's board of directors
    concerning general strategy and any proposed Transaction;

l) participate as an advisor to the company in negotiating and
    implementing a Transaction;

m) render such other financial advisory services as may from
    time to time be agreed upon by PJSC and the company.

The firm is entitled to receive as compensation:

a) a US$100,000 monthly advisory fee:

b) reimbursement of all reasonable and actual out of pocket
    expenses;

c) a commission based fee, based on either a restructuring,
    financing or sale transaction.

Mr. Stein, a Managing Director at PJSC, assures the Court that
he does not hold any interest materially adverse to the interest
of the Debtors' estate and is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells & distributes diamonds and
jewelries.  Established in 1895, the Company is one of the
oldest diamond and jewelry wholesaler in the world, including
Japan, Canada, China, Thailand, Israel, Belgium and Italy.
The company and its affiliates, Fabrikant-Leer International,
Ltd., filed for chapter 11 protection on Nov. 17, 2006 (Bankr.
S.D.N.Y. Case Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel,
Esq., at Troutman Sanders LLP, represent the Debtors.  Alan D.
Halper, Esq., at Halperin Battaglia Raicht LLP, and Christopher
J. Caruso, Esq., at Moses & Singer, LLP, represent the Official
Committee of Unsecured Creditors.  When the Debtors filed for
protection from their creditors, they listed estimated assets
and debts of more than US$100 million.

NOMURA ASSET: Moody's Lowers Ratings on Five Certificate Classes
----------------------------------------------------------------
Moody's Investors Service has downgraded and maintained on
review for possible further downgrade five classes of
certificates, and placed on review for possible downgrade
twenty-five classes of certificates from five transactions
issued by Nomura Asset Acceptance Corporation, Alternative Loan
Trust in 2006.  These actions are based on the analysis of the
credit enhancement provided by subordination,
overcollateralization and excess spread relative to the expected
loss.  These transactions are backed by closed end second lien
loans, and have seen recent losses that have exceeded the excess
spread available thereby depleting the overcollateralization.

Complete rating actions are:

Issuer: Nomura Asset Acceptance Corporation, Alternative Loan
Trust

Downgrade and Review for Possible Downgrade:

   * Series 2006-S1, Class B-5, Downgraded to Caa1 from Ba2 and
     on review for possible further downgrade;

   * Series 2006-S2, Class B-4, Downgraded to B3 from Ba1 and
     on review for possible further downgrade;

   * Series 2006-S2, Class B-5, Downgraded to Caa1 from Ba2 and
     on review for possible further downgrade;

   * Series 2006-S3, Class B-5, Downgraded to Caa1 from Ba2 and
     on review for possible further downgrade;

   * Series 2006-S5, Class M-10, Downgraded to Caa1 from Ba1
     and on review for possible further downgrade.

Review for Possible Downgrade:

   * Series 2006-S1, Class B-1, Current rating A3, on review
     for possible downgrade;

   * Series 2006-S1, Class B-2, Current rating Baa2, on review
     for possible downgrade;

   * Series 2006-S1, Class B-3, Current rating Baa3, on review
     for possible downgrade;

   * Series 2006-S1, Class B-4, Current rating Ba1, on review
     for possible downgrade;

   * Series 2006-S2, Class M-4, Current rating A1, on review
     for possible downgrade;

   * Series 2006-S2, Class M-5, Current rating A2, on review
     for possible downgrade;

   * Series 2006-S2, Class M-6, Current rating A3, on review
     for possible downgrade;

   * Series 2006-S2, Class B-1, Current rating Baa1, on review
     for possible downgrade;

   * Series 2006-S2, Class B-2, Current rating Baa2, on review
     for possible downgrade;

   * Series 2006-S2, Class B-3, Current rating Baa3, on review
     for possible downgrade;

   * Series 2006-S3, Class M-4, Current rating A1, on review
     for possible downgrade;

   * Series 2006-S3, Class M-5, Current rating A2, on review
     for possible downgrade;

   * Series 2006-S3, Class M-6, Current rating A3, on review
     for possible downgrade;

   * Series 2006-S3, Class B-1, Current rating Baa1, on review
     for possible downgrade;

   * Series 2006-S3, Class B-2, Current rating Baa2, on review
     for possible downgrade;

   * Series 2006-S3, Class B-3, Current rating Baa3, on review
     for possible downgrade;

   * Series 2006-S3, Class B-4, Current rating Ba1, on review
     for possible downgrade;

   * Series 2006-S4, Class B-1, Current rating Baa1, on review
     for possible downgrade;

   * Series 2006-S4, Class B-2, Current rating Baa2, on review
     for possible downgrade;

   * Series 2006-S4, Class B-3, Current rating Baa3, on review
     for possible downgrade;

   * Series 2006-S5, Class M-5, Current rating A1, on review
     for possible downgrade;

   * Series 2006-S5, Class M-6, Current rating A3, on review
     for possible downgrade;

   * Series 2006-S5, Class M-7, Current rating Baa1, on review
     for possible downgrade;

   * Series 2006-S5, Class M-8, Current rating Baa2, on review
     for possible downgrade;

   * Series 2006-S5, Class M-9, Current rating Baa3, on review
     for possible downgrade.

SAMSONITE CORP: April 30 Balance Sheet Upside-Down by US$224.7MM
----------------------------------------------------------------
Samsonite Corporation's balance sheet as of April 30, 2007,
showed total assets of US$643.8 million, total liabilities of
US$843 million and minority interest of US$25.5 million,
resulting in a total stockholders' deficit of US$224.7 million.

                 Liquidity and Capital Resources

At April 30, 2007, the company had consolidated cash of US$51.2
million and net working capital of US$172.8 million.  The
company believes its cash and working capital levels are
adequate to meet the operating requirements of the company for
at least the next 12 months.

The company's primary sources of liquidity are its cash flows
from operations and cash availability under its senior credit
facility.  During the three months ended April 30, 2007, the
company's net cash used in operations was US$1.7 million
compared to cash provided by operations of US$14.9 million
during the three months ended April 30, 2006.

The company's senior credit facility consists of a term loan
arrangement with US$450 million borrowed as of April 30, 2007
and an US$80 million revolving credit facility.  The revolving
credit facility consists of US$50 million, which may be borrowed
by the company and Euro 22.7 million, which may be borrowed by
the company's European subsidiary.  As of April 30, 2007, there
was US$25.5 million available under the company's revolving
credit facility and the full amount of the European portion of
the revolving credit facility was available.

                      First Quarter Results

Revenue were US$264.7 million, operating income of US$19.4
million and net loss to common stockholders of US$3 million for
the quarter ended April 30, 2007.  These results compare to
revenue of $241 million, operating income of US$19.1 million and
net income to common stockholders of US$1 million for the first
quarter of the prior year. Net income for the prior year
includes a benefit of US$1.4 million, relating to the cumulative
effect of an accounting change.  

Operating income reflects deductions for restructuring charges
of US$1.3 million in fiscal 2008 and an asset impairment charge
of US$1.6 million in fiscal 2007.  In fiscal year 2008, these
charges relate to the planned closure of the company's Denver,
Colorado facilities and related consolidation of its corporate
functions in its Mansfield, Massachusetts office and the planned
relocation of distribution functions from the company's Denver
facilities to the southeast region of the U.S.  The prior year
asset impairment relates to the closure of the company's
manufacturing plant in Samorin, Slovakia.

A full-text copy of the company's first quarter report is
available for free at http://ResearchArchives.com/t/s?20f5

                       ERP Software System

During the first quarter of fiscal 2008, the company implemented
its new ERP software system in the United States and, as a
result, experienced a slowdown in customer order processing and
product shipments in the region.  

The company estimates that its reported North American sales for
the quarter ended April 30, 2007, were adversely affected by
about US$9.5 million due to customer order cancellations and
retail inventory shortages in its company-operated retail stores
due to the slowdown in product shipments.  Subsequent to
quarter-end the company's operations in the United States
returned to near normal levels of customer order processing and
product shipments.

Chief executive officer, Marcello Bottoli, stated: "The company
had a solid first quarter, delivering robust sales growth,
significant gross margin improvement and good progress in
working capital efficiency.  Net first quarter sales rose 9.8%
year-on-year, while quarterly gross margins increased 200 basis
points to 53.1%, compared to prior year.  Sales growth of
US$23.7 million to US$264.7 million was achieved despite an 11%
sales decline in North America, where implementation of our new
ERP software in the United States slowed shipments for a portion
of the quarter. Subsequent to quarter end, the United States
resumed more normal shipping patterns.  Overall, I am pleased
with this performance, which demonstrates continued progress in
the implementation of our strategic plan."

Richard Wiley, chief financial officer, commented:  "The
company's strategy of streamlining operations while delivering
top line growth contributed to a 5.4% year-on-year increase in
first quarter Adjusted EBITDA, to US$30.8 million.  The 5%
increase in first quarter sales on a constant currency basis
compared to the prior year was driven primarily by economic
growth in Asia, price increases in Europe and contributions from
joint ventures in Asia and the U.S. that were completed in the
second quarter of fiscal 2007.  Execution of our strategic plan
to improve margins resulted in a 200 basis point increase in
gross profit margins to 53.1% in the first quarter from 51.1% in
the prior year.  This was driven by a combination of price
increases, improved sales mix and lower fixed manufacturing and
direct product costs.  In the last twelve months, average net
working capital efficiency improved 70 basis points over the
prior year to 15.5% of sales as of April 30, 2007.  The
company's debt net of cash position as of April 30, 2007 was
US$430.5 million."

                         About Samsonite

Samsonite Corporation (OTC Bulletin Board: SAMC.OB) --
http://www.samsonite.com/-- manufactures, markets and
distributes luggage and travel-related products.  The company's
owned and licensed brands, including Samsonite, American
Tourister, Trunk & Co, Sammies, Hedgren, Lacoste and Timberland,
are sold globally through external retailers and 284 company-
owned stores.  Executive offices are located in London.  The
company has global locations in Aruba, Australia, Costa Rica,
Indonesia, India, Japan, and the United States among others.  
Executive offices are located in London, England.

SEPP'S GOURMET: Posts US$407,000 Net Loss in Qtr. Ended April 30
----------------------------------------------------------------
Sepp's Gourmet Foods Ltd. Disclosed results for the three and
nine months ending April 30, 2007.

                       Nine months

Sales for the nine months ending April 30, 2007, were
US$20.6 million, up 10.7% from the US$18.7 million in the
comparable period last year

Gross profit decreased to US$2.2 million (10.8% of sales) in the
first nine months from the US$2.5 million (13.2%) in the
comparable period last year due to higher freight and
depreciation expense, higher levels of plant supervisory
personnel, the appreciation of the Canadian dollar vis-a-vis the
US dollar, and start-up costs and inefficiencies associated with
moving the B.C. plant.  Selling, general and administration
expenses were US$2.6 million (12.7% of sales) for the nine month
period compared to US$2.4 million (12.7%) in the same period in
2006.  The dollar increase in selling, general and
administrative expenses was due to higher commissions and
product promotional expenses.

                  Old Facility Shut Down

During the period the company shut down its Burnaby facility and
relocated it to Delta, another suburb of Vancouver.  The shut
down of the old Burnaby plant, and relocation and start-up of
the new facility had a negative impact on earnings during the
period.  Net loss for the first nine months 2007 was US$1.1
million compared to US$584,000 last year.  The loss was due to
higher costs associated with freight, storage and utility
expenses, higher depreciation charges due to new equipment in
the Ontario factory, the recent appreciation of the Canadian
dollar, and the shut down, relocation, and start-up of the
Company's British Columbia facilities.

During the nine months ending April 30, 2007, the company
generated cash flow from operating activities of US$719,000
compared to US$1.3 million in the comparable period last year.  
This decrease was due to lower net income and a reduction in
non-cash working capital.

                      Three months

Sales for the three months ending April 30, 2007 were
US$7.2 million, up 21% from the US$6.0 million in the comparable
period last year.  The increase is attributable to increased
sales to existing customers and shipments to new customers.

Gross profit increased to US$712,000 (9.9% of sales) in the
three months from the US$622,000 (10.4%) in the comparable
period last year, despite higher freight and depreciation
expense, the appreciation of the Canadian dollar and the shut
down, relocation, and start-up of the Company's British Columbia
locations.

Net loss for the three months was US$407,000 compared to
US$393,000 last year.  The loss was due to high costs associated
with freight, storage and utility expenses, the shut down,
relocation, and start-up of the company's British Columbia
facilities, and higher interest charges.

                    Change of Lenders

In May 2006, the company changed lenders such that both its
operating debt and long-term debt would be held by one lender
having senior security over all assets.  This change helps the
company administratively and offers a better cost structure.

Under the terms of lender's standard long-term bank loan the
lender has the ability to demand repayment of the facility and
therefore under generally accepted accounting principles (EIC
122) it is classified as a demand loan and is required to be
shown on the balance sheet as a current liability.

Thus, the full US$2.1 million of the long-term debt is included
in current liabilities.  Partly as a result of this accounting
treatment, the company had a working capital deficit of
US$3.0 million at April 30, 2007 up from a working capital
deficit of US$2.3 million at July 31, 2006.

                      Debt Financing

During the first nine months of 2007 the company undertook a
debt financing with two major shareholders comprised of two
letters of credit totaling US$1 million with share purchase
warrants.  The second shareholder loan is due in excess of 12
months and thus is treated as long-term.  The company's total
interest bearing debt was US$7.3 million, up from the US$5.9
million at July 31, 2006.

       Non Compliance with Working Capital Covenant

The working capital ratio was 0.62:1 at April 30, 2007 compared
to 0.65:1 at July 31, 2005.  The working capital ratio is below
the bank required 1.1:1 due to the inclusion of all of the long-
term debt in current liabilities and to the losses experienced
year-to-date.  For the nine month period, the company's debt
coverage ratio was 0.99:1 below the bank required 1.25:1.  
However for the three month period ending April 30, 2007 the
debt coverage ratio was 1.40:1, above the bank required 1.25:1.

The company is not in compliance with the debt to tangible net
worth ratio as it was 2.59:1 at April 30, 2007, slightly above
the bank required 2.5:1.  The shareholder loans and convertible
debentures are not considered "debt" for the purposes of this
calculation but are viewed as "equity" as they originate from
shareholders and have equity conversion rights.

The company's bank is aware of these financial ratios.  Due to
the demand nature of the loan, and the requirement under EIC
Abstract 122 that it be brought into current liabilities in its
entirety, the company has not requested a waiver letter.  The
company expects to be below the working capital covenant during
the remainder of fiscal 2007.

                           Comments

Mr. Tom Poole, President and CEO, stated: "The past nine months
has seen the Company undertake two major strategic initiatives:
the relocation of its Burnaby operation into a larger, newer,
more efficient plant; and the start-up of the 50% owned Willow
Road waffle and pancake facility located in Oklahoma.  These two
initiatives give the company the added production capacity to
meet increasing orders. During that same nine month period, the
company launched two new categories of products - mini-waffles
and French Toast Stix."

He went on to say, "The Company's greatest operating challenge
is to work to improve operating efficiency to offset increasing
cost pressures associated with input prices and freight costs.  
With three manufacturing facilities located in the Northern,
Southern and Western parts of North America, the Company is
positioned to deal with these escalating costs and currency
fluctuations."

"The past five years has seen Sepp's become known as a well
established, reliable private label manufacturer.  In due
course, our recent initiatives, coupled with our established
reputation and our commitment to service and quality will
deliver a return to positive financial results."

                      About Sepp's Gourmet

Sepp's Gourmet Foods Ltd. -- http://www.seppsfoods.com/ --
(TSX:SGO) produces and markets specialty prepared foods for the
retail grocery and food service sectors in North and South
America, and Asia, including Iceland, Mexico and Japan.

STRATOS INTERNATIONAL: Earns US$604,000 in Fourth Quarter 2007
------------------------------------------------------------
Stratos International Inc.'s net income for the fourth quarter
ended April 30, 2007, was US$604,000, as compared with a net
loss for the fourth quarter of fiscal 2006 of US$418,000.  The
net income attributable to common stockholders for the fourth
quarter of fiscal 2007 was US$587,000.  By comparison, in the
fourth quarter of fiscal 2006, Stratos reported a net loss
attributable to common stockholders of US$1.3 million.  

Sales for the fourth quarter of fiscal 2007 were
US$25.5 million.  Stratos also recorded license fees and royalty
income of US$596,000.  Total revenues were US$26 million in the
fourth quarter of fiscal 2007, a 26% increase over total
revenues of $20.7 million in the fourth quarter of fiscal 2006.

                      Full Year Results

Net income for the full year 2007 was US$1.6 million, as
compared with a net loss for the full year 2006 of
US$2.6 million.  The net income attributable to common
stockholders for the fiscal year ended April 30, 2007, was
US$1.3 million.  By comparison, for the fiscal year ended
Apr. 30, 2006, Stratos reported a net loss attributable to
common stockholders of US$4 million.

Sales for the fiscal year ended April 30, 2007 were
US$91.7 million.  Stratos also recorded license fees and royalty
income of US$1.1 million.  For comparison, sales for the fiscal
year ended April 30, 2006, were US$79 million, and license fees
and royalties were US$540,000.  Total revenues for the fiscal
year 2007 were US$92.7 million, as compared with total revenues
of US$79.6 million for the fiscal year 2006.

As of April 30, 2007, the company listed US$99.5 million total
assets and US$12.8 million total liabilities, resulting in
US$86.7 million total stockholders' deficit.

               Liquidity and Capital Resources

Common shares outstanding as of April 30, 2007 were 14,500,494
shares.  Cash and short-term investments at April 30, 2007, were
US$33.6 million compared to US$30.7 million at April 30, 2006.  
Capital expenditures were US$300,000 in the fourth quarter of
fiscal 2007, and US$1.1 million in the full fiscal year 2007,
compared to US$200,000 in the fourth quarter of fiscal 2006, and
US$1 million in the full fiscal year 2006.

Fourth quarter and fiscal year results are preliminary, as the
company's auditors have not completed their year-end audit.

Andy Harris, president and chief executive officer of Stratos,
remarked, "Our fourth quarter results reflect the strength of
the company we have built over the last several years.  Our goal
has been to continue to unlock value in this company by
improving operations and turning this company profitable."  

                 About Stratos Corporation

Headquartered in St. John's, Newfoundland, Canada, with
executive offices in Bethesda, Maryland, Stratos Corporation
(Nasdaq: STLW) -- http://www.stratosglobal.com/-- is a publicly
traded company that provides a range of mobile and fixed-site
remote communications solutions for users operating beyond the
reach of traditional networks.  The company has offices in
Canada, Brazil, the United Kingdom, Norway, Germany, the
Netherlands, Sweden, Italy, Spain, Turkey, Russia, Kenya, South
Africa, United Arab Emirates, India, Hong Kong, Japan,
Singapore, Australia and New Zealand.

                         *     *     *

As reported in the Troubled Company Reporter 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.  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.

XERIUM TECH: Fracasso Promoted as Brazilian Unit President
----------------------------------------------------------
Xerium Technologies Inc. disclosed that Eduardo Fracasso has
been promoted to the position of president - Xerium Brazil,
reporting directly to Thomas Gutierrez, chief executive officer
of Xerium Technologies.  

Mr. Fracasso has been with the company in Brazil for nearly 18
years, most recently as operational director.  Miguel Qui¤onez,
the company's president - Xerium South America, who notified the
company of his plans to retire effective Dec. 31, 2007, will
retain direct responsibility for the company's operations in
Argentina and continue to mentor Mr. Fracasso.

"I am pleased to welcome Eduardo to the executive team," Thomas
Gutierrez, chief executive officer of Xerium Technologies, said.
"I believe that his many years of operational experience with
the company in Brazil will serve him and the company well as he
takes on the responsibilities of his new position."

Xerium Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of products used primarily
in the production of paper: clothing and roll covers.  The
company, which operates around the world under a variety of
brand names, owns a broad portfolio of patented and proprietary
technologies to provide customers with tailored solutions and
products integral to production, all designed to optimize
performance and reduce operational costs.  With 33 manufacturing
facilities in 14 countries around the world, including Austria,
Japan, and Brazil, Xerium Technologies has approximately 3,800
employees.  

                         *     *     *

As reported in the Troubled Company Reporter on Feb. 13, 2007,
Moody's Investors Service downgraded Xerium Technologies':
Corporate Family Rating, to B2 from B1; Senior Secured Term
Loan, to B2 from B1; Senior Secured Revolving Credit Facility,
to B2 from B1; and Probability of Default Rating, to B2 from B1.

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

NOVELIS INC: Holders Tender US$10,717,000 of Senior Notes
---------------------------------------------------------
Novelis Inc. announced the expiration, at 8:00 a.m., New York
City time, of the tender offer relating to its US$1.4 billion
principal amount of 7-1/4% Senior Notes due 2015 and the
solicitation of consents to the proposed amendments to the
indenture governing the senior notes.  The tender offer and
consent solicitation was conditioned upon, among other things,
receipt of consents to the proposed amendments from holders of a
majority of the outstanding senior notes.  As of the expiration
of the tender offer, US$10,717,000 aggregate principal amount of
senior notes and related consents had been validly tendered
pursuant to the tender offer.  Accordingly, as of the expiration
of the tender offer, the condition had not been satisfied and
Novelis will not accept any tendered notes for payment.  All
senior notes tendered pursuant to the tender offer will be
returned promptly to the holders, and the indenture governing
the senior notes will not be amended.

Novelis also reported the extension of the expiration date of
its previously announced change of control offer to 5:00 p.m.,
New York City time, on June 27, 2007.  The original change of
control offer expiration date was 8:00 a.m., New York City time,
on June 15, 2007.  As of the original change of control offer
expiration date, US$60,000 aggregate principal amount of senior
notes had been validly tendered pursuant to the change of
control offer.  All senior notes validly tendered pursuant to
the change of control offer prior to the extended expiration
date will be entitled to receive the offer consideration of
US$1,010 per US$1,000 principal amount of senior notes.

The company asserted that the change of control offer as
described in the Offer to Purchase and Consent Solicitation
Statement dated May 16, 2007, remains unchanged.

UBS Investment Bank and ABN AMRO Incorporated are acting as
dealer managers in connection with the change of control offer.  
Questions about the change of control offer may be directed to
the Liability Management Group of UBS Investment Bank at (888)
722-9555 ext. 4210 (toll free) or (203) 719-4210 (collect) and
to Robert Silverschotz at ABN AMRO Incorporated at (212) 409-
6862.  Requests for documentation should be directed to Global
Bondholder Services Corporation, the information agent in
connection with the change of control offer, at (212) 430-3774
or (866) 807-2200 (toll free).  The depositary for the change of
control offer is The Bank of New York Trust Company, N.A.

                        About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional   
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Jun 08, 2007,
that Standard & Poor's Ratings Services affirmed all of its
ratings on Novelis Inc., including the 'BB-' long-term corporate
credit rating, and removed the ratings from CreditWatch with
developing implications, where they were placed Feb. 12, 2007.

The outlook is negative.

On Feb. 16, 2007, Fitch Ratings placed the Issuer Default
Ratings or IDR of 'B' for Novelis Inc. and its subsidiary
Novelis Corp. on Rating Watch Negative. The company's senior
secured bank debt ratings and senior unsecured debt ratings that
were affirmed are:

Novelis Inc.

  -- Senior secured revolver and term loan at 'BB/
     Recovery Rating (RR) 1'; and

  -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

  -- Senior secured revolver and term loan B at 'BB/RR1'.

SK CORPORATION: Shuts Down Crude Distillation Unit
--------------------------------------------------
SK Corp. will shut down its No.5 260,000 barrels per day (bpd)
crude distillation unit for unplanned maintenance at the end of
July, Reuters Key Developments reports.

                      About SK Corp

Headquartered in Seoul, South Korea, SK Corp. --
http://eng.skcorp.com/-- is an energy and petrochemical company   
with 4,916 employees and 22 offices around the world in 2005.  
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations,
including Peru, London and the United States.

The Troubled Company Reporter - Asia Pacific reported that on
Feb. 20, 2006, Moody's Investors Service has placed on review
for possible upgrade the Ba1 long-term rating of SK Corp.

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

DAY INTERNATIONAL: Moody's Withdraws Low-B Ratings
--------------------------------------------------
Moody's Investors Service withdrew the long-term debt ratings of
Day International Group, Inc. following the acquisition of the
company by Flint Group and the refinancing of the rated
facilities.

These ratings are affected:

   * The B1 Corporate Family Rating;

   * The B1 Probability of Default Rating;

   * The Ba3 (LGD3, 34%) rated US$25 million senior secured
     revolver due 2011;

   * The Ba3 (LGD3, 34%) rated US$186 million senior secured
     term B loan due 2012;

   * The Ba3 (LGD3, 34%) rated Euro term loan;

   * The B3 (LGD5, 86%) rated US$114 million senior secured
     second lien term loan due 2013;

   * The B3 (LGD6, 98%) rated US$52 million 12.25% senior
     exchangeable preference stock due 2010.

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

DYNEA CANADA: Moody's Puts Corporate Family Rating at B2
--------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
to Dynea Canada Ltd., a North American producer of formaldehyde
resins and paper overlays.

In addition, Moody's assigned these ratings to the company's
proposed debt offerings: US$20 million senior secured first lien
revolver and US$200 million senior secured first lien term loan
at Ba3, and US$30 million senior secured second lien term loan
at B3.

Proceeds from the debt offering, combined with approximately
$15 million of straight equity and US$140 million of levered
equity capital contributions from Teachers' Private Capital,
will be used to acquire the business from Dynea Chemicals Oy for
US$350 million, representing a 6.7x EBITDA multiple.

The additional funds will provide roughly US$20 million of cash
on the balance sheet at the closing and cover fees and expenses.  
The transaction is expected to close in mid-July 2007.  The
rating outlook is stable.  This is the first time Moody's has
rated the debt of Dynea Canada Ltd.

Assignments:

Issuer: Dynea Canada Ltd.

   * First Lien Guaranteed Senior Secured Revolving Credit
     Facility, Assigned Ba3, LGD2 - 28%

   * First Lien Guaranteed Senior Secured Term Loan,
     Assigned Ba3, LGD2 - 28%

   * Second Lien Guaranteed Senior Secured Term Loan,
     Assigned B3, LGD4 - 61%

The B2 corporate family rating reflects Dynea's high leverage
with expected Debt/EBITDA of 7.2x and Debt/Capital of 95% at the
closing of the transaction, based on Moody's adjusted financial
metrics, limited product diversity, significant exposure to the
housing and remodeling markets in North America, exposure to
volatile raw materials, and the need to improve its accounting
system to provide detailed information by customer and product
to management.  The ratings are supported by Dynea's solid
operating performance in 2006 and in the first quarter of 2007,
its position as one of the three largest producers of
formaldehyde resins in North America, its leading market
position in overlays, the regional characteristics of this
business, its broad operational footprint, and the ability to
expand its specialty products and applications.  The key rating
factors for the company are management strategy, financial
strength and business profile.

While the vast majority of the company's resin products are
commodity or quasi-commodity in nature, competition is limited
due to low product prices relative to shipping costs and short
product shelf lives.  However, given the severe downturn in the
housing and remodeling markets, as well as the substantial
decline in oriented strand board prices, resin volumes and
margins could materially decline from current levels as
customers scale back production further and seek to reduce raw
material costs and the formaldehyde resin industry's capacity
utilization rate declines. Dynea's new Sexsmith, Alberta plant,
which in Moody's opinion is a good long-term investment, will
likely add to the short term over-supply situation in the
industry.

The stable outlook reflects Moody's base case expectation that
the current downturn in the housing and remodeling markets will
not result in a sustained reduction in margins and cause
operating cash flow to remain below US$20 million.  Additionally
it assumes that Dynea will not meaningfully increase debt nor
pursue significant acquisitions in the near term and that credit
metrics will moderately improve in 2008 and 2009.  The outlook
also reflects our anticipation that Dynea will encounter minimal
problems as it transitions to a stand-alone company outside of
DC Oy and be able to maintain its current market share with key
customers.  If the company is able to increase EBITDA above
US$60 million on a sustained basis over the next 12-18 months,
we will assess the appropriateness of a higher corporate family
rating. Conversely, the rating could be lowered if the company
were to experience a more severe industry downturn, face
unforeseen operational difficulties, or were free cash flow to
be negative by more than US$15-20 million during the first year
of operation.

Dynea Canada is a subsidiary of Dynea International Oy --
http://www.dynea.com/-- which provides adhesion and surfacing
solutions.  In 2005, Dynea had revenues of EUR1.2 billion.  
After the transaction Dynea has 39 production units and some
2,200 employees in 23 countries in including Malaysia, Ukraine
and Brazil.

FCW HOLDINGS: Securities Commission Approves Reform Plan
--------------------------------------------------------
FCW Holdings Bhd obtained the Securities Commission's approval
to implement various proposals under its restructuring plan.

In a disclosure with the Bursa Malaysia Securities Commission,
the company said that the SC approved:

A. Proposed Capital Restructuring

  Proposed restructuring of the issued and paid-up share
  capital of FCW under Section 64 of the Companies Act, 1965,
  which involves:

  a. Cancellation of MYR0.40 of the par value of each existing
     ordinary share of MYR0.50 each in FCW and the subsequent
     consolidation of every 5 resultant ordinary shares of
     MYR0.10 each into 1 ordinary share of MYR0.50 each;

  b. Utilization of the credit from the Proposed Capital
     Cancellation together with the audited share premium
     reserve of FCW of MYR9.01 million as at June 30, 2006 to
     reduce the accumulated losses of FCW;

B. Proposed Rights Issue

  Renounceable rights issue of up to 185,772,800 new ordinary
  shares of MYR0.50 each in FCW together with up to 74,309,120
  new detachable warrants for free, on the basis of 5 Rights
  Shares together with 2 free warrants for every 2 FCW shares
  held after the Proposed Capital Restructuring, at an issue
  price of MYR0.50 per Rights Share;

C. Proposed Acquisitions

  a. Acquisition by Federal Telecommunications Sdn Bhd, a
     wholly owned subsidiary of FCW, from Goh Ban Huat Berhad
     of all the pieces of freehold land held under Geran Mukim
     1452 Lot 4722 and Geran Mukim 335 Lot 32661, both in the
     Mukim of Batu, Daerah Kuala Lumpur, Negeri Wilayah
     Persekutuan together with 9 independent blocks of
     warehouses erected thereon bearing postal address Lot
     32661, Jalan Segambut, 51200 Kuala Lumpur; and

  b. Acquisition by FCW Industries Sdn Bhd, a wholly
     owned subsidiary of FCW, from GBH Clay Pipes Sdn Bhd, a
     wholly owned subsidiary of GBH, of a piece of freehold
     land held under Geran Mukim 6242 Lot 54833, Mukim of Batu,
     Daerah Kuala Lumpur, Negeri Wilayah Persekutuan together
     with a single storey office with 4 adjoining single-storey
     factories erected thereon bearing postal address 368,
     Jalan Segambut, 51200 Kuala Lumpur; and

D. Listing of and quotation for the consolidated shares to be
  issued under the Proposed Capital Restructuring, Rights
  Shares and warrants to be issued under the Proposed Rights
  Issue, and the new FCW shares to be issued upon the exercise
  of the warrants.

  The approval of the SC is subject to these conditions:

  a.     The Proposed Acquisitions are to be inter-conditional  
     with the Proposed Capital Restructuring and Proposed  
     Rights Issue;

  b. Further equity condition may be imposed after reviewing
     FCW's equity structure 3 years from the date of the
     implementation of the Proposals.  In this respect,
     CIMB/FCW is required to submit the effective equity
     structure of FCW 3 years after the date of completion of
     the Proposals, together with the latest audited financial
     accounts of FCW;

  c. CIMB/FCW is to fully comply with the relevant
     requirements pertaining to the implementation of the  
     above Proposals as stipulated in the Policies and
     Guidelines on Issue/Offer of Securities; and

  d. CIMB/FCW is to inform the SC upon completion of the
     Proposals.

In addition, the SC approved the Proposals pursuant to the
Guideline on the Acquisition of Interests, Mergers and Take-
Overs by Local and Foreign Interests as well as Guideline on the
Acquisition of Properties by Local and Foreign Interests.

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.  
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.

On May 5, 2006, the Troubled Company Reporter - Asia Pacific
reported that FCW Holdings was classified under Bursa Malaysia
Securities Berhad's Practice Note 17 category since the
company's shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the company
was required to submit a plan to regularize its financial
condition.

MP TECHNOLOGY: Updates on Appointment of Receivers to Units
-----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
June 19, 2007, that MP Technology Resources Bhd's units received
from CIMB Bank Bhd a letter containing the appointment of
receiver and manager to its subsidiaries.

According to the company's disclosure with the Bursa Malaysia
Securities Bhd, Eng Zan Machinery & Trading Sdn Bhd and MP Tech
Compounding & Extrusion Sdn Bhd have received their letter from
Guan & Associates on May 21, 2007, stating that Saw Eng Guan has
been appointed by CIMB Bank as Receiver and Manager for the
companies.

The bourse, however, asked for more information regarding the
company's association with its subsidiaries and the events
leading to the default.

In an update, the company informed the bourse that CIMB Berhad
provided to Eng Zan. an overdraft loan which amounted to
approximately MYR3.35 million.  In addition, CIMB also granted
MP Tech Compounding a loan of approximately MYR2.1 million.

The company also informed the bourse that the two units
defaulted on their payments due to financial constraints it
faced.

MP Tech also told the bourse that on May 21, 2007, R & M took
possession of the factories of Eng Zan and MPCE, where no
operations were allowed to carry on.  This has substantial
impact to the daily operations of these subsidiaries and also to
meet the day-to-day overheads, i.e., salaries of staff, EPF and
SOCSO contributions together with and others.  Moreover, the
Receivers fees are also to be accounted for in due course.
           

MP Technology Resources Berhad's principal activities are
manufacturing of plastic bags, plastic injection mouldings,
other plastic products, rotogravure, manufacturing and
reconditioning of various plastic and related equipment.  Other
activities include trading in plastic resins, compounding and
recycle materials, manufacturing in printing drums for plastic
and packaging industries and investment holding.

The Group operates in Malaysia.

On Jan. 26, 2007, MP Technology Resources Bhd was listed as an
affected issuer to the Amended PN17 category of the Bursa
Malaysia Securities Bhd after posting a MYR66.7-million
shareholders' deficit for the financial year ended Nov. 30,
2006.

PAN MALAYSIA: Upali Group Completes Dissolution on May 27
---------------------------------------------------------
Pan Malaysia Holdings Bhd disclosed with the Bursa Malaysia
Securities Bhd that Upali Group Sdn Bhd, an indirect wholly
owned subsidiary, was dissolved on May 27, 2007.

Upali Group is a wholly owned unit of GCIH Property Ltd, which
in turn is a wholly owned subsidiary of Pengkalen (UK) Plc (in
liquidation), which in turn is a subsidiary of PMH.

The Troubled Company Reporter - Asia Pacific reported on
July 13, 2005, that the company was placed under dissolution
after the creditors of Pengkalen (UK) was put on creditors'
voluntary winding-up of subsidiary companies.

The voluntary winding-up, according to the company, is pursuant
to its rationalization efforts to divest and wind-up non-core
businesses and focus its resources on core businesses and income
generating operations.

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  Its other activities
include investment and property holding.  The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.

The Group has been suffering recurring losses since 1999.
Moreover, Pan Malaysian Industries Bhd's balance sheet went
upside down with a shareholders' deficit of MYR87.47 million as
of Dec. 31, 2006.  The company's balance sheet showed total
assets of MYR657.26 million and total liabilities of MYR744.72
million.

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

BLUE RIDGE: Moody's Revises Outlook to Developing from Stable
-------------------------------------------------------------
Moody's Investors Service changed the outlook of Blue Ridge
Paper Products, Inc. to developing from stable.  The change in
outlook was prompted by the recent announcement that its parent
company, Blue Ridge Holding Corp., has entered into a definitive
merger agreement to be acquired by Rank Group Limited for an
aggregate consideration of US$338 million, subject to certain
adjustments.

The following ratings have been assigned a developing outlook:

Blue Ridge Paper Products, Inc.

   * Corporate family rating, B3
   * US$125 million 9.5% Secured Notes, B2, LGD3, 41%

The developing outlook reflects the uncertainty as to:

   1) the composition of the company's capital structure post
      the business combination,

   2) the treatment of the current debt as a result of the
      acquisition,

   3) the ultimate corporate structure, and

   4) the anticipated timing of the combination.

Should the transaction change or further details suggest a
different rating or outlook is appropriate, Moody's may change
the outlook or ratings prior to the conclusion of the
transaction.  In the event the merger is terminated, the outlook
would likely be changed to stable.

HERITAGE GOLD: Onemana Write-Off Narrows Loss to NZ$807,000
-----------------------------------------------------------
Heritage Gold recorded a NZ$807,000 loss for the year to  March
31, 2007, compared with a NZ$2.6 million loss in the previous
corresponding period.

The change from last year can be attributed to the write-off of
approximately NZ$2.4 million from the Onemana project in 2006.

Heritage Gold managing director Peter Atkinson says:
"Exploration expenditure for the current year is strong and
reflects the expansion of our mineral interests."

Shareholder investment during the year was NZ$1.8 million
compared to NZ$1.1 million in the previous financial year.

The purpose of the funding was for advancing exploration of
Heritage Gold's current projects, investigation of the uranium
proposal, and for working capital.

This year's expenditure included an exploration write-off of an
additional NZ$200,418 for the Onemana project and exploration
expenditure of NZ$750,818 was capitalised.

Mr. Atkinson says Heritage Gold's income is predominantly
derived from interest earned on investments. "Income results for
the period are consistent with the previous period, after an
adjustment for a one-off revenue item in the previous year."

Earnings(loss) per share for the year to March 31, 2007,
improved from (0.0224) to (0.0051) cents per share.

During the year Heritage expanded both its mineral targets and
areas of interest. "Exploration work undertaken this year
focused on the company's gold and cobalt projects," Mr. Atkinson
says.  "In addition, the company has recently entered into an
agreement to earn 50% equity in a Northern Territory uranium
prospect."

Mr. Atkinson says the current level of exploration activity is
expected to continue into the 2008 financial year.

                    Karangahake Project (100%)

Heritage's three exploration permits lie about 15 kilometres
west of Waihi within a prominent hydrothermal alteration system
covering 16 square km.  Mineralised veins, which have been mined
at Talisman in the southern part of the area, have been traced
along strike for 4km, based on surface outcrop, strong soil and
rock geochemical anomalies, and geophysical signatures.  
Drilling commenced in early 2007.

At the Talisman mine a JORC compliant resource of 205,000 ounces
gold and 800,000oz silver has been estimated.  The mine has
recorded production of 1Moz of gold and 3Moz of silver.

                  Other Gold Projects (100%)

Heritage has two other major gold projects in the district,
within a 10 km radius of Newmont's Waihi treatment
plant.

Waihi North extends from the boundary of the Martha open pit
mine and north for 10 km to the southern boundary of the Golden
Cross mine.  The permit covers the northern part of the Waihi
hydrothermal alteration system that hosts the Martha gold
deposit and the Favona deposit.

In the Waihi North permit, several alteration systems have been
identified by exploration using mapping, geophysics, and
geochemical techniques.

At Golden Valley, along the eastern boundary of Newmont's Martha
and Favona mines near the Waihi treatment plant, Heritage has a
50 square kilometre area that contains major structures and
geophysical anomalies, similar to those associated with the
Martha and Favona gold deposits.  Work on the Golden Valley
permit has given encouraging results and further surveys are
scheduled, along with drilling in 2007.

Drilling commenced on the Rahu project in the last quarter and
is continuing into the 2007/2008 year.  Six holes have already
been reported with the results supporting the company's
understanding that gold is consistently present in the areas
targetted.

                   Northland Projects (100%)

Heritage has applied for prospecting permits in the Northland
region over ground favourable for epithermal goldsilver
deposits, porphyry copper-gold deposits and gold-rich
volcanogenic massive sulphide base metal deposits.

       Thackaringa Cobalt Project, New South Wales (33%)

Heritage has an interest in cobalt through its 33% equity in
Broken Hill Cobalt Ltd, which holds the Thackaringa cobalt
project.

Broken Hill Cobalt Ltd (BHCL) has completed several phases of
metallurgical test work to examine options for future processing
of the mineralisation.  Market surveys have been undertaken for
cobalt and by-product minerals in the deposits, which have been
test drilled to 100 metres below surface.

This year a drilling programme is being undertaken to test
extensions of the known mineralisation.  In addition, the
Company's consultant's have been assessing metallurgical test
work to determine which processing options warrant further
investigation to achieve potential economic viability of the
proposed project.

BHCL plans to explore in 2007 for additional cobalt resources to
underpin potential development.

                        Dunmarra Basin

As part of its strategy to expand it's interests to include
uranium in Australia, Heritage entered into a joint venture
project in the Dunmarra Basin, comprising three exploration
licences for an area totalling 1,250 square kilometres.

Following due diligence on Dunmarra Basin, consultants engaged
by Heritage Gold revealed that "considerable potential existed
for the discovery of economic deposits in this part of the
Northern Territory".  Geoffrey Hill, Chairman of Heritage said
"The due diligence has confirmed our view of the Dunmarra Basin
opportunity.  It appears to be a significant but overlooked
geological environment that could host valuable uranium
resources.

We look forward to an exciting exploration programme once the
licences are granted".  Heritage can earn 50% interest by the
expenditure of ANZ$2 million over three years.

For more information please refer to Preliminary Full Year
Report lodged with the NZSE on Wednesday, March 30, 2007.  The
financial statements upon which this report is based are in the
process of being audited.

                       About Heritage Gold

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The     
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.

HERITAGE GOLD: Convets 261,864 Warrants to Fully Paid Shares
------------------------------------------------------------
Heritage Gold NZ Limited has completed the conversion of 261,864
warrants to ordinary fully paid shares.  These shares rank
equally in all respects with the existing ordinary shares of
Heritage.

There are 22,226,596 warrants remaining on issue.

Each outstanding warrant may be paid for in full on or before
5:00 p.m. (local time, New Zealand) on Wednesday, June 27, 2007,
by payment of NZ$0.063 per warrant to Heritage in accordance
with the terms of the prospectus dated May 15, 2002.  Upon the  
payment being made in respect of a warrant, that warrant will be
converted to a fully paid ordinary share in Heritage.

If a warrant holder fails to make the payment in respect of a
warrant by 5:00 p.m. (local time, New Zealand) on June 27, 2007,
that warrant will lapse immediately after 5:00 p.m. on that date
and the warrant holder will not be entitled to a refund of any
sums paid to Heritage in respect of an instalments of the price
for that warrant.

Parnell, New Zealand-based Heritage Gold NZ Limited --
http://www.heritagegold.co.nz/-- is a mining company.  The     
company is a systematic and persistent acquirer of prime gold
areas in New Zealand's Waihi district.  Heritage Gold NZ Limited
has a 33% equity interest in Broken Hill Cobalt Limited (BHCL),
which has tenements over the Thackaringa cobalt project near
Broken Hill in New South Wales.  The company has an exploration
license south of Broken Hill, where several geophysical,
geological and geochemical anomalies represent targets with
potential for gold and base metal mineralization.  Its wholly
owned subsidiaries include Coromandel Gold Limited, Northland
Minerals Limited and Strength Investments Limited.

The group incurred consecutive losses of NZ$807,000,
NZ$2,639,467 and NZ$331,563 for the years ended March 31, 2007,
2006, and 2005, respectively.

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

BENPRES HOLDINGS: Elects Directors, Committee Members for 2007
--------------------------------------------------------------
Benpres Holdings Corp. elected new directors for 2007 during its
annual stockholders' meeting on June 14.  The Board of Directors
also elected its officers and committee members in the
organizational meeting held afterwards.

These individuals were elected as directors for the year 2007 to
2008:

   * Mr. Oscar M. Lopez
   * Mr. Felipe B. Alfonso
   * Mr. Manuel M. Lopez
   * Mr. Eugenio Lopez III
   * Sen. Vicente Paterno
   * Mr. Washington Sycip
   * Mr. Angel S. Ong

These officers were elected during the organizational meeting of
the Board of Directors:

   * Mr. Oscar M. Lopez       - Chairman, Chief Executive
                                Officer

   * Mr. Manuel M. Lopez      - Vice Chairman

   * Mr. Angel S. Ong         - President, Chief Operating
                                Officer

   * Mr. Eugenio Lopez III    - Treasurer

   * Mr. Elpidio L. Ibanez    - Chief of Staff w/ rank of
                                Executive Vice President

   * Mr. Augusto Almeda-Lopez - General Counsel w/ rank of
                                Executive Vice President

   * Mr. Felipe B. Alfonso    - Executive Vice President, Human
                                Resources Development

   * Mr. Peter D. Garrucho    - Executive Vice President, Power
                                Generation

   * Ms. Pearl Catahan        - Group Comptroller w/ rank of
                                Executive Vice-President

   * Mr. Pedro Chanco         - Senior Vice President,
                                Corporate Communications

   * Mr. Nestor J. Padilla    - Senior Vice President, Property
                                Development

   * Mr. Arthur de Guia       - Senior Vice President,
                                Manufacturing & Portfolio
                                Investment

   * Mr. Salvador G. Tirona   - Chief Finance Officer

   * Mr. Cielito R.A. Diokno  - Vice-President, Human Resources

   * Mr. Enrique I. Quiason   - Corporate Secretary

   * Ms. Maria Amina O. Amado - Asst. Secretary and Compliance
                                Officer

These directors were elected as members of the Audit Committee:

   * Mr. Vicente T. Paterno  - Chairman
   * Mr. Washington Z. Sycip - Member
   * Mr. Manuel M. Lopez     - Member

These directors were elected as members of the Nominations
Committee:

   * Mr. Oscar M. Lopez
   * Mr. Felipe B. Alfonso
   * Mr. Manuel M. Lopez
   * Mr. Eugenio Lopez III
   * Mr. Vicente Paterno
   * Mr. Washington Sycip
   * Mr. Angel S. Ong

These directors were elected as members of the Compensation and
Remunerations Committee:

   * Mr. Oscar M. Lopez
   * Mr. Vicente T. Paterno
   * Mr. Angel S. Ong

                     About Benpres Holdings

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

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

                     Going Concern Doubt

After reviewing the company's financials for the year 2006, Ma.
Vivian C. Ruiz at Sycip Gorres Velayo and Co. raised significant
doubt on the company's ability to continue as a going concern,
which depends on the success of the company's Balance Sheet
Management Plan.

As of Dec. 31, 2006, the company's total assets stood at
PHP14.87 billion, while total stockholders' equity at yearend
increased by 9%, reducing the deficit to PHP9.23 billion from
PHP10.14 billion, given the PHP4.62 billion net income posted in
2006.

In 2006, Benpres made semi-annual interest payments on its
direct and contingent liabilities that are covered in its
proposed Balance Sheet Management Plan.  The company continues
to negotiate a debt restructuring with its creditors.

CHINA BANKING: To Acquire and Merge With Manila Banking
-------------------------------------------------------
China Banking Corp. will acquire Manila Banking Corp. and not
Banco de Oro-EPCI Bank as reported by the Manila Standard on
Thursday last week, Rey Enano of the Manila Standard clarifies.

On Friday, the Troubled Company Reporter - Asia Pacific reported
that Banco de Oro-EPCIB, in a disclosure with the Philippine
Stock Exchange, denied the contents of the Manila Standard's
June 14 article, which said that the two banks were in talks for
a merger and that Manila Bank executives and directors were told
to resign to make way for the merger with Banco de Oro-EPCIB.

Mr. Enano now writes that senior Banco de Oro-EPCIB executives
indeed talked with Manila Bank officials for the merger, but the
family of Henry Sy made a last minute decision to use China Bank
to acquire and merge with Manila Bank.  Mr. Enano cited a source
as saying that the last-minute decision stemmed from the Sy
family's desire to further strengthen China Bank.

The report said that rumors existed of China Bank being part of
the alleged plan of the Sy family to create the biggest bank in
the Philippines, but the Sy family thought China Bank was better
off independent than under Banco de Oro-EPCIB and did not push
through with the merger.

                 About China Banking Corp.

China Banking Corporation -- http://www.chinabank.com.ph/-- is
the first privately-owned local commercial bank in the
Philippines, with products and services including deposits and
related services, international banking services, insurance
products, loans and credit facilities, trust and investment
services, insurance products, and other services such as
acceptance of various bill payments and donations to charitable
institutions.

China Bank has 140 branches and 166 Automated Teller Machines
nationwide.

                         *     *     *

The bank's long-term issuer default carries Fitch's BB rating,
while it has a C individual rating and a support rating of 4.

LODESTAR INVESTMENT: Elects Board of Directors for 2007-2008
------------------------------------------------------------
Lodestar Investment Holdings Corp. elected new members of its
Board of Directors for 2007-2008 during its annual stockholders'
meeting held on June 14.  The Board also elected its officers
during the Organizational Meeting held afterwards.

These individuals were elected as members of the Board for 2007-
2008:

   * Jose A. Feria Jr.
   * Ricardo D. Bautista
   * Arturo B. Diago Jr.
   * Ignatius F. Yenko
   * Edgar Krohn Jr. (Independent)
   * Noel T. de Leon (Independent)
   * Michael B. Tantaco

These directors were nominated and elected as officers of the
company during the organizational meeting:

   * Jose A. Feria Jr.      - Chairman of the Board
   * Ricardo D. Bautista    - Vice Chairman
   * Arturo B. Diago Jr.    - President
   * Arturo M. Hilado       - Treasurer
   * Ignatius F. Yenko      - Corporate Information Officer
   * Ma. Amaya M.Y.B. Amado - Corporate Secretary

The shareholders also allowed the Board to choose the company's
External Auditor. The Board has not yet appointed an External
Auditor.

Headquartered in Quezon City, Philippines, Lodestar Investment
Holdings Corporation (LIHC) was originally incorporated as a
mining and natural resources exploration company. Due to the
unsuccessful ventures in this field, the company decided to
discontinue operations in October 1991. On 03 October 2003, the
Securities and Exchange Commission approved the amendment of the
LIHC's Articles of Incorporation and By-laws, changing the
company's corporate name from Lodestar Mining Corporation to
what is known today as well as its primary purpose to that of an
investment holding company.

LIHC plans to reengineer the company to enhance shareholders'
value and improve operations. It will undertake a number of
capital-raising activities, which include but not limited to the
following: (a) a call of subscriptions receivable up to P8
million; (b) second public offering of P50 million to P88
million; (c) debt-equity conversion of up to P30 million; and
(d) share-for-share or share-for-asset swaps from P112 million
to P150 million. The company is likewise interested in acquiring
at least a "significant minority" interest in other businesses
and pursuing prospective investments, particularly in the
Internet Service Provider and Business to Business Portal
services.

As of Dec. 31, 2006, it had a capital deficiency of PHP598,853.  
Since it has virtually no operations, the company didn't report
any profit and loss statements for the year 2006.

PHIL. REALTY: Posts PHP33.06-Mil. Net Loss for 1st Quarter 2007
---------------------------------------------------------------
Philippine Realty and Holdings Corp.'s consolidated financial
statements recorded a net loss of PHP33.06 million for the
quarter ended March 31, 2007, as compared with the
PHP29.59-million net income reported for the first quarter of
2006.

For the January-March 2007 period, the company earned an income
of PHP19.97 million while incurring costs and expenses of
PHP59.62 million.  The company's income tax expense for the
first quarter of 2007 amounted to PHP423,254.

As of March 31, 2007, the company has total assets of
PHP3.92 billion and total liabilities of PHP1.53 million,
resulting in a total equity of PHP2.38 billion.

The company's first quarter financials can be downloaded for
free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/RLT_17Q_May2007.pdf

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

The Parent Company's operations have been severely affected by
the slump in the local real estate industry that started when
the regional economic crisis hit the country in the middle of
1997.

Starting in 1998, Philippine Realty has offered its land
properties and certain condominium units to the banks and other
major creditors as payment for its obligations through dacion en
pago to substantially reduce its unpaid obligations.  It has
also suspended the development and completion of several of its
real estate projects, and had implemented cost-cutting measures
including the substantial reduction of its workforce.

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the company is susceptible to
rehabilitation as it is solvent and its business is viable.

As of December 31, 2006, the parent company's total debts stands
at PHP829.49 million.

PHILIPPINE REALTY: Annual Stockholders' Meeting Set for July 20
---------------------------------------------------------------
Philippine Realty and Holdings Corp. will hold its annual
stockholders' meeting on July 31, 2007, at 9:30 a.m. to be held
at Ballroom A of the Penthouse, Philippine Stock Exchange Centre
East Tower, Exchange road, Ortigas Center, Pasig City.

Only stockholders of record as of 5:00 pm of June 20, 2007 shall
be entitled to vote at the meeting.

These agenda will be considered during the meeting:

   * Certification of notice and quorum

   * Reading and approval of the minutes of the July 31, 2006        
     meeting and actions taken

   * Report of the Board of Directors

   * Ratification of the acts, deeds, and contracts of the      
     Directors and Officers

   * Election of directors for the ensuing year

   * Appointment of external auditors

   * Other matters

   * Adjournment

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

The Parent Company's operations have been severely affected by
the slump in the local real estate industry that started when
the regional economic crisis hit the country in the middle of
1997.

Starting in 1998, Philippine Realty has offered its land
properties and certain condominium units to the banks and other
major creditors as payment for its obligations through dacion en
pago to substantially reduce its unpaid obligations.  It has
also suspended the development and completion of several of its
real estate projects, and had implemented cost-cutting measures
including the substantial reduction of its workforce.

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the company is susceptible to
rehabilitation as it is solvent and its business is viable.

As of December 31, 2006, the parent company's total debts stands
at PHP829.49 million.

PHIL. TELEGRAPH: Posts PHP429.1-Million Net Loss for Year 2006
--------------------------------------------------------------
Philippine Telegraph and Telephone Co. posted a net loss of
PHP429.1 million for the year ended December 31, 2006, a 7%
decrease from the PHP459.7-million net loss it reported for the
year 2005.

For the year 2006, the company reported net operating revenues
of PHP141.21 million while incurring costs and expenses of
PHP175.58 million.

Net operating revenues decreased by PHP75.53 million or 35% from
the PHP216.75 million reported for the year ended December 31,
2005, because of a decrease in revenues from local exchange
carriers. costs and expenses, on the other hand, decreased by
17% from the PHP211.91 million in 2005, while the EBITDA
amounted to negative PHP34.36 million as of December 31, 2006
because of the decline in revenues.

The company attributed the lower net loss for 2006 to the
improvement in foreign exchange rates and the reduction of
interest from its conversion of the remaining debt to equity.

As of December 31, 2006, the company had total assets of PHP8.16
billion and total liabilities of PHP1.83 billion, resulting in a
total shareholders' equity of PHP6.33 million. The company also
reported a deficit in its stockholders' equity of PHP6.59
million.

The Company's financials for the year ended December 31, 2006
can be downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PTT_17Q_Dec2006.pdf

Makati City-based Philippine Telegraph & Telephone Corp. --
http://www.ptt.com.ph/-- has grown through the years to become
the country's dominant record carrier and leading provider of
leased voice and data channels.  It offers the most
comprehensive package of telecom services ranging from telephony
to high-speed voice, data and sophisticated video technologies.

The company operates a nationwide telecommunication network,
which includes more than 400 retail outlets throughout the
country for telegraphy and long distance telephony.  

The company has 30,000 post-paid and pre-paid local exchange
carriers subscribers in Region IV which account for over 50% of
revenues.  These are derived from monthly subscription fees and
domestic and international long distance calls albeit under
increasingly ruinous competition.

PHIL. TELEGRAPH: Posts PHP660-Mil. Net Loss for First Qtr. 2007
---------------------------------------------------------------
Philippine Telegraph and Telephone Co. posted a net loss of
PHP660.51 million for the quarter ended March 31, 2007, a
decrease of 5.1% from the PHP696.13-million net loss reported
for the same period in 2006.

For the first three months of 2007, the company earned net
operating revenues of PHP188.10 million, and has decreased 40%
from the PHP312.42 million revenues reported for March 31, 2006.

Costs and expenses fell by 18% from the PHP309.15 million
reported for March 31, 2006, to PHP254.74 million for the
quarter ended March 31, 2007. EBITDA amounted to negative
PHP66.63 million for the first quarter of 2007, PHP70 million
lower than the PHP3.37 million for the same period in 2006 due
to lower revenues.

The company attributed the lower net loss for March 31, 2007 to
the reduction of interest from the company's reduction of its
remaining debt to equity.

As of March 31, 2007, the company has total assets of PHP7.97
billion and total liabilities of PHP1.87 billion, resulting in a
total shareholders' equity of PHP6.09 billion. The company also
reported a deficit of PHP6.82 billion as of March 31, 2007.

The company's first quarter financials can be downloaded for
free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PTT_17Q_Mar2007.pdf

            About Philippine Telegraph and Telephone

Makati City-based Philippine Telegraph & Telephone Corp. -
http://www.ptt.com.ph-- has grown through the years to become
the country's dominant record carrier and leading provider of
leased voice and data channels.  It offers the most
comprehensive package of telecom services ranging from telephony
to high-speed voice, data and sophisticated video technologies.

The company operates a nationwide telecommunication network,
which includes more than 400 retail outlets throughout the
country for telegraphy and long distance telephony.  

The company has 30,000 post-paid and pre-paid local exchange
carriers subscribers in Region IV which account for over 50% of
revenues.  These are derived from monthly subscription fees and
domestic and international long distance calls albeit under
increasingly ruinous competition.

Philippine Telegraph and Telephone Co. posted a net loss of
PHP429.1 million for the year ended December 31, 2006, as well
as PHP459.7 million for the year ended December 31, 2005.

SAN MIGUEL: HK Unit to Close Yuen Long Facility in September
------------------------------------------------------------
San Miguel Brewery Hong Kong Ltd. is set to close its brewing
facility in the Yuen Long district of Hong Kong by September and
is considering other options including production of non-
alcoholic beverages, according to the Xinhua Financial News
Service.

San Miguel Brewery HK is controlled by Neptunia Corp. Ltd., a
firm in which Philippines-based San Miguel Corp. holds a
controlling stake. Neptunia warned that the closure may impact
the group's profitability on a short-term basis.  It also said
that one-time expenses from restructuring are expected from the
shutdown.

The group is now favoring China for its lower labor costs than
in Hong Kong, and have closed other HK-based breweries.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,
operates food, beverage and packaging businesses.  The company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter - Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.

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

ASSOCIATED DEVELOPMENT: Court to Hear Wind-Up Petition on July 9
----------------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the
operations of Associated Development Private Limited on July 9,
2007, at 10:00 a.m.

Chow Kwok Chi filed the wind-up petition against the Court on
April 27, 2007.

Chow Kwok's solicitors are:

         Drew & Napier LLC
         20 Raffles Place
         #17-00 Ocean Towers
         Singapore 048620

CEDRIC MOTOR: Subject to Sing Thai's Wind-Up Petition
-----------------------------------------------------
On May 21, 2007, Sing Thai Hin Trading (Pte) Ltd filed a wind-up
petition against Cedric Motor (Pte.) Ltd.

The petition will be heard before the High Court of Hong Kong on  
June 29, 2007, at 10:00 a.m.

Sing Thai's solicitors are:

         Tan Lay Keng & Co
         111 North Bridge Road
         #12-01 Peninsula Plaza
         Singapore 179098

CHOW CHO: Court to Hear Wind-Up Petition on July 9
--------------------------------------------------
A petition to wind up the operations of Chow Cho Poon (Private)
Limited will be heard before the High Court of Hong Kong on
July 9, 2007, at 10:00 a.m.

Chow Kwok Chi filed the wind-up petition on April 30, 2007.

Chow Kwok's solicitors are:

         Drew & Napier LLC
         Drew & Napier LLC
         20 Raffles Place
         #17-00 Ocean Towers
         Singapore 048620

DIGILAND: Clarifies Transaction Issue with PSA International
------------------------------------------------------------
In relation to the June 14, 2007, issue of the Business Times
entitled "Digiland Trade Soars to 668m Shares", Digiland
International Limited's board of directors has clarified that no
discussions have taken place or are taking place between the
company and "a regional shipping player that is a major customer
of PSA International" as referred to the Business Times'
article.

In view of the continuing speculation on the possible business
ventures of the company and its increased trading volume of
shares and warrants on the Singapore Exchange Securities Trading
Limited and to avoid the establishment of a false market in the
securities of the company, Digiland is still considering the
feasibility of a business venture in the area of real property
development and investment.  Presently, one of the possible
transaction structures would involve the company's acquisition
of the properties in consideration of Digiland's issue of new
shares.  If this is the eventual transaction structure, it would
likely amount to a very substantial acquisition or reverse
takeover.  Digiland is still in the process of conducting
preliminary due diligence on the feasibility of the proposal
with a view to negotiating a non-binding memorandum of
understanding.

The company's directors believe that the above discussions will
presently amount to an incomplete proposal or negotiation.
However the directors think that because of the persistent
rumors and the potential for the establishment of a false market
in the company's securities , an announcement of the current
state of negotiations would be prudent.

Digiland wants also to remind its shareholders to exercise
caution when dealing with the company's securities.

Digiland International Limited -- http://www.digiland.com.sg/--
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12.

CKE RESTAURANTS: Stockholders Approve 2005 Plan Amendments
----------------------------------------------------------
CKE Restaurants, Inc.'s stockholders, at its 2007 Annual Meeting
held on June 11, 2007, stockholders approved certain amendments
to the 2005 Plan.

The company's board of directors had unanimously approved the
Plan Amendment on April 17, 2007.

The Plan Amendment modifies the 2005 Plan by:

  * Increasing the total number of shares reserved for issuance
    from 2,500,000 to 5,500,000;

  * Increasing the maximum number of shares of common stock
    which may be issued and sold under incentive stock option
    awards from 2,500,000 shares to 5,500,000 shares;

  * Increasing the maximum number of shares which may be issued
    under all awards of restricted stock, stock units and stock
    awards, in the aggregate, from 750,000 shares to 2,550,000
    shares;

  * Expanding the group of persons potentially eligible to
    receive awards to include nonemployee members of the
    boards of directors of any of the affiliates of the
    company and other nonemployees engaged by the company or
    any of its affiliates in the capacity of a consultant or
    other service provider who the company classifies as
    independent contractors for U.S. tax reporting purposes;
    and

  * Expressly providing that shares of common stock that are
    used to pay the exercise price of an option, or used to
    pay withholding taxes with respect to an award, or
    purchased by the Company on the open market with the cash
    tendered for the exercise of an option or in payment of
    any purchase price with respect to a restricted stock
    award, shall remain counted against the maximum share
    limitation and may not be made subject to future awards
    under the 2005 Plan.

Furthermore, for purposes of determining the effect of the
exercise of a stock appreciation right on the foregoing maximum
share limitations, the Company shall count the total number of
shares of common stock covered by such award and not merely the
net shares transferred pursuant to the exercise of the stock
appreciation right, i.e. both (a) the shares of common stock
actually transferred by the Company to the holder of the right
being exercised and (b) the difference between the gross number
of shares covered by the right and the shares actually
transferred on exercise shall be counted against the maximum
share limitations and may not be made subject to future awards
under the 2005 Plan.

The 2005 Plan was unanimously approved by the Board of Directors
on March 22, 2005, and approved by the stockholders of the
Company at the Company's 2005 Annual Meeting of Stockholders on
June 28, 2005. The purpose of the 2005 Plan is to: (i) further
align the interests of employees and directors with those of the
stockholders of the Company by providing incentive compensation
opportunities tied to the performance of the common stock of the
company and by promoting increased ownership of the common stock
of the company by such individuals; and (ii) advance the
interests of the company and its stockholders by attracting,
retaining and motivating key personnel. The 2005 Plan includes
the following equity compensation awards: (i) incentive stock
options; (ii) non-qualified stock options; (iii) restricted
stock awards; (iv) unrestricted stock awards; (v) stock
appreciation rights; and (vi) stock units.

                     About CKE Restaurants

Headquartered in Carpinteria, California, CKE Restaurants Inc.
(NYSE: CKR) -- http://www.ckr.com/-- operates some of the most     
popular U.S. regional brands in quick-service and fast-casual
dining, including the Carl's Jr.(R), Hardee's(R), La Salsa Fresh
Mexican Grill(R) and Green Burrito(R) restaurant brands.  As of
the end of its fiscal fourth quarter on Jan. 29, 2007, the
company, through its subsidiaries, had a total of 3,105
franchised or company-operated restaurants in 43 states and in
13 countries, including Singapore, with 1,087 Carl's Jr.
restaurants, 1,906 Hardee's restaurants and 96 La Salsa Fresh
Mexican Grill restaurants.

                       *     *     *

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

HEXION SPECIALTY: Further Amends Senior Secured Credit Facility
---------------------------------------------------------------
Hexion Specialty Chemicals Inc. has amended its second amended
and restated senior secured credit facility in order to reduce
the interest rates applicable to borrowings of term loans by
0.25%.  

Also, the company funded incremental term loans under its second
amended and restated credit agreement in the aggregate amount of
US$200 million in the form of new tranche C-5 term loans made in
U.S. dollars and new tranche C-6 term loans made in euros.

The proceeds of the incremental term loans will be used to
acquire, directly or indirectly, the assets or equity interests
of the German resins and formaldehyde business of Arkema GmbH
expected to close in the third quarter 2007, to pay all fees and
expenses in connection therewith and for general corporate
purposes.

The Incremental Credit Facility will mature on May 5, 2013.  In
addition, the second amended and restated credit agreement was
changed to increase the amount of incremental borrowings it may
make under its facility from US$200 million to US$300 million,
net of the incremental amount borrowed.

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -
http://www.hexion.com/-- serves the global wood and industrial
markets through a broad range of thermoset technologies,
specialty products and technical support for customers in a
diverse range of applications and industries.  Hexion Specialty
Chemicals is owned by an affiliate of Apollo Management, L.P.  
The company has locations in Singapore, China, Australia,
Netherlands, and Brazil.  Hexion had 2006 sales of US$5.2
billion and employs more than 7,000 associates.

                          *     *     *

As reported in the Troubled Company Reporter on June 1, 2007,
Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on Hexion Specialty Chemicals Inc.'s senior
secured first-lien bank credit facilities, including a proposed
US$200 million add-on to its existing term loan, and a proposed
US$10 million add-on to its existing synthetic letter of credit
facility.

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

BANGKOK BANK: Non-Performing Loans Up THB200 Million For 2007
-------------------------------------------------------------
Bangkok Bank PCL's senior vice president, Suvarn Thansathit,
said that the bank's non-performing loans increased by around
THB200 million for 2007 due to re-entry non-performing loans,
the Bangkok Post reports.

However, new non-performing loans are still under control,
Mr. Suvarn said.  Mr. Suvarn further told the Bangkok Post that
although there is a growth in NPLs this year, 2006's NPL figures
are still higher.

Bangkok Bank's distressed assets have amounted to
THB40.41 billion in May this year, representing 4.4% of its
total loans as of May.  In the same period in 2006, NPLs
amounted to THB41.74 billion or 4.55%.  The Bangkok Post reports
that the bank seeks a figure below 4% for NPLs by the end of
2007.

Mr. Suvarn added that the sugar industry presents the biggest
dilemma for the bank, because three of its customers combined
owed the bank THB20 billion and represents 20% of its total
NPLs.  The bank hopes that one of these customers would be able
to complete restructuring its debt by the end of 2007, as this
may cut more than 1% off the NPL ratio.  

Headquartered in Bangkok Bangkok Bank PCL --
http://www.bangkokbank.com/-- is Thailand's largest bank, with
total assets of THBB1.498 trillion (US$39 billion) at end-June
2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
was re affirmed on September 20, 2006, following the military
coup in Thailand.

On May 4, 2007, Moody's Investors Service retained its D+ rating
for Bangkok Bank's bank financial strength, and its Baa1/P
Foreign Currency Deposit rating. The outlook is stable.

The bank also carries the following ratings by Fitch with a
stable outlook:

   * BBB+ long-term foreign senior debt
   * BBB long-term subordinate debt
   * F1+ local and F2 short-term foreign senior debt
   * C Individual rating
   * Support Rating of 2.

In addition, Standard & Poor's Rating Services assigned these
ratings for Bangkok Bank:

    * BBB+ senior debt
    * BBB subordinated debt
    * A-2 short term rating
    * C Financial Rating

The outlook is stable.

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

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

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

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

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

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

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

                  About DaimlerChrysler

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

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

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

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

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

DAIMLERCHRYSLER AG: Thomas Sidlik Leaves Board of Management
------------------------------------------------------------
DaimlerChrysler AG disclosed the retirement of Thomas Sidlik,
member of the Board of Management. Mr. Sidlik has been a member
of the Board since December 1998, and has been responsible for
Global Procurement & Supply since December 2003. The retirement
of Mr. Sidlik becomes effective at the closing of the takeover
of the Chrysler Group by Cerberus Capital Management in the
third quarter.

There will no longer be a separate board of management position
for procurement after the realignment. In the future, all
procurement activities will be directly coordinated between the
divisions. Within the Board of Management, Bodo Uebber will
additionally assume overall responsibility for procurement. Mr.
Sidlik will continue as Chairman of the Board of Trustees of
Eastern Michigan University in Ypsilanti, to which he was
elected in January 2007. He was appointed to that Board by
Michigan Governor Jennifer Granholm in 2005.

"Mr. Sidlik has been committed to the success of DaimlerChrysler
since Day One of the merger," Dieter Zetsche, Chairman of the
Board of Management of DaimlerChrysler AG and Head of Mercedes
Car Group, said. "He has been a loyal and supportive Member of
the Board of Management. Now, based upon the new management
concepts for the Chrysler Group and DaimlerChrysler, it is a
logical step that he leaves the Board. This is a mutual and
agreeable decision by both."

Mr. Sidlik was born on November 14, 1949, in New Britain,
Connecticut. He graduated from New York University in 1971 with
a Bachelor of Science degree with honors in Economics and
Finance and earned a Master of Business Administration in
Finance from the University of Chicago in 1973. Mr. Sidlik
joined the Chrysler Corporation in 1980.

                   About DaimlerChrysler

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

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

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

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

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

DATAMAT PCL: Court Orders Business Rehabilitation Again
-------------------------------------------------------
The Central Bankruptcy Court of Thailand has again ordered the
rehabilitation of Datamat PCL, according to a company disclosure
with the Stock Exchange of Thailand.

The Court also appointed the company as the planner for its
business rehabilitation.

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

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

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

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

DOLE FOOD: High Financial Leverage Cues Fitch to Affirm Ratings
---------------------------------------------------------------
Fitch has affirmed the ratings of Dole Food Company, Inc.,
Solvest Ltd. and Dole Holding Company, LLC., as:

Dole Food Company, Inc. (Operating Company)

   -- Issuer Default Rating 'B-';
   -- Secured asset-based revolving facility 'BB-/RR1';
   -- Secured term loan B 'BB-/RR1';
   -- Senior unsecured debt 'CCC+/RR5'.

Solvest Ltd. (Bermuda-based Subsidiary)

   -- Issuer Default Rating 'B-';
   -- Secured term loan C 'BB-/RR1'.

Dole Holding Company, LLC (Intermediate Holding Company)

   -- Issuer Default Rating 'B-'.

This rating action affects Dole's approximately US$2.4 billion
in consolidated debt as of the quarter ended March 24, 2007.

The Rating Outlook is Negative.

Dole's ratings reflect the company's high financial leverage and
Fitch's view that significant credit risk is present but that a
limited margin of safety remains.  Dole is able to meet its
financial commitments but two consecutive years of declining
operating performance has limited the company's financial
flexibility.  Transportation and packaging costs represent an
estimated 40% of the company's cost structure; therefore,
continued heightened bunker fuel and containerboard costs are
pressuring profitability.  In addition, there are no near term
changes expected for the current European Union (EU) banana
tariff structure.  Since the 135% increase in EU banana tariffs
was implemented on Jan 1, 2006, Dole's operating EBITDA margin
has declined 180 basis points to 4.6%.

On Mar 24, 2007, Dole had approximately US$97 million of cash
and US$135 million available on its US$350 million asset-based
revolver which expires in 2011.  Annual maintenance capital
expenditures are estimated at US$75 million and gross interest
expense is roughly US$175 million.  There are no significant
near term maturities until 2009 when US$364 million becomes due.  
During the past 12 months, Dole completed approximately US$60
million in asset sales.

The ratings consider Dole's leading worldwide market position,
its strong global brand, favorable consumption trends for fruits
and vegetables and the considerable net worth of its owner -
David H. Murdock.  These positives are weighed against the lower
margin commodity orientation of its products and the substantial
risk associated with its foreign operations.

Dole's credit protection measures remain weak for the 'B' rating
category. For the latest twelve month (LTM) period ended Mar 24,
2007, cash flow from operations was US$83 million; down over 60%
since Dec. 31, 2004.  For the same time periods, leverage
(defined as total debt-to-operating EBITDA) was 8.4 times (x);
up from 4.0x and interest coverage (defined as operating EBITDA-
to-gross interest expense) was 1.6x; down from 3.0x.

As of Mar 24, 2007, Dole was in compliance with all of its debt
covenants.  Significant covenants include a minimum quarterly
fixed-charge coverage requirement of 1.0x and a limitation on
the incurrence of additional debt if total leverage exceeds
5.5x.  Dole has not required waivers since its April 12, 2006
debt refinancing.

Dole's Negative Rating Outlook is reflective of its continued
challenging operating environment.  Fitch does not anticipate
significant additional margin deterioration.  In the near term,
operating performance stabilization is predicated on Dole's
ability to successfully control fuel cost with hedging or
surcharges and the absence of higher tropical storm related
production costs.

Resolution of the Negative Outlook could occur with
stabilization in operating performance and moderate debt
reduction, funded with proceeds from asset sales.  Due to the
seasonality of the fresh produce business, near term evidence of
stabilization is expected.  Additional downgrades of Dole's
ratings are possible if there is no noticeable improvement in
the company's credit measures or if there is a material change
in the company's capital structure.

Dole Food Company is the world's largest producer of fresh
fruit, fresh vegetables, and fresh-cut flowers.  Approximately
55% of Dole's US$6.2 billion in annual revenue is generated from
outside of the United States.  Dole's operations are fully
integrated with the vast majority of growing, harvesting,
processing and packaging done in South America and the Far East.  
56% of Dole's tangible assets are outside of the United States.
Dole's four operating segments and their 2006 contribution to
revenue are Fresh Fruit (65%), Fresh Vegetables (17%), Packaged
Foods (15%) and Fresh-Cut Flowers (3%).  Operating profit for
Fresh Fruit was US$108.3 million and for Packaged Foods was
US$91.4 million in 2006.  Fresh Vegetables lost US$7.3 million
and Fresh-Cut Flowers lost US$57 million during the same period.
Dole Foods is 100% owned by its Chairman, David H. Murdock.

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com-- is a producer and marketer
of fresh fruit, fresh vegetables and fresh-cut flowers, and
markets a line of packaged foods. The company has four primary
operating segments. The fresh fruit segment produces and markets
fresh fruit to wholesale, retail and institutional customers
worldwide. The fresh vegetables segment contains operating
segments that produce and market commodity vegetables and ready-
to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia. The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods. Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.  It also has operations in Sweden, Colombia and
Belgium.

KASIKORN BANK: Confident With Plans to Expand to Mainland China
---------------------------------------------------------------
Kasikorn Bank PCL is positive about its aim to serve small and
medium-sized enterprises in China and Thailand following China's
global trade liberalization and opening of its financial sector
to foreigners and is awaiting results on its application for a
license to offer lending in yuan, the Bangkok Post reports.

As part of its intention to extend into mainland China, the bank
is targeting the SME market in cities having more than 100,000
private companies.  This includes Shanghai, with 700,000
companies and Shenzhen, which has almost a million private
companies, according to the chief of the bank's Shanghai
representative office, Suwat Aviruttapong.  Mr. Aviruttapong
also told the Bangkok Post that the bank's strategy is
practical, as it is aimed towards one group concentrated in a
certain area.  

Under China's globalization trend, foreign banking firms must
first open a representative office before they can go into
banking.  After two years, the office can be upgraded to a
branch, and can only deal in foreign currencies.  A foreign bank
wishing to do business beyond this must first form a joint
venture with a local firm, which must also be the majority
shareholder in the venture.  Under the old system, a foreign
bank can only do business confined in one area.

The bank had already been opening in Shenzhen since 1994.

The Bangkok Post cited an article published by the Shenzhen
Special Zone Daily last month, reporting that Kasikornbank
raised US$100 million through a joint lending agreement with
China Minsheng Bank.  The bank told the Bangkok Post tha it
would like to establish its Shenzhen branch first before moving
on to other branches in the future.

                      About Kasikornbank

Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The bank currently carries Moody's Bank financial strength
rating of D+, which Moody's affirmed on May 4, 2007. The outlook
is stable.

On October 24, 2006, the Troubled Company Reporter - Asia
Pacific, reported that Fitch Ratings affirmed the ratings of
Kasikornbank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

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

   * Individual C, and
   * Support 2.

NATURAL PARK: Mulls Private Placement After Rights Issue Failure
----------------------------------------------------------------
Natural Park PCL will raise capital through a private placement
after the failure of its 4-billion share rights issue last week
in which only 20 shareholders participated, The Nation reports.
These participants tantamount to only 146,000 shares being
exercised.

In addition, foreign investors expressed interest in only
150,000 shares, bringing total proceeds to only THB162,000 with
shares priced at THB0.55 each.

The Nation cited a source within Natural Park saying that the
investors' lack of confidence in the company and the attempts to
have it declared bankrupt "made it hard" to sell shares.  The
source also told the Nation that the company's directors are
considering other means to come up with capital, and pointed out
the possibility of a private placement.

The source also said that, because of the various suits against
Natural Park, it was expected that it would be difficult to
raise capital.

                  About Natural Park PCL

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

Natural Park is facing a suit for bankruptcy filed by Sathorn
Asset Management with debt value of THB39.59 million.  It has
also been faced with a suit earlier by Ocean Life Insurance,
which is now appealing the junking of the case by the Central
Bankruptcy Court.

Natural Park has suffered two consecutive annual losses for the
years ended December 31, 2006 and December 31, 2005. The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.

NATURAL PARK: Siam City Bank Cancels Sale of Collateral Assets
--------------------------------------------------------------
Siam City Bank PCL has cancelled its planned sale of stocks in
Pacific Assets PCL and Sansiri PCL that was previously pledged
by Natural Park PCL as collateral for its THB1.3 billion loan
with the bank.

The two firms have come to an agreement under which the company
will pay the loan in three installments.

In a disclosure to the Stock Exchange of Thailand, Natural Park
said it paid the first installment of THB30 million plus
PHP541,850.20 last Friday, June 15.

The disclosure further specified that it has to pay by July 16
the second installment of at least THB615 million in order to
release the 205 million shares in Sansiri. The last installment,
which the disclosure did not specify, was due by October 15
together with the release of the Pacific Assets shares.

If the company repays the loan in full and without default, Siam
City will waive in full the interest penalty of THB235.64
million as of June 6, 2007, and other penalties for the month of
June 2007.

                  About Natural Park PCL

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

Natural Park is facing a suit for bankruptcy filed by Sathorn
Asset Management with debt value of THB39.59 million. It has
also been faced with a suit earlier by Ocean Life Insurance,
which is now appealing the junking of the case by the Central
Bankruptcy Court.

Natural Park has suffered two consecutive annual losses for the
years ended December 31, 2006 and December 31, 2005. The
company's consolidated income statements reported net losses of
THB1.05 billion for 2006 and PHP669.83 million for 2005.

SIAM CITY: Cancels Auction of Natural Park's Collateral Assets
--------------------------------------------------------------
Siam City Bank PCL has cancelled its planned sale of stocks in
Pacific Assets PCL and Sansiri PCL that was previously pledged
by Natural Park PCL as collateral for its THB1.3 billion loan
with the bank.

The two firms have come to an agreement under which Natural Park
will pay the loan in three installments.

In a disclosure with the Stock Exchange of Thailand, Natural
Park said it paid the first installment of THB30 million plus
PHP541,850.20 on June 15.

The disclosure further specified that Natural Park has to pay by
July 16 the second installment of at least THB615 million in
order to release the 205 million shares in Sansiri.  The last
installment, which the disclosure did not specify, was due by
October 15 together with the release of the Pacific Assets
shares.

If Natural Park repays the loan in full and without default, the
bank will waive in full the interest penalty of
THB235.64 million as of June 6, 2007, and other penalties for
the month of June 2007.

                     About Siam City

Siam City Bank Public Company Limited -- http://www.scib.co.th/
-- principal activity is the provision of commercial banking
services which includes deposits, payments, credit cards,
consumer loans and e-banking.  Other activities include real
estate development, computer consultancy and provision of
capital market services.

Operations are carried out primarily in Thailand.

The Troubled Company Reporter - Asia Pacific reported that On
October 19, 2006, Fitch assigned these ratings to Siam City
Bank:

   * Long-term foreign currency Issuer Default rating of BB;
   * Short-term foreign currency rating of B;

The outlook on the ratings is Stable.  Fitch has also upgraded
the bank's individual rating to D from D/E and affirmed its
Support rating at 4.

As of May 4, 2007, the Bank still carries Moody's Bank financial
strength rating of D.The Long-term Foreign Currency Deposit
Rating is changed to Baa2 from Baa3 and the Short-term Foreign
Currency Deposit Rating is unchanged at P-3. The outlook for all
ratings is stable.

TMB BANK: Failure to Get New Capital May Cause Bank's Collapse
--------------------------------------------------------------
TMB Bank PCL could collapse if Thailand's Finance Ministry would
fail to recapitalize the ailing bank, deputy finance minister
Sommai Phasee told the Bangkok Post.

However, Mr. Sommai stressed out that the government would only
maintain a shareholding in Krung Thai Bank and other
institutions that are owned by the state, adding that a
divestment of shares in TMB would complicate things and could
lead to the bank's collapse.

The bank is owned 31% by the Finance Ministry.  Singaporean firm
DBS Bank owns a 16% stake in the bank.

At the start of the year, the bank announced its need for
recapitalization because of higher provisioning requirements on
distressed assets in accordance with the IAS 39 accounting
standard.  However, the Ministry rejected plans to garner
THB30 billion in February and March.  While they have promised
to back TMB's recapitalization, both owners of the bank
indicated their desires for changes in the bank's management.
According to Bangkok Post's sources, DBS wants to move up its
stake to 25%, as well as greater power at the bank's Board and
senior management levels.

The Bangkok Post quotes Mr. Sommai as saying that it is
imperative for the recapitalization process to be completed by
the end of the government's term in 2007, and that it should be
finalized within two or three months.  Mr. Sommai further
revealed that the central government budget would not be the
source for the capital increase, but from selling assets in the
ministry's portfolio.  However, he said that the ministry has to
think over carefully the sale of assets, citing the investments'
need and profitability as key factors in the selection.

Mr. Sommai added that the Ministry is "definitely faced with a
need" and "believes that [TMB] can be profitable in the future."  

Last week, bank regulators denied TMB permission to pay an
upcoming interest payment to the investors in its US$200 million
hybrid debentures because of losses reported for the year 2006,
which reached THB12.29 billion.  This made the need for the
bank's recapitalization more urgent, the Bangkok Post says.

                       About TMB Bank

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders   
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

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

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

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

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

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

The TCR-AP reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.  S&P also affirmed its BBB-/A-3
rating on TMB Bank.

TMB BANK: No Fraud Involved in Losses, Bank of Thailand Says
------------------------------------------------------------
The Bank of Thailand concluded that no executive fraud is
involved in TMB Bank's loss due to rising non-performing loans,
the Bangkok Post reports.  The BoT also added that TMB's capital
base remains high.

According to Sorasit Soontornes, the central bank's supervision
group senior director, the stricter classification loans that
the Bank of Thailand required of TMB caused the bank's NPLs to
increase, and also because of gloomy economy, the rise in oil
prices, rising inflation and appreciation of the baht.

Mr. Sorasit said that the expected recapitalization in July will
be able to cover TMB's business for the next two or three years,
and warned that too-frequent capital releases will be brought
about by focusing on the bank's performance year by year.  He
also said that the merger with DBS Thai Danu Bank and the
Industrial Finance Corp. of Thailand brought the most problems
to TMB.

The Troubled Company Reporter - Asia Pacific had reported on
Monday that the Bank of Thailand launched an investigation into
TMB's losses to ascertain why it registered continued losses
despite its recapitalization, during which it raised
THB9.7 billion and for which funds were provided by the Finance
Ministry, which owns 31% of TMB.

                      About TMB Bank

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders   
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

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

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

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

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

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

The TCR-AP reported on June 13, 2007 that Standard & Poor's
Ratings Services has raised the outlook on TMB Bank PCL's debt
rating from negative to stable.  S&P also affirmed its BBB-/A-3
rating on TMB Bank.

* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 18-20, 2007
Fitch Training
  Insurance Company Analysis
    Singapore
      Telephone: +44-(0)20-7201-2770
        Web site: http://www.FitchTraining.com/
          e-mail: enquiry@fitchtraining.com

July 17, 2007
Beard Audio Conferences
   China's New Enterprise Bankruptcy Law
     Telephone: 240-629-3300;
        Web site://www.beardaudioconferences.com/

August 10, 2007
Turnaround Management Association
   Special Olympics Sportsman's Lunch
     Sofitel, Brisbane, Queensland, Australia
       Telephone: 1300 303 863
         Web site: http://www.turnaround.org/  

October 16-19, 2007
Turnaround Management Association - Australia
  TMA 2007 Annual Convention
    Boston Marriott Copley Place, Boston, MA, USA
      e-mail: livaldi@turnaround.org

November 14, 2007
Turnaround Management Association
   TMA Australia 4th Annual Conference and Gala Dinner
     Hilton, Sydney, Australia
       Web site: http://www.turnaround.org/

November 29, 2007
Turnaround Management Association
   Special Speaker
     Hilton, Sydney, Australia
       Web site: http://www.turnaround.org/

March 25-29, 2008
Turnaround Management Association - Australia
  TMA Spring Conference
    Ritz Carlton Grande Lakes, Orlando, FL, USA
      e-mail: livaldi@turnaround.org

October 28-31, 2008
Turnaround Management Association - Australia
  TMA 2008 Annual Convention
    New Orleans Marriott, New Orleans, LA, USA
      e-mail: livaldi@turnaround.org

TBA 2008
INSOL
  Annual Pan Pacific Rim Conference
    Shanghai, China
      Web site: http://www.insol.org/

June 21-24, 2009
INSOL
  8th International World Congress
    TBA
      Web site: http://www.insol.org/

October 5-9, 2009
Turnaround Management Association - Australia
  TMA 2009 Annual Convention
    JW Marriott Desert Ridge, Phoenix, AZ, USA
      e-mail: livaldi@turnaround.org

October 4-8, 2010
Turnaround Management Association - Australia
  TMA 2010 Annual Convention
    JW Marriot Grande Lakes, Orlando, FL, USA
      e-mail: livaldi@turnaround.org

Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
Beard Audio Conferences
  Distressed Real Estate under BAPCPA
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Changes to Cross-Border Insolvencies
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Healthcare Bankruptcy Reforms
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Calpine's Chapter 11 Filing
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Changing Roles & Responsibilities of Creditors' Committees
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
  Validation and Risk Assessment
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Employee Benefits and Executive Compensation
  under the New Code
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Dana's Chapter 11 Filing
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Reverse Mergers-the New IPO?
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Fundamentals of Corporate Bankruptcy and Restructuring
  Audio Conference Recording
    Telephone: 240-629-3300
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Beard Audio Conferences
High-Yield Opportunities in Distressed Investing
  Audio Conference Recording
    Telephone: 240-629-3300
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Beard Audio Conferences
Privacy Rights, Protections & Pitfalls in Bankruptcy
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Distressed Market Opportunities
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Homestead Exemptions under BAPCPA
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
BAPCPA One Year On: Lessons Learned and Outlook
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
  E-Discovery and Records Management for Bankruptcy
    Practitioners and Litigators
      Telephone: 240-629-3300
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Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
  Latest Decisions
    Audio Conference Recording
      Telephone: 240-629-3300
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Beard Audio Conferences
KERPs and Bonuses under BAPCPA
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Diagnosing Problems in Troubled Companies
  Audio Conference Recording
    Telephone: 240-629-3300
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Beard Audio Conferences
Equitable Subordination and Recharacterization
  Audio Conference Recording
    Telephone: 240-629-3300
      Web site: http://www.beardaudioconferences.com/

                           *********

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 ***