TCRAP_Public/070629.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, June 29, 2007, Vol. 10, No. 128

                            Headlines

A U S T R A L I A

AINT PTY: Undergoes Voluntary Liquidation
ALIOS NOMINEES: Members Opt to Shut Down Business
BRIJCO PTY: Placed Under Members’ Voluntary Liquidation
COEUR D’ALENE: Can Conduct Bolnisi Due Diligence Until July 3
EASY WALL PTY: Undergoes Voluntary Wind-Up

FINESSE HOLDINGS: Taps Williamson & Strickland as Liquidators
FORTESCUE METALS: Increases Iron Ore Capital by AU$99 Million
JEFF BROWN PTY: Placed Under Voluntary Liquidation
NETCRAFT PTY: Requires Creditors to File Debts by July 17
NEWMONT MINING: Enters Wind-Up Proceedings

ONEIDA INC: Moody’s Places Corporate Family Rating at B2
SWIFT & CO: J&F Unit Plans US$600-Mil. Notes Private Offering
TRACKSELL PLANT: Members Resolve to Close Business
UNIVERSAL DIESEL: Names Austin Meerten Taylor as Liquidator


C H I N A   &   H O N G  K O N G

AEROFLEX INC: Moody's Rates Corporate Family Rating at B3
AMERICAN CAMSHAFT: Wants to Sell Assets to Hilco for US$5.5 Mln
BANK OF COMMUNICATION: Hires Yang Dongping as Risk Mgt. Head
CHINA EXCEL: Pays Ordinary Dividend to Creditors
CITIC RESOURCES: Confident To Push Through Petrochina Deal

DONG KUEN: Creditors & Contributories to Meet on July 11
GLOBAL POWER: Creditors' Committee Wants to File Competing Plan
HONG KONG BUS: Final Meetings Set for July 20
PETROLEOS DE VENEZUELA: Conoco, Exxon Refuse Joint Venture Deals
POLAND INVESTMENT: High Court to Hear Wind-Up Petition on Aug. 1

REMY COINTREAU: Posts EUR23-Mln Net Loss for Year Ended March 31
SUPRESTA LLC: Israel Chemicals Deal Cues Moody's Ratings Review
SYNIVERSE TECH: To Raise US$489 Million of Credit Facilities
SYNIVERSE TECH: Moody's Rates US$489 Mil. Debt Facilities at Ba2


I N D I A

AES CORP: RBC Capital Maintains Top Pick Rating on Firm's Shares
AGILENT TECH: Taps Neil Cook as VP & Director-Molecular Tech Lab
GENERAL MOTORS: Reaches Tentative Deal with UAW & Delphi Corp.
SPICEJET LIMITED: Assures Staff No Promoters are Selling Stake
TATA POWER: Completes Acquisition of 30% Stakes in 2 Coal Cos.

UTI BANK: Raises Upper Tier -II Capital in International Market
UTI BANK: Partners With Hyundai Motor India for Car Financing


I N D O N E S I A

BANK NEGARA: To Raise IDR4 Trillion by Issuing New Shares
BANK PERMATA: Provides Yayasan Sekar With Payment System
GARUDA INDONESIA: Restores Confidence in Aussie Travelers
MEDCO ENERGI: Unit Sells 21% Interest in Simenggaris Block
MEDIA NUSANTARA: Sees Rise in Net Profit by 38% to IDR399.16BB

MITEL NETWORKS: ISS Urges Shareholders to Snub Inter-Tel Merger


J A P A N

AMERICAN AIRLINES: Hill Voted as New Pilots' Union President
CATALYST PAPER: Moody’s Rates US$200 Million Senior Notes at B2
JAPAN AIRLINES: Shareholders Claim They Were Deceived
MEAT HOPE: Sold Mislabeled Minced Beef Since 1998
MEAT HOPE: Lays Off All Employees, Affected by Scandal

TAIHEIYO: S&P Upgrades Issuer Rating to BB+


K O R E A

NDCROP CO: Appoints Yoon Woong Jin as New CEO
SHINWHA INTERTEK: Converts Convertible Bonds to Shares
SILVER STAR: Converts Third Convertible Bonds for 22,951 Shares


M A L A Y S I A

CYGAL BERHAD: Completes Swap of Listing Status with Sycal
CYGAL BHD: Balance Sheet Upside-Down by MYR307.46MM in March 31
MERGE ENERGY: Extends Fulfillment of Conditions in Badawi Deal
NEWFIELD EXPLORATION: Inks New US$1.25 Billion Debt Refinancing


N E W  Z E A L A N D

2MG LTD: Fixes July 13 as Last Day to Prove Claims
42MGL LTD: Names Douglas John Wilson as Liquidator
BISHOPBUILT LTD: Proofs of Debt Due by July 5
MERIT CONSULTANTS: Creditors’ Meeting Set for June 14
MOTIVATION (NZ): Taps Nellies and Jenkins as Liquidators

RICHMOND M & T HOLDINGS: Court Enters Wind-Up Order
SINCLAIR SAW & MOWER: Commences Liquidation Proceedings
TAXI TRANSPORT: Undergoes Liquidation Proceedings
THE CHALET: Court Releases Wind-Up Order
TMG CONTRACTORS: Appoints Nellies & Deuchrass as Liquidators


P H I L I P P I N E S

ALLIED BANKING: Board Elects Alejandro Chua as Asst. Secretary
BAYAN TELECOMMS: Mobile Business Investment Still Under Review
IPVG CORP: PEZA Declares IPCCO as “Ecozone IT Enterprise”
MANILA ELECTRIC: Gov’t Plans Lower Electric Rates for Ecozones
PHIL AIRLINES: To Spend US$50 Mil. For Reconfiguration of 747s

PICOP RESOURCES: Elects Directors & Officers for 2007
VICTORIAS MILLING: Hiatus May Impact Sugar Industry in Negros
VICTORIAS MILLING: Posts PHP1 Billion Net Income for February 28
VICTORIAS MILLING: Will Embark on 4 New Major Factory Projects
* Reuters Predicts Full-Year Growth Due to Good 1st Qtr. Figures


S I N G A P O R E

ACI GLOBAL: Subject to Ong Gim Hock’s Wind-Up Petition
DA CONSULTING: Wind-Up Petition Hearing Set for July 6
PETROLEO BRASILEIRO: Gets BRL565-Million Loan for Vessel Project
PETROLEO BRASILEIRO: Subsidiary Takes Out Insurance Coverage
SYNIVERSE TECHNOLOGIES: To Raise US$489MM of Credit Facilities

SYNIVERSE TECH: Moody's Rates US$489 Mil. Debt Facilities at Ba2
VIDEOVAN ENTERTAINMENT: Court to Hear Wind-Up Petition Today


T H A I L A N D

BANK OF AYUDHYA: Reduces Investment in 2 Non-Core Subsidiaries
G-STEEL: To Offer US$300 Mil. in Debentures in Private Placement
TMB BANK: DBS Will Join Recapitalization, Finance Ministry Says


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

AINT PTY: Undergoes Voluntary Liquidation
-----------------------------------------
On June 8, 2007, the members of Aint Pty Ltd had a meeting and agreed to
voluntarily liquidate the company’s business.

Timothy James Clifton and Mark Christopher Hall were appointed as
liquidators.

The Liquidators can be reached at:

         Timothy James Clifton
         Mark Christopher Hall
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide
         Australia

                         About Aint Pty

Aint Pty Ltd is involved with truck and bus business.  The company is
located in South Australia, Australia.


ALIOS NOMINEES: Members Opt to Shut Down Business
-------------------------------------------------
During a meeting held on July 13, 2007, the members of Alios Nominees Pty
Ltd decided to shut down the company’s business and appointed A. R. M.
Taylor as liquidator.

The Liquidator can be reached at:

         A. R. M. Taylor
         Meertens Chartered Accountants
         Level 10, 68 Grenfell Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8418 8900
         Facsimile:(08) 8232 5077

                      About Alios Nominees

Alios Nominees Pty Ltd, which is also trading as Finecast Foundry, is a
distributor of aluminum foundries.  The company is located in South
Australia, Australia.


BRIJCO PTY: Placed Under Members’ Voluntary Liquidation
-------------------------------------------------------
The members of Brijco Pty Ltd met on June 11, 2007, and decided to
voluntarily liquidate the company’s business.

The company’s liquidator is:

         Peter J. Wickens
         Currie Wickens
         Level 1, 126 Broadway
         Nedlands, Western Australia 6009
         Australia

                        About Brijco Pty

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


COEUR D’ALENE: Can Conduct Bolnisi Due Diligence Until July 3
-------------------------------------------------------------
Coeur d'Alene Mines Corporation disclosed that Bolnisi has
agreed to extend the company's due diligence period to July 3 under the
Merger Implementation Agreement relating to Coeur's proposed acquisition
of Bolnisi, which is part of a larger transaction that also would result
in Coeur's acquisition of Palmarejo Silver and Gold Corporation.

Coeur and Bolnisi previously agreed to extend Coeur's due diligence period
by 14 days to June 22, 2007.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


EASY WALL PTY: Undergoes Voluntary Wind-Up
------------------------------------------
At an extraordinary general meeting held on May 25, 2007, the members of
Easy Wall Pty Ltd agreed to voluntarily wind up the company’s operations
and appointed Tarquin Raoul Koch as liquidator.

The Liquidator can be reached at:

         Tarquin Raoul Koch
         Certified Practising Accountant
         Anthony Matthews & Associates
         Ground Floor, 46 Fullarton Road
         Norwood
         Australia

                         About Easy Wall

Located in South Australia, Australia, Easy Wall Pty Ltd is an investor
relation company.


FINESSE HOLDINGS: Taps Williamson & Strickland as Liquidators
-------------------------------------------------------------
On June 7, 2007, a special resolution was passed to wind up the operations
of Finesse Holdings Pty Ltd, which is formerly trading as Moderntone
Furniture Manufacturers.

Christopher Michael Williamson and Kimberley Andrew Strickland of
SimsPartners were appointed as liquidators.

The Liquidators can be reached at:

         Christopher Michael Williamson
         Kimberley Andrew Strickland
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                     About Finesse Holdings

Finesse Holdings Pty Ltd is a distributor of wood household furniture,
except upholstered.  The company is located in Western Australia,
Australia.


FORTESCUE METALS: Increases Iron Ore Capital by AU$99 Million
-------------------------------------------------------------
Fortescue Metals Group flagged a further AU$99 million in cost overruns to
its Pilbara iron ore project, the Australian Associated Press reports.

According to the report, the AU$99-million increase will be spent on
additional changes to the construction program such as the addition of two
new contractors to expedite works on the rail line.

Reportedly, Fortescue said that they had to add extra contractors, NRW and
Brierty, to help BGC Contracting in the rail line construction in order to
be able deliver its iron ore in mid-May of 2008.

The company has tapped the services of Citi and JPMorgan to raise the
additional cost, AAP says.

                     About Fortescue Metals

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

                          *     *     *

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

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


JEFF BROWN PTY: Placed Under Voluntary Liquidation
--------------------------------------------------
On June 6, 2007, the members of Jeff Brown Pty Limited met and decided to
voluntarily liquidate the company’s business.

Jeff Brown, with the assistance of William Buck was appointed as liquidator.

The Liquidator can be reached at:

         Jeff Brown
         Chartered Accountants
         Level 29, 66 Goulburn Street
         Sydney, New South Wales 2000
         Australia

                        About Jeff Brown

Jeff Brown Pty Limited is a distributor of industrial supplies.  The
company is located in New South Wales, Australia.


NETCRAFT PTY: Requires Creditors to File Debts by July 17
---------------------------------------------------------
Netcraft Pty Ltd, which is in liquidation, requires its priority creditors
to file their proofs of debt by July 17, 2007.

The members and creditors will also have their joint meeting on August 8,
2007, at 10:30 a.m., to receive the liquidator’s report about the
company’s wind-up proceedings and property disposal.

The company’s liquidator is:

         Johnathan Murrell
         Paul Cook & Associates
         105 Macquarie Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 2555
         Facsimile:(03) 6223 2556
         e-mail: info@pjc.com.au

                       About Netcraft Pty

Netcraft Pty Ltd is involved with manufacturing industries.  The company
is located in Tasmania, Australia.


NEWMONT MINING: Enters Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on June 6, 2007, the members of
Newmont Mining Investments Pty Ltd resolved to wind up the company’s
operations.

Samuel Charles Davies and Theodora Alice Eszenyi were appointed as
liquidators.

The Liquidators can be reached at:

         Samuel Charles Davies
         Theodora Alice Eszenyi
         c/o McGrathNicol
         Level 13, 99 Gawler Place
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8468 3700
         Web site: http://www.mcgrathnicol.com.au

                      About Newmont Mining

Newmont Mining Investments Pty Ltd provides management consulting
services.  The company is located in South Australia, Australia.


ONEIDA INC: Moody’s Places Corporate Family Rating at B2
--------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Oneida, Inc.'s new
senior secured first lien bank facility and a B2 corporate family rating
to the company.  The rating outlook is stable.  The ratings assigned are
based on preliminary terms as outlined by the company, and are subject to
receipt and final review of executed documents.  These represent first
time ratings for Oneida following its emergence from voluntary bankruptcy
in September 2006.  The company plans to use proceeds from the term loan
and a portion of cash to refinance the existing term loan that was put in
place following the emergence, pay a
US$30 million special dividend to preferred equity holders, and pay
related fees, expenses and prepayment penalties.

Ratings assigned are as follows:

Oneida, Inc.:

-- Corporate family rating at B2

-- Probability of default rating at B2

-- US$120 million first-lien Term Loan due 2013 at B3 (LGD 4,
    62%)

Oneida's B2 corporate family rating reflects the company's lower debt
obligations, stronger liquidity and improved credit metrics that came as a
direct result of its emergence from bankruptcy in September 2006.  As part
of this process, the company was able to reduce debt by about US$100
million and terminate US$41 million of pension plan obligations.  Pro
forma for the current transaction, Moody's estimates debt to be about 5.0
times latest twelve months' EBITDA of about US$40 million, which is
comfortably in the "B" rating category.  The rating also reflects the
significant improvement in its cost structure as a result of completing
the shift to a 100% outsourced business model in March 2005, which
resulted in gross margin improvement to over 35% as of March 2007 from
about 22% at the end of January 2005.  These actions should provide
sufficient cushion, enabling the company to invest in future growth.
Further supporting the rating is the company's leading market positions in
the tableware industry, its diversified customer base in both the consumer
and foodservice segments, and its continued-strong brand name recognition.

However, the rating is constrained by the significant revenue declines
that have occurred over the last several years as a result of past service
issues and failure to react to changing consumer tastes, which the company
has corrected, and shifting industry trends and planned declines such as
exiting unprofitable businesses.  Oneida's revenue has declined from over
US$500 million in 2001 to about US$350 million today.  Although the
company has identified and begun to implement several new growth
initiatives, it could be met with challenges including the need to improve
brand relevance, or fundamental industry issues such as increased
penetration from private label goods, consolidation among department store
customers and the shift toward dual sourcing or direct sourcing from
foreign manufacturers by certain key customers.

The stable outlook reflects Moody's expectation that Oneida's
post-emergence cost structure and adequate liquidity will provide
satisfactory flexibility to withstand near-term challenges as the company
continues to implement its operational restructuring plan and growth
initiatives.  The outlook assumes that the company will steadily improve
operating and financial performance in 2007, and 2008 through modest
revenue growth and profit retention, will generate solid free cash flows
and steadily reduce debt.

Headquartered in Oneida, New York, Oneida, Inc. is a leading marketer and
distributor of tableware products, including metalware, dinnerware,
glassware and other tabletop accessories. The company's key operations are
in North America, U.K. and Mexico, Australia, and revenue is estimated to
be about
US$350 million.


SWIFT & CO: J&F Unit Plans US$600-Mil. Notes Private Offering
-------------------------------------------------------------
Swift & Company, in connection with the previously announced acquisition
of Swift Foods Company by J&F Participacoes S.A., disclosed that J&F I
Finance Co., a J&F subsidiary, intended to offer, in a private placement,
approximately US$600 million aggregate principal amount of notes,
consisting of US$200 million aggregate principal amount of senior notes
due 2015, US$200 million aggregate original principal amount of senior
toggle notes due 2015 and US$200 million aggregate principal amount of
senior floating rate notes due 2014.

At the closing of the acquisition, Finance Sub, the issuer of the Notes,
will merge with and into Swift, with Swift continuing as the surviving
corporation.  At the time of the acquisition, Swift will assume the
obligations of Finance Sub under the Notes and the related indentures by
operation of law.

The offering of the Notes is part of the financing for, will occur
concurrently with, and is conditioned upon the consummation of, the
acquisition.

The Notes have not been registered under the Securities Act of 1933, as
amended, and, unless so registered, may not be
offered or sold in the United States absent registration or an applicable
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and other applicable securities laws.

Headquartered in Greeley, Colorado, Swift & Company is one of the world's
leading beef and pork processing companies.  Its largest business segments
are domestic beef processing, domestic pork processing and beef operations
in Swift Australia.  Swift's parent S&C Holdco 3 is owned by a limited
partnership formed by equity sponsors HM Capital Partners LLC (formerly
Hicks Muse) and Booth Creek Management Corporation.  Consolidated sales
for the 12 months ended Feb. 25, 2007, were approximately US$9.5 billion.

                        *     *     *

As reported in the Troubled Company Reporter - Latin America on
May 31, 2007, Moody's Investors Service placed the ratings of Swift &
Company including its B3 corporate family rating and B3 probability of
default rating, on review for possible upgrade following the announcement
that the company will be acquired by J&F Participacoes S.A. of Brazil.
LGD assessments are also subject to adjustment.

Ratings under review for possible upgrade:

   -- Corporate family rating at B3;
   -- Probability of default rating at B3;
   -- Senior unsecured notes at Caa1;
   -- Senior subordinated notes at Caa1.


TRACKSELL PLANT: Members Resolve to Close Business
--------------------------------------------------
During a general meeting held on June 12, 2007, the members of Tracksell
Plant Services Pty Limited resolved to close the company’s business and
appointed Michael John Morris Smith as liquidator.

The Liquidator can be reached at:

         Michael John Morris Smith
         Chartered Accountant
         Smith Hancock Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                     About Tracksell Plant

Tracksell Plant Services Pty Limited is involved with heavy construction.
The company is located in New South Wales, Australia.


UNIVERSAL DIESEL: Names Austin Meerten Taylor as Liquidator
-----------------------------------------------------------
On June 7, 2007, the members of Universal Diesel Engineering Pty Ltd
resolved to close the company’s business and named Austin Robert Meerten
Taylor as the company’s liquidator.

The Liquidator can be reached at:

         Robert Meerten Taylor
         Meertens Chartered Accountants
         Level 1, 49 Woods Street
         Darwin NT 0800
         Australia
         Telephone:(08) 8923 9239
         Facsimile:(08) 8942 3250

                     About Universal Diesel

Universal Diesel Engineering Pty Ltd provides engineering services.  The
company is located in NT, Australia.


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

AEROFLEX INC: Moody's Rates Corporate Family Rating at B3
---------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Aeroflex
Incorporated (corporate family rating of B3 and speculative grade
liquidity rating of SGL-2) and a positive outlook.

A newly formed entity, AX Holding Corp., will acquire all of the
outstanding shares of Aeroflex, a publicly traded microelectronics and
test and measurement provider that will continue as a private company.

Net proceeds from the US$500 million first lien term loan and US$60
million first lien revolver together with US$370 million senior
subordinated notes will be used to finance Aeroflex's US$1.242 billion
buyout in a highly leveraged transaction.

The buyout, which is subject to shareholder approval, also consists of a
US$372 million cash equity investment from a consortium of private equity
sponsors (Veritas Capital, Golden Gate Capital and GS Direct).

The assigned ratings are subject to review of final documentation and no
material change in the terms and conditions of the transaction as advised
to Moody's.

The B3 corporate family rating reflects the company's:

* very high financial leverage of 7.3x debt/normalized EBITDA
  and weak credit protection measures following the leveraged
  buyout;

* modest footprint and limited asset protection from a small
  base of pro forma tangible assets;

* potentially increasing competition longer-term from larger
  and well capitalized companies;

* exposure to aerospace and defense electronics end markets,
  which could experience changes in procurement policies or
  the types of products sourced by the government; and

* historic money losing radar unit and break even synthetic
  test business.

The rating also takes into account Moody's hybrid security treatment for
the US$372 million of sponsor preferred equity in which 25% of the
preferred stock is treated as debt-like and 75% is treated as equity-like.
As such, Moody's adjustments incorporate the commensurate increase in
debt, equity and interest expense on Aeroflex's balance sheet and income
statement.

The rating also considers Aeroflex's leading market position as the
primary or sole source provider in niche markets, strong intellectual
property portfolio with proprietary technology, highly visible and
diversified revenue base with no specific defense platform exposure,
relatively stable competitive landscape, mission-critical nature of its
products with high switching costs resulting in stable gross margins
approaching 50% and consistent operating profitability and positive free
cash flow generation.

The B3 CFR also considers Moody's expectation that Aeroflex's operating
performance will benefit from a broadening of applications from existing
technologies, the secular outsourcing trend from primary contractors and
increasing dollar content as the company moves up the value chain in the
satellite and medical platforms.

Aeroflex is expected to be moderately free cash flow positive over the
near term.  As such, Moody's does not expect the company to substantially
repay debt over the next 12 months.

Nonetheless, the positive outlook reflects the potential for moderate
improvement in financial leverage and interest coverage metrics based on
improved visibility into fiscal 2008 revenues. This is anticipated to be
driven by Aeroflex's strong market position, "designed-in" chips and
testing applications with long life cycles, relatively stable operating
cash flows even during recessionary episodes, fabless semiconductor
business model and attractive industry dynamics, offset by the money
losing radar business and potentially increasing competition.

The ratings for the first lien facility and the subordinated notes reflect
both the overall probability of default of the company, to which Moody's
assigns a PDR of B3, and a loss given default of LGD-2 for the first lien
and LGD-5 for the subordinated notes.

The B1 rating of the first lien senior secured credit facility reflects
its senior position in Aeroflex's capital structure, full guarantees of
existing and future wholly-owned domestic subsidiaries, an all asset
pledge, and a significant amount of junior debt and other unsecured
obligations such as leases in the capital structure.

The Caa2 rating of the subordinated notes reflects their contractual
subordination to all first lien senior secured creditors and full
guarantees of existing and future wholly-owned domestic subsidiaries on an
unsecured basis.

These first time ratings were assigned:

-- Corporate Family Rating -- B3

-- Probability of Default Rating -- B3

-- US$60 Million Senior Secured First Lien Revolver due 2013 --
   B1 (LGD-2, 27%)

-- US$500 Million Senior Secured First Lien Term Loan due 2014
   -- B1 (LGD-2, 27%)

-- US$370 Million Senior Subordinated Notes due 2017 -- Caa2
   (LGD-5, 83%)

-- Speculative Grade Liquidity Rating - SGL-2

The ratings outlook is positive.

Headquartered in Plainview, NY, Aeroflex Inc. is a specialty provider of
microelectronics and test and measurement products to the aerospace,
defense, wireless, broadband and medical markets. For the twelve months
ended March 31, 2007, revenues were US$577 million. Aeroflex has offices
in China, France and Germany. It also sells in Argentina.


AMERICAN CAMSHAFT: Wants to Sell Assets to Hilco for US$5.5 Mln
---------------------------------------------------------------
American Camshaft Specialties Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Michigan to grant accelerated
approval of a sale of the Debtors’ machinery and equipment for US$5.5
million to Hilco Industrial LLC, Bill Rochelle of Bloomberg News reports.

The Court is set to consider the request on June 29, 2007, the report said.

Last month, the Court extended the Debtors’ exclusive period to file a
combined plan and disclosure statement until Aug. 7, 2007.

In their request, published in the Troubled Company Reporter on May 14,
2007, the Debtors told the Court that they have encountered a variety of
logistical and practical issues which have made it impracticable for them
to have the ability to propose and file a plan, including:

   a) the attempt of the Debtors' senior management to satisfy
      all filing requirements for its Chapter 11 cases; and

   b) the search for a buyer of substantially all of the
      Debtors' assets either as a going concern or as an orderly
      liquidation.

American Camshaft Specialties Inc. is located at the southwest corner of
M-45 and U.S. 31, includes two plants -- ACS Grand Haven, which is solely
owned by Asimco Technologies, and a joint venture between Nippon Piston
Ring and ACS Inc.

Asimco Technologies -- http://www.asimco.com/-- is headquartered in
Beijing, China, and produces a wide range of power train, chassis and
diesel fuel injection products for light duty and commercial vehicle
applications.  Asimco assembles semi-fully finished cast, steel and
assembled camshafts.  Aside from its U.S. operations, Asimco has 18
manufacturing facilities and 52 sales offices in China and one regional
office in Europe and Japan.  Asimco's major customers are
automotive-based, such as DaimlerChrysler, Ford, GM, Cummins and CAT.

American Camshaft and three other U.S. affiliates filed for chapter 11
protection on Dec. 9, 2006 (Bankr. E.D. Mich. Lead Case No. 06-58298).
Christopher A. Grosman, Esq., and Robert A. Weisberg, Esq., at Carson
Fischer, P.L.C., represent the Debtors.  Lawyers at Schafer and Weiner
PLLC represent the Official Committee of Unsecured Creditors.  When the
Debtors filed for protection from their creditors they listed estimated
assets and debts between US$10 million and US$50 million.


BANK OF COMMUNICATION: Hires Yang Dongping as Risk Mgt. Head
------------------------------------------------------------
China's Bank of Communications named Yang Dongping, head of its Hong Kong
branch, as its new chief risk management officer, one day after a state
audit of its 2005 books revealed "possible economic crimes" within the
bank, Reuters reports.

Mr. Yang, according to the report, has been working in the management of
the Hong Kong branch since September 2003.

On June 28, 2007, the Troubled Company Reporter – Asia Pacific reported
that a routine government audit uncovered management and operating
irregularities within the bank.  The audit, according to the TCR-AP,
focused on the company’s 2005 financial results and balance sheet, which
revealed that individual branches did not comply with lending policy and
financial income and expenditure regulations.

One of the bank’s branches was also recently punished by the China Banking
Regulatory Commission for lending money that was improperly used for stock
and property investments, the TCR-AP said on June 20.


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.


CHINA EXCEL: Pays Ordinary Dividend to Creditors
------------------------------------------------
China Excel (Holdings) Limited, which is in liquidation, paid ordinary
dividend to its ordinary creditors on June 22, 2007.
The company paid 2.18% to all received claims.

The company’s liquidator is:

         Kenny King Ching Tam
         Nan Fung Tower, Room 908, 9th Floor
         173 Des Voeux Road, Central
         Hong Kong


CITIC RESOURCES: Confident To Push Through Petrochina Deal
----------------------------------------------------------
Citic Resources Holdings Ltd. is confident of winning approval to buy
development rights in a northern Chinese oil field for US$150 million,
Reuters reports, citing Sun Xinguo, the company’s president and chief
executive.

In addition, the company is also considering spinning off a manganese
mining arm, Mr. Sun told Reuters.

Reuters recounts that an industry source said recently that PetroChina was
unlikely to agree to the oil field deal as it would transfer rights to the
asset to a domestic rival.

"I have not heard PetroChina oppose this acquisition," Mr. Sun explained
to the news agency.  "We have a very good relationship with PetroChina,"
he added.  "There are no obstacles."

Reuters relates that in May, Citic Resources said it would exercise an
option to buy 90% of Tincy Group Energy Resources Ltd., which holds the
right to develop and operate the oil field -- the Hainan-Yuedong block in
PetroChina's Liaohe field in Liaoning province -- with estimated original
oil in place of about 65 million to 75 million tonnes.  Tincy had signed a
30-year agreement at the end of 2004 to develop the field's oil and gas.
Now, it hopes to sell its interest because it was unable to execute that
agreement, industry sources told Reuters.

Analysts said the Hainan-Yuedong block should commence production before
the end of 2009 and have a peak production rate of 27,000 barrels per day,
the news agency notes.

Meanwhile, apart from oil, Citic Resources also set up a manganese mining
and processing joint venture in February 2006.  Now, with manganese prices
having risen an estimated 70 percent on average from last year, executives
expect to post much better profit from the joint venture this year,
Reuters says.  The company is considering spinning off the manganese
business for a listing, Mr. Sun said, although he gave no further details.


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

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


DONG KUEN: Creditors & Contributories to Meet on July 11
--------------------------------------------------------
The creditors and contributories of Dong Kuen Electronics Limited will
meet on July 11, 2007, at 10:00 a.m. and 12:00 noon on Rooms 3307-3312,
33rd Floor of West Tower, Shun Tak Centre, at 168-200 Connaught Road
Central in Sheung Wan, Hong Kong.


GLOBAL POWER: Creditors' Committee Wants to File Competing Plan
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Global Power Equipment
Group Inc. and its debtor-affiliates’ chapter 11 cases wants the Debtors’
third request for extension of their exclusive periods denied as it seeks
authority to promptly file a competing plan.

As reported in the Troubled Company Reporter on June 14, 2007, the Debtors
had asked the Court to extend their exclusive period to file a chapter 11
plan to Oct. 1, 2007.  The Debtors also asked the Court to extend their
exclusive solicitation period to Nov. 30, 2007.

In their request for extension, the Debtors disclosed that they were in
talks with the Creditors Committee and the Official Committee of Equity
Security Holders and argued that the extension would afford them time to
better formulate a consensual chapter 11 reorganization plan.

The Creditors’ Committee opposes the requested extension contending that
the Debtors "have had ample time to formulate and propose a consensual
plan of reorganization."

According to the Creditors’ Committee, the costs associated with the delay
that will ensue if the Court grants the requested extension are certain
and substantial, while the benefits from any extension are speculative at
best.

Moreover, the Creditors’ Committee argues that the current proposed
extensions would leave no room for error in view of the Dec. 7, 2007
maturity of the Debtors’ existing DIP financing facility.

The Court is set to consider the matter at a July 10, 2007 hearing.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka GEEG Inc.
-- http://www.globalpower.com/-- provides power generation equipment and
maintenance services for its customers in the domestic and international
energy, power and infrastructure and service industries. The company
designs, engineers and manufactures a range of heat recovery and auxiliary
equipment primarily used to enhance the efficiency and facilitate the
operation of gas turbine power plants as well as for other industrial and
power-related applications. The company has facilities in Plymouth,
Minnesota; Tulsa, Oklahoma; Auburn,

Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China;
Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11 protection on
Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).  Attorneys at White &
Case LLP and The Bayard Firm, P.A., represent the Debtors. Adam G. Landis,
Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP represent the
Official Committee of Unsecured Creditors. As of Sept. 30, 2005, the
Debtors reported total assets of $381,131,000 and total debts of
US$123,221,000.


HONG KONG BUS: Final Meetings Set for July 20
---------------------------------------------
The members and creditors of Hong Kong Bus Company Limited will meet on
July 20, 2007, at 11:30 a.m. and 12:00 noon, to receive the liquidator’s
report about the company’s wind-up proceedings and property disposal.

The meeting will be held on the 5th Floor of Ho Lee Commercial Building at
38-44 D’Aguilar Street in Central, Hong Kong.


PETROLEOS DE VENEZUELA: Conoco, Exxon Refuse Joint Venture Deals
--------------------------------------- ------------------------
ConocoPhillips and ExxonMobil have not accepted the joint venture
proposals presented by the Venezuelan government for the transfer of the
companies' stakes in heavy-crude oil projects in the Orinoco belt, El
Universal reports.

The joint venture would allow Petroleos de Venezuela, the state-controlled
company, to hold at least 60% in each of the four Orinoco projects.  It
currently holds 40%.

The four Orinoco projects, which have capacity to produce 620,000 barrels
per day of oil but are churning out less than
600,000 barrels per day, include:

         -- Ameriven,
         -- Petrozuata,
         -- Cerro Negro, and
         -- Sincor.

The foreign partners in the Orinoco projects are:

         -- US oil and gas major ExxonMobil,
         -- UK's BP,
         -- US major ConocoPhillips,
         -- France's Total,
         -- Norway's Statoil, and
         -- US oil and gas major Chevron.

According to sources familiar with the matter, Conoco and Exxon have
provided the most resistance to the government's takeover plan, El
Universal relates.

An unnamed source told Russell Gold, at The Wall Street Journal, that
ConocoPhillips decided to exit the nation and its investment rather than
agree to take below-market compensation and a minority stake in three
oil-producing projects.

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

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


POLAND INVESTMENT: High Court to Hear Wind-Up Petition on Aug. 1
----------------------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the operations
of Poland Investment Limited on August 1, 2007, at 9:30 a.m.

The petition was filed by Li Chun Chung on May 28, 2007.


REMY COINTREAU: Posts EUR23-Mln Net Loss for Year Ended March 31
----------------------------------------------------------------
For the third consecutive year, Remy Cointreau has achieved double digit
growth (20% organic, and 10.2% published) in current operating profit,
which amounted to EUR153.8 million on turnover of EUR785.9 million.  The
current operating margin was 19.6%, a 2.8 point organic growth.

These results confirm the relevance of the strategic refocus on Remy
Cointreau’s major brands.

The current financial year was marked, in particular, by six factors:

    * a remarkable dynamism in cognac sales,
    * all the Group’s brands moving upmarket,
    * an ongoing price increase policy,
    * focused and sustained marketing investment,
    * a significant reduction in debt, and
    * the decision to leave Maxxium in 2009.

A EUR241 million provision, payable in 2009, was recorded at March 31,
2007 in “other operating income and expenses” in respect of the
compensation for leaving Maxxium.  Taking this charge into account, the
net loss -– Group share -- amounted to EUR23 million.

                           Cognac

Remy Martin had an excellent year.  Asia, the U.S. and Russia were the
major drivers of strong growth in the very top of the range qualities.  In
organic terms, current operating profit grew by 28%, and the operating
margin improved by 3.4 points to 25.1%, with increased marketing
investment.

                      Liqueurs & Spirits

Overall, the division reported 15.1% organic growth in operating profit
and an operating margin of 26.4% (up 3.4 points organically).  Cointreau
achieved another year of good growth, continuing to establish its new
contemporary image in the U.S. and to extend it across Europe.  Passoa, St
Remy, Metaxa and Mount Gay Rum continued to develop in their key markets.
Marketing investment was focused on on-trade efforts, the preferred
distribution channel for the category.

                          Champagne

Current operating profit for this division showed organic growth of 19.3%
due to the strong dynamism in sales of Piper-Heidsieck and Charles
Heidsieck.  The operating margin improved to 8% (9% at comparable exchange
rates).  These results reflect the good strategic position of champagne,
with the cessation of secondary brands and the anticipated productivity
improvements.

                        Partner Brands

The year was marked by the termination of major contracts in Europe
(duty-free in Germany) and in the U.S.  The performances of other partner
brands distributed by Remy Cointreau USA, in particular Scotch whiskeys
and new Californian wines, were good.  Initial results for Imperia vodka
are very encouraging.

                     Consolidated results

Turnover at EUR785.9 million increased by 3.8% on a like-for-like basis,
while Group brands grew by 6.8%.  The U.S. and the Asian markets drove
sales whereas renewed growth in Europe was mainly due to Russia.

Current operating profit was EUR153.8 million, an increase of 10.2%, which
took into account an unfavorable euro/dollar exchange rate.  Growth was
20% on a like-for-like basis.

Current operating margin was 19.6%; at constant exchange rates it was
20.7%.  This illustrates the Group’s determination to improve
profitability.

                          Maxxium

On Nov. 23, 2006, Remy Cointreau announced the decision to cancel its
global distribution agreement with Maxxium, with effect from March 30,
2009.  Compensation totaling EUR241 million before tax for leaving the
network was provided for under “other operating income and expenses” at
March 31, 2007, with payment in 2009.

Taking into account this specific item, the operating loss was EUR89.6
million compared with a profit of EUR121.3 million the previous year.

Financial charges amounted to EUR37.3 million, a significant improvement
compared with the previous year.  This reduction arose mainly from the
significant fall in average debt, as well as the decline in its cost.

The loss from continuing operations was EUR66.6 million after tax,
compared with a profit of EUR53.3 million the previous year.  This takes
into account recognition of a deferred tax asset in respect of the tax
deduction of the Maxxium compensation.

Profit from discontinued operations or in the process sale of EUR45.2
million comprised the operating profit after tax of operations sold and
the net gain on disposals (Bols liqueurs and spirits, Cognac de Luze, the
distribution operations in Hungary and Cles des Ducs, in the process of
being sold).

Net loss for Group share, inclusive of these items, was EUR23 million.

Financial debt fell by 27% to EUR562.1 million, a decline of EUR209.4
million.  The disposal of assets generated EUR160.7 million in the year
2006/07.

Shareholders’ equity was EUR854.1 million, a reduction of EUR64.6 million
compared with the previous year, due to the provision for the exit penalty
from Maxxium.

At the Annual General Meeting to be held on July 31, 2007, a dividend of
EUR1.20 will be proposed for approval by the shareholders, with the option
of payment in shares up to 20% of the dividend, or of payment in full in
cash.

                            Outlook

In 2007/08, the Remy Cointreau Group will continue its value creation
strategy and the development of its major brands in principal world
markets, in order to generate significant organic growth in current
operating profit.

                      About Remy Cointreau

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
corporate families in the Aerospace and Defence, Automotive, Forest
Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural
Products Processor and Consumer Products sectors, the rating agency
confirmed its Ba2 Corporate Family Rating for Remy Cointreau S.A.

Moody's also assigned a Ba2 Probability-of-Default rating to the company.

Debt ratings remain unchanged in conjunction with the implementation of
Moody's Loss Given Default and Probability-of-Default rating methodology
for existing non-financial speculative-grade corporate issuers in Europe,
Middle East and Africa.

                                                      Projected
                           Old      New      LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   6.5% Sr. Unsec.
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     53%

   5.2% Sr. Unsec. Regular
   Bond/Debenture
   Due 2012                Ba2      Ba2      LGD4     53%

In December 2006, Standard & Poor's Ratings Services revised its outlook
on France-based spirits and wine group Remy Cointreau S.A. to negative
from stable.  At the same time, Standard & Poor's affirmed its 'BB-'
long-term corporate credit and senior unsecured debt ratings on the group.


SUPRESTA LLC: Israel Chemicals Deal Cues Moody's Ratings Review
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Supresta LLC (B1 corporate
family rating) under review for a possible upgrade following the
announcement that Israel Chemicals Ltd. has agreed to buy the firm from
its existing private equity owners, Ripplewood Holdings LLC, for US$352
million in cash in a transaction that is expected to close in the third
quarter of 2007.

The ratings under review are:

Supresta LLC

-- Corporate family rating -- B1

-- Probability of default rating -- B1

-- US$140mm Gtd Sr Sec Term Loan due 2011, Ba3, LGD3, 35%

-- US$25mm Gtd Sr Sec Revolving Credit Facility due 2009, Ba3,
   LGD3, 35%

ICL has indicated that the transaction will be financed by its internal
resources and existing bank facilities and the closing is subject to a
number of conditions, including regulatory approval.  The review for
upgrade reflects the expected operating benefits associated with inclusion
of the company in the ICL group and the likelihood that Supresta's
leverage will decline as its existing bank debt will likely be retired.
The ratings will be withdrawn if the debt is refinanced.  However, the
company has not stated definitively how the rated term loan and revolving
credit facility or unrated debt at the holding company level will be
treated.

Supresta is a global producer of phosphorus-based flame retardants used in
foams, plastics and industrial/hydraulic fluids.  The company also sells
phosphorus-based organic and inorganic chemicals used in fine chemicals
and paint additives. Supresta LLC, is headquartered in Ardsley, New York.
Revenues were approximately $249 million for the LTM ended December 31,
2006.

The company also operates in Brazil, China and Germany.


SYNIVERSE TECH: To Raise US$489 Million of Credit Facilities
------------------------------------------------------------
Syniverse Technologies Inc. said it will raise US$489 million of senior
secured credit facilities.  The credit facilities are expected to consist
of:

     i. a US$42 million revolver;

    ii. a US$20 million Euro-denominated revolver;

   iii. USa $297 million term loan; and

    iv. a US$130 million Euro-denominated term loan.

Net proceeds from the credit facilities will be used to fund the US$290
million proposed acquisition of Billing Services Group Limited's Wireless
Division and refinance Syniverse's existing senior secured credit
facilities.

Lehman Brothers Inc. and Deutsche Bank will act as Joint Lead Arrangers
and Joint Bookrunners for the syndication.

                   About Billing Services

Billing Services Group Limited is a global provider of data clearing,
financial settlement and risk management solutions for wireless and
wireline communication service providers, operating in two primary
segments: wireline and wireless.  BSG Wireless is a provider of data
clearing and financial settlement services related to global and national
roaming for GSM wireless telecommunications providers.

Shareholder approval for the acquisition of Billing Services by Syniverse
Technologies was obtained on April 23, 2007.

                         About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
http://www.syniverse.com/-- provides technology services for wireless
telecommunications companies. Its integrated suite of services include
technology interoperability services, which enable the invoicing and
settlement of domestic and international wireless roaming telephone calls
and wireless data events; SMS and MMS routing and translation services
between carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services. Celebrating its 20th
anniversary in 2007, Syniverse has offices in major cities around the
globe. Syniverse is ISO 9001:2000 certified and TL 9000 approved, adhering
to the principles of customer focus and quality improvement practices.
The company has offices in the Netherlands and China.


SYNIVERSE TECH: Moody's Rates US$489 Mil. Debt Facilities at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned Ba2 ratings to Syniverse's proposed
US$489 million senior secured debt facilities and lowered ratings on their
existing US$175 million subordinated debt.  The proposed senior secured
facilities will be used to refinance existing secured debt and to finance
the acquisition of Billing Services Group's wireless data and financial
clearing and settlement businesses.  As outlined in our April 3, 2007
press release discussing the acquisition, the Ba3 corporate family rating
is not affected.  The announcement serves only to finalize the ratings on
the individual debt instruments.  The outlook remains negative.

The increase in total senior secured debt has led to the lowering of the
subordinated debt ratings to B2 from B1 and higher loss given default
point estimate (to 88% from 80%).  The debt instrument ratings were
determined using Moody's Loss Given Default Methodology.

Upon closing of the proposed facilities, these ratings will be affected:

-- US$175 million senior subordinated notes due 2013 to B2, LGD5
   (88%) from B1, LGD5 (80%);

These ratings will be assigned:

-- US$20 million senior secured euro-denominated revolver due
   2013, Ba2, LGD3 (35%),

-- US$42 million senior secured revolver due 2013, Ba2, LGD3
   (35%),

-- US$297 million senior secured term loan due 2014, Ba2 LGD3
   (35%),

-- US$130 million senior secured euro-denominated term loan due
   2014, Ba2, LGD3 (35%);

These ratings will be withdrawn:

-- US$42 million senior secured revolver due 2011, Ba1, LGD2
   (24%),

-- US$136 million senior secured term loan due 2012, Ba1, LGD2
   (24%);

These ratings will not be affected:

-- Corporate Family Rating, Ba3,

-- Probability of Default, Ba3

Based in Tampa, Florida, Syniverse Technologies is a provider of
technology outsourcing to wireless telecommunications carriers with 2006
revenues of US$337 million.

The company has offices in the Netherlands and China.


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

AES CORP: RBC Capital Maintains Top Pick Rating on Firm's Shares
----------------------------------------------------------------
RBC Capital Markets analysts have kept their "top pick" rating on AES Corp
Inc's shares, Newratings.com reports.

The analysts said in a research note that despite the . effect of
extraordinary items and one-time tax expenses, AES reported strong first
quarter 2007 results.

The analysts told Newratings.com that "AES has a healthy project pipeline,
which continues to expand."  Its development "is on track."

The earnings per share estimate for next year was increased to
US$1.22 from US$1.18, Newratings.com reports.

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

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

                        *     *     *

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


AGILENT TECH: Taps Neil Cook as VP & Director-Molecular Tech Lab
----------------------------------------------------------------
Agilent Technologies Inc. has appointed Neil Cook, Ph.D., as vice
president and director of the Molecular Technology Laboratory at Agilent
Laboratories.  Agilent Laboratories is a world-leading industrial-research
center that focuses on technology breakthroughs to ensure leadership in
Agilent’s existing businesses and to provide technology foundations that
can create new businesses for the company going forward.

Mr. Cook also will serve as the research and development/technology
manager for Agilent’s Life Sciences and Chemical Analysis (LSCA) business.
In this role, his responsibilities include shaping the future technology
direction and R&D strategy for LSCA across its life sciences, materials
science and chemical analysis businesses.

“Neil joins Agilent with a wealth of knowledge and experience in broad
areas of life sciences research and technology,” said Darlene J.S.
Solomon, Agilent chief technology officer and vice president of Agilent
Laboratories.  “Because of his leadership positions in research and
development, business development, and marketing, he understands the
cross-functional elements that drive successful organizations.  We are
pleased to welcome Neil to Agilent.”

Prior to joining Agilent, Mr. Cook held a variety of leadership positions
at PerkinElmer since 2002. Most recently he was vice president for
research and business development and chief scientific officer of the Life
and Analytical Sciences division.  Previously, Mr. Cook held vice
president positions at Amersham Biosciences in corporate development, drug
discovery marketing, and research and development.

Mr. Cook, originally from the United Kingdom, holds a bachelor’s degree in
biological sciences from The Polytechnic Wolverhampton and a doctorate in
biochemistry from the University of London, King’s College.  He completed
post-doctoral research at the Clinical Research Center in Harrow,
Middlesex.

                 About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology leader in
communications, electronics, life sciences and chemical analysis.  The
company's 19,000 employees serve customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico, Bolivia,
Paraguay, Venezuela, and Luxembourg, among others.

                       *     *     *

Agilent Technologies Inc. carries Moody's Investors Service 'Ba1'
corporate family rating.


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

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

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

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

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

The incentives, according to the Free Press, include:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                           About the UAW

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

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

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

                        About Delphi Corp.

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

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

                       About General Motors

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

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

                        *     *     *

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

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


SPICEJET LIMITED: Assures Staff No Promoters are Selling Stake
--------------------------------------------------------------
SpiceJet Limited assured its staff that none of the airline’s promoters
are selling any stake, The Economic Times reports.

There have been speculations of a possible acquisition of SpiceJet.
However, as reported in the Troubled Company Reporter – Asia Pacific on
June 20, 2007, the company denied reports that it is up for sale amidst
speculation of negotiations with Paramount Airlines.

Moneycontrol.com, citing a report by CNBC-TV18, said on June 18,
that SpiceJet was in talks with Paramount Airlines because of the latter's
interest to buy a 26% stake in the airline.
Paramount's bid, reportedly will be funded by internal accruals
and debt, which deal is valued at INR500-600 crore.  However, SpiceJet
later said that it is not offloading stakes to Paramount adding that the
airline is still financially
strong to make it on its own.

Jet Airways is also reportedly interested in a stake in SpiceJet.
CNBC-TV18 also said that even with SpiceJet’s denial of a possible sell
off, the street is still buzzing with speculation that Jet is in talks to
buy a controlling stake.

According to The Economic Times, SpiceJet’s top management has sent
e-mails to employees assuring them that no promoters are quitting and that
the airline is on way to ramping up operations.

In the e-mail, SpiceJet Director Ajay Singh said that the reports of
promoters selling their shares and exiting the company were false, The
Times relates.

The e-mail further pointed out that while other domestic airlines are
trying to raise money, SpiceJet has completed its funding early this year,
the news agency said.  The company even has plans to expand including
doubling its fleet size to 20 aircraft by March 2008 and flying to
international destinations by next year, the agency added.

Gurgoan, India-based SpiceJet Limited --
http://www.spicejet.com/-- is an airline carrier.  In fiscal
2006, SpiceJet carried over 1.6 million passengers.  As of
May 31, 2006, the company operated over 60 daily flights
covering 13 destinations, including eight Boeing 737-800
aircraft. SpiceJet has integrated with various travel related
Websites, such as indiatimes, makemytrip, travelguru and
cleartrip.  The company has launched a co-branded credit card
with State Bank of India in association with MasterCard.  In
fiscal 2006, SpiceJet entered into a sale and lease back
agreement with Babcock & Brown Aircraft Management along with
its partner Nomura Babcock & Brown Co. Ltd. covering 16 Boeing
737-800/-900ER aircraft.

Spicejet incurred net losses for at least two consecutive years
-- INR414.2 million in the year ended May 31, 2006, and
INR287.05 million in the year ended May 31, 2005.  The airline
has yet to file its financial results for FY2007.

The Troubled Company Reporter - Asia Pacific's "Large Companies
With Insolvent Balance Sheets" column on June 22, 2007, showed
that SpiceJet has a stockholder's equity deficit of US$2.75
million.


TATA POWER: Completes Acquisition of 30% Stakes in 2 Coal Cos.
--------------------------------------------------------------
Tata Power Company Ltd on June 27, 2007, disclosed the completion of its
acquisition of 30% equity stakes in Indonesian thermal coal producers PT
Kaltim Prima Coal and PT Arutmin Indonesia as well as related trading
companies owned by PT Bumi Resources Tbk.

To complete the acquisition, a US$950-million bridge loan facility has
been provided by a group of banks led by Barclays Bank PLC.  The bridge
loan has a tenor of one year.  The company intends to refinance the bridge
loan facility immediately after completion of the acquisition, and
Barclays who has expressed interest in doing so, will be given preference.

According to Tata Power, the bridge loan enabled the company to become a
shareholder of the coal companies quickly, to help maximize shareholder
value.  The acquisition was made through two Special Purpose Vehicles, one
formed in Mauritius -- Tata Power (Mauritius) Ltd -- and the other in
Cyprus -- Tata Power (Cyprus) Ltd].

The definitive agreements to purchase 30% equity stakes were signed on
March 30, 2007, for a consideration of US$1.1 billion prior to working
capital and other adjustments.  As part of the purchase, the company
signed an Offtake Agreement with KPC which entitles it to purchase about
10.1 million tonnes of coal per annum for an initial period up to 2021
which is extendable.  The company says the purchase supports its upcoming
power projects on the West Coast of India comprising 7,000 MW to be
developed over the next five years.  The projects will require
approximately 21 million tonnes of imported coal.

"We are happy to complete this acquisition,” Prasad R. Menon, managing
director of the company said.  “It's our endeavour to maximize shareholder
value and securitize our fuel requirements in light of the aggressive
growth plans chartered out by the Company.”

According to Tata Power, the Coal Companies are together among the top
three largest exports thermal coal mines in the world. “They have
excellent coal export infrastructure and are strategically well placed to
act as a source of supply for increasing regional demand,” the company
relates.  Together, KPC and Arutmin produced approximately [53.5] MT of
coal in 2006 with over [95] % sold into the export market

Macquarie acted as exclusive financial adviser to the company in relation
to the purchase.

After the acquisition, the company is considering buying vessels or stakes
in shipping companies to transport coal from Indonesia, Bloomberg News
says, citing Mr. Menon.  The company is currently in talks with shipping
companies and agents, he added.

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

                          *     *     *

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

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


UTI BANK: Raises Upper Tier -II Capital in International Market
---------------------------------------------------------------
UTI Bank Ltd disclosed that it has raised US$60 million of hybrid capital
through the issuance of Upper Tier - II in the international market as a
part of its MTN programme for
EUR2 billion.

The bank had previously raised US$150 million through the issuance of
Upper Tier II bonds in August 2006 and Hybrid Tier - I bonds of US$46
million in November 2006.  BNP Paribas, Singapore has acted as the sole
arranger for the transaction.

The details of the transaction are:

   * Amount: US$60 million

   * Security: 15 NC 10 Upper Tier - II Subordinated Debt

   * Security Ratings: Baa2 (Moodys)

   * Maturity Date: June 28, 2022

   * Issuer Call Option: At par on June 28, 2017 and every
     coupon date thereafter

   * Coupon: 7.1250%

   * Yield to Investor: 7.1780%

   * Re-offer Spread to Mid Swap: 10 yr USD Mid Swap + 145 Bps

   * Re-offer Spread to Benchmark: 10 yr US Treasury + 203.4 Bps

   * Step-Up: Floating rate step-up of 245 bps over six month
     US$ LIBOR

   * Trade Date: June 19, 2007

   * Settlement Date: June 28, 2007

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

                          *     *     *

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

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

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


UTI BANK: Partners With Hyundai Motor India for Car Financing
-------------------------------------------------------------
UTI Bank Limited has tied up with Hyundai Motor India Ltd to provide
financing to the car manufacturer’s customers, Zee News reports.

According to the report, the bank will make use of the car maker’s
extensive dealer network and its service mark Hyundai Finance for
marketing car loans.  Hyundai will also help in carrying out campaigns for
the bank’s customers, the news agency relates citing a company statement.

At first, UTI Bank will offer the loans in 25 cities and will to extend
the offering to 60 cities by end of September, the company reportedly
said.

The bank will offer minimum loan of INR1 lakh with maximum tenure of seven
years, Zee News added.

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

                          *     *     *

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

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

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


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

BANK NEGARA: To Raise IDR4 Trillion by Issuing New Shares
---------------------------------------------------------
PT Bank Negara Indonesia Tbk aims to raise around IDR4 trillion by
offering new shares, Reuters News reports.

According to the report, the bank will hold a shareholders’ meeting on
July 30, 2007, to seek approval for the new issue, which is priced at
IDR2,025 each.

The net proceeds will be for the strengthening of its capital base and
develop BNI's business, the report notes.

Reuters adds that Bank Negara is offering a total of 1.99 billion shares
and for every 20 shares shareholders have, they can buy three new shares.

                        About Bank Negara

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id/-- is a financial
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter - Asia Pacific on
April 20, 2007, Standard & Poor's Ratings Services raised PT
Bank Negara Indonesia (Persero) Tbk's long-term counterparty
credit ratings to 'BB-' from 'B+'.  The outlook is stable.  At
the same time, the Bank Fundamental Strength Rating of the bank
remains unchanged at 'D'.


BANK PERMATA: Provides Yayasan Sekar With Payment System
--------------------------------------------------------
PT Bank Permata Tbk will provide Yayasan Sekar TELKOM a payment system to
YST's business units.

According to the report, YST will gradually place 200 PermataShop.

PermataShop is banking system that provides a non-cash automated teller
machine function in Plaza Telkom, YST Cooperatives and several YST's
subsidiaries across Indonesia, the report relates.

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com/-- products and services include
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking.  The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country.  The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

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

The specific ratings changes are:

   * BFSR is changed to D- with a positive outlook from E+

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

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

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


GARUDA INDONESIA: Restores Confidence in Aussie Travelers
---------------------------------------------------------
PT Garuda Indonesia’s number of Australian tourists flying the
flag-carrier to Bali has increased 50 percent year-on-year in the last few
months.

The increasing number of Australians visiting Bali is evidence to the fact
that the island resort remains a destination of choice for vacationers.

“We are delighted with this condition because it means better prospects
for the aviation business,” said Garuda Indonesia’s Operations Director
Captain Ari Sapari in addressing the 110 Australian participants on the
Mega Familiarization Tour on Friday evening.

The executive mentioned that the number Australian tourists visiting Bali
are second only to Japan.  He also emphasized that Garuda had been flying
the route to Australia for 38 years.

                     About Garuda Indonesia

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

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

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

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


MEDCO ENERGI: Unit Sells 21% Interest in Simenggaris Block
----------------------------------------------------------
PT Medco Energi Internasional Tbk’s unit Medco Simenggaris Pty Ltd has
agreed to sell 21% interest in the Simenggaris block, located in the
Tarakan Basin, to Salamander Energy plc, an independent upstream oil and
gas exploration and production company focused on Southeast Asia.

                     Acquisition Highlights

   * Increased presence in core area of East Kalimantan and
     access to a targeted proven but under-explored basin;

   * Addition of a low-moderate risk appraisal and exploration
     opportunity which complements and builds on Salamander’s
     current East Kalimantan deltaic positions in the Bontang
     PSC and SC41 concession;

   * Appraisal drilling imminent on the South Sembakung gas-
     condensate discovery with a two well programme due to start
     in July 2007.  The Apexindo-2 rig is currently being
     mobilised to the well location;

   * Operator estimates South Sembakung resources to be in the
     region of 125 Bcf and 3 million barrels of condensate;

   * Simenggaris block contains more than 20 identified leads
     and prospects; and

   * Robust local gas market, critically short of supply.

The transaction is subject to approval by the Indonesian regulatory body,
BPMigas.

Commenting on the deal, James Menzies, Chief Executive of Salamander
Energy stated:

“We are pleased to announce the acquisition of a stake in the Simenggaris
block.  This is a proven, productive basin and provides Salamander with an
exciting, near term appraisal opportunity.  We look forward to the
commencement of the drilling programme in July.”

                       Simenggaris Block

The acreage comprises 1,351 square km and is located onshore in the
Tarakan Basin, East Kalimantan.  Oil and gas production is well
established in the Tarakan basin, with between 400 – 500 million barrels
of oil equivalent being found in the shelf area. Recent significant oil
discoveries have been made in the deepwater foldbelt outboard of the
Bangkadulis half-graben, east of the Simenggaris block location.

Within the original license area some 20 exploration wells have been
drilled resulting in seven discoveries and two commercial oil fields.
Other nearby oil and gas production includes the Tarakan and Bunyu Island
fields.

The block contains numerous gas, condensate and oil prospects and leads,
seen as structural traps with Middle Miocene sandstone reservoirs.  A
significant gas and condensate discovery, South Sembakung, is scheduled
for imminent appraisal through a two well programme.  These wells
represent the final commitment on the block.

The Simenggaris PSC is operated by a Joint Operating Body between Medco
Simenggaris Pty Ltd as representative of the Contractor and PT PERTAMINA ,
Salamander Energy will become a party to the Simenggaris PSC on completion
of this transaction.

                       About Medco Energi

Headquartered in Jakarta, Indonesia, PT Medco Energi
Internasional Tbk -- http://www.medcoenergi.com/-- is engaged
in the exploration, production of, and support services for oil
and natural gas and other energy industries, including onshore
and offshore drilling.  Other activities include production of
methanol and its derivatives and raising funds by issuing debt
securities and marketable securities.

Medco Energy also has operations in the United States and in
Libya.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services affirmed
its 'B+' corporate credit rating on Medco Energi.  The outlook
remains negative.  According to S&P, the negative outlook on
Medco reflects the company's weak financial profile due to its
increased debt burden to fund its aggressive capital
expenditure.

In a TCR-AP report on Aug. 16, 2006, Moody's Investors Service
changed the outlook on Medco Energi's ratings to negative from
stable.  The ratings affected by the outlook change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco).


MEDIA NUSANTARA: Sees Rise in Net Profit by 38% to IDR399.16BB
--------------------------------------------------------------
PT Media Nusantara Citra Tbk’s net profit for 2007 is likely to increase
38% to IDR399.16 billion from the previous year, Antara News reports,
citing a company statement.

According to the report, the company said the increase will be fueled by
net sales projected to climb 36% to IDR2.86 trillion from the year before.

The company has sold 30% of its total shares to the public in its initial
public offering on June 22, the report recounts.

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

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

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


MITEL NETWORKS: ISS Urges Shareholders to Snub Inter-Tel Merger
---------------------------------------------------------------
Institutional Shareholder Services, providers of proxy voting and
corporate governance solutions to the institutional marketplace,
recommended that shareholders vote against Mitel Networks Corporation's
merger with Inter-Tel (Delaware) Incorporated.

"Based on ISS review of the terms of the transaction, the merger agreement
does not warrant shareholder support due to low 7.6%
1-day offer premium; flawed sale process; lack of an imminent reason to
sell the company without conducting a proper sale process; and valuation.

"I am gratified ISS agrees with my position that shareholders should not
vote in favor of the Mitel buyout at US$25.60 per share. I believe the
company is here due to a flawed process that resulted in an undervalued
offer," Steven G. Mihaylo, founder and former chief executive officer of
Inter-Tel (Delaware) Incorporated, stated.  "Based on the assumptions
underlying the recapitalization analysis, the company is worth more than
the Mitel offer.  Indeed, I believe a proper auction should be conducted
to win the highest price for shareholders," he said.

Furthermore, as ISS recognized, Mr. Mihaylo is not alone in his
concerns regarding the process and valuation: Millenium Management LLC,
which owns approximately 3.2% of the outstanding shares, sent a letter to
Inter-Tel on June 13, 2007, stating that, in the company’s view, the
process was not a full and fair auction and the proposed purchase price
fails to value the company adequately.

"Absent a higher bid, I believe Inter-Tel has a better alternative through
a leveraged recapitalization, which will provide greater value to all
shareholders and will at the same time preserve the opportunity for future
growth and upside potential, including a potential sale at a later date,”
Mr. Mihaylo added.  “I urge all shareholders, especially current and
former employees who care about the company as I do, to stand up, be heard
and vote their shares against this buyout proposal."

Mr. Mihaylo also disclosed, with regard to his proposed recapitalization
plan, that the Royal Bank of Canada and RBC Capital Markets have committed
a total of $255 million to finance Mr. Mihaylo's recapitalization plan
subject to customary closing conditions similar to those contained in the
Mitel financing commitments.

The Senior Secured Financing Commitment Letter consists of:

   -- First-lien term loan facility in an aggregate principal
      amount of up to US$125 million;

   -- US$30 million revolving credit facility; and

   -- Second-lien term loan facility in an aggregate principal
      amount of up to US$100 million.

"With Royal Bank of Canada and RBC Capital Markets as my financing
partners and their firm commitment to my recapitalization plan, I am
confident Inter-Tel shareholders will agree that my proposal is superior
to Mitel's buyout offer and will vote against the merger at the upcoming
meeting of shareholders Friday, June 29, 2007," Mihaylo stated.  "I
believe the US$255 million commitment should more than adequately address
concerns raised by the board concerning the finance ability of the
recapitalization proposal and should not require any asset disposition."

"The board has had ample time to pursue its 'strategic options' but I
believe the board never had a coherent plan as evidenced by its recent
agreement to sell the company to Mitel, Mr. Mihaylo added.  “Thus, if the
shareholders vote against the merger, I believe it should be viewed as an
unequivocal vote of no-confidence for the board and the company's
leadership over the past 15 months."

The preliminary proxy statement was filed on June 8, 2007, and along with
other relevant documents, is available by contacting MacKenzie Partners
Inc. by telephone at (800) 322-2885.

              About Inter-Tel (Delaware) Incorporated

Headquartered in Tempe, Arizona Inter-Tel (Delaware) Incorporated (Nasdaq:
INTL) -- http://www.inter-tel.com/-- has grown from providing simple
business telephone systems, to offering value-driven communications
products; applications utilizing networks and server-based communications
software; and a wide range of managed services that include voice and data
network design and traffic provisioning, custom application development
and financial solutions.  Founded in 1969 by Steven G. Mihaylo, Inter-Tel
employs over 1,900 communications professionals, and services business
customers through a network of 59 company-owned, direct sales offices and
over 350 authorized providers in North America and 60 resellers in Europe.

                 About Mitel Networks Corporation

Headquartered in Herndon, Virginia, Mitel Networks Corporation
-- http://www.mitel.com/-- delivers the full value of IP Communications
through networked business solutions that help customers achieve success
through business process integration, enhanced employee productivity,
increased customer loyalty and helping to generate new revenue streams.

The company has operations in Brazil, the United Kingdom and Indonesia.

                           *     *     *

As reported in the Troubled Company Reporter on June 22, 2007,
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Ottawa-based Mitel Networks Corp.  The outlook
is stable.


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

AMERICAN AIRLINES: Hill Voted as New Pilots' Union President
------------------------------------------------------------
Pilots of American Airlines Inc. voted out Allied Pilots Association
incumbent president Ralph Hunter in a recent election, according to
various reports.

The pilots were disappointed over the union’s proposed 30.5% wage increase
for next year.

Miami-based pilot and challenger Lloyd Hill, who received 2,393 more votes
than his opponent, said that the 30.5% increase “is not nearly enough.”

Sources say that starting July 1, Mr. Hill and two other top officials,
Tom Westbrook and Bill Haug, will seek for a higher pay increase for next
year.

According to various reports, Mr. Hunter and other union leaders were
charged to be too friendly with the management, urging the employees to
help the company boost productivity with little pay.  Yet, when the
airline recovered, it gave stock bonuses for top executives and other key
employees in April 2006, approaching US$100 million in value, and in April
2007, worth more than US$160 million.

Dallas-based pilot Tom Westbrook defeated Vice President Sam Bertling by
an even larger margin, and San Francisco-based pilot Bill Haug defeated
incumbent Secretary-Treasurer Jim Eaton, the papers recount.

                   About American Airlines Inc.

Based in Fort Worth, Texas, American Airlines Inc., a wholly owned
subsidiary of AMR Corp., operates the largest scheduled passenger airline
in the world with service throughout North America, the Caribbean, Latin
America, Europe and Asia.  American Airlines flies to Belgium, Brazil,
Japan, among others.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s (B/Positive/--) US$125 million Dallas/Fort Worth
International Airport special facility revenue refunding bonds, series
2007, due 2030.  The bonds are guaranteed by American's parent, AMR Corp.
(B/Positive/B-2), and are secured by payments made by American to the
airport authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1992 (rated 'CCC+'), whose rating is withdrawn.


CATALYST PAPER: Moody’s Rates US$200 Million Senior Notes at B2
---------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Catalyst Paper
Corporation's new US$200 million senior unsecured notes.  At the same
time, the B1 corporate family rating, the B2 ratings on the existing
senior unsecured notes, and the Ba1 rating on the bank credit facility
were affirmed.  The outlook was changed to negative.  The new notes are
senior unsecured obligations of Catalyst, and will rank pari passu with
the company's existing US$400 million (8.625% due 2011) and US$250 million
(7.375% due 2014) notes and will be issued under similar terms and
conditions. The company intends to use the proceeds for general corporate
purposes including financing for future acquisitions.  Due to increasing
consolidation in the paper industry, Catalyst intends to position itself
with liquidity should any strategic assets become available.  Absent any
acquisition, the company may apply the proceeds to partially call the
US$400 million (8.625% due 2011) notes.

The new debt issue increases Catalyst's adjusted debt by approximately
20%.  The increased debt level, in combination with rising fiber costs,
weakening paper prices and the appreciation of the Canadian dollar, causes
concern that the company's credit metrics will be challenged in 2007.
Consequently, the company's B1 corporate family rating is weakly
positioned in the context of current expectations and the rating outlook
was changed to negative.  Moody's will continue to monitor the company's
performance and will adjust the ratings accordingly should financial
results begin to deteriorate from expected levels.

Rating Issued:

-- US$200 million Senior Unsecured Notes due 2017: B2 (LGD4,
    64%)

Ratings Affirmed:

Catalyst Paper Corporation:

-- Corporate family rating: B1
-- Probability-of-default: B1
-- Senior Unsecured Notes: B2 (LGD 4, 64%)

Catalyst Paper Finance Limited:

-- Backed Senior Secured Bank Credit Facility (Dom Curr): Ba1
    (LGD1, 10%)

Outlook changed: to Negative from Stable

Headquartered in Vancouver, British Columbia, Catalyst is the fourth
largest North American-based newsprint and uncoated groundwood specialty
paper manufacturer as measured by production capacity.  Catalyst is the
largest producer of mechanical coated and uncoated specialty papers and
newsprint, and the only producer of lightweight coated paper, on the west
coast of North America. The company also produces market pulp and kraft
paper and operates the largest paper recycling operation in Western
Canada.

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


JAPAN AIRLINES: Shareholders Claim They Were Deceived
-----------------------------------------------------
Japan Airlines International Company Limited shareholders slammed the
airlines’ top executives, claiming that the executives had deceived them
by issuing new shares in July 2006 without consulting them at their 2006
meeting and for failing to restore profitability in last business year,
reports Japan Times.

JAL President Haruka Nishimatsu, according to the report, apologized for
keeping the JPY145.8 billion stock issue from its shareholders and
explained that the move was unavoidable in trying to turn the carrier
around.

Aside from diluting the value of the shares of existing investors and
causing JAL stock to plummet, the public stock offering last summer drew
especially harsh criticism because it came just two days after the
shareholders' meeting, Japan Times relates.

Japan Times quotes Mr. Nishimatsu as saying that “I'd like to apologize
for causing trouble, but it was essential for the JAL group to fund our
purchase of new aircraft.”  Mr. Nishimatsu added that the move was
essential to help enhance competitiveness and explained that they couldn’t
disclose the information to prevent insider trading.

Reportedly, investors were not satisfied with the president’s answer
expressed that JAL did not “care about hurting the interests of existing
shareholders and took the easiest way to raise funds.”

                      About Japan Airlines

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

                          *     *     *

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

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

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


MEAT HOPE: Sold Mislabeled Minced Beef Since 1998
-------------------------------------------------
According to the results of an Agriculture, Forestry and Fisheries
Ministry investigation, Meat Hope Co. sold ground beef mixed with pork,
chicken and other meat and labeled only as ground beef to Hokkaido
Katokichi Co. and 17 other companies since 1998, The Yomiuri Shimbun
reports.

Meat Hope, according to the investigation, sold around 368 tons
of the intentionally labeled ground beef last year.

The meat processor has been in headlines since last week after the 50
inspectors from the ministry inspected the headquarters of the company and
found it as having put pork offal into the meat labeled “ground beef,”
relates a separate Yomiuri Shimbun report.

Admitting in a press conference last week, Meat Hope President Minoru
Tanaka said that he approved the adding and mixing of pork into the
company’s minced beef product to cut production costs, The Asahi Shimbun
reports.  Mr. Tanaka further revealed that this practice has been going on
for seven or eight years now when the beef was short in supply and the
demand for the minced beef product was high.

The Asahi Shimbun report quotes Mr. Tanaka as saying “We have never
cheated our customers.  But we have made mistakes.  As a result of the
mistakes, we put wrong ingredients (into the minced beef).  I'm very sorry
for that.”

The mislabeled minced beef, relates the Asahi Shimbun, were shipped to
Meat Hope’s subsidiary Hokkaido Katokichi Co. where they were then made
into croquettes labeled “100% beef.”

Wikipedia defines croquettes as a parcel of food such as minced meat or
vegetables, shaped into a cylinder or circle, encased in breadcrumbs and
deep fried.

From Hokkaido Katokichi, it is then shipped to the Japanese Consumers'
Co-operative Union for sale in packs of eight labeled “Co-op beef
croquettes,” reveals The Asahi Shimbun.


MEAT HOPE: Lays Off All Employees, Affected by Scandal
------------------------------------------------------------
Meat Hope Co. said that it laid off all of its 60 employees, claiming that
they will be having a hard time maintaining the company, reports Japan
Times.

According to the report, this action came after police searched the
Tomakomai-based company and partner Hokkaido Katokichi Co. on Sunday on
suspicion of violating the unfair competition prevention law.

Meat Hope last week was found to have deceived its customers by labeling
its minced beef product as “100% beef” when it had a mix of pork and other
meat.

In a Yomiuri Shimbun report, President Minoru Tanaka of Meat Hope admitted
last week in a press conference that he ordered the adding and mixing of
pork into the ground beef to cut production costs, saying that they are
able to reduce the costs to 10-20%.

TAIHEIYO: S&P Upgrades Issuer Rating to BB+
-------------------------------------------
Standard & Poor's Ratings Services today raised its long-term corporate
credit rating on Taiheiyo Cement Corp. by one notch to 'BB+' from 'BB',
and its long-term senior unsecured debt rating
by two notches to 'BBB-' from 'BB', based on expectations for enhanced
earnings and cash flow generation as well as the company's improved
financial profile.  The outlook on the long-term corporate credit rating
is stable.

“Taiheiyo Cement's overseas operations, particularly those in the U.S.,
are helping the company strengthen its earnings base, which should
contribute to the company's overall earnings and cash flow, and compensate
for sluggish domestic operations amid a challenging business environment
in Japan,” said Standard & Poor's credit analyst Makiko Yoshimura.  “The
company's financial profile has also improved, backed by ongoing cost
reductions and product price increases,” she added.

Reflecting brisk demand and solid market trends in recent years, Taiheiyo
Cement's U.S. operations have increasingly contributed to the company's
overall earnings and profit margin.  In addition to exporting products
within the group and producing locally in the U.S., the company purchases
products from other manufacturers, including those in third countries, and
exports them to meet growing demand in the U.S. market.  This structure
should enable the company to mitigate a potential negative impact on
earnings by adjusting the volume of imports even if demand in the U.S.
declines.  In the Japan market, where the business climate remains
challenging, investment in construction projects and demand for cement are
showing signs of bottoming out.  The company's operating margin has
gradually increased to 6.0% as of March 2007 from 2.8% as of March 2002,
as a result of ongoing efforts to reduce costs, such as using recycled
materials for cement production, and raising selling prices.

Backed by increased cash flow generation, Taiheiyo Cement's financial
profile has improved, as demonstrated by the company meeting debt
reduction targets one year ahead of schedule. Given its slightly increased
capital expenditures, the pace of cost reductions is likely to decelerate.
Nonetheless, the company's debt-to-capital ratio is projected to improve
gradually from 65% as of March 2007.

The outlook on the long-term corporate credit rating is stable.  An upward
revision of the ratings or outlook would require the company to further
improve its profitability and capital structure; lower the risk of losses
associated with investment in its South Korean equity-method subsidiary,
Ssangyong Cement Industrial Co. Ltd.; and solidify contribution of its
overseas operations to the company's overall earnings.  Conversely, the
ratings on Taiheiyo Cement could come under downward pressure if any
losses associated with the investment in Ssangyong Cement are greater than
expected, or if pressure on Taiheiyo Cement's profitability and financials
increases due to attempts to acquire the management rights of Ssangyong
Cement.

As a result of the two-notch upgrade, the rating on Taiheiyo Cement's
long-term senior unsecured debt is now one notch higher than the long-term
corporate rating on the company.  This reflects the assumption that
bondholders would incur no losses from a default, as Standard & Poor's
believes there is a probability to some extent that any default by the
company would take the form of a loan waiver (including debt-for-equity
swaps on loans), rather than bankruptcy.  The rating action is based on
Standard & Poor's consideration of the company's leading position in the
domestic market, the size of its bank borrowings, and its close ties with
major banks, as part of a reassessment of the company in comparison with
its industry peers.

                          To         From
Taiheiyo Cement Corp.
Issuer Credit Rating      BB+        BB
Senior Unsecured          BBB-       BB

                      About Taiheiyo Cement

Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation --
http://www.taiheiyo-cement.co.jp/-- formed by the 1998 merger of Chichibu
Onoda Cement and Nihon Cement, is Japan's leading cement manufacturer.
Taiheiyo's other interests include minerals and aggregates, construction
materials (ready-mix concrete and concrete products), and real estate.
The company also operates materials recycling businesses that include the
conversion of sewage sludge from power plants.  Taiheiyo provides real
estate management services in the Tokyo area.


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

NDCROP CO: Appoints Yoon Woong Jin as New CEO
---------------------------------------------
NDcrop Co., Ltd., has appointed Yoon Woong Jin as its new chief executive
officer replacing Kim Young Jib, Reuters Key Developments reports.

According to the report, the appointment is effective June 22, 2007.

                           About NDcorp

With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged in the
storage area network (SAN) and communication solutions business.  The
company has two divisions: Electronic-Telecommunication business, which
develops, produces and distributes wired and wireless communication
products, including voice-over-Internet protocol (VoIP) residential
gateways, VoIP asymmetric digital subscriber line (ADSL) modems and VoIP
cable modems, and System Integration business, which provides servers,
work stations and data storage systems for digital media services.

Korea Ratings gave the company's KRW10.30 billion convertible bonds issue
a B- rating with an evolving outlook on July 31, 2006.


SHINWHA INTERTEK: Converts Convertible Bonds to Shares
------------------------------------------------------
Shinwha Intertek Corporation’s first convertible bonds have been converted
for 82,228 additional shares, at the conversion price of KRW4,250 per
share, Reuters Key Developments reports.

According to the report, this brings the total outstanding number of the
Company's common shares to 13,072,040.

The listing date of the new shares is June 28, 2007, the report notes.

                     About Shinwha Intertek

Hwasung Kyonggi, South Korea-based Shinwha Intertek Corporation
-- http://www.shinwha.com/main01_E.html-- is engaged in the
manufacture and sale of adhesive tapes for the electronic,
electronic equipment, architecture and other industry fields.

Korea Ratings gave the company's convertible bonds a BB rating
on Oct. 24, 2006. The company's commercial papers also carry
Korea Rating's B rating effective Feb. 2, 2007.


SILVER STAR: Converts Third Convertible Bonds for 22,951 Shares
---------------------------------------------------------------
Silver Star Corporation’s third convertible bonds have been converted for
22,951 shares, at the conversion price of
KRW2,570 per share, Reuters Key Developments reports.

According to the report, this brings the total outstanding shares of the
Company to 13,463,045.

The confirmed listing date is July 3, 2007, the report adds.

                         About Silver Star

Based in Los Angeles, California, Silver Star Energy, Inc. (OTCBB: SVSE)
-- http://www.silverstarenergy.com/ -- explores and develops of oil and
natural gas reserves throughout western North America.  The company
management is focused on an acquisition program targeting high quality,
low risk prospects provided via key strategic alliance partnerships.

                        Going Concern Doubt

Robison, Hill & Co., at Salt Lake City, Utah, raised substantial
doubt about Silver Star's ability to continue as a going concern
after auditing the company's financial statements for the year
ended Dec. 31, 2006.  The auditor pointed to the company's
recurring losses from operations and a retained deficit of
approximately $6 million at Dec. 31, 2006.


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

CYGAL BERHAD: Completes Swap of Listing Status with Sycal
---------------------------------------------------------
Cygal Bhd vacated its listing status from the Bursa Malaysia Securities
Bhd to make way for the listing of Sycal Ventures Bhd.  The swap in the
listing status of the two companies was part of Cygal’s restructuring
scheme.

On Feb. 20, 2007, the Troubled Company Reporter – Asia Pacific reported
that Cygal obtained the consent of majority of its financial institution
creditors for a further extension of time to implement its corporate
exercises until June 30, 2007.

Part of the company’s plan was the delisting of Cygal and the listing of a
new investment holding company, Sycal Ventures (formerly known as Sycal
Ventures Sdn Bhd, which was formerly known as Active Accord Sdn Bhd).


Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad's principal activity
is civil and building construction works.  Its other activities include
housing development; manufacturing and trading in ready mix concrete;
trading in building materials; leasing of aircraft parts and equipment;
provision of hotel management services; and investment holding.  The
Group's activities are located in Malaysia and Hong Kong.

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies finalized a
debt restructuring agreement with their lenders on involving debts
outstanding of approximately MYR230 million.

The Troubled Company Reporter - Asia Pacific reported on Jan. 13, 2006,
that Cygal has obtained the consent of the majority of its financial
institution creditors for a further extension of time within which Cygal
is to meet the conditions precedent as stipulated in its Nov. 2001
Settlement Agreement with its creditors.  The deal relates to the
settlement of Cygal's MYR229,637,109 debt to its lenders.

As of Dec. 31, 2006, Cygal's total assets amounted to MYR215.28 million
and its total liabilities aggregated to MYR508.28 million, resulting to a
shareholders' deficit of MYR293 million.


CYGAL BHD: Balance Sheet Upside-Down by MYR307.46MM in March 31
---------------------------------------------------------------
Cygal Bhd’s unaudited balance sheet as of March 31, 2007, went upside down
with shareholders’ deficit of MYR307.46 million.  Current and non-current
assets total MYR212.82 million and current and non-current liabilities
equal to MYR377.39 million.

As of March 31, 2007, the company’s balance sheet also showed strained
liquidity with current assets of MYR142.88 million available to pay
MYR505.64 million.

For the first quarter ended March 31, 2007, the company incurred a net
loss of MYR6.36 million on MYR24.22 million of revenues, compared with a
net loss of MYR5.43 million on MYR31.66 million of revenues in the same
period in 2006.

Cygal Bhd’s financial statements for the quarter ended March 31, 2007, is
available for free at the Bursa Malaysia Securities Web site at:
http://www.klse.com.my/

Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad's principal activity
is civil and building construction works.  Its other activities include
housing development; manufacturing and trading in ready mix concrete;
trading in building materials; leasing of aircraft parts and equipment;
provision of hotel management services; and investment holding.  The
Group's activities are located in Malaysia and Hong Kong.

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies finalized a
debt restructuring agreement with their lenders on involving debts
outstanding of approximately MYR230 million.

The Troubled Company Reporter - Asia Pacific reported on
Jan. 13, 2006, that Cygal has obtained the consent of the majority of its
financial institution creditors for a further extension of time within
which Cygal is to meet the conditions precedent as stipulated in its Nov.
2001 Settlement Agreement with its creditors.  The deal relates to the
settlement of Cygal's MYR229,637,109 debt to its lenders.

Cygal Bhd’s unaudited balance sheet as of March 31, 2007, went upside down
with shareholders’ deficit of MYR307.46 million.


MERGE ENERGY: Extends Fulfillment of Conditions in Badawi Deal
--------------------------------------------------------------
Merge Energy Bhd and Yusof Badawi, along with the parties acting in
concert with him, have entered into a First Supplemental Agreement to
extend the time to fulfill the conditions precedent set out in a Sale and
Purchase Agreement dated September 25, 2006.
According to the company’s disclosure with the Bursa Malaysia Securities
Bhd, the parties extended the fulfillment of the clause “Proposed
acquisition of the entire equity interest in Suasa Efektif (M) Sdn Bhd”,
where Mr. Badawi and his parties namely:

    -- Sejahtera Fitrah Sdn Bhd
    -- Desa Binapuri Sdn Bhd
    -- Dato' Muhammad Azaham bin Abdul Wahab
    -- Ahmad Sazali bin Mohd Shaarani

gained more time from the obligation to undertake a mandatory offer to
acquire the remaining ordinary shares in MEB upon completion of the
Proposed Acquisition.

The time extension will be from nine months from the date of the Sale and
Purchase Agreement (Sept. 2006) to twelve calendar months from June 24,
2007, or if the conditions precedent are not again fulfilled, it will be
extended for a further six calendar months subject to the agreement of all
the parties.

The agreement, as reported by the Troubled Company Reporter - Asia Pacific
on Nov. 1, 2006, was entered by Merge Energy Bhd on September 25, 2006, to
acquire:

    -- from SFSB and Al-Mudharib Niaga Sdn Bhd the entire equity
       interest in Suasa Efektif (M) Sdn Bhd; and

    -- from SFSB the MYR8,462,002 7-year 10% redeemable
       convertible unsecured loan stocks 2003/2010 in Suasa
       Efektif.

The total purchase consideration of MYR46,900,000 will be fully satisfied
by the issuance of 46,900,000 ordinary shares of MYR1.00 each in Merge
Energy at an issue price of MYR1.00 per share, the TCR-AP said.

("Sale and Purchase Agreement") from nine (9) months from the date of the
Sale and Purchase Agreement to twelve (12) calendar months from 24 June
2007 ("Extended Unconditional Date"), or if the conditions precedent are
not fulfilled by the Extended Unconditional Date, the unconditional date
shall be extended for a further six (6) calendar months from the Extended
Unconditional Date subject to the agreement of all the parties thereto.

Merge Energy Berhad's principal activities involve building construction,
structural, infrastructure and civil engineering works.  Other activity
includes property investment and investment holding.  Operations of the
company are carried out predominantly in Malaysia.

On May 8, 2006, the company has been classified as an affected listed
issuer pursuant to the Amended Practice Note No. 17/2005 whereby the
company's shareholders' equity on consolidated basis is less than twenty
five percent (25%) of its issued and paid-up share capital of MYR67.00
million.


NEWFIELD EXPLORATION: Inks New US$1.25 Billion Debt Refinancing
---------------------------------------------------------------
Newfield Exploration Company entered into a new US$1.25 billion revolving
credit facility to replace its previous US$1 billion facility.  The
parties to the credit agreement, dated as of
June 22, 2007, are the company, the lenders, and JPMorgan Chase Bank,
N.A., as administrative agent and issuing bank.

Loans under the credit agreement bear interest, at the company’s option,
based on:

    (a) a rate per annum equal to the higher of the prime rate
        announced from time to time by JPMorgan Chase Bank,
        N.A. or the weighted average of the rates on overnight
        federal funds transactions with members of the Federal
        Reserve System during the last preceding business day
        Plus 50 basis points or

    (b) a base Eurodollar rate substantially equal to the
        London Interbank Offered Rate adjusted for statutory
        reserve requirements for Eurodollar liabilities, plus a
        margin that is based on a grid of our debt rating.  All
        other terms and conditions of the credit agreement are
        substantially the same as those of the prior credit
        facility.

                  About Newfield Exploration

Headquartered in Houston, Texas, Newfield Exploration Co. (NYSE: NFX) --
http://www.newfld.com/-- is an independent oil and gas company that
explores, develops and acquires crude oil and natural gas properties.
Newfield has locations in China, Malaysia and the United Kingdom.

                          *      *     *

As of June 25, 2007, the company continues to carry Fitch’s BB+ long term
issuer default rating.  Fitch rates the company’s bank loan debt and
senior unsecured debt at BB+ while its senior subordinate rating is at
BB-.  The outlook remains stable.

At the same time, the company also bears Moody’s Investor Services’ Ba2
long term corporate family rating and probability of default rating, Ba1
senior unsecured debt, Ba3 senior subordinate rating, and B1 preferred
stock rating.  The outlook is stable.

The company also continues to carry Standard & Poor’s BB+ long term
foreign and local issuer debt ratings.  The outlook remains stable.


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

2MG LTD: Fixes July 13 as Last Day to Prove Claims
--------------------------------------------------
The creditors of 2MG Ltd. are required to file their proofs of debt by
July 13, 2007, to be included in the company’s dividend distribution.

The company started to liquidate its business on June 11, 2007.

The company’s liquidator is:

         Douglas John Wilson
         MGI Wilson Eliott Limited
         Chartered Accountants
         Fidelity House, Level 2
         81 Carlton Gore Road
         Newmarket, Auckland 1140
         New Zealand
         Telephone:(09) 377 1362
         Facsimile:(09) 307 2740


42MGL LTD: Names Douglas John Wilson as Liquidator
--------------------------------------------------
42MGL Ltd. entered liquidation proceedings on June 11, 2007, and
Douglas John Wilson was appointed as liquidator.

The Liquidator can be reached at:

         Douglas John Wilson
         MGI Wilson Eliott Limited
         Chartered Accountants
         Fidelity House, Level 2
         81 Carlton Gore Road
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 377 1362
         Facsimile:(09) 307 2740


BISHOPBUILT LTD: Proofs of Debt Due by July 5
---------------------------------------------
Bishopbuilt Ltd. requires its creditors to file their proofs of debt by
July 5, 2007.

The company commenced wind-up proceedings on June 7, 2007.

The company’s liquidators are:

         Jeffrey Philip Meltzer
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         PO Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


MERIT CONSULTANTS: Creditors’ Meeting Set for June 14
-----------------------------------------------------
Merit Consultants Ltd will hold a meeting for its creditors on June 14,
2007, at 10:00 a.m., on the offices of Grant Thornton Auckland Limited at
97-101 Hobson Street in Auckland, New Zealand.

At the meeting, the creditors will be asked to:

   -- confirm the appointment of Paul John McCormick and Neil
      Raymond Donnell as the company’s liquidators; and

   -- convey the creditors’ views to the liquidators.

The Liquidators can be reached at:

         Paul John McCormick
         Neil Raymond Donnell
         Grant Thornton Auckland Limited
         97-101 Hobson Street
         PO Box 1961, Auckland 1015
         New Zealand
         Telephone:(09) 308 2570


MOTIVATION (NZ): Taps Nellies and Jenkins as Liquidators
--------------------------------------------------------
The High Court at Greymouth appointed Iain Andrew Nellies and Paul William
Gerrard Jenkins as the liquidators of Motivation (NZ) Ltd. on May 28,
2007.

The company entered liquidation proceedings on that same day.

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         c/o Insolvency Management Limited
         Burns House, Level 3
         10 George Street
         PO Box 1058, Dunedin
         New Zealand


RICHMOND M & T HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------------
Richmond M and T Holdings Ltd. was ordered to wind up its operations on
June 7, 2007, by the High Court of Nelson.

Iain Andrew Nellies and Wayne John Deuchrass were appointed as liquidators.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


SINCLAIR SAW & MOWER: Commences Liquidation Proceedings
-------------------------------------------------------
Sinclair Saw & Mower Specialists Ltd. commenced liquidation proceedings on
May 28, 2007.

Iain Andrew Nellies and Paul William Gerrard Jenkins were appointed as
liquidators.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         c/o Insolvency Management Limited
         Level 3, Burns House
         10 George Street
         PO Box 1058, Dunedin
         New Zealand


TAXI TRANSPORT: Undergoes Liquidation Proceedings
-------------------------------------------------
Taxi Transport Services Ltd. went into liquidation on June 6, 2007.

Iain Andrew Nellies and Wayne John Deuchrass were appointed as liquidators.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


THE CHALET: Court Releases Wind-Up Order
----------------------------------------
On May 28, 2007, the High Court of Greymouth ordered a petition to wind up
the operations of The Chalet Arthurs Pass Ltd.

Iain Andrew Nellies and Paul William Gerrard Jenkins were appointed
liquidators.

The Liquidators can be reached at:

       Iain Andrew Nellies
       Paul William Gerrard Jenkins
       c/o Insolvency Management Limited
       Level 3, Burns House
       10 George Street
       PO Box 1058, Dunedin
       New Zealand


TMG CONTRACTORS: Appoints Nellies & Deuchrass as Liquidators
------------------------------------------------------------
On June 6, 2007, the High Court at Blenheim appointed Iain Andrew Nellies
and Wayne John Deuchrass as the liquidators of TMG Contractors Ltd.

The company went into liquidation on June 6, 2007.

The Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         c/o Insolvency Management Limited
         Level 1, 148 Victoria Street
         PO Box 13401, Christchurch
         New Zealand


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

ALLIED BANKING: Board Elects Alejandro Chua as Asst. Secretary
--------------------------------------------------------------
Allied Banking Corp.'s Board of Directors has approved the election of
Director Alejandro Chua as the Assistant Corporate Secretary of the Bank.

The Board approved Mr. Chua's election during a regular meeting held last
June 27.

Allied Banking Corporation -- http://www.alliedbank.com.ph/--  is a
universal bank incorporated in the Philippines on April 4, 1977.  The
company and its subsidiaries/affiliates are engaged in all aspects of
banking, financing and leasing to personal, commercial, corporate and
institution clients.  Allied Bank offers a full range of domestic and
international banking products and services including deposit taking,
lending and related services, domestic and foreign fund transfer,
treasury, foreign exchange and trust services.  In addition, the bank is
licensed to enter into regular financial derivatives as a means of
reducing and managing the bank's and its customers' foreign exchange
exposure.

Allied Bank has international offices in Australia, China, Guam, Hong
Kong, Singapore, the Middle East, United Kingdom, Germany, Italy, Spain,
and the United States.

                          *     *     *

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

The Troubled Company Reporter – Asia Pacific reported that on October 31,
2006, Fitch Ratings affirmed Allied Banking Corporation's Individual
rating at 'D' and Support rating at '4' after a review of the bank.


BAYAN TELECOMMS: Mobile Business Investment Still Under Review
--------------------------------------------------------------
Bayan Telecommunications Inc. said in a disclosure with the Philippine
Stock Exchange that it is still reviewing the amount needed for investing
in the mobile phone business.

The disclosure was submitted to clarify an article published by the Malaya
on Wednesday.  The article had reported that the company will invest about
US$100 billion as partial financing for the launch of its mobile phone
business in May 2008.

Bayan Telecommunications Holdings Corporation, which is 85.4% owned by
Benpres Holdings Corp. and the Lopez Group, was  incorporated on October
15, 1993.  Bayan Telecommunications Inc. -- http://www.bayantel.com.ph/--
is the operating arm of BTHC and is formerly known as International
Communications Corporation.  BayanTel is a telecommunications company
offering an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's existing service
areas in Metro Manila and Bicol, as well as its local exchange service
areas in the Visayas and Mindanao regions combined, cover a population of
over 25 million, nearly 33% of the population of the Philippines.
BayanTel has operations in Japan and the U.K.

In a report by the Troubled Company Reporter - Asia Pacific on July 4,
2006, the Company has paid over PHP900 million in principal and interest
on its debts amounting to PHP25.39 billion in aggregate, of which
creditors own PHP14.74 billion, while PHP10.65 billion is due to its
bondholders.

On June 28, 2004, the Pasig Regional Trial Court Branch 158 approved the
company's financial rehabilitation based on sustainable debt level of
PHP17.13 billion, payable over 19 years.  According to RTC Judge Rodolfo
R. Bonifacio, the remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to parent
Benpres Holdings Corp.  It also mandated BayanTel to treat all creditors
equally.  Some of BayanTel's creditors have appealed the lower court
decision.

IPVG CORP: PEZA Declares IPCCO as “Ecozone IT Enterprise”
---------------------------------------------------------
IPVG Corp.'s subsidiary, IP Contact Center Outsourcing Inc., can now enjoy
perks and advantages entitled to an Ecozone IT Enterprise after it was
declared as one by the Philippine Economic Zone Authority, the ABS-CBN
News reports.

IPCCO is now entitled to these incentives:

    * Operation at the Rizal Commercial Banking Corp. plaza

    * Income tax holiday

    * 4-year exemption from corporate income tax, also
      extendable to at most 8 years

    * Exemption from duties on importable capital equipment,
      spare parts, supplies and raw materials

    * Domestic sales allowance of up to 30% of total sales

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.


MANILA ELECTRIC: Gov’t Plans Lower Electric Rates for Ecozones
--------------------------------------------------------------
The Department of Energy is hoping for the Manila Electric Co.'s
cooperation in its effort to offer lower electricity rates for business
and industries within the company's franchise areas, ABS-CBN News reports.

The DOE had even invited the company to participate in formulating the
guidelines for the proposed reduced rates in the four Philippine economic
zones.

The DOE has been coordinating with the Philippine Economic Zone Authority
in its effort to implement an immediate electric rate cut in the economic
zones in Bataan, Cavite, Baguio and Cebu, Energy Undersecretary Melinda
Ocampo told ABS-CBN News.  Ocampo also said that PEZA plans to implement
reduced rates within the ecozones and even in privately-registered
ecozones, and also noted that PEZA is considering open access in the
ecozones to enable locators to select their preferred suppliers.

The Department of Justice had issued an opinion giving PEZA regulatory
powers over electricity providers in special economic zones.

MERALCO President Jesus Francis reacted to Ocampo's statement and said
that MERALCO intends to lower rates in its franchised areas, but said
they'd need the help from both Napocor and the DOE.

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

                          *     *     *

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

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


PHIL AIRLINES: To Spend US$50 Mil. For Reconfiguration of 747s
--------------------------------------------------------------
Philippine Airlines is preparing for a reconfiguration of four Boeing 747
planes starting March 2008, and expects to spend US$50 million for the
endeavour, ABS-CBN News reports.

PAL President Jaime Bautista said the reconfiguration will take place
after PAL's peak session, in time for the 747's 6-year D-check wherein the
planes will be overhauled and heavy maintenance will take place.  The
reconfiguration will take a whole year for all four planes.

Mr. Bautista revealed these highlights for the reconfiguration work:

    * The first class section will be eliminated, and will be
      reconfigured to business class;

    * Seats in the economy section will have more space and will
      be installed with entertainment systems;

    * Business class section capacity will be increased to 42
      from the current 30 seats in the 747s' bubble top;

    * New Cocoon-type seats will be installed for the business
      class;

Mr. Bautista explained the elimination of the first class, saying that the
company is keeping up with the worldwide trend where the focus is on the
business traveler.

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

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

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

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


PICOP RESOURCES: Elects Directors & Officers for 2007
-----------------------------------------------------
Picop Resources Inc. elected new directors and officers and designated new
members of its Board committees for the year 2007 during its annual
stockholders' meeting held last June 27.

These are the new directors of the company for 2007:

    * Atty. Leonardo Siguion-Reyna
    * Roberto A. Atendido
    * Teodoro G. Bernardino
    * Gen. Ramon E. Montano (Independent Director)
    * Pedrito M. Aragon
    * Atty. Pantaleon G. Dumlao (Independent Director)
    * Atty. Melissa S. Mamauag (LandBank Nominee)

During the organizational meeting of the Board of Directors held
immediately after the stockholders' meeting, the Board elected these
officers of the company for 2007:

    * Atty. Leonardo Siguion-Reyna  - Board chairman

    * Roberto A. Atendido           - Board Vice Chairman

    * Teodoro G. Bernardino         - President

    * Eleanore B. Gutierrez         - Treasurer, Chief Financial
                                      Officer

    * Pedrito M. Aragon             - Senior Vice President

    * Wilfredo D. Fuentes           - Vice President

    * Marvin E. Marcojos            - Vice President

    * Rolando A. Gonzales           - Asst. Vice President

    * Edgardo G. Balois             - Corporate Secretary

    * Pedrito M. Aragon             - Compliance Officer

These are the members of the different Board committees for 2007:

    EXECUTIVE COMMITTEE

    * Roberto A. Atendido    - Chairman
    * Teodoro G. Bernardino  - Member
    * Eleanore B. Gutierrez  - Member
    * Pedrito M. Aragon      - Member

    AUDIT COMMITTEE

    * Gen. Ramon E. Montano     - Chairman
    * Pedrito M. Aragon         - Member
    * Atty. Pantaleon G. Dumlao - Member

    COMPENSATION AND REMUNERATION COMMITTEE

    * Teodoro G. Bernardino     - Chairman
    * Roberto A. Pantaleon      - Member
    * Atty. Pantaleon G. Dumlao - Member

    NOMINATION COMMITTEE

    * Atty. Pantaleon G. Dumlao - Chairman
    * Gen. Pedrito E. Montano   - Member
    * Pedrito M. Aragon         - Member

                       About Picop Resources

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

PICOP's consolidated balance sheets as of December 31, 2005, and 2004,
revealed a deficit of PHP3.4 million and PHP3.0 million, respectively.
Moreover, the company reported a net loss of PHP366,574,000 for the
full-year 2005 and PHP237,609,000 for the full-year 2004.

The company has two wholly owned subsidiaries, namely New Paper Industries
Corporation and Hinatuan Forest Plantations, Inc.  The financial reports
of these subsidiaries are consolidated with the financial report of the
parent company Picop Resources, Inc.  NPIC was incorporated in the
Philippines to buy and sell pulp, paper, and paper boards of every kind
and description, and the supplies used in the manufacture of thereof.  In
2003, the parent company and NPIC entered into a Deed of Exchange whereby
the parent company will transfer and unto NPIC all titles, rights and
interests to certain assets and equipment as payment for the parent
company's subscription to the latter's shares of stock.  This resulted to
parent company gaining control of NPIC by owning 99% of the total voting
stocks effective upon issuance of the shares of stock.  Hinatuan, on the
other hand, was formed to engage in the production of plywood material
sourced from its plantation.  Hinatuan temporarily suspended operations in
January 1997 and management is currently evaluating the status and
prospects of the company.

                         *     *     *

PICOP Resources, Inc., posted a net loss of PHP31.385 million for the year
ending December 31, 2006, against
PHP366.574 million and PHP237.609 million net losses for the years 2005
and 2004, respectively.


VICTORIAS MILLING: Hiatus May Impact Sugar Industry in Negros
-------------------------------------------------------------
Negros Occidental's sugar industry could be negatively impacted if halt in
Victorias Milling Co.'s operations continues through the start of the
milling season, as 20-30% of the region's sugar products is produced at
VMC, United Sugar Producers Federation of the Philippines President told
the Visayan Daily Star on Tuesday.

Department of Environment and Natural Resources Secretary Angelo Reyes had
earlier ordered VMC to halt its operations and install preventive measures
against air and water pollution.

However, VMC's president, Abelardo Bugay, expressed confidence of being
able to comply with the DENR's requirements before the milling season
starts this September.

The Philippine Sugar Alliance, of which UNIFED is a member, had sent Mr.
Reyes a letter requesting a reprieve for VMC, and a definite deadline for
the mill's compliance with environment pollution requirements.

Headquartered in Victorias City, Bacolod, Victorias Milling Company Inc.
-- http://www.victoriasmilling.com/-- was organized in 1919 and is
engaged in the acquisition, construction, maintenance and operation of
sugar mills, as well as other related business activities.  Through the
years, the company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an organic
fertilizer plant and a piggery.

On July 4, 1997, the company filed an application with the Securities and
Exchange Commission to suspend payments to creditors.  On July 8, 1997,
the SEC issued a stay order restraining all Victorias Milling creditors or
any of its subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management Committee
to oversee the company's operations and rehabilitation.

The company is currently undergoing debt restructuring.

After auditing the company’s financial statements for the year ended
August 31, 2006, C.L. Manabat & Co. raised substantial doubt on Victorias
Milling Inc.’s ability to continue as a going concern, citing that the
company has:

   (a) accumulated deficit of PHP3.6 billion and PHP3.8 billion
       as of August 31, 2006, and 2005, respectively, and

   (b) capital deficiency of PHP1.9 billion as of August 31,
       2006 and 2005, respectively.

Victorias Milling's August 31, 2006 balance sheet also showed total assets
of PHP7,697,535, and total shareholders' deficit of PHP1,903,365.


VICTORIAS MILLING: Posts PHP1 Billion Net Income for February 28
----------------------------------------------------------------
Victorias Milling Co. Inc.'s consolidated income statements showed a net
income of PHP1.04 billion for the quarter ended February 28, 2007, an
increase of 106% from the
PHP504.29-million net income reported for the same period in 2006.

The consolidated income statements also showed these figures:

    * PHP1.33 billion gross profit, on operating revenues of
      PHP2.33 billion and cost of sales of PHP999.16 million

    * PHP117.18 million other income

    * PHP20.57 million selling expenses

    * PHP80.32 million administrative expenses

    * PHP4.19 million in other operating expenses

As of February 28, 2007, the company had total assets of PHP8.83 billion
and total liabilities of PHP9.69 billion resulting in a capital deficit of
PHP861.23 million. The company's total current liabilities as of February
28, 2007 of PHP2.44 billion exceeded its total current assets of PHP706.62
million.

The company’s quarterly financials can be downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/VMC_17Q_Feb2007.pdf


Headquartered in Victorias City, Bacolod, Victorias Milling Company Inc.
-- http://www.victoriasmilling.com/-- was organized in 1919 and is
engaged in the acquisition, construction, maintenance and operation of
sugar mills, as well as other related business activities.  Through the
years, the company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an organic
fertilizer plant and a piggery.

On July 4, 1997, the company filed an application with the Securities and
Exchange Commission to suspend payments to creditors.  On July 8, 1997,
the SEC issued a stay order restraining all Victorias Milling creditors or
any of its subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management Committee
to oversee the company's operations and rehabilitation.

The company is currently undergoing debt restructuring.

After auditing the company’s financial statements for the year ended
August 31, 2006, C.L. Manabat & Co. raised substantial doubt on Victorias
Milling Inc.’s ability to continue as a going concern, citing that the
company has:

   (a) accumulated deficit of PHP3.6 billion and PHP3.8 billion
       as of August 31, 2006, and 2005, respectively, and

   (b) capital deficiency of PHP1.9 billion as of August 31,
       2006 and 2005, respectively.

Victorias Milling's August 31, 2006 balance sheet also showed total assets
of PHP7,697,535, and total shareholders' deficit of PHP1,903,365.


VICTORIAS MILLING: Will Embark on 4 New Major Factory Projects
--------------------------------------------------------------
Victorias Milling Co. reported to the Philippine Stock Exchange that it
will embark on four major factory projects that are scheduled to begin
operating by Crop Year 2007-2008.

These projects are:

    * Upgrading of C-Mill
    * 80T steam boilder
    * Gas scrubber
    * Refinery cooling tower

Headquartered in Victorias City, Bacolod, Victorias Milling Company Inc.
-- http://www.victoriasmilling.com/-- was organized in 1919 and is
engaged in the acquisition, construction, maintenance and operation of
sugar mills, as well as other related business activities.  Through the
years, the company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an organic
fertilizer plant and a piggery.

On July 4, 1997, the company filed an application with the Securities and
Exchange Commission to suspend payments to creditors.  On July 8, 1997,
the SEC issued a stay order restraining all Victorias Milling creditors or
any of its subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management Committee
to oversee the company's operations and rehabilitation.

The company is currently undergoing debt restructuring.

After auditing the company’s financial statements for the year ended
August 31, 2006, C.L. Manabat & Co. raised substantial doubt on Victorias
Milling Inc.’s ability to continue as a going concern, citing that the
company has:

   (a) accumulated deficit of PHP3.6 billion and PHP3.8 billion
       as of August 31, 2006, and 2005, respectively, and

   (b) capital deficiency of PHP1.9 billion as of August 31,
       2006 and 2005, respectively.

Victorias Milling's August 31, 2006 balance sheet also showed total assets
of PHP7,697,535, and total shareholders' deficit of PHP1,903,365.


* Reuters Predicts Full-Year Growth Due to Good 1st Qtr. Figures
----------------------------------------------------------------
A Reuters poll for the first quarter of 2007 reported that the Philippine
economy's positive performance in the first three months of the year has
caused strong expectations for a full-year growth, according to a report
by ABS-CBN News.

The report relates that the survey made a median forecast that the year's
economic growth rate will rise from 5.4% in 2006 to 6%, as analysts had
previously predicted a 5.6% growth in the March poll.  However, the report
relates, expansion might slow down to 5.8% in 2008, because of the lesser
demand for exports and because the Bangko Sentral ng Pilipinas might
enforce a tighter monetary policy.

The Philippines' economy had made an unexpected 6.9% year-on-year growth
in the January-March 2007 period, its fastest expansion in 17 years.
Analysts attributed the improvement to consumer spending due to high
remittances from overseas Filipino workers, and the outsourcing services
sector's strong performance, the report said. The report also revealed
that analysts are less optimistic than the Philippine government, which
predicted a growth between the range of 6.1% to 6.7% this year and a
5.6%-6.7% expansion next year.

Frederic Neuman, an economist for Asia Pacific at HSBC, said that high OFW
remittances and the government's drive to invest more in infrastructure
projects could buoy the output growth for the remainder of the year.

Consumer prices were up 2.4% this year, and analysts predicted higher
inflation later this year and in 2008, due to rapid money supply growth
and heft consumer demand. Mr. Neuman said that this could compel the
authorities to tighten monetary conditions and slow down growth to 5.8% in
2008.

                          *     *     *

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

ACI GLOBAL: Subject to Ong Gim Hock’s Wind-Up Petition
------------------------------------------------------
On June 9, 2007, Ong Gim Hock filed a petition to wind up the operations
of ACI Global Pte Ltd.

The petition will be heard before the High Court of Singapore on July 6,
2007, at 10:00 a.m.

Ong Gim’s solicitor is:

         Tanlim Partnership
         101 Cecil Street
         #19-02 Tong Eng Building
         Singapore 069533


DA CONSULTING: Wind-Up Petition Hearing Set for July 6
------------------------------------------------------
A petition to wind up the operations of Da Consulting Group Pte Ltd will
be heard before the High Court of Singapore on July 6, 2007, at 10:00 a.m.

The petition was filed by F.H. Lee Consultants (International) Pte Ltd on
June 12, 2007.

F.H. Lee’s solicitor is:

         Tan Chin Hoe & Co
         24 Raffles Place #24-01
         Clifford Centre
         Singapore 048621


PETROLEO BRASILEIRO: Gets BRL565-Million Loan for Vessel Project
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social aka BNDES said in a
statement that it has authorized a BRL565-million financing for the
construction of four vessels for Brazilian state-owned oil firm Petroleo
Brasileiro SA's transportation unit Transpetro.

BNDES told Business News Americas that shipyard Maua Jurong will construct
the ships, which will transport:

          -- diesel,
          -- gasoline,
          -- jet fuel,
          -- naphtha, and
          -- lubricants.

The four vessels is part of the 26 that Transpetro will construct in its
fleet renewal program.  The four vessels will cost some BRL627 million.
The vessels will be ready in 38 months, BNamericas states.

                    About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                  About Petroleo Brasileiro

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

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

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

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

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


PETROLEO BRASILEIRO: Subsidiary Takes Out Insurance Coverage
------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras disclosed that its subsidiary,
Petrobras Bolivia Refinacion (PBR), on
June 22, 2007, took out new insurance coverage with the La Boliviana
Ciacruz de Seguros y Reaseguros S.A. insurance company for the operations
at its two Bolivian refineries: Gualberto Villarroel, in Cochabamba, and
Guillermo Elder Bell, in Santa Cruz.  This insurance policy has been
issued irrespective of the refineries' operator.

PBR has been obliged to renegotiate this new insurance cover independently
of other Petrobras insurance coverage, and specifically for its Bolivian
refineries, given that the previous policy would have ceased to be valid
should any assets come to be operated by any entity other than Petrobras.

Petrobras contracts worldwide blanket insurance coverage for all
operations at its refineries in various countries, which previously
included the two refineries in Bolivia.  Contractually, this coverage is
automatically cancelled when Petrobras is no longer responsible for plant
operations.

After no proposal was received that accepted a change in operator for the
refineries on the occasion of the first price bidding round, a second
round was concluded with the acceptance of the above policy's conditions
which comply with Petrobras' corporate standards.  In short, the new
insurance policy covers all risks of damage to the installations,
machinery, equipment, civil works and product inventory as well as civil
liability for risks caused to third parties and their properties.

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

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

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

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

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


SYNIVERSE TECHNOLOGIES: To Raise US$489MM of Credit Facilities
--------------------------------------------------------------
Syniverse Technologies Inc. said it will raise US$489 million of
senior secured credit facilities.  The credit facilities are
expected to consist of:

       i. a US$42 million revolver;

      ii. a US$20 million Euro-denominated revolver;

     iii. a US$297 million term loan; and

      iv. a US$130 million Euro-denominated term loan.

Net proceeds from the credit facilities will be used to fund the
US$290 million proposed acquisition of Billing Services Group
Limited's Wireless Division and refinance Syniverse's existing
senior secured credit facilities.

Lehman Brothers Inc. and Deutsche Bank will act as Joint Lead
Arrangers and Joint Bookrunners for the syndication.

                      About Billing Services

Billing Services Group Limited is a global provider of data
clearing, financial settlement and risk management solutions for
wireless and wireline communication service providers, operating
in two primary segments: wireline and wireless.  BSG Wireless is
a provider of data clearing and financial settlement services
related to global and national roaming for GSM wireless
telecommunications providers.

Shareholder approval for the acquisition of Billing Services by
Syniverse Technologies was obtained on April 23, 2007.

                          About Syniverse

Based in Tampa, Florida, Syniverse Technologies, Inc.
-- http://www.syniverse.com/-- provides technology outsourcing
to wireless telecommunications carriers.

The company has its international offices in the Netherlands,
China, Japan and Singapore, among others.


SYNIVERSE TECH: Moody's Rates US$489 Mil. Debt Facilities at Ba2
----------------------------------------------------------------
Moody's Investors Service assigned Ba2 ratings to Syniverse's
proposed US$489 million senior secured debt facilities and lowered ratings
on their existing US$175 million subordinated debt.  The proposed senior
secured facilities will be used to refinance existing secured debt and to
finance the acquisition of Billing Services Group's wireless data and
financial clearing and settlement businesses.  As outlined in our April 3,
2007 press release discussing the acquisition, the Ba3 corporate family
rating is not affected.  The announcement serves only to finalize the
ratings on the individual debt instruments.  The outlook remains negative.

The increase in total senior secured debt has led to the lowering of the
subordinated debt ratings to B2 from B1 and higher loss given default
point estimate (to 88% from 80%).  The debt instrument ratings were
determined using Moody's Loss Given
Default Methodology.

Upon closing of the proposed facilities, these ratings will be
affected:

   -- US$175 million senior subordinated notes due 2013 to B2,
      LGD5 (88%) from B1, LGD5 (80%);

These ratings will be assigned:

   -- US$20 million senior secured euro-denominated revolver due
      2013, Ba2, LGD3 (35%),

   -- US$42 million senior secured revolver due 2013, Ba2, LGD3
      (35%),

   -- US$297 million senior secured term loan due 2014, Ba2 LGD3
      (35%),

   -- US$130 million senior secured euro-denominated term loan
      due 2014, Ba2, LGD3 (35%);

These ratings will be withdrawn:

   -- US$42 million senior secured revolver due 2011, Ba1, LGD2
      (24%),

   -- US$136 million senior secured term loan due 2012, Ba1,
      LGD2 (24%);

These ratings will not be affected:

   -- Corporate Family Rating, Ba3,

   -- Probability of Default, Ba3

Based in Tampa, Florida, Syniverse Technologies, Inc.
-- http://www.syniverse.com/-- provides technology outsourcing
to wireless telecommunications carriers.

The company has its international offices in the Netherlands,
China, Japan and Singapore, among others.


VIDEOVAN ENTERTAINMENT: Court to Hear Wind-Up Petition Today
------------------------------------------------------------
The High Court of Singapore will hear a petition to wind up the operations
of Videovan Entertainment Industries Pte Ltd today, June 29, 2007, at
10:00 a.m.

The petition was filed by Lim Ah Cheng Peter on May 11, 2007.

Lim Ah Cheng’s solicitor is:

         Messrs Lee & Lee
         168 Robinson Road
         #25-01 Capital Tower
         Singapore 068912


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

BANK OF AYUDHYA: Reduces Investment in 2 Non-Core Subsidiaries
--------------------------------------------------------------
Bank of Ayudhya PCL has sold ordinary shares in sports shoe manufacturer
Wongpaitoon Group PCL and its business plan reorganization administrator,
Wongpaitoon Planner Co. Ltd., on Wednesday to Vijak Sirisingha.

According to a company disclosure with the Stock Exchange of Thailand, the
company sold shares in those companies in order reduce its investment in
non-core businesses.

The company did not specify the size of the transaction, nor give any
other details in its disclosure with the SET.

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

                          *     *     *

On May 4, 2007, Moody’s Investor Services affirmed its D- bank financial
strength rating for Bank of Ayudhya.

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


G-STEEL: To Offer US$300 Mil. in Debentures in Private Placement
----------------------------------------------------------------
G-Steel PCL's shareholders approved the issuance and sale of debentures
during an extraordinary general meeting held on
June 25.

According to a disclosure with the Stock Exchange of Thailand, the company
will issue at most US$300 million of debentures for the purpose of
refinancing.  G-Steel will offer these debentures in a private placement
basis to specific investors or institutional investors in Thailand or
other countries, as well as to the public and existing shareholders.  The
issuance and the offer for sale can be made one time or several times as
appropriate.

Headquartered in Bangkok, G Steel Public Company Ltd --
http://www.g-steel.com/-- produces hot rolled coils (HRC) in different
grades and gauges. G Steel is a stand-alone operating entity with no
related group companies.

                          *     *     *

The company is currently listed under the "Non-Performing Group"
sector of the Stock Exchange of Thailand.

The Troubled Company Reporter – Asia Pacific reported that Standard &
Poor's Ratings Services on June 27, 2006, placed its ratings on Thailand's
G Steel Public Co. Ltd., including the B+ corporate credit rating, on
CreditWatch with negative implications.

The Troubled Company Reporter – Asia Pacific reported that on June 27,
2006, Moody's Rating Agency announced that it had placed the B1 corporate
family rating and senior unsecured bond rating of G Steel Public Company
Limited on review for possible downgrade.


TMB BANK: DBS Will Join Recapitalization, Finance Ministry Says
---------------------------------------------------------------
Singapore's DBS Bank denies rumors that it will not participate in the
recapitalization of TMB Bank PCL, and instead said that it will contribute
funds "without any preconditions," the Bangkok Post reports.

Finance Ministry Fiscal Adviser Somchai Sujjapong told the Bangkok Post on
Wednesday that negotiations with TMB are progressing nicely, and that the
Ministry expects completion of the recapitalization by July or August.

Ten foreign funds are also interested in investing in TMB, Dr. Somchai added.

The report says that DBS owns 16% of TMB Bank while the Ministry owns 31%,
and both are the largest shareholders in the bank.  Both have called for a
change in management in the bank, including the resignation of TMB
president Subhak Siwaraksa. They have also been negotiating with bank
executives for months regarding recapitalization of up to THB30 billion.

TMB earlier this month announced it would be unable to pay interest to
bondholders of its US$200-million hybrid capital issue due to net losses
last year.


Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating of 3.

On Jan. 29, 2007, Fitch Ratings downgraded TMB Bank's foreign
currency hybrid Tier 1 rating to B from B+ and revised the
Outlook on TMB's Long-term foreign currency Issuer Default
rating to Stable from Positive.

On May 4, 2007, Moody’s retained the following ratings for TMB:

    * BSFR is at D-.
    * Foreign currency deposit ratings remains at Baa2/P-2.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


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

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

AUSTRALIA

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


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Beiya Industrial (Group)
  Co., Ltd                     600705     462.13      -20.57
Chang Ling Group                  561      85.06      -80.88
Chengdu Book Digital Co. Ltd.  600083      21.50       -3.07
China Kejian Co. Ltd.              35      54.71     -179.23
China Liaoning International
  Cooperation (Group) Ltd         638      20.12      -42.96
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Fujian Sannong Group Co. Ltd      732      44.23      -92.62
Guangdong Hualong Groups
   Co., Ltd                    600242      15.23      -46.94
Guangdong Kelon Electrical
   Holdings Co Ltd                921     596.71      -94.69
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Guangxia (Yinchuan) Industry
   Co. Ltd.                       557      48.71      -59.63
Hainan Dadonghai Tourism
   Centre Co., Ltd                613      19.74       -5.81
Hainan Overseas Chinese
   Investment Co., Ltd         600759      28.97       -9.90
Hans Energy Company Limited       554      85.00       -0.49
Heilongjiang Black Dragon
   Co., Ltd                    600187     121.30      -74.45
Heilongjiang SunField
   Science & Tech Co           000620      29.96      -49.18
Hualing Holdings Limited          382     262.90      -32.17
Huda Technology & Education
   Development Co. Ltd.        600892      17.12       -0.39
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.37       -3.89
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
New World Mobile Holdings Ltd     862     295.66      -12.53
New City China                    456     242.25      -21.46
Orient Power Holdings Ltd.        615     176.86      -64.20
Plus Holdings Ltd.               1013      18.52       -3.34
Regal Real Estate
  Investment Trust               1881     945.38     -234.38
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenzhen China Bicycle Co.,
  Hlds.  Ltd.                      17      39.13     -224.64
Shenzhen Dawncom Business
  Tech. and Service Co., Ltd.     863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Shijiazhuang Refining-Chemical
   Co., Ltd                       783     357.75      -84.57
Sichuan Langsha Holding Ltd.   600137      13.82      -62.11
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information Industry
   Group Co.                      517      99.92      -14.29
Suntek Technology Co., Ltd     600728      48.81      -16.09
Suntime International
   Economic Trading            600084     359.49      -47.93
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
Tianjin Marine Shipping
   Co. Ltd                     600751     111.03       -3.59
Tianyi Science & Technology
   Co., Ltd                    600703      53.41      -28.73
Tibet Summit Industry
   Co., Ltd                    600338      90.92       -4.05
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xiamen Eagle Group Co., Ltd    600711      18.82       -2.74
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Science & Tech
   Co., Ltd.                      925      21.43      -33.33


INDIA

Andhra Cement Ltd.               ANDC      58.94      -13.48
Andrew Yule & Co. Ltd             ANY      86.39      -12.47
Ashima Ltd.                     NASHM     101.78      -35.04
ATV Projects India Ltd.           ATV      68.25      -30.17
Bagalkot Udyog Ltd.               BUL      20.55       -0.63
Baroda Rayon Corp. Ltd.            BR      41.16      -26.62
CFL Capital Financial
  Services Ltd                  CEATF      25.42      -47.32
Core Healthcare Ltd.             CPAR     214.36     -199.02
Deccan Aviation Pte. Ltd.        DECA      86.94       -2.83
Dunlop India Limited             DNLP      52.75      -65.30
Fairfield Atlas Ltd.              ATG      23.38       -1.76
GKW Ltd.                          GKW      35.75      -13.52
Global Broadcast News Ltd         GBN      18.13       -1.27
Gujarat Sidhee Cement Ltd.       GSCL      51.12      -13.01
Himachal Futuris                 HMFC     574.62      -38.68
HMT Limited                       HMT     238.05     -288.85
Hindustan Organic
   Chemicals Limited              HOC     109.22      -15.18
IFCI Limited                     IFCI    2566.01     -727.71
JCT Electronics Ltd.             JCTE     118.28     -165.74
JK Synthetics Ltd                 JKS      24.04       -1.42
Kothari Sugars and
   Chemicals Ltd.               NKTSG      43.24      -29.24
LML Ltd.                          LML      81.21      -11.89
Mafatlal Ind.                     MFI      95.67      -85.81
Malanpur Steel Ltd.               HDC      82.08      -52.01
Modern Threads                    MRT      78.18      -20.71
Mysore Kirloskar Ltd.              MK      23.71       -3.04
Panchmahal Steel Ltd.             PMS      51.02       -0.33
Shree Digvijay Cement Co. Ltd.   DIGV      29.62      -32.38
Shree Rama Multi Tech Ltd.      NSRMT      86.31       -3.90
Shyam Telecom                    NSHY     147.34      -22.80
SIV Ind. Ltd.                    NSIV     101.16      -66.27
SpiceJet Ltd.                    SJET     121.34       -2.75
Shyam Telecom Limited             SHY     147.34      -22.80
Tata Teleservices (Maharashtra)
  Limited                       NTTLS     653.56       -9.99


INDONESIA

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


JAPAN

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


KOREA

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


MALAYSIA

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


PHILIPPINES

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


SINGAPORE

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


THAILAND

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




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Mark Andre Yapching, Azela Jane Taladua, Rousel Elaine
Tumanda, Valerie Udtuhan, Francis James Chicano, Tara Eliza Tecarro, Freya
Natasha Fernandez-Dy, Frauline 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.

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