TCRAP_Public/070622.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, June 22, 2007, Vol. 10, No. 123

                            Headlines


A U S T R A L I A

AAN SOLUTIONS: Final Meeting Set for July 19
ALKO CONSTRUCTIONS: Members & Creditors to Meet on July 19
ATHERTON SHOPFITTING: Sets Final Meeting for July 19
AUSTRALIAN CAPITAL: Administrators Seek License Renewal
BALE PTY: Members' Final Meeting Set for June 28

BEIERSDORF SUPERANNUATION: Placed Under Voluntary Liquidation
ENRON AUSTRALIA: Will Declare Interim Dividend on July 30
JOHN CASS: Members' Opt for Voluntary Liquidation
MACTELDIR PTY: Appoints Mitchell Ball as Liquidator
PRANA BIOTECHNOLOGY: Restates 2006 Annual Financial Statements

STS TOOLS: Members' Final Meeting Set for July 19
WENNOL ENTERPRISES: Inability to Pay Debts Prompts Wind-Up


C H I N A   &   H O N G  K O N G

BENNY'S CATERERS: Shareholders to Meet on July 19
BEST SUPREME: Sets Final General Meeting for July 20
BOMBARDIER INC: Inks JV with China's AVIC I to Develop Jets
CENTURY ASIA: Members & Creditors to Meet on July 20
CHAODA MODERN: Chairman Sells Shares Worth US$111 Million

CHINA EVERBEST: Final Meeting Slated for July 23
CHINA EVERBRIGHT: Former CBRC Vice-Head Named New Chairman
ECENTA ASIA: Sets Members' Final Meeting for July 20
HUTCHISON ENTERPRISES: Sets Final Meeting for July 16
KO SHI: Taps Li Man Wai & Tsang Lai Fun as Liquidators

NH TRADING: Will Pay Dividend on July 31
SEGO INTERNATIONAL: Sets Final Meeting for July 16
ZTE CORP: Taps Irdeto as Content Security Partner for IPTV
ZTE CORP: Signs Cooperation Agreement with Poland's Polkomtel


I N D I A

BHARTI AIRTEL: Ties Up With Taiwan's High Tech Computer Corp.
DUERR AG: ATON GmbH Acquires 10.1% Equity Interest
GENERAL MOTORS: Will Retool Tonawanda Engine Plant
GENERAL MOTORS: Plans to Sell 100,000 Chevrolets in Germany
GENERAL MOTORS: Prepares Fuel Cell Technology for Future Output


I N D O N E S I A

BANK INTERNATIONAL: Changes 2006 Dividend to IDR5.24 Per Share
DAVOMAS ABADI: Starts Production of Cocoa Products
INDOSAT: Complainants Turn to Police
PERUSAHAAN LISTRIK: Issues Bond to Raise US$1 Billion


J A P A N

ALITALIA SPA: Italy Hires Credit Suisse to Evaluate Final Bids
ALITALIA SPA: AirOne Grumbles over Inadequate Operational Data
BOMBARDIER RECREATIONAL: S&P Rates US$1.15 Billion Loan at B+
CATALYST PAPER: Cost Pressures Prompt S&P Outlook Change to Neg.
FORD MOTOR: Inks MOU Selling ACH Sandusky Plant to Meridian Auto

FURUKAWA ELECTRIC: R&I Upgrades Issuer Rating to BB+
GOODWILL GROUP: Watami Offers to Buy Nursing Care Unit
NIKKO CORDIAL: Halts Disclosure of Executives Salaries
NIPPON SHEET: Posts JPY17.52-Bil. Net Income for FY to March '07
NOVA CORP: Mulls Over Capital Tie-up with Companies

YOKOGAWA ELECTRIC: Gets JPY100-Bil. Order from Chevron Corp.


K O R E A

CITIBANK KOREA: Launches Account Support Service
UNITED AIR: Moody's Rates Class C Certificates at B1
UNITED AIRLINES: S&P Puts Preliminary B Rating on Certificate


M A L A Y S I A

MYCOM BERHAD: Unit Intends to Develop KHD Land for MYR1.8 Bil.
SHAW GROUP: To Build Fabrication Facility in Matamoras, Mexico
SS&C TECHNOLOGIES: Good Debt Leverage Cues S&P to Revise Outlook
VERIFONE INC: S&P Revises Outlook to Stable from Negative


N E W  Z E A L A N D

AIR NEW ZEALAND: Passenger Load Factor Up 5.6% in May 2007
CER GROUP: To Hold Shareholder Special Meeting on July 3
TRIBEWORKS: Inks Deal with West Coast for US$5MM Debt Financing


P H I L I P P I N E S

BANGKO SENTRAL: Records US$2.365-Billion Payment Balance Surplus
CHIQUITA BRANDS: Executives Adopt Prearranged Stock Trading Plan
LAND BANK: Enters Into Service Deal with Saudi's Al-Rajhi Bank
MAYNILAD WATER: To Install 2 New Pipelines in Paranaque City
PHIL. NAT'L BANK: Launches E-Collect Project with NAIA

PRYCE CORP: Reports PHP2.93-Million Net Loss For First Qtr. 2007
RIZAL COMMERCIAL: Posts PHP833-Mil. Net Income For 1st Qtr. 2007
SAN MIGUEL: Posts PHP4.15-Billion Net Income for 1st Qtr. 2007
SAN MIGUEL: Phil. Gov't. Plans Joint Sale With Private Owners
STENIEL MFG: Posts PHP34.85-Mil. Net Loss for 1st Quarter 2007

WENDY'S INT'L: Moody's Cuts All Ratings & May Downgrade Further
WENDY'S INT'L: Possible Sale Prompts S&P to Lower Ratings to BB-
* May 2007 Deficit Hits PHP1.7 Bil. Due to Higher Gov't Spending


S I N G A P O R E

APBT MYANMAR: Pays Second Dividend
ASIA-PACIFIC PORT: Pays Second Dividend to Creditors
COMPACT METAL: Enters Option Agreement with RBC Dexia
CONSIDAR PTE: Receiving Proofs of Debt Until July 16
ISOFT GROUP: CSC Consents to Isoft and IBA Health Merger

MJC (SINGAPORE): Subject to Application for Judicial Management
PETROLEO BRASILEIRO: Unit Wants to Boost Presence in Peru
SEA CONTAINERS: Posts US$4.6 Million Net Loss in April 2007


T H A I L A N D

BANK OF AYUDHYA: Unit Implements Charles River Management System
THAI-PROPERTY: Stocks Remain Suspended Despite Listing by SET
TMB BANK: Sommai Told to Step Back on Management Change Comments


* Large Companies With Insolvent Balance Sheets


     - - - - - - - -

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

AAN SOLUTIONS: Final Meeting Set for July 19
--------------------------------------------
The members and creditors of AAN Solutions Pty Limited will have
their final meeting on July 19, 2007, at 9:30 a.m.

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

The company's liquidator is:

          M. F. Cooper
          Frasers Insolvency Advisory
          Level 5, 99 Elizabeth Street
          Sydney, New South Wales 2000
          Australia


ALKO CONSTRUCTIONS: Members & Creditors to Meet on July 19
----------------------------------------------------------
Alko Constructions Pty Limited will hold a final meeting for its
members and creditors on July 19, 2007, at 10:00 a.m.

The meeting was called for the members and creditors to receive
a report about the company's wind-up proceedings and property
disposal.

The company's liquidator is:

          M. F. Cooper
          Frasers Insolvency Advisory
          Level 5, 99 Elizabeth Street
          Sydney, New South Wales 2000
          Australia


ATHERTON SHOPFITTING: Sets Final Meeting for July 19
----------------------------------------------------
The members and creditors of Atherton Shopfitting Pty Limited
will meet on July 19, 2007, at 10:30 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         M. F. Cooper
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


AUSTRALIAN CAPITAL: Administrators Seek License Renewal
-------------------------------------------------------
Administrators working on restructuring plans for Australian
Capital Reserve Limited are negotiating with the New South Wales
Department of Fair Trading over the renewal of its license in an
attempt to enhance the prospects of recovery for AU$550 million
worth of loans, Danny John and Vanda Carson reports for The Age
News.

According to the report, special arrangements may be made to
remove the company, which is linked to the Estate Property
Group, from administration after it emerged that it could lose
its building license next month.

The license allows EPG's building arm, Estate Constructions, to
work within the state and many of its projects are in Sydney and
Newcastle and these projects, Mr. John and Ms. Carson writes,
are vital to help recover the group's outstanding AU$55 million
of loans.

Estate Constructions' license expires on July 26 and its renewal
has been complicated by the placement of the company into
voluntary administration late last month and failure to renew
the license might hinder the efforts of the administrators to
decide their fate, relates Mr. John and Ms. Carson.

Reportedly, administrator McGrath Nicol took control of EPG and
its various subsidiaries after the corporate regulator blocked
its fund-raising arm, ACR.

Mr. Nicol expressed to Mr. John and Ms. Carson that one solution
to the problem of renewing Estate Constructions' license is for
the company to be taken out of administration and restructured
with new directors appointed to run it.

               About Australian Capital Reserve

Australian Capital Reserve Limited -
http://www.acrlimited.com.au/-- an investment group based in  
North Sydney New South Wales, Australia, was placed in voluntary
administration on the last week of May 2007.  

According to a report by the Troubled Company Reporter - Asia
Pacific on June 7, 2007, the Australian and Securities and
Investments Commission issued an Interim Stop Order on the 9th
prospectus due to some concerns relating to disclosure in the
prospectus.  

ACR finances the activities of Estate Property Group, and ACR
raises money from the public by issuing unsecured deposit notes
to public investors and loans those funds to EPG to finance its
various property activities.

As a result of the funding, ACR was able to raise over
AU$300 million between 2000 and 2007 through the issue of 9
prospectuses conveyed the ASIC report.

The report added that the ACR and EPG director, Samuel Pogson,
apologized to investors saying that they will be coordinating
with the administrators to get the best result for them.


BALE PTY: Members' Final Meeting Set for June 28
------------------------------------------------
A final meeting will be held for the members of Bale Pty Limited
on June 28, 2007, at 11:00 a.m.

Brian P. Flaherty, the company's liquidator, will give a report
about the company's wind-up proceedings and property disposal
during the meeting.

The company's liquidator is:

         Brian P. Flaherty
         47 Loftus Road
         Pennant Hills, New South Wales
         Australia


BEIERSDORF SUPERANNUATION: Placed Under Voluntary Liquidation
-------------------------------------------------------------
At an extraordinary general meeting held on June 4, 2007, the
members of Beiersdorf Superannuation Fund Pty Limited resolved
to voluntarily liquidate the company's business.

Keiran William Hutchison and John Raymond Gibbons were appointed
as liquidators.

The Liquidators can be reached at:

         Keiran William Hutchison
         John Raymond Gibbons
         Ernst & Young
         Level 37, 680 George Street
        Sydney, New South Wales 2000
        Australia
        Telephone:(02) 9248 4991

                 About Beiersdorf Superannuation

Located in New South Wales, Australia, Beiersdorf Superannuation
Fund Pty Limited is an investor relation company.


ENRON AUSTRALIA: Will Declare Interim Dividend on July 30
---------------------------------------------------------
Enron Australia Finance Pty Limited, which is in liquidation,
will declare an interim dividend for its unsecured creditors on
July 30, 2007.

Creditors are required to file their proofs of debt by July 20,
2007, to be included in the company's dividend distribution.

The company's liquidator is:
         
          Anthony Milton Sims
          SimsPartners
          Chartered Accountants
          Level 5, 55 Hunter Street
          Sydney, New South Wales 2000
          Australia


JOHN CASS: Members' Opt for Voluntary Liquidation
-------------------------------------------------
The members of John Cass & Co Pty Ltd met on June 6, 2007, and
decided to voluntarily liquidate the company's business.

George Shahinian was appointed as liquidator.


MACTELDIR PTY: Appoints Mitchell Ball as Liquidator
---------------------------------------------------
During a meeting held on May 30, 2007, the members of Macteldir
Pty Limited decided to wind up the company's operations and
appointed Mitchell Ball as liquidator.

The Liquidator can be reached at:

          Mitchell Ball
          c/o Paladin Partners
          Suite 102, 118 Great North Road
          Five Dock New South Wales 2046
          Australia


PRANA BIOTECHNOLOGY: Restates 2006 Annual Financial Statements
--------------------------------------------------------------
Prana Biotechnology Limited filed with the United States
Securities and Exchange Commission its restated financial
statements for the year ended June 30, 2006.

Upon the company's adoption of the Australian equivalents to
International Financial Reporting Standards, or A-IFRS,
on July 1, 2005, the accounting treatment of the private
placement reflected in its audited financial statements for the
fiscal year ended June 30, 2006, was recorded as Issued Capital.
No value was attributed to the warrants.

Following a review of Prana's interim financial statements for
the six months ended December 31, 2006, by its new auditors,
they have identified that the treatment of the accounting for
the private placement was incorrect under A-IFRS.  Under
Australian Accounting Standard Board 132, or AASB 132,
"Financial Instruments: Disclosure and Presentation," the
warrants associated with the private placement must be
classified as a financial liability, as opposed to equity, as a
result of the warrants being exercisable in a currency that is
not the functional currency of our company.  As a result, upon
initial recognition, the fair value of the warrants should be
recognized as a financial liability at their fair value,
reducing the Issued Capital that was previously recorded.  Each
reporting period, the fair value of the outstanding warrants is
revalued using the Black Scholes Model.  When the fair value of
the outstanding warrants increases or decreases, the difference
is recorded as a gain or loss, as applicable, on the fair value
of financial liabilities.

As a result of the correction, as of the fiscal year ended
June 30, 2006, previously presented non-current financial
liabilities have increased by AU$928,692, issued capital has
decreased by AU$8,823,548 and accumulated losses have decreased
by AU$7,894,856.  Also, as a result of the correction, for and
as of the fiscal year ended June 30, 2005, previously presented
non-current financial liabilities have increased by
AU$1,057,407, issued capital has decreased by AU$8,823,548 and
accumulated losses have decreased by AU$7,766,141.  The basic
and diluted loss per share for the fiscal year ended June 30,
2006, has decreased to AU$0.09.  The basic and diluted loss per
share for the fiscal year ended June 30, 2005, has decreased to
AU$0.08.

Moreover, Prana Biotech's restated statement of operations for
the year ended June 30, 2006, reflected a net loss of
AU$11,590,594, which is higher than the AU$10,293,031 net loss
reported for the same period in 2005.

Revenues for the year ended June 30, 2006, is AU$762,023, as
compared with the AU$892,135 revenues posted for the year ended
June 30, 2005.
  
Prana's total current assets as of end-June 2006 is equal to
AU$10,318,771, while it total current liabilities aggregate
AU$1,615,030.

As of June 30, 2006, Prana's consolidated balance sheet showed
AU$10,421,146 in total assets and AU$2,620,488 in total
liabilities, resulting  in total equity of AU$7,800,658.

Deloitte Touche Ttohmatsu raised substantial doubt regarding
Prana's ability to continue as a going concern after auditing
the company's 2006 annual financial statements.

Deloitte Touche cited the company's recurring losses from
operations and negative cash flows from operations.

Based in Melbourne, Australia Prana Biotechnology Limited
(Nasdaq: PRAN, ASX: PBT) --http://www.pranabio.com/-- provides   
and develops therapies for age-related disease, initially
focussing on the treatment of Alzheimer's Disease.  Other
potential applications for the company's technology include
Cataracts, Tardive Dyskinesia, Creutzfeldt-Jakob Disease, Motor
Neuron Disease and Parkinson's Disease.


STS TOOLS: Members' Final Meeting Set for July 19
-------------------------------------------------
The members of STS Tools Pty Ltd will have their final meeting
on July 19, 2007, at 10:00 a.m., at 49 Lancelot Street, Five
Dock in New South Wales 2046, Australia.

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

                       About STS Tools

STS Tools Pty Ltd operates hardware stores. The company is
located in New South Wales, Australia.


SUNCORP-METWAY: May Report AU$160-Million Loss Over Storm
---------------------------------------------------------
Suncorp-Metway Ltd. will probably report losses of
AU$160 million from a storm earlier this month, Kevin Foley of
Bloomberg News writes.

In a company statement grabbed by Mr. Foley, Suncorp shares that
it has received 19,000 claims so far and the reinsurance
policies will cap losses at AU$160 million.

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

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

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


WENNOL ENTERPRISES: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------------
During a meeting held on June 1, 2007, the members and creditors
of Wennol Enterprises Pty Limited decided to voluntarily
liquidate the company's business due to its inability to pay its
debts.

The company's liquidator is:

          Mitchell Ball
          c/o Paladin Partners
          Suite 102, 118 Great North Road
          Five Dock, New South Wales 2046
          Australia


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

BENNY'S CATERERS: Shareholders to Meet on July 19
-------------------------------------------------
The shareholders of Benny's Caterers International Limited will
have a general meeting on July 19, 2007, at 3:00 p.m., to hear
the liquidator's report about the company's wind-up proceedings
and property disposal.

The meeting will be held on the 5th Floor of Ascot Tower at 45-
47 Village Road in Happy Valley, Hong Kong.


BEST SUPREME: Sets Final General Meeting for July 20
----------------------------------------------------
A final general meeting will be held for the members of Best
Supreme Limited on July 20, 2007, at 11:00 a.m., on the 31st
Floor of The Center at 99 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.


BOMBARDIER INC: Inks JV with China's AVIC I to Develop Jets
-----------------------------------------------------------
Bombardier Inc. has signed in Paris an agreement with China's
Aviation Industry Corp. to cooperate in developing mid-sized
regional jets.

Under the agreement, Bombardier agreed to invest US$100 million
in the development of China Aviation Industry I's ARJ21-900
planes and will be paid through royalties from the sales of the
jet, Financial Times relates.  AVIC I, in return, agreed to pump
US$400 million into Bombardier's C-Series planes, should the
Canadian firm decide to continue developing them in 2008.

Bombardier has also agreed to support the marketing of the 110-
seat ARJ21-900 to regional airlines in world markets, the first
move for a Chinese jet, reports say.  

Moreover, the two groups said they has signed a memorandum of
understanding to enter a strategic long term co-operation in the
development of five abreast, 90-149 seat commercial aircraft,
sources relates.  

The sharing of common parts will bring about mutually beneficial
cost reductions and increased production efficiencies for the
aircraft programs, a joint press release by the two companies
said.

"With the implementation of this long-term strategic
cooperation, we will be able to move forward more effectively
with our vision to develop the most competitive commercial
airplanes," said Lin Zuoming, president of AVIC I.

The ARJ21-900, which the state-owned AVIC I plans to begin
developing this year, is a larger variant of the ARJ21-700, the
press release stated.  It will seat five passengers in a row and
carry 98 to 105 passengers over a distance of 2,225 kilometers.  
It is expected to be in service by 2011.


Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, China and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Standard & Poor's Ratings Services revised the outlook on
Bombardier Inc. to stable from negative.  At the same time, the
ratings, including the 'BB' long-term corporate credit rating on
Bombardier, were affirmed.


CENTURY ASIA: Members & Creditors to Meet on July 20
----------------------------------------------------
A final meeting will be held for the members and creditors of
Century Asia Enterprises Limited on July 20, 2007, at 10:30 a.m.
and 11:00 a.m., respectively, on the 5th Floor of Ho Lee
Commercial Building at 38-44 D'Aguilar Street in Central, Hong
Kong.

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


CHAODA MODERN: Chairman Sells Shares Worth US$111 Million
---------------------------------------------------------
Kwok Ho, the Chairman of China's Chaoda Modern Agriculture
(Holdings) Ltd. is selling up to US$111 million (HK$870 million)
worth of shares, various reports say, citing a term sheet sent
to the company's investors.

The indicative price range of the offer is HK$6.90 to HK$7.25
per share.  Credit Suisse is arranging the sale, which has an
overallotment option of 30 million shares, reports say.

Mr. Kwok, through his Kailey Investments Ltd. Vehicle, holds
30.6% of Chaoda, Reuters relates.


Headquartered in Wanchai, Hong Kong, Chaoda Modern Agriculture
(Holdings) Ltd. --
http://www.chaoda.com/english001/cddc/index.htm-- through its
subsidiaries, is engaged in growing, distribution and sale of
crops, breeding and sales of livestock in the People's Republic
of China.  It is also engaged in investment holding and agency
services.  The Company's directly held subsidiaries include
Timor Enterprise Limited, Insight Decision Limited, Huge Market
Investments Limited, Worthy Year Investments Limited and Great
Challenge Developments Limited.  Some of the Company's
indirectly held subsidiaries include Fuzhou Chaoda Modern
Agriculture Development Company Limited, Fujian Chaoda Livestock
Company Limited and Chaoda Vegetable & Fruits Limited.

Moody's Investors Service on March 1, 2007, has upgraded Chaoda
Modern Agriculture (Holdings) Ltd's corporate family rating and
its foreign currency debt rating to Ba2 from Ba3.  This
concludes the review for possible upgrade, which began on Dec.
11, 2006.  The outlook for both ratings is stable.

The TCR-AP also reported that on July 26, 2006, Standard &
Poor's Ratings Services said that its rating on Chaoda Modern
Agriculture (Holdings) Ltd (BB/Stable/--) would not be affected
by a company announcement that it is planning to invest in Hong
Kong-listed Innomaxx Biotechnology Group Ltd.


CHINA EVERBEST: Final Meeting Slated for July 23
------------------------------------------------
The members of China Everbest Motors Company Limited will have
their final meeting on July 23, 2007, at 10:30 a.m., to hear the
liquidator's report about the company's wind-up proceedings and
property disposal.

The meeting will be held on Room 603, Tower 2 of South Seas
Centre at 75 Mody Road, Tsimshatsui in Kowloon, Hong Kong.


CHINA EVERBRIGHT: Former CBRC Vice-Head Named New Chairman
----------------------------------------------------------
A vice-chairman of the China Banking Regulatory Commission has
been appointed to head state-owned financial group China
Everbright Group and its banking unit, China Everbright Bank,
Reuters reports, citing the South China Morning Post.

According to The Post, Tang Shuangning had replaced Wang
Mingquan as chairman of the Group and its banking arm, China
Everbright Bank.  The Post quoted sources familiar with the
situation, Reuters notes.

Mr. Wang reportedly stepped down after reaching the retirement
age of 60 and the management reshuffle came as the group
underwent restructuring, The Post said.

Mr. joined the central bank, People's Bank of China, in 1982
before moving to the CBRC when it was founded in 2003, the
newspaper said.

The Post did not mention if Mr. Tang would also head the Hong
Kong-listed China Everbright Ltd. and China Everbright
International Ltd, Reuters says.


Headquartered in Beijing, China, China Everbright Bank Company -
- http://www.cebbank.com/-- is the first state-owned commercial  
bank with shares held by international financial institutions.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings affirmed on August 14, 2006, China Everbright Bank's 'E'
individual rating '3' support rating.


ECENTA ASIA: Sets Members' Final Meeting for July 20
----------------------------------------------------
The members of Ecenta Asia Limited will have their final meeting  
on July 20, 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 Unit 1110 of Lippo Sun Plaza at 28
Canton Road, Tsimshatsui in Kowloon, Hong Kong.


HUTCHISON ENTERPRISES: Sets Final Meeting for July 16
-----------------------------------------------------
The members of Hutchison Enterprises Five Limited will have
their final meeting 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.

Ying Hing Chiu and Chung Miu Yin, Diana,  the company's
liquidators, will give at the meeting a report about the
company's wind-up proceedings and property disposal.


KO SHI: Taps Li Man Wai & Tsang Lai Fun as Liquidators
------------------------------------------------------
Li Man Wai and Tsang Lai Fun were appointed as liquidators of Ko
Shi Engineering (Hong Kong) Limited on May 14, 2007.

The Liquidators can be reached at:

          Li Man Wai
          Tsang Lai Fun
          Raymond Li & Co., CPA
          Tai Yau Building, 10th Floor, Room 1001
          181 Johnston Road
          Wanchai, Hong Kong


NH TRADING: Will Pay Dividend on July 31
----------------------------------------
NH Trading Limited, which is in liquidation, will declare
dividend for its creditors on July 31, 2007.

The company will pay 100% to preferential creditors and 0.2% to
ordinary creditors.

The company's liquidators can be reached at:

          c/o Baker Tilly Hong Kong
          China Merchants Tower, 12th Floor
          Shun Tak Centre, 168-200 Connaught Road
          Central, Hong Kong


SEGO INTERNATIONAL: Sets Final Meeting for July 16
--------------------------------------------------
The members of Sego International 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 Room A, 8th Floor of Kam Wing
Commercial Building, 28 Minden Avenue in Tsim Sha Tsui, Hong
Kong.


TSIT WING: Members to Receive Wind-Up Report on July 16
-------------------------------------------------------
Tsit Wing Investment Company Limited will hold a final meeting
for its members on July 16, 2007, 10:00 a.m.

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

The company's liquidator is:

          Sum Wai Ching, Helena
          S.B. Commercial Building, 19th Floor
          478 Nathan Road
          Yau Ma Tei, Kowloon


ZTE CORP: Taps Irdeto as Content Security Partner for IPTV
----------------------------------------------------------
ZTE Corporation has selected Irdeto, a subsidiary of media group
Naspers, as the preferred content security partner for its end-
to-end IPTV system that will be launched, marketed and sold
worldwide, China Knowledge relates.

Under the agreement, ZTE will incorporate Irdeto's secure
content delivery platform in its IPTV ECO system, an end-to-end
solution specifically designed for employing multimedia services
over an IP network, the report relates.

The Irdeto IPTV solution, according to the report, provides a
full video product and service offering, IPTV, VOD (Video On
Demand), and PVR/DVR (Personal Video Recorder/Digital Video
Recorder) security.  Within the Irdeto IPTV security framework,
content is securely stored and distributed across any broadband
IP network and the corresponding content rights are managed on
an individual subscriber and/or device basis.

Irdeto IPTV is flexible and supports secure content storage for
video servers, set top boxes (STB) and PVRs/DVRs.


Headquartered in Shenzhen, China, ZTE Corp --
http://www.zte.com.cn/-- produces and sells general system and  
communication terminal equipment.  The group operates both in
the domestic and international market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
outlook is stable.


ZTE CORP: Signs Cooperation Agreement with Poland's Polkomtel
-------------------------------------------------------------
ZTE Corp. has inked a strategic cooperation agreement with
Polkomtel, a Polish mobile company partly owned by the
government, China Knowledge reports.

Under the terms of the agreement, ZTE and Polkomtel will forge
an "extensive alliance" to promote telecom solutions and
products, the report says.

In addition, the agreement was forged to provide users with
access to multimedia services and mobile Internet applications
for next-generation mobile applications.


Headquartered in Shenzhen, China, ZTE Corp --
http://www.zte.com.cn/-- produces and sells general system and  
communication terminal equipment.  The group operates both in
the domestic and international market.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned ZTE Corp. long-term foreign
and local currency Issuer Default ratings of 'BB+'.  The rating
outlook is stable.


=========
I N D I A
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BHARTI AIRTEL: Ties Up With Taiwan's High Tech Computer Corp.
-------------------------------------------------------------
High Tech Computer Corp., provider of Microsoft(R) Windows
Mobile(R)-based smart devices and Bharti Airtel today introduced
The HTC Touch(TM) -- India's first mobile phone with
TouchFLO(TM) technology.  This handheld device operates on the
intuitive touch screen navigation technology and is now
exclusively available to Airtel Mobile users in India.  

The HTC Touch(TM) is a smart, stylish and versatile handset that
brings together a wide variety of communication, entertainment
and professional capabilities that enable mobile consumers to
balance work and play.  The HTC Touch(TM) represents extensive
research and development and the conviction that fingertip
control will enable more efficient, natural and intuitive touch
screen navigation.  The groundbreaking HTC Touch(TM) offers a
new and unique way of controlling touch screen-based devices by
recognising and responding to the sweep of a finger across the
screen.  It is even intelligent enough to distinguish between
finger and stylus input and then responds accordingly.  

"The HTC Touch(TM) is the first device to feature TouchFLO(TM),
the new underlying touch screen technology developed by HTC,"
said Peter Chou, Chief Executive Officer, HTC.  "We are excited
to partner with Airtel and bring this device to the India and we
are confident that the HTC Touch(TM) will have a positive impact
on the India telecommunications market as it brings a new level
of simplicity to the powerful and function-rich device
experience that today's mobile consumers demand."

"Our partnership with HTC to introduce India's First TouchFLO
technology featured mobile phone underlines our commitment to
innovation.  We are very excited at the opportunity to bring to
our Airtel users a best in class product, which is elegant,
stylish and equipped to deliver a power packed performance.  
This phone will be available exclusively on Airtel."  Said
Sanjay Gupta, Chief Marketing Officer, Mobile Services, Bharti
Airtel.

The new HTC-designed homescreen provides one-touch access to
emails, text messages, calendar appointments and contacts, as
well as current weather conditions and forecasts for hundreds of
cities around the world.

Priced at Rs 19,900/- (Inclusive of taxes) The HTC TouchT will
be available for Airtel users in 10 cities, which includes -
Delhi, Mumbai, Chennai, Bangalore, Kolkata, Pune, Chandigarh,
Ahmedabad, Hyderabad, and Jaipur.

                           About HTC

Founded in 1997, High Tech Computer Corp. (HTC) designs,
manufactures and markets innovative, feature rich smartphone and
PDA Phone devices.  Since its establishment, HTC has developed
strong R&D capabilities, pioneered many new designs and product
innovations and launched state-of-the-art PDA Phones and
smartphones for mobile operators and distributors in Europe, the
US, and Asia.  These machines are available as HTC devices and
as products individually customized for operator and device
partners.  HTC is one of the fastest growing companies in the
mobile device market.  The company is listed on the Taiwan Stock
Exchange under ticker 2498.  For more information about HTC,
please visit http://www.htc.com/

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS), and Enterprise Services.  The
Mobile Services business unit offers mobile services in all 23
telecom circles of India.  The B&TS business unit provides
broadband and telephone services in 90 cities across India.  The
Enterprise Services business unit has two sub-units: Carriers
(long-distance services) and Corporates.  Through Enterprise
Services-Carriers, Bharti Airtel provides national and
international long-distance services.  The Enterprise Services-
Corporates business unit provides integrated voice and data
communications solutions to corporate customers and small and
medium-size enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Services put the
company's long-term local and foreign issuer credit ratings on
BB+ on Sept. 21, 2005.  As of May 16, 2007, the company still
carries the rating.


DUERR AG: ATON GmbH Acquires 10.1% Equity Interest
--------------------------------------------------
ATON GmbH notified Duerr AG that it holds 10.1% of the company's
shares. The investment company, founded by Dr. Lutz Helmig, is
now Duerr's second largest shareholder.

The Heinz Duerr family, which still owns 44.2% of the share
capital via Heinz Duerr GmbH and the foundation Heinz und Heide
Duerr-Stiftung, continues to be the largest shareholder of Duerr
AG.

ATON acquired 5.0% of the shares of Duerr AG from Sued-
Kapitalbeteiligungs-Gesellschaft mbH, a subsidiary of Landesbank

Baden-Wuerttemberg, whose ownership interest in Duerr is now
5.0%. ATON acquired the other 5.1% from Kreissparkasse Biberach.

"We welcome the change in the circle of shareholders. We can
certainly profit from the know-how and experience of an
industrial holding company which is active in a wide range of
sectors," Duerr AG's CEO Ralf Dieter commented.

Headquartered in Fulda, Germany, ATON GmbH --
http://www.aton.de/-- is an investment company, wholly-owned by  
Dr. Helmig family. It was established in 2001 and currently has
interests in eleven firms in the areas of applied technology,
natural resources and services.

The company's largest affiliate in terms of sales is EDAG AG,
which is active in the areas of automobile development,
manufacturing technology and aerospace. EDAG AG and Duerr AG
collaborate on specific projects in the aerospace sector.

                          About Duerr

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en-- supplies products, systems, and  
services for automobile manufacturing. Its range of products
and services covers important stages of vehicle production. As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities. It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

The company has operations in Brazil, China and India.

                         *     *     *

As of April 10, 2007, Duerr AG carries Moody's Long-term
Corporate Family rating of B2, Senior Subordinated Debt rating
of Caa1 with Outlook Negative.

Moody's also assigned Loss-Given-Default Rating of LGD5 for
Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due
2011.

Standard & Poor's assigned Long-Term Foreign Issuer Credit
rating of B to Duerr, its Long-term Local Issuer Credit is at B
with Outlook Stable.


GENERAL MOTORS: Will Retool Tonawanda Engine Plant
--------------------------------------------------
General Motors Corp. wants to retool its engine plant in
Tonawanda, New York, to produce a new clean diesel engine for
its light duty pickup trucks, Newratings.com reports.

General Motors told Newratings.com that it will invest some
US$100 million in the plant to produce a 4.5-liter V-8 Duramax
"high-output diesel engine for its Chevrolet Silverado, GMC
Sierra pickup and Hummer H2 models."

Newratings.com relates that the diesel engine will boost fuel
efficiency by 25% and lessen carbon dioxide emissions by 13%.

General Motors' Global Power Train and Quality Vice President
Tom Stephens commented to Newratings.com: "It [the engine] will
meet the stringent 2010 emissions standards, and it will be
compliant in all 50 states, making it one of the cleanest diesel
vehicles ever produced."

General Motors expects to start producing the engine in the
fourth quarter 2009, Newratings.com states.

                      About General Motors

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

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

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

                          *     *     *

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

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


GENERAL MOTORS: Plans to Sell 100,000 Chevrolets in Germany
-----------------------------------------------------------
General Motors Corp. intends to quadruple sales of its Chevrolet
brand cars in Germany within seven years, Die Welt newspaper
quotes the division's manager as saying, Reuters reports.

"In the next six to seven years we want to reach a sales level
of 100,000 cars," Chevrolet Germany Managing Director Peter
Sommer told the paper, Reuters notes. Mr. Sommer added that
Chevrolet plans to increase the number of dealers in Germany
over the next two years to between 350 and 360, from 300 now,
and the number of outlets to 600, from 450.

Chevrolet's European sales rose 15.6 percent in 2006 to more
than 341,000 cars, including 23,132 in Germany, helping to push
General Motors' overall European sales over the 2 million mark
for the first time, Reuters relates.

                     About General Motors

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

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

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

                         *     *     *

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

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


GENERAL MOTORS: Prepares Fuel Cell Technology for Future Output
---------------------------------------------------------------
General Motors Corp. is moving more than 500 fuel cell experts
from advanced development laboratories to core engineering
functions to prepare this technology for future production.

More than 400 fuel cell engineers will report to GM's Powertrain
Group to begin production engineering of fuel cell systems.
Another 100 will transfer to GM's Global Product Development
organization to start integrating fuel cells into future company
vehicles. Finally, more than 150 fuel cell scientists and
program support will remain as part of GM's Research and
Development center to continue advanced research in hydrogen
storage, fuel cells and program commercialization.

The transition is aimed at expediting the company's efforts to
produce vehicles that displace petroleum through energy
diversity.

"Eight years ago we said that hydrogen fuel cell electric
vehicle technology could make a major contribution to solving
the energy and environmental challenges facing the automobile
industry," said Larry Burns, GM vice president, Research and
Development. "Today's announcement signals another important
milestone as we move fuel cell vehicles closer to future
production."

GM shared details about its fifth-generation fuel cell system
technology when it unveiled the fuel cell-powered E-Flex version
of the Chevrolet Volt at the Shanghai Auto Show in April. This
latest system is half the size of its predecessor, yet provides
the same power and performance.

GM's fourth-generation system currently powers the Chevrolet
Sequel and Equinox Fuel Cell vehicles. The Sequel recently went
into the record books as the first electrically-driven fuel cell
vehicle to achieve more than 300 miles on one tank of hydrogen,
in and out of traffic on public roads, while producing zero
emissions. The Chevrolet Equinox Fuel Cell will be launched
later this year as part of Project Driveway, which will place
more than 100 hydrogen fuel cell vehicles with consumers in New
York, Washington, D.C. and Los Angeles.

"Moving our fuel cell experts from advanced development
laboratories to our core engineering organizations highlights
our strong commitment to developing electrically-driven vehicles
using diverse energy sources" said Tom Stephens, GM Group vice
president of Global Powertrain.

Leading the fuel cell engineering team is Dr. J. Byron
McCormick, currently executive director, GM Fuel Cell
Activities. He will report simultaneously to Dan Hancock, GM
Powertrain Vice President, Global Engineering, and John
Buttermore, GM Powertrain Vice President, Global Manufacturing.
McCormick has been working on electric and fuel cell propulsion
system research and development for more than 30 years. He was
instrumental in the development of the EV-1 electric vehicle,
and during the past 10 years, has led the GM fuel cell
activities team to becoming the world's leader in fuel cell
technology.

This realignment is yet another initiative in GM's commitment to
displace petroleum usage in the auto industry through a range of
propulsion alternatives, including:

-- E85-capable biofuel vehicles -- GM is a leading producer
   with more than 2 million on the road today

-- GM's 2-mode hybrid system for large city buses

-- GM's Hybrid System in the Saturn Vue Green Line and Saturn

Aura Green Line

-- Coming this fall, GM's 2-mode hybrid system in the Chevrolet
Tahoe and GMC Yukon full-size SUVs, which provides a more than
25-percent improvement in fuel economy to what is already the
industry's most fuel efficient large SUVs, with no compromises
in performance or towing capability

-- Due next year, a front-wheel-drive 2-mode Saturn Vue Green
Line that is expected to deliver up to a 45-percent improvement
in combined city and highway fuel economy compared with the
current non-hybrid Vue, based on current federal test procedures

-- Plans to produce a plug-in version of the 2-mode hybrid
Vue Green Line that has the potential to achieve double
the fuel efficiency of any current SUV

Additionally, GM provides more vehicles that achieve 30 mpg on
the highway than any other manufacturer in the U.S. market. GM
is also the first automotive member to join the U.S. Climate
Action Partnership (USCAP), a group of global companies and non-
governmental organizations formed to support an economy-wide,
market-driven approach to reducing carbon emissions.

                      About General Motors

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

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

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

                            *     *     *

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

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


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

BANK INTERNATIONAL: Changes 2006 Dividend to IDR5.24 Per Share
--------------------------------------------------------------
PT Bank Internasional Indonesia disclosed that for the fiscal
year 2006, dividend will be IDR5.24, instead of IDR5.25 per
share.  The total 2006 dividend payout was announced on May 22,
2007, Reuters reports.

                 About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that Moody's Investors Service published the rating
results for Bank Internasional Indonesia as part of the
application of its refined joint default analysis and updated
bank financial strength rating methodologies.  The specific
ratings changes are:

      * BFSR is changed to D from E+.

        -- This action also concludes a review for possible
           upgrade on the BFSR initiated on July 4, 2006.

      * Foreign Currency Deposit Ratings are unchanged at B2/Not
        Prime.

      * Foreign Currency Issuer Rating and Foreign Currency Debt
        Rating for subordinated obligations are unchanged at
        Ba3

        -- Foreign Currency Deposit and Foreign Currency Debt
           Ratings have positive outlooks in line with the
           outlook on the country's sovereign ratings outlook.

Another TCR-AP reported on Feb. 1, 2007, said that Fitch Ratings
affirmed all the ratings of Bank Internasional as: Long-term
foreign Issuer Default rating 'BB-', Short-term rating 'B',
National Long-term rating 'AA-(idn)'; Individual 'C/D', and
Support '4'.  The Outlook for the ratings was revised to
Positive from Stable.


DAVOMAS ABADI: Starts Production of Cocoa Products
--------------------------------------------------
PT Davomas Abadi Tbk's two new production lines has started
producing cocoa products with a total capacity of 40,000 tons
per year, Reuters report.

The report relates that this will increase the Company's cocoa
production to 140,000 tons per annum.

                    About Davomas Abadi

Headquartered in Jakarta, Indonesia, PT Davomas Abadi Tbk
processes cocoa beans into cocoa butter and cocoa powder.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 15, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' rating onIndonesia's PT Davomas Abadi Tbk.  The outlook
is stable.  At the same time, it assigned its 'B+' rating on the
proposed US$25 million long-term senior secured bonds to be
issued by Davomas International Finance Co. Ltd., a special
purpose financing vehicle wholly owned by Davomas.

Moody's Investors Service affirmed PT Davomas Abadi Tbk's stable
'B2' corporate family rating and the 'B2' foreign currency
rating of Davomas International Finance Company Pte Limited's
IDR1.13-trillion senior secured notes due in 2011.  Moody's
affirmed the rating after the Company had completed its notes
issuances and subsequent repayments of its outstanding debts.


INDOSAT: Complainants Turn to Police
------------------------------------
A group of complainants, triggered by recent exoneration of PT
Indosat by the Capital Market Supervisory of allegations it had
engaged in illicit derivatives transactions, arrived at the
National Police Headquarters to complain against the company,
The Jakarta Post reports.

According to the report, the group composed of Marwan Batubara,
House of Representatives member and representatives of the
University of Indonesia Alumni Group, Indonesian Muslim Scholars
Action Union and the Capital Campus Activists Forum.

The group demanded that the police investigate alleged losses
inflicted on the state in the form of lower tax revenues caused
by Indosat's derivatives transactions, the report points out.

The report recounts that Drajad Wibowo, House Finance Commission
member, first aired the allegations earlier this month, saying
that the government had suffered massive losses as a result of
Indosat derivatives transactions between 2004 and 2006.  The
transactions had inflated the total losses suffered by the
company, which in turn led to a decline in tax payments during
that period.

Indosat President Director Johnny Swandi Sjam said that the
transactions had been entered into in order to hedge the
company's foreign debts against possible risks arising from
fluctuations of the rupiah against the U.S. Dollar, The Post
says.

The report relates that the police accepted all the complaints
and said they would look into them.

Indosat is currently under investigation by the tax office for a
continuing decline in its tax payments, and also by the Business
Competition Supervisory Commission over monopoly allegations,
The Post adds.

                       About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully  
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company provides international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Jun 19,
2007, Moody's Investors Service affirmed PT Indosat Tbk's Ba1
local currency issuer rating and has also changed the outlook to
stable.  

At the same time, Moody's has affirmed Indosat's Ba3 senior
unsecured foreign currency rating.  The rating outlook on the
bond remains positive which is in line with the outlook
on Indonesia's foreign currency country ceiling.


PERUSAHAAN LISTRIK: Issues Bond to Raise US$1 Billion
-----------------------------------------------------
PT Perusahaan Listrik Negara has issued price guidance for a
dual tranche dollar bond offering seeking to raise US$1 billion,
Rueters News reports.

According to the report, the company has assigned UBS as sole
bookrunner.

The 10-year tranche of the bond will yield around 7.375% while
the 30-year tranche will yield around 8.125%.  The two tranches
will be of equal size, the report adds.

                 About Perusahaan Listrik

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

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

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

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

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


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

ALITALIA SPA: Italy Hires Credit Suisse to Evaluate Final Bids
--------------------------------------------------------------
Italy's Finance Ministry has appointed Credit Suisse to conduct
an independent assessment of the bids for the government's 39.9%
stake in Alitalia S.p.A., Reuters reports.

Credit Suisse will evaluate the binding offers of Alitalia's
remaining bidders -- AirOne S.p.A.-Intesa San Paolo S.p.A. and
OAO Aeroflot-Unicredit Italiano S.p.A.  

The bidders have until July 2, 2007, to submit binding offers.       
Italy, however, is encouraging the parties to unify their bids.

                        About Alitalia

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

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


ALITALIA SPA: AirOne Grumbles over Inadequate Operational Data
--------------------------------------------------------------
The AirOne S.p.A.-Intesa San Paolo consortium is complaining
over lack of adequate information on Alitalia S.p.A.'s
operation, The Irish Times reports citing a source privy to the
bidding process.

AirOne, the source told the Irish Times, wrote to Italian
finance minister Tommaso Padoa-Schioppa bemoaning that it cannot
devise a proper business plan for Alitalia due to limited
information.

As previously reported in the TCR-Europe, final bidders
commenced examining Alitalia's books on May 24, 2007.

The Irish Times suggests that the consortium, along with rival
bidder OAO Aeroflot-Unicredit Italiano S.p.A., also wants access
to Alitalia's legal contracts and other date that would allow
them to assess accurately the profitability of the carrier's
route network.

The consortium has earned the backing of Italy's ruling center-
left coalition, making it a favorite to acquire the government's
39.9% in Alitalia, The Irish Times adds.

Sources told the Irish Times that Alitalia's privatization will
remain on course despite AirOne's complaint.

                      Possible Bankruptcy?

Meanwhile, government ministers shoved off the possibility of
sending Alitalia into bankruptcy following the carrier's
publication of its first quarter results.

As reported in the TCR-Europe on June 15, 2007, Alitalia posted
EUR135 million in net losses for the first quarter of 2007,
compared with EUR159 million in net losses for the same period
in 2006.  The carrier added it is liquid enough to maintain
operations for more than 12 months.

"To speak today of bankruptcy seems out of place to us,"  
infrastructure minister Antonio Di Pietro was quoted by the
Irish Times as saying.  "We are working to sell Alitalia to the
best bidder, the one that proposes the best business plan."

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

                        About Alitalia

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

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


BOMBARDIER RECREATIONAL: S&P Rates US$1.15 Billion Loan at B+
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating, with a recovery rating of '3', to Bombardier
Recreational Products Inc.'s proposed US$1.15 billion term loan
B facility, indicating the expectation of a meaningful recovery
of principal (50%-70%) in a payment default scenario.

The bank loan rating is based on preliminary terms and
conditions and is subject to review once S&P receives full
documentation.  

Proceeds from the new facility will be used to pay a substantial
special distribution to shareholders and refinance the company's
existing debt.

At the same time, Standard & Poor's affirmed its ratings on
recreational products manufacturer BRP, including the 'B+' long-
term corporate credit rating on the company.  The outlook is
negative.

"The affirmation follows BRP's decision to raise additional debt
to pay shareholders a substantial dividend later this year,
which will result in a weakening of the company's financial risk
profile and credit protection measures," said Standard & Poor's
credit analyst Lori Harris.  Pro forma for the transaction,
adjusted debt to EBITDA will be about 4x based on projected
EBITDA for fiscal 2008 (ending Jan. 31).

The ratings on BRP reflect the company's high debt leverage,
volatile demand for its core products, seasonal operating
profits, and intense competition.  These factors are partially
offset by the company's solid market position, brand equity,
well-established dealer network, and the stable margins and
revenues of the parts and accessories component of the business.

The negative outlook reflects the company's highly leveraged
financial risk profile, including BRP's weak financial
flexibility to handle unforeseen events such as an economic
downturn, poor weather conditions, or unfavorable foreign
exchange conditions, given its heavy debt load.  S&P could lower
the ratings if the company does not improve credit metrics on a
sustainable basis in the medium term.  On the other hand, S&P
could revise the outlook to stable if the company reduces
leverage and demonstrates a sustained improvement in margins.

The company has operations in Australia, Brazil, France, Japan,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.


CATALYST PAPER: Cost Pressures Prompt S&P Outlook Change to Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Vancouver, British Columbia-based Catalyst Paper Corp. to
negative from stable.  The ratings, including the 'B+' long-term
corporate credit rating on the company, remain unchanged.

"The outlook revision stems from our expectation that Catalyst's
profitability and cash flow will decline through 2007 because of
weak industry conditions and cost pressures," said Standard &
Poor's credit analyst Donald Marleau.  "After improving its
credit metrics in 2005 and 2006, the company's profitability
should be weak in 2007 because of the compounding effects of
lower paper prices, higher fiber costs, a stronger Canadian
dollar, and non-recurring restructuring charges," Mr. Marleau
added.

The ratings reflect Catalyst's high debt leverage and exposure
to the declining North American newsprint market and the
cyclical specialty papers and pulp business.  These risks are
partially offset by its strong market position in newsprint and
specialty groundwood papers along the west coast of North
America and its improving productivity.

The outlook is negative.

The ratings on Catalyst might be lowered if it is unable to
reverse the profitability decline brought about by weaker prices
for newsprint, pressure on fiber costs, and a continued strong
Canadian dollar.  Furthermore, the company faces some near-term
operating risk as it reduces its workforce, while a possible
strike by logging and sawmill workers in coastal British
Columbia could hurt Catalyst by reducing wood chip availability
and further increasing fiber costs.  To return to a stable
outlook, Catalyst must demonstrate sustained improvement in
operating profit and cash flow generation, in addition to
reducing leverage.

The company sells in Japan, the United Kingdom and Latin
America.


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

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

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

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

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

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

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

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

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

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

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

                          *     *     *

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

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

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


FURUKAWA ELECTRIC: R&I Upgrades Issuer Rating to BB+
----------------------------------------------------
Rating and Investment Information, Inc. has, upgraded Furukawa
Electric Co., Ltd's. issuer rating and long-term issue rating to
BB+ from BB with a stable outlook.

The businesses that Furukawa has been concentrating on,
including mining machinery and UNIC (truck mounted crane) are
steadily earning income, partly due to the global growth in
demand for construction machinery and the effect of special
demand from exhaust fume regulations, and the electric materials
and chemicals segment is also growing into an income stream.  In
the year ended March 2007, Furukawa secured quite a high level
of net income due to such factors as the increase in income in
the metals segment, which reaped the benefits of the hike in
copper prices, and the company's equity ration improved to
25.4%.  Although a decline in income will be unavoidable in the
year ending March 2008 because of concerns about a fall in
profitability of the UNIC business as special demand from
exhaust fume regulations comes to an end in addition to a
deterioration in purchasing terms in the metals business, the
company's earnings base is robust, partly as a result of its
withdrawal from the Australian copper refining business.  It is
expected that Furukawa will be able to maintain a certain level
of profit and cash flow in the future.  Giving a positive
evaluation to these factors, R&I has upgraded the Issuer Rating
to BB+.  The rating Outlook is Stable.

Nevertheless, although the company has made progress in the
reduction of debt, it is still excessive in relation to cash
flow and equity capital, and a further reduction will be
essential for an additional improvement of the rating.

                  About Furukawa Electric

Headquartered in Tokyo, Furukawa Electric Co., Ltd. --
http://www.furukawa.co.jp/-- provides materials, products, and   
services across a range of fields, encompassing energy,
electronics, optical and information systems, and automobiles.

The company operates through six business segments:
Telecommunications; Energy and Industrial Products; Metals;
Electronics and Automotive Systems; Light Metals, and Services
and Others.  Furukawa Electric and its subsidiaries manufacture
a range of products, which include optical fibers and cables,
network equipment, bare wires, power cables, plastic products,
copper pipes/stripes, battery products, automotive components
and electrical wires, aluminum products, and cast and forged
products.  The company is also engaged in real estate,
logistics, information and other services.

The Troubled Company Reporter - Asia Pacific reported on
March 20, 2007, that Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Furukawa Electric Co.
Ltd. to 'BB' from 'BB-' and its senior unsecured debt rating to
BB+' from 'BB'. The outlook on the long-term corporate credit
rating is positive.


GOODWILL GROUP: Watami Offers to Buy Nursing Care Unit
------------------------------------------------------
The Goodwill Group, Inc., has received a buyout offer for its
nursing care operations from Watami Co., Ltd., Japan Times
reports.

Watami, a pub chain operator, specifically plans to buy
Goodwill's at-home nursing care services and offer them in
cooperation with about 40,000 workers to its nonprofit
organization partner of about 450 nursing-care providers,
relates Japan Times.

The article adds that Watami, which already runs 27 nursing
homes mainly in Tokyo and its vicinity, would also like to
jointly take over Goodwill's nursing facilities with some of the
450 companies.

Watami, along with 30 companies, has expressed its interest in
acquiring Goodwill's nursing care business.  Among its biggest
rival is Nichii Gakkan Co.

According to a report by The Yomiuri Shimbun on June 15, 2007,
Nichii Gakkan also expressed its interest in taking over all six
of Goodwill's companies for its nursing care services.

The Yomiuri Shimbun reports that Nichiis Gakkan's plan would be
in line with the wishes of the Ministry of Health, Labor and
Welfare which attaches importance to the continuation of nursing
care services currently provided by the Goodwill group.

                     About Goodwill Group

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

Troubled Company Reporter-Asia Pacific reported on June 14,
2007, that The Goodwill Group is thinking of selling its home
nursing-care services division after the the Japanese government
banned it from renewing its licenses due to its involvement in a
fraud scandal.

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


NIKKO CORDIAL: Halts Disclosure of Executives Salaries
------------------------------------------------------
Nikko Cordial Corporation announced that it will no longer
disclose individual salaries of executives after the firm was
involved in an accounting scandal that annihilated its top
management, The Asahi Shimbun reports.

The report, saying that this move came as a result of management
overhaul, quotes an official of Nikko Cordial as saying that the
decision was reached after "comprehensive evaluation" and did
not provide further details as to the reason/s for this action.

Former Nikko Cordial Chairman Masashi Kaneko, along with former
president Junichi Arimura, introduced the practice of divulging
individual incomes of executives in 2004 which is not practiced
by many Japanese companies.  For the typical Japanese company,
they just reveal the amount paid to the board in its entirety,
conveys the report.

Reportedly, both Mr. Kaneko, earning JPY122 million for fiscal
2005, and Mr. Arimura, getting JPY159 million for the same
fiscal year, were later found to have received over
JPY10 million more than they were entitled to due to the
company's JPY11.8 billion in padded profits within its
consolidated financial statements for fiscal 2004.

The executives, writes the Asahi Shimbun, stepped down in
December 2006 after taking the responsibility for a high-profile
scandal where the company was allegedly falsifying financial
statements.

An analyst interviewed by the Asahi Shimbun expressed his
opinion about the matter saying that one of the probable reasons
why Nikko Cordial made this decision to stop disclosing the
wages of executives is that the performance-linked remuneration
for Kaneko and Arimura had been padded through accounting
irregularities.

Meanwhile, Naoko Nemoto, managing editor of U.S. Credit rating
agency Standard & Poor's shares her dismay at what she views as
a backward move by Nikko Cordial for in her opinion, companies
must " disclose compensation for each director so that
shareholders can monitor whether executive pay is commensurate
with each director's performance amid calls for discipline on
the part of management," relates the report.

                    About Nikko Cordial

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

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

The ratings are as follows:

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

   Nikko Cordial Securities: Individual C and Support rating 4.

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


NIPPON SHEET: Posts JPY17.52-Bil. Net Income for FY to March '07
----------------------------------------------------------------

Nippon Sheet Glass Company, Limited, posted a JPY17.52-billion
net income for the year ending Mar. 31, 2007, a rise of
1,352.40% from the net income of JPY1.21 billion for the year
ending Mar. 31, 2006.

Sales for the fiscal year 2007 went up slightly to
JPY177.67 billion, while cost of goods sold and overhead
amounted to JPY141.78 billion and JPY37.42 billion,
respectively, resulting in an operating loss of JPY1.52 billion,
against an operating income of JPY656.00 million a year earlier.

The company posted a net non-operating gain of JPY35.10 billion,
1,225.45% more than the net non-operating gain of
JPY2.65 billion posted a year earlier.

The Troubled Company Reporter - Asia Pacific reported on May 25,
2007, that Nippon Sheet, after acquiring U.K.-based Pilkington
PLC in June 2006, announced its forecast of its operations on
July 6, 2006. However, due to recognition of various expenses
related to the acquisition, foreign currency fluctuation,
valuation of intangible fixed assets and goodwill, and fuel cost
increase, the company was made to revise its outlook.

Consolidated net income, which was forecast to jump to
JPY30 billion is now expected to drop to JPY15 billion, and
consolidated income before ordinary taxes was predicted to go up
to JPY25 billion, is now changed to JPY8 billion.

According to Reuters Key Developments, Jiji Press has reported
that Nippon Sheet expects a consolidated full-year outlook for
revenue of JPY830.00 billion, operating profit of JPY42.00
billion, ordinary profit of JPY24.00 million and net profit of
JPY15.00 billion for the fiscal year ending Mar. 31, 2008.   The
report added that the company also issued mid-term dividend
outlook of JPY3.00 per share and year-end dividend forecast of
JPY3.00 per share for the fiscal year ending March 31, 2008.

Additionally, the report states that Nippon Sheet expects to
record JPY13.07 billion extraordinary profit from the sale of
its securities, for fiscal year ending March 2008.

                     About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited --
http://www.nsg.co.jp-- Company operates in four business   
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The company has operations in Argentina, the United States, and
Austria.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


NOVA CORP: Mulls Over Capital Tie-up with Companies
---------------------------------------------------
Nova Corporation is considering a capital tie-up with companies
outside the industry as a way to improve its creditworthiness
and secure operating expenses, reports The Asahi Shimbun.

No further details were reported.

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.


YOKOGAWA ELECTRIC: Gets JPY100-Bil. Order from Chevron Corp.
------------------------------------------------------------
Yokogawa Electric Corporation has received an order from U.S.
Energy company Chevron Corp. for an oil refinery management
system, estimated at more than JPY100 billion, reports the  
Associated Press.

The system, to be used in eight refineries of Chevron in the
U.S., Britain and South Africa, will replace the current
Honeywell system.  Yokogawa's system will boost production
efficiency and safety, Yokogawa spokesman Masatoshi Okabe
revealed to AP.

In addition, Yokogawa will deliver the system for 10 years to
Chevron's refineries, reveals Mr. Okabe.

Mr. Okabe further added that Chevron's 8 refineries process
about 1.3 million barrels of oil a day.

In an interview by AP with Mr. Okabe, he said that the amount of
the order could not be disclosed due to confidentiality with
Chevron.

However, AP, citing the Nikkei business daily, relates that
sources revealed to Nikkei that the order will exceed
JPY100 billion including maintenance costs.

Mr. Okabe neither denied nor confirmed this report.  However, he
claims that bulk order for the refinery management system will
be the largest of its kind ever delivered to a refinery
operation, relates AP.

                   About Yokogawa Electric

Yokogawa Electric Corporation -- http://www.yokogawa.co.jp-- is  
a manufacturing company mainly engaged in the manufacture and
sale of measurement control equipment and information equipment.  
The company manufactures measurement control equipment and
information equipment through its subsidiaries, and sells the
equipment in the country, as well as overseas markets, including
Southeast Asian countries, European countries and the United
States, through its subsidiaries.  Yokogawa Electric also offers
engineering services and post-sale services.  Along with one of
its subsidiaries, the Company also manufactures security-related
equipment.  Its other business activities encompass the real
estate-related business and the provision of recruitment
services.  Headquartered in Tokyo, Yokogawa Electric has 92
subsidiaries and 14 associated companies in Japan, as well as
overseas markets, such as the United States, Singapore, the
Netherlands, Brazil, Korea and China.

As of June 20, 2007, Standard and Poors still assign the company
a BB+ on both its long-term local and foreign issuer credit
rating.


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

CITIBANK KOREA: Launches Account Support Service
------------------------------------------------
Citibank Korea Inc.'s customers looking to open a Citibank
account in the U.S. now have an easy and convenient way to do
this with the introduction of a new CKI account support service.

Under the new service, CKI customers can now make a request at
their local branch to open a Citibank account in the U.S.  Once
the application has been approved the customer will be given a
recommendation certificate for a designated branch in the U.S.
(in the initial stages the service will be available in seven
branches in New York, New Jersey, Los Angeles and San
Francisco).

With the recommendation certification and customer account
details sent by CKI to the selected branch in the U.S. prior to
their travel, CKI customers can open and access their Citibank
account within days of arrival.  The recommendation certificate
will be issued to CKI customers who qualify under the terms
outlined in the Foreign Exchange Transactions Act.  As well, to
enhance the service experience, the seven designated branches
include many Korean speaking staff.

About the new service, Kim Seok-Min, Retail Banking Division,
CKI, said, "This service is designed to take full advantage of
the global Citibank network for our local customers.

"Based on the global network, CKI has already introduced an
International Cash Card at overseas Citibank branches and we
also started to offer low-fee traveler's checks.  These services
have generated a lot of positive customer feedback and we will
continue to create and provide innovative services for our
customers."

Yeo In-Chang from the New York-based Citibank Korea Marketing
Department added, "Citibank created a new department to focus on
the sizeable Korean market in the U.S and over the last few
months we have created many products and services to develop the
Korea/U.S. market.  At the same time, we have also hired Korean-
speaking employees for several branches in major cities such as
New York, New Jersey, Los Angeles and San Francisco where there
are many Korean residents.

"And last year, we also officially opened a new branch in New
York's Korea Town which was attended by Chuck Prince.  With this
service, we are helping customers to negotiate a complicated
procedure.  As well, the attestation of social security number
and residential details will also be simplified."

Following its launch in the seven branches in New York, New
Jersey, LA and San Francisco, the service will be introduced
across the U.S. in the near future.

                    About Citibank Korea

Citibank Korea Inc. -- http://www.citibank.co.kr/-- provides a     
variety of commercial banking, trust, and investment services.   
The bank's services include consumer loans, deposits, trust  
accounts, credit cards, Internet banking, financial derivatives,  
foreign exchange, and securities dealing and brokeraging.  

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

      * BFSR is changed to C- from D+.  

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

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

      * Foreign Currency Debt Rating for subordinated
        obligations is unchanged at A1.

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


UNITED AIR: Moody's Rates Class C Certificates at B1
----------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to
US$275 million of City and County of Denver, Colorado Special
Facilities Airport Revenue Refunding Bonds, Series 2007A.  In a
related action, Moody's also assigned ratings of Baa2 to the
Class A, Ba2 to the Class B and B1 to the Class C Certificates
of the United Air Lines Pass Through Certificates, Series
2007-1.

Moody's affirmed all debt ratings of UAL Corporation and its
subsidiaries, corporate family rating at B2, and the outlook
remains stable.

             Rating of the Denver Facility Bonds

The Caa1 rating on the Denver Facility Bonds is based on the
Special Facilities and Ground Lease which obligates United to
pay sufficient amounts to the City and County of Denver,
Colorado to pay the principal, premium, if any and interest on
the Bonds. In addition, United provides a direct, unconditional
guaranty of full and prompt payment on the Denver Facility
Bonds.

                Ratings of the Certificates

The Certificate ratings considers the credit quality of United
as obligor, the value of the aircraft pledged as security, the
credit support provided by the liquidity facilities on the Class
A and Class B Certificates, and the additional structural
features of the transaction.  The ratings reflect Moody's
opinion of the ability of the Pass Through Trustees to make
timely payment of interest and the ultimate payment of principal
at a date no later than January 2019, the final maturity date.  
Moody's also notes that this transaction includes cross-
collateralization of the aircraft securing the individual notes
underlying the transaction, which enhances the potential
recovery for investors in the event of default, as well as a
revised waterfall and cross-default at the final maturity date
of the Notes.

Structure of the United Airlines Pass Through Certificates,
2007-1 EETCs

Property of the Pass Through Trust will be Equipment Notes to be
issued by United, which will be secured by a perfected security
interest in the aircraft being financed by this transaction.  
Each aircraft will be subject to a separate indenture with a
separate loan trustee.  It is the opinion of counsel to United
that the Notes will be entitled to benefits under Section 1110
of the U.S. Bankruptcy Code.  Under this provision, if United
fails to pay its obligations under the Notes, the collateral
trustee has the right to repossess any aircraft which have been
rejected by United.

The Certificates are not obligations of, nor are they guaranteed
by, United.  However, the amounts payable by United under the
Notes will be sufficient to pay all principal and interest on
the Certificates when due.  The Class C Certificates rank junior
in priority to the Class B Certificates and the Class B
Certificates rank junior to the Class A Certificates.

Interest on the Class A Certificates and Class B Certificates
will be supported by liquidity facilities intended to pay up to
three semi-annual interest payments in the event United defaults
on its obligations under the Notes.  The liquidity facilities do
not provide for payments of principal due, and there is no
liquidity facility for the Class C Certificates.  The liquidity
provider is Morgan Stanley Senior Funding, Inc. whose
obligations will be unconditionally guaranteed by Morgan Stanley
which has a Moody's short-term rating of P-1.  The liquidity
provider has a priority claim on proceeds from liquidation ahead
of any of Certificate holders and is also the controlling party
following default.

               Cross Collateralization Feature

The ratings of all Certificates benefit from cross
collateralization, because Moody's believes this feature
potentially enhances recovery prospects.  Under the cross
collateralization structure, if all aircraft are sold, then
surplus proceeds from the sale of any aircraft are made
available to cover any shortfall due under the Notes related to
the sale of any other aircraft.  All surplus proceeds will be
retained until maturity of the financing or the indentures are
cancelled.  Moody's believes expected recovery is enhanced
because of:

    * the number of aircraft,

    * that no single aircraft type comprises a substantial    
      portion of the equipment pool, and

    * while there is some correlation in the value of the
      aircraft types in the transaction, there is sufficient
      diversity to produce the benefit of cross
      collateralization.  This transaction was accorded the
      maximum rating benefit from the existence of cross
      collateralization because of the number of aircraft and
      the different types of aircraft.

              Collateral for the 2007-1 EETC

Proceeds from the sale of the Certificates will be used to
purchase Notes to finance two B767-300ER, four B777-200, four
B777-200ER and three B747-400 aircraft originally delivered to
United between 1998 and 2002.  While there is some commonality
among these aircraft as they are all long-haul widebody
commercial jets, there are some differences in terms of their
current and future usage which is reflected in their expected
valuations.  The B767-300ER is one of the most widely accepted
widebody aircraft among commercial airlines, and is generally
used for long-range flights.  The B777-200, while intended for
transcontinental, regional and international routes with cargo
capacity similar to that of the B747, has largely been
superceded by the 777-200ER.  The B777-200ER has a range about
50% higher than the -200.  The B747-400, which has been
superceded by next-generation commercial passenger aircraft, has
primary value as a freighter conversion.  Moody's believes the
current aircraft values are supported by particularly strong
market conditions which may be nearing the peak of the demand
cycle.  Should a downturn in the demand occur, Moody's believes
the impact on the values of the aircraft in this transaction
operating in passenger configuration would be greater than for
other aircraft types.  First, widebody aircraft would likely
have less operational flexibility than narrowbody aircraft in a
softer economic environment, and their use would likely be
discontinued sooner.  Second, these aircraft are at or near
their economic half lives.  Some models have been superceded by
newer, more efficient aircraft types which is likely to generate
greater value volatility in an economic downturn.  Finally, the
cost of modification of these aircraft to cargo configuration is
significant and potentially prohibitive.

Assignments:

Issuer: Denver (City & County of) CO

-- Senior Unsecured Revenue Bonds, assigned Caa1 (LGD5, 86%)

Issuer: United Air Lines, Inc. 2007-1 Pass Through Trusts

-- Class A Certificates, Assigned Baa2
-- Class B Certificates, Assigned Ba2
-- Class C Certificates, Assigned B1

UAL Corporation which, through its primary subsidiary United
Airlines, Inc. is one of the largest airlines in the world
providing scheduled passenger service throughout North America,
Latin America, Europe and Asia, is headquartered in Chicago,
Illinois.

The airline flies to Brazil, Korea and Germany.


UNITED AIRLINES: S&P Puts Preliminary B Rating on Certificate
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
'BBB' rating to United Air Lines Inc.'s (B/Stable/--) series
2007-1 Class A pass-through certificates, its preliminary 'BB-'
rating to the Class B certificates, and its preliminary 'B'
rating to the Class C certificates.  The expected maturity for
the Class A certificates is Jan. 2, 2022, for the Class B
certificates Jan. 2, 2019, and for the Class C certificates Jan.
2, 2014.  The final legal maturities will be 18 months after the
expected maturities for the Class A and Class B certificates
only.  The issues are a drawdown under a Rule 415 shelf
registration.  Final ratings will be assigned upon conclusion of
a legal review of the documentation.
      
"The preliminary ratings are based on United's credit quality,
substantial collateral coverage by aircraft that are important
to the airline's international operations, and on legal and
structural protections available to the pass-through
certificates," said Standard & Poor's credit analyst Philip
Baggaley.  Proceeds of the offering are being used to refinance
2 B767-300ER, 4 B777-200, 4 B777-200ER, and 3 B747-400 widebody
aircraft originally delivered to United over 1998-2002.
     
The pass-through certificates are a form of enhanced equipment
trust certificate, and benefit from legal protections afforded
under Section 1110 of the federal bankruptcy code and, in the
case of the Class A and Class B certificates, by liquidity
facilities provided by Morgan Stanley Senior Funding Inc.,
guaranteed by Morgan Stanley (A+/Positive/A-1).  The liquidity
facilities are intended to cover up to three semi-annual
interest payments, a period during which collateral could be
repossessed and remarketed following any default by the airline.  
As with other EETCs, the Class A certificates rank senior to the
Class B certificates, which in turn rank senior to the Class C
certificates.
     
Standard & Poor's criteria for rating EETCs start with the
airline's corporate credit rating and add credit for: The
likelihood that airline would continue to make payments in
bankruptcy in order to maintain control of the aircraft, and,If
that is not the case, credit for the possibility that full
payment could be achieved through repossession and sale of the
planes or restructuring of the obligations with the bankrupt
airline.
     
The planes in this transaction are important to United's
international operations, which now represent a greater portion
of the airline's revenues following operational changes and
restructuring undertaken in Chapter 11.  United currently has no
aircraft on order, and, even when it does order new widebody
aircraft to operate its international routes, the planes in this
transaction, as relatively recent deliveries, would likely be at
lesser risk of being returned to creditors than older planes.  
In evaluating collateral quality for an EETC, S&P consider
technological risk, resale liquidity, and diversification of the
aircraft.  This transaction was scored somewhat lower on
technological risk and resale liquidity than some other recent
EETCs, based on the types of aircraft collateral.  
Diversification is a lesser consideration in judging collateral
quality, but the 2007-1 collateral has reasonable diversity.
     
The 'B' corporate credit rating on United and parent UAL Corp.
(B/Stable/--) reflects United's participation in the price-
competitive, cyclical, and capital-intensive airline industry;
pricing pressure from low-cost carriers in the U.S. domestic
market; and an overall highly leveraged financial profile.  
These weaknesses are mitigated somewhat by United's extensive
and well-positioned route system and by reductions in labor
costs and financial obligations achieved in bankruptcy.  


United is the second-largest U.S. airline, with strong positions
in the Midwest and Western U.S. and on trans-Pacific routes, and
a solid position on trans-Atlantic routes.

The airline flies to Brazil, Korea and Germany.


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

MYCOM BERHAD: Unit Intends to Develop KHD Land for MYR1.8 Bil.
--------------------------------------------------------------
Mycom Berhad's wholly-owned sub-subsidiary, KH Land Sdn Bhd, has
signed a Letter of Intent with Westcity PLC to develop a parcel
of the KHD Land acquired under the restructuring scheme
measuring about 10 acres for a mixed development project with an
estimated gross development value of MYR1.8 billion.

The total KHD Land comprises of some 10 parcels of freehold land
of approximately 74 acres situated in the prime Mont Kiara
vicinity to be jointly developed on a 58:42 basis under a
consortium agreement between KHL's holding company, KH Estates
Sdn Bhd and Olympia Properties Sdn Bhd, a wholly-owned
subsidiary of Olympia Industries Berhad which is approved for a
proposed township of mixed development with a gross floor area
of 23 million sq ft.

Under the terms of the Letter of Intent, a proposed joint
venture company will be formed in the equity ratio of 60:40
between KHL and Westcity based on the consideration value of
MYR300 million.

Westcity is a property and property-related investment,
development and management company quoted on the AIM market of
the London Stock Exchange.  It has established a Property fund
with the Stonehage Group, an international wealth management and
fiduciary services business founded in 1976.


Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.

The company is also involved in hotel operation, provision of
management and financial services and investment holding.  
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the company's accumulated losses.

Mycom's balance sheet as of end-December 2006 showed total
assets of MYR817 million and total liabilities of 1MYR1.34
billion, resulting to a shareholders' deficit of MYR528.84
million.

The Troubled Company Reporter - Asia Pacific on May 1, 2007,
reported that Malaysian Rating Corp Bhd accorded the rating of
BB- to Mycom Berhad's MYR60,315,280 nominal value of Redeemable
Unsecured Loan Stocks, which reflects the risks associated with
the implementation of the Group's restructuring scheme.

The rating category reflects significant uncertainties that
could affect the ability of the issuer to adequately service
debt obligations.  The rating carries a stable outlook.


SHAW GROUP: To Build Fabrication Facility in Matamoras, Mexico
--------------------------------------------------------------
The Shaw Group Inc. plans to construct a new state-of-the-art
industrial pipe and structural steel fabrication facility in
Matamoras, Mexico, further executing its capacity expansion
program for its fabrication and manufacturing business.

The facility will include over 370,000 square feet of enclosed
shop space and state-of-the-art piping technologies designed to
interface with Shaw's proprietary production management systems.
Shaw will fabricate custom piping systems and structural steel
at the new facility, which is expected to be Shaw's largest.
The planned facility is expected to be in operation by early
2008.  Shaw also plans to add additional work shifts at certain
existing facilities as part of its capacity expansion program.

"The availability of skilled labor, solid transportation
infrastructure, and proximity to our suppliers and clients'
projects makes the Matamoras facility a strong strategic
addition to our existing portfolio of fabrication facilities,"
J.M. Bernhard,Jr., chairman, president and chief executive
officer of Shaw, said.  "With this facility in operation,
combined with other expansion strategies we are engaged in, Shaw
will increase its pipe fabrication and manufacturing volume
capacity by approximately 50% from 2005."

This phase of Shaw's fabrication expansion program is expected
to significantly increase capacity to address the current and
expected increase in demand for piping and structural steel
fabrication from the fossil power, nuclear power, refining and
petrochemical markets, as well as Canadian oil sands projects.

"Shaw will continue to execute its expansion strategy and we
look forward to strengthening our position as the world leader
in pipe fabrication and manufacturing," Mr. Bernhard, added.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the  
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing &Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia,
the United Kingdom and, Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the $100 million increase to the company's revolving credit
facility.


SS&C TECHNOLOGIES: Good Debt Leverage Cues S&P to Revise Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Windsor, Connecticut-based SS&C Technologies Inc. to positive
from negative, due to positive operating trends and improving
debt leverage.

Ratings on the company, including the 'B' corporate credit
rating, were affirmed.

"The ratings reflect the company's high leverage, acquisitive
growth strategies, and dependence on financial services IT
spending, partially offset by its recurring revenue base and
good profitability and cash flow," said Standard & Poor's credit
rating analyst David Tsui.  SS&C Technologies provides software
and outsourcing services to the financial services industry,
focusing on portfolio management and trading systems.

SS&C is a niche player in the fragmented financial services IT
industry, serving more than 4,000 clients in a U.S.-based market
of nearly 40,000.  Still, the revenue base is diverse and
retention rates are high, providing some offset.  The company's
retention rates are greater than 90% because of frequent product
enrichment and high switching costs.  The top 10 clients
generate less than 20% of the total sales, with the largest
account representing about 4%.  Recurring revenues, which
include maintenance and outsourcing revenues and represent about
80% of the total, provide good revenue visibility.

Revenues for the quarter ended March 2007 were US$56 million, up
15% from US$48 million in the same period a year ago.  The
company generated about US$4 million, or 50% of revenue growth,
organically, or from business and products that it owned for at
least 12 months. SS&C has maintained margins at higher levels
than its peer group, with an EBITDA margin in the mid-to-high
30% area.

The company has international offices in the Netherlands,
Malaysia, Singapore, Japan, and Australia, among others.


VERIFONE INC: S&P Revises Outlook to Stable from Negative
---------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on San
Jose, California-based VeriFone Inc. to stable from negative,
following continued positive operating trends and the successful
integration of Lipman Electronic Engineering.  Ratings on the
company, including the 'BB-' corporate credit rating, were
affirmed.

"The ratings reflect the company's moderate debt leverage and
acquisitive growth strategies," said Standard & Poor's credit
analyst David Tsui.  These factors are offset partially by
VeriFone's leading position in the niche market for electronic
payment solutions and its diversified customer and market bases.

VeriFone designs, markets, and services system solutions that
enable secure electronic payments.  Organic revenue growth has
accelerated over the past two years as a result of management's
focus on increasing penetration of electronic payments in
international markets.  Organic revenue growth also has
benefited from the replacement of existing solutions to
accommodate newer payment application and an overall market
shift from paper-based transactions to electronic transactions
at the point of sale.

Revenues for the quarter ended April 2007 were US$217 million,
up from US$142 million in the same quarter of 2006.
Profitability improved after the November 2006 Lipman
acquisition, with EBITDA margins in the mid-20% area, up from
20% in the fiscal year ended October 2006.  This resulted
primarily from a higher proportion of wireless sales, which
typically carries a higher margin than landline sales and was
slightly offset by a higher proportion of revenues generated
overseas, which typically carries a lower margin than domestic
revenues.  The acquisition of Lipman Electronic Engineering
appears to have been integrated smoothly and to have solidified
VeriFone's leading market position, particularly in
international markets.

The company has operations in Argentina, Australia, Brazil,
China, France, India, Malaysia, Poland, the United Kingdom, the
United States, among others.


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

AIR NEW ZEALAND: Passenger Load Factor Up 5.6% in May 2007
----------------------------------------------------------
The month of May, according to Air New Zealand, is historically
a challenging trading month in both the short-haul and long-haul
areas of its business.  "This May was no exception with
significant promotional activity in the market across all route
groups," the airline said in a disclosure with the New Zealand
Stock Exchange.

During May, passenger load factor across the group was 72.4%, an
increase of 5.6 percentage points on the same month in 2006.
Tasman and Pacific Island services in particular continued to
operate with significantly improved passenger load factor from
2006.  In May, load factor averaged 74.2%, as compared to 64.1%
in the same month of 2006.  The strong yield performance evident
through to April has not continued into May.  May and June
represent seasonally low performance periods.

Air New Zealand responded to encouraging uptake on the Adelaide
route, announcing additional services between Auckland and
Adelaide.  In addition, an updated schedule will allow customers
to travel from Melbourne to Queenstown direct during the summer
months.

International long-haul traffic was also higher on a same month
comparison to 2006, with 121,000 passengers carried in May, an
increase of 19,000 passengers, or 18%.

The airline summarized its airline's load factors for the month
of May:

   * Short-haul passenger load factor increased 7.5 percentage
     points to 74.1% when compared to May 2006.

      -- Domestic passenger load factor was up 1.5 percentage
         points to 73.7%

      -- Tasman / Pacific Islands passenger load factor was up
         10.1 percentage points to 74.2%

   * Long-haul passenger load factor was up 4.2 percentage
     points to 71.3% when compared to May 2006

       -- Asia / Japan / UK passenger load factor increased by
          10.8 percentage points to 72.0%

       -- North America passenger load factor increased 0.5
          percentage points to 70.7%

                      New Aircraft Deliveries

Air New Zealand also informed NZX that the company added one
Bombardier Q300 to the fleet in May.  A further four Q300s are
scheduled for delivery to progressively replace the existing
Saab 340A fleet.

                  Increases Premium Economy Seating

The airline plans to increase the number of Pacific Premium
Economy seats on its B747 fleet a second time, following
continued strong customer demand for the newly revamped product.

Similar to the first Premium Economy expansion last October, the
airline's fleet of eight B747 aircraft will be reconfigured to
replace 15 standard Economy seats on the lower deck with eight
Premium Economy seats.  The work is scheduled for completion by
the end of October 2007.

The second expansion will increase the total number of Premium
Economy seats on B747 flights to 39, up from 23 seats at launch.

        To Double Capacity in Auckland-Adelaide Route

Air New Zealand announced that it will more than double capacity
between Auckland and Adelaide in the peak summer months and will
also introduce a direct summer flight between Queenstown and
Melbourne.

The new Adelaide schedule is expected to see Air New Zealand
gain a larger share of the long-haul market to/from South
Australia, as travellers choose to connect to North American
flights through Auckland rather than Sydney or Melbourne.

The Queenstown to Melbourne service will run each Saturday from
22 December to 29 March, using an Airbus A320 aircraft.
Currently customers wanting to travel to Queenstown in the
summer months have to fly via either Auckland or Christchurch.

                Hits NZ$1 billion in Online Sales

During May, Air New Zealand surpassed NZ$1 billion in online
sales for the first time within a financial year. The airline
had expected to record $1 billion in online sales this financial
year, which ends 30 June, but has reached the milestone nearly a
month early.

Online bookings have grown exponentially in the past four years,
since Air New Zealand's development of a home-grown booking
engine that has transformed the way customers use its sites.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 2, 2005, Moody's Investors Service affirmed its Ba1 issuer
rating on Air New Zealand Limited after the airline announced
its annual results for FY2005.  Air NZ's rating reflected its
dominant position in the New Zealand domestic market, with
around 80% market share, and the profitability of domestic
operations following their restructuring to a low-cost network
model.  Also supporting Air NZ's rating was its solid liquidity
position, with cash balances of NZ$1.071 billion held as at
June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.  The airline has operations in the
United Kingdom and the United States.


CER GROUP: To Hold Shareholder Special Meeting on July 3
--------------------------------------------------------
CER Group Limited will hold a special meeting of its
shareholders on July 3, 2007, at the Ellerslie Convention
Centre, 80 - 100 Ascot Avenue, Ellerslie, Auckland.

Among others, the company will consider a resolution of the
company issuing up to 18,000,000 ordinary fully paid shares as
part consideration for the acquisition of the Vital Resource
Management Group Business Assets.

The business of the meeting also includes these resolutions:

  * Authority for directors to issue up to 11,000,000 ordinary
    fully paid shares to suitably qualified investors and
    directors at an issue price of 7 cents per placement share.

   * Ratification of the previous issue of issue of 22,903,226
     convertible notes pursuant to Listing Rule 7.3.5, dated
     Nov. 17, 2006

   * Issue of up to 25,000,000 options to directors and senior
     management

Auckland, New Zealand-based CER Group Ltd. --
http://www.certified-organics.com/-- formerly Certified
Organics Limited, is engaged in the development, manufacture and
marketing of naturally based biological control, hygiene and
health products for use in agriculture, industry and
domestically, both within New Zealand and for export.  The
company is also involved in the sale of Internet catalogue goods
both within New Zealand and for export.  The company's
subsidiaries include New Zealand Nature Company Limited, Organic
Interceptor Products Limited, Certified Organics (Aust) Pty
Limited and Certified Organics Inc.

                       Going Concern Doubt

On Feb. 27, 2006, upon completion of its audit on the company's
financial statements, KPMG -- the company's independent auditors
-- raised fundamental uncertainties on the company's ability to
continue as a going concern, the validity of which is dependent
upon "many factors both within and external to the control of
the directors."

                          *     *     *

The group suffered net losses of NZ$1.03 million and
NZ$1.34 million for the years ended December 31, 2005, and 2004,
respectively.  The group's net loss in FY2006 narrowed to
NZ$53,000.


TRIBEWORKS: Inks Deal with West Coast for US$5MM Debt Financing
---------------------------------------------------------------
Tribeworks Inc. has entered into an agreement with West Coast
Opportunity Fund LLC, for US$5 million in debt financing to
further expand the company's IT support business.

The financing provided by West Coast, a private fund managed by
West Coast Asset Management Inc., is at 5% per annum based on
growth milestones over an eighteen month period. In return, WCAM
will receive 6.5 million shares of TWKS and may invest an
additional US$16.9 million, for a total of US$21.9 million, upon
the exercise of warrants granted to WCAM at a strike price of
US$2.60 per share.

"The company believes Tribeworks offers a best-in-class product
addressing an enormous and largely untapped market," Atticus
Lowe, chief investment officer of WCAM, stated. "Management's
track record with companies such as Microsoft, JP Morgan, and
Avanade is outstanding, and the company is pleased to be
partnering with them."

The promissory notes, common stock and warrants issued in
connection with the above referenced transaction have not been
registered under the Securities Act of 1933, or any state
securities laws, and were sold in a private transaction. These
securities may not be re-offered or resold in the United States
unless the re-offer or resale is registered or unless exceptions
from the registration requirements of the Securities Act of 1933
and applicable state laws are available.

                        About West Coast

West Coast Opportunity Fund LLC -- http://www.wcam.com-- was  
co-founded in 2000 by Kinko's founder Paul Orfalea. The company
is an independent money manager with over US$500 million in
assets under management.

                    About Tribeworks Inc.

Tribeworks Inc. (OTC BB: TWKS) -- http://www.tribeworks.com/--  
through its principal subsidiary, Atlas Technology Group,
provides outsourced application software support services for
clients with large information technology functions worldwide.
The company specializes in remotely supporting custom-built
applications, using process and monitoring systems, from data
centers in Maltam Seattle, and New Zealand. Its head operating
office is located in Malta.

During 2006 Tribeworks Inc. substantially repositioned its
business model and objectives, to concentrate on the US$220
Billion worldwide IT support market, by selling its Tribeworks
Development

Company subsidiary, and purchasing all of the assets of Atlas
Technology Group.

                     Going Concern Doubt

As reported in the Troubled Company Reporter on May 2, 2007,
Williams & Webster, P.S. reported that Tribeworks Inc.'s
significant operating losses raise substantial doubt about its
ability to continue as a going concern after auditing the
company's financial statements as of Dec. 31, 2006, and 2005.


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

BANGKO SENTRAL: Records US$2.365-Billion Payment Balance Surplus
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas recorded a surplus of
US$2.365 billion in the Philippines' balance of payments from
January-March due to steady remittances by overseas Filipino
workers and heavy investment flows, the Manila Standard reports.

The central bank also revealed that for May alone, the balance
of payments showed a surplus of US$665 million.

BSP Gov. Amando Tetangco Jr. sent a text message to reporters on
Monday, citing "the double digit growth in overseas Filipino
remittances, sustained investment inflows, growing exports,
frontloading of government borrowings and [central bank's]
investment income from abroad" as factors for the five-month
surplus.

The BoP is a record of the country's transactions with the rest
of the world, including exports, imports, investments and
remittances.  A surplus indicates that more foreign exchange
flowed into the economy than what was paid to other nations.

The Bangko Sentral ng Pilipinas -- http://www.bsp.gov.ph/-- is  
the central bank of the Republic of the Philippines.  It was
established on July 3, 1993, pursuant to the provisions of the
1987 Philippine Constitution and the New Central Bank Act of
1993.  BSP took over from the Central Bank of Philippines as the
country's central monetary authority.  Bangko Sentral enjoys
fiscal and administrative autonomy from the National Government
in the pursuit of its mandated responsibilities.

The powers and functions of the Bangko Sentral are exercised by
the Bangko Sentral Monetary Board, the highest policy-making
body in the BSP.

Standard and Poor's Ratings Servoces gave Bangko Sentral a 'B'
Short Term Local Issuer Credit Rating, a 'BB-' Long-Term Foreign
Issuer Credit Rating, and a 'BB+' Long-Term Local Issuer Credit
Rating.

Moody's Investors Service gave Bangko Sentral a 'Ba1' Senior
Unsecured Debt Rating.


CHIQUITA BRANDS: Executives Adopt Prearranged Stock Trading Plan
----------------------------------------------------------------
Chiquita Brands International Inc.'s executive officers has
adopted a prearranged stock trading plan in accordance with
guidelines specified by Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended.
    
Rule 10b5-1 allows plans to be established that permit corporate
executives to prearrange sales of company securities at a time
when they are not aware of any material non-public information.
Such plans typically involve a plan to sell shares over a set
period of time.  These pre-arranged planned trades will be
executed at a specified later date, as set forth in the plan,
without further action or oversight by the executive officer.

A plan can provide for sales of stock on a particular date or at
a particular price or a combination of both of these factors,
along with others.  The rules allow corporate executives to
diversify their investment portfolios and avoid concerns about
initializing stock transactions while possibly in possession of
material non-public information.
    
Chiquita's president and chief operating officer of its Chiquita
Fresh Group, Robert F. Kistinger, has adopted a plan under Rule
10b5-1 which is in accordance with company's stock ownership
guidelines and provides for the liquidation of portions of his
holdings over multiple quarters, as part of systematic financial
planning for the benefit of his family.  Shares sold pursuant to
the plan will be disclosed publicly through Form 144 filings
and Form 4 filings as required by the SEC.
    
                      About Chiquita Brands

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                           *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit
and other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


LAND BANK: Enters Into Service Deal with Saudi's Al-Rajhi Bank
--------------------------------------------------------------
The Land Bank of the Philippines has entered into an agreement
with the Al-Rajhi Bank of Saudi Arabia to provide remittance
services to overseas Filipino workers in the Kingdom of Saudi
Arabia, the Arab News reports.

Al-Rajhi said in a statement that OFWs can now make remittances
through any of Al-Rajhi's centers across the Kingdom, or though
ATMs or the Internet.  The bank also said that it will open more
centers across the Kingdom, stating that there is a rising
demand for its centers, Al-Rajhi Riyadh head Abdulazziz Al-
Sedeas said.

Explaining the service, Al-Sedeas said that Saudi Arabia OFWs
will be able to enjoy faster and more efficient modes of
remittances through the Land Bank Cash Card for OFWs, which was
unveiled during the Migrant Workers' Day celebration early this
month.

According to the report, which cited Landbank's online news
service, the service was demonstrated through an actual fund
transfer from Manama in Bahrain.  During this demonstration,
with Philippine Ambassador to Bahrain Eduardo Pablo Maglaya
watching, an OFW used her cellphone to send money to a relative
attending the Migrant Workers' Day celebration, who then
withdrew the money at an ATM in the venue.

Landbank Cash Card holders can withdraw the money remitted to
them in ATMs connected to Landbank and its affiliate networks in
Expressnet, Bancnet and Megalink throughout the Philippines.  
The news dispatch also said that the Cash Card can also be an
OFW ID card and welfare card.

                       About Land Bank

Land Bank of the Philippines -- http://www.landbank.com/-- is a  
government financial institution that strikes a balance in
fulfilling its social mandate of promoting countryside
development while remaining financially viable.  Today, Landbank
claims to be the largest formal credit institution in the rural
areas and to rank among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.  From
its initial role as the financing arm of the agrarian reform,
the bank has evolved into a full-service commercial bank.


                          *     *     *

On October 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has assigned a Long-term foreign
currency and local currency Issuer Default rating of 'BB', and a
National Long-term rating of 'AA(phi)' to Land Bank of the
Philippines.  The Outlook on the ratings is Stable.  At the same
time, the agency also assigned an expected rating of 'BB-' to
LBP's planned subordinated debt issue of up to US$100 million to
US$150 million.  Fitch also affirmed the bank's Individual and
Support ratings at 'D' and '3', respectively.

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines' foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.


MAYNILAD WATER: To Install 2 New Pipelines in Paranaque City
------------------------------------------------------------
The Maynilad Water Services Inc. will install two major pipe
systems in Barangay BF, San Antonio, Paranaque City, where
residents have suffered a decades-long water shortage problem,
Inquirer.net reports.  The project is expected to complete
within five months.

Paranaque City administrator Noli Aldip said that a 150mm
diameter pipeline will be installed on President's Evenue, from
Aguirre Avenue in BF Homes Paranaque and will terminate at
Dr. A. Santos Avenue.  From there, an 800mm diameter pipeline
will be laid down from Kabihasnan Road up to Evacom in Brgy. San
Dionisio.

According to the report, the pipeline will enable residents to
draw water from the Pasay City pumping station, instead of from
the Villamor Air Base station in Pasay City.

However, Hernan Juatas of BF Homes Paranaque's Homeowners
Welfare Advocacy group complained that they would not benefit
from the new pipeline, saying that they are too far away from BF
Homes.  Mr. Juatas added that the pipeline will only help to
increase water pressure in the area.

BF homeowners have asked President Macapagal-Arroyo to authorize
Maynilad to directly supply water to their households, the
report relates.

                       About Maynilad Water

Maynilad Water -- http://www.mayniladwater.com.ph/-- was  
incorporated on January 22, 1997 as a joint venture between the
Parent Company and Suez-Lyonnaise Des Eaux, now known as Suez
Environnement, primarily to bid for the operation of the
privatized system of waterworks and sewerage services of the
Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

According to a report by the TCR-AP on November 19, 2003, the
company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.

On August 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.


PHIL. NAT'L BANK: Launches E-Collect Project with NAIA
------------------------------------------------------
The Philippine National Bank and the Ninoy Aquino International
Airport launched on Wednesday the E-Collect project for NAIA's
clients, customers and concessionaires, ABS-CBN News reports.

The project will allow them to avail of electronic banking
services to attend to their financial obligations with the
airport

The project is aimed to benefit some 15,000 concessionaries with
faster turnaround time in collections, convenient and
customizable collection options, and the availability of both
traditional and electronic payment channels.  The project also
offers concessionaries with security in collecting and handling
funds, as well as straight-through processing and integration
with the overall collection system.

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.


PRYCE CORP: Reports PHP2.93-Million Net Loss For First Qtr. 2007
----------------------------------------------------------------
Pryce Corp. reported a net income of PHP2.93 million for the
first quarter of 2007, a complete turnaround compared with the
PHP2.29-million net loss for the same period in 2006.

For the first three months of 2007, the company reported
revenues of PHP354.85 million while incurring costs and expenses
of PHP278.29 million and operating expenses of PHP83.46 million.

Consolidated revenues for the first quarter of 2007 totaled
PHP354.85 million, representing a growth of 23.9% from the
PHP286.33 million recorded in the previous year's comparable
quarter.  The growth in sales emanated from the gas business
where liquefied petroleum gas reported a 30.8% growth in sales
while industrial gas sales rose by 11.6% quarter on quarter.  
The growth was essentially volume-driven since both LPG and
industrial gases registered significant volume growth during the
period under review.

Real estate sales dropped to PHP5.53 million in the first
quarter of 2007 as compared to the PHP11.7 million sales in the
first quarter of 2006. Hotel operations reported a 15.4% growth
in sales in the first quarter of 2007 compared to the preceding
year's first quarter figure, due to increased travel and
movements related to the upcoming elections in May 2007.

Total Cost and Expenses amounted to PHP278.29 million while
Operating Expenses aggregated PHP83.47 million, resulting in a
Loss from Operations of PHP6.91 million which is a marked
improvement from the PHP22.63 million loss recorded in the first
quarter of 2006. Other income amounted to PHP25.85 million
consisting mainly of gain on sale of marketable securities and
unrealized foreign exchange gain, while financial charges
totaled PHP16.0 million.

As of March 31, 2007, the company had PHP4.63 billion in total
assets and PHP2.87 billion in total liabilities, resulting in a
total stockholders' equity of PHP1.75 billion.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/PPC_17Q_Mar2
007.pdf

                        About Pryce Corp.

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

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

                          *     *     *

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

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

                          *     *     *

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

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


RIZAL COMMERCIAL: Posts PHP833-Mil. Net Income For 1st Qtr. 2007
----------------------------------------------------------------
Rizal Commercial Banking Corp. posted a net income of
PHP833.49 million for the quarter ended March 31, 2007, an
increase of 230% from the net income reported in the same period
in 2006.

Interest income for the first quarter of 2007 totaled
PHP3.75 billion, while other operating income amounted to
PHP1.83 billion.

The bank also reported PHP1.72 billion in interest expenses and
PHP2.03 billion in other operating expenses for the quarter
ended March 31, 2007.

As of March 31, 2007, the company had total assets of
PHP221.6 billion and total liabilities of PHP194.1 billion,
resulting in total capital funds of PHP27.49 billion.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/RCB_17Q_Mar2
007.pdf


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

                          *     *     *

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

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

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

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


SAN MIGUEL: Posts PHP4.15-Billion Net Income for 1st Qtr. 2007
--------------------------------------------------------------
San Miguel Corp. posted a consolidated net income of
PHP4.15 billion for the quarter ended March 31, 2007, an 84%
increase from the PHP2.25-billion net income reported in the
same period in 2006.

For the first quarter of 2007, the group posted net sales of
PHP55.38 billion, while incurring costs of sales of
PHP38.87 billion.  The group also reported negative
PHP12.68 billion in selling and administrative expenses and
negative PHP2.24 billion in interest expense and financing
charges.  Interest income and other income for the three months
ended March 31, 2007, totaled PHP301 million and PHP101 million,
respectively.

As of March 31, 2007, the group had total assets of
PHP319.8 billion and total liabilities of PHP170.55 billion,
resulting in total stockholders' equity of PHP149.24 billion.     

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/SMC_17Q_Mar2
007.pdf


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

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

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


SAN MIGUEL: Phil. Gov't. Plans Joint Sale With Private Owners
-------------------------------------------------------------
The Philippine Government plans to jointly sell its
shareholdings in San Miguel Corp. with other private
shareholders of the food and beverage company, the Manila
Standard reports.

According to Finance Undersecretary John Philip Sevilla, any
private shareholder in SMC is welcome to discuss a joint sale
with the Government.

Mr. Sevilla also told reporters on Tuesday that the Government
is almost ready to sell its 24% stake in SMC, which was owned by
the Coconut Industry Investment Fund after a May 11
Sandiganbayan ruling that the Government owned those shares.  He
further said that the Government will focus on the sale of these
shares while the 20% stake being claimed by SMC Chairman Eduardo
Conjuangco Jr. is being disputed in court.

Meanwhile, Finance Secretary Margarito Teves denied that the
Government is negotiating with Mr. Cojuangco for a joint sale of
those shares.  On this issue, Mr. Sevilla commented that it
would be difficult to negotiate a joint sale with the owner of
shares that the government is disputing.

Last week, the Social Security System and the Government Service
and Insurance System sold their stakes in SMC to the SMC
Retirement Plan, earning PHP13.2 billion and PHP14 billion,
respectively.  The SSS held 5.6% while GSIS owned 7% of SMC.
With this sale, SMC Retirement Plan's ownership of SMC increased
to 15.76%.

Henry Sy owns 10.8% of SMC, while Kirin Brewery Co. Ltd. of
Japan holds 20%, and the remaining 20% is held by Mr. Cojuangco.

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

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

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


STENIEL MFG: Posts PHP34.85-Mil. Net Loss for 1st Quarter 2007
--------------------------------------------------------------
Steniel Manufacturing Corp. reported a PHP34.85-million net loss
for the first quarter of 2007, an increase of 12.3% from the net
loss of PHP31.02 million reported for the quarter ended
March 31, 2006.

For the three months ended March 31, 2007, the company earned
revenues of PHP162.34 million while incurring PHP147.11 million
in cost of goods sold.  Operating expenses for the first quarter
of 2007 amounted to PHP29.83 million, financing charges totaled
PHP20.5 million and other income amounted to PHP431,000.

As of March 31, 2007, the company reported total assets of
PHP1.66 billion and total liabilities of PHP1.28 billion,
resulting in a total stockholders' equity of PHP372.49 million.

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

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/STN_17Q_Mar2
007.pdf


Cavite, Philippines-based Steniel Manufacturing Corporation --
http://www.steniel.com/-- was incorporated in 1963 primarily to  
engage in manufacturing, processing, and selling all kinds of
paper products, paper board and corrugated carton containers,
and all other allied products and processes.  The company and
its subsidiaries have established a strong foothold in the
packaging industry by offering a broad line of packaging
products from corrugated carton boxes to paper, plastic
containers, and flexible packaging.  STN stands as the single
largest independent manufacturer of corrugated fibreboard
containers in the Philippines.  About 99% of its revenues come
from the corrugated packaging business while the remaining 1% is
from rigid plastics.

On October 30, 2000, Metro Pacific Corporation and Philippine
International Paper Corporation entered into a Sale and Purchase
Agreement with Steniel (Netherlands) Holdings B.V. whereby all
the 636,193,025 common shares collectively owned by MPC and PIPC
representing approximately 72.6% of the issued and outstanding
capital stock of the company were sold to Steniel (Netherlands)
in accordance with the terms and conditions provided for in the
SPA.

                          *     *     *

Steniel Manufacturing did not meet its maturing obligations due
as of December 31, 2005, to certain lender banks.  Management
has submitted its proposed plans and programs for the repayment
of the loans, which include, among others, the disposal of idle
assets of subsidiary companies, proceeds of which will be used
to pay off the loans, and extension of the repayment term of the
loans.

The company failed to meet its quarterly principal amortizations
and interest payments since March 2004.  The creditor banks
declared the company in default on May 24, 2006.  The company is
currently negotiating with the lender banks for the rescheduling
of its long-term debts.

                        Going Concern Doubt

Geraldine Hammond-Apostol of Isla Lipana and Co. raised
substantial doubt on Steniel Manufacturing Corporation's ability
to continue as a going concern citing that the company incurred
net losses of PHP178.23 million, PHP185.15 million and
PHP138.82 million for the years ending Dec. 31, 2006, 2005 and
2004, respectively.

The auditors also cited the company's PHP887.57 million
accumulated deficit as of Dec. 31, 2006.


WENDY'S INT'L: Moody's Cuts All Ratings & May Downgrade Further
---------------------------------------------------------------
Moody's Investors Service lowered all ratings of Wendy's
International, Inc. and placed all ratings on review for further
possible downgrade as follows;

Ratings lowered and placed on review for further possible
downgrade are;

-- Corporate family rating lowered to Ba3 from Ba2

-- Probability of default rating lowered to Ba3 from Ba2

-- Senior unsecured notes lowered to Ba3/54%/LGD-4 from
    Ba2/54%/LGD-4.

-- Senior unsecured shelf rating lowered to (P)Ba3/54%/LGD-4
    from (P)Ba2/54%/LGD-4

-- Subordinated shelf lowered to (P)B2/97%/LGD-6 from
    (P)Ba3/97%/LGD-6.

-- Preferred stock shelf lowered to (P)B2/97%/LGD-6 from
    (P)B1/97%/LGD-6.

The ratings downgrade was prompted by the company's continued
weak operating performance due in part to significant
competition and commodity cost pressures resulting in debt
protection metrics that remain weak with debt to EBITDA of over
4.5x and EBIT coverage of interest of under 1.5 as of year-end
2006.  The ratings are supported by Wendy's brand strength, more
stable revenue stream provided by its franchised focused
business model, and a relatively good geographic presence within
the U.S.

The review for possible downgrade reflects Wendy's recent
announcement that the special committee of its board of
directors has decided to explore a possible sale of the company
and is also evaluating a possible securitization financing that
could be used by a potential acquirer.  The review also
incorporates Wendy's weaker than expected operating performance
and the lowering of its financial guidance.  A sale or capital
restructuring of Wendy's that results in a material
deterioration in debt protection metrics could result in a
lowering of the company's ratings by multiple rating levels.

Wendy's International, Inc., headquartered in Dublin, Ohio, owns
and franchises Wendy's Old Fashion Hamburger restaurants.  Total
revenues in 2006 were approximately US$2.4 billion.

There are Wendy's restaurants in Asia, including the
Philippines.


WENDY'S INT'L: Possible Sale Prompts S&P to Lower Ratings to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Wendy's International Inc.
to 'BB-' from 'BB+'. All ratings remain on CreditWatch with
negative implications, where they were placed on April 26, 2007.  
     
The rating actions follow the Dublin, Ohio-based quick-service
operator's announcement that the Special Committee of its Board
of Directors has decided to explore a possible sale of the
company.
      
"We view this action as a more aggressive financial policy that
could result in a highly leveraged capital structure and reduced
cash flow protection," said Standard & Poor's credit analyst
Diane Shand.

There are Wendy's restaurants in Asia, including the
Philippines.


* May 2007 Deficit Hits PHP1.7 Bil. Due to Higher Gov't Spending
----------------------------------------------------------------
The Republic of the Philippines' budget deficit reached
PHP1.7 billion in May 2007 because of higher government
expenditures than revenues, Finance Secretary Margarito Teves
told the Manila Standard on Tuesday.

Mr. Teves further told reporters in a press conference that the
budget deficit is a turnaround of the May 2006 surplus of
PHP5.8 billion.  This, Mr. Teves said, introduced difficulties
in achieving government goals for the first half of 2007.  The
government's revenues amounted to PHP94.1 billion as of May
2007, while expenses totaled PHP95.9 billion.  Revenues are
higher by only 4.9%, while expenses surged by 14.3% as compared
to figures as of May last year.

According to Mr. Teves, the Philippines' deficit from January to
May 2007 reached PHP41.8 billion, as compared to the PHP44.2
billion deficit recorded for January-May 2006, and higher than
the PHP31.3 billion deficit programmed by the government for the
first six months of 2007. Mr. Teves said that it may be
difficult for the government to reach the first half deficit
program if the situation persists.

The Philippine government is planning to lower the budget
deficit by PHP63 billion, which represents 0.9% of the country's
gross domestic product for this year for a balanced budget in
2008. In 2006, the Philippines had a budget deficit of PHP64.8
billion, which is 1% of the GDP for the year. The government had
also recorded deficits of PHP29.7 billion in January and PHP33.4
billion in March while recording surpluses of PHP11. 1 billion
in February and PHP12 billion in April.

Statistics showed that revenues increased by 11 percent to
P432.6 billion in the first five months of the year from P389.8
billion in the same period last year, requiring PHP125.4 million
in revenues for June in order for the government to meet its
programmed revenue collection for the first semester.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2007, Standard & Poor's Ratings Services affirmed its
'BB-/B' foreign currency and 'BB+/B' local currency sovereign
credit ratings on the Philippines, with a stable outlook.  Also
in May 2007, S&P assigned its 'BB+' senior unsecured rating to
the Philippines' new three- and five-year benchmark bond issues.
The new bonds mature in 2010 and 2012 and carry interest rates
of 5.5% and 5.75%, respectively.  The exchange offers yielded
approximately Philippine peso 55 billion and PHP58 billion for
the three- and five-year bonds, respectively, from the exchange
of eligible issues.


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

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


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

APBT MYANMAR: Pays Second Dividend
----------------------------------
APBT Myanmar Pte Ltd, which is in compulsory liquidation, has
paid the second dividend on June 15, 2007.

The company paid 0.32 cents to a dollar.

The company's liquidator can be reached at:

          c/o PricewaterhouseCoopers
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


ASIA-PACIFIC PORT: Pays Second Dividend to Creditors
----------------------------------------------------
Asia-Pacific Port Pte Ltd, which is in compulsory liquidation,
paid the second dividend to its creditors on June 15, 2007.  The
company paid its creditors 0.10 cents to a dollar.

The company's liquidator can be reached at:

          c/o PricewaterhouseCoopers
          8 Cross Street #17-00
          PWC Building
          Singapore 048424


COMPACT METAL: Enters Option Agreement with RBC Dexia
-----------------------------------------------------
Compact Metal Industries Ltd has entered into a conditional put
and call option agreement with RBC Dexia Trust Services
Singapore Limited as a trustee of Cambridge Industrial Trust
relating to the sale and leaseback of Compact Metal's property
at 120 Pioneer Road Singapore 639597 for SGD26,500,000.

The proposed purchase consideration was arrived at on a willing
buyer-willing seller basis taking into account the valuation
performed by Colliers International Consultancy & Valuation
(Singapore) Pte Ltd on June 1, 2007.  The sale consideration for
the Property will be paid in full on completion of the Proposed
Sale.

The property comprises of two and four-storey industrial-cum-
warehouse building and sits on a land area of about 16,980.5
square metres and has a gross floor area of about 22,716.0
square metres.  The property has land lease duration of 30 years
that have taken effect from Feb. 16, 1997, with an option to
renew for a further term of 28 years.

Upon the completion of the sale of the property, Compact metal
will enter into a Lease Agreement in respect of the leaseback of
the property from Cambridge Industrial Trust for a period of
seven years at an initial annual rent of SGD1,938,000 for the
first and second year of the term with 5% rental escalations on
the commencement of the third and fifth year of the lease.

Compact Metal believes the proposed sale will enable the company
to improve its cashflow position as it is intended that the
estimated net proceeds will be SGD25.7 million after taking into
account the estimated expenses to be incurred, be used for its
working capital purposes and to repay its Restructured Term
Loan.  The Leaseback will provide the Group with continued use
of the Property and the directors do not expect the Proposed
Sale to disrupt the normal business operations of the Group.

Cambridge Industrial Trust is a real estate investment trust
listed on the Singapore Exchange Securities Trading Limited with
Cambridge Industrial Trust Management Limited as the manager of
CIT and RBC Dexia Trust Services Singapore Limited as the
Trustee of CIT.

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

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


CONSIDAR PTE: Receiving Proofs of Debt Until July 16
----------------------------------------------------
Considar Pte Ltd, which is in voluntary liquidation, requires
its creditors to file their proofs of debt by July 16, 2007.

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

The company's liquidators are:

          Chen Yeow Sin
          Abuthahir Abdul Gafoor
          c/o 1 Raffles Place
          #20-02 OUB Centre
          Singapore 048616


ISOFT GROUP: CSC Consents to Isoft and IBA Health Merger
--------------------------------------------------------
iSOFT Group plc has reached an agreement with Computer Sciences
Corporation on mutually beneficial changes to the terms of the
National Programme for IT contract between iSOFT and CSC and
that CSC has formally consented to the change in control of
iSOFT that would result from the merger of iSOFT and IBA Health
Limited.

As previously disclosed, iSOFT and CSC have been in discussions
regarding their involvement in the development function of
certain aspects of LORENZO software for the National Health
Service in England.  For iSOFT, the objective of these
discussions has been to improve the efficiency of the overall
delivery process, to maintain ownership of the development
expertise and LORENZO intellectual property, and to give
increased certainty as to the payments that iSOFT can receive
from NPfIT.

The key elements of the changes to the Contract are:

    * Legally binding "heads of terms" was signed on
      June 18, 2007

    * iSOFT and CSC have agreed to integrate their teams
      involved in the development of software for NPfIT, under
      CSC's leadership.  iSOFT will contribute certain of the
      teams of people directly involved in the NPfIT project.

    * The responsibility for employment of all such staff will
      remain with iSOFT

    * iSOFT will retain the intellectual property rights to
      LORENZO, including the rights to exploit it outside the
      CSC clusters.  LORENZO installations (current and planned)
      outside these clusters will be unaffected and iSOFT does
      not anticipate that the changes to the Contract will
      impact its core long term strategy of developing LORENZO
      as its strategic product to be sold internationally

    * In addition to LORENZO, CSC will take responsibility for
      the code streams of i.Patient Manager and i.Integration
      Engine for the National Programme, two of iSOFT's current
      products.  The provision and of these products by iSOFT
      for other customers will be unaffected

    * Some two thirds of the license payments to iSOFT under the
      new agreement will be calendar based, the remainder will
      be based on mutually agreed milestones in order to ensure
      the alignment of the two parties interests.  Payments by
      CSC to iSOFT had previously been linked to the achievement
      of delivery milestones.  However, CSC's increased direct
      management responsibility for delivery means that this is
      no longer appropriate, as CSC is now responsible for
      program performance, and the liabilities associated
      thereto.

    * There will be a modest reduction in license revenue of
      around 5%, chiefly post 2010.  The total potential
      contract  value to iSOFT remains slightly in excess of
      GBP300 million since the inception of the National
      Programme for IT.

IBA has been consulted in detail regarding the changes to the
Contract and has provided its approval.

CSC has also indicated in writing to iSOFT that it consents to
the change in control of iSOFT that will result from the merger
of iSOFT and IBA.  Accordingly, iSOFT has agreed to terminate
legal proceedings regarding CSC withholding consent.

Achieving this consent was a condition to IBA's offer for iSOFT.
The only material condition outstanding remains the approval by
iSOFT's shareholders.  A shareholder meeting is scheduled for
July 6, 2007, and the board of iSOFT continues to recommend
unanimously that shareholders vote in favor of IBA's offer.
Details of the Offer, the Scheme of Arrangement, and action to
be taken by iSOFT Shareholders was posted to shareholders on
June 13, 2007.

"I firmly believe that these new arrangements with CSC represent
an excellent outcome for both the NHS and for iSOFT," John
Weston, chairman and acting CEO of iSOFT, said.  "The new
management structure will streamline the processes to ensure the
delivery to the NHS of a quality product on time.  It aligns
both management teams with the highest priority of delivering
the NpfIT."

"Our relationship with CSC has clearly been tested in recent
weeks, however, this agreement underpins our good working
relationship which we look forward to continuing," Mr. Weston
continued.

"This will enable the iSOFT management team, which recently has
had to devote a lot of time to the re-financing of the business,
to spend more time on the development of the new products and
continuing improvements to our customer service," Mr. Weston
added.

"This clears the way for the merger with IBA, which represents
an excellent outcome for our business and shareholders, and
provides the long term financial stability which we have been
seeking," Mr. Weston concluded.

"We are delighted to have successfully concluded these
discussions and acknowledge the significant contribution made by
Connecting for Health in bringing all parties together to
determine a satisfactory outcome.  Together with the NHS and
iSOFT, we are excited about Lorenzo and believe that the new
agreement will successfully support the final stage of its
development and delivery starting next year," Guy Hains,
president of CSC's European Group, said .

"The agreement which iSOFT and CSC have reached represents a
robust platform for delivery of LORENZO and enhances iSOFT's
financial position.  I fully endorse it and congratulate the
team on the outcome.  We remain enthusiastic about the merger of
our companies," Gary Cohen, executive chairman of IBA, said.

ABN AMRO Rothschild, which has underwritten IBA's conditional
placement and rights issue in connection with IBA's offer for
iSOFT, has advised IBA that on the basis CSC's consent has been
obtained following lodgment of the supplementary prospectus, it
does not intend to exercise its right to terminate the
underwriting agreement in respect of that matter.

Acceptances and full payment for the new shares to be issued
under the rights issue must be received by Tuesday, June 26,
2007.

                         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.


MJC (SINGAPORE): Subject to Application for Judicial Management
---------------------------------------------------------------
On June 1, 2007, Dato' Dr. Mohd Adam Bin Che Harun filed an
application to place MJC (Singapore) Pte Ltd under judicial
management.

The application will be heard before the High Court of Singapore
on June 27, 2007, at 10:00: a.m.

Dato' Dr. Mohd Adam's solicitors is:

          ACIES Law Corporation
          1 Raffles Place #39-01, OUB Centre
          Singapore 048616


PETROLEO BRASILEIRO: Unit Wants to Boost Presence in Peru
---------------------------------------------------------
Rebecca Howard at Dow Jones Newswires reports that a unit of
Brazilian state-owned oil company Petroleo Brasileiro SA seeks
to increase its presence Peru through a wide range of
investments.

Dow Jones notes that investments the unit wants include those
for:

          -- improvement of crude oil production at block X,
          -- drilling for natural gas, and
          -- a petrochemical project.

PedroGrijalba, the general manager of Petroleo Brasileiro's
unit,explained to Dow jones that the company will invest some
US$117 million in Peru this year.

Dow Jones notes that of the US$117-million investment, at least
US$95 million will be allocated for drilling 104 wells for the
improvement of production at block X.  The field first started
producing in 1914.  It now produces an average 13,300 barrels of
oil daily.

Block X is a mature, depleted field that needs intense effort.
Petroleo Brasileiro's unit wants to produce 18,000 barrels per
day on block X, Dow Jones reports, citing Mr. Grijalba.

Mr. Grijalba commented to Dow Jones, "By the end of the year we
should reach around 14,000 barrels a day."

Petroleo Brasileiro's unit would drill a similar number of wells
next year.  It would also invest the same amount of money.  It
hopes to produce an average 15,000 barrels per day by the end of
2008, Dow Jones says, citing Mr. Grijalba.

Petroleo Brasileiro has a total of four exploration and
production contracts in Peru.  The company submitted its
environmental impact study in May 2007 for block 58 and is
waiting for government authorization,
according to Dow Jones.

Mr. Grijalba told Dow Jones that he expects that drilling will
start in 2008 or 2009 as the river is only high enough to
transport the needed  equipment to the block between December
and March.  The study will likely be ratified in October or
November this year, which won't give Petroleo Brasileiro
sufficient time to organize drilling for 2007.

Mr. Grijalba said that Petroleo Brasileiro is studying data and
beginning studies required for the environmental impact study
for block 110, Dow Jones notes.  According to him, an
environmental study takes 18 to 24 months.

The report says that Petroleo Brasileiro has a contract for
block 112 and block 117.  The firm also has a stake in block 57.

Equipment has been set up and drilling would start any time, Dow
Jones says, citing Mr. Grijalba.  He said, "We will have results
by the end of the year."

Dow Jones adds that Petroleo Brasileiro is evaluating seisic
data for block 103 to define the drilling schedule.  The firm is
also in the process of conducting a technical evaluation in
partnership with Peruvian state-run oil firm Petroperu for six
blocks in the country's north.

Petroleo Brasileiro is open to participating in a round of
bidding for 19 new blocks that the government is promoting, Mr.
Grijalba told Dow Jones. He said, "We are evaluating the
feasibility."

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

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

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

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

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


SEA CONTAINERS: Posts US$4.6 Million Net Loss in April 2007
-----------------------------------------------------------
                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                     As of April 30, 2007

                           Assets

Current Assets
  Cash and cash equivalents                      US$48,229,279
  Trade receivables, less allowances
    for doubtful accounts                                    -
  Due from related parties                           7,893,940
  Prepaid expenses and other current assets          2,819,035
                                                  ------------
     Total current assets                        US$58,942,254

Fixed assets, net                                            -

Lont-term equipment sales receivable, net                    -
Investments in group companies                               -
Intercompany receivables                                     -
Investment in equity ownership interests           216,410,606
Other assets                                         3,000,994
                                                  ------------
Total assets                                    US$278,353,854

            Liabilities and Shareholders' Equity

Current Liabilities
  Accounts payable                                US$3,482,268
  Accrued expenses                                  44,889,612
  Current portion of long-term debt                 27,947,657
  Current portion of senior notes                  385,210,294
                                                  ------------
     Total current liabilities                     461,529,831

Total shareholders' equity                        (183,175,977)
                                                  ------------
Total liabilities and shareholders' equity      US$278,353,854

                    Sea Containers, Ltd.
               Unaudited Statement of Operations
               For the Month Ended April 30, 2007

Revenue                                           US$1,954,519

Costs and expenses:
  Operating costs                                       95,698
  Selling, general and
    administrative expenses                         (2,267,755)
  Professional fees                                 (4,177,440)
  Charges to provide against
    intercompany accounts                            3,126,037
  Depreciation and amortization                              -
                                                  ------------
     Total costs and expenses                       (3,223,460)
                                                  ------------

Gain or (Loss) on sale of assets                       (17,935)
                                                  ------------
Operating income (loss)                             (1,286,876)

Other income (expense)
  Interest income                                      193,689
  Foreign exchange gains or (losses)                    16,757
  Interest expense, net                             (3,494,010)
                                                  ------------
Income (Loss) before taxes                          (4,570,440)
Income tax expense                                    (100,000)
                                                  ------------
Net (Loss)                                       (US$4,670,440)

                    Sea Containers Services
                    Unaudited Balance Sheet
                      As of April 30, 2007

                           Assets

Current Assets
  Cash and cash equivalents                          US$34,040
  Trade receivables                                    228,240
  Due from related parties                           5,408,824
  Prepaid expenses and other current assets          3,825,768
                                                  ------------
     Total current assets                            9,496,872

Fixed assets, net                                    2,765,304

Investments                                          2,690,824
Intercompany recevables                             46,293,038
Other assets                                         3,723,778
                                                  ------------
Total assets                                     US$64,969,816

             Liabilities and Shareholders' Equity

Current Liabilities
  Accounts payable                                US$2,233,826
  Accrued expenses                                   2,680,370
  Current portion of long-term debt                  1,676,174
                                                  ------------
     Total current liabilities                       6,590,370

Total shareholders' equity                          54,173,446
                                                  ------------
Total liabilities and shareholders' equity       US$60,763,816

                   Sea Containers Services
               Unaudited Statement of Operations
              For the Month Ended April 30, 2007

Revenue                                           US$2,477,590

Costs and expenses:
  Operating costs                                            -
  Selling, general and
    administrative expenses                         (2,146,988)
  Professional Fees                                     (1,252)
  Other charges                                              0
  Depreciation and amortization                       (117,368)
                                                  ------------
     Total costs and expenses                       (2,265,608)
                                                  ------------

Gains on sale of assets                                 15,390
                                                  ------------
Operating income (loss)                                227,372

Other income (expense)
  Interest income                                           16
  Foreign exchange gains (losses)                          210
  Interest expense, net                                (14,312)
                                                  ------------
Income (Loss) before taxes                             213,286
Income tax credit                                    1,539,862
                                                  ------------
Net Income                                        US$1,753,148

Sea Containers Carribean, Inc., reported zero asset and accounts
payable of US$3,530,094, as its sole liabilities in its April
2007 balance sheet.

                      About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$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
===============

BANK OF AYUDHYA: Unit Implements Charles River Management System
----------------------------------------------------------------
Charles River Development has announced in a press release that
Ayudhya Fund Management Co., Ltd., has gone live on the Charles
River Investment Management System (Charles River IMS), the
Asian Banker reports.

Ayudhya Fund Management is a subsidiary of Thailand's Bank of
Ayudhya PCL.

According to the release, Ayudhya Fund Management has
implemented Charles River's scalable system to support its
portfolio management, electronic trading and compliance
operations for all asset classes, including: SWAPs and other
derivatives, options, foreign exchange, international fixed
income, as well as exotic securities and Thai-equity and -fixed
income products.

The implementation of Charles River IMS was part of a company-
wide initiative to significantly enhance Ayudhya Fund
Management's investment management operations as the company
strives to become the leading asset manager in Thailand.  
Charles River IMS contributed to this initiative by
consolidating front- and -middle office operations on one
integrated platform and giving Ayudhya true order management
functionality. The system automates Ayudhya's portfolio
management and modeling operations, expands its electronic
trading with an embedded CameronFIX engine and full FIX4.4
support, and adds real-time compliance monitoring capabilities
throughout the trading cycle. Web services and real-time XML
messaging helps Ayudhya create unique money market reports,
including those for Thai Bhatnet settlement standards, and
simplifies the interface of Charles River IMS with Thai-focused
Bonanza software and other systems.

                      About Bank of Ayudhya

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

On May 4, 2007, Moody's Investor Services affirmed its D- bank
financial strength rating for Bank of Ayudhya. The Foreign
Currency Deposit Ratings are unchanged at Baa3/P-3. The outlook
for all ratings is stable.

The Bank carries Standard and Poor's Rating Services' BBB-/A-3
Credit Rating with a stable outlook.

The Troubled Company Reporter - Asia Pacific reported on June 7,
2007 that Fitch Ratings has affirmed Bank of Ayudhya Public
Company Limited's (BAY) Foreign Currency Issuer Default Rating
at 'BBB-' (BBB minus) with Stable Outlook, Short-term Foreign
Currency rating at 'F3', Individual rating at 'C/D', Support
rating at '3' and its subordinated debt rating at 'BB+'.

The bank's Support Rating Floor remains unchanged at 'BB'.
Meanwhile, Fitch Ratings (Thailand) has also affirmed BAY's
National Long-term Rating at 'A+(tha)' with Stable Outlook, its
National Short-term Rating at 'F1(tha)' and its National
subordinated debt rating at 'A(tha)'.


THAI-PROPERTY: Stocks Remain Suspended Despite Listing by SET
-------------------------------------------------------------
Trading of Thai-Property PCL's stocks remain suspended by the
Stock Exchange of Thailand despite being listed since June 13,
2007, after the company has finished capital increase
procedures.

The SET requires the company to first eliminate the causes of
delisting before the stocks are taken out of the non-performing
sector and allowed to resume trading in the normal sector.

Thai Property Public Company Limited was formerly known as
Rattana Real Estate Public Company Limited.  The company
develops real estate for sale and rental including residential,
commercial, and office buildings.

The Troubled Company Reporter - Asia Pacific reported on
November 20, 2006, that After reviewing the company's financial
report for the period ended September 2006, Supachai
Phanyawattano of Ernst & Young Office Ltd raised a substantial
doubt on the company's continued operation as a going concern.  
Mr. Supachai specifically pointed at the company's ability to
increase its asset and settle its liabilities in the ordinary
course of business.


TMB BANK: Sommai Told to Step Back on Management Change Comments
----------------------------------------------------------------
The Finance Ministry has stepped into the recent trouble
regarding TMB Bank PCL, and ordered Deputy Finance Minister
Sommai Phasee to ease up on his comments about implementing
management changes before the bank's recapitalization could push
through.

Finance Minister Chalongphob Sussangkarn told Mr. Sommai that in
order to ensure the smoothness of the recapitalization he must
first back down on his comments about the bank's status and
performance, The Nation reports.

The Minister stressed proper procedure in order to ensure the
recapitalization, which he expressed confidence of being
completed by August and September, according to The Nation.  
Mr. Chalongphob said there will be a shareholders' meeting in
August in which the amount of capital and the change in
management will be decided but until then, he said, they should
wait.

Deputy finance minister Sommai Phasee had told the media
Wednesday of his frustration at the collective failure of both
the Ministry and DBS Bank as major shareholders in implementing
changes in management.  Mr. Sommai, a former director of TMB,
said that since most of the management is appointed by the
Ministry, they should know what actions to take.

Furthermore, Mr. Sommai said that both major shareholders of the
bank unanimously demanded that Mr. Subhak Siwaraksa, TMB's chief
executive officer, should step down his post.

The Bangkok Post quoted Mr. Sommai saying that he told TMB
chairman Somchainuk Engtrakul that a change of management is
needed before TMB can pursue recapitalization, since both major
shareholders require assurance of improvement in operations and
a clear business plan for profitability.  The report also said
that, according to Mr. Sommai, the situation should not be
allowed to continue.

Mr. Subhak was not available for comment.  However, TMB chief
operating officer Kraithip Krairish asked the two major
shareholders to agree on future changes and to relay their
information through the Board of Directors.  He also denied
rumors of plans to step down himself, saying he will wait for
clarification from the Board on the changes, according to the
Bangkok Post.

Also, Mr. Sommai denied that the armed forces including TMB bank
director Gen. Sonthi Boonyaratkalin opposed changes in the
management.  He also denied interference from the military.

                        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.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

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


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      77.48      -76.83
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Kejian Co. Ltd.              35      54.71     -179.23
China Liaoning International
  Cooperation (Group) Ltd         638      20.12      -42.96
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Fujian Sannong Group Co. Ltd      732      44.23      -92.62
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kelon Electrical
   Holdings Co Ltd                921     596.71      -94.69
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      62.19     -115.50
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co., Ltd         600759      29.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Heilongjiang Black Dragon
   Co., Ltd                    600187     121.30      -74.45
Heilongjiang SunField
   Science & Tech Co           000620      29.96      -49.18
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -21.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen China Bicycle Co.,
  Hlds.  Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
  Tech. and Service Co., Ltd.     863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11   
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information Industry
   Group Co.                      517      99.92      -14.29
Suntek Technology Co., Ltd     600728      48.81      -16.09
Suntime International
   Economic Trading            600084     359.49      -47.93
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Tianyi Science & Technology
   Co., Ltd                    600703      53.41      -28.73
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
UNIDA Co., Ltd.                600181     136.43      -12.38
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Limited             DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      20.03       -0.15
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     238.05     -288.85
Hindustan Organic
   Chemicals Limited              HOC     109.22      -15.18
IFCI Limited                     IFCI    2566.01     -727.71        
JCT Electronics Ltd.             JCTE     118.28     -165.74
JK Synthetics Ltd                 JKS      24.04       -1.42
Kinetic Engineering Ltd.         KNEL      72.82       -5.40
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Shyam Telecom Limited             SHY     147.34      -22.80
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     653.56       -9.99


INDONESIA

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


JAPAN

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


KOREA

Belco International Co., Ltd    53470      19.89       -5.49
BHK Inc                          3990      24.36      -17.38
C&C Enterprise Co. Ltd.         38420      28.05      -14.50
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
DongYang GangChul Co., Ltd.    001780     108.79       -9.80
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Everex Inc                      47600      23.15       -5.10
Seji Co., Ltd                   53330      37.25       -0.31
Tong Yang Major Corp.            1520    2332.81      -86.95


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel
Elaine Tumanda, Valerie Udtuhan, Francis James Chicano, Tara
Eliza Tecarro, Freya Natasha Fernandez-Dy, Frauline S. Abangan,
and Peter A. Chapman, Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***