TCRAP_Public/070621.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

            Thursday, June 21, 2007, Vol. 10, No. 122

                            Headlines

A U S T R A L I A

BASTILLE SECURITIES: Members & Creditors to Meet on August 1
BAY FM: Members' Final Meeting Set for July 31
BEMAX RESOURCES: S&P Assings 'B+' Corporate Credit Rating
BEMAX RESOURCES: Moody's Assigns Ba3 Rating; Outlook Stable
BOSSHARD MEDICAL: Members to Meet on July 23

BUNORA PTY: Sets Members' Final Meeting for July 12
CANBERRA FLAIR: To Declare Second & Interim Dividend on July 24
D & W HAMMOND: Members Opt to Shut Down Business
DALMENY PASTORAL: Members to Hold Final Meeting on July 12
FORTESCUE METALS: AU$1-Bil. Fund Raising Scrutinized by Analysts

JACKSON LANDS: Placed Under Voluntary Liquidation
KEITHEN LIMITED: Requires Creditors to Prove Debts by July 19
PAMVO PTY: Members Resolve to Close Business
SYMBION HEALTH: S&P's BBB- Ratings Remain on CreditWatch Neg.


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Xiang Junbo to Take Presidency After Reform
AK & M TRADING: Placed Under Voluntary Liquidation
BELLUNO INVESTMENTS: Members to Hear Wind-Up Report on July 16
CALGO ASIA: Wind-Up Petition Hearing Set for July 4
CANADIAN EASTERN: General Meeting Set for July 18

CHINA EASTERN: Hands US$260 Mil. V2500 Deal to Pratt & Whitney
CHINA SOUTHERN: Taps Hamilton Sundstrand to Supply APUs
EPROGISTICS LIMITED: Court to Hear Wind-Up Petition on Aug. 1
GLION ASIA: Members' Final Meeting Set for July 16
GREAT CONTRACTING: To Pay Dividend on July 6

HAINAN AIRLINES: Rolls-Royce Gets US$180 Mil. V2500 Engine Order
HARBOUR RING: General Meeting Set for July 16
HOTEL MERLIN: Liquidator to Present Wind-Up Report on July 18
JETFIELD PROPERTIES: Wind-Up Petition Hearing Set for July 4
MATTAWAN LIMITED: Members to Meet on July 23

MAXFUL TECHNOLOGY: Members & Creditors to Meet on July 16
MAY ME: Court to Hear Wind-Up Petition on May 23
NEWPORT HEALTH: Proofs of Debt Due by July 18
NEWPORT PHARMACEUTICALS: Taps Chin Kwan Lam as Liquidator
PENTAD CONSTRUCION: Sets Final Meeting on July 17

SAKABUN (H.K.): Sets Members' Meeting on July 20
SUNGUARD FOODS: Proofs of Debt Due by July 20
TITAN PETROCHEMICAL: Sets Sights on Becoming Fuel Storage Giant


I N D I A

NAVISTAR INT'L: Operating Unit Inks US$200-Mil. Credit Facility
STATE BANK OF INDIA: Hybrid Tier I Issue Gets S&P's 'BB' Rating
TATA POWER: Shareholders Agree on Infusion of Fresh Capital


I N D O N E S I A

ANEKA TAMBANG: To Maintain Output Target Despite Metal Leakage
CENTRAL PROTEINAPRIMA: To Buy Land Worth IDR10.5 Billion
CENTRAL PROTEINAPRIMA: Mandates Barclays Capital as Bookrunner
CENTRAL PROTEINAPRIMA: To Sell Land to Charoen Pokphand
GARUDA INDONESIA: Enters Into Code-Sharing Deal with Hainan Air

TELKOM INDONESIA: To Develop International Cooperation Via Unit


J A P A N

JAPAN AIRLINES: To Acquire 10 Jets from Embraer
NOMURA HOLDINGS: Provides US$230-Mil. Loan to CrimsonPower
NOMURA HOLDINGS: To Announce 1st Quarter Results on July 25
NOVA CORP: Workers Complain About Work Conditions
RESONA BANK: To Waive ATM Usage Fees


K O R E A

BOWATER INC: To Discuss Abitibi Merger on July 26 Annual Meeting
BOWATER INC: Weak Earnings Prompt S&P to Cut Credit Rating to B
KOREA EXPRESS: To Deliver Auto Parts for GM Daewoo
QUANTUM CORP: S&P Affirms B Rating and Says Outlook is Positive
UAL CORP: Expects 2.75%-3.25% Rise in 2nd Qtr. Passenger Revenue


M A L A Y S I A

MEGAN MEDIA: Starts Formulating Reform Plan
PROTON HOLDINGS: Government Won't Sell Entire 43% Stake to VW
N E W  Z E A L A N D
AIR NEW ZEALAND: Taps Hamilton Sundstrand for Maintenance
BLUE RIDGE: Rank Group Deal Prompts S&P's Positive CreditWatch


P H I L I P P I N E S

ATOK BIG WEDGE: Annual Stockholders' Meeting Set for August 24
BEST MANUFACTURING: Trustee Appoints Becker Meisel as Counsel
BEST MANUFACTURING: Chapter 7 Trustee Hires Weiser as Accountant
CHINA BANKING: To Acquire and Merge with Manila Banking
MAIDENFORM BRANDS: Completes Refinancing of Credit Facility

PHIL. NAT'L BANK: Pays Off PHP6.1 Billion Long-Term PDIC Loan
PHILODRILL CORP: Posts PHP175.76-Million Net Loss For Year 2006
PICOP RESOURCES: Posts PHP96.98-Mil. Net Loss for 2007 1st Qtr.
PILIPINO TELEPHONE: Posts PHP1.98BB Net Income for 1st Qtr. 2007
PREMIERE ENT: Incurs PHP683,620 Net Loss for First Quarter 2007

PRIME MEDIA: Reports PHP4.63-Million Net Income for March 2007
PRIME ORION: Posts PHP814.95MM Net Income For First Quarter 2007
SERVICEMASTER CO: S&P Junks Rating on US$1.15 Bil. Senior Notes
WENDY'S INT'L: Committee Exploring Possible Sale of Company


S I N G A P O R E

ASIA PM: Court to Hear Wind-Up Petition on May 29
EUROVALE HOLDINGS: Requires Creditors to Prove Debts by July 16
ISOFT GROUP: Posts IBA All-Share Offer Scheme Circular
JIN-WEN INVESTMENT: Creditors' Proofs of Debt Due by June 28
LAZARD GROUP: Moody's Rates US$500 Million Senior Note at Ba1

LAZARD LTD: Subsidiary Prices US$600-Mil. Senior Notes Offering
SEA CONTAINERS: Regulator Issues Financial Support Direction


T H A I L A N D

DAIMLERCHRYSLER AG: Unit Launches Cash Tender Offer
SIAM COMMERCIAL BANK: Offers to Acquire Unit's Remaining Shares
SIAM GENERAL: SET Halts Trading Due to THB193 Million Deficit
THAI DURABLE: KrungThai Meeting on Mortgage Debt Set for July 13
THAI-GERMAN: SET Allows Trading of Stocks After Recapitalization

TMB BANK: Employees Protest Sommai's Comments on Current Losses

     - - - - - - - -

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

BASTILLE SECURITIES: Members & Creditors to Meet on August 1
------------------------------------------------------------
The members and creditors of Bastille Securities Pty Limited
will meet on August 1, 2007, at 10:30 a.m., to:

   -- receive the liquidator's final receipts and payments;

   -- receive formal notice of the end of the liquidation; and

   -- discuss other business to be considered with the
      foregoing.

The company's liquidators are:

          Anthony Warner
          Steven Kugel
          CRS Warner Sanderson
          Australia
          Web Site: http://www.crswarnersanderson.com.au

                   About Bastille Securities

Bastille Securities Pty Limited provides business services.  The
company is located in New South Wales, Australia.


BAY FM: Members' Final Meeting Set for July 31
----------------------------------------------
The members of Bay FM Pty Ltd will have their final meeting on
July 31, 2007, at 2:00 p.m., to receive the liquidator's report
about the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Mark Crowther
          c/o Tait Miller McIntyre & Co
          53 Junction Street
          Nowra, New South Wales 2541
          Australia

                         About Bay FM

Bay FM Pty Ltd is a distributor of durable goods.  The company
is located in Victoria, Australia.


BEMAX RESOURCES: S&P Assings 'B+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said it had assigned its 'B+'
long-term corporate credit rating to Bemax Resources Ltd., an
Australian mineral sands producer.  The outlook is stable.  At
the same time, Standard & Poor's assigned its 'B+' issue rating
to Bemax's proposed US$175 million notes offering, which will be
used to partly fund the company's capital-expenditure program
and repay existing financing facilities.

The ratings reflect Bemax's aggressive financial profile during
the development stage of the Murray Basin expansion, narrow
business focus, exposure to commodity price volatility
(particularly zircon), and commissioning and project execution
risks associated with expansion projects.  These weaknesses are
partly offset by Bemax's good-quality ore bodies, low-cost
mines, track record on project delivery, production flexibility,
and fixed-price volume contracts with key customers.

"With Bemax embarking on a key phase of its development, the
company's high leverage will coincide with some development
risks," Standard & Poor's credit analyst May Zhong said.
"However, the company's strong track record of project delivery
and inbuilt production flexibility provide some comfort.  The
'B+' long-term corporate credit rating can accommodate some
delay or capital-expenditure increases associated with the
proposed expansion projects."

Headquartered in Queensland, Australia, BeMax Resources Limited
-- http://www.bemax.com.au/-- is engaged in mineral  
exploration, development of mineral tenements, mining mineral
sands, processing mineral sands and sale of separated mineral
sands products.  The Company operates three mine sites and two
mineral separation plants.  The Company's Murray Basin
operations in the region deals with large scale mineral sands
mining.  During the year ended December 31, 2006, the Company's
operations continued at the Ludlow Mine with the Tutunup South
Mine that commenced operations.  The Company's exploration
continued in the Murray Basin, development for the second Murray
Basin Mine, the Snapper Mine, design and engineer requirements
and statutory approvals for the Mineral Separation Plant in
Broken Hill and re-purchase of Zircon marketing rights for the
Ginkgo and Snapper deposits Zircon production.  During 2006, the
Broken Hill Region contained heavy mineral (HM) of 85.2 million
tons and a Company wise total of over 98 million tons.


BEMAX RESOURCES: Moody's Assigns Ba3 Rating; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned provisional Ba3 corporate
family and senior unsecured ratings to Bemax Resources Limited.  
The ratings outlook is stable.  This is the first time Moody's
has assigned ratings to Bemax.  Moody's expects to affirm the
ratings and remove them from provisional status upon completion
of the proposed bond issuance.

The securities will be sold in a privately negotiated
transaction -- without registration under the Securities Act of
1933 (the Act) -- under circumstances reasonably designed to
preclude a distribution thereof in violation of the Act. The
issuance will be designed to permit resale under Rule 144A.

"Bemax's (P)Ba3 ratings reflect its relatively small size and
developing track record of operations", says Peter Fullerton, a
Moody's AVP/Analyst, adding, "these challenges are balanced by
Bemax's adequate financial profile, considering its substantial
capital investment program in the next 2 years".

"The ratings are currently constrained by the company's exposure
to construction and ramp-up risk associated with expanding
operations," adds Fullerton.

"However, if successfully completed, the expansion activities
will increase the scale and diversification of operations as
well as yielding synergy benefits to operations," says
Fullerton.

"Such risks are partially mitigated by Bemax's experience in
establishing its current level of operations as well as its use
of relatively low risk, tried and tested extraction and
separation techniques. In addition, Bemax has latent capacity
within existing operations which could be utilised if needed,"
says Fullerton.

Bemax also has moderate exposure to commodity price volatility,
mitigated to some extent by long-term fixed-price forward
contracts that cover close to 30% of future sales.

The company's financial profile is expected to remain
appropriate for current operations. Moody's expects debt to
EBITDA of 3.0-4.0x in the short to medium term. Its liquidity
profile is expected to remain solid for the coming 12 months,
supporting the (P)Ba3 rating.

The ratings outlook is stable, reflecting the risks associated
with the planned expansion of operations and a moderation in key
commodity prices.

As indicated, the ratings are constrained by the significant
level of construction and development activity that Bemax is
expected to undertake in the coming 3 years. Once this has been
completed and operations are performing as anticipated, upward
rating pressure may emerge. Indicators that Moody's would look
for include free cash flow to debt above 5% and leverage based
on debt to EBITDA remaining below 4.0x, both on a sustained
basis.

On the other hand, downward rating pressure may emerge if there
were material increases in the construction costs or significant
delays in instigating and ramping up operations. This may be
evidenced by the company utilising its contingency and cash
reserves. In addition, a sustained and material weakening in
Zircon and Rutile prices, in excess of the conservative levels
assumed, resulting in cutbacks in capex and weaker debt coverage
measures, would also place negative pressure on the rating. This
may be evidenced by Debt/EBITDA exceeding 4.5x on a sustained
basis.

                      About Bemax Resources

Headquartered in Queensland, Australia, BeMax Resources Limited
-- http://www.bemax.com.au/-- is engaged in mineral  
exploration, development of mineral tenements, mining mineral
sands, processing mineral sands and sale of separated mineral
sands products.  The Company operates three mine sites and two
mineral separation plants.  The Company's Murray Basin
operations in the region deals with large scale mineral sands
mining. During the year ended December 31, 2006, the Company's
operations continued at the Ludlow Mine with the Tutunup South
Mine that commenced operations.  The Company's exploration
continued in the Murray Basin, development for the second Murray
Basin Mine, the Snapper Mine, design and engineer requirements
and statutory approvals for the Mineral Separation Plant in
Broken Hill and re-purchase of Zircon marketing rights for the
Ginkgo and Snapper deposits Zircon production.  During 2006, the
Broken Hill Region contained heavy mineral (HM) of 85.2 million
tons and a Company wise total of over 98 million tons.


BOSSHARD MEDICAL: Members to Meet on July 23
--------------------------------------------
A final meeting will be held for the members of Bosshard Medical
Pty Ltd on July 23, 2007, at 10:00 a.m.

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

The company's liquidator is:

          Robert Kellaway
          Kellaway Cridland Pty Ltd
          Level 4, 48 Hunter Street
          Sydney, New South Wales 2000
          Australia

                     About Bosshard Medical

Bosshard Medical Pty Ltd operates manufacturing industries.  The
company is located in New South Wales, Australia.


BUNORA PTY: Sets Members' Final Meeting for July 12
---------------------------------------------------
Bunora Pty Ltd will hold a final meeting for its members on
July 12, 2007, at 11:00 a.m.

Peter C. Wolfe, 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:

          Peter C. Wolfe
          50 Aubin Street
          Neutral Bay, New South Wales 2089
          Australia

                        About Bunora Pty

Bunora Pty Ltd operates unit investment trusts, face-amount
certificate offices, and closed-end management investment
offices.  The company is located in New South Wales, Australia.


CANBERRA FLAIR: To Declare Second & Interim Dividend on July 24
---------------------------------------------------------------
Canberra Flair Pty Limited, which is in liquidation, will
declare the second and interim dividend on July 24, 2007.

Creditors are required to file their proofs of debt by July 17,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          W. B. Rangott
          Rangott Slaven
          Australia
          Web site: http://www.rangottslaven.com.au
          Telephone (02) 6285 1430

                        About Canberra Flair

Canberra Flair Pty Limited, which is also trading as Flair
Furniture, operates furniture stores.  The company is located in
ACT, Australia.


D & W HAMMOND: Members Opt to Shut Down Business
------------------------------------------------
On June 8, 2007, the members of D & W Hammond Pty Ltd had a
meeting and agreed to shut down the company's business.

Accordingly, Graham P. Brown was appointed as liquidator.

The Liquidator can be reached at:

          Graham P. Brown
          216 Victoria Street
          Taree, New South Wales 2430
          Australia

                        About D & W Hammond

D & W Hammond Pty Ltd operates repair shops and provides related
services.  The company is located in New South Wales, Australia.


DALMENY PASTORAL: Members to Hold Final Meeting on July 12
----------------------------------------------------------
The members of Dalmeny Pastoral Co Pty Ltd will have their final
meeting 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:

          Peter C. Wolfe
          50 Aubin Street
          Neutral Bay, New South Wales 2089
          Australia

                       About Dalmeny Pastoral

Dalmeny Pastoral Co Pty Ltd is a distributor of beef cattle,
except feedlots.  The company is located in New South Wales,
Australia.


FORTESCUE METALS: AU$1-Bil. Fund Raising Scrutinized by Analysts
----------------------------------------------------------------
Industry analysts scrutinize Fortescue Metals Group's plan to
raise AU$1 billion to expand its operations, Dianne Bain of ABC
News reports.

Ms. Bain writes that Fortescue's plan to raise the amount has
been downgraded by rating agencies fearing that it could cause
delays.

The Troubled Company Reporter - Asia Pacific reported on
June 19, 2007, that Moody's Investors Service is reviewing
Fortescue's debt rating for downgrading because of its plan to
expand its iron ore project.

According to ABC News, analysts are taking a close look at the
deal which Fortescue hopes will eventually enable it to rival
BHP Billiton's iron ore output.

In an interview by Ms. Bain, Fortescue's executive director
Graeme Rowley claims that there is a great demand for iron ore
that cannot be ignored and they are hoping to increase exports
from 45 to 60 million tonnes a year by 2009, eventually reaching
200 million tonnes a year through the construction of its
AU$2.7 billion Pilbara rail.

Mr. Rowley denied rumors that the fund raising will be used to
pay for cost blowouts and confirmed that the company is still
determined to completing the project within the original budget.

                    About Fortescue Metals

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

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

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

                          *     *     *

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

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


JACKSON LANDS: Placed Under Voluntary Liquidation
-------------------------------------------------
During a general meeting held on June 5, 2007, the members of
Jackson Lands Pty Ltd resolved to voluntarily liquidate the
company's business and distribute the company's assets.

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:

          David Joseph Kelly
          D. J. Kelly & Co
          Chartered Accountants
          122 Queen Street
          Barraba, New South Wales 2347
          Australia

                       About Jackson Lands

Located in New South Wales, Australia, Jackson Lands Pty Ltd is
an investor relation company.


KEITHEN LIMITED: Requires Creditors to Prove Debts by July 19
-------------------------------------------------------------
Keithen Limited requires its creditors to file their proofs of
debt by July 19, 2007.

The company will declare dividend on July 20, 2007.

The company's liquidator is:

           Robert Michael Scales
           Australia
           Telephone:(03) 9655 2550


PAMVO PTY: Members Resolve to Close Business
--------------------------------------------
At an extraordinary general meeting held on May 24, 2007, the
members of Pamvo Pty Ltd resolved to close the company's
business and appointed Colin R. McDonald as liquidator.

The Liquidator can be reached at:

          Colin R. McDonald
          Chartered Accountant
          PO Box 4371, Forster Shopping Village
          New South Wales 2428
          Australia
          Telephone:(02) 6555 9119
          Facsimile:(02) 6555 9190

                        About Pamvo Pty

Pamvo Pty Ltd, which is also trading as Southern Cross
Packaging, is a distributor of commercial equipments.  The
company is located in Victoria, Australia.  


SYMBION HEALTH: S&P's BBB- Ratings Remain on CreditWatch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BBB-' credit
ratings on Symbion Health Ltd. and Symbion's associated bank
loans remain on CreditWatch with negative implications, where
they were initially placed on May 1, 2007.

The CreditWatch update follows the company's announcement that
it is considering an alternative takeover proposal from Sigma
Pharmaceuticals Ltd. (Sigma; not rated).  Sigma has proposed a
cash offer for Symbion's pharmacy services and consumer products
businesses that is AU$42 million higher than the existing offer
made by Healthscope Ltd. (Healthscope; not rated).

The Symbion board considers the Sigma offer-which is not
conditional on Australian Competition and Consumer Commission
approval, due diligence, or financing-to be a superior proposal.  
However, Healthscope may exercise its right to make a counter
proposal, which the Symbion board will consider.  If Healthscope
is unsuccessful, a break fee of AU$10.4 million is payable by
Symbion.  There is no break fee payable to Sigma by Symbion if
Healthscope provides a superior offer that is implemented.

As noted when the ratings were initially placed on CreditWatch
with negative implications, progression of a takeover would
trigger change-of-control provisions on Symbion's existing
outstanding debt (including its AU$650 million term debt
facility and an AU$30 million 364-day facility), which is
therefore likely to be repaid. Refinancing of this debt is
expected to be funded by the successful bidder.

Standard & Poor's will continue to monitor the merger and
acquisition activity surrounding Symbion and update the
CreditWatch when necessary.

                       About Symbion Health

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

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


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

AGRICULTURAL BANK: Xiang Junbo to Take Presidency After Reform
--------------------------------------------------------------
People's Bank of China Deputy Governor Xiang Junbo will take
over as president of Agricultural Bank once it completed the
reforms to its shareholding structure, sources close to the
matter told The Standard.

Mr. Xiang will replace Yang Mingsheng, the paper's unnamed
sources said.

According to The Standard, the PBOC is the leading government
task force studying how to clean up AgBank's balance sheet, but
it was not immediately clear whether the reshuffle signals a
speed-up in the timetable for nursing the bank back to health.


The Agricultural Bank of China -- http://www.abocn.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter - Asia Pacific reported on June
27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion -- CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

The bank carries Fitch Ratings' Individual strength rating of
'E'.

On May 4, 2007, Moody's Rating Agency implemented its new BFSR
methodologies and affirmed Agricultural Bank of China's Bank
Financial Strength Rating at E.


AK & M TRADING: Placed Under Voluntary Liquidation
--------------------------------------------------
On June 8, 2007, a special resolution was passed to wind up the
operations of AK & M Trading Company Limited.

Creditors who can prove their debts by July 16, 2007, will be
included from sharing in the company's dividend distribution.

The company's liquidators are:

          Chan Kim Chee
          Chiu Fan Wa
          1001 Admiralty Centre, Tower 1
          18 Harcourt Road
          Hong Kong


BELLUNO INVESTMENTS: Members to Hear Wind-Up Report on July 16
--------------------------------------------------------------
A final meeting will be held for the members of Belluno
Investments Limited on July 16, 2007, at 10:00 a.m. on the 8th
Floor of Gloucester Tower, The Landmark at 15 Queen's Road in
Central, Hong Kong.

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


CALGO ASIA: Wind-Up Petition Hearing Set for July 4
---------------------------------------------------
A petition to wind up the operations of Calgo Asia Limited will
be heard before the High Court of Hong Kong on July 4, 2007, at
9:30 a.m.

The petition was filed by Couger Capital Limited on April 27,
2007.


CANADIAN EASTERN: General Meeting Set for July 18
-------------------------------------------------
A final general meeting will be held for the members of Canadian  
Eastern Nominees Limited on July 18, 2007, at 10:00 a.m. in
Suite 2001, 20th Floor of Cheung Kong Center at 2 Queen's Road
Central, Hong Kong.

Lau Wai Ming, Helen, the company's liquidator, will give at the
meeting, a report about the company's wind-up proceedings and
property disposal.


CHINA EASTERN: Hands US$260 Mil. V2500 Deal to Pratt & Whitney
--------------------------------------------------------------
China Eastern Airlines has awarded a business contract worth
more than US$260 million for orders of V2500 International Aero
Engines to Pratt & Whitney, a United Technologies Corp. company.

The order, for installed and spare engines to power 30 new
Airbus A320-family aircraft, is backed by a long-term
V2500Select(SM) service agreement.  Pratt & Whitney is a major
partner in International Aero Engines (IAE).

"We are excited to continue our long relationship with China
Eastern by powering the airline's fleet expansion with the
dependable V2500 engine," said Todd Kallman, president, Pratt &
Whitney Commercial Engines and IAE board member.  "We are proud
that the performance of the V2500 and the world-class service
provided by V2500Select allows us to continue to be a part of
China Eastern's growth."

China Eastern Airlines has twice been awarded the highest honor
of flight safety in Chinese aviation industry, the Golden Eagle
Cup, and regularly been commended in the Chinese National
Passenger Comments on Civil Aviation.  The airline has also been
granted official carrier status for the Shanghai Expo in 2010.

The 22,000-33,000lb of thrust V2500-A5 is available in seven
different thrust settings to power the Airbus A319, A320 and
A321 family of aircraft as well as the A319 Corporate Jet.

IAE is a multinational aero engine consortium whose shareholders
comprise Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines
Corporation and MTU Aero Engines.  More than 1,300 V2500-powered
aircraft have been delivered and the worldwide fleet has
accumulated over 40 million flying hours.

                    About Pratt & Whitney

Pratt & Whitney is a world leader in the design, manufacture and
service of aircraft engines, space propulsion systems and
industrial gas turbines.  United Technologies, based in
Hartford, Conn., is a diversified company providing high
technology products and services to the global aerospace and
building industries.

                      About China Eastern

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

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


CHINA SOUTHERN: Taps Hamilton Sundstrand to Supply APUs
-------------------------------------------------------
Hamilton Sundstrand, a subsidiary of United Technologies Corp.
(NYSE: UTX), has been selected by China Southern Airlines to
provide the APS 3200 auxiliary power unit (APU) for the
airline's fleet of 50 new Airbus A320 aircraft.  Deliveries will
begin later this year.

In addition, Hamilton Sundstrand will work with China Southern
to establish a component repair facility located in Shenyang.  
The total value of the contract over 20 years is in excess of
US$60 million.

China Southern is one of the world's largest operators of
Hamilton Sundstrand APUs.  In addition to the A320 fleet,
Hamilton Sundstrand APUs are installed on the airline's Boeing
737, Boeing 747-400 and ERJ 145 aircraft.  With future
deliveries of Boeing 787 and Airbus A380 aircraft, China
Southern will operate six different models of Hamilton
Sundstrand APUs.

"It is a real honor to be selected by China Southern to provide
the APUs for their new A320s," said Tim Morris, president of
Hamilton Sundstrand's Aerospace Power Systems business.  "China
Southern is one of the world's great airlines and we look
forward to continuing our historically close relationship with
them for many years to come."  
Auxiliary Power Units provide power to aircraft while they are
on the ground and back-up power while in flight.  The APS 3200
APU is rated at 124 shaft horsepower.  Hamilton Sundstrand Power
Systems, based in San Diego, Calif., currently has more than
13,000 APUs in commercial and military service.

                  About Hamilton Sundstrand

With 2006 revenues of US$5 billion, Hamilton Sundstrand employs
approximately 17,500 people worldwide and is headquartered in
Windsor Locks, Conn., U.S.A.  Among the world's largest
suppliers of technologically advanced aerospace and industrial
products, the company designs, manufactures and services
aerospace systems and provides integrated system solutions for
commercial, regional, corporate and military aircraft.  It also
is a major supplier for international space programs.

United Technologies Corp., of Hartford, Conn., provides a broad
range of high-technology products and support services to the
aerospace and building systems industries.

                     About China Southern

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

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


EPROGISTICS LIMITED: Court to Hear Wind-Up Petition on Aug. 1
-------------------------------------------------------------
A petition to wind up the operations of Eprogistics Limited will
be heard before the High Court of Hong Kong on Aug. 1, 2007, at
9:30 a.m.

The petition was filed by Taikoo Place Holdings Limited on
May 29, 2007.

Taikoo Place's solicitors are:

          Johnson Stokes & Master
          18 th Floor, Prince's Building
          10 Chater Road, Central
          Hong Kong


GLION ASIA: Members' Final Meeting Set for July 16
--------------------------------------------------
The members of Glion Asia Limited will have their final meeting
on July 16, 2007, at 10:00 a.m., to hear the liquidator's report
about the company's wind-up proceedings and property disposal.

The meeting will be held on 3806 Central Plaza at 18 Harbour
Road in Wanchai, Hong Kong.


GREAT CONTRACTING: To Pay Dividend on July 6
--------------------------------------------
Great Contracting Limited will pay dividend to its preferential
creditors on July 6, 2007.

The company will pay 12% of dividend to its creditors.

The company's liquidator can be reached at:

          c/o Baker Tilly Hong Kong
          12th Floor, China Merchants Tower
          Shun Tak Centre
          138-200 Connaught Road, Central
          Hong Kong


HAINAN AIRLINES: Rolls-Royce Gets US$180 Mil. V2500 Engine Order
----------------------------------------------------------------
Rolls-Royce has won business worth US$180 million as its share
of an order for V2500 engines from China's Hainan Airlines.

The engines, for a fleet of 20 Airbus A319s, will be maintained
by a V2500Select services agreement.  Deliveries will start in
2008.

The V2500 is produced by the International Aero Engines
consortium (IAE) in which Rolls-Royce is a senior shareholder.
V2500s are in service with over 1,300 A320 series and MD-90
aircraft.


Hainan Airlines Company Ltd's principal activities are providing
domestic aeronautic transportation to passengers and cargoes,
domestic business chartering services, aeronautic maintenance
and services, air traveling and on-board food supply.  Other
activities include manufacturing aeronautic field equipment and
components, plane and landing equipment, selling of plane
ticket, cargo & other related services, providing repair
services, development of hotels and managing properties.

On Oct. 31, 2005, Xinhua Far East China Ratings gave the company
a 'CC' issuer credit rating.


HARBOUR RING: General Meeting Set for July 16
---------------------------------------------
Harbour Ring Dharmala (H.K.) Limited will hold a general meeting  
for its members on July 16, 2007, at 10:00 a.m. on Level 28 of
Three Pacific Place at 1 Queen's Road in East, Hong Kong.

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


HOTEL MERLIN: Liquidator to Present Wind-Up Report on July 18
-------------------------------------------------------------
A final meeting will be held for the members of Hotel Merlin
(Hong Kong) Limited on July 18, 2007, at 10:00 a.m., at 18A
Jalan Ramlee, in 50250 Kuala Lumpur, Malaysia.

Lim Ooi Kong, the company's liquidator, will give at the meeting  
a report about the company's wind-up proceedings and property
disposal.


JETFIELD PROPERTIES: Wind-Up Petition Hearing Set for July 4
------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Jetfield Properties Limited on July 4, 2007, at
9:30 a.m.

Patskie Investments Limited filed the wind-up petition on
April 16, 2007.

Patskie Investments' solicitors are:

          Kelvin Cheung & Co.
          Unit 101, 1st Floor
          Hong Kong Trade Centre
          161-167 Des Voeux Road, Central
          Hong Kong


MATTAWAN LIMITED: Members to Meet on July 23
--------------------------------------------
The members of Mattawan Limited will have their final general
meeting on July 23, 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:

          Allan Hon Wing Yu
          23rd Floor
          Wing Hang Finance Centre
          60 Gloucester Road
          Wanchai, Hong Kong


MAXFUL TECHNOLOGY: Members & Creditors to Meet on July 16
---------------------------------------------------------
The members and creditors of Maxful Technology and Consultants
Limited will meet on July 16, 2007, at 3:00 p.m. and 4:00 p.m.,
respectively, to hear the liquidator's report about the
company's wind-up proceedings and property disposal.

The meeting will be on the 19th Floor of No. 3 Lockhart Road in
Wanchai, Hong Kong.


MAY ME: Court to Hear Wind-Up Petition on May 23
------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of May Me See Food Company Limited on May 23, 2007,
at 9:30 a.m.

Chan Muk Ying filed the wind-up petition on May 23, 2007.


NEWPORT HEALTH: Proofs of Debt Due by July 18
---------------------------------------------
The creditors of Newport Health Products Company Limited are
required to file their proofs of debt by July 18, 2007.

The company entered wind-up proceedings on June 11, 2007.

The company's liquidator is:

          Chin Kwan Lam, Raymond
          Charmhill Centre, 14th Floor, Flat B
          50 Hillwood Road
          Tsimshatsui, Kowloon


NEWPORT PHARMACEUTICALS: Taps Chin Kwan Lam as Liquidator
---------------------------------------------------------
At an extraordinary general meeting held on June 11, 2007, the
shareholders of Newport Pharmaceuticals Company Limited decided
to wind up the company's operations and appointed Chin Kwan Lam,
Raymond as liquidator.

Creditors are required to file their proofs of debt by July 18,
2007, to be included in the company's dividend distribution.

The company's liquidator is:

          Chin Kwan Lam, Raymond
          Charmhill Centre, 14th Floor, Flat B
          50 Hillwood Road
          Tsimshatsui, Kowloon


PENTAD CONSTRUCION: Sets Final Meeting on July 17
-------------------------------------------------
The members and creditors of Pentad Construction Company Limited
will have their final meeting on July 17, 2007, at 10:00 a.m.,
to receive the liquidator's report about the company's wind-up
proceedings and property disposal.

The meeting will be held in the office of John Lees & Associates   
Limited on 1904 Hong Kong Club Building at 3A Chater Road in
Central, Hong Kong.


SAKABUN (H.K.): Sets Members' Meeting on July 20
------------------------------------------------
The members of Sakabun (H.K.) Co. Limited will have their final
general meeting on July 20, 2007, at 10:00 a.m., to receive the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held on Suite 1, 8th Floor of New Henry
House at 10 Ice House Street in Central, Hong Kong.


SUNGUARD FOODS: Proofs of Debt Due by July 20
---------------------------------------------
The creditors of Sunguard Foods Limited are required to file
their proofs of debt by July 20, 2007, to be included in the
company's dividend distribution.

The company entered wind-up proceedings on May 30, 2007.

The company's liquidator is:

          Wong Tat Yan, Paul
          Unit 702, Yat Chau Building, 7th Floor
          262 Des Voeux Road
          Central, Sheung Wan
          Hong Kong


TITAN PETROCHEMICAL: Sets Sights on Becoming Fuel Storage Giant
---------------------------------------------------------------
Titan Petrochemicals Group Ltd may build 5.66 million cubic
meters of tankage in the east coast of China in the next four
years, Shanghai Daily reports, citing Bloomberg News.

The company, based on a presentation made by Chief Executive
Barry Cheung and a copy of which was obtained by Bloomberg News,
wants to reduce dependence on its tanker business, whose profit
contribution dropped to 75% in 2006 from 90% a year earlier.  
The company expects tankers to account for no more than a fifth
of the company's earnings in two to three years.

"Titan will continue to reduce dependence on its shipping
division, by selling off two more Very Large Crude Carriers,"
Mr. Cheung was quoted as saying by Bloomberg in the presentation
to bond investors in Singapore.  The company is "converting
three others to become floating storage units at the end of the
year."

Titan has the Chinese government's approval to build a maximum
of 5.66 million cubic meters of storage capacity in three
locations on the east coast of China, the repost says.  They
include a 1.8-million-cubic-meter facility at Nansha in
Guangdong Province, a 1.49-million-cubic-meter facility at
Quanzhou in Fujian Province and a 2.37-million-cubic-meter
facility at Yangshan in Shanghai.

The business unit managing the facilities is tentatively named
China Storage Co, according to the company presentation.

Titan will construct the three facilities in phases, and the
speed of construction will depend on the demand for storage.  
The company has built around 10 percent of the planned
facilities, the paper relates.

Titan will operate no more than six VLCCs, each of which can
carry as much as two million barrels of oil, under its shipping
unit, the report says.

In addition, Titan may consider listing the company's storage
business on stock exchanges within five years, enabling
shareholders to increase the value of their investments.  "The
listing of the storage facilities in China is one of the options
in four to five years down the road," said Nora Yong, Titan's
corporate communications director in a telephone interview with
Shanghai Daily.  "The listing of the storage unit would be one
of the several options for Warburg Pincus to increase the value
of its investment."


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

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


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

NAVISTAR INT'L: Operating Unit Inks US$200-Mil. Credit Facility
---------------------------------------------------------------
Navistar International Corporation disclosed that International
Truck & Engine Corporation, its principal operating subsidiary,
signed a definitive loan agreement relating to a five-year
senior inventory secured, asset-based revolving credit facility
in an aggregate principal amount of US$200 million.  The
facility is secured by domestic manufacturing plant and service
parts inventory well as used truck inventory.

The facility was arranged by Credit Suisse, Bank of America,
N.A. and JPMorgan Chase Bank, N.A. Credit Suisse is the lead
arranger and Bank of America is the collateral agent.

The new loan facility matures in June 2012.  All borrowings
under the new loan facility will accrue interest at a rate equal
to a base rate or an adjusted LIBOR rate plus a spread.  The
spread, which will be based on an availability-based measure,
ranges from 125 basis points to 175 basis points for LIBOR
borrowings.  The initial LIBOR spread is 150 basis points.  
Borrowings under the facility are available for general
corporate purposes.

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent  
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                          *     *     *

As reported in the Troubled Company Reporter on May 8, 2007,
Fitch Ratings retained Navistar International Corp.'s BB- Issuer
Default Rating and BB- senior unsecured bank facility rating
under Rating Watch Negative.


STATE BANK OF INDIA: Hybrid Tier I Issue Gets S&P's 'BB' Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's (SBI; BBB-
/Stable/A-3) proposed US$225 million Hybrid Tier I perpetual
notes under its US$5 billion MTN program.  The Hybrid Tier I
notes will be perpetual notes with a call option 10 years from
the date of issue.

The payment obligation on Hybrid Tier I perpetual notes shall
rank junior to claims of senior and subordinated debt holders
but senior to claims of preference and equity shareholders, and
claims for payment of any obligation, that expressly or by
applicable law, is subordinated to the proposed Hybrid
Tier I notes.

The rating differential between the 'BBB-' counterparty credit
rating and the 'BB' rating on the Hybrid Tier I notes reflects
the junior subordinated nature of the notes and the embedded
interest deferral feature.  This interest deferral feature is
linked to compliance with the regulatory capital adequacy
ratio and a profit test.  If SBI Bank's RCAR is below the
minimum regulatory requirement stipulated by the Reserve Bank of
India, it will be mandatory to skip interest payments. As of
March 31, 2007, SBI Bank's RCAR stood at 12.34% compared with
the minimum regulatory requirement of 9%.

If the bank is in compliance with RCAR but reports a "net loss,"
it will require RBI's permission before it can make interest
payments on the notes.  A "net loss" is defined as a negative
balance in the "balance in profit and loss account," which is a
component of the reserves and surplus on the bank's balance
sheet.

The Hybrid Tier I perpetual notes are not included in Standard &
Poor's measure of core capital, which is adjusted common equity.
This is in line with Standard & Poor's treatment of other forms
of hybrid capital, including preference shares, in its analysis
of capital. Standard & Poor's will, however, recognize equity
capital credit of the proposed Hybrid Tier I perpetual notes in
the bank's adjusted total equity of up to 33% of the bank's
adjusted common equity.


TATA POWER: Shareholders Agree on Infusion of Fresh Capital
-----------------------------------------------------------
Tata Power Company Ltd's shareholders have given their approval
for the infusion to the company of fresh capital from its main
promoter, Tata Sons Ltd.

In a filing with the Bombay Stock Exchange, Tata Power disclosed  
that its members, by way of postal ballot, passed a special
resolution for offering, issuing and allotting:

   (a) not exceeding 98,94,000 equity shares of INR10 each (not
       exceeding 5% of the existing paid-up equity share capital
       of the company); and

   (b) not exceeding 1,03,89,000 warrants with option to
       subscribe to one equity share of INR10 each per warrant,
       which option will be exercisable after April 1, 2008, but
       not later than 18 months from the date of issue of the   
       warrants (such equity shares not exceeding 5% of the then
       existing paid-up equity share capital of the company);

for cash on preferential allotment basis to Tata Sons.

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

                          *     *     *

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

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


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

ANEKA TAMBANG: To Maintain Output Target Despite Metal Leakage
--------------------------------------------------------------
PT Aneka Tambang Tbk said that its nickel output should remain
on target, about 20,000 tonnes for 2007, despite metal leakage
in its third smelter FeNi III, Reuters reports.

The report recounts that the leak from the furnace wall occurred
on June 16 and lasted for 90 minutes.  It prompted Antam to
reduce the power load at the smelter to prevent damage and for
safety reasons.

According to the report, preliminary investigations indicated
minimal damage and Antam was expected to return to normal
operations within a maximum of three weeks.

The company said it will use high grades ore to feed FeNi III
smelter when it resumes operations to achieve this year's
target.

                       About Aneka Tambang

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

                          *     *     *

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

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


CENTRAL PROTEINAPRIMA: To Buy Land Worth IDR10.5 Billion
--------------------------------------------------------
PT Central Proteinaprima Tbk will buy 29,375 square meter land
in Taman sub-district, located at Sidoarja regency, East Java
from PT Charoen Pokphand Indonesia, Reuters News reports.

According to the report, the land price amounts to
IDR10,593,990,000.

                About Central Proteinaprima

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.

The Troubled Company Reporter - Asia Pacific reported on
June 14, 2007, that Fitch Ratings assigned a Long-term foreign
currency Issuer Default Rating of 'B+' to PT Central
Proteinaprima Tbk.  The Outlook on the rating is Stable.  At the
same time, Fitch has assigned an expected rating of 'B+' and an
expected recovery rating of 'RR4' to the proposed senior notes
to be issued by Blue Ocean Resources Pte Ltd and guaranteed by
CPP and its subsidiaries.  The ratings were assigned based on an
indicative issue size and tenor communicated to the agency by
CPP; any material deviations from these may result in a negative
rating action.  Further, the final ratings are contingent upon
receipt of final documents conforming to the information already
received.


CENTRAL PROTEINAPRIMA: Mandates Barclays Capital as Bookrunner
--------------------------------------------------------------
PT Central Proteinaprima has mandated Barclays Capital as sole
bookrunner for its proposed Reg-S, 144a US-dollar senior secured
bond, Finance Asia reports.

According to the report, Barclays Capital has not specified the
issue size or tenor, although there is talk of a five-year
US$250 million offering, marking the company's debut in this
market.

CPP also hopes to raise funds via an IPO, some of which will be
used to repay a short-term debt to Barclays Capital, from which
it received a US$250 million loan, the report notes.

Finance Asia recounts that in June last year, the company had
planned to raise IDR432 billion by selling 2.2 billion shares
but fired its investment bank PT Danareksa Sekuritas after the
share sale failed.

               About Central Proteinaprima

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.

The Troubled Company Reporter - Asia Pacific reported on
June 14, 2007, that Fitch Ratings assigned a Long-term foreign
currency Issuer Default Rating of 'B+' to PT Central
Proteinaprima Tbk.  The Outlook on the rating is Stable.  At the
same time, Fitch has assigned an expected rating of 'B+' and an
expected recovery rating of 'RR4' to the proposed senior notes
to be issued by Blue Ocean Resources Pte Ltd and guaranteed by
CPP and its subsidiaries.  The ratings were assigned based on an
indicative issue size and tenor communicated to the agency by
CPP; any material deviations from these may result in a negative
rating action.  Further, the final ratings are contingent upon
receipt of final documents conforming to the information already
received.


CENTRAL PROTEINAPRIMA: To Sell Land to Charoen Pokphand
-------------------------------------------------------
PT Central Proteinaprima Tbk will sell a 58,400-square meter
land in Kriyan sub-district, located at Sidoarjo regency, in
East Java, to PT Charoen Pokphand Indonesia Tbk, Reuters News
reports.

According to the report, the selling price of the land amounts
to IDR16.352 billion.

In addition, the Company will also buy a 29,375-square meter
land in Taman sub-district, located at Sidoarja regency, in East
Java from PT Charoen Pokphand for IDR10,593,990,000.

                About Central Proteinaprima

PT Central Proteinaprima Tbk headquartered in Jakarta Indonesia
is an Indonesia-based agribusiness company that is part of
Charoen Pokphand Group.  The Company is engaged in the animal
husbandry sector, producing animal feed for fish, shrimp and
poultry, as well as shrimp farming activity.   Its subsidiaries
include Isodoro Holding BV, which is engaged in the financial
sector; PT Centralpertiwi Bahari and PT Centralwindu Sejati,
which are engaged in the agribusiness sector; PT Marindo Lab
Pratama, which is engaged in the production of dietary
supplement containing bacteria or yeast and Blue Ocean Resources
Pte Ltd, which is a trading company.   As of May 22, 2007, the
Company has acquired PT Central Panganpertiwi, which is engaged
in the production of fish feed.

The Troubled Company Reporter - Asia Pacific reported on
June 14, 2007, that Fitch Ratings assigned a Long-term foreign
currency Issuer Default Rating of 'B+' to PT Central
Proteinaprima Tbk.  The Outlook on the rating is Stable.  At the
same time, Fitch has assigned an expected rating of 'B+' and an
expected recovery rating of 'RR4' to the proposed senior notes
to be issued by Blue Ocean Resources Pte Ltd and guaranteed by
CPP and its subsidiaries.  The ratings were assigned based on an
indicative issue size and tenor communicated to the agency by
CPP; any material deviations from these may result in a negative
rating action.  Further, the final ratings are contingent upon
receipt of final documents conforming to the information already
received.


GARUDA INDONESIA: Enters Into Code-Sharing Deal with Hainan Air
---------------------------------------------------------------
PT Garuda Indonesia and Hainan Airlines entered a code-sharing
arrangement in a bid to strengthen both airlines' marketing
positions in China and Indonesia.

The signing of the agreement was conducted by EVP Sales &
Marketing Garuda Indonesia, Agus Priyanto and the President
Assistant & General Manager for Hainan Airlines, Den Jiang, in
Bali, on June 19, 2007.

The code-sharing involves Garuda Indonesia acting as the
operating party on the Jakarta - Beijing service, flying three
times a week, using the B-737-800 Next Generation.

Meanwhile, Hainan Airlines reserves the right to sell up to
twenty seats on each of Garuda Indonesia's flights from Jakarta
- Beijing.

Furthermore, Hainan Airlines will serve Garuda Indonesia
passengers with connecting flights from Beijing to domestic
destinations in China, among them Harbin, Hangzhou, and Nanning.
As the fourth biggest airline in China, Hainan Airlines
presently flies to fifty-three cities throughout China.

Through this code-sharing deal, Garuda Indonesia and Hainan
Airlines hope to benefit from more economical and competitive
operations which would further enable both airlines to secure
markets in the Chinese region and Indonesia.  In terms of
service upgrade, the flight partnership offers greater facility
to passengers of both airlines with easy connecting flights on
the China - Indonesia service, or vice versa.

Operating A-330 and B-737-800 aircrafts, to this date, Garuda
Indonesia flies sixteen times a week to four cities in China,
namely to Beijing (three times), Shanghai (four times),
Guangzhou (four times), and to Hong Kong (five times).

Throughout 2006, Garuda Indonesia transported over 275.000
passengers between the two countries.

                  About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--   
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  Garuda is concentrating its efforts on repaying its debt
with foreign creditors under the European Credit Agency, which
was due on December 31, 2005.

The company, until November 2006, suffered an unaudited loss of
IDR390 billion, which was lower than the IDR672 billion,
recorded in the same period the year before.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter - Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


TELKOM INDONESIA: To Develop International Cooperation Via Unit
---------------------------------------------------------------
PT Telekomunikasi Indonesia plans to develop international
cooperation in the telecommunications business through its unit  
PT Telekomunikasi Indonesia Internasional, Antara News reports.

According to the report, Telkom President Rinaldi Firmansyah
said that the company's interest in the international
telecommunications business will be realized in the
establishment of Telkom Internasional some time ago.

The Troubled Company Reporter - Asia Pacific reported on May 1,
2007, that Telkom Indonesia 's unit, Telkom Internasional,
projected to expand the state-owned overseas telecommunication
company, will be fully operational by May 2007.

According to the TCR-AP, in the initial phase of the operation,
Telkom Internasional will cooperate with other telecommunication
operators in developing a network as a support in aiming its
target.

Mr. Firmansyah said that international cooperation between
Telkom and the operators or foreign institutions has not been
adequately focused, the Antara relates.

Antara says that in the first stage of development, Telkom would
not treat Telkom Internasional exclusively as an investment
company.   In this context, Telkom needs to build an ability in
international telecommunications unification business since the
early stages.

Mr. Firmansyah said that Telkom has the resources that can be
sold and domestic links for international connection all of
which can be used by the operators of the developing countries,
the report adds.

                 About Telkom Indonesia

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

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

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

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


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

JAPAN AIRLINES: To Acquire 10 Jets from Embraer
-----------------------------------------------
Empresa Brasileira de Aeronautica SA, widely known as Embraer,
said Monday that it has agreed to sell 10 commercial jets to
Japan Airlines International Company, Limited, the Japan Times
reports.

According to the report, Embraer said that the total cost would
come to US$435 million, which includes options to acquire
another five aircraft.

Japan Times relates that the Brazilian aircraft manufacturer
added that the first delivery of the 70- to 80-seat jets is
scheduled for 2008.

In an Embraer statement grabbed by the Japan Times, it said that
"The Embraer 170 E-Jets will fly for J-Air Corp., a wholly owned
JAL subsidiary, serving the airline's regional network routes
throughout Japan."

Japan Times quotes JAL Group Chief Executive Officer
Haruka Nishimatsu as saying that "the introduction of the
Embraer 170 will enable the JAL Group to promote its optimal
aircraft size, depending on the scale of demand of each domestic
route, develop business operations more efficiently, and
increase convenience to customers."

The planned aircraft acquisition is part of JAL's restructuring
program, the report relates.

                       About Japan Airlines

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

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2007, that Standard & Poor's Ratings Services affirmed its 'B+'
long-term corporate credit and issue ratings on Japan Airlines
Corp. (B+/Negative/--) following the company's announcement of
its new medium-term management plan.  The outlook on the long-
term corporate credit rating is negative.  
  
The TCR-AP reported on Oct. 10, 2006, that Moody's Investors  
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines  
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.  
  
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


NOMURA HOLDINGS: Provides US$230-Mil. Loan to CrimsonPower
----------------------------------------------------------
Nomura Holdings, Inc. said that it provided a US$230 million
mezzanine loan to CrimsonPower Holdings Company, Inc., a joint
venture formed by The Tokyo Electric Power Company, Incorporated
and Marubeni Corporation.

The loan, provided via a newly established special purpose
vehicle, is part of a financing arrangement for the acquisition
of three power stations in the Philippines totaling 2,200
megawatts from Mirant Corporation, an independent US power
company.  The remainder of the acquisition financing consists of
a US$2.7 billion senior loan by the Japan Bank for International
Cooperation and commercial banks, and equity financing by TEPCO
and Marubeni.

In early 2007, Nomura set up dedicated team of project finance
experts in Tokyo and Hong Kong to work on expanding the firm's
project finance operations.  The mezzanine loan for CrimsonPower
marks the first deal for Nomura.

Demand for project finance deals across Asia is expected to
increase as the need for infrastructure development rises on the
back of the region's rapid economic growth.  Nomura will focus
on creating new investment opportunities for a broad base of
investors via the capital markets by arranging mezzanine loans,
while making it easier for project sponsors to take on risk and
stimulate the market for infrastructure projects in Asia.

                    About Nomura Holdings

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

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


NOMURA HOLDINGS: To Announce 1st Quarter Results on July 25
-----------------------------------------------------------
Nomura Holdings, Inc., plans to announce its operating results
for the first quarter of the fiscal year ending March 31, 2008,
at 15:00JST on July 25.  Financial statements and presentation
materials will be available on the Nomura Holdings Web site
shortly after the announcement.

A live audio Web cast of the company's conference call is
scheduled to be delivered via http://nomura.comat:

          -- 21:00 (JST)

          -- 13:00 (BST)

          -- 08:00 (EST)

                   About Nomura Holdings

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

Nomura Holdings carries Fitch Ratings' 'C' individual rating
that was given on April 13, 2006.


NOVA CORP: Workers Complain About Work Conditions
-------------------------------------------------
Nova Corp. teachers and employees criticized the company saying
the foreign-language school must improve its business not just
to be more honest with its customers but also for the sake of
its workers as well, reports Setsuko Kamiya of Japan Times.

Mr. Kamiya writes that in a press conference, Nova union members
said that the firm must improve its thorny relations with its
union if it hopes to survive the current crisis and should
provide better working conditions.

According to Nova Union President Thomas Reichl, who is teaching
German for 13 years, its group has been fighting with Nova for
three years now for a work securitization in which teachers can
have indefinite or long-term employment agreements instead of
annual renewals, and to allow teachers to qualify for social
security insurance, the report relates.

Mr. Kamiya reports that Mr. Reichl revealed to the press that
negotiations with Nova management began in 2004, but when the
talks failed to produce results, the union began organizing
strikes and protests the following year.  In 2006, the union
took its case to the Tokyo Labor Relations Board.

Aside from the English language, which is Nova's mainstay, it
also offers lessons in other foreign languages, Mr. Kamiya
writes.  Robert Tench, teaching English and the union's
treasurer, claims that Nova may be deliberately keeping teacher
numbers low to cut payroll corners, concludes Mr. Kamiya.

                       About Nova Corp.

Osaka-based company, Nova Corporation-- http://www.nova.ne.jp/
-- is primarily engaged in the operation of language schools.  
The Company has seven subsidiaries and two associated companies.  
The Company is involved in the teaching of languages, the
creation of international environment of different languages and
cultures, the provision of real time services, the development
and provision of network contents, the development of hardware
technology, the building of human network, as well as the
organization of member groups to provide services
internationally.  The Company also has subsidiaries and
associates, which are engaged in advertisement services,
interior construction, facility and commodity sale, overseas
study services, computer system services, real estate brokerage,
facility leasing and installment sale, capital management,
cleaning services, sanitary management, multimedia goods sale,
Internet connection services, customer services and assistance
to foreigners.  

Nova has reported two consecutive net losses for fiscal years
ended March 31, 2006 and March 31, 2007 respectively.

The company posted a JPY3.09 billion for March 31, 2006 and
JPY2.89 billion for March 31, 2007.

On June 19, 2007, Troubled Company Reporter-Asia Pacific
reported that the Ministry of Economy, Trade and Industry
suspended Nova Corp from selling long-term contracts for
language schools starting June 14, 2007 for lying to customers
about its services.

According to the report, Nova misled prospective clients by
saying they can book language lessons anytime they want at any
Nova school nationwide.  However, clients complained that they
were not able to book lessons during busy periods.  It was also
found out Nova did not give full refunds to students who
canceled their lessons.


RESONA BANK: To Waive ATM Usage Fees
------------------------------------
Resona Holdings Inc. plans to waive automatic teller machine
usage fees round the clock starting in November for all
customers with group bank cards, Japan Times reports, citing
Resona officials.

According to Japan Times, the officials said that beginning in
November, there will be no such charges for some 15 million
Resona Bank, Saitama Resona Bank and Kinki Osaka Bank customers.

Resona customers who deposit or withdraw their money using the
banking group's ATMs on weekday nights, weekends and national
holidays are now charged JPY105, Japan Times conveys.

Headquartered in Osaka, Japan, Resona Bank, Limited --
http://www.resona-gr.co.jp/-- had consolidated total assets of  
JPY27 trillion as of September 30, 2006.  Resona Holdings, Inc.,
Resona Bank's parent, has consolidated total assets of JPY39
trillion as of September 30, 2006.

On May 7, 2007, Moody's Investors Service upgraded its bank
financial strength rating to D+ from D-.

On April 27, 2007, Fitch Ratings affirmed its D individual
rating and its 2 support rating following the company's
announcement that it secured JPY350 billon in new preferred
stocks for the purpose of repaying part of its outstanding
balance of JPY1,998.8 billion (issued value) of
government-owned preferred shares.


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

BOWATER INC: To Discuss Abitibi Merger on July 26 Annual Meeting
----------------------------------------------------------------
Abitibi-Consolidated Inc. and Bowater Incorporated will hold a
meeting of its shareholders on July 26, 2007, in order for
shareholders to vote on the companies' proposed combination.  
The Quebec Superior Court has granted an interim order approving
the holding of the special meeting of Abitibi-Consolidated
shareholders.

The special meeting of Abitibi-Consolidated shareholders will be
held at the Windsor, Salon Windsor, 1170 Peel Street in
Montreal, Quebec, at 10:00 a.m., Eastern Time on July 26, 2007.  

Shareholders of record at the close of business on June 20,
2007, will be entitled to receive notice of and vote at the
Abitibi-Consolidated meeting.

The annual meeting of Bowater stockholders will be held in the
Peachtree Auditorium of the Bank of America Plaza, 600 Peachtree
Street Northeast in Atlanta, Georgia, at 10:00 a.m., Eastern
Time on  July 26, 2007.  Stockholders of record at the close of
business on June 8, 2007, will be entitled to receive notice of
and vote at the Bowater meeting.

In connection with the proposed combination of Abitibi-
Consolidated and Bowater, Bowater Canada Inc., an exchangeable
share Canadian public subsidiary of Bowater, will also hold a
special meeting of its shareholders in order to approve certain
amendments to Bowater Canada's articles required to facilitate
and implement the combination.  The special meeting of Bowater
Canada shareholders will be held on July 25, 2007, at Fairmont
The Queen Elizabeth Hotel, Salon St-Laurent, 900 Boulevard Rene-
Levesque West, Montreal, Quebec, at 9:30 a.m., Eastern Time.  
Shareholders of record at the close of business on June 20,
2007, will be entitled to receive notice of and vote at the
Bowater Canada meeting.

For Abitibi-Consolidated, the combination requires the
affirmative vote of not less than two-thirds of the votes cast
at the Abitibi-Consolidated special meeting by holders of
Abitibi-Consolidated common shares present or represented by
proxy at the special meeting. For Bowater, the combination
requires the affirmative vote of a majority of the total voting
power of all outstanding shares of Bowater common stock and
Bowater special voting stock, representing Bowater Canada
exchangeable shares, entitled to vote at the Bowater meeting,
voting together as a single class.

The combined company, which will be called AbitibiBowater Inc.,
will be the third largest publicly traded paper and forest
products company in North America and the eight largest in the
world.  AbitibiBowater will own or operate 32 pulp and paper
facilities and 35 wood product facilities located mainly in
Eastern Canada and the Southeastern U.S.  It will also be among
the world's largest recyclers of newspapers and magazines.

                  About Abitibi-Consolidated Inc.

Headquartered in Montreal, Quebec, Abitibi-Consolidated Inc.
(NYSE: ABY, TSX: A) -- http://www.abitibiconsolidated.com/--    
supplies newsprint and commercial printing papers and produces
wood products, serving clients in some 70 countries from its 45
operating facilities.  Abitibi-Consolidated is among the largest
recyclers of newspapers and magazines in North America,
diverting annually approximately 1.9 million tonnes of waste
paper from landfills.  It also ranks first in Canada in terms of
total certified woodlands.

                         About Bowater

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint     
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter on March 29, 2007,
Moody's Investors Service downgraded Bowater Incorporated's
long-term debt ratings by one notch and downgraded the company's
corporate family rating to B2 from B1, and its senior unsecured
notes to B3 from B2.  At the same time, Moody's affirmed
Bowater's SGL-2 speculative grade liquidity rating.  Bowater has
announced a plan to merge with Abitibi-Consolidated Inc. that is
expected to close in third quarter of this year.  In light of
continued uncertainty, primarily with respect to the structural
status of individual bond issues at each company vis-a-vis the
other and a yet-to-be arranged operating credit facility, and
the associated potential that ratings for unsecured instruments
may need to be revised as a consequence of the pending merger,
the ratings outlook remains unchanged as developing.  Moody's
does not expect the merger to cause a revision to the B2 CFR.

On June 27, 2006, Fitch Ratings assigned a 'BB' rating to
Bowater, Inc.'s senior secured bank debt.  The company's issuer
default ratings, 'BB-' and senior unsecured bond ratings, 'BB-',
remain unchanged.  The Rating Outlook remains Stable.

Dominion Bond Rating Service downgraded the rating of Bowater
Canadian Forest Products Inc. to BB (low) from BB.  The trend
remains Negative.

Standard & Poor's Ratings Services lowered its ratings on
Bowater and subsidiary Bowater Canadian Forest Products Inc.,
including the corporate credit rating on each entity to 'B+'
from 'BB' in December 2005.  S&P said the outlook is stable.


BOWATER INC: Weak Earnings Prompt S&P to Cut Credit Rating to B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Greenville, South Carolina-based Bowater Inc., including its
corporate credit rating, to 'B' from 'B+'.  The outlook is
negative.

"The downgrade reflects our expectations for continued weak
earnings and cash flow stemming from difficult newsprint market
conditions, the rapid rise of the Canadian dollar, and ongoing
operating losses for lumber," said Standard & Poor's credit
analyst Pamela Rice.

Standard & Poor's had previously expected Bowater's credit
measures to improve modestly in 2007 as the company used asset-
sale proceeds to reduce debt and reduced costs to offset lower
prices.  However, industry supply discipline in North America
has not kept pace with demand declines, so prices remain under
pressure.

This rating action reflects the company's stand-alone credit
quality and does not factor in the uncertain outcome of its
proposed merger with Abitibi-Consolidated Inc., which still
faces significant regulatory and shareholder scrutiny.

"We could lower the ratings if the company is unable to
strengthen its earnings and cash flow with cost improvement
efforts or if market conditions worsen," Ms. Rice said.  "We
could revise the outlook to stable if Bowater is able to reduce
debt beyond expectations and market conditions stabilize."

Regulatory authorities and shareholders are still reviewing the
proposed merger with Abitibi, and the effect on the companies'
ratings is unclear.  The all-equity transaction will result in a
stronger competitive position and an improved cost profile for
the combined entity, but the steady decline in demand for its
core newsprint products and heavy debt burdens overshadow these
strengths.

                         About Bowater

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint     
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.


KOREA EXPRESS: To Deliver Auto Parts for GM Daewoo
------------------------------------------------
Korea Express Co. was picked as a logistics subcontractor for GM
Daewoo Auto & Technology Co., Yonhap News reports.

According to the report, starting October, Korea Express will
deliver auto parts to GM Daewoo plants for three years.  The
contract may generate as much as KRW50 billion.

Korea Express has been under court receivership since 2001
because of deteriorating finances, the report recounts.

                   About Korea Express

Headquartered in Seoul, Korea Express Co., Ltd. --
http://www.korex.co.kr/-- provides land and marine   
transportation, and logistics services.  The company also
operates stevedoring, distribution, and warehousing businesses
that serve domestic and international customer needs.  Korea
Express transports a variety of products, ranging from consumer
goods to machinery and turbines.  Korea Express also operates
Internet home shopping business.

Korea Express Bank has been under court receivership since June
2001 after it could not service a KRW1.5-trillion debt,
including KRW919 billion owed by then-parent Dong-Ah
Construction Industrial Co.  Korea Express President Lee Kook-
Dong will decide with a Seoul court about when to sell the
company, which has a market value of US$601 million.

In the company's Web site, Mr. Lee said that Korea Express will
strive to end court receivership and improve its liquidity,
maximize sales profit through strengthening of cooperation
between management and labor, and seek continuous development.

Korea Investors Service gave the company a BB rating.


QUANTUM CORP: S&P Affirms B Rating and Says Outlook is Positive
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on San Jose, California-based Quantum Corp.  At
the same time, Standard & Poor's revised its outlook on Quantum
to positive from stable.

Standard & Poor's also assigned its 'B+' bank loan rating and
'2' recovery rating to the company's proposed US$450 million
senior secured bank facility, reflecting S&P's expectation for
substantial (70%-90%) recovery of principal by creditors in the
event of a payment default.  The proposed bank facility will
consist of a US$50 million revolving credit facility, due 2012,
and a US$400 million term loan, due 2014.

"The revision of the outlook to positive reflects initial
progress in integrating ADIC combined with our expectation for
continued improvement to operating margins over the next several
quarters," said Standard & Poor's credit analyst Ben Bubeck.  
Pro forma operating lease adjusted leverage, based on two full
quarters of performance since the acquisition of ADIC, and
adjusted for restructuring charges, is estimated to be slightly
below 5x.

Proceeds from the proposed bank facility, along with
approximately US$30 million of cash from the balance sheet, will
be used to refinance Quantum's existing bank debt, including
fees and a prepayment premium.

The ratings on Quantum reflect a limited track record following
last year's acquisition of ADIC, mixed tape industry
fundamentals, a competitive marketplace, and high debt leverage.  
These factors partly are offset by S&P's expectation for
incremental improvements to profitability and cash flow
generation, Quantum's strong product portfolio, and adequate
liquidity.

Quantum is a leading vendor of data backup, recovery, and
archive solutions.  Last year's nearly US$800 million
acquisition of ADIC bolstered Quantum's product offering, in
addition to providing greater scale and capacity to reach end
customers directly.  Pro forma for the proposed debt financing,
Quantum had approximately US$630 million of operating lease-
adjusted debt as of March 2007.

                  About Quantum Corp.

Based in San Jose, California, Quantum Corp., (NYSE: DSS) --
http://www.quantum.com-- formerly a maker of hard disk drive   
for desktop computers, now produces digital linear tape
technology, such as DLT devices, automated tape library systems,
and the tape cartridges used in these systems.  The company has
offices in these Asia-Pacific countries: Australia, China, Hong
Kong, India, Japan, Korea, Malaysia, Singapore.


UAL CORP: Expects 2.75%-3.25% Rise in 2nd Qtr. Passenger Revenue
----------------------------------------------------------------
UAL Corporation, United Airlines' holding company, provided
an update related to its financial and operational outlook for
the second quarter of 2007.

                          Unit Costs

The company estimates that mainline operating cost per available
seat mile excluding fuel, severance and special items will be
flat to up 0.5% for the second quarter of 2007 from the
same period in 2006.

                        Revenue Update

Second quarter mainline passenger unit revenue is expected to
increase between 2.75% and 3.25% year-over-year.  Second quarter
consolidated PRASM is expected to increase between 2.0% and 3.0%
year-over-year.

Yields continue to be strong internationally, but under pressure
domestically as industry capacity grows and domestic industry
revenue slows.

The company estimates that cargo, mail and other revenue will be
between US$420 million and US$440 million for the quarter,
including UAFC sales of approximately US$15 million.

                          Liquidity

The company expects to end the quarter with an unrestricted cash
and short-term investments balance of between US$4.1 billion and
US$4.2 billion and US$0.9 billion of restricted cash.

                Non-Operating Income / Expense

The company estimates that below-the-line non-operating expense
will be between US$70 million to US$80 million for the quarter.

                             Fuel

The company expects mainline jet fuel price per gallon to
average US$2.10 for the quarter, including taxes and the impact
of hedges with a total estimated mainline fuel consumption of
579 million gallons.

As of June 15, 2007, the company had hedged 21 percent of
forecasted fuel consumption for the third quarter of 2007,
predominantly through heating oil three-way collars with
upside protection on a weighted average basis beginning from
$1.93 per gallon and capped at US$2.13 per gallon.  Payment
obligations on a weighted average basis begin if heating
oil drops below US$1.81 per gallon.

Additionally, as of the same date, the company had hedged
15% of forecasted fuel consumption for the fourth quarter
of 2007 through heating oil three-way collars with upside
protection on a weighted average basis beginning from
$2.03 per gallon and capped at US$2.22 per gallon.  Payment
obligations on a weighted average basis begin if heating
oil drops below US$1.85 per gallon.

                        About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United   
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The company filed for chapter 11 protection on
Dec. 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191).  James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman,
Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis,
represented the Debtors in their restructuring efforts.  Fruman
Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented
the Official Committee of Unsecured Creditors before the  
Committee was dissolved when the Debtors emerged from
Bankruptcy.  Judge Wedoff confirmed the Debtors' Second Amended
Plan on Jan. 20, 2006.  The company emerged from bankruptcy
protection on Feb. 1, 2006.  At Dec. 31, 2006, the company's
balance sheet showed total assets of US$25,369,000,000  
and total liabilities of US$23,221,000,000.

The airline flies to Brazil, Korea and Germany.

                           *     *     *

Fitch Ratings this month affirmed the Issuer Default Ratings of
UAL Corp. and its principal operating subsidiary United
Airlines, Inc. at 'B-'.

Moody's Investors Service assigned ratings in July 2006 to
United Air Lines Inc.'s Pass Through Trust Certificates, Series
2000-1: Ba3 rating to US$233,244,336 Class A-1 Certificates; Ba3
rating to US$324,913,300 Class A-2 Certificates; and B3 rating
to US$186,368,450 Class B Certificates.


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

MEGAN MEDIA: Starts Formulating Reform Plan
-------------------------------------------
Megan Media Holdings Bhd was considered an affected listed
issuer pursuant to the Amended Practice Note 17 of the Listing
Requirements of the Bursa Malaysia Securities Bhd.  

The listing under the Amended PN 17 category was made following
the company's discussion with its legal advisers.  Under the
interim findings of the Investigative Accountants, there are
significant irregularities whose financial impact will cause the
company's shareholders' equity, on a consolidated basis, to be
less than 25% of the issued and paid-up capital, and less than
the minimum issued and paid up share capital as required under
paragraph 8.16A(1) of the Listing Requirements.

With the listing under the Amended PN17 category, the company is
required to submit a regularization plan within eight months
after this announcement to the Securities Commission and other
relevant authorities.

Failure to comply may lead to suspension or delisting of the
company's shares from the Bursa Securities.

                 Status of Regularization Plan

The Company disclosed with the bourse that with support from its
Specialist Advisors, Sage 3 Capital Sdn Bhd, it is engaging its
Creditor Banks in the formulation of a Comprehensive Debt
Restructuring and Regularization Plan.  During this interim
period, no Creditor will be unduly preferred and this is
consistent with best practices adopted in debt regularization
and restructuring work.

In addition, the final report from the Company's IA is expected
to be available in 4-6 weeks and the Company will initiate
whatever legal proceedings available to recover all amounts lost
due to the irregularities.  The Company will also continue to
cooperate with the regulators to provide whatever assistance and
information to facilitate their investigation.  The Company
would like to reiterate that the business segment pertaining to
manufacturing is continuing and the Company is fulfilling
purchase orders from its manufacturing customers.  Further, the
Company has adequate short-term funds to continue its business
operations.


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

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

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

The Troubled Company Reporter - Asia Pacific reported on June
19, 2007, that Megan Media Holdings Bhd has been served with a
writ of summons pertaining to a claim by Bank of East Asia
Limited amounting to SGD2,924,399.98 and US$79,500.00 in respect
of banking facilities granted by the bank to its wholly owned
subsidiary, MJC (Singapore) Pte Ltd, in 2006.

The summon was served on June 13, 2007, and is labeled "Bank of
East Asia Limited versus Megan Media Holdings Berhad" (Shah Alam
High Court Suit No. MT3-22-807-2007).


PROTON HOLDINGS: Government Won't Sell Entire 43% Stake to VW
-------------------------------------------------------------
The Malaysian government, through state investment arm Khazanah
Nasional, will not sell its entire 43% stake in national car
maker Proton Holdings Bhd to Germany's Volkswagen, Reuters
reports, citing Najib Razak, the country's deputy prime
minister.  

"It's the national car," Mr. Najib was quoted by Reuters in an
interview with the Bloomberg News.  "It can't be all of the
stake."

According to Mr. Najib, Volkswagen wanted a "substantial" stake
in Proton and that the German firm possibly wanted a stake in
the manufacturing division.  "If we want a foreign strategic
partner then we have to accept the fact that it has to be run on
a commercial basis," the depute prime minister told Bloomberg.  

Volkswagen and Proton have been in talks for a possible tie-up
aimed at helping the Malaysian car maker turn itself around,
previous reports from the Troubled company Reporter - Asia
Pacific said.


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

                          *     *     *

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

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

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


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

AIR NEW ZEALAND: Taps Hamilton Sundstrand for Maintenance
---------------------------------------------------------
Air New Zealand has selected Hamilton Sundstrand's Comprehensive
Asset Repair and Exchange (C.A.R.E.) program to provide
maintenance support for its fleet of Boeing 777 aircraft.
Hamilton Sundstrand is a subsidiary of United Technologies Corp.  

The 10-year agreement for selected component support has an
estimated value of US$18 million and is Hamilton Sundstrand's
first C.A.R.E program for the Boeing 777.

The C.A.R.E. program offers total repair and inventory support
services and is fully supported by key OEM accessory suppliers.
Hamilton Sundstrand has similar long-term aftermarket agreements
with 22 of the world's 25 largest airlines.

"Hamilton Sundstrand's C.A.R.E. program has a proven track
record of providing great value to our airline customers," said
Brendan Curran, vice president of Aftermarket Sales & Commercial
Spares for Hamilton Sundstrand.  "We are delighted to expand
C.A.R.E on Air New Zealand's Boeing 777 fleet."

Air New Zealand's General Manager, Technical Operations, Chris
Nassenstein says Air New Zealand has one of the world's youngest
fleets and aims to support it in innovative and efficient ways.
"Given the intense competition in our industry, we need to
evaluate and adopt the most efficient options to maintain a
competitive cost base."

Air New Zealand operates eight 777-200s with options on seven
777-300s.  The international and domestic airline group employs
10,000 staff and provides air passenger and cargo transport
services to and from Australia, the South West Pacific, Asia,
North America and the United Kingdom as well as within New
Zealand.

With 2006 revenues of $5 billion, Hamilton Sundstrand employs
approximately 17,500 people worldwide and is headquartered in
Windsor Locks, Conn., U.S.A. Among the world's largest suppliers
of technologically advanced aerospace and industrial products,
the company designs, manufactures and services aerospace systems
and provides integrated system solutions for commercial,
regional, corporate and military aircraft.  It also is a major
supplier for international space programs.

United Technologies Corp., of Hartford, Conn., provides a broad
range of high-technology products and support services to the
aerospace and building systems industries.


BLUE RIDGE: Rank Group Deal Prompts S&P's Positive CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Blue
Ridge Paper Products Inc., including the 'B-' corporate credit
rating, on CreditWatch with positive implications.

"The CreditWatch listing followed the company's announcement
that it will be acquired by New Zealand-based The Rank Group
(unrated), for about US$338 million," said Standard & Poor's
credit analyst Andy Sookram.

Blue Ridge had debt of about US$235 million at March 31, 2007.

While the transaction has received the required approval of the
holders of a majority of the common stock of Blue Ridge Paper,
it is still subject to regulatory approval.

"Although we do not have sufficient information about the
transaction financing at this time, we believe a sale of the
company to The Rank Group could be positive for credit quality,"
Mr. Sookram said.

In addition, Blue Ridge's credit measures over the past two
quarters have improved meaningfully, reflecting higher prices
and volumes. As a result, debt to EBITDA improved to 5.5x at
March 31, 2007, from 11.5x at Sept. 30, 2006.

Standard & Poor's will resolve the CreditWatch when transaction
details are available.


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

ATOK BIG WEDGE: Annual Stockholders' Meeting Set for August 24
--------------------------------------------------------------
Atok-Big Wedge Co. Inc. will hold its annual meeting of
stockholders on August 24, 2007, at 4:00 p.m. at the 18th Floor,
Conference Room of the Aurora Tower, Araneta Center, in Quezon
City.

The meeting will tackle these matters, among others:

   * the Report of the President and Board of Directors;

   * presentation of Consolidated Final Report;

   * Ratification of the acts, resolutions, and proceedings of
     the Board of Directors, Corporate Officers and Management
     up to the year 2005-2006;

   * election of external auditors;

   * election of directors; and

   * amendment of By-laws.

Only stockholders of record as of June 30, 2007, will be
entitled to vote at the meeting, and will be required to bring
valid identification for the registration.  Registration will
begin at 2 p.m. and will end at 4 p.m.

Representatives of corporate stockholders are required to
present a copy of the Board Resolution of the authority to vote
their company's shares.

Validation of proxies will be made on August 16, 2007, at
2:00 p.m., at the 16th Floor Legal Department Conference Room of
the Aurora Tower, Araneta Center, in Quezon City.

                     About Atok-Big Wedge

Headquartered in Quezon City, Philippines, Atok Big Wedge Co.
Inc. was established and registered with the Securities and
Exchange Commission on Sept 4, 1931 primarily as a mining
company. After decades of mining, the company devolves into a
Holding Company with business in general investment, mining
related activities were spun off to its 100% wholly own
subsidiary, company Atok Gold Mining Co., Inc.

The company is exploring business ventures.

                     Going Concern Doubt

After auditing the company's financial statements for the year
ended December 31, 2006, Wilberto Sison at Tulio, Evangelista,
Lim & Co. raised significant doubt on the company's ability to
continue as a going concern due to the stoppage of its mining
operations.

The company also registered continued annual net losses:
PHP3.54 million in 2006, PHP3,508,592 in 2005 PHP3,729,041 in
2004 and PHP4,663,844 in 2003.


BEST MANUFACTURING: Trustee Appoints Becker Meisel as Counsel
-------------------------------------------------------------
Stacey L. Meisel, Esq., the Chapter 7 Trustee appointed in Best
Manufacturing Group LLC and its debtor-affiliates' liquidation
proceedings, obtained permission from the U.S. Bankruptcy Court
for District of New Jersey to employ Becker Meisel LLC as her
counsel.

As reported in the Troubled Company Reporter on May 30, 2007,
Becker Meisel is expected to:

   a) provide legal assistance in reviewing liens, claims,
      matters involving the use and sale of property,
      investigation into assets and liabilities of the Debtors;
      and

   b) assist the Trustee in the administration of the estate's
      assets.

Ms. Meisel, a partner at Becker Meisel LLC, tells the court of
the firm's professional hourly rates:

      Designation                          Hourly Rate
      -----------                          -----------
      Partners                             US$250 - US$450
      Associates                           US$160 - US$250
      Paralegals and law clerks             US$75 - US$125

Ms. Meisel assured the Court that the firm does not hold any
interest adverse to the Debtors' estate and is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.

Ms. Meisel can be reached at:

          Becker Meisel LLC
          No. 354 Eisenhower Parkway,
          Livingston, NJ 07039
          Tel: (973) 422-1100

Headquartered in Jersey City, New Jersey, Best Manufacturing
Group LLC -- http://www.bestmfg.com/-- and its subsidiaries
manufacture and distribute textiles, career apparel and other
products for the hospitality, healthcare and textile rental
industries with satellite operations located across the United
States, Canada, Mexico, the United Kingdom, and the Philippines.

The company and four of its subsidiaries filed for chapter 11
protection on Aug. 9, 2006 (Bankr. D. N.J. Case No. 06-17415).  
The case was converted to Chapter 7 on May 3, 2007.

Stacey L. Meisel was appointed as Chapter 7 Trustee on
May 4, 2007.  Michael D. Sirota, Esq., at Cole, Schotz, Meisel,
Forman & Leonard, P.A., represents the Debtors.  Scott L. Hazan,
Esq., at Otterbourg, Steindler, Houston & Rosen, and Brian L.
Baker, Esq., and Stephen B. Ravin, Esq., at Ravin Greenberg PC,
represent the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
estimated assets and debts of more than US$100 million.


BEST MANUFACTURING: Chapter 7 Trustee Hires Weiser as Accountant
----------------------------------------------------------------
The United States Bankruptcy Court for the District of New
Jersey gave Miss Stacey L. Meisel, the Chapter 7 Trustee
appointed in Best Manufacturing Group LLC and its debtor-
affiliates' liquidation proceedings, authority to employ Weiser
LLP as her accountant.

The Trustee tells the Court that it selected the firm because of
the its considerable accounting experience and knowledge in the
area of insolvency accounting.

As accountant for the trustee, the firm is expected to perform
general accounting functions relating to the books and records
of the Debtor, including but not limited to, investigation of
possible preferences, fraudulent conveyances, preparation of
tax returns and assisting the Chapter 7 Trustee and her counsel
as may be appropriate.

The Trustee discloses the firm's professionals hourly billing
rates:

        Professional             Hourly Rate
        ------------             -----------
        Partners/Directors       US$312 - US$475
        Senior Managers          US$264 - US$312
        Managers                 US$204 - US$264
        Seniors                  US$168 - US$204
        Assistants               US$108 - US$132
        Paraprofessionals         US$72 - US$132

In addition, Weiser will also receive reimbursement for
reasonable out-of-pocket expenses in connection with its
services.

James Horgan, a partner at Weiser LLP CPA's, tells the Court
that the firm and its professionals does not hold or represent
any interest adverse to the Debtor or its estate and is a
"disinterested" person as that term is defined under
Section 101(14) of the Bankruptcy Code

Mr. Horgan can be reached at:

          James Horgan
          Certified Public Accountant
          Weiser LLP
          399 Thornall Street
          Edison, New Jersey 08837
          Tel: (732) 549-2800
          Fax: (732) 549-2898
          http://www.mrweiser.com/

Headquartered in Jersey City, New Jersey, Best Manufacturing
Group LLC -- http://www.bestmfg.com/-- and its subsidiaries
manufacture and distribute textiles, career apparel and other
products for the hospitality, healthcare and textile rental
industries with satellite operations located across the United
States, Canada, Mexico, the United Kingdom, and the Philippines.

The company and four of its subsidiaries filed for chapter 11
protection on Aug. 9, 2006 (Bankr. D. N.J. Case No. 06-17415).  
The case was converted to Chapter 7 on May 3, 2007.

Stacey L. Meisel was appointed as Chapter 7 Trustee on
May 4, 2007.  Michael D. Sirota, Esq., at Cole, Schotz, Meisel,
Forman & Leonard, P.A., represents the Debtors.  Scott L. Hazan,
Esq., at Otterbourg, Steindler, Houston & Rosen, and Brian L.
Baker, Esq., and Stephen B. Ravin, Esq., at Ravin Greenberg PC,
represent the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
estimated assets and debts of more than US$100 million.


CHINA BANKING: To Acquire and Merge with Manila Banking
-------------------------------------------------------
China Banking Corp. has denied talks of a merger with Manila
Bank, and told the Philippine Stock Exchange that it is not
aware of any agreement concluding the alleged acquisition.

On Friday last week, the Troubled Company Reporter - Asia
Pacific reported that Banco de Oro-EPCIB, in a disclosure with
the Philippine Stock Exchange, denied a Manila Standard report
dated June 14.  The report, written by Rey Enano 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.

On Monday, the Manila Standard published another article
reporting that senior Banco de Oro-EPCIB executives indeed
talked with Manila Bank officials for the merger.  Mr. Enano
wrote that 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 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.


MAIDENFORM BRANDS: Completes Refinancing of Credit Facility
-----------------------------------------------------------
Maidenform Brands Inc. completed the refinancing of its existing
credit facility with a new US$150 million credit facility,
reflecting a reduction of total debt outstanding of US$10
million since the end of the first quarter of 2007.

The new credit facility includes a 7-year term loan of
$100 million and 5-year revolving line of credit of
$50 million.  Interest rates are determined on a pricing grid
based on Maidenform's total debt to EBITDA ratio.  Borrowings
under this new facility can be either at prime rate or at LIBOR
plus a premium.  The initial LIBOR rate will include a premium
of 1.25% with further reductions available upon the achievement
of certain financial ratios.

"The company is pleased with the terms of its new credit
facility, which reflects the lending community's confidence in
Maidenform's strengthening financial performance, well as in
strategic growth and cost management plans going forward,"
Dorvin Lively, executive vice president and chief financial
officer of Maidenform, stated. "In addition to expanding the
maturity dates of the company's revolver and Term Loan and
providing flexibility for expanding the credit facility, this
new facility will reduce its annual interest expense."

Caisse de depot et placement du Quebec is the sole lead arranger
and Bank of America, N.A. is a joint lender and administrative
agent for the new credit facility.

                      About Maidenform Brands

Maidenform Brands Inc. is an intimate apparel company with a
portfolio of established and well-known brands, top-selling
products and an iconic heritage.  Maidenform designs, sources
and markets an extensive range of intimate apparel products,
including bras, panties and shapewear.  During the company's 85-
year history, Maidenform has built strong equity for its brands
and established a solid growth platform through a combination of
innovative, first-to-market designs and creative advertising
campaigns focused on increasing brand awareness with generations
of women.  Maidenform sells its products under some of the most
recognized brands in the intimate apparel industry, including
Maidenform(R), Flexees(R), Lilyette(R), Sweet Nothings(R),
Rendezvous(R), Subtract(R), Bodymates(R) and Self
Expressions(R). Maidenform products are currently distributed in
approximately 55 countries and territories, including the
Philippines and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 16, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Bayonne, New Jersey-based intimate apparel designer and marketer
Maidenform Brands Inc. to positive from stable.  Ratings on the
company, including the 'B+' corporate credit rating, were
affirmed.


PHIL. NAT'L BANK: Pays Off PHP6.1 Billion Long-Term PDIC Loan
-------------------------------------------------------------
The Philippine National Bank has paid off its PHP6.1 billion
long-term loan from the Philippine Deposit Insurance Corp. on
June 19.

The bank said in a disclosure with the Philippine Stock Exchange
that, after the loan payment, its liquidity position will
maintain its healthy status.  The bank further revealed that it
sees no need to borrow from the Bangko Sentral ng Pilipinas or
the interbank market in a short-term basis.

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

                          *     *     *

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

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

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

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


PHILODRILL CORP: Posts PHP175.7-Million Net Loss For Year 2006
--------------------------------------------------------------
The Philodrill Corp. posted a PHP175.76-million net loss for the
year ended December 31, 2006, as compared with the
PHP2.74-million net income reported for December 31, 2005.

For the year 2006, the company recorded revenues of
PHP164.29 million, interest income of PHP5.74 million and
foreign exchange gains of PHP3.60 million.  During the year, the
company incurred costs and expenses of PHP337.41 million.

As of December 31, 2006, the company had total assets of
PHP1.55 billion and total liabilities of PHP177.44 million,
resulting in a total equity of PHP1.37 billion.

The company's 2006 financial statements can be downloaded for
free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/OV_17A_Dec2006.pdf

Headquartered in Mandaluyong City, Philippines, --
http://www.philodrill.com-- The Philodrill Corporation was  
registered with the Philippine Securities and Exchange
Commission on June 26, 1969, as an oil exploration and
production company.  In 1989, realizing the need to balance the
risk associated with its petroleum activities, the company
changed its primary purpose to that of a diversified holding
company while retaining petroleum and mineral exploration and
development as one of its secondary purposes.

The company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                          *     *     *

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of Dec.
31, 2005.  The company also had difficulty meeting its
obligations to creditor banks.

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to
PHP28.25 million, from U.S. dollars to Philippine Pesos.


PICOP RESOURCES: Posts PHP96.98-Mil. Net Loss for 2007 1st Qtr.
---------------------------------------------------------------
Picop Resources Inc. posted a net loss of PHP96.68 million for
the quarter ended March 31, 2007, a 6.8% decrease from the
PHP103.48-million net loss reported for the same period in 2006.

For the first three months of 2007, the company recorded net
sales of PHP241.57 million while incurring cost of sales of
PHP235.10 million, resulting in a gross profit of
PHP6.46 million.  For the first quarter of 2007, operating
expenses amounted to PHP61.47 million, interest and other
financing charges totaled PHP42.74 million, and other income
reached PHP1.07 million.

As of March 31, 2007, the company had total assets of
PHP4.42 billion and total liabilities of PHP3.76 billion,
resulting in a total stockholders' equity of PHP663.93 million.

The company's first quarter 2007 financial statements can be
downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PCP_17Q_Mar2007.pdf

PICOP Resources, Inc., was incorporated in 1952 as Bislig
Industries, Inc.  It was renamed Paper Industries Corporation of
the Philippines in 1963 and to Picop Resources, Inc. in 1994.  
The Company was privatized in March 1994 through a public
bidding that covered 183.1 million shares representing 90% of
the government's stakes.  Since 1994, control of the Company
changed hands three more times.  At present, the Company is
under the control of TP Holdings, Inc.

The Troubled Company Reporter - Asia Pacific reported on
April 26, 2007, that PICOP Resources posted a net loss of
PHP31.385 million for the year ending December 31, 2006, against
PHP366.574 million and PHP237.609 million net losses for the
years 2005 and 2004, respectively.


PILIPINO TELEPHONE: Posts PHP1.98BB Net Income for 1st Qtr. 2007
----------------------------------------------------------------
Pilipino Telephone Corp. posted a net income of PHP1.98 billion
for the three months ended March 31, 2007, an 11.5% increase
from the PHP2.24-billion net income reported for the first
quarter of 2006.

As of March 31, 2007, Piltel's Talk 'N Text subscribers total
7,395,252, an increase of 420,873 subscribers. The increase in
the Talk 'N Text subscriber base fueled the increase in Piltel's
total revenues by 24.5% to PHP3.63 billion for the first three
months of 2007 from PHP2.9 billion for the same period last
year.  Expenses more than tripled at PHP591.3 million for the
three months ended March 31, 2007 from PHP129.2 million for the
same period last year.  This is due mainly to lower financing
gains as financing gains in 2006 included:

    * Foreign exchange gains of PHP500.4 million as against this  
      year's PHP8.0 million; And

    * Interest income of PHP288.0 million as against this year's
      PHP86.4 million.

As of March 31, 2007, the company had total assets of PHP18.60
billion and total liabilities of PHP2.04 billion resulting in a
total equity of PHP16.55 billion.

The company's March 31, 2007 financial statements can be
downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PLTL_17Q_Mar2007.pdf


Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides cellular mobile telephone service provider,
as well as provides fixed line telephone services and paging
services to Filipino customers.  In the past seven years, Piltel
was on the brink of bankruptcy with its seemingly insurmountable
debt, continuous losses, outmoded service and dwindling
subscriber base.

As of March 31, 2006, PilTel acknowledges that it has not
complied with the terms of convertible bonds with a principal
amount of US$0.7 million -- approximately US$0.9 million
redemption price at the option of the holders.  Accordingly, the
amount was presented as part of the current portion of interest-
bearing financial liabilities.

PilTel may not be able to restructure or otherwise pay the
claims of its unrestructured debt.

However, PilTel says that default on and acceleration of its
unrestructured indebtedness does not create a cross-default
under its restructured indebtedness.

As stated in its 2005 annual report, PilTel's non-participating
creditors may take forceful measures to enforce their claims,
and it is possible that the company would be required to submit
to a court-supervised rehabilitation proceeding or an
involuntary insolvency proceeding seeking liquidation.  All of
PilTel's creditors that participated in the debt restructuring
agreed that they would submit the company to a rehabilitation
proceeding in those circumstances and petition for the adoption
of a plan of rehabilitation that includes the financial terms of
the debt-restructuring plan.


PREMIERE ENT: Incurs PHP683,620 Net Loss for First Quarter 2007
---------------------------------------------------------------
Premiere Entertainment Productions Inc. reported a net loss of
PHP683,620 for the first quarter of 2007, as compared with the
PHP368,462 net income posted for the same period in 2006.

For the quarter ended March 31, 2007, the company incurred costs
and expenses of PHP683,620, which represents the net loss for
the period. No revenues have been reported for first three
months of 2007.

As of March 31, 2007, the company had total assets of
PHP160.06 million and total liabilities of PHP34.11 million,
resulting in a total stockholders' equity of PHP125.95 million.  

The company's first quarter 2007 financials can be downloaded
for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PEP_17Q_Mar2007.pdf


Premiere Entertainment Productions, Inc. -- formerly known as
Premiere Films International, Inc. -- is engaged in the business
of dealing in and with all kinds of motion pictures to the
business of various forms of entertainment and leisure
including, but not limited to, movie films and export and
distribution services offered to and for local and international
film market.

Despite being debt-free, the company's cash position indicates
that it will need aggressive revenue development, collection of
trade/non-trade receivables and massive cost reduction efforts.  
Current collected revenues are only sufficient to cover for
administrative overhead expenses.

                        GOING CONCERN

Jessie Cabaluna at Sycip Gorres Velayo and Co. raised
significant doubt on Premiere Entertainment Productions, Inc.'s
ability to continue as a going concern.  The auditor cited the
company's declining revenue and recurring losses, which resulted
in a deficit of PHP393.50 million and PHP375.80 million as of
December 31, 2006, and 2005, respectively.


PRIME MEDIA: Reports PHP4.63-Million Net Income for March 2007
--------------------------------------------------------------
Prime Media Holdings Inc. reported a net income of
PHP4.63 million for the first quarter of 2007, a turnaround from
the PHP2.33-million net loss it reported for the same period in
2006.

For the three months ended March 31, 2007, the company earned
revenues of PHP7.35 million while incurring expenses of
PHP2.71 million.

As of March 31, 2007, the company had total assets of
PHP58.57 million and total liabilities of PHP882.30 million,
resulting in a stockholders' equity deficit of
PHP823.72 million.

The company's first quarter 2007 financials can be downloaded
for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PRIM_17Q_May2007.pdf

Prime Media Holdings, Inc. (formerly First E-bank Corporation),
was incorporated in the Philippines and is listed in the
Philippine Stock Exchange.  The company's principal place of
business is at BDO Plaza, 8737 Paseo de Roxas Avenue, Makati
City.

On December 6, 2002, the company's board of directors approved
the amendment of its articles of incorporation to change its
primary purpose from a development bank to a holding company,
which would hold investments in media industry.  The Securities
and Exchange Commission approved the amendment on October 1,
2003.

Aris C. Malantic at Sycip Gorres Velayo & Co., on April 13,
2007, raised significant doubt on Prime Media Holdings, Inc.'s
ability to continue as a going concern, citing that the company
incurred net losses in 2006 and prior years and had a capital
deficiency of PHP828.36 million as of December 31, 2006.


PRIME ORION: Posts PHP814.95MM Net Income For First Quarter 2007
----------------------------------------------------------------
Prime Orion Philippines Inc. reported a consolidated net income
of PHP814.95 million for the first quarter of 2007, a turnaround
from the PHP234.08-million net loss reported for the same period
in 2006.

For the first three months of 2007, the company recorded
revenues of PHP771.47 million while incurring costs and expenses
of PHP414.81 million.  Other income for the January-March 2007
period amounted to PHP457.01 million.

During the quarter, the group reported a 123% increase in
revenue year-on-year as the Group reported a PHP431 million gain
on the sale of Pepsi-Cola Products Philippines, Inc. (PCPPI)
shares.  Net sales from tile distribution slightly increased by
4% from PHP181 million to PHP187 million due to improved selling
price.  On a year-to-date performance, group revenue increased
by 38% from PHP1.02 billion to P1.42 billion.

Consolidated cost and expenses increased due to claims and
losses incurred by FLT Prime Insurance Corp., the group's
insurance arm.

As of March 31, 2007, the group had PHP5.40 billion in total
assets and PHP9.21 billion in total liabilities, resulting in a
capital deficiency of PHP3.81 billion.  The company's total
current liabilities of PHP8.20 billion also exceeded its total
current assets of PHP2.49 billion as of the first quarter of
2007.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/POPI_17Q_Mar2007.pdf

                        About Prime Orion

Headquartered in Makati City, Philippines, Prime Orion
Philippines, Inc. acquires by purchase, exchange, assign, donate
or otherwise, and to hold, own and use, for investment or
otherwise and to sell, assign, transfer, exchange, lease, let,
develop, mortgage, pledge, traffic, deal in and with, and
otherwise operate, enjoy and dispose of any and all properties
of every kind and description and wherever situated, as and to
the extent permitted by law, including but not limited to,
buildings, tenements, warehouses, factories, edifices and
structures and other improvements, and bonds, debentures,
promissory notes, shares of capital stock, or other securities
and obligations, created, negotiated or issued by any
corporation, association, or other entity, domestic or foreign.

Prime Orion Philippines, Inc. and subsidiaries have principal
business interests in real estate, financial services and
manufacturing.

As of the quarter ended Dec. 31, 2006, the company had a capital
deficiency of PHP5.21 billion. The company and subsidiaries also
posted a consolidated net loss of PHP40.5 million for the three
months ended Dec. 31, 2006.


SERVICEMASTER CO: S&P Junks Rating on US$1.15 Bil. Senior Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
The ServiceMaster Co.'s proposed US$1.15 billion of senior
toggle notes due 2015.

ServiceMaster's other ratings, including its 'B' corporate
credit rating, have been affirmed.  The outlook is negative.

"The senior unsecured notes are rated 'CCC+' (two notches below
the corporate credit rating) because of the amount of secured
debt in the capital structure," said Standard & Poor's credit
analyst Jean Stout.

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

The acquisition is expected to be financed with a US$2.65
billion term loan, US$1.15 billion of senior unsecured toggle
notes, and US$1.4 billion in sponsor equity.  The ratings on the
company's existing debt (to be repaid as part of this financing)
will be withdrawn upon closing of the transaction, with the
exception of approximately US$353 million of existing senior
notes due in 2018, 2027, and 2038, which will remain
outstanding.

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


WENDY'S INT'L: Committee Exploring Possible Sale of Company
-----------------------------------------------------------
Wendy's International Inc. disclosed Monday that the Special
Committee of its Board of Directors, which is reviewing the
company's strategic options, has decided to explore a possible
sale of the company.  

The company however did not provide a specific timetable for the
process.

"The Special Committee has determined that the exploration of a
sale is the appropriate next step in the investigation of
value-creating alternatives for our stakeholders," said James V.
Pickett, Chairman of the Board and the Special Committee.  
"While a sale remains only one of the alternatives under
consideration, we believe it merits more thorough examination."

"Our goal is to move forward expeditiously and to minimize
disruption to the company and its operations," said Mr. Pickett.  
"We want management and our operators to focus on executing
Wendy's business plan to grow sales and margins."

JP Morgan, as lead advisor, and Lehman Brothers Inc., as
co-advisor, will conduct the sale exploration process in
conjunction with the Special Committee.

The Special Committee is also evaluating a possible
securitization financing.  Such a securitization could be used
by a potential buyer or in a recapitalization of the company.
Lehman Brothers, as lead structuring advisor, and JP Morgan,
as co-structuring advisor, are leading the evaluation on
behalf of the Special Committee.

Wendy's says there is no assurance that the steps announced
will result in any changes to the company's current plans, or
that any transaction will be consummated.  A sale transaction
would require approval by the full Board of Directors and
shareholders.  In addition, the steps announced do not preclude
the possibility of the company pursuing other strategic
alternatives in the future.

The company plans to report developments regarding the
Special Committee's actions only as circumstances warrant.

                     Revised Outlook for 2007

Wendy's said it is revising its 2007 outlook for earnings before
interest taxes depreciation and amortization and earnings per
share from continuing operations.

The company's revised range for EBITDA is US$295-315 million,
compared to previous guidance of US$330-340 million.  The
revised range is a 33-42% increase over 2006 adjusted EBITDA
from continuing operations of US$221 million.  The company's
revised range for EPS is US$1.09-1.23 per share, compared to the
company's previous guidance of US$1.26-1.32 issued on March 20.

The primary reasons for the revised outlook are lower-than-
planned same-store sales and higher-than-expected commodity
costs. Same-store sales were up 3.8% at U.S. company restaurants
in the 2007 first quarter and are up 0.7% in the 2007 second
quarter through June 15.

The revised earnings outlook excludes expenses related to the
Board's Special Committee activities, up to US$60 million in
pension settlement costs that the company noted in February
(some of these costs are expected to occur in 2007), and any
potential restructuring charges.

"Our strategy to revitalize the Wendy's(R) brand, improve our
bond with customers and generate sustainable same-stores growth
is producing positive results," said Chief Executive Officer
and President Kerrii Anderson.  "We've delivered 12 consecutive
months of positive same-store sales through May, but the last
two months have been challenging as we've aggressively adjusted
pricing to bring Wendy's more in line with the market.  We
believe our new market-based pricing approach is the right long-
term strategy to generate more positive store operating margins,
but it has pressured transactions in the short-term.  Our
employees and operators are producing improved results, but
certain external factors have changed and are impacting results.

"Our goal is to keep everyone in the system focused on executing
our strategic plan to drive profitable sales and expanded
margins at every restaurant," Anderson said.  "Our brand
strategy and new advertising will clearly tell consumers about
Wendy's superior quality and great-tasting products.  We have
been emphasizing our "fresh, never frozen beef" in our newest
ads.  At the same time, we are focused on operational
improvements across the system and we expect to meet our store
labor savings and G&A goals."  

                     Earnings Outlook and Guidance

The company said that in view of the strategic review process
now under way, it is suspending its previous earnings guidance
for 2008 and 2009.  Management does not plan to provide
additional details on its earnings guidance or to update it.

                           About Wendy's

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries    
operate, develop, and franchise a system of quick service and
fast casual restaurants in the Americas, the Philippines, the
Pacific Rim, Europe and the Middle East.

                          *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Standard & Poor's Ratings Services placed its ratings for
Dublin, Ohio-based Wendy's International Inc., including the
'BB+' corporate credit rating, on CreditWatch with negative
implications.

Moody's Investors Service placed all ratings of Wendy's
International, Inc. on review for possible downgrade, including:
Corporate family rating of Ba2; Senior unsecured notes rated
Ba2; Senior unsecured shelf registration rated (P)Ba2;
Subordinated shelf registration rated (P)Ba3; and Preferred
stock shelf registration rated (P)B1.


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

ASIA PM: Court to Hear Wind-Up Petition on May 29
-------------------------------------------------
A petition to wind up the operations of Asia PM Pte Ltd will be
heard before the High Court of Singapore on June 29, 2007, at
10:00 a.m.

The petition was filed by Veerappan Subramanian on June 5, 2007.

Veerappan Subramanian's solicitor is:

          Tan Kok Quan Partnership
          8 Shenton Way #47-01
          Singapore 068811


EUROVALE HOLDINGS: Requires Creditors to Prove Debts by July 16
---------------------------------------------------------------
Eurovale Holdings Pte Ltd, which is in voluntary liquidation,
requires its creditors to file their proofs of debt by July 16,
2007.

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

The company's liquidators are:

          Chee Yoh Chuang
          Lim Lee Meng
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


ISOFT GROUP: Posts IBA All-Share Offer Scheme Circular
------------------------------------------------------
iSOFT Group plc disclosed that the circular containing, inter
alia, the terms of a recommended all-share offer to be effected
by means of a scheme of arrangement under which a wholly owned
unit of IBA Health Limited, IBA U.K. Holdings Ltd., will acquire
the entire issued and to be issued ordinary share capital of
iSOFT, an explanatory statement (in compliance with section 426
of the Companies Act), notices of the required meetings, a
timetable of principal events, and details of the action to be
taken by iSOFT Shareholders was posted to all iSOFT Shareholders
and, for information only, to participants in the iSOFT Share
Schemes and to iSOFT Warrant Holders on June 13, 2007.

The Offer involves a reduction of capital under section 135 of
the Companies Act.

As described in the Scheme Circular, the Scheme will require the
approval of iSOFT Shareholders at the Court Meeting, and the
passing of a special resolution at an extraordinary general
meeting of iSOFT.  The Scheme will also require the subsequent
sanction of the Court and confirmation of the capital reduction
by the Court.  Further details as to the approvals required and
the persons entitled to vote at these meetings are contained
in the Scheme Circular.

Both meetings are scheduled to be held on July 6, 2007 at:

         FD
         Holborn Gate
         26 Southampton Buildings
         London
         WC2A 1PB
         England

It is a condition of the Offer that Computer Sciences
Corporation gives its consent to the change of control in iSOFT
plc which would result from the completion of the Offer.  On
May 28, 2007, CSC indicated to iSOFT that it did not intend to
give its consent to the change of control in iSOFT.   As set out
in the Scheme Circular, IBA has indicated that, if CSC's consent
is not obtained, or cannot be waived as a condition to the
Offer, IBA and IBA U.K. would seek the permission of the Panel
to invoke the condition and lapse the Offer.  However, iSOFT is
now engaged in constructive discussions with CSC in relation to
the commercial arrangements under which CSC would take a
greater role in the management of iSOFT's work on the National
Programme for IT and iSOFT also continues to seek CSC's consent
to the change of control in iSOFT.  ISOFT Shareholders will be
notified without delay if there are any further developments.

Subject to approval at the relevant meetings and the
satisfaction or waiver of the other Conditions set out in the
Scheme Circular, the Scheme is expected to become effective on
or around July 30, 2007.

                       Terms of the Offer

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

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

                          About iSOFT

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

                            *   *   *

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

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

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

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

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

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

                      Going Concern Doubt

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


JIN-WEN INVESTMENT: Creditors' Proofs of Debt Due by June 28
------------------------------------------------------------
The creditors of Jin-Wen Investment Ltd are required to file
their proofs of debt by June 28, 2007.

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

The company's liquidator is:

          Lau Chin Huat
          c/o Blk 150A
          Mei Chin Road #02-00
          Singapore 140150


LAZARD GROUP: Moody's Rates US$500 Million Senior Note at Ba1
-------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the ten year
US$500 million senior note issued by Lazard Group LLC.  The
proceeds of the issue will be used for general corporate
purposes including financing potential acquisitions.  Moody's
also affirmed Lazard's Ba1 rating on its outstanding rated
senior unsecured debt.  Lazard's positive outlook, which was
assigned March 19, 2007, was also affirmed.

The rating agency said that prospects for a future upgrade will
depend most importantly on the financial policy of the firm.  
"As Lazard's businesses are naturally low in capital intensity,"
said Moody's Senior Vice President Peter Nerby, "the amount of
leverage the firm maintains is primarily a management decision".

Moody's will evaluate Lazard's financial policy for financing
acquisitions and its tolerance for leverage, particularly
relating to cash flow leverage measures such as Debt/EBITDA and
interest coverage.  Achieving and maintaining a Debt/EBITDA
ratio of 2.5x remains an important milestone for considering an
upgrade.

This rating was assigned to the senior note issuance of Lazard
Group LLC:

     * US$500 million Senior Notes due June 2017 -- Ba1

Lazard Group LLC is a holding company that owns the advisory and
money management operations of Lazard.  The public parent of
Lazard Group LLC, Lazard Ltd, reported US$78 million in
operating income in 1Q07.

                        About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's     
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
France, Germany, India, Japan, Korea and Singapore.


LAZARD LTD: Subsidiary Prices US$600-Mil. Senior Notes Offering
---------------------------------------------------------------
Lazard Ltd.'s subsidiary Lazard Group LLC, has priced an
offering of US$600 million aggregate principal amount of senior
notes due 2017.  The notes will be senior unsecured obligations
of Lazard Group LLC.  The notes will be sold at 99.702% and will
bear interest at a rate of 6.85%.  The sale of the notes is
expected to close on June 21, 2007, subject to customary closing
conditions.

Lazard Group intends to use the net proceeds from the sale of
the notes for:

     (i) expansion of our Financial Advisory and Asset
         Management businesses,

    (ii) other strategic acquisitions or investments,

   (iii) repayment, in the near future, of Lazard Group's
         US$96 million senior promissory note and US$50 million
         subordinated promissory note, each of which are due in
         February 2008, and

    (iv) general corporate purposes.

The notes are being offered in a private placement under Rule
144A, have not been registered under the Securities Act of 1933
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

This notice shall not constitute an offer to sell or the
solicitation of an offer to buy any securities.

                        About Lazard Ltd.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's     
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
France, Germany, India, Japan, Korea and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


SEA CONTAINERS: Regulator Issues Financial Support Direction
------------------------------------------------------------
The Determinations Panel of the Pensions Regulator (London) has
published notices of its decision that a Financial Support
Direction will be issued on Sea Containers Ltd. and its debtor-
affiliates, under Section 43 of the Pensions Act 2004 in respect
of the Sea Containers 1983 and 1990 Pension Scheme.

The hearing took place in London on June 12 and 13, 2007, to
consider warning notices issued by the Regulator in October 2006
and April 2007 in respect of the two Pension Schemes.

The issue of the FSD, which requires the company to put in place
financial support for its pension schemes, will not take place
before 28 days after the date of the Determination Notices.
Reasons for the Determination Notices were reserved and will be
issued on June 25, 2007.

The company expects that any restructuring plan of
reorganization proposed under the Chapter 11 bankruptcy
protection process would be subject to the Pensions Regulator's
Clearance procedure, but the company is nevertheless
disappointed in the outcome of the hearing.  The company will
give its full comments once the Panel has given its reasons and
will consider once it has received them whether an appeal is
appropriate.

                       About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.The Official Committee of Unsecured
Creditors and the Financial Members Sub-Committee of the
Official Committee of Unsecured Creditors of Sea Containers Ltd.
is represented by William H. Sudell, Jr., Esq., and Thomas F.
Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP.  Sea
Containers Services, Ltd.'s Official Committee of Unsecured
Creditors is represented by attorneys at Willkie Farr &
Gallagher LLP.

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

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


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

DAIMLERCHRYSLER AG: Unit Launches Cash Tender Offer
---------------------------------------------------
DaimlerChrysler AG's subsidiary, DaimlerChrysler Company LLC has
commenced a cash tender offer to purchase any and all of the
outstanding Auburn Hills 12.375% Trust Guaranteed Exchangeable
Certificates due 2020 and any and all of the debentures due 2020
to be issued by the company on June 21, 2007, the date on which
all Certificates outstanding will be exchanged for an equal
principal amount of Debentures issued by the company.

There is currently a US$225 million principal amount of the
Certificates outstanding.

The tender offer will expire at 5:00 p.m., New York City Time,
on July 13, 2007, unless extended.
    
The tender offer and consent solicitation were made in
connection with the Contribution Agreement entered into on May
14, 2007 between DaimlerChrysler AG, DaimlerChrysler North
America Finance Corporation, DaimlerChrysler Holding Corporation
and an affiliate of Cerberus Capital Management L.P.
    
In conjunction with the tender offer, the company is soliciting
consents from the holders of the Debentures to eliminate
substantially all restrictive covenants and certain other
related provisions in the indenture governing the Debentures.  
The Proposed Amendments can be adopted with the consent of not
less than 66-2/3% in the aggregate principal amount of the
outstanding Debentures.
    
The tender offer and consent solicitation were made pursuant to
an offer to purchase and consent solicitation statement dated
June 15, 2007, and related consent and letter of transmittal.  

As described in more detail in the Offer to Purchase, the total
purchase price for each US$1,000 principal amount of
Certificates or, alternatively, for each US$1,000 principal
amount of Debentures issued in connection with the exchange of
such holder's Certificate, validly tendered and accepted for
purchase by the company will be calculated on July 11, 2007,
based upon a fixed spread of 20 basis points over the 4.50%
Treasury due May 15, 2017.  The foregoing purchase price for the
Certificates and Debentures includes a consent payment equal to
US$35 per US$1,000 principal amount of Certificates tendered.

Holders must validly tender their Certificates and Debentures on
or before 5:00 p.m., New York City Time, on June 28, 2007,
unless extended to be eligible to receive the applicable total
purchase price, which includes the applicable consent payment.  
Holders who validly tender their Certificates and Debentures
after the Consent Payment Deadline but before the Expiration
Date will only be eligible to receive an amount equal to the
total purchase price minus the consent payment.  Additionally,
holders whose Certificates and Debentures are purchased pursuant
to the tender offers will receive any accrued but unpaid
interest up to, but not including, the payment date for
Certificates and Debentures purchased pursuant to the tender
offer.
    
A Holder of a Certificate that tenders Certificates in the
tender offers shall automatically be deemed to have tendered the
Debenture into which such Certificates will be exchanged on the
Exchange Date.  Holders may not deliver a consent in the consent
solicitation without tendering the related Certificates or
Debentures in the tender offer and may not revoke such consents
without withdrawing the previously tendered Certificates or
Debentures.  Certificates and Debentures may not be withdrawn,
nor may Consents be revoked, after the Consent Payment Deadline.
Holders who validly tender their Certificates and Debentures in
the tender offer shall be deemed to have delivered their
consents to the Proposed Amendments by such tender with respect
to the entire principal amount of Certificates and Debentures
tendered in the tender offer by such holder.
    
Consummation of the tender offer and consent solicitation, and
payment of the tender offer consideration and consent payment,
are subject to the satisfaction or waiver of various conditions,
as described in the Offer to Purchase, including the delivery of
the requisite consents to the Proposed Amendments. The company
has reserved the right to amend, extend, terminate, or waive any
conditions to the tender offer and consent solicitation at
anytime.
    
J.P. Morgan Securities Inc. is the sole Dealer Manager and
Solicitation Agent for the tender offer and consent solicitation
and may be contacted at (866) 834-4666 (toll free) or (212)
834-4077 (collect).  Global Bondholder Services Corporation is
the Information Agent and the Depositary for the tender offer
and the consent solicitation and can be contacted at (866) 488-
1500 (toll free) or (212) 430-3774 (collect).

                      About DaimlerChrysler AG

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

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

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

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

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


SIAM COMMERCIAL BANK: Offers to Acquire Unit's Remaining Shares
---------------------------------------------------------------
Siam Commercial Bank PCL has submitted to the Stock Exchange of
Thailand its tender offer to purchase the remaining 18,006,401
shares in its subsidiary, Siam Commercial Leasing PCL.  The
remaining shares represent 3.17% of SCBL's total paid-up shares.

According to a disclosure with the Stock Exchange of Thailand,
the bank offered to buy SCBL's remaining shares for THB17.50 per
share.

                 About Siam Commercial Bank

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

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

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

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

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

    * D+ bank financial strength rating with a positive outlook.

    * Baa1/P-2 foreign currency deposit ratings with a stable
      outlook.

    * A3/P-1 local currency deposit ratings with a positive
      outlook.


SIAM GENERAL: SET Halts Trading Due to THB193 Million Deficit
-------------------------------------------------------------
Siam General Factoring PCL's stocks will carry the Stock
Exchange of Thailand's SP sign for suspension to prohibit its
trading until July 17, 2007, in light of its shareholders'
equity deficit as of March 31, 2007, which amounted to
THB193 million.

Moreover, the company is also required to inform the SET by
July 17, 2007, whether it will prefer to propose a
rehabilitation plan to its shareholders, undergo rehabilitation
under the Bankruptcy Code or to voluntary delist itself, as well
as other options available that would be beneficial to it.  The
company is also required to specify a timetable for implementing
its plans.

After the company informs the SET of its decision, the SET will
allow trading of its securities from July 18, 2007, until
August 16, 2007, before they are again suspended with an SP sign
while SGF undergoes rehabilitation.

Headquartered in Bangkok, Thailand, Siam General Factoring
Public Company Limited -- http://www.sgf.co.th/-- is engaged in  
the provision of financial services in the forms of factoring,
loans and leasing.  The company offers domestic factoring,
international factoring, leasing, inventory finance, letter of
guarantee, financial support, prefinance and letter of credit
services.  It also provides personal financial services.

The Troubled Company Reporter - Asia Pacific reported on
Mar. 28, 2007, that as of December 31, 2006, the company had
total assets of THB1,112,569,672 and total liabilities of
THB1,306,068,243, giving it a total shareholders' equity deficit
of THB193,498,571.  The TCR-AP report also stated that the
company faces possible delisting from the Stock Exchange of
Thailand.


THAI DURABLE: KrungThai Meeting on Mortgage Debt Set for July 13
----------------------------------------------------------------
The Samutprakarn Provincial Court has called for Krung Thai Bank
PLC and Thai Durable Group PCL to meet on July 13, 2007 for a
possible compromise regarding the company's debt and mortgage
amounting to THB388.99 billion.

The company received the summons on June 11, 2007.

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

                       Going Concern Doubt

Jadesada Hungsapruek at Karin Audit Company Limited raised
significant doubt on the company's ability to continue as a
going concern due to:

   * the company's significant accumulated losses;
   * the company's recurring loss from operations;
   * the company's deficit as of December 31, 2006 of
     THB1.25 billion;
   * incurring negative cash flows from operating activities for
     the year ended December 31, 2006 amounting to
     THB85.92 million;
   * current liabilities exceeding current assets as of
     Dec. 31, 2006 by THB851.13 million;
   * the company's default on short-term loans and long-term
     loans from two local banks which were due.

Mr. Jadesada adds that the continuing operation of the company
in the future substantially depends on

   a) results of the negotiation with the financial institution
      creditors relating to the postponement of such loans, and
   b) the new business plan of the Company and its ability to
      operate successfully in the future and has adequate cash
      flows from operations.


THAI-GERMAN: SET Allows Trading of Stocks After Recapitalization
----------------------------------------------------------------
Thai-German Products PCL has now resumed trading its stocks on
the Stock Exchange of Thailand after the SET lifted the
suspension on its securities.

The SET has allowed the company to trade beginning June 6, 2007,
after it had finished capital increase procedures.

Thai-German Products Public Co., Ltd -- http://www.tgpro.co.th/
-- manufactures stainless steel pipe, tube, and sheet in
Thailand under the name "TGPRO" founded by Pracha Leelaprachakul
in 1973.

The company has suffered a series of capital deficits, the
widest being in 2003 with a THB5.31-billion deficit.  That and a
series of net losses and the fact that it was operating below
full production capacity, ushered the company into the REHABCO -
- Companies under Rehabilitation -- sector of the Stock Exchange
of Thailand.

In July 2006, the SET reclassified the whole sector and
categorized the company under the "non-performing group."  
Companies under the group will retain their listing status and
will be obligated to comply with the SET requirements.

On February 27, 2007, after auditing the company's consolidated
financial statement for the first half period of 2006, Chaovana
Viwatpanachati at Petisevi & Company, expressed doubt on the
company's ability to continue as a going concern and its ability
to accomplish the remaining rehabilitation plan.


TMB BANK: Employees Protest Sommai's Comments on Current Losses
---------------------------------------------------------------
Employees of TMB Bank PCL on Tuesday protested to the Finance
Ministry against deputy finance minister Sommai Phasee's earlier
comments about the bank's performance and management, stating
that the statements contributed to a public misunderstanding
about the bank, the Bangkok Post reports.

Mr. Sommai had earlier made strong criticisms about the present
management of TMB, and even called for the Bank of Thailand to
investigate to find out whether there was internal corruption
within the bank, and whether the alleged corruption caused the
bank's losses due to non-performing loans.

The Troubled Company Reporter - Asia Pacific reported yesterday
that the Bank of Thailand found no fraud responsible for the
bank's losses, and instead attributed the losses to the stricter
classification of loans that it required TMB to do.

According to the report, Union members are saying that Mr.
Sommai, who was a director of the bank since 2000, and even
board chairman in 2003 before being appointed into the cabinet
this year, should also share the blame for the current status of
the bank. Union leader Suwanee Kaewkamthong said that employees
welcome the investigation, and requested an investigation into
assets inherited from the Industrial Finance Corp. of Thailand,
stating that "since the merger, the bank's provisioning burder
has increased."

Ms. Suwanee added that Mr. Sommai and bank chief executive
Subhak Siwaraksa should not let their personal conflict carry
over to the bank's public image.

                      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.




                            *********

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
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thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***