TCRAP_Public/070627.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Wednesday, June 27, 2007, Vol. 10, No. 126

                            Headlines

A U S T R A L I A

CHILTERN GROVE: Members’ Final Meeting Set for July 12
EVANS & TATE: Considers Ferngrove Vineyards’ Merger Offer
GRAEME MAWSON: Final Meeting Set for July 20
HANSON BUILDING: Liquidator to Give Wind-Up Report on July 25
ICON AUTOMOTIVE: Priority Creditors Must Prove Debts by July 3

IMAGE FABRICS: Undergoes Voluntary Liquidation
L. CHRISTY: Appoints Christopher James Fawcett as Liquidator
MONTREAL PROPERTY: To Declare Dividend on July 25
MULTIPLEX GROUP: To Build Emirates Park Towers Hotel in Dubai
MULTIPLEX GROUP: In Talks for Possible Joint Venture in India

MULTIPLEX GROUP: Announces Completion of Recapitalization
PNACC PTY: Members Resolve to Close Business
WHITE ROCK: Members to Receive Wind-Up Report on July 25
WIZZART PTY: Supreme Court Issues Wind-Up Order


C H I N A   &   H O N G  K O N G

AES CORP: Posts US$455-Million Loss in Quarter Ended March 31
BANK OF CHINA: Accounting Irregularities Won’t Affect Results
BEN KING LTD: Final General Meeting Set for July 25
BEST LINK PRINTING: Court to Hear Wind-Up Petition on August 1
CHINA GLASS: Moody’s Hands 1st-Time (P)B1 Rating to Unsec. Bond

CITIC SECURITIES: Regulator Okays Purchase of Fund Ventures
COBALT MANUFACTURING: Inability to Pay Debts Prompts Wind Up
EVERGREEN RESTAURANT: To Pay 1.8% Dividend to Ordinary Creditors
FUNG KONG: Faces Bank of China’s Wind-Up Petition
GREENTOWN CHINA: Moody’s Review Ba2 Ratings for Downgrade

HONGDA ENTERPRISES: Wind-Up Petition Hearing Set for August 1
HOPSON DEVELOPMENT: Moody’s Keeps Ba2 Ratings
HOPSON DEVELOPMENT: To Invest HK$6 Billion in Beijing Project
KOMO INVESTMENTS: Undergoes Wind-Up Proceedings
PETROLEOS DE VENEZUELA: Ryder Scott Spots Crude in Carabobo

POLARIS SECURITIES: Fitch Affirms C/D Individual Strength Rating
SHAW GROUP: Inks Partnership Agreement with Alinda Capital
RED HAT: Names Andrew Hu President of Greater China Operations
TNK-BP HOLDING: Selling Kovykta Gas Project Stake to OAO Gazprom
UNITED GOAL: Court to Hear Wind-Up Petition on August 15

* Moody's Cites Autonomy and Strong Growth on HK’s Stong Rating


I N D I A

BALLY TECHNOLOGIES: Deutsche Bank Keeps "Hold" Rating on Shares
BALLY TECHNOLOGIES: George Smith Reaffirms Buy Rating on Shares
DECCAN AVIATION: Promoters Wouldn’t Sell Stake to UB Holdings
GENERAL MOTORS: Reaches Tentative Deal with UAW and Delphi Corp.
STATE BANK OF INDIA: RBI to Transfer Entire Stake to Gov’t.

UTI BANK: Defers Raising of Capital & Preferential Allotment


I N D O N E S I A

ALCATEL-LUCENT: Partners with Telstra for a 3-Year R&D Agreement
BANK DANAMON: Inaugurates Office Channeling Network in Sulawesi
HM SAMPOERNA: To Sell New Product Under Marlboro Brand Name
MARSH & MCLENNAN: Unit Completes Catastrophe Bond Transaction
PERUSAHAAN GAS: Plans to Up Gas Production by 30% in 2009

TELKOMSEL: Partners w/ Yahoo for Onesearch Service Distribution


J A P A N

ALITALIA SPA: Italy Moves Bid Deadline to July 10
CAPCOM CO: Appoints New Chairman and President
GOODWILL GROUP: Survey Suggests Misdeeds Were in 19 Prefectures
MITSUBISHI MOTORS: Posts 6.5% Increase in Global Production
NOVOLIPETSK STEEL: Earns US$456.6 Million in First Quarter 2007

SENSATA TECH: US$276 MM Airpax Deal Cues S&P’s Negative Outlook
TOYS 'R' US: Fitch Affirms B- Issuer Default Rating


K O R E A

BIOMET INC: Moody’s Confirms Corporate Family Rating at P(B2)
CHOROKBAEM MEDIA: Changes Business Line to Textile
DASTEK CO: Converts First Bonds with Warrants into Shares
EG GREENTECH: Signs Contract with AC Engineering


M A L A Y S I A

TENAGA NASIONAL: Bags Sabah Power Plant Project
UNITED CHEMICALS: Completes Reform Plan Implementation


N E W  Z E A L A N D

CONNEXIONZ LTD: NZX Suspends Trading Until Firm Files FY Results
HERITAGE GOLD: Receives Licenses for Dunmarra Basin JV


P H I L I P P I N E S

APC GROUP: Sale of Unit Will Improve Net Worth by PHP10 Billion
APEX MINING: Annual Stockholders’ Meeting Set for September 7
ATLAS CONSOLIDATED: Unit Draws US$100MM From Deutsche Bank Loan
CHINA BANKING: Discloses Terms of Manila Bank Merger Agreement
MANILA ELECTRIC: Elects New Corporate Officers for Year 2007

MIRANT CORP: Closes Philippine Asset Sale for US$3.2 Billion
PHIL AIRLINES: In Talks To Lease Property in Clark Eco-Zone
PHIL. LONG DISTANCE: To Focus on Broadband Services in Cebu
RIZAL COMMERCIAL: Elects New Board of Directors for 2007
RIZAL COMMERCIAL: Tan Reveals New Strategy for Bank’s Growth


S I N G A P O R E

APPLIED AIR-CONDITIONING: Proofs of Debt Due by July 6
ARMSTRONG INDUSTRIAL: Registers Subsidiary in Thailand
ASTINA ELECTRONICS: Pays Dividend to Creditors
CHEMTURA CORP: Will Kuser Quits as Investor Relations Director
INTERIOR ALLIANCE: Pays Dividend to Creditors

LEAR CORP: Reschedules 2007 Annual Meeting to July 12
LIANG HUAT ALUMINUM: Names Independent & Non-executive Director
LINDETEVES-JACOBERG: Shareholder Reduces Stake in Company
MI SYSTEMS: Pays 100% of Claims to Ordinary Creditors
PBR-EMULBITUME: Pays Preferential Dividend to Creditors

PETROLEO BRASILEIRO: Investing US$10 Bil. To Revitalize Fields
PETROLEO BRASILEIRO: Court Says No to Plant Sale Suspension
PETROLEO BRASILEIRO: Awards US$34-Million Contract to HidroClean
PETROLEO BRASILEIRO: Oil & Gas Production Drop 1% in May 2007
SCOTTISH RE: Annual Shareholders Meeting Scheduled on July 18

SEA CONTAINERS: Court Okays Deloitte & Touche as Auditors
SEA CONTAINERS: Trustee & GE Opposes US$176MM DIP Financing
TUNG HSIN: Creditors Receive 6.16% of Claims
UNITED TEST: J. Hsu Ying-Ling to Head Taiwan Operations


T H A I L A N D

ABICO HOLDINGS: Reports on Progress of Business Restructuring
INTERFACE INC: Fabrics Division Sale Cues S&P’s Positive Watch
TONGKAH HARBOUR: Has Until July 10 to Submit Amended Financials
TOTAL ACCESS: TOT Refuses to Enter Into Interconnection Deal


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

CHILTERN GROVE: Members’ Final Meeting Set for July 12
------------------------------------------------------
Chiltern Grove Pty Ltd will hold a final meeting for its members on July
12, 2007, at 10:00 a.m.

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

The company’s liquidator is:

         John Bouwman
         Sinclair Wilson
         Accountants & Business Advisers
         177 Koroit Street
         Warrnambool, Victoria 3280
         Australia

                      About Chiltern Grove

Located in Victoria, Australia, Chiltern Grove Pty Ltd is an investor
relation company.


EVANS & TATE: Considers Ferngrove Vineyards’ Merger Offer
---------------------------------------------------------
After receiving merger offers from financial service firm Pendulum Capital
Pty Limited and rival winemaker Ferngrove Vineyards, Evans & Tate Limited
is considering Ferngrove’s merger proposal, Scott Rochfort writes for The
Sydney Morning Herald.

According to the report, Ferngrove has proposed to fold its operations
into the Margaret River winemaker in return for 413 million shares in the
merged group, a stake of 38.5%.

In an interview with Mr. Rochfort, Ferngrove Chief Executive Officer
Anthony Wilkes revealed that his proposal included a restructure plan to
convert into shares the AU$45 million worth of debt Evans & Tate owes to
ANZ.

Ferngrove proposes a renouncable rights issue to Evans & Tate shareholders
at 5 cents a share, which would raise
AU$20 million, half of which will be used to pay the winemaker’s debt to ANZ.

Mr. Rochfort quotes Mr. Wilkes as saying that “we've got a bigger asset
base with more capacity to generate revenue and we have complementary
brands” and it will bring AU$30 million of assets into the deal.

An Australian Associated Press report said that Evans & Tate’s board will
meet to consider Ferngrove’s offer and in which they want ANZ to also
think about the offer of the rival winemaker.

                      About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate Limited --
http://www.etw.com.au/-- is an Australian wine company listed on the
Australian Stock Exchange.  The primary businesses of the Evans & Tate
Wine Group are the production, marketing and distribution of a number of
branded, exclusive labeled and unbranded wines; contract winemaking; wine
trading; viticultural services; and wine tourism through its Visitor
Centers.

The Troubled Company Reporter – Asia Pacific reported on September 15,
2006, that Evans & Tate Limited posted a loss of AU$63.9 million for the
2005-2006 financial year, down 12% on the corresponding figure for the
previous year.

The TCR-AP report also stated that as of June 30, 2006, the company's
balance sheet revealed strained liquidity with AU$90.930 billion in total
current assets available to pay AU$152.377 billion of total current
liabilities coming due within the next 12 months.  Further, Evans & Tate's
June 30, 2006 balance sheet also showed total liabilities of AU$207.445
billion exceeding total assets of AU$139.792 billion, resulting to total
shareholders' deficit of AU$67.653 billion.

                          Going Concern

The same TCR-AP report adds that Evans & Tate says that the financial
report has been prepared on a going concern basis, noting that as at June
30, 2006, certain matters are considered pertinent when considering the
ability of
the consolidated entity to continue as a going concern.

The company notes that if it is unable to continue as a going concern, it
will be required to realize its assets and extinguish its liabilities
other than in the normal course of business and at amounts that may be
different to those stated in the financial report.


GRAEME MAWSON: Final Meeting Set for July 20
--------------------------------------------
The creditors of Graeme Mawson Holdings Pty Ltd will have their final
meeting on July 20, 2007, at 10:30 a.m.

During the meeting, the creditors of the company will receive the
liquidator’s report about the company’s wind-up proceedings and property
disposal.

The company’s liquidator is:

         P. Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne, Victoria 3000
         Australia

                       About Graeme Mawson

Graeme Mawson Holdings Pty Ltd, which is also trading as Beckwood Computer
Services, provides computer related services.  The company is located in
Victoria, Australia.


HANSON BUILDING: Liquidator to Give Wind-Up Report on July 25
-------------------------------------------------------------
A final meeting will be held for the members of Hanson Building Products
(Tasmania) Pty Ltd on July 25, 2007, at 10:30 a.m.

Ross Cooke, the company’s liquidator, will give a report during the
meeting, on the company’s wind-up proceedings and property disposal.

                      About Hanson Building

Hanson Building Products (Tasmania) Pty Ltd is a distributor of concrete
products, except block and brick.  The company is located in Tasmania,
Australia.


ICON AUTOMOTIVE: Priority Creditors Must Prove Debts by July 3
--------------------------------------------------------------
The priority creditors of Icon Automotive Pty Ltd are required to file
their proofs of debt by July 3, 2007, to be included in the company’s
dividend distribution.

The company will declare dividend on July 4, 2007.

The company’s liquidator is:

         Rod Slattery
         c/o PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                     About Icon Automotive

Icon Automotive Pty Ltd is a distributor of plastics material, synthetic
resins, and non vulcanizable elastomers.  The company is located in
Victoria, Australia.


IMAGE FABRICS: Undergoes Voluntary Liquidation
----------------------------------------------
On June 7, 2007, the members of Image Fabrics Pty Ltd had a meeting and
agreed to voluntarily liquidate the company’s business.

Samuel Richwol was appointed as liquidator.

The Liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Chartered Accountants
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                       About Image Fabrics

Image Fabrics Pty Ltd operates drapery, curtain and upholstery stores.
The company is located in Victoria, Australia.


L. CHRISTY: Appoints Christopher James Fawcett as Liquidator
------------------------------------------------------------
During a general meeting held on May 22, 2007, the members of
L. Christy Proprietary Limited decided to voluntarily liquidate the
company’s business and appointed Christopher James Fawcett as liquidator.

                        About L. Christy

L. Christy Proprietary Limited operates repair shops and provides related
services.  The company is located in Victoria, Australia.


MONTREAL PROPERTY: To Declare Dividend on July 25
-------------------------------------------------
Montreal Property Services Pty Ltd, which is in liquidation, will declare
a first dividend for its priority creditors on July 25, 2007.

Proofs of debt from the creditors must be in by July 10, 2007, to be
included in the company’s dividend distribution.

The company’s liquidator is:

         James Stewart
         Ferrier Hodgson
         PO Box 290, Collins Street West
         Melbourne, Victoria 8007
         Australia

                    About Montreal Property

Montreal Property Services Pty Ltd deals with real estate agents and
managers.  The company is located in Victoria, Australia.


MULTIPLEX GROUP: To Build Emirates Park Towers Hotel in Dubai
-------------------------------------------------------------
Multiplex Group is pleased to announce that its construction division in
the United Arab Emirates ("NASA Multiplex’) has been awarded an
approximately AU$715 million contract for the construction of the Emirates
Park Towers Hotel in Dubai, for Emirates Airlines.

Situated adjacent to the Emirates Holiday and Dnata Travel Centre on Sheik
Zayed Road, the Emirates Park Towers Hotel project, with an anticipated
total area of 348,000 square metres, will include hotel rooms, service
rooms, Presidential floors, restaurants and car parking.  In addition, a
restaurant complex will be constructed along the length of the promenade
from Sheik Zayed Road to the hotel towers overlooking the Creek canal.

Construction of the Emirates Park Towers Hotel will commence in July 2007,
with contract works to comprise:

   * Two 80-storey hotel towers, including roof area and mast
     structure to an overall height of 376 metres;

   * Podium with two-storey basement car park;

   * Auditorium for 650 people, banquet hall for 960 people,
     business centres and health club;

   * Restaurants from ground to level 6, 72, 79 and 80;

   * Internal finishes, fit out and furniture; and

   * External works and landscaping.

This project adds to a growing workbook in the region following other
recently awarded contracts, including UP Motor City in Dubai.  Work in
hand now totals AU$3.382 billion in the region.

Commenting on the contract, Mr. Graeme Robson, Managing Director of
Multiplex - Middle East and UK, said: “This is a significant contract for
NASA Multiplex, increasing our presence in the region and we are very
pleased to be working with Emirates and their consultant team on this
exciting project.”

                  About Multiplex Group

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its revenue from
property funds management, construction, property development, and
facilities management.  The Group employs over
2,000 people and has established operations and offices throughout
Australia, New Zealand, the United Kingdom and the Middle East.  In
December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group, raising a
total of AU$1.2 billion.  Multiplex Group was formed by combining the
various businesses of Multiplex Limited and the newly established
portfolio of investments held by Multiplex Property Trust.

Early in 2005, Multiplex began facing cost pressures on its reconstruction
project for the Wembley Stadium in London, prompting it to conduct its own
internal investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading to an
unpredicted write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two United
Kingdom projects, writing off AU$68.3 million from its profits.  This
started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of February
2006, the Company is faced with liquidity crisis after posting a massive
AU$474 million loss on Wembley.

The Troubled Company Reporter - Asia Pacific reported on Aug.
18, 2006, that Multiplex Group's financial results for the year ended June
30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or AU$255
million after tax loss.  The project loss position has remained unchanged
since December 31, 2005.


MULTIPLEX GROUP: In Talks for Possible Joint Venture in India
-------------------------------------------------------------
Multiplex Group is in talks about a possible joint venture in India which
would involve potential projects in the southern part of India, Brisbane
Times reports.

According to the statement grabbed the Brisbane Times, Multiplex will
disclose details to the market once a joint venture has been finalized.

Meanwhile, in a report by Turi Condon of The Australian, Multiplex was
believed to have struck a deal with Emaar, for  AU$3 billion worth of
construction work in one of the world's fastest growing economies.

The Australian article further relates that this development can be
advantageous to Canadian suitor Brookfield Asset Management offering a
AU$4.3 billion bid should its offer be accepted by Multiplex.

Brookfield Managing Partner Sam Pollock revealed to Mr. Condon in an
interview that its company, earlier this month, was talking of plans to
expand into China, Japan and India.

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its revenue from
property funds management, construction, property development, and
facilities management.  The Group employs over
2,000 people and has established operations and offices throughout
Australia, New Zealand, the United Kingdom and the Middle East.  In
December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group, raising a
total of AU$1.2 billion.  Multiplex Group was formed by combining the
various businesses of Multiplex Limited and the newly established
portfolio of investments held by Multiplex Property Trust.

Early in 2005, Multiplex began facing cost pressures on its reconstruction
project for the Wembley Stadium in London, prompting it to conduct its own
internal investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading to an
unpredicted write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two United
Kingdom projects, writing off AU$68.3 million from its profits.  This
started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of February
2006, the Company is faced with liquidity crisis after posting a massive
AU$474 million loss on Wembley.

The Troubled Company Reporter - Asia Pacific reported on Aug.
18, 2006, that Multiplex Group's financial results for the year ended June
30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or AU$255
million after tax loss.  The project loss position has remained unchanged
since December 31, 2005.


MULTIPLEX GROUP: Announces Completion of Recapitalization
---------------------------------------------------------
Multiplex Group advises that it has now completed the review previously
foreshadowed of the allocation of capital between Multiplex Limited and
Multiplex Property Trust.  The outcome of that review confirmed that an
increased allocation of capital to the Company would provide a stronger
and more efficient capital structure for the Company.  This has been
implemented by a subsidiary of the Company issuing AU$1 billion of
Convertible Non-Share Equity Instruments to the Trust.  The proceeds of
the CNSEI will be used to repay AU$1 billion of the existing loan from the
Trust.

CNSEI are perpetual and subordinated instruments.  At the option of the
Issuer, the CNSEI may be redeemed or, subject to approval from the Trust
and the Company, converted into stapled securities.  If the CNSEI are
converted into stapled securities it is anticipated that they would be
distributed pro-rata to stapled securityholders.  The Trust may only
require redemption of the CNSEI in limited circumstances.

The recapitalization will not impact the distribution for the period ended
30 June 2007 (estimated to be 10 cents per stapled security) and is not
expected to impact the amount of future distributions to securityholders
to any material extent in the short term.  The more efficient structure
resulting from the recapitalization aims to enhance the Group’s
performance over time.

The Issue of the CNSEI will not adversely affect the rights of SITES holders.

                       About Multiplex Group

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its revenue from
property funds management, construction, property development, and
facilities management.  The Group employs over
2,000 people and has established operations and offices throughout
Australia, New Zealand, the United Kingdom and the Middle East.  In
December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group, raising a
total of AU$1.2 billion.  Multiplex Group was formed by combining the
various businesses of Multiplex Limited and the newly established
portfolio of investments held by Multiplex Property Trust.

Early in 2005, Multiplex began facing cost pressures on its reconstruction
project for the Wembley Stadium in London, prompting it to conduct its own
internal investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading to an
unpredicted write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two United
Kingdom projects, writing off AU$68.3 million from its profits.  This
started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of February
2006, the Company is faced with liquidity crisis after posting a massive
AU$474 million loss on Wembley.

The Troubled Company Reporter - Asia Pacific reported on Aug.
18, 2006, that Multiplex Group's financial results for the year ended June
30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or AU$255
million after tax loss.  The project loss position has remained unchanged
since December 31, 2005.


PNACC PTY: Members Resolve to Close Business
--------------------------------------------
At an extraordinary general meeting held on June 8, 2007, the members of
PNACC Pty Ltd resolved to close the company’s business.

Gess Michael Rambaldi and Andrew Reginald Yeo were appointed as liquidators.

The Liquidators can be reached at:

         Gess Michael Rambaldi
         Andrew Reginald Yeo
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia

                        About Pnacc Pty

Pnacc Pty Ltd is a distributor of groceries and related products.  The
company is located in Victoria, Australia.


WHITE ROCK: Members to Receive Wind-Up Report on July 25
--------------------------------------------------------
White Rock Quarries Pty Ltd will hold a final meeting for its members on
July 25, 2007, at 10:00 a.m.

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

The company’s liquidator is:

         Ross Cooke
         Ross Cooke & Co
         8 Brunel Street
         East Malvern, Victoria 3145
         Australia

                        About White Rock

White Rock Quarries Pty Ltd is a distributor of crushed and broken stone.
The company is located in South Australia, Australia.


WIZZART PTY: Supreme Court Issues Wind-Up Order
-----------------------------------------------
On June 6, 2007, the Supreme Court of Victoria issued an order to wind up
the operations of Wizzart Pty Ltd.

Paul Kirk of PricewaterhouseCoopers was appointed as liquidator.

The Liquidator can be reached at:

         Paul Kirk
         PricewaterhouseCoopers
         Freshwater Place, 2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia

                       About Wizzart Pty

Wizzart Pty Ltd is involved with commercial art and graphic design.  The
company is located in Victoria, Australia.


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

AES CORP: Posts US$455-Million Loss in Quarter Ended March 31
-------------------------------------------------------------
The AES Corporation reported that revenues increased 11% to US$3.1 billion
at March 31, 2007, 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.

The company had a net loss of US$455 million for the quarter ended March
31, 2007, as compared with a net income of
US$348 million for the same quarter a year ago.

First quarter income from continuing operations was
US$119 million, compare to 2006 first quarter income from continuing
operations of US$330 million.

As anticipated and previously disclosed the company recognized an
impairment charge of about US$638 million, in connection with the sale of
its equity stake in its Venezuelan subsidiary C.A. La Electricidad de
Caracas.

At March 31, 2007, the company had total assets of
US$31.9 billion, total liabilities of US$29.4 billion, and total
stockholders' equity of US$2.5 billion.

At March 31, 2007, the company had US$4.9 billion of recourse debt and
US$12 billion of non-recourse debt outstanding.

At March 31, 2007, cash and cash equivalents increased by
US$69 million from Dec. 31, 2006, to US$1.4 billion.  The change in cash
was due to US$581 million of cash provided by operating activities, US$677
million of cash used by investing activities, US$148 million of cash
provided by financing activities and the positive effect of exchange rates
on cash of US$17 million.

                     Discontinued Operations

In May 2007, the company’s wholly-owned subsidiary, Central Valley,
reached an agreement to sell 100% of its indirect interest in two biomass
fired power plants located in central California, the 50MW Delano facility
and the 25MW Mendota facility, for US$51 million.  The AES Board of
Directors approved the sale of the Central Valley Businesses in February
2007.

In February 2007, the company entered into a definitive agreement to sell
its shares of La Electricidad de Caracas subsidiary for US$739 million net
of withholding taxes.  In addition, the agreement provided for the payment
of a
US$120 million dividend in 2007 that was approved and declared by EDC
shareholders on March 1, 2007.

                    Partnership with GE Energy

During the quarter, 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.

A full-text copy of the company’s first quarter 2007 report is available
for free at http://ResearchArchives.com/t/s?2125

"The quarter reflected strong revenues, cash flow and underlying operating
performance," said Paul Hanrahan, AES president and chief executive
officer.  "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."

                      About AES Corporation

AES Corporation -- 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 has been in Eastern Europe for nearly ten years, since it acquired
three power plants in Hungary in 1996.  Currently, AES has two
distribution companies in Ukraine, which serve 1.2 million customers and
generation plants in the Czech Republic and Hungary.  AES is also the
leading company in biomass conversion in Hungary, generating 37% of the
nation's total renewable generation in 2004.

                           *     *     *

To date, AES Corporation carries Moody's Ba3 senior secured debt rating,
B1 long-term corporate family, senior unsecured debt and
probability-of-default ratings, and Ba1 bank loan debt rating.  The
outlook remains stable.

Also, the company continues to carry Standard & Poor's BB- long-term
foreign and local issuer credit ratings.  The outlook remains stable.

The company also carries Fitch B+ long-term issuer default rating, BB+
senior secured debt and bank loan debt ratings, BB senior unsecured debt
rating and B senior subordinated debt rating.  The outlook remains stable.


BANK OF CHINA: Accounting Irregularities Won’t Affect Results
-------------------------------------------------------------
The isolated cases of “irregularities” uncovered during a government audit
in 2006 won’t affect Bank of China Ltd’s financial results, various
sources say, citing the bank’s statement.

"The audit findings have no impact on the bank's overall operational
results and do not affect its financial statements that have been issued,"
the bank said in a statement to the Shanghai Stock Exchange.

According to reports, China’s National Audit Office found incidents
including failure of branches to adhere to the government's macro-economic
controls and the bank's own credit approval policies in its accounting
probe last year.  The probe also uncovered improper recording of income
and expenses.


Beijing-based Bank of China Limited -- http://www.bank-of-
china.com/en/static/index.html -- is a Chinese bank that has presence in
all major continents.  The company offers financial services through its
global network of over 560 overseas offices in 25 countries and regions.
In Hong Kong and Macao, Bank of China is one of the local note issuing
banks.  Traditional commercial banking constitutes the majority of Bank of
China's business, which is composed of corporate banking, retail banking
and banking with financial institutions.  The company has branches in
Singapore, Japan, Kazakhstan, London, Grand Cayman, and the United States.

Moody's Investors Service gave the bank a bank financial strength rating
of D- on May 4, 2007.

The Troubled Company Reporter - Asia Pacific reported that Fitch Ratings
affirmed the bank's D individual rating on December 14, 2006.


BEN KING LTD: Final General Meeting Set for July 25
---------------------------------------------------
Ben King Limited will hold a final general meeting for its members on July
25, 2007, at 10:00 a.m., House C at Hang Hau Wing Lung Road, DD 238, Lot
653, Sai Kung in New Territories, Hong Kong.

Chan Siu Cheung and Martin Nicholas Hadaway, the company’s liquidators,
will give at the meeting, a report about the company’s wind-up proceedings
and property disposal.


BEST LINK PRINTING: Court to Hear Wind-Up Petition on August 1
--------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the operations
of Best Link Printing Equipment Company Limited on August 1, 2007, at 9:30
a.m.

The petition was filed by New Spring Label & Packaging Limited on May 30,
2007.

New Spring’s solicitor is:

         Chan, Lau & Wai
         Asia Standard Tower, 8th Tower
         Nos. 59-65 Queen’s Road, Central
         Hong Kong


CHINA GLASS: Moody’s Hands 1st-Time (P)B1 Rating to Unsec. Bond
---------------------------------------------------------------
On June 22, 2007, Moody's Investors Service assigned a provisional (P)B1
corporate family rating to China Glass Holdings Ltd.  At the same time,
Moody's has assigned a provisional (P)B1 to the proposed 5-year senior
unsecured bonds to be issued by China Glass and guaranteed by various
subsidiary guarantors, including JV Investments Ltd.  The outlook on the
ratings is stable.  This is the first time that Moody's has assigned
ratings to China Glass.

The bond proceeds will be used primarily to refinance all existing debt at
China Glass in order to improve its debt maturity profile.  Moody's
expects to lift the provisional status of the ratings upon completion of
the issuance.

"The rating on China Glass reflects the company's leading position in
glass manufacturing in China and the expertise of its experienced
management team," says Renee Lam, a Moody's VP/Senior Analyst and lead
analyst for China Glass.  "The company has a diversified product range,
enhancing its competitive position, and its move into high-margin products
should gradually lift profitability."

"At the same time, these strengths are tempered by its small operating
scale by global standards, acquisitive growth strategy, as well as the
highly cyclical nature of its profits and cash flow, reflecting the
volatilities of China's highly fragmented and competitive glass market,"
says Lam.  "Its current focus on the low-to-mid margin segments
exacerbates such cyclicality."

"Further, 70% of the company's assets are vested in its 43.2%-owned
subsidiary JV Investments Ltd and, as such, it can technically only claim
43.2% of the cash flow generated," says Lam.  "Nonetheless, upstream
guarantees provided by JV Investments partially mitigate concerns in this
area."

In accordance with Moody's global rating methodology for building
materials industry companies (please refer to Rating Methodology: Global
Building Materials Industry, July 2006), China Glass maps to a B rating
category.  The final B1 rating also incorporates the company's complex
corporate structure and the risk involved in any future acquisitions.

The stable outlook reflects an expected gradual improvement, based on
recovering market conditions, in the company's financial metrics from
those in 2006, which were weak for the rating.  Moody's also expects it to
conduct future acquisitions in a prudent manner.

Positive rating momentum could emerge with a sustained price improvement
in the glass market in China, such that profit and cash flow generation
stabilize.  Evidence of conservative financing for future acquisitions
would also be positive for the rating.  Financial metrics that Moody's
would consider for an upgrade include consistent maintenance of debt to
EBITDA at below 3-3.5x.

On the other hand, the company may be downgraded if the severe industry
cycle continues, such that it continues to exhibit high volatility in
earnings and cash flow.  Acquisitions that are largely debt-funded would
also be negative for the rating.  Moody's would consider debt to EBITDA
persistently above 4-4.5x as indicative of a possible downgrade.

China Glass Holdings Ltd (China Glass), publicly listed in Hong Kong, is
the second largest flat glass manufacturer in China in terms of capacity,
with 14 production lines located across the country.  The flat glass it
produces is largely for use in the construction industry.

The company built up to its present scale largely through acquisitions
made in 2006 and early 2007.  Its major shareholders are Hony
International Ltd (33.8%; the private equity fund of Legend Holdings Ltd),
Pilkington plc (28.9%; a UK-based glass manufacturer, which in turn was
acquired by Nippon Sheet Glass Co Ltd in 2006), and International Finance
Corporation (8.1%; part of the World Bank Group). The company's management
holds a further 9.6% shareholding.


CITIC SECURITIES: Regulator Okays Purchase of Fund Ventures
-----------------------------------------------------------
CITIC Securities Co had gained the regulatory nod to take control of two
fund ventures, which will pave the way for the broker to merge the two in
expansion of its money management business, Shanghai Daily reports.

Citing the company’s statement to the Shanghai Stock Exchange, Shanghai
Daily relates that the company received approval from the China Securities
Regulatory Commission to buy 51% of Citic Fund Management Co from three
firms to boost its stake to 100%.  In addition, the company will also buy
20% of China Asset Management Co from Beijing Securities, raising its
stake to 60.73%.

The Daily recounts that Citic Securities said early this month that it
planned to buy 35.73% of China Asset Management Co for as much as CNY400
million (US$51.9 million) from Southwest Securities Co, in a deal that
will increase its interest to more than 96%.

The stake purchases will set the stage for the brokerage to merge the two
fund subsidiaries as China's stock regulator allows a single securities
firm to control only one fund firm, the paper notes.

                       About CITIC Resources

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

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


BEN KING LTD: Final General Meeting Set for July 25
---------------------------------------------------
Ben King Limited will hold a final general meeting for its members on July
25, 2007, at 10:00 a.m., House C at Hang Hau Wing Lung Road, DD 238, Lot
653, Sai Kung in New Territories, Hong Kong.

Chan Siu Cheung and Martin Nicholas Hadaway, the company’s liquidators,
will give at the meeting, a report about the company’s wind-up proceedings
and property disposal.


BEST LINK PRINTING: Court to Hear Wind-Up Petition on August 1
--------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the operations
of Best Link Printing Equipment Company Limited on August 1, 2007, at 9:30
a.m.

The petition was filed by New Spring Label & Packaging Limited on May 30,
2007.

New Spring’s solicitor is:

         Chan, Lau & Wai
         Asia Standard Tower, 8th Tower
         Nos. 59-65 Queen’s Road, Central
         Hong Kong


COBALT MANUFACTURING: Inability to Pay Debts Prompts Wind Up
------------------------------------------------------------
On June 15, 2007, the members of Cobalt Manufacturing Limited passed a
resolution to wind up the company’s operations due to its inability to pay
its debts.

Wong Kam Wah and Lo Wing Hung were appointed as liquidators.

The Liquidators can be reached at:

         Wong Kam Wah
         Lo Wing Hung
         Gloucester Tower, 5th Floor
         The Landmark
         11 Pedder Street, Central
         Hong Kong


EVERGREEN RESTAURANT: To Pay 1.8% Dividend to Ordinary Creditors
----------------------------------------------------------------
Evergreen Restaurant Limited, which is in voluntary liquidation, will pay
1.8% of dividend to its ordinary creditors on or after June 27, 2007.

The company’s liquidator is:

         Kong Chi How, Johnson
         Wing on Centre, 25th Floor
         11 Connaught Road, Central
         Hong Kong


FUNG KONG: Faces Bank of China’s Wind-Up Petition
-------------------------------------------------
A petition to wind up the operations Fun Kong Development Limited will be
heard before the High Court of Hong Kong on August 8, 2007, at 9:30 a.m.

The petition was filed by Bank of China (Hong Kong) Limited on June 4, 2007.

Bank of China’s solicitors are:

         Anthony Chiang & Partners
         3903 Tower 2, Lippo Centre
         89 Queensway, Central
         Hong Kong


GREENTOWN CHINA: Moody’s Review Ba2 Ratings for Downgrade
---------------------------------------------------------
Moody's Investors Service on June 25, 2007, placed Greentown China
Holdings Ltd's Ba2 corporate family rating and senior unsecured bond
rating on review for possible downgrade.
"The review is prompted by Greentown's series of land acquisitions
recently, which is at a pace beyond our expectation," says Kaven Tsang,
Moody's lead analyst for Greentown.

The company announced that it had acquired 2 parcels of land in Shanghai
and Zhejiang Provinces for a total sum of CNY2.7 billion, followed closely
to the company's acquisitions in Hangzhou and Wenzhou earlier this year.

"Further financial resource, in addition to the recently raised US$600
million through equity placement and convertible bond issue, is required
for the land acquisitions totaled CNY10 billion since late last year,"
comments Tsang.

"Greentown's leverage is therefore expected to remain at a high level
relative to its rating in the medium term without further increase in its
equity capital," adds Tsang.

Moody's review will focus on what financing arrangements the company will
have to pay for the land and related construction costs of the new
projects; the likelihood of Greentown successfully achieving its expected
sales; and the company's ability in ensuring availability of liquidity to
support its expanding business scale.

Greentown China Holdings Ltd is one of the major property developers in
China with a primary focus on Hangzhou and Zhejiang Province. It has land
banks in 19 cities in China and an attributable gross floor area of 9
million square meters.  Greentown listed on the Hong Kong Stock Exchange
in July 2006.


HONGDA ENTERPRISES: Wind-Up Petition Hearing Set for August 1
-------------------------------------------------------------
A petition to wind up the operations of Hongda Enterprises (Groups)
Limited will be heard before the High Court of Hong Kong on August 1,
2007, at 9:30 a.m.

China Agricultural Finance Company Limited filed the petition with the
Court on May 30, 2007.

China Agricultural’s solicitor is:

         Chris H.M. Yuen & Co.
         World-Wide House, Room 804B
         19 Des Voeux Road, Central
         Hong Kong


HOPSON DEVELOPMENT: Moody’s Keeps Ba2 Ratings
---------------------------------------------
On June 25, 2007, Moody's Investors Service affirmed its Ba2 corporate
family and senior unsecured ratings of Hopson Development Holdings
Limited.  The outlook remains stable.

The affirmation follows the company's announcement that it will purchase
from its chairman for CNY6 billion for an 80% interest in Believe Best
Investment Limited, which in turn has a development project in Beijing.

"Hopson's debt service coverage metrics will not be materially affected,
as the transaction will be 2/3 funded by a new equity issuance and 1/3 by
internal cash reserves," says Kaven Tsang, Moody's lead analyst for
Hopson.

Moody's notes that the legal title of the Beijing project has not yet been
obtained and is subject to completion of the resettlement.  The
affirmation has taken into account full payments of the resettlement cost
and land premium, estimated at a total sum of CNY5.6 billion, by its
chairman by mid 2008.  Any material delay or cost overrun of the process
may negatively affect Hopson's overall financial profile and warrant a
reassessment of the ratings.

The ratings could undergo a downgrade if Hopson:

    1) fails to meet Moody's sales expectation,

    2) executes aggressive land acquisition or capex, beyond
       Moody's expectations, such that its balance sheet is
       further geared up, or

    3) experiences a significant downturn in China's property
       market and no counterbalancing actions are taken, such as
       de-leveraging.

A weakening in liquidity and financial profiles with cash holdings falling
to a level insufficient to cover 12-month forward maturing debt
obligations and the company fails to take recovery actions, such as asset
disposals, or maintaining its current ability to roll-over domestic
borrowings, could also pressure the rating.  In terms of financial
metrics, Moody's sees adjusted leverage consistently above 50%, or
OCF/interest under 4x as a signal for considering a downgrade.

On the other hand, the ratings could experience upward pressure if Hopson
successfully:

   1) establishes a sustainable track record in achieving its
      sales projections over the next 2 years,

   2) demonstrates an ongoing ability to manage its financial
      profile through China's property cycle,

   3) builds up a sizable portfolio of stable recurring income,
      and/or

   4) manages to strengthen its liquidity position, such that a
      consistent surplus free cash flow is generated.

In terms of financial metrics, Moody's sees adjusted leverage consistently
below 35-40%, and OCF/interest above 6-7x as a signal for considering an
upgrade.


HOPSON DEVELOPMENT: To Invest HK$6 Billion in Beijing Project
-------------------------------------------------------------
Hopson Development Holdings will invest HK$6 billion for an 80% stake in a
Beijing project owned by its controlling shareholder and chairman Chu
Mang-yee, reports say.

According to The Standard, the project, which the company plans to build
into a high-end residential project, is situated in a 200,000-square-meter
site in Chaoyang district.  It was purchased last month by Believe Best,
an investment company wholly owned by Mr. Chu, for CNY1 billion (HK$1.02
billion).

Hopson plans to finance the deal through cash installments and by issuing
new shares.  It will raise HK$4 billion, representing 66.67% of the total
price, in a share placement, The Standard adds.  Each share will be
offered at HK$21.95.

The deal, struck after "arm's length negotiations," will boost Mr. Chu's
stake in Hopson to 59.08% from 53.29%, notes Karen Cho of The Standard.

After the purchase, Hopson will hold an 80% stake in the project, while
Believe Best will own the rest.  The title to the site is held by Beijing
and its transfer hinges on payment of a CNY840 million premium.  To date,
only CNY220 million has been paid.

Ms. Cho says that buildings on the site also need to be demolished first
where Believe Best will bear the full cost of the outstanding land premium
and demolition.

The deal needs approval from independent shareholders.  It is also
conditional on legal opinion on the title, payment of deed taxes, and
planning permission by the end of September.


Hopson Development Company Holdings Limited (Hopson) is one of the largest
property developers in China. Its principal businesses are residential
developments in 4 major cities -- Guangzhou, Beijing, Shanghai and Tianjin
-- and their surrounding areas.

The Troubled Company Reporter – Asia Pacific on June 11, 2007, reported
that Standard & Poor's Ratings Services had lowered its corporate credit
rating on China-based property developer Hopson development Holdings Ltd.
to BB from BB+.  The rating was removed from CreditWatch, where it had
been placed with negative implications on Jan. 19, 2007, following
Hopson's issuance of a CNY1.83 billion convertible bond due 2010.  The
outlook is stable.  At the same time, Standard & Poor's lowered its issue
ratings on Hopson's US$350 million 8.125% notes due 2012 and on the
convertible bond to BB from BB+.  The ratings were also removed from
CreditWatch.


KOMO INVESTMENTS: Undergoes Wind-Up Proceedings
-----------------------------------------------
On June 4, 2007, Bank of China (Hong Kong) Limited filed a petition to
wind up the operations of Komo Investments Limited.

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

Bank of China’s solicitors are:

         Anthony Chiang & Partners
         Lippo Centre, 3903 Tower
         89 Queensway, Central
         Hong Kong


PETROLEOS DE VENEZUELA: Ryder Scott Spots Crude in Carabobo
-----------------------------------------------------------
Venezuelan state-owned firm Petroleos de Venezuela SA said in a statement
that reservoir appraisal company Ryder Scott has estimated there are about
28.7 billion barrels of crude in the Carabobo 3 block in Orinoco.

Business News America reports that Petroleos de Venezuela calculations
based on Ryder Scott’s estimate says the reserve is considered "original
oil on site,” which means that proven reserves in the block are 20% of the
total, or about 5.7 billion barrels.
Petroleos de Venezuela said in a statement that the certification is part
of the Orinoco Magna Reserve project, which seeks to certify 260 billion
barrels in retrievable oil spread over two dozen blocks in the Orinoco
belt.

Ryder Scott had certified some 30.7 billion barrels in the Carabobo 2
block and about 45.5 billion barrels in Carabobo 1, BNamericas states.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state
oil company in charge of the development of the petroleum, petrochemical
and coal industry, as well as planning, coordinating, supervising and
controlling the operational activities of its divisions, both in Venezuela
and abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured long-term credit rating to Petroleos de
Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes due 2027,
and US$1 billion notes due 2037.


POLARIS SECURITIES: Fitch Affirms C/D Individual Strength Rating
----------------------------------------------------------------
Fitch Ratings on June 25, 2007, affirmed the ratings of Polaris Securities
Co., Ltd. in these manner:

    -- Long-term Issuer Default Rating at 'BBB-',
    -- Short-term IDR at 'F3',
    -- National Long-term at 'A(twn)',
    -- National Short-term at 'F1(twn)',
    -- Individual at 'C/D' and
    -- Support at '5'.

The Support Rating Floor of 'NF' remains unchanged.  The Outlook remains
Stable.

The ratings reflect Polaris Securities' adequate capital position and
profitability, which is in line with the industry average.  The ratings
also consider the anticipated limited impact to its capitalization and
liquidity from the sale of Bank of Overseas Chinese shares.  Fitch expects
the share disposal to help Polaris Securities refocus on its core business
domains in brokerage services and investment banking.  The sales proceeds
will be used for the expansion of its Hong Kong operations as Polaris
Securities strategically shifts more resources to capture business flows
in the Greater China market.

Being active in the derivatives market, Polaris Securities controls its
risk exposure through sophisticated techniques.  The daily Value-at-Risk
implies a limited risk exposure relative to its equity base. Fitch
believes the company's expectation of strong earnings growth for 2007 is
achievable due to the buoyant stock market transactions and an expected
decline in tax expenses as a result of the favourable legislative revision
of taxation on warrant issuance (effective from 1 January, 2007).

Polaris Securities, founded in 1988, is a leading broker in online
transactions and provides a wide range of investment banking services.  
It is the fourth-largest securities firm in Taiwan in terms of net worth
at end-2006.  The company has a diversified shareholding structure.


SHAW GROUP: Inks Partnership Agreement with Alinda Capital
----------------------------------------------------------
The Shaw Group Inc.'s wholly owned subsidiary, Shaw Capital, Inc., and
Alinda Capital Partners LLC, a privately-held investment firm, have agreed
to jointly pursue development of certain yet to be identified energy,
transportation, infrastructure, water, wastewater, and related projects
through Shaw Infrastructure Investments LLC, a newly created joint
venture.

Shaw Infrastructure Investments LLC combines Alinda’s depth of capital
resources and infrastructure investing experience with Shaw’s project
development, engineering, construction, maintenance, and fabrication and
manufacturing expertise to pursue acquisitions of operating assets;
expansions and retrofitting of existing assets; and construction of new
assets.  Targeted assets will possess or demonstrate a potential for
steady, growing and predictable cash flow; a strategic competitive
advantage; and limited commodity or merchant risk.  Shaw’s traditional
lines of business may deliver technical solutions to facilitate each
project’s success.

J.M. Bernhard, Jr., chairman, president and chief executive officer of
Shaw, said, "Our joint venture with Alinda is a strategic step for Shaw as
it looks to provide customers with a single source for solutions.  Shaw
has achieved superior growth as a vertically-integrated service provider
and now, through this venture with Alinda, we may also provide our
customers with access to investment capital to complement Shaw’s world
class capabilities in project development, engineering, construction,
maintenance, and fabrication and manufacturing.  This venture also
provides Shaw opportunities to grow its own asset value and further
prosper as a Fortune 500 company."

Alinda's Managing Partner, Chris Beale, said, "We are excited to be able
to join with Shaw in a series of diversified investment opportunities.
Shaw is a recognized leader in providing comprehensive services to
communities, companies, and governments, and we are pleased that we will
be investing alongside Shaw to help maintain and improve the
infrastructure that is critical to the well being of our communities and
the efficient functioning of businesses and governmental authorities."

                       About Alinda Capital

Alinda Capital Partners LLC is a privately-held investment firm
specializing in investments in infrastructure assets.  It manages the US$3
billion Alinda Infrastructure Fund, an institutional fund, which has a
long-term investment horizon.  To date, the fund has invested in the
Detroit-Windsor Tunnel in Michigan, four toll bridges in Alabama, natural
gas distribution utilities in Colorado, Nebraska and Wyoming, and water
tanks in Canada. For more information, visit www.alinda.com.

                         About Shaw Group

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

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

                        *     *     *

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

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


RED HAT: Names Andrew Hu President of Greater China Operations
--------------------------------------------------------------
Red Hat Inc. has appointed Andrew Hu as President of Red Hat Operations in
Greater China.  Mr. Hu will be responsible for overall operations,
business development, marketing and sales in the region and will report to
the President of Red Hat Asia-Pacific Operations, Gery Messer.

Most recently, Mr. Hu held the position of President, Asia Pacific at
Wyse, a global leader in thin client computing solutions.  In this role,
Mr. Hu oversaw Wyse’s corporate strategy including the building of thin
client hardware and software solutions for deployment in the Asia Pacific
market, with a particular emphasis on the market requirements of China,
Korea and Japan.

With more than 20 years of professional IT management experience in North
America and Asia, Mr. Hu also served as the Director of Greater China at
Network Appliance, a world leader in unified storage solutions, where he
was responsible for driving the company’s expansion in China, Hong Kong,
Taiwan and South Korea.  Mr. Hu also previously held a number of roles at
Oracle China, including Managing Director with overall responsibility for
the company’s sales and support operations in China.

“Asia Pacific is a key market for Red Hat and we are committed to
investing in resources to continue growing our presence in this region,”
said Gery Messer, President of Red Hat Asia-Pacific Operations.  “With his
strong management background, Andrew Hu’s appointment to the team will
ensure Red Hat is well-placed to take advantage of the rapidly expanding
market prospects that exist for open source.”

“It is a very exciting time for open source and I look forward to helping
Red Hat realize its potential in the Greater China market,” said Mr. Hu.
“With organizations under greater pressure to achieve more with less,
there are now more reasons than ever for IT decision makers to consider
open source for their mission-critical systems.”

Mr. Hu holds a Master's degree in business from Carnegie Mellon University
and an undergraduate degree from Virginia Polytechnic University.  He will
be based in Beijing.

Headquartered in Raleigh, North Carolina Red Hat, Inc.
--http://www.redhat.com/-- is an open source and Linux provider.  Red Hat
provides operating system software along with middleware, applications and
management solutions.  Red Hat also offers support, training, and
consulting services to its customers worldwide and through top-tier
partnerships.

The company has offices in Singapore, Germany, and Argentina, among others.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services revised
its outlook on Raleigh, North Carolina-based operating systems provider
Red Hat Inc. to stable from positive, and affirmed its 'B+' corporate
credit rating.


TNK-BP HOLDING: Selling Kovykta Gas Project Stake to OAO Gazprom
----------------------------------------------------------------
TNK-BP Holding Ltd. will sell its 62.9% stake in OAO Rusia Petroleum unit,
holder of the operating license for the Kovykta gas field, to OAO Gazprom,
various reports say.

Kommersant relates that TNK-BP has until Sept. 20, 2007, to sell its Rusia
Petroleum stake and a 50% holding in East Siberia Gas Co. to Gazprom for
price consideration of between US$600 million and US$900 million.

Rusia Petroleum is owned by TNK-BP (63.9%), Interros (25.82%), and the
Irkutsk regional administration (11.24%).

Under the deal, TNK-BP may reacquire 25% plus one stake in Rusia Petroleum
within a year in exchange for assets that interests Gazprom, RIA Novosti
reports citing a top manager at the Russo-British joint venture.

Kommersant cites a source close to Gazprom that the gas monopoly
particularly interested in TNK-BP’s electric stations in Great Britain and
Spain.  Gazprom, the source added, is also interested in gaining contracts
for supplying liquefied natural gas to the U.S.

The fuel firms, RIA Novosti reports, also agreed to create a US$3 billion
joint venture that would engage in oil and gas projects in Russia and
abroad.

The TCR-Europe reported on June 6, 2007, that TNK-BP was trying to sell
part of its stake in Rusia Petroleum to Gazprom in an effort to prevent a
license revocation.

As reported in the TCR-Europe on May 31, Oleg Mitvol, chief of the Federal
Natural Resource Oversight Agency (Rosprirodnadzor), recommended the
cancellation of TNK-BP’s license to Rosnedra, claiming that the oil
company failed to meet the terms of the license contract.

"None of the violations identified previously have been corrected, so the
license is bound to be withdrawn. . .," Mr. Mitvol had told RIA Novosti,
adding that it might be put up for auction or competitive bidding.

Under the terms of its license, TNK-BP, through its OAO Rusia Petroleum
unit, has to produce 9 billion cubic meters of natural gas annually from
the field, the TCR-Europe reported on May 22.     The company didn’t
achieve the targeted production output as it only produced 1.5 billion
cubic meters of natural gas from the field in 2006.

                         About Gazprom

Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX:
GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of the
country's natural gas, controls 25% of the world's reserves, and is also
the world's largest gas producer.  It focuses on gas exploration,
processing, transport, and marketing.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six refineries
in Russia and Ukraine, and markets products through 2,100 retail service
stations operating under TNK and BP brand.  BP Plc and Alfa Access/Renova
jointly own the group.

TNK-BP holds a strategic position as the second largest liquids producer
in the Russian intergraded operating environment, accounting for
approximately 18% of Russia's total crude oil production.

The company has operations in China.

                            *   *   *

Standard & Poor's assigned BB+/Stable foreign currency local currency
ratings to TNK-BP on June 30, 2006.

Moody's assigned a Ba2/Positive foreign currency rating to the company on
Jan. 24, 2006.

Fitch assigned a BB+/Positive foreign currency rating to TNK-BP on Feb.
13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


UNITED GOAL: Court to Hear Wind-Up Petition on August 15
--------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the operations
of United Goal Investments Limited on August 15, 2007, at 9:30 a.m.

The petition was filed by Bank of China (Hong Kong) Limited on June 12, 2007.

Bank of China’s solicitors are:

         Anthony Chiang & Partners
         3903 Tower 2, Lippo Centre
         89 Queensway, Central
         Hong Kong


* Moody's Cites Autonomy and Strong Growth on HK’s Stong Rating
---------------------------------------------------------------
On June 26, 2007, Moody's Investors Service said the rise in Hong Kong's
rating during the 10 years since its handover to China has been supported
by the strengthening of the Special Administrative Region's economic and
financial indicators as well as the track record of non-interference by
China's central government.

"Over time, the Chinese government has demonstrated its commitment to
maintain Hong Kong's autonomy and to not interfere in the economic or
financial activities of the HKSAR," says Steven Hess, a VP/Senior Credit
Officer in Moody's sovereign risk unit.

"Hong Kong's creditworthiness is solidly in the Aa range, balancing its
intrinsic financial strength against a degree of risk related to China,"
says Hess, adding, "The latter is, however, small, as indicated by China's
own relatively high rating."

"Should Hong Kong's rating be upgraded this time around, it would be at
least four notches above the A3 rating Hong Kong had at the time of the
handover from the UK," says Hess.

"In 1997, Moody's foreign currency ratings of Hong Kong and China were the
same and, even in retrospect, this was prudent in that no one knew then
how One Country/Two Systems would actually function," says Hess.

"Considerable doubt was evident as to whether the Chinese government would
allow Hong Kong to exercise the autonomy promised it in the Basic Law,"
says Hess, adding, "Certainly the people of Hong Kong had doubts, as
evident by the levels of emigration prior to the handover on July 1,
1997."

"As a result, Moody's felt 10 years ago that although standard sovereign
credit-risk indicators were consistent with a stronger rating for Hong
Kong than China, the new SAR's ratings could not exceed the China
sovereign," says Hess.

But confirmation over the last decade that One Country/Two Systems was
working led Moody's to conclude that a rating differential between the
Chinese government rating and Hong Kong's rating could be justified.

Consequently, in 2003, with China's fundamentals strengthening, China's
rating was upgraded by one notch to A2, while Hong Kong's rating went up
two notches to A1, breaking the one-to-one link between the ratings.

Nevertheless, Moody's continues to believe that the ratings should still
be linked.  The increasing economic and financial ties between Hong Kong
and the Mainland mean that the two have become increasingly integrated;
thus, China risk must be an integral factor in Hong Kong's ratings.

In this context, Hess notes that, since the handover, China's economic
performance, its government policies, and the development of the
Mainland's own markets have been very positive factors for Hong Kong's
economy and finances.

Furthermore, specific policy measures have been implemented that have
helped the SAR's economy, such as the Closer Economic Partnership
Arrangement and the decision to allow more Mainland tourists to travel to
Hong Kong.

Financial market developments also have benefited Hong Kong, with Mainland
companies accounting now for about half the capitalization of the Hong
Kong Stock Exchange.  The prospect of renminbi bond issuance is also a
positive development.

Hess adds that even though it is clear that Hong Kong's first 10 years as
a Chinese SAR have been positive, Moody's ratings still must take into
account the fact that there has not yet been a period when the Chinese
economy or political situation has been under serious stress. What the
effects of such a scenario on Hong Kong would be remain unclear.

Nonetheless, Moody's believes that Hong Kong has considerable buffers
against potential shocks emanating from the Mainland.  Among these
cushions are:

   -- substantial fiscal reserves;

   -- equivalent to about one quarter of GDP;

   -- a very small level of government debt;

   -- a very large net foreign asset position in the public and
      private sectors; and

   -- a relatively strong banking system.

At present, both the ratings of Hong Kong and China are on review for
possible upgrade.  Earlier in September 2006, Moody's had upgraded Hong
Kong's foreign currency rating to Aa3 from A1 - two levels above China's
own rating - while maintaining a positive outlook.


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

BALLY TECHNOLOGIES: Deutsche Bank Keeps "Hold" Rating on Shares
---------------------------------------------------------------
Deutsche Bank Securities analysts have kept their "hold" rating on Bally
Technologies’ shares, Newratings.com reports.

According to Newratings.com, the target price for Bally Technologies’
shares was increased to US$24 from US$19.

The analysts said in a research note that Bally Technologies reported its
first quarter 2007 and second quarter 2007 adjusted earnings per share at
US$0.08 and US$0.01, respectively.

Bally Technologies’ results are likely to increase over the rest of fiscal
year 2007 and in fiscal year 2008, Newratings.com states, citing the
analysts.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implication on its ratings for Bally Technologies
Inc. to developing from negative.  The corporate credit rating
on the company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


BALLY TECHNOLOGIES: George Smith Reaffirms Buy Rating on Shares
---------------------------------------------------------------
Davenport & Company analyst George L Smith III has reaffirmed his "buy"
rating on Bally Technologies Inc.’s shares, Newratings.com reports.

Newratings.com relates that the target price was increased to US$30 from
US$28.

Mr. Smith said in a research note that Bally Technologies’ reported
revenues and adjusted earnings per share in the first half of 2007 short
of the estimates.

Mr. Smith told Newratings.com that Bally Technologies’ performance during
the period represented a significant year-on-year improvement.

Bally Technologies expects to achieve continued margin expansion in the
second half of 2007.  It also expects Gaming Operations’ growth to
accelerate, Newratings.com notes, citing Davenport & Company.

The earnings per share estimate for 2007 was decreased to US$0.40 from
US$0.49.  The estimate for 2008 was increased to US$1.20 from US$1.11.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implication on its ratings for Bally Technologies
Inc. to developing from negative.  The corporate credit rating
on the company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


DECCAN AVIATION: Promoters Wouldn’t Sell Stake to UB Holdings
-------------------------------------------------------------
Deccan Aviation Ltd Chairman G.R. Gopinath said that none of its promoters
would sell their stake in Air Deccan to United Breweries Group, should it
fail to mop up the required 20% stake from the open market, various
reports said.

Deccan Aviation has recently sold 26% of the company for around INR5.5
billion to UB Group company, Kingfisher Airlines.  Pursuant to Indian
takeover rules, UB Group will make an open offer for 20% more in the
charter aviation company.

“Together, the Kingfisher-Air Deccan combine have the largest fleet, route
network and market share in India with 71 aircraft, 70 destinations and a
33 per cent market share,” AFX News Limited noted.

Mr. Gopinath’s statement puts to rest speculation that the 11.38% stake
held by Air Deccan promoter S.L. Ladhani and his family, may also be sold
to UB Holdings, the reports

According to AFX News, the Deccan chairman also disclosed plans of the
company to raise air fares by about INR600-INR1,000 and to have its maiden
international flight to be Middle East, followed by Singapore and Bangkok.
Air Deccan hopes to begin international operations by 2008, the news
agency added.

Bangalore, India-based Deccan Aviation Limited --
http://www.deccanair.com/-- is a charter aviation company in
the private sector.  Deccan Aviation provides company charters,
tourism, medical evacuation, off-shore logistics and a host of
other services.

The Troubled Company Reporter - Asia Pacific reported on
June 1, 2007, that Deccan Aviation has a stockholder's equity
deficit of US$2.83 million.


GENERAL MOTORS: Reaches Tentative Deal with UAW and Delphi Corp.
----------------------------------------------------------------
Delphi Corp. reached a tentative agreement and signed a Memorandum of
Understanding with the UAW and General Motors Corp. covering site plans,
workforce transition as well as other comprehensive transformational
issues.  The agreement is subject to union ratification and approval by
the U.S. Bankruptcy Court.

"If ratified, we believe this agreement will be a significant
milestone in our transformation and a major step towards emergence," John
Sheehan, Delphi's chief restructuring officer, said.  "The Memorandum is a
testament to the dedication and hard work of the UAW, Delphi and General
Motors teams."

UAW President Ron Gettelfinger and UAW Vice President Cal Rapson have
issued a statement, "The UAW finalized an understanding with General
Motors earlier [Fri]day that has resulted in a tentative agreement with
their former parts operations.  Details are being withheld based on
explanation and ratification meetings by our local unions."

The Detroit Free Press reports that Delphi is offering its offers workers
buyouts, severance packages, early retirement incentives and other
payments in exchange for ratifying the Tentative Agreement.

The TA, the Free Press said, would significantly shrink the size of the
Troy-based parts supplier in North America and reduce hourly wages to what
the company considers competitive rates.  The accord will also free up the
UAW's negotiating staff to tackle summer contract talks with the Detroit
automakers.

The incentives, according to the Free Press, include:

   (1) A US$105,000 buy-down -- paid in US$35,000 installments
       over three years -- for about 4,000 workers who now
       receive the same wages and benefits as GM employees.  In
       exchange, those workers would see their hourly wages cut
       from about US$28 to so-called supplemental rates of
       US$14.50 to US$18.50, beginning Oct. 1.  During the buy-
       down period, those workers also can try to return to GM.

   (2) A US$140,000 buyout for workers with more than 10 years
       of service.

   (3) A US$70,000 buyout for workers with less than 10 years of
       service.  Workers who take either buyout will have to
       leave the company by Sept. 15.

   (4) A US$35,000 payout to encourage workers with at least 30
       years of service to retire.

   (5) Retirement benefits for workers who are at least 50 years
       old and have at least 10 years of service.

   (6) A so-called grow-in package for workers with 26 years of
       service as of Sept. 1.  The package would allow those
       workers to stop working but be compensated as active
       workers -- at the new lower rates -- until they hit 30
       years of service, and then retire.

   (7) Severance pay of US$1,500 per month for every month
       worked -- up to US$40,000 -- for all supplemental and
       temporary employees who choose to leave the company.

   (8) Skilled trade workers wouldn't see a change in hourly
       wages.

   (9) All workers compensated at GM rates also would have their
       health benefits changed to include the same higher
       deductibles and co-pays offered to employees hired since
       the two-tier wage and benefit structure took effect.

  (10) Skilled trade workers would receive a US$10,000 payment
       to supplement the increase in health-care costs.

The Wall Street Journal said that the TA shifts much of Delphi's labor
burden to its former parent, GM.

General Motors, according to the Free Press, expects to pay Delphi between
US$300,000,000 and US$400,000,000 in annual labor-related charges on top
of US$7,000,000,000 in retirement and labor costs.  But the Detroit
automaker, according to the report, sees these costs to be offset by
nearly US$2,000,000,000 in annual savings once Delphi's costs are
competitive.

GM has also agreed to pay US$450,000,000 into an existing Voluntary
Employees' Beneficiary Association account, according to WSJ.

The agreement outlines what products GM will buy from Delphi plants, some
of which will be shut down or sold.

According to WSJ, the agreement says Delphi will keep open only its sites
in Kokomo, Indiana; Grand Rapids, Michigan; Lockport, New York; and
Rochester, New York.  Four other sites will be held for divestiture by
2009 and 10 sites will be "wound down."  Three additional sites will be
operated as "footprint sites," i.e., GM will operate the sites until a
later date.

The Free Press said that four plans to be sold are Saginaw steering;
Adrian; Sandusky, Ohio; and Cottondale, Alabama.  Plants due for closure
are located in Coopersville; Columbus, Ohio; and Milwaukee.

Delphi said in its June 22 news release that it "will not provide
commentary on the details of the Memorandum at the current time."

As widely reported, the union, the bankrupt auto-parts supplier and GM are
trying to get the deal ratified before a two-week summer shutdown that
begins July 1.  When the parties return from the shutdown, the UAW will
begin formal contract negotiations with GM, Ford Motor Co. and Chrysler
Group.

                          About the UAW

The International Union, United Automobile, Aerospace and Agricultural
Implement Workers of America is one of the largest and most diverse unions
in North America, with members in virtually every sector of the economy.

UAW-represented workplaces range from multinational corporations, small
manufacturers and state and local governments to colleges and
universities, hospitals and private non-profit organizations.

The UAW has approximately 640,000 active members and over 500,000 retired
members in the United States, Canada and Puerto Rico.

                        About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single largest global supplier of
vehicle electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the road
worldwide.  Delphi has regional headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in
total assets and US$23,851,000,000 in total debts.  The Debtors' exclusive
plan-filing period expires on July 31, 2007.

                       About General Motors

Headquartered in Detroit, GM General Motors Corp. (NYSE: GM) --
http://www.gm.com/-- was  founded in 1908, GM employs about
280,000 people around the world.  With global manufactures its
cars and trucks in 33 countries.  In 2006, nearly 9.1 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac,
Saab, Saturn and Vauxhall.  GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.

General Motors has Asia-Pacific operations in India, China, Indonesia,
Japan, the Philippines, among others. I t has locations in European
countries including Belgium, Austria, and France.  In Latin-America, the
company maintains locations in Argentina, Brazil, Chile, Colombia,
Ecuador, Venezuela, Paraguay and Uruguay.

                          *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating, and
maintained its SGL-3 Speculative Grade Liquidity Rating.  The
rating outlook remains negative.


STATE BANK OF INDIA: RBI to Transfer Entire Stake to Gov’t.
-----------------------------------------------------------
The Reserve Bank of India and the Central Government agreed to the
transfer of RBI’s entire shareholding in the State Bank of India
aggregating 31,43,39,200 equity shares with a face value of INR10 each to
the Government on June 29, 2007.  In exchange, the Central Government will
pay RBI cash totaling INR35,531.33 crore.

The RBI proposal for transferring its entire shareholding in SBI was
approved by the Cabinet in its meeting held on Feb. 1, 2007.

SBI has recently concluded the issue of US$225 Mio Hybrid Tier-I Perpetual
Non Call 10 years plus day Notes at a coupon of 7.14% under the MTN
Programme, a filing with the Bombay Stock Exchange says.  The bonds were
issued on June 26, 2007.

Headquartered in Mumbai, State Bank of India --
http://www.sbi.co.in/-- is a financial services group operating
primarily in the banking industry.  Its core operations include
Treasury Operations, Corporate Banking Group, National Banking
Group and International Banking Group.

                          *     *     *

Standard & Poor's Ratings Services, on June 18, 2007, assigned
its 'BB' issue rating to the State Bank of India's proposed US$225 million
Hybrid Tier I perpetual notes under its US$5 billion MTN program.  The
Hybrid Tier I notes will be perpetual notes with a call option 10 years
from the date of issue.

As reported in the Troubled Company Reporter - Asia Pacific on
Feb. 2, 2007, Fitch Ratings affirmed the bank's 'C' individual
rating.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
Financial Strength Rating in June 2006.


UTI BANK: Defers Raising of Capital & Preferential Allotment
------------------------------------------------------------
UTI Bank Limited’s shareholders, at an extraordinary general meeting held
on June 25, 2007, agreed to defer the raising of capital and preferential
allotment of shares, a filing with the Bombay Stock Exchange reveals.

As reported by the Troubled Company Reporter – Asia Pacific, the bank
wants to raise US$1 billion in Tier I capital by way of issue of equity
shares not exceeding 4,23,97,400 shares, equity shares through depositary
receipts, or securities convertible into equity shares at the option of
the holder.  Additionally, the bank intends to offer its promoters to
subscribe 3,19,25,561 shares on preferential allotment basis if they so
desire.

According to the BSE filing, the plan was deferred “to provide promoter
shareholders further time for consultation.”  The promoters of the bank
are:

   -- Life Insurance Company of India;

   -- the administrator of the Specified Undertaking of Unit
      Trust of India;

   -- General Insurance Corp;

   -- New India Assurance Co.;

   -- National Insurance Co.;

   -- United India Insurance Co.; and

   -- Oriental Insurance Co.

The proposed capital raising and preferential issue will be considered at
the adjourned EGM, which will be held on July 13, 2007.

At the June 25 EGM, shareholders also passed a resolution, increasing the
authorized share capital of the bank from
INR300 crore to INR500 crore by creation of 20,00,00,000 equity shares of
INR10 each.

“The capital initiative by the bank is likely to help it achieve the
target of having the growth rate of 45-50% during the current financial
year,” The Financial Express says.

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading.  Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1-billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
Feb. 1, 2006, that Standard & Poor's Ratings Services maintained
its 'C' bank fundamental strength rating to the bank.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the rating is stable.


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

ALCATEL-LUCENT: Partners with Telstra for a 3-Year R&D Agreement
----------------------------------------------------------------
Alcatel-Lucent partnered Telstra Corporation Limited for a three year
collaborative Research and Development agreement that will see the two
companies combine forces to develop world-leading tailored innovations for
the advancement of Telstra’s network.

The agreement will enable Telstra to harness Alcatel-Lucent’s extensive
local and global R&D capabilities - including 25,000 technologists,
scientists and engineers around the world and the innovative power of Bell
Labs – helping to sustain Telstra’s ongoing drive to be at the forefront
of telecommunications innovation in Australia.

This new R&D agreement ensures that Alcatel-Lucent’s global products and
solutions are developed in close alignment with Telstra’s commercial and
technological business requirements.

"Such close collaboration with the world-class R&D capabilities of
Alcatel-Lucent, including Bell Labs, is a major advantage for Telstra and
our customers,” said Telstra’s Chief Technology Officer, Dr Hugh Bradlow.

“It enables technology transfer of leading edge capabilities to Australia
and ensures our customers have access to world-leading solutions that are
globally competitive.  It will also enable us to influence global solution
development and technology innovation here in Australia.”

Alcatel-Lucent said this agreement is another move forward for Telstra’s
network transformation as it will enable the two companies to collectively
create shared technology roadmaps and differentiated products and
solutions.

"This is a unique opportunity to work with a leading next generation
network carrier to develop and align our product and service offerings
based on an intimate insight into their business," said Alcatel-Lucent’s
Asia Pacific Chief Technology Officer, Mr Vince Pizzica.

“Maintaining a strong innovation and R&D edge is vital for any technology
organization.  Working together Alcatel-Lucent and Telstra are ideally
placed to drive forward broadband innovation in Australia and keep this
country at the forefront of global communications.”

Key elements of the agreement include:

    * The development of a comprehensive three year joint
      Research and Development plan, to be regularly evaluated
      and reviewed

    * A regular joint review of leading-edge Alcatel-Lucent
      products and solutions and assessment of their relevance
      to Telstra’s network development - including Telstra Next
      Dimension WorkingTM

    * The ability for Telstra and Alcatel-Lucent in Australasia
      to shape Alcatel-Lucent’s global technology roadmaps based
      on Telstra’s business and technology requirements

    * The development of innovative, differentiated and tailored
      solutions that are strongly aligned with the capabilities
      and requirements of Telstra’s network

    * Secondment of local and overseas staff to work on specific
      projects

    * Joint contribution of intellectual property (IP) and R&D
      focused resources.

“We’re delighted to be working with Alcatel-Lucent.  This agreement will
drive considerable advancements in Telstra’s network transformation,” said
Dr Bradlow.

“Alcatel-Lucent has a strong heritage and proven track record of
world-leading innovation, which includes links to the first telephone
exchange in Australia and connecting Australasia to the rest of the world
with undersea fibre cable,” said Mr Pizzica.

Alcatel-Lucent’s R&D credentials include:

    * One of the industry’s largest R&D capabilities focused on
      communications with more than 25,000 technologists,
      scientists and engineers around the world and 25,000
      patents

    * Over 300 software engineers based in Sydney, which means
      Alcatel-Lucent has one of the largest telecommunications
      software development engineering facilities in Australasia
    * A position among the top 40 R&D spenders in Australia

    * The recipient of Telstra’s 2006 ‘Vendor of the Year’ and
      Excellence in Technology Innovation’ awards

    * A number of locally based centres of Innovation and
      Excellence, including:


          -- IP Service Centre in Hamilton
          -- Sydney based global NOC and Innovation Centre
          -- Three Centres of Excellence that focus on IN, OSS
             and Triple Play.

    * A central role in defining the key technology standards on
      standards bodies including TISPAN, 3GPP & 3GPP2 and TMF
      among others.

The agreement complements Alcatel-Lucent’s existing role as a major
Strategic Supplier for the development of the Telstra Next IPTM network.

Telstra Next IP(TM) network and Telstra Next Dimension WorkingTM are
trademarks of Telstra Corporation.

                         About Telstra

Telstra is Australia's leading telecommunications and information services
company, with one of the best known brands in the country.  Telstra offers
a full range of services and competes in all telecommunications markets
throughout Australia, providing 9.86 million Australian fixed line and 8.9
million mobile services.  Telstra’s network and systems infrastructure
underpins the carriage and termination of the majority of Australia's
domestic and international voice and data telephony traffic.  Telstra owns
50% of FOXTEL(R), and its international businesses include CSL New World
Mobility Group, Hong Kong's leading mobile operator, TelstraClear Limited,
the second largest full service carrier in New Zealand and Reach Ltd, a
provider of global connectivity and international voice and satellite
services, as well as SouFun Holdings Limited, a leading real estate and
furnishings website in China.  For more information, visit Telstra on the
Internet: external link http://www.telstra.com.au

                     About Alcatel-Lucent

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

                         *     *     *

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

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

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


BANK DANAMON: Inaugurates Office Channeling Network in Sulawesi
---------------------------------------------------------------
PT Bank Danamon Indonesia Tbk. inaugurated its office channeling network
in South Sulawesi, which will enable Bank Danamon customers in the
province to access syariah products and services through the Bank's
conventional branch network.  This first phase inauguration of Office
Channeling in South Sulawesi follows the 7 OC branches located in Jakarta
and the inauguration of 5 OC branches in Surabaya last May.

"We realize that one of the main challenges for the banking industry is to
bring syariah banking products and services closer to the customers.  Bank
Danamon Syariah addresses this by making syariah banking easily
accessible, among others; through use of a common technology platform
which enables our conventional branch network to provide a much broader
range of services to our customers, including Syariah banking products,"
said Hendarin Sukarmadji, Director of Bank Danamon Syariah.  "We hope that
through the introduction of our office channeling facility, we will be
able to better fulfill the needs of customers, increase our syariah
banking presence, particularly in Makassar and the South Sulawesi
province," he added.

The OC network in South Sulawesi will enable customers to open syariah
savings and deposit accounts through Bank Danamon offices in Ruko
Mirah-Panakukang, Maros and Sungguminasa.

Bank Danamon's integrated information technology system allows syariah
customers to conduct their banking activities throughout Bank Danamon's
conventional distribution network in every province in Indonesia.  Bank
Danamon Syariah customers can also enjoy the convenience of using Bank
Danamon's ATM network, which is also accessible through the ALTO, ATM
Bersama, ATM DBS Bank and Cirrus all over the world.  In addition, Bank
Danamon Syariah customers can also enjoy the convenience of shopping at
stores carrying the MasterCard Electronic logo across the globe, as well
phone banking services through Danamon Access Center and HP Banking
Danamon.

Bank Danamon Syariah was initiated in 2002 with the first Syariah Branch
Office in Ciracas, East Jakarta.  Bank Danamon Syariah is now supported by
syariah branch offices in 7 major cities, namely, Jakarta, Bukit Tinggi,
Banda Aceh, Surabaya, Martapura, Solo and Makassar, as well as 3 syariah
sub-branch offices and 7 office channeling branch offices in the Jakarta
area, in addition to 5 office channeling branch offices in East Java.
Office channeling branches in the Makassar, South Sulawesi region will be
activated in two phases; the first includes the Panakukang, Maros and
Sungguminasa branches, while the second phase will include 6 office
channeling branches, among others, the A.Yani branch - the Main Branch for
the city of Makassar. Until the end of the year, Bank Danamon Syariah will
continue to expand its office channeling branches in 7 provinces in
Indonesia.

Current promo offers from Bank Danamon Syariah include the 'Become a
Customer, Receive a Prize' reward program, eligible for customers opening
Syariah saving, Hajj or time deposit accounts in Syariah and office
channeling branches.  The program commenced on 22 May 2007 and will run
until 21 August 2007.

In conducting its operations, Bank Danamon Syariah applies the
non-interest based systems of profit sharing, sale purchase and deposit
based on Islamic law.  With regard to the service it provides to
customers, Hendarin stated that, "We are proud that we are supported by
high-performing human resources who fulfill the characteristics of siddiq,
tabligh, fathonah, amanah and itqan."

As per the end of 2006, Bank Danamon Syariah's third party funds reached
IDR 337 billion, while its total financing in various syariah schemes
reached IDR220 billion.

                     Various Recognitions

In 2006 and 2007, Bank Danamon Syariah has received the Indonesia Banking
Loyalty Award, an award presented to those Syariah banks in Indonesia that
have succeeded in introducing a leading product to the market in terms of
customer loyalty.

In 2005, Bank Danamon Syariah also received 'The Best Phone Handling'
award, ranked 5th in 'The Best Overall Service Quality' in the Islamic
Banking Quality Award 2005.  In addition it received 9th place in 'The
Growth of Asset' and 10th place in the global ranking of 'The Fastest
Growth of Funding' in the International Banking Award.


HM SAMPOERNA: To Sell New Product Under Marlboro Brand Name
-----------------------------------------------------------
PT Hanjaya Mandala Sampoerna Tbk will begin selling kerek, clove-flavored
cigarettes, under the Marlboro brand name on
July 9, Bloomberg News reports.  The new product is Marlboro Mix 9.

According to the report, the launch may help the company win a larger
share of the estimated US$10 billion market for kerek cigarettes by
attracting customers of PT Gudang Garam and Djarum Group.  Sampoerna's
sales growth has been cut by tax increases.

The new Marlboro machine-rolled cigarettes will be priced at IDR7,000 for
a pack of 12 cigarettes while Gudang Garam International and Djarum Super
are sold at a slightly higher price, the report relates.

The report adds that the government expects to receive
IDR42 trillion of taxes, about 6% of revenue, from cigarette production
and sales this year.

                    About HM Sampoerna

Surabaya, East Java-based PT Hanjaya Mandala Sampoerna Tbk --
http://www.sampoerna.com/-- manufactures hand rolled and
machine rolled clove-blended cigarettes.  The company
distributes its products in the domestic and international
market.  Through its subsidiaries, the company also develops
properties.

Standard and Poor's Ratings Services gave HM Sampoerna's Long
Term Foreign Issuer Credit a 'BB+' rating on November 3, 2005.


MARSH & MCLENNAN: Unit Completes Catastrophe Bond Transaction
-------------------------------------------------------------
Marsh & McLennan Companies, Inc.’s unit Guy CaIDRenter & Company, Ltd. and
MMC Securities Ltd., an affiliate of Guy CaIDRenter & Company, Ltd.
completed a multi-territory, multi-event catastrophe bond transaction, on
which MMC Securities Ltd. has advised Brit Insurance Holdings PLC.  The
bond will pay Brit Insurance Holdings’ principal subsidiary, Brit
Insurance Limited, up to US$200 million, in the aggregate, in the event of
a series of pre-defined severe natural catastrophes.

The bond, which is being brought to market by ABN AMRO London, will be the
industry’s second publicly rated collateralized debt obligation of natural
catastrophe risk.  The senior tranche of the transaction was Aa1 rated by
Moody’s and AAA rated by Fitch. The new bond will offer the
diversification and potential yield benefits of natural catastrophe
exposure to low-risk/low-volatility investors such as pension funds and
life insurers.

“We are pleased to be instrumental in bringing this transaction to market
with ABN AMRO.  This is the second transaction of what will be a
continuing and growing form of new capacity for the reinsurance market,”
said Geoff Bromley, Guy CaIDRenter’s Chairman of European and Asian
operations.

Mr. Bromley added, “This transaction shows how market-leading companies,
like Brit Insurance, continue to seek more sophisticated and
cost-efficient asset liability management solutions.”

Mark Hewett, Director of MMC Securities Ltd., which acted as financial
advisor, said, “This transaction demonstrates that MMC Securities Ltd.,
working in conjunction with Guy CaIDRenter, utilizing its catastrophe
reinsurance knowledge and Instrat unit’s unrivaled quantitative
capabilities, can deliver significant value for our clients.”

Events covered by the transaction include US hurricanes, Californian
earthquakes, New Madrid earthquakes, UK windstorms, European windstorms,
Japanese typhoons and Japanese earthquakes.

                     About Guy CaIDRenter

Guy CaIDRenter & Company, LLC is the world’s leading risk and reinsurance
specialist and a part of the Marsh & McLennan Companies.  Guy CaIDRenter
creates and executes reinsurance and risk management solutions for clients
worldwide through 2,600 professionals across the globe.  The firm's full
breadth of services includes 16 centres of excellence in Accident &
Health, Agriculture, Alternative Risk Transfer, Environmental, General
Casualty, Investment Banking, Life & Annuity, Marine & Energy,
Professional Liability, Program Manager Solutions, Property,
Retrocessional, Structured Risk, Surety, Terror Risk, and Workers
Compensation.  In addition, Guy CaIDRenter’s Instrat(R) unit utilizes
industry-leading quantitative skills and modelling tools that optimize the
reinsurance decision-making process and help make the firm’s clients more
successful. Guy CaIDRenter’s website address is http://www.guycaIDR.com.

                    About MMC Securities

Securities or investments, as applicable, are offered in the United States
through MMC Securities CoIDR., a US registered broker-dealer and member
NASD/SIPC.  Advice on securities or investments in the European Union is
given through MMC Securities Ltd., regulated by the Financial Services
Authority for the conduct of investment business in the United Kingdom.
Reinsurance products are placed through qualified affiliates of Guy
CaIDRenter.  MMC Securities CoIDR. and MMC Securities Ltd. are affiliates
of Guy CaIDRenter.

                    About Marsh & McLennan

Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a global
professional services firm with annual revenues of approximately US$12
billion.  It is the parent company of Marsh, the world's leading risk and
insurance services firm; Guy
CaIDRenter, the world's leading risk and reinsurance specialist;
Kroll, the world's leading risk consulting company; Mercer, a major global
provider of human resource and specialty consulting services; and Putnam
Investments, one of the largest investment management companies in the
United States.  Approximately 55,000 employees provide analysis, advice,
and transactional capabilities to clients in over 100 countries, including
Indonesia, Australia, China, India, Japan, Korea and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred stock
ratings to Marsh & McLennan's unlimited universal shelf.

Standard & Poor's also affirmed its 'BBB' counter party credit rating on
MMC.  The outlook in negative.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Moody's Investors Service assigned provisional ratings to
Marsh & McLennan's new universal shelf registration, including a (P)Ba1
rating on the Company's provisional preferred stock.  The rating outlook
for MMC remains negative.


PERUSAHAAN GAS: Plans to Up Gas Production by 30% in 2009
---------------------------------------------------------
PT Perusahaan Gas Negara Tbk is planning to increase national gas
production by up to 30% in 2009 due to high demands, Antara News reports.

According to the report, PGN President Director Sutikno said that the
company is currently focused on the immediate completion of the South
Sumatra - West Java pipeline project, which is partly completed and begun
operating since March.

It was disclosed that national gas supply this year was expected to reach
only 8.4 bcfd while national demand would be 8.7 bcfd, the report points
out.

The report relates that the increasing gas supply from Santor and
ConocoPhilllips and the company’s plan to increase the gas price by 10%to
US$5.5 per MMBTU early in August are ways of increasing national gas
supply.

The government plans to develop new fields not only in the Tangguh Block
but also in other regions such as Senoro and Matindok in Sulawesi in
response to the expected gas shortage problem, the report adds.

                      About Perusahaan Gas

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 18, 2007, that Moody's Investors Service affirmed the Ba2
coIDRorate family rating of PT Perusahaan Gas Negara (Persero)
Tbk.  At the same time, Moody's affirmed the Ba3 debt ratings of
PGN Euro Finance 2003 Ltd, which is guaranteed by PGN.  The
ratings outlook is stable.  This affirmation followed the recent
announcement of a delay in the South Sumatera West Java gas
commercialization.

The TCR-AP reported on Dec. 21, 2006, that Standard & Poor's
Ratings Services revised the outlook on Perusahaan Gas to
positive from stable.  The ratings on the company are affirmed
at 'B+'.

On June 28, 2006, the TCR-AP stated that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


TELKOMSEL: Partners w/ Yahoo for Onesearch Service Distribution
---------------------------------------------------------------
PT Telekomunikasi Selular Indonesia has partnered with the Internet-based
content provider from the United States, Yahoo Inc., Tempo Interactive
reports.

The report relates that the partnership is in the form of Yahoo Onesearch
service distribution in Indonesia.  This effort will provide Telkomsel’s
customers with faster access to news searching, web images, weather,
photos and other Internet sites from cellular phones.

Eddy Kurnia, Telkomsel’s Vice President of Public and Marketing
Communication, said that the cooperation between Yahoo and Telkomsel is
only a corporate brand cooperation, the report says.

Tempo adds that the content download service from Yahoo is carried out
without profit-sharing.

                         About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/-- is the
leading operator of cellular telecommunications services in Indonesia by
market share.  By the end of June 2006, Telkomsel had close to 29.3
million customers, which, based on industry statistics, represented a
market share of more than 50%.

Telkomsel provides GSM cellular services in Indonesia, through its own
nationwide Dual band 900/1800 MHz GSM network, an internationally, through
259 international roaming partner in 53 countries as of June 2006.  The
company provides its subscribers with the choice between two prepaid
cards-simPATI and kartuAs of a pre-paid simPATI service, or the post-paid
kartuHALO service, as well as a variety of value-added services and
programs.

Fitch Ratings, in August 2006, upgraded PT Telekomunikasi
Selular's long-term foreign currency issuer default rating to
'BB' from 'BB-'.


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

ALITALIA SPA: Italy Moves Bid Deadline to July 10
-------------------------------------------------
The Italian government extended to July 12, 2007 the deadline for the
final bidders to submit binding offers for its 39.9% stake in national
carrier Alitalia S.p.A., Bloomberg News reports.

The Italian finance ministry had previously set the deadline on
July 2, 2007, but moved it to give Alitalia's newest bidder,
MatlinPatterson Global Advisers LLC, ample time to review the carrier's
accounts.

The fund was previously part of a consortium of TPG Capital and
Mediobanca S.p.A. that, along with rivals OAO Aeroflot-
Unicredito Italiano S.p.A. and AirOne S.p.A. and Intesa-San
Paolo S.p.A., qualified for the final round of bidding for a majority
stake in Alitalia.

MatlinPatterson's consortium, however, pulled out its bid, saying it was
not "in a position to comply with all of the requirements," which it
described as "too complex and cryptic."

                         About Alitalia

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

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


CAPCOM CO: Appoints New Chairman and President
----------------------------------------------
Capcom Co., Ltd., has appointed Kenzo Tsujimoto, current chief executive
officer and president, as new Chairman of the Company, as well as Haruhiro
Tsujimoto as new President of the Company, Reuters reports.

The appointment, Reuters relates, will commence on July 1, 2007.

Mr. Tsujimoto will continue to hold the position of CEO, as well as his
new position as Chairman, concludes the report.

Headquartered in Osaka, Japan, Capcom Co., Ltd. -- http://www.capcom.co.jp
-- is one of Japan's leading developers of home video-game software.  The
company also engages in arcade operations and arcade games sales
businesses.  Its consolidated sales in FYE3/2006 were JPY70.3 billion.

The Troubled Company Reporter – Asia Pacific reported on February 14,
2007, that Moody's Investors Service placed Capcom Co. Ltd.'s Ba2 senior
unsecured long-term debt rating under review for possible upgrade.


GOODWILL GROUP: Survey Suggests Misdeeds Were in 19 Prefectures
---------------------------------------------------------------
Goodwill Group Inc.’s nursing care unit, Comsn Inc. was engaged in
improper practices, including filing fraudulent applications to obtain
operating licenses, in 19 prefectures, reports Japan Times.

Japan Times, citing a prefectural survey investigation, relates that Comsn
received a total of JPY430 million in benefits inappropriately in 11
prefectures under the national nursing care insurance program, which is
expected to increase because more than half of the 47 prefectures have yet
to complete their investigations into Comsn's operations.

Among the results of the investigation is that one of its prefectures was
found to have operated a nursing center without care workers for four
months after opening the facility in December 2005 while another branch
falsified the names of nurses in an application for a license and unfairly
received
JPY2.4 million.  In Kanagawa, Kagawa and Saga prefectures, Comsn falsely
listed care workers as full-time staff to obtain nursing care service
licenses even though they were not working for the company, conveys Japan
Times.

                      About Goodwill Group

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

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

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


MITSUBISHI MOTORS: Posts 6.5% Increase in Global Production
-----------------------------------------------------------
Mitsubishi Motors Corporation announced global production as well as
domestic sales and export figures for May 2007.

Total global production came in at 108,426 units, an increase of 6.5% over
May 2006.  Production volume in Japan increased 14.1% to 57,532 units,
marking the eighth consecutive month of year-on-year growth.  This growth
was mainly driven by increases in output of the new Outlander for the
U.S., European and Chinese markets, and of the new Pajero for the European
market.

Vehicle sales in Japan in May totaled 14,496 units, a 14.2% decline
year-on-year as higher registered vehicle sales failed to make up for a
drop in mini-car sales.  Registered vehicle sales stood at 4,871 units,
9.3% up on the same month last year.  Mini-car sales declined to 9,625
units, 22.6% down.

Overseas production volume totaled 50,894 units, 0.9% down over May last
year.  Production in Europe came in at 6,080 units or 33.5% down on last
year's figure, reflecting a drop in output of Colt 3-door and 5-door
models at NedCar.  Production in North American rose to 8,183 units, 1.5%
up on the level seen last year.  In Asia production rose to 33,483 units,
9.6% up on May 2006 and driven in part by a 71.5% rise in L200 pick-up
truck exports from Thailand.

Total exports from Japan of 48,388 units were 40.4% up on May 2006,
marking the seventh consecutive month of year-on-year increases.  Exports
to Europe increased to 21,426 units, a strong 70.3% rise that reflected
firm sales of Lancer and Outlander models as well as brisk sales of Pajero
and new Outlander models.  Exports to Asia rose to 2,904 units, a 48.1%
increase over the same period last year as sales of new Outlander in China
grew briskly. Exports to North America fell to 3,746 units, 11.1% down on
the May 2006 level.


NOVOLIPETSK STEEL: Earns US$456.6 Million in First Quarter 2007
---------------------------------------------------------------
OJSC Novolipetsk Steel released consolidated financial results for the
first quarter ended March 31, 2007, prepared according to US generally
accepted accounting principles.

NLMK recorded US$456.6 million in net profit against US$1.8 billion in
revenues for the first quarter ended March 31, 2007, compared with
US$545.9 million in net profit against US$1.1 billion in revenues for the
same period in 2006.

At March 31, 2007, NLMK's balance sheet showed US$9.3 billion in total
assets, US$1.8 billion in total liabilities and US$7.4 billion in
stockholders' equity.

“NLMK has demonstrated strong financial results in Q1 2007,”  NLMK Vice
President Finance & CFO Galina Aglyamova said.  “The EBITDA margin stood
at 43% while operating income surged 70% on a year-on-year basis.  The
company's sound performance was driven by growing sales volumes
particularly sales of high value-added products along with the favorable
pricing environment in our core markets.”

“At the beginning of the year, NLMK Group started to implement the next
phase of the Technical Upgrading Program as part of our 'Sustainable
Growth Strategy 2007 - 2011'.  The Company continued the process of
enhancement and modernization of existing production facilities,
value-chain optimization and integration of recently acquired assets into
the Group structure.  The consistent implementation of our strategy is a
key element of NLMK's successful development and long-term stability,” Ms.
Aglyamova continued.

“We maintain a positive outlook on steel demand both on the domestic and
world market in 2007.  The price growth started at the end of Q1 2007 and
continued through Q2 2007, plateaued in June.  While we may see possible
price softening towards the end of the year we believe NLMK Group should
again demonstrate
record financial results and strengthen its position among world's most
profitable steelmaking companies in 2007,” Ms. Aglyamova added.

                       About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-rolled
steel, and a variety of value-added steel products, such as cold-rolled
sheet, electrical steel and other specialty flat products.  The group also
operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter of 2006 by
acquiring a 100% stake at DanSteel A/S.

                           *   *   *

In April 2007, Moody's Investors Service's confirmed its Ba1 Corporate
Family Rating for Novolipetsk Steel OJSC.  Moody's also assigned a Ba1
Probability-of-Default rating to the company.

In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC
Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B rating and
a National Long-term AA rating.  Fitch said The Outlooks on the Issuer
Default and National Long-term ratings are Stable.

At the same time, Standard & Poor's Ratings Services said that its ratings
and outlook on Russian steelmaker OJSC Novolipetsk
Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are unchanged by
the announcement of NLMK's acquisition of a 50% share in a joint venture
with Duferco Group for US$850 million.


SENSATA TECH: US$276 MM Airpax Deal Cues S&P’s Negative Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Sensata
Technologies B.V. to negative from stable.  The outlook revision follows
the company's announcement that it will acquire Airpax Holdings Inc. for
US$276 million plus fees and expenses using a combination of cash and
debt.  All of S&P’s ratings on Sensata, including its 'B+' corporate
credit rating, have been affirmed.

"The acquisition delays the financial deleveraging that Standard & Poor's
expects for the ratings," said Standard & Poor's analyst Clarence Smith.
The ratings on Attleboro, Massachusetts-based Sensata continue to reflect
its highly leveraged financial profile, which more than offsets its
satisfactory business profile.

The company has manufacturing locations in Brazil, Mexico, China, Japan
and the Netherlands.


TOYS 'R' US: Fitch Affirms B- Issuer Default Rating
---------------------------------------------------
New York: Fitch has affirmed its ratings of Toys 'R' Us, Inc. as:

Toys 'R' Us, Inc.

    -- Issuer Default Rating 'B-';
    -- Senior unsecured notes 'CCC-/RR6'.

Toys 'R' Us, Delaware

    -- Issuer Default Rating 'B-';
    -- Secured revolver 'B/RR3';
    -- Secured term loan 'CCC+/RR5';
    -- Secured asset sale facility 'CCC+/RR5';
    -- Senior unsecured debentures 'CCC/RR6'.

TRU 2005 RE Holding Co.

    -- Issuer Default Rating (IDR) 'B-';
    -- Structured credit facility 'B/RR3'.

Toys 'R' Us (UK) Ltd.

    -- Issuer Default Rating (IDR) 'B-';
    -- Multicurrency Sec. revolver 'B/RR3'.

In addition, Fitch has assigned a rating of 'CCC/RR6' to the
US$180 million unsecured term loan at TOY-Delaware.  Approximately US$6.0
billion of debt is affected by these actions.  The Rating Outlook has been
revised to Stable from Negative.

The affirmations and change in TOY's outlook reflect management's
turnaround efforts which have led to improving performance at TOY's core
U.S. toy segment as well as the steady performance in the international
toy and Babies 'R' Us segments.  The ratings also reflect TOY's highly
leveraged balance sheet and the intense competition in the toy business.

TOY's U.S. toy segment reported positive comparable store sales in 2006
after 5 years of negative comparable store sales as a result of store
remodeling initiatives such as Toys 'R' Us and Babies 'R' Us side by side
stores, exclusive product offerings and improved customer service.  In
addition, the company's international toy and Babies 'R' Us segments
continued to achieve low to mid single digit comparable store sales.  This
combined with management's turnaround efforts, such as better inventory
management, have resulted in operating EBIT margin expansion of 150 basis
points to 4.4% in the last twelve months ending May 5, 2007 from 2.9% in
2005 and free cash flow generation of US$364 million.  As a result, TOY's
leverage has strengthened with LTM adjusted debt/EBITDAR decreasing to 6.8
times from 8.1x in 2005, but it remains high.  In addition, LTM EBITDAR
coverage of interest and rent weakened slightly to 1.4x from 1.5x in 2005
because rent increased due to the consolidation of TOY-Japan results.

Fitch anticipates gradual operating performance improvement this year as
the company rolls out more Toys 'R' Us and Babies 'R' Us side by side
stores which produce higher sales as compared to single concept new
stores, as well as store resets that are expected to improve the overall
shopping experience in the fall of 2007.  Additionally, management's
efforts to control costs should allow the company to sustain its operating
margins despite strong competition from other toy retailers, discounters,
and catalog and internet businesses.

The ratings of the various classes of debt listed above reflect their
respective recovery prospects.  Fitch's recovery analysis assumed an
enterprise value of US$3.6 billion in a distressed scenario.  Applying
this value across the capital structure results in good recovery prospects
(51%-70%) for the asset-based revolvers which are secured by inventory,
receivables and certain Canadian real estate in North America and all
assets in Europe.  The secured term loan and asset sale facility are
secured by intellectual property and second liens on accounts receivable
and inventory of TOY-Delaware and the guarantors, and have below average
recovery prospects (11%-30%).  The senior unsecured debentures at
TOY-Delaware have poor recovery prospects (less than 10%).  The senior
unsecured notes at the holding company level are structurally
subordinated, and are rated 'CCC-/RR6', also reflecting poor recovery
prospects (less than 10%) in a distressed case.

The company has operations in Japan and the United Kingdom.


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

BIOMET INC: Moody’s Confirms Corporate Family Rating at P(B2)
-------------------------------------------------------------
Moody's Investors Service confirmed the provisional ratings of Biomet Inc.
((P)B2 Corporate Family Rating.)

The confirmation is based on Moody's expectation that the consortium of
equity sponsors will finance the incremental purchase price (US$500
million) with common stock.  The rating action assumes that the company
will not use incremental debt - including draws on its revolving credit
facility - to fund a dividend in conjunction with this incremental
purchase price.  The rating outlook is negative. This concludes Moody's
rating review that was initiated on June 7, 2007.

The ratings are provisional, subject to the closing of the transaction and
receipt and review of final documentation.  Moody's anticipates that the
closing will occur prior to the end of August 2007.

Ratings confirmed with a negative outlook:

Biomet, Inc.

-- Corporate Family Rating at (P)B2

-- US$350 Million Asset backed revolver at (P)Ba2, (LGD2, 14%)

-- US$400 Million Secured cash flow revolver at (P)B1, (LGD3,
    36%)

-- US$3.6 Billion Secured term loan at (P)B1, (LGD3, 36%)

-- US$775 Million Unsecured senior notes at (P)B3, (LGD4, 63%)

-- US$775 Million Unsecured PIK option notes at (P)B3, (LGD4,
    63%)

-- US$1.015 Billion Unsecured subordinated notes at (P)Caa1,
    (LGD6, 93%)

-- PDR at B2

-- SGL-2

Moody's believes that Biomet's very high leverage and weak financial
strength and financial policy ratios - some of which are positioned at the
low-end of the "Caa" category - are a key credit risk.  In particular,
interest coverage is negligible and the ability to repay debt with cash
flow is extremely limited. Further, the absence of financial covenants in
the proposed bank agreements provides less protection to creditors.
However, in our opinion, the presence of external liquidity sources as
well as equity sponsors that have committed significant capital (of about
US$5.4 billion) provide greater assurance that a default is unlikely
within the next twelve months.  As a result, Moody's believes that the
(P)B2 Corporate Family Rating is appropriate even though leverage
(estimated at about 8.5 times pro forma Debt/ EBITDA based on twelve
months ended February 28, 2007 financial statements) and coverage measures
(estimated at 1.2 times pro forma EBITA/interest) are more consistent with
lower ratings.

The methodology implied rating under Moody's Global Methodology for the
Medical Products & Device Industry based on pro-forma financial statements
for the twelve months ended February 28, 2007 is a "B1".  However, Moody's
believes that this degree of leverage is not fully captured under the
methodology.

The company recently filed financial statements including a restated Form
10-K for the period ended May 31, 2006 as well as Form 10-Qs for the
quarters ended August 31, 2006, November 30, 2006 and February 28, 2007.
As anticipated, the auditors cited a material weakness related to the
backdating of stock options. However, Moody's believes that these restated
financial statements are not materially different from previous financial
statements.  The rating outlook remains negative, however, reflecting
Biomet's weak position in the B2 category due primarily to Moody's
concerns regarding extremely high debt levels.  Moody's believes that the
company will need to see operating improvements as well as grow at
industry rates in order to meaningfully de-leverage over the next 12-24
months.

Biomet's SGL-2 rating reflects our expectation that despite weak free cash
flow, the company's liquidity should be solid, supported by external
liquidity.  Following the transaction, Biomet is expected to have about
US$750 million of capacity under two secured bank revolvers.

                       About Biomet, Inc.

Biomet, Inc, based in Warsaw, Indiana, is one of the leading manufacturers
of orthopedic implants, specializing in reconstructive devices.

It currently distribute products in more than 100 countries, including the
Netherlands, Argentina and Korea.


CHOROKBAEM MEDIA: Changes Business Line to Textile
--------------------------------------------------
Chorokbaem Media Co., Ltd., changed its business line from textile
business to movie and performance business on June 19, 2007, Reuters
reports.

                   About Chorokbaem Media

Seoul, Korea-based Chorokbaem Media Co., Ltd. is a manufacturer
engaged in the provision of non-woven fabrics.  The company
provides non-woven fabrics used in normal and special filters,
artificial and synthetic leathers and other related usages.  In
addition, the company operates family restaurants.

The Troubled Company Reporter - Asia Pacific reported that Korea
Investors Service gave the company's unregistered US$8 million
convertible bonds a 'B' rating on Feb. 16, 2007.


DASTEK CO: Converts First Bonds with Warrants into Shares
---------------------------------------------------------
Dastek Co., Ltd.’s first bonds with warrants have been exercised for
62,735 shares, Reuters reports.

According to the report, the exercise price is KRW1,594 per share.

This brings the total outstanding shares of the Company to 15,052,837 and
the new shares will be listed on June 29, 2007, the report adds.
                           About Dastek

Based in Gyeonggi Province, Korea, Dastek Co., Ltd. --
http://www.dastek.co.kr/-- specializes in the manufacturing of
electromagnetic devices.  The company produces two main
products: materials for electromagnetic devices, including coils
and molds, and electromagnetic devices, including capacitors and
varistors.

Korea Ratings placed a 'B' rating on the company's
KRW1.0-billion bonds with warrants issue effective on June 30,
2006.


EG GREENTECH: Signs Contract with AC Engineering
------------------------------------------------
EG Greentech Co., Ltd. has signed a contract worth KRW1,251,855,000 with
AC Engineering Services, Reuters Key Developments reports.

According to the report, the company will supply Indonesian coal to England.

                        About EG Greentech

Seoul-based EG Greentech Co., Ltd. -- http://www.keyeng.com/--
formerly Key Engineering Co., Ltd., is engaged in the provision
of environmental treatment system solutions.  The company
carries its business in five main areas: volatile organic
compound (VOC) gas treatments, wasted water treatments, nitrogen
oxide (NOx) treatments, environmental energy diagnosis and
fitted prevention equipment.  Its prime product is the
regenerative thermal oxidizer (RTO), a VOC treatment system,
which is mainly provided for the petrochemical and chemical
industries and it also provides regenerative catalytic oxidizers
(RCO), adsorption and solvent recovery units (ASR), evaporated
and regenerative waste water incineration systems and wet air
oxidation systems.

The Troubled Company Reporter - Asia Pacific reported on
June 8, 2007, that EG Greentech had a shareholders' equity
deficit of US$1.50 million on total assets of US$186.00 million.


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

TENAGA NASIONAL: Bags Sabah Power Plant Project
-----------------------------------------------
A Tenaga Nasional Bhd–led consortium won a project to build and run a
300-megawatt coal-fired plant in eastern Sabah state, the company
disclosed with the Bursa Malaysia Securities Bhd.

The company owns 51% of the Consortium TNB Repair and Maintenance Sdn.
Bhd, while Eden-Nova owns 35% and Maser 14%.

Tenaga, however, said that the Consortium's interest in the Project is
only 80%, whereby the remaining 20% will be held by Yayasan Sabah.

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,
transmission, distribution and sale of electricity. The Company
also manufactures, sells and repairs transformers and
switchgears. It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services. It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Tenaga Nasional carries Moody's Investors Service 'Ba' rating
due to its relatively high financial leverage and significant
PPA obligations.


UNITED CHEMICALS: Completes Reform Plan Implementation
------------------------------------------------------
The United Chemicals Industries Bhd informed the Bursa Malaysia Securities
Bhd that it has completed the implementation of its restructuring scheme
by transferring its assets to Majuperak Holdings Bhd.

According to the disclosure, the company has transferred its assets --
land and buildings, motor vehicles, and capital work-in-progress -- to
MJPERAK for a consideration of MYR7,315,695, and will be satisfied via a
partial set-off of the consideration against the inter-company debts due
to MJPERAK by UCI of MYR29,508,930 pursuant to the debt settlement by
MJPERAK on behalf of UCI pursuant to the Debt-Restructuring Scheme,
thereby reducing in the balance of inter-company debts due to MJPERAK by
UCI to MYR22,193,235.

As reported by the Troubled Company Reporter - Asia Pacific on Sept. 29,
2006, the completion of United Chemical's restructuring is pending:

   -- private placement by Perbadanan Kemajuan Negeri Perak via
      offer for sale of up to 4,000,000 ordinary shares in
      Majuperak of MYR0.50 at an odder price of MYR0.70; and

   -- administrative matters in relation to:

        * the admission to the Official List and the listing of
          an quotation for the new ordinary shares of Majuperak
          and irredeemable convertible preference shares on the
          Securities Exchange;

        * the issue of redeemable convertible secured loan
          stocks and redeemable convertible unsecured loans
          stocks to the creditors of United Chemicals; and

        * the transfer of listing status of UCI on the Second
          Board of Securities Exchange to Majuperak whereby
          Majuperak shares will be listed on the Main Board of
          the Securities Exchange.

United Chemical Industries Berhad, a company incorporated and domiciled in
Malaysia, is a public company limited by shares, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.  United Chemical is an
investment holding company that was previously involved in the manufacture
and sale of polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn Bhd, was
previously involved in the manufacture and sale of geotextile fabrics
together with its allied products.

The company's unaudited balance sheet as of December 31, 2006, went upside
down with total assets of MYR3.15 million and total liabilities of
MYR81.28 million, resulting to a shareholders' deficit of MYR78.13
million.


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

CONNEXIONZ LTD: NZX Suspends Trading Until Firm Files FY Results
----------------------------------------------------------------
The New Zealand Stock Exchange suspends the trading of Connexionz
Limited’s shares until the company provides its preliminary full-year
results, the New Zealand Press Association reports.

In a regulatory filing with NZX yesterday, the company advised that it is
postponing the adoption of new international financial reporting standards
(IFRS) and is preparing New Zealand GAAP-compliant accounts for their
preliminary results for the full year ended March 31, 2007.  As a result
of the move, Connexionz can no longer take advantage of the 15-day
extension of reporting deadline granted in the NZX Regulation Class Waiver
for all first-time adopters of IFRS dated Nov. 3, 2005.

Connexionz had originally intended to adopt IFRS but this has turned out
to be much more complex than what it was first led to believe, the company
explains.  Connexionz is also waiting to receive final approval from its
United Kingdom auditors to approve the results of its U.K. subsidiary.

With the postponement of the adoption of IFRS and pursuant to NZX listing
rules, Connexionz’s full year results should have been due for issuance on
June 14.  The Listing Rules also impose suspension on an issuer who has
not issued its preliminary full year announcement within five business
days of the due date.
Hence, the company’s securities is suspended until it has provided the NZX
the results.

Connexionz expects to produce a preliminary announcement of the results by
July 13, 2007.

Christchurch, New Zealand-based Connexionz Limited --
http://www.connexionz.co.nz/-- is a technology company that
develops real-time vehicle tracking systems for the local and
international markets.  The company's products include city-side
systems, airport buses, bus interchanges, the BusFinder and
technical papers.  Connexionz has a real time system for
tracking a fleet of buses across a city, handling up to 10,000
vehicles and up to 2,500 routes. The Company's BusFinder signs
provide passengers with information citywide at bus stops,
within interchange buildings and in malls and restaurants.  The
Company has also customized their system to provide real time
information for airport bus services.

                       Going Concern Doubt

After examining the company's annual report for the financial
year ending March 31, 2006, Deloitte -- the company's
independent auditors -- raised a fundamental uncertainty on the
company's ability to continue as a going concern, which is
dependent upon the ability to fund future activities from
operational cash flows and/or raise further capital.  Deloitte
adds that the company may need to provide for further
liabilities that might arise, and to reclassify non-current
assets as current assets.


HERITAGE GOLD: Receives Licenses for Dunmarra Basin JV
------------------------------------------------------
Heritage Gold NZ Limited, in a regulatory filing with the New Zealand
Stock Exchange, discloses that proposals for grant of the three
exploration license applications in the Dunmarra Basin joint venture in
the Northern Territory have been received.

In March 2007, Heritage Gold announced its intention to explore for
uranium in the Dunmarra Basin.  The joint venture areas cover
approximately 1,250 square kilometers.

Heritage has the right to earn a 50% interest in the property by the
expenditure of AU$2.0 million over three years and may increase its equity
to 75% by spending a further AU$2.0 million within an additional two
years, if the other JV party decides not to contribute.

Heritage Gold managing director Peter Atkinson says: "The applications
have now been advertised to seek any objections, a process that will take
approximately three months".

The JV partners are finalizing a reconnaissance exploration programme,
with sampling of radiometric anomalies, due to commence in July.

There are three uranium bearing areas known along the edge of the Dunmarra
Basin.  They are the Pine Creek Inlier, Tennant Creek Block, and McArthur
Basin.

"These have good source potential for uranium that may have been eroded
and re-deposited in sandstone, siltstone and shale beds in the basin", Mr.
Atkinson says.

                  Base Metals & Gold Application

Heritage Gold has expanded its exploration initiative in the Northland
region of New Zealand.  The company has applied for the Waikare
prospecting permit, which adjoins its Hikurangi prospecting permit
application, and is about 160km north of Auckland.

The new application surrounds the Puhipuhi epithermal gold prospect and
contains several identified gold, silver and antimony prospects in
favourable geological settings.

"A newly completed study of the mineral resource potential of Northland by
a consortium of District Councils in Northland and its regional economic
development group, along with a study of its potential economic benefits,
has added impetus to our decision to expand our interests in Northland",
Mr. Atkinson says.

Heritage Gold has selected areas with potential to host epithermal
gold-silver, porphyry copper-gold, and volcanogenic massive sulphide base
metal deposits.

                       About Heritage Gold

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

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


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

APC GROUP: Sale of Unit Will Improve Net Worth by PHP10 Billion
---------------------------------------------------------------
APC Group Inc. clarified through a disclosure with the Philippine Stock
Exchange an article published on Thursday last week in the BusinessWorld.

The article reported in part that APC is expecting to finish next quarter
its negotiations with the Philippine Long Distance Telephone Co. and its
creditors regarding the sale of its subsidiary, Philippine Global
Communications.  The report cited a source and revealed that APC plans to
list Philcom Corp. in the PSE as soon as it gets rid of its debts.  The
report also said that APC expects to be relieved of liabilities worth
PHP5.3 billion in Philcom and to improve net worth by over
PHP4 billion.

The company told the PSE that while it seeks to conclude the talks over
the sale of Philippine Global Communications, it has to undertake certain
steps to make the sale possible.  The company also said that its net worth
will improve by over
PHP10 billion and not PHP4 billion as reported in the article.

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

The Troubled Company Reporter – Asia Pacific reported that the company had
a capital deficiency as of September 30, 2006 and December 31, 2005
amounting to PHP8.89 billion and PHP8.70 billion respectively.

                       Going Concern Doubt

After auditing the company’s financial statements for the year ended
December 31, 2006, Marydith C. Miguel at Sycip Gorres Velayo and Co.
raised significant doubts on APC Group, Inc.'s ability to continue as a
going concern.  The auditor cited the company's recurring losses arising
principally from the losses of PhilCom and PhilCom Corporation, which
affected the ability of both companies to service their maturing
obligations on a timely basis.  In addition, the company's consolidated
current liabilities exceeded its consolidated current assets as of
December 31, 2005, and 2004.  Further, the restructuring of the long-term
debt of the two PhilCom entities are still under negotiation with the
creditors.

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


APEX MINING: Annual Stockholders’ Meeting Set for September 7
-------------------------------------------------------------
Apex Mining Co. Inc. will hold its annual stockholders' meeting for 2007
on September 7, at 3:00 pm at the Valle Verde Country Club, Javier St., in
Barrio Ugong, Pasig City.

Among others, the meeting will take up these matters:

    * appointment of external auditors

    * election of directors

    * approval of the financial statements as of December 31,
      2006

Only stockholders of record as of July 10, 2007, will be entitled to
notice, and to vote at the meeting.

Apex Mining Company, Inc., is majority owned by Norwegian firm Crew Gold
Corporation, which is based in the United Kingdom.  It owns the Masara
gold mine in Compostela Valley on the island of Mindanao.  Apex Mining is
a corporation that is principally engaged in the business of mining gold,
silver, copper, lead and other precious metals.  The company was initially
involved in copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down in March
1991 due to adverse conditions brought about by an illegal strike of its
workforce.  As peaceful and stable conditions were restored, Apex restored
to a Mines Operating Agreement with a foreign-backed outfit.

In the hope of getting back on track, the company launched "Project 200"
by the last quarter of 1997.  This is to resume operations in the Masara
mines using the company's own resources.  The new system marked the use of
"Corpo" or "Balbag" system, a viable alternative in the area of work
relationships wherein the owner and the mines exist in a partner and
industrial partner relationship.

The company's Operations were suspended on March 16, 2000, up to the
present.  However, a mine rehabilitation program was implemented starting
July 2000 to re-access the measured ore blocks located at level 850 and
level 930.  There is a pending negotiation for a joint venture with
Argonuat Mining Co., Inc., at 3780 Kilroy Airport Way, Suite 200, in Long
Beach, California.  The transaction is being delayed by the current peace
and order situation in Mindanao.

Apex Mining Co., Inc., incurred a net loss of PHP46 million for the year
ended December 31, 2005.  As of this date, the company has accumulated an
equity deficit of PHP1.037 billion.  Current liabilities exceed current
assets by PHP86 million.


ATLAS CONSOLIDATED: Unit Draws US$100MM From Deutsche Bank Loan
---------------------------------------------------------------
Atlas Consolidated Mining and Development Corp.'s subsidiary, Carmen
Copper Corp., has drawn down US$100 million in full from its term loan
facility agreement with Deutsche Bank.

The agreement was entered into on May 25, 2007, and will be guaranteed by
Philippine Export-Import Credit Agency.

According to a disclosure with the Philippine Stock Exchange, the proceeds
of the loan will be used to restart Carman Copper's mine in Toledo City,
Cebu.


Headquartered in Mandaluyong City, Philippines, Atlas Consolidated Mining
and Development Corporation was established through the merger of assets
and equities of three Soriano-controlled pre-war mines, the Masbate
Consolidated Mining Company, IXL Mining Company and the Antamok Goldfields
Mining Company.  The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and gold with
silver and pyrites as major by-products.  The company's copper mining
operations are centered in Toledo City, Cebu, where two open pit mines,
two underground mines and milling complexes (concentrators) are located.
The Cebu copper mine ceased operations in 1994.  Activities after the
shutdown were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge losses to the
mining firm.

In January 2004, Atlas decided to rehabilitate the company and its assets
since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a capital
deficiency of PHP3.035 billion for the year ended December 31, 2005.
Moreover the company's auditor, Jaime F. Del Rosario, of Sycip Gorres
Velayo, raised substantial doubt on the company's ability to continue as a
going concern.


CHINA BANKING: Discloses Terms of Manila Bank Merger Agreement
--------------------------------------------------------------
China Banking Corp. disclosed with the Philippine Stock Exchange the
salient terms and conditions of its memorandum of agreement for the merger
with Manila Banking Corp.

The MOA provides for:

    * China Bank's acquisition of 7,688,252 shares in Manila
      Bank for PHP214.65 per share for a total of
      PHP1.65 billion, representing 87.51% OF Manila Bank's
      total subscribed capital stock;

    * Acquistion of the shares at book value with premium based
      on unaudited adjusted capital fund as of December 31,
      2006; and

    * Cash payment for the shares.  Payment will be placed in
      escrow with China Bank, subject to the agreement's terms
      and conditions and to the outcome of due diligence

The MOA is subject to 30 days due diligence from its signing.

China Bank also told the PSE that funds for the purchase came from China
Bank's internally generated funds.


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.


MANILA ELECTRIC: Elects New Corporate Officers for Year 2007
------------------------------------------------------------
The Manila Electric Co. elected new officers during its Organizational
Meeting of the Board of Directors held on
June 25.  The Board also accepted the resignation of Director Emilio A.
Vicens and elected Juan Manuel Prieto as replacement.

The Board elected these directors as officers:

    * Manuel M. Lopez            - Chairman, Chief Executive
                                   Officer

    * Felipe B. Alfonso          - Vice Chairman

    * Jesus P. Francisco         - President, Chief Operating
                                   Officer

    * Justice Camilo D. Quiason  - Corporate Secretary

    * Justice Jose C. Vitug      - Management Consultant

    * Daniel D. Tagaza           - Executive Vice President,
                                   Chief Financial Officer and
                                   Comptroller

    * Ricardo V. Buencamino      - Senior Vice President
                                   (Executive Vice President
                                    effective July 1, 2007)

    * Roberto Almazora           - First Vice President

    * Rafael L. Andrada          - First Vice President,
                                   Treasurer and OIC Information
                                   Disclosure Officer

    * Leonisa C. dela Llana      - First Vice President

    * Jaime R. Camacho           - Vice President, Chief
                                   Information Officer

    * Elpi O. Cuna               - Vice President

    * Helen T. de Guzman         - Vice President, Corporate
                                   Auditor, Compliance Officer

    * Ivanna G. dela Pena        - Vice President

    * Fortunato C. Leynes        - Vice President

    * Atty. Gil S. San Diego     - Vice President, Asst.
                                   Corporate Secretary, and
                                   Information Disclosure
                                   Officer

    * Lucito L. Santos           - Vice President

    * Ruben A. Sapitula          - Vice President

    * Antonio R. Valera          - Vice President, Asst.
                                   Comptroller

    * Ruben B. Benosa            - Sr. Asst. Vice President
                                   (Vice President effective
                                    July 1, 2007)

    * Rustico C. de Borja Jr.    - Sr. Asst. Vice President
                                   (Vice President effective
                                    July 1, 2007)

    * Manolo c. Fernando         - Sr. Asst. Vice President,
                                    Assistant Treasurer

    * Atty. Anthony V. Rosete    - Sr. Asst. Vice President,
                                   Asst. Corporate Secretary

    * Atty. Alfonso Y. Lacap     - Asst. Vice President, Asst.
                                   Corporate Secretary

The Board also designated these members of the different Board committees:

    EXECUTIVE COMMITTEE

    * Manuel M. Lopez       - Chairman
    * Felipe B. Alfonso     - Member
    * Jesus P. Francisco    - Member
    * Washington Z. SyCip   - Member
    * Cesar E.A. Virata     - Member
    * Leonisa C. dela Llana - Secretariat

    NOMINATION AND GOVERNANCE COMMITTEE

    * Felipe B. Alfonso      - Chairman
    * Arthur R. Defensor Jr. - Member
    * Gregory L. Domingo     - Member
    * Christian S. Monsod    - Member
    * Leonisa C. dela Llana  - Secretariat

    AUDIT & COMPLIANCE COMMITTEE

    * Washington Z. SyCip    - Chairman
    * Felipe B. Alfonso      - Member
    * Arthur R. Defensor Jr. - Member
    * Manuel M. Lopez        - Member
    * Juan Manuel Prieto     - Observer
    * Helen T. de Guzman     - Secretariat
    * Daniel D. Tagaza       - Secretariat

    COMPENSATION & RETIREMENT COMMITTEE

    * Federico E. Puno       - Chairman
    * Felipe B. Alfonso      - Member
    * Gregory L. Domingo     - Member
    * Washington Z. Sycip    - Member
    * Cesar E.A. Virata      - Member
    * Leonisa C. dela Llana  - Secretariat

    FINANCE COMMITTEE

    * Cesar E.A. Virata      - Chairman
    * Jesus P. Francisco     - Member
    * Christian S. Monsod    - Member
    * Juan Manuel Prieto     - Member
    * Federico E. Puno       - Member
    * Daniel D. Tagaza       - Ex-Officio Member
    * Rafael L. Andrada      - Secretariat

    RISK MANAGEMENT COMMITTEE

    * Gregory L. Domingo     - Chairman
    * Bernardino R. Abes     - Member
    * Jesus P. Francisco     - Member
    * Christian S. Monsod    - Member
    * Juan Manuel Prieto     - Member
    * Federico E. Puno       - Member
    * Ivanna G. Pena         - Secretariat

    RETIREMENT FUND COMMITTEE

    * Christian S. Monsod    - Chairman
    * Bernardino R. Abes     - Member
    * Cesar E.A. Virata      - Member
    * Daniel D. Tagaza       - Secretariat
    * Manolo C. Fernando     - Secretariat

                   About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric Company --
http://www.meralco.com.ph/-- is the largest utility in the Philippines,
providing power to 4.1 million customers in Metropolitan Manila and more
than 100 surrounding communities.  As deregulation takes effect, Meralco
is reducing its dependence on state-owned National Power Corp. by
increasing the amount of power it purchases from independent power
producers.  Meralco is also preparing for competition by moving into
non-regulated activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia Pacific
stated that the company posted a 79.7% decrease in its 2005 net losses to
PHP411 million from PHP2.03 billion in 2004, due to provisions for
probable losses while awaiting a Supreme Court final decision on a pending
unbundling rate case, and the adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila Electric
cannot seek a loan to expand its facilities unless it repays outstanding
short-term debts amounting to around
PHP4.7 billion.


MIRANT CORP: Closes Philippine Asset Sale for US$3.2 Billion
------------------------------------------------------------
Mirant Corporation has completed the previously announced sale of its
Philippine business to a consortium comprised of The Tokyo Electric Power
Company, Incorporated and Marubeni Corporation.  The net proceeds to
Mirant after transaction costs and the repayment of US$642 million of debt
were US$3.215 billion.

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Japanese trading giant Marubeni Corp. and Tokyo Electric
Power Co. will each purchase a 50% stake in Mirant Asia Pacific, an
independent power producer with 2,203 megawatts in the Philippines.

Under the sale agreement, the companies will acquire two coal-fired power
plants and a 20% stake in natural-gas-fired power plant, which account for
about 20% of power assets in the Luzon area, including Manila.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  Mirant NY-Gen
LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant New York
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 22, 2007, the ratings of Mirant Corp., with an Issuer Default Rating
of 'B+' by Fitch, and its subsidiaries remain on Rating Watch Negative
following the company's announced plans to pursue alternative strategic
options including a possible purchase of Mirant by a third party.

These ratings remain on Watch Negative:

  Mirant Corp

    -- Issuer Default Rating 'B+'.

  Mirant Mid-Atlantic LLC

     -- Issuer Default Rating 'B+';
     -- Pass-through certificates 'BB+/RR1'.

  Mirant North America, Inc.

     -- Issuer Default Rating 'B+';
     -- Senior secured bank debt 'BB/RR1';
     -- Senior unsecured notes 'BB-/RR1'.

  Mirant Americas Generation, LLC

     -- Issuer Default Rating 'B+';
     -- Senior unsecured notes 'B/RR5'.


PHIL AIRLINES: In Talks To Lease Property in Clark Eco-Zone
-----------------------------------------------------------
Philippine Airlines Inc. is in discussions with Clark International
Aviation Corp. for a possible lease of property, according to a disclosure
by PAL's majority shareholder PAL Holdings Inc.

According to the disclosure, PAL and CIAC are discussing the lease of 30
hectares of property where they can locate aviation related business at
Clark Eco-Zone for future investments.


Philippine Airlines -- http://www.philippineairlines.com/-- is the
Philippines' national airline.  It was the first airline in Asia and the
oldest of those currently in operation.  With its corporate headquarters
in Makati City, Philippine Airlines flies both domestic and international
flights.  As of 2005, it claims to serve 21 domestic airports and 31
foreign cities.  Its main hub is the Ninoy Aquino International Airport in
the capital city of Manila.

Following labor problems and its failure to settle debts, PAL filed for
rehabilitation in June 1998, and is slated to complete its 10-year debt
rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia Pacific
stated that the airline company will continue a government-led
rehabilitation program even as creditors neither approved nor rejected the
program to leave the protection of the Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its corporate
rehabilitation in 1998, PAL reduced its debts to PHP237.23 billion from
PHP496.02 billion by selling assets and using the proceeds to pay off
maturing debts.


PHIL. LONG DISTANCE: To Focus on Broadband Services in Cebu
-----------------------------------------------------------
The Philippine Long Distance Telephone Co. is focusing on broadband
services to help Cebu attract investments in information and
communications technology (ICT) and bring about economic development in
the province.

PLDT Corporate Business Group Head Eric R. Alberto said the Cebu ICT 2007
International Conference and Exhibition from June 26 to 28, 2007, would be
a good venue for showcasing these broadband services and Cebu’s strengths
in ICT.  “We believe broadband services, whether wired or wireless, are
crucial catalysts for
development that will complement Cebu’s expanding talent pool for ICT,”
said Alberto.  “Cebu is increasingly becoming an attractive place for
investing in ICT. As a telecommunications provider committed to helping
Cebu reach its full potential, PLDT is investing in infrastructure
development and churning out cutting edge products and solutions that will
help attract these investors,” said Alberto.

The PLDT Group, which will use the theme “Broadbanding the Nation” for its
booth, will highlight services such as WeRoam, SWUP (Shops.work
Unplugged), W@HO, BOSSCENTRAL, Blackberry, Mobile Eye and SmartBro.  These
services are all geared to help investors assess the capabilities and the
possibilities of doing business in Cebu.  “Of course, we also want to
convey to them that PLDT, being a leader in innovation in the country, can
customize solutions for clients,” added Alberto.

The Philippines is increasingly becoming an alternative ICT hub for
outsourced business next to India. Alberto said it would take a confluence
of efforts from the government, academe and private sector to catapult the
country past India to the top of
the BPO industry.  “We could say Cebu is one of the BPO hotspots for ICT.
Through the efforts of the government to promote the province as an ICT
hub, the commitment of academe to produce talented ICT professionals and
the private sector’s efforts to strengthen the infrastructure and offer
world-class telecom solutions, Cebu can become a force to reckon with in
the BPO industry,” said Alberto.

Among the topics to be discussed in Cebu ICT 2007 are: “Opportunities and
Threats for Asia’s Emerging ITES (IT-enabled services) Industry,”
“Promoting Investments in Asia ICT/ITES,” “Fostering and Funding Asian
Innovation,” “The Workforce and
Evolving ICT/ITES Hub Development Models,” “Security Challenges in an
Outsourced Environment,” “ The SME Role in the ITES Industry,” “
Innovation in Technology Services: Transforming IT for Business
Advantage,” “Trends and Challenges in eGovernance,” “ Leveraging Best
Practice in ITES Sectors,” and “Developing and
Sustaining an Innovative Culture.”

                            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.


RIZAL COMMERCIAL: Elects New Board of Directors for 2007
--------------------------------------------------------
Rizal Commercial Banking Corp. has elected new members of its Board of
Directors for the year 2007 during its annual stockholders' meeting and
Board organizational meeting held last Monday, June 25.

These are the new directors of the company:

    * Ambassador Alfonso T. Yuchengco

    * Helen Y. Dee

    * Rizalino S. Navarro

    * Cesar E.A. Virata

    * Lorenzo V. Tan

    * Suzanne Y. Santos

    * Atty. Teodoro D. Regala

    * Atty. Ma. Celia H. Fernandez-Estavillo

    * Robert McCarthy (Spinnaker Capital representative)

    * Christopher Ian Teague (Spinnaker Capital
                              representative)

    * Armando M. Medina, Independent Director

    * Atty. Teodoro Q. Pena, Independent Director

    * Francisco C. Eizmendi Jr., Independent Director

    * Roberto F. de Ocampo, Independent Director

During the organizational meeting, the Board elected these as
members of the Advisory Board:

    * Yvonne S. Yuchengco
    * Clara Acuna Camacho
    * Francis G. Estrada
    * Francis L. Laurel
    * Antonio Alindogan Jr. (effective July 8, 2007)

The Board appointed these individuals as members and chairmen
of the various committees during the meeting:

    EXECUTIVE COMMITTEE

    * Helen Y. Dee        - Chairman
    * Lorenzo V. Tan      - Co-chairman
    * Cesar E.A. Virata   - Vice Chairman
    * Rizalino S. Navarro - Member
    * Armando M. Medina   - Member
    * Susanna Y. Santos   - Member
    * Teodoro Q. Pena     - Alternate Member

    AUDIT COMMITTEE

    * Teodoro Q. Pena    - Chairman
    * Susanne Y. Santos  - Member
    * Roberto de Ocampo  - Member
    * Armando M. Medina  - Member

    TRUST COMMITTEE

    * Teodoro D. Regala         - Chairman
    * Lorenzo V. Tan            - Member
    * Cesar E.A. Virata         - Member
    * Lourdes Bernadette Ferrer - Member
    * Wilfrido E. Sanchez       - Member

    PERSONNEL EVALUATION & REVIEW COMMITTEE

    * Teodoro Q. Pena               - Chairman
    * Ismael R. Sandig              - Vice-Chairman
    * Helen Y. Dee                  - Member
    * Ernesto P. Pinpin             - Member
    * Teresita A. Nunez             - Member
    * Head-Legal Services Division  - Member
    * Head-Human REsources Division - Member

    RISK MANAGEMENT COMMITTEE

    * Susanne Y. Santos    - Chairperson
    * Armando M. Medina    - Co-Chairman
    * Rizalino S. Navarro  - Member
    * Cesar E.A. Virata    - Member
    * Lorenzo V. Tan       - Member

    CORPORATE GOVERNANCE COMMITTEE

    * Helen Y. Dee         - Chairman
    * Rizalino S. Navarro  - Member
    * Francisco Eizmendi   - Member
    * Roberto F. de Ocampo - member
    * Wilfrido E. Sanchez

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

                          *     *     *

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

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

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

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


RIZAL COMMERCIAL: Tan Reveals New Strategy for Bank’s Growth
------------------------------------------------------------
During the bank’s annual stockholders’ meeting held on June 25, RCBC
President and Chief Executive Officer Lorenzo V. Tan laid down his
repositioning strategy for the bank, which he said will bring the
Yuchengco-owned institution to a new level of growth and leadership.

“Our strategy will entail implementing a business model that will allow us
to grow our customer base, expand non-cyclical revenue sources to ensure
consistent core earnings, and promote continuing innovation in our
products and services to benefit our customers,” Tan said.

Addressing RCBC stockholders in his first annual meeting with them, Tan
revealed the goals he has set for RCBC within the next twelve months,
including:

    * Increasing loans by 20%
    * Increasing CASA by P10 Billion
    * Lowering the cost-to-income ratio to 50%
    * Achieving a Return on Equity ratio 15%

Since its issuance of additional shares to the public in March of this
year at PHP27 per share, RCBC’s stock price closed at PHP36 per share last
Friday, bringing its present market capitalization to PHP34.7 Billion.
The amount is approximately a 137% appreciation from the PHP14.7 Billion
level in January.  RCBC posted a net income of PHP828 Million in the first
quarter, 158% above the PHP321 Million posted in the comparable period in
2006.

                            About RCBC

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

                          *     *     *

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

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

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

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


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

APPLIED AIR-CONDITIONING: Proofs of Debt Due by July 6
------------------------------------------------------
The creditors of Applied Air-Conditioning Company Pte Ltd. are required to
file their proofs of debt by July 6, 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:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


ARMSTRONG INDUSTRIAL: Registers Subsidiary in Thailand
------------------------------------------------------
Armstrong Industrial Corporation Limited disclosed that it has registered
a wholly-owned subsidiary, Armstrong Rubber Technology Co., Ltd. in
Thailand.

Armstrong Rubber was established with the registered capital of THB30
million.  The principal activity of Armstrong Rubber Technology is
manufacture and sale of rubber parts and components for export and
domestic sales in Thailand.

The transaction was funded through internal resources and is not expected
to have any material impact on the consolidated net tangible assets and
earnings per share of the Armstrong Group for the financial year ending
December 31, 2007.

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--
manufactures and sells precision die-cut foam and rubber
molded components for a range of applications, including
insulating, dampening, cushioning, and sealing.  The company
also provides architectural and engineering activities and
related technical consultancy.  The company has manufacturing
presence in Singapore, Malaysia, Thailand, China, Indonesia and
Vietnam.

                          *     *     *
Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on Dec. 16, 1991, and its
subordinated debt a B1 rating effective on October 23, 1986.


ASTINA ELECTRONICS: Pays Dividend to Creditors
----------------------------------------------
Astina Electronics (S) Pte Ltd. paid the first dividend to its creditors
on June 14, 2007.

The creditors received 44.8457% of its claims.

The company’s liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CHEMTURA CORP: Will Kuser Quits as Investor Relations Director
--------------------------------------------------------------
Chemtura Corporation disclosed that its director of Investor Relations,
William Kuser, has advised the company that he will be leaving at the end
of June to pursue an opportunity with American Vanguard Corporation, a
California-based publicly traded crop protection company.

“We appreciate Bill’s contributions to Chemtura and its investors and wish
him every success in his new endeavors,” said Robert L. Wood, chairman and
CEO.

In the interim period, Stephen Forsyth, executive vice president and CFO,
will take direct responsibility for the company’s Investor Relations
activities.  Investors should contact Shirley Cronan at (203) 573-3863.
Media will still contact Mary Ann Dunnell at (203) 573-3034.

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Moody's Investors Service lowered Chemtura
Corporation's ratings:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, US$500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, US$150 million due 2026: Ba2 from
      Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, US$400 million due 2009: Ba2 from
      Ba1; LGD4 (53%)


INTERIOR ALLIANCE: Pays Dividend to Creditors
---------------------------------------------
Interior Alliance Pte Ltd, which is in liquidation, has paid the first and
final dividend to its creditors on June 13, 2007.

The company paid 1.31% to all received claims.

The company’s liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


LEAR CORP: Reschedules 2007 Annual Meeting to July 12
-----------------------------------------------------
Lear Corporation has rescheduled its 2007 Annual Meeting to
July 12, 2007 to allow stockholders sufficient time to evaluate the
company's response to recent criticisms of the proposed merger with
American Real Estate Partners, L.P., a diversified holding company and an
affiliate of Carl C. Icahn.

The company has also filed with the Securities and Exchange Commission a
letter to all stockholders from an independent special committee of Lear's
Board of Directors, reviewing the major reasons why the Board strongly
recommends a vote in favor of the AREP proposal and addressing certain
inaccurate statements by opponents of the transaction.

In the letter to stockholders, the special committee emphasizes that:

   1) Under objective valuation measures, the $36 per share
      offer price is fair to stockholders, and is more than
      double Lear's stock price of just over a year ago.

   2) The company aggressively sought out higher bids by
      contacting 41 potential strategic and financial buyers,
      with no competing offers being received.

   3) There is significant execution risk to Lear's long-term
      business plan:

      * Lear's results are highly dependent on SUV and light
        truck sales, which are trending lower;

      * A significant labor disruption or strike would
        materially impact Lear and its supply chain;

      * Recent improvements in the company's financial
        performance do not materially change the long-term
        outlook;

      * CEO Bob Rossiter's personal interests had no impact on
        the merger decision-making process or outcome.  Ultimate
        authority for the merger rested with an active special
        committee and Lear's Board; and

      * Volatility and structural change within the automotive
        sector are likely to continue for the foreseeable
        future.

Lear's Annual Meeting, originally scheduled for June 27, 2007, is now
scheduled to be held on July 12, 2007 at 10:00 a.m., E.S.T., at Hotel du
Pont, 11th and Market Streets in Wilmington, Delaware.  Lear will continue
to solicit proxies between now and the Annual Meeting.

The record date for stockholders entitled to vote on the Merger Proposal
and other such matters that may be considered at the Annual Meeting
remains May 14, 2007.

The company's Board of Directors, on the unanimous recommendation of a
special committee of independent directors, has approved the merger
agreement and recommends that Lear's stockholders vote "FOR" adoption of
the Merger Proposal.  As announced on
Feb. 9, 2007, Lear entered into the merger agreement pursuant to which
Lear's stockholders will be entitled to receive, subject to consummation
of the merger, $36.00 in cash for each share they own, without interest
and less any applicable withholding tax.

                    About American Real Estate

American Real Estate Partners, L.P. (NYSE: ACP) -- http://www.arep.com/--
is a diversified holding company engaged in a variety of businesses
including hotel and casino operations, rental real estate, real estate
development, hotel and resort operation, home fashion and investments in
equity and debt securities.

                         About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, South Korea, Thailand and Singapore.

                     *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior
unsecured notes, and B2 secured bank term loan.


LIANG HUAT ALUMINUM: Names Independent & Non-executive Director
---------------------------------------------------------------
Phoon Wui Nyen was appointed as the independent and non-executive director
of Liang Huat Aluminium Limited on June 25, 2007.

Mr. Phoon held directorship in Kuffour Holding Limited,
Baring Private Equity Asia, China Sun Fund Management Limited and China
First Guarantee Co., Limited.

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.

Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004.  Presently, the company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.

As of Dec. 31, 2006, the company's balance sheet showed total
assets of SGD0.84 million and SGD138.78 million in total
liabilities, which leaves a shareholders' equity deficit of
SGD137.93 million.


LINDETEVES-JACOBERG: Shareholder Reduces Stake in Company
---------------------------------------------------------
On June 21, 2007, Arisaig ASEAN Fund Limited, a shareholder of
Lindeteves-Jacoberg Ltd reduced its holdings in the company by 1,000
shares.

Presently, Arisaig ASEAN holds 41,901,000 direct shares with 5.91% issued
share capital.  Prior to the change, Arisaig held 42,901,000 direct shares
with 6.05% issued share capital.

Lindeteves-Jacoberg Limited -- http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

As of March 31, 2007, the group's total assets reached SG$304.7
million while total liabilities were SG$379.9 million, resulting
in a shareholders' deficit of SG$75.2 million.


MI SYSTEMS: Pays 100% of Claims to Ordinary Creditors
-----------------------------------------------------
MI Systems Pte Ltd paid the first dividend to its ordinary creditors on
June 25, 2007.

The company paid 100% to all received claims.

The company’s liquidator is:

         Stone Forest Corporate Advisory Pte Ltd
         18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


PBR-EMULBITUME: Pays Preferential Dividend to Creditors
-------------------------------------------------------
PBR-Emulbitume & Slurry Seal Oil (S) Pte Ltd. has paid the first and final
dividend to its creditors on June 14, 2007,

The company paid 8.79% to all received claims.

The company’s liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


PETROLEO BRASILEIRO: Investing US$10 Bil. To Revitalize Fields
--------------------------------------------------------------
An official at Brazilian state-owned oil firm Petroleo Brasileiro SA said
during the Brazil Offshore conference that the company will invest some
US$10 billion over the next five years to revitalize mature fields in the
Campos basin, Business News Americas reports.

Petroleo Brasileiro's Campos business manager Carlos Eugenio Melro Silva
da Ressurreicao told the press that with the investment plan, the firm is
aiming production of 562,000 barrels of oil equivalent per day from mature
Campos fields by 2015.

Mr. Silva da Ressurreicao said that mature fields in the Campos basin
produce some 625,000 barrels of oil equivalent per day.  Without the
development plan, the figure would drop to 296,000 barrels of oil
equivalent per day in 2015, BNamericas notes.

BNamericas relates that the technology Petroleo Brasileiro will  use in
the restoration of the fields differs for each area as geological
conditions vary.

"The revitalization plan, in terms of production, represents the same as
the P-50 and P-52 oil platforms combined," Mr.  Silva da Ressurreicao told
BNamericas.

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

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

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

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

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


PETROLEO BRASILEIRO: Court Says No to Plant Sale Suspension
-----------------------------------------------------------
The Brazilian Supreme Court has denied an injunction plea from opposition
party Partido da Social Democracia Brasileira to halt the sale of
state-owned oil firm Petroleo Brasileiro SA’s plants to Bolivia, Business
News Americas reports.

The court said in a statement posted on its Web site that PSDB asked for
the suspension of acts or judicial acts aiming to prepare or effectively
transfer Petroleo Brasileiro’s rights, operations and goods in Bolivia.

The court said one of its reasons for rejecting the opposition’s request
is that the transaction was private and that Brazilian President Luiz
Inacio Lula da Silva is not responsible for the decision.  The court said
that according to the Brazilian constitution, firms like Petroleo
Brasileiro -- which is partly private and partly state-owned -- don’t have
to submit corporate decisions to congress, BNamericas states.

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

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

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

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

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


PETROLEO BRASILEIRO: Awards US$34-Million Contract to HidroClean
----------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA has awarded
Brazilian spill prevention firm HidroClean and its U.S. affiliate Garner
Environmental a BRL34-million contract to provide environmental protection
services to the state company, HidroClean said in a press release.

Business News Americas relates that the contract will last for six years.

HidroClean Chief Executive Officer Marcelino Nascimento told the press
that the firm, together with Garner Environmental, will supply preemptive
environmental services at three of nine Petroleo Brasileiro environmental
defense centers in northeast Brazil.  Both companies could also act in
emergency situations at the centers.

According to BNamericas, environmental defense centers aim to ensure
maximum protection to Petroleo Brasileiro’s operating units in case of
accidents.

Mr. Nascimento commented to BNamericas, "We have become more of a
prevention company than one which acts in emergencies, which are becoming
rarer in the oil industry."

The report says that HidroClean has acted in about 120 offshore and
onshore waste and oil spills since it was created in 2000.  The firm also
has environmental protection accords with some of Brazil's largest ports
like Rio de Janeiro, Santos and Paranagua.

HidroClean also works for US firms El Paso, Chevron, Devon and Anglo-Dutch
Shell, BNamericas states.

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

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

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

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

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


PETROLEO BRASILEIRO: Oil & Gas Production Drop 1% in May 2007
-------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA said in a press
release that total oil and gas output dropped 1% to 2.26 million barrels
of oil equivalent per day in May 2007, from April 2007.

Business News Americas relates that oil and gas production in Brazil
decreased 1% to 2.02 million barrels of oil equivalent per day in May
2007, compared to April 2007.  Foreign production dropped 0.6% to 245,176
barrels of oil equivalent a day.

According to BNamericas, Petroleo Brasileiro’s foreign oil output totaled
130,479 barrels per day, while gas production was 19.5 million cubic
meters a day in May 2007.  Meanwhile, the firm produced 1.76 million
barrels per day of oil and 41.9 million cubic meters per day of gas from
its Brazilian operations.

Petroleo Brasileiro told BNamericas that the output decline was due to:

          -- postponement to May 2007 from February 2007 of
             scheduled maintenance stoppages at platforms in
             the Campos basin,

          -- operational problems with a pipeline in the
             Guaricema and Dourado fields in Sergipe, and

          -- gas compressing in the P-34 oil platform.

The Espirito Santo state produced some 141,700 barrels of oil on June 15,
2007, compared to an average of 99,100 barrels per day in May 2007,
BNamericas notes, citing Petroleo Brasileiro.

"The record in Espirito Santo was due to the good performance of the P-34
oil platform in the Jubarte field which has reached 60,000 barrels per day
production, its maximum capacity," Petroleo Brasileiro told BNamericas.

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

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

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

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

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


SCOTTISH RE: Annual Shareholders Meeting Scheduled on July 18
-------------------------------------------------------------
Scottish Re Group Limited will have its Annual General Meeting of
Shareholders at 11:00 a.m. (Bermuda time) on July 18, 2007.  The meeting
will be held at Crown House, Second Floor, 4 Par-la-Ville Road, in
Hamilton, Bermuda.

At the meeting, shareholders will be asked to:

    * consider and vote upon the election of eleven directors,

    * approve the 2007 Stock Option Plan, and

    * ratify the appointment of Ernst & Young LLP as the
      company’s independent registered public accounting firm
      for 2007.

A copy of the Proxy Statement may be viewed for free at:

            http://ResearchArchives.com/t/s?2126

                       About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- (NYSE:SCT) is a
global life reinsurance company.  Scottish Re has operating businesses in
Bermuda, Grand Cayman, Guernsey, Ireland, the United Kingdom, the United
States and Singapore.  Its flagship operating subsidiaries include
Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re
(U.S.) Inc. and Scottish Re Limited.

                         *     *     *

As reported in the Troubled Company Reporter on June 7, 2007, Fitch
Ratings has upgraded Scottish Re's Issuer Default Rating to 'BB-' from
'B+' and the Insurer Financial Strength ratings of its primary operating
subsidiaries to 'BBB-' from 'BB+'.  The ratings have been removed from
Rating Watch Positive; the Rating Outlook is Stable.


SEA CONTAINERS: Court Okays Deloitte & Touche as Auditors
---------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained permission from
the U.S. Bankruptcy Court for the District of Delaware to employ Deloitte
& Touche LLP as their auditors, nunc pro tunc to Jan. 1, 2007.

Deloitte & Touche has served as the independent auditor for Sea Containers
Ltd. since 2006, and for certain Non-Debtor subsidiaries since 1995.  In
the course of its retention, Deloitte & Touche has developed a great deal
of institutional knowledge and intimate understanding of the Debtors'
businesses, finances, operations, systems and capital structure.

As the Debtors' auditors, Deloitte & Touche is expected to perform an
integrated audit and report on the Debtors' financial statements.

In addition, the firm is expected to express its opinion on the:

  (a) fairness of the presentation of the Debtors' financial
      statements,

  (b) management's assessment of the effectiveness of the
      Debtors' internal control over financial reporting, and

  (c) effectiveness of the Debtors' internal control over
      financial reporting.

The Debtors will pay Deloitte & Touche in accordance with the
firm's customary hourly billing rates:

         Professional                  Hourly Rates
         ------------                ---------------
         Partners                    GBP315 - GBP650
         Managers/Directors          GBP150 - GBP500
         Staff                        GBP75 - GBP230

J. Gerard Murphy, member of Deloitte & Touche, relates that the
firm received GBP183,365 within 90 days from the Petition Date.

The firm, however, does not believe the payments were preferences under
Section 547 of the Bankruptcy Code.

Mr. Murphy assures the Court that the firm does not hold or
represent any interest adverse to the Debtors, and is deemed a
"disinterested person" as defined under Section 101(14) of the
Bankruptcy Code.

                      About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Court extended the Debtors' exclusive period to file a Plan of
Reorganization to Sept. 28, 2007.


SEA CONTAINERS: Trustee & GE Opposes US$176MM DIP Financing
-----------------------------------------------------------
The U.S. Trustee for Region 3 and GE Capital Container SRL and its
affiliates have raised objections to Sea Containers, Ltd. and its
debtor-affiliates' move to borrow and obtain up to US$176,500,000,
pursuant to a DIP credit facility between the Debtors and Mariner LCD,
Dune Capital LLC, Dune Capital LP, Wells Fargo Bank N.A.

As reported in the Troubled Company Reporter on June 14, 2007, Mariner and
Dune Capital, along with Trilogy Capital LLC and
Caspian Capital Partners LP, had committed on May 3, 2007, to
provide Sea Containers Ltd. with a US$176,500,000 DIP facility.

Under the New DIP Facility, Marine and Dune Capital will provide
SCL with a term loan of up to US$151,500,000, and a US$25,000,000
revolving credit facility.  Wells Fargo will serve as the administrative
and collateral agent under the New DIP Facility.

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

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

In addition, the Term Loan will also be used to pay all costs and expenses
of the DIP Lenders and the DIP Agent relating to the structuring of the
proposed financing for SCL or SPC.  On the other hand, the proceeds of the
Revolving Credit Facility will be used for SCL's general corporate
purposes in the ordinary course of business.

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

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

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

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

                          Objections

(1) GE Capital Container, et al.

GE Capital Container SRL, GE Capital Container Two SRL, and GE
SeaCo SRL tells the U.S. Bankruptcy Court for the District of Delaware
that the Term Loan is not necessary to preserve
the Debtors' assets, and is not in the best interests of the
Debtors' creditors.

"The Debtors provide no detail to support their belief that
incurring the Term Loan to repay SPC's debts will avoid
additional claims against their estates," Andrew C. Kassner,
Esq., at Drinker Biddle & Reath LLP, in Wilmington, Delaware,
argues.

Mr. Kassner also reveals that SPC's equity "is under water."
SCL's equity in SPC will never have value unless there is some
dramatic increase in the future sale price of containers.

In addition, the Term Loan prevents the Debtors from preserving
their estates' assets if they have future liquidity needs in
excess of the amounts available under the Revolving Loan, or need to
restructure the Revolving Loan.

Mr. Kassner adds that there is a big probability that the Debtors will not
be able to secure any future financing needs to protect the estate if they
put up their available assets to repay SPC's creditors.

In this case, the Term Loan should face rigid scrutiny because it favors
SPC's creditors over the Debtors' creditors, Mr. Kassner points out.
Accordingly, the Debtors must prove that:

  (a) absent the Term Loan, the Debtors' business operations
      will not survive,

  (b) the Debtors cannot obtain alternative financing on
      acceptable terms, and

  (c) the proposed postpetition lenders will not accede to less
      preferential terms.

"Indeed, a postpetition financing that benefits one existing
creditor group over another should only be approved as a last
resort," Mr. Kassner asserts.

Accordingly, GE Capital Container asks the Court to deny the
Debtors' incurrence of the Term Loan.

(2) U.S. Trustee

To the extent that the proceeds of the Term Loan will be used
exclusively to make the capital contributions, the use of cash is governed
by Section 345 of the Bankruptcy Code, David L.
Buchbinder, Esq., at the Office of the U.S. Trustee, in
Wilmington, Delaware, argues.

The Debtors are proposing to make an investment of cash into a
twice removed "bankruptcy remote subsidiary," Mr. Buchbinder
notes.  "They may not do so unless they can comply with Section
345, and protect the funds for the creditor body," Mr. Buchbinder contends.

The legislative intent behind Section 345 is to protect existing
cash, and not permit speculation while the property is subject to the
jurisdiction of the Court, Mr. Buchbinder explains.

Accordingly, the Debtors must comply with Section 345 and post a
bond to secure repayment of the funds should they desire to make
the requested investment, Mr. Buchbinder asserts.

Mr. Buchbinder also points out that the Debtors failed to cite
factual support on the Debtors' interest in Holdings or SPC, and
SPC's ability to repay the funds as the Guarantor.

In addition, the U.S. Trustee contends that the proposed Loan
Terms appears to prejudice the estate.

The DIP Lenders are owed collectively US$100,000,000 as unsecured
creditors.  The scheduled unsecured claims reach more than
US$1,000,000,000.

"Given all these factors, numerous terms of the proposed DIP
Credit Agreement appear to place the [DIP] Lenders in a position
of control over the outcome of these cases," Mr. Buchbinder
argues.

Mr. Buchbinder also points out that the DIP Credit Agreement
contains a clause that requires the Court to make a finding in
the Final DIP Order with respect to the DIP Lenders that the
transaction, standing alone, will cause their removal from the
Official Committee of Unsecured Creditors.

The U.S. Trustee says Clause is inappropriate.  It is among the
statutory duties of the U.S. Trustee to appoint or remove
creditor committee members, Mr. Buchbinder argues.

Accordingly, the U.S. Trustee asks the Court to deny the Motion.

                      About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No. 19;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Court extended the Debtors' exclusive period to file a Plan of
Reorganization to Sept. 28, 2007.


TUNG HSIN: Creditors Receive 6.16% of Claims
--------------------------------------------
The creditors of Tung Hsin Long Construction Co Pte Ltd. received 6.16% of
its claims from the company’s dividend distribution on June 8, 2007.

The company’s liquidator is:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


UNITED TEST: J. Hsu Ying-Ling to Head Taiwan Operations
-------------------------------------------------------
United Test and Assembly Center Ltd has appointed Johnson Hsu Ying-Ling as
President of Taiwan Operations and Tan Chee Keong as Group Executive Vice
President of Business Operations.  Both will be reporting directly to Lee
Joon Chung, Group President and Chief Executive Officer of UTAC.

Mr. Hsu will take over the reins from Tsai Chung-Che, the incumbent who
has been appointed Executive Vice Chairman of the UTAC Board, to helm the
Group’s Taiwan operations.

Mr. Hsu has been with UTAC Taiwan Corporation since 1997 starting as
Production Manager and rising to Vice President of UTAC Taiwan’s Business
Division.  He has excellent industry knowledge, is thoroughly familiar
with the operations of the company and widely respected in the industry.
Before UTAC Taiwan, he was with Scientek Corporation from 1984 to 1997.
Mr. Hsu graduated from Chung Yuan University in Taiwan with a Bachelor of
Electronics in 1980.

CK Tan has returned to the fold to drive the Group’s business activities.
In his new capacity, Mr. Tan will focus on consolidating and optimizing
UTAC’s Group-wide business
processes, directions and strategy.  Mr. Tan first joined UTAC in November
2001 and was responsible for all test development
activities, purchasing and logistics function of the Group. After leaving
UTAC in mid 2006, Mr. Tan was with Silicon Laboratories International Pte.
Ltd. as the Managing Director of
Asia Operations.  Prior to UTAC, he served as Vice President of Test
Operations at ST Assembly Test Services Limited from 1996 to 2001 where he
was instrumental in growing its test business and driving various research
and development activities that resulted in the filing of numerous
patents.  From 1993 to 1996, Mr. Tan worked as Operations Manager with
Cyrix Asia Pacific, and was the Supervising Engineer with Advanced Micro
Devices Pte. Ltd from 1987 to 1993.  He received his Bachelor of Science
degree from the University of London in 1984.

“I am glad to welcome CK back into the UTAC family and delighted to see
Johnson step up to head our Taiwan Operations.  I have worked very well
with both before and I am sure their vast industry experience and deep
knowledge of the company will be a valuable asset to UTAC as we embark on
our next stage of growth and aim to reach our full potential,” commented
JC Lee, President & Chief Executive Officer of UTAC.

All appointments are effective immediately while Mr. Hsu will assume his
new role on July 1, 2007.

                           About UTAC

United Test and Assembly Center Ltd, based in Singapore and
listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.

The company has manufacturing facilities in Singapore, China
(Shanghai), Taiwan and Thailand, and a global sales network in
Singapore, Thailand, Taiwan, the U.S., Italy, Korea and Japan.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 7, 2006, that Moody's Investors Service affirmed the
company's Ba3 senior unsecured rating for US$190 million
convertible bonds.  At the same time, Moody's has affirmed its
Ba3 corporate family rating for UTAC, removing both ratings from
their provisional status.  The ratings outlook is stable.

The TCR-AP also noted on Nov. 6, 2006, Moody's Investors Service
assigned a provisional (P)Ba3 corporate family rating and a
provisional (P)Ba3 senior unsecured rating to UTAC's proposed
US$200M convertible bonds due 2013.  The ratings outlook is
stable.

Moreover, the TCR-AP reported on Nov. 2, 2006, that Standard &
Poor's Ratings Services assigned its 'BB-' corporate credit
rating to UTAC.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'BB-' rating to UTAC's proposed
US$200 million convertible bonds due 2013.


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

ABICO HOLDINGS: Reports on Progress of Business Restructuring
-------------------------------------------------------------
Abico Holdings PCL, in a disclosure with the Stock Exchange of Thailand,
reported details of the progress of its business restructuring plan.

The company reported that:

    * it contracted ANS Audit Co. Ltd. as external auditor for
      2007, with CPAs Athiphong Athiponsakul, or Pravit
      Wiwanthanabut, instead of the former auditor AMC
      Office Co. Ltd. with CPA Sukanya Sutheeprasert;

    * it restructured the shareholdings in PPO Farm Co.
      Ltd., and ordered its subsidiary Abico Dairy Farm Co. Ltd.
      to purchase on June 15, 2007, 388,555 ordinary shares in
      PPO Farm from Waralak Boonpho for THB0.25 per share,
      totaling THB97,138.75.  This represents 50.46% of the
      total holdings in PPO.  After the purchase, the company
      will hold 99.99% of shares in PPO Farm through Abico Dairy

Headquartered in Pathumthani, Thailand, Abico Holdings Public Company
Limited -- http://www.abicogroup.com/-- is into trading palm oil, real
estate development and raw milk producer and distributor.

On April 12, 2004, the Central Bankruptcy Court issued order for the
rehabilitation plan of the company and appointed the company as the
rehabilitation plan manager.  Currently, the said rehabilitation plan have
been approved by the resolution to approve the plan by the creditors’
meeting held on November 12, 2004 and the Central Bankruptcy Court
approved the rehabilitation plan and appointed the company as the
rehabilitation plan manager on November 29, 2004 and the company has
performed according to the rehabilitation plan, which considered
successful, by decreasing capital, increasing capital and changing the par
value of the ordinary shares already according to the note to the
financial statements No.2. However, the company’s ability to continue its
operation very much depend on the operation ability of the subsidiary and
associated companies coupled with the company’s future ability to repay
debt pursuant to the rehabilitation plan.

                       Going Concern Doubt

Miss Sukanya Sutheeprasert of Sam Nak - Ngan A.M.C. Co., Ltd., the
company’s auditor, raised substantial doubt on the group’s ability to
continue as a going concern.

The group incurred accumulated deficits as at June 30, 2006 and December
31, 2005 in amount of  THB212.02 million and THB226.34 million
respectively and as of June 30, 2006 and December 31, 2005, current
liabilities pursuant to the consolidated financial statements exceeded
current assets by the amount of THB113.89 million and THB103.98 million
respectively and the company financial statements by the amount THB11.96
million and THB8.37 million respectively.


INTERFACE INC: Fabrics Division Sale Cues S&P’s Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Interface Inc.,
including the 'B' corporate credit rating, on CreditWatch with positive
implications.

"This action follows the company's announcement that it will sell its
fabrics division in an all-cash transaction valued at approximately $70
million, to an affiliate of Sun Capital Partners, a private equity firm,"
said Standard & Poor's credit analyst Kenneth Shea.

InterfaceFABRIC, which produces interior fabrics and upholstery products
under the Guilford of Maine, Chatham, and Terratex brands, generated
revenue of $161 million and an operating loss of $27.3 million during 2006
(this includes the European fabrics business which was sold in April
2006).

"We expect management will use the proceeds to reduce debt to about 3x and
strengthen credit measures in the near term," said Mr. Shea, adding that
Standard & Poor's also expects that management will focus on the company's
growing modular carpet and Bentley Price Street divisions.

Standard & Poor's will meet with management shortly in order to assess the
implications for the ratings.  "Our analysis in resolving the CreditWatch
will focus on the company's financial policies and operating strategies
going forward," said Mr. Shea.

The company has locations in North America, Europe, Australia and
Thailand, among others.


TONGKAH HARBOUR: Has Until July 10 to Submit Amended Financials
---------------------------------------------------------------
The Securities and Exchange Commission has instructed Tongkah Harbour PCL
to amend its financial statements for the year 2006 and for the quarter
ended March 31, 2007, and to submit them by July 10.

According to a Troubled Company Reporter - Asia Pacific article on June 1,
2007, the SEC required clarification from the company whether these
expenses were recorded according to generally accepted accounting
principles in its annual report for the year 2006:

    * Profit sharing arrangements with the Industry Ministry's
      Department of Primary Industries and Mines totaling THB4.1
      Million;

    * THB11.6 million pre-payment fees; and

    * THB5 million in legal fees.

The company submitted its clarification to the SEC on June 11, 2007.

The SEC now requires the company to amend its financial statements for
year 2006 and for the first quarter of 2007 in order to:

    * Record the profit sharing arrangement as expense for the
      year 2006, and remove it from the first quarter statements

    * Report the prepayment fees as subsequent events in the
      annual report's notes

    * Consider if the legal fees are directly related to the
      borrowing cost. If they are related, the company should
      recognize the fees as deferred charges and amortize them
      to reflect the nominal interest rate since the borrowing
      date during the first quarter of 2007.

                      About Tongkah Harbour

Headquartered in Bangkok, Thailand, Tongkah Harbour Public Company Limited
-- http://www.tongkahharbour.co-- is primarily engaged in mining
operations.  The company is engaged in offshore tin mining, gold
exploration and mining, igneous rock quarrying, as well as property
development and management.

                       Going Concern Doubt

The Troubled Company Reporter – Asia Pacific reported that after auditing
the company's financial report for the third quarter and nine-month
periods ended Sept. 30, 2006, Kesree Narongdej of A.M.T. & Associates Ltd
expressed doubt on Tongkah's continued operations as a going concern.

According to the auditor, the company and its subsidiaries have
experienced the continuous operating losses, and its consolidated
financial statements for nine-month period ended September 30, 2006,
showed operating losses of THB44.78 million and a working capital deficit
of THB173.74 million.  These may have significant effect on the liquidity
status and the going concern position of the company.


TOTAL ACCESS: TOT Refuses to Enter Into Interconnection Deal
------------------------------------------------------------
The Telephone Organization of Thailand PCL is refusing to comply with a
Central Administrative Court order to enter into an interconnection
agreement with Total Access Communications, The Nation reports.

TOT, the report says, is also considering a lawsuit to revoke the National
Telecommunications Commission's interconnection regulations, which came
into effect in May 2006.

According to The Nation, TOT's acting president, Colonel Natee Sukolrat,
said that the company will inform the NTC of its refusal to comply with
the order.  Meanwhile, NTC Chairman Choochart Phromprasid said it will
wait for TOT's letter before making up its mind, but he also insisted on
TOT's compliance with the regulations.

The report recounts that under agreements with DTAC and CAT Telecom, DTAC
owed TOT an access charge as compensation for TOT's adjustment of DTAC's
network system to match that of Advanced Info Service, and had nothing to
do with network interconnection, according to Col. Natee.

AIS holds a TOT concession, while DTAC is a concessionaire of CAT.
Because of that, DTAC along with True Move and Digital Phone paid access
charges to TOT for the use of its facilities to connect subscribes to
other networks. Howeve, True and DTAC ceased payments of access charges
after adopting the interconnection regulations. DTAC said it will pay
interconnection fees instead of access charges, but the TOT refused to
accept the money.

According to the article, TOT cited a joint figure of
THB7.5 billion in access charges that are unpaid by both True Move and DTAC.

Both TOT and CAT agreed to sue DTAC and True Move over the unpaid charges.
CAT will be responsible for collecting the compensation from the two
operators under its concession terms, and it will then settle the charges
with TOT.  If they decline to pay, CAT will be obliged to pay the charges
under TOT's access-charge contracts with holders of CAT concessions.

                      About Total Access

Total Access Communications, DTAC -- http://www.dtac.co.th/-- is the
second-largest cellular operator in Thailand with an approximately 30%
market share and strong brand recognition.  With Telenor's recent purchase
of a 39.9% interest in United Communication Industry Plc and its
subsequent tender offers for UCOM and DTAC shares, Telenor lifted its
aggregate economic interest in DTAC to 70.2% from 40.3%. DTAC is Telenor's
largest acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

The Troubled Company Reporter – Asia Pacific reported on Apr. 3, 2006,
that Moody's Investors Service has upgraded its corporate family and
senior unsecured rating for Total Access Communications Public Co Ltd to
Ba1 from Ba2 with a positive outlook.  This concludes the review for
possible upgrade commenced on October 21, 2005.

Standard and Poor's gave the company a BB+ Long-term local and foreign
issuer credit ratings.

Fitch Ratings on July 18, 2006, has affirmed DTAC's Long-term foreign
currency Issuer Default Rating at BB+ and National Long-term rating at
A(tha).  The company's National Short-term rating was also affirmed at
F1(tha).  The Outlook on the ratings is Stable.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 17, 2007
Beard Audio Conferences
  China's New Enterprise Bankruptcy Law
    Telephone: 240-629-3300;
       Web site://www.beardaudioconferences.com/

August 10, 2007
Turnaround Management Association
  Special Olympics Sportsman's Lunch
    Sofitel, Brisbane, Queensland, Australia
      Telephone: 1300 303 863
        Web site: http://www.turnaround.org/

October 16-19, 2007
Turnaround Management Association - Australia
TMA 2007 Annual Convention
   Boston Marriott Copley Place, Boston, MA, USA
     e-mail: livaldi@turnaround.org

November 14, 2007
Turnaround Management Association
  TMA Australia 4th Annual Conference and Gala Dinner
    Hilton, Sydney, Australia
      Web site: http://www.turnaround.org/

November 29, 2007
Turnaround Management Association
  Special Speaker
    Hilton, Sydney, Australia
      Web site: http://www.turnaround.org/

March 25-29, 2008
Turnaround Management Association - Australia
TMA Spring Conference
   Ritz Carlton Grande Lakes, Orlando, FL, USA
     e-mail: livaldi@turnaround.org

October 28-31, 2008
Turnaround Management Association - Australia
TMA 2008 Annual Convention
   New Orleans Marriott, New Orleans, LA, USA
     e-mail: livaldi@turnaround.org

TBA 2008
INSOL
Annual Pan Pacific Rim Conference
   Shanghai, China
     Web site: http://www.insol.org/

June 21-24, 2009
INSOL
8th International World Congress
   TBA
     Web site: http://www.insol.org/

October 5-9, 2009
Turnaround Management Association - Australia
TMA 2009 Annual Convention
   JW Marriott Desert Ridge, Phoenix, AZ, USA
     e-mail: livaldi@turnaround.org

October 4-8, 2010
Turnaround Management Association - Australia
TMA 2010 Annual Convention
   JW Marriot Grande Lakes, Orlando, FL, USA
     e-mail: livaldi@turnaround.org

Beard Audio Conferences
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
Beard Audio Conferences
Distressed Real Estate under BAPCPA
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Changes to Cross-Border Insolvencies
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Healthcare Bankruptcy Reforms
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Calpine's Chapter 11 Filing
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Employee Benefits and Executive Compensation
under the New Code
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Dana's Chapter 11 Filing
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Reverse Mergers-the New IPO?
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Distressed Market Opportunities
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Homestead Exemptions under BAPCPA
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Surviving the Digital Deluge: Best Practices in
E-Discovery and Records Management for Bankruptcy
   Practitioners and Litigators
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions
   Audio Conference Recording
     Telephone: 240-629-3300
       Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
KERPs and Bonuses under BAPCPA
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Diagnosing Problems in Troubled Companies
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
Equitable Subordination and Recharacterization
Audio Conference Recording
   Telephone: 240-629-3300
     Web site: http://www.beardaudioconferences.com/




                            *********

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

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

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


                            *********


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

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