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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, June 28, 2007, Vol. 10, No. 127

                            Headlines

A U S T R A L I A

ARMOR HOLDINGS: CFIUS Gives Nod on BAE Systems Merger
BLUE METAL: Sets Members’ Final Meeting for July 25
CHURCH & DWIGHT: Strong Performance Cues S&P’s Positive Outlook
FINANCE & MANAGEMENT: Members to Hear Wind-Up Report on July 20
FINANCE RELATIONSHIP: Creditors’ Proofs of Debt Due by July 5

HEN CORPORATION: Placed Under Voluntary Liquidation
MCINTYRE GROUP: Jana Rajnoch’s Civil Penalty Case Dismissed
MGM MIRAGE: Tracinda Cancels Plan to Buy Bellagio & CityCenter
MGM MIRAGE: Inks Pact with Kerzner to Develop Las Vegas Resort
MGM MIRAGE: Moody’s Affirms Corporate Family Rating at Ba2

MGM MIRAGE: S&P Affirms Ratings and Removes Negative CreditWatch
PAULOWNIA FARM: Court Orders to Wind-Up Operations
PIONEER CONCRETE: Members’ Final Meeting Set for July 25
V. & N. GOSKOV: Creditors Resolve to Close Business
VICTORIAN BOAT: To Declare Priority Dividend on July 27

WOODLAND ASSET: Court Enters Wind-Up Order
WOTSA PTY: Undergoes Voluntary Liquidation


C H I N A   &   H O N G  K O N G

AFK FAR: Names Borelli and Walsh as Liquidators
BANK OF COMMUNICATION: Government Audit Reveals Irregularities
CHAODA MODERN: Change of Auditors Cues Negative Outlook
CHONGQING CHANGAN: To Pay Cash Dividend of CNY0.6 Per Share
FOSUN INTERNATIONAL: Expects to Gain HK$10.85 Bil. in HK Listing

GOGOTOUR LIMITED: Wind-Up Petition Hearing Set for July 25
KANSA GENERAL: Proofs of Debts Due by July 9
RAYDAR TRADING: Creditors & Contributories to Meet Today
STD MANUFACTURING: Names Kong Chi How, Jahnson as Liquidator
TIFFIT SECURITIES: To Hold Meeting on July 4

TIMES MATE: Wind-Up Petition Hearing Set for July 25
TREND COFFEE: Court to Hear Wind-Up Petition on July 18
WENG HENG: Requires Creditors to Prove Debts by July 6
WING FU: Releases Wing Muk and Middleton as Liquidators
ZTE CORP: NBI Suspects Losing Bidders as Behind Loss of MOA


I N D I A

HMT LTD: Books INR163.5-Million Net Loss in Qtr. Ended March 31
GENERAL MOTORS: Moody's Says Agreement is Good for Auto Industry
GENERAL MOTORS: Offers 0% Financing for 3 Years on Select Units
ICICI BANK: Foreign Investment Board Rejects Stake Transfer
NICCO UCO: Records INR88.3-Mil. Net Loss in Qtr. Ended March 31

RPG LIFE SCIENCES: Board Okays Sale of Pharmaceuticals Business
SOLERA HOLDINGS: Posts US$9.6MM Net Loss in Qtr. Ended March 31


I N D O N E S I A

ALCATEL-LUCENT: Provides DSL Network Solution to Vodafone
APEXINDO PRATAMA: Earns IDR53.64 Billion For First Quarter
ARGO PANTES: Loses IDR18.42 Billion For Three Months to Mar. 31
BANK CENTRAL ASIA: Sees Rise in Revenue Share From Loans
BANK CENTRAL ASIA: Earns IDR1.06 Trillion in First Quarter 2007

BANK MANDIRI: Lends IDR1 Trillion to Sugarcane Industries
FOSTER WHEELER: Joins Russell 1000 Index
PERUSAHAAN GAS: Needs Government’s Approval for Gas Price Hike
PERUSAAN GAS: Supplies Listrik Negara with Natural Gas
TELKOMSEL: Signs IDR3.5-Trillion Loan Agreement With Four Banks


J A P A N

ALL NIPPON: S&P Raises Corporate and Unsecured Debt Rating to BB
DAIWA SECURITIES: To Spend JPY100 Billion on Business Expansion
SANYO ELECTRIC: Fitch Keeps BB+ Ratings on Negative Watch
JVC CORP: Starts Merger Talks with Kenwood
JVC CORP: Kenwood Merger to Possibly Affect S&P Rating

MITSUBISHI MATERIALS: S&P Lifts Corporate Rating to BB+
SOFTBANK CORP: To Boost Capital by 11% to JPY432.9BB for FY08


K O R E A

HANAROTELECOM: Foreign Investors Show Interest in Stake Control
LEADCORP: Converts First Convertible Bonds
MIJU RAIL: Completes Rights Issue
MIJU STEEL: Converts 20th Bonds with Warrants into Shares


M A L A Y S I A

PSC INDUSTRIES: Expects to Clear Debts by August 2007
PROTON HOLDINGS: Expects to Conclude GM and VW Talks by Year End


N E W  Z E A L A N D

SPEIRS GROUP: FY2007 Net Loss to Increase to NZ$1.919 Million


P H I L I P P I N E S

BANGKO SENTRAL: Seeks Clearer Definition on IMF’s Currency Watch
GLOBE TELECOM: Enters Mobile Internet Service Deal with Yahoo!
IPVG CORP: Acquires James Huang’s 5% Stake in Ran Online Phils.
MABUHAY HOLDINGS: Elects Directors & Officers for Year 2007
MAYNILAD WATER: Seeks to Increase Rates for Sea Transport Sector

RIZAL COMMERCIAL: Plans Expansion; Sees Acquisition for 2007
UNITED COCONUT: Cojuangco Insists Ownership & Seeks Full Trial
* Gov’t Should Focus on Infrastructure Project to Lure Investors


S I N G A P O R E

CHONG SOON: Requires Creditors to File Claims by July 23
CREATIVE TECHNOLOGY: To Absorb 2% GST Increase of Products
KLOCKNER HAENSEL: Proofs of Debt Due by July 6
SENTOSA PERKASA: Proofs of Debt Due by July 23
UNITED TEST & ASEEMBLY: Global A&T to Acquire Firm for SGD2 Bil.


T H A I L A N D

ADVANCE AGRO: Dissolves A.A. Pulp Mill 2 Co. Ltd. Subsidiary
BANGKOK BANK: Reduces Shareholdings in Non-Core Subsidiaries
BANGKOK BANK: Appoints 2 Additional Independent Directors
BANGKOK BANK: Raises Shareholdings in Nat’l ITMX to 27.44%

     - - - - - - - -

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

ARMOR HOLDINGS: CFIUS Gives Nod on BAE Systems Merger
-----------------------------------------------------
The United States Department of the Treasury, on June 21, 2007, notified
Armor Holdings, Inc., that the Committee on Foreign Investment in the
United States completed its review of the proposed merger of Jaguar
Acquisition Sub, Inc., and a wholly owned subsidiary of BAE Systems, Inc.,
with and into Armor pursuant to an Agreement and Plan of Merger among
Armor, BAE Systems and Merger Sub, dated as of May 7, 2007.

CFIUS determined that there were no issues of national security to warrant
an investigation under the Exon-Florio Amendment that provides authority
to the U.S. President to suspend or prohibit any foreign acquisition,
merger or takeover of a U.S. corporation that is determined to threaten
the national security of the United States.  Therefore, CFIUS concluded
action under the Exon-Florio Amendment with respect to the merger.

Completion of this CFIUS review was one of the conditions to the
consummation of the merger contained in the Merger Agreement.  The merger
continues to be subject to, among other conditions, the approval of the
stockholders of Armor and compliance with The Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.

On June 18, 2007, with Armor’s consent, BAE Systems voluntarily withdrew
its HSR filing and refiled in order to extend the initial HSR review
period.

Armor expects the merger to close during the third quarter of 2007.

Headquartered in Jacksonville, Florida, Armor Holdings, Inc.
(NYSE: AH)-- http://www.armorholdings.com/-- manufactures and
distributes security products and vehicle armor systems for the
law enforcement, military, homeland security, and commercial
markets.

The company has operations in Australia in the Asia Pacific, in England
for Europe and Brazil for its Latin-American operations.
                          *     *     *

Armor Holdings, Inc.'s 8-1/4% Senior Subordinated Notes due 2013
carry Moody's Investors Service's B1 rating and Standard & Poor's B+ rating.


BLUE METAL: Sets Members’ Final Meeting for July 25
---------------------------------------------------
A final meeting will be held for the members of Blue Metal Quarries Pty
Ltd on July 25, 2007, at 12:00 p.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:

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

                        About Blue Metal

Blue Metal Quarries Pty Ltd is involved with mining metal ores.  The
company is located in Victoria, Australia.


CHURCH & DWIGHT: Strong Performance Cues S&P’s Positive Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Princeton, New
Jersey-based Church & Dwight Co. Inc. to positive from stable.

"The revised outlook is based on the company's continued strong operating
performance and improved financial profile," said Standard & Poor's credit
analyst Patrick Jeffrey.  Church & Dwight has reduced debt leverage to
below 3x from the mid-3x area following its acquisition of Orange Glo
International in August 2006.  "While the company may make future
debt-financed acquisitions to support its growth strategy, we expect debt
leverage will be managed on average in the low-3x area," said Mr. Jeffrey.
The ratings could be raised over the near term if the company continues
to demonstrate operating stability and a financial policy consistent with
a higher rating.

At the same time, Standard & Poor's affirmed all of its existing ratings
on the company, including the 'BB' corporate credit rating.  This rating
reflects the company's participation in the highly competitive personal
care segment of the consumer products industry, its lack of geographic
diversity, and its somewhat aggressive acquisition strategy.  This is
mitigated to an extent by its established consumer brands, stable
operating performance, good free cash flow generation, and moderately
leveraged balance sheet.

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc. --
http://www.churchdwight.com/--manufactures and sells sodium bicarbonate
products popularly known as baking soda.  The company also makes laundry
detergent, bathroom cleaners, cat litter, carpet deodorizer, air
fresheners, toothpaste, and
antiperspirants.

The company’s international business includes operations in Australia,
Canada, Mexico, the United Kingdom, France and Spain.


FINANCE & MANAGEMENT: Members to Hear Wind-Up Report on July 20
---------------------------------------------------------------
The members of Finance & Management Pty Ltd will meet on
July 20, 2007, at 9:00 a.m., to receive the liquidator’s report about the
company’s wind-up proceedings and property disposal.

The company’s liquidator is:

         Michael Owen
         BDO Kendalls, Level 18
         300 Queen Street
         Brisbane, Queensland 4000
         Australia

                   About Finance & Management

Located in Queensland, Australia, Finance & Management Pty Ltd is an
investor relation company.


FINANCE RELATIONSHIP: Creditors’ Proofs of Debt Due by July 5
-------------------------------------------------------------
Finance Relationship Consultants Pty Ltd, which is in liquidation,
requires its creditors to file their proofs of debt by July 5, 2007.

The company will declare dividend on August 2, 2007.

The company’s liquidator is:

         Kim Holbrook
         Holbrook & Associates
         Chartered Accountants
         Level 2, 19 Pier Street
         Perth, Western Australia 6001
         Australia

                   About Finance Relationship

Finance Relationship Consultants Pty Ltd is a distributor of durable
goods.  The company is located in Western, Australia.


HEN CORPORATION: Placed Under Voluntary Liquidation
---------------------------------------------------
During a general meeting held on May 28, 2007, the members of Hen
Corporation (Australia) Pty Ltd agreed to voluntarily liquidate the
company’s business.

During a creditors meeting held later that day, David Michael Stimpson and
Terry Grant van der Velde were appointed as the company’s liquidators.

The Liquidators can be reached at:

         David Michael Stimpson
         Terry Grant van der Velde
         c/o SV Partners Insolvency
         Accountants and Risk Managers
         Suite 2b, Plaza Links
         1-9 Plaza Parade
         Maroochydore, Queensland 4558
         Australia
         Web site: http://www.svpartners.com.au

                      About Hen Corporation

Located in Victoria, Australia, Hen Corporation (Australia) Pty Ltd is an
investor relation company.


MCINTYRE GROUP: Jana Rajnoch’s Civil Penalty Case Dismissed
-----------------------------------------------------------
The Troubled Company Reporter – Asia Pacific reported on
April 11, 2003, that following an application by the Australian Securities
and Investments Commission, the Supreme Court of Queensland has made
orders appointing Bradley Vincent Hellen of Calabro Partners, as
liquidator for four companies in the McIntyre Group.  The companies in the
group are: Visual Changes Pty Ltd (Visual Changes), trading as 21st
Century Academy; Cashflow Creation Pty Ltd; JNMAC Pty Ltd and JNMAC2 Pty
Ltd.

According to the report, the sole director of the companies is Jamie
McIntyre.

The TCR-AP said that, earlier, the court issued an order restraining the
assets of Mr. McIntyre’s wife, Jana Rajnoch, until the final hearing of a
civil penalty application
against her, Mr. McIntyre and the McIntyre Group.

The TCR-AP also reported on April 9, 2002, that Ms. Rajnoch, along with
Mr. McIntyre, has been ordered by the Supreme Court of Queensland to
surrender their passports after McIntyre Group has been placed in
receivership by the ASIC.

The ASIC, on March 17, 2003, alleged that McIntyre Group conducted wealth
creation seminars under the name 21st Century throughout Australia.

In an update, David Hill of Sykes Pearson Miller said that
Ms. Rajnoch’s civil penalty case filed by the ASIC in April 2002 has been
dismissed.


MGM MIRAGE: Tracinda Cancels Plan to Buy Bellagio & CityCenter
--------------------------------------------------------------
MGM MIRAGE said in a press statement Wednesday that its
majority stockholder Tracinda Corporation advised the
company's Board of Directors during its regularly scheduled
meeting that it had determined not to pursue negotiations
regarding a possible acquisition of the company's Bellagio
and CityCenter properties, and that it would be making a
public announcement to that effect.  In view of the advice,
the Board of Directors terminated the transactions committee
formed to consider any proposal that Tracinda might choose
to make.

J. Terrence Lanni, MGM MIRAGE's Chairman and Chief Executive
Officer said: "We are very gratified by the overwhelming
interest in our company that followed Tracinda's initial
announcement.  We want to thank the Transactions Committee
and its advisors, UBS Investment Bank and Weil, Gotshal &
Manges LLP, for their efforts during this period."

                      Tracinda’s Statement

Tracinda Corporation disclosed in a regulatory filing with
the Securities and Exchange Commission that it continues to
believe that there is substantial unrecognized value in the
assets of MGM MIRAGE.

In Tracinda’s view, the company’s approach to joint venture
transactions demonstrates that there is significant potential
to unlock value for the company’s shareholders through a
variety of strategic transactions involving the company’s assets.

Accordingly, Tracinda has determined not to pursue negotiations
with the company involving the purchase of the Bellagio Hotel and Casino
and CityCenter properties.  Tracinda said it will continue to monitor its
investment and review and evaluate opportunities to enhance shareholder
value in the company.

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/-- owns and
operates 17 casino resorts located in Nevada, Mississippi, Michigan, and
Australia, and has investments in three other casino resorts in Nevada,
New Jersey, and Macau.


MGM MIRAGE: Inks Pact with Kerzner to Develop Las Vegas Resort
--------------------------------------------------------------
MGM MIRAGE and Kerzner International Holdings Limited said in a
joint press statement Wednesday that they have entered into a
letter of intent to form a 50/50 joint venture to develop a
multi- billion dollar integrated resort property on the Las Vegas Strip.
The parties plan to enter into immediate negotiations with a view to
concluding a definitive agreement in the third quarter of 2007.

The new resort will be designed for approximately 40 of the
78 acres of land owned by MGM MIRAGE, located on the corner of
Las Vegas Boulevard and Sahara Avenue.  Kerzner will lead the
planning and conceptualization of the project.  The joint
venture is expected to draw upon MGM MIRAGE's substantial
presence and experience in Las Vegas and Kerzner's experience
in developing and operating some of the world's most recognized
and successful destination resorts.

"We see this type of relationship as a major part of our
company's future," said Terry Lanni, Chairman and CEO of MGM
MIRAGE.  "Our considerable real estate holdings, combined with
our experience and efficiencies in developing major entertainment resort
properties, are unmatched.  We believe
this joint venture could well serve as a model for similar
transactions which we think could further enhance shareholder
value by accelerating growth and conserving our capital,
allowing us to pursue other growth opportunities and/or return
excess capital to our shareholders."

Sol Kerzner, Chairman and CEO of Kerzner International,
observed: "We have studied the Las Vegas market for some time
and believe this is an outstanding opportunity to create
one of the most innovative and exciting destination resorts
in the world. We are delighted to join forces with MGM MIRAGE."

Under the terms of the agreement, MGM MIRAGE will provide the
land for the resort and Kerzner International and one of its
financial partners will provide cash equity, such that each
party owns 50 percent of the project.  The land being
contributed by MGM MIRAGE is being valued at US$20 million per
acre.  The new integrated resort complex is anticipated to be
a multi-billion dollar project and will be financed through
equity contributions and third-party debt financing.

The broad conceptual design direction of the new resort has
been agreed by the parties and design and planning is
expected to take approximately one year to complete.  Upon
completion of the design phase, both parties anticipate a
three year construction period.  The as-yet unnamed resort
project may utilize existing brands owned by either MGM MIRAGE
or Kerzner International, or a new brand will be introduced.

"This is an exciting opportunity for our company," said Jim
Murren, President, CFO and Treasurer of MGM MIRAGE.  "This
is a prime location in the heart of a rapidly developing area
of the Las Vegas Strip.  Partnering with a highly respected
global resort operator on such a prime piece of Las Vegas
real estate will certainly result in a spectacular project.
This resort will further enhance the Las Vegas tourist
experience and drive incremental visitors to the Strip.  This
development will further elevate the value of our surrounding
land holdings and assets."

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/
-- owns and operates 17 casino resorts located in Nevada, Mississippi,
Michigan, and Australia, and has investments in three other casino
resorts in Nevada, New Jersey, and Macau.


MGM MIRAGE: Moody’s Affirms Corporate Family Rating at Ba2
-----------------------------------------------------------
Moody's Investors Service affirmed MGM MIRAGE'S existing ratings,
including its Ba2 corporate family rating and speculative grade liquidity
rating of SGL-3.  MGM's 56% shareholder, Tracinda Corporation, announced
it will not pursue negotiations with MGM involving the purchase of the
Bellagio Hotel and Casino and CityCenter properties.  However, Tracinda
also stated it will continue to evaluate opportunities to enhance
shareholder value in the company.  As a result, the risk of a potential
leveraged or transformational transaction occurring is lower but remains
high enough to warrant a negative rating outlook particularly in light of
high multiples being paid to take gaming operators private.  MGM also
announced it entered into a letter of intent to form a 50/50 joint venture
with Kerzner International Holdings Limited to develop a multi-billion
resort on the Las Vegas Strip.  This announcement does not have an
immediate impact on ratings, but is factored into the negative outlook.

The negative outlook also reflects higher spending levels in 2007 and the
number of large scale projects the company is involved in that may,
depending upon the level of future investment spending, result in higher
than anticipated leverage going forward.

The ratings could be downgraded if a leveraged or other transformational
transaction were to occur, if spending for growth opportunities increases
further or if expected earnings growth slows, depending on materiality and
other factors such as timing of cash outflows for new investments or
future assets sales.

Moody's last rating action on MGM occurred May 8, 2007 when Moody's
assigned a Ba2, LGD-3, 43% rating to MGM's issue of senior unsecured
guaranteed notes due 2016.

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/--owns and
operates 17 casino resorts located in Nevada, Mississippi, Michigan, and
Australia, and has investments in three other casino resorts in Nevada,
New Jersey, and Macau.


MGM MIRAGE: S&P Affirms Ratings and Removes Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings for MGM MIRAGE
(including the 'BB' corporate credit rating) and removed them from
CreditWatch, where they were placed with negative implications on May 22,
2007.  The rating outlook is negative.

The affirmation follows the announcement by the majority owner of MGM
MIRAGE, Tracinda Corp., that it has decided not to pursue negotiations
regarding a possible acquisition of the company's Bellagio and CityCenter
properties.  Following this announcement, MGM MIRAGE's board of directors
terminated the transactions committee that had been formed to consider any
proposal that Tracinda might have made.

"Though we have removed our ratings from CreditWatch in light of these
developments, our rating outlook is negative given our ongoing concerns
that a leveraging transaction is still possible, albeit now somewhat less
likely," explained Standard & Poor's credit analyst Craig Parmelee.

Tracinda stated in its press release that it will continue to monitor its
investment in MGM, as well as review and evaluate opportunities to enhance
shareholder value in the company.  Moreover, MGM has announced that it has
entered into a joint venture with Kerzner International Holdings Ltd. to
develop a multibillion dollar integrated resort property on the Las Vegas
Strip.  Full details pertaining to this project are not yet available,
although MGM announced that its equity contribution to the joint venture
would be in the form of 40 acres of land valued at US$20 million per acre,
and that the financing is expected to be nonrecourse to MGM MIRAGE.  S&P
will evaluate this transaction and its impact on MGM MIRAGE's credit
quality when more information about the project is available, which S&P
expect will be several months from now.  However, S&P’s preliminary view
is that they do not believe that incremental leverage associated with this
transaction will drive a change in the rating.

The 'BB' rating on Las Vegas-based MGM MIRAGE reflects the company's
active growth strategy and significant reliance on the Las Vegas Strip for
a majority of its cash flow.  In addition, the company's capital spending
will increase significantly between 2007 and 2009 as a result of its
CityCenter plans.  Still, MGM maintains a satisfactory business profile,
with a leadership position on the Las Vegas Strip, positive operating
momentum, and favorable long-term growth prospects.


PAULOWNIA FARM: Court Orders to Wind-Up Operations
--------------------------------------------------
On June 5, 2007, the Federal Court of Western Australia released an order
to wind up the operations of Paulownia Farm Forestry Australia Pty Ltd and
appointed Giovanni Maurizio Carrello as liquidator.

The Liquidator can be reached at:

         Giovanni Maurizio Carrello
         c/o Dickson Carrello Insolvency Practitioners
         Level 1, London House
         216 St Georges Terrace
         Perth, Western Australia 6000
         Australia

                      About Paulownia Farm

Paulownia Farm Forestry Australia Pty Ltd is involved with land, mineral,
wildlife and forest conservation.  The company is located in Western
Australia, Australia.


PIONEER CONCRETE: Members’ Final Meeting Set for July 25
--------------------------------------------------------
Pioneer Concrete (S.A.) Pty Ltd will hold a final meeting for its members
on July 25, 2007, at 11:30 a.m.

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

Mr. Cooke can be reached at:

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

                     About Pioneer Concrete

Pioneer Concrete (S.A.) Pty Ltd is a distributor of lumber, and plywood.
The company is located in South Australia, Australia.


V. & N. GOSKOV: Creditors Resolve to Close Business
---------------------------------------------------
On June 6, 2007, the creditors of V. & N. Goskov Plastering Services Pty
Ltd met and resolved to close the company’s business.

Robert Molesworth Hobill Cole was appointed as liquidator.

The Liquidator can be reached at:

         Robert M. H. Cole
         Robert M. H. Cole & Co
         Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia

                      About V. & N. Goskov

V. & N. Goskov Plastering Services Pty Ltd is involved with plastering,
drywall, acoustical and insulation work.  The company is located in
Victoria, Australia.


VICTORIAN BOAT: To Declare Priority Dividend on July 27
-------------------------------------------------------
Victorian Boat Co Pty Ltd, which is in liquidation, will declare a first
dividend for its priority creditors on July 27, 2007.

Creditors are required to file their proofs of debt by July 12, 2007, to
be included in the company’s dividend distribution.

The company’s liquidator is:

         Peter Vince
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                      About Victorian Boat

Victorian Boat Co Pty Ltd is involved with manufacturing industries.  The
company is located in Victoria, Australia.


WOODLAND ASSET: Court Enters Wind-Up Order
------------------------------------------
The Federal Court of Western Australia entered an order on
June 5, 2007, to wind up the operations of Woodland Asset Pty Ltd.

Giovanni Maurizio Carrello was appointed as liquidator.

The Liquidator can be reached at:

         Giovanni Maurizio Carrello
         c/o Dickson Carrello Insolvency Practitioners
         London House, Level 1
         216 St Georges Terrace
         Perth, Western Australia 6000
         Australia


                      About Woodland Asset

Located in Western Australia, Woodland Asset Pty Ltd is an investor
relation company.


WOTSA PTY: Undergoes Voluntary Liquidation
------------------------------------------
Wotsa Pty Ltd was placed under voluntary liquidation on June 4, 2007,
through a special resolution passed on that day.

The members will also hold their meeting on July 23, 2007, to receive the
liquidator’s report about the company’s wind-up proceedings and property
disposal.

The company’s liquidator is:

         Robert Rushton
         Unit 23, 15 Tribune Street
         South Brisbane, Queensland 4101
         Australia
         Telephone:0418 877 055

                         About Wotsa Pty

Wotsa Pty Ltd provides service industry machinery.  The company is located
in Queensland, Australia.


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

AFK FAR: Names Borelli and Walsh as Liquidators
-----------------------------------------------
Cosimo Borelli and G Jacqueline Fangonil Walsh were appointed as
liquidators of AFK Far East Limited on April 27, 2007.

The Liquidators can be reached at:

         Cosimo Borelli
         G Jacqueline Fangonil Walsh
         China Merchants Tower, 12th Floor
         Shun Tak Centre, 168-200 Connaught Road
         Central, Hong Kong


BANK OF COMMUNICATION: Government Audit Reveals Irregularities
--------------------------------------------------------------
A government-led audit uncovered management irregularities at the Bank of
Communications, including possible "economic crimes", but added that the
findings would not impact the bank’s financial results, Reuters reports.

The routine investigation, according to the report, took place between
April to September 2006 and focused on the bank’s 2005 results and balance
sheet.

On June 20, 2007, the Troubled Company Reporter – Asia Pacific reported
that the China's banking regulator punished eight mainland banks’
branches, which involves the Bank of Communication, after an investigation
showed that they failed to properly scrutinize loans totaling about CNY5
billion, resulting in borrowers illicitly using the funds for stock market
and property sector speculation, various reports say.  The case was
uncovered during an investigation that started at the beginning of 2007.


Bank of Communications Co Ltd -- http://www.bankcomm.com/-- is a
commercial bank in the People's Republic of China.  As of December 31,
2005, the bank had 137 branches and sub-branches, in addition, to over
2,600 business outlets in China.  It also has its branches in Hong Kong,
New York, Tokyo, Singapore and Seoul.

The bank's business is divided into four segments: corporate banking,
retail banking, treasury and others.  Its corporate banking business
provides products and services to the corporate customers, such as loans,
deposits, bill discounting, trade finance, fund custody and guarantees.
The retail banking business provides retail banking products and services
to its retail customers, such as deposits, mortgage loans, debit cards,
credit cards, wealth management and foreign exchange trading services.
The treasury operations include inter-bank money market transactions,
foreign exchange trading and government, and finance bond trading and
investment.

The bank carries Fitch Rating's 'D' individual rating effective on
November 21, 2005.

On May 4, 2007, as part of the application of its refined joint default
analysis and updated bank financial strength rating methodologies, Moody's
Investors Service affirmed Bank of Communications' D Bank Financial
Strength Rating.  The long-term Foreign Currency Deposit Rating is raised
to Baa1 from Baa2.  The short-term Foreign Currency Deposit Rating is
raised to P-2 from P-3.  The outlook for all ratings is stable.


CHAODA MODERN: Change of Auditors Cues Negative Outlook
-------------------------------------------------------
On June 26, 2007, Moody's Investors Service has changed the outlook for
Chaoda Modern Agriculture (Holdings) Ltd's Ba2 corporate family rating and
its foreign currency debt rating to negative from stable.  This is in
response to the company's announcement yesterday regarding a change of
auditors.

"The most recent change of auditors, following a previous change in 2003,
is a concern and heightens issues surrounding the overall risk profile of
Chaoda," says Ken Chan, Moody's lead analyst for the company.

On the other hand, Moody's notes that the departing auditors, Baker Tilly
Hong Kong Limited and CCIF CPA Limited, have both confirmed that there are
no circumstances connected with their resignation which should be brought
to the attention of the shareholders or creditors of Chaoda.  In addition,
CCIF is appointed as internal control consultant to conduct internal
control reviews of Chaoda.  Moreover, the newly appointed international
audit firm, Grant Thornton, has a dedicated audit team in China to support
Chaoda's China business expansion.

The company also continues to manage its expansion while maintaining
stable growth and sustainable profit margins.  As such, Chaoda's credit
metrics are in line with other Ba-rated credits in the region.

Upward rating pressure is limited given the current negative outlook.
However, the outlook could be changed back to stable if the company
receives unqualified opinions from its auditor for its FY2007 financials
accounts, and, at the same time, is able to maintain its current
profitability and sound financial profile.  An improvement in its
corporate governance structure and demonstration of strong financial
discipline in pursuing its growth strategy would also be positive for the
rating.

On the other hand, downward rating pressure would emerge if:

   1) there is further issues regarding its financial audits,
      such as resignation of auditors or receiving a qualified
      opinion on its financial accounts;

   2) there is evidence of cash leakage to fund related
      companies;

   3) the company pursues a more aggressive debt-funded
      expansion plan; and/or

   3) there is significant margin erosion and deterioration of
Chaoda's financial profile as the business expands, such
      that adjusted EBIT margin lowers to 35-40% and retained
      cash flow/adjusted debt decreases to 20-25%.

Any further evidence of increased investment in non-core businesses or
deviation from Chaoda's stated cash management policy would also have a
negative impact on the ratings.

Chaoda Modern Agriculture (Holdings) Ltd is a vertically integrated
agricultural company.  It produces and distributes fruit and vegetables in
China.  It is also involved in livestock breeding and sales.


CHONGQING CHANGAN: To Pay Cash Dividend of CNY0.6 Per Share
-----------------------------------------------------------
Chongqing Changan Automobile Company Ltd will pay a cash dividend of
CNY0.6 and a stock dividend of two shares for every 10 shares to A
shareholders of record on June 29, 2007, and B shareholders of record on
July 4, 2007, Reuters reports.

The Company's shares will be traded ex-dividend and ex-right on
July 2, 2007.

The total cash dividend amount is CNY97,250,952.


Chongqing, China-based Chongqing Changan Automobile Company Limited is
principally engaged in the development, manufacture and sale of mini
passenger vehicles, minivans, commercial vehicles and passenger cars.  The
company offers its products under seven brands: mini passenger vehicles
are under the brand Changan Star; minivans are under the brand Changan,
and passenger cars are under the brands Alto, Lingyang, Fiesta and Mondeo.
It also manufactures and distributes various engines, under the brand
Jiangling.  During the year ended December 31, 2005, the company
manufactured 489,368 vehicles and sold 474,625 vehicles, accounting for
approximately 8.24% of the domestic market.  Chongqing Changan Automobile
has formed partnership with Suzuki Motor Corporation and Ford Motor
Company.  The company has 12 major subsidiaries/associates.

The Troubled Company Reporter - Asia Pacific reported that Fitch Rating
assigned, on September 20, 2006, long-term foreign and local currency
Issuer Default ratings of BB to Chongqing Changan Automobile Co. Ltd.  The
rating outlook is stable.


FOSUN INTERNATIONAL: Expects to Gain HK$10.85 Bil. in HK Listing
----------------------------------------------------------------
Fosun International Ltd. plans to raise as much as
HK$10.85 billion, or about US$1.4 billion, in an initial public offering
ahead of a listing in Hong Kong, Dow Jones Newswires reports.

According to a term sheet obtained by the news agency, Fosun plans to
offer 1.25 billion shares, about 20% of its enlarged share capital, at
HK$6.48 to HK$8.68 (83 U.S. cents to US$1.11) each.  The IPO's
overallotment option of 187.5 million shares, if exercised, could increase
the amount raised to
HK$12.48 billion and would boost the company's free float to 22.3%.

The roadshow for the IPO started in Singapore on Monday and listing on the
Hong Kong main board is planned for July 16, according to the term sheet,
Dow Jones relates.

The news agency also says that 11 cornerstone investors have each
subscribed to US$20 million of shares, accounting for about 16% of the
total offering if it is priced at the top end.  The 11 include the
chairman of Cheung Kong Holdings Ltd., Li Ka-shing; the chairman of
Henderson Land Development Co., Lee Shau-kee; and the chairman of Chinese
Estates Holdings Ltd., Joseph Lau.

Fosun intends to use about half the IPO proceeds for investments and
potential acquisitions in the steel, pharmaceutical, retail and
financial-services industries.  Some of the proceeds will go to repay
US$1.14 billion in bank loans, Joyce Li of The Wall Street Journal
relates.

With the public offering, Fosun International's net profit is expected to
jump to CNY2.7 billion (US$354 million) in 2008 from a forecast CNY1.72
billion this year and CNY777 million last year, as production of
high-margin medium-heavy plate increases and major property-development
projects are completed, a person familiar with the materr told the news
agency.


Fosun International Ltd, headquartered in Shanghai, was established in
2005 as the holding company of the Fosun Group.  Fosun's history dates
back to 1992 when four entrepreneurs founded it as a real estate agency.
The company is now one of China's largest privately owned conglomerates,
engaged in steel, property, pharmaceutical and retailing in China.

Moody's Investor Service on January 8, 2007, has withdrawn its Ba2
corporate family rating of Fosun International Ltd for business reason.

On December 16, 2005, the Troubled Company Reporter – Asia Pacific
reported that Moody's Investor Service has assigned a Ba2 corporate family
rating to Fosun International Ltd.  The outlook on the rating was stable.


GOGOTOUR LIMITED: Wind-Up Petition Hearing Set for July 25
----------------------------------------------------------
A petition to wind up the operations of Gogotour Limited will be heard
before the High Court of Hong Kong on July 25, 2007, at 9:30 a.m.

The petition was filed by Lam Tsun Him on May 23, 2007.


KANSA GENERAL: Proofs of Debts Due by July 9
--------------------------------------------
Kansa General International Insurance Company Limited, which is in
compulsory liquidation, requires its creditors to file their proofs of
debt by July 9, 2007.

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

The company’s liquidators are:

         Nicholas Timothy
         Cornforth Hill
         Allied Kajima Building, 5th Floor
         138 Gloucester Road
         Wanchai, Hong Kong


RAYDAR TRADING: Creditors & Contributories to Meet Today
--------------------------------------------------------
The creditors and contributories of Raydar Trading (International) Limited
will meet today, June 28, 2007, at
2:30 p.m., and 4:30 p.m., respectively on Room 103, 1st Floor of Windsor
Social Building at No. 15 Hennessy Road in Wanchai,
Hong Kong.


STD MANUFACTURING: Names Kong Chi How, Jahnson as Liquidator
------------------------------------------------------------
Kong Chi How, Jahnson was appointed as liquidator of STD Manufacturing
Limited on May 9, 2007.

The Liquidator can be reached at:

         Kong Chi How, Jahnson
         Wing On Centre, 25th Floor
         111 Connaught Road, Central
         Hong Kong


TIFFIT SECURITIES: To Hold Meeting on July 4
--------------------------------------------
Tiffit Securities (Hong Kong Limited), which is in liquidation, will hold
a meeting on July 4, 2007, at 9:00 a.m., on Lai Chi Kok Reception Centre
at 5 Butterfly Valley Road in Kowloon, Hong Kong.

Edward Middleton and Jacky C W Muk are the company’s liquidators.


TIMES MATE: Wind-Up Petition Hearing Set for July 25
----------------------------------------------------
Li Sze Yat filed a petition to wind up the operations of Times Mate
Limited on May 23, 2007.

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


TREND COFFEE: Court to Hear Wind-Up Petition on July 18
-------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the operations
of Trend Coffee & Food Limited on July 18, 2007, at 9:30 a.m.

Trend Ave Company Limited filed the petition on May 11, 2007.

Trend Ave’s solicitors are:

         Arthur K.H. Chan & Co.
         United Centre, Unit C1, 15th Floor
         No. 95 Queensway
         Hong Kong


WENG HENG: Requires Creditors to Prove Debts by July 6
------------------------------------------------------
The creditors of Weng Heng Investment Company Limited are required to file
their proofs of debt by July 6, 2007, to be included in the company’s
dividend distribution.

The company’s liquidators are:

         Cosimo Borelli
         G Jacqueline Fangonil Walsh
         1401, Level 14, Tower 1
         Admiralty Centre, 18 Harcourt Road
         Hong Kong


WING FU: Releases Wing Muk and Middleton as Liquidators
-------------------------------------------------------
On May 11, 2007, Jacky Chung Wing Muk and Edward Simon Middleton were
released as liquidators of Wing Fu Carton an Printing Company Limited.

The former Liquidators can be reached at:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         Pince’s Building, 8th Floor
         10 Chater Road, Central
         Hong Kong


ZTE CORP: NBI Suspects Losing Bidders as Behind Loss of MOA
-----------------------------------------------------------
The Philippines’ National Bureau of Investigation suspects that losing
bidders might be behind the disappearance of the original copy of the
US$330-million broadband contract between the Philippine Government and
ZTE Corp, Philippine Star reports.

The contract, according to a report from the Troubled Company Reporter –
Asia Pacific on June 26, 2007, was lost after an official of the
Department of Transportation and Communications said that the two signed
copies of the original contract between the Government and the company
were lost in China shortly after the signing.

The Star recounts that on Monday, the NBI filed charges of malversation of
public property against commercial attache Emmanuel Nino Wee Ang before
the Office of the Ombudsman.  Head agent Arnel Dalumpines, NBI Special
Task Force chief, said they are still establishing if there was a
conspiracy between
Mr. Ang, Chinese interpreter Allan Liu -- alias Liu Zhe Quiang
-- and the companies that lost the bid, the report adds.

“It is possible that the competitors in the bidding might be behind the
loss of the memorandum of agreement,” Mr. Dalumpines told The Star.  “It
might be a demolition job hatched by competitors against the winning
bidder ZTE Corp.  They might have connived with commercial attaché Ang and
Chinese interpreter Liu.”

Mr. Dalumpines said they are waiting for the Office of the Ombudsman to
conduct its own investigation on the case and that the NBI can only arrest
Mr. Ang once a court issues a warrant, Evelyn Macairan of the paper
writes.

Mr. Ang, Philippine Trade and Investment Center director based in
Guangdong, China, was tasked to secure the document after it was signed by
Transportation Secretary Leandro Mendoza and the vice president of ZTE
Corp. during President Arroyo’s visit to Hainan, China on April 22,
Ms.Macairan relates.

When he appeared at the NBI last May 11, Mr. Ang refused to take a
polygraph test because results “might show otherwise” even if he was
telling the truth, Mr. Dalumpines said.

Further, a calling card of a rival firm of ZTE, Hua Wei Technologies
Corp., Ltd. was found in Liu’s possession, Mr. Dalumpines said.  Mr. Liu
is an interpreter at the Philippine Consulate General in Guangdong.

According to the TCR-AP, authorities from the Philippine government are
investigating the national broadband deal signed by ZTE and the government
after Amsterdam Holdings and Arescom claimed that ZTE Corp. and the
Department of Transportation and Communications "hastily brokered" the
national broadband network project.  The two firms said that the
department signed the agreement without the benefit of a competitive
bidding process as required by Republic Act No. 9184, or the Government
Procurement Reform Act.

                          *     *     *

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

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


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

HMT LTD: Books INR163.5-Million Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
HMT Ltd reported a net loss of INR163.50 million for the quarter ended
March 31, 2007, compared with the net profit of
INR236.60 million reported in the corresponding quarter last year.  Total
income decreased from INR1.12 billion in the quarter ended March 31, 2006,
to INR842.40 million for the March 2007 quarter.  The company booked
expenses in January-March 2007 totaling INR904 million, bringing an
operating loss of
INR61.6 million.

For the year ended March 31, 2007, the company earned a net profit of
INR543 million four times the INR132.70 million profit in the prior fiscal
year.  Total income decreased from
INR2.84 billion for the year ended March 31, 2006, to
INR2.51 billion in FY2007.

Copies of the company’s financial results for the quarter and year ended
March 31, 2007, is available for free at the Bombay Stock Exchange at
http://www.bseindia.com/


HMT Limited -- http://www.hmtindia.com/-- is a public sector
engineering conglomerate.  The company retains the Tractor's
Business, which develops tractors ranging from 25 horsepower to
75 horsepower.  It has an installed capacity of 18,000 tractors
for manufacturing and assembly operations.  The company has
three tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

Credit Analysis and Research Limited downgraded HMT's long-term
bond issue of INR310 crore to CARE BB(SO) on Feb. 18, 2005.
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


GENERAL MOTORS: Moody's Says Agreement is Good for Auto Industry
----------------------------------------------------------------
The announcement of a tentative agreement between Delphi Corporation, the
United Automobile Workers, and General Motors Corporation covering
Delphi's labor contract in North America represents a constructive
development in the automotive industry in North America.  While the
specifics of the agreement are not publicly disclosed, Moody's believes
the agreement should help reposition Delphi with a more competitive cost
structure in the region, facilitate lower cost parts for GM, and remove a
near-term threat to industry production volumes.  However, it is not the
only threat on the horizon.  Moody's does not anticipate any immediate
ratings impact for suppliers or original equipment manufacturers (Delphi
is not a monitored rating).

If ratified by the UAW membership, Delphi would achieve a more competitive
cost structure and become a more viable competitor in those sectors it has
identified as its core focus that have a continuing U.S. presence.
Through establishing greater certainty to its labor arrangements,
financial valuations of Delphi are likely to be enhanced and accelerate
plans for its emergence from bankruptcy. Similarly, by establishing a
lower cost structure in its business units, many of which are designated
as non-core, plans to dispose of certain Delphi operations are more likely
to move forward.  Agreements to sell several units have previously been
announced, subject to court approval.

For the broader supplier industry, the announcement also removes a level
of uncertainty.  The risks of disruption to production volumes of GM and
other OEMs from Delphi related issues should ease assuming the tentative
agreement were approved by Delphi's UAW membership.  However, the converse
would also be true if the agreement was not ratified.  Moreover, labor
contracts between the UAW and the Big Three are set to expire on September
14, 2007, and negotiations for a new contract have yet to formally begin.
In the short term, should those negotiations be unfruitful and result in
work stoppages, OEM production could be disrupted and adversely affect the
broader supply chain.  In the long term, the terms and conditions of a new
master agreement are a critical factor to the structural competitiveness
and financial viability of the Big Three.

The proposed agreement is a constructive development for General Motors in
that it lessens the risk of a disruption in component delivery from its
major domestic supplier.  In combination with the Delphi employee buyouts
that have already been funded by GM, the agreement would also help to
narrow the current $2 billion cost disadvantage that GM incurs on
components currently supplied by Delphi.  Moreover, Moody's believes that
any subsidy by GM of the Delphi-UAW wage package will not be material
relative to the amount of funds already devoted to the employee buyout
program and relative to the OEM's substantial liquidity position.

Notwithstanding these positive developments, the major near-term challenge
facing the Big Three is the need to successfully negotiate a new UAW
contract later this year that afford the U.S. OEMs material relief in the
areas of health care costs and work rules.  Progress in these areas will
be critical to their ability to establish a more competitive domestic cost
structure.

"Ultimately, this agreement coupled with a new master agreement between
the UAW and the OEMs could create a more stable operating environment for
all suppliers and enhance their prospects.  It also could lead to an
increase in merger and acquisition activity at parts suppliers involving
both private equity and strategic buyers " said Ed Wiest, VP & Senior
Analyst at Moody's.  "Of course, the structure of any transaction would be
subject to market conditions, available financing and would determine the
direction of any rating outcome" he continued.

                       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 $11,446,000,000
in total assets and $23,851,000,000 in total debts.  The Debtors'
exclusive plan-filing period expires on July 31, 2007.

                     About General Motors

Headquartered in Detroit, Michigan, 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.


GENERAL MOTORS: Offers 0% Financing for 3 Years on Select Units
---------------------------------------------------------------
General Motors disclosed the “Transform Your Ride Sale,” tied to the July
4 holiday release of DreamWorks Pictures and Paramount Pictures’
live-action film “Transformers” from Executive Producer Steven Spielberg
and Director Michael Bay, opening July 3, 2007.  The “Transform Your Ride
Sale” offers a qualified buyer 0% annual percentage rate for 36 months –-
plus $1,000 cash -– on select Chevrolet, Buick, Pontiac and GMC vehicles.
The “Transform Your Ride Sale” runs June 26 through July 9, 2007.

“People who have recently switched to a GM vehicle tell us we’ve really
changed their previous perceptions about our products,” Jim Campbell, GM’s
director of Customer Relationship Management, said.  “They love their new
car or truck.  We’ve enhanced the value of our cars and trucks with
features like OnStar, XM Radio, superior quality and the best coverage in
the business with a 5-year/ 100,000 mile powertrain warranty plus roadside
assistance and courtesy transportation.  Just look at the award-winning
Chevrolet Silverado or hot HHR.  The “Transform Your Ride Sale” gives
everyone the opportunity to buy a new car or truck with outstanding style,
great fuel economy, performance and value.”

Saturn will continue its innovative “Side by Side by Side” campaign and
will be offering bonus cash on select models.  Cadillac, Hummer and Saab
also will continue to offer attractive deals on select models in their
lineups.

                    Eligible Vehicles List

   * Chevrolet: 2006 and 2007 Cobalt, Monte Carlo, Impala, HHR,
     TrailBlazer, Tahoe, Suburban, Avalanche and 2007 900-series
     Silverado

   * Buick: 2006 and 2007 Lacrosse, Lucerne and Rainier

   * Pontiac: 2006 and 2007 G5, G6, Grand Prix and Torrent

   * GMC: Envoy, Yukon, Yukon Denali, Yukon XL, Yukon XL Denali
     and 2007 900-series Sierra

                     About General Motors

Headquartered in Detroit, Michigan, 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.


ICICI BANK: Foreign Investment Board Rejects Stake Transfer
-----------------------------------------------------------
ICICI Bank Ltd’s board of directors has approved the transfer of the
bank's equity shareholding in ICICI Prudential Life Insurance Company Ltd,
ICICI Lombard General Insurance Company Ltd, ICICI Prudential Asset
Management Company Ltd and ICICI Prudential Trust Ltd to a proposed new
subsidiary, the bank said in a press release.

However, the bank failed to get approval to transfer its insurance and
asset-management holdings to the new company, various media reports said.

“While the bank has not received any official communication from the
Foreign Investment Promotion Board in respect of its application, the bank
has been given to understand that its application has not been approved by
the Foreign Investment Promotion Board at its meeting on June 22, 2007,”
the bank said.  The bank plans to evaluate the further steps to be taken
to obtain the requisite approvals in this regard.

India’s Finance Minister P. Chidambaram, The Economic Times notes, has the
authority to direct FIPB to reconsider a proposal.  Hence, The Times
believes that the final decision on FIPB’s recommendation on ICICI’s move
will rest with
Mr. Chidambaram.  “Officials say the FM himself should decide as the FIPB
was extra-cautious on the issue in view of the political opposition to
easing FDI in insurance,” the news agency relates.

According to the press release, the bank had already received definitive
offers from investors for subscription to equity shares of the proposed
subsidiary.  Among those investors is New York-based Goldman Sachs Group
Inc, The Financial Express relates.

The arrangement is also still subject to the approval of the Reserve Bank
of India and the Insurance Regulatory and Development Authority, among
others.

The bank believes there can be no assurance that the approvals will be
obtained or that the proposed subsidiary will be successful in raising
capital, or of the valuations based on which the capital will be raised.
The bank's inability to implement this reorganization and raise capital in
this subsidiary, or the valuation at which the capital is raised, could
adversely impact its ability to capitalize its insurance subsidiaries,
their growth, its future capital adequacy, its financial performance and
the price of its equity shares and American Depositary Shares.

The perceived risk for holding debt of ICICI rose to a six-month high
after the lender failed to win FIPB’s approval, Bloomberg News reports.
“Credit-default swaps based on US$10 million of the company's debt rose 3
percent to US$70,000 [on Tuesday] after rising 4.5 percent [on Monday] to
almost US$68,000,” Bloomberg says citing its compiled data as source.  An
increase in the price indicates a deterioration in investors' perceptions
of the company's ability to repay its debts, the news agency explains.

India-based ICICI Bank Ltd – http://www.icicibank.com/-- is a
diversified financial company that provides a range of banking
and financial services to customers, including retail banking,
project and corporate finance, working capital finance,
insurance, venture capital and private equity, investment
banking, broking, and treasury products and services.  The bank
operates in two business segments: consumer and commercial
banking, and investment banking.  ICICI has a network of over
741 branches and over 3,300 ATMs in India.

The bank has operations in Russia and the United States.

                          *     *     *

Moody's Investors Service, on Apr. 24, 2007, said that ICICI
Bank 's Foreign Currency Deposit Rating is unchanged at Ba2.

ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB'
Subordinated Debt Rating.


NICCO UCO: Records INR88.3-Mil. Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
Nicco Uco Alliance Credit Ltd reported a net loss of
INR88.3 million for the quarter ended March 31, 2007, a huge improvement
compared with the INR1-billion loss booked in the corresponding quarter a
year ago.

The company’s income increased from INR26.1 million in the January-March
2006 period to INR33.7 million in the latest quarter under review.  With
interest expense of INR75.1 million and operating expenses of INR4.5
million, the company incurred an operating loss of INR4.5 million in the
March 2007 quarter.

For the year ended March 31, 2007, the company incurred a net loss of
INR369.6 million on revenues of INR110.3 million.  In the prior fiscal
year, the company incurred a net loss of INR1.35 billion on revenues of
INR166.3 million.

Full-text copies of the company’s financial results for the quarter and
period ended March 31, 2007, is available for free
http://www.bseindia.com/


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

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

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


RPG LIFE SCIENCES: Board Okays Sale of Pharmaceuticals Business
---------------------------------------------------------------
RPG Life Sciences Ltd’s board of directors has approved the sale of the
company’s pharmaceutical business pursuant to a scheme of arrangement with
RPG Pharmaceuticals Ltd, Instant Holdings Ltd and Instant Trading and
Investment Company Ltd.

The Scheme provides for these terms:

   1. Sale of pharmaceuticals business to RPG Pharmaceuticals
      for INR46 crore.  This consideration will be discharged in
      the form of equity shares of INR11,49,50,800 representing
      1,43,68,850 equity shares of INR8 each fully paid-up at an
      aggregate premium of INR34,50,49,200.  The appointed date
      for the same is April 2, 2007.  The shares of RPG
      Pharmaceuticals will be issued to the members of the
      company in the ratio of 1:1.

   2. Sale of investments of the company to Instant Holdings for
      a consideration of INR53 crore.  This consideration will
      be discharged by Instant Holdings in the form of equity
      shares of INR9,95,00,000 representing 99,50,000 equity
      shares of INR10 each fully paid-up at an aggregate premium
      of INR43,05,00,000. The appointed date for the same is
      April 1, 2007.  These shares will be issued to the
      company.

   3. Merger of Instant Trading with Instant Holdings.

According to the company, the Scheme is still subject to requisite
consent, approval of the requisite majority of the its shareholders,
lenders and creditors, and the High Court of Judicature at Bombay, among
others.

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt
servicing obligations towards institutional investors


SOLERA HOLDINGS: Posts US$9.6MM Net Loss in Qtr. Ended March 31
---------------------------------------------------------------
Solera Holdings Inc. reported a net loss of US$9.6 million on revenues of
US$121.7 million for the three months ended
March 31, 2007, compared to a net loss of US$824,000 on revenues of
US$343,000 for the three months ended March 31, 2006.

The company's balance sheet as of March 31, 2007, listed total assets of
US$1,261,611, total liabilities of US$1,092,785, class B redeemable
preferred units of US$220,599 and minority interest of US$9,854, resulting
in a stockholders' deficit of US$61,627.

Net loss for the nine months ended March 31, 2007, was
US$9.6 million on revenues of US$349.4 million.  This compares to a net
loss of US$2.3 million on revenues of US$976,000 for the nine months ended
March 31, 2006.

A full-text copy of the company’s third quarter report is
available for free at http://ResearchArchives.com/t/s?212e

"Our third quarter results represent continued strong revenue
performance and demonstrate our ability to meet the needs of our
customers and drive revenue while controlling costs," said
Tony Aquila, chairman and chief executive officer of Solera
Holdings Inc.  "Our momentum is fueled by growth in services to
our existing customers, new insurance client acquisition and
geographic expansion on a global basis."

                          Other Matters

Solera Holdings will not be issuing further guidance for fiscal
year 2007 at this time, nor does the company anticipate it will
issue any initial guidance for its fiscal year 2008 until the
company announces its fiscal year 2007 results, expected to be
during September 2007.

The company will not be holding a conference call to discuss its
third quarter 2007 results or other matters.

                     Initial Public Offering

On May 16, 2007, the company completed an initial public offering of
shares of its common stock.  In the initial public offering, the company
sold 19,200,000 shares of common stock and the selling stockholders sold
10,987,500 shares of common stock,
which included 3,937,500 shares of common stock sold by the
selling stockholders pursuant to the underwriters' over-allotment option.

In connection with the public offering, the company converted from a
Delaware limited liability company into a Delaware
corporation with 150,000,000 authorized shares of common stock, par value
US$0.01, and 15,000,000 authorized shares of preferred stock, par value
US$0.01.  As a result, 31,633,211 common units were converted into
31,633,211 shares of common stock and
204,016.1 preferred units were converted into 13,889,974 shares of common
stock.

                  Restated Senior Credit Facility

In connection with the initial public offering, the company
engaged in refinancing transactions and entered into an amended
and restated senior credit facility.

Borrowings under the amended and restated senior credit facility
consisted of:

     (i) a revolving credit facility that permits U.S. dollar or
         Euro- denominated borrowings of up to US$50 million in
         revolving credit loans and letters of credit;

    (ii) a U.S. dollar denominated term loan in an aggregate
         amount of US$230 million; and

   (iii) a Euro-denominated term loan in an aggregate amount of
         EUR280 million, or US$380.7 million.

The term loans will mature in May 2014 and the revolving loan
will mature in May 2013.  The amended and restated senior credit
facility requires that the term loans be prepaid with the net
proceeds from certain events, including specified asset and
equity sales, insurance proceeds, incurrence of indebtedness
and excess cash flow.

The company received about US$283 million in net proceeds from
the initial public offering, after deducting underwriting
discounts, commissions and expenses of about US$24.2 million, and US$607.6
million in net proceeds under the amended and restated senior credit
facility, after debt issuance costs of about US$3.8 million.  About
US$889.2 million of the US$890.6 million of combined net proceeds were
used to repay:

     (i) US$538.6 million under the first lien credit facility
         for all outstanding term loans and accrued interest;

    (ii) US$226.2 million under the second lien credit facility
         for all borrowings and accrued interest, and a related
         prepayment premium of US$4.5 million; and

   (iii) US$124.4 million under the subordinated unsecured
         credit facility for all borrowings and accrued
         interest, and a related prepayment premium of US$2.5
         million.

The company estimates that the total expenses of the offering
were about US$8 million, of which US$3 million was paid prior to the
closing date of the offering.  In connection with the repayment of the
above borrowings, the company expects to incur a pre-tax, non-cash charge
of about US$35.7 million on the early
extinguishment of debt, which includes prepayment premiums of
US$7 million.  The company expects to recognize this loss on
extinguishment of debt in the fourth quarter of its fiscal year
ending June 30, 2007.

                      About Solera Holdings

Solera Holdings Inc. (NYSE: SLH) -- http://www.solerainc.com/--
is a global provider of software and services to the automobile
insurance claims processing industry.  Solera has operations in
45 countries across 5 continents.  The Solera companies include
Audatex Holdings in the United States, Canada, and in more than
40 additional countries, Informex in Belgium, Sidexa in France,
ABZ in The Netherlands, Hollander serving the North American
recycling market, and IMS providing medical review services.

Solera has worldwide operations in Brazil, India and the United Kingdom.

                          *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and senior secured debt ratings on Solera Holdings.

At the same time, Standard & Poor's revised its outlook on Solera to
positive from negative, following the recent completion of an initial
public offering.  Pro forma for the initial public offering, Solera's
operating lease-adjusted leverage has declined to below 5x from above 6.5x
as of December 2006.


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

ALCATEL-LUCENT: Provides DSL Network Solution to Vodafone
---------------------------------------------------------
Alcatel-Lucent has been selected by Vodafone Portugal for the
implementation of a triple play-capable network solution to provide
DSL-based services.  In the first phase of the three-year frame agreement,
Vodafone Portugal will leverage the Alcatel-Lucent solution to provide
high quality broadband services including high speed Internet and voice to
residential customers, in what is the first wireline broadband network for
the operator.

Vodafone Portugal has deployed Alcatel-Lucent’s TPSDA that combines access
and subscriber service delivery into an integrated DSL solution, as well
as its next generation converged solutions.  The Alcatel-Lucent TPSDA will
enable Vodafone Portugal to deliver on its customers’ total communications
needs by complementing its existing mobile services portfolio with
wireline–based high quality interactive services.

“Implementing a DSL network based on state of the art broadband and
converged solutions was key to adapt our offerings to meet changing and
more demanding customer needs,” said Miguel Martins, Vodafone Portugal’s
Chief Technology Officer.  “At Vodafone Portugal, we are committed to
offering our customers over-the-top communication experiences.  For this
we rely on Alcatel-Lucent’s experience and leadership in the wireline and
convergence markets to deliver the highest quality, most advanced DSL
services to our customers.”

“Being able to provide the network framework, technology elements and
global deployment expertise to help Vodafone Portugal realize its
strategic vision for market growth and network transformation is of
particular importance to Alcatel-Lucent,” said Olivier Picard, President
of Alcatel-Lucent’s Europe & South activities.  “The frame agreement
confirms Alcatel-Lucent as the partner of choice for operators in their
strategic transformation projects.”

Alcatel-Lucent has supplied its Intelligent Services Access Manager, and
its Network Analyser and Home Network Management solution.  It has also
deployed its next generation Service Router along with the Service Aware
Manager and the Access Gateway Controller.

Alcatel-Lucent has unparalleled experience in the deployment of end-to
end-triple play network transformation projects worldwide and is currently
involved in more than 40 triple play projects and more than 40 network
transformation projects worldwide.  In addition to voice and data
services, Alcatel-Lucent’s innovative and interactive Triple Play/IPTV
applications enable the use of a TV set connected over the broadband
network as a unique device for blending entertainment and communication.

Alcatel-Lucent is the uncontested market leader in broadband access with
more than 133 million DSL lines shipped to date and a 41% market share
according to industry analyst firm Dell’Oro. According to Ovum-RHK,
Alcatel-Lucent was #2 in the IP/MPLS Edge market segment in Q4 2006, with
19% market share.

                     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.


APEXINDO PRATAMA: Earns IDR53.64 Billion For First Quarter
----------------------------------------------------------
PT Apexindo Pratama Duta Tbk posted a net income of
IDR53.64 billion for the quarter ended Mar. 31, 2007, a 64.11% decrease
from the net income of IDR149.43 billion posted for the quarter ended Mar.
31, 2006, and a 41.42% decrease from the IDR91.56-billion net income
posted  for the quarter ended
Dec. 31, 2006.

For the period in review, the company posted revenues of IDR328.38
billion, while cost of goods and overhead amounted to IDR223.40 billion
and IDR14.53 billion, respectively, resulting in an operating income of
IDR90.45 billion, a 7.97% increase year-on-year but a 17.21% decrease
quarter-on-quarter.

The company's first quarter financials include these highlights (in IDR
millions):

                               1Q 2006      4Q 2006     1Q 2007
                               -------      -------     -------
Sales/Revenue/Turnover         300,082      405,819     328,380
Cost of Goods Sold             201,345      270,164     223,399
SG&A /Oth Op/ Dep Op & Maint    14,965       26,404      14,534
Operating Income                83,772      109,251      90,447
Interest Expense                12,875        8,276      11,380
Foreign Exch Losses (Gains)    (19,889)       2,118      (4,354)
Net Non-Oper Losses(Gains)    (113,408)     (56,614)     12,062
Income Tax Expenses (Credits)   54,763       63,914      17,722
Net Income/Net Profit          149,432       91,558      53,635

                      About Apexindo Pratama

Headquartered in Jakarta, Indonesia, PT Apexindo Pratama Duta
Tbk -- http://www.apexindo.com/-- is a national onshore and
offshore drilling contractor that has been serving both
prominent local and international clients domestically as well
as abroad for the last two decades.

Apexindo Pratama is controlled by Indonesia's largest listed
energy firm, PT Medco Energi International Tbk (MEDC.JK), which
has a 52% stake.

Apexindo Pratama has recorded a net loss of IDR43.126 billion in
fiscal year 2005, compared with a IDR36.524 billion net loss in
2004.


ARGO PANTES: Loses IDR18.42 Billion For Three Months to Mar. 31
---------------------------------------------------------------
PT Argo Pantes Tbk posted a net loss of IDR18.42 billion for the three
months ended Mar. 31, 2007, compared with the company's net profit of
IDR27.16 billion recorded a year earlier.

The company posted a 9.78% decrease in net sales to
IDR228.06 billion from IDR252.80 billion a year earlier.

                       About Argo Pantes

Headquartered in Jakarta, Indonesia, PT Argo Pantes Tbk
-- http://www.argo.co.id-- is an Indonesia-based textile
manufacturer. The company is comprised of four business units:
Spinning, Yarn Dying, Weaving and Dying Finishing. It sells its
products to both domestic and international markets, including
countries in Asia, North America and Europe. The company's
subsidiaries include Argo Pantes Finance B.V., Argo Pantes (HK)
Ltd. and PT Mega Sentra Propertindo, which are engaged in the
financial services, sales and general trading industries.

PT Argo Pantes Tbk. is the flagship company of Argo Manunggal
Group, one of Indonesia's largest business enterprises.

Argo Pantes booked lower sales at IDR932.53 billion for the full
year of 2005, and posted a reduced loss at IDR87.24 billion.

Indo Pus BV, a Netherland-based company and Deutsche Bank filed
a bankruptcy suit on Argo Pantes for its default in paying US$12
million.

Argo Pantes has an outstanding debt of US$198.68 million to 18
creditors of which Bank Madiri is the largest with US$92
million.  The company is currently working out a debt
restructuring through equity conversion.

In its Annual Report for the year 2005, Hidajat Rahardjo of Ijin
Akuntan Publik -- the company's independent auditors --
expressed substantial doubt of the Company's ability to continue
as a going concern, citing the COmpany's significant deficit of
IDR1,451,834,884,000 as of December 31, 2005, and default in
payments.


BANK CENTRAL ASIA: Sees Rise in Revenue Share From Loans
--------------------------------------------------------
PT Bank Central Asia expects corporate loans to rise to 30% of all
revenue, boosted by infrastructure projects and faster growth in
Indonesia, Bloomberg News relates.

Lending to companies, which makes up about 20% of revenue “continues to be
the main business for us,” Bloomberg cites Bank Central Asia President
Director Djohan Emir Setijoso as saying.  Bloomberg adds that the
Indonesian economy is expected to expand by as much a 7% next year, and
that it would need around
US$22 billion for infrastructure projects.

Bloomberg explains that Bank Central Asia expects revenue from lending to
small and medium-sized business to remain unchanged at 30% of the total,
said Mr. Setijoso.  Revenue from loans to individuals will increase to 20%
from 10%, he said, and fee-based income including automated teller machine
transactions will drop to 20% from 40%.

                      Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 2, 2006, that Fitch Ratings has affirmed all the ratings of Bank
Central Asia as follows:

   * Long-term foreign currency Issuer Default rating: BB-
   * Short-term foreign currency rating: B
   * Individual: C/D and
   * Support: 4.

The outlook for all the ratings is stable.


BANK CENTRAL ASIA: Earns IDR1.06 Trillion in First Quarter 2007
---------------------------------------------------------------
PT Bank Central Asia posted a net income of IDR1.06 trillion for the first
quarter ended Mar. 31, 2007, an 8.25% increase from the IDR980.62-billion
net income it reported for the first quarter ended Mar. 31, 2006.

The result, however, is a 5.32% decrease from the
IDR1.12-trillion net income reported for the last quarter of 2006.

For the period in review, the bank reported interest income of IDR4.01
trillion and interest expenses of IDR1.85 trillion, resulting in a net
interest income of IDR2.17 trillion, a decrease of 1.54% year-on-year and
6.56% quarter-on-quarter.

The bank's quarterly financials include the following financial highlights
(in million, IDR):

                             1Q 2006      4Q 2006      1Q 2007
                            ---------    ---------    ---------
   Interest Income          4,054,444    4,204,968    4,014,049
   Interest Expense         1,853,075    1,885,444    1,846,582
   Net Interest Income      2,201,369    2,319,524    2,167,467
   Trading Acct. Profits       18,027       83,951       73,959
   Com & Fee Earn/
   Inc. from REO              494,453      547,689      574,968
   Other Operating Income      79,538      105,995      103,865
   Provision for
    Loan Losses                78,280      141,162      (32,823)
   Comm & Fees Pd/
    Mgmt Exp.                     121       1,419           97
   SG&A/Oth Op/
    Dep Op & Maint          1,325,614   1,346,174    1,458,367
   Operating Income         1,389,372   1,568,404    1,494,618
   Net Non-Oper Gains          10,719      19,035       17,189
   Income Tax Expenses        419,390     466,137      450,245
   Net Income                 980,617   1,121,225    1,061,562

                      Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk
-- http://www.klikbca.com/-- offers individual and business
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 2, 2006, that Fitch Ratings has affirmed all the ratings of Bank
Central Asia as follows:

   * Long-term foreign currency Issuer Default rating: BB-
   * Short-term foreign currency rating: B
   * Individual: C/D and
   * Support: 4.

The outlook for all the ratings is stable.


BANK MANDIRI: Lends IDR1 Trillion to Sugarcane Industries
---------------------------------------------------------
PT Bank Mandiri will lend IDR1 trillion to sugar-based industries this
year, Antara News reports.

The report relates that Sunarso, Bank Mandiri plantation specialists group
head, said that the bank had up to April 2007 extended credits worth
IDR520 billion to sugarcane industries, including those turning out
down-steam products.

Bank Mandiri’s credit lending will depend on the ability of the industries
concerned to absorb the funds because it was still difficult to allocate
credits to this sector, the report points out.

Antara notes that in the bank’s plantation portfolio, sugarcane industries
and trade in their down stream products account for 2.4 percent of the
market share, or about IDR540 billion.

Bank Mandiri’s loans in the farming sector reached
IDR13.8 trillion in April 2007, while in the plantation and trade sectors,
the figure was IDR8.1 trillion, the report adds.

                       About Bank Mandiri

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

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

   * BFSR is changed to D- from E+.

      -- This action also concludes a review for possible
         upgrade on the BFSR initiated on August 1, 2006.

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

   * Foreign Currency Debt Rating for senior and subordinated
     obligations is unchanged at Ba3

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

The bank also carries Fitch Ratings: Long- term foreign and
local currency Issuer Default ratings at 'BB-', Short-term
rating at 'B', National Long-term rating at AA(idn)', Individual
at 'D', and Support at '4'.  The Outlook for the ratings was
revised to Positive from Stable.


FOSTER WHEELER: Joins Russell 1000 Index
----------------------------------------
Foster Wheeler Ltd. has joined the large-cap Russell 1000(R) Index as part
of Russell Investment Group’s reconstitution of its comprehensive set of
U.S. and global equity indexes on
June 22.

Russell determines membership for its equity indexes primarily by
objective, market-capitalization rankings and by style attributes.

“We are pleased that the company has met the criteria for inclusion in the
Russell 1000,” said Raymond J. Milchovich, Foster Wheeler’s chairman and
chief executive officer.  “With Foster Wheeler’s recent record-level of
financial performance, strong competitive position, and robust markets,
the company has steadily attracted increasing attention from the
investment community, and we expect that the company’s inclusion in the
Russell 1000 will further broaden that exposure."

Russell indexes are widely used by investment managers and institutional
investors for index funds and as benchmarks for both passive and active
investment strategies.  Approximately US$4 trillion in assets currently
are benchmarked to them.

                     About Foster Wheeler

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                         *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  The outlook is stable.

                  Asbestos Management Program

The company recorded a net gain from its asbestos management
program in 2006 of US$100.1 million, reflecting a US$115.6
million gain from four insurance settlements and the successful
appeal of a court decision in the company's pending asbestos-
related insurance coverage litigation, and a US$15.5 million
charge in the fourth quarter of 2006 resulting from the
company's year-end update of its 15-year estimate of its
asbestos liabilities and related assets.


PERUSAHAAN GAS: Needs Government’s Approval for Gas Price Hike
--------------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk needs the government’s approval of
its plan to hike the selling price of its natural gas for industrial users
by 10% from August to make its action legal, Antara News reports.

The report explains that under Indonesia’s oil and gas law, it is the
government that sets the gas price for industrial users while the
downstream oil and gas regulator, BPH Migas, sets the gas price for
households.

However, the company has decided to increase the gas price for the
industry to US$5.5 per million British thermal units (mmbtu) starting
August from the current US$5.0/mmbtu, without asking for the government's
approval beforehand, the report says.

The report points out that Widyatmiko Bapang, PGN corporate secretary,
told Thomson Financial that by law, PGN can hike the gas price for
industry without waiting for the government's go-signal.  The controversy
over the required approval may have emerged after the Constitutional Court
ordered the amendment of the oil and gas law in December 2004.

Mr. Bapang said that the amendment of the law would effectively restore to
the government the authority to hike gas prices, instead of this power
being lodged with PGN.  Until now the law has not been amended yet and
there is no deadline for the government and the parliament to pass it,
Antara notes.

The report adds that Mr. Bapang did not yet confirm if the company will go
ahead with the planned price hike in August.

                     About Perusahaan Gas

Headquartered in Jakarta, Indonesia, -- 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
corporate 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-'.


PERUSAAN GAS: Supplies Listrik Negara with Natural Gas
------------------------------------------------------
PT Perusahaan Gas Negara reached an agreement to supply natural gas to PT
Perusahaan Listrik Negara’s power plants near Jakarta via a pipeline from
South Sumatra for two years, Reuters reports.

According to the report, Gas Neagara will supply 50 million cubic feet per
day on an agreed price of US$4.5 per million Btu (British thermal units).

PGN president director Sutikno said that it is the gas sale to Listik
Negara that is profitable for the company.  Gas Negara could supply PLN
for five years but we just agreed for two years and after that we will see
whether there will be an extension, the report says.

Reuters adds that Mr. Sutikno did not specify the date when supply would
start but said that the firm had agreed to a lower price because Listik
Negara would have to build an 8 km pipeline to connect with the PGN
pipeline in Bekasi in West Java.


                     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
corporate 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: Signs IDR3.5-Trillion Loan Agreement With Four Banks
---------------------------------------------------------------
PT Telekomunikasi Selular Indonesia has signed a IDR3.5 trillion
syndicated loans agreement with Indonesia’s top four banks, Reuters news
reports.

The report notes that the bank consortium is comprised of Bank Mandiri,
Bank Rakyat Indonesia, Bank Central Asia and Bank Negara Indonesia.

The funds will be used to help finance Telkomsel's
US$1.5-billion capital expenditure this year.  In the second half, the
company will spend 60% of its total capex in 2007, Reuters relates.

The report adds that Telkomsel would still go ahead with its plan to issue
bonds, although the proceeds from the debt are likely to be used to
finance next year's capex.

                        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
=========

ALL NIPPON: S&P Raises Corporate and Unsecured Debt Rating to BB
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'BB' its long-term
corporate credit and senior unsecured debt ratings on All Nippon Airways
Co. Ltd. due to the company generating more stable profits backed by its
operational competitiveness, and the faster-than-expected improvement in
its financial profile.  The outlook on the long-term corporate credit
rating is stable.

                                    To                 From
All Nippon Airways Co. Ltd. (Unsolicited Ratings)
Corporate Credit Rating           BB+/Stable/--    BB/Stable/--

Senior Unsecured Local Currency     BB+                BB


ANA has expanded its high-value-added services, such as premium seating on
its domestic flights, and improved its network of international flight
routes to such countries as China and India.  In addition, the company has
achieved more convenient flight connections through its alliance partners
and has steadily increased demand from higher-fare-paying customers—mainly
business travelers.  Moreover, the company is expected to further
strengthen its cost competitiveness through its plans to invest about
JPY680 billion over the next three years in new aircraft with increased
fuel efficiency, while accelerating the sale of its less-fuel-efficient
fleet of jumbo jets.

Along with ANA's announcement in April 2007 that it will sell off the
assets in its hotels business, the company has stated plans to focus
management resources on its air transportation business.  Standard &
Poor's expects that the company's profits will further stabilize in the
near term based on enhanced competitiveness in the core businesses.

ANA has stated its intent to use about JPY280 billion in proceeds from the
sale of hotel assets to accelerate improvements in its financial profile.
The company is presently aiming for total debt including lease obligations
of JPY931 billion by March 31, 2008, whereas initially it was aiming for a
debt balance of JPY1,053 billion at the end of fiscal 2007 (ending March
31, 2008).

Furthermore, the company is expected to be able to continue to improve its
financial profile as its cash flow generating capabilities have heightened
due to its increased transportation efficiency and stronger cost
competitiveness.  The ratio of net debt to total capital (after
adjustments) is likely to improve steadily over the next few years from
the 70% level where it stood at March 31, 2007.  Furthermore, the
company's resistance to potentially damaging external factors has further
increased in light of ANA's shareholders' equity of about JPY400 billion,
and ¥100 billion in long-term commitment lines established in January
2007.

The outlook on the long-term corporate credit rating is stable as earnings
are highly likely to remain solid in the near term.  Although the
prospects for further improvement in the company's financial profile and
cash flow generating ability have been reflected to an extent in the
current rating on the company, Standard & Poor's may raise the rating on
the company or revise upward the outlook on the rating if it determines
that the degree and certainty of improvement in ANA's financial profile
has increased markedly, such as through strengthening its earnings base in
the international passenger and international freight transportation
operations, which the company has been focusing on strategically.

Conversely, if there is a major shift in the competitive environment,
safety-related problems emerge, or external factors such as war or
terrorist acts cause concerns over deterioration in the company's earnings
or financial base, downward pressure on the rating may increase.

                       About All Nippon

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.


DAIWA SECURITIES: To Spend JPY100 Billion on Business Expansion
--------------------------------------------------------------- Daiwa
Securities Group Inc. plans on an Asian business expansion that includes
investing JPY100 billion in regional companies and funds, Patricia
Kowsmann writes for The Wall Street Journal.

According to Ms. Kowsmann, Daiwa Securities will continue to provide
advising and underwriting services to companies seeking to list on Asian
exchanges, particularly those indexes controlled by Singapore Exchange
Ltd.

A Daiwa Security senior executive revealed to Ms. Kowsmann that SGX is
“more aggressive and skilled” than its regional counterparts.

Meanwhile, WSJ quotes Daiwa Securities Head of Operations in Southeast
Asia, South Asia and Oceania, Akihiko Kanamura as saying, “The Singapore
government is controlling things very well compared with other places.  So
far we've supported many Chinese companies to be listed on the SGX and
would like to introduce companies from other countries to be listed in
Singapore.”

Daiwa Securities is interested in real-estate investment trusts in
Singapore and claims that it is in talks with a real-estate developer in
the island for a possible partnership.  Along with this expansion plan,
Daiwa Securities also revealed that it is keen to tap Islamic financing,
relates Ms. Kowsmann.

Mr. Kanamura said that Daiwa is expecting to double its employees based in
Singapore to about 260 over three years.

                   About Daiwa Securities

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

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


SANYO ELECTRIC: Fitch Keeps BB+ Ratings on Negative Watch
---------------------------------------------------------
Fitch Ratings announced that Sanyo Electric Co., Ltd.'s Long-term Foreign
Currency Issuer Default Rating, Long-term Local Currency IDR and senior
unsecured ratings of 'BB+' remain on Rating Watch Negative.

Fitch continues to place Sanyo's ratings on RWN in view of the fact that
the investigation by Japan's Securities and Exchange Surveillance
Commission (SESC) into the company's past accounting practices, is now
expected to take a longer period than the agency has originally
anticipated.  The ratings were first placed on RWN on 23 February 2007
after SESC started the investigation.  Fitch says that although the
accounting issue relates to evaluation losses in investments on the
parent-alone financial statements and does not affect the consolidated
accounts, any negative conclusion by the authority is likely to affect
Sanyo's credibility and confidence in its financial disclosure.

Fitch notes that there were major changes in Sanyo's senior management
recently, with representation of the founding family in the company now
completely removed following the resignation of the former chairwoman and
president.  Fitch will watch how Sanyo's new management team plans to
revitalize the company's businesses in its new strategy which is expected
to be announced later this year.

Fitch also notes that Sanyo has reported a consolidated operating profit
of JPY49.6 billion for the fiscal year ended March 2007 (FYE07) compared
to a JPY17.2 billion operating loss in FYE06.  As part of its current
restructuring plan to further improve its financial profile, Sanyo is also
considering the sale of some of its operations, including its
semiconductor business.  The agency will closely monitor the developments
on these divestments.

Sanyo is a major Japanese consumer electronics manufacturer, with its
business segmented into three groups, namely consumer, commercial and
components.  For FYE07, the company recorded sales of JPY2,215.4 billion
and a net loss of JPY45.4 billion.

                      About Sanyo Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading manufacturers of
consumer electronics products.  The company has global operations in
Brazil, Germany, India, Ireland, Spain, the United States and the United
Kingdom, among others.


JVC CORP: Starts Merger Talks with Kenwood
------------------------------------------
Victor Co. of Japan, Limited, and Kenwood Corp. have started full-scale
talks on merging their management teams under a holding company in 2008,
sources revealed to Japan Times.

Victor, commonly known overseas as JVC, and Kenwood have negotiated on the
plan with Matsushita Electric Industrial Co., Ltd., who holds a 52.4%
stake in JVC, Japan Times says.

According to Japan Times’ sources, the merger will most likely involve two
steps where Kenwood will first acquire shares in JVC by September worth
JPY20 billion and then both firms will jointly set up a holding company
under which their businesses will be reorganized.

The proceeds from the share acquisition will be used by JVC to rebuild its
businesses, the report relates.

The JVC-Kenwood merger, according to analysts interviewed by Japan Times,
expressed that both companies may have to integrate overlapping businesses
such as those connected with car stereos and navigation systems.  In line
with this, sources further revealed that if JVC’s might face problems with
the merger if its business further depreciates.

Both companies, conveys the article, sees the merger essential because of
the tough competition in the global consumer electronics industry.

Reportedly, Matsushita has been finding ways to let go of JVC due to
prolonged poor performance and some overlap in products and, according to
a Troubled Company Reporter - Asia Pacific report on June 7, 2007, three
top executives were not in favor of Texas Pacific Group Inc. negotiating
with Matsushita in buying its 52.4% stake in JVC.

                        About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of Japan,
Limited (JVC) -- http://www.jvc-victor.co.jp/-- is primarily engaged in
the manufacture and sale of audiovisual (AV) equipment, information and
communications equipment, electronic products and others.  The Company has
five business segments.  The Consumer Equipment segment offers various
types of televisions, digital video cameras, car audio systems, as well as
players and related equipment for video, mini disc (MD), compact disc (CD)
and digital versatile disc (DVD) systems.  The Industrial Equipment
provides visual inspection devices, audio and video equipment, as well as
projectors.  The Electronic Devices segment offers monitors, optical
pickups, high density buildups, multilayer boards and display parts.  The
Software and Media segment provides music and visual software and
recording media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96 subsidiaries and
seven associated companies.

The Troubled Company Reporter - Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006.  This is its fourth consecutive annual loss.


JVC CORP: Kenwood Merger to Possibly Affect S&P Rating
------------------------------------------------------
Standard & Poor's Ratings Services said that plans for a business
consolidation, as reported by the media, between Victor Co. of Japan Ltd.
(JVC Corp.; BBB-/Negative/A-3) and Kenwood
Corp. (NR) could affect the ratings on JVC.  According to the media
reports, the companies have reached a basic agreement on the consolidation
of their businesses.  This could include the sale of Matsushita Electric
Industrial Co. Ltd.'s (AA-/Stable/A-1+) shares in its currently
consolidated subsidiary JVC to the newly integrated company.

Neither JVC nor Kenwood have officially confirmed the reports.  Standard &
Poor's believes that it remains too early to take action on the rating on
JVC, and will determine the impact on the rating after confirming that the
two businesses are targeting consolidation.

As the current corporate credit rating on JVC incorporates to an extent
the possibility for receiving operational and financial support from
parent company Matsushita, if the reports of consolidation are true and
JVC's capital ties to Matsushita are weakened, there is a high likelihood
that there will be a negative impact on the rating on JVC.  JVC's core
flat panel TV and audio equipment businesses have continued to
underperform due to accelerated price decreases and shortened product
cycles as a result of severe worldwide competition.

In fiscal 2007 (ending March 31, 2008), the company aims to achieve its
first operating profit in three years by cutting about 1,800 jobs and
bolstering its marketing efforts to expand sales of its mainstay products.
However, JVC is yet to reach a position where it can be optimistic about
achieving a recovery in performance.  Standard & Poor's believes that the
rating on JVC is more highly dependent on parental support than in the
past, considering the company's severe underperformance and current
financial condition.

After confirming that JVC and Kenwood plan to consolidate, Standard &
Poor's will determine the impact on the rating on JVC after assessing the
likelihood for, and timing of, any change in Matsushita's support stance.
Standard & Poor's will also take into account the impact from Matsushita's
plan to sell off JVC shares on the newly integrated company's financial
profile, along with the prospects for future improvement in the financial
profile, and the performance of the newly integrated company.

Regardless of whether or not the two companies undergo business
consolidation, the downward pressure on the rating on the company may
increase if JVC's intensified efforts to improve its manufacturing and
sales structure have no material effect, hereby increasing the likelihood
that JVC's poor performance will persist or even worsen.

                         About JVC Corp.

Headquartered in Kanagawa Prefecture, Japan, Victor Company of Japan,
Limited (JVC) -- http://www.jvc-victor.co.jp/-- is primarily engaged in
the manufacture and sale of audiovisual (AV) equipment, information and
communications equipment, electronic products and others.  The Company has
five business segments.  The Consumer Equipment segment offers various
types of televisions, digital video cameras, car audio systems, as well as
players and related equipment for video, mini disc (MD), compact disc (CD)
and digital versatile disc (DVD) systems.  The Industrial Equipment
provides visual inspection devices, audio and video equipment, as well as
projectors.  The Electronic Devices segment offers monitors, optical
pickups, high density buildups, multilayer boards and display parts.  The
Software and Media segment provides music and visual software and
recording media.  The Others segment is engaged in businesses related to
interior furniture and production facilities.  It has 96 subsidiaries and
seven associated companies.

The Troubled Company Reporter - Asia Pacific reported on June 4,
2007, that JVC reported a net loss of JPY7.9 billion for fiscal
year 2006.  This is its fourth consecutive annual loss.


MITSUBISHI MATERIALS: S&P Lifts Corporate Rating to BB+
-------------------------------------------------------
Standard & Poor's Ratings Services today raised to 'BB+' from 'BB' its
long-term corporate credit rating on Mitsubishi Materials Corp. based on
higher cash flow levels from a stronger revenue base in its core
businesses following streamlining, an improved financial profile from
progress in debt reductions, and increased prospects for the company to
secure a solid financial base despite its plans to make active capital
investments.  At the same time, the senior unsecured debt rating was
raised to 'BBB-' from 'BB+'.  The outlook on the long-term corporate
credit rating is stable.

“Mitsubishi Materials has been able to mitigate volatility in earnings by
diversifying its businesses,” said Standard & Poor's credit analyst Makiko
Yoshimura.  “In addition, the company's core businesses are more
competitive, its profits more stable, and its cash flow levels have been
rising as the company focuses on strengthening its core cement, copper,
and advanced materials and tools divisions while at the same time
streamlining its unprofitable businesses,” added Ms. Yoshimura.

Notably, stronger overseas operations and growth segments have boosted
stability in profits and cash flows in the cement and advanced materials
and tools businesses.  By strengthening its cost-competitive overseas
copper refining and downstream manufacturing sectors, the company is
likely to lower the potential impact from earnings fluctuations due to
deterioration in market conditions or trade terms in the copper business.
In addition, polysilicon has produced strong revenues and is becoming a
pillar of the electronic materials and components segment.

Mitsubishi Materials' stronger cash flow generating capabilities and debt
reductions have strengthened its financial standing. The ratio of funds
from operations (FFO) to total debt was 21.9% as of March 31, 2007, which
was a large improvement from 15.4% at March 31, 2006.  However, the
company plans to increase by 40% its total capital investments including
facility maintenance and upgrades during the three-year period under its
new medium-term management plan through fiscal 2009 (ending March 31,
2010) from that of the previous medium-term management plan, and as a
result, its total debt may increase.

Notwithstanding this, the ratio of total debt to total capital is expected
to improve steadily from 58.7% at March 31, 2007, along with progress in
accumulating capital through retained earnings.

Key factors for another upgrade include increased stability in
profitability and cash flow levels after the company further strengthens
its core businesses, and further improvement in cash flow-related
indicators.  If Mitsubishi Materials is able to curb debt despite capital
investment expansion and if the company can quickly achieve returns on its
investments, the ratings on the company may be raised or the outlook
revised upward.  Conversely, if the company's financial base severely
weakens due to larger-than-expected deterioration in revenues in its core
businesses, such as in its copper business, or from delays in seeing
returns on its investments, the ratings may be lowered.

The rating on Mitsubishi Materials' long-term senior unsecured debt is one
notch higher than the corporate credit rating.  This reflects the lower
default risk of the company's bonds compared with its obligations to
banks, based on the expectation of debt forgiveness by creditor banks in
case of default.  In determining the senior unsecured debt rating,
Standard & Poor's takes into account the company's business profile,
reliance on bank loans, and relationships with main creditor banks.

                 About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company Limited and
Mitsubishi Cement Limited.  The company manufactures metals and ceramics
products.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.


SOFTBANK CORP: To Boost Capital by 11% to JPY432.9BB for FY08
-------------------------------------------------------------
Softbank Corporation plans to raise its capital spending to 11% this
fiscal year to expand its network and catch up with bigger rivals NTT
DoCoMo Inc. and KDDI Corp, Masaki Kondo and Yoshinori Eki of Bloomberg
News report, citing the Nikkei Business Daily.

From spending JPY389.8 billion a year earlier, this year ending March 31,
2008, Softbank will spend JPY432.9 billion, relates Bloomberg.

Mr. Kondo and Mr. Eki conveys that a financial statement submitted by the
company to the Ministry of Finance said that JPY432.9 billion will be
spent on raising Softbank’s number of base stations, which transmit
wireless signals nationwide, to 46,000 by Sept. 30 from 29,404 as of March
31. DoCoMo, which uses the same technology as Softbank, had 46,100 base
stations as of March 31.

Based in Tokyo, Japan, Softbank Corporation --
http://www.softbank.co.jp/-- is a leading Japanese telecommunications and
media corporation.  SoftBank was established on September 3, 1981.  The
company operates in eight business segments:

   * Broadband Infrastructure Segment
   * Fixed-line Telecommunications Segment
   * e-Commerce Segment
   * Internet Culture Segment
   * Broadmedia Segment
   * Technology Services Segment
   * Media & Marketing Segment
   * Overseas Funds Segment

Softbank is also involved with leisure and service operations, e-finance,
holding company functions for overseas operations, and back-office
services in Japan.  SoftBank's corporate profile includes various other
companies such as Japanese broadband company Cable & Wireless IDC, cable
company BB-Serve, and gaming company GungHo Online Entertainment.  In
2006, SoftBank bought Vodafone Japan, giving it a stake in Japan's US$78
billion mobile market.

As of March 31, 2007, the company's paid-in capital was JPY163.3 billion.

                          *     *     *

Troubled Company Reporter-Asia Pacific reported on June 7, 2007 that
Standard & Poor's Rating Agency lifted its long-term corporate credit and
senior unsecured debt ratings to BB from BB- in light of the company's
increasing earnings stability.  The outlook for the long-term credit
rating is stable.

According to the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service, on August 9, 2006, upgraded Softbank
Corp.'s stable long-term debt rating and issuer rating to Ba2 from Ba3,
concluding a review initiated on March 17, 2006, when the company
announced that it would acquire a 97.7% stake in mobile phone giant
Vodafone Group's Japanese unit, Vodafone K.
K.

On Feb. 12, 2007, the TCR-AP reported that Softbank Corp.'s net profit
slipped 66% to JPY7.4 billion in the 2006 third quarter because of higher
taxes and declines in extraordinary income.   The company's revenue more
than doubled to JPY702.1 billion in the 2006 third quarter from JPY287.5
billion in the same period the previous fiscal year.


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

HANAROTELECOM: Foreign Investors Show Interest in Stake Control
---------------------------------------------------------------
Several foreign investors have shown interest in acquiring a controlling
stake in Hanarotelecom Inc., The Wall Street Journal reports.

WSJ notes that the controlling stake in Hanarotelecom is currently held by
American International Group Inc. and TPG Capital.

According to the report, investors who are likely to bid for the company
by sales include telecommunications-service operators and private-equity
companies.

The report recounts that last month AIG, TPG Capital, the buyout arm of
TPG and private-equity firm TVG Capital Partners Ltd. appointed Goldman
Sachs Group Inc. as an adviser to review strategies for a possible sale of
their roughly 39% stake in Hanarotelecom.  Goldman Sachs declined to
comment on the likely bidders, WSJ says.

TPG Capital purchased its stake in the company as part of the AIG-led
consortium in 2003 through its Asian Pacific investment arm, then called
Newbridge Capital, the report recalls.

According to WSJ, the AIG-led consortium's stake could be valued at more
than KRW1 trillion if a management premium is included.

Analysts and market watchers have speculated that LG Group and SK Telecom
Co. are among the most likely bidders as they are set to compete against
rival KT Corp. in offering wired and wireless bundled services beginning
in the second half but both SK Telecom and LG Group have said they aren't
interested in a stake in Hanarotelecom, the report adds.

                       About Hanarotelecom

Seoul, South Korea-based hanarotelecom Inc. --
http://www.hanaro.com/-- is the second  largest player in the
Korean local telephone market.  It provides high-speed Internet
services in Korea.  It provides high-speed Internet services in
Korea.  In June 2001, the company integrated broadband Internet
access services which included ADSL, Hybrid Fiber Coaxial cables
and Broadband Wireless Local Loop into a single brand called
HanaFOS.  hanarotelecom offers VoIP services to its broadband
business customers as a bundled service and also as a stand
alone service.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Nov. 28, 2006 that Fitch Ratings assigned hanarotelecom Inc. a
Long-term foreign currency Issuer Default rating of 'BB'.  The
rating outlook is stable.

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


LEADCORP: Converts First Convertible Bonds
------------------------------------------
Leadcorp, Inc.’s first convertible bonds have been converted for 353,566
shares, at the conversion price of KRW2,720 per share, Reuters Key
Developments reports.

According to the report, this brings the total outstanding shares of the
Company to 25,681,847.  The confirmed listing date is June 26, 2007.

                       About LeadCorp

Seoul, Korea-based The LEADCORP, Inc. is engaged in the
provision of oil and consumer financial service.  The company
operates its business under three main sectors: oil, gas station
and resting place, and consumer financial service.  Its oil
business supplies gasoline, lamp oil, light oil and other
related products predominantly in Jeolla Province, Korea.  Its
gas station and resting place business operates Cheon Ahn
resting place in Chungcheong Province, Korea.  The consumer
financial service business offers loan service primarily through
the Internet with its 10 domestic branches.

On June 28, 2006, Korea Investors Service affirmed the company's
straight bonds series 13's 'BB-' rating with a stable outlook.


MIJU RAIL: Completes Rights Issue
---------------------------------
Miju Rail MFG. Co., Ltd., has completed its rights issue, Reuters Key
Developments reports.

According to the report, the company has issued 3,541,168 shares of common
stock.

Its par value is KRW500 and offer price is KRW575.

The listing date of the shares is June 29, 2007, the report adds.

                        About Miju Rail

Incheon, Korea-based Miju Rail MFG. Co., Ltd.
-- http://www.miju.co.kr/-- is a manufacturer of steel products.  The
company offers carbon steel pipes, stainless steel pipes, spiral steel
pipes, elevator guardrails, light rails and steel plates.

Korea Ratings, on May 8, 2006, gave the company's US$3,000,000
overseas bond with warrants issue a 'BB-' rating with a stable
outlook.


MIJU STEEL: Converts 20th Bonds with Warrants into Shares
---------------------------------------------------------
Miju Steel Co., Ltd.’s 20th bonds with warrants have been exercised for
1,383,814 shares, at the exercise price of KRW692 per share, Reuters Key
Developments reports.

According to the report, this brings the total outstanding shares of the
company to 100,489,391.

The new shares will be listed on July 2, 2007.

                       About Miju Steel Co

Headquartered in Incheon, South Korea, Miju Steel Co., Ltd. --
http://www.mijusteel.com/-- is engaged in the provision of
steel pipes.  The company produces three major products:
electric resistance welded (ERW) carbon steel pipes which used
for water supply facilities, buildings, bridges, bicycles,
telegraph poles and hand rails; stainless steel pipes, which
used for pharmaceutical, food and semiconductor factories, and
spirally-welded steel pipes, which used for foundation of
buildings, bridges and harbors.

Korea Ratings gave the company's US$4,000,000 overseas bond with
warrant a 'B+' rating with a stable outlook on August 9, 2006.


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

PSC INDUSTRIES: Expects to Clear Debts by August 2007
-----------------------------------------------------
PSC Industries Bhd expects to clear its debts by August, eight months
after it defaulted on its loans, Reuters says, citing the company’s Deputy
Executive Chairman Ahmad Ramli Mohamad Nor.

The company, according to the report, defaulted on almost all its end-2006
short-term debt of MYR590 million
(US$169.8 million) in December and lenders began lawsuits to recover the
money.

As reported by the Troubled Company Reporter - Asia Pacific on Dec. 26,
2006, PSC Industries filed with the Bursa Malaysia Securities Bhd a
restructuring scheme, pursuant to which the company proposes to implement:

   -- a capital reconstruction comprising the Proposed Share
      Capital Reduction, Proposed Share Capital Consolidation
      and Proposed Share Premium Account Reduction;

   -- settlement of liabilities due and owing by PSCI and Penang
      Shipbuilding & Construction Sdn Bhd to their respective
      creditors; and

   -- a renounceable rights issue of new ordinary shares of
      MYR1.00 each in PSCI.

The plan was approved for implementation by the Securities Commission on
March 19, 2007, the TCR-AP said.

Deputy Chairman Ahmad Ramli Mohamad Nor said the company should be debt
free in a few months.  "Hopefully by August.  Once we are out of it ... we
will be debt free. It's been tiring," he told Reuters.

PSC, which makes and services naval boats, including for the Malaysian
navy and is expanding into luxury leisure boats, has a current order book
of 200 million ringgit, he said, adding that the company would not be
taken private, Reuters relates.


PSC Industries Berhad's principal activities are shipbuilding and ship
repairing.  It is also involved in heavy engineering construction,
provision of shipping management services, manufacturing of aluminum fast
passenger sea ferries, supplies equipment and machineries, marketing and
distributing Exocet Weapon system, manufacturing of confectioneries, snack
food and related products, general trading, power plant construction and
its support activities, printing, property development, and property and
investment holding.  The PSC Group operates in Malaysia, Australia and the
Republic of Ghana.

The Company is currently formulating a regularization plan pursuant to
Practice Note 17/2005 of the Bursa Malaysia Securities Berhad's Listing
Requirements.

At Dec. 31, 2006, PSC Industries' unaudited balance sheet showed MYR204.43
million in total assets and MYR741.71 million in total liabilities,
resulting in a MYR537.28 million shareholders' deficit.


PROTON HOLDINGS: Expects to Conclude GM and VW Talks by Year End
----------------------------------------------------------------
Proton Holdings Bhd’s on-going negotiations with both Volkswagen AG and
General Motors are expected to be completed by the year end, Asia Pulse
reports, citing a statement made by Khazanah Nasional Bhd, the company’s
43% majority stake owner.

"We are reasonably confident of the on-going talks with Volkswagen and GM,
Khazanah's Managing Director, Datuk Azman Mokhtar said when asked  by the
news agency on the status of the talks.  "We are not only targeting Proton
but also other major restructuring under Khazanah, namely Malaysia
Airports Bhd and Time Enginering Bhd to be resolved by year end," he said.

Second Finance Minister Nor Mohamed Yakcop confirmed that Khazanah
Nasional, a major shareholder in Proton, might hold a third round of talks
with Volkswagen and that negotiations had also been reactivated with
General Motors, Asia Pulse adds.

"The fact that there is first and second round and a possible third round
means that things are progressing and the probability of something coming
out of this is reasonably good," Nor Mohamed said.


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

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

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

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


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

SPEIRS GROUP: FY2007 Net Loss to Increase to NZ$1.919 Million
-------------------------------------------------------------
As previously reported in the Troubled Company Reporter – Asia Pacific,
Speirs Group Limited reported a loss after tax, attributable to its
shareholders of NZ$847,000 for the year ended March 31, 2007.

However, in a filing with the New Zealand Stock Exchange, Speirs Group
advised that the company's loss attributable to shareholders in FY2007
will increase to NZ$1.919 million.  According to the company, the enlarged
loss is due to a client company's failure to adhere to the terms of its
financial agreements with the company.

Speirs Group said that it was informed on June 20, 2007, by client company
Xpress Vehicle Rentals Limited that Xpress was unable to honor funding
arrangements it had previously agreed with the company due to the impact
of alleged improper activities by an individual in another aspect of
Xpress' business.  The company believes the alleged improper activities
affecting Xpress occurred prior to March 31, 2007.

Speirs Group is concerned that this development will materially and
adversely impact on Xpress' on-going viability and place at risk the
funding that Speirs Group had, in good faith, made available to Xpress.
Hence, the company’s board of directors required the adjustment to the
amounts recognized in its FY2007 financial report to reflect this
'adjusting event' that has come to their knowledge well after March 31,
increasing the net loss to NZ$1.919 million.  The adjustment will also
reflect an additional expense of NZ$1.6 million -- Diminution in Operating
Lease Assets held for Re- Lease – in the company’s financials. This
expense allows for the diminution in value of certain assets held at March
31, 2007, by Speirs Group for the benefit of Xpress.

Speirs Group Limited -- http://www.speirs.co.nz/-- is a New
Zealand-based investment company.  The company operates two
commercial divisions: Speirs Finance and Speirs Foods. Speirs
Finance is engaged in asset backed financing.  Speirs Foods is
engaged in production and distribution of fresh food, such as
salad and fresh cut vegetable to retailers and caterers.

                          *     *     *

The Troubled Company Reporter - Asia Pacific, on June 12, 2007,
listed Speirs Group's 10.000% bond with a June 30, 2049 maturity
date as distressed.


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

BANGKO SENTRAL: Seeks Clearer Definition on IMF’s Currency Watch
----------------------------------------------------------------
The Bangko Sentral ng Pilipinas is seeking a clearer definition on the
International Monetary Fund's new surveillance on foreign exchange,
stating that each country considers levels of exchange rates differently,
business.balita.ph reports, citing the Philippine News Agency.

The report notes that BSP's deputy governor, Diwa Guinigundo, said that
the surveillance has some use in the expansion of exchange rate scope.
However, he also added that talking about required internal policies in
order to align currencies might be too presumptuous.

Mr. Diwa also said that the IMF should "clearly define the metrics of
their exchange rate surveillance... and show it to authorities," and that
options would be useful if they are not too prescriptive.

"It's like telling countries what do," he said about IMF's surveillance.

According to the report, IMF claims that its new guidelines on foreign
exchange surveillance would allow it to prevent currency manipulation by a
country, which it defined as “acting inconsistently if the fund determined
it was both engaging in policies that are targeted at -– and actually
affect –- the level of the exchange rate… for the purpose of securing
fundamental exchange rate  misalignment in the form of an undervalued
exchange rate in order to increase net exports.”

IMF will watch exchange rate policies for a country where it finds a
fundamental misalignment of currency, the report says.   However, an IMF
statement said that a fundamental misalignment should be "significant" to
warrant such closer scrutiny.

China, Egypt and Iran have opposed the new IMF guidelines.

                 About Bangko Sentral

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

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

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

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


GLOBE TELECOM: Enters Mobile Internet Service Deal with Yahoo!
--------------------------------------------------------------
Globe Telecom Inc. and Yahoo.com has entered into a mobile partnership
that will allow Globe to distribute Yahoo's mobile search services on its
myGlobe WAP site, SunStar Manila reports.

Under the partnership, Globe will offer Yahoo's Yahoo!oneSearch, Yahoo!Go
for mobile and other mobile internet services.  Globe users seeking the
latest information on a city only need to type the city's name into the
search box in the myGlobe WAP site.  The search will return the relevant
results including weather, Flickr photos, web images, latest news articles
and more.

Yahoo!OneSearch, which was launched in the United States early this year,
is available in 16 countries around the world.

Headquartered in Mandaluyong City, Philippines, Globe Telecom, Inc. --
http://www.globe.com.ph/-- is one of the country's major
telecommunications companies.  It was incorporated on January 15, 1935 as
a traditional provider of telex/telegram and VSAT services.  Thereon, it
diversified its business into a cellular, landline and international
gateway facility services provider for long distance telephone calls.

The company offers a wide range of telecommunications services to business
and residential subscribers, including wireless, wireline and carrier
services.  It has introduced innovative features like text messaging,
Infotext and Handyphone Mobile Office.  It also offers caller ID, voice
mail, call forwarding and data/fax capabilities.  Recently, it launched
various services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV service, which
allows subscribers to view selected TV programs on mobile phones, among
others.

                          *     *     *

The Troubled Company Reporter – Asia Pacific reported that on November 3,
2006, Moody's Investors Service affirmed Globe Telecom, Inc.'s Ba2 senior
unsecured foreign currency rating and changed its outlook to stable from
negative.  At the same time, Moody's has affirmed Globe's Baa2 domestic
currency issuer rating.  The outlook for this rating remains stable.

The Troubled Company Reporter – Asia Pacific reported on September 1, 2006
that Standard & Poor's Ratings Services affirms its ratings on Globe
Telecom Inc. at 'BB+', a major cellular telephone operator in the
Philippines.  The outlook is stable.

The Troubled Company Reporter – Asia Pacific reported on August 21, 2006
that Fitch Ratings upgrades Globe Telecom Inc.'s Long-term foreign
currency Issuer Default Rating to 'BB+' from 'BB'.  The Outlook is Stable.
At the same time, Fitch upgrades Globe's senior unsecured debt
instruments to 'BB+' from 'BB' while it also affirmed Globe's Long-term
local currency IDR of 'BB+' with a Positive Outlook and National Long-term
rating of 'AAA(phl)' with a Stable Outlook.


IPVG CORP: Acquires James Huang’s 5% Stake in Ran Online Phils.
---------------------------------------------------------------
IPVG Corp. issued 4,166,666 shares of common stock to James Huang at PHP5
per share, according to a disclosure with the Philippine Stock Exchange
dated June 26, 2007.

According to the disclosure, during a special meeting, the company's Board
of Directors approved the issuance of the shares to Mr. Huang in exchange
for his 5% share in the outstanding capital stock of Ran Online
Philippines Inc.

The special meeting also approved these matters:

    * Follow on offering of up to 100 million shares and
      authorization of officers to file registration statement
      with the Securities and Exchange Commission

    * Confirmation of Deed of Assignment between IPVG and E-
      Store Exchange (“ESX”) for the assignment of IPVG’s
      1,702,796 shares in IP E-Game Ventures, Inc. in exchange
      for advertising spots in GMA 7 worth PHP25 million

    * Confirmation of Call Option Agreement with Elite Holdings,
      Inc. and exercising of the Call Option for the acquisition
      of 100% of the outstanding capital stock of IP Contact
      Center Outsourcing Inc.

    * Confirmation of Management Agreement executed by IPVG and
      PCCW with IP Contact Center Outsourcing Inc. (“IPCCO”) for
      the operation of IPCCO’s call center.

    * Incorporation of IP Foundation, which shall be involved
      primarily (but not limited) with sustainable development
      and social projects.

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the information
technology and communications business with interests in Information
Technology and Telecommunications; On-line Gaming; and Business Process
Outsourcing.

IPVG reaches its customers through collaboration with international
corporations that have proven to be market leaders in their respective
geographic markets and industries.  Its current partners include Fortune
1000 companies listed on the New York Stock Exchange, such as Pacific
Century Cyberworks Inc. and IDT.  The company can offer established
product and proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic partners.

The TCR-AP reported on May 15, 2007 that the corporation posted a net loss
of PHP102.1 million for the year ended Dec. 31, 2006, the company's third
consecutive annual net loss after PHP43.0 million in 2005 and PHP6.2
million in 2004.


MABUHAY HOLDINGS: Elects Directors & Officers for Year 2007
-----------------------------------------------------------
Mabuhay Holdings corp. elected seven new directors and its officers for
the year 2007-2008 during the annual stockholders' meeting held yesterday.

The company elected these new directors during the meeting:

    * Roberto V. San Jose
    * Esteban G. Pena Sy
    * Lee Seng Chay
    * Delfin P. Angcao
    * Ana Maria A. Katigbak
    * J. Marsh Thomson (Independent)
    * Steven C. Virata  (Independent)

The stockholders appointed Sison Corillo Parone & Co. as the company's
external auditors for 2007.

The Board of Directors also elected these officers during the
organizational meeting held after the stockholders' meeting:

    * Roberto V. San Jose   - Chairman of the Board
    * Esteban G. Pena Sy    - President
    * Araceli C. Molina     - Treasurer, Finance Secretary
    * Delfin P. Ancao       - Corporate Secretary
    * Ana Maria A. Katigbak - Asst. Corporate Secretary

Headquartered in Makati City, Philippines, Mabuhay Holdings Corporation
was incorporated as a holding company.  It is engaged in the acquisition
and disposition of investments in securities, stocks, real and personal
properties, and any kind of properties and of investments in other
entities.  Within this general framework, the company is empowered to
commit its resources in pre-selected areas of investment, like direct real
estate investments, real estate equities, venture capital projects, listed
and unlisted securities.

The company's current strategy is to concentrate its investment in four
areas: infrastructure, basic industry, finance, and properties.  Mabuhay
has taken a significant stake in Magellan Capital Holdings Corporation,
which is involved in the development of three power stations in Pinamucan,
Batangas; Rosario, Cavite; and Mactan, Cebu, with a total expected
generating capacity of over 700 Megawatts.

Mabuhay Holdings Corp.'s consolidated financial statements reported a net
loss of PHP2.80 million for the year ended
Dec. 31, 2006, as compared to the PHP26.5 million reported in the previous
year.


MAYNILAD WATER: Seeks to Increase Rates for Sea Transport Sector
----------------------------------------------------------------
Maynilad Water Services Inc. seeks an increase in its rate for the sea
transport sector from PHP21.84 per cubic meter to PHP62.62 per cubic
meter, according to a report by the Philippine Daily Inquirer.

Maynild officer-in-charge, and incoming president, Rogelio Singson told
the Inquirer that the company had not adjusted its sea transport rates
since its privatization in 1997 and had charged PHP21.84 per cubic meter
for the past 10 years, despite that fact that the average "all-in" tariff
had been increasing since that time.  Mr. Singson revealed that the
non-adjustment resulted in a PHP178-million unrealized revenue for
Maynilad.

The “all-in” tariff includes such charges as basic tariff, adjustment
factors, foreign currency deferential adjustment and value-added tax, the
report says.

Speaking on the new rate, Mr. Singson said that it would be including a
PHP32.85 scheduled basic tariff.  He also added that the tariff would
still need board approval of the Metropolitan Waterworks and Sewerage
System, whose chief regulator Eduardo Santos told reporters that
Maynilad's increase was "long overdue."

Mr. Santos also said that while he expects requests for gradual increase
from the end-users, he expressed confidence that there would be a general
positive response from the affected sectors.

The Inquirer adds that Reynaldo Alejandro, the manager of the Manila Yacht
Club, said that a thorough study of the proposed increase should first be
accomplished, before the new rates are approved.  As an example, Mr.
Alejandro cited the Club, which consumes about 12,000 gallons of water or
about 45.4 cubic meters a day, as having to pay PHP2,843 for water daily
from the current rate of PHP992 a day.

                       About Maynilad

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

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

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

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

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

            Debt Capital and Restructuring Agreement

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


RIZAL COMMERCIAL: Plans Expansion; Sees Acquisition for 2007
------------------------------------------------------------
Rizal Commercial Banking Corp. plans to expand its business and expects to
close one acquisition deal with this year, the Manila Bulletin reports,
citing RCBC President and Chief Executive Officer Lorenzo V. Tan.

According to the report, Mr. Tan said in a press conference held on Monday
that the bank is undergoing live discussions for acquiring small and
medium-sized banks, and said the bank is specifically looking for
institutions with a presence in the Binondo area.  However, Mr. Tan did
not reveal the bank's prospects to the members of the press in attendance.

On funding, Mr. Tan said that the bank will either use
internally-generated funds, share-swapping or a combination of both.

The bank is specifically seeking a merger with an institution with an
intense presence in the metropolis, which according to the report, will
yield incremental value and in step with the bank's mission for the next
three years.

During the annual stockholders' meeting, Mr. Tan told shareholders that
the bank will implement a business model that will allow for growth of its
customer base.  According to
Mr. Tan, the bank seeks a 20% increase in its loan portfolio, a PHP10
billion expansion in current and savings accounts, and a 50% reduction in
cost-to-income ratio in order to attain a 15% equity ratio.

The bank's cost to revenue ratio, Mr. Tan said, is at 62.5% as compared to
the industry standard of about 50% or lower.  To improve RCBC's earning
capacity, Mr. Tan revealed that RCBC will unload an average of PHP5
billion every year of its PHP16 billion non-performing assets.

Manila Bulletin adds that the bank has a pending request before the Bangko
Sentral ng Pilipinas (BSP) for the disposition of some of its loans that
have turned sour as well as joint venture undertaking with a developer to
transform its ROPA (real property acquired and otherwise) located in
Cavite City into a subdivision and erect a mall-type structure.

                          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.


UNITED COCONUT: Cojuangco Insists Ownership & Seeks Full Trial
--------------------------------------------------------------
Eduardo Cojuangco Jr. stresses his ownership of the United Coconut
Planters Bank and is pursuing a petition for a rehearing before the
Sandiganbayan First Division, claiming that he was not given opportunity
to present evidence for his counterclaim, the Philippine Daily Inquirer
says.

According to the report, the Sandiganbayan affirmed in May its partial
summary judgment issued in May 2003, which ruled that the Philippine
Coconut Authority had illegally acquired UCPB for Mr. Cojuangco through
the use of coconut levy funds.  The Sandiganbayan had confiscated Mr.
Cojuangco's shares and awarded them to the Philippine Government.  In the
May 2003 judgment, the Sandiganbayan also affirmed earlier rulings on the
illegality of Presidential Decree 755, through which late President
Ferdinard Marcos authorized the PCA to purchase a bank with coco levy
funds.

The Sandiganbayan also dismissed a petition for full trial last May from
Mr. Cojuangco and the Philippine Coconut Producers Federation Inc.,
stating it had addressed all necessary issues regarding the case.  The
Sandiganbayan also said that
Mr. Cojuangco's defense was futile, as PD 755 had been declared
"constitutionally infirm."

In his petition, the Inquirer notes, Mr. Cojuangco's counsel Atty.
Estelito Mendoza insists on allowing his client to present evidence, and
said that the Sandiganbayad had violated his client's right to due
process.

                         About UCPB

United Coconut Planters Bank -- http://www.ucpb.com/-- is a leading
provider of financial products and services to corporations, middle market
companies, small- and medium- sized businesses, and consumers in the
Philippines.

Established in 1963 as a commercial bank, UCPB grew to become the first
private Philippine universal bank in 1981, enabling it to invest in
non-allied businesses.  Today, with assets close to PHP114 billion, the
UCPB group ranks among the largest financial services group in the
country.

UCPB offers a full range of expanded commercial banking services. The bank
has strong capabilities in corporate banking, commercial credit,
international trade financing, treasury and money market operations, trust
banking and consumer financing.

As the world crosses over to the next millennium, the UCPB Group is busily
transforming into a one-stop supermarket of banking and non-banking
services.

                         *     *     *

On November 6, 2006, the Troubled Company Reporter - Asia Pacific reported
that Moody's Investors Service has revised the outlook of United Coconut
Planters Bank's foreign currency long-term deposit rating of B1 from
negative to stable.

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


* Gov’t Should Focus on Infrastructure Project to Lure Investors
----------------------------------------------------------------
The Philippine Government needs to focus investment on infrastructure
spending in order to attract investors for the long term, Wilfredo Son
Keng Po of AIG Global Investment Corp. Ltd. Philippines said during the
Post Elections Economic Briefing held Wednesday last week at the Casino
Espanol Cebu, SunStar Cebu reports.

Mr. Po further said that although remittances by overseas Filipino workers
have driven the recent growth in the Philippine economy, these are but
short-term benefits.  Instead, the government can sustain economic benefit
in infrastructure projects, Mr. Po added.

According to Mr. Po, the government should invest between PHP80 billion to
PHP100 billion worth of infrastructure projects including bridges and new
airports in light of the business process outsourcing sector's signs of
being a sunrise industry.   He also added that these projects should be
spread throughout key areas in Cebu.

"Cebu has the natural capacity to diffuse funds," Mr. Po said, adding that
the Regional Development Council for Region 7 should be more aggressive in
seeking funding for infrastructure projects.  Mr. Po expressed optimism
that infrastructure projects will be able to attract investors for the
Philippines, and that this confidence will also influence growth of
different sectors like the construction business.

In Cebu, the local construction industry is seen to be the main driver for
growth in the Central Visayas region this year.

Mr. Po remarked that the manufacturing business is fast becoming a sunset
industry, because of high competition, high production costs and reduced
demand for the local products, and advised businessmen to introduce
diversity in their investments because of the risks attached to each kind
of investment.

                          *     *     *

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

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

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


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

CHONG SOON: Requires Creditors to File Claims by July 23
--------------------------------------------------------
Chong Soon Land & Development Pte Ltd requires its creditors to file their
proofs of debt by July 23, 2007.

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

The company’s liquidators are:

         Chia Soo Hien
         Leow Quek Shiong
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


CREATIVE TECHNOLOGY: To Absorb 2% GST Increase of Products
----------------------------------------------------------
Creative Technology Ltd. said it will not increase the current suggested
retail prices of its personal digital entertainment products sold in
Singapore with the impending increase in Goods and Service Tax that will
take effect on July 1, 2007.

This initiative will help provide an additional cushion to lessen the
impact of the GST increase to consumers as Creative will absorb the 2% GST
increase.  According to the Singapore Budget 2007, the GST in Singapore
will be increased from 5% to 7%.

With the initiative, from July 1, 2007, there will be no increase in the
current suggested retail prices of Creative’s products like portable media
players, MP3 players, multimedia speakers, sound cards, web cams and
headphones, as a direct result of the impending GST increase.  The
absorption of the
2% GST increase by Creative will be translated into savings to its
customers when the GST hike takes effect.

Singapore-based Creative Technology Ltd. makes digital
entertainment products, including portable audio players, PC
sound cards, graphics accelerator cards, and digital cameras.
The Company also makes modems and CD and DVD drives for PCs.
Subsidiaries include Cambridge Soundworks, Creative Labs, and E-
MU/ENSONIQ.

Tough competition in the electronics market has hurt Creative,
causing it to incur recurring losses.  The Company reported a
net loss of US$114.33 million in the three months to March 31,
2006, reversing the year-ago profit of US$15.91 million due to
one-time charges and a drop in flash memory prices, which led to
an inventory writedown.  The Company is also facing ongoing
disputes with several companies in the United States.  Creative
also periodically receives licensing inquiries and threats of
potential future patent claims from a variety of entities,
including Lucent Technologies, MPEG LA, Dyancore Holdings,
Advanced Audio Devices and Nichia Corporation.


KLOCKNER HAENSEL: Proofs of Debt Due by July 6
----------------------------------------------
Klockner Haensel Far East Pte Ltd, which is in voluntary liquidation,
requires its creditors 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 liquidators are:

         Chia Soo Hien
         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way #07-01 UIC Building
         Singapore 068808


SENTOSA PERKASA: Proofs of Debt Due by July 23
----------------------------------------------
The creditors of Sentosa Perkasa Pte Ltd are required to file their proofs
of debt by July 23, 2007.

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

The company’s liquidator is:

         Wee Hui Pheng
         c/o M/s Wee Seng Tiong & Co.
         1 Coleman Street #06-10
         The Adelphi
         Singapore 179803


UNITED TEST & ASEEMBLY: Global A&T to Acquire Firm for SGD2 Bil.
----------------------------------------------------------------
On June 26, 2007, a scheme of arrangement was entered between United Test
and Assembly Center Ltd and Global A&T Electronics, in order for Global
A&T to acquire UTAC.

Global A&T is a special purpose company formed by Affinity Equity Partners
and TPG Capital.  Under the Share Scheme, all issued ordinary shares in
UTAC held by its shareholders will be acquired by Global A&T for a cash
consideration of SGD1.20 per UTAC share.  Based on a fully diluted issued
share capital as at June 22, 2007, the consideration price values UTAC at
up to SGD2.2 billion.

                            Premium

On the basis of the consideration price of SGD1.20 in cash for each UTAC
Share, the implied premiums of the consideration price compared to the
historical share prices of UTAC are:

   -- A premium of 20.0% to UTAC’s six-month volume weighted
      average price;

   -- A premium of 25.0% to UTAC’s three-month VWAP;

   -- A premium of 30.4% to UTAC’s one-month VWAP; and

   -- A premium of 78.3% to the net asset value per UTAC Share
      based on the unaudited consolidated financial statements
      of UTAC for the three-month period ended March 31, 2007.

Charles Chen, non-executive chairman of UTAC, said, “We are pleased to
receive Affinity’s and TPG’s proposal to acquire the company by way of a
scheme of arrangement.  The proposed acquisition provides an opportunity
for UTAC shareholders
to realize their investment in UTAC Shares for cash at a premium to
historical closing share prices of the company.”

“We have a high regard for the track record of UTAC and its current
management team.  A key objective for us is to retain the team after the
close of offer”, says David Lai, Managing Partner of Affinity.  Ashish
Shastry, Managing Director and Head of Southeast Asia of TPG, said, “We
are fully committed to UTAC continuing to honour all its commitments to
its customers and
business partners as usual, and look forward to build further upon the
successes of UTAC.  Affinity and TPG, with our track record of investing
in this sector, are well positioned to commit additional resources,
network and expertise to UTAC’s team to help bring the Company to the next
level.”

Affinity and TPG have received irrevocable undertakings from certain UTAC
Shareholders representing approximately 17.2% of UTAC‘s current issued
share capital to  procure the voting of all their UTAC Shares in favor of
the Share Scheme.

The Share Scheme will require, inter alia, the approval by a majority in
number of UTAC shareholders present and voting, at the meeting of UTAC
shareholders to be convened by the High Court of Singapore to approve the
Share Scheme, the majority holding not less than 75% in the value of UTAC
Shares held by
UTAC Shareholders present and voting in this meeting, and the sanction of
the Share Scheme by the High Court of Singapore.

The Independent Directors of UTAC has appointed ANZ Singapore Limited as
the independent financial adviser to advise them in connection with the
Share Scheme.

                            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
===============

ADVANCE AGRO: Dissolves A.A. Pulp Mill 2 Co. Ltd. Subsidiary
------------------------------------------------------------
Advance Agro PCL's subsidiary, A.A. Pulp Mill 2 Co. Ltd., has been
dissolved, according to a disclosure with the Stock Exchange of Thailand.

A.A. Pulp Mill is a wholly-owned subsidiary of Advance Agro Holdings Co.
Ltd., which is 99.99% owned by the company. A.A. Pulp Mill had a
registered capital and paid-up capital of THB1.5 billion. All of its
assets had been transferred to the company, and thus its dissolution with
not affect the company's continued operation.

Advance Agro Public Company Limited --http://www.advanceagro.com/-- is a
pulp and paper manufacturer and distributor.  It markets its products
under the brand name Double A.  The company also distributes its products
through Double A Copy Center with over 1,500 branches in Thailand and
overseas and Double A Stationery with approximately 100 shops nationwide.
In addition, Advance Agro operates three power plants.  Headquartered in
Prachinburi Province, the company has a branch office in Bangkok. Advance
Agro is comprised of a number of subsidiaries.

The Troubled Company Reporter – Asia Pacific reported on Jan. 5, 2006,
that Advance Agro Public Co. Ltd. received from Standard & Poor's Rating
Services a B- rating, an upgrade from the previous CCC rating to its
US$250 million 11 percent bonds due 2012.

At the same time, the issue rating on Advance Agro Capital B.V.'s US$48.7
million 13 percent notes due 2007 was also raised to 'B-' from 'CCC'.  The
ratings were removed from CreditWatch, where they were placed with
positive implications on November 29, 2005.

The Troubled Company Reporter – Asia Pacific reported on
Mar. 13, 2007, that Moody's Investor Services has changed to positive from
stable the outlook for both Advance Agro Public Company Limited's B3
corporate family rating and the senior unsecured bond ratings on its notes
due in 2007 and 2012.


BANGKOK BANK: Reduces Shareholdings in Non-Core Subsidiaries
------------------------------------------------------------
Bangkok Bank PCL is selling or reducing its shareholdings in its non-core
businesses in order to comply with the conditions set by the Bank of
Thailand, The Nation reports.

The report notes that BoT’s conditions stated that the bank should hold
shares in non-core units at a limited level.

In the past three months, the bank sold its shares in four subsidiaries
and earned a total of THB1.66 billion, the report recounts.  These
subsidiaries are:

    * Bangkok Industrial Gas Co. Ltd., from which the bank cut
      its shareholdings from 18.48% to 9.9% and earning
      THB485.55 million from the sale.

    * EMC PCL, from which the bank sold 476.49 million shares or
      5.25% of EMC's capital for THB82.5 million. The bank now
      holds only 9.04% of the company.

    * CP Plaza Co. Ltd., from which the bank sold 73.72 million
      shares for THB1.08 billion.

    * Sri U-Thong Co. Ltd., from which the bank sold 21.5
      million shares for THB15 million.

The bank's senior vice president Suvarn Thansathit said that selling the
shares had been difficult due to the current economic climate.  He also
told the Nation that some companies are still weak in business operation
and financial status, and had been harder to sell to investors.  The bank
had assisted these non-core businesses although some have not yet
recovered their losses.

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

On May 4, 2007, Moody’s Investors Service retained its D+ rating for
Bangkok Bank’s bank financial strength.


BANGKOK BANK: Appoints 2 Additional Independent Directors
---------------------------------------------------------
Bangkok Bank PCL appointed independent directors and members of its audit
committee during a meeting of its Board of Directors held on June 26,
2007.

According to a disclosure with the Stock Exchange of Thailand, the Board
appointed these additional directors:

    * Phornthep Phornprapha as independent director

    * Gasinee Withoonchart as independent director and audit
      committee member

The Board also passed a resolution during the meeting designating these
members of the Audit Committee:

    * Admiral Prachet Siridej            - Chairman
    * Kanung Luchai                      - Member
    * H.s.H Prince Mongkolchaleam Yugala - Member
    * Gasinee Witoonchart                - Member
    * Pornthep Kitsanayothin             - Secretary

Terms of the appointed members of the Audit Committee will expire on
November 4, 2008.

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

On May 4, 2007, Moody’s Investors Service retained its D+ rating for
Bangkok Bank’s bank financial strength.


BANGKOK BANK: Raises Shareholdings in Nat’l ITMX to 27.44%
---------------------------------------------------------
Bangkok Bank PCL has acquired 69,714 common shares in National ITMX Co.
Ltd. for a total price of THB1.74 million, according to a disclosure with
the Stock Exchange of Thailand.

The transaction raised the bank's holdings in National ITMX from 67,480
common shares to 137,194 shares or 27.44% of National ITMX's total paid-up
capital of 500,000 common shares.

The company did not disclose further information on the acquisition in its
disclosure.

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

On May 4, 2007, Moody’s Investors Service retained its D+ rating for
Bangkok Bank’s bank financial strength.





                            *********

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 ***