TCRAP_Public/070626.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

             Tuesday, June 26, 2007, Vol. 10, No. 125

                            Headlines

A U S T R A L I A

AUSTRALIAN FIBREGLASS: Members Agree on Voluntary Wind-Up
BRUNTS LOGGING: Members’ Final Meeting Set for July 12
COLIN KWONG: Placed Under Members’ Voluntary Wind-Up
EASTERN VICTORIAN: Creditors’ Proofs of Debt Due by July 13
GREENFIELD FOX: Sets Final Meeting for July 20

HUTCHISON TELECOMMUNICATIONS: Whampoa Increases Stake to 50%
LIMAC SERVICES: Members Opt to Shut Down Business
LRB SERVICES: Final Meeting Set for July 20
MGM MIRAGE: JV Project Cues Fitch to Remove Neg. Watch
ORECK CORP: Weak Liquidity Cues S&P to Junk Credit Rating

PAUL MCNEILLY: Members Resolve to Close Business
STARTECH ENV’L: Posts US$1MM Net Loss in Quarter Ended April 30
STEPHEN HEALY: Liquidator to Give Wind-Up Report on July 20
SYMBION HEALTH: Sigma Still Wants Units After Rejection
VENEERED PANELS: Members and Creditors to Meet on July 20


C H I N A   &   H O N G  K O N G

5i ALLIANCE: Members’ Final General Meeting Set for July 27
BOE TECHNOLOGY: Sells 10.27% Stake in TPV Tech to Great Wall
CHINA EVERBRIGHT: Taps Bank of New York as QDII Custodian
DIAMOND TECHNOLOGY: Liquidators Quit Posts
INTERMOST CORPORATION: Appoints New CEO and CFO

IZUMI (ASIA): Creditors to Receive Wind-Up Report on July 23
JOY CAPITAL: Final Meeting Slated for July 23
JUMBO TOP: Faces Liquidation Proceedings
NETEGRITY CHINA: Sets Final Meeting for July 27
SHENZHEN SHENXEN: Court Says Shenzhen Intl. Contract is Illegal

SHIMIZU HONG KONG: Sets Final Meeting for July 23
SINO BUSINESS: Final Meetings Set for July 23
ZTE CORP: Probe on Deal Stalls as Contract Gone Missing


I N D I A

AES CORP: Reports US$119-Mil. Net Income in 2007 First Quarter
BANK OF INDIA: Acquires 76% of Indonesia’s Bank Swadesi
BHARTI AIRTEL: Syeda Imam Resigns From Board
BIRLA VXL: Board Wants Deloitte Haskins as Statutory Auditors
SITRONICS JSC: Inks US$7 Mln Telecom Deal with Pakistan's Wateen


I N D O N E S I A

BANK UOB BUANA: Sees Increasing Loans Despite Lower Rates
BANK UOB BUANA: To Set Aside 30% of 2006 Net Profit as Dividend
BANK UOB BUANA: Shareholders Appoint New Officers After Meeting
HILTON HOTELS: Opens New Two New Hotels in Louisiana
MEDIA NUSANTARA: Offers 13.75-Bil. Shares at IDR900 Per Share

MEDIA NUSANTARA: Shares in IPO Up 17% on Debut
MEDIA NUSANTARA: MediaCorp Acquires 6.5 Percent Stake


J A P A N

DAIWA SECURITIES: Dissolves SMBC Subsidiary
FUJI HEAVY: Ties with Sumitomo and China-based CIMC
ICONIX BRAND: Completes US$287.5M Convertible Sr. Notes Offering
JAPAN AIRLINES: To Cut Retirement Allowance by 10%
LIBERTY GLOBAL: Belgian Cable Opts to Buy Shares in Telenet

NOMURA HOLDINGS: Acquires Minority Stake in Calliva Group Ltd.


K O R E A

C&M CO: Goldman Sachs to Sell 30.48% Stake
KOREA EXCHANGE: Hana Financial Buys 13.6 Percent Stake
MAGNACHIP SEMICON: Applies Circuit-Under-Pad Technology
NOVELIS INC: S&P Rates US$860 Million Secured Term Loan at BB
WOORI BANK: National Pension To Take Over Parent Company


M A L A Y S I A

MALAYSIA AIRLINES: To Ink Code Share Deal with China Southern
PROTON HOLDINGS: More Talks Needed with VW; Still in Talks w/ GM


N E W  Z E A L A N D

SEALEGS CORP: Makes Calls on 13,876 Partly-Paid Shares
TRUSTPOWER LTD: Gets Interim Nod on Wairau Valley Hydro Scheme


P H I L I P P I N E S

BANK OF PHIL. ISLANDS: Inks NPL Sale Deal with Bank of America
CHINA BANKING: Board Approves Merger with Manila Bank
CHINA BANKING: Announces Merger with Manila Bank
PHIL. LONG DISTANCE: Unit Opens Call Center Application Service
PHIL. TELEGRAPH: Annual Stockholders Meeting Set For Jan. 2008

PRYCE CORP: Elects Directors, Auditor for 2007


S I N G A P O R E

SHIMIZU HONG KONG: Sets Final Meeting for July 23
SINO BUSINESS: Final Meetings Set for July 23


T H A I L A N D

SIAM COMMERCIAL: Mutual Fund Growth Not Caused by Thaksin Freeze


BOND PRICING: For the Week 25 June to 29 June 2007

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A U S T R A L I A
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AUSTRALIAN FIBREGLASS: Members Agree on Voluntary Wind-Up
---------------------------------------------------------
On June 5, 2007, the members of Australian Fibreglass Products Pty Ltd
passed a resolution to wind up the company’s operations.

K. L. Sutherland and H. A. MacKinnon were appointed as liquidators.

The Liquidators can be reached at:

         H. A. Mackinnon
         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                      About Australian Fibreglass

Australian Fibreglass Products Pty Ltd is a distributor of pressed and
blown and glassware.  The company is located in Victoria, Australia.


BRUNTS LOGGING: Members’ Final Meeting Set for July 12
------------------------------------------------------
The members of Brunts Logging Pty Ltd will have their final meeting on
July 12, 2007, at 10:00 a.m., at 95 Macleod Street, Bairnsdale, Victoria
3875, Australia.

Christopher James Fawcett, the company’s liquidator, will give at the
meeting a report about the company’s wind-up proceedings and property
disposal.

                      About Brunts Logging

Brunts Logging Pty Ltd is a distributor of burls and wood.  The company is
located in Victoria, Australia.


COLIN KWONG: Placed Under Members’ Voluntary Wind-Up
----------------------------------------------------
During a general meeting held on June 6, 2007, the members of Colin Kwong
Industrial Leather Products Pty Limited decided to voluntarily liquidate
the company’s business and appointed Andrew Stephen Finney as liquidator.

Colin Kwong Industrial Leather Products Pty Ltd is a distributor of
leather goods.  The company is located in New South Wales, Australia.


EASTERN VICTORIAN: Creditors’ Proofs of Debt Due by July 13
-----------------------------------------------------------
Eastern Victorian Insurance Brokers Pty Limited requires its creditors to
file their proofs of debt by July 13, 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 liquidator is:

         Christopher James Fawcett
         31 Grey Street
         Traralgon, Victoria 3844
         Australia

                    About Eastern Victorian

Eastern Victorian Insurance Brokers Pty Limited provides services for
insurance agents and brokers.  The company is located in Victoria,
Australia.


GREENFIELD FOX: Sets Final Meeting for July 20
----------------------------------------------
A final meeting will be held for the members and creditors of Greenfield
Fox Pty Ltd on July 20, 2007, at 10:15 a.m.

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

The company’s liquidator is:

         H. A. Mackinnon
         Bent & Cougle
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                      About Greenfield Fox

Greenfield Fox Pty Ltd provides accounting, auditing, and bookkeeping
services.  The company is located in Victoria, Australia.


HUTCHISON TELECOMMUNICATIONS: Whampoa Increases Stake to 50%
------------------------------------------------------------
Hutchison Whampoa Ltd. spent HK$124 million raising its stake in Hutchison
Telecommunications (Australia) Limited to regain control of the company,
Mark Lee of Bloomberg News reports.

A statement released by the company shows that a total of
12 million shares at an average price of HK$10.34, took Hutchison
Whampoa’s holding to more than 50%.  This makes Hutchison
Telecommunications a subsidiary of Hutchison Whampoa.

The company will pay shareholders a special dividend of HK$6.75 per share
from proceeds of the US$10.7 billion sale to Vodafone Group Plc., relates
Mr. Lee.

Headquartered in New South Wales, Australia, Hutchison
Telecommunications (Australia) Limited --
http://www.hutchison.com.au/-- is engaged in the ownership and operation
of wideband code division multiple access (W-CDMA), third-generation (3G)
mobile network (branded 3) across the five mainland capital cities and
national capital, Canberra; the ownership and operation of a code division
multiple access
(CDMA) network (branded Orange) mobile in and around Sydney and Melbourne,
and a national paging and messaging service under the Orange brand. 3 is
part of the global telecommunication operations of Hutchison Whampoa
Limited.  In February 2006, Hutchison re-branded its CDMA network to 3
CDMA.  3 CDMA provides customer with voice and basic messaging services.
3 also provides a range of paging, messaging and portable information
services.

The Troubled Company Reporter - Asia Pacific, on April 20, 2007, included
in its “Large Companies With Insolvent Balance Sheets”
Column Hutchison Telecommunication with US$786.31 million in stockholders'
equity deficit.

The company recorded a AU$759.4-million net loss for the 2006 fiscal year,
compared with a AU$547.3-million loss for 2005.


LIMAC SERVICES: Members Opt to Shut Down Business
-------------------------------------------------
The members of Limac Services Pty Ltd met on June 4, 2007, and decided to
shut down the company’s business.

Nicholas Martin was appointed as liquidator.

The Liquidator can be reached at:

         Nicholas Martin
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria
         Australia

                      About Limac Services

Limac Services Pty Ltd provides electrical work.  The company is located
in Victoria, Australia.


LRB SERVICES: Final Meeting Set for July 20
-------------------------------------------
A final meeting will be held for the members and creditors of LRB Services
Pty Ltd on July 20, 2007, at 10:45 a.m.

H. A. Mackinnon, the company’s liquidator, will give at the meeting a
report about the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

         H. A. Mackinnon
         Bent & Cougle
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                       About LRB Services

Located in Victoria, Australia, LRB Services Pty Ltd provides business
services.


MGM MIRAGE: JV Project Cues Fitch to Remove Neg. Watch
------------------------------------------------------
Fitch has removed MGM MIRAGE's ratings from Rating Watch Negative
following the company's announcement of a joint venture project with
Kerzner International and Kirk Kerkorian's subsequent announcement that he
is no longer pursuing negotiations to buy MGM's Bellagio and CityCenter
properties.  Fitch has affirmed MGM's existing ratings with a negative
rating outlook, as Kerkorian also announced that he still plans to
continue to monitor his investment and review and evaluate opportunities
to enhance MGM's shareholder value.

These ratings are affected:

    -- Issuer Default Rating 'BB';
    -- Senior credit facility 'BB';
    -- Senior notes 'BB';
    -- Senior subordinated notes 'B+';

Tracinda Corporation, which is Mr. Kerkorian's investment vehicle, owns
56% of MGM MIRAGE's shares outstanding.  Fitch initially placed MGM's
credit ratings on Rating Watch Negative on May 22, 2007 following
Tracinda's SEC filing that noted it planned to explore purchasing MGM's
Bellagio and CityCenter and also consider strategic alternatives that
could have included financial restructuring transactions involving all or
a substantial portion of the remainder of MGM.

Following the announcement, MGM's Board of Directors has terminated its
Transactions Committee formed to consider Tracinda's proposals.  While the
near-term probability of a restructuring is now less likely since Tracinda
is no longer considering purchasing the Bellagio and CityCenter, Fitch
believes longer-term risk remains with respect to
restructuring/shareholder friendly actions, which is the basis for the
negative outlook.  Fitch believes that any financial restructuring driven
by Tracinda would likely adversely affect MGM's credit profile and its
leverage is already somewhat high for the rating category.

MGM's joint venture agreement with Kerzner International includes a
multi-billion dollar property to be developed on 40 acres of land at the
north end of the LV Strip at the corner of LV Boulevard and Sahara Avenue.
MGM owns 78 acres of land on that corner, 34 acres of which it recently
acquired for US$575 million, or US$17 million per acre. MGM will
contribute land to the 50/50 JV valued at US$20 million an acre, or US$800
million. Kerzner and a financial partner will contribute cash equity and
the project also be third-party debt financed.

Fitch views positively that MGM has been entering into agreements and
partnerships that seek to create value by using its underutilized real
estate assets, brand portfolio, and development and management capability.
Through JVs, the company has been mitigating the stress on its balance
sheet, by providing primarily land and intangible assets with limited
capital commitments.  Still, Fitch will closely monitor the potential for
capital contribution increases as the projects are developed.

MGM ended Q1 with US$13.24 billion in debt and generated US$617 million of
wholly-owned EBITDA in Q1 for US$2.43 billion generated in the LTM ended
March 31, 2007 for leverage of roughly 5.5x.  That is likely to increase
following the land purchase in Q2.

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/-- owns and
operates 12 casino resorts located in Nevada, Mississippi, Michigan, and
Australia, and has investments in three other casino resorts in Nevada,
New Jersey, and Macau.


ORECK CORP: Weak Liquidity Cues S&P to Junk Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit ratings on
New Orleans, Louisiana-based Oreck Corp. to 'CCC+' from 'B-'.  At the same
time Standard & Poor's lowered its ratings on Oreck's existing senior
secured bank facility to 'CCC+' from 'B-', on the company's proposed
senior secured first-lien credit facilities to 'B-' from B, and on its
second-lien facility to 'CCC-' from 'CCC'.  The existing senior secured
facility's recovery rating of '4' was affirmed, indicating the expectation
of average (30%-50%) recovery if a payment default were to occur.

The proposed first- and second-lien facilities' recovery ratings of '2'
and '6', respectively, were affirmed, indicating the expectation of
substantial (70%-90%) recovery to first-lien lenders and negligible
(0%-10%) recovery to second-lien lenders if a payment default were to
occur.  The outlook is negative. About US$180 million of total debt was
outstanding at April 30, 2007.

"The downgrade reflects our concerns about Oreck's very weak liquidity
position without access to a revolving credit facility," said Standard &
Poor's credit analyst Christopher Johnson.  Significant operating
challenges also remain, including management's ongoing efforts to relocate
and resume normal manufacturing operations, and its ability to fill key
senior management positions.  "If the company is unable to close on its
proposed senior secured credit facilities in the near term, we will
withdraw the ratings on these proposed credit facilities, and our ratings
on the company's existing facilities would remain in place," said Mr.
Johnson.

Oreck is a niche and largely domestic manufacturer and distributor of
premium household and commercial vacuum cleaners, air purifiers, and other
household products.

Oreck sells throughout the world, including South America, the United
Kingdom and Australia.


PAUL MCNEILLY: Members Resolve to Close Business
------------------------------------------------
At an extraordinary general meeting held on June 7, 2007, the members of
Paul Mcneilly & Associates Pty Ltd resolve to close the company’s business
and appointed Warren Pantzer as liquidator.

The Liquidator can be reached at:

         Warren Pantzer
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                      About Paul Mcneilly

Paul Mcneilly & Associates Pty Ltd deals with real estate agents and
managers.  The company is located in New South Wales, Australia.


STARTECH ENV’L: Posts US$1MM Net Loss in Quarter Ended April 30
---------------------------------------------------------------
Startech Environmental reported Corp. reported a net loss of US$1,026,985
on revenue of US$191,976 for the second quarter ended April 30, 2007,
compared with a net loss of US$4,620,815 on revenue of US$111,464 for the
same period ended April 30, 2006.

Other expense for the three months ended April 30, 2007, was
$44,935 compared to US$3,550,197, for the same period in 2006, a decrease
of US$3,505,262.  This decrease is mainly attributable to the Cornell
transaction where amortization of deferred debt discount decreased
US$894,278 and the impact of the change in value of warrants and
conversion options decreased US$2,406,597.

For the three months ended April 30 2007, revenue was generated
from the amortization of portions from the sale of the distributorship
agreements.  Additionally revenues were derived from the completed
installation in Mihama project in Japan.  For the three months ended April
30, 2006, the company recognized approximately US$66,000 as revenue from
the amortization of the distributorship agreements.  The balance of
revenues were derived from the overhaul project in Mihama during the three
months ended April 30, 2006.

At April 30, 2007, the company's consolidated balance sheet showed
US$6,609,135 in total assets, US$1,995,196 in total liabilities, and
US$4,613,939 in total stockholders' equity.

Full-text copies of the company's consolidated financial statements for
the quarter ended April 30, 2007, are available for free at
http://researcharchives.com/t/s?2118

                       Going Concern Doubt

Marcum & Kliegman LLP, in New York City, expressed substantial doubt about
Startech Environmental Corp.'s ability to continue as a going concern
after auditing the company's consolidated financial statements for the
years ended Oct. 31, 2006, and 2005.  The auditing firm cited that the
company has no significant recurring revenues and has incurred significant
losses since inception.

                   About Startech Environmental

Headquartered in Wilton, Connecticut, StarTech Environmental Corporation
(OTC BB: STHK.OB) -- http://startech.net/ --is an environment and energy
industry company engaged in the production and sale of proprietary plasma
processing equipment known as the Plasma Converter System(TM).  The Plasma
Converter System safely and economically destroys wastes, no matter how
hazardous or lethal, and turns most into useful and valuable products.

The company operates in Australia, and the Carribean.


STEPHEN HEALY: Liquidator to Give Wind-Up Report on July 20
-----------------------------------------------------------
Stephen Healy Services Pty Ltd will hold a final meeting for its members
and creditors on July 20, 2007, at 10:30 a.m.

At the meeting, H. A. Mackinnon, the company’s liquidator, will give a
report about the company’s wind-up proceedings and property disposal.

The Liquidator can be reached at:

         H. A. Mackinnon
         Bent & Cougle
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                      About Stephen Healy

Stephen Healy Services Pty Ltd is a distributor of metal doors, sash and
trim.  The company is located in Victoria, Australia.


SYMBION HEALTH: Sigma Still Wants Units After Rejection
-------------------------------------------------------
Sigma Pharmaceuticals Ltd., after its rival bid was rejected, is still
interested to acquire Symbion Health Ltd.’s vitamins and pharmacy
businesses, Fergus Maguire writes for Bloomberg News.

Sigma, which is teaming up with Melbourne-based Carnegie, Wylie & Co., is
“disappointed that the Symbion board rejected our superior offer” but
expressed that despite the rejection, their interest to acquire the
businesses still remain and will continue exploring options, Mr. Maguire
quotes Sigma Chief Executive Officer Elmo de Alwis.

Under its proposal, Sigma plans to acquire Symbion's consumer business
while its partner, Carnegie Wylie, would get Symbion's pharmacy services,
Reuters states.

Bloomberg relates that Symbion, on Wednesday last week, accepted
Healthscope Ltd.’s offer, which is AU$1 higher than Sigma’s AU$1.085
billion.

On June 1, 2007, The Troubled Company Reporter - Asia Pacific reported
that Symbion accepted Healthscope’s AU$2.8 billion offer with Healthscope
taking over Symbion’s hospital and pathology businesses and private equity
Ironbridge Capital and Archer Capital will acquire the pharmacy and
consumer segments for more than AU$1 billion.

According to the Reuters report, Symbion claims that Sigma’s bid arrived
late and would not be considered.

Mr. de Alwis, according to Reuters, believes that his company has been
treated unfairly by Symbion and that they will meet with their legal
adviser, Freehills, to discuss further options.  Mr. de Alwis further
revealed that they would be looking into the responsibility of Symbion’s
board to accept a higher bid because Sigma feels that the Symbion
shareholders have been denied of “what could be value for them.”

                    About Symbion Health

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

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


VENEERED PANELS: Members and Creditors to Meet on July 20
---------------------------------------------------------
The members and creditors of Veneered Panels (Victoria) Pty Ltd will meet
on July 20, 2007, at 10:00 a.m., to receive the liquidator’s report about
the company’s wind-up proceedings and property disposal.

The company’s liquidator is:

         H. A. Mackinnon
         Bent & Cougle
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                     About Veneered Panels

Veneered Panels (Victoria) Pty Ltd is a distributor of hardwood veneer and
plywood.  The company is located in Victoria, Australia.


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

5i ALLIANCE: Members’ Final General Meeting Set for July 27
-----------------------------------------------------------
5i Alliance Limited will hold a final meeting for its members on July 27,
2007, at 11:00 a.m. on Room A, 9th Floor of V Ga Building at 532 Castle
Peak Road in Cheung Sha Wan, Kowloon.

Chan Chung Wah Clement, the company’s liquidator, will give at the
meeting, a report about the company’s wind-up proceedings and property
disposal.


BOE TECHNOLOGY: Sells 10.27% Stake in TPV Tech to Great Wall
------------------------------------------------------------
BOE Technology Group Co. has signed an agreement with China Great-Wall
Computer Shenzhen Co. Ltd to sell its 10.27% stake in TPV Technology Ltd,
a Taiwan-based LCD monitor maker, Global Sources reports.

Listed in Singapore, TPV is the world's largest PC monitor maker by unit
sales and supplies major PC manufacturers such as Dell Inc. and Sony Corp,
Global Sources relates.

The acquisition, according to the report, is in line with Great-Wall
Computer's aim to increase its market share and speed up expansion into
overseas market.  If the deal passes shareholder and regulatory approvals,
Great-Wall Computer will become TPV's second-largest shareholder after
Philips Electronics Hong Kong Ltd, which holds 13.51%.  BOE's stake in TPV
will be reduced to 1.25%.


Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a manufacturer
of display devices and digital products. Based in Beijing, the People's
Republic of China, the Company operates seven key divisions: Thin-Film
Transistor-Liquid Crystal Display (TFT-LCD); Monitor & Panel Television
(TV), offering cathode ray tube (CRT) monitors, TFT-LCD monitors, TFT-LCD
TVs and plasma display panel (PDP) TVs; Mobile Display System, providing
super twisted nematic-LCD (STN-LCD) and organic light-emitting display
(OLED); Special Application Display, supplying vacuum fluorescent display
(VFD) and light-emitting display (LED); CRT, producing CRTs together with
Toshiba and Panasonic; Precision Electronic Component & Material, and
Digital Display Product & Display Application System.

Xinhua Far East China Ratings gave the company a ‘CC’ issuer credit rating
on October 24, 2006.


CHINA EVERBRIGHT: Taps Bank of New York as QDII Custodian
---------------------------------------------------------
China Everbright Bank has appointed the Bank of New York as global
custodian for its qualified domestic institutional investor (QDII)
business, XFN-Asia reports, citing a statement from the US bank.

The QDII scheme, the report explains, was launched in 2006 as a way of
encouraging capital outflows and relieving some of the upward pressure on
the yuan.  It led more than a dozen domestic and foreign financial
institutions to invest a total of more than US$13 billion overseas.

Bank of New York already acts as custodian for China Everbright's
proprietary assets, the report adds.

The US bank was also appointed global custodian for Shanghai Pudong
Development Bank's QDII business, XFN says.


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

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

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


DIAMOND TECHNOLOGY: Liquidators Quit Posts
------------------------------------------
Alison Wong Lee Fung Ying and Wong Kwok Man ceased to act as liquidators
of Diamond Technology Limited on June 5, 2007.

The former Liquidators can be reached at:

Alison Wong Lee Fung Ying
Wong Kwok Man
Grant Thornton Specialist Services Limited
Gloucester Tower, 13th Floor
The Landmark
15 Queen’s Road, Central
Hong Kong


INTERMOST CORPORATION: Appoints New CEO and CFO
-----------------------------------------------
Intermost Corporation said that due to the rapid growth of the Electronic
and related business within the Group, the Board of Directors has decided
to appoint a new chief executive officer and chief financial officer to
take care of the new diversified business.

The new appointment was made at the Board Meeting in Hong Kong on June 8,
and the resolution was approved unanimously by all directors.

The Board appointed Rocky Wulianghai as President and CEO, effective from
June 13, to replace the current acting CEO, Xiangxiong Deng, whose service
will be terminated effectively from June 13.

At the recommendation and approval of the board of directors, the company
has also appointed Thomas Lee as CFO to replace Chen Syh Kwan, and also to
replace Chris Liu as Corporate Secretary effectively from June 13.

The qualifications of the Intermost Corporation's new CEO and CFO include:

                          Rocky Wulianghai

Mr. Wulianghai is an experienced manager in capital management.  He
received his Master of Science degree in Computer Science from the
University of Michigan, Ann Arbor and his Bachelor of Science degree in
Electrical Engineering from the National Taiwan University.

Mr. Wulianghai's technical background has not limited his career path.
After gaining several years of sales experience in the IT field, Mr.
Wulianghai took up a new challenge and launched a career in the media
industry, first as reporter/anchor then as chief editor, station financial
director in Taiwan and bureau chief in CNBC Asia.  During this time, Mr.
Wulianghai gained extensive knowledge of, and exposure to the financial
market.

After more than ten years in journalism, Mr. Wulianghai transferred to the
securities field to join Asia Capital Management, Inc. as a general
manager.  Starting in 1998, he carried on thorough research of Taiwan's
stock market and became a well-known author with more than 4 books on
financial topics and several newspaper/magazine columns in Taiwan.  He
also won a contest on the topic of investment held by a famous newspaper
in Taiwan.

Mr. Wulianghai joined FFBC Holdings Group as Managing Director in 2001.
From that time forward, he started his career on the mainland in China and
supervised several investment portfolios in Shanghai, Shenzhen, and
Dalian.

                          Thomas Lee

Thomas Lee has over 30 years of experience in senior management positions,
proven track records of success in building, improving and monitoring
finance and operations network within Asia Pacific region that achieved
cost effectiveness, profitability, and business process efficiency.  He
has broad international business exposure in various industries with
multinational companies, including Public Relations, advertising,
Information Technology, direct Investments, construction, manufacturing,
Securities & Futures and Consulting.

He has demonstrated leadership competency, goal-oriented, personnel
management, as well as integrity at the highest level.  His background
demonstrates a proven track record of setting up structures, policies and
processes.

Thomas Lee was the Chief Financial Officer - Asia/Pacific for
Burson-Marsteller (Public Relations), Euro RSCG Ball Partnership
(Advertising) and J.D. Edwards (I.T.) in the period 1974 to 1996.  Mr. Lee
is a fellow member of the Association of Taxation & Management Accountants
in Australia, and a faculty member of Secretaries and Administrators, as
well as the British Institute of Management.  Mr. Lee worked as a
Financial Consultant on various projects as referred to him from different
professional firms to provide financial and management expertise in either
resolving business issues or providing his areas of experience to further
enhancing a company's operational efficiency.  Mr. Lee was the Group
Financial Officer for Bund 18 Property Development Ltd., Shanghai, before
joining Intermost.

                      About Intermost Corp.

Headquartered in Shenzhen, China, Intermost Corporation --
http://www.intermost.com/-- is a service provider of electronic exchange
platforms for equity exchanges and financial products in China.  It also
provides value-added service to overseas financing and listing for medium
and small sized companies.  The company was established in USA in
September 1998.  It was quoted on US OTC Bulletin Board (stock symbol:
IMOT) in December 1998.  As a financial service provider, Intermost
Corporation is the first Chinese Internet Company quoted on the US OTC BB.

E. Randall Gruber, CPA, PC, expressed substantial doubt about Intermost
Corporation's ability to continue as a going concern after it audited the
company's financial statements for the fiscal year ended June 30, 2006.
The auditing firm pointed to the company's recurring losses and negative
cash flows from operations and has accumulated deficit.


IZUMI (ASIA): Creditors to Receive Wind-Up Report on July 23
------------------------------------------------------------
The creditors of Izumi (Asia) Limited will meet on July 23, 2007, at 11:30
a.m., on the 24th Floor of Golden Centre at 188 Des Voeux Road in Central,
Hong Kong.

At the meeting, the creditors will be asked to:

   -- receive and consider a statement of the company’s affairs;
      and

   -- approve the appointment of Tsuboi Haruo as the company’s
      liquidator.


JOY CAPITAL: Final Meeting Slated for July 23
---------------------------------------------
The members of Joy Capital Trading Limited will have their final meeting
on July 23, 2007, at 10:00 a.m., to hear the liquidator’s report about the
company’s wind-up proceedings and property disposal.

The meeting will be held on Unit D, 12th Floor of Seabright Plaza at 9-23
Shell Street, Hong Kong.


JUMBO TOP: Faces Liquidation Proceedings
----------------------------------------
On May 22, 2007, Lo Kai Man presented a petition to wind up the operations
of Jumbo Top Development Limited before the High Court of Hong Kong.

The petition will be heard before the Court on July 25, 2007, at 9:30 a.m.


NETEGRITY CHINA: Sets Final Meeting for July 27
-----------------------------------------------
A final meeting will be held for the members and creditors of Netegrity
China Limited on July 27, 2007, at 10:00 a.m., on the 12th Floor of China
Merchants Tower on Shub Tak Centre at 168-200 Connaught Road in Central,
Hong Kong.

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


SHENZHEN SHENXEN: Court Says Shenzhen Intl. Contract is Illegal
---------------------------------------------------------------
Shenzhen Shenxin Taifeng Group Co. Ltd has received a verdict from the
Shenzhen Intermediate People's Court regarding the lawsuit between the
company and Shenzhen International Trust & Investment Co., Ltd, Reuters
reports.

According to the verdict, the real estate transfer contract signed between
the company and Shenzhen International Trust was invalid.  Accordingly,
the company will have to return CNY55,599,280 to Shenzhen International
Trust.


Headquartered in Shenzhen, Guangdong Province, Mainland China,
Shenzhen Shenxin Taifeng Group Co., Ltd. -- http://www.sxtf.com.cn/-- is
principally engaged in the manufacture, research, development and sale of
communication equipment and software products, industrial processing, real
estate and agricultural businesses.

The Troubled Company Reporter - Asia Pacific reported on February 16,
2007, that the company has a capital deficiency of US$44.65 million, on
total assets of US$95.27 million.


SHIMIZU HONG KONG: Sets Final Meeting for July 23
-------------------------------------------------
Shimizu Hong Kong Company Limited will have their final meeting for its
members on July 23, 2007, at 10:00 a.m., on Room 1313-1315, Metroplaza,
Tower 1 at No. 223 Hing Fong Road in Kwai Fong, N.T.

At the meeting, the members will be asked to retain the company’s books,
accounts and documents by Makoto Miyoshi, officer of the company, and
destroy at the expiration of three months from the date of dissolution of
the company.


SINO BUSINESS: Final Meetings Set for July 23
---------------------------------------------
The members and creditors of Sino Business Management (H.K) Limited will
have their final meetings on July 23, 2007, at
3:30 p.m. and 4:00 p.m., respectively, on the 3rd Floor of Hong Kong Trade
Centre at 161 Des Voeux Road C. in Central, Hong Kong.

Fung Tze Wa, the company’s liquidator, will give a report about the
company’s wind-up proceedings and property disposal, during the meeting.


ZTE CORP: Probe on Deal Stalls as Contract Gone Missing
-------------------------------------------------------
Constancia de Guzman, chairwoman of the Philippines Presidential
Anti-Graft Commission told The Philippine Star that the investigation into
the controversial US$330-billion contract between the government and ZTE
Corp is in jeopardy due to the premature disclosure of details of the
probe by a relieved investigator.

According to Ms. De Guzman’s accounts to the paper, an official of the
Department of Transportation and Communications reported that the two
signed copies of the original contract between the Government and the
company were lost in China shortly after the signing.

Jarius Bondoc of The Star also quoted DOTC Assistant Sec. Lorenzo Formoso
as being sorry that they couldn’t make the document public as it was not
in the hands of Sec. Leandro Mendoza and ZTE’s Yu Yong.  The only two
“sovereign copies” disappeared from a hotel room in Boao, Hainan, Mr.
Bondoc reported.

Ms. De Guzman, however, stressed that the PAGC probe was still in its
initial stages to determine whether there was indeed something wrong with
the deal, under which ZTE will implement the National Broadband Network
project that will link all government agencies and offices and cut by half
its estimated PHP4-billion annual communications expense, The Star
reports.

“If there is any irregularity in the contract, then those who might have
something to do with it are alerted, and therefore could do some clean-up
or hide evidence or anything to conceal their wrongdoing,” Ms. De Guzman
told The Star.

The Troubled Company Reporter - Asia Pacific reported on May 9, 2007, that
Amsterdam Holdings and Arescom claimed that ZTE Corp. and the Department
of Transportation and Communications "hastily brokered" the national
broadband network project.  The two firms said that the department signed
the agreement without the benefit of a competitive bidding process as
required by Republic Act No. 9184, or the Government Procurement Reform
Act.

According to the TCR-AP report, critics of the ZTE deal said the contract
was allegedly overpriced since other companies offered a lower price for
the project.  Philippine firm Amsterdam Holdings Inc. has offered to build
a similar network for US$242 million, while US company Arescom Inc. is
offering US$135 million for the same project, Paolo Romero of The Star
related.

The TCR-AP also said on May 15, 2007, that the Department of
Transportation and Communications defended the US$329.5-million national
broadband network project it inked with ZTE Corp., saying it was above
board despite the absence of a public bidding.

Ricardo Diaz, transportation director for communications planning service
said the project was part of an executive agreement between the two
governments, and thus bidding is unnecessary, the TCR-AP reported.


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
=========

AES CORP: Reports US$119-Mil. Net Income in 2007 First Quarter
--------------------------------------------------------------
The AES Corporation reported strong first quarter 2007 results.  Revenues
increased 11% to US$3.1 billion compared to US$2.8 billion for the first
quarter of 2006, while net cash from operating activities increased 14% to
US$581 million compared to US$509 million last year.

First quarter income from continuing operations was US$119 million, or
US$0.18 earnings per diluted share.  The quarterly results were in line
with the company’s expectations excluding a non-cash charge of US$35
million due to an impairment of a minority investment, and a charge of
US$22 million, or US$0.03 impact on diluted earnings per share, relating
to a litigation reserve as a result of a court ruling at our subsidiary in
Kazakhstan.  Adjusted earnings per share (a non-GAAP financial measure)
were US$0.24 for the quarter and include the US$0.03 charge at our
subsidiary in Kazakhstan. These results compare to 2006 first quarter
income from continuing operations of US$330 million and adjusted earnings
per share of US$0.39.  First quarter 2006 results included a one-time
US$87 million gain or US$0.13 positive impact on diluted earnings per
share associated with the sale of Kingston in Ontario and the sale of an
additional US$39 million or US$0.05 positive impact on diluted earnings
per share in excess emission sales.

As anticipated and previously disclosed, the company recognized an
impairment charge of approximately US$638 million, or US$0.94 impact on
diluted earnings per share, in connection with the sale of its equity
stake in its Venezuelan subsidiary C.A. La Electricidad de Caracas (EDC),
now included in discontinued operations.  Including these charges, the
Company incurred a net loss of US$455 million.  This compares to net
income of US$348 million, or US$0.52 earnings per diluted share in first
quarter 2006.

During the quarter, AES continued to execute its growth plans.  The
company signed a Memorandum of Understanding and subsequently entered into
a partnership with GE Energy Financial Services to develop greenhouse gas
emission reduction projects in the United States.  The company also
acquired two new power plants with long-term power agreements in Tamuin,
Mexico totaling 460 MW of capacity.

“The quarter reflected strong revenues, cash flow and underlying operating
performance,” said Paul Hanrahan, AES President and CEO.  “We continued to
implement our growth strategy focusing on meeting increasing demand for
energy in fast-growing markets while expanding our presence in renewables
and the growing market for emission offsets.”

First Quarter 2007 Consolidated Highlights:

   * Revenues increased by US$304 million to US$3.1 billion,
     reflecting higher prices and increased demand primarily in
     Latin America, the acquisition of two new facilities in
     Mexico and the consolidation of Itabo, one of the company’s
     businesses in the Dominican Republic, and favorable foreign
     currency translation.

   * Gross margin decreased by US$49 million to US$868 million,
     primarily due to the benefit of higher emission sales of
     US$39 million recorded in first quarter 2006 and
     US$32 million cost recoveries related to prior periods in
     the first quarter of 2006 at Eletropaulo in Brazil.  This
     was partially off-set by favorable foreign currency
     translation, contributions from the two new facilities in
     Mexico and the consolidation of Itabo, and improved
     operating performance at various subsidiaries.


   * General and administrative expense increased US$28 million
     to US$85 million, largely from higher spending related to
     the strengthening of our financial organization, completion
     of our recent restatement and increased business
     development activities to support our growth initiatives.

   * Interest expense increased by US$4 million to
     US$422 million, reflecting debt at recently acquired
     businesses, including the two new facilities in Mexico,
     interest on regulatory liabilities in Brazil and losses on
     interest rate derivatives.  These increases were partially
     offset by debt retirements and lower interest rates at our
     Brazil subsidiaries.

   * Other expense decreased US$37 million to US$41 million,
     largely due to costs associated with debt retirements at
     the parent company and at our businesses in El Salvador
     during the first quarter of 2006, partially offset by a
     US$22 million charge in first quarter of 2007 related to a
     court ruling at our subsidiary in Kazakhstan.

   * Gain on sale of investment decreased by US$86 million due
     to the sale of AES Kingston, a 110 MW power plant in
     Ontario, Canada that resulted in a gain of US$87 million in
     the first quarter of 2006.

   * Other non-operating expense increased by US$39 million to
     US$39 million, largely due to a US$35 million impairment in
     the Company’s minority investment in AgCert International.
     An impairment was determined to exist due to the
     application of accounting rules relating to an “other than
     temporary” decline in AgCert’s stock price performance
     during the first quarter of 2007.

   * The effective tax rate during the quarter was 41% as
     compared to 31% in 2006.  This increase was primarily due
     to a change in tax law in China, unfavorable tax impacts of
     the charges associated with the impairment of the company's
     investment in AgCert and with the court ruling in
     Kazakhstan, and a favorable impact in the first quarter of
     2006 associated with the non-taxable sale of Kingston,
     offset by a tax benefit recorded upon the release of a
     valuation allowance at one of our subsidiaries in
     Argentina.

   * Income from continuing operations for the first quarter of
     2007 was US$119 million, or US$0.18 diluted earnings per
     share, versus US$330 million, or US$0.49 diluted earnings
     per share for the first quarter of 2006.  Adjusted earnings
     per share for the first quarter of 2007 were US$0.24
     compared to US$0.39 in first quarter 2006.

   * During the quarter, free cash flow (a non-GAAP financial
     measure) increased by US$68 million to US$377 million,
     primarily due to decreases in net working capital, lower
     cash tax payments and contributions from the two new
     facilities in Mexico and the consolidation of Itabo.

First Quarter 2007 Segment Highlights:

   * Latin America Generation revenue increased by
     US$139 million to US$738 million, primarily due to higher
     contract and spot prices at Gener in Chile, the
     consolidation of Itabo in the Dominican Republic, and
     increased energy prices in Argentina.  Gross margin
     decreased by US$9 million to US$250 million, primarily due
     to increased purchased electricity and fuel costs at
     Uruguaiana in Brazil and Gener in Chile and higher fixed
     costs at Gener, partially offset by the consolidation of
     Itabo and variable margin on the increased revenues in
     Argentina.

   * Latin America Utility revenue increased by US$73 million to
     US$1.2 billion, primarily due to the positive impact of
     foreign currency translation in Brazil and higher tariff
     rates at Eletropaulo and Sul in Brazil and CAESS-EEO in El
     Salvador.  Gross margin decreased by US$19 million to
     US$210 million, primarily due to prior period costs
     recovered through the tariff in first quarter 2006 at
     Eletropaulo in Brazil, partially offset by favorable
     foreign currency translation and the favorable tariff rates
     at Sul and CAESS-EEO.

   * North America Generation revenue increased by US$17 million
     to US$510 million, primarily due to the acquisition of the
     two new facilities in Mexico, higher spot prices at Eastern
     Energy in New York and planned outages at Warrior Run in
     Maryland and AES Hawaii in first quarter 2006.  These gains
     were mostly offset by lower emission sales in New York and
     outages at Merida in Mexico and at Deepwater in Texas.
     Gross margin decreased by US$20 million to US$154 million,
     primarily due to lower emission sales at Eastern Energy in
     New York.

   * North America Utility revenue increased by US$8 million to
     US$263 million, primarily due to higher volumes at IPL in
     Indiana.  Gross margin increased by US$17 million to
     US$81 million primarily due to higher volume and lower
     maintenance costs associated with generation unit overhauls
     in first quarter of 2006 at IPL.

   * Europe & Africa Generation revenue increased by
     US$44 million to US$252 million, primarily due to higher
     volume and prices in Kazakhstan, favorable foreign currency
     translation and higher volume and prices in Hungary.  Gross
     margin increased by US$10 million to US$90 million,
     primarily due to higher revenues in Kazakhstan and
     favorable foreign currency translation, partially offset by
     lower emission sales at Bohemia in Czech Republic.

   * Europe & Africa Utility revenue increased by US$14 million
     to US$166 million, primarily due to higher tariff rates in
     Ukraine and foreign currency translation gains.  Gross
     margin decreased by US$19 million to US$17 million due to
     reduced rainfall in Cameroon which led to increased fuel
     costs and an unfavorable derivative mark-to-market variance
     at AES SONEL in Cameroon.  Additionally, AES SONEL
     experienced higher fixed costs related to increased
     staffing and higher depreciation.

   * Asia Generation revenue increased by US$18 million to
     US$212 million, primarily due to higher volume in Pakistan
     and an outage at Ras Laffan in Qatar in 2006, partially
     offset by lower volumes in Sri Lanka.  Gross margin
     decreased by US$5 million to US$58 million, primarily due
     to lower volumes in Sri Lanka and higher planned
     maintenance costs at Barka in Oman.

                          About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.

The company has Asian presence in China, India and Sri Lanka.

AES Corp.'s Latin America business group is comprised of
generation plants and electric utilities in Argentina, Brazil,
Chile, Colombia, Dominican Republic, El Salvador, Panama and
Venezuela.  Fuels include biomass, diesel, coal, gas and
hydro.  The group also pursues business development activities
in the region.  AES has been in the region since May 1993, when
it acquired the CTSN power plant in Argentina.

                        *     *     *

In Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default ratings on
the company's loans and bond debt obligations including the B1 rating on
its senior unsecured notes 7.75% due 2014, which was also given an LGD4
loss-given default rating, suggesting noteholders will experience a 55%
loss in the event of a default.


BANK OF INDIA: Acquires 76% of Indonesia’s Bank Swadesi
-------------------------------------------------------
Bank of India has signed an acquisition deed for buying a 76% stake in PT
Bank Swadesi, Indonesia, BOI informed the Bombay Stock Exchange on June
22, 2007.

BOI agreed to acquire Bank Swadesi's shares as part of its overseas
expansion, The Jakarta Post reports.  The signing of the deed follows a
conditional sales and purchase share agreement signed on December 11,
2006.

According to Antara News, Indonesia’s central bank approved BOI’s plan to
acquire Bank Swadesi’s shares in a letter dated June 13, 2007.

Bank Swadesi is a mid-sized bank operating in Indonesia for the last 38
years and has 16 outlets, BOI’s BSE filing stated.  Bank Swadesi has a
license to Forex business and is listed on the Jakarta Stock Exchange.
The Indonesian bank posted a net profit of IDR8.272 billion last year,
Antara News noted.  In the first quarter of this year, Bank Swadesi
recorded total assets of IDR1.03 trillion (approximately US$114 million)
and a net profit of IDR2.9 billion, The Jakarta Post related.


Bank of India -- http://www.bankofindia.com/-- has 2,628
branches spread over all states/union territories in India,
including 93 specialized branches.  The bank provides a range of
financial products and services, including numerous credit
schemes, deposit schemes, cash management services, credit/debit
cards, deposit vaults and corporate bonds.  It also extends
finance to small and medium enterprises and small-scale
industries.  It provides a variety of loans, such as mortgage
loans, educational loans, auto finance loans, holiday loans,
personal loans and home loans.  The bank offers Internet banking
services for both the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States and Vietnam.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 1, 2007, Standard & Poor's Ratings maintained Bank of
India's Bank Fundamental Strength Rating at 'C'.


BHARTI AIRTEL: Syeda Imam Resigns From Board
--------------------------------------------
Syeda Imam, independent director of Bharti Airtel Ltd, has resigned from
the company’s board of directors yesterday, a filing with the Bombay Stock
Exchange reveals.
The BSE filing did not provide the reason for the resignation.

Syeda Imam is a first-class first major in English Honours, thereafter
Fellow of English Literature, both at the Bombay University (Elphinstone
College).  She has been the Executive Creative Director for the entire
Central Asia region of JWT, an Indian advertising agency (and now of
Contract Advertising India Limited of the WPP group).  Ms. Syeda has
worked in McCann London and also Wasey, Campbell, Ewald and has
represented India at  international Creative fora and at the U.S & Muslim
World Conference at Doha.

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.


BIRLA VXL: Board Wants Deloitte Haskins as Statutory Auditors
-------------------------------------------------------------
Birla VXL Ltd has proposed the appointment of Deloitte, Haskins & Sells,
Chartered Accountants, as Statutory Auditors of the company, the company
informs the Bombay Stock Exchange.  According to the company, Khimji
Kunverji & Co., Chartered Accountants, have expressed their inability to
act as auditors of the company.

The board also noted of the nomination by the Government of Gujarat of
Smt. Gauri Kumar, IAS, Industries Commissioner, Gujarat as director of the
company to replace of Arvind Agarwal.


Headquartered in Gujarat, Birla VXL is a part of the S.K. Birla Group and
manufactures fabrics for suitings under the brand name DIGJAM.  As
reported by the Troubled Company Reporter – Asia Pacific’s “Large
Companies With Insolvent Balance Sheets” column on June 1, 2007, the
company has a stockholders’ deficit of US$14.62 million.


SITRONICS JSC: Inks US$7 Mln Telecom Deal with Pakistan's Wateen
----------------------------------------------------------------
JSC Sitronics has signed a US$7 million agreement with Wateen
Telecom, the largest private sector communication company in
Pakistan, to provide Sitronics' flagship product, FORIS NG
Billing and Customer Care, in Pakistan.

Within the framework of the contract, Sitronics will provide its
integrated FORIS NG Billing and Customer Care product, along
with a number of network management solution products, enabling
Wateen Telecom to expand its offerings in the local market.  The
project includes a 3-year managed services operation.

“The Middle Eastern and Asian telecommunications markets are two
of the most rapidly growing in the world, prompting local
operators to continuously enhance their network reach, quality
and efficiency,” Sitronics Telecommunication Solutions President
Igor Hulak commented.

“We are confident that Wateen Telecom will benefit from
Sitronics's expertise in the field of OSS/BSS integration,
especially in the billing and customer care domain, by having a
product which will allow the Company to cater for its billing,
CRM and management reporting needs.  Recognizing the high
potential and ever-increasing requirements of the local market,
Sitronics has established strong partnerships with major
regional service providers and recently opened its subsidiary in
Lahore,” Mr. Hulak added.

“Wateen Telecom is building one of the most innovative, high
performing and high availability IP-based communication networks
in the country and abroad, offering IP-based quad-play (voice,
video, data and mobility) services to business and residential
customers,” Wateen Telecom CEO Tariq Malik commented.

“Our choice of Sitronics as our partner in local and
international projects was based on its expertise in providing
complete integration and operational services, as well as on its
experience in the deployment of large scale complex projects in
the region.  Our growth and variety of services will demand
scalability and shorter time-to-market, which is a promise that
we are confident Sitronics will fulfill with excellence,” Mr.
Malik concluded.

                       About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

Sitronics' key Telecommunication Solutions operations are based
in Prague, Czech Republic and Athens, Greece, while the
company's IT Solutions and Microelectronic Solutions divisions
are based in Kiev, Ukraine and Zelenograd, Russia respectively.

The company also operates in Russia, CIS countries, Eastern Europe, Middle
East, Africa, India, and North America.

For the twelve months ended December 31, 2006, Sitronics'
revenues and OIBDA were US$1.61 billion and US$183.6 million,
respectively.  As of Dec. 31, 2006, SITRONICS had total assets
of US$1.65 billion.

                          *     *     *

As of May 24, 2007, JSC Sitronics carries Fitch's B- Long-Term
Issuer Default Rating.


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

BANK UOB BUANA: Sees Increasing Loans Despite Lower Rates
---------------------------------------------------------
PT Bank UOB Buana Tbk expects a 36% increase in total loans this year on
the back of lower lending rates, The Jakarta Post reports.

The report points out that Bank Indonesia’s 8.5% cut in its key rate will
enable lenders to also reduce their lending rates to between 12 and 14
percent that will lead to generate more demand for new loans.

Safrullah Hadi Saleh, UOB Buana managing director, said that the bank was
aiming to increase the value of its loan book to
IDR14 trillion by the end of this year from IDR10.3 trillion last year,
the report relates.

The report notes that currently, the bank loans stand at
IDR12.5 trillion, with the small and medium enterprises holding the lion's
share at 80%.  The consumer banking sector 15% and the infrastructure
sector 5%.

Treasury Director Pardi Kendy said that the bank would be able to further
increase its lending as it had reduced the amount of excess liquidity
invested in the central bank certificates to IDR1 trillion as of the end
of last month from IDR1.5 trillion a month earlier, The Post says.

The report adds that with the expected increase in lending, the bank is
targeting a 15% increase in net profit to IDR470.6 billion this year.

                     About Bank UOB Buana

Headquartered in Jakarta, PT Bank UOB Buana Tbk., formerly PT Bank Buana
Indonesia Tbk. -- http://www.bankbuana.com-- provides public deposits,
investment  portfolio, and other financial services, including: demand,
savings and time deposits, Bank Indonesia promissory notes, bonds,
consumer loans, retail commercial loans, and corporate loans.  Other
financial services include exports, imports, transfers, collection,
issuing of bank guarantees and foreign currency transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on Feb. 01,
2007,Fitch Ratings has affirmed all the ratings of the bank as follows:

   * Long-term foreign and local currency Issuer Default ratings
     BB-,

   * Short-term rating B,

   * Individual C/D, and

   * Support 3.


BANK UOB BUANA: To Set Aside 30% of 2006 Net Profit as Dividend
---------------------------------------------------------------
PT Bank UOB Buana Tbk would set aside 30% of its 2006 net profit as a
dividend as agreed by the shareholders' meeting, The Jakarta Post reports.

According to the report, the bank will pay its shareholders IDR18 per
share, about IDR122.7 billion in total.

The shareholders will be paid on Aug. 1, the report adds.

                    About Bank UOB Buana

Headquartered in Jakarta, PT Bank UOB Buana Tbk., formerly PT Bank Buana
Indonesia Tbk. -- http://www.bankbuana.com-- provides public deposits,
investment  portfolio, and other financial services, including: demand,
savings and time deposits, Bank Indonesia promissory notes, bonds,
consumer loans, retail commercial loans, and corporate loans.  Other
financial services include exports, imports, transfers, collection,
issuing of bank guarantees and foreign currency transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on Feb. 01,
2007,Fitch Ratings has affirmed all the ratings of the bank as follows:

   * Long-term foreign and local currency Issuer Default ratings
     BB-,

   * Short-term rating B,

   * Individual C/D, and

   * Support 3.


BANK UOB BUANA: Shareholders Appoint New Officers After Meeting
---------------------------------------------------------------
PT Bank UOB Buana Tbk’s shareholders, after their meeting, appointed Wee
Ee Cheong as new Bank Buana commissioner, The Jakarta Post reports.

The report relates that the shareholders also appointed Armand B. Arief as
the bank’s president director.

Furthermore, Francis Hsu was appointed as new corporate director, The Post
adds.

                    About Bank UOB Buana

Headquartered in Jakarta, PT Bank UOB Buana Tbk., formerly PT Bank Buana
Indonesia Tbk. -- http://www.bankbuana.com-- provides public deposits,
investment  portfolio, and other financial services, including: demand,
savings and time deposits, Bank Indonesia promissory notes, bonds,
consumer loans, retail commercial loans, and corporate loans.  Other
financial services include exports, imports, transfers, collection,
issuing of bank guarantees and foreign currency transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on Feb. 01,
2007,Fitch Ratings has affirmed all the ratings of the bank as follows:

   * Long-term foreign and local currency Issuer Default ratings
     BB-,

   * Short-term rating B,

   * Individual C/D, and

   * Support 3.


HILTON HOTELS: Opens New Two New Hotels in Louisiana
----------------------------------------------------
Hilton Hotels Corp. has two new hotels, the historic Hilton New Orleans
St. Charles Avenue and the new Hilton Shreveport. Located in a landmark
1920s building, walking into the Hilton New Orleans St. Charles Avenue is
like taking a step back in time into the grand hotels that made New
Orleans famous, but modernized to meet the needs of today’s guest.
Differing in style but not functionality or amenities, the Hilton
Shreveport is a contemporary new hotel that connects to the Shreveport
Convention Center in the heart of Shreveport’s vibrant Riverfront
District.

“Hilton Hotels is proud to introduce these two exceptional hotels as the
newest offerings for visitors to Louisiana,” said Jeff Diskin, senior vice
president, Hilton Brand Management, Hilton Hotels Corporation.  “One is
contemporary, one is traditional and both are designed to enable our
guests to experience all of the enriching cultural experiences that only
Louisiana can offer.”

Both hotels offer upscale amenities designed with guests’ needs in mind,
including the Hilton Serenity Bed, which features the Serta Suite
Dreams(R) mattress and box springs, Pacific Coast(R) down duvet, Super
Topper mattress pads, and high-quality linens and pillows. Guestrooms also
have the Hilton Serenity Bath Collection, featuring the Crabtree & Evelyn
line of La Source(R) bath amenities, and the easy-to-set Hilton Family
alarm clock with MP3 player connectivity.

The Hilton Serenity Collection in-room coffee system features
world-renowned Lavazza(R) coffee from Italy, and an exclusive Cuisinart(R)
dual-cup, single-brew coffeemaker.

            Hilton New Orleans St. Charles Avenue

The Hilton New Orleans St. Charles Avenue resides in a landmark building
that was originally built in 1926 as the Masonic Temple and was the second
high-rise to be built in the Central Business District.  The Hilton New
Orleans St. Charles Avenue is just three blocks off Canal Street and four
blocks from the world famous French Quarter and Bourbon Street.  The
architecture, exquisite woodwork and other design detail from the artisans
of the 1920s is evident throughout the hotel, highlighted by the original
chandeliers at the main entrance, original marble floors and walls, and
the elaborate, hand-crafted inlay tile ceiling in the Grand Entry Hall.

Uniquely sophisticated and elegantly designed, the property offers 250
guest rooms including 25 dignitary suites and the five-bedroom Grand
Suite.  Under the direction of renowned Executive Chef John Besh, winner
of the prestigious 2005 James Beard Award, the signature restaurant, Luke,
will offer classic New Orleans fare in an elegant but casual atmosphere.

The Hilton New Orleans St. Charles Avenue has more than 15,000 square feet
of flexible function space including multiple break-out rooms, many of
which have been preserved or restored to reflect their opulent past.  The
new Skyview Terrace, located on the hotel’s 18th floor, boasts spectacular
views of New Orleans and is guaranteed to make for memorable events.  From
weddings to corporate board meetings to anything in between the Hilton New
Orleans St. Charles Avenue is well-positioned to be one of New Orleans’
favorite gathering places.

The Hilton New Orleans St. Charles Avenue is operated by St. Charles Hotel
Investors, LLC under a franchise license agreement with Hilton Inns, Inc.,
a wholly owned subsidiary of Hilton Hotels Corporation. The hotel is
managed by Dimenson Development Corporation.

                       Hilton Shreveport

Adjoining the new Shreveport Convention Center, the Hilton Shreveport
offers visitors to the city a wealth of amenities and an upscale,
contemporary experience.  The newly constructed hotel is located in the
heart of downtown Shreveport’s vibrant Riverfront District and features
313 elegantly appointed guest rooms, including 16 suites.

The upscale but comfortable River Rock Grill serves three meals a day and
is connected to the On The Rocks lounge, the perfect spot to unwind from
the day’s activities.  A Starbucks café is conveniently located in the
lobby.  Guests looking to stay fit and relax can utilize the twelfth floor
fitness center overlooking the Red River and featuring state of the art
Precor equipment, an indoor pool and whirlpool.  The Hilton Eat Right menu
will appeal to health-conscious travelers with nutritionally balanced
dining options.

The hotel features almost 2,000 square feet of flexible function space
on-site, in addition to the 350,000 square feet of meeting space housed in
the convention center.  The Hilton Shreveport is just minutes from local
organizations such as Barksdale Air Force Base, General Motors,
Steelscape, LSU Medical Center, Shriner Children's Hospital and Feist
Weiller Cancer Center.

The Hilton Shreveport is operated by Historic Restoration, Inc. under a
franchise license agreement with Hilton Inns, Inc., a wholly owned
subsidiary of Hilton Hotels Corporation. The hotel is owned and managed by
Historic Restoration, Inc.


                     About Hilton Hotels

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

                        *     *     *

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

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

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


MEDIA NUSANTARA: Offers 13.75-Bil. Shares at IDR900 Per Share
-------------------------------------------------------------
PT Media Nusantara Citra offered about 13.75 billion shares with an
initial price of IDR900 per share at the Jakarta Stock Exchange, Tempo
Interactive reports.

The report relates that Hary Tanoesodibjo, MNC President Director, said
that the release of the company’s initial shares was over-subscribed.
From foreign investors which are mostly banks, the request is seven times
of the given price range while there is nine times surplus for local
investors.

The company releases its 30% shares to the public with the offer of around
4.125 billion shares, Tempo notes.

The report says that Media Nusantara appointed PT Bhakti Sekuritas and PT
Danareksa Sekuritas as issuer guarantor.

Funds, about 13%, from the initial public offering will be allocated for
RCTI bonds debt repayment amounting to
IDR385 billion while the remaining 76% is for the development of the
media, broadcasting and developing programs and also capital expenditure,
the report adds.

                    About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with operations
in television broadcasting network, radio and print media.  It is the
leader in Indonesia's FTA TV broadcasting market, owning 3 FTA TV networks
out of a total of 11, and captured the largest audience and ADEX shares in
2005.  MNC is  100% owned by PT Bimantara Citra Tbk, which is listed on
Jakarta Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 19, 2006, that Moody's Investors Service has affirmed its
B1 rating for the senior unsecured bonds issued by PT Media Nusantara
Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  The ratings outlook is stable.

The TCR-AP also reported that Standard & Poor's Ratings
Services affirmed its 'B+' rating on senior secured debt of up
to US$182 million to be issued by Media Nusantara Citra's wholly-owned
subsidiary, Media Nusantara Citra B.V.  The notes are   nconditionally and
irrevocably guaranteed by MNC and some
of its subsidiaries, excluding PT Rajawali Citra Televisi
Indonesia and PT Cipta Televisi Pendidikan Indonesia.  The size
of the issue has been reduced from the initial proposed amount
of US$230 million as the company delays entering its pay TV
business.


MEDIA NUSANTARA: Shares in IPO Up 17% on Debut
----------------------------------------------
PT Media Nusantara Citra’s shares opened at IDR1,050 at the Jakarta Stock,
up 17% above the issue price of IDR900, Reuters News reports.

According to Antara News, investors scrambled for the stock after it drew
heavy bidding during its offer period, and on optimism about its prospects
in the local broadcast industry.

The company sold 4.125 billion shares, equivalent to 30 pct of its
enlarged capital.  The company said that the IPO to both foreign and local
investors was strongly oversubscribed but provided no fixtures, Antara
relates.

Reuters notes that Media Nusantara’s shares in the media firm went as high
as IDR1,220 before giving up some of their gains, to trade at IDR1,020
rupiah by 0236 GMT.  The overall Jakarta index inched 0.22% higher.

The proceeds from the sale, about 30%, will be used to repay its debt and
finance expansion, Reuters adds.

                    About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with operations
in television broadcasting network, radio and print media.  It is the
leader in Indonesia's FTA TV broadcasting market, owning 3 FTA TV networks
out of a total of 11, and captured the largest audience and ADEX shares in
2005.  MNC is  100% owned by PT Bimantara Citra Tbk, which is listed on
Jakarta Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 19, 2006, that Moody's Investors Service has affirmed its
B1 rating for the senior unsecured bonds issued by PT Media Nusantara
Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  The ratings outlook is stable.

The TCR-AP also reported that Standard & Poor's Ratings
Services affirmed its 'B+' rating on senior secured debt of up
to US$182 million to be issued by Media Nusantara Citra's wholly-owned
subsidiary, Media Nusantara Citra B.V.  The notes are   nconditionally and
irrevocably guaranteed by MNC and some
of its subsidiaries, excluding PT Rajawali Citra Televisi
Indonesia and PT Cipta Televisi Pendidikan Indonesia.  The size
of the issue has been reduced from the initial proposed amount
of US$230 million as the company delays entering its pay TV
business.


MEDIA NUSANTARA: MediaCorp Acquires 6.5 Percent Stake
-----------------------------------------------------
Singapore’s media firm MediaCorp acquired a 6.5% stake in PT Media
Nusantara Citra, Antara News reports.

The report relates that Lucas Chow, MediaCorp chief executive, said that
MediaCorp purchased the stakes from MNC's recent initial public offering.

Separately, MNC president Hary Tanoesoedibjo said that his firm will work
with MediaCorp in order to expand its business in the Asia Pacific region,
the report adds.

                      About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra
-- http://www.mnc.co.id/-- is an integrated media company with operations
in television broadcasting network, radio and print media.  It is the
leader in Indonesia's FTA TV broadcasting market, owning 3 FTA TV networks
out of a total of 11, and captured the largest audience and ADEX shares in
2005.  MNC is  100% owned by PT Bimantara Citra Tbk, which is listed on
Jakarta Stock Exchange.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 19, 2006, that Moody's Investors Service has affirmed its
B1 rating for the senior unsecured bonds issued by PT Media Nusantara
Citra following the issuance's completion.  At the
same time, Moody's has affirmed its B1 corporate family rating
for MNC.  Both ratings have been removed from their provisional
status.  The ratings outlook is stable.

The TCR-AP also reported that Standard & Poor's Ratings
Services affirmed its 'B+' rating on senior secured debt of up
to US$182 million to be issued by Media Nusantara Citra's wholly-owned
subsidiary, Media Nusantara Citra B.V.  The notes are   nconditionally and
irrevocably guaranteed by MNC and some
of its subsidiaries, excluding PT Rajawali Citra Televisi
Indonesia and PT Cipta Televisi Pendidikan Indonesia.  The size
of the issue has been reduced from the initial proposed amount
of US$230 million as the company delays entering its pay TV
business.


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

DAIWA SECURITIES: Dissolves SMBC Subsidiary
-------------------------------------------
Daiwa Securities Group Inc., has decided to dissolve Daiwa Securities SMBC
(Asia) Limited, reports Reuters.

Daiwa Securities SMBC is wholly-owned by Daiwa Securities.

No further details were stated.

Headquartered in Tokyo, Daiwa Securities Group Inc. --
http://www.daiwa.jp/-- is a Japan-based securities company.  The company
primarily is engaged in the securities, investment, financing and service
businesses.  Daiwa Securities Group is comprised of 46 consolidated
subsidiaries and five associated companies, which are engaged in the
securities, investment trust, information service, real estate leasing,
venture capital, financing and other businesses.  The company with its
subsidiary and associated companies has operations in both domestic and
overseas markets, including Japan, the United Kingdom, the United States,
the Netherlands, Hong Kong and Singapore.

The Troubled Company Reporter – Asia Pacific reports that Fitch Ratings,
on October 25, affirmed the company’s C individual rating.


FUJI HEAVY: Ties with Sumitomo and China-based CIMC
---------------------------------------------------
Fuji Heavy Industries Ltd., Sumitomo Corporation and China International
Marine Containers (Group) Co., Ltd., will jointly establish a company in
China, reports Reuters citing the Jiji Press.

The union, according to the report, will engage in manufacturing and sales
of rubbish collectors where a factory will be established by the end of
2007.  The joint business will commence the business in 2008.

The amount invested in this venture is approximately JPY2.1 billion
relates the article.

Fuji Heavy will invest 29% in the joint company, Sumitomo 20% and CIMC
51%, concludes the report.

                        About Fuji Heavy

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

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


ICONIX BRAND: Completes US$287.5M Convertible Sr. Notes Offering
----------------------------------------------------------------
Iconix Brand Group Inc. has closed its offering of US$287.5 million
aggregate principal amount of 1.875% Convertible Senior Subordinated Notes
due 2012, in an offering pursuant to Rule 144A under the Securities Act of
1933, as amended.

The company had priced its US$250 million aggregate principal amount of
the Notes, subsequent to which, in connection with the closing, the
initial purchasers exercised in full their option to acquire an additional
US$37.5 million of the Notes to cover over-allotments.

The net proceeds to Iconix from the offering were approximately US$280
million, after deducting the initial purchasers' discounts and estimated
offering expenses.

Iconix used approximately US$38.8 million of the net proceeds to fund the
net cost of convertible note hedge and warrant transactions that it
entered into with affiliates of the initial purchasers.  These
transactions are intended to offset Iconix' exposure to potential dilution
upon conversion of the Notes by increasing the effective conversion price
to Iconix from US$27.56 to US$42.40 and the effective conversion premium
from 30% to 100%, based on the last reported sale price of Iconix stock of
US$21.20 per share on the NASDAQ Global Select Market on June 14, 2007.

Iconix plans to use the remaining net proceeds from the note offering to
invest in or acquire new brands through mergers, stock or asset purchases
and/or other strategic relationships, although it has no present
commitments or agreements with respect to any such investment or
acquisition, and for general corporate purposes.

                         About Iconix Brand

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

                           *     *     *

The Troubled Company Reporter reported on June 20, 2007, that Standard &
Poor's Ratings Services revised its ratings outlook on apparel brand
manager and licensor Iconix Brand Group Inc. to
negative.  At the same time, Standard & Poor's assigned its 'B-' debt
rating to Iconix's proposed US$250 million convertible senior subordinated
notes due 2012.  The notes are being offered pursuant to Rule 144A with
registration rights under the Securities Act of 1933.

As reported in the Troubled Company Reporter on June 18, 2007, Moody's
Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's proposed US$250 million convertible senior subordinated note
offering.


JAPAN AIRLINES: To Cut Retirement Allowance by 10%
--------------------------------------------------
Sources revealed to the Asahi Shimbun that Japan Airlines International
Company, Limited, has plans to cut its retirement allowances by about 10%
from fiscal 2008 to hasten its restructuring efforts.

This action, according to the sources, will allow the airline to save
about JPY20 billion in reserves set aside in the present fiscal year.

In addition to JAL’s reforming, The Troubled Company Reporter - Asia
Pacific reported on June 25, 2007, that JAL will cut about 4,300 jobs,
covering about 8% of its workforce, in which the airline can save about
JPY50 billion a year.

One of the main reasons for this speeding up of its restructuring programs
by the company is the fact that it was told by Development Bank of Japan,
one of its main creditors, to implement more restructuring programs before
it will give financial support to the company according to the TCR-AP
report on June 7, 2007.

                        About Japan Airlines

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

                          *     *     *

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

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

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


LIBERTY GLOBAL: Belgian Cable Opts to Buy Shares in Telenet
-----------------------------------------------------------
Liberty Global Inc. said that Belgian Cable Investors (Delaware) GP, which
is controlled by Liberty Global, has exercised options to purchase 18.668
million shares in Telenet Group Holding N.V., the largest cable operator
in Belgium, for a total purchase price of EUR466.7 million (US$626.6
million) or EUR25 per share.  The shares will be acquired by Belgian Cable
Investors Affiliate LGI Ventures B.V.  The settlement of the exercise will
take place within 10 business days of today unless the exercise is
withdrawn before settlement.

As a result of the current transaction, Liberty Global will increase its
controlling position from 31.32% to 49.70% of the outstanding shares of
Telenet at June 20, 2007.  The shares are being purchased from existing
shareholders of Telenet.

Mike Fries, President and CEO of Liberty Global, said, “It was a logical
next step for us to exercise these options given their expiration dates
and terms.”

At the ordinary general meeting of Telenet on May 31, 2007 Liberty
Global’s controlling stake was used to appoint nine directors (out of a
total of 17) nominated by Liberty Global at the board of directors of
Telenet.

Telenet offers cable television, voice and broadband services to
residential customers.  At March 31, 2007, Telenet had approximately
3,047,000 revenue generating units including 1,761,000 video RGUs (of
which 281,000 were digital video RGUs), 482,000 voice RGUs and 804,000
broadband Internet RGUs.

                      About Liberty Global

Headquartered in Englewood, Colorado, Liberty Global Inc.
--http://www.www.lgi.com/-- is an international broadband communications
provider of video, voice and Internet access services, with consolidated
broadband operations in 19 countries, primarily in Europe, Japan and
Chile.

Through its indirect wholly owned subsidiary UGC Europe, Inc., and its
wholly owned subsidiaries UPC Holding B.V. and Liberty
Global Switzerland, Inc., collectively Europe Broadband, Liberty
Global provides video, voice and Internet access services in 13 European
countries.

Through Liberty Global's indirect controlling ownership interest in
Jupiter Telecommunications Co., Ltd., the Company provides video, voice
and Internet access services in Japan.  Through the
Company's indirect 80%-owned subsidiary VTR GlobalCom, S.A., it provides
video, voice and Internet access services in Chile.

                        *     *     *

As reported on April 2, Standard & Poor's Ratings Services revised its
outlook on international cable TV and broadband provider Liberty Global
Inc. to positive from stable.

The outlooks on related entities in the LGI group, including UPC
Broadband Holding and VTR GlobalCom S.A., were also revised to positive
from stable.  The ratings on LGI and its related entities, including the
'B' long-term corporate credit rating on
LGI, were affirmed.


NOMURA HOLDINGS: Acquires Minority Stake in Calliva Group Ltd.
--------------------------------------------------------------
Nomura Holdings, Inc. said that it has acquired a minority stake in
Calliva Group as part of a joint venture to develop products relevant to
the rapidly growing Australian superannuation market.

Calliva, a specialist investment manager headquartered in Sydney,
Australia was established in 2003 and manages $130 million in assets.

Commenting on the investment, Hiroyuki Nishikawa, Managing Director of
Nomura Australia said, “This transaction underscores our continued
commitment to expanding in Australia.  It is part of Nomura's strategy
globally in partnering with strong local incumbents to strengthen our
presence in local markets.”

Vince Scully, CEO of Calliva Group, added, “This involvement with Japan's
largest securities company is an exciting opportunity for the Calliva
Group and we believe that it will lead to us offering several new
financial products to the marketplace in 2007.”

Pat Handley, Chairman of Nomura Australia Advisory Committee, and John
Keith, Deputy Managing Director of Nomura Australia will join as Chairman
and Director of Calliva's Board Committee respectively.

                      About Calliva Group

Calliva Group is a highly focused boutique financial services group
delivering quality advice, innovative products and premier customer
service. Calliva manages in excess of $130 million of assets spread across
equities, hybrids, fixed interest and property. The Group is focused on
the creation of innovative investment products and the provision of high
quality investment advice designed to enhance our clients' investor
wealth. This strategy is applied to our core business activities, which
encompass Funds Management and Client Advisory Services.

                   About Nomura Holdings

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

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


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

C&M CO: Goldman Sachs to Sell 30.48% Stake
------------------------------------------
Goldman Sachs is selling its 30.48% stake in C&M Co Ltd, valued at US$970
million, International Business Times reports, citing The Maeil Business
Newspaper.

The report notes that Citigroup is handling the deal, which closed on June
21.

Goldman Sachs is likely to earn more than US$800 million in capital gains
from the sale, The Maeil said.

Goldman bought shares in unlisted C&M in 2004 for
KRW140 billion, becoming the company’s second-largest shareholder, the
report recounts.

Business Times relates that, according to The Maeil, MBK Partners, a
private equity arm run by Australia's Macquarie Bank and Shinhan Financial
Group have handed in bids.

Shinhan, however, denied the report, saying it was not in the running for
the cable operator.  Business Times states that a Macquarie spokesman was
unable to confirm it immediately, while MBK could not be reached for
comment.

Goldman had sought to exit from its investment in C&M via a dual
Seoul-London listing that was expected to fetch up to US$500 million this
year, sources had told Reuters last November, the report says.

Business Times points out that if the stake sale takes place, the listing
plan would be delayed or shelved because of a local securities regulation
that stipulates IPO candidates should not change majority shareholders one
year before the listing.

                         About C&M Co.

C&M Co Ltd offers cable television services.  The company
operates in Seoul and in Kyunggi Province, Korea.

In January 2006, Moody's Investors Service assigned a
provisional foreign currency senior unsecured long-term debt
rating of (P)Ba2 to the proposed US$550 million Notes issue, due
2011 and 2016, of C&M Finance Ltd., backed by C&M Co. Ltd. and
its operating subsidiaries.


KOREA EXCHANGE: Hana Financial Buys 13.6 Percent Stake
------------------------------------------------------
Hana Financial Group brought a controlling stake in Korea Exchange Bank in
a block sale by Lone Star Funds, Taipei Times reports.

According to the report, Lone Star sold a 13.6% stake in the bank for
KRW13,600 a share in overnight block sales that raised IDR1.19 trillion.

The sale leaves Lone Star with 51.02% of KEB, which could allow the fund
to sell the remaining shares at a premium to any buyer wanting to gain
control of the bank.

The Troubled Company Reporter – Asia Pacific reported on
June 15, 2007, that the Seoul court is investigating if Lone Star
conspired with local officials to drive down the price of KEB when it was
sold in 2003 to Lone Star and whether Lone Star officials and others
manipulated the share price of KEB's separate credit card unit for cheap
acquisition.

Lone Star has denied any wrongdoing and claimed the
cases against it are driven by latent hostility to foreign investors, the
TCR-AP reported.

The block sale more than repays Lone Star its purchase costs of US$1.2
billion in 2003.  It has also received KRW419.2 billion, The Times adds.

                  About Korea Exchange Bank

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

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 8,
2007, that as part of the application of its refined joint
default analysis and updated bank financial strength rating
methodologies, Moody's Investors Service upgraded Korea Exchange’s Bank
Financial Strength Rating to C- from D.


MAGNACHIP SEMICON: Applies Circuit-Under-Pad Technology
-------------------------------------------------------
MagnaChip Semiconductor Ltd has successfully applied circuit-under-pad
technology to its foundry business processes, to further reduce
semiconductor chip sizes.  MagnaChip applied the technology to its
0.18/0.16 um process and was able to reduce chip size by placing the I/O
circuit on the unused area under the pad.

The I/O devices send and receive signals, voltage and electric currents on
the inside and outside of a semiconductor chip.  They are divided into a
circuit and a pad. MagnaChip overcame a technological challenge when it
succeeded in reducing the I/O size by more than 30%, placing the circuit
under the pad.

Mr. Channy Lee, EVP and General Manager of MagnaChip's Specialty
Manufacturing Service business said, "Fabless companies using MagnaChip's
foundry service can directly benefit from smaller-size chips, leading to
cost reduction in their organizations.  We remain focused on leveraging
our technology leadership in support of our customers worldwide and plan
to extend application of the circuit-under-pad technology to our other
processes."


                  About MagnaChip Semiconductor

MagnaChip Semiconductor -- http://www.magnachip.com/-- designs, develops,
and manufactures mixed-signal and digital multimedia semiconductors
addressing the convergence of consumer electronics and communications
devices.  MagnaChip also provides wafer foundry services utilizing CMOS
high voltage, embedded memory, and analog and power process technologies
for the manufacture of IC's for customer-owned designs.  MagnaChip has
world-class manufacturing capabilities and an extensive portfolio of
approximately 8,500 registered and pending patents.  As a result,
MagnaChip is a valued partner in providing leading technology solutions to
its customers worldwide.

                          *     *     *

Moody's Investors Service, on April 20, 2007, downgraded MagnaChip
Semiconductor LLC's corporate family rating to B2 from B1.  At the same
time, Moody's has downgraded the following debt ratings as issued by
MagnaChip Semiconductor Finance Co (US) and MagnaChip Semiconductor SA:

   1) USUS$100 million 5-year senior secured credit revolver to
      B1 from Ba3

   2) USUS$500 million aggregate floating- and fixed-rate second
      priority senior secured notes due 2011 to B2 from B1

   3) USUS$250 million senior subordinated notes due 2014 to
      Caa1 from B3

The outlook for the ratings is negative.  This concludes the review for
possible downgrade commenced on February 1, 2007. On
Feb. 13, 2007, Standard & Poor's Ratings Services lowered its corporate
credit rating on MagnaChip to 'B' from 'B+'.  At the same time, S&P
lowered the rating on MagnaChip's senior unsecured debt to 'B' from 'B+'
and rating on its senior subordinated notes due 2014 to 'CCC+' from 'B-'.
The outlook on the long-term corporate credit rating is negative.


NOVELIS INC: S&P Rates US$860 Million Secured Term Loan at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' debt rating, with a
recovery rating of '2', to Novelis Inc.'s US$860 million secured term loan
due 2014.  The '2' recovery rating indicates an expectation of substantial
(70%-90%) recovery in the event of default.  Proceeds from the borrowings
will be used to refinance existing bank loans, which are being repaid in
the wake of the company's acquisition by Hindalco Industries Ltd.

The long-term corporate credit rating on Novelis is 'BB-'.  The outlook is
negative.  After giving effect to the proposed refinancing, the company
will have about US$2.9 billion of pro forma fully adjusted debt at March
31, 2007.

"The ratings on Novelis reflect its aggressive financial risk profile,
characterized by a heavy debt burden and low margins that have proven to
be less stable than expected when the company began stand-alone operations
in January 2005," said Standard & Poor's credit analyst Donald Marleau.
Nevertheless, Standard & Poor's expects that Novelis' financial
performance will improve steadily in the next four to six quarters, as the
company improves its ability to manage the operating margin and liquidity
risks associated with can sheet price ceilings and higher aluminum prices.

Ratings List

Novelis Inc.

Corporate credit rating      BB-/Negative/B-2

Rating Assigned

Novelis Inc.

$860 million secured term loan   BB (Recovery rating: 2)

Novelis has operations in Germany, Switzerland and Korea.


WOORI BANK: National Pension To Take Over Parent Company
--------------------------------------------------------
Woori Bank’s mother company Woori Finance Holdings will be partly taken
over by National Pension Service through the government’s stake, Chosun
News reports.

According to the report, Vice Minister of Health and Welfare Byun Jae-jin
said that its NPS’ investment policy to take over stakes in restructured
companies.  NPS will play a leading role in the takeover of stakes in
Woori Finance Holdings.
NPS could participate in the acquisition as both a financial and strategic
investor, suggesting that the pension fund is eyeing managerial rights in
Woori.

The NPS has never participated in a corporate takeover as a strategic
investor but as a financial investor, it put
KRW900 billion in the takeover of LG Card by Shinhan Financial Group early
this year, the report recounts.

The report relates that Korea Deposit Insurance Corp., the largest
stockholder in Woori Finance Holdings, sold 5% of its stake to domestic
and foreign institutions.  Currently, it owns a 73% stock in Woori.  The
remaining 27% is owned by local and overseas investors.

                          About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain,
Singapore,Moscow,London, and Dhaka.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


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

MALAYSIA AIRLINES: To Ink Code Share Deal with China Southern
-------------------------------------------------------------
Malaysian Airline System Bhd is likely to conclude a code-share agreement
with Guangzhou-based China Southern Airlines in the next three months,
giving Malaysia Air access to potentially 120 destinations throughout
China, sources told The Edge Daily.

"Both parties have already shaken hands on it.  The commercial agreement
will be signed once issues on the modalities of the systems are resolved.
This is to make sure their systems work," the sources told The Edge
Financial Daily.

"If everything goes well, the agreement will be inked around September,"
the sources added.

The Edge recounts that the airline’s chief executive officer, Datuk Idris
Jala, said that MAS was close to signing agreements with airlines in China
and India, and had started initial discussion with a US airline for such
an agreement.  He said the China deal could materialize this year, while
the India deal is rather "tricky" as the governments of both countries are
sorting out issues to remove "some impediments".

However, Mr. Idris expect both governments to resolve the issues by the
end of the year or early next year.


Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and international
flights.  Its global network comprised 32 domestic and 86 international
destinations.  Of the 86 international destinations, 17 were operated in
collaboration with airlines partners.

The carrier posted a loss after tax of MYR1.3 billion for fiscal year
2005, due to high fuel and operating costs, and unprofitable routes.  In
late February 2006, it unveiled a radical rescue plan to raise MYR4
billion to stay afloat and return to profitability by 2007.  Under the
restructuring plan, the airline pledged to cut its budget by 20% across
the board, terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


PROTON HOLDINGS: More Talks Needed with VW; Still in Talks w/ GM
----------------------------------------------------------------
Nor Mohamed Yackop, Malaysia’s second finance minister said the government
may hold a third round of talks with German carmaker Volkswagen about
selling a stake in Proton Holdings Bhd, Reuters reports.

Mr. Mohamed was also quoted by the news agency as saying that Proton is
still in talks with General Motors.

According to Mr. Yackop, the possibility of selling a stake in car
manufacturer Proton to Volkswagen was "reasonably good", although Malaysia
was also in talks with General Motors Corp.  "The fact that we had a first
round, a second round, a possible third round, means that things are
progressing," referring to talks with Volkswagen, Reuters says.

"The probability of working something out is reasonably good," he said.

However, Mr. Mohamed declined to say how big a stake the government might
sell in Proton, saying that "it's a very sensitive issue."


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

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

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

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


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

SEALEGS CORP: Makes Calls on 13,876 Partly-Paid Shares
------------------------------------------------------
In a regulatory filing with the New Zealand Stock Exchange dated June 22,
2007, Sealegs Corporation Limited said that it has made a call on the
unpaid balance of 13,876 partly paid shares in the company:

   -- NZ$7.04 per share in respect of 6,250 ordinary shares;

   -- NZ$10.56 per share in respect of 5,438 ordinary shares;

   -- NZ$8.96 per share in respect of 313 ordinary shares; and

   -- NZ$4.16 per share in respect of 1,875 ordinary shares.

The partly paid shares were originally held in Iddison Holdings Limited.
In accordance with the restructuring which occurred on April 1, 1999,
these shares were converted to partly paid shares in Sealegs Corp.

The call will be paid at the company’s office on or before 5:00 p.m. on 6
July 2007.

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

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

The group and parent posted consecutive net deficits after
taxation for the years ended March 31, 2006, and 2005, with the
group suffering net losses of NZ$1,211,061 and NZ$1,063,354 for
2006 and 2005 (company: NZ$209,582 and NZ$3,575,464),
respectively.  In FY2007, the company booked a net loss of
NZ$1.05 million.


TRUSTPOWER LTD: Gets Interim Nod on Wairau Valley Hydro Scheme
--------------------------------------------------------------
TrustPower Limited has gained interim approval for its 70MW hydro scheme
at the Wairau Valley, in Marlborough, Auckland, reports say.

Under the scheme, TrustPower will divert water from the Wairau River
through 46km of canals and five power stations and then return the water
to the river, the New Zealand Press Association relates.

The Marlborough District Council’s approval of the scheme reportedly is
conditioned on TrustPower’s further submissions on the environmental
impact the project might have.

After more than two and a half years of planning and consultation, which
resulted in the downsizing of the scheme from 100MW to 70MW, TrustPower
filed applications for resource consents in July 2005.

According to NZPA, a hearing on the company’s two applications for more
than 200 resource consents was held from June until December in 2006.

“The proposal attracted 602 submissions in support and 1,033 against,”
NZPA said.  “A final decision is expected in about three months.”

In a regulatory filing with the New Zealand Stock Exchange, TrustPower
Chief Executive Keith Tempest said the company welcomes the opportunity to
further work with the local community to determine appropriate conditions,
the end objective being improved efficiency and security of electricity
supply for the benefit of the people and businesses of the region.

"Although it seems a long time has elapsed since our original proposal in
2002, I believe it is important that the local community has its say and
that from the perspective of the wider community, that we get the balance
of the proposal's impacts and benefits right," Mr. Tempest said.  "In that
context we are looking forward to further engaging with representatives of
the local community over the weeks ahead to assist the committee as it
moves towards delivering its final decision."

TrustPower Limited -- http://www.trustpower.co-- owns and
operates 34 power stations and produces electricity exclusively
from renewable sources.  The company's power stations produce
enough electricity for 260,000 Kiwi households.

With assets of close to NZ$1.4 Billion, TrustPower is majority
New Zealand owned and is listed on the New Zealand stock
exchange.  TrustPower's head office is in Tauranga, with
regional offices in Auckland, Wellington, and Christchurch.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, on June 19, 2007,
listed TrustPower Ltd.'s bonds as distressed.  The bonds have
these coupon and maturity dates:

      Coupon        Maturity          Price
      ------        --------          -----
      8.300%        09/15/07           8.25
      8.300%        12/15/08           8.30
      8.500%        09/15/12           8.70
      8.500%        03/15/14           8.40


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

BANK OF PHIL. ISLANDS: Inks NPL Sale Deal with Bank of America
--------------------------------------------------------------
The Bank of the Philippine Islands signed Wednesday last week a sale and
purchase agreement with the Bank of America NA for BPI's non-performing
loan tranche sale worth PHP3.1 billion for 2007.

This is the bank's fourth NPL tranche sale since 2004. In 2004, the bank
sold PHP8.6 billion worth of NPLs to Morgan Stanley in a landmark
transaction.  For 2005 and 2006, the bank sold to Avenue Asia NPLs valuing
PHP2.4 billion and PHP6.3 billion, respectively.

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is the oldest
bank in South East Asia and is the second largest commercial bank in the
Philippines in terms of assets, deposits, loans and capital base in the
year 2003.  The bank has two major products and services categories: the
first covers its deposit taking and lending/investment activities, while
the second covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form of
commissions, service charges and fees.

The Troubled Company Reporter – Asia Pacific reported that on November 2,
2006, Moody's Investors Service revised the outlook of the bank of the
Philippine Islands' foreign currency long-term deposit rating of B1 to
stable from negative.

The outlooks for BPI's foreign currency Not-Prime short-term deposit
rating and bank financial strength rating of C- remains stable.


CHINA BANKING: Board Approves Merger with Manila Bank
-----------------------------------------------------
China Banking Corp.'s Board of Directors has approved the proposed merger
with The Manila Banking Corp. during a special meeting held Thursday last
week.

The Board authorized the bank to enter into a memorandum of agreement with
Manila Banking's stockholders that own more than two-thirds of Manila
Banking's outstanding capital stock for the purpose of a merger.

The Board also authorized Messrs. Gilbert U. Dee, Peter S. Dee, and
Ricardo R. Chua to to sign, execute and deliver on behalf of the Bank any
and all documents required to effect the foregoing approval.

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

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

                          *     *     *

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


CHINA BANKING: Announces Merger with Manila Bank
------------------------------------------------
China Banking Corporation, the country’s first privately-owned universal
bank, is acquiring the majority shares owned by the Puyat block in Manila
Bank. The final purchase price will be arrived at after a 30-day due
diligence to be conducted by China
Bank immediately after the MOA signing.

In a joint press statement, the Puyat family -- founders and majority
owners of Manila Bank -- and top officials of China Bank announced the
signing on June 21 of a Memorandum of Agreement, which calls for the
purchase of 87.51% of Manila Bank’s subscribed shares. The deal is subject
to approval
by the Monetary Board and the Securities and Exchange Commission.  The
resulting merger will boost China Bank’s network of 155 branches by 75
branches from Manila Bank, on top of the ongoing 3-year branch expansion
program of China Bank.  Of the 75 Manila Bank branch licenses -- of which
27 are operating -- 41 are located in Metro Manila while 34 are in
provincial areas. Manila Bank was reopened as a savings bank in June 1999.
As of December 2006, its total assets stood at PHP10.2 billion, loans at
PHP4.4 billion, deposits at PHP5.2 billion.

At the signing ceremony, Manila Bank Chairman Luis Puyat remarked on
behalf of the selling shareholders, “The rapidly changing landscape of the
Philippine banking industry has made it tougher for smaller banks to
compete.  It was a difficult decision for the family to let go a business
we have painstakingly built over the years.  In looking for a partner, we
were attracted by China Bank’s industry-best capital strength, financial
stability, loyal customers and sustained rofitability.  We are gratified
that Manila Bank will become a crucial part of China Bank’s plans to
become a strong major player in the industry.”

China Bank Chairman Gilbert U. Dee, on the other hand, said, “We are
extremely grateful to the Puyat family for entrusting the future of their
banking business, which they have built and nurtured over several
generations, to China Bank.”  China Bank Vice Chair and Excom Chair Hans
T. Sy said, “We consider this deal a strong recognition of the inherent
strengths of China Bank and the strong future that this combination of
resources
would mean for our combined client base.”

China Bank President and CEO Peter S. Dee also said, “Our 3-year business
plan calls for an aggressive expansion of our distribution network,
together with substantial growth in our assets and loan portfolio.  This
acquisition will boost our branch network substantially to over 250
branches, including the expansion program we already started even before
this deal.  With a bigger footprint and network through which we can sell
and distribute our full range of products and services, we are now in a
better position to compete more effectively with the bigger competitors in
the banking industry.”

China Bank has established a strong financial track record, especially in
the last 6 years.  China Bank’s 2006 net income performance of P3.54
billion represented a return on stockholders equity of 15.93% and a return
on assets of 2.47%.   The bank’s capital adequacy ratio of 28.35% adjusted
for credit risk (23.68% adjusted for both credit and market risk)
continues to be among the highest in the industry, placing it in a unique
position of being able to pursue its 3-year plan of accelerated loans
growth and branch network expansion, absorb the requirements of Basel 2,
while providing satisfactory returns to shareholders thru substantial cash
and stock dividends.

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

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

                          *     *     *

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


PHIL. LONG DISTANCE: Unit Opens Call Center Application Service
---------------------------------------------------------------
ePLDT, the Philippine Long Distance Telephone Co.’s information and
communications technology arm, launched Wednesday last week a new service
called Unified Contact Center Plus, a pre-integrated suite of
cost-efficient call center applications that are easy to install and
maintain.

ePLDT President and CEO Ray C. Espinosa said the huge cost of installation
and maintenance of contact support solutions is prohibitive for many
companies.  “The use of call centers (or contact centers) is now a norm
for many companies across
industries, to provide an efficient and cost effective way of reaching out
to their customers and addressing their various needs. But while there may
be traditional call center solutions that may be used today to support
call centers, it has become increasingly evident that these traditional
solutions may not necessarily address all of the growing business
functions and processes that call centers today need – given the high
capital expenditure involved and the complexity of installation and
maintenance,” said Mr. Espinosa.  “ePLDT’s Unified Contact Center Plus
aims to address these multi-function and multiprocess requirements,” he
added.

This new service is powered by Cosmocom’s Contact Center On-Demand
technology.  Cosmocom, a global leader in unified customer communications,
is also the leading provider of Contact Center On-Demand technology
worldwide.

The Unified Contact Center Plus, which is designed as a pure IP contact
center solution, unifies seamlessly various multimedia and multi-channel
capabilities, which are typically not possible in solutions that are not
inherently IP-based.  This system offers a complete contact center suite
that includes ACD, IVR, CTI, predictive dialing, and multimedia recording.
It is also enhanced with various management applications such as CRM
integration and call flow definition functions.  Multi-tenancy is also
built into Unified Contact Center Plus and applies to every facet of the
platform.

Mr. Espinosa said that as telecommunication companies provide more
messaging services and move to more web-based customer self-service, it
has become increasingly important for business to transform their call
center to a unified multi-channel contact center – one that supports every
contact channel in a unified way.

“As it was designed for multi-channel contact, the Unified Contact Center
Plus solution provides all these interaction methods,” said Mr. Espinosa.
“This system also maximizes agent productivity, minimizes response time
for all contact types, and gives agents access to customer interaction
history across all channels.”  Organizational changes like mergers,
spin-offs, re-organizations and redeployments can affect the status quo of
a traditional call center and have severe financial consequences.
Since Unified Contact Center Plus’s IP-based architecture is inherently
virtual, this process is more cost-effective.  It also entails the fast
deployment of a virtual call center that allows agents in multiple
locations to be managed and utilized as part of a single system image.

Given the latest trend in customer care towards offshore outsourcing of
agents, a virtual call center solution like Unified Contact Center Plus
can also help telecommunication companies make this move without
compromising the level of service and disturbing the integrity of the
application.  “With Unified Contact Center Plus, organizations enjoy
speedy implementation and streamlined operations as well as reduced cost
of integration, management and maintenance.  It also allows companies to
focus on their core business while enjoying expanded functionality in
their contact center,” Mr. Espinosa explained.  Unified Contact Center
Plus is now being utilized by organizations from a range of industries
with a need for efficient customer management services, such as the
tourism and finance sectors, telecom companies, and retail and
manufacturing industries.

To know more Unified Contact Center Plus, call 885-000 or email
sales@epldt.com.

                           About PLDT

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

                          *     *     *

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


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


PHIL. TELEGRAPH: Annual Stockholders Meeting Set For Jan. 2008
--------------------------------------------------------------
Philippine Telegraph and Telephone Corp.'s annual stockholders' meeting
for the fiscal years ending 2004, 2005, 2006 and 2007 has been moved from
July 27, 2007 to January 28, 2008.

The meeting has been postponed pending finalization of the company's
audited financial statements for the covered fiscal years.

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

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

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

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


PRYCE CORP: Elects Directors, Auditor for 2007
----------------------------------------------
Pryce Corp. elected new directors and appointed its external auditor for
the year 2007 during its annual stockholders' meeting held Thursday last
week.

These individuals were elected as directors during the meeting:

    * Salvador P. Escano    - Chairman
    * Antonio P. Escano     - Director
    * Nilo S. Ezequiel      - Director
    * Fernando L. Trinidad  - Director
    * Efren A. Palma        - Director
    * Vicente O. Afable Jr. - Independent Director
    * Simeon S. Umandal     - Director, Corporate Secretary

The stockholders also appointed these board committees during the meeting:

    BOARD AUDIT COMMITTEE
    * Efren A. Palma           - Chairman
    * Antonio P. EScano        - Member
    * Vicente O. Afable  Jr.   - Member

    BOARD NOMINATION AND ELECTION COMMITTEE
    * Salvador P. Escano       - Chairman
    * Efren A. Palma           - Member
    * Vicente O. Afable  Jr.   - Member

    BOARD COMPENSATION AND REMUNERATION COMMITTEE
    * Fernando L. Trinidad     - Chairman
    * Salvador P. Escano       - Member
    * Vicente O. Afable  Jr.   - Member

The stockholders also reappointed Diaz Murillo Dalupan and Co. as external
auditor.

During the Board organizational meeting held immediately after the annual
stockholders' meeting, these directors were elected as officers of the
company:

    * Salvador P. Escano    - Chief Executive Officer

    * Nilo S. Ezequiel      - President, Chief Operating Officer

    * Fernando L. Trinidad  - Executive Vice President,
                              Administration and Corporate
                              Restructuring

    * Efren A. Palma        - Senior Vice President, Hotel
                              Operations

    * Benjamin P. Escano    - Senior Vice President, Northern
                              Mindanao Operations

    * Jose Ma. L. Escano    - Senior Vice President, Southern
                              Mindanao Operations

    * Simeon S. Umandal     - Financial Vice President,
                              Corporate Secretary

    * Geoffery G. Cagakit   - Vice President, Legal
                              Officer/Corporate Information and
                              Compliance Officer

                       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.


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

SHIMIZU HONG KONG: Sets Final Meeting for July 23
-------------------------------------------------
Shimizu Hong Kong Company Limited will have their final meeting for its
members on July 23, 2007, at 10:00 a.m., on Room 1313-1315, Metroplaza,
Tower 1 at No. 223 Hing Fong Road in Kwai Fong, N.T.

At the meeting, the members will be asked to retain the company’s books,
accounts and documents by Makoto Miyoshi, officer of the company, and
destroy at the expiration of three months from the date of dissolution of
the company.


SINO BUSINESS: Final Meetings Set for July 23
---------------------------------------------
The members and creditors of Sino Business Management (H.K) Limited will
have their final meetings on July 23, 2007, at
3:30 p.m. and 4:00 p.m., respectively, on the 3rd Floor of Hong Kong Trade
Centre at 161 Des Voeux Road C. in Central, Hong Kong.

Fung Tze Wa, the company’s liquidator, will give a report about the
company’s wind-up proceedings and property disposal, during the meeting.


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

SIAM COMMERCIAL: Mutual Fund Growth Not Caused by Thaksin Freeze
----------------------------------------------------------------
Siam Commercial Bank denies rumors that SCB Savings Fixed Income Open-end
Fund's growth was fueled by the freezing of ousted prime minister Thaksin
Shinawatra's accounts, saying that the bank had to policy to transfer
savings to its mutual-fund unit in order to eliminate excess liquidity,
The Nation reports.

SCB Asset Management's mutual fund group executive vice president, Kampol
Adsavakulchai, told The Nation that SCBFF's growth from THB77 billion
early this year to THB158 billion is fueled by investors' confidence in
the fund's returns.

Each month, SCBFF is able to attract THB10 billion to
THB20 billion, causing SCB Asset Management's total assets under
management to rise from THB170.67 billion to THB278.77 billion as of June
2007, the article relates.

Mr. Kampol also addressed rumors that the bank willingly let its saving
account customers move to the mutual-fund unit following the freeze on
Thaksin's assets, saying that it is the customer's choice whether to
invest their money in mutual funds or in the bank's other products.

                   About Siam Commercial Bank

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

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

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

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

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

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

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

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


BOND PRICING: For the Week 25 June to 29 June 2007
--------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA &
NEW ZEALAND
-----------
Ainsworth Game                 8.000%  12/31/09     AUD     0.80
Alinta Networks                5.750%  09/22/10     AUD     6.62
APN News & Media Ltd           7.250%  10/31/08     AUD     5.02
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.60
Arrow Energy NL               10.000%  03/31/08     AUD     2.73
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     8.00
Becton Property Group          9.500%  06/30/10     AUD     0.81
BIL Finance Ltd                8.000%  10/15/07     NZD     9.75
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.50
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     9.50
Cardno Limited                 9.000%  06/30/08     AUD     5.60
CBH Resources                  9.500%  12/16/09     AUD     0.39
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.29
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.57
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.52
Fletcher Building Ltd          8.600%  03/15/08     NZD     9.10
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.75
Fletcher Building Ltd          7.550%  03/15/11     NZD     9.00
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.50
Geon Group                    11.750%  10/15/09     NZD     8.95
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     9.50
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD     9.75
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.65
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.80
Infratil Ltd                   8.500%  11/15/15     NZD     8.20
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.17
Metal Storm                   10.000%  09/01/09     AUD     0.14
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.97
Nuplex Industries Ltd          9.300%  09/15/07     NZD     8.75
Primelife Corporation         10.000%  01/31/08     AUD     1.04
Salomon SB Aust                4.250%  02/01/09     USD     7.58
Sapphire Sec                   7.410%  09/20/35     NZD     7.43
Sapphire Sec                   9.160%  09/20/35     NZD     9.12
Silver Chef Ltd               10.000%  08/31/08     AUD     1.08
Software of Excellence         7.000%  08/09/07     NZD     2.50
Speirs Group Ltd.             10.000%  06/30/49     NZD    65.00
Structural Systems            11.000%  06/30/07     AUD     1.70
TrustPower Ltd                 8.300%  09/15/07     NZD     8.25
TrustPower Ltd                 8.300%  12/15/08     NZD     8.30
TrustPower Ltd                 8.500%  09/15/12     NZD     8.70
TrustPower Ltd                 8.500%  03/15/14     NZD     8.40


CHINA
-----
China Tietong                  4.600%  08/18/15     CNY    60.00
Jiangxi Investment             4.380%  09/11/21     CNY    56.84


JAPAN
-----
Japan Funi Muni Ent            1.700%  10/30/08     JPY     2.31
JNR Settlement                 2.200%  02/15/08     JPY     1.68
Nara Prefecture                1.520%  10/31/14     JPY     9.83


KOREA
-----
Korea Development Bank         7.350%  01/27/21     KRW    48.85
Korea Development Bank         7.450%  10/31/21     KRW    48.83
Korea Development Bank         7.400%  11/02/21     KRW    48.81
Korea Development Bank         7.310%  11/08/21     KRW    48.77
Korea Development Bank         8.450%  12/15/26     KRW    70.49
Korea Electric Power           7.950%  04/01/96     USD    56.83


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.83
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.30
Berjaya Land Bhd               5.000%  12/30/09     MYR     1.08
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.51
Camerlin Group                 5.500%  07/15/07     MYR     2.20
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     1.51
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.69
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     2.86
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.73
Equine Capital                 3.000%  08/26/08     MYR     2.31
EG Industries Bhd              5.000%  06/16/10     MYR     0.60
Greatpac Holdings              2.000%  12/11/08     MYR     0.20
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.43
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.81
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.52
I-Berhad                       5.000%  04/30/07     MYR     0.75
Insas Bhd                      8.000%  04/19/09     MYR     0.78
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.44
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.53
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.96
Kumpulan Jetson                5.000%  11/27/12     MYR     0.68
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.77
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.77
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.77
Media Prima Bhd                2.000%  07/18/08     MYR     1.80
Mithril Bhd                    8.000%  04/05/09     MYR     0.24
Mithril Bhd                    3.000%  04/05/12     MYR     0.61
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.66
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.29
Pelikan International          3.000%  04/08/10     MYR     1.80
Pelikan International          3.000%  04/08/10     MYR     1.97
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.88
Ramunia Holdings               1.000%  12/20/07     MYR     1.09
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.89
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.90
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.23
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.30
Senai-Desaru Exp               3.500%  06/07/19     MYR    74.25
Senai-Desaru Exp               3.500%  12/09/19     MYR    72.87
Senai-Desaru Exp               3.500%  06/09/20     MYR    71.49
Senai-Desaru Exp               3.500%  12/09/20     MYR    70.14
Senai-Desaru Exp               3.500%  06/09/21     MYR    68.77
Southern Steel                 5.500%  07/31/08     MYR     1.60
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.28
Tradewinds Corp.               2.000%  02/08/12     MYR     1.01
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.10
TRC Synergy Berhad             5.000%  01/20/12     MYR     1.44
WCT Land Bhd                   3.000%  08/02/09     MYR     2.48
Wah Seong Corp                 3.000%  05/21/12     MYR     5.65
YTL Cement Bhd                 4.000%  11/10/15     MYR     2.06


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD




                            *********

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 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 ***