TCRAP_Public/070703.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, July 3, 2007, Vol. 10, No. 130

                            Headlines

A U S T R A L I A

BUCKEYE TECH: Promotes Steven Dean as Senior Vice Pres.& CFO
CARDKEY SYSTEMS: Proofs of Debt Must be in by July 17
COMMSCOPE INC: Inks Pact to Buy Andrew Corp. for US$2.6 Billion
COMMSCOPE INC: Moody?s Reviews Ratings after Acquisition Deal
COMMSCOPE INC: Andrew Corp. Buy Prompts S&P's Negative Watch

CONNECT INTERACTIVE: Placed Under Voluntary Liquidation
EASTMAN KODAK: Sells All-In-One Inkjet Printers to Office Depot
FRANCIS HOLDINGS: Names Schon Gregory Condon as Liquidator
FORTESCUE METALS: Finance Unit on S&P Negative Watch
GWYNVILL EQUITIES: Members Opt to Shut Down Business

LABRADOR PTY: Appoints Gibbons and Hutchison as Liquidators
MILLERS REFRIGERATION: Commences Liquidation Proceedings
MONEYLINE TELERATE: Undergoes Voluntary Liquidation
PACIFICO NUMBER: Members Pass Resolution to Wind Up Firm
PYNFLAME PTY: Placed Under Voluntary Liquidation

STARENA INTERNATIONAL: To Declare Dividend on July 31
WESTPOINT GROUP: Judge Admits Knowing One of Five Directors


C H I N A   &   H O N G  K O N G

AICHI ELECTRONICS: Creditors? Proofs of Debt Due by July 30
CHIA-TAI ZHEN-HUA: Appoints Pang Siu Chik, Alick as Liquidator
COTHERSTONE LIMITED: Sets Members? General Meeting for July 30
F.S. TRANSPORT: Proofs of Debt Due by July 30
K.L. LEE & PARTNERS: Taps Sze Lin Tang as Liquidator

KLL ASSOCIATES: Placed Under Voluntary Liquidation
NATION PROFIT: Names Pang Siu Chik, Alick as Liquidator
PERFECT PARADISE: Members to Meet on August 3
PO KWONG: Court to Hear Wind-Up Petition on August 15
RELIABLE LIMITED: Wind-Up Petition Hearing Set for August 15


I N D I A

AES CORP: Almost Reaching Debt Payment Pact with Banco Nacional
AES CORP: Files Appeal in US Court for NatGas Terminal Ban
GENERAL MOTORS: UAW Leaders Say Strike Possible in Labor Talks
IFCI LTD: To Consider Inviting Bids for EOIs on July 6
INDUSTRIAL DEV?T. BANK: Sells 2% of NSE to MS Strategic Ltd

ITI LTD: Seeks QUALCOMM License for CDMA Terminals and Chipsets
ROYAL & SUN: Confirms Completion of Codan AS Takeover


I N D O N E S I A

FREEPORT-MCMORAN: Declares Quarterly Dividends Payable on Aug. 1
GOODYEAR TIRE: Repays US$315 Million in Senior Notes
INDOSAT: To Launch 2ND Satellite in Third Quarter of 2009
INDOSAT: Launches Interactive Content Marketing Service
TELKOM INDONESIA: To Pay IDR303.205 Per Share Dividend

TELKOM INDONESIA: Earns IDR6 Trillion for FY 2006


J A P A N

FORD MOTOR: Denies Plans to Build Slovak Plant; Eyes Romania
ITOCHU CORP: Forms Business and Capital Alliance with Adways
KUMAGAI GUMI: Fair Trade Commission Orders Payment of JPY129MM
KUMAGAI GUMI: Announces Repurchase of Common Stock
MEDCA JAPAN: Katokichi Co. Sells Shares to Unimat Holding Co.

NUANCE COMMS: US$225MM Loan Increase Cues S&P to Affirm Ratings
SOJITZ CORP: Buys 10% Stake in Australian Mine for AU$350 Mil.


K O R E A

NOVELIS INC: Extends Change of Control Notes Offer to July 3
SHINHAN BANK: Unit to Acquire North Atlanta National Bank
SK CORPORATION: Appoints New Co-Chief Executive Officer


M A L A Y S I A

AMSTEEL CORP: Bursa to Delist Securities on July 12
MERGE ENERGY: Unit to Sell Properties for MYR2.5 Million
MERGE ENERGY: Earns MYR1.01 Million in Quarter Ended April 30
SOLECTRON CORP: Earns US$12.1 Million in Quarter Ended June 1


N E W  Z E A L A N D

ASQUITH PROPERTIES: Wind-Up Petition Hearing Set for August 2
DEVOX PLUS: Appoints Official Assignee as Liquidator
DEVOX SERVICES: Subject to Total Solution?s Wind-Up Petition
LIMELIGHT MEDIA: Requires Creditors to File Claims by August 17
MANE HAIR: Taps Parsons and Kenealy as Liquidators

NCM NZ: Court to Hear Wind-Up Petition on August 23
NETT BOOKS: Fixes July 13 as Last Day to File Claims
RICHCAN INVESTMENTS: Commences Liquidation Proceedings
THE TIMBER FLOOR: Wind-Up Petition Hearing Set for August 16
TRUSTPOWER LIMITED: Group Appeals Marlborough?s Consent Decision

UPPERCUT PROMOTIONS: Faces CIR?s Wind-Up Petition


P H I L I P P I N E S

BANCO DE ORO: Amends Articles of Incorporation and By-Laws
DEL MONTE: 160 Federal Agents Raid Company
DEL MONTE: Settles Antitrust Suits by Banana Buyers for US$2.5M
IPVG CORP: Non-disclosure of Globalstride Buy Prompts Suspension
PHIL. AIRLINES: Face Suit Over Inflated Freight Charges

SAN MIGUEL: Clarifies Plans for PHP5-Bil. Corn Terminals
SWIFT FOODS: Resets Annual Stockholders' Meeting on August 3
UNION BANK: Posts PHP1.63-Billion Net Loss for 1st Quarter 2007
VULCAN INDUSTRIAL: Turns Around w/ PHP16M Income for 1st Quarter
WELLEX INDUSTRIES: Posts PHP118.82-Million Net Loss For 2006

WELLEX INDUSTRIES: Posts PHP413K Net Loss for First Quarter 2006
ZEUS HOLDINGS: Posts PHP266,768 Net Loss for First Quarter 2007
ZIPPORAH REALTY: Posts PHP497K Net Loss for First Quarter 2007


S I N G A P O R E

BRIGHT CENTURY: Creditors Receive 6.429% of Dividend
CHANG HIN INVESTMENT: Pays Dividend to Creditors
PETROLEO BRASILEIRO: Expects Hike in Gas Import
PETROLEO BRASILEIRO: Investing US$2 Billion in Carabobo Block
PETROLEO BRASILEIRO: Workers Will Protest Over Salaries

SEA CONTAINERS: Creditor Panel Raises Concerns on DIP Financing
SEA CONTAINERS: Trustee Drops Mariner, Dune & Trilogy from Panel
TOKAI AGENCY: Proofs of Debt Must be In by July 13
UNITED TEST: Moodys Assigns ?Ba3? Corporate Family Rating


BOND PRICING: For the Week 02 July to 06 July 2007

     - - - - - - - -

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

BUCKEYE TECH: Promotes Steven Dean as Senior Vice Pres.& CFO
------------------------------------------------------------
Buckeye Technologies Inc. has promoted Steven G. Dean, currently
Vice President and Chief Financial Officer, to Senior Vice
President and Chief Financial Officer effective July 1, 2007.

Mr. Dean was elected Vice President and Controller Feb. 8, 2006,
and was appointed Vice President and Chief Financial Officer
July 1, 2006.  He is a graduate of Millsaps College with a
degree in Business Administration and earned a MBA at
Northwestern University.  He joined Buckeye in 1999 and has held
positions of increasing responsibility in the finance
organization. Prior to joining Buckeye, Steve held various
financial management positions with Thomas & Betts and Hewlett-
Packard.

Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and  
markets specialty fibers and nonwoven materials.  The company
currently operates facilities in the United States, Germany,
Canada, Brazil, and Australia.  Its products are sold worldwide  
to makers of consumer and industrial goods.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 19, 2007, Moody's upgraded Buckeye Technologies, Inc.'s
corporate family rating to B1 from B2 and maintained a stable
outlook.  All other ratings were upgraded by one notch while the
unsecured notes were affirmed at B2.  The upgrade reflects the
company's recent operating performance and aligns the company's
ratings with expected margins and credit metrics over the
intermediate term.

Ratings upgraded:

   -- Corporate family rating upgraded to B1 from B2;

   -- Probability of default rating upgraded to B1 from B2;

   -- US$70 million revolving credit facility upgraded to Ba1
      from Ba2, (LGD2, 10%)

   -- US$150 million secured term loan upgraded to Ba1 from
      Ba2, (LGD2, 10%)

   -- US$100 million 9.25% subordinated notes upgraded to B3
      from Caa1, (LGD5, 84%)

   -- US$150 million 8.0% subordinated notes upgraded to B3
      from Caa1, (LGD5, 84%)

Ratings affirmed:

   -- US$200 million unsecured notes, B2, (LGD3, 48%)


CARDKEY SYSTEMS: Proofs of Debt Must be in by July 17
-----------------------------------------------------
Cardkey Systems Pacific Pty Limited, which is in liquidation,
will declare dividend on July 25, 2007.

Creditors? proofs of debt must be in by July 17, 2007, to be
included in the company?s dividend distribution.

The members will also have their meeting on August 1, 2007, to
receive the liquidator?s report about the company?s wind-up
proceedings and property disposal.

The company?s liquidators are:

         David J. F. Lombe
         Simon Cathro
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000


COMMSCOPE INC: Inks Pact to Buy Andrew Corp. for US$2.6 Billion
---------------------------------------------------------------
CommScope, Inc. and Andrew Corporation on Wednesday entered into
a definitive agreement, unanimously approved by their respective
Boards of Directors, under which CommScope will acquire all of
the outstanding shares of Andrew for $15.00 per share, at least
90% in cash, creating a global leader in infrastructure
solutions for communications networks.

The transaction, which is valued at approximately $2.6 billion,
is expected to be accretive to CommScope?s cash earnings per
share, excluding special items, in the first full year after
closing.  The $15.00 per share purchase price represents a
premium of approximately 13% over Andrew?s average closing share
price for the last 30 trading days, a 21% premium over Andrew?s
average closing share price for the last 60 trading days, and a
16% premium over the closing price of Andrew?s common stock on
Tuesday, June 26, 2007.

           Key Strategic Benefits of the Transaction

The combined company will be a global leader in infrastructure
solutions for communications networks, including structured
cabling solutions for the business enterprise; broadband cable
and apparatus for cable television applications; and antenna and
cable products, base station subsystems, coverage and capacity
systems, and network solutions for wireless applications.  The
combination of the companies? respective operations is expected
to result in meaningful operating, cost and sales synergies, and
other important benefits to shareholders, customers and
employees, including:

    * Building upon complementary global product offerings that
      will provide customers with a broader array of
      infrastructure solutions for video, voice, data and
      mobility;

    * Expanding global distribution and manufacturing
      capabilities;

    * Enhancing growth opportunities by combining marquee
      brands, innovative technologies, and global service
      models;

    * Strengthening industry-leading R&D and intellectual
      property portfolio;

    * Affording scale in procurement, logistics and
      manufacturing in an increasingly competitive market;

    * Diversifying top-tier customer base; and

    * Providing greater opportunities for employees as part of a
      larger, more diversified global corporation.

Based on CommScope?s and Andrew?s results for fiscal year 2006,
on a pro forma basis, the combined companies would have had:


    * sales of approximately $3.8 billion comprised of
      approximately 35% in wireless antenna and cable products;


    * 29% in carrier and network solutions;

    * 21% in enterprise products; and

    * 15% in broadband/cable television solutions.

The combined companies? revenues on a geographic basis would
have been approximately:

    * 57% in North America;
    * 24% in Europe, the Middle East and Africa;
    * 12% in Asia/Pacific Rim; and
    * 7% in Latin America.

The combined company will have more than 2,200 global patents
and pending patent applications and approximately 16,000
employees serving more than 130 countries.

"We are pleased to have reached this agreement with Andrew,
which we believe is extremely beneficial to the shareholders of
both companies," said Frank M. Drendel, Chairman and Chief
Executive Officer of CommScope.  "By combining CommScope and
Andrew, we are enhancing CommScope?s position as a worldwide
leader in 'last mile' solutions.  Combining our innovative
technologies, premier brands and a top-tier customer base, we
will expand our global service model and create an enhanced
offering of communications infrastructure solutions that
addresses a broader spectrum of customer needs.  With the
acquisition of Andrew, we are advancing CommScope?s stated
global strategy and creating important cost reduction and growth
opportunities that we believe will drive increased shareholder
value."

Mr. Drendel continued, "We are also pleased to welcome Andrew?s
talented and dedicated employees to the CommScope team.  We
intend to invest in the combined business for profitable growth,
and the employees of both companies will be important to our
continued success.  CommScope is a proven and successful
integrator of strategic transactions and we expect to begin
realizing the benefits of this combination immediately after the
transaction closes and enjoy them fully over the next few
years."

"We believe that the combination of Andrew and CommScope creates
a strong company with long-term advantages for our customers and
employees," said Ralph Faison, President and Chief Executive
Officer of Andrew Corporation.  "Our two companies fit together
strategically with leading complementary product offerings and
geographical strengths.  This transaction provides our
shareholders with a significant cash premium and offers our
global employees an even more promising future as part of a
larger and more diversified company.  We are excited to unite
the strengths of Andrew and CommScope and further expand our
range of services to the benefit of our many customers around
the world."

               Cost Savings and Revenue Synergies

Given CommScope?s track record of successfully integrating
acquisitions, manufacturing discipline and commitment to
operational excellence, the combined company expects to generate
substantial annual pretax cost savings, excluding one-time
transition items, of approximately $90 million to $100 million
in the second full year after completion of the transaction, of
which approximately $50 million to $60 million are expected to
be achieved in the first full year after completion.  The cost
savings are expected to come from a combination of procurement
savings, rationalization of duplicate locations, streamlining
overhead and integration of infrastructure, and building upon
best practices in technology and manufacturing.  No assurance
can be given that these cost savings can be achieved in the
amounts or during the periods predicted.  Transition cash costs
are expected to total approximately $70 million to $80 million
in the first two years after completion.

CommScope has also identified potential revenue synergies,
including expected benefits from the combination of Andrew?s
industry-leading in-building wireless products with CommScope?s
global leadership in the Enterprise market.  In addition,
CommScope sees the potential to increase sales of its integrated
cabinet solutions through Andrew?s leading global channel to
wireless carriers as well as opportunities to expand broadband
connectivity product offerings.

Following the close of the transaction, Andrew will become a
wholly-owned subsidiary of CommScope.  Frank Drendel will remain
Chairman and CEO of CommScope, and CommScope will retain its
global headquarters in Hickory, North Carolina.  The combined
company also plans to maintain its Chicago-area presence,
exemplified by building upon Andrew?s state-of-the-art
manufacturing and office facility in Joliet, Illinois.

            Terms, Financing and Capital Structure

Under the terms of the agreement, each share of Andrew common
stock will be converted into $15.00, comprised of $13.50 per
share in cash and an additional $1.50 per share in either cash,
CommScope common stock, or a combination of cash and CommScope
common stock totaling $1.50 per share, at CommScope?s option.

If CommScope determines to pay the $1.50 portion of the purchase
price entirely in CommScope common stock, each share of Andrew
common stock would be converted into $13.50 in cash, plus a
fraction of a share of CommScope common stock equal to $1.50
divided by the volume weighted average of the closing sale price
of CommScope common stock over the ten consecutive trading days
ending two trading days prior to the closing date of the merger.

The total transaction value is approximately $2.6 billion, based
on Andrew?s estimated 176 million shares outstanding on a fully
diluted basis, which includes shares associated with Andrew?s
existing convertible notes.

CommScope expects to fund the cash portion of the purchase price
through a combination of new credit facilities and available
cash on hand.  CommScope has obtained customary fully
underwritten debt financing commitment letters from Bank of
America and Wachovia Bank, N.A., and their respective
affiliates.

Following completion of the transaction, CommScope plans to
reduce leverage by continuing to grow its historically strong
cash flow, improving the combined company?s operational
performance, and by identifying and selectively divesting non-
core or underperforming assets during the first year after
completion.  CommScope expects to grow its earnings per share
through a combination of increased top-line performance,
operational improvements and debt reduction.

                    Approvals and Timing

The companies expect to close the transaction by the end of
2007, subject to completion of customary closing conditions,
including effectiveness of a registration statement on Form S-4,
approval by Andrew?s shareholders, clearance under the Hart-
Scott-Rodino Antitrust Improvements Act of 1976 and any other
applicable laws or regulations.  The transaction is not
conditioned on receipt of financing by CommScope.

                          Advisors

Banc of America Securities LLC is acting as financial advisor to
CommScope and Duff & Phelps LLC provided a fairness opinion to
CommScope.

Fried, Frank, Harris, Shriver & Jacobson LLP, Baker & McKenzie
LLP and Robinson, Bradshaw & Hinson, P.A. are acting as
CommScope?s legal counsel.

Citi is acting as the primary financial advisor to Andrew, and
Merrill Lynch provided a fairness opinion.

Mayer, Brown, Rowe & Maw LLP is acting as Andrew?s primary
outside legal counsel.

                         About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last  
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications. Backed by strong research and
development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                          *     *     *

Standard & Poor's Rating Services removed its rating on Hickory,
North Carolina-based CommScope, Inc., from CreditWatch with
negative implications from CreditWatch, where they were placed
with negative implications on Aug. 7, 2006, and affirmed the
existing 'BB' corporate credit rating.  S&P said the outlook is
stable.

                           About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries.


COMMSCOPE INC: Moody?s Reviews Ratings after Acquisition Deal
-------------------------------------------------------------
Moody's Investors Service placed CommScope Inc.'s ratings under
review for downgrade after their announced intent to acquire
Andrew Corp for US$2.6 billion.  Although CommScope's Ba2
corporate family rating could accommodate some level of debt
financed acquisitions, the size of the Andrew acquisition is
substantial and could potentially increase leverage well above
4x which could result in a downgrade.  Moody's notes the details
of the capital structure and synergies have not been disclosed
at this time.  Both companies have leading market positions in
their particular industries and the combination offers numerous
opportunities for cost savings and sharing of facilities.  The
Andrew acquisition has been approved by both company's boards
but is still conditioned on Andrew shareholder and regulatory
approval.

Moody's review of CommScope will assess (1) the challenges of
integrating Andrew, a company that is roughly equal to
CommScope's size in terms of revenue and EBITDA, (2) proposed
synergies, plant consolidation plans and potential asset sales
(3) proposed capital structure and (4) cash flow generating
prospects. The ratings could be confirmed at their current level
depending on the outcome of the review.

Ratings under review for downgrade include:

-- Corporate Family Rating -- Ba2

-- US$250 million Convertible Senior Subordinated Debentures
    due 2024 - Ba3

Moody's notes that the existing CommScope convertible debt
conversion price is significantly below the current market price
of the stock.  To the extent the debt is converted, the
instrument ratings will be withdrawn.

Headquartered in Hickory, North Carolina, CommScope is a
provider of cable and connectivity solutions for enterprise,
cable, and telecom industries.


COMMSCOPE INC: Andrew Corp. Buy Prompts S&P's Negative Watch
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on CommScope Inc. to 'BB-' from 'BB' and placed the
ratings on CreditWatch with negative implications.  The action
reflects Hickory, North Carolina-based CommScope's definitive
agreement to acquire Westchester, Illinois-based Andrew Corp.
for approximately US$2.6 billion, of which at least 90% would be
in cash.  The transaction is expected to close by the end of the
year, pending regulatory and shareholder approvals.  CommScope
will assume Andrew's existing debt.

"The combined company will be a major supplier of communications
infrastructure products including structured cabling solutions
for enterprises; broadband cable and apparatus for cable
television applications; and antenna and cable products, and
base station subsystems," said Standard & Poor's credit analyst
Stephanie Crane Mergenthaler.  In addition to a more diversified
revenue base, anticipated synergies include manufacturing, sales
and distribution efficiencies.

Still, the transaction would increase the combined company's pro
forma financial leverage to over 7x.  Proceeds from selective
divestitures and realization of anticipated synergies could
result in lower leverage over the intermediate term.  The 'BB-'
corporate credit rating reflects an anticipated best-case
scenario, recognizing these potential benefits, but post-
transaction ratings could be lower, depending on an assessment
of those factors.  

CommScope had considered acquiring Andrew in August 2006,
although the price at the time was approximately US$1.7 billion
in cash, but that agreement was rejected as inadequate, and the
offer was withdrawn.

S&P will review the synergies anticipated in the acquisition, as
well as the ability of the combined companies to reduce leverage
through operating cash flows and selective divestitures, to
resolve the CreditWatch.


CONNECT INTERACTIVE: Placed Under Voluntary Liquidation
-------------------------------------------------------
During a meeting held on June 6, 2007, the members of Connect
Interactive Business Services Pty Limited resolved to
voluntarily liquidate the company?s business and appointed John
Morgan as liquidator.

Creditors are also required to file their proofs of debt by
July 30, 2007, to be included in the company?s dividend
distribution.

The Liquidator can be reached at:

         John Morgan
         PKF Chartered Accountants & Business Advisers
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                   About Connect Interactive

Connect Interactive Business Services Pty Limited provides
direct mail advertising services.  The company is located in New
South Wales, Australia.


EASTMAN KODAK: Sells All-In-One Inkjet Printers to Office Depot
---------------------------------------------------------------
Eastman Kodak Company reported that Office Depot, a leading
global provider of office products and services, will carry the
KODAK EASYSHARE family of All-in-One printers beginning July 1.  
This innovative all-in-one printing solution can save consumers
up to 50 percent on everything they print, including text
documents and photos.  Savings based on home printing of
documents and photos, using average ink costs of comparable
consumer inkjet printers.  Actual results may vary.

?Kodak?s is revolutionizing home printing and our printers are
receiving resounding support from consumers,? said Michael
Korizno, General Manager for the Americas Consumer Digital
Group, Vice President of Kodak.  ?We?re excited to be able to
expand product availability with a market leader such as Office
Depot.?

Office Depot will sell KODAK EASYSHARE All-in-One printers in
all of the company?s more than 1,170 retail stores in the U.S.,
as well as online at http://www.officedepot.com

?The new Kodak printing system is an ideal solution for
consumers who are looking for quality and performance at an
excellent value,? said Scott Koerner, Senior Vice President of
Merchandising for Office Depot.  ?This service provides
customers with another choice when it comes to purchasing
ink for the home or office.?

The exclusive KODACOLOR technology integrated in KODAK EASYSHARE
All-in-One inkjet printers is a combination of several elements:

  * innovative pigment inks and permanent print heads;

  * micro-porous photo paper; and

  * Kodak?s long-standing experience in color and photo
    technology.

This combination ensures excellent results for all printouts, be
it text, graphics, or photos with vibrant colors.

Office Depot customers will enjoy the above savings as compared
to other consumer inkjet systems for all types of printouts,
with manufacturer suggested pricing of US$9.99 for black ink
cartridges and US$14.99 for five-ink color cartridges.  These
ink prices ensure low cost-of-printing, as recently confirmed by
third-party ink yield testing by independent testing lab
QualityLogic, and a Kodak cost-of-printing analysis.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has upgraded Eastman Kodak Company's
senior unsecured debt to 'B/RR4' from 'B-/RR5' due to improved
recovery prospects following the company's redemption on
May 3, 2007, of a US$1.15 billion secured term loan funded with
a portion of the proceeds from the sale of its Health Group to
Onex Healthcare Holdings, Inc., for US$2.35 billion on
April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

    -- Issuer Default Rating 'B';
    -- Secured credit facility 'BB/RR1'.


FRANCIS HOLDINGS: Names Schon Gregory Condon as Liquidator
----------------------------------------------------------
On June 15, 2007, the members of Francis Holdings Pty Ltd had a
meeting and agreed to voluntarily wind up the company?s
operations.

Schon Gregory Condon was appointed as liquidator.

The Liquidator can be reached at:

         Schon Gregory Condon RFD
         Condon Associates
         Australia
         Telephone:(02) 9893 9499


FORTESCUE METALS: Finance Unit on S&P Negative Watch
----------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' issue rating
on FMG Finance Pty Ltd. (100% owned by Fortescue Metals Group
Ltd.) on CreditWatch with negative implications.  The
CreditWatch placement reflects concerns primarily relating
to increasing cost overruns, weaker project liquidity, and
additional unbudgeted expenditure.

The impact of cyclones and increasing construction costs on the
greenfield iron ore project has reduced the amount of prefunded
cash reserves within the project structure to about AU$325
million, from about AU$624 million.  This is a reduction of
about 48% since the project financing was put in place, although
contracts accounting for more than 80% of the total construction
cost have been awarded on a fixed-price basis.  While the
project is about 40% complete to date, further cost overruns,
additional expenditure, and liquidity pressure cannot be ruled
out given possible delays in construction, project completion,
commissioning, and start-up risks.  The company has announced
plans to raise new capital and these funds could stabilize
credit protection if provided to the project.

While some of the increases in the project's capital costs are
attributable to cyclones and delays in regulatory approval,
FMG's contracting strategy has led to cost overruns to meet the
project timeline, particularly on the critical rail project.  
The rail project currently represents the largest risk in the
logistics link, with about six to seven months remaining to lay
about 260 kilometers of track (assuming FMG is to meet its
target date of mid-May 2008 for first ore to ship).  FMG has
appointed two new contractors on the rail project under fixed-
term arrangements to meet the target date.  These lump-sum
contracts, along with extra accommodation camps, have increased
the project cost by about AU$99 million, which will be funded
from the cost overrun accounts.  The original rail contractor
remains on a cost reimbursement contract. The capital cost of
the total project has increased by 15% on the original budget to
about AU$2.57 billion, which has been funded by the cost overrun
provisions.

Recent FMG announcements indicate a clear ambition to expand
production above the targeted Phase 1, 45 million tonnes per
annum production rate and to take advantage of strong market
conditions.  However, should these expansion initiatives occur
prior to completion and commissioning of the project, bond-
holder consent might be required for some components of the
expansion, and would likely require significant new capital
injection into the project.  Should new debt capital be raised
at the FMG level, Standard & Poor's will review the new capital
structure and determine any impact on the creditworthiness of
the parent and project structure.  

Any further contingent spending from the reserves accounts could
reduce the flexibility required to maintain credit quality
through commissioning and ramp up.  The project's long-term
debt-service capability relies on cash-flow generation, which in
turn depends on completion.  Should the project undertake an
expansion prior to completion and commissioning of Phase 1,
Standard & Poor's will need to assess the impact on the
project's construction timeline, liquidity, and debt-service
protection.  The initial bond issue provided for two years of
reserved debt service from draw down.  The debt service reserve
accounts are funded to September 2008.  After this date, the
next interest payment relates to the US$250 million floating-
rate notes and is due in December 2008 (about US$5 million),
which could require servicing from the construction reserve
accounts if construction or commissioning is delayed.  The next
interest payment (about US$100 million) on the equivalent of
US$1.83 billion of fixed-rate notes is due in March 2009.

Resolution of the CreditWatch status will depend on FMG
providing greater clarity about its future growth ambitions in
conjunction with a review of the funding options supporting
credit quality.

                     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.


GWYNVILL EQUITIES: Members Opt to Shut Down Business
----------------------------------------------------
On June 15, 2007, the members of Gwynvill Equities Pty Limited
met and agreed to shut down the company?s business.

John Gibbons and Keiran Hutchison were appointed as liquidators.

The Liquidators can be reached at:

         John Gibbons
         Keiran Hutchison
         Ernst & Young
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9248 5862


LABRADOR PTY: Appoints Gibbons and Hutchison as Liquidators
-----------------------------------------------------------
John Gibbons and Keiran Hutchison of Ernst & Young were
appointed as liquidators of Labrador Pty Limited.

The company entered wind-up proceedings on that same day.

The Liquidators can be reached at:

         John Gibbons
         Keiran Hutchison
         Ernst & Young
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9248 5862


MILLERS REFRIGERATION: Commences Liquidation Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on June 13, 2007, the
members of Millers Refrigeration & Airconditioning Pty Ltd
agreed to liquidate the company's business.

David Leigh was appointed as liquidator at the creditors?
meeting held later that day.

Mr. Leigh can be reached at:

         David Leigh
         SimsPartners
         Level 2, 75-77 Clarence Street
         Port Macquarie New South Wales 2444
         Australia
         Telephone:(02) 6584 2653

                   About Millers Refrigeration

Millers Refrigeration & Airconditioning Pty Ltd operates
household appliance stores.  The company is located in New South
Wales, Australia.


MONEYLINE TELERATE: Undergoes Voluntary Liquidation
---------------------------------------------------
During a general meeting held on June 7, 2007, the members of
Moneyline Telerate (Australia) Pty Ltd decided to voluntarily
liquidate the company?s business.

Christopher R. Campbell and David J. F. Lombe were appointed as
liquidators.

The Liquidators can be reached at:

         Christopher R. Campbell
         David J. F. Lombe
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                    About Moneyline Telerate

Moneyline Telerate (Australia) Pty Ltd is involved with
commercial physical and biological research.  The company is
located in New South Wales, Australia.


PACIFICO NUMBER: Members Pass Resolution to Wind Up Firm
--------------------------------------------------------
On June 14, 2007, the members of Pacifico Number Two Pty Ltd
passed a resolution to wind up the company?s operations and
appointed David Levi as liquidator.

The Liquidator can be reached at:

         David Levi
         c/o Levi Consulting
         Level 27, 363 George Street
         Sydney, New South Wales 2000
         Australia

                     About Pacifico Number

Pacifico Number Two Pty Ltd is a distributor of durable goods.  
The company is located in New South Wales, Australia.


PYNFLAME PTY: Placed Under Voluntary Liquidation
------------------------------------------------
Pynflame Pty Limited was placed under voluntary liquidation on
June 18, 2007.

Linda Bowen and Ray Levis were appointed as liquidators.

The Liquidators can be reached at:

         Linda Bowen
         39 Bunyula Road
         Bellevue Hill, New South Wales 2023
         Australia;

         and

         Ray Levis
         61 Fitzwilliam Road
         Vaucluse, New South Wales 2114
         Australia


STARENA INTERNATIONAL: To Declare Dividend on July 31
-----------------------------------------------------
Starena International Pty Limited, will declare the second
dividend for its unsecured creditors on July 31, 2007.

Unsecured creditors are required to file their proofs of debt by
July 17, 2007, to be included in the company?s dividend
distribution.

The company?s deed administrator is:

         R. W. Whitton
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia
         Telephone:(02) 4962 2294

                   About Starena International

Starena International Pty Limited -- http://www.starenaint.com/
-- is an international supplier of stadia seating and fit out
products to the stadium/stadia and arena markets.  Offices are
located in Sydney, Athens, Cairo and Dallas, as well as over 50
world wide distributors and manufacturing in Australia, Greece,
Egypt, USA and China.


WESTPOINT GROUP: Judge Admits Knowing One of Five Directors
-----------------------------------------------------------
Judge Ray Finkelstein, who will conduct the trial against the
Westpoint Group directors, admitted that he may not be able to
conduct the trial because he knows one of the defendants,
Maurice Dunlevy writes for The Australian.

According to the report, Justice Finkelstein revealed that he
knows director Lynette Schiftan, one of five directors of
Westpoint?s Ann Street Mezzanine, because Ms. Schiftan was a
former Victorian County Court Judge.

Justice Finkelstein added that his capacity to do the trial
would ultimately depend upon the nature of the defense, relates
Mr. Dunlevy.

Ms. Schiftan, The Australian recounts, along with other four
directors of Westpoint?s Ann Street Mezzanine, is facing the
Federal Court action brought by liquidators of the failed group.

Reportedly, Ms. Schiftan was a director of a series of Westpoint
mezzanine companies as well as Westpoint Money Management.  
Ms. Schiftan, together with Westpoint boss Norm Carey, Richard
Beck, John Dixon and Graeme Rundle, face the prospect of drawn-
out civil proceedings as liquidators attempt to recover some of
the AU$350 million lost in the December 2005 collapse of
Westpoint.

Ann Street Mezzanine, according to the article, wound up by the
Australian Securities and Investments Commission, owes
870 unsecured creditors more than AU$74 million.  Liquidator
Pricewaterhouse-Coopers is seeking almost AU$28 million from the
directors, alleging they are liable for negligence, default and
breach of duties, conveys Mr. Dunlevy.

                       About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property  
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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

AICHI ELECTRONICS: Creditors? Proofs of Debt Due by July 30
-----------------------------------------------------------
The creditors of Aichi Electronics (HK) Limited are required to
file their proofs of debt by July 30, 2007, to be included in
the company?s dividend distribution.

The company?s liquidators are:

         Darach E. Haughey
         Lai Kar Yan, Derek
         One Pacific Place, 35th Floor
         88 Queensway
         Hong Kong


CHIA-TAI ZHEN-HUA: Appoints Pang Siu Chik, Alick as Liquidator
--------------------------------------------------------------
On June 22, 2007, Pang Siu Chik, Alick was appointed as
liquidator of Chia-Tai Zhen-Hua 851 International Company
Limited.

The Liquidator can be reached at:

         Pang Siu Chik, Alick
         China Merchants Builing, Room 804
         152-155 Connaught Road, Central
         Hong Kong


COTHERSTONE LIMITED: Sets Members? General Meeting for July 30
--------------------------------------------------------------
The members of Cotherstone Limited will hold a general meeting
for its members on July 30, 2007, at 11:00 a.m., on the 10th
Floor of Vogue Building at 67 Wyndham Street in Central, Hong
Kong.

Lau Vui Cheong, the company?s liquidator, will give at the
meeting, a report about the company?s wind-up proceedings and
property disposal.


F.S. TRANSPORT: Proofs of Debt Due by July 30
---------------------------------------------
F.S. Transport (HK) Limited requires its creditors to file their
proofs of debt by July 30, 2007.

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

The company?s liquidators are:

         Chung Wai Leung
         Mok Pui Shu pansy
         Tai Tung Building, Unit 1305
         8 Fleming Road, Wanchai
         Hong Kong


K.L. LEE & PARTNERS: Taps Sze Lin Tang as Liquidator
----------------------------------------------------
Sze Lin Tang was appointed as liquidator of K.L. Lee & Partners
C.P.A. Limited on June 25, 2007.

The company went into liquidation on that same day.

The Liquidator can be reached at:

         Sze Lin Tang
         Max Share Centre, Unit D, 21st Floor
         373 King?s Road, North Point
         Hong Kong


KLL ASSOCIATES: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting held on June 25, 2007, the
members of KLL Associates CPA Limited agreed to voluntarily
liquidate the company?s business and Sze Lin Tang was appointed
as liquidator.

The Liquidator can be reached at:

         Sze Lin Tang
         Max Share Centre, Unit D, 21st Floor
         North Point
         Hong Kong


NATION PROFIT: Names Pang Siu Chik, Alick as Liquidator
-------------------------------------------------------
Pang Siu Chik, Alick was appointed as liquidator of Nation
Profit International Limited on June 22, 2007.

The Liquidator can be reached at:

         Pang Siu Chik, Alick
         China Merchants Builing, Room 804
         152-155 Connaught Road, Central
         Hong Kong


PERFECT PARADISE: Members to Meet on August 3
---------------------------------------------
The members of Perfect Paradise Finance Limited will meet on
August 3, 2007, at 11:00 a.m., to receive the liquidator?s
report about the company?s wind-up proceedings and property
disposal.

The meeting will be held on the 12th Floor of Tsim Sha Tsui
Centre at Salisbury Road, Tsim Sha Tsui in Kowloon, Hong Kong.


PO KWONG: Court to Hear Wind-Up Petition on August 15
-----------------------------------------------------
The High Court of Hong Kong will hear a petition to wind up the
operations of Po Kwong Marble Factory Limited on August 15,
2007, at 9:30 a.m.

The petition was filed by Chinney Construction Company Limited
on June 13, 2007.

Chinney Construction?s solicitor is:

         Wong & Fok
         Admiralty Centre, Tower 1, Room 605
         18 Harcourt Road, Admiralty
         Hong Kong


RELIABLE LIMITED: Wind-Up Petition Hearing Set for August 15
------------------------------------------------------------
A petition to wind up the operations of Reliable Limited will be
heard before the High Court of Hong Kong on August 15, 2007, at
9:30 a.m.

Industrial and Commercial Bank of China (Asia) Limited filed the
petition on June 8, 2007.

Industrial and Commercial Bank?s solicitor is:

         Bernard Wong & Co.
         Takshing House, Rooms 1101-6
         20 Des Voeux Road, Central
         Hong Kong
         Telephone: 2845-6311
         Facsimile: 2810-6124


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

AES CORP: Almost Reaching Debt Payment Pact with Banco Nacional
---------------------------------------------------------------
The AES Corporation is close to reaching an agreement with the
Banco Nacional de Desenvolvimento Economico e Social S.A. for
the repayment of its loan to the bank, Brazilian news daily
Valor Economico reports.

Valor Economico notes that AES will pay some US$1 billion to
Banco Nacional.

The report says that Banco Nacional is allegedly offering a
discount to AES for the debt repayment.

Business News Americas relates that SEB, a consortium controlled
by AES, borrowed some US$750 million from Banco Nacional in 1997
to help acquire a US$1-billion, 33% voting right stake in
Companhia Energetica de Minas Gerais.  SEB signed a shareholder
pact with Companhia Energetica to let the consortium influence
managerial decisions at the company.

Brascan brokerage analyst Felipe Cunha said in a report that AES
would likely reach a deal with Banco Naciona.

Mr. Cunha told BNamericas, "The deal should be concluded because
AES has a strategic interest in solving this problem and BNDES
[Banco Nacional] intends to recover the money, which was already
booked in its balance sheet as a loss."

However, Carlos Constantini, a market analyst at Sao Paulo
brokerage Unibanco Corretora, said in a report that AES's
strategy is unclear.

Mr. Constantini commented to BNamericas, "The key issue here is
trying to figure out AES's strategy -- raising funding to
acquire BNDES' stake in [power holding company] Brasiliana or
selling all assets and quitting the country -- and its next
movement in this game of chess."

According to BNamericas, Banco Nacional has a 49.99% stake in
Brasiliana.  It has disclosed plans to sell its shares.

Mr. Constantini told BNamericas, "We cannot disregard the fact
AES would strengthen its position in terms of its financial
capacity to dispute control of Brasiliana with any other sector
player."

Due to AES? ability to reach a deal on its debt with Banco
Nacional, stronger financial capacity would be possible,
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 The AES Corporation

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 has operations in India.

                       *     *     *

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.


AES CORP: Files Appeal in US Court for NatGas Terminal Ban
----------------------------------------------------------
AES Corporation has filed an appeal in the U.S. Court of Appeals
for the Fourth Circuit to try to abolish a Baltimore County law
blocking its proposed liquefied natural gas terminal at Sparrows
Point, Andy Rosen at the Daily Record reports.

According the Daily Record, the law bans liquefied natural gas
terminals in an area within 1,000 feet off the Chesapeake Bay?s
tidal waters or wetlands.

The AES is arguing that the law is the Baltimore County?s
attempt to regulate liquefied natural gas facility construction,
the Daily Record notes.

AES told the Daily Record that it believes that power belongs to
the Federal Energy Regulatory Agency.

The report says that AES is challenging a decision the U.S.
District Court in Baltimore had made.  Judge Richard D. Bennett
had ruled that the law didn?t commit any violation on federal
power as state-level governments have the authority to decide on
coastal management issues linked with liquefied natural gas
construction.

The Daily Record relates that the county has emphasized that it
is prepared to continue the battle over the terminal.

The terminal has been opposed since it was proposed in January
2007, the Daily Record states.

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 has operations in India.

                       *     *     *

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.


GENERAL MOTORS: UAW Leaders Say Strike Possible in Labor Talks
--------------------------------------------------------------
United Auto Workers President Ron Gettelfinger and Vice
President Cal Rapson said in an online chat that a strike is one
possible option during the upcoming national negotiations with
General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's
Chrysler Group, which starts this month, Reuters reports.

Mr. Gettelfinger also told UAW members during the chat that
Detroit's Big Three automakers are "posturing" when they say
they need a US$30 reduction in hourly wages and benefits as they
try to return to profitability, Reuters relates.

In a TCR-Europe report on June 19, 2007, GM, Ford and Chrysler
are seeking unprecedented concessions from the UAW in a bid to
narrow what they say is a US$30-an-hour labor-cost disadvantage
against Asian rivals like Toyota Motor Corp. and Honda Motor Co.

GM, Ford and Chrysler claim that they pay union workers US$70 to
US$75 an hour compared with Toyota and other Asian auto makers'
US$40 to US$45 an hour at their U.S. plants.  Most of the
difference stems from health-care expenses.

In 2006, GM estimates that it spent nearly US$3.3 billion on
health-care for 432,000 retirees.  The cost at Ford was near
US$1.8 billion while Chrysler spent US$1.6 billion.

By contrast, on a combined basis, foreign automakers with U.S.
plants, including Japan's own Big Three -- Toyota Motor Corp.,
Honda Motor Co Ltd. and Nissan Motor Co Ltd. -- paid a mere
US$23 million for retiree health care in the U.S, Reuters
observes.

GM, Ford and the UAW last year agreed to a court settlement
requiring union retirees to pay part of their healthcare costs
for the first time.  Detroit-based GM and Ford, of Dearborn,
Michigan, also pledged not to alter those retiree healthcare
benefits until after 2011 without union consent.

Last year's settlement, as well as benefit reductions for
salaried workers, helped GM cut retiree healthcare liabilities
by 21 percent to US$64 billion at the end of last year,
Bloomberg discloses.  Ford had retiree obligations of US$31
billion, and Chrysler's potential future tab is about US$19
billion.

GM has already bought out 34,400 union workers, and Ford and
Chrysler together are trying to persuade 50,000 to leave as they
cut production to match market-share losses to Toyota Motor
Corp. and Honda Motor Co.

                     About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908, GM employs  
about 280,000 people around the world.  With global manufactures
its cars and trucks in 33 countries, including India.  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.

                         *     *     *

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

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


IFCI LTD: To Consider Inviting Bids for EOIs on July 6
------------------------------------------------------
IFCI Ltd will consider inviting bids for expression of interest
for the induction of a strategic investor, a regulatory filing
with the Bombay Stock Exchange reveals.  In that regard, the
company?s board of directors will hold a meeting on July 6,
2007.

According to India Infoline News, IFCI has tapped Ernst & Young
to look for a strategic investor, in whom the company plans to
divest a 26% stake.  After the induction of the strategic
investor, the equity base of IFCI will expand and the
shareholding of existing investors will come down, the news
agency notes.

As reported by the Troubled Company Reporter ? Asia Pacific, the
company wants to raise as much as US$250 million from selling
the 26% stake.

On the July 6 meeting, the board will also consider and take on
record the audited financial results of the company for the
quarter ended June 30, 2007.

IFCI Limited -- http://www.ifciltd.com/-- is established to
cater the long-term finance needs of the industrial sector.  The
principal activities of IFCI include project finance, financial
services, non-project specific assistance and corporate advisory
services.  Project finance involves providing credit and other
facilities to green-field industrial projects (including
infrastructure projects), as well as to brown-field projects.
Financial services covers a range of activities wherein
assistance is provided to existing concerns through various
schemes for the acquisition of assets, as part of their
expansion, diversification and modernization programs.
Non-project specific assistance is provided in the form of
corporate/short-term loans, working capital, bills discounting,
etc to meet expenditure, which is not specifically related to
any particular project.  Its investment portfolio includes
equity shares, preference shares, security receipts and
government securities.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
April 3, 2007, India?s Credit Analysis & Research Ltd. retained
a CARE D rating to IFCI's Long & Medium Term Debt aggregating
INR91.36 crore.  The amount represents the outstanding non-
restructured amount under the Bonds series, which have been
rated by CARE.

Fitch Ratings, on June 29, 2006, affirmed IFCI's support rating
at '4'.  The outlook on the rating is stable.


INDUSTRIAL DEV?T. BANK: Sells 2% of NSE to MS Strategic Ltd
-----------------------------------------------------------
Pursuant to the approval received from relevant authorities, the
Industrial Development Bank of India Ltd sold on June 28, 2007,
nine lakh equity shares constituting 2% of the issued and paid
up capital of National Stock Exchange of India Ltd to MS
Strategic (Mauritius) Ltd, the bank informed the Bombay Stock
Exchange in a regulatory filing.  The bank sold the 2% stake for
an aggregate sum of US$50 million.

Even after the sale of 2% stake in the NSE, the bank still has
11% stake (49.5 lakh shares) in NSE, Moneycontrol.com points
out.

In a separate BSE filing, the bank informs that V. P. Shetty has
ceased to be the chairman & managing director of the bank on
attaining the age of superannuation effective on June 30, 2007.  
Yogesh Agarwal replaces Mr. Shetty as CMD effective on July 1.


Headquartered in Mumbai, India, Industrial Development Bank of
India -- http://www.idbi.com-- is a commercial bank that offers   
a range of products, including secured loans, such as housing
loans, mortgage loans and loan against securities, and unsecured
loans, such as personal loans, educational loans and overdrafts
to merchant establishments.  It also distributes third-party
products, such as insurance and mutual fund products to its
retail customers. IDBI also offers project financing, film
financing, equipment financing, asset credits, corporate loans,
working capital loans, direct discounting, the financing of
receivables, venture capital funds, bill rediscounting,
rehabilitation financing, foreign exchange and merchant banking.

                          *     *     *

As part of the application of Moody's Investors Service's
refined joint default analysis and updated bank financial
strength rating methodologies, the rating agency, on April 24,
2007, affirms Industrial Development Bank of India's BFSR at D-.  
Moody's also maintains the bank's Foreign Currency Deposit
Rating at Ba2.  

Fitch Ratings on April 3, 2007, affirmed IDBI's Individual
rating at 'C/D'.

On Jan. 30, 2007, Standard & Poor's Ratings Services revised the
Bank Fundamental Strength Rating of IDBI to 'C' from 'D+'.


ITI LTD: Seeks QUALCOMM License for CDMA Terminals and Chipsets
---------------------------------------------------------------
ITI Ltd is in discussions with QUALCOMM Inc. to acquire a
license to manufacture Code Division Multiple Access-based fixed
wireless terminals and for its CDMA chipsets, reports say.

According to Moneycontrol.com, the company wants the CDMA
license as part of its plan to boost its manufacturing plants in
various parts in India.

The move also is part of ITI's strategy to foray into production
of equipment based on newer technologies, domain-b.com relates.  
If successful, domain-b.com says, ITI could become the first
company to set up local manufacturing for CDMA devices.  

ITI, however, isn?t the first Indian company to seek and obtain
QUALCOMM?S CDMA License.  Himachal Futuristic Communication Ltd
already obtained the license from the United-States based
company.  But HFCL has yet to start manufacturing.

ITI is also currently in discussion with a possible partnership
with CDoT-Alcatel Research Centre in Chennai for manufacturing
WiMax consumer premise equipment and network gear on a transfer-
of-technology basis, domain-b adds.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Apr. 23, 2007, that Credit Analysis & Research Ltd. revised the
rating assigned to the 'L' series long term bond issue of ITI
Limited to CARE D (SO) [Single D (Structured Obligation)] from
CARE AAA (SO) [Triple A (Structured Obligation))] with Credit
Watch.  The rating revision took into account the delay in the
interest payment of the above said bond issue.

TCR-AP reported on Nov. 3, 2006, that Fitch Ratings assigned
final National ratings of 'D(ind)(SO)' to  ITI's INR550 million
'J-1' Series long-term bonds.

ITI has incurred losses for at least two consecutive years --
INR4.12 in FY2006-07 and INR4.51 billion in FY2006-06.  The
company is a sick company as per provisions of India's Sick
Industrial Companies Act 1985.


ROYAL & SUN: Confirms Completion of Codan AS Takeover
-----------------------------------------------------
Royal & Sun Alliance Insurance Group plc considers all
conditions of the Tender Offer launched on May 24, 2007, to have
been satisfied and confirms that it will complete the Offer.

RSA Overseas Holdings B.V., a unit of Royal & Sun Alliance,
launched a voluntary conditional public tender offer for the
acquisition of all the outstanding issued shares and voting
rights in Codan A/S.

On June 21, 2007, the Tender Offer expired and at that time R&SA
owned or had received valid acceptances for an aggregate of
41,894,201 Codan shares of nominal value DKK20 each.

R&SA now holds 97.4% of the issued Shares and voting rights of
Codan excluding the 2,212,825 (4.89%) treasury shares already
held by Codan.

Settlement is expected to take place today, June 28, 2007.

R&SA intends to initiate a compulsory acquisition procedure to
acquire the remaining shares, and has today requested an
Extraordinary General Meeting of Codan to seek shareholder
approval for the delisting of Codan shares from the Copenhagen
Stock Exchange.

                  About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group Plc -- http://www.royalsunalliance.com/-- provides
insurance products and services in over 130 countries.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in Argentina, Bahrain, Belgium,
Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France,
Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania,
Malaysia, Mexico, Netherland Antilles, Netherlands, Norway,
Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay and
Venezuela.

                       *     *     *

As of Feb. 22, 2007, Royal & Sun Alliance Insurance Group PLC
carries Moody's Ba1 preferred stock rating.


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

FREEPORT-MCMORAN: Declares Quarterly Dividends Payable on Aug. 1
----------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. declares the following
quarterly cash dividends payable on August 1, 2007, to holders
of record as of July 16, 2007:

    * US$0.3125 per share of FCX?s Common Stock

    * US13.75 per share of FCX?s 5% Convertible Perpetual        
      Preferred Stock.

FCX also declares, for the period from March 28, 2007 to
August 1, 2007, cash dividends of US$2.30625 per share of FCX?s
6?% Mandatory Convertible Preferred Stock payable on August 1,
2007 to holders of record as of July 16, 2007.  Each subsequent
quarterly dividend is expected to be US$1.6875 per share.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry  
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s or Freeport's corporate family
rating to Ba2 from Ba3.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed US$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.


GOODYEAR TIRE: Repays US$315 Million in Senior Notes
----------------------------------------------------
The Goodyear Tire & Rubber Company has completed its redemption
of US$315 million in senior notes.

Following its successful equity offering in May, Goodyear has
exercised its rights to redeem US$175 million of its US$500
million in 8.625% senior notes due in 2011, and US$140 million
of its US$400 million in 9% senior notes due in 2015.

"Using proceeds from our equity offering to reduce debt brings
us closer to the completion of our Capital Structure Improvement
Plan," Damon J. Audia, Goodyear's vice president and treasurer,
said.

The company has said it expects to use the remaining proceeds of
the equity offering as well as proceeds from the pending sale of
its Engineered Products business for general corporate purposes,
which may include reducing debt, addressing legacy obligations
and supporting growth in its core tire businesses.

            About The Goodyear Tire & Rubber Company

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Indonesia, Australia, China, India,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,and
Thailand.  Goodyear employs more than 80,000 people worldwide.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on June 8,
2007, that Standard & Poor's Ratings Services raised its ratings
on the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust to 'B' from 'B-' and removed them
from CreditWatch, where they were placed with positive
implications on May 14, 2007.

The rating actions reflect the May 31, 2007, raising of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., and its removal from
CreditWatch positive.

On March 15, 2007, that Fitch Ratings affirmed ratings for The
Goodyear Tire & Rubber Company and revised the Rating Outlook to
Stable from Negative.

   -- Issuer Default Rating 'B';

   -- US$1.5 billion first lien credit facility 'BB/RR1';

   -- US$1.2 billion second lien term loan 'BB/RR1';

   -- US$300 million third lien term loan 'B/RR4';

   -- US$650 million third lien senior secured notes 'B/RR4';

   -- Senior unsecured debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V.

   -- EUR505 million European secured credit facilities 'BB/RR1'

Moody's Investors Service affirmed Goodyear Tire & Rubber
Company's Corporate Family Rating of B1.  Ratings on Goodyear's
existing secured and unsecured obligations were also affirmed,
as was the company's Speculative Grade Liquidity rating of
SGL-2.  The outlook has reverted to stable from negative.


INDOSAT: To Launch 2ND Satellite in Third Quarter of 2009
---------------------------------------------------------
PT Indonesian Satellite Corporation Tbk is set to launch its
second satellite, Palapa-D, in the third quarter of 2009 to
replace the first one, the Palapa-C2 Satellite, which will be
switched off in 2011, the Jakarta Post reports.

According to the report, the US$220 million satellite project
will have a useful lifespan of 15 years.  Compared to Palapa-C2,
the new satellite will have 40 transponders and will have a
footprint that covers Indonesia, the countries of ASEAN, the
Middle East, Asia and Australia.

Indosat President Director Johnny Swandi Syam said that the new
satellite would support the company's cellular network, fixed
telephone and fixed data services, as well as its corporate
services, comprising telecommunications and data, Internet
broadband and broadcasting, The Post relates.

The report recounts that Mr. Syam and TASF Vice President
Olivier Badard signed the agreement with Communications and
Information Minister Muhammad Nuh as witness.

Financing for the project was included in the company's capital
expenditure allocation of US$1 billion for this year, the report
adds.

                           About Indosat

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.
The outlook for the ratings remains positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


INDOSAT: Launches Interactive Content Marketing Service
-------------------------------------------------------
Indosat has selected Celltick, the leading pioneer and provider
of Active Content Marketing solutions, to provide its new mobile
content and promotion service 'i-HotNEWS'.

The service will transform the idle screens of its subscribers'
phones into interactive personal billboards, directing them to
relevant mobile content and boosting Indosat's content revenues.
Celltick is working closely with partner Limas Centric Indonesia
to deliver this solution to Indosat.

Using Celltick's LiveScreen(TM) Media, the 'i-HotNEWS' service
broadcasts interactive and engaging 'teaser' messages to the
idle screen.

These attract subscriber interest and prompt them to click
through for additional relevant content.  Using the idle screen
to actively promote content and information bypasses issues of
search and discovery, allowing subscribers to 'find and buy'
content in just two clicks.  Teaser messages include news,
sports, TV andcelebrity gossip as well as weather reports.

With 16.7 million subscribers as of 2006, Indosat is the second
largest operator in the region.  The Indonesian market is
currently highly competitive, experiencing increasing levels of
subscriber churn.  The first service of this kind in Indonesia,
i-HotNEWS will differentiate the operator and provide a superior
user experience for Indosat subscribers.

Guntur Siboro, Marketing Director of Indosat commented: "We are
committed to provide our subscribers with the latest services
and technology.  i-HotNEWS is set to be a benchmark service
offering the latest news, celebrity update and entertainment.  
We are extremely proud of the reach of our subscriber base and,
with the continual innovation of our service, we are focused on
boosting our position in the Indonesian market even further."

"Helping subscribers discover content which excites them is a
key issue for operators.  By actively promoting relevant
services, it is possible to guide them through the discovery
process providing the opportunity to significantly improve
ARPU," commented Stephen Dunford, CEO Celltick.

"Promotion over the idle-screen is more than just a tool for
increasing content revenues.  Brands looking to target
subscribers, using the intimacy of the mobile phone are already
harnessing this medium.  When used effectively, sponsored and
ad-funded content provide an additional revenue stream for
operators, independent of subscriber spend."

                       About Celltick

Celltick Technologies Ltd., the pioneer of Active Content
Marketing, has introduced a new medium into the mobile space.
Its flagship product, LiveScreen(TM) Media, allows content
providers and advertisers to broadcast targeted content and
marketing messages to millions of mobile idle screens, turning
them into a network of interactive billboards, creating a strong
revenue stream for operators.

Celltick cooperates with mobile operators to turn their mobile
screen into a powerful revenue driver. The company has close
relations with all network infrastructure companies, major SIM
vendors, leading handset manufacturers and industry standard
organisations, as well as global content providers and media
agents.

Founded in 2000 and privately owned, Celltick is headquartered
in the UK with offices in Russia, Singapore, India, Thailand and
Brazil and R&D Centre in Israel.
http://www.celltick.com

                       About Indosat

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.
The outlook for the ratings remains positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


TELKOM INDONESIA: To Pay IDR303.205 Per Share Dividend
------------------------------------------------------
PT Telkom Tbk. has decided to set aside 55% of its 2006 profit,
which amounted to IDR6.065 trillion, to pay a dividend of
IDR303.205 per share, Antara News reports.

The report relates that Abeng, chief of the company`s board of
commissioners, said that the dividend includes an interim
dividend of IDR48.45 per share paid out on December 5 last year,
with total value of IDR971.02 billion interim dividends.

The final dividend of IDR254.755 per share would be paid out to
shareholders on August 8.  The total value of final dividends
reached IDR5.08 trillion.

                       About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long   
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


TELKOM INDONESIA: Earns IDR6 Trillion for FY 2006
-------------------------------------------------
PT Telekomunikasi Indonesia Tbk?s 2006 income increased by
42% or IDR6 trillion, from IDR14.6 trillion in 2005 to
IDR20.6 trillion in 2006, Antara News reports.

According to the report, the income increased is due to a
relative increase in the company?s air time earnings by 41% and
from features 110% resulting to an increase in the number of
customers.  The increase in income also came from the 31%
increase in the cost of using data and the Internet amounting to
IDR2.1 trillion, and the dispatch of short messages new Internet
connections and data, which both had increased.

In the meantime, the net earnings from interconnections
increased by 12% or IDR939.4 billion, so that until 2006, income
from this sector increased to IDR8.7 trillion, the report
relates.

The report points out that with regard to cost, total cost of
consolidations increased by 21% in 2006 compared to the
IDR29.6 trillion in 2005.  This was caused, among other things,
by the early retirement program in December 2006 with a cost of
IDR1.46 trillion, and 1,871 participants.

The increase was also caused by the combination of the VIIth
operational cooperation units in the eastern Indonesian regions
beginning in October 2006, operational cost and the cost of
universal service obligation, the cost of the use of radio
frequencies and circuit leasing cost and depreciation cost,
general and administrative costs, Antara says.

The report adds that Telkom, in 2006, booked a net profit-
before-tax of IDR31.7 trillion, and a net profit of
IDR11 trillion.  The profit before tax margin reached 62%, and
net profit margin 21%.

                     About Telkom Indonesia

Based in Bandung, Indonesia, PT Telekomunikasi Indonesia Tbk --
http://www.telkom-indonesia.com/-- provides local and long   
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 31, 2007, Fitch Ratings revised the outlook on
Telekomunikasi Indonesia's long-term foreign and local currency
issuer default ratings to positive from stable and affirmed the
ratings at 'BB-'.

Moody's Investors Service gave Telekomunikasi Indonesia a Ba1
local currency corporate family rating.

Standard & Poor's Ratings Services gave the company 'BB+'
foreign and local currency corporate credit rating.


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

FORD MOTOR: Denies Plans to Build Slovak Plant; Eyes Romania
------------------------------------------------------------
Ford Motor Company has dismissed a report by Slovak daily
Hospodarske Noviny saying the U.S. carmaker was considering
building a new assembly plant in an industrial park near the
eastern Slovak town of Kechnec, where a Ford-Getrag joint
venture already makes gearboxes, Reuters relates.

The paper also quoted the Kechnec mayor as saying he was in
talks with a renowned producer to make higher-class cars in the
east, Reuters notes.  The investment should be worth tens of
billions of crowns and create hundreds of jobs, the mayor said.

Ford of Europe Spokesman told Reuters the report was
"speculative" and they ?cannot confirm anything like that
(story).?

The state investment agency SARIO has also denied any
negotiations with Ford about a new plant in Slovakia, which has
been a magnet for investment inflows in the auto sector.

Mr. Nissen reiterated Ford's interest in an upcoming
privatization of Romania's Automobile Craiova, Reuters states.

"Eastern Europe is certainly the area where markets are growing
and we have to consider how to increase our presence there.  We
are preparing a bid for the plant in Romania, which we are also
referring to as eastern Europe," Mr. Nissen said.

Mr. Nissen did not disclose details of the bid, but said that
Ford was looking to expand the plant, Reuters says.  The
Romanian privatization agency AVAS had previously warned that
the buyer would have to ensure a minimum yearly output of
300,000 cars.

General Motors Corp. and Russian Machines, a unit of one of the
largest privately held conglomerates in Russia, have also
expressed interest in the Romanian plant, Reuters reveals.  The
deadline for binding bids is July 5, 2007.

                      About Ford Motor Co.

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

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

                          *    *    *

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

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

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


ITOCHU CORP: Forms Business and Capital Alliance with Adways
------------------------------------------------------------
Adways Co., Ltd., has formed a business and capital alliance
with Itochu Corporation, Reuters says.

Under the alliance agreement, Itochu will support Adways in the
acquisition of major advertising sponsors by using its overseas
network, while Adways will construct a collaborative system to
vitalize Itochu's overseas network, the report relates.

Reuters adds that in line with this deal, Itochu will purchase
11,600 shares, approximately 15% stake, of Adways.


Itochu Corporation -- http://www.itochu.co.jp-- is a Japan-
based trading company.  It operates in eight business segments.  
The Textile segment offers clothing and interior products, such
as wool, synthetic fabrics, silk and others.  The Machinery
segment is engaged in the automobile, industrial machinery,
plants and related businesses.  The Space, Information and
Multimedia segment is involved in the media network, high
technology and related businesses.  The Metal and Energy segment
is involved in the mining, metal, energy and related businesses.  
The Living Materials and Chemicals segment is involved in the
precision chemistry, rubber, timber, glass, cement and other
related businesses.  The Food segment is involved in the
production, distribution and sale of wheat, rice, corn, frozen
food and others.  The Financial, Real Estate, Insurance and
Logistics segment provides financial consultation, real estate,
transportation and other services.  The Overseas Corporation
segment is involved in various trading activities.

The company has operations in Bulgaria, France, Colombia, and
Argentina, among others.

Fitch Ratings gave Itochu Corp's long-term local credit issuer a
BB+ rating on October 2, 2005.  Fitch had earlier given the
company a BB+ rating for its senior unsecured debt and long-term
foreign credit default on March 10, 2004.

Moody's Investors Service gave the company a Ba1 rating on its
issuer rating and local currency long term debt and an NP on its
short term rating on February 7, 2005.  Moody's had earlier
given the company's senior unsecured debt a Ba1 rating.


KUMAGAI GUMI: Fair Trade Commission Orders Payment of JPY129MM
--------------------------------------------------------------
Kumagai Gumi Co., Ltd., announced that it has received
administrative disposition from the Fair Trade Commission on
June 20, 2007, for its violation of the Act concerning the
Prohibition of Private Monopoly and Maintenance of Fair Trade,
Reuters Key Developments reports.

According to the report, the company was ordered to pay
JPY128.89 million in damages.

No other details were reported.

Kumagai Gumi Co., Ltd. -- http://www.kumagaigumi.co.jp-- is a  
Tokyo-based construction company. With its subsidiaries, the
company is engaged in the examination, planning, design,
operation, management and technical training of construction
works.

In addition, it is involved in other activities such as general
engineering, management and contract work, as well as the
provision of consulting services for construction works. Through
its subsidiaries, the Company also is engaged in the manufacture
and sale of construction materials and other-related equipment
and machinery; the provision of technology products, which are
supplied to the Company; the provision of officer work services,
and others.

The company?s senior debt carries RII?s B rating.


KUMAGAI GUMI: Announces Repurchase of Common Stock
--------------------------------------------------
According to Reuters Key Developments, Kumagai Gumi Co., Ltd.
said that it has decided to repurchase 4 million shares of its
second series first type preferred stock for JPY503 per share,
or JPY2,012 million in total on July 10, 2007.

No other details were provided.

Kumagai Gumi Co., Ltd. -- http://www.kumagaigumi.co.jp-- is a  
Tokyo-based construction company. With its subsidiaries, the
company is engaged in the examination, planning, design,
operation, management and technical training of construction
works.

In addition, it is involved in other activities such as general
engineering, management and contract work, as well as the
provision of consulting services for construction works. Through
its subsidiaries, the Company also is engaged in the manufacture
and sale of construction materials and other-related equipment
and machinery; the provision of technology products, which are
supplied to the Company; the provision of officer work services,
and others.

The company?s senior debt carries RII?s B rating.


MEDCA JAPAN: Katokichi Co. Sells Shares to Unimat Holding Co.
-------------------------------------------------------------
Medca Japan Co., Ltd., disclosed that one of its shareholders,
Katokichi Co., Ltd., has sold off its entire shareholding of the
company to Unimat Holding Co., Ltd., as of June 21, 2007,
reports Reuters Key Developments.

Katokichi sold 7,260,000 shares (13.83% of voting right) of the
company's common stock to Unimat Holding, increasing its voting
right in Medca from 1.33% to 15.45%, and has become the second
biggest shareholder of the company, Reuters relates.


Headquartered in Saitama, Japan, MEDCA JAPAN CO., LTD. --
http://www.medcajapan.co.jp/index_e.htm-- is mainly engaged in  
the medical business.  The company operates in four business
segments.  The Nursing Care segment provides home care services,
as well as operates and maintains care centers and long-stay
centers.  The Clinical Examination segment is engaged in the
provision of clinical examinations, and the collection and
distribution of blood and urinal examination materials.  The
Produce Sales segment offers medical equipment and consumable
medical supplies to nursing care and medical institutions.  The
Others segment is engaged in the provision of medical waste
transportation from medical institutions; the operation and
management of condominiums for elderly people, and the operation
of hotels and hot springs.

Japan Credit Rating Agency, Ltd. placed a BB- rating on Medca
Japan's senior debt and a B+ rating on the company's equity
linked on June 5, 2006.


NUANCE COMMS: US$225MM Loan Increase Cues S&P to Affirm Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its B+/Positive/--
corporate credit and other ratings on Burlington, Massachusetts-
based Nuance Communications Inc. following the announcement the
company will increase its first-lien term loan B by
US$225 million.  

Pro forma for the add-on, the bank facility will consist of a
US$75 million revolving credit facility due 2012, and a
US$667 million term loan B due 2013.  The first-lien senior
secured bank loan is rated 'B+', the same as the corporate
credit rating.  The recovery rating of '3' reflects our
expectation of meaningful (50%-70%) recovery of principal by
lenders in the event of a payment default or bankruptcy.
     
The proceeds from the add-on term loan will be used to fund the
cash portion of the merger consideration for Nuance's previously
announced acquisition of VoiceSignal Technologies, Inc., and to
pay related fees and expenses.
      
"The ratings on Nuance reflect the company's rapid growth,
highly acquisitive profile, and moderately high debt leverage,"
said Standard & Poor's credit analyst Martha Toll-Reed.  These
factors are partly offset by a leading presence in the market
for speech recognition products, a significant level of
recurring revenues, and a diverse customer base.
     
Nuance is a global provider of speech recognition software and
imaging solutions, and related services.  The company is focused
primarily on enterprise customers within the financial services,
telecommunications, automotive and health care sectors.  
Revenues for the 12 months ended March 31, 2007, were US$506.7
million.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico and the United Kingdom, among others.


SOJITZ CORP: Buys 10% Stake in Australian Mine for AU$350 Mil.
--------------------------------------------------------------
Sojitz Corporation bought a 10% stake in the planned
AU$350-million Moolarben coal mine from Australian mining
company Felix Resources, Ltd., for AU$90 million, Jesse
Riseborough, of Bloomberg News, reports.

According to a statement it released to the Australian Stock
Exchange, Felix Resources said that it has selected Sojitz over
other Japanese companies who wanted to buy the 10% equity stake
as it has an excellent working relationship with the Japanese
company with regard to the Minerva Mine joint project, which
Sojitz has a 45% equity.

Bloomberg relates that under this alliance, Sojitz, aside from
paying AU$90 million, will contribute its pro-rata share of the
capital cost to develop the Moolarben mine.  In addition, Sojitz
will be the exclusive marketing agent for Moolarben coal
exported to Japan.

However, this acquisition, according to the company?s statement,
is still subject for approval by the Foreign Investment Review
Board and the New South Wales Government and once approved the
construction of the mine will start.

                   About Sojitz Corporation

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with  
eight offices across the U.S.  Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies.  Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Feb. 28, 2007, that Standard & Poor's Ratings Services raised
its long-term issuer credit rating on Sojitz Corp. to 'BB+' from
'BB' and removed the rating from CreditWatch where it was placed
on Apr. 28, 2006, with positive implications.  The upgrade
follows Sojitz's conversion of a total JPY205 billion of its
JPY300 billion in outstanding convertible bonds into common
shares by Feb. 26, 2007.


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

NOVELIS INC: Extends Change of Control Notes Offer to July 3
------------------------------------------------------------
Novelis Inc. has extended the expiration date of its previously
disclosed change of control offer to 5:00 p.m., New York City
time, on July 3, 2007.  The original change of control offer
expiration date was 8:00 a.m., New York City time, on June 15,
2007 and was extended to 5:00 p.m., New York City time, on
June 27, 2007.  As of the extended expiration date, US$984,000
aggregate principal amount of senior notes had been validly
tendered pursuant to the change of control offer.  All senior
notes validly tendered pursuant to the change of control offer
prior to the new extended expiration date will be entitled to
receive the offer consideration of US$1,010 per US$1,000
principal amount of senior notes.

Other than as set forth herein, the change of control offer as
described in the Offer to Purchase and Consent Solicitation
Statement dated May 16, 2007, remains unchanged.

UBS Investment Bank and ABN AMRO Incorporated are acting as
dealer managers in connection with the change of control offer.  
Questions about the change of control offer may be directed to
the Liability Management Group of UBS Investment Bank at (888)
722-9555 ext.  4210 (toll free) or (203) 719-4210 (collect) and
to Robert Silverschotz at ABN AMRO Incorporated at (212) 409-
6862.  Requests for documentation should be directed to Global
Bondholder Services Corporation, the information agent in
connection with the change of control offer, at (212) 430-3774
or (866) 807-2200 (toll free).  The depositary for the change of
control offer is The Bank of New York Trust Company, N.A.

                            About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional    
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.  In Asia, the company has
operations in Malaysia and Korea.

                         *     *     *

As reported in the Troubled Company Reporter on Jun 26, 2007,
that Standard & Poor's Ratings Services assigned its 'BB' debt
rating, with a recovery rating of '2', to Novelis Inc.'s US$860
million secured term loan due 2014.  The '2' recovery rating
indicates an expectation of substantial (70%-90%) recovery in
the event of default.  Proceeds from the borrowings will be used
to refinance existing bank loans, which are being repaid in the
wake of the company's acquisition by Hindalco Industries Ltd.

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


On Feb. 16, 2007, Fitch Ratings placed the Issuer Default
Ratings or IDR of 'B' for Novelis Inc. and its subsidiary
Novelis Corp. on Rating Watch Negative. The company's senior
secured bank debt ratings and senior unsecured debt ratings that
were affirmed are:

Novelis Inc.

  -- Senior secured revolver and term loan at 'BB/
     Recovery Rating (RR) 1'; and

  -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

  -- Senior secured revolver and term loan B at 'BB/RR1'.


SHINHAN BANK: Unit to Acquire North Atlanta National Bank
---------------------------------------------------------
Shinhan Bank?s unit Shinhan Bank America in New York, New York,
and North Atlanta National Bank in Atlanta, Georgia, jointly
disclosed that they have entered into a definitive agreement
whereby Shinhan Bank America will acquire North Atlanta National
Bank in an all-cash transaction valued at approximately
US$29.0 million or US$23.44 per share.

Under terms of the agreement, Shinhan Bank America will pay to
North Atlanta?s shareholders, stock option holders, warrant
holders, and holders of North Atlanta?s convertible subordinated
debentures a cash payment at closing equating to US$27.0 million
in the aggregate.  In addition, Shinhan will deposit
US$2.0 million into an interest-bearing escrow account which
will be in place for a period of one year after the closing date
and available to compensate Shinhan for any indemnification
obligations.  The US$2.0 million escrow amount, plus interest,
less any claims by Shinhan, will be released to North Atlanta?s
shareholders on the first anniversary of the closing date.  The
transaction, which has been approved by the boards of directors
of both companies, is subject to the approval of North Atlanta?s
shareholders and all appropriate regulatory agencies, as well as
to other customary closing conditions.  The transaction is
expected to close during the fourth quarter of 2007.

?We are excited to announce our first acquisition in the
Southeast and are pleased that North Atlanta National Bank has
chosen to partner with us.  North Atlanta is a high-quality
organization with a successful community-banking model,? said
Jeffrey Lee, president and chief executive officer of Shinhan
Bank America.  ?This transaction will serve as a market-entry
point for us into the fast-growing metro Atlanta marketplace.  
We look forward to working with Jimmy Walker and his team of
experienced bankers and staff in providing the best service
possible for our customers in one of the country?s best banking
markets.?

Commenting on the transaction, Jimmy Walker, North Atlanta
National Bank chairman and chief executive officer said, ?We are
excited about joining the Shinhan family.  The combination will
provide opportunities for greater growth within the metro
Atlanta banking market, as well as provide our team of
experienced lenders the ability to execute larger loans as part
of the extensive resources of the Shinhan Financial Group.  At
the same time, we will continue to serve our current banking
customers with the same high level of personal service which we
have delivered over the past 9 years.  While allowing us to
broaden the scope and depth of our product offerings to our
customers, the transaction also provides a significant
investment return to our shareholders.?

Shinhan Bank America, established in October 1990, is the
wholly-owned U.S. subsidiary of Shinhan Bank, Seoul, Korea, the
second largest commercial bank in the country with over 1,000
banking offices.  Shinhan Bank America is engaged in serving
small businesses and individuals currently in the states of New
York, New Jersey, and California through its nine banking
offices.  Its total assets were US$650 million as of May 31,
2007 and are expected to exceed US$800 million when the merger
with North Atlanta National Bank is consummated during the
fourth quarter of 2007.

Established in November 1998, North Atlanta National Bank is a
community bank serving small businesses and individuals in the
North Fulton market of metro Atlanta.  According to U.S. census
data, with a population of nearly 1 million, Fulton County is
the largest county in the Atlanta MSA and is projected to grow
approximately 15 % over the next five years, two times the
projected U.S. average.  Fulton County holds over US$54 billion
in total deposits, with a median household income of over
US$60,000.

Sandler O?Neill + Partners, L.P. served as the financial advisor
to North Atlanta National Bank.  Sutherland Asbill & Brennan LLP
served as legal counsel to North Atlanta National Bank and
Sidley Austin LLP served as legal counsel to Shinhan Bank
America and Shinhan Financial Group.

                     About Shinhan Bank

Headquartered in Taepyeong-no, Seoul, Shinhan Bank --
http://www.shinhan.com/-- was established in 1982 with capital   
from Korean residents in Japan.  It is Korea's fourth largest
bank by assets -- second largest after merging with Chohung Bank
-- holding a 9% share of deposits and 11% of loans.  The bank
has developed a strong franchise in the consumer as well as
small and medium-sized enterprise segments.  In September 2001,
it formed a holding company, Shinhan Financial Group, under
which it and five other affiliates became stable companies.  
Since then, the Shinhan Financial Group has expanded its
organizational structure to include 11 subsidiaries and is now
Korea's second largest financial group.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2006, that Moody's Investors Service raised Shinhan
Bank's Bank Financial Strength Rating to D+ from D.  The revised
rating carries a stable outlook.  The higher BFSR reflects the
bank's sustained financial fundamentals upon its merger with
affiliate Chohung Bank.


SK CORPORATION: Appoints New Co-Chief Executive Officer
-------------------------------------------------------
SK Corporation appointed Park Young Ho as co-chief executive
officer of the company.

According to the report, the appointment is effective July 2,
2007.

Choi Tae Won continues to be Co-CEO of SK Corporation with
Mr. Park, the report adds.

                         About SK Corp

Headquartered in Seoul, South Korea, SK Corp.
-- http://eng.skcorp.com/-- is an energy and petrochemical   
company  with 4,916 employees and 22 offices around the world in
2005.  The company is strategically positioned as Korea's
largest and Asia's leading refiner next to Sinopec and
PetroChina.  SK Corp. currently explores, develops and produces
oil in 13 nations, including Peru, London and the United States.

The Troubled Company Reporter - Asia Pacific reported that on
Feb. 20, 2006, Moody's Investors Service has placed on review
for possible upgrade the Ba1 long-term rating of SK Corp.


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

AMSTEEL CORP: Bursa to Delist Securities on July 12
---------------------------------------------------
The Bursa Malaysia Securities Bhd will remove the securities of
Amsteel Corporation Bhd from its official list on July 12, 2007,
after the company failed to make the requisite announcement
regarding its reform plan.

Amsteel was required to make the necessary announcement on
June 30, 2007, and was also required to submit the plan before
the Securities Commission and other relevant authorities on
July 30.

The company?s securities, which are deposited with Bursa
Malaysia Depository Sdn Bhd, may remain deposited
notwithstanding the delisting decision of the bourse, the
company disclosed.  However, shareholders of the company who
intend to hold their securities in the form of physical
certificates, can withdraw these securities from their Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the company have been delisted.

These shareholders can contact any Participating Organization of
Bursa Securities and/or Bursa Securities' General Line at 03-
2034 7000 for further information on the withdrawal procedures.


Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As reported in the Troubled Company Reporter - Asia Pacific on
May 19, 2006, Amsteel Corporation Berhad was classified under
Bursa Malaysia Securities Berhad's Amended Practice Note 17
category.  The Company was identified as an affected listed
issuer because:

   -- the auditors have expressed a modified opinion with
      emphasis on the Company's going concern in the Company's
      latest audited financial statement for the financial year
      ended June 30, 2005; and

   -- the Company's consolidated shareholders' equity as of
      June 30, 2005, represented 17.3% of the issued and paid-up
      capital of the Company.

Pursuant to the PN17 classification, the Company is required to
submit and implement a plan to regularize its financial
condition.


MERGE ENERGY: Unit to Sell Properties for MYR2.5 Million
--------------------------------------------------------
Merge Energy Bhd disclosed with the Bursa Malaysia Securities
Bhd that one of its wholly owned subsidiary, Merge Properties
Sdn Bhd, entered into a sale and purchase agreement with
Pesuruhjaya Tanah Persekutuan to dispose 14 units of properties
for a total cash consideration of MYR2,500,000.

The properties, according to the disclosure, are 14 units of
double storey shop houses held under H.S.(D) 512/96 to H.S.(D)
522/96, Lots 715 to 725 and H.S.(D) 544/96 to H.S.(D) 546/96,
Lots 747 to 749 with a built-up area of 30,296 square feet in
Seksyen 41, Mukim Kulim, Daerah Kulim, Kedah Darul Aman.

MPSB is the registered owner of the properties, which were
acquired at a cost of MYR2,853,880 in January 1997.  Based on
the latest audited financial statements of MEB as at January 31,
2007, the net book value of the properties was MYR2,471,567.

Pesuruhjaya Tanah will pay the properties in these manner:

    -- Payment of MYR2,375,000 to MPSB upon execution of the
       SPA;

    -- The balance of MYR125,000 will be paid to MPSB's
       solicitors as stakeholders within three months from the
       date of the SPA.

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.


MERGE ENERGY: Earns MYR1.01 Million in Quarter Ended April 30
-------------------------------------------------------------
Merge Energy Bhd posted a net profit of MYR1.01 million on
MYR18.95 million of revenues in the first quarter ended
April 30, 2007, compared with a net profit of MYR4.58 million on
MYR58.51 million of revenues in the same period in 2006.

As of April 30, 2007, the company?s unaudited balance sheet
showed current assets of MYR72.09 million and current
liabilities of MYR53.66 million.

Merge Energy?s balance sheet as at April 30 also showed total
assets of MYR86.73 million and total liabilities of
MYR54.68 million, resulting in a shareholders? equity of
MYR32.04 million.


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.


SOLECTRON CORP: Earns US$12.1 Million in Quarter Ended June 1
-------------------------------------------------------------
Solectron Corporation earned US$12.1 million for the three
months ended June 1, 2007, compared with US$42 million of net
income for the three months ended May 26, 2006.

The company also recorded sales of US$2.99 billion in the third
quarter of fiscal 2007, an increase of 3 percent over second
quarter fiscal 2007 revenues of US$2.90 billion, and an increase
of 10 percent over third quarter fiscal 2006 revenues of
US$2.70 billion.

The company reported GAAP profit after tax from continuing
operations of US$12.2 million in the third quarter of fiscal
2007, compared with a GAAP profit after tax from continuing
operations of US$15.6 million in the second quarter of fiscal
2007. In the third quarter of fiscal 2006,

Solectron reported a GAAP profit after tax from continuing
operations of US$42.4 million.

Non-GAAP profit after tax from continuing operations was US$50.2
million, in the third quarter of fiscal 2007, compared with non-
GAAP profit after tax from continuing operations of US$41.0
million for the second quarter of fiscal 2007. In the third
quarter of fiscal 2006, Solectron reported non-GAAP profit after
tax from continuing operations of US$38.9 million.

Non-GAAP financial results do not include restructuring costs,
impairment charges, amortization of intangibles, or stock-based
compensation expenses.

                        Recent Acquisition

On June 4, 2007, Solectron and Flextronics International Ltd.
Reported that they have entered into a definitive agreement for
Flextronics to acquire Solectron. The merger agreement has been
filed with the SEC. The transaction is expected to close in the
fourth calendar quarter of 2007.

                          About Solectron

Headquartered in Milpitas, California, Solectron Corp. (NYSE:
SLR) -- http://www.solectron.com/-- provides a full range of  
worldwide manufacturing and integrated supply chain services to
the world's premier high-tech electronics companies. Solectron's
offerings include new-product design and introduction services,
materials management, product manufacturing, and product
warranty and end-of-life support. The company operates in more
than 20 countries on five continents including France, Malaysia,
and Brazil, among others.  It had sales from continuing
operations of US$10.6 billion in fiscal 2006.

                                * * *

As reported in the Troubled Company Reporter on Dec. 14, 2006,
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured ratings on Milpitas, California-based
Solectron Corp. to 'BB-' from 'B+', and its subordinated debt
rating to 'B' from 'B-'. S&P said the outlook is stable.

On May 9, 2007, Fitch Ratings affirmed Solectron Corporation's
ratings as:

-- Issuer Default Rating at 'BB-';

-- Senior secured bank facility at 'BB+';

-- Senior unsecured debt at 'BB-'; and

-- Subordinated debt at 'B+'.


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

ASQUITH PROPERTIES: Wind-Up Petition Hearing Set for August 2
-------------------------------------------------------------
The High Court of Auckland will hear a petition to wind up the
operations of Asquith Properties Ltd. on August 2, 2007, at
10:45 a.m.

The petition was filed by the Commissioner of Inland Revenue on
May 11, 2007.

The CIR?s solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


DEVOX PLUS: Appoints Official Assignee as Liquidator
----------------------------------------------------
On May 31, 2007, the Official Assignee was appointed as
liquidator of Devox Plus Ltd.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714
         Christchurch
         New Zealand
         Telephone:0508 467 658
         Website: http://www.insolvency.govt.nz


DEVOX SERVICES: Subject to Total Solution?s Wind-Up Petition
------------------------------------------------------------
Total Solution Communications Limited filed a petition to wind
up the operations of Devox Services Ltd. on May 8, 2007.

The petition was filed by Total Solution Communications Limited
on May 8, 2007.

Total Solution?s solicitor is:

         J. W. J. Hope
         c/o McVeagh Fleming
         5-7 Corinthian Drive, Albany
         North Shore City
         New Zealand


LIMELIGHT MEDIA: Requires Creditors to File Claims by August 17
---------------------------------------------------------------
Anthony Charles Harris was appointed as liquidator of Limelight
Media Ltd. on May 21, 2007.

Mr. Harris requires the company?s creditors to file their claims
by August 17, 2007, to be included in the company?s dividend
distribution.

The Liquidator can be reached at:

         Anthony Charles Harris
         Harris Neil & Associates Limited
         PO Box 14216, Tauranga
         New Zealand


MANE HAIR: Taps Parsons and Kenealy as Liquidators
--------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed as liquidators of Mane Hair Design Ltd on June 7,
2007.

The Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         PO Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Website: http://www.indepth.co.nz


NCM NZ: Court to Hear Wind-Up Petition on August 23
---------------------------------------------------
The High Court Auckland will hear a petition to wind up the
operations of NCM NZ Ltd. on August 23, 2007, at 10:00 a.m.

The petition was filed by Rotorua International Plaza Hotel
Limited on May 21, 2007.

Rotorua International?s solicitor is:

         Michael John Battersby
         Battersby and Co
         Barristers and Solicitors
         Lobby Level, Princes Court
         2 Princes Street
         Auckland
         New Zealand


NETT BOOKS: Fixes July 13 as Last Day to File Claims
----------------------------------------------------
Nett Books Ltd, also trading as Paper Plus Riccarton, requires
its creditors to file their proofs of debt by July 13, 2007.

The company went into liquidation on June 1, 2007.

The company?s liquidator is:

         John T. Whittfield
         McDonald Vague, Chartered Accountants
         PO Box 6092, Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508


RICHCAN INVESTMENTS: Commences Liquidation Proceedings
------------------------------------------------------
On May 28, 2007, Richcan Investments Ltd. commenced liquidation
proceedings.

Creditors are required to file their proofs of debt by July 31,
2007, to be included in the company?s dividend distribution.

The company?s liquidator is:

         Stephen J. Tubbs
         c/o Michelle Bennett
         BDO Spicers
         Spicer House, Level 6
         148 Victoria Street
         Christchurch
         New Zealand
         Telephone:(03) 379 5155
         Facsimile:(03) 353 5526
         e-mail: michelle.bennett@chc.bdospicers.com


THE TIMBER FLOOR: Wind-Up Petition Hearing Set for August 16
------------------------------------------------------------
A petition to wind up the operations of The Timber Floor
Specialists Ltd. will be heard before the High Court of Auckland
on August 16, 2007, at 10:00 a.m.

St Lukes Timber Treatment (1995) Limited filed the petition with
the Court on May 3, 2007.

St Lukes? solicitor is:

         T. M. Bates
         AEL Legal, 31-33 Great South Road
         Newmarket, Auckland
         New Zealand


TRUSTPOWER LIMITED: Group Appeals Marlborough?s Consent Decision
----------------------------------------------------------------
Save the Wairau group has appealed the Marlborough District
Council?s decision consenting TrustPower Limited?s Wairau
hydroelectric scheme, Katie Wylie writes in The Marlborough
Express.

As reported by the Troubled Company Reporter ? Asia Pacific on
June 26, 2007, TrustPower has gained the District Council?s
interim approval for its 70MW hydro scheme at the Wairau Valley,
in Marlborough, Auckland.  Under the scheme, TrustPower will
divert water from the Wairau River through 46km of canals and
five power stations and then return the water to the river.

According to Ms. Wylie, the Save the Wairau plans to appeal to
the Environmental Court the District Court?s interim approval,
hoping for the decision?s reversal.

Trustpower, however, believes the scheme will proceed despite
opposition.

?TrustPower had predicted the case would be appealed,? The
Marlborough Express cited TrustPower Community Relations Manager
Graeme Purches as saying.  ?However, it felt the panel's interim
decision . . . was comprehensive and had addressed the
opponent's arguments.?

Mr. Purches, citing evidence available as mentioned in the 326-
page consent decision, further asserted that Wairau Valley
residents? concerns, including fear of losing their homes to
flood if the canal is installed, were unrealistic, The Express
relates.  TrustPower is willing to talk to people about their
concerns or to go through the decision with them, Mr. Purches
told the news agency.

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

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific, on June 26, 2007,
listed TrustPower Ltd.'s bonds as distressed.  The bonds have
these coupon and maturity dates:

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


UPPERCUT PROMOTIONS: Faces CIR?s Wind-Up Petition
-------------------------------------------------
On May 14, 2007, the Commissioner of Inland Revenue filed a
petition to wind up the operations of Uppercut Promotions Ltd.

The petition will be heard before the High Court of Tauranga on
July 9, 2007, at 10:45 a.m.

The CIR?s solicitor is:

         Kay S. Morgan
         c/o Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0373


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

BANCO DE ORO: Amends Articles of Incorporation and By-Laws
----------------------------------------------------------
Banco de Oro's board of directors have amended the bank's
Articles of Incorporation, the bank said in a corporate
disclosure with the Philippine Stock Exchange.

The details of the amendments are found here:

   http://bankrupt.com/misc2/dc2007-4146_BDO.pdf


The amendments are subject to the approval of the shareholders
at the bank's annual meeting on July 27, 2007, and finally by
the Philippine central bank, Bangko Sentral ng Pilipinas.

The bank also appointed new officers.  The bank appointed:

   * Antonio Juan Yniguez - Compliance Officer
   * Maritess Antonio     - Internal Auditor
   * Mario Rabanal        - Asst. Corporate Secretary and
                           Anti-Money Laundering Officer

Banco de Oro-EPCI is the result of a merger between Banko de Oro
Universal Bank and Equitable PCI, with BDO as the surviving
entity.

The Troubled Company Reporter ? Asia Pacific reported on
November 9, 2006, that Fitch Ratings affirmed the ratings of
Banco De Oro Universal Bank, as
follows:

   * Individual 'C/D', and

   * Support '3'

                         *     *     *

On June 1, 2007, Moody's Investors Service said it had withdrawn
its ratings for Equitable PCI Bank (EPCI) following its merger
with Banco de Oro Universal Bank (BDO).

In a statement, Moody's said the merged entity, Banco de Oro-
EPCI, will assume BDO's Ba2 rating both for its senior unsecured
debt and subordinated debt, with a stable outlook.

Moody?s withdrew its ratings for Equitable PCI following the
merger.

                         *     *     *

The Troubled Company Reporter ? Asia Pacific reported on
June 11, 2007, that Standard & Poor's Ratings Services withdrew
its BB- counterparty credit ratings on Equitable PCI Bank Inc.,
as its merger with Banco De Oro Universal Bank became effective
on May 31.

S&P retained its BB- counterparty credit rating and the issue
ratings on both Equitable and Banco de Oro's rated debts.  
Equitable's rated debts


DEL MONTE: 160 Federal Agents Raid Company
------------------------------------------
Jim Prevor's Perishable Pundit reports that an estimated 160
federal agents raided Fresh Del Monte Produce Inc. and American
Staffing Resources, the company that supplied Fresh Del Monte
with workers.

According to the Perishable Pundit, three managers were
arrested.  Most of the arrested workers were detained in a
federal detention facility, where they may face deportation.

The report says that the U.S. Immigration and Customs
Enfrocement has accused Fresh Del Monte of conspiring with
American Staffing for the employment of illegal immigrants.

The Perishable Pundit notes that employees hired by American
Staffing mostly work for the state?s minimum wage at US$7.80 per
hour.  Federal authorities claimed that nine of the 10 workers
that American Staffing hired had Social Security numbers that
were fictitious or belonged to other people.

After receiving reports from teh public, immigration agents sent
an informant to apply for work at Fresh Del Monte?s North
Rivergate Boulevard plant, according to the report.  The
informant told a produce manager that he was a Mexican and that
he lacked legal documentation to work in the US.  A federal
search warrant affidavit says that the manager then referred him
to the nearby office of American Staffing, where the informant
started gathering information.  Managers told the informant he
could find fake identification on Woodburn streets.  The
government claimed that a certain manager even sold the
informant a Social Security card.

Fresh Del Monte said in a statement that it takes its obligation
to comply with US immigration law very seriously.  The firm
confirms that on June 12, 2007, the U.S. Immigration and Customs
Enforcement personnel went to Fresh Del Monte?s Portland, Oregon
facility.  According to the company, it has been informed that
it isn't a target of the probe.  The firm assured that it will
carry on with its collaboration with the customs in its
investigation.  Fresh Del Monte retained American Staffing
to provide a contingent labor force at the Portland unit,
emphasizing that it doesn't employ this labor force.

Oregonians for Immigration Reform head Jim Ludwick told the
Perishable Pundit relates that the number of Fresh Del Monte
employees accused to have fake documents indicated how poorly
the US enforces its immigration laws.

Mr. Ludwick commented to the Perishable Pundit, "This is what
happens when companies are not held responsible for their hiring
actions."

The "endless supply of illegal workers" lets firm like Fresh Del
Monte "keep wages low and working conditions poor," the
Perishable Pundit notes, citing Mr. Ludwick.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically  integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2007, Standard & Poor's Ratings Services lowered its
ratings on Cayman Islands-based Fresh Del Monte Produce Inc.  
The corporate credit rating was lowered to 'BB-' from 'BB'.

The ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 1, 2006, after the
company's third-quarter earnings release and continued weak
operating performance.

S&P said the rating outlook was negative.  About US$399 million
of total debt was outstanding at Sept. 29, 2006.


DEL MONTE: Settles Antitrust Suits by Banana Buyers for US$2.5M
---------------------------------------------------------------
Fresh Del Monte Produce Inc., and its subsidiary, Del Monte
Fresh Produce Co., entered into settlement agreements to dismiss
the two putative class actions brought on behalf of all direct
and indirect U.S. purchasers of bananas from Fresh Del Monte and
other banana producers.

Under the settlement agreement with the direct purchasers of
bananas, Fresh Del Monte has agreed to pay a total of no more
than US$2.5 million to the class and the attorneys for the
class.

Between July 25, 2005 and Aug. 22, 2005, several plaintiffs
served putative class action complaints against the company,
certain subsidiaries and several other corporations all in the
U.S. District Court for the Southern District of Florida on
behalf of all direct purchasers of bananas for the period from
May 2003 to the present.  

The complaints allege that the defendants engaged in a
continuing agreement, understanding and conspiracy to restrain
trade by artificially raising, fixing and maintaining the prices
of, and otherwise restricting the sale of, bananas in the U.S.
in violation of Section 1 of the Sherman Act.

A similar action was brought by a New York corporation for the
period from July 2001 to the present.

Additionally, between Oct. 21, 2005 and Nov. 10, 2005, Arizona,
California, Minnesota, New York, Tennessee and Kansas residents
filed a putative class action complaint against the company, one
of its subsidiaries and several other corporations in the U.S.
District Court for the Southern District of Florida on behalf of
all indirect purchasers of bananas in their respective states
for the period from May 2003 to the present.

That complaint alleges violations of numerous state antitrust,
competition, and unjust enrichment statutes.  A similar action
was brought by a California resident for the period from July
2001 to the present.

The cases on behalf of the direct purchasers have been
consolidated in the U.S. District Court for the Southern
District of Florida.

The cases on behalf of the indirect purchasers have been
assigned to the same judge in the U.S. District Court for the
Southern District of Florida.

The recent settlement with the indirect banana purchasers is for
donations of fruit or other food products to a charity over the
next twelve months and a payment of money towards attorneys'
fees and the cost of notice to the class. The total retail value
of the donations to be made is US$833,334; the payment toward
attorneys' fees and notice costs will not exceed US$108,334.

"Fresh Del Monte has always maintained that these lawsuits are
without merit and that the Company has done absolutely no wrong
with respect to its sales of bananas," said Mohammad Abu-
Ghazaleh, Fresh Del Monte's Chairman and Chief Executive
Officer. "However, Fresh Del Monte believes the settlement of
these lawsuits, once finally approved by the Court, is in the
best interest of the Company because it will dispose of these
class action litigations and eliminate the continued burden,
disruption, and expense of responding to and defending against
the claims."

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically  integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 19, 2007, Standard & Poor's Ratings Services lowered its
ratings on Cayman Islands-based Fresh Del Monte Produce Inc.  
The corporate credit rating was lowered to 'BB-' from 'BB'.

The ratings were removed from CreditWatch, where they were
placed with negative implications on Nov. 1, 2006, after the
company's third-quarter earnings release and continued weak
operating performance.

S&P said the rating outlook was negative.  About US$399 million
of total debt was outstanding at Sept. 29, 2006.


IPVG CORP: Non-disclosure of Globalstride Buy Prompts Suspension
----------------------------------------------------------------
IPVG Corp. and its subsidiary, IP Conact Center Outsourcing,
Inc. has executed a HEads of Agreement to acquire the fixed
assets, material contracts and the existing customer accounts of
Globalstride Corp. and Globalstride Holdings.

The company, however, failed to disclose to the Philippine Stock
Exchange the complete terms and conditions of the agreement.  As
such, the PSE has implemented a trading suspension on the
company's shares effective July 2.

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.


PHIL. AIRLINES: Face Suit Over Inflated Freight Charges
-------------------------------------------------------
Philippine Airlines, Inc. and five other Asian airlines have
been named in an antitrust class-action complaint filed June 22,
2007, with the U.S. District Court for the Eastern District of
New York, the Class Action Reporter says.

The other defendants in the suit are:

     -- Asiana Airlines, Inc.,  
     -- Cathay Pacific Airways, Ltd.,  
     -- China Airlines,  
     -- Eva Airways Corp., and
     -- Korean Air.

Named plaintiffs -- Crismina Garments, Inc. and Angeles Garments
Corp. --  bring this action for damages, injunctive relief and
other  appropriate relief arising under the Federal antitrust
Sherman Act, 15 U.S.C. Section 1, the State of New York Donnelly
Act, NY CLS Gen. Bus. Section 340, and the State of New York
General Business Law, NY CLS Gen Bus. Section 349.

The complaint accuses airlines of fixing prices for cargo
services and driving up prices by forming a global alliance,
known as WOW.

Plaintiffs request that the court enter judgment as follows:

     -- holding that defendants' contract, combination or
        conspiracy, and the acts done in furtherance thereof by
        defendants and their co-conspirators, jointly and/or
        severally, were in violation of Section 1 of the Sherman
        Act, 15 U.S.C. Section 1;

     -- holding that defendants' contract agreement, arrangement
        or combination, and the acts done in furtherance thereof
        by defendants and their co-conspirators, jointly and/or
        severally, were in violation of the New York Donnelly
        Act, NY CLS Gen. Bus. Section 340;

     -- holding that defendants' deceptive acts were in
        violation of NY CLS Gen Bus. Section 349;

     -- awarding plaintiffs with three times the amount of
        damages it sustained, as allowed by law, together with
        the costs of this action, including reasonable
        attorneys' fees;

     -- permanently enjoining and restraining defendants, their
        affiliates, successors, transferees, assignees, and the
        officers, directors, partners, agents, and employees
        thereof, and all other persons acting or claiming to act
        on their behalf from, in any manner:

        (i) continuing, maintaining, or renewing the contract,
            combination, conspiracy, or deception alleged
            herein, or from engaging in any other contract,
            combination, conspiracy, or deception having a
            similar purpose or effect, and from adopting or
            following any practice, plan, program, or device
            having a similar purpose or effect; and

       (ii) communicating or causing to be communicated to any
            other person engaged in the manufacture,
            distribution, or sale of any product except to the
            extent necessary in connection with a bona fide sale
            transaction between the parties to such
            communications.

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.


SAN MIGUEL: Clarifies Plans for PHP5-Bil. Corn Terminals
--------------------------------------------------------
The Troubled Company Reporter - Asia Pacific, on July 2, 2007,
reported that San Miguel Corp. plans to build 10 grain centers
in 10 corn-growing areas in the Philippines and has met with the
Department of Agriculture for possible financing of the
investment.

San Miguel, in a corporate disclosure with the Philippine Stock
Exchange, says that the company has not made commitments as far
as the investments are concerned, but the company confirmed that
"officials of Department of Agriculture made a presentation to
the company on the Government?s program to put up post harvest
facilities in corn growing areas."

According to the TCR-AP report, each of the center will cost
PHP500 million, with the entire investment amounting to about
PHP5 billion.  The government had initially identified Bukidnon,
Cagayan province, Isabela, Occidental Mindoro, Quirino,  
Sarangani, Pangasinan, Pampanga, North Cotabato and Maguindanao
as possible sites for the grain centers.

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

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

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


SWIFT FOODS: Resets Annual Stockholders' Meeting on August 3
------------------------------------------------------------
Swift Foods, Inc. has again rescheduled its Annual Stockholders'
Meeting to Aug. 3, 2007, the company said in a corporate
disclosure with the Philippine Stock Exchange.

The postponement came after a number of principal stockholders
sent advance notice stating that they will be unable to attend
the stockholders? meeting set on July 31.

The company has earlier postponed its ASM set for May 29.

Mandaluyong City-based, Swift Foods, Inc. --
http://rfm.com.ph/swift/swift_foods-- was incorporated to   
assume RFM's business of manufacturing, marketing, and
distributing processed and canned meat products, poultry
products, and commercial feeds. It is organized into two major
divisions -- agribusiness and meat processing and sales
distribution. Its agribusiness division produces broiler
chickens and feeds while the latter manufactures processed meat,
canned goods and customized meat products for fast-food chains.

                Significant Doubt on Going Concern  

Teresita M. Baes of Sycip Gorres Velayo & Co., the company's
independent auditors raised significant doubts on the company's
ability to continue as a going concern in the company's 2005
annual report, pointing out that the company has been incurring
net losses of PHP81.95 million for 2005 and PHP485.55 million in
2004, as well as the company's total current liabilities
exceeding its total current assets by PHP797.81 million and
PHP649.28 million, as of December 31, 2005, and 2004,
respectively.

This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Swift Foods Inc. until facts and circumstances, if
any, emerge that demonstrate financial or operational strain or
difficulty at a level sufficient to warrant renewed coverage.


UNION BANK: Posts PHP1.63-Billion Net Loss for 1st Quarter 2007
---------------------------------------------------------------
The Union Bank of the Philippines reported a PHP1.63-billion net
income for the quarter ended March 31, 2007, a 108% increase
from the PHP785.73-million net income it reported for the first
quarter of 2006.

For the first quarter of 2007, the bank earned total operating
income of PHP3.13 billion, on interest income of PHP2.32 billion
and interest expense of PHP1.29 billion, and incurred total
operating expenses of PHP1.31 billion.

As of March 31, 2007, the bank had total assets of
PHP207.61 billion and total liabilities of PHP186.25 billion,
resulting in a total shareholders' equity of PHP21.36 billion.

The company?s first quarter 2007 financials can be downloaded
for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/UBP_17Q_Mar2007.pdf


Union Bank of the Philippines -- http://www.unionbankph.com/--   
offers a wide range of products and services to both corporate
and individual clients.  Its core businesses are payment
services, corporate cash management foreign exchange, capital
markets, corporate finance and consumer finance.  It is also
engaged in investment management, trust banking, insurance
brokerage, currency brokerage, private banking, pre-need
products marketing, investment banking and financial advisory
and real property development and marketing via Union
Properties, Inc.

Fitch Ratings affirms Union Bank of the Philippines' ratings at
Individual "C/D" and Support "4" after a review of the bank.

Moody's Investors Service gave UnionBank a 'Ba3' Senior
Unsecured Debt and Long-Term Bank Deposits Ratings effective
May 25, 2006.


VULCAN INDUSTRIAL: Turns Around w/ PHP16M Income for 1st Quarter
----------------------------------------------------------------
Vulcan Industrial Mining Inc. posted a PHP16.54-million net
income for the first quarter of 2007, a turn-around from the
PHP4.03-million net loss it reported for the first quarter of
2006.

For the January-March 2007 period, the company recorded a gross
profit of PHP5.15 million, comprised of PHP20.95 million in
revenues from aggregates sales and PHP15.8 million in cost of
aggregates.  The company also recorded operating expenses of
PHP19.06 million and interest income of PHP1.23 million for the
first three months of 2007.

As of March 31, 2007, the company had total assets of
PHP827.7 million in total assets and total liabilities of
PHP290.65 million, resulting in a total shareholders' equity of
PHP537.04 million.

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/VUL_17Q_Mar2007.pdf


Headquartered in Mandaluyong, Vulcan Industrial & Mining
Corporation is engaged mainly in oil and mineral exploration
projects.  One of its successful ventures is the concrete
aggregate project in Rodriguez, Rizal, which was spun-off into a
joint venture company called Vulcan Materials Corporation.  VMC
is on its tenth year of rock aggregate quarrying, crushing and
marketing.

VMC has an edge over the other rock aggregates companies due to
its captive market in D.M. Consunji, Inc., one of the giants in
the construction industry, which owns 49% of VMC, the remaining
51% is owned by Vulcan Industrial.

As of December 31, 2001, the company is still in the exploration
stage and no discovery of oil and gas in commercial quantities
has been made.  The full recovery of deferred petroleum
exploration costs is dependent on the discovery of oil and gas
in commercial quantities.

                          *     *     *

J. Carlitos Cruz at Sycip Gorres Velayo raised significant doubt
on Vulcan Industrial & Mining Corporation's ability to continue
as a going concern, citing the company's and its subsidiary's
current liabilities exceeding their current assets by
PHP204.5 million and PHP231.3 million, respectively.  In
addition, the company and its subsidiary had difficulty meeting
their obligations to their creditor banks.

For the year ending 2006, the group suffered a net loss of
PHP32.5 million, its third consecutive annual net loss after
2005's PHP29.0 million and 2004's PHP47.9 million.


WELLEX INDUSTRIES: Posts PHP118.82-Million Net Loss For 2006
------------------------------------------------------------
Wellex Industries Inc. posted a net loss of PHP118.82 million
for the year ended December 31, 2006, a 93% increase from the
PHP61.52-million net loss posted for the year ended December 31,
2005.

For 2006, the company earned a gross profit of PHP11.72 million,
on PHP19.87 million rental income and PHP8.15 direct costs and
expenses, as well as PHP9.31 million operating income and
PHP3.15 million other income and incurred PHP2.4 million in
operating expenses.

As of December 31, 2006, the company had total assets of
PHP2.1 billion and total liabilities of PHP687.37 million,
resulting in a PHP1.41 billion total shareholders? equity.

                   Going Concern Doubt

After auditing the company's financials for the year ended
December 31, 2006, Joycelyn J. Villaflores, at Diaz Murillo
Dalupan and Co., raised significant doubt on the company's
ability to continue as a going concern.

The auditor cited these factors:

   * The company's deficit of PHP1.856 billion for 2006 and
     PHP1.369 bilion for 2005

   * The company's successive losses of PHP118.82 million for
     2006 and PHP61.52 million net loss for 2005.

The company?s 2006 annual report can be downloaded for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/WIN_17A_Dec2006.pdf


Makati City-based Wellex Industries, Inc. was originally
incorporated as Republic Resources and Development Corporation,
whose primary purpose was to engage in the business of mining
and oil exploration. But due to financial distress, the firm's
business operations have been suspended. The company's present
activity is focused on reorganizing its operations in
preparation for its new business.


WELLEX INDUSTRIES: Posts PHP413K Net Loss for First Quarter 2006
----------------------------------------------------------------
Wellex Industries Inc. posted a PHP413,930 net loss for the
quarter ended March 31, 2007, a 19.8% decrease from the
PHP516,753 net loss it reported for the same period in 2006.

For the January-March 2007 quarter, the company recorded a gross
profit of PHP2.11 million, on revenues of PHP4.96 million and
cost of services of PHP2.85 million, and earned other income of
PHP161.  The company incurred operating expenses of
PHP2.52 million and other expenses of PHP4843.50 for the first
three months of 2007.

As of March 31, 2007, the company had PHP2.10 billion in total
assets and PHP688.32 million in total liabilities, resulting in
a total shareholders' equity of PHP1.41 million.  

The company?s first quarter 2007 financials can be downloaded
for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/WIN_17Q_May2007.pdf


Makati City-based Wellex Industries, Inc. was originally
incorporated as Republic Resources and Development Corporation,
whose primary purpose was to engage in the business of mining
and oil exploration. But due to financial distress, the firm's
business operations have been suspended. The company's present
activity is focused on reorganizing its operations in
preparation for its new business.

                     Going Concern Doubt

After auditing the company's financials for the year ended
December 31, 2006, Joycelyn J. Villaflores, at Diaz Murillo
Dalupan and Co., raised significant doubt on the company's
ability to continue as a going concern.

The auditor cited these factors:

   * The company's deficit of PHP1.856 billion for 2006 and
     PHP1.369 bilion for 2005

   * The company's successive losses of PHP118.82 million for
     2006 and PHP61.52 million net loss for 2005.


ZEUS HOLDINGS: Posts PHP266,768 Net Loss for First Quarter 2007
---------------------------------------------------------------
Zeus Holdings Inc. reported a PHP266,768 net loss for the first
quarter of 2007, a slight increase from the PHP238,516 net loss
it reported for the same period in 2007.

For the quarter ended March 31, 2007, the company incurred
operating expenses of PHP266,768 which represents the net loss
reported for the period.  The company did not report any income
for the first three months of 2007.

As of March 31, 2007, the company had total assets of PHP213,425
and total liabilities of PHP1.76 million, resulting in a capital
deficiency of PHP1.54 million.

The company?s first quarter 2007 financials can be downloaded
for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/ZHI_17Q_Mar2007.pdf


                          *     *     *

Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business.  After 15 years, the company
diversified into other businesses and closed its garment
operations.  It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company.  Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.

The company has not declared any cash dividend for the last two
fiscal years.

                          *     *     *

After reviewing Zeus Holdings Inc.'s 2006 annual financials,
Mailene Sigue-Bisnar at Punongbayan & Araullo, the company's
independent auditors, raised a significant doubt on the
company's ability to continue as a going concern, citing that:

   * the company incurred net losses of PHP498,490; PHP554,657;
     and PHP421,293 for the years 2006, 2005 and 2004,
     respectively;

   * the company has a capital deficiency of PHP1.28 million,
     PHP0.78 million and PHP1.75 million as of Dec. 31, 2006,
     2005 and 2004 respectively.


ZIPPORAH REALTY: Posts PHP497K Net Loss for First Quarter 2007
--------------------------------------------------------------
Zipporah Realty Holdings Inc.'s consolidated income statements
posted a net loss of PHP497,170 for the quarter ended March 31,
2007, as compared with the PHP901,585 net income it reported for
the quarter ended December 31, 2006.

For the first three months of 2007, the company earned revenues
of PHP513,243 and incurred expenses of PHP1.01 million.

As of March 31, 2007, the company had total assets of
PHP1.18 billion and total liabilities of PHP845.81 million,
resulting in a PHP241.86-million stockholders' equity.

The company?s first quarter 2007 financials can be downloaded
for free at:

http://www.pse.com.ph/html/ListedCompanies/pdf/2007/ZIP_17Q_Mar2007.pdf


Zipporah Realty Holdings, Inc. was originally incorporated as a
mining firm.  Presently, it is primarily engaged in real estate
holding and development with mining as its secondary purpose.  
Its main source of revenue comes from sales of real estate
properties.

The company's subsidiary, EBEDEV, Inc., launched its first
project, the Westmont Village Project along Dr. A. Santos Avenue
in Sucat, Paranaque, which started commercial operations in
January 1996.  The Westmont Village was conceptualized primarily
to answer the needs of young urban professionals and the growing
demands of the medium income market for a condominium project
accessible to the centers of commerce and industry, affordable
and with the amenities of a first-class condominium.

The company registered a PHP746.12 million deficit for the year
2006.


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

BRIGHT CENTURY: Creditors Receive 6.429% of Dividend
----------------------------------------------------
Bright Century Marine (S) Pte Ltd. paid the first dividend to
its creditors on June 20, 2007.

The creditors receive 6.429% of dividend.

The company?s liquidator is:

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


CHANG HIN INVESTMENT: Pays Dividend to Creditors
------------------------------------------------
Chang Hin Investment Pte Ltd. paid dividend to its creditors on
June 13, 2007.

The company paid 8.76% of dividend.

The company?s liquidator is:

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


PETROLEO BRASILEIRO: Expects Hike in Gas Import
-----------------------------------------------
Petroleo Brasileiros' International Area Manager Nestor Cervero
was quoted by official news agency ABN as saying that Brazil's
need for imported gas over the years would grow.

Brazil has its own reserves but the volume is not enough to meet
local demand.  It currently imports most of its gas needs from
Bolivia, Venezuela and Peru.

Brazil and Venezuela has inked an agreement for the construction
of a Southern Gas Pipeline that would link the two countries,
providing an avenue to increase imports from Venezuela.

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: Investing US$2 Billion in Carabobo Block
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA told the
Associated Press that it, along with Venezuelan counterpart
Petroleos de Venezuela SA, will invest some US$2 billion in the
development of the Carabobo block in the Orinoco heavy oil belt
in Venezuela.

Petroleo Brasileiro and Petroleos de Venezuela would start
production from the extra-heavy field in 2009, the AP says,
citing Petroleo Brasileiro spokesperson Carolina Rocha.

Petroleo Brasileiro?s International Director Nestor Cervero told
Brazilian news daily Folha de S. Paulo that the firm will hold a
40% stake in the project.  Meanwhile, Petroleos de Venezuela
will have 60% of the project.

Petroleo Brasileiro and Petroleos de Venezuela will upgrade the
tar oil from Carabobo I in Venezuela and send part of the output
to a heavy oil plant in northeastern Brazil to be constructed by
the two firms, the AP states.

                 About Petroleos de Venezuela

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.

                  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: Workers Will Protest Over Salaries
-------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA's
employees will hold demonstrations against the firm over
salaries, the Associated Press reports, citing the federation
of Brazilian oil worker unions.

Union official Alessandra Murteira told the AP that Petroleo
Brasileiro employees in Rio Grande do Norte, Amazonas,
Pernambuco, Paraiba, Rio Grande do Sul, and at the Duque de
Caxias plant in Rio de Janeiro voted in favor of the strike,
which will start on July 5.

The workers want to force Petroleo Brasileiro to present a new
plan for better distribution of salaries and positions, the AP
notes, citing the unions.  The federation demands that
promotions be based on merit.  It has aired out complains on
employees being barred from promotions without proper reasons.  
According to them, Petroleo Brasileiro's current system is
creating unjust salary discrepancies.

Ms. Murteira told the AP that most workers at 36 oil rigs in the
Campos Basin off Rio de Janeiro also support the strike.  
Employees in Rio de Janeiro, Espirito Santo and Sao Paulo units
will be announcing whether they will participate in the strike.  

Petroleo Brasileiro hopes to be able to avoid a strike.  
However, the company is prepared for it, the AP states, citing
the company's chief executive Sergio Gabrielli.

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

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

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

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

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


SEA CONTAINERS: Creditor Panel Raises Concerns on DIP Financing
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Services, Ltd. and its debtor-affiliates has raised certain
ongoing concerns regarding the proposed US$176 million Debtor-
in-Possession Financing Facility.

These concerns include the:

     (i) valuation of Sea Containers SPC Ltd.;

    (ii) provisions of the DIP Facility that favor the
         individual bondholder members of the Official Committee  
         of Unsecured Creditors of Sea Containers Ltd.; and

   (iii) risks associated with foreclosure under the  
         Securitization Facility.

There are material facts in dispute relating to the value of
SPC, David Stratton, Esq., at Pepper Hamilton LLP, in
Wilmington, Delaware, explains to the Honorable Kevin J. Carey
of the U.S. Bankruptcy Court for the District of Delaware.  The
SCSL Committee has been provided with information demonstrating
differing points of view on the value of SPC.  The value of SPC
is one component necessary to assess the appropriateness of the
DIP Facility inasmuch as SCL is assuming the credit risk of the
DIP Facility, and the SCSL Committee wants to ensure the value
of SPC would not create directly or indirectly a default under
the DIP Facility including the representations, covenants, and
default provisions.  While the SCSL Committee recognizes that it
may make senseSEA CONTAINERS to proceed with the DIP Facility in
the face of some valuation risk, the SCSL Committee does not
support issuing a blank check in that regard, Mr. Stratton says.

The SCSL Committee believes that additional facts are needed to
clarify the issues related to valuation.  The deposition
testimony of Michael Berkowitch of PricewaterhouseCoopers, the
Debtors' financial advisors, and Roger Passal of TranSystems may
provide clarification on valuation issues, Mr. Stratton tells
the Court.

The SCSL Committee reserves its rights with respect to the
valuation issues until after the appropriate evidence has been
submitted.

Mr. Stratton also notes that the proposed DIP Lenders are SCL
Committee Bondholders and hold substantial prepetition claims
against SCL.  In light of the dual roles of the SCL Committee
Bondholders/DIP Lenders, the SCSL Committee is intensely focused
on scrutinizing the terms of the DIP Facility.

According to Mr. Stratton, the SCSL Committee has identified a
number of problematic terms in the DIP Facility.  The SCSL
Committee has discussed its specific concerns with the Debtors,
and has made those concerns available to the DIP Lenders.  The
SCSL Committee plans to continue to engage in discussions with
relevant parties in hope of resolving those concerns.  The SCSL
Committee reserves all rights to the extent the DIP Lenders do
not accede to the SCSL Committee's requests.

Mr. Stratton further points out that foreclosure under the
Securitization Facility itself is capable of producing economic
detriments to the estates that may outweigh any adverse
valuation determinations.  The SCSL Committee is evaluating
these risks and reserves all rights in respect thereto.

Pursuit of the DIP Facility involves a careful weighing of
competing considerations and risks.  At this moment, the SCSL
Committee needs to assess additional information before deciding
to support or object to the DIP Facility, Mr. Stratton says.

                Debtors Address DIP Objections

The DIP objections are ill-founded and should be overruled, the
Debtors tell Judge Carey.

Robert D. Brady, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, reiterates that the Debtors are
powerless to prevent foreclosure under the prepetition
Securitization Facility except by renegotiation with the
Securitization Facility lenders or repayment of that facility.  
Because of the facility's bankruptcy-remote structure, neither
Sea Containers SPC Ltd. as borrower, or SPC Holdings Ltd. as
guarantor, can, as a practical matter, seek protection under the
Bankruptcy Code.

The Debtors could do nothing and allow foreclosure; they could
negotiate an expensive and likely unworkable amendment of the
existing bankruptcy-remote obligations; or they could borrow
funds to repay the Securitization Facility, Mr. Brady says.

GE Capital Container SRL, GE Capital Container Two SRL and GE
SeaCo SRL, in their objection, contort the applicable legal
standards under Sections 363 and 364 of the Bankruptcy Code, Mr.
Brady contends.  Courts evaluate on a case-by-case basis the
need for, and the terms of, a DIP financing arrangement, Mr.
Brady points out.  The touchstone of this inquiry is the
debtor's business judgment, to which courts generally defer.

In the Debtors' business judgment, based on extensive analysis
and exploration of options over a period of more than three
months, the proposed DIP Financing is necessary to avoid a
significant risk of loss of value and litigation exposure
related to a potential foreclosure on assets pledged in support
of the Securitization Facility, Mr. Brady contends.

The DIP Motion contemplates repaying the Noteholders through a
capital contribution from SCL to Holdings, which would then be
contributed to SPC.  The U.S. Trustee says the proposal is an
"investment" that must comply with Section 345.

Mr. Brady, however, points out that the plain language and
legislative history of Section 345 indicate that Congress
intended to cover situations where a debtor deposits idle cash
or cash equivalents.  Section 345 does not apply to capital
expenditures or refinancing transactions, which are governed by
Sections 363 and 364.

In In re Foamex Int'l, No. 05-12685 (PJW), the U.S. Trustee
argued that Section 345 applied to the debtor's request to fund
a subsidiary's entry into a joint venture, Mr. Brady notes.  The
Foamex court, however, overruled the objection stating that the
proposal was a Section 363 issue.

Mr. Brady clarifies that the proposed transaction is not a
cross-collateralization.  The Noteholders under the
Securitization Facility will not improve their position by
getting paid; they merely get the benefit of their bargain, Mr.
Brady explains.  

Prior to the bankruptcy filing, the Noteholders obtained a
structural priority over all of the Debtors' creditors by making
an asset-backed loan to a bankruptcy-remote entity, Mr. Brady
relates.  GE SeaCo is fully aware of this deal, Mr. Brady adds.

Contrary to the U.S. Trustee's arguments, the only benefit
gained by the proposed DIP Lenders vis-a-vis their prepetition,
unsecured claims is preservation of the bankruptcy estates,
which will benefit all unsecured creditors, Mr. Brady tells the
Court.  The DIP Lenders do not enjoy an advantage in recovering
on their prepetition unsecured claims, Mr. Brady states.

"The DIP Facility is not the product of any insider transaction
negotiated and documented behind closed doors," Mr. Brady
clarifies.

While the lenders are current unsecured creditors of SCL serving
on SCL's creditor committee, they have not sought to obtain any
special treatment for their existing unsecured claims; their
unsecured claims are and will continue to be governed by the
same prepetition indentures that apply to the other unsecured
bondholders in the cases, Mr. Brady maintains.

At the hearing on the DIP Motion, the Debtors will present
expert testimony on valuation of SPC's container assets.  The
Debtors believe that SPC has positive equity value or, in a
downside scenario, that the value of SPC's container assets is
only slightly lower than the amount of the Term Loan.

According to Mr. Brady, the Debtors pursued a possible
restructuring of the Securitization Facility in lieu of the DIP
Facility.  Ultimately, no proposal advanced by the Noteholders
was as good, taken as a whole, as the terms of the DIP Facility.  
The Noteholders' proposal for a long-term restructuring of the
Securitization Facility, Mr. Brady relates, required a parent
guarantee from SCL of US$25,000,000, plus the possibility of
additional required cash infusions from the parent.  The Debtors
are also required to pay sizeable fees.  The Debtors also would
face the continuing threat of default and foreclosure.

Foreclosure would have harmful operational and strategic
implications for GE SeaCo, and therefore to the value of SCL's
50% equity stake in GE SeaCo, which is SCL's most valuable
asset, Mr. Brady adds.  A foreclosure sale of either SPC's stock
or the GE SeaCo Class B quotas owned by SCL that were pledged to
the Noteholders would introduce at least one new party into the
joint venture.  It is unclear whether the new holders after a
foreclosure would have any interest in, or particular expertise
with, the shipping container business, Mr. Brady explains.

Foreclosure would also increase SCL's exposure to litigation and
contracted-based claims, Mr. Brady adds.

           GE Capital, et al.'s Pretrial Statement

GE Capital Container SRL, GE Capital Container Two SRL, GE SeaCo
SRL, and the Office of the United States Trustee for Region 3
have submitted to the Court a joint pretrial statement with
respect to the Debtors' DIP Motion.

Among others, GE Capital, et al., will ask the Court to:

   -- review the factors SCL relied upon in exercising its
      business judgment to enter into the DIP Facility;

   -- find whether a heightened scrutiny test should be
      applied in light of the proposed structure and use of the
      loan proceeds, which is to make a capital contribution in  
      a non-Debtor subsidiary;

   -- find whether the value of SPC's assets and SCL's B Quotas,
      standing alone and without consideration of any other
      reason, is sufficient to justify granting to the proposed
      DIP Lenders a superpriority claim against the Debtors and
      a first priority lien on specific assets of SCL; and

   -- find whether foreclosure on SPC's containers and contract
      rights, and SCL's B Quotas will jeopardize the value of
      SCL's A Quotas, increase claims against SCL that would not
      otherwise be asserted, and eliminate the inherent value to
      SCL in retaining SPC's assets and the B Quotas so as to
      justify granting to the proposed DIP Lenders a
      superpriority claim against the Debtors and a first
      priority lien on specific assets of SCL.

GE Capital, et al., will call on these witnesses at the DIP
hearing:

   1. Laura Barlow, the Debtors' chief financial officer and
      chief restructuring officer, to testify to the facts set
      forth in the Debtors' request;

   2. Michael Berkowitch, a director at PwC, the Debtors'
      financial advisors, to testify concerning the advice and
      assistance the firm provided to the Debtors in connection
      with the entry into the DIP Facility;

   3. Antonios Basoukeas, GE Seaco's chief financial officer, to
      testify regarding the facts asserted in the GE Parties'
      objection;

   4. Roger Passal of TranSystems to testify regarding his
      valuation of the assets to which SPC's lenders have
      recourse and the basis for his opinion on the value of the
      SPC Recourse Assets; and

   5. Michael Panacio, a bankruptcy analyst with the U.S.
      Trustee's office.

Mr. Berkowitch is a designated expert by the Debtors.  Mr.
Passal is a designated expert by the GE Parties.

                     About Sea Containers

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

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

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

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

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

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


SEA CONTAINERS: Trustee Drops Mariner, Dune & Trilogy from Panel
----------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, has
issued a notice disbanding the Official Committee of Unsecured
Creditors appointed in Sea Containers, Ltd. and its debtor-
affiliates' cases, citing conflict of interest with respect to
three of the Committee members.

Panel members Trilogy Capital, LLC, Dune Capital, LLC, and
Mariner Investment Group, Inc., have committed to extend up to
US$176,500,000 in postpetition financing to the Debtors.  The
proposed DIP Facility is pending approval before the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware.

Because Trilogy, Dune Capital, and Mariner Investment Group will
become secured and superpriority claimants, the Trustee removes
them from the SCL Committee, David L. Buchbinder, Esq., says on
behalf of the U.S. Trustee.

HSBC Bank, National Association as Indenture Trustee is the sole
remaining SCL Committee member, Mr. Buchbinder adds.

The U.S. Trustee will convene a meeting on June 28, 2007, at
11:00 a.m. at J. Caleb Boggs Federal Building, 844 N. King
Street, Room 2112, in Wilmington, to reformulate a committee of
unsecured creditors.  The U.S. Trustee has circulated a
questionnaire among the remaining largest unsecured creditors of
the Debtors' estate.  Any interested unsecured creditor may seek
participation on the Committee by completing the questionnaire.

         Debtors & SCL Panel Want Disbandment Stayed

The Debtors and the Official Committee of Unsecured Creditors
for Sea Containers, Ltd., on Monday asked the Court to schedule
an emergency status conference that same day with regard to the
U.S. Trustee's notice of disbandment of the SCL Committee.

The Debtors and the SCL Committee urged the Court to stay the
U.S. Trustee from disbanding the SCL Committee or removing its
members, and from appointing new committee members.

The Debtors and the SCL Committee also asked Judge Carey to find
that the SCL Committee remains a party-in-interest, with
standing to appear, pending a hearing -- on notice -- regarding
issues of committee dissolution and composition.

"The Debtors and the SCL Committee cannot overemphasize their
dismay at the US Trustee's actions," Robert D. Brady, Esq., at
Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware,
said.

Mr. Brady explained that at the May 8, 2007 hearing on the
Debtors' request for approval of a commitment letter for the
proposed DIP Facility, the U.S. Trustee indicated "we don't have
any problem with [the Committee Letter Motion] to the extent all
it seeks to do is approve a commitment letter, provide for the
payment of fees and expenses and provide for a limited form of
indemnification.  No committee member has been removed yet.  
That matter is before the Court at this time."

"As a result, counsel for the Debtors and the SCL Committee left
the courtroom that day understanding that any action by the US
Trustee to remove the SCL Committee members would occur only
after notice, briefing and hearing," Mr. Brady said.

Following the hearing, the proposed DIP Lenders tried to reach a
consensual resolution that would alleviate the U.S. Trustee's
concerns.  The U.S. Trustee never responded to the proposed
Lenders' position paper on May 14, which cited numerous cases
showing that no conflict of interest exists at this time.  The
Lenders offered to resign from the SCL Committee if a conflict
-- like an uncureSEA CONTAINERSd event of default -- were to
arise.

"The US Trustee should not have acted before the proposed DIP
Lenders became actual DIP Lenders and before attempting to reach
a consensual resolution," Mr. Brady pointed out.

The U.S. Trustee has put the Debtors and the SCL Committee in an
impossible position, Mr. Brady argued.  The Disbandment Notice
is inconsistent on whether the SCL Committee still exists, Mr.
Brady said.  On the one hand, the Notice states that the SCL
Committee has been disbanded.  On the other hand, it states that
HSBC "is the sole remaining Committee member," Mr. Brady noted.

Disbanding the current SCL Committee would negatively impact
reorganization efforts and greatly hinder efforts to maximize
value for all creditors, Mr. Brady argued.  Introducing a new
committee to the case on short notice will require massive
expenditure of time and money to get a new committee "up to
speed," he said.

                     About Sea Containers

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

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

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

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

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
20;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

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


TOKAI AGENCY: Proofs of Debt Must be In by July 13
--------------------------------------------------
Tokai Agency Singapore Pte Ltd. requires its creditors to file
their proofs of debt by July 13, 2007.

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

The company?s liquidator is:

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


UNITED TEST: Moodys Assigns ?Ba3? Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service on June 27, 2007, placed the Ba3
corporate family rating and Ba3 senior unsecured bond rating of
United Test and Assembly Center Ltd on review for possible
downgrade.

This rating action follows the joint announcement from UTAC and
Global A&T Electronics Ltd -- a special purpose company formed
by Affinity Equity Partners and TPG Capital -- that Global A&T
Electronics is acquiring UTAC for a cash consideration of SGD1.2
per UTAC share for a total consideration of approximately
SGD2.2b.

The proposed acquisition would also include an offer to buy back
the outstanding US$190 million convertible bond due in 2013.

The review will focus on 1.) the transaction's funding structure
and its impact on UTAC's financial profile; and 2.) the
potential changes in UTAC's operational and business strategies
following the acquisition.

United Test and Assembly Center Ltd, based in Singapore and
listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.  The company has manufacturing facilities
in Singapore, China (Shanghai), Taiwan and Thailand, and a
global sales network in Singapore, Thailand, Taiwan, the US,
Italy, Korea and Japan.


BOND PRICING: For the Week 02 July to 06 July 2007
--------------------------------------------------
Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

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


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


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


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


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


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






                            *********


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

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